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 Third 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
The disclosed operating cash flow and net debt metrics provide insight into balance‑sheet strength amid volatile commodity prices.
Market read
EOG's results set a benchmark for U.S. upstream performance and may influence sector sentiment.
What to watch
Look at the decline in cash reserves and rising debt ratio, which may pressure the stock despite earnings beat.
EOG reported 3Q 2026 GAAP net income of $2,781 million and diluted EPS of $5.33, with total operating revenues and other of $8,549 million, net cash provided by operating activities of $3,813 million, and free cash flow of $2,176 million.
Third-quarter operating income, net income, operating cash flow and free cash flow were substantially above the prior-year quarter. Sequential revenue and realized revenue per Boe declined from 2Q 2026, but lower operating expenses and higher volumes supported higher GAAP operating income and net income.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| 3Q 2026 Total Operating Revenues and OtherGAAP | $8.55B | – | – |
| 3Q 2026 Crude Oil and Condensate RevenueGAAP | $4.39B | – | – |
| 3Q 2026 Natural Gas Liquids RevenueGAAP | $858M | – | – |
| 3Q 2026 Natural Gas RevenueGAAP | $1.08B | – | – |
| 3Q 2026 Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, NetGAAP | $105M | – | – |
| 3Q 2026 Gathering, Processing and Marketing RevenueGAAP | $1.85B | – | – |
| 3Q 2026 Gains on Asset Dispositions, NetGAAP | $242M | – | – |
| 3Q 2026 Other Revenue, NetGAAP | $21M | – | – |
| 3Q 2026 Lease and Well ExpenseGAAP | $493M | – | – |
| 3Q 2026 Gathering, Processing and Transportation CostsGAAP | $693M | – | – |
| 3Q 2026 Exploration CostsGAAP | $54M | – | – |
| 3Q 2026 Dry Hole CostsGAAP | $29M | – | – |
| 3Q 2026 ImpairmentsGAAP | $24M | – | – |
| 3Q 2026 Marketing CostsGAAP | $1.78B | – | – |
| 3Q 2026 Depreciation, Depletion and AmortizationGAAP | $1.29B | – | – |
| 3Q 2026 General and Administrative ExpenseGAAP | $196M | – | – |
| 3Q 2026 Taxes Other Than IncomeGAAP | $401M | – | – |
| 3Q 2026 Total Operating ExpensesGAAP | $4.96B | – | – |
| 3Q 2026 Operating IncomeGAAP | $3.59B | – | – |
| 3Q 2026 Other Income, NetGAAP | $45M | – | – |
| 3Q 2026 Interest Expense, NetGAAP | $67M | – | – |
| 3Q 2026 Income Before Income TaxesGAAP | $3.56B | – | – |
| 3Q 2026 Income Tax ProvisionGAAP | $783M | – | – |
| 3Q 2026 Net IncomeGAAP | $2.78B | – | – |
| 3Q 2026 Net Income Per Share, BasicGAAP | $5.37 | – | – |
| 3Q 2026 Net Income Per Share, DilutedGAAP | $5.33 | – | – |
| 3Q 2026 Adjusted Net Incomenon-GAAP | $2.54B | – | – |
| 3Q 2026 Adjusted Net Income Per Share, Dilutednon-GAAP | $4.87 | – | – |
| 3Q 2026 Total Crude Oil Equivalent Volumesother | 1,433.1 MBoed | – | – |
| 3Q 2026 Total MMBoeother | 131.8 MMBoe | – | – |
| 3Q 2026 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per BoeGAAP | 48.05 | – | – |
| 3Q 2026 Composite Average Margin per Boe Including Total Exploration CostsGAAP | 23.40 | – | – |
| 3Q 2026 Net Cash Provided by Operating ActivitiesGAAP | $3.81B | – | – |
| 3Q 2026 Adjusted Cash Flow from Operationsnon-GAAP | $3.77B | – | – |
| 3Q 2026 Total Capital Expendituresnon-GAAP | $1.60B | – | – |
| 3Q 2026 Free Cash Flownon-GAAP | $2.18B | – | – |
| Cash and Cash Equivalents at September 30, 2026GAAP | $5.75B | – | – |
| Current and Long-Term Debt at September 30, 2026GAAP | $7.92B | – | – |
| Net Debt at September 30, 2026non-GAAP | $2.17B | – | – |
| Net Debt-to-Total Capitalization at September 30, 2026non-GAAP | 6.2 % | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Crude Oil and CondensateTotal crude oil and condensate volumes were 550.4 MBod, and the composite average crude oil and condensate price was $86.72 per Bbl. | $4.39B | – | – |
| Natural Gas LiquidsTotal natural gas liquids volumes were 357.1 MBbld, and the composite average natural gas liquids price was $26.13 per Bbl. | $858M | – | – |
| Natural GasTotal natural gas volumes were 3,153 MMcfd, and the composite average natural gas price was $3.74 per Mcf. | $1.08B | – | – |
| Gathering, Processing and MarketingGathering, Processing and Marketing revenue was $2,011 million in 2Q 2026 and $1,178 million in 3Q 2025. | $1.85B | – | – |
Capital returns
- Dividends declared per common share were $1.0200 in 3Q 2026.
- Dividends paid were $544 million in 3Q 2026.
- Treasury stock purchased was $1,063 million in 3Q 2026.
- Common stock held in treasury was $(8,641) million at September 30, 2026.
What drove it
- Total crude oil equivalent volumes were 1,433.1 MBoed in 3Q 2026, compared with 1,410.4 MBoed in 2Q 2026 and 1,301.2 MBoed in 3Q 2025.
- Total revenues from sales of crude oil and condensate, NGLs, and natural gas were $6,335 million in 3Q 2026.
- The composite average revenue from sales of crude oil and condensate, NGLs, and natural gas was 48.05 per Boe in 3Q 2026, compared with 50.52 in 2Q 2026 and 38.05 in 3Q 2025.
- GAAP total operating expenses were $4,963 million in 3Q 2026, compared with $5,092 million in 2Q 2026.
- Gains on asset dispositions, net, were $242 million in 3Q 2026.
- The 3Q 2026 adjusted net income reconciliation included $105 million of gains on mark-to-market financial commodity and other derivative contracts and $40 million of net cash received from settlements of financial commodity derivative contracts.
Concerns
- Composite average revenue from sales of crude oil and condensate, NGLs, and natural gas per Boe was 48.05 in 3Q 2026, below 50.52 in 2Q 2026.
- Crude oil and condensate revenue was $4,392 million in 3Q 2026, below $4,901 million in 2Q 2026.
- Free cash flow was $2,176 million in 3Q 2026, below $2,799 million in 2Q 2026.
- The period included $242 million of gains on asset dispositions, net, in GAAP operating revenues and other.
What to watch
- Composite average crude oil and condensate prices were $86.72 per Bbl in 3Q 2026, compared with $98.15 per Bbl in 2Q 2026.
- Total crude oil equivalent volumes were 1,433.1 MBoed in 3Q 2026.
- Total capital expenditures were $1,597 million in 3Q 2026.
- Cash and cash equivalents were $5,747 million and net debt was $2,175 million at September 30, 2026.
- Treasury stock purchased was $1,063 million and dividends paid were $544 million in 3Q 2026.
Balance sheet and cash flow
- Cash and cash equivalents were $5,747 million at September 30, 2026.
- Total assets were $56,468 million at September 30, 2026.
- Total stockholders' equity was $33,101 million at September 30, 2026.
- Current and long-term debt was $7,922 million at September 30, 2026.
- Net debt was $2,175 million and net debt-to-total capitalization was 6.2 % at September 30, 2026.
- Net cash provided by operating activities was $3,813 million in 3Q 2026.
- Net cash used in investing activities was $(1,359) million in 3Q 2026.
- Net cash used in financing activities was $(1,614) million in 3Q 2026.
- Cash and cash equivalents increased by $840 million in 3Q 2026.
Analysis
EOG reported a stronger third quarter than the prior-year period. Total operating revenues and other were $8,549 million, operating income was $3,586 million, and GAAP net income was $2,781 million, compared with $5,847 million, $1,836 million, and $1,471 million, respectively, in 3Q 2025. Diluted GAAP EPS was $5.33, while adjusted diluted EPS was $4.87. The gap between GAAP and adjusted earnings reflected, among other items, $242 million of gains on asset dispositions, net.
Production growth supported the result. Total crude oil equivalent volumes were 1,433.1 MBoed and total MMBoe was 131.8 MMBoe, versus 1,301.2 MBoed and 119.7 MMBoe in 3Q 2025. Crude oil and condensate revenue was $4,392 million, natural gas liquids revenue was $858 million, and natural gas revenue was $1,085 million. Commodity revenues were supported by composite realized prices of $86.72 per Bbl for crude oil and condensate, $26.13 per Bbl for NGLs, and $3.74 per Mcf for natural gas.
Sequentially, the operating result improved despite lower top-line revenue. Total operating revenues and other were $8,549 million compared with $8,620 million in 2Q 2026, while operating expenses declined to $4,963 million from $5,092 million. Operating income increased to $3,586 million from $3,528 million and GAAP net income increased to $2,781 million from $2,724 million. The composite average revenue from sales of crude oil and condensate, NGLs, and natural gas per Boe declined to 48.05 from 50.52, while total crude oil equivalent volumes increased to 1,433.1 MBoed from 1,410.4 MBoed.
Cash generation remained substantial. Net cash provided by operating activities was $3,813 million and adjusted cash flow from operations was $3,773 million. Total capital expenditures were $1,597 million, producing free cash flow of $2,176 million. EOG paid $544 million of dividends and purchased $1,063 million of treasury stock during the quarter. Cash and cash equivalents ended the period at $5,747 million, while net debt was $2,175 million and net debt-to-total capitalization was 6.2 %.
The filing did not provide forward guidance or management commentary. The principal operating items to follow are the realized-price movement, which included a decline in crude oil and condensate composite pricing from $98.15 per Bbl in 2Q 2026 to $86.72 per Bbl in 3Q 2026, volume levels of 1,433.1 MBoed, capital expenditures of $1,597 million, and the pace of dividends and treasury stock purchases.
Not in the filing
stated, not guessed- Forward guidance for revenue, production, capital expenditures, operating expenses, tax rate or other metrics was not provided.
- Prior guidance and a prior-outlook section were not provided.
- Gross margin was not reported.
- Segment operating income or segment margin was not reported.
- A 3Q 2026 effective income tax rate was not reported.
- Named executive commentary and named-executive quotes were not provided.
- Percentage year-over-year and sequential changes for the reported quarterly metrics were not printed.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. 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
EOG Resources is a major U.S. independent oil and gas producer; its quarterly filings are closely watched for oil price exposure.
Ticker impact
EOG Resources filed its Form 8‑K reporting Q3 2026 results, providing unaudited revenue, earnings and cash flow figures.
potential pressure if results miss consensus; upside if beat expectations.
First public disclosure of the quarter's numbers; market will price guidance and margin trends.
Market effects
Energy sector may adjust valuations based on EOG's oil price and production trends.
U.S. oil and gas stocks could react to the disclosed production volumes and margins.
International oil markets may reference EOG's pricing data for benchmark comparisons.
Counterpoint
If EOG's guidance is modest, a contrarian could buy on perceived over‑reaction to short‑term miss.
Key entities
- companyEOG Resources
U.S. listed oil and gas producer (ticker EOG).
