EOG Resources

EOG Resources (EOG) explores for, develops and produces crude oil, natural gas liquids (NGLs) and natural gas. It is one of the largest such companies in the United States, and it has proved reserves in the United States and Trinidad. In the first nine months of 2026, it drilled mainly in the Delaware Basin, the Eagle Ford and the Utica. It bought Encino, a Utica producer, on August 1, 2025, for $4.47 billion in cash plus $1.2 billion of Encino notes, which it repaid.

It also has exploration programs in Bahrain and the United Arab Emirates, and it started oil production in the UAE in June 2026. In Q3 2026, production was a record 1.43 million barrels of oil equivalent per day, of which 550,400 barrels per day were crude oil and condensate. Total revenue was $22.63 billion in 2025. The head office is in Houston, Texas.

EOG trades close to its intrinsic value because investors pay for its low costs, strong balance sheet and cash returns, but oil and gas prices decide most of its earnings. WTI averaged $85.68 per barrel in Q3 2026, against $64.95 a year earlier, and adjusted EPS rose to $4.87 from $2.71. EOG returns at least 70% of annual free cash flow to shareholders. In Q3 2026, it paid $544 million of dividends and bought back $1.0 billion of shares, and it raised the regular dividend by 8% to $1.10 per quarter.

Net debt was only $2.18 billion at September 30, 2026. For the stock to hold its value, three things must be true. Oil prices must stay above the levels of 2025, when adjusted EPS was $10.16. Production must stay near the 2026 guidance of about 1.41 million barrels of oil equivalent per day with capital spending of $6.3 billion to $6.7 billion.

The new gas contracts linked to LNG prices must add higher prices from 2030. The Q4 2026 report with the 2027 plan, expected in late February 2027, is the next test. If oil prices fall to the levels of 2025, the stock can fall below its intrinsic value.

1. Nov 5, 2026Passed

   Q3 2026 results and cash returnsVolumes at or above guidance and continued buybacks pass; lower volumes or returns fail.Outcome: Volumes were records and above the guidance midpoints, and EOG bought back $1.0 billion of shares and raised its dividend by 8%.
2. Feb 23, 2027 · est.Pending

   Q4 2026 results and 2027 planA 2027 plan with stable production, capital spending near 2026 levels and continued buybacks passes; higher costs or lower returns fail.
3. May 2027 · est.Pending

   Q1 2027 results: oil prices and costsFree cash flow that covers the higher dividend and buybacks passes; lower oil prices that stop buybacks fail.

Every passed and failed checkpoint across all picks

• November 5, 2026EOG reported Q3 2026 results. Net income was $2.78 billion, or $5.33 per share, and adjusted net income was $2.54 billion, or $4.87 per share. Free cash flow was $2.2 billion, and oil, NGL and natural gas volumes were records. EOG raised its regular quarterly dividend by 8% to $1.10 per share and bought back 7.0 million shares for $1.0 billion. It signed a new long-term gas sales agreement linked to JKM prices from 2030 and approved an expansion of its Janus gas processing plant in the Delaware Basin.
• October 19, 2026EOG closed the sale of its entire interest in the Woodford Oil Window for $180 million. Earlier in 2026, it sold its interests in the northern Midland Basin and the Barnett Shale.
• September 23, 2026EOG announced that chief financial officer Ann Janssen retires from that role on December 31, 2026. Jeffrey Hibbard, senior vice president of finance, becomes chief financial officer on January 1, 2027.

Last earnings

November 5, 2026 (8-K on sec.gov)

Next earnings

Expected about February 23, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · eog-20260930
• 8-KEarnings release and Investor disclosureFiled November 5, 2026 · eog-20261105
• 8-KEarnings releaseFiled October 8, 2026 · eog-20261008
• 8-KChange of directors or officersFiled September 24, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 4, 2026 · eog-20260630
• 8-KEarnings release and Investor disclosureFiled August 4, 2026 · eog-20260804
• 8-KEarnings releaseFiled July 9, 2026 · eog-20260709
• 8-KShareholder vote results and Other company newsFiled May 21, 2026 · eog-20260521
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 5, 2026 · eog-20260331
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 24, 2026 · eog-20251231

Every filing on SEC EDGAR (CIK 821189)

• Earnings move with oil, NGL and natural gas prices, which EOG does not control. WTI averaged $59.17 per barrel in Q4 2025 and $92.85 in Q2 2026, and adjusted EPS was $2.27 and $5.07 in these quarters.
• Natural gas prices change quickly. Henry Hub averaged $4.96 per Mcf in Q1 2026 and $2.95 in Q3 2026.
• Wells decline, so EOG must keep drilling to hold production. Weak results in a play can cause impairments, such as $646 million in Q4 2025.
• Exploration in Bahrain and the United Arab Emirates can fail. Exploration and dry hole costs were $228 million in the first nine months of 2026.
• The chief financial officer changes on January 1, 2027, and the cash return plan depends on management decisions each year.

EOG funds itself mainly with cash flow and senior notes. At September 30, 2026, current and long-term debt was $7.92 billion, of which $28 million was due within one year, and cash was $5.75 billion, so net debt was $2.18 billion. Read more

Dividend yield

2.7% (last 12 months, at today’s price of $148.43)

Paid per share

$4.08 in the last 12 months (4 payments)

Current annual rate

$4.08 ($1.02 × 4 a year)

Payout ratio

43% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

October 16, 2026, $1.02 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 9.3% a year. Over the last 10 years, the dividend grew by about 19.8% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.