EOG Resources (EOG) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong operational and financial performance, 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.

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

• Returned nearly $950 million to shareholders in Q1 2026 via dividends and share repurchases, with a continued commitment to high shareholder returns.

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

• Maintained a strong balance sheet, with net debt-to-EBITDA at 0.4x and a focus on sustainability and emissions reduction.

Financial highlights

• Adjusted EPS for Q1 2026 was $3.41, with adjusted cash flow from operations per share of $5.85.

• Free cash flow for Q1 2026 was $1.5 billion, with projected 2026 free cash flow of $8.5 billion at current strip pricing.

• Total revenue for Q1 2026 was $6.92 billion, and net cash provided by operating activities was $2.97 billion.

• Ended Q1 2026 with $3.8–$3.85 billion in cash and net debt of $4.1 billion.

• Returned $950 million to shareholders in Q1: $550 million in dividends and $400 million in share repurchases.

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 record annual cash return and a $2.2 billion regular dividend commitment.

• 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%.