EOG Resources (EOG) investor relations material

Executive summary

• Record Q3 oil, NGL and natural gas production exceeded guidance midpoints; cash operating costs and DD&A per unit were below guidance midpoints.

• Q3 adjusted net income was $2.540B, or $4.87/share; GAAP net income was $2.781B, or $5.33/diluted share.

• Generated $2.176B of free cash flow; regular dividend increased 8% to $1.10/quarter.

• Returns-focused investment and a multi-basin portfolio support a commitment to return at least 70% of annual free cash flow to shareholders.

Financial highlights

• Q3 revenue was $8.549B, up 46% YoY; operating income was $3.586B.

• Q3 adjusted cash flow from operations was $7.23/share; net cash from operating activities was $3.813B.

• Q3 oil, NGL and natural gas sales totaled $6.335B, up 39% YoY; gathering, processing and marketing revenue rose 57% to $1.846B.

• Q3 composite realized prices were $86.72/bbl for crude oil, $26.13/bbl for NGLs and $3.74/Mcf for natural gas.

• Q3 shareholder returns exceeded $1.5B, including $544M in regular dividends and $1.0B in repurchases.

Outlook and guidance

• FY 2026 production guidance calls for ~5% oil growth and ~14% total production growth; midpoint total production is 1,409.2 MBoed.

• FY 2026 capital spending guidance is $6.3B–$6.7B, with a $6.5B midpoint; the plan targets >$9.7B free cash flow at strip pricing and guidance midpoints.

• 2027 outlook calls for low-single-digit oil production growth if current market fundamentals persist, with activity broadly consistent with the Q4 run rate.

• 2026 well costs are expected to decline at a low-single-digit rate YoY; service pricing, steel and diesel costs may rise in 2027.

• Janus expansion is expected to require ~$200M of 2027 capital within a ~$300M project cost; two-thirds of spending is expected in 2027.