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US shale producer EOG Resources beats quarterly profit estimates on higher crude prices
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US shale producer EOG Resources beats quarterly profit estimates on higher crude prices
Aug 4, 2026 2:00 PM

Aug 4 (Reuters) - U.S. shale producer EOG Resources ( EOG )

beat analysts' estimate for second-quarter profit on Tuesday,

helped by a surge in crude prices.

Concerns that the war in Iran, which erupted in late

February, could disrupt Middle East oil supplies through the

Strait of Hormuz sent crude prices sharply higher. Brent

averaged $126.41 a barrel in April, compared with $69.82 in

January. WTI rose to $109.64 from $65.17 during the period.

EOG said average realized price for oil production was

$98.15 per barrel during the second quarter, compared with

$64.82 per barrel a year earlier.

U.S. shale producers and other energy companies without

major operations in the Middle East are well positioned to

benefit from higher crude prices while remaining shielded from

output curbs, shipping hurdles and infrastructure damages

affecting producers in the region.

New pipeline capacity and higher oil prices are expected to

spur production in the Permian Basin.

EOG produced 548,800 barrels of oil per day, up from 504,200

boed a year earlier. It expects third-quarter volumes to range

between 546,000 boed and 551,000 boed.

The Houston-based company posted an adjusted profit of $5.07

per share for the quarter ended June 30, compared with analysts'

average estimate of $4.98 per share, according to data compiled

by LSEG.

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