EOG Resources (EOG) Q3 2026 Earnings Review: Record output funds an 8% dividend increase
Earnings results
- EPS beat
Adjusted profit per share: $4.87 · Consensus: $4.45.
- Revenue beat
Actual: $8.55 billion · Consensus: $7.54 billion.
- Guidance raised
Annual output midpoint: 1.409 million oil-equivalent barrels a day vs 1.401 million · Capital spending unchanged.
What the company reported
Record oil, natural gas liquids and natural gas production supported $2.18 billion of free cash flow, an 8% dividend increase and a new long-term gas sales agreement linked to Asian LNG prices.
Q3 2026 earnings recap
EOG’s record production generated $2.18 billion of free cash flow, funding an 8% dividend increase while a new gas sales agreement expands access to Asian prices.
- Third-quarter revenue rose 46% to $8.55 billion, above the $7.54 billion consensus, while adjusted profit per share of $4.87 beat the $4.45 forecast.
- Production rose 10% from a year earlier, and costs came in below management’s forecast, helping EOG return $1.54 billion through dividends and share buybacks.
- The full-year production forecast edged higher while planned capital spending stayed at $6.3–6.7 billion, signaling more output without a larger investment budget.
- The signed gas agreement lifts exposure to premium pricing across liquefied natural gas supply contracts above one billion cubic feet a day by 2030.
- Shares traded at $145.16 before open on November 6, up 0.2% from the prior close, with the recent $144.67 low still a nearby test after a sharp selloff.
- At the November 5 close, EOG traded at about nine times trailing reported earnings, but weaker oil and gas prices could quickly reduce those profits.
Watch whether expanded gas-market access and disciplined spending sustain cash returns as EOG targets fourth-quarter production below its record third-quarter pace.
Financials, technicals and earnings
Charts through Nov 5, 2026.
Technical setup and risks
The November 5 close was below the 20-day and 50-day averages after a sharp decline from late October; the November 6 before-open quote was slightly higher, leaving the recent $144.67 low and $151.15–152.93 high area worth watching.
AI-assisted earnings research with verified issuer results. Charts use the stated completed session. Educational information; investing involves risk.