EOG: Post 1Q26 Adjustments; Lowering PT

Research evidence excerpt

EOG: Post 1Q26 Adjustments; Lowering PT

Equity Research

Price Target Change — May 12, 2026

Exploration & Production

EOG Resources, Inc.

Post 1Q26 Adjustments; Lowering PT Overweight

Price Target: $196.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

EOG offers strong oil price leverage, premium realizations, disciplined capital allocation, Price Target $196.00 $199.00 -1.5%

and peer-leading cash returns. Exploration-driven inventory expansion and growing EPS 2026 16.92 18.35 -7.8%

international exposure continue to reinforce long-term value creation. EPS 2027 16.36 16.96 -3.6%

Rev. (MM) 2026 29.90B 29.67B 0.8%

Macro View. EOG maintained a constructive oil outlook, with mgmt highlighting tighter Rev. (MM) 2027 29.33B 27.97B 4.9%

global balances amid geopolitical disruptions, constrained spare capacity, and below-

normal inventories. Mgmt expects a period of above mid-cycle oil pricing, supported Ticker EOG

by inventory rebuilding, SPR replenishment, and elevated risk premiums. Despite the

Upside/(Downside) to Target 46.1%stronger macro backdrop, EOG continues to emphasize capital discipline and FCF

durability over accelerating activity, reinforcing its return-focused framework. Price (05/12/2026) $134.13

52 Week Range $101.59 - 151.87

Updated 2026 Plan. EOG modestly revised its FY26 plan with a mix shift toward Market Cap (MM) $71,760

liquids, increasing oil (+2 mbbl/d) and NGL (+6 mbbl/d) production guidance while Enterprise Value (MM) $76,745

lowering gas (-45 mmcf/d), all within a flat $6.5bn capital budget. The change reflects Average Daily Value (MM) $682

reallocated activity from Dorado toward higher-return oil plays in the Delaware and Utica. Dividend Yield 3.0%

Importantly, adjustments appear incremental and cadence-driven, preserving operational