EOG Resources reported its fourth‑quarter 2025 earnings on February 24, 2026, beating adjusted earnings‑per‑share estimates while falling short of revenue expectations.
Adjusted EPS of $2.27 per share exceeded the consensus estimate of $2.20, a 3.4% beat. The outperformance was largely driven by disciplined cost management and higher production volumes that helped offset lower oil and gas price realizations.
Revenue for the quarter was $5.64 billion, below the consensus estimate of $5.80 billion. The shortfall was mainly due to weaker price realizations in the U.S. oil and gas markets, even as output grew 0.9% year‑over‑year.
Management guided for 2026 with capital expenditures of approximately $6.5 billion and projected production volumes of 544‑549 mbbl/d of crude oil and condensate, 320‑340 mbbl/d of NGLs, and 2,925‑3,045 Mmcf/d of natural gas, signaling confidence in maintaining growth while preserving free‑cash‑flow generation.
CEO Ezra Yacob highlighted that “2025 was a year of exceptional operational execution…our differentiated marketing strategy delivered peer‑leading U.S. price realizations, further strengthening margins.” The CFO noted that, despite revenue challenges, cost efficiency continues to drive strategic objectives.
Investors responded cautiously positive, reflecting confidence in EOG’s operational discipline and shareholder‑return program while noting the revenue miss as a near‑term headwind.
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