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EOG Q126 adjusted EPS hit $3.41, up 18.8% y/y and topping the estimate for earnings of $3.07.
EOG revenues rose 22.1% to $6.92B as total volumes averaged 1,383.8 MBoe/d in Q1.
EOG produced $1.49B free cash flow, paid out $544M in dividends and bought back $402M shares.
EOG Resources, Inc. (EOG - Free Report) posted adjusted earnings of $3.41 per share in the first quarter of 2026, up 18.8% from the year-ago level of $2.87. The bottom line beat the Zacks Consensus Estimate for earnings of $3.07 by 11.1%.
Total revenues of $6.92 billion increased 22.1% year over year and beat the consensus mark of $6.3 billion.
Strong quarterly results were supported by higher production, with total crude-oil-equivalent volumes averaging 1,383.8 MBoe/d in the quarter, reflecting strong production execution.
EOG Resources, Inc. Price, Consensus and EPS Surprise
EOG Resources showed solid leverage to production growth. Net income was $2 billion, translating to reported earnings of $3.70 per share, while adjusted net income was $1.8 billion. Income taxes totaled $575 million, implying an effective tax rate of 22.5% in the period.
Cost control helped keep the earnings flow-through intact even as activity remained elevated. Lease and well expenses were $462 million, and depreciation, depletion and amortization was $1.19 billion. For investors, the quarter reinforced that EOG’s earnings power is being driven by a combination of operating scale and steady expense execution.
EOG Resources Mix Skews Toward Crude & Marketing
EOG Resources’ top-line composition highlighted the importance of product and midstream-linked contributions. Revenues from crude oil and condensate were $3.58 billion, while natural gas liquids generated $664 million and natural gas contributed $1.02 billion. In total, revenues from sales of crude oil and condensate, NGLs, and natural gas were $5.26 billion.
The company also recorded $1.50 billion in gathering, processing and marketing revenues, which can add variability to reported revenues, depending on volumes and market conditions. Other items included $113 million in gains on mark-to-market derivative contracts and $31 million in gains on asset dispositions, helping round out operating revenues during the quarter.
EOG Volume & Price Data Point to Liquids’ Strength
EOG delivered a clear year-over-year step-up in liquids volumes. Crude oil and condensate volumes rose to 548.5 MBbld from 502.1 MBbld in the year-ago quarter. Natural gas liquids volumes increased to 332.1 MBbld from 241.7 MBbld, while natural gas volumes climbed to 3,020 MMcfd from 2,080 MMcfd.
Realized pricing provided added support on the liquids side. Composite crude oil and condensate pricing averaged $72.47 per barrel versus $72.87 a year ago, while NGL pricing averaged $22.20 per barrel compared with $26.29. Natural gas pricing improved to $3.76 per Mcf from $3.41, reflecting a stronger gas price environment than the prior-year quarter.
EOG Resources Cash Generation Fuels Returns
EOG Resources’ cash profile remained a core pillar of the quarter. Net cash provided by operating activities was $2.97 billion, while capital expenditure was $1.64 billion. That spread drove free cash flow of $1.49 billion, underscoring the company’s ability to self-fund its program and still return meaningful capital.
Shareholder returns remained active. EOG declared a regular quarterly dividend of $1.02 per share and paid out $544 million in regular dividends in the quarter. It also repurchased 3.2 million shares for $402 million at an average purchase price of $125 per share, ending the period with $2.9 billion remaining under its repurchase authorization.
EOG Guidance Reallocates Capital Toward Liquids
Management’s forward view emphasized portfolio flexibility. For the second quarter of 2026, EOG guided total crude-oil-equivalent volumes to 1,368.8-1,413.8 MBoed, with crude oil and condensate volumes expected at 546-551 MBod. For 2026, the total crude-oil-equivalent volume is projected at 1,373.7-1,418.7 MBoed, while crude oil and condensate volumes are guided at 546-551 MBod.
Capital spending remains anchored. The company reiterated a 2026 capital expenditure plan of $6.3-$6.7 billion. On pricing assumptions embedded in guidance, EOG expects U.S. crude oil and condensate realizations to average $2.25-$4.25 above WTI for the full year, while U.S. natural gas realizations are expected to run $1.30 below Henry Hub to 70 cents above, reflecting a planning posture that leans into liquids while managing near-term gas softness.
Zacks Rank & Other Key Picks
EOG currently flaunts a Zacks Rank #1 (Strong Buy).
TotalEnergies reported first-quarter 2026 operating earnings of $2.45 (€2.10) per share, which surpassed the Zacks Consensus Estimate of $1.99 by 23.1%. The bottom line improved 34% from the year-ago figure of $1.83 (€1.74).
Cash and cash equivalents as of March 31, 2026, were $25.69 billion compared with $26.2 billion as of Dec. 31, 2025. TTE anticipates investing $15 billion in 2026, including sizeable investments for low-carbon energies.
Eni posted first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13. The bottom line declined from the year-ago quarter’s 92 cents.
As of March 31, 2026, Eni had a long-term debt of €21.7 billion, and cash and cash equivalents of €8.3 billion. Eni reaffirmed the 2026 gross capex of €7 billion and net capex of €5 billion, with expected underlying production growth of 3-4%.
Phillips 66 registered first-quarter 2026 adjusted earnings of 49 cents per share, topping the Zacks Consensus Estimate of a loss of 55 cents. The bottom line skyrocketed 154.4% year over year from an adjusted loss of 90 cents.
Phillips 66 ended the quarter with liquidity of approximately $6 billion, including $5.2 billion in cash and cash equivalents, and $800 million in committed capacity under credit facilities. PSX announced a quarterly dividend of $1.27 per share, payable June 1, 2026, to shareholders of record as of May 18.
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EOG Q1 Earnings & Revenues Beat Estimates on Strong Output Growth
Key Takeaways
EOG Resources, Inc. (EOG - Free Report) posted adjusted earnings of $3.41 per share in the first quarter of 2026, up 18.8% from the year-ago level of $2.87. The bottom line beat the Zacks Consensus Estimate for earnings of $3.07 by 11.1%.
Total revenues of $6.92 billion increased 22.1% year over year and beat the consensus mark of $6.3 billion.
Strong quarterly results were supported by higher production, with total crude-oil-equivalent volumes averaging 1,383.8 MBoe/d in the quarter, reflecting strong production execution.
EOG Resources, Inc. Price, Consensus and EPS Surprise
EOG Resources, Inc. price-consensus-eps-surprise-chart | EOG Resources, Inc. Quote
EOG Profitability Gains Reflect Higher Output
EOG Resources showed solid leverage to production growth. Net income was $2 billion, translating to reported earnings of $3.70 per share, while adjusted net income was $1.8 billion. Income taxes totaled $575 million, implying an effective tax rate of 22.5% in the period.
Cost control helped keep the earnings flow-through intact even as activity remained elevated. Lease and well expenses were $462 million, and depreciation, depletion and amortization was $1.19 billion. For investors, the quarter reinforced that EOG’s earnings power is being driven by a combination of operating scale and steady expense execution.
EOG Resources Mix Skews Toward Crude & Marketing
EOG Resources’ top-line composition highlighted the importance of product and midstream-linked contributions. Revenues from crude oil and condensate were $3.58 billion, while natural gas liquids generated $664 million and natural gas contributed $1.02 billion. In total, revenues from sales of crude oil and condensate, NGLs, and natural gas were $5.26 billion.
The company also recorded $1.50 billion in gathering, processing and marketing revenues, which can add variability to reported revenues, depending on volumes and market conditions. Other items included $113 million in gains on mark-to-market derivative contracts and $31 million in gains on asset dispositions, helping round out operating revenues during the quarter.
EOG Volume & Price Data Point to Liquids’ Strength
EOG delivered a clear year-over-year step-up in liquids volumes. Crude oil and condensate volumes rose to 548.5 MBbld from 502.1 MBbld in the year-ago quarter. Natural gas liquids volumes increased to 332.1 MBbld from 241.7 MBbld, while natural gas volumes climbed to 3,020 MMcfd from 2,080 MMcfd.
Realized pricing provided added support on the liquids side. Composite crude oil and condensate pricing averaged $72.47 per barrel versus $72.87 a year ago, while NGL pricing averaged $22.20 per barrel compared with $26.29. Natural gas pricing improved to $3.76 per Mcf from $3.41, reflecting a stronger gas price environment than the prior-year quarter.
EOG Resources Cash Generation Fuels Returns
EOG Resources’ cash profile remained a core pillar of the quarter. Net cash provided by operating activities was $2.97 billion, while capital expenditure was $1.64 billion. That spread drove free cash flow of $1.49 billion, underscoring the company’s ability to self-fund its program and still return meaningful capital.
Shareholder returns remained active. EOG declared a regular quarterly dividend of $1.02 per share and paid out $544 million in regular dividends in the quarter. It also repurchased 3.2 million shares for $402 million at an average purchase price of $125 per share, ending the period with $2.9 billion remaining under its repurchase authorization.
EOG Guidance Reallocates Capital Toward Liquids
Management’s forward view emphasized portfolio flexibility. For the second quarter of 2026, EOG guided total crude-oil-equivalent volumes to 1,368.8-1,413.8 MBoed, with crude oil and condensate volumes expected at 546-551 MBod. For 2026, the total crude-oil-equivalent volume is projected at 1,373.7-1,418.7 MBoed, while crude oil and condensate volumes are guided at 546-551 MBod.
Capital spending remains anchored. The company reiterated a 2026 capital expenditure plan of $6.3-$6.7 billion. On pricing assumptions embedded in guidance, EOG expects U.S. crude oil and condensate realizations to average $2.25-$4.25 above WTI for the full year, while U.S. natural gas realizations are expected to run $1.30 below Henry Hub to 70 cents above, reflecting a planning posture that leans into liquids while managing near-term gas softness.
Zacks Rank & Other Key Picks
EOG currently flaunts a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the energy sector are TotalEnergies SE (TTE - Free Report) , Eni S.p.A (E - Free Report) and Phillips 66 (PSX - Free Report) , each sporting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks Rank #1 stocks here.
TotalEnergies reported first-quarter 2026 operating earnings of $2.45 (€2.10) per share, which surpassed the Zacks Consensus Estimate of $1.99 by 23.1%. The bottom line improved 34% from the year-ago figure of $1.83 (€1.74).
Cash and cash equivalents as of March 31, 2026, were $25.69 billion compared with $26.2 billion as of Dec. 31, 2025. TTE anticipates investing $15 billion in 2026, including sizeable investments for low-carbon energies.
Eni posted first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13. The bottom line declined from the year-ago quarter’s 92 cents.
As of March 31, 2026, Eni had a long-term debt of €21.7 billion, and cash and cash equivalents of €8.3 billion. Eni reaffirmed the 2026 gross capex of €7 billion and net capex of €5 billion, with expected underlying production growth of 3-4%.
Phillips 66 registered first-quarter 2026 adjusted earnings of 49 cents per share, topping the Zacks Consensus Estimate of a loss of 55 cents. The bottom line skyrocketed 154.4% year over year from an adjusted loss of 90 cents.
Phillips 66 ended the quarter with liquidity of approximately $6 billion, including $5.2 billion in cash and cash equivalents, and $800 million in committed capacity under credit facilities. PSX announced a quarterly dividend of $1.27 per share, payable June 1, 2026, to shareholders of record as of May 18.