EOG Resources (NYSE: EOG) is due to report third-quarter 2026 results on Thursday, November 5, 2026, expected after the New York Stock Exchange closes (MarketBeat and TradingView list the release for that evening, TradingView at 4:15 p.m. Eastern; the company’s own notice fixes only the call). EOG will host its conference call and webcast on Friday, November 6, at 10 a.m. Eastern (9 a.m. Central), reached through the Events & Presentations page of its investor website. The story of the last four quarters is a shift from falling earnings per share in the second half of 2025 to sharply higher earnings in 2026, on much higher volumes after the Encino acquisition. Below: the recent quarters, each compared with the same quarter a year earlier, what the company’s guidance implies for the fourth quarter (my arithmetic), analyst consensus, the dividend, and what to watch.
The recent quarters, each against the same quarter a year earlier
| Metric (each quarter vs the same quarter a year earlier) | Q3 2025 (the base for Q3 2026) | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Total operating revenues and other | $5,847M vs $5,965M, -2.0% | $5,638M vs $5,585M, +0.9% | $6,921M vs $5,669M, +22.1% | $8,620M vs $5,478M, +57.4% |
| Adjusted EPS (non-GAAP) | $2.71 vs $2.89, -6.2% | $2.27 vs $2.74, -17.2% | $3.41 vs $2.87, +18.8% | $5.07 vs $2.32, +118.5% |
| Total crude oil equivalent volumes (MBoed) | 1,301.2 vs 1,075.7, +21.0% | 1,399.0 vs 1,095.7, +27.7% | 1,383.8 vs 1,090.4, +26.9% | 1,410.4 vs 1,134.1, +24.4% |
| Crude oil and condensate volumes (MBod) | 534.5 vs 493.0, +8.4% | 546.1 vs 494.6, +10.4% | 548.5 vs 502.1, +9.2% | 548.8 vs 504.2, +8.8% |
| Free cash flow (non-GAAP) | $1,383M vs $1,491M, -7.2% | $978M vs $1,277M, -23.4% | $1,493M vs $1,329M, +12.3% | $2,799M vs $973M, +187.7% |
Sources: EOG results releases for the third quarter of 2025 (November 6, 2025), the fourth quarter and full year 2025 (February 24, 2026), the first quarter of 2026 (May 5, 2026) and the second quarter of 2026 (August 4, 2026). The percentage changes are my calculation from the two figures shown in each cell. Each column compares one quarter only with the same quarter of the previous year. The volume growth is largely the Encino acquisition: the Q3 2025 release says the deal closed during that quarter, and the Q4 2025 release described 2026 growth of about 13% in total volumes against about 5% in oil volumes, including Encino. That is why total volumes grew about 21% to 28% while oil volumes grew about 8% to 10%.
What the guidance implies for the fourth quarter (my calculation)
EOG guides volumes and capital spending rather than earnings. The August 4 release gave these ranges:
| Guidance (Aug 4, 2026 release) | Q3 2026 range | Q3 2026 vs Q3 2025 actual | Full-year 2026 range |
|---|---|---|---|
| Total crude oil equivalent volumes (MBoed) | 1,389.7 to 1,434.7 (midpoint 1,412.2) | +6.8% to +10.3% vs 1,301.2 | 1,378.3 to 1,423.1 (midpoint 1,400.7) |
| Crude oil and condensate (MBod) | 546.0 to 551.0 (midpoint 548.5) | +2.2% to +3.1% vs 534.5 | 546.3 to 551.1 (midpoint 548.7) |
| Capital expenditures (non-GAAP, $M) | 1,600 to 1,700 (midpoint 1,650) | -2.9% to +3.2% vs 1,648 | 6,300 to 6,700 (midpoint 6,500) |
Combining the full-year midpoints with the first two quarters actually reported and the Q3 midpoint gives a fourth quarter implied by the guidance. I weighted each quarter by its number of days (90, 91, 92 and 92):
| Step | Total volumes (MBoed) | Oil volumes (MBod) | Capex ($M) |
|---|---|---|---|
| Full-year 2026 guidance midpoint | 1,400.7 | 548.7 | 6,500 |
| Q1 2026 actual | 1,383.8 | 548.5 | 1,636 |
| Q2 2026 actual | 1,410.4 | 548.8 | 1,587 |
| Q3 2026 guidance midpoint (an assumption, not a forecast) | 1,412.2 | 548.5 | 1,650 |
| Implied Q4 2026 | about 1,396 | about 549.0 | about 1,627 |
| Q4 2025 actual (the base for Q4 2026) | 1,399.0 | 546.1 | not reviewed |
| Implied Q4 2026 vs Q4 2025 | -0.2% | +0.5% | n/a |
On the midpoints, the guidance points to a fourth quarter close to flat against the fourth quarter of 2025, which is the first comparison without the Encino effect, since Encino was already in the Q4 2025 volumes. The ranges are wide, though: if the full-year and the Q3 figures land at opposite ends of their ranges, the implied Q4 total volume spans roughly 1,285 to 1,508 MBoed. This is arithmetic on rounded guidance, not a company forecast, and the capex line uses the capex-guidance basis (non-GAAP) throughout. I did not review the Q4 2025 capex figure.
What analysts expect, and the share price
This section uses third-party data, which is not from the company; each figure carries its source and date. The consensus is for the same quarter, compared with the same quarter a year earlier.
| Q3 metric | Consensus for Q3 2026 | Q3 2025 actual (company) | Change |
|---|---|---|---|
| Adjusted EPS | $4.47 (MarketBeat, page with prices as of Oct 30, 2026; TradingView shows the same figure); $4.45 (ad-hoc-news citing MarketBeat, Oct 29, 2026) | $2.71 | +64.2% to +64.9% |
| Total revenues | $7.26 billion (MarketBeat, TradingView and ad-hoc-news) | $5,847 million | +24.2% |
Q3 2025 itself was a beat on the EPS line, according to TradingView ($2.71 reported against $2.46 expected), while revenue came in below the estimate ($5.85 billion against $5.97 billion). That is background only; it says nothing about this quarter.
MarketBeat shows EOG closing at $165.58 on October 30, 2026 (up 2.07% on the day); I did not find a more recent close from a source I could cite, so the figures below use that price (my calculation):
| Measure | Value |
|---|---|
| Share price (close, Oct 30, 2026; MarketBeat) | $165.58 |
| Quarterly dividend of $1.02, indicated annual rate $4.08 (company) | yield 2.46% on the price above |
| Sum of the last four reported adjusted EPS figures (Q3 2025 $2.71 + Q4 2025 $2.27 + Q1 2026 $3.41 + Q2 2026 $5.07) | $13.46 |
| Price against that sum | about 12.3x |
| Annual dividend of $4.08 as a share of that sum | about 30% |
| Annual dividend of $4.08 as a share of full-year 2025 adjusted EPS ($10.16, company) | about 40% |
The four-quarter sum is simple addition of the quarterly figures, so it can differ slightly from a figure calculated on full-year share counts. Price and consensus move daily, so check both with your broker before the release.
What to watch on November 5 and 6
- Adjusted EPS against $2.71 in Q3 2025, and against a consensus of about $4.45 to $4.47. The second quarter was $5.07 against $2.32 a year earlier, so the question is whether the third quarter keeps that pace.
- Total volumes against 1,301.2 MBoed in Q3 2025 and the guidance range of 1,389.7 to 1,434.7, and oil volumes against 534.5 MBod and a range of 546.0 to 551.0. Part of the year-on-year growth is Encino.
- Capital expenditures against the guided $1,600 million to $1,700 million, and whether the full-year range of $6,300 million to $6,700 million is kept.
- Free cash flow against $1,383 million in Q3 2025. Q2 2026 was $2,799 million, against $973 million a year earlier.
- Capital returns and the balance sheet. In Q2 EOG repurchased 9.6 million shares for $1,294 million and reported net debt of $3,019 million (debt of $7,926 million less cash of $4,907 million). Look for the same lines this time.
- Fourth-quarter guidance. The next release should give the Q4 ranges for volumes and capex, which can be compared with the roughly flat Q4 that the current full-year midpoint implies.
The dividend
EOG pays a regular quarterly dividend of $1.02 per share, an indicated annual rate of $4.08. The dividend most recently declared, with the Q2 results on August 4, was payable on October 30, 2026 to holders of record on October 16, so it has already been paid. With its Q3 2025 results last year EOG declared the next dividend (payable January 30, 2026), so a declaration alongside this release is plausible, but I have not seen it confirmed for this quarter. Since U.S. markets moved to one-day settlement in May 2024, the ex-dividend date is normally the same as the record date; confirm the dates with your broker once announced.
For investors in Europe
- EOG pays in dollars and U.S. withholding tax applies by default; the rate for non-U.S. investors depends on your broker having a valid Form W-8BEN. See our W-8BEN guide.
- Oil prices and the dollar both affect the euro value of your holding and of the dividend.
Sources
- EOG Resources: Schedules Conference Call and Webcast of Third Quarter 2026 Results for November 6, 2026
- EOG Resources: Reports Second Quarter 2026 Results (August 4, 2026)
- EOG Resources: Reports First Quarter 2026 Results (May 5, 2026)
- EOG Resources: Reports Fourth Quarter and Full-Year 2025 Results; Announces 2026 Capital Plan (February 24, 2026)
- EOG Resources: Reports Third Quarter 2025 Results (November 6, 2025)
- Third-party data (consensus, price and release timing), not from the company: MarketBeat: EOG Resources Q3 2026 earnings date and estimates (price as of October 30, 2026); TradingView: EOG Q3 2026 earnings, revenue estimate $7.26B; ad-hoc-news (October 29, 2026, citing MarketBeat)
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Company figures are taken from the releases listed; consensus, release timing and the share price come from the third-party sources listed, as of the dates stated; and the fourth-quarter figures, percentage changes, yield and ratios are my own arithmetic, not a company forecast. Investing involves risk, including the possible loss of capital, and a dividend payment is never guaranteed.
