EOG · 10-Q · 2026Q3 · Full report

Operating Expense Trends

EOG RESOURCES INC · 2026-11-05 · Importance 46 · Surprise 30 · In source text

Third-quarter 2026 operating expenses increased $952 million year over year to $4.963 billion, while total listed per-Boe costs were nearly flat at $20.80 versus $20.86. Lease and well expense increased $62 million to $493 million, and gathering, processing and transportation costs increased $106 million to $693 million, principally from higher production in the Utica, Permian Basin and Eagle Ford. DD&A rose $123 million to $1.292 billion, primarily reflecting $104 million from higher U.S. production; G&A declined $43 million to $196 million, primarily because of lower professional-services costs related to the Encino acquisition. For the first nine months, operating expenses rose $2.826 billion to $14.378 billion; GP&T costs increased $541 million to $2.023 billion, driven mainly by $513 million of higher Utica costs, while DD&A increased $509 million to $3.744 billion.

Key facts

• EOG's operating expenses for the third quarter of 2026 were $4,963 million, $952 million higher than the $4,011 million incurred in the third quarter of 2025. source
• EOG's third-quarter 2026 DD&A expenses increased $123 million to $1,292 million from $1,169 million; oil and gas property DD&A increased $125 million, primarily reflecting higher production ($104 million) and unit rates ($8 million) in the United States. source
• EOG's third-quarter 2026 lease and well expenses were $493 million, up $62 million year over year, mainly from U.S. operating and maintenance costs (+$39 million), workovers (+$13 million) and administrative expenses (+$7 million). source
• EOG's third-quarter 2026 GP&T costs were $693 million, up $106 million year over year, primarily due to increased production-related costs in the Utica ($73 million), Permian Basin ($19 million) and Eagle Ford ($7 million). source
• EOG's third-quarter 2026 G&A expenses were $196 million, down $43 million from the prior-year quarter, primarily because of lower professional services costs related to the Encino acquisition. source
• EOG's third-quarter 2026 exploration costs were $54 million, down $17 million year over year, primarily because geological and geophysical expenditures in Trinidad decreased $19 million. source
• Changes in government policies, laws, regulations, and trade restrictions—including climate, tax, environmental, permitting, transportation, and commodity-import/export rules—could affect EOG. source
• Climate-related legislation, activism, and physical, transition, or reputational risks could affect EOG. source

Impact estimates