EOG Resources (EOG) official guidance

Due to the higher crude oil prices realized in the third quarter 2026 and anticipated for the full year as a result of the ongoing conflict in the Middle East (versus EOG's expectations at the time of issuance of its third quarter 2026 guidance on August 4, 2026), EOG now expects its third quarter 2026 current tax expense to be $835 million - $935 million.

For the full year 2026, we expect to deliver 5% oil production growth and 14% total production growth, with capital expenditures unchanged at $6.5 billion.

At strip pricing and using guidance midpoints, our 2026 plan generates $8 billion in free cash flow.

We forecast U.S. natural gas demand to grow between 3% and 5% on a compound annual growth rate through the end of the decade.

For the balance of the year in the UAE, we are targeting lateral lengths in excess of 2 mi and will be completing additional wells.

For the full year 2026, we expect to deliver 5% oil production growth and 14% total production growth, with capital expenditures unchanged at $6.5 billion.

If this continues to be the case, I would expect our plan for next year to really be reflective of our three-year scenario, which basically reflects a low single-digit oil growth.

For the full year 2026, we expect to deliver 5% oil production growth and 14% total production growth, with capital expenditures unchanged at $6.5 billion.

Through the first half of the year, total shareholder returns stand at approximately $2.8 billion, and we reiterate our commitment to returning at least 70% of annual free cash flow to investors in 2026.

Turning to the broader service cost environment, there has been slight inflation across various services, but we have been able to mitigate most of it and are still expecting a low single-digit reduction in well cost this year.

Our 2026 program funds production growth, domestic and international exploration, and a peer-leading regular dividend, all at a WTI breakeven price below $50 per barrel.

The only thing is the exit right now there in Dorado will drop a little bit. It'll go from a BCF target to just over 800 million a day.

Also, we're reallocating the rest of the capital to add five net completions in the Delaware Basin and then the 10 net there in the Utica, which is very small and it's within rounding.

Also, we're reallocating the rest of the capital to add five net completions in the Delaware Basin and then the 10 net there in the Utica, which is very small and it's within rounding.

For the full year 2026, we are increasing oil production guidance by 2,000 bbl per day and NGL production guidance by 6,000 bbl per day while keeping total capital expenditures flat at $6.5 billion.

For the full year 2026, we are increasing oil production guidance by 2,000 bbl per day and NGL production guidance by 6,000 bbl per day while keeping total capital expenditures flat at $6.5 billion.

We've actually reduced our well costs down with our target is down below $700 per foot, and we feel confident that we can hit that this year.

Due to the higher crude oil prices realized in the first quarter 2026 and anticipated for the full year as a result of the conflict in the Middle East (versus EOG's expectations at the time of issuance of its first quarter and full year 2026 guidance on February 24, 2026), EOG now expects its first quarter 2026 current tax expense to be $500 million - $600 million.

Using WTI price ranges of $55-$70 per barrel from 2026 through 2028, the updated three-year scenario delivers 5% cash flow and greater than 6% free cash flow compound annual growth rates, generating cumulative free cash flow of $10 billion-$18 billion and earning robust double-digit returns on capital employed.

Capital cadence and activity should be relatively consistent through the year, with a roughly even capital split between the H1 and H2 and activity averaging approximately 24 rigs and 10 completion crews.