EOG Resources (EOG)
EOG’s Q1 2025 natural gas, NGLs, and oil production were higher than the midpoint of production guidance. However, due to potential near-term impacts on global demand from ongoing discussions regarding tariffs, the company is becoming more cautious. Total capital expenditures for 2025 are now expected to range from $5.8 to $6.2 billion, a $200 million reduction compared to the prior reporting quarter. EOG’s full year 2025 production guidance is unchanged from the prior reporting quarter.
SM Energy (SM)
SM Energy’s Q1 2025 production was at the high end of production guidance, largely due to the Uinta Basin assets outperforming expectations. As previously mentioned, the company’s February 2025 guidance calculated a reduction in activity from 9 drilling rigs to 6 drilling rigs while still achieving growth in total production and oil production. SM Energy’s full year 2025 production guidance is unchanged from the prior reporting quarter.
