EOG Resources Q3 2026 earnings: strong

EOG Resources, one of America's largest oil and gas producers, had a quarter far stronger than a year earlier. Oil prices were about a third higher, and it pumped about a tenth more oil and gas for slightly less spending. Profit from running the business nearly doubled. The cash left over paid for share buybacks and dividends, and still added to its savings. Against the spring quarter the picture was flatter: oil prices eased, and profit per share on the company's own adjusted measure slipped a little. ¹

Against what analysts expected

Adjusted earnings per share were $4.87, about 9% above the $4.45 analysts expected on average, according to Nasdaq's earnings calendar; the forecast is set against the adjusted figure. Reported earnings per share were higher, at $5.33, because they include a $242 million before-tax gain from selling assets plus some gains on hedging contracts. ¹²

The strong points

Operating profit, the profit from running the business before interest and tax, nearly doubled on a year earlier to $3,586 million. ¹
Production rose about 10% on a year earlier while spending on wells and equipment slipped slightly. ¹
Free cash flow, the cash left after running the business and investing in it, was $2,176 million, up about 57% on a year earlier. ¹

The weak points

The average oil price it received fell 11.6% from the second quarter, which held back the quarter's earnings. ¹
On the company's own adjusted measure, profit per share slipped 3.9% from the second quarter to $4.87. ¹

Our verdict on the quarter

A strong report. Profit came in clearly above what analysts expected, and sales and profit from running the business grew strongly on a year earlier. The company gave no new forecast to judge against, and the quarter was a touch softer than the spring one as oil prices eased.

The results as published

Notes

EOG Resources' results release, 5 November 2026: sec.gov. ↩
Nasdaq's earnings calendar, 5 November 2026. ↩

EOG Resources earnings: third quarter 2026