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14:00
May 06 ◎

EOG FY2026 Q1 Watch

EOG Resources, Inc. (EOG) FY2026 Q1 Earnings Call

EOG LNG ET OII PTEN ▾

Ezra Yacob

Management's tone is highly positive, underpinned by a constructive oil price outlook from geopolitical risk and a growing free cash flow projection, while maintaining a disciplined $6.5 billion capital budget.

"At current strip pricing and using guidance midpoints, our 2026 plan generates a record $8.5 billion in free cash flow."

EOG WATCH

Jeff Leitzel

EOG is reallocating capital from its Dorado gas asset to oil-weighted plays to offset the negative impact of high L48 storage, which could signify a larger industry trend of near-term gas output discipline despite LNG demand growth. — This suggests a short-term cap on US gas supply growth, which could tighten the market sooner than expected but is being driven by capital constraints rather than demand weakness.

"our Chenier contract expanded from 140,000 million BTUs per day to 280,000 million BTUs per day during the first quarter of 2026. An additional 140,000 million BTUs will start in the second quarter of this year, bringing us to the full"

LNG WATCH

Ezra Yacob

"you've seen inventory levels climb above the five-year average and gas prices pull back just a little bit. And so for us, it's a pretty simple calculation of just reallocating some of the activity in Dorado to some of our more oil-weighted"

ET WATCH

Jeff Leitzel

EOG's logistical and cost advantages insulate it from rising diesel prices, as 70% of its drilling rigs can run on natural gas and all frac fleets are dual-fuel, potentially creating a competitive advantage over smaller peers. — This highlights a cost edge that could allow EOG to outcompete on well economics while fuel costs are high, potentially accelerating market share gains over less-efficient operators.

"Approximately 70% of our drilling rigs can run on natural gas and 100% of our frac fleets are e-frac or dual fuel capable, both able to be powered by our low-cost field gas, which significantly mitigates exposure from rising diesel prices."

OII WATCH PTEN WATCH

HIGH

15:00
Feb 25 ◎

EOG FY2025 Q4 Watch

EOG Resources, Inc. (EOG) FY2025 Q4 Earnings Call

HAL SLB XOM CVX ▾

Ezra Yacob

EOG's 2026 capital program implies flat oil production vs Q4 2025 exit, which is a signal that the company is not seeing enough high-return projects to grow oil output even at $55-70 WTI. — This suggests U.S. shale oil growth is flattening, reducing demand for pressure pumping and drilling services in the Permian.

"we're keeping oil production flat with fourth quarter 2025 levels, which results in annual oil production growth of 5%"

HAL WATCH SLB WATCH

Ezra Yacob

EOG sees global spare capacity declining, which should provide a floor under oil prices even as near-term inventories build. — Confirms a constructive medium-term oil price outlook, supporting capex plans of oil majors.

"global spare capacity is declining. which should provide an oil price floor"

XOM WATCH CVX WATCH

MED

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