EOG · 10-Q · 2026Q2

EOG RESOURCES INC

Filed 2026-08-04 · Energy · View original filing on EDGAR

Ranked Events

• Revenue Performance and MixImportance 69 · Surprise 64
  Second-quarter 2026 operating revenues increased 57% year over year to $8,620 million, while production sales increased 58% to $6,483 million.,Crude oil and condensate revenue increased 65% to $4,901 million, driven by a $1,667 million benefit from a 51% higher composite price of $98.15 per barrel and a $260 million benefit from 9% higher deliveries.,NGL revenue increased 44% to $770 million on 34% higher deliveries, while natural gas revenue increased 35% to $812 million on 39% higher deliveries despite a 2% decline in composite natural gas prices.,For the first six months of 2026, operating revenues rose 39% to $15,541 million, including 35% growth in crude oil and condensate revenue, 30% growth in NGL revenue and 48% growth in natural gas revenue.
• Capital Expenditure PlanImportance 64 · Surprise 42
  EOG estimates full-year 2026 capital expenditures of approximately $6.3 billion to $6.7 billion, including drilling, facilities, leasehold acquisitions, capitalized interest, dry-hole costs, and other property, plant…
• Liquidity and Debt PositionImportance 64 · Surprise 56
  At June 30, 2026, EOG held $4.9 billion of cash and cash equivalents and had $3.0 billion of undrawn senior unsecured revolving-credit capacity.,Cash increased $1,511 million to $4,907 million from $3,396 million at December 31, 2025.,The debt-to-total-capitalization ratio improved to 20% at June 30, 2026 from 21% at December 31, 2025.,First-half operating cash flow increased $3,314 million to $7,635 million, while financing cash use included $1,717 million of repurchases and $1,084 million of dividends.
• Operating Expense TrendsImportance 64 · Surprise 56
  Second-quarter 2026 operating expenses increased $1,361 million to $5,092 million, while first-half operating expenses increased $1,874 million to $9,415 million.,First-half gathering, processing and transportation costs increased $435 million to $1,330 million, primarily because of $440 million of higher costs in the Utica and $20 million in the Permian Basin.,First-half depreciation, depletion and amortization increased $386 million to $2,452 million, principally from $478 million of higher United States production-related expense, partly offset by $115 million of lower United States unit rates.,First-half general and administrative expense increased $41 million to $398 million because of higher employee-related costs of $34 million, legal expenses of $13 million and information-systems costs of $7 million.
• Capital Return ProgramImportance 58 · Surprise 42
  EOG committed beginning in fiscal year 2024 to return at least 70% of annual net cash provided by operating activities before certain balance-sheet changes, less total capital expenditures, through regular dividends,…
• Income Tax Rate ChangesImportance 56 · Surprise 46
  Second-quarter 2026 income-tax expense increased to $775 million from $406 million because of higher pretax income.,The second-quarter net effective tax rate declined to 22% from 23% in the prior-year quarter.,First-half 2026 income-tax expense increased to $1,350 million from $820 million as pretax income increased.,The first-half net effective tax rate also declined to 22% from 23%, reducing the tax rate applied to higher earnings.
• Upstream Production VolumeImportance 53 · Surprise 48
  EOG’s total crude oil equivalent production increased 25% year over year to 1,410.4 MBoed in the second quarter of 2026 and increased 26% to 1,397.2 MBoed for the first six months. In the first half, U.S. crude oil and…
• International Exploration ExpansionImportance 47 · Surprise 60
  EOG has exploration programs in Bahrain and the United Arab Emirates under initiatives described in its 2025 Annual Report. In June 2026, EOG commenced crude oil production in the UAE and expects to advance both the…
• Geographic Market CommentaryImportance 26 · Surprise 24
  The United States remains EOG’s core operating market, with major producing areas in New Mexico, Texas and Ohio and drilling concentrated in the Delaware Basin, Utica and Eagle Ford. Trinidad continues to supply…
• Supply Chain ConstraintsImportance 25 · Surprise 6
  EOG’s self-sourced sand program provides supply certainty and improves operational efficiency in well completion operations. The company also enters into agreements with service providers when advantageous to secure…
• Trade Policy and TariffsImportance 23 · Surprise 24
  EOG identifies tariffs, trade policies and agreements, and trade barriers or other restrictions imposed by the U.S. or other governments as factors that could affect commodity and financial markets. The company also…
• Products and TechnologyImportance 23 · Surprise 24
  EOG continues applying horizontal drilling and completion expertise across unconventional crude oil and natural gas plays. Its downhole drilling motor program has increased footage drilled per day and reduced drilling…
• Oil and Gas Price SensitivityImportance 18 · Surprise 24
  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…

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Revenue by Geography (in millions)