EOG Resources Q4 EPS Tops Estimates on 28% Production Gain
Q4 adjusted EPS was $2.27, exceeding consensus of $2.20, while revenues of $5.64 billion fell short of estimates at $5.8 billion. Oil-equivalent production volumes jumped 28% year-over-year to 128.7 MMBoe, though realized crude prices dipped to $59.54 per barrel.
1. Q4 Financial Results
EOG Resources reported adjusted EPS of $2.27 for Q4 2025, beating the $2.20 consensus, while revenues totaled $5.64 billion versus an expected $5.8 billion. Revenue rose from $5.59 billion a year earlier despite missing estimates.
2. Production Performance
Total oil-equivalent production increased 28% year-over-year to 128.7 MMBoe driven by multi-basin operations. Crude and condensate output reached 546.1 MBbls/d (+10.4%), NGL volumes hit 342.1 MBbls/d (+35.5%), and natural gas rose to 3,065 MMcf/d.
3. Operating Expenses and Cash Flow
Operating costs climbed, with lease and well expenses at $447 million and gathering, processing and transportation at $652 million, pushing total operating expenses to $4.7 billion. Free cash flow was $978 million on $1.64 billion of capital spending, and liquidity stood at $3.4 billion cash against $7.9 billion debt.
4. 2026 Guidance
The company forecast Q1 2026 production of 1,351.5–1,396.5 MBoe/d and full-year volumes of 1,373.1–1,418.2 MBoe/d. It outlined a capital plan of $6.5 billion for 2026.