EOG Resources Q3 Profit Surges as Output Rises Despite Oil Dip

EOG Resources delivered stronger-than-expected third-quarter results on Thursday, overcoming weaker oil prices with a sharp rise in production and higher natural gas revenues.

The U.S. oil and gas producer reported an adjusted profit of $2.71 per share, comfortably topping analysts’ average estimate of $2.43, according to LSEG data.

Benchmark Brent crude prices fell more than 13% year-on-year during the quarter, but EOG managed to counter the decline with robust output from its U.S. shale assets. Production rose to 1.3 million barrels of oil equivalent per day (boepd), up from 1.08 million boepd a year earlier.

The growth was driven by the company’s expansion in the Utica and Marcellus regions, following its $5.6 billion acquisition of Encino Acquisition Partners earlier this year. EOG also reported strong performance from its operations in the Delaware Basin, Eagle Ford, and Utica shales, with international assets adding further momentum.

For the upcoming quarter, the Houston-based company expects production to range between 1.35 million and 1.39 million boepd, and for the full year, between 1.21 million and 1.23 million boepd.

While the average realized price for oil dropped 14.2% to $65.95 per barrel, natural gas prices climbed 36% to $2.80 per thousand cubic feet, helping cushion the impact of lower crude prices.

EOG’s steady output growth and diversification across key shale regions continue to position it as one of the most resilient players in the U.S. energy sector, even amid a volatile oil market.