EOG: Quarterly Check-Up: 2Q26

研报英文原文证据摘录

EOG: Quarterly Check-Up: 2Q26

RBC Capital Markets, LLC

Scott Hanold (Analyst)

(512) 708-6354, scott.hanold@rbccm.com

Octavian Jordan (AVP)

(212) 618-3012, octavian.jordan@rbccm.com

Samuel Cox (Senior Associate)

(512) 708-6309, samuel.cox@rbccm.com

June 30, 2026

EOG Resources, Inc. Outperform

NYSE: EOG; USD 129.73RESEARCH Quarterly Check-Up: 2Q26 Price Target USD 175.00

Our view: 2Q26 results should highlight a constructive backdrop on EOG's Scenario Analysis* Permian asset with improved near-term productivity and enhanced by a

higher weighting to Federal leases. We see oil production at the top of Downside Current Price Upside

guidance. Management indicated initial exploration results in UAE/Bahrain Scenario Price Target Scenario

come during 2H26. EOG is committed to a 70+% return of FCF, and we think 90.00 129.73 175.00 190.00

2Q26 stock buybacks were $1.4 billion. Key investor debates/discussions 27% 38% 50%

are Bahrain/UAE exploration, magnitude of shareholder returns, Delaware *Implied Total ReturnsEQUITY inventory/well performance, and the evolution of the Utica asset. Key Statistics

Shares O/S (MM): 532.6 Market Cap (MM): 69,098

Dividend: 4.33 Yield: 3.3%

Key points: Float (MM): 544.7 Tr. 12 ROE: 19.24%

• Our 2Q26 EPS fell slightly to $5.08, while our CFPS estimate rose Debt to Cap: 21% EnterpriseAvg. Daily Volume:Val. (MM): 3,944,52040,391

minimally to $8.10/share (less cash taxes) after a commodity price mark- 3-Yr. Est. EPS Growth: 13.00%

to-market. We are slightly above the current $5.05/$7.88 consensus. Dividend includes fixed, variable and special dividends. Yield based on

• We model 2Q26 production at 1,409 Mboe/d (550Mb/d oil), above the total estimated dividend.

1,396 Mboe/d (550 Mb/d oil) consensus on total volumes and at the high RBC Estimates