EOG tops Q3 profit and revenue estimates and issues Q4 forecast

EOG Resources (EOG) topped third-quarter profit and revenue estimates, with adjusted earnings of $4.87 per share against the $4.50 consensus. Revenue was $8.55 billion, beating the $7.47 billion estimate and up from $5.85 billion a year earlier. EOG also issued fourth-quarter and full-year 2026 forecasts.

Shares rose 1.8% at 9:47 a.m. ET, from a $144.89 close.

Here's how the company did:

• Adjusted EPS: $4.87 per share vs. $4.50 expected, and $2.71 a year earlier
• Revenue: $8.55 billion vs. $7.47 billion expected, and $5.85 billion a year earlier
• Net income: $2.78 billion, or $5.33 per diluted share, vs. $1.47 billion, or $2.70 per share, a year earlier

Production and prices

Crude oil equivalent production averaged 1,433.1 thousand barrels per day, up from 1,301.2 thousand a year earlier.

Crude oil and condensate volumes averaged 550.4 thousand barrels per day.

The composite crude oil price was $86.72 per barrel, up from $65.95. Natural gas averaged $3.74 per thousand cubic feet, up from $2.80.

Cash flow and balance sheet

Net cash provided by operating activities was $3.81 billion, and free cash flow was $2.18 billion, a non-GAAP measure.

EOG repurchased $1.06 billion of its common stock and declared a dividend of $1.02 per share.

Net debt-to-total capitalization fell to 6.2% from 12.1% a year earlier. Cash and cash equivalents stood at $5.75 billion at the end of the quarter.

Asset sales and charges

Gains on asset dispositions were $242 million, against a loss of $18 million a year earlier.

Impairments were $24 million, down from $71 million.

Adjusted results exclude the asset disposition gains and mark-to-market gains on derivative contracts of $105 million.