Hoge, chasing his second win of the year, fired an eight-under-par 63 at TPC Summerlin that included four birdies and two eagles.
The 33-year-old started with five straight pars before catching fire on the sixth with a 26-foot birdie, quickly followed by a spectacular eagle two on the par-four seventh when he holed out from 110 yards with a wedge from the fairway.
Hoge then added three straight birdies from the ninth, before draining another 35-foot putt for his second eagle on the par-five 16th.
"It was an interesting day," Hoge said afterwards. "I feel like I missed some very makable birdie putts, but I holed some real nice long ones for eagle on 16 and some other long ones.
"Certainly happy with the score, but I've got to make a lot of birdies the next few days."
Hoge lies one shot clear of South Korea's Kim Si-woo and Maverick McNealy.
Kim had eight birdies and one bogey in his seven-under-par 64, while McNealy - a Las Vegas native - reeled off no less than six birdies on the back nine on the way to the same score.
"The other PGA Tour players that live in Vegas, we call holes 13 through 16 Birdies Alley," McNealy said.
"You know you're going to have a lot of opportunities at the end of the round.
"It was a really good day with the putter, that's for sure. I capitalised on my opportunities. I was very patient today."
As many as eight players lie just two shots off the lead, including Belgium's Thomas Detry and South Korea's Sungjae Im - the defending champion this week.
Australia's Jason Day and Scotland's Martin Laird are among those tied for 12th on five under.