EOG Resources Q2 revenue beats estimates on higher oil prices

EOG Resources

04/08/2026 21:33

Overview
U.S. oil and gas producer's Q2 revenue rose, beating analyst expectations
Adjusted EPS and adjusted net income for Q2 both beat analyst expectations
Company repurchased $1.3 bln of shares in Q2

Outlook
EOG sees full-year 2026 total production at 1,378.3-1,423.1 MBoed, midpoint 1,400.7 MBoed
Company expects 2026 capital expenditures of $6.3 bln to $6.7 bln, midpoint $6.5 bln
EOG expects to deliver 5% oil production growth and 14% total production growth in 2026

Result Drivers
HIGHER OIL PRICES - Co said increased oil prices contributed to record Q2 financial performance
COST CONTROL - Lease operating and gathering, processing & transportation costs were below guidance midpoints, supporting margins
UAE PRODUCTION - Co established UAE oil production with successful initial test results from two one-mile lateral wells

Company press release: ID:nPn67kPPwa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
$8.62 bln
$7.74 bln (11 Analysts)
Q2 Adjusted EPS
Beat
$5.07
$4.98 (23 Analysts)
Q2 EPS
 
$5.15
 
Q2 Adjusted Net Income
Beat
$2.68 bln
$2.55 bln (16 Analysts)
Q2 Net Income
 
$2.72 bln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 16 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy"
Wall Street's median 12-month price target for EOG Resources Inc is $157.00, about 7.8% above its August 3 closing price of $145.68
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads
Aug 3 - Diamondback rides on higher oil prices to top profit estimates, raise output forecast
Aug 4 - US shale producer Devon Energy tops second-quarter profit estimates
Aug 3 - War-fueled oil rally set to lift shale profits to highest since 2022

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)