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Can EOG Resources Keep Its Winning Streak Alive in Q2 Earnings?
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Key Takeaways
EOG is set to report Q2 results Aug. 4, with earnings estimated to rise 119.8% year over year.
Higher oil prices and the Iran war likely supported EOG's exploration and production businesses.
EOG's total daily crude oil equivalent volumes are projected to increase 22.4% year over year.
EOG Resources, Inc. (EOG - Free Report) is set to report second-quarter 2026 results on Aug. 4, after the closing bell.
In the last reported quarter, its earnings of $3.41 per share beat the Zacks Consensus Estimate of $3.07. The upstream player’s earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 7.69%. This is depicted in the graph below:
The Zacks Consensus Estimate for second-quarter earnings per share of $5.10 has been revised upward over the past seven days. The estimated figure indicates a 119.8% improvement from the prior-year reported number.
The Zacks Consensus Estimate for revenues of $7.95 billion implies a 45.2% increase from the year-ago recorded figure.
Factors to Consider for EOG
To have an idea of how oil prices behaved in the June quarter, let's analyze the commodity prices from the data provided by the U.S. Energy Information Administration (“EIA”). The average Cushing, OK, WTI spot prices for April, May and June of this year were $100.32 per barrel, $102.13 per barrel and $84.81 per barrel, respectively, per EIA data. Commodity prices were $63.54 per barrel, $62.17 per barrel and $68.17 per barrel, respectively, in April, May and June of 2025, according to the EIA.
A constructive oil-price backdrop due to the Iran war aided the company’s exploration and production businesses in the June quarter of this year. Thus, the leading upstream player is likely to have produced higher volumes in the second quarter. Our model predicts a year-over-year improvement of 22.4% for the company’s total daily crude oil equivalent volumes in the second quarter.
Earnings Whispers
Our proven model doesn’t indicate an earnings beat for EOG 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. That isn’t the case here, as you will see below.
Earnings ESP: EOG has an Earnings ESP of -2.06%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: EOG currently carries a Zacks Rank #3.
Stocks to Consider
Here are some stocks that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
OXY is scheduled to release second-quarter earnings on Aug. 5. The Zacks Consensus Estimate for OXY’s earnings is pegged at $1.95 per share, implying a 400% increase from the prior-year reported figure.
Energy Transfer LP (ET - Free Report) currently has an Earnings ESP of +5.88% and a Zacks Rank #3.
Energy Transfer is scheduled to release second-quarter earnings on Aug. 4. The Zacks Consensus Estimate for ET’s earnings is pegged at 38 cents per share, indicating an 18.8% improvement from the prior-year reported figure.
Devon Energy (DVN - Free Report) currently has an Earnings ESP of +0.61% and a Zacks Rank #3.
DVN is scheduled to release second-quarter earnings on Aug. 4. The Zacks Consensus Estimate for DVN’s earnings is pegged at $1.30 per share, implying a 54.76% increase from the prior-year reported figure.
View the Zacks #1 Rank List
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Can EOG Resources Keep Its Winning Streak Alive in Q2 Earnings?
Key Takeaways
EOG Resources, Inc. (EOG - Free Report) is set to report second-quarter 2026 results on Aug. 4, after the closing bell.
In the last reported quarter, its earnings of $3.41 per share beat the Zacks Consensus Estimate of $3.07. The upstream player’s earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 7.69%. This is depicted in the graph below:
EOG Resources, Inc. Price and EPS Surprise
EOG Resources, Inc. price-eps-surprise | EOG Resources, Inc. Quote
Estimate Trend for EOG
The Zacks Consensus Estimate for second-quarter earnings per share of $5.10 has been revised upward over the past seven days. The estimated figure indicates a 119.8% improvement from the prior-year reported number.
The Zacks Consensus Estimate for revenues of $7.95 billion implies a 45.2% increase from the year-ago recorded figure.
Factors to Consider for EOG
To have an idea of how oil prices behaved in the June quarter, let's analyze the commodity prices from the data provided by the U.S. Energy Information Administration (“EIA”). The average Cushing, OK, WTI spot prices for April, May and June of this year were $100.32 per barrel, $102.13 per barrel and $84.81 per barrel, respectively, per EIA data. Commodity prices were $63.54 per barrel, $62.17 per barrel and $68.17 per barrel, respectively, in April, May and June of 2025, according to the EIA.
A constructive oil-price backdrop due to the Iran war aided the company’s exploration and production businesses in the June quarter of this year. Thus, the leading upstream player is likely to have produced higher volumes in the second quarter. Our model predicts a year-over-year improvement of 22.4% for the company’s total daily crude oil equivalent volumes in the second quarter.
Earnings Whispers
Our proven model doesn’t indicate an earnings beat for EOG 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. That isn’t the case here, as you will see below.
Earnings ESP: EOG has an Earnings ESP of -2.06%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: EOG currently carries a Zacks Rank #3.
Stocks to Consider
Here are some stocks that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
Occidental (OXY - Free Report) currently has an Earnings ESP of +6.66% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
OXY is scheduled to release second-quarter earnings on Aug. 5. The Zacks Consensus Estimate for OXY’s earnings is pegged at $1.95 per share, implying a 400% increase from the prior-year reported figure.
Energy Transfer LP (ET - Free Report) currently has an Earnings ESP of +5.88% and a Zacks Rank #3.
Energy Transfer is scheduled to release second-quarter earnings on Aug. 4. The Zacks Consensus Estimate for ET’s earnings is pegged at 38 cents per share, indicating an 18.8% improvement from the prior-year reported figure.
Devon Energy (DVN - Free Report) currently has an Earnings ESP of +0.61% and a Zacks Rank #3.
DVN is scheduled to release second-quarter earnings on Aug. 4. The Zacks Consensus Estimate for DVN’s earnings is pegged at $1.30 per share, implying a 54.76% increase from the prior-year reported figure.