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EOG reported third-quarter revenue of $8.5 billion, up from $5.8 billion a year earlier and above the $7.5 billion consensus revenue estimate. Diluted earnings per share rose to $5.33 from $2.70 a year earlier. EOG’s operating margin increased to 41.9% from 31.4%.
EOG’s filing attributed higher crude oil and condensate revenue to increased prices and deliveries, with the additional deliveries primarily from the Utica. The company also reported higher natural gas liquids and natural gas revenues, as prices and deliveries rose for both products.
The filing said gathering, processing and marketing revenue increased, while revenue less marketing costs also rose, primarily because of higher margins on natural gas and crude oil and condensate marketing. EOG reported that its cash balance increased during the first nine months of the year, with operations its primary source of cash.
| Q3 FY2026 | Q3 FY2025 | Change | |
|---|---|---|---|
| Revenue | $8.5 billion | $5.8 billion | 46.2% |
| Diluted EPS | $5.33 | $2.70 | 97.4% |
| Gross margin | 100.0% | 100.0% | 0.0 percentage points |
| Operating margin | 41.9% | 31.4% | 10.5 percentage points |
| Free cash flow | $2.9 billion | $243.0 million | 1,090.9% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $5.07 | $5.01 | Beat by 1.20% |
| Revenue | $8.6 billion | $7.9 billion | Beat by 9.56% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
In its filing, EOG said it continued to work on drilling, completion and operating efficiencies and well performance. The company said its downhole drilling motor program had increased footage drilled per day and reduced drilling times, while extended laterals had lowered the cost per foot drilled.
EOG said its self-sourced sand program had provided supply certainty and improved completion operations. The filing also said the company continued to evaluate exploration and development prospects and look for opportunities to add drilling inventory.
Guidance
EOG said it anticipated higher full-year crude oil and condensate prices than it expected at the beginning of the year, citing the ongoing conflict in the Middle East. The filing also reported that the board increased the quarterly cash dividend.