Latest analysis
Updated Nov 6, 2026
EOG posts record Q3 2026 production across all three streams, raises 2027 dividend 8%, and signs 1 Bcf/d LNG feed gas agreement with ENGIE linked to JKM pricing.
EOG delivered record oil, NGL, and natural gas production in Q3 2026 with total per-unit cash operating costs and DD&A both below guidance midpoints, generating $2.2 billion in free cash flow and returning $1.5 billion to shareholders in the quarter. The company raised its 2027 regular dividend 8% to an indicated $4.40 per share annual rate and signed a 10-year, 140 MMBtu/day gas supply agreement with ENGIE linked to JKM pricing, lifting total LNG feed gas exposure above 1 Bcf/day gross by 2030. EOG approved the expansion of the Janus gas processing plant in the Delaware Basin to 600 MMcf/day at approximately $300 million, targeting completion in H2 2028 and a return in excess of 30%, while guiding to low single-digit oil production growth in 2027 consistent with its three-year scenario.
Tone: bullishRevenue
$22.6B
EOG 10-K · FY 2025
Employees
3,400
Revenue FY2024
$23.7B
Founded
1985
Profile
EOG 10-K Item 1 · Feb 24, 2026EOG Resources is one of the largest independent (non-integrated) crude oil and natural gas exploration and production companies in the United States, focused on being among the highest return and lowest cost producers. The company operates primarily in major U.S. producing basins, with additional operations in Trinidad, Bahrain, and the UAE. Its strategy centers on drilling internally generated prospects to develop low-cost reserves while maintaining a strong balance sheet.
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EOG Resources, Inc. explores for, develops, produces and markets crude oil, natural gas liquids (NGLs) and natural gas primarily in major producing basins in the United States, the Republic of Trinidad and Tobago and, from time to time, select other international areas, including the Kingdom of Bahrain and the United Arab Emirates. EOG is focused on being among the highest return and lowest cost producers, committed to strong environmental performance and playing a significant role in the long-term future of energy. EOG operates under a consistent business and operational strategy that focuses on a comprehensive approach to developing acreage through industry cycles. EOG evaluates rate of return, net present value, margins, payback period and other key metrics. This strategy is intended to enhance the generation of cash flow and earnings from each unit of production on a cost-efficient basis, allowing EOG to maximize long-term growth in shareholder value and maintain a strong balance sheet. EOG is also focused on innovation and cost-effective utilization of advanced technology associated with three-dimensional seismic and microseismic data, the development of reservoir simulation models and the use of improved drilling equipment and completion technologies for horizontal drilling and formation evaluation. EOG implements its strategy primarily by emphasizing the drilling of internally generated prospects in order to find and develop low-cost reserves. Maintaining the lowest possible operating cost structure, coupled with efficient and safe operations and robust environmental stewardship practices and performance, is integral in the implementation of EOG's strategy.
Primary products
- Crude Oil and Condensate
- Natural Gas Liquids (NGLs)
- Natural Gas
- Gathering, Processing and Marketing
Business segments
End markets
Geographies
Named customers
During 2025, two purchasers each accounted for more than 10% of EOG's total crude oil and condensate, NGLs and natural gas revenues and gathering, processing and marketing revenues. The purchasers are in the crude oil refining industry. EOG does not believe that the loss of any single purchaser would have a material adverse effect on its financial condition or results of operations.
“EOG is focused on being among the highest return and lowest cost producers, committed to strong environmental performance and playing a significant role in the long-term future of energy.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total operating revenues and other declined in 2025 versus 2024, driven primarily by lower crude oil and condensate prices and reduced gathering, processing and marketing revenues, partially offset by higher natural gas prices and increased production volumes following the Encino acquisition.
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