Q2 2026 Earnings

Reported August 4, 2026NEW

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

Free Cash Flow

Income Statement

Cash Flow Statement

Balance Sheet

Operating metrics disclosed this quarter

Read from the filing itself — XBRL does not carry these, so no standard financial dataset has them.

Crude Oil Equivalent Volume - Other International
2.4
Volume and price statistics for the three-month periods ended June 30, 2026 and 2025 were as follows (see Note 8 for segment financial information): Three Months EndedJune 30, 2026 | 2025 Crude Oil and Condensate Volumes (MBbld) (1) United States | 546.2 | 503.1 Trinidad | 2.1 | 1.1 Other International (2) | 0.5 | — Total | 548.8 | 504.2 Average Crude Oil and Condensate Prices ($/Bbl) (3) United States | $ | 98.18 | $ | 64.84 Trinidad | 88.87 | 54.50 Other International | 103.40 | — Composite | 98.15 | 64.82 Natural Gas Liquids Volumes (MBbld) (1) United States | 346.8 | 258.4 Total | 346.8 | 258.4 Average Natural Gas Liquids Prices ($/Bbl) (3) United States | $ | 24.41 | $ | 22.70 Natural Gas Volumes (MMcfd) (1) United States | 2,784 | 1,977 Trinidad | 293 | 252 Other International (2) | 12 | — Total | 3,089 | 2,229 Average Natural Gas Prices ($/Mcf) (3) United States | $ | 2.77 | $ | 2.87 Trinidad | 3.99 | 3.65 Other International (2) | 3.27 | — Composite | 2.89 | 2.96 Crude Oil Equivalent Volumes (MBoed) (4) United States | 1,357.1 | 1,090.9 Trinidad | 50.9 | 43.2 Other International | 2.4 | — Total | 1,410.4 | 1,134.1 Total MMBoe (4) | 128.3 | 103.2 (1)Thousand barrels per day or million cubic feet per day, as applicable. (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. (3)Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity and other derivative instruments (see Note 9 to the Condensed Consolidated Financial Statements). (4)Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.
Crude Oil Equivalent Volume - Trinidad
50.9
Volume and price statistics for the three-month periods ended June 30, 2026 and 2025 were as follows (see Note 8 for segment financial information): Three Months EndedJune 30, 2026 | 2025 Crude Oil and Condensate Volumes (MBbld) (1) United States | 546.2 | 503.1 Trinidad | 2.1 | 1.1 Other International (2) | 0.5 | — Total | 548.8 | 504.2 Average Crude Oil and Condensate Prices ($/Bbl) (3) United States | $ | 98.18 | $ | 64.84 Trinidad | 88.87 | 54.50 Other International | 103.40 | — Composite | 98.15 | 64.82 Natural Gas Liquids Volumes (MBbld) (1) United States | 346.8 | 258.4 Total | 346.8 | 258.4 Average Natural Gas Liquids Prices ($/Bbl) (3) United States | $ | 24.41 | $ | 22.70 Natural Gas Volumes (MMcfd) (1) United States | 2,784 | 1,977 Trinidad | 293 | 252 Other International (2) | 12 | — Total | 3,089 | 2,229 Average Natural Gas Prices ($/Mcf) (3) United States | $ | 2.77 | $ | 2.87 Trinidad | 3.99 | 3.65 Other International (2) | 3.27 | — Composite | 2.89 | 2.96 Crude Oil Equivalent Volumes (MBoed) (4) United States | 1,357.1 | 1,090.9 Trinidad | 50.9 | 43.2 Other International | 2.4 | — Total | 1,410.4 | 1,134.1 Total MMBoe (4) | 128.3 | 103.2 (1)Thousand barrels per day or million cubic feet per day, as applicable. (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. (3)Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity and other derivative instruments (see Note 9 to the Condensed Consolidated Financial Statements). (4)Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.

Crude Oil Equivalent Volume - United States

1.4K

Volume and price statistics for the three-month periods ended June 30, 2026 and 2025 were as follows (see Note 8 for segment financial information): Three Months EndedJune 30, 2026 | 2025 Crude Oil and Condensate Volumes (MBbld) (1) United States | 546.2 | 503.1 Trinidad | 2.1 | 1.1 Other International (2) | 0.5 | — Total | 548.8 | 504.2 Average Crude Oil and Condensate Prices ($/Bbl) (3) United States | $ | 98.18 | $ | 64.84 Trinidad | 88.87 | 54.50 Other International | 103.40 | — Composite | 98.15 | 64.82 Natural Gas Liquids Volumes (MBbld) (1) United States | 346.8 | 258.4 Total | 346.8 | 258.4 Average Natural Gas Liquids Prices ($/Bbl) (3) United States | $ | 24.41 | $ | 22.70 Natural Gas Volumes (MMcfd) (1) United States | 2,784 | 1,977 Trinidad | 293 | 252 Other International (2) | 12 | — Total | 3,089 | 2,229 Average Natural Gas Prices ($/Mcf) (3) United States | $ | 2.77 | $ | 2.87 Trinidad | 3.99 | 3.65 Other International (2) | 3.27 | — Composite | 2.89 | 2.96 Crude Oil Equivalent Volumes (MBoed) (4) United States | 1,357.1 | 1,090.9 Trinidad | 50.9 | 43.2 Other International | 2.4 | — Total | 1,410.4 | 1,134.1 Total MMBoe (4) | 128.3 | 103.2 (1)Thousand barrels per day or million cubic feet per day, as applicable. (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. (3)Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity and other derivative instruments (see Note 9 to the Condensed Consolidated Financial Statements). (4)Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.

Crude Oil and Condensate Volume - Other International

0.5

Crude Oil and Condensate Volume - Trinidad

2.1

Crude Oil and Condensate Volume - United States

546.2

Natural Gas Volume - Other International

Natural Gas Volume - Trinidad

293

Natural Gas Volume - United States

2.8K

Crude Oil Equivalent Volume - Total

1.4K

Crude Oil and Condensate Volume - Total

548.8

Natural Gas Liquids Volume - Total

346.8

Natural Gas Volume - Total

3.1K

Total Production

128.3

United States Liquids Share of Production

66.0%

United States. EOG's efforts to identify plays with large reserve potential have proven to be successful. EOG continues to drill numerous wells in large acreage plays, which in the aggregate have contributed substantially to, and are expected to continue to contribute substantially to, EOG's crude oil and condensate, NGLs and natural gas production. EOG has placed an emphasis on applying its horizontal drilling and completion expertise to unconventional crude oil plays and natural gas plays. 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. Trinidad. In Trinidad, EOG continues to produce natural gas which is sold to the National Gas Company of Trinidad and Tobago Limited under existing supply contracts. Crude oil and condensate are sold to both Heritage Petroleum Company Limited and BP Trinidad and Tobago LLC. 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. 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.

Average Crude Oil and Condensate Price - Composite

$98.15

Average Crude Oil and Condensate Price - Other International

$103.4

Average Crude Oil and Condensate Price - Trinidad

$88.87

Average Crude Oil and Condensate Price - United States

$98.18

Average Natural Gas Liquids Price

$24.41

Average Natural Gas Price - Composite

$2.89

Average Natural Gas Price - Other International

$3.27

Average Natural Gas Price - Trinidad

$3.99

Average Natural Gas Price - United States

$2.77

Gathering, Processing and Transportation Cost per BOE

$5.27

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: Three Months EndedJune 30, 2026 | 2025 Lease and Well | $ | 3.64 | $ | 3.84 Gathering, Processing and Transportation Costs (GP&T) | 5.27 | 4.41 Depreciation, Depletion and Amortization (DD&A) - Oil and Gas Properties | 9.27 | 9.58 Other Property, Plant and Equipment | 0.54 | 0.62 General and Administrative (G&A) | 1.66 | 1.80 Interest Expense, Net | 0.52 | 0.49 Total (1) | $ | 20.90 | $ | 20.74 (1)Total excludes exploration costs, dry hole costs, impairments, marketing costs and taxes other than income. 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. 28 Lease and well expenses include expenses for EOG-operated properties, as well as expenses billed to EOG from other operators where EOG is not the operator of a property. Lease and well expenses can be divided into the following categories: costs to operate and maintain crude oil and natural gas wells, the cost of workovers and lease and well administrative expenses. Operating and maintenance costs include, among other things, pumping services, produced water disposal, equipment repair and maintenance, compression expense, lease upkeep, fuel and power. Workovers are operations to restore or maintain production from existing wells. Each of these categories of costs individually fluctuates from time to time as EOG attempts to maintain and increase production while maintaining efficient, safe and environmentally responsible operations. EOG continues to increase its operating activities by drilling new wells in existing and new areas. Operating and maintenance costs within these existing and new areas, as well as the costs of services charged to EOG by vendors, fluctuate over time. 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). GP&T costs represent costs to process and deliver hydrocarbon products from the lease to a downstream point of sale. GP&T costs include operating and maintenance expenses from EOG-owned assets, fees paid to third-party operators and administrative expenses associated with operating EOG's GP&T assets. EOG pays third parties to process the majority of its natural gas production to extract NGLs. 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). DD&A of the cost of proved oil and gas properties is calculated using the unit-of-production method. EOG's DD&A rate and expense are the composite of numerous individual DD&A group calculations. There are several factors that can impact EOG's composite DD&A rate and expense, such as field production profiles, drilling or acquisition of new wells, disposition of existing wells and reserve revisions (upward or downward) primarily related to well performance, economic factors and impairments. Changes to these factors may cause EOG's composite DD&A rate and expense to fluctuate from period to period. DD&A of the cost of other property, plant and equipment is generally calculated using the straight-line depreciation method over the useful lives of the assets.

General and Administrative Cost per BOE

$1.66

Lease and Well Cost per BOE

$3.64

Oil and Gas Property DD&A per BOE

$9.27