EOG RESOURCES INC
For the period ended Jun 30, 2026. Filed Aug 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 4, 2026
EOG$147.13+1.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0000821189-26-000104
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0000821189-26-000149
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 103 previous paragraphs and 131 current paragraphs.
63 unchanged; 39 reworded; 17 added; 1 removed; 0 previous and 12 current paragraphs rearranged.
Tables are not compared: 8 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
Share Repurchases. In November 2021, the Board established a new share repurchase authorization allowing for the repurchase by EOG of up to $5 billion of its common stock and, in November 2024, increased such share repurchase authorization from $5 billion to $10 billion. Effective May 20, 2026, the Board again increased such share repurchase authorization, from $10 billion to $20 billion (Share Repurchase Authorization). For additional information regarding the Share Repurchase Authorization, see Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds in this Quarterly Report on Form 10-Q.
Current report
Operating Revenues and Other. During the second quarter of 2026, total operating revenues increased $3,142 million, or 57%, to $8,620 million from $5,478 million for the same period of 2025. Total revenues from sales of EOG's production of crude oil and condensate, NGLs and natural gas for the second quarter of 2026 increased $2,375 million, or 58%, to $6,483 million from $4,108 million for the same period of 2025. EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $40 million for the second quarter of 2026 compared to net gains of $107 million for the same period of 2025. Gathering, processing and marketing revenues for the second quarter of 2026 increased $764 million, or 61%, to $2,011 million from $1,247 million for the same period of 2025.
Current report
NGL revenues for the second quarter of 2026 increased $236 million, or 44%, to $770 million from $534 million for the same period of 2025 due to an increase of 88.4 MBbld, or 34%, in NGL deliveries ($182 million) and a higher composite average price ($54 million). Increased production was primarily from the Utica and Permian Basin. EOG's composite NGL price for the second quarter of 2026 increased 8% to $24.41 per barrel compared to $22.70 per barrel for the same period of 2025.
Current report
Lease and well expenses of $467 million for the second quarter of 2026 increased $71 million from $396 million for the same prior year period primarily due to increased operating and maintenance costs in the United States ($50 million) and increased lease and well administrative expenses in the United States ($18 million).
Current report
Exploration costs of $47 million for the second quarter of 2026 decreased $27 million from $74 million for the same prior year period primarily due to decreased geological and geophysical expenditures in Other International ($22 million) and the United States ($7 million), partially offset by increased administrative expenses ($6 million).
Current report
Taxes other than income include severance/production taxes, ad valorem/property taxes, payroll taxes, franchise taxes and other miscellaneous taxes. Severance/production taxes are generally determined based on wellhead revenues, and ad valorem/property taxes are generally determined based on the valuation of the underlying assets.
Current report
Taxes other than income for the second quarter of 2026 increased $130 million to $431 million (6.6% of revenues from sales of crude oil and condensate, NGLs and natural gas) from $301 million (7.3% of revenues from sales of crude oil and condensate, NGLs and natural gas) for the same prior year period. The increase in taxes other than income was primarily due to increased severance/production taxes ($111 million) and increased ad valorem/property taxes ($10 million), all in the United States.
Current report
Six Months Ended June 30, 2026 vs. Six Months Ended June 30, 2025
Current report
Crude oil and condensate revenues for the first six months of 2026 increased $2,211 million, or 35%, to $8,478 million from $6,267 million for the same period of 2025 due to a higher composite average price ($1,646 million) and an increase of 45.5 MBbld, or 9%, in crude oil and condensate production ($565 million). Increased production was primarily in the Utica. EOG's composite crude oil and condensate price for the first six months of 2026 increased 24% to $85.38 per barrel compared to $68.81 per barrel for the same period of 2025.
Current report
Natural gas revenues for the first six months of 2026 increased $596 million, or 48%, to $1,833 million from $1,237 million for the same period of 2025. The increase was due to an increase in natural gas deliveries ($514 million) and a higher composite average price ($82 million). Natural gas deliveries for the first six months of 2026 increased 900 MMcfd, or 42%, compared to the same period of 2025. Increased deliveries were primarily from the Utica and Permian Basin. EOG's composite natural gas price for the first six months of 2026 increased 5% to $3.32 per Mcf compared to $3.17 per Mcf for the same period of 2025.
Current report
During the first six months of 2026, EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $153 million compared to net losses of $84 million for the same period of 2025. The net gains of $153 million included gains of $130 million related to the Brent linked gas sales contract. During the first six months of 2026, net cash payments for settlements of financial commodity derivative contracts was $8 million. Net cash payments for settlements of financial commodity derivative contracts was $62 million for the same period of 2025.
Current report
GP&T costs of $1,330 million for the first six months of 2026 increased $435 million from $895 million for the same prior year period primarily due to increased GP&T costs related to increased production in the Utica ($440 million) and Permian Basin ($20 million), partially offset by a decrease in costs in the Eagle Ford ($22 million).
Current report
G&A expenses of $398 million for the first six months of 2026 increased $41 million from $357 million for the same prior year period primarily due to increased employee-related costs ($34 million), legal expenses ($13 million) and information systems ($7 million), partially offset by a decrease in professional services costs primarily related to the Encino acquisition ($15 million).
Current report
Exploration costs of $92 million for the first six months of 2026 decreased $23 million from $115 million for the same prior year period primarily due to decreased geological and geophysical expenditures in Other International ($18 million) and the United States ($11 million), partially offset by increased administrative expenses ($8 million).
Current report
Taxes other than income for the first six months of 2026 increased $127 million to $769 million (6.5% of revenues from sales of crude oil and condensate, NGLs and natural gas) from $642 million (7.5% of revenues from sales of crude oil and condensate, NGLs and natural gas) for the same prior year period. The increase in taxes other than income was primarily due to increased severance/production taxes ($102 million) and increased ad valorem/property taxes ($12 million), all in the United States.
Current report
Other income, net of $61 million for the first six months of 2026 decreased $59 million from $120 million for the same prior year period. The decrease was primarily due to decreased interest income.
Current report
Income taxes of $1,350 million for the first six months of 2026 increased from income taxes of $820 million for the first six months of 2025 primarily due to increased pretax income. The net effective tax rate for the first six months of 2026 decreased to 22% from 23% for the first six months of 2025.
Removed paragraphs (1)
Previous report
In January 2026, EOG signed a purchase and sale agreement for the sale of its entire interest and related fixed assets in the northern Midland Basin for $165 million. The transaction closed on February 18, 2026. Crude oil production attributable to EOG's interest was approximately 2 MBbld for the quarter ended March 31, 2026.
Reworded paragraphs (39)
Previous wording
Commodity Prices. Prices for crude oil and condensate, natural gas liquids (NGLs) and natural gas have historically been volatile. This volatility is expected to continue due to the many uncertainties associated with the world political and economic environment (e.g., the ongoing conflict in the Middle East and the related disruption of maritime transportation routes for these commodities), the global supply of, and demand for, crude oil, NGLs and natural gas, the availability of other energy supplies and other factors, including tariffs, trade policies and agreements and trade barriers or other restrictions imposed by the U.S. government or other governments and the related impact of such measures on commodity and financial markets. Compared to its expectations at the beginning of 2026, EOG realized higher crude oil prices in the first quarter of 2026 and anticipates realizing higher crude oil prices for the full-year 2026, in each case as a result of the ongoing conflict in the Middle East.
Current wording
Commodity Prices. Prices for crude oil and condensate, natural gas liquids (NGLs) and natural gas have historically been volatile. This volatility is expected to continue due to the many uncertainties associated with the world political and economic environment (e.g., the ongoing conflict in the Middle East and the related disruption of maritime transportation routes for these commodities), the global supply of, and demand for, crude oil and condensate, NGLs and natural gas, the availability of other energy supplies and other factors, including tariffs, trade policies and agreements and trade barriers or other restrictions imposed by the U.S. government or other governments and the related impact of such measures on commodity and financial markets. Compared to its expectations at the beginning of 2026, EOG realized higher crude oil and condensate prices in the first half of 2026 and anticipates realizing higher crude oil and condensate prices for the full-year 2026, in each case as a result of the ongoing conflict in the Middle East.
Previous wording
For the first three months of 2026, the average U.S. New York Mercantile Exchange (NYMEX) crude oil and natural gas prices were $72.17 per barrel and $4.96 per million British thermal units (MMBtu), respectively, representing an increase of 1% and an increase of 36%, respectively, from the average NYMEX prices for the same period in 2025. Market prices for NGLs are influenced by the components extracted, including ethane, propane and butane and natural gasoline, among others, and the respective market pricing for each component.
Current wording
For the first six months of 2026, the average U.S. New York Mercantile Exchange (NYMEX) crude oil and natural gas prices were $82.57 per barrel and $3.92 per million British thermal units (MMBtu), respectively, representing increases of 22% and 10%, respectively, from the average NYMEX prices for the same period in 2025. Market prices for NGLs are influenced by the components extracted, including ethane, propane and butane and natural gasoline, among others, and the respective market pricing for each component.
Previous wording
Including the impact of EOG's NGL financial derivative contracts and based on EOG's tax position, EOG's price sensitivity as of March 31, 2026, for each $1.00 per barrel increase or decrease in crude oil and condensate price, combined with the estimated change in NGL price, is approximately $174 million for net income and $223 million for pretax cash flows from operating activities, in each case for the full-year 2026.
Current wording
Including the impact of EOG's NGL financial derivative contracts and based on EOG's tax position, EOG's price sensitivity as of June 30, 2026, for each $1.00 per barrel increase or decrease in crude oil and condensate price, combined with the estimated change in NGL price, is approximately $172 million for net income and $221 million for pretax cash flows from operating activities, in each case for the full-year 2026.
Previous wording
Including the impact of EOG's natural gas financial derivative contracts and based on EOG's tax position and the portion of EOG's anticipated natural gas volumes for which prices have not (as of March 31, 2026) been determined under long-term marketing contracts, EOG's price sensitivity as of March 31, 2026, for each $0.10 per thousand cubic feet increase or decrease in natural gas price, is approximately $61 million for net income and $78 million for pretax cash flows from operating activities, in each case for the full-year 2026.
Current wording
Including the impact of EOG's natural gas financial derivative contracts and based on EOG's tax position and the portion of EOG's anticipated natural gas volumes for which prices have not (as of June 30, 2026) been determined under long-term marketing contracts, EOG's price sensitivity as of June 30, 2026, for each $0.10 per thousand cubic feet increase or decrease in natural gas price, is approximately $60 million for net income and $77 million for pretax cash flows from operating activities, in each case for the full-year 2026.
Previous wording
During the first three months of 2026, EOG continued to focus on initiatives to increase its drilling, completion and operating efficiencies and improve well performance. In addition, EOG continued to evaluate certain potential crude oil and condensate, NGLs and natural gas exploration and development prospects and to look for opportunities to add drilling inventory through leasehold acquisitions, farm-ins, exchanges or tactical or bolt-on acquisitions. On a volumetric basis, as calculated using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas, crude oil and condensate and NGLs production accounted for approximately 66% and 71% of EOG's United States production during the first three months of 2026 and 2025, respectively. During the first three months of 2026, EOG's drilling and completion activities occurred primarily in the Delaware Basin, Utica and the Eagle Ford play. EOG's major producing areas in the United States are in New Mexico, Texas and Ohio.
Current wording
During the first six months of 2026, EOG continued to focus on initiatives to increase its drilling, completion and operating efficiencies and improve well performance. In addition, EOG continued to evaluate certain potential crude oil and condensate, NGLs and natural gas exploration and development prospects and to look for opportunities to add drilling inventory through leasehold acquisitions, farm-ins, exchanges or tactical or bolt-on acquisitions. On a volumetric basis, as calculated using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas, crude oil and condensate and NGLs production accounted for approximately 66% and 70% of EOG's United States production during the first six months of 2026 and 2025, respectively. During the first six months of 2026, EOG's drilling and completion activities occurred primarily in the Delaware Basin, the Utica and the Eagle Ford play. EOG's major producing areas in the United States are in New Mexico, Texas and Ohio.
Previous wording
During the first three months of 2026, EOG completed its drilling program in the Mento Field located in the Ska, Mento and Reggae Area and continued construction of the Coconut offshore platform.
Current wording
During the first six months of 2026, EOG completed its drilling program in the Mento Field located in the Ska, Mento and Reggae Area and continued construction of the Coconut offshore platform.
Previous wording
Other International. As discussed in EOG's Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 24, 2026 (EOG's 2025 Annual Report), EOG entered into exploration programs in both the Kingdom of Bahrain and the United Arab Emirates. EOG expects to advance both programs throughout 2026.
Current wording
Other International. As discussed in EOG's Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 24, 2026 (EOG's 2025 Annual Report), EOG entered into exploration programs in both the Kingdom of Bahrain (Bahrain) and the United Arab Emirates (UAE). In June 2026, EOG commenced crude oil production in the UAE. EOG expects to advance both programs during the remainder of 2026.
Previous wording
2026 Capital and Operating Plan. Total 2026 capital expenditures are estimated to range from approximately $6.3 billion to $6.7 billion, including exploration and development drilling, facilities, leasehold acquisitions, capitalized interest, dry hole costs and other property, plant and equipment and excluding property acquisitions, asset retirement costs, non-cash exchanges and transactions and exploration costs incurred as operating expenses. EOG plans to continue to focus a substantial portion of its exploration and development expenditures in its major producing areas in the United States. In particular, EOG will be focused on United States drilling activity in its plays where it generates the highest rates of return - specifically, in the Delaware Basin, Utica and Eagle Ford. To further enhance the economics of these plays, EOG expects to continue to improve well performance and to focus on improving operating efficiencies; see the above related discussion. Relative to 2025, full-year oil production for 2026 is expected to increase by approximately 5% and full-year total crude oil, NGLs and natural gas production for 2026 is expected to increase by approximately 13%. In addition, EOG plans to continue to spend a portion of its anticipated 2026 capital expenditures on leasing acreage and evaluating new prospects.
Current wording
2026 Capital and Operating Plan. Total 2026 capital expenditures are estimated to range from approximately $6.3 billion to $6.7 billion, including exploration and development drilling, facilities, leasehold acquisitions, capitalized interest, dry hole costs and other property, plant and equipment and excluding property acquisitions, asset retirement costs, non-cash exchanges and transactions and exploration costs incurred as operating expenses. EOG plans to continue to focus a substantial portion of its exploration and development expenditures in its major producing areas in the United States. In particular, EOG will be focused on United States drilling activity in its plays where it generates the highest rates of return - specifically, in the Delaware Basin, the Utica and the Eagle Ford play. To further enhance the economics of these plays, EOG expects to continue to improve well performance and to focus on improving operating efficiencies; see the above related discussion. Relative to 2025, full-year oil production for 2026 is expected to increase by approximately 5% and full-year total crude oil and condensate, NGLs and natural gas production for 2026 is expected to increase by approximately 14%. In addition, EOG plans to continue to spend a portion of its anticipated 2026 capital expenditures on leasing acreage and evaluating new prospects.
Previous wording
Dividend Declarations. On February 24, 2026, the Board declared a quarterly cash dividend on the common stock of $1.02 per share paid on April 30, 2026, to stockholders of record as of April 16, 2026.
Current wording
On May 5, 2026, the Board declared a quarterly cash dividend on the common stock of $1.02 per share paid on July 31, 2026, to stockholders of record as of July 17, 2026.
Previous wording
The following review of operations for the three months ended March 31, 2026 and 2025 should be read in conjunction with the Condensed Consolidated Financial Statements of EOG and notes thereto included in this Quarterly Report on Form 10‑Q.
Current wording
The following review of operations for the three months and six months ended June 30, 2026 and 2025 should be read in conjunction with the Condensed Consolidated Financial Statements of EOG and notes thereto included in this Quarterly Report on Form 10‑Q.
Previous wording
(2)Production volumes from Bahrain operations; natural gas realized price represents contract price less partner's processing and distribution costs.
Current wording
(2)Crude oil and condensate volumes are from UAE and Bahrain operations. Natural gas volumes are from Bahrain operations; natural gas realized price represents contract price less partner's processing and distribution costs.
Previous wording
Crude oil and condensate revenues for the first quarter of 2026 increased $284 million, or 9%, to $3,577 million from $3,293 million for the same period of 2025, primarily due to an increase of 46.4 MBbld, or 9%, in crude oil and condensate deliveries ($304 million), partially offset by a lower composite average price ($20 million). Increased production was primarily from the Utica. EOG's composite crude oil and condensate price for the first quarter of 2026 decreased 1% to $72.47 per barrel compared to $72.87 per barrel for the same period of 2025.
Current wording
Crude oil and condensate revenues for the second quarter of 2026 increased $1,927 million, or 65%, to $4,901 million from $2,974 million for the same period of 2025, due to a higher composite average price ($1,667 million) and an increase of 44.6 MBbld, or 9%, in crude oil and condensate deliveries ($260 million). Increased production was primarily from the Utica. EOG's composite crude oil and condensate price for the second quarter of 2026 increased 51% to $98.15 per barrel compared to $64.82 per barrel for the same period of 2025.
Previous wording
Natural gas revenues for the first quarter of 2026 increased $384 million, or 60%, to $1,021 million from $637 million for the same period of 2025, primarily due to an increase of 940 MMcfd, or 45%, in natural gas deliveries ($289 million) and a higher composite average price ($95 million). Increased deliveries were primarily from the Utica and Permian Basin. EOG's composite natural gas price for the first quarter of 2026 increased 10% to $3.76 per Mcf compared to $3.41 per Mcf for the same period of 2025.
Current wording
Natural gas revenues for the second quarter of 2026 increased $212 million, or 35%, to $812 million from $600 million for the same period of 2025, due to an increase of 860 MMcfd, or 39%, in natural gas deliveries ($232 million), partially offset by a lower composite average price ($20 million). Increased deliveries were primarily from the Utica and Permian Basin. EOG's composite natural gas price for the second quarter of 2026 decreased 2% to $2.89 per Mcf compared to $2.96 per Mcf for the same period of 2025.
Previous wording
During the first quarter of 2026, EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $113 million compared to net losses of $191 million for the same period of 2025. The net gains of $113 million included gains of $119 million related to the Brent crude oil (Brent) linked gas sales contract. During the first quarter of 2026, net cash paid for settlements of financial commodity derivative contracts was $53 million compared to net cash paid for settlements of financial commodity derivative contracts of $38 million for the same period of 2025.
Current wording
During the second quarter of 2026, EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $40 million compared to net gains of $107 million for the same period of 2025. The net gains of $40 million included gains of $11 million related to the Brent crude oil (Brent) linked gas sales contract. During the second quarter of 2026, net cash received from settlements of financial commodity derivative contracts was $45 million compared to net cash paid for settlements of financial commodity derivative contracts of $24 million for the same period of 2025.
Previous wording
Gathering, processing and marketing revenues are revenues generated from sales of third-party crude oil, NGLs and natural gas, as well as fees associated with gathering third-party natural gas and revenues from sales of EOG-owned sand. Purchases and sales of third-party crude oil and natural gas may be utilized in order to balance firm capacity at third-party facilities with production in certain areas and to utilize excess capacity at EOG-owned facilities. Marketing costs represent the costs to purchase third-party crude oil, natural gas and sand and the associated transportation costs, as well as costs associated with EOG-owned sand sold to third parties.
Current wording
Gathering, processing and marketing revenues are revenues generated from sales of third-party crude oil and condensate, NGLs and natural gas, as well as fees associated with gathering third-party natural gas and revenues from sales of EOG-owned sand. Purchases and sales of third-party crude oil and condensate and natural gas may be utilized in order to balance firm capacity at third-party facilities with production in certain areas and to utilize excess capacity at EOG-owned facilities. Marketing costs represent the costs to purchase third-party crude oil and condensate, natural gas and sand and the associated transportation costs, as well as costs associated with EOG-owned sand sold to third parties.
Previous wording
Operating and Other Expenses. For the first quarter of 2026, operating expenses of $4,323 million were $513 million higher than the $3,810 million incurred during the first quarter of 2025. The following table presents the costs per barrel of oil equivalent (Boe) for the three-month periods ended March 31, 2026 and 2025:
Current wording
Operating and Other Expenses. For the second quarter of 2026, operating expenses of $5,092 million were $1,361 million higher than the $3,731 million incurred during the second quarter of 2025. The following table presents the costs per barrel of oil equivalent (Boe) for the three-month periods ended June 30, 2026 and 2025:
Previous wording
GP&T costs of $654 million for the first quarter of 2026 increased $214 million from $440 million for the same prior year period primarily due to increased GP&T costs related to increased production in the Utica ($221 million) and Permian Basin ($11 million), partially offset by decreased costs in the Eagle Ford play ($15 million).
Current wording
GP&T costs of $676 million for the second quarter of 2026 increased $221 million from $455 million for the same prior year period primarily due to increased GP&T costs related to increased production in the Utica ($219 million) and Permian Basin ($9 million), partially offset by decreased costs in the Eagle Ford ($7 million).
Previous wording
DD&A expenses for the first quarter of 2026 increased $180 million to $1,193 million from $1,013 million for the same prior year period. DD&A expenses associated with oil and gas properties for the first quarter of 2026 were $172 million higher than the same prior year period. The increase primarily reflects increased production in the United States ($248 million), partially offset by decreased unit rates in the United States ($69 million) and Trinidad ($9 million). DD&A expenses associated with other property, plant and equipment for the first quarter of 2026 were $8 million higher than the same prior year period primarily related to GP&T assets and equipment.
Current wording
DD&A expenses for the second quarter of 2026 increased $206 million to $1,259 million from $1,053 million for the same prior year period. DD&A expenses associated with oil and gas properties for the second quarter of 2026 were $201 million higher than the same prior year period. The increase primarily reflects increased production in the United States ($229 million) and Trinidad ($6 million), and increased unit rates in Trinidad ($9 million), partially offset by decreased unit rates in the United States ($47 million). DD&A expenses associated with other property, plant and equipment for the second quarter of 2026 were $5 million higher than the same prior year period primarily related to GP&T assets and equipment.
Previous wording
G&A expenses of $185 million for the first quarter of 2026 increased $14 million from $171 million for the same prior year period primarily due to increased employee-related costs.
Current wording
G&A expenses of $213 million for the second quarter of 2026 increased $27 million from $186 million for the same prior year period primarily due to increased employee-related costs ($23 million) and legal expenses ($12 million), partially offset by decreased professional services costs primarily related to the Encino acquisition ($11 million).
Previous wording
The following table sets forth impairments for the first quarter of 2026 and 2025 (in millions):
Current wording
The following table sets forth impairments for the second quarter of 2026 and 2025 (in millions):
Previous wording
Other income, net of $23 million for the first quarter of 2026 decreased $42 million from $65 million for the same prior year period primarily due to decreased interest income ($37 million) and an increase in deferred compensation expense ($6 million).
Current wording
Other income, net of $38 million for the second quarter of 2026 decreased $17 million from $55 million for the same prior year period. The decrease was primarily due to decreased interest income.
Previous wording
Income taxes of $575 million for the first quarter of 2026 increased from $414 million for the first quarter of 2025 primarily due to increased pretax income. The net effective tax rate for the first quarter of 2026 increased to 23% from 22% for the first quarter of 2025.
Current wording
Income taxes of $775 million for the second quarter of 2026 increased from income taxes of $406 million for the second quarter of 2025 primarily due to increased pretax income. The net effective tax rate for the second quarter of 2026 decreased to 22% from 23% for the second quarter of 2025.
Previous wording
Operating Revenues and Other. During the first quarter of 2026, total operating revenues increased $1,252 million, or 22%, to $6,921 million from $5,669 million for the same period of 2025. Total revenues from sales of EOG's production of crude oil and condensate, NGLs and natural gas for the first quarter of 2026 increased $760 million, or 17%, to $5,262 million from $4,502 million for the same period of 2025. EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $113 million for the first quarter of 2026 compared to net losses of $191 million for the same period of 2025. Gathering, processing and marketing revenues for the first quarter of 2026 increased $156 million, or 12%, to $1,496 million from $1,340 million for the same period of 2025. EOG recognized net gains on asset dispositions of $31 million for the first quarter of 2026 compared to net losses on asset dispositions of $1 million for the same period of 2025.
Current wording
Operating Revenues and Other. During the first six months of 2026, total operating revenues increased $4,394 million, or 39%, to $15,541 million from $11,147 million for the same period of 2025. Total revenues from sales of EOG's production of crude oil and condensate, NGLs and natural gas for the first six months of 2026 increased $3,135 million, or 36%, to $11,745 million from $8,610 million for the same period of 2025. During the first six months of 2026, EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $153 million compared to net losses of $84 million for the same period of 2025. Gathering, processing and marketing revenues for the first six months of 2026 increased $920 million, or 36%, to $3,507 million from $2,587 million for the same period of 2025. EOG recognized net gains on asset dispositions of $89 million for the first six months of 2026 compared to net losses on asset dispositions of $1 million for the same period of 2025.
Previous wording
NGL revenues for the first quarter of 2026 increased $92 million, or 16%, to $664 million from $572 million for the same period of 2025 due to an increase of 90.4 MBbld, or 37%, in NGL deliveries ($215 million), partially offset by a lower composite average price ($123 million). Increased production was primarily from the Utica and Permian Basin. EOG's composite NGL price for the first quarter of 2026 decreased 16% to $22.20 per barrel compared to $26.29 per barrel for the same period of 2025.
Current wording
NGL revenues for the first six months of 2026 increased $328 million, or 30%, to $1,434 million from $1,106 million for the same period of 2025 due to an increase of 89.4 MBbld, or 36%, in NGL deliveries ($394 million), partially offset by a lower composite average price ($66 million). Increased production was primarily from the Utica and Permian Basin. EOG's composite NGL price for the first six months of 2026 decreased 4% to $23.34 per barrel compared to $24.42 per barrel for the same period of 2025.
Previous wording
Gathering, processing and marketing revenues less marketing costs for the first three months of 2026 increased $97 million as compared to the same period of 2025 primarily due to higher margins on crude oil marketing activities.
Current wording
Gathering, processing and marketing revenues less marketing costs for the first six months of 2026 increased $127 million as compared to the same period of 2025 primarily due to higher margins on crude oil and condensate marketing activities.
Previous wording
Lease and well expenses of $462 million for the first quarter of 2026 increased $61 million from $401 million for the same prior year period primarily due to increased operating and maintenance costs in the United States ($44 million) and increased lease and well administrative expenses ($19 million).
Current wording
Lease and well expenses of $929 million for the first six months of 2026 increased $132 million from $797 million for the same prior year period primarily due to increased operating and maintenance costs in the United States ($93 million) and increased lease and well administrative expenses ($38 million).
Previous wording
Interest expense, net of $66 million for the first quarter of 2026 increased $19 million compared to the same prior year period primarily due to the issuance in July 2025 of the $1,250 million aggregate principal amount of 5.350% Senior Notes due 2036 ($17 million), $1,250 million aggregate principal amount of 5.000% Senior Notes due 2032 ($16 million), $500 million aggregate principal amount of 5.950% Senior Notes due 2055 ($7 million) and $500 million aggregate principal amount of 4.400% Senior Notes due 2028 ($6 million), and the issuance in November 2025 of the $750 million aggregate principal amount of 4.400% Senior Notes due 2031 ($9 million) and $250 million aggregate principal amount of 5.950% Senior Notes due 2055 ($4 million), partially offset by increased capitalized interest ($25 million), the repayment in December 2025 of the $750 million aggregate principal amount of 4.15% Senior Notes due 2026 ($8 million), and the maturity in April 2025 of the $500 million aggregate principal amount of 3.15% Senior Notes due 2025 ($4 million).
Current wording
Interest expense, net of $133 million for the first six months of 2026 increased $35 million compared to the same prior year period primarily due to the issuance in July 2025 of the $1,250 million aggregate principal amount of 5.350% Senior Notes due 2036 ($34 million), $1,250 million aggregate principal amount of 5.000% Senior Notes due 2032 ($32 million), $500 million aggregate principal amount of 5.950% Senior Notes due 2055 ($15 million) and $500 million aggregate principal amount of 4.400% Senior Notes due 2028 ($12 million), and the issuance in November 2025 of the $750 million aggregate principal amount of 4.400% Senior Notes due 2031 ($17 million) and $250 million aggregate principal amount of 5.950% Senior Notes due 2055 ($7 million), partially offset by increased capitalized interest ($52 million), the repayment in December 2025 of the $750 million aggregate principal amount of 4.15% Senior Notes due 2026 ($16 million), the absence of financing commitment costs related to the Encino acquisition ($6.5 million), and the maturity in April 2025 of the $500 million aggregate principal amount of 3.15% Senior Notes due 2025 ($4 million).
Previous wording
Liquidity Overview. At March 31, 2026, EOG maintained a strong financial and liquidity position, including $3.8 billion of cash and cash equivalents on hand and $3.0 billion of availability under its senior unsecured revolving credit facility (which remained undrawn).
Current wording
Liquidity Overview. At June 30, 2026, EOG maintained a strong financial and liquidity position, including $4.9 billion of cash and cash equivalents on hand and $3.0 billion of availability under its senior unsecured revolving credit facility (which remained undrawn).
Previous wording
The primary source of cash for EOG during the three months ended March 31, 2026, was funds generated from operations. The primary uses of cash were funds used in operations; exploration and development expenditures; dividend payments to stockholders; and share repurchases and other purchases of treasury stock. During the first three months of 2026, EOG's cash balance increased $453 million to $3,849 million from $3,396 million at December 31, 2025.
Current wording
The primary source of cash for EOG during the six months ended June 30, 2026, was funds generated from operations. The primary uses of cash were funds used in operations; exploration and development expenditures; dividend payments to stockholders; and share repurchases and other purchases of treasury stock. During the first six months of 2026, EOG's cash balance increased $1,511 million to $4,907 million from $3,396 million at December 31, 2025.
Previous wording
Cash Flow. Net cash provided by operating activities of $2,966 million for the first three months of 2026 increased $677 million compared to the same period of 2025 primarily due to an increase in revenues from sales of crude oil and condensate, NGLs and natural gas ($760 million), a decrease in net cash paid for income taxes ($728 million) and an increase in gathering, processing and marketing revenues less marketing costs ($97 million), partially offset by an increase in net cash used in working capital and other assets and liabilities ($386 million), an increase in cash operating expenses ($282 million) and an increase in interest paid ($71 million).
Current wording
Cash Flow. Net cash provided by operating activities of $7,635 million for the first six months of 2026 increased $3,314 million compared to the same period of 2025 primarily due to an increase in revenues from sales of crude oil and condensate, NGLs and natural gas ($3,135 million), a decrease in net cash paid related to income taxes ($827 million), an increase in gathering, processing and marketing revenues less marketing costs ($127 million) and a decrease in net cash used in working capital and other assets and liabilities ($114 million), partially offset by an increase in cash operating expenses ($697 million).
Previous wording
Net cash used in investing activities of $1,545 million for the first three months of 2026 increased $115 million compared to the same period of 2025 primarily due to an increase in additions to oil and gas properties ($110 million), an increase in cash used in working capital associated with investing activities ($86 million) and an increase in additions to other property, plant and equipment ($51 million), partially offset by an increase in proceeds from sales of assets ($132 million).
Current wording
Net cash used in investing activities of $3,326 million for the first six months of 2026 increased $115 million compared to the same period of 2025 primarily due to an increase in additions to other property, plant and equipment ($101 million), an increase in cash used in working capital associated with investing activities ($100 million) and an increase in additions to oil and gas properties ($49 million), partially offset by an increase in proceeds from sales of assets ($135 million).
Previous wording
Net cash used in financing activities of $968 million for the first three months of 2026 included dividend payments to stockholders ($544 million) and share repurchases and other purchases of treasury stock ($418 million). Net cash used in financing activities of $1,352 million for the first three months of 2025 included share repurchases and other purchases of treasury stock ($806 million) and dividend payments to stockholders ($538 million).
Current wording
Net cash used in financing activities of $2,798 million for the first six months of 2026 included share repurchases and other purchases of treasury stock ($1,717 million) and dividend payments to stockholders ($1,084 million). Net cash used in financing activities of $2,987 million for the first six months of 2025 included share repurchases and other purchases of treasury stock ($1,408 million), dividend payments to stockholders ($1,066 million) and repayments of long-term debt ($500 million).
Previous wording
Total Expenditures. For the full-year 2026, EOG's updated budget for exploration and development and other property, plant and equipment expenditures is estimated to range from approximately $6.3 billion to $6.7 billion, including exploration and development drilling, facilities, leasehold acquisitions, capitalized interest, dry hole costs and other property, plant and equipment and excluding property acquisitions, asset retirement costs, non-cash exchanges and transactions and exploration costs incurred as operating expenses. The table below sets out the components of total expenditures for the three-month periods ended March 31, 2026 and 2025 (in millions):
Current wording
Total Expenditures. For the full-year 2026, EOG's updated budget for exploration and development and other property, plant and equipment expenditures is estimated to range from approximately $6.3 billion to $6.7 billion, including exploration and development drilling, facilities, leasehold acquisitions, capitalized interest, dry hole costs and other property, plant and equipment and excluding property acquisitions, asset retirement costs, non-cash exchanges and transactions and exploration costs incurred as operating expenses. The table below sets out the components of total expenditures for the six-month periods ended June 30, 2026 and 2025 (in millions):
Previous wording
(1)Leasehold acquisitions included $52 million and $9 million for the three-month periods ended March 31, 2026 and 2025, respectively, related to non-cash property exchanges.
Current wording
(1)Leasehold acquisitions included $105 million and $11 million for the six-month periods ended June 30, 2026 and 2025, respectively, related to non-cash property exchanges.
Previous wording
(2)Property acquisitions for the three-month period ended March 31, 2026 included $15 million related to revisions to the Encino purchase price allocation.
Current wording
(3)Asset retirement costs for the six-month period ended June 30, 2026, included $15 million related to revisions to the Encino purchase price allocation.
Previous wording
Exploration and development expenditures of $1,603 million for the first three months of 2026 were $172 million higher than the same period of 2025 primarily due to increased exploration and development drilling expenditures ($128 million) and increased capitalized interest ($25 million). Exploration and development expenditures for the first three months of 2026 of $1,603 million consisted of $1,339 million in development drilling and facilities, $204 million in exploration, $37 million in capitalized interest and $23 million in property acquisitions. Exploration and development expenditures for the first three months of 2025 of $1,431 million consisted of $1,317 million in development drilling and facilities, $103 million in exploration and $12 million in capitalized interest.
Current wording
Exploration and development expenditures of $3,341 million for the first six months of 2026 were $135 million higher than the same period of 2025 primarily due to increased exploration drilling expenditures ($120 million), increased leasehold acquisitions ($108 million), increased capitalized interest ($52 million) and increased dry hole costs ($8 million), partially offset by decreased facility expenditures ($54 million), decreased property acquisitions ($51 million), decreased development drilling expenditures ($25 million) and decreased exploration costs ($23 million). Exploration and development expenditures for the first six months of 2026 of $3,341 million consisted of $2,601 million in development drilling and facilities, $447 million in exploration, $218 million in property acquisitions and $75 million in capitalized interest. Exploration and development expenditures for the first six months of 2025 of $3,206 million consisted of $2,680 million in development drilling and facilities, $269 million in property acquisitions, $234 million in exploration and $23 million in capitalized interest.
Previous wording
Financial Commodity and Other Derivative Transactions. As more fully discussed in Note 12 to the Consolidated Financial Statements included in EOG's 2025 Annual Report, EOG engages in price risk management activities from time to time. These activities are intended to manage EOG's exposure to fluctuations in commodity prices for crude oil, NGLs and natural gas. EOG utilizes financial commodity derivative instruments, primarily price swap, option, swaption, collar and basis swap contracts, as a means to manage this price risk. EOG has not designated any of its financial commodity and other derivative contracts as accounting hedges and, accordingly, accounts for financial commodity and other derivative contracts using the mark-to-market accounting method, including the Brent linked gas sales contract. Under this accounting method, changes in the fair value of outstanding financial and other derivative instruments are recognized as gains or losses in the period of change and are recorded as Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts on the Condensed Consolidated Statements of Income and Comprehensive Income. The related cash flow impact is reflected in Cash Flows from Operating Activities on the Condensed Consolidated Statements of Cash Flows.
Current wording
Financial Commodity and Other Derivative Transactions. As more fully discussed in Note 12 to the Consolidated Financial Statements included in EOG's 2025 Annual Report, EOG engages in price risk management activities from time to time. These activities are intended to manage EOG's exposure to fluctuations in commodity prices for crude oil and condensate, NGLs and natural gas. EOG utilizes financial commodity derivative instruments, primarily price swap, option, swaption, collar and basis swap contracts, as a means to manage this price risk. EOG has not designated any of its financial commodity and other derivative contracts as accounting hedges and, accordingly, accounts for financial commodity and other derivative contracts using the mark-to-market accounting method, including the Brent linked gas sales contract. Under this accounting method, changes in the fair value of outstanding financial and other derivative instruments are recognized as gains or losses in the period of change and are recorded as Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts on the Condensed Consolidated Statements of Income and Comprehensive Income. The related cash flow impact is reflected in Cash Flows from Operating Activities on the Condensed Consolidated Statements of Cash Flows.
Previous wording
The total fair value of EOG's financial commodity and other derivative contracts was reflected on the Condensed Consolidated Balance Sheet at March 31, 2026, as a net asset of $214 million.
Current wording
The total fair value of EOG's financial commodity and other derivative contracts was reflected on the Condensed Consolidated Balance Sheet at June 30, 2026, as a net asset of $210 million.
Previous wording
As discussed in "Operating Revenues and Other," the net cash payments for settlements of financial commodity derivative contracts during the first quarter of 2026 was $53 million.
Current wording
As discussed in "Operating Revenues and Other" above, the net cash received from settlements of financial commodity derivative contracts during the second quarter of 2026 was $45 million and the net cash paid for settlements of financial commodity derivative contracts during the first six months of 2026 was $8 million.
Rearranged current paragraphs (12)
Current report — wording carried from elsewhere
Dividend Declarations. On February 24, 2026, the Board of Directors (Board) declared a quarterly cash dividend on the common stock of $1.02 per share paid on April 30, 2026, to stockholders of record as of April 16, 2026.
Current report — wording carried from elsewhere
Gathering, processing and marketing revenues less marketing costs for the second quarter of 2026 increased $30 million as compared to the same period of 2025 primarily due to higher margins on crude oil and condensate marketing activities.
Current report — wording carried from elsewhere
Interest expense, net of $67 million for the second quarter of 2026 increased $16 million compared to the same prior year period primarily due to the issuance in July 2025 of the $1,250 million aggregate principal amount of 5.350% Senior Notes due 2036 ($17 million), $1,250 million aggregate principal amount of 5.000% Senior Notes due 2032 ($16 million), $500 million aggregate principal amount of 5.950% Senior Notes due 2055 ($7 million) and $500 million aggregate principal amount of 4.400% Senior Notes due 2028 ($6 million), and the issuance in November 2025 of the $750 million aggregate principal amount of 4.400% Senior Notes due 2031 ($9 million) and $250 million aggregate principal amount of 5.950% Senior Notes due 2055 ($4 million), partially offset by increased capitalized interest ($27 million), the repayment in December 2025 of the $750 million aggregate principal amount of 4.15% Senior Notes due 2026 ($8 million), and the absence of financing commitment costs related to the Encino acquisition ($6.5 million).
Current report — wording carried from elsewhere
Volume and price statistics for the six-month periods ended June 30, 2026 and 2025 were as follows (see Note 8 for segment financial information):
Current report — wording carried from elsewhere
(1)Crude oil and condensate volumes are from UAE and Bahrain operations. Natural gas volumes are from Bahrain operations; natural gas realized price represents contract price less partner's processing and distribution costs.
Current report — wording carried from elsewhere
(2)Excludes the impact of financial commodity and other derivative instruments (see Note 9 to the Condensed Consolidated Financial Statements).
Current report — wording carried from elsewhere
Operating and Other Expenses. For the first six months of 2026, operating expenses of $9,415 million were $1,874 million higher than the $7,541 million incurred during the same period of 2025. The following table presents the costs per Boe for the six-month periods ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
(1)Total excludes exploration costs, dry hole costs, impairments, marketing costs and taxes other than income.
Current report — wording carried from elsewhere
The primary factors impacting the cost components of per-unit rates of lease and well, GP&T, DD&A, G&A, and interest expense, net for the six months ended June 30, 2026, compared to the same period of 2025 are set forth below. See "Operating Revenues and Other" above for a discussion of volumes.
Current report — wording carried from elsewhere
DD&A expenses for the first six months of 2026 increased $386 million to $2,452 million from $2,066 million for the same prior year period. DD&A expenses associated with oil and gas properties for the first six months of 2026 were $373 million higher than the same prior year period. The increase primarily reflects increased production in the United States ($478 million) and Trinidad ($7 million), partially offset by decreased unit rates in the United States ($115 million). DD&A expenses associated with other property, plant and equipment for the first six months of 2026 were $13 million higher than the same prior year period primarily due to an increase in expenses related to GP&T assets and equipment.
Current report — wording carried from elsewhere
The following table sets forth impairments for the six-month periods ended June 30, 2026 and 2025 (in millions):
Current report — wording carried from elsewhere
(2)Property acquisitions for the six-month period ended June 30, 2026, included $13 million related to revisions to the Encino purchase price allocation and $2 million related to non-cash property exchange.