EOG Resources Inc has reported $1.83 billion in net income adjusted for nonrecurring items for the first quarter (Q1), up quarter-on-quarter and year-on-year on the back of higher crude and condensate production.

The per-share figure of $3.41 beat the Zacks Consensus Estimate, which averages predictions by brokerage analysts, of $3.07.

The Houston, Texas-based company, which produces mainly in the United States with small contributions from Trinidad and Bahrain, registered GAAP net earnings of $1.98 billion for Q1 2026, up both sequentially and by prior-year comparison. Net profit per share was $3.7.

EOG Resources is keeping its dividend at $1.02 per share. It had $2.9 billion remaining in its current share buyback package.

Total output averaged 1.38 million barrels of oil equivalent per day (MMboepd), compared to 1.4 MMboepd in Q4 2025 and 1.13 MMboepd in Q1 2025.

Crude oil and condensate production rose quarter-on-quarter and year-on-year to 548,500 bpd. Natural gas liquids output fell quarter-on-quarter but climbed year-on-year to 332,100 bpd. Gas production also dropped quarter-on-quarter but increased year-on-year to 3.02 billion cubic feet per day (Bcfpd).

EOG’s crude and condensate production in the U.S., 546,500 bpd, exceeded the midpoint of guidance. U.S. gas volumes, 2.77 Bcfpd, also beat the midpoint of the company’s projection.

Realized crude and condensate prices in the U.S. increased quarter-on-quarter but dropped year-on-year. U.S. NGL price realizations declined both quarter-on-quarter and year-on-year. U.S. realized gas prices rose quarter-on-quarter but fell year-on-year.

Revenue rose quarter-on-quarter and year-on-year to $6.92 billion. Crude and condensate revenue of $3.58 billion and gas revenue of $1.02 billion followed the same trend.

Operating profit and profit before taxation also rose quarter-on-quarter and year-on-year to $2.6 billion and $2.56 billion respectively.

Operating activities generated $3 billion in net cash, up quarter-on-quarter and year-on-year. Free cash flow also rose quarter-on-quarter and year-on-year to $1.49 billion.

EOG exited Q1 2026 with $3.85 billion in cash and cash equivalents. Current assets totaled $8.96 billion.

Current liabilities stood at $5.22 billion including a $27 million current portion of long-term debt.

Net debt-to-total capitalization ratio was 11.7 percent, compared to 13.2 percent in Q4 2025.

“We are reallocating some capital for the remainder of this year to liquids assets while keeping our capital budget unchanged”, said chief executive Ezra Yacob. “This drives a modest increase in oil and NGL production this year versus our prior guidance while providing optionality for future growth. This change reflects the flexibility to invest across our high-return, multi-basin portfolio with differentiated exposure to natural gas, liquids, conventionals and unconventionals”.

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