EOG US S&P 500Russell 1000 Earnings call
EOG Resources (EOG) · Q2 2026 results and valuation
Share price: $153.77 · 2026-11-11
EOG Resources explores for, develops, produces, and markets crude oil, natural gas liquids, and natural gas. The company operates in major producing basins in the United States, Trinidad and Tobago, Bahrain, and the United Arab Emirates. Source: 10-K annual report (2026-02-24)
Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 6 May 2026
Net income up 37.6% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
1 · Numbers
+37.6%
Net income vs Q1 2026
Outlook given
Net income 2.72B vs 1.98B
Revenue +24.5%
Against the same quarter last year (Q2 2025) it is +102.5%, so it is not just seasonal.
2 · How management spoke
Typical
Less upbeat than 55% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
EOG expects to deliver 5% oil production growth and 14% total production growth for the full year 2026 with capital expenditures unchanged at $6.5 billion.
Valuation
Is EOG Resources undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −4.2% growth a year (3-year revenue growth), the model's fair value is $149.47 a share — the stock trades 3% above it. Today's price assumes −3.8% growth a year.
Current price
$153.77
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
-3.8% for 10 yrs
Fair value / share
$149.47
Buy below
$112.10
Price vs fair value
Overvalued 3%
Price vs buy-below price
Overvalued 37%
Management expects
Growth +5% · from the Q2 2026 report: “EOG expects to deliver 5% oil production growth and 14% total production growth for the full year 2026 with capital expenditures unchanged at $6.5 billion.”
A guidance figure for growth, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
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Guidance
EOG expects to deliver 5% oil production growth and 14% total production growth for the full year 2026 with capital expenditures unchanged at $6.5 billion.
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Guidance
EOG exceeded its $150 million synergy target ahead of schedule.
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Figure
EOG returned just over $1.8 billion to shareholders in the second quarter through dividends and share repurchases to enhance shareholder value and reflect confidence in its business.
Source quote
“Consistent with our commitment to disciplined capital allocation and enhancing shareholder value and underscoring our confidence in the strength of EOG's business, we returned just over $1.8 billion to shareholders in the second quarter through our regular dividend and opportunistic share repurchases, reflecting our conviction in EOG's value and our growing opportunity set.”
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Figure
Since the first quarter of 2022, EOG has grown oil production by 22%, total production by 60%, adjusted cash flow per share by 44%, and the regular dividend by 36%.
Source quote
“Since the first quarter of 2022, when the Russia-Ukraine war broke out, EOG has grown oil production 22%, total production by 60%, adjusted cash flow per share by 44% and the regular dividend by 36%.”
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Figure
EOG had $11.7 billion remaining under the share repurchase authorization at June 30, providing the company with substantial capacity for continued opportunistic buybacks.
Source quote
“With $11.7 billion remaining under the share repurchase authorization at June 30, we have substantial capacity for continued opportunistic buybacks.”
4 more
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Figure
Wells produced an average of over 25,000 barrels of oil per well during the first 30 days of production operations.
Source quote
“During the first 30 days of production operations, the wells produced on average over 25,000 barrels of oil per well.”
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Figure
EOG Resources has reduced Eagle Ford direct well costs to less than $525 per foot, which is the lowest in its long history in the play.
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Figure
Since 2023, the company achieved a 70% increase in average drilled footage per motor run, which improves drilling efficiency.
Source quote
“Since 2023, we have achieved a 70% increase in average drilled footage per motor run.”
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Figure
EOG reported that drilled wells have payouts of less than 1 year and returns over 100% at $65 WTI, which the company describes as competitive.
Source quote
“Currently, we're seeing on the wells that we've drilled payouts of less than 1 year and the returns are over 100% at $65 WTI, which it's competitive.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“EOG brings technical leadership, a proven track record and the ability to accelerate their development programs.”
“In summary, combining the scale of this asset with our technology, technical expertise and operating model has led to stronger capital efficiency and demonstrates the meaningful value created through successful...”
“And then also as we apply EOG's best practices and technical knowledge, we get high-spec rigs, EOG motors, high-rate frac fleets over there, in-basin sand.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 8.62B | 6.92B | +24.5% | 5.48B | +57.4% |
| Operating income | 3.53B | 2.60B | +35.8% | 1.75B | +101.9% |
| Net income | 2.72B | 1.98B | +37.6% | 1.34B | +102.5% |
| EPS | 5.15 | 3.70 | +39.2% | 2.46 | +109.3% |
| P/E today 9.5 | 10.1 | 14.2 | −4.1 | 11.6 | −1.5 |
Topics
Most discussed now
- New EOG Resources has also successfully replicated key elements from its domestic operations playbook to realize immediate cost reductions in…
- New EOG Resources has identified in this 600,000 (sic) [ 60,000 ] acre sweet spot, about 125 remaining 2-mile locations.
- This is an impressive track record in any industry and demonstrates EOG Resources' commitment to return value back to shareholders.
- Along with strong initial well results, EOG Resources also saw exceptional operational performance.
- Organic exploration is one of EOG's most important competitive advantages.
Faded since Q1 2026
- Fading EOG Resources exceeded expectations across key operating and financial metrics; production volumes, total per-unit cash operating costs…
- Fading For the full year 2026, EOG Resources is increasing oil production guidance by 2 thousand barrels per day and NGL production...
- Fading With the benefit of EOG Resources, Inc.-owned and operated infield gathering systems, the use of in-house production optimizers…
- Fading The added oil and NGL volumes are driven by reallocating capital across the portfolio rather than increased activity levels.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
EOG Resources updated its third-quarter 2026 current tax expense guidance from $545 million - $645 million to $835 million - $935 million due to higher crude oil prices.
- Director or officer change · SEC 8-K
EOG Resources announced that Ann Janssen will retire and Jeff Hibbard will succeed her as Executive Vice President and Chief Financial Officer effective January 1, 2027.
- Results of operations; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
During the second quarter of 2026, EOG received net cash of $45 million from settlements of Financial Commodity Derivative Contracts.
- Shareholder vote results; Other events · SEC 8-K
EOG Resources, Inc. stockholders elected nine directors, ratified Deloitte & Touche LLP as auditors, and approved the non-binding advisory vote on executive compensation at the 2026 Annual Meeting.
- Results of operations; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
EOG Resources updated its first quarter 2026 current tax expense guidance from $230 million - $330 million to $500 million - $600 million due to higher crude oil prices.
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-18.
Cash & runway
Cash & equivalents
$4.91B
2026-06-30
Implied runway
—
operating cash flow positive over the TTM window
Dilution
weighted-average basic shares, per quarter. Change: -3.1% YoY, -1.1% QoQ.
| Quarter | Shares |
|---|---|
| Q3 2024 | 564.0M |
| Q1 2025 | 550.0M |
| Q2 2025 | 543.0M |
| Q3 2025 | 541.0M |
| Q1 2026 | 532.0M |
| Q2 2026 | 526.0M |
Shares outstanding: 524.5M (2026-07-28)
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 83 filings; 50 filings parsed.
Sold by insiders
70.4K shares
$10.4M · 10 transactions
Bought by insiders
0 shares
0 transactions
Net direction
net selling
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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the second half of the year
operational momentum
Source quote
“We expect that operational momentum to carry through the second half of the year.”
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the coming weeks
placement of wells on artificial lift
Source quote
“Both wells are naturally flowing up casing and will be placed on artificial lift in the coming weeks.”
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2026
off to a strong start
Source quote
“In summary, we're off to a strong start in 2026 and are well positioned to execute in the current macro environment and beyond.”
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2026
returning at least 70% of annual free cash flow to shareholders
Source quote
“Through the first half of the year, total shareholder returns stand at approximately $2.8 billion, and we reiterate our commitment to returning at least 70% of annual free cash flow to shareholders -- to investors in 2026.”
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2026
plan generates $8 billion in free cash flow
Source quote
“At strip pricing and using guidance midpoints, our 2026 plan generates $8 billion in free cash flow.”