EOG · EOG Resources, Inc.

EOG Resources raised its first quarter 2026 current tax expense guidance significantly from the $230 million to $330 million range provided on February 24, 2026, to a new range of $500 million to $600 million. This adjustment reflects higher than anticipated crude oil prices realized in the quarter and expected for the full year, attributed directly to the conflict in the Middle East. Investors should note this impacts reported earnings, as current tax expense flows through the income statement. The company explicitly stated it is not updating or confirming any other guidance elements from the prior issuance, maintaining stability on other operational and financial outlooks. Additionally, EOG disclosed paying $53 million net cash in Q1 2026 for settlements of financial commodity derivative contracts, with no cash activity on its Brent-linked gas sales contract ahead of deliveries starting in 2027. Realized prices diverged from NYMEX benchmarks due to basis, quality, and adjustments, with WTI at $72.17 per barrel and Henry Hub natural gas at $4.96 per MMBtu averages.