EOG Resources 8-K
EarningsGuidance
Lower oil, gas and NGL realizations weighed on Q3 despite higher production, as Y/Y revenue growth slowed.
Filed 2026-11-05 16:18 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results with Q4 and full-year 2026 forecasts. Revenue growth slowed to +46% Y/Y from +57% in Q2 as lower realized prices weighed on the quarter sequentially despite higher production.
EOG also provided Q4 and full-year forecasts and benchmark commodity pricing information.
Results
| Metric | Q3 2026 | Change | 9M 2026 |
|---|---|---|---|
| Revenue | $8.55B | +46% Y/Y, -0.8% Q/Q | $24.1B |
| Operating income | $3.59B | +95% Y/Y, +1.6% Q/Q | $9.71B |
| Net income | $2.78B | +89% Y/Y, +2.1% Q/Q | $7.49B |
| Diluted EPS | $5.33 | +97% Y/Y, +3.5% Q/Q | $14.18 |
| Operating cash flow | $3.81B | +23% Y/Y, -18% Q/Q | $11.4B |
| Total Capital Expenditures (non-GAAP) | $1.60B | -3.1% Y/Y, +0.6% Q/Q | $4.82B |
| Free Cash Flow (non-GAAP) | $2.18B | +57% Y/Y, -22% Q/Q | $6.47B |
| Cash and cash equivalents | $5.75B | +63% Y/Y, +17% Q/Q | — |
| Total debt | $7.92B | +3.0% Y/Y, -0.1% Q/Q | — |
| Diluted shares | 522M | -4.0% Y/Y, -1.3% Q/Q | 528M |
What moved the numbers
- Production and realizations: Q3 output was 1.433 million barrels of oil equivalent per day, including 550.4 thousand barrels per day of crude oil. U.S. crude realized at $86.73/bbl vs $65.97 a year earlier; U.S. natural gas at $3.73/Mcf vs $2.71; and natural gas liquids at $26.13/bbl vs $21.25. Composite revenue from oil, natural gas liquids and natural gas was $48.05/Boe vs $50.52 in Q2.
- Earnings adjustments: GAAP results included a $242M gain on asset dispositions; EOG’s adjusted earnings reconciliation removed that gain and $105M of mark-to-market derivative gains, while adding $40M of cash received from derivative settlements.
- Capital returns and leverage: EOG repurchased $1.063B of treasury stock and paid $544M in dividends during Q3. Net debt-to-total capitalization, a non-GAAP leverage measure, was 6.2% vs 8.7% at 6/30/2026.
Figures extracted from the filings and checked against their text; changes and verdicts computed from them.
The summary is written by an AI model reading the filing.
Model 005 · prompt v189 · 2026-11-06 00:02:16Z