EOG Resources Updates Q1 2026 Tax Expense Guidance Due to Higher Oil Prices

EOG Resources, Inc. filed an 8-K on April 9, 2026, updating its first quarter 2026 current tax expense guidance. The company previously forecasted Q1 2026 current tax expense of $230-330 million in its February 24, 2026 guidance. Due to higher crude oil prices realized in Q1 2026 and anticipated for the full year resulting from the Middle East conflict, EOG now expects Q1 2026 current tax expense to be $500-600 million, representing a significant increase. The company is not updating any other ranges from its original guidance. The filing also notes that during Q1 2026, EOG paid net cash of $53 million for settlements of Financial Commodity Derivative Contracts. Average NYMEX West Texas Intermediate crude oil was $72.17 per barrel, and natural gas averaged $4.96 per MMBtu for the quarter ended March 31, 2026.