EOG Resources, Inc. EOG is set to report first-quarter 2026 results on May 5, after market close.
In the last reported quarter, its adjusted earnings of $2.27 per share beat the Zacks Consensus Estimate of $2.20, primarily driven by higher oil-equivalent production volumes.
EOG’s earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 6.11%. This is depicted in the graph below:
EOG Resources, Inc. Price, Consensus and EPS Surprise
EOG Resources, Inc. price-consensus-eps-surprise-chart | EOG Resources, Inc. Quote
Earnings Estimate Trend
The Zacks Consensus Estimate for first-quarter earnings per share of $3.05 has witnessed one downward revision and no upward revision over the past seven days. The estimated figure suggests an increase of 6.3% from the prior-year reported number.
The Zacks Consensus Estimate for revenues is pegged at $6.2 billion, indicating a 9.3% increase from the year-ago recorded figure.
Factors to Consider
EOG Resources’ upstream production is supported by highly productive acreages in premier oil shale plays like the Permian and Eagle Ford. The company boasts numerous untapped, high-quality drilling sites, which strengthen its production outlook and lower risk profile.
As per data from the U.S. Energy Information Administration, the West Texas Intermediate (“WTI”) spot price averaged $72.74 per barrel in the first quarter compared with $71.85 per barrel in the corresponding period of 2025.
The onset of the United States-Iran conflict in the Middle East at the end of February rattled global commodity markets, with oil prices surging to above $90 per barrel. This is expected to have positively impacted oil-producing companies like EOG Resources. Since the company’s production is mainly weighted toward crude oil and condensate, a higher commodity price is anticipated to have provided a strong earnings environment toward the end of the first quarter.
These factors are anticipated to have supported demand and pricing dynamics, positively impacting EOG Resources’ quarterly performance.
Earnings Whispers
Our proven model indicates 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 is the case here, as you will see below.
Earnings ESP: EOG Resources has an Earnings ESP of +7.62%. 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 #2.
Other Stocks to Consider
Here are three firms that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
Venture Global VG is a cost-efficient provider of LNG and it operates several natural gas liquefaction and export projects along the U.S. Gulf Coast. It currently has an Earnings ESP of +9.36% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Venture Global is scheduled to release first-quarter 2026 earnings on May 12. The Zacks Consensus Estimate for VG’s earnings is pegged at 13 cents per share, indicating a 18.8% decrease from the prior-year reported figure.
Ovintiv Inc. OVV is a leading independent exploration and production player with a diverse asset base located in the United States and Canada. It currently has an Earnings ESP of +21.28% and a Zacks Rank #2.
Ovintiv is scheduled to release first-quarter 2026 earnings on May 11. The Zacks Consensus Estimate for OVV’s earnings is pegged at $1.52 per share, indicating a 7% increase from the prior-year reported figure.
Targa Resources Corporation TRGP is a leading provider of midstream services in North America and mostly derives its revenues from gathering, compressing, treating, processing and selling natural gas. It currently has an Earnings ESP of +0.77% and a Zacks Rank #3.
Targa Resources is scheduled to release first-quarter 2026 earnings on May 7. The Zacks Consensus Estimate for TRGP’s earnings is pegged at $2.56 per share, indicating a 181.3% increase from the prior-year reported figure.
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EOG Resources, Inc. (EOG): Free Stock Analysis Report
Venture Global, Inc. (VG): Free Stock Analysis Report
Targa Resources, Inc. (TRGP): Free Stock Analysis Report
Ovintiv Inc. (OVV): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).