EOG Resources EOG reported fourth-quarter 2025 adjusted earnings per share of $2.27, which beat the Zacks Consensus Estimate of $2.20. The bottom line decreased from the year-ago quarter’s $2.74.
Total quarterly revenues of $5.64 billion missed the Zacks Consensus Estimate of $5.8 billion. The top line increased from $5.59 billion in the prior-year quarter.
The better-than-expected quarterly earnings were driven by higher oil-equivalent production volumes. A decline in the average realized price for crude oil and condensates partially offset the positives.
EOG Resources, Inc. Price, Consensus and EPS Surprise
EOG Resources, Inc. price-consensus-eps-surprise-chart | EOG Resources, Inc. Quote
In the quarter under review, total volumes increased 28% year over year to 128.7 million barrels of oil equivalent (MMBoe), driven by higher crude oil and natural gas volumes from its multi-basin portfolio in the United States. The figure surpassed our estimate of 125.6 MMBoe.
Crude oil and condensate production totaled 546.1 thousand barrels per day (MBbls/d), up 10.4% from the year-ago quarter’s level. The figure beat our estimate of 543.6 MBbls/d.
NGL volumes increased 35.5% year over year to 342.1 MBbls/d. The figure beat our estimate of 318.3 MBbls/d.
Natural gas volume rose to 3,065 million cubic feet per day (MMcf/d) from the year-ago quarter’s 2,092 MMcf/d. The reported figure beat our estimate of 3,020.5 MMcf/d.
The average price realization for the company’s crude oil and condensates was $59.54 per barrel compared with $71.66 in the prior-year quarter.
Natural gas was sold at $3.00 per Mcf, reflecting a year-over-year improvement of 16.7%.
In the fourth quarter, lease and well expenses increased to $447 million from $394 million a year ago.
The company reported gathering, processing and transportation costs of $652 million, higher than the year-ago quarter’s $441 million. Exploration costs declined to $50 million from $52 million in the year-ago quarter. Total operating expenses were $4.7 billion, higher than $3.99 billion recorded a year ago.
As of Dec. 31, 2025, EOG Resources had cash and cash equivalents worth $3.4 billion and long-term debt of $7.9 billion. The current portion of the long-term debt totaled $27 million.
In the reported quarter, the company generated $978 million in free cash flow. Capital expenditure amounted to $1.64 billion.
For the first quarter of 2026, EOG expects total production of 1,351.5 to 1,396.5 MBoe/d. For full-year 2026, the company has projected total production between 1,373.1 Mboe/d and 1,418.2 Mboe/d. EOG has outlined a capital plan of $6.5 billion for the year.