EOG Resources (EOG) Q1 2026 Financial Results Summary

EOG Resources released its financial results for the first quarter of 2026 on March 31, 2026. Below is a summary of the key findings from their report.

Financial Highlights:

• Net Income (GAAP):
  • For Q1 2026: $2.555 billion
  • Compared to Q1 2025: $1.877 billion
  • Growth of 36.0% year-on-year.
• Adjusted Net Income (Non-GAAP):
  • For Q1 2026: $2.358 billion
  • Compared to Q1 2025: $2.031 billion
  • Increase of 16.0% year-over-year.
• Diluted Earnings Per Share:
  • For Q1 2026: $3.70
  • Compared to Q1 2025: $2.65
  • Increase of 39.5% year-on-year.
• Total Revenues:
  • For Q1 2026: $6.921 billion
  • Compared to Q1 2025: $5.669 billion
  • Growth of 22.1% year-over-year.
• Operating Income:
  • For Q1 2026: $2.598 billion
  • Compared to Q1 2025: $1.859 billion
  • Increase of 39.7% year-on-year.
• Total Operating Expenses:
  • For Q1 2026: $4.323 billion
  • Compared to Q1 2025: $3.810 billion
  • Increase of 13.5% year-over-year.
• Free Cash Flow (Non-GAAP):
  • For Q1 2026: $5.367 billion
  • Compared to Q1 2025: $5.108 billion
  • Increase of 5.1% year-over-year.

Shares and Dividends:

EOG Resources declared a quarterly dividend of $1.00 per share in Q1 2026, maintaining the same level as compared to the previous quarter.

The company repurchased $1.0 billion worth of shares in Q1 2026.

Key Metrics:

Production and Volume:

• Crude Oil Equivalent Production Volumes:
  • For Q1 2026: 124.5 million barrels
  • Compared to Q4 2025: 128.7 million barrels
  • Decrease of 3.3% quarter-over-quarter.

Prices:

• Composite Average Revenue from Sales of Crude Oil and Natural Gas:
  • For Q1 2026: $42.24 per barrel
  • Compared to Q4 2025: $34.99 per barrel
  • Increase of 20.1% quarter-over-quarter.

Cost Metrics:

• Total Cash Operating Costs:
  • For Q1 2026: $19.81 per barrel
  • Compared to Q4 2025: $19.75 per barrel
  • Slight increase of 0.3% quarter-over-quarter.
• General and Administrative Costs:
  • For Q1 2026: $185 million
  • Compared to Q4 2025: $224 million
  • Decrease of 17.4% quarter-over-quarter.

Capital Expenditures:

• For Q1 2026: $6.226 billion in total capital expenditures.
• Compared to Q1 2025: $6.041 billion
• Increase of 3.1% year-over-year.

Net Debt-to-Total Capitalization Ratio:

• For Q1 2026: 11.7%, down from 13.2% in Q4 2025.
• Improvement of 1.5 percentage points quarter-over-quarter.

Conclusion:

EOG Resources showed substantial growth in its first-quarter financial results for 2026 compared to the same quarter last year. The increase in revenues, net income, and adjusted net income signifies strong operational performance and effective cost management. The declaration of a consistent dividend alongside share repurchases demonstrates the company's commitment to returning value to shareholders while maintaining a healthy balance sheet. Overall, EOG Resources continues to position itself favorably in the oil and gas sector.

Note: All amounts in the following tables are in millions or thousands of USD.

	2025	2026
Revenues	2,910	3,606
Costs and Expenses	885	942
Operating Income	2,025	2,664
Other Income (Expense)	(9)	(1)
Income Before Tax	2,016	2,663
Income Tax Expense	516	683
Net Income	1,500	1,980

Total Assets	2025	2026
Current Assets	46,982	53,378
Property Plant and Equipment	97,728	90,786
Total Assets	144,365	145,544
Current Liabilities	5,719	5,224
Long-term Debt	7,904	7,904
Total Liabilities	14,160	11,128
Equity	30,908	31,200

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