Key Highlights

  • Second quarter GAAP net income reached $2,724 million, or $5.15 per diluted share, on revenues of $8,620 million.
  • Free cash flow, a non-GAAP measure, reached $2,799 million, and the company returned about $1.8 billion through dividends and buybacks.
  • The board lifted the repurchase authorization from $10 billion to $20 billion, with roughly $11.7 billion remaining at June 30.
  • The company named Jeff Hibbard chief financial officer effective January 1, 2027, when Ann Janssen moves to an advisory role.

EOG Resources (NYSE:EOG) shares were trading near their 52-week high at USD 157.94 on October 19, 2026, down 0.04%. Since the Houston-based oil and natural gas producer reported second quarter results on August 4, it has announced a chief financial officer succession plan, raised its third-quarter tax forecast and scheduled its next earnings call for November 6. Six large brokerages have also issued ratings or targets over the same stretch.

Brokerage context

Barclays reiterated an Equal Weight rating with a $147 target on October 16. Mizuho kept a Buy rating and moved its target to $165 from $157 on October 15, and Wells Fargo reiterated Overweight with a $193 target on October 14. UBS raised its target to $186 from $183 on October 9 with a Buy rating. Jefferies kept Buy and set $185, up from $175, on October 3, while Truist kept its Hold rating and raised its target to $160 from $153 on October 2. The price sits below five of these six targets and above Barclays's. These are the firms' own views, not a forecast by this article.

Second-quarter profit more than doubled from a year earlier

For the second quarter of 2026, the company reported GAAP net income of $2,724 million, or $5.15 per diluted share, against $1,345 million, or $2.46, a year earlier. Adjusted net income, a non-GAAP measure, was $2,683 million, or $5.07 per share. Total operating revenues and other rose to $8,620 million from $5,478 million. Net cash from operating activities was $4,669 million, free cash flow, a non-GAAP measure, was $2,799 million, and non-GAAP capital expenditures were $1,587 million.

Production averaged 1,410.4 thousand barrels of oil equivalent per day, up from 1,134.1 a year earlier and above the 1,391.4 guidance midpoint. Lease and well costs and gathering, processing and transportation costs came in under guidance midpoints, while non-GAAP general and administrative costs and depreciation, depletion and amortization ran above them. In the UAE, the company established oil production, with two one-mile lateral wells averaging more than 25,000 barrels of cumulative oil each over their first 30 days.

Cash returns and balance sheet

The company returned about $1.8 billion to shareholders in the quarter: $540 million in regular dividends and $1,294 million to repurchase 9.6 million shares, an average of $135 each. The board increased the repurchase authorization from $10 billion to $20 billion effective May 20, and roughly $11.7 billion remained at June 30. The regular quarterly dividend is $1.02 per share, an indicated annual rate of $4.08.

At June 30, cash stood at $4,907 million against $7,926 million of debt, leaving non-GAAP net debt of $3,019 million. A $3.0 billion revolving credit facility had no borrowings outstanding at that date.

Leadership change, tax update and outlook

On September 24, the company said Chief Financial Officer Ann Janssen will retire, with December 31, 2026 as her last day in the role. Jeff Hibbard, senior vice president of finance since August 2025, becomes executive vice president and CFO on January 1.

On October 8, the company raised its third-quarter current tax expense forecast to $835 million to $935 million from $545 million to $645 million, citing higher crude oil prices realized in the quarter. It said it was not updating or confirming other August 4 ranges. No cash came in under its Brent-linked gas sales contract because deliveries are expected to begin in January 2027.

For 2026, the August 4 forecast sets total volumes at 1,378.3 to 1,423.1 thousand barrels of oil equivalent per day, against 1,373.7 to 1,418.7 in May, with capital expenditures of $6.3 billion to $6.7 billion, unchanged. Management said the plan implies 5% oil and 14% total production growth this year. These are the company's estimates. The third-quarter results call is set for November 6 at 10 a.m. Eastern.