EOG Resources, Inc. (EOG) Earnings
EOG Resources, Inc. is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $5.02. EOG has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +5.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $3.23 | $3.41 | +5.6% | $6.9B | +11.9% |
| Feb 25, 2026 | $2.20 | $2.27 | +3.2% | $5.6B | -2.2% |
| Nov 6, 2025 | $2.46 | $2.71 | +10.2% | $5.7B | -4.0% |
| Aug 7, 2025 | $2.23 | $2.32 | +4.0% | $5.4B | -1.4% |
| May 1, 2025 | $2.80 | $2.87 | +2.5% | $5.8B | -1.1% |
| Feb 28, 2025 | $2.55 | $2.74 | +7.5% | $5.7B | -5.2% |
| Nov 8, 2024 | $3.01 | $3.44 | +14.3% | $5.9B | -2.2% |
| Aug 1, 2024 | $2.96 | $3.16 | +6.8% | $6.1B | -0.3% |
| May 2, 2024 | $2.71 | $2.82 | +4.1% | $5.9B | -0.9% |
| Feb 22, 2024 | $3.07 | $3.07 | +0.0% | $6.0B | -2.4% |
| Nov 2, 2023 | $3.02 | $3.44 | +13.9% | $6.1B | +7.2% |
| Aug 3, 2023 | $2.32 | $2.49 | +7.3% | $5.5B | +2.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- EOG started 2026 with exceptional momentum, exceeded key operating and financial metrics. - Strengthened portfolio through Encino acquisition, strategic bolt-on in Eagleford, secured LNG contracts, expanded international footprint, deepened vertical integration. - Delivered strong financial performance, generated adjusted net income and free cash flow, returned cash to shareholders. - Operated well during winter storm event using in-house systems and marketing strategy. - Moderated drilling and completions activity in Dorado in response to gas prices, reallocated capital to oil plays. - Maintained cost discipline, insulated from inflationary pressures through contracting, self-sourcing, vertical integration. - Highlighted drilling and completions efficiency gains, Janus plant performance, and marketing strategy benefits.
Guidance
- 2026 plan generates record $8.5 billion in free cash flow. - Increased oil production guidance by 2,000 bbl/day and NGL production guidance by 6,000 bbl/day while keeping capital expenditures flat at $6.5 billion. - Reallocation of capital to oil plays weighted towards second half of 2026. - Expect to return at least 70% of free cash flow this year, record annual cash return to shareholders. - Three-year scenario contemplates growing business on oil side at low single digits, which could increase to mid single digits if supported by fundamentals, delivering significant free cash flow and ROCE.
Segment performance
In the first quarter, EOG generated $1.8 billion in adjusted net income and $1.5 billion in free cash flow. They returned nearly $950 million during the quarter through regular dividend and share repurchases. For 2026, they are increasing oil production guidance by 2,000 barrels per day and NGL production guidance by 6,000 barrels per day while keeping total capital expenditures flat at $6.5 billion. They reallocated capital from gas to oil-weighted assets. Well costs in 2026: ~50% locked in, rebidding services for pricing discipline. Drilled feet per day increased in Utica (22%), Powder River Basin (13%), Eagleford (12%). Completed feet per day increased in Eagleford (12%) and Delaware Basin (17%). Janus natural gas processing plant in Delaware Basin averaged 300 million standard cubic feet per day of processing, 94% utilization, record month in March 2026 with 100% utilization and 316 million standard cubic feet per day.
Risks & headwinds
- Conflict involving Iran disrupting crude supply and flows through Strait of Hormuz, removing ~900 million barrels from global markets through June 2026. - Near-term pressure on natural gas with lower 48 storage levels above five-year average. - Geopolitical risks affecting international operations and marketing agreements.
Analyst Q&A
Q: On marketing, asked about pricing mechanism on waterborne barrels out of Corpus and Chenier marketing agreement uplift.
A: Jeff responded on waterborne barrels linked to domestic or Brent pricing, sold cargo by cargo, LNG JKM has some volatility, Chenier contract expanded and will continue building.
Q: Follow-up on Middle East exploration program.
A: Ezra and Keith discussed UAE leaving OPEC not impacting EOG, exploration in Bahrain and UAE in exploration phase, near-term timeline slipped, results expected in second half of 2026.
Q: On pivoting to liquids, asked about decision process and impact on 2027.
A: Ezra said reallocation based on market dynamics, sets up better for liquids growth in 2027 but need better line of sight.
Q: On buyback, asked about tactical nature.
A: Anne said exceptional value in stock, repurchased shares in March and April, supports regular dividend growth.
Q: On shifting activity between basins, asked about decision.
A: Jeff said based on flexibility in activity schedules, efficiency gains in Utica and Delaware.
Q: On exploration for next year, asked for update.
A: Keith said teams always looking for exploration opportunities, revisiting basins, utilizing new technology.
Q: On variable dividends and shareholder returns, asked about views.
A: Ezra said regular dividend is foundation, opportunistic with buybacks, aim to build cash on balance sheet.
Q: Follow-up on premium pricing and contracts.
A: Jeff said marketing team looks for new opportunities, diversifying markets, using scale and balance sheet to get better pricing.
Q: On Encino acquisition productivity update and Eagleford bolt-on.
A: Keith updated Utica productivity, Ezra said encouraged by Encino and Eagleford bolt-on synergies.
Q: On liquids pivot details and efficiency, asked about physical allocation.
A: Jeff said first quarter beat, modest adjustments to activity schedule, reallocated capital from Dorado to oil plays.
Q: Follow-up on dividend split and balance sheet.
A: Ezra said target net debt zero, 70% minimum return commitment, dividend yield may move lower, share repurchases help regular dividend growth.
Q: On macro views and capital allocation go-forward, asked about impact.
A: Ezra said more bullish, in environment above mid-cycle prices, three-year scenario shows potential for increased free cash flow and growth if fundamentals support.