EOG RESOURCES INC
For the period ended Sep 30, 2026. Filed Nov 5, 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.
Sep 30, 2026 · Filed Nov 5, 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 2026-06-30; filed 2026-08-04.
0000821189-26-000149
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0000821189-26-000227
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 131 previous paragraphs and 131 current paragraphs.
68 unchanged; 57 reworded; 5 added; 5 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 11 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 (5)
Current report
In July 2026, EOG entered into a purchase and sale agreement for the sale of its entire interest and related fixed assets in the Barnett Shale for $220 million (subject to customary closing adjustments), which closed on September 15, 2026. Further, in September 2026, EOG entered into a purchase and sale agreement for the sale of its entire interest and related fixed assets in the Woodford Oil Window for $180 million (subject to customary closing adjustments), which closed on October 19, 2026. The aggregate production attributable to EOG's interests in the Barnett Shale and Woodford Oil Window for the quarter ended September 30, 2026, was approximately 16 MBoed, of which approximately 2 MBbld was crude oil and condensate.
Current report
On November 5, 2026, the Board increased the quarterly cash dividend on the common stock from the previous $1.02 per share to $1.10 per share, effective beginning with the dividend payable on January 29, 2027, to stockholders of record as of January 15, 2027.
Current report
NGL revenues for the third quarter of 2026 increased $254 million, or 42%, to $858 million from $604 million for the same period of 2025 due to a higher composite average price ($159 million) and an increase of 47.8 MBbld, or 15%, in NGL deliveries ($95 million). Increased deliveries were primarily from the Utica and Permian Basin. EOG's composite NGL price for the third quarter of 2026 increased 23% to $26.13 per barrel compared to $21.25 per barrel for the same period of 2025.
Current report
Nine Months Ended September 30, 2026 vs. Nine Months Ended September 30, 2025
Current report
NGL revenues for the first nine months of 2026 increased $582 million, or 34%, to $2,292 million from $1,710 million for the same period of 2025 due to an increase of 75.4 MBbld, or 28%, in NGL deliveries ($477 million) and a higher composite average price ($105 million). Increased deliveries were primarily from the Utica and Permian Basin. EOG's composite NGL price for the first nine months of 2026 increased 5% to $24.31 per barrel compared to $23.20 per barrel for the same period of 2025.
Removed paragraphs (5)
Previous report
On August 4, 2026, the Board declared a quarterly cash dividend on the common stock of $1.02 per share to be paid on October 30, 2026, to stockholders of record as of October 16, 2026.
Previous 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.
Previous report
Six Months Ended June 30, 2026 vs. Six Months Ended June 30, 2025
Previous report
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 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).
Reworded paragraphs (57)
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 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.
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 during the first nine months 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 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.
Current wording
For the first nine months of 2026, the average U.S. New York Mercantile Exchange (NYMEX) crude oil and natural gas prices were $83.62 per barrel and $3.60 per million British thermal units (MMBtu), respectively, representing increases of 25% and 6%, 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 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.
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 September 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 $175 million for net income and $224 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 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.
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 September 30, 2026) been determined under long-term marketing contracts, EOG's price sensitivity as of September 30, 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.
Previous 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.
Current wording
During the first nine 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 69% of EOG's United States production during the first nine months of 2026 and 2025, respectively. During the first nine months of 2026, EOG's drilling and completion activities occurred primarily in the Delaware Basin, the Eagle Ford play and the Utica. EOG's major producing areas in the United States are in New Mexico, Texas and Ohio.
Previous 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.
Current wording
During the first nine months of 2026, EOG completed its drilling program in the Mento Field located in the Ska, Mento and Reggae Area and commenced a new multiyear drilling program. Further, EOG continues to progress towards placing the Coconut offshore platform in service.
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, 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.
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 crude oil and condensate 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
Capital Structure. One of management's key strategies is to maintain a strong balance sheet. EOG's debt-to-total capitalization ratio was 20% at June 30, 2026 and 21% at December 31, 2025. As used in this calculation, total capitalization represents the sum of total current and long-term debt and total stockholders' equity.
Current wording
Capital Structure. One of management's key strategies is to maintain a strong balance sheet. EOG's debt-to-total capitalization ratio was 19% at September 30, 2026 and 21% at December 31, 2025. As used in this calculation, total capitalization represents the sum of total current and long-term debt and total stockholders' equity.
Previous 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.
Current wording
The following review of operations for the three months and nine months ended September 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
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 wording
Operating Revenues and Other. During the third quarter of 2026, total operating revenues increased $2,702 million, or 46%, to $8,549 million from $5,847 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 third quarter of 2026 increased $1,781 million, or 39%, to $6,335 million from $4,554 million for the same period of 2025. EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $105 million for the third quarter of 2026 compared to net gains of $116 million for the same period of 2025. Gathering, processing and marketing revenues for the third quarter of 2026 increased $668 million, or 57%, to $1,846 million from $1,178 million for the same period of 2025. EOG recognized net gains on asset dispositions of $242 million for the third quarter of 2026 compared to net losses on asset dispositions of $18 million for the same period of 2025.
Previous 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.
Current wording
Crude oil and condensate revenues for the third quarter of 2026 increased $1,149 million, or 35%, to $4,392 million from $3,243 million for the same period of 2025, due to a higher composite average price ($1,050 million) and an increase of 15.9 MBbld, or 3%, in crude oil and condensate deliveries ($99 million). Increased deliveries were primarily from the Utica. EOG's composite crude oil and condensate price for the third quarter of 2026 increased 31% to $86.72 per barrel compared to $65.95 per barrel for the same period of 2025.
Previous 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.
Current wording
Natural gas revenues for the third quarter of 2026 increased $378 million, or 53%, to $1,085 million from $707 million for the same period of 2025, due to a higher composite average price ($274 million) and an increase of 408 MMcfd, or 15%, in natural gas deliveries ($104 million). Increased deliveries were primarily from the Utica and Permian Basin. EOG's composite natural gas price for the third quarter of 2026 increased 34% to $3.74 per Mcf compared to $2.80 per Mcf for the same period of 2025.
Previous 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.
Current wording
During the third quarter of 2026, EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $105 million compared to net gains of $116 million for the same period of 2025. The net gains of $105 million included gains of $68 million related to the Brent crude oil (Brent) linked gas sales contract. During the third quarter of 2026, net cash received from settlements of financial commodity derivative contracts was $40 million compared to net cash received from settlements of financial commodity derivative contracts of $27 million for the same period of 2025.
Previous wording
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 wording
Gathering, processing and marketing revenues less marketing costs for the third quarter of 2026 increased $21 million as compared to the same period of 2025 primarily due to higher margins on natural gas and crude oil and condensate marketing activities.
Previous 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:
Current wording
Operating and Other Expenses. For the third quarter of 2026, operating expenses of $4,963 million were $952 million higher than the $4,011 million incurred during the third quarter of 2025. The following table presents the costs per barrel of oil equivalent (Boe) for the three-month periods ended September 30, 2026 and 2025:
Previous wording
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 three 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 wording
The primary factors impacting the cost components of per-unit rates of lease and well, GP&T, DD&A and G&A for the three months ended September 30, 2026, compared to the same period of 2025, are set forth below. See "Operating Revenues and Other" above for a discussion of volumes.
Previous wording
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 wording
Lease and well expenses of $493 million for the third quarter of 2026 increased $62 million from $431 million for the same prior year period primarily due to increased operating and maintenance costs ($39 million), increased workovers expenditures ($13 million) and increased lease and well administrative expenses ($7 million), all in the United States.
Previous 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).
Current wording
GP&T costs of $693 million for the third quarter of 2026 increased $106 million from $587 million for the same prior year period primarily due to increased GP&T costs related to increased production in the Utica ($73 million), Permian Basin ($19 million) and the Eagle Ford ($7 million).
Previous 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.
Current wording
DD&A expenses for the third quarter of 2026 increased $123 million to $1,292 million from $1,169 million for the same prior year period. DD&A expenses associated with oil and gas properties for the third quarter of 2026 were $125 million higher than the same prior year period. The increase primarily reflects increased production ($104 million) and increased unit rates ($8 million) in the United States.
Previous 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).
Current wording
G&A expenses of $196 million for the third quarter of 2026 decreased $43 million from $239 million for the same prior year period primarily due to decreased professional services costs related to the Encino acquisition.
Previous wording
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 wording
Exploration costs of $54 million for the third quarter of 2026 decreased $17 million from $71 million for the same prior year period primarily due to decreased geological and geophysical expenditures in Trinidad ($19 million).
Previous wording
The following table sets forth impairments for the second quarter of 2026 and 2025 (in millions):
Current wording
The following table sets forth impairments for the third quarter of 2026 and 2025 (in millions):
Previous wording
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 wording
Taxes other than income for the third quarter of 2026 increased $92 million to $401 million (6.3% of revenues from sales of crude oil and condensate, NGLs and natural gas) from $309 million (6.8% 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 in the United States.
Previous 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.
Current wording
Other income, net of $45 million for the third quarter of 2026 decreased $14 million from $59 million for the same prior year period. The decrease was primarily due to decreased interest income.
Previous 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.
Current wording
Income taxes of $783 million for the third quarter of 2026 increased from income taxes of $353 million for the third quarter of 2025 primarily due to increased pretax income. The net effective tax rate for the third quarter of 2026 increased to 22% from 19% for the third quarter of 2025. The higher effective tax rate is primarily due to the absence of certain 2025 state tax benefits related to the Encino acquisition.
Previous 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.
Current wording
Operating Revenues and Other. During the first nine months of 2026, total operating revenues increased $7,096 million, or 42%, to $24,090 million from $16,994 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 nine months of 2026 increased $4,916 million, or 37%, to $18,080 million from $13,164 million for the same period of 2025. During the first nine months of 2026, EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $258 million compared to net gains of $32 million for the same period of 2025. Gathering, processing and marketing revenues for the first nine months of 2026 increased $1,588 million, or 42%, to $5,353 million from $3,765 million for the same period of 2025. EOG recognized net gains on asset dispositions of $331 million for the first nine months of 2026 compared to net losses on asset dispositions of $19 million for the same period of 2025.
Previous wording
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 wording
Volume and price statistics for the nine-month periods ended September 30, 2026 and 2025 were as follows (see Note 8 for segment financial information):
Previous wording
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 wording
Crude oil and condensate revenues for the first nine months of 2026 increased $3,360 million, or 35%, to $12,870 million from $9,510 million for the same period of 2025 due to a higher composite average price ($2,702 million) and an increase of 35.5 MBbld, or 7%, in crude oil and condensate deliveries ($658 million). Increased deliveries were primarily from the Utica. EOG's composite crude oil and condensate price for the first nine months of 2026 increased 27% to $85.83 per barrel compared to $67.81 per barrel for the same period of 2025.
Previous wording
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 wording
Natural gas revenues for the first nine months of 2026 increased $974 million, or 50%, to $2,918 million from $1,944 million for the same period of 2025 due to an increase in natural gas deliveries ($610 million) and a higher composite average price ($364 million). Natural gas deliveries for the first nine months of 2026 increased 734 MMcfd, or 31%, 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 nine months of 2026 increased 14% to $3.46 per Mcf compared to $3.03 per Mcf for the same period of 2025.
Previous wording
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 wording
During the first nine months of 2026, EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $258 million compared to net gains of $32 million for the same period of 2025. The net gains of $258 million included gains of $198 million related to the Brent linked gas sales contract. During the first nine months of 2026, net cash received from settlements of financial commodity derivative contracts was $32 million. Net cash payments for settlements of financial commodity derivative contracts were $35 million for the same period of 2025.
Previous 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.
Current wording
Gathering, processing and marketing revenues less marketing costs for the first nine months of 2026 increased $148 million as compared to the same period of 2025 primarily due to higher margins on crude oil and condensate marketing activities.
Previous wording
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 wording
Operating and Other Expenses. For the first nine months of 2026, operating expenses of $14,378 million were $2,826 million higher than the $11,552 million incurred during the same period of 2025. The following table presents the costs per Boe for the nine-month periods ended September 30, 2026 and 2025:
Previous wording
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 wording
The primary factors impacting the cost components of per-unit rates of lease and well, GP&T, DD&A and interest expense, net for the nine months ended September 30, 2026, compared to the same period of 2025 are set forth below. See "Operating Revenues and Other" above for a discussion of volumes.
Previous 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).
Current wording
Lease and well expenses of $1,422 million for the first nine months of 2026 increased $194 million from $1,228 million for the same prior year period primarily due to increased operating and maintenance costs ($132 million), increased lease and well administrative expenses ($40 million) and increased workovers expenditures ($14 million), all in the United States.
Previous wording
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 wording
GP&T costs of $2,023 million for the first nine months of 2026 increased $541 million from $1,482 million for the same prior year period primarily due to increased GP&T costs related to increased production in the Utica ($513 million) and Permian Basin ($38 million).
Previous wording
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 wording
DD&A expenses for the first nine months of 2026 increased $509 million to $3,744 million from $3,235 million for the same prior year period. DD&A expenses associated with oil and gas properties for the first nine months of 2026 were $497 million higher than the same prior year period. The increase primarily reflects increased production in the United States ($577 million), partially offset by decreased unit rates in the United States ($103 million).
Previous 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).
Current wording
Interest expense, net of $200 million for the first nine months of 2026 increased $31 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 ($26 million) and $250 million aggregate principal amount of 5.950% Senior Notes due 2055 ($11 million), partially offset by increased capitalized interest ($63 million), the repayment in December 2025 of the $750 million aggregate principal amount of 4.15% Senior Notes due 2026 ($24 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
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 wording
Exploration costs of $146 million for the first nine months of 2026 decreased $40 million from $186 million for the same prior year period primarily due to decreased geological and geophysical expenditures in Trinidad ($23 million), Other International ($19 million) and the United States ($8 million), partially offset by increased administrative expenses ($8 million).
Previous wording
The following table sets forth impairments for the six-month periods ended June 30, 2026 and 2025 (in millions):
Current wording
The following table sets forth impairments for the nine-month periods ended September 30, 2026 and 2025 (in millions):
Previous wording
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 wording
Taxes other than income for the first nine months of 2026 increased $219 million to $1,170 million (6.5% of revenues from sales of crude oil and condensate, NGLs and natural gas) from $951 million (7.2% 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 in the United States.
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Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
On August 4, 2026, the Board declared a quarterly cash dividend on the common stock of $1.02 per share paid on October 30, 2026, to stockholders of record as of October 16, 2026.
Rearranged previous paragraphs (1)
Previous report — wording carried 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).