EOG Resources, Inc. press release

EOG Resources Reports First Quarter 2026 Results

2026-05-05

NYSE - New York Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · United States · Corporate Finance

PR Newswire

HOUSTON, May 5, 2026/PRNewswire/ -- EOG Resources, Inc. (EOG) today reported first quarter 2026 results. The attached schedules for the reconciliation of Non-GAAP measures to GAAP measures, along with a related presentation, are also available on EOG's website at http://investors.eogresources.com/investors.

First Quarter Highlights

Earned net income of $2.0 billion, or $3.70 per share, and adjusted net income of $1.8 billion, or $3.41 per share Delivered net cash provided by operating activities of $3.0 billion and Adjusted CFO1of $3.1 billion Generated $1.5 billion of free cash flow Declared regular quarterly dividend of $1.02 per share Paid $544 million in regular dividends and repurchased $402 million of shares Volumes better than guidance midpoints with in-line capital expenditures Total per-unit cash operating costs and DD&A better than guidance midpoints Oil and natural gas price realizations better than guidance midpoints Increasing full year oil and NGL production guidance reflecting reallocation of capital program

CEO Commentary

"EOG delivered exceptional results in the first quarter, with oil, gas, and NGL volumes exceeding the midpoints of guidance while maintaining rigorous cost discipline - total per-unit cash operating costs and DD&A both came in better than guidance midpoints. Operational excellence translated into robust financial performance: we generated $1.5 billion in free cash flow and returned nearly $950 million to shareholders through our regular dividend and share repurchases.

Our first quarter results reflect strong execution and progress towards our full-year objectives. We are reallocating some capital for the remainder of this year to liquids assets while keeping our capital budget unchanged. 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.

EOG is well positioned to thrive in the current dynamic macro environment. Our competitive advantages drive differentiated performance: a best-in-class balance sheet providing financial strength and flexibility to invest through cycles; premium pricing exposure in key markets enhancing revenue realizations; differentiated exploration expertise driving low-cost, high-quality inventory across multiple basins; vertical integration and in-house technology strengthening our operational efficiency and cost structure; and a unique culture that empowers our teams to innovate and execute at the highest level.

EOG has never been stronger. Our multi-basin portfolio, operational excellence, and financial strength provide unmatched flexibility to deliver superior returns and significant cash to shareholders across commodity price cycles."

Return of Capital The Board of Directors today declared a dividend of $1.02 per share on EOG's common stock. The dividend will be payable July 31, 2026, to stockholders of record as of July 17, 2026. The indicated annual rate is $4.08 per share.

During the first quarter, the company repurchased 3.2 million shares for $402 million under its share repurchase authorization, at an average purchase price of $125 per share. As of March 31, 2026, EOG had $2.9 billion remaining on its current repurchase authorization.

| Key Financial Results | | | | | | | | In millions of USD, except per-share, per-Boe and ratio data | | | | | | | | | | | | | | | | GAAP | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | | | Total Revenue | 6,921 | 5,638 | 5,847 | 5,478 | 5,669 | | | Net Income | 1,980 | 701 | 1,471 | 1,345 | 1,463 | | | Net Income Per Share | 3.70 | 1.30 | 2.70 | 2.46 | 2.65 | | | Net Cash Provided by Operating Activities | 2,966 | 2,612 | 3,111 | 2,032 | 2,289 | | | Total Expenditures | 1,768 | 1,730 | 8,544 | 1,883 | 1,546 | | | Current and Long-Term Debt | 7,931 | 7,936 | 7,694 | 4,236 | 4,744 | | | Cash and Cash Equivalents | 3,849 | 3,396 | 3,530 | 5,216 | 6,599 | | | Debt-to-Total Capitalization | 20.4 % | 21.0 % | 20.3 % | 12.7 % | 13.8 % | | | Cash Operating Costs ($/Boe) | 10.45 | 10.28 | 10.50 | 10.05 | 10.31 | | | | | | | | | | | Non–GAAP | | | | | | | | Adjusted Net Income | 1,825 | 1,222 | 1,472 | 1,268 | 1,586 | | | Adjusted Net Income Per Share | 3.41 | 2.27 | 2.71 | 2.32 | 2.87 | | | Adjusted CFO1 | 3,129 | 2,617 | 3,031 | 2,496 | 2,813 | | | Capital Expenditures | 1,636 | 1,639 | 1,648 | 1,523 | 1,484 | | | Free Cash Flow | 1,493 | 978 | 1,383 | 973 | 1,329 | | | Net Debt | 4,082 | 4,540 | 4,164 | (980) | (1,855) | | | Net Debt-to-Total Capitalization | 11.7 % | 13.2 % | 12.1 % | (3.5 %) | (6.7 %) | | | Cash Operating Costs ($/Boe)2 | 10.45 | 10.22 | 9.93 | 9.94 | 10.31 | |

| Key Operational Results | | | | | | | | | | | | | | | | Volumes | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | | | Crude Oil and Condensate (MBod) | 548.5 | 546.1 | 534.5 | 504.2 | 502.1 | | | Natural Gas Liquids (MBbld) | 332.1 | 342.1 | 309.3 | 258.4 | 241.7 | | | Natural Gas (MMcfd) | 3,020 | 3,065 | 2,745 | 2,229 | 2,080 | | | Total Crude Oil Equivalent (MBoed) | 1,383.8 | 1,399.0 | 1,301.2 | 1,134.1 | 1,090.4 | | | | | | | | | | | Cash Operating Costs ($/Boe) | | | | | | | | Lease & Well | 3.71 | 3.47 | 3.60 | 3.84 | 4.09 | | | Gathering, Processing & Transportation Costs | 5.25 | 5.07 | 4.90 | 4.41 | 4.48 | | | General & Administrative (GAAP) | 1.49 | 1.74 | 2.00 | 1.80 | 1.74 | | | General & Administrative (Non-GAAP) 2 | 1.49 | 1.68 | 1.43 | 1.69 | 1.74 | | | Cash Operating Costs (GAAP) | 10.45 | 10.28 | 10.50 | 10.05 | 10.31 | | | Cash Operating Costs (Non-GAAP)2 | 10.45 | 10.22 | 9.93 | 9.94 | 10.31 | | | | | | | | | | | Depreciation, Depletion & Amortization ($/Boe) | 9.58 | 9.53 | 9.77 | 10.20 | 10.32 | |

| First Quarter 2026 Results vs Guidance | | | | | | | | | | | | | | | | | | | | | | 1Q 2026 | | | | | | | | (Unaudited) | 1Q 2026 | Guidance Midpoint4 | Variance | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | | | Crude Oil and Condensate Volumes (MBod) | | | | | | | | | | United States | 546.5 | 544.7 | 1.8 | 544.5 | 532.9 | 503.1 | 500.9 | | | Trinidad | 1.9 | 1.8 | 0.1 | 1.5 | 1.6 | 1.1 | 1.2 | | | Other International5 | 0.1 | 0.0 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | | | Total | 548.5 | 546.5 | 2.0 | 546.1 | 534.5 | 504.2 | 502.1 | | | Natural Gas Liquids Volumes (MBbld) | | | | | | | | | | Total | 332.1 | 330.0 | 2.1 | 342.1 | 309.3 | 258.4 | 241.7 | | | Natural Gas Volumes (MMcfd) | | | | | | | | | | United States | 2,769 | 2,750 | 19 | 2,859 | 2,511 | 1,977 | 1,834 | | | Trinidad | 239 | 235 | 4 | 195 | 230 | 252 | 246 | | | Other International5 | 12 | 0 | 12 | 11 | 4 | 0 | 0 | | | Total | 3,020 | 2,985 | 35 | 3,065 | 2,745 | 2,229 | 2,080 | | | | | | | | | | | | | Total Crude Oil Equivalent Volumes (MBoed) | 1,383.8 | 1,374.0 | 9.8 | 1,399.0 | 1,301.2 | 1,134.1 | 1,090.4 | | | Total MMBoe | 124.5 | 123.7 | 0.8 | 128.7 | 119.7 | 103.2 | 98.1 | | | | | | | | | | | | | Benchmark Price | | | | | | | | | | Oil (WTI) ($/Bbl) | 72.17 | | | 59.17 | 64.95 | 63.71 | 71.42 | | | Natural Gas (HH) ($/Mcf) | 4.96 | | | 3.55 | 3.07 | 3.44 | 3.66 | | | | | | | | | | | | | Crude Oil and Condensate - above (below) WTI6($/Bbl) | | | | | | | | | | United States | 0.31 | (0.25) | 0.56 | 0.37 | 1.02 | 1.13 | 1.48 | | | Trinidad | (3.26) | (4.00) | 0.74 | (2.10) | (7.21) | (9.21) | (10.30) | | | Other International5 | 16.95 | 0.00 | 16.95 | 4.81 | 0.00 | 0.00 | 0.00 | | | Natural Gas Liquids - Realizations as % of WTI | | | | | | | | | | Total | 30.8 % | 31.0 % | (0.2 %) | 35.7 % | 32.7 % | 35.6 % | 36.8 % | | | Natural Gas - above (below) NYMEX Henry Hub7($/Mcf) | | | | | | | | | | United States | (1.21) | (1.30) | 0.09 | (0.61) | (0.36) | (0.57) | (0.30) | | | Natural Gas Realizations ($/Mcf) | | | | | | | | | | Trinidad | 3.91 | 3.50 | 0.41 | 3.94 | 3.80 | 3.65 | 3.78 | | | Other International5 | 3.26 | 0.00 | 3.26 | 3.29 | 3.27 | 0.00 | 0.00 | | | | | | | | | | | | | Total Expenditures (GAAP) ($MM) | 1,768 | | | 1,730 | 8,544 | 1,883 | 1,546 | | | Capital Expenditures (Non-GAAP) ($MM) | 1,636 | 1,625 | 11 | 1,639 | 1,648 | 1,523 | 1,484 | | | | | | | | | | | | | Operating Unit Costs ($/Boe) | | | | | | | | | | Lease and Well | 3.71 | 3.75 | (0.04) | 3.47 | 3.60 | 3.84 | 4.09 | | | Gathering, Processing and Transportation Costs | 5.25 | 5.20 | 0.05 | 5.07 | 4.90 | 4.41 | 4.48 | | | General & Administrative (GAAP) | 1.49 | | | 1.74 | 2.00 | 1.80 | 1.74 | | | General & Administrative (Non-GAAP)2 | 1.49 | 1.55 | (0.06) | 1.68 | 1.43 | 1.69 | 1.74 | | | Cash Operating Costs (GAAP) | 10.45 | | | 10.28 | 10.50 | 10.05 | 10.31 | | | Cash Operating Costs (Non-GAAP)2 | 10.45 | 10.50 | (0.05) | 10.22 | 9.93 | 9.94 | 10.31 | | | Depreciation, Depletion and Amortization | 9.58 | 9.60 | (0.02) | 9.53 | 9.77 | 10.20 | 10.32 | | | | | | | | | | | | | Expenses ($MM) | | | | | | | | | | Exploration and Dry Hole | 68 | 50 | 18 | 54 | 71 | 85 | 75 | | | Impairment (GAAP) | 39 | | | 689 | 71 | 39 | 44 | | | Impairment (excluding certain impairments (Non-GAAP))8 | 39 | 70 | (31) | 43 | 71 | 28 | 44 | | | Capitalized Interest | 37 | 37 | 0 | 36 | 27 | 11 | 12 | | | Net Interest (GAAP) | 66 | | | 66 | 71 | 51 | 47 | | | Net Interest (Non-GAAP)9 | 66 | 67 | (1) | 66 | 71 | 45 | 47 | | | | | | | | | | | | | TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) | | | | | | | | | | (GAAP) | 6.4 % | | | 6.3 % | 6.8 % | 7.3 % | 7.6 % | | | (Non-GAAP) | 6.4 % | 7.0 % | (0.6 %) | 6.3 % | 6.8 % | 7.3 % | 7.6 % | | | Income Taxes | | | | | | | | | | Effective Rate | 22.5 % | 23.0 % | (0.5 %) | 22.8 % | 19.4 % | 23.2 % | 22.1 % | | | Current Tax Expense ($MM) | 557 | 280 | 277 | 293 | 75 | 301 | 370 | |

| Second Quarter and Full-Year 2026 Guidance10 | | | | | | | | | | | | | | | | | | | | (Unaudited) | 2Q 2026

Guidance

Range | 2Q 2026

Midpoint | FY 2026

Guidance

Range | FY 2026

Midpoint | | | | | | Crude Oil and Condensate Volumes (MBod) | | | | | | | | | | United States | 544.2 | - | 548.8 | 546.5 | 544.7 | - | 549.3 | 547.0 | | Trinidad | 1.8 | - | 2.2 | 2.0 | 1.3 | - | 1.7 | 1.5 | | Total | 546.0 | - | 551.0 | 548.5 | 546.0 | - | 551.0 | 548.5 | | Natural Gas Liquids Volumes (MBbld) | | | | | | | | | | Total | 327.0 | - | 347.0 | 337.0 | 331.0 | - | 351.0 | 341.0 | | Natural Gas Volumes (MMcfd) | | | | | | | | | | United States | 2,735 | - | 2,835 | 2,785 | 2,760 | - | 2,860 | 2,810 | | Trinidad | 240 | - | 260 | 250 | 220 | - | 240 | 230 | | Total | 2,975 | - | 3,095 | 3,035 | 2,980 | - | 3,100 | 3,040 | | Crude Oil Equivalent Volumes (MBoed) | | | | | | | | | | United States | 1,327.0 | - | 1,368.3 | 1,347.7 | 1,335.7 | - | 1,377.0 | 1,356.3 | | Trinidad | 41.8 | - | 45.5 | 43.7 | 38.0 | - | 41.7 | 39.8 | | Total | 1,368.8 | - | 1,413.8 | 1,391.4 | 1,373.7 | - | 1,418.7 | 1,396.1 | | | | | | | | | | | | Crude Oil and Condensate - above (below) WTI6 ($/Bbl) | | | | | | | | | | United States | 5.00 | - | 6.50 | 5.75 | 2.25 | - | 4.25 | 3.25 | | Trinidad | (1.75) | - | (0.25) | (1.00) | (1.00) | - | 1.00 | 0.00 | | Natural Gas Liquids - Realizations as % of WTI | | | | | | | | | | Total | 22.0 % | - | 32.0 % | 27.0 % | 24.5 % | - | 34.5 % | 29.5 % | | Natural Gas - above (below) NYMEX Henry Hub7($/Mcf) | | | | | | | | | | United States | (0.50) | - | 0.20 | (0.15) | (1.30) | - | 0.70 | (0.30) | | Natural Gas Realizations ($/Mcf) | | | | | | | | | | Trinidad | 3.40 | - | 4.10 | 3.75 | 3.25 | - | 4.25 | 3.75 | | | | | | | | | | | | Capital Expenditures11($MM) | 1,575 | - | 1,675 | 1,625 | 6,300 | - | 6,700 | 6,500 | | | | | | | | | | | | Operating Unit Costs ($/Boe) | | | | | | | | | | Lease and Well | 3.45 | - | 3.95 | 3.70 | 3.45 | - | 3.95 | 3.70 | | Gathering, Processing and Transportation Costs | 5.05 | - | 5.55 | 5.30 | 5.05 | - | 5.55 | 5.30 | | General & Administrative | 1.35 | - | 1.65 | 1.50 | 1.40 | - | 1.70 | 1.55 | | Cash Operating Costs | 9.85 | - | 11.15 | 10.50 | 9.90 | - | 11.20 | 10.55 | | Depreciation, Depletion and Amortization | 9.20 | - | 10.20 | 9.70 | 9.35 | - | 10.35 | 9.85 | | | | | | | | | | | | Expenses ($MM) | | | | | | | | | | Exploration and Dry Hole | 45 | - | 85 | 65 | 205 | - | 245 | 225 | | Impairment (excluding certain impairments)8 | 40 | - | 120 | 80 | 190 | - | 370 | 280 | | Capitalized Interest | 35 | - | 39 | 37 | 147 | - | 151 | 149 | | Net Interest | 66 | - | 70 | 68 | 267 | - | 271 | 269 | | | | | | | | | | | | TOTI (% of revenues from sales of crude oil and condensate,

NGLs and natural gas) | 6.0 % | - | 8.0 % | 7.0 % | 5.8 % | - | 7.8 % | 6.8 % | | | | | | | | | | | | Income Taxes | | | | | | | | | | Effective Rate | 20.0 % | - | 25.0 % | 22.5 % | 20.0 % | - | 25.0 % | 22.5 % | | Current Tax Expense ($MM) | 525 | - | 625 | 575 | 2,120 | - | 2,420 | 2,270 |

First Quarter 2026 Results Webcast Wednesday, May 6, 2026, 9:00 a.m. Central time (10:00 a.m. Eastern time) Webcast will be available on EOG's website for one year. https://investors.eogresources.com/Investors

About EOG EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States and Trinidad. To learn more visit https://www.eogresources.com/

Investor Contacts Pearce Hammond 713-571-4684 Neel Panchal 713-571-4884 Shelby O'Connor 713-571-4560 Cameron Hughes 713-571-3724

Media Contact Kimberly Ehmer 713-571-4676

| Endnotes | | | 1) | Cash flow from operations before changes in working capital and certain acquisition-related costs. | | 2) | Cash Operating Costs consist of LOE, GP&T and G&A. Non-GAAP G&A excludes Encino acquisition-related G&A costs of $8 million for 4Q 2025, $68 million for 3Q 2025 and $12 million for 2Q 2025, as reflected in the accompanying reconciliation schedules (see "Revenues, Costs and Margins Per Barrel of Oil Equivalent"). The per-Boe impact of such Encino acquisition–related costs on G&A and total Cash Operating Costs for 4Q 2025 was ($0.06), for 3Q 2025 was ($0.57) and for 2Q 2025 was ($0.11) as set forth in "First Quarter 2026 Results vs Guidance" above. | | 3) | Other includes gathering, processing and marketing revenue, gains (losses) on asset dispositions (for GAAP earnings per share only), other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares. | | 4) | GAAP and Non-GAAP distinctions apply solely to actual results and do not pertain to EOG's first quarter 2026 guidance midpoint disclosures. | | 5) | Production volumes from Bahrain operations; natural gas realized price represents contract price less partner's processing and distribution costs. | | 6) | EOG bases United States and Trinidad crude oil and condensate price differentials upon the West Texas Intermediate crude oil price at Cushing, Oklahoma, using the simple average of the daily settlement prices for the prompt-month NYMEX futures contract for each of the applicable calendar months. | | 7) | EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the NYMEX Last Day Settle price for each of the applicable months. | | 8) | In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total impairment costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG's control (versus, for example, impairments that are due to EOG's proved oil and gas properties not being as productive as it originally estimated). Impairments (Non-GAAP) for 4Q 2025 are adjusted from Impairments (GAAP) for 4Q 2025 by excluding $646 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation). | | 9) | Net interest expense (Non-GAAP) excludes Encino acquisition-related financing commitment costs of $6 million in 2Q 2025. | | 10) | The forecast items for the second quarter and full year 2026 set forth above for EOG are based on currently available information and expectations as of the date of this press release. EOG undertakes no obligation, other than as required by applicable law, to update or revise this forecast, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise. This forecast, which should be read in conjunction with this press release and EOG's related Current Report on Form 8-K filing, replaces and supersedes any previously issued guidance or forecast. | | 11) | The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses. |

Cautionary Notice

This press release and any accompanying disclosures may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG's future financial position, operations, performance, business strategy, goals, returns and rates of return, budgets, reserves, levels of production, capital expenditures, operating costs and asset sales, statements regarding future commodity prices, statements regarding the plans and objectives of EOG's management for future operations and statements and projections regarding the strategic rationale for, and anticipated benefits of, EOG's acquisition of Encino Acquisition Partners, LLC (Encino) are forward-looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "project," "strategy," "intend," "plan," "target," "aims," "ambition," "initiative," "goal," "may," "will," "focused on," "should" and "believe" or the negative of those terms or other variations or comparable terminology to identify its forward-looking statements. In particular, statements, express or implied, concerning (i) EOG's future financial or operating results and returns, (ii) EOG's ability to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control drilling, completion and operating costs and capital expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, other environmental matters or safety matters, pay and/or increase regular and/or special dividends or repurchase shares or (iii) the successful integration of Encino's assets and operations or the strategic rationale for, or anticipated benefits of, EOG's acquisition of Encino, in each case are forward-looking statements. Forward-looking statements are not guarantees of performance. Although EOG believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that such assumptions are accurate or will prove to have been correct or that any of such expectations will be achieved (in full or at all) or will be achieved on the expected or anticipated timelines. Moreover, EOG's forward-looking statements may be affected by known, unknown or currently unforeseen risks, events or circumstances that may be outside EOG's control. Important factors that could cause EOG's actual results to differ materially from the expectations reflected in EOG's forward-looking statements include, among others: