EOG Resources (EOG) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong operational and financial results, with adjusted net income of $1.8 billion ($3.41 per share) and net income of $2.0 billion ($3.70 per share), supported by disciplined capital allocation and robust production growth, especially in Utica and Permian Basin.

• Total operating revenues for Q1 2026 rose 22% year-over-year to $6.92 billion, driven by higher commodity prices and increased volumes in crude oil, NGLs, and natural gas.

• Returned nearly $950 million to shareholders via dividends and buybacks, with a continued commitment to high shareholder returns and a growing regular dividend.

• Enhanced portfolio through Encino and Eagle Ford acquisitions, expanded LNG contracts, and international concessions in UAE and Bahrain.

• Maintained a strong balance sheet, with net debt-to-total capitalization improving to 11.7% (non-GAAP) and net debt to EBITDA at 0.4x.

Financial highlights

• Q1 2026 adjusted EPS was $3.41, adjusted cash flow from operations per share was $5.85, and free cash flow reached $1.5 billion.

• Net income for Q1 2026 was $2.0 billion, with total revenue at $6.92 billion and operating income at $2.60 billion.

• Cash and cash equivalents at quarter-end were $3.85 billion, with a debt-to-total capitalization ratio of 20%.

• Returned $950 million to shareholders in Q1: $550 million in dividends and $400 million in buybacks; $2.9 billion remains under current repurchase authorization.

• Maintained leverage target of total debt less than 1x EBITDA at bottom cycle prices.

Outlook and guidance

• Increased 2026 oil production guidance by 2,000 bbl/day and NGL guidance by 6,000 bbl/day, with capital expenditures held flat at $6.5 billion.

• Plan to return at least 70% of free cash flow to shareholders in 2026, with a projected record $8.5 billion in free cash flow at current strip pricing.

• 2026 plan targets 5% oil production growth and 13% total production growth over 2025.

• Cash operating costs projected at $10.55/Boe and DD&A at $9.85/Boe for 2026.

• Effective tax rate guidance at 22.5%.