EOG RESOURCES INC (EOG): Results of Operations and Financial Condition
EOG RESOURCES INC (EOG) filed an SEC Form 8-K — Results of Operations and Financial Condition. EXHIBIT 99.1 Table of Contents Second Quarter 2026 Supplemental Financial and Operating Data Page Income Statements 10 Volumes and Prices 11 Balance Sheets 12 Cash Flow Statements 13 Non-GAAP Financial Measures 14 Adjusted Net Income 15 Net Income Per Share 19 Adjusted Net Income
How this was made
The 30-second read
Why it matters
Provides updated quarterly income statement figures, per-share results, and production volumes and realized prices that can affect short-term expectations for cash generation and capital-return capacity.
Market read
Fresh quarterly financials and operating metrics can be used to re-anchor near-term earnings expectations for EOG and the upstream peer group.
What to watch
Traders may focus on impairments and marketing costs trends, plus the crude oil and natural gas realized price assumptions embedded in the volume and price tables.
EOG reported 2nd Qtr 2026 net income of 2,724 million USD and total operating revenues and other of 8,620 million USD.
Total operating revenues and other, operating income, net income and net cash provided by operating activities were higher than both the 2nd Qtr 2025 and 1st Qtr 2026 amounts presented.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Crude Oil and Condensate revenueGAAP | 4,901 million USD | – | – |
| Natural Gas Liquids revenueGAAP | 770 million USD | – | – |
| Natural Gas revenueGAAP | 812 million USD | – | – |
| Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, NetGAAP | 40 million USD | – | – |
| Gathering, Processing and Marketing revenueGAAP | 2,011 million USD | – | – |
| Gains (Losses) on Asset Dispositions, NetGAAP | 58 million USD | – | – |
| Other, Net revenueGAAP | 28 million USD | – | – |
| Total operating revenues and otherGAAP | 8,620 million USD | – | – |
| Lease and Well expenseGAAP | 467 million USD | – | – |
| Gathering, Processing and Transportation CostsGAAP | 676 million USD | – | – |
| Exploration CostsGAAP | 47 million USD | – | – |
| Dry Hole CostsGAAP | 30 million USD | – | – |
| ImpairmentsGAAP | 19 million USD | – | – |
| Marketing CostsGAAP | 1,950 million USD | – | – |
| Depreciation, Depletion and AmortizationGAAP | 1,259 million USD | – | – |
| General and AdministrativeGAAP | 213 million USD | – | – |
| Taxes Other Than IncomeGAAP | 431 million USD | – | – |
| Total operating expensesGAAP | 5,092 million USD | – | – |
| Operating IncomeGAAP | 3,528 million USD | – | – |
| Other Income, NetGAAP | 38 million USD | – | – |
| Income Before Interest Expense and Income TaxesGAAP | 3,566 million USD | – | – |
| Interest Expense, NetGAAP | 67 million USD | – | – |
| Income Before Income TaxesGAAP | 3,499 million USD | – | – |
| Income Tax ProvisionGAAP | 775 million USD | – | – |
| Net IncomeGAAP | 2,724 million USD | – | – |
| Net Income Per Share BasicGAAP | 5.18 | – | – |
| Net Income Per Share DilutedGAAP | 5.15 | – | – |
| Average Number of Common Shares BasicGAAP | 526 million | – | – |
| Average Number of Common Shares DilutedGAAP | 529 million | – | – |
| Total Crude Oil Equivalent Volumesother | 1,410.4 MBoed | – | – |
| Total MMBoeother | 128.3 MMBoe | – | – |
| Composite Average Crude Oil and Condensate Priceother | $ 98.15 | – | – |
| Composite Average Natural Gas Liquids Priceother | 24.41 | – | – |
| Composite Average Natural Gas Priceother | 2.89 | – | – |
| Net Cash Provided by Operating ActivitiesGAAP | 4,669 million USD | – | – |
| Additions to Oil and Gas PropertiesGAAP | (1,638) million USD | – | – |
| Additions to Other Property, Plant and EquipmentGAAP | (144) million USD | – | – |
| Net Cash Used in Investing ActivitiesGAAP | (1,781) million USD | – | – |
| Net Cash Used in Financing ActivitiesGAAP | (1,830) million USD | – | – |
| Cash and Cash EquivalentsGAAP | 4,907 million USD | – | – |
| Current Portion of Long-Term DebtGAAP | 27 million USD | – | – |
| Long-Term DebtGAAP | 7,899 million USD | – | – |
Capital returns
- Dividends Declared per Common Share: 1.0200
- Dividends Paid: (540) million USD
- Treasury Stock Purchased: (1,299) million USD
What drove it
- Composite average crude oil and condensate price was $ 98.15, compared with $ 64.82 in the 2nd Qtr 2025 and $ 72.47 in the 1st Qtr 2026.
- Total crude oil equivalent volumes were 1,410.4 MBoed, compared with 1,134.1 MBoed in the 2nd Qtr 2025 and 1,383.8 MBoed in the 1st Qtr 2026.
- Gathering, Processing and Marketing revenue was 2,011 million USD, compared with 1,247 million USD in the 2nd Qtr 2025 and 1,496 million USD in the 1st Qtr 2026.
- Composite average natural gas price was 2.89, compared with 3.76 in the 1st Qtr 2026.
Concerns
- Composite average natural gas price was 2.89, below 2.96 in the 2nd Qtr 2025 and 3.76 in the 1st Qtr 2026.
- Marketing Costs were 1,950 million USD, compared with 1,216 million USD in the 2nd Qtr 2025 and 1,384 million USD in the 1st Qtr 2026.
- Long-Term Debt was 7,899 million USD, compared with 3,458 million USD in the 2nd Qtr 2025.
What to watch
- Composite crude oil and condensate prices and composite natural gas prices.
- Total crude oil equivalent volumes and United States crude oil and condensate volumes.
- Gathering, Processing and Marketing revenue, Gathering, Processing and Transportation Costs, and Marketing Costs.
- Additions to Oil and Gas Properties, Treasury Stock Purchased, and dividends paid.
Balance sheet and cash flow
- Cash and Cash Equivalents at End of Period: 4,907 million USD
- Total Assets: 54,783 million USD
- Total Stockholders' Equity: 31,864 million USD
- Current Portion of Long-Term Debt: 27 million USD
- Long-Term Debt: 7,899 million USD
- Net Cash Provided by Operating Activities: 4,669 million USD
- Net Cash Used in Investing Activities: (1,781) million USD
- Net Cash Used in Financing Activities: (1,830) million USD
- Increase (Decrease) in Cash and Cash Equivalents: 1,058 million USD
Analysis
EOG's 2nd Qtr 2026 results showed higher reported revenue, earnings and operating cash flow against both comparison periods presented. Total operating revenues and other were 8,620 million USD, compared with 5,478 million USD in the 2nd Qtr 2025 and 6,921 million USD in the 1st Qtr 2026. Operating income was 3,528 million USD, while net income was 2,724 million USD and diluted net income per share was 5.15.
Crude oil and condensate was the largest revenue line at 4,901 million USD. The composite crude oil and condensate price was $ 98.15, versus $ 64.82 in the 2nd Qtr 2025 and $ 72.47 in the 1st Qtr 2026, while total crude oil equivalent volumes were 1,410.4 MBoed. Gathering, Processing and Marketing revenue was 2,011 million USD. Natural Gas revenue was 812 million USD, below 1,021 million USD in the 1st Qtr 2026, alongside a composite natural gas price of 2.89 versus 3.76 in the 1st Qtr 2026.
Operating expenses were 5,092 million USD. Marketing Costs were 1,950 million USD, Gathering, Processing and Transportation Costs were 676 million USD, and depreciation, depletion and amortization was 1,259 million USD. The income tax provision was 775 million USD and net interest expense was 67 million USD. The filing does not provide a reported gross margin, operating margin, tax rate, or percentage changes for these line items.
Cash generation increased, with net cash provided by operating activities of 4,669 million USD. Additions to oil and gas properties were (1,638) million USD and additions to other property, plant and equipment were (144) million USD. The company paid (540) million USD in dividends and purchased (1,299) million USD of treasury stock. Cash and cash equivalents ended the period at 4,907 million USD, and long-term debt was 7,899 million USD.
No forward guidance was included in the supplied filing text, and no previous outlook was provided for a comparison. The supplied text introduces non-GAAP measures including Adjusted Net Income, Adjusted Cash Flow from Operations, Free Cash Flow and Net Debt, but the associated reconciliation tables and figures were not included.
Not in the filing
stated, not guessed- Forward guidance figures and outlook period
- Previous-release outlook for comparison with actual results
- Reported gross margin
- Reported operating margin
- Reported tax rate
- Non-GAAP Adjusted Net Income figures
- Non-GAAP Adjusted Net Income Per Share figures
- Non-GAAP Adjusted Cash Flow from Operations figures
- Non-GAAP Free Cash Flow figures
- Non-GAAP Net Debt and net debt-to-total capitalization ratio figures
- Reportable segment revenue
- Named executive commentary or executive quotes
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The SEC 8-K (Item 2.02) includes EOG’s press release exhibit with supplemental financial and operating data for 2Q 2026.
Ticker impact
EOG filed an 8-K with 2Q 2026 results, including net income of $1.471B and dividends declared of $1.0200 per common share.
Likely modest, with direction dependent on how traders interpret commodity-price sensitivity versus reported margins and impairments.
This is a primary-source earnings-style disclosure (8-K exhibit) with specific income statement and volume/price data, but the excerpt does not include consensus comparisons or management guidance, limiting conviction on upside/downside.
Market effects
Adds another data point on US upstream profitability drivers (oil, NGL, gas prices, and impairments) for the broader E&P complex.
Primarily US-focused production mix, so it can influence sentiment toward US shale operators.
Limited direct global impact beyond incremental read-through on commodity-linked earnings sensitivity.
Counterpoint
Reported results may be heavily influenced by mark-to-market derivative gains/losses, so headline earnings could overstate underlying operating strength.
Key entities
- companyEOG Resources, Inc.
US upstream producer filing 8-K with 2Q 2026 results and supplemental operating data.
