EOG Resources Beats Q1 Estimates, Raises Oil Production Outlook

EOG Resources reported first-quarter 2026 results that beat analyst expectations, posting EPS of $3.41 against a consensus estimate of $3.21. Revenue reached $6.92 billion while net income came in at $1.98 billion, supported by higher production across the Delaware Basin, Utica, and Eagle Ford plays.

Following the strong quarter, EOG raised its full-year 2026 oil production outlook to 544,700-549,300 barrels per day, targeting roughly 5% oil growth versus 2025 and 13% total production growth. The company also boosted its NGL production guidance to 331,000-351,000 barrels per day and maintained its capital expenditure plan of $6.3-$6.7 billion for the full year.

Despite the beat, EOG shares traded flat to slightly lower following the announcement, as investors appeared to have largely priced in the positive results ahead of the report. The company ended the quarter with $3.85 billion in cash, returned $544 million in dividends, and repurchased $402 million in stock — underscoring continued capital discipline even as it ramps production.

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