EOG Resources, Inc. EOG is set to report second-quarter 2026 results on Aug. 4, after the closing bell.
In the last reported quarter, its earnings of $3.41 per share beat the Zacks Consensus Estimate of $3.07. The upstream player’s earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 7.69%. This is depicted in the graph below:
EOG Resources, Inc. Price and EPS Surprise
EOG Resources, Inc. price-eps-surprise | EOG Resources, Inc. Quote
Estimate Trend for EOG
The Zacks Consensus Estimate for second-quarter earnings per share of $5.10 has been revised upward over the past seven days. The estimated figure indicates a 119.8% improvement from the prior-year reported number.
The Zacks Consensus Estimate for revenues of $7.95 billion implies a 45.2% increase from the year-ago recorded figure.
Factors to Consider for EOG
To have an idea of how oil prices behaved in the June quarter, let's analyze the commodity prices from the data provided by the U.S. Energy Information Administration (“EIA”). The average Cushing, OK, WTI spot prices for April, May and June of this year were $100.32 per barrel, $102.13 per barrel and $84.81 per barrel, respectively, per EIA data. Commodity prices were $63.54 per barrel, $62.17 per barrel and $68.17 per barrel, respectively, in April, May and June of 2025, according to the EIA.
A constructive oil-price backdrop due to the Iran war aided the company’s exploration and production businesses in the June quarter of this year. Thus, the leading upstream player is likely to have produced higher volumes in the second quarter. Our model predicts a year-over-year improvement of 22.4% for the company’s total daily crude oil equivalent volumes in the second quarter.
Earnings Whispers
Our proven model doesn’t indicate an earnings beat for EOG this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That isn’t the case here, as you will see below.
Earnings ESP: EOG has an Earnings ESP of -2.06%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: EOG currently carries a Zacks Rank #3.
Stocks to Consider
Here are some stocks that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
Occidental OXY currently has an Earnings ESP of +6.66% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
OXY is scheduled to release second-quarter earnings on Aug. 5. The Zacks Consensus Estimate for OXY’s earnings is pegged at $1.95 per share, implying a 400% increase from the prior-year reported figure.
Energy Transfer LP ET currently has an Earnings ESP of +5.88% and a Zacks Rank #3.
Energy Transfer is scheduled to release second-quarter earnings on Aug. 4. The Zacks Consensus Estimate for ET’s earnings is pegged at 38 cents per share, indicating an 18.8% improvement from the prior-year reported figure.
Devon Energy DVN currently has an Earnings ESP of +0.61% and a Zacks Rank #3.
DVN is scheduled to release second-quarter earnings on Aug. 4. The Zacks Consensus Estimate for DVN’s earnings is pegged at $1.30 per share, implying a 54.76% increase from the prior-year reported figure.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
EOG Resources, Inc. (EOG): Free Stock Analysis Report
Devon Energy Corporation (DVN): Free Stock Analysis Report
Occidental Petroleum Corporation (OXY): Free Stock Analysis Report
Energy Transfer LP (ET): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).