EOG Resources Inc

EOG Resources delivered a sequentially stronger first quarter in 2025, posting adjusted earnings of $2.87 per share on revenue of $5.67 billion as disciplined production growth and a sharp recovery in natural gas prices helped offset a meaningful pullback in crude oil realizations. GAAP diluted EPS came in at $2.65, up from $2.23 in Q4 2024, though both measures trailed the year-ago quarter when oil fetched $78.45 per barrel versus $72.87 this period. The real story behind the numbers was volume momentum: total production climbed to 1,090.4 MBoed from 1,028.8 MBoed a year earlier, while natural gas prices surged to $3.41 per Mcf from just $2.26, providing a meaningful cushion against weaker oil revenue. Free cash flow reached $1.33 billion, supporting $806 million in share repurchases alongside $0.98 per share in dividends. EOG also trimmed its 2025 capital expenditure outlook and indicated plans to hold oil production steady through the remainder of the year, signaling confidence in operational efficiency even as commodity price uncertainty lingers across the broader energy sector.