-- EOG Resources (EOG) raised its full-year crude oil and natural gas liquids production on Wednesday, to reflect reallocation of its capital investments, it said in its Q1 2026 earnings report, targeting 548,500 barrels of crude oil and condensates and 3.04 billion cubic feet per day of natural gas.
Q1 crude average output figure was exactly aligned with the target, at 548,500 barrels per day, while natural gas came in slightly lower at 3.02 billion cubic feet per day.
Total output of oil and gas was 1.384 million barrels of oil equivalent per day, the earnings statement said, a significant increase from 1.09 mmboe/d in Q1 2025 and ahead of guidance of 1.374 mmboe/d.
Almost all of the company's hydrocarbons are produced in the US with a small amount originating in Trinidad and Tobago.
The company expects 2026 production between 1.374 mmboe/d and 1.419 mmboe/d.
EOG Chief Executive Ezra Yacob said the company was well-positioned to benefit from current market dynamics and that it had altered investment plans in the context of higher international energy prices.
"We are reallocating some capital for the remainder of this year to liquids assets while keeping our capital budget unchanged. This drives a modest increase in oil and NGL production this year versus our prior guidance while providing optionality for future growth," he said.