EOG Resources’ 2026 U.S. drilling dataset contains 446 well records through November 1, led by Texas with 190, New Mexico with 118 and Ohio with 90. The Delaware Basin accounts for 181 records, followed by South Texas with 127 and the Utica with 90, highlighting where EOG’s drilling activity is concentrated. This report breaks down activity by state, county and basin and ranks the top 10 contractor-and-rig combinations, led by H&P 385 with 30 records, to help oilfield service and equipment suppliers prioritize accounts and territories.
EOG Resources — Q3 2026 Earnings Call Summary
- Record production: Oil, natural gas liquids and natural gas volumes all exceeded guidance midpoints, while unit operating costs came in below expectations.
- 2026 outlook: Expects 5% oil production growth and 14% total production growth, with capital spending unchanged at $6.5 billion.
- Financial results: Adjusted earnings of $4.87 per share and quarterly free cash flow of $2.2 billion. Projects $9.7 billion in full-year free cash flow at the pricing assumptions used in guidance.
- Shareholder returns: Returned approximately $1.5 billion during Q3. Increased the regular dividend 8%, to an annualized $4.40 per share for 2027, and reaffirmed its commitment to return at least 70% of annual free cash flow.
- 2027 production: Anticipates low single-digit oil growth, provided current supply-demand fundamentals persist.
Operations and infrastructure
- Delaware Basin: Well performance exceeded expectations, with well costs below $710 per lateral foot. Management identified 17-plus potential development targets, supporting inventory expansion on existing acreage.
- Janus processing expansion: Approved approximately $300 million to double capacity to 600 MMcf/d, targeting completion in second-half 2028. Expects returns above 30%; the existing plant has delivered netback improvements exceeding $0.65/Mcf.
- Utica: Drilling productivity improved 24% and completion productivity 14% versus first-half 2025. Well costs are below $600/foot; a new Ohio sand mine is expected to save more than $300,000 per well.
- Eagle Ford: Drilling productivity increased 4% and completion productivity 15% versus 2025, with well costs below $525/foot.
- Dorado: Average lateral lengths increased 16%, with well costs below $700/foot. The Verde pipeline improved netbacks by approximately $0.50/Mcf year to date.
- Service costs: Expects modest drilling and completion inflation in 2027. Approximately 60% of services and half of casing and tubular requirements are already secured.
Natural gas and portfolio strategy
- New Engie agreement: A 10-year, JKM-linked natural gas sales agreement covering 140,000 MMBtu/d, starting by 2030. Total LNG feedgas-associated volumes will exceed 1 Bcf/d by 2030.
- Power demand: In discussions with data centers, hyperscalers and power generators about gas supply. Management sees LNG exports, electricity demand and industrial growth supporting long-term gas demand.
- UAE exploration: The first two one-mile lateral wells averaged approximately 700 barrels of oil per day per well during their first 30 days on artificial lift. Further appraisal will support a commerciality decision.
- Bahrain: Operations remain intermittent because of regional conflict.
- Asset sales: Sold legacy Barnett and Woodford assets for $400 million, while maintaining annual production guidance.
- Acquisition approach: Continues to favor organic exploration and selective acreage additions; large corporate acquisitions remain a lower priority.
Total record count: 446 for EOG Resources, Inc., covering Activity Dates from January 1–November 1, 2026. All 446 records have unique licence numbers.
Records by state
Province/State Record count Texas 190 New Mexico 118 Ohio 90 Wyoming 25 North Dakota 22 Federal Offshore Gulf (“FO GULF”) 1 Total 446
Counties grouped by play/basin
The following geographic grouping is inferred from state and county locations, consistent with EOG’s operating areas. South Texas is combined because county alone does not reliably distinguish Eagle Ford, Austin Chalk and Dorado targets.
Play/basin grouping Counties/areas and record counts Total Share Permian — Delaware Basin NM: Lea 87; Eddy 31. TX: Loving 45; Reeves 17; Pecos 1 181 40.6% South Texas — Eagle Ford/Austin Chalk/Dorado area Webb 33; Atascosa 28; La Salle 22; McMullen 21; Karnes 9; Gonzales 8; Lavaca 5; Frio 1 127 28.5% Appalachian — Utica Carroll 34; Tuscarawas 19; Harrison 18; Guernsey 9; Noble 9; Columbiana 1 90 20.2% Powder River Basin Campbell 18; Converse 7 25 5.6% Williston — Bakken area Mountrail 18; McKenzie 4 22 4.9% Gulf offshore South Timbalier Area South 1 1 0.2% Total 446 100.0%
Top 10 contractor-and-rig combinations
Rank Contractor and rig Record count 1 H&P 385 30 2 Patterson 577 25 3 H&P 263 25 4 H&P 254 24 5 H&P 259 22 6 H&P 611 22 7 Nabors 1205 21 8 Nabors 1207 21 9 Nabors B16 20 10 H&P 245 19 Total Top 10 combinations 229
These counts represent drilling records associated with each rig over the reporting period, rather than current active rig counts.
EOG Resources’ U.S. drilling dataset includes 446 well records through November 1, 2026, with the Delaware Basin, South Texas and Utica accounting for 398 records, or 89.2% of activity. H&P 385 leads individual rigs with 30 records, while the top 10 contractor-and-rig combinations collectively account for 229 records, or 51.3% of the total.
Author: phinds