EOG Realized Crude Prices Lift Second-Quarter Profit

The Tip Desk · August 4, 2026 · 2 min read

Composite crude oil and condensate prices reached $98.15 a barrel as diluted earnings rose to $5.15 a share.

EOG Resources (EOG) posted diluted earnings of $5.15 a share in the second quarter of 2026, up from $3.70 a share in the first quarter, as realized crude oil prices more than offset a drop in natural gas prices.

Net income was $2.724 billion, compared with $1.980 billion in the prior quarter. Adjusted net income, a non-GAAP measure that strips mark-to-market derivative gains, asset-disposition gains and related items, was $2.683 billion, or $5.07 a share, versus $1.825 billion, or $3.41 a share, in the first quarter.

Total operating revenues and other rose to $8.620 billion from $6.921 billion. The sequential revenue increase included $1.062 billion from realized prices, with composite average revenue from sales of crude oil and condensate, natural gas liquids and natural gas per barrel of oil equivalent rising to $50.52 from $42.24. Volumes contributed $97 million, as crude oil equivalent volumes were 128.3 million barrels of oil equivalent.

Crude oil and condensate revenue was $4.901 billion, up from $3.577 billion. The composite average crude oil and condensate price was $98.15 a barrel, compared with $72.47 a barrel in the first quarter. United States crude oil and condensate prices were $98.18 a barrel. United States crude oil equivalent volumes were 1.357 million barrels of oil equivalent per day.

Natural gas revenue declined to $812 million from $1.021 billion. The composite average natural gas price fell to $2.89 per Mcf from $3.76 per Mcf. United States natural gas volumes were 2.784 billion cubic feet per day. Gathering, processing and marketing revenue was $2.011 billion.

United States natural gas liquids volumes were 346.8 thousand barrels per day, with a United States NGL price of $24.41 a barrel. NGL revenue was $770 million.

Operating income was $3.528 billion. Total cash operating costs and total depreciation, depletion and amortization per barrel of oil equivalent increased to $20.38 from $20.03, reducing net income by $35 million after an imputed 22% tax benefit. Impairments were $19 million.

Net cash provided by operating activities was $4.669 billion, compared with $2.966 billion in the first quarter. Cash and cash equivalents were $4.907 billion at June 30, 2026. The company purchased $1.299 billion of treasury stock in the second quarter, versus $418 million in the first quarter. Common stock held in treasury was $7.799 billion at June 30.

Additions to oil and gas properties were $1.638 billion. Dividends paid were $540 million. Long-term debt was $7.899 billion at June 30.