EOG Resources, Inc. EOG is likely to beat earnings estimates when it reports third-quarter 2021 results on Nov 4, after the closing bell. In the last reported quarter, the company reported adjusted earnings per share of $1.73, beating the Zacks Consensus Estimate of $1.54 due to a significant increase in commodity prices and high production volumes.Let’s see how things have shaped up prior to the third-quarter earnings announcement.Trend in Estimate RevisionThe Zacks Consensus Estimate for the company’s third-quarter earnings per share of $1.97 has witnessed nine upward estimate revisions and one downward movement in the past 30 days. This estimate is indicative of a 358.1% rise from the year-ago reported figure.The Zacks Consensus Estimate for third-quarter revenues is pegged at $4.7 billion, suggesting an increase of 109.1% from the year-ago reported figure.EOG Resources beat estimates in all the last four quarters, delivering an average earnings surprise of 70.1%, as shown in the chart below.EOG Resources, Inc. Price and EPS Surprise EOG Resources, Inc. price-eps-surprise | EOG Resources, Inc. QuoteWhat the Quantitative Model SuggestsOur proven model predicts an earnings beat for EOG Resources this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat.Earnings ESP: Earnings ESP for the company is currently +2.16%. This is because the Most Accurate Estimate is pegged at $2.01 per share, higher than the Zacks Consensus Estimate of $1.97. You can uncover the best stocks to buy or sell before they’re reported with our /www.zacks.com/premium/esp-buy?adid=zp_article_espfilter&..." target="_blank" rel="nofollow" rel="nofollow">https://www.zacks.com/premium/esp-buy?adid=zp_article_espfil...">Earnings ESP Filter. Zacks Rank: EOG Resources currently sports a Zacks Rank #1.Factors Driving the Better-Than-Expected EarningsEOG Resources’ focus on exploration and production of oil and gas resources in the Permian, Bakken and Eagle Ford is expected to reflect on third-quarter results. The Zacks Consensus Estimate for average daily production volumes is pegged at 830 thousand barrels of oil equivalent per day (MBoe/d), indicating a significant increase from the year-ago period’s 716 MBoe/d.The Zacks Consensus Estimate for average crude oil and condensates price is pegged at $67 per barrel, which indicates a significant increase from the year-ago period’s $40.15. The same for third-quarter average natural gas liquids price is pegged at $34.43 per barrel, signaling an increase from the year-ago figure of $14.34. Also, the consensus estimate for average natural gas price is $4.01 per thousand cubic feet, indicating an increase from $1.68 in the year-ago quarter.An increase in hydrocarbon production volumes and rising commodity prices are expected to have boosted EOG Resources’ third-quarter bottom line and positioned it for an earnings beat. Other companies with upstream operations like Matador Resources Company MTDR and SM Energy Company SM also beat third-quarter earnings estimates backed by a favorable market scenario.Another Stock to ConsiderHere’s another company from the Energy space that you may also want to consider, as our model shows that it too has the right combination of elements to post an earnings beat in the upcoming quarterly release:Targa Resources Corp. TRGP has an Earnings ESP of +4.00% and a Zacks Rank #1. The firm is scheduled to release quarterly earnings on Nov 4. You can see /www.zacks.com/stocks/buy-list/?ADID=zp_1link&ICID=zpi" target="_blank" rel="nofollow" rel="nofollow">https://www.zacks.com/stocks/buy-list/?ADID=zp_1link&ICI... _1link">the complete list of today’s Zacks #1 Rank stocks here. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EOG Resources, Inc. (EOG): Free Stock Analysis Report SM Energy Company (SM): Free Stock Analysis Report Matador Resources Company (MTDR): Free Stock Analysis Report Targa Resources, Inc. (TRGP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research