EOG · 10-Q · 2026Q2 · Full report

Oil and Gas Price Sensitivity

EOG RESOURCES INC · 2026-08-04 · Importance 18 · Surprise 24 · In source text

EOG expects continued commodity-price volatility from the Middle East conflict, maritime-route disruptions, global supply and demand, tariffs, trade policies, and government-imposed trade barriers. Compared with its beginning-of-2026 expectations, EOG realized and expects higher crude oil and condensate prices for 2026 because of the ongoing Middle East conflict. For the first six months of 2026, average NYMEX crude oil and natural gas prices increased 22% to $82.57 per barrel and 10% to $3.92 per MMBtu, respectively, versus the prior-year period. As of June 30, 2026, a $1.00 per barrel change in crude oil and condensate prices, together with the estimated NGL-price change, would affect full-year 2026 net income by approximately $172 million and pretax operating cash flow by approximately $221 million; a $0.10 per Mcf natural-gas price change would affect net income by approximately $60 million and pretax operating cash flow by approximately $77 million.

Key facts

• Including the impact of EOG's NGL financial derivative contracts and based on EOG's tax position, EOG's price sensitivity as of June 30, 2026, for each $1.00 per barrel change in crude oil and condensate price combined with estimated NGL change is approximately $172 million for net income for full-year 2026. source
• Including the impact of EOG's NGL financial derivative contracts and based on EOG's tax position, EOG's price sensitivity as of June 30, 2026, for each $1.00 per barrel change in crude oil and condensate price combined with estimated NGL change is approximately $221 million for pretax cash flows from operating activities for full-year 2026. source
• Including the impact of EOG's natural gas derivative contracts and based on tax position and undetermined long-term marketing volumes, as of June 30, 2026, EOG's price sensitivity for each $0.10 per Mcf change in natural gas price is approximately $60 million for net income for full-year 2026. source
• Including the impact of EOG's natural gas derivative contracts and based on tax position and undetermined long-term marketing volumes, as of June 30, 2026, EOG's price sensitivity for each $0.10 per Mcf change in natural gas price is approximately $77 million for pretax cash flows from operating activities for full-year 2026. source
• For the first six months of 2026, the average NYMEX crude oil price was $82.57 per barrel and natural gas price was $3.92 per MMBtu, representing increases of 22% and 10%, respectively, from the same period in 2025. source
• Important factors include the extent and effect of any hedging activities engaged in by EOG. source
• Important factors that could cause EOG's actual results to differ materially include the timing, magnitude and duration of changes in prices for, supplies of, and demand for, crude oil and condensate, natural gas liquids (NGLs), natural gas and related commodities. source
• Important factors include laws and regulations with respect to financial commodity and other derivative instruments and hedging activities. source

Impact estimates