EOG Resources, Inc. Q3 2026 Earnings Recap

EOG’s results were broadly steady, with record production and operating costs below guidance midpoints, while the stock was nearly unchanged after earnings, down 0.3%. The company expects low-single-digit oil production growth in 2027 and announced an 8% increase in its regular dividend.

Key Takeaways

• Third-quarter oil, NGL and natural gas production reached records; total per-unit cash operating costs and DD&A were below guidance midpoints.
• EOG expects to return at least 70% of free cash flow to investors this year.
• The 2027 outlook calls for low-single-digit oil production growth, conditional on current oil supply-demand fundamentals persisting.
• A new ENGIE agreement is expected to lift premium-priced LNG feed gas exposure to more than 1 billion cubic feet per day by 2030.
• EOG approved an expansion of its Janus gas processing plant in the Delaware Basin, citing tighter processing capacity and expected operating synergies.