EOG Resources, Inc.

Record Q2 results + momentum into H2 (strong execution) - EOG reported adjusted EPS of $5.07 and adjusted cash flow from operations per share of $8.29, generating free cash flow (FCF) of $2.8B (record). - Operations: total company volumes above guidance midpoint; Q2 LOE and GP&T expenses were lower-than-expected. - Forward-looking: management expects operational momentum to carry through the back half of 2026.

Shareholder returns + capital policy (good) - Returned just over $$1.8B in Q2: $540M dividend + $1.3B share repurchases. - Board/buyback capacity is substantial: $11.7B remaining under repurchase authorization (as of June 30). - Dividend remains a key pillar: regular dividend not cut or suspended in 28 years. - Commitment: return at least 70% of annual FCF to shareholders in 2026 (with dividends + buybacks).

2026 outlook / forecasts (key numbers) - Production growth expectation: ~5% oil growth and ~14% total production growth for 2026. - Capital spending unchanged at $6.5B for the full year (Q2 capex came in below the midpoint due to timing shifts, mainly in Gulf states). - FCF forecast: at strip prices using guidance midpoints, ~$8B in 2026 FCF. - Cost economics: plan targets WTI breakeven below $50/bbl (mid-cycle strategy / low-cost positioning).