EOG Resources Q1 EPS Tops Estimates at $3.41, Lifts Production Guidance
EOG Resources reported Q1 adjusted EPS of $3.41 on $6.92 billion revenue, generating $3.0 billion operating and $1.5 billion free cash flow. The company raised full-year crude oil guidance to 548,500 barrels per day and NGL guidance to 341,000 barrels, with capex at $6.5 billion.
1. Q1 Financial Performance
EOG Resources delivered adjusted earnings of $3.41 per share, beating the $3.21 consensus, and reported net income of $2.0 billion, or $3.70 per share. Revenue totaled $6.92 billion, with operating cash flow of $3.0 billion and free cash flow of $1.5 billion during the quarter.
2. Production Results vs Guidance
Crude oil and condensate output averaged 548,500 barrels per day, up from 502,100 barrels per day a year earlier, while total production reached nearly 1.38 million barrels of oil equivalent per day. All major product lines exceeded the midpoint of company guidance for the quarter.
3. Updated Guidance and Capital Spending
EOG raised its full-year crude oil and condensate guidance midpoint to 548,500 barrels per day and its NGL guidance midpoint to 341,000 barrels per day. The company maintained its 2026 capital expenditure forecast at approximately $6.5 billion, shifting more spending toward liquids-rich assets.
4. Balance Sheet Strength and Returns
The quarter ended with $3.85 billion in cash and a net debt-to-capitalization ratio of 11.7%, one of the strongest among independents. EOG returned $544 million in regular dividends, repurchased $402 million of stock, and declared a $1.02 per share dividend payable July 31.