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ConocoPhillips (COP) and EOG Resources (EOG) both sell oil and gas and return much of the cash to shareholders. Based on the last twelve months of results, EOG Resources is cheaper on earnings and more profitable, while ConocoPhillips’ case depends on the cash flow it expects by 2029. ConocoPhillips is building an LNG business and the Willow oil project, and EOG Resources pays out from low-cost drilling now. So what did each company promise shareholders on its latest call?
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What ConocoPhillips And EOG Resources Promised In August
ConocoPhillips’ biggest promise is three years away. On its August 6, 2026 call, management said the company is on track to effectively double its 2025 free cash flow by 2029. In the nearer term, the company guided third-quarter production to 2.290 to 2.320 million barrels of oil equivalent per day. Management also said its full-year guidance was unchanged.
EOG Resources, by contrast, gave a figure for 2026. During its August 5, 2026 call, management said its 2026 plan generates $8 billion in free cash flow at oil and gas futures prices. The plan holds capital spending at $6.5 billion, matching the guide management gave in May. Management also committed to returning at least 70% of the year’s free cash flow to shareholders.
The two promises represent different kinds of news. EOG Resources put a number on cash due in 2026, while ConocoPhillips asked shareholders to wait. ConocoPhillips’ management said the peak of spending on Willow is behind it and capital spending will move lower from here, with Willow due to start producing oil in early 2029.
EOG Resources Keeps More Of Each Sales Dollar
EOG Resources earned an operating margin of 35.4% over the twelve months to June 30, 2026, compared with 21.9% for ConocoPhillips. Management said EOG Resources has cut its direct well costs by $15 per foot so far in 2026, to an average of less than $710 per foot.
ConocoPhillips operates the bigger and more spread-out business, bringing in $63.3 billion of revenue over those twelve months compared with $26.6 billion for EOG Resources. ConocoPhillips is also building an LNG business: on its August call, management said the company’s agreements to buy LNG totaled 12 million tonnes a year, and its LNG projects will begin contributing in 2027. ConocoPhillips also carries more debt, equal to 12.7% of its market value against 9.6% for EOG Resources.
Where EOG Resources Leads And Where ConocoPhillips Does
EOG Resources is the cheaper stock on earnings, trading at 12.5 times its trailing earnings compared with 19.7 times for ConocoPhillips. EOG Resources also grew revenue faster, rising 17.3% over the latest twelve months against 9.6% for ConocoPhillips.
At the October 23, 2026 close, a $10,000 investment in EOG Resources represented about $770 of the company’s yearly free cash flow. The same sum invested in ConocoPhillips stood for about $550.
ConocoPhillips is cheaper on one measure: its price-to-sales ratio sits at 2.9 times, compared with 3.2 times for EOG Resources. ConocoPhillips also has its LNG projects and Willow still to come. Neither company raised a revenue, earnings or cash flow forecast in its latest release.
On these measures, EOG Resources comes out ahead with a lower earnings multiple, faster revenue growth, a wider margin and less debt against its market value. A ConocoPhillips holder pays the higher earnings multiple for extra cash flow that is still a promise. ConocoPhillips’ capital spending is the number to watch in its next report, scheduled for November 5, 2026.
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