EOG · 10-Q · 2026Q3 · Full report
Oil and Gas Price Sensitivity
EOG RESOURCES INC · 2026-11-05 · Importance 53 · Surprise 48 · In source text
EOG said the ongoing Middle East conflict and related maritime transportation disruptions contributed to higher crude oil and condensate prices than it expected at the beginning of 2026, and it anticipates higher prices for full-year 2026. For the first nine months of 2026, average NYMEX crude oil prices rose 25% year over year to $83.62 per barrel, while natural gas prices rose 6% to $3.60 per MMBtu. Including derivatives and based on EOG’s tax position, each $1.00-per-barrel change in crude oil and condensate prices, together with the estimated NGL price change, was expected to affect full-year 2026 net income by approximately $175 million and pretax operating cash flow by $224 million. Each $0.10-per-thousand-cubic-feet change in natural gas prices was expected to affect net income by approximately $61 million and pretax operating cash flow by $78 million.
Key facts
- For each $1.00 per barrel change in crude oil and condensate price, combined with the estimated NGL price change, EOG estimated a full-year 2026 impact of approximately $175 million on net income and $224 million on pretax operating cash flows, including NGL derivative contracts. source
- For each $0.10 per thousand cubic feet change in natural gas price, EOG estimated a full-year 2026 impact of approximately $61 million on net income and $78 million on pretax operating cash flows, including natural gas derivative contracts. source
- Compared with expectations at the beginning of 2026, EOG realized higher crude oil and condensate prices during the first nine months of 2026 and anticipates higher prices for full-year 2026 because of the ongoing Middle East conflict. source
- Changes in prices, supplies, or demand for crude oil and condensate, NGLs, natural gas, and related commodities could affect EOG. source
- The extent and effect of EOG's hedging activities could affect its results. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | mixed | contingent | 0.0% | For each $1.00 per barrel change in crude oil and condensate price, combined with the estimated NGL price change, EOG estimated a… |
| cash | mixed | contingent | 0.0% | For each $1.00 per barrel change in crude oil and condensate price, combined with the estimated NGL price change, EOG estimated a… |