EOG Resources Surges on Rising Oil Prices and Production

EOG Resources reported significant earnings growth in Q2 2026, driven by rising oil prices and production. The company's net income more than doubled to $2.72 billion, or $5.15 per share, compared to $1.35 billion, or $2.46 per share, in the same period last year.

The Houston-based oil and gas producer saw a 57% increase in revenue to $8.62 billion and generated $4.7 billion in operating cash flow during the quarter. Free cash flow increased to $2.8 billion from $973 million a year earlier.

Total production climbed to 1.41 million barrels of oil equivalent per day, up 24% from 1.13 million boepd in Q2 2025. The company's crude oil and condensate output increased 9% to 548,800 barrels per day, while natural gas liquids production rose 34% to 346,800 barrels per day.

EOG spent $1.59 billion on capital projects during the quarter, slightly below its guidance. The company returned approximately $1.8 billion to shareholders through dividends and share repurchases.