EOG Resources (NYSE:EOG) reported record second-quarter financial results for 2026, highlighting adjusted earnings per share of $5.70 and free cash flow of $2.8 billion. The results reflect favorable commodity pricing and efficient operations, with a commitment to return at least 70% of annual free cash flow to shareholders, having returned over $1.8 billion in the quarter through dividends and share repurchases.
The company’s capital expenditures for the quarter were below guidance, maintaining a full-year plan of $6.5 billion aimed at achieving 5% oil production growth. Key operational developments include new Austin Chalk leases of 60,000 net acres in Texas and promising results from early exploration wells in the UAE, which averaged over 25,000 barrels of oil per well during the initial 30 days of production.
EOG ended the quarter with $4.9 billion in cash and $3 billion in net debt. The company expects to generate $8 billion of free cash flow under its 2026 plan, with a WTI breakeven price below $50 per barrel.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
