EOG Resources Hit Record Output in Q3 While Keeping Costs Below Guidance
As seen on the 24/7 Wall St. homepage on November 5, 2026.
EOG delivered an outstanding third quarter, achieving record oil, NGL, and natural gas production while maintaining cost discipline as total per-unit cash operating costs and DD&A came in below guidance midpoints. Combined with strong price realizations, these results translated into robust financial performance.
Record volumes across oil, NGLs and gas usually come with cost creep, but Yacob says per-unit cash operating costs and DD&A both landed under guidance midpoints in the third quarter. For a $76.2 billion producer, that combination is the margin story shale investors have been waiting on.
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EOG Resources achieved record production across all three streams in its third quarter, pumping more oil, natural gas liquids, and natural gas than in any prior period. The result stood out because the company held the line on costs at the same time, a combination that shale producers rarely deliver.
Total per-unit cash operating costs and depreciation, depletion, and amortization both came in below the midpoints of the company's own guidance. For a company of EOG's scale, that kind of cost discipline at peak output speaks directly to the efficiency of its drilling and completion programs.
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Chairman and CEO Ezra Y. Yacob also cited strong price realizations as a contributor to the quarter's financial performance. The margin improvement came from both sides of the ledger at once, with costs and pricing each working in the company's favor.
For shale-focused investors, the key signal here is that record volumes did not erode the per-unit economics. Keep an eye on whether EOG can sustain that cost structure into the next quarter, particularly if production levels remain elevated or the company accelerates activity.
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Mentioned: EOG