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EOG Resources Gears Up to Report Q3 Earnings: What's in the Cards?

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Key Takeaways

  • EOG Resources is set to report Q3 earnings on Nov. 5, with EPS expected to jump 64.2% year over year.
  • EOG's Q3 revenues are projected to rise 28.9% to $7.54 billion, supported by higher crude oil prices.
  • EOG's daily oil equivalent production is expected to grow 8%, while its Earnings ESP stands at 0.79%.

EOG Resources, Inc. (EOG - Free Report) is set to report third-quarter 2026 results on Nov. 5, after the closing bell.

In the last reported quarter, its earnings of $5.07 per share beat the Zacks Consensus Estimate of $5.01, driven by higher oil prices and increased production volumes.

The upstream player’s earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 6.74%. This is depicted in the graph below:

EOG Resources, Inc. Price and EPS Surprise

EOG Resources, Inc. Price and EPS Surprise

EOG Resources, Inc. price-eps-surprise | EOG Resources, Inc. Quote

Estimate Trend for EOG

The Zacks Consensus Estimate for third-quarter earnings per share (EPS) of $4.45 has been revised upward over the past 30 days. The estimated figure indicates a 64.2% improvement from the prior-year reported number.

The Zacks Consensus Estimate for revenues of $7.54 billion implies a 28.9% increase from the year-ago recorded figure.

Factors to Consider for EOG

EOG Resources’ upstream production is supported by highly productive acreages in premier oil shale plays like the Delaware Basin, Eagle Ford and Utica play. The company boasts numerous untapped high-quality drilling sites with low production costs, which strengthen its production outlook and support a lower risk profile.

The company’s upstream business is expected to have benefited significantly from high crude prices in the third quarter, driven by the Middle East crisis. Per data from the U.S. Energy Information Administration, the West Texas Intermediate spot crude price averaged $80.46 per barrel in July and $83.90 per barrel in August, further increasing to $97.31 per barrel in September. Notably, these figures are significantly higher than those recorded in the corresponding period of 2025.

The constructive commodity pricing environment in the third quarter is expected to have aided EOG’s earnings and cash flows. The company’s low-cost operations also support its profitability across commodity cycles. Our model predicts a year-over-year improvement of 8% for the company’s daily total crude oil equivalent volumes in the third quarter.

Earnings Whispers

Our proven model indicates an earnings beat for EOG this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That isn’t the case here, as you will see below.

Earnings ESP: EOG has an Earnings ESP of +0.79%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

Zacks Rank: EOG currently carries a Zacks Rank #2.

Other Stocks to Consider

Here are some stocks that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.

Devon Energy Corporation (DVN - Free Report) is an independent exploration and production company with its operations focused in the Permian Basin, Rockies, Eagle Ford, Anadarko Basin and Marcellus shale in the United States. It currently has an Earnings ESP of +9.36% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Devon Energy is scheduled to release third-quarter 2026 earnings on Nov. 5. The Zacks Consensus Estimate for DVN’s earnings is pegged at $1.24 per share, indicating a 19.2% increase from the prior-year reported figure.

Targa Resources Corporation (TRGP - Free Report) is a leading provider of midstream services in North America and mostly derives its revenues from gathering, compressing, treating, processing and selling natural gas. It currently has an Earnings ESP of +2.05% and a Zacks Rank #2. 

Targa Resources is scheduled to release third-quarter 2026 earnings on Nov. 5. The Zacks Consensus Estimate for TRGP’s earnings is pegged at $2.74 per share, indicating a 24.6% increase from the prior-year reported figure.

Occidental Petroleum (OXY - Free Report) currently has an Earnings ESP of +4.14% and a Zacks Rank #2. OXY is scheduled to release third-quarter earnings on Nov. 9.

Occidental is scheduled to release third-quarter 2026 earnings on Nov. 9. The Zacks Consensus Estimate for OXY’s earnings is pegged at $1.43 per share, indicating a 123.4% increase from the prior-year reported figure.

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