GuidanceApr 9, 2026, 04:37 PM
EOG Resources Updates Q1 2026 Current Tax Expense Guidance to $500M-$600M, Citing Higher Crude Oil Prices
AI Summary
EOG Resources, Inc. (EOG) has significantly revised its first quarter 2026 current tax expense guidance, increasing it from an initial forecast of $230 million - $330 million to a new range of $500 million - $600 million. This upward adjustment is primarily attributed to higher crude oil prices realized during Q1 2026 and anticipated for the full year, stemming from the ongoing conflict in the Middle East. While the higher tax expense reflects improved pre-tax profitability, it will impact net income expectations for the quarter. The company explicitly stated that no other financial guidance ranges for Q1 or full year 2026, previously issued on February 24, 2026, are being updated or confirmed at this time.
Key Highlights
- EOG Resources updated its first quarter 2026 current tax expense guidance from an initial range of $230 million - $330 million.
- The revised guidance for Q1 2026 current tax expense is now $500 million - $600 million, representing a significant increase of approximately 82% to 117% at the midpoint.
- The increase in anticipated tax expense is due to higher crude oil prices realized in Q1 2026 and expected for the full year, influenced by the conflict in the Middle East.
- During the first quarter of 2026, EOG paid net cash of $53 million for settlements of Financial Commodity Derivative Contracts.
- For the quarter ended March 31, 2026, U.S. NYMEX West Texas Intermediate crude oil averaged $72.17 per barrel, and NYMEX natural gas at Henry Hub averaged $4.96 per million British thermal units.
- EOG is not updating or confirming any other financial guidance ranges for the first quarter or full year 2026 beyond the current tax expense.