May 1(Reuters) - EOG Resources (EOG.N) , opens new tab beat estimates for first-quarter profit on Thursday, as the company benefited from higher natural gas prices and production, but reduced its capital expenditure plan for the year on tariff uncertainty.

Benchmark price for natural gas during the quarter jumped 63.4% year-over-year at $3.66 per thousand cubic feet(Mcf), while total quarterly production rose 4.8% to 98.1 million barrels of oil equivalent (MMBoe) the company said.

Sign up here.

Average natural gas prices have been on an upward trajectory over the past few quarters and touched a two-year high on March 10, supported by record flows to liquefied natural gas (LNG) export facilities and concerns over supply in the lead-up to the summer season.

The Houston, Texas-based EOG said it was reducing 2025 capital expenditure plan by $200 million to between $5.8 billion to $6.2 billion, "on potential near-term impacts on global demand due to ongoing discussions regarding tariffs."

U.S. President Donald Trump's expansive tariffs has heightened uncertainty in the oil and gas industry as it stoked worries over global economic growth and its impact on demand for energy.

EOG said as a result of the reduction it expects to maintain oil production at first quarter levels for the balance of the year and deliver a total production growth of 5%.

The company reported an adjusted profit of $2.87 per share for the quarter ended March 31, compared with analysts' average estimate of $2.79, according to data compiled by LSEG.

https://www.reuters.com/business/energy/eog-resources-beats-first-quarter-profit-estimates-higher-natural-gas-prices-2025-05-01/