US shale producer EOG Resources beats profit estimates on higher crude prices (updated)

EOG Resources

05/11/2026 21:29

Realized crude and condensate price climbed to $86.72 per barrel from $65.95
EOG generated $2.18 billion in free cash flow, bought back $1 billion of stock
Quarterly revenue jumped 46.2% to $8.55 billion
EOG raises quarterly dividend 8% to $1.10 per share
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By Khusbu Jena
Nov 5 (Reuters) - US shale producer EOG Resources EOG.N beat Wall Street estimates for third-quarter profit on Thursday, buoyed by elevated crude oil prices and record production volumes.
Global energy markets remained elevated through much of the quarter amid supply concerns tied to the prolonged conflict involving Iran that threatened shipping through the Strait of Hormuz.
EOG's composite average realized crude oil and condensate price rose to $86.72 per barrel during the quarter from $65.95 a year earlier.
US shale producers and other energy companies without major operations in the Middle East are well positioned to benefit from higher crude prices while remaining shielded from output curbs, shipping hurdles, and infrastructure damage affecting producers in the region.
Total equivalent production climbed 10.1% to a record 1.43 million barrels of oil equivalent per day (boed) from 1.30 million boed a year ago, driven by gains across crude, natural gas liquids, and natural gas.
"EOG delivered another clean beat across production and cash flow, while continuing to reward shareholders via an 8% dividend bump and steady buybacks," analysts at RBC Capital Markets wrote in a note.
The company generated $2.18 billion in free cash flow, repurchased $1.0 billion in shares, and raised its regular quarterly dividend to $1.10 per share.
EOG approved an expansion of its Delaware Basin Janus gas plant and secured a long-term LNG supply deal in Asia, while company insider Jeffrey Hibbard is set to become CFO on January 1. 
For the fourth quarter, EOG expects total production between 1.39 million and 1.43 million boed, maintaining its full-year capital expenditure guidance of $6.3 billion to $6.7 billion.
The Houston-based company posted an adjusted profit of $4.87 per share for the quarter ended September 30, beating analysts' average estimate of $4.46 per share, according to data compiled by LSEG. Revenue rose 46.2% to $8.55 billion.

 (Reporting by Khusbu Jena in Bengaluru; Editing by Shailesh Kuber)
 ((Khusbu.Jena@thomsonreuters.com;))