Fourth Quarter Highlights
Oil, NGLs and natural gas production and total per-unit operating costs better than guidance midpoints
Delivered net cash provided by operating activities of $2.6 billion and Adjusted CFO1 of $2.6 billion
Generated $1.0 billion of free cash flow
Declared regular quarterly dividend of $1.02 per share and repurchased $675 million of shares
Earned net income of $701 million, or $1.30 per share, and adjusted net income of $1.2 billion, or $2.27 per share
Full-Year 2025 Highlights
Delivered net cash provided by operating activities of $10.0 billion and Adjusted CFO1 of $11.0 billion
Generated $4.7 billion of free cash flow and returned 100% to shareholders through dividends and share repurchases
Earned net income of $5.0 billion, or $9.12 per share, and adjusted net income of $5.5 billion, or $10.16 per share
Reduced average well costs 7% across multi-basin portfolio
2026 Outlook
Announced $6.5 billion 2026 capital plan, which holds oil production flat to 4Q 2025. The 2026 plan delivers year-over-year oil and total production growth of 5% and 13%, respectively
CEO Commentary "2025 was a year of exceptional operational execution for EOG. We exceeded our original oil and total volume targets, capital expenditures were on target, and we continued driving down both well costs and cash operating costs. Our differentiated marketing strategy delivered peer-leading U.S. price realizations, further strengthening margins.
Operational excellence drove outstanding financial results and peer-leading cash returns to shareholders. We generated $4.7 billion in free cash flow and returned 100% to shareholders through our sustainable, growing regular dividend, which increased 8%, and $2.5 billion in share repurchases. Since initiating buybacks in 2023, we've reduced our share count by approximately 10%. Our robust cash generation and pristine balance sheet position EOG to deliver shareholder value through industry cycles.
2025 was also a year of transformational transactions with the strategic Encino acquisition and our entry into exciting international exploration opportunities in the UAE and Bahrain. EOG's differentiated portfolio has never been stronger. Looking ahead, we have a disciplined plan for 2026 targeting $4.5 billion in free cash flow using the midpoints of guidance at current strip pricing. Our strategy prioritizes activity in the Delaware Basin, Utica and Eagle Ford while increasing activity in Dorado alongside continued international investment. EOG's relentless focus on returns, our diverse multi-basin portfolio and industry-leading exploration capabilities provide clear visibility to sustain high returns and robust free cash flow generation for years to come."
Return of Capital The Board of Directors today declared a dividend of $1.02 per share on EOG's common stock. The dividend will be payable April 30, 2026, to stockholders of record as of April 16, 2026. The indicated annual rate is $4.08 per share.
During the fourth quarter, the company repurchased 6.3 million shares for $675 million under its share repurchase authorization, at an average purchase price of $107 per share.
For full-year 2025, the company repurchased 21.7 million shares for $2.5 billion under its share repurchase authorization, at an average purchase price of $115 per share. At December 31, 2025, EOG had $3.3 billion remaining on its current repurchase authorization.
2025 Reserves Total proved reserves increased 16% in 2025 to 5.5 Billion Boe. Extensions and discoveries added 336 MMBoe of proved reserves in 2025. Revisions other than price increased proved reserves by 65 MMBoe. Net proved reserve additions from all sources, excluding price revisions, replaced 254% of 2025 total production.
2026 Capital Program Total expenditures for 2026 are expected to range from $6.3 to $6.7 billion, including exploration and development drilling, facilities, leasehold acquisitions, capitalized interest, dry hole costs, and other property, plant and equipment, and excluding property acquisitions, asset retirement costs and non-cash exchanges and transactions. The capital program also excludes certain exploration costs incurred as operating expenses.
The plan holds 4Q 2025 oil production flat through 2026. Under the 2026 program, total oil production growth is 5% and total production growth is 13% year-over-year, inclusive of the Encino acquisition. EOG plans to complete 585 net wells in 2026 across our domestic multi-basin portfolio of high-return inventory.
The 2026 program targets low single-digit percentage average well cost reduction, benefiting from increasing lateral lengths and other sustainable efficiency gains. We expect higher overall activity in the Utica and Dorado, as well as continued advancement of exploration prospects in the UAE and Bahrain.
Key Financial Results
In millions of USD, except per-share, per-Boe and ratio data
GAAP
4Q 2025
3Q 2025
2Q 2025
1Q 2025
4Q 2024
FY 2025
FY 2024
Total Revenue
5,638
5,847
5,478
5,669
5,585
22,632
23,698
Net Income
701
1,471
1,345
1,463
1,251
4,980
6,403
Net Income Per Share
1.30
2.70
2.46
2.65
2.23
9.12
11.25
Net Cash Provided by Operating Activities
2,612
3,111
2,032
2,289
2,763
10,044
12,143
Total Expenditures
1,730
8,544
1,883
1,546
1,446
13,703
6,653
Current and Long-Term Debt
7,936
7,694
4,236
4,744
4,752
7,936
4,752
Cash and Cash Equivalents
3,396
3,530
5,216
6,599
7,092
3,396
7,092
Debt-to-Total Capitalization
21.0 %
20.3 %
12.7 %
13.8 %
13.9 %
21.0 %
13.9 %
Cash Operating Costs ($/Boe)
10.28
10.50
10.05
10.31
10.15
10.28
10.19
Non–GAAP
Adjusted Net Income
1,222
1,472
1,268
1,586
1,535
5,548
6,612
Adjusted Net Income Per Share
2.27
2.71
2.32
2.87
2.74
10.16
11.62
Adjusted CFO1
2,617
3,031
2,496
2,813
2,635
10,957
11,593
Capital Expenditures
1,639
1,648
1,523
1,484
1,358
6,294
6,226
Free Cash Flow
978
1,383
973
1,329
1,277
4,663
5,367
Net Debt
4,540
4,164
(980)
(1,855)
(2,340)
4,540
(2,340)
Net Debt-to-Total Capitalization
13.2 %
12.1 %
(3.5 %)
(6.7 %)
(8.7 %)
13.2 %
(8.7 %)
Cash Operating Costs ($/Boe)2
10.22
9.93
9.94
10.31
10.15
10.09
10.17
Key Operational Results
Volumes
4Q 2025
3Q 2025
2Q 2025
1Q 2025
4Q 2024
FY 2025
FY 2024
Crude Oil and Condensate (MBod)
546.1
534.5
504.2
502.1
494.6
521.9
491.4
Natural Gas Liquids (MBbld)
342.1
309.3
258.4
241.7
252.5
288.2
245.9
Natural Gas (MMcfd)
3,065
2,745
2,229
2,080
2,092
2,533
1,948
Total Crude Oil Equivalent (MBoed)
1,399.0
1,301.2
1,134.1
1,090.4
1,095.7
1,232.2
1,062.1
Cash Operating Costs ($/Boe)
Lease & Well
3.47
3.60
3.84
4.09
3.91
3.72
4.04
Gathering, Processing & Transportation Costs
5.07
4.90
4.41
4.48
4.37
4.74
4.43
General & Administrative (GAAP)
1.74
2.00
1.80
1.74
1.87
1.82
1.72
General & Administrative (Non-GAAP) 2
1.68
1.43
1.69
1.74
1.87
1.63
1.70
Cash Operating Costs (GAAP)
10.28
10.50
10.05
10.31
10.15
10.28
10.19
Cash Operating Costs (Non-GAAP)2
10.22
9.93
9.94
10.31
10.15
10.09
10.17
Depreciation, Depletion & Amortization ($/Boe)
9.53
9.77
10.20
10.32
10.11
9.92
10.57
Fourth Quarter 2025 Results vs Guidance
4Q 2025
(Unaudited)
4Q 2025
Guidance Midpoint4
Variance
3Q 2025
2Q 2025
1Q 2025
4Q 2024
Crude Oil and Condensate Volumes (MBod)
United States
544.5
543.7
0.8
532.9
503.1
500.9
493.5
Trinidad
1.5
1.3
0.2
1.6
1.1
1.2
1.1
Other International5
0.1
0.0
0.1
0.0
0.0
0.0
0.0
Total
546.1
545.0
1.1
534.5
504.2
502.1
494.6
Natural Gas Liquids Volumes (MBbld)
Total
342.1
323.0
19.1
309.3
258.4
241.7
252.5
Natural Gas Volumes (MMcfd)
United States
2,859
2,790
69
2,511
1,977
1,834
1,840
Trinidad
195
200
(5)
230
252
246
252
Other International5
11
0
11
4
0
0
0
Total
3,065
2,990
75
2,745
2,229
2,080
2,092
Total Crude Oil Equivalent Volumes (MBoed)
1,399.0
1,366.4
32.6
1,301.2
1,134.1
1,090.4
1,095.7
Total MMBoe
128.7
125.7
3.0
119.7
103.2
98.1
100.8
Benchmark Price
Oil (WTI) ($/Bbl)
59.17
64.95
63.71
71.42
70.28
Natural Gas (HH) ($/Mcf)
3.55
3.07
3.44
3.66
2.79
Crude Oil and Condensate - above (below) WTI6($/Bbl)
United States
0.37
0.25
0.12
1.02
1.13
1.48
1.40
Trinidad
(2.10)
(4.00)
1.90
(7.21)
(9.21)
(10.30)
(9.81)
Other International5
4.81
0.00
4.81
0.00
0.00
0.00
0.00
Natural Gas Liquids - Realizations as % of WTI
Total
35.7 %
33.0 %
2.7 %
32.7 %
35.6 %
36.8 %
33.9 %
Natural Gas - above (below) NYMEX Henry Hub7($/Mcf)
United States
(0.61)
(0.45)
(0.16)
(0.36)
(0.57)
(0.30)
(0.40)
Natural Gas Realizations ($/Mcf)
Trinidad
3.94
3.60
0.34
3.80
3.65
3.78
3.86
Other International5
3.29
0.00
3.29
3.27
0.00
0.00
0.00
Total Expenditures (GAAP) ($MM)
1,730
8,544
1,883
1,546
1,446
Capital Expenditures (Non-GAAP) ($MM)
1,639
1,650
(11)
1,648
1,523
1,484
1,358
Operating Unit Costs ($/Boe)
Lease and Well
3.47
3.75
(0.28)
3.60
3.84
4.09
3.91
Gathering, Processing and Transportation Costs
5.07
5.00
0.07
4.90
4.41
4.48
4.37
General &Administrative (GAAP)
1.74
1.55
0.19
2.00
1.80
1.74
1.87
General & Administrative (Non-GAAP)2
1.68
1.55
0.13
1.43
1.69
1.74
1.87
Cash Operating Costs (GAAP)
10.28
10.30
(0.02)
10.50
10.05
10.31
10.15
Cash Operating Costs (Non-GAAP)2
10.22
10.30
(0.08)
9.93
9.94
10.31
10.15
Depreciation, Depletion and Amortization
9.53
9.75
(0.22)
9.77
10.20
10.32
10.11
Expenses ($MM)
Exploration and Dry Hole
54
60
(6)
71
85
75
60
Impairment (GAAP)
689
71
39
44
276
Impairment (excluding certain impairments (Non-GAAP))8
43
70
(27)
71
28
44
23
Capitalized Interest
36
36
0
27
11
12
13
Net Interest (GAAP)
66
66
0
71
51
47
38
Net Interest (Non-GAAP)9
66
66
0
71
45
47
38
TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas)
(GAAP)
6.3 %
7.0 %
(0.7 %)
6.8 %
7.3 %
7.6 %
6.8 %
(Non-GAAP)
6.3 %
7.0 %
(0.7 %)
6.8 %
7.3 %
7.6 %
6.8 %
Income Taxes
Effective Rate
22.8 %
22.5 %
0.3 %
19.4 %
23.2 %
22.1 %
23.0 %
Current Tax Expense ($MM)
293
270
23
75
301
370
454
First Quarter and Full-Year 2026 Guidance10
(Unaudited)
1Q 2026 Guidance Range
1Q 2026 Midpoint
FY 2026 Guidance Range
FY 2026 Midpoint
Crude Oil and Condensate Volumes (MBod)
United States
542.4
-
547.0
544.7
542.7
-
547.3
545.0
Trinidad
1.6
-
2.0
1.8
1.3
-
1.7
1.5
Total
544.0
-
549.0
546.5
544.0
-
549.0
546.5
Natural Gas Liquids Volumes (MBbld)
320.0
-
340.0
330.0
325.0
-
345.0
335.0
Total
Natural Gas Volumes (MMcfd)
United States
2,700
-
2,800
2,750
2,810
-
2,910
2,860
Trinidad
225
-
245
235
215
-
235
225
Total
2,925
-
3,045
2,985
3,025
-
3,145
3,085
Crude Oil Equivalent Volumes (MBoed)
United States
1,312.4
-
1,353.7
1,333.1
1,336.0
-
1,377.3
1,356.7
Trinidad
39.1
-
42.8
41.0
37.1
-
40.9
39.0
Total
1,351.5
-
1,396.5
1,374.0
1,373.1
-
1,418.2
1,395.7
Crude Oil and Condensate - above (below) WTI6($/Bbl)
United States
(1.00)
-
0.50
(0.25)
(1.00)
-
1.00
0.00
Trinidad
(4.75)
-
(3.25)
(4.00)
(3.50)
-
(1.50)
(2.50)
Natural Gas Liquids - Realizations as % of WTI
Total
26.0 %
- 36.0%
31.0 %
26.0 %
- 36.0%
31.0 %
Natural Gas - above (below) NYMEX Henry Hub7($/Mcf)
United States
(1.65)
-
(0.95)
(1.30)
(1.60)
-
0.40
(0.60)
Natural Gas Realizations ($/Mcf)
Trinidad
3.15
-
3.85
3.50
3.00
-
4.00
3.50
Capital Expenditures 11(Non-GAAP) ($MM)
1,575
-
1,675
1,625
6,300
-
6,700
6,500
Operating Unit Costs ($/Boe)
Lease and Well
3.50
-
4.00
3.75
3.50
-
4.00
3.75
Gathering, Processing and Transportation Costs
4.95
-
5.45
5.20
4.95
-
5.45
5.20
General & Administrative
1.40
-
1.70
1.55
1.40
-
1.70
1.55
Cash Operating Costs
9.85
-
11.15
10.50
9.85
-
11.15
10.50
Depreciation, Depletion and Amortization
9.10
-
10.10
9.60
9.35
-
10.35
9.85
Expenses ($MM)
Exploration and Dry Hole
30
-
70
50
195
-
235
215
Impairment (excluding certain impairments8
30
-
110
70
190
-
370
280
Capitalized Interest
35
-
39
37
147
-
151
149
Net Interest
65
-
69
67
267
-
271
269
TOTI (% of Wellhead Revenue) (GAAP)
6.0 %
-
8.0 %
7.0 %
5.8 %
-
7.8 %
6.8 %
TOTI (% of Wellhead Revenue) (Non-GAAP)
Income Taxes
Effective Rate
20.0 %
-
26.0 %
23.0 %
20.0 %
-
26.0 %
23.0 %
Current Tax Expense ($MM)
230
-
330
280
925
-
1,325
1,125
Fourth Quarter and Full-Year 2025 Results Webcast Wednesday, February 25, 2026, 9:00 a.m. Central time (10:00 a.m. Eastern time) Webcast will be available on EOG's website for one year. https://investors.eogresources.com/Investors
About EOG EOG Resources, Inc. (NYSE:EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States and Trinidad. To learn more visit https://www.eogresources.com/
Investor Contacts Pearce Hammond 713-571-4684 Neel Panchal 713-571-4884 Shelby O'Connor 713-571-4560
Media Contact Kimberly Ehmer 713-571-4676
Endnotes
1)
Cash flow from operations before changes in working capital and certain acquisition-related costs.
2)
Cash Operating Costs consist of LOE, GP&T and G&A. Non-GAAP G&A excludes Encino acquisition-related G&A costs of $8 million for 4Q 2025, $68 million for 3Q 2025 and $12 million for 2Q 2025, as reflected in the accompanying reconciliation schedules (see "Revenues, Costs and Margins Per Barrel of Oil Equivalent"). The per-Boe impact of such Encino acquisition–related costs on G&A and total Cash Operating Costs for 4Q 2025 was ($0.06), for 3Q 2025 was ($0.57) and for 2Q 2025 was ($0.11) as set forth in "Fourth Quarter 2025 Results vs Guidance" above.
3)
Other includes gathering, processing and marketing revenue, gains (losses) on asset dispositions (for GAAP earnings per share only), other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares.
4)
GAAP and Non-GAAP distinctions apply solely to actual results and do not pertain to EOG's fourth quarter 2025 guidance midpoint disclosures.
5)
Production volumes from Bahrain operations; realized price represents contract price less Bapco's processing and distribution costs.
6)
EOG bases United States and Trinidad crude oil and condensate price differentials upon the West Texas Intermediate crude oil price at Cushing, Oklahoma, using the simple average of the NYMEX settlement prices for each trading day within the applicable calendar month.
7)
EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the NYMEX Last Day Settle price for each of the applicable months.
8)
In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total impairment costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG's control (versus, for example, impairments that are due to EOG's proved oil and gas properties not being as productive as it originally estimated). Impairments (Non-GAAP) for 4Q 2025 are adjusted from Impairments (GAAP) for 4Q 2025 by excluding $646 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation). Impairments (Non-GAAP) for 4Q 2024 are adjusted from Impairments (GAAP) for 4Q 2024 by excluding $253 million of impairments, primarily associated with the write- down to fair value of natural gas and crude oil assets in the Rocky Mountain area.
9)
Net interest expense (Non-GAAP) excludes Encino acquisition-related financing commitment costs of $6 million in 2Q 2025.
10)
The forecast items for the first quarter and full year 2026 set forth above for EOG are based on currently available information and expectations as of the date of this press release. EOG undertakes no obligation, other than as required by applicable law, to update or revise this forecast, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise. This forecast, which should be read in conjunction with this press release and EOG's related Current Report on Form 8-K filing, replaces and supersedes any previously issued guidance or forecast.
11)
The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses.
Cautionary Notice
This press release and any accompanying disclosures may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG's future financial position, operations, performance, business strategy, goals, returns and rates of return, budgets, reserves, levels of production, capital expenditures, operating costs and asset sales, statements regarding future commodity prices and statements regarding the plans and objectives of EOG's management for future operations, are forward-looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "project," "strategy," "intend," "plan," "target," "aims," "ambition," "initiative," "goal," "may," "will," "focused on," "should" and "believe" or the negative of those terms or other variations or comparable terminology to identify its forward-looking statements. In particular, statements, express or implied, concerning EOG's future financial or operating results and returns or EOG's ability to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control drilling, completion and operating costs and capital expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, other environmental matters or safety matters, pay and/or increase regular and/or special dividends or repurchase shares are forward-looking statements. Forward-looking statements are not guarantees of performance. Although EOG believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that such assumptions are accurate or will prove to have been correct or that any of such expectations will be achieved (in full or at all) or will be achieved on the expected or anticipated timelines. Moreover, EOG's forward-looking statements may be affected by known, unknown or currently unforeseen risks, events or circumstances that may be outside EOG's control. Important factors that could cause EOG's actual results to differ materially from the expectations reflected in EOG's forward-looking statements include, among others:
the timing, magnitude and duration of changes in prices for, supplies of, and demand for, crude oil and condensate, natural gas liquids (NGLs), natural gas and related commodities;
the extent to which EOG is successful in its efforts to acquire or discover additional reserves;
the extent to which EOG is successful in its efforts to (i) economically develop its acreage in, (ii) produce reserves and achieve anticipated production levels and rates of return from, (iii) decrease or otherwise control its drilling, completion and operating costs and capital expenditures related to, and (iv) maximize reserve recoveries from, its existing and future crude oil and natural gas exploration and development projects and associated potential and existing drilling locations;
the success of EOG's cost-mitigation initiatives and actions in offsetting the impact of any inflationary or other pressures on EOG's operating costs and capital expenditures;
the extent to which EOG is successful in its efforts to market its production of crude oil and condensate, NGLs and natural gas;
security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, physical breaches of our facilities and other infrastructure or breaches of the information technology systems, facilities and infrastructure of third parties with which we transact business, and enhanced regulatory focus on the prevention of, and disclosure requirements relating to, cyber incidents;
the availability, proximity and capacity of, and costs associated with, appropriate gathering, processing, compression, storage, transportation, refining, liquefaction and export facilities and equipment;
the availability, cost, terms and timing of issuance or execution of mineral licenses, concessions and leases and governmental and other permits and rights-of-way, and EOG's ability to retain mineral licenses, concessions and leases;
the impact of, and changes in, government policies, laws and regulations, including climate change-related regulations, policies and initiatives (for example, with respect to air emissions); tax laws and regulations (including, but not limited to, carbon tax or other emissions-related legislation); environmental, health and safety laws and regulations relating to disposal of produced water, drilling fluids and other wastes, hydraulic fracturing and access to and use of water; laws and regulations affecting the leasing of acreage and permitting for oil and gas drilling and the calculation of royalty payments in respect of oil and gas production; laws and regulations imposing additional permitting and disclosure requirements, additional operating restrictions and conditions or restrictions on drilling and completion operations and on the transportation of crude oil, NGLs and natural gas; laws and regulations with respect to financial commodity and other derivative instruments and hedging activities; and laws and regulations with respect to the import and export of crude oil, natural gas and related commodities;
the impact of climate change-related legislation, policies and initiatives; climate change-related political, social and shareholder activism; and physical, transition and reputational risks and other potential developments related to climate change;
the extent to which EOG is able to successfully and economically develop, implement and carry out its emissions and other environmental or safety-related initiatives and achieve its related targets, goals, ambitions and initiatives;
EOG's ability to effectively integrate acquired crude oil and natural gas properties into its operations, identify and resolve existing and potential issues with respect to such properties and accurately estimate reserves, production, drilling, completion and operating costs and capital expenditures with respect to such properties;
the extent to which EOG's third-party-operated crude oil and natural gas properties are operated successfully, economically and in compliance with applicable laws and regulations;
competition in the oil and gas exploration and production industry for the acquisition of licenses, concessions, leases and properties;
the availability and cost of, EOG's ability to retain, and competition in the oil and gas exploration and production industry for, employees, labor and other personnel, facilities, equipment, materials (such as water, sand, fuel and tubulars) and services;
the accuracy of reserve estimates, which by their nature involve the exercise of professional judgment and may therefore be imprecise;
weather and natural disasters, including its impact on crude oil and natural gas demand, and related delays in drilling and in the installation and operation (by EOG or third parties) of production, gathering, processing, refining, liquefaction, compression, storage, transportation, and export facilities;
the ability of EOG's customers and other contractual counterparties to satisfy their obligations to EOG and, related thereto, to access the credit and capital markets to obtain financing needed to satisfy their obligations to EOG;
EOG's ability to access the commercial paper market and other credit and capital markets to obtain financing on terms it deems acceptable, if at all, and to otherwise satisfy its capital expenditure requirements;
the extent to which EOG is successful in its completion of planned asset dispositions;
the extent and effect of any hedging activities engaged in by EOG;
the timing and extent of changes in foreign currency exchange rates, interest rates, inflation rates, global and domestic financial market conditions and global and domestic general economic conditions;
geopolitical factors and political conditions and developments around the world (such as the imposition of tariffs or trade or other economic sanctions, political instability and armed conflicts), including in the areas in which EOG operates;
the extent to which EOG incurs uninsured losses and liabilities or losses and liabilities in excess of its insurance coverage; and
the other factors described under ITEM 1A, Risk Factors of EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and any updates to those factors set forth in EOG's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
In light of these risks, uncertainties and assumptions, the events anticipated by EOG's forward-looking statements may not occur and, if any of such events do, we may not have anticipated the timing of their occurrence or the duration or extent of their impact on our actual results. Accordingly, you should not place any undue reliance on any of EOG's forward-looking statements. EOG's forward-looking statements speak only as of the date made, and EOG undertakes no obligation, other than as required by applicable law, to update or revise its forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.
Historical Non-GAAP Financial Measures: Reconciliation schedules and definitions for the historical non-GAAP financial measures included or referenced herein as well as related discussion can be found on the EOG website at www.eogresources.com.
Cautionary Notice Regarding Forward-Looking Non-GAAP Financial Measures: In addition, this press release and any accompanying disclosures may include or reference certain forward-looking, non-GAAP financial measures, such as free cash flow, cash flow provided by operating activities before changes in working capital and return on capital employed, and certain related estimates regarding future performance, commodity prices and operating and financial results. Because we provide these measures on a forward-looking basis, we cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future changes in working capital and future impairments. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking, non-GAAP financial measures to the respective most directly comparable forward-looking GAAP financial measures without unreasonable efforts. The unavailable information could have a significant impact on our ultimate results. However, management believes these forward-looking, Non-GAAP measures may be a useful tool for the investment community in comparing EOG's forecasted financial performance to the forecasted financial performance of other companies in the industry. Any such forward-looking measures and estimates are intended to be illustrative only and are not intended to reflect the results that EOG will necessarily achieve for the period(s) presented; EOG's actual results may differ materially from such measures and estimates.
Oil and Gas Reserves: The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose not only "proved" reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also "probable" reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as "possible" reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). Statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve or resource estimates provided in this press release or any accompanying disclosures that are not specifically designated as being estimates of proved reserves may include "potential" reserves, "resource potential" and/or other estimated reserves or estimated resources not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (and any updates to such disclosure set forth in EOG's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K), available from EOG at P.O. Box 4362, Houston, Texas 77210-4362 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.
Income Statements
In millions of USD, except share data (in millions) and per share data (Unaudited)
2024
2025
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Operating Revenues and Other
Crude Oil and Condensate
3,480
3,692
3,488
3,261
13,921
3,293
2,974
3,243
2,991
12,501
Natural Gas Liquids
513
515
524
554
2,106
572
534
604
666
2,376
Natural Gas
382
303
372
494
1,551
637
600
707
847
2,791
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
237
(47)
79
(65)
204
(191)
107
116
(19)
13
Gathering, Processing and Marketing
1,459
1,519
1,481
1,341
5,800
1,340
1,247
1,178
1,149
4,914
Gains (Losses) on Asset Dispositions, Net
26
20
(7)
(23)
16
(1)
—
(18)
(16)
(35)
Other, Net
26
23
28
23
100
19
16
17
20
72
Total
6,123
6,025
5,965
5,585
23,698
5,669
5,478
5,847
5,638
22,632
Operating Expenses
Lease and Well
396
390
392
394
1,572
401
396
431
447
1,675
Gathering, Processing and Transportation Costs
413
423
445
441
1,722
440
455
587
652
2,134
Exploration Costs
45
34
43
52
174
41
74
71
50
236
Dry Hole Costs
1
5
—
8
14
34
11
—
4
49
Impairments
19
81
15
276
391
44
39
71
689
843
Marketing Costs
1,404
1,490
1,500
1,323
5,717
1,325
1,216
1,134
1,120
4,795
Depreciation, Depletion and Amortization
1,074
984
1,031
1,019
4,108
1,013
1,053
1,169
1,226
4,461
General and Administrative
162
151
167
189
669
171
186
239
224
820
Taxes Other Than Income
338
337
283
291
1,249
341
301
309
283
1,234
Total
3,852
3,895
3,876
3,993
15,616
3,810
3,731
4,011
4,695
16,247
Operating Income
2,271
2,130
2,089
1,592
8,082
1,859
1,747
1,836
943
6,385
Other Income, Net
62
66
76
70
274
65
55
59
33
212
Income Before Interest Expense and Income Taxes
2,333
2,196
2,165
1,662
8,356
1,924
1,802
1,895
976
6,597
Interest Expense, Net
33
36
31
38
138
47
51
71
66
235
Income Before Income Taxes
2,300
2,160
2,134
1,624
8,218
1,877
1,751
1,824
910
6,362
Income Tax Provision
511
470
461
373
1,815
414
406
353
209
1,382
Net Income
1,789
1,690
1,673
1,251
6,403
1,463
1,345
1,471
701
4,980
Dividends Declared per Common Share
0.9100
0.9100
0.9100
0.9750
3.7050
0.9750
1.9950
—
1.0200
3.9900
Net Income Per Share
Basic
3.11
2.97
2.97
2.25
11.31
2.66
2.48
2.72
1.31
9.17
Diluted
3.10
2.95
2.95
2.23
11.25
2.65
2.46
2.70
1.30
9.12
Average Number of Common Shares
Basic
575
569
564
557
566
550
543
541
537
543
Diluted
577
572
568
561
569
553
546
544
539
546
Volumes and Prices
(Unaudited)
2024
2025
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Crude Oil and Condensate Volumes (MBbld) (A)
United States
486.8
490.1
491.8
493.5
490.6
500.9
503.1
532.9
544.5
520.5
Trinidad
0.6
0.6
1.2
1.1
0.8
1.2
1.1
1.6
1.5
1.4
Other International (C)
—
—
—
—
—
—
—
—
0.1
—
Total
487.4
490.7
493.0
494.6
491.4
502.1
504.2
534.5
546.1
521.9
Average Crude Oil and Condensate Prices
($/Bbl) (B)
United States
$ 78.46
$ 82.71
$ 76.95
$ 71.68
$ 77.42
$ 72.90
$ 64.84
$ 65.97
$ 59.54
$ 65.65
Trinidad
67.50
70.75
63.15
60.47
64.43
61.12
54.50
57.74
57.07
57.59
Other International (C)
—
—
—
—
—
—
—
—
63.98
—
Composite
78.45
82.69
76.92
71.66
77.40
72.87
64.82
65.95
59.54
65.63
Natural Gas Liquids Volumes (MBbld) (A)
United States
231.7
244.8
254.3
252.5
245.9
241.7
258.4
309.3
342.1
288.2
Total
231.7
244.8
254.3
252.5
245.9
241.7
258.4
309.3
342.1
288.2
Average Natural Gas Liquids Prices ($/Bbl) (B)
United States
$ 24.32
$ 23.11
$ 22.42
$ 23.85
$ 23.40
$ 26.29
$ 22.70
$ 21.25
$ 21.15
$ 22.58
Composite
24.32
23.11
22.42
23.85
23.40
26.29
22.70
21.25
21.15
22.58
Natural Gas Volumes (MMcfd) (A)
United States
1,658
1,668
1,745
1,840
1,728
1,834
1,977
2,511
2,859
2,299
Trinidad
200
204
225
252
220
246
252
230
195
230
Other International (C)
—
—
—
—
—
—
—
4
11
4
Total
1,858
1,872
1,970
2,092
1,948
2,080
2,229
2,745
3,065
2,533
Average Natural Gas Prices ($/Mcf) (B)
United States
$ 2.10
$ 1.57
$ 1.84
$ 2.39
$ 1.99
$ 3.36
$ 2.87
$ 2.71
$ 2.94
$ 2.94
Trinidad
3.54
3.48
3.68
3.86
3.65
3.78
3.65
3.80
3.94
3.78
Other International (C)
—
—
—
—
—
—
—
3.27
3.29
3.28
Composite
2.26
1.78
2.05
2.57
2.17
3.41
2.96
2.80
3.00
3.02
Crude Oil Equivalent Volumes (MBoed) (D)
United States
994.7
1,013.0
1,037.1
1,052.7
1,024.5
1,048.3
1,090.9
1,260.7
1,363.0
1,191.8
Trinidad
34.1
34.5
38.6
43.0
37.6
42.1
43.2
39.8
34.2
39.8
Other International (C)
—
—
—
—
—
—
—
0.7
1.8
0.6
Total
1,028.8
1,047.5
1,075.7
1,095.7
1,062.1
1,090.4
1,134.1
1,301.2
1,399.0
1,232.2
Total MMBoe (D)
93.6
95.3
99.0
100.8
388.7
98.1
103.2
119.7
128.7
449.8
(A)
Thousand barrels per day or million cubic feet per day, as applicable.
(B)
Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity and other derivative instruments (see Note 12 to the Consolidated Financial Statements in EOG's Annual Report on Form 10-K for the year ended December 31, 2025).
(C)
Production volumes from Bahrain operations; realized price represents contract price less Bapco's processing and distribution costs.
(D)
Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.
Balance Sheets
In millions of USD (Unaudited)
2024
2025
MAR
JUN
SEP
DEC
MAR
JUN
SEP
DEC
Current Assets
Cash and Cash Equivalents
5,292
5,431
6,122
7,092
6,599
5,216
3,530
3,396
Accounts Receivable, Net
2,688
2,657
2,545
2,650
2,621
2,504
2,680
2,681
Inventories
1,154
1,069
1,038
985
897
934
945
1,014
Assets from Price Risk Management Activities
110
4
—
—
—
—
19
18
Other (A)
684
642
460
503
563
591
646
547
Total
9,928
9,803
10,165
11,230
10,680
9,245
7,820
7,656
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)
73,356
74,615
75,887
77,091
78,432
80,139
88,301
89,857
Other Property, Plant and Equipment
5,768
6,078
6,314
6,418
6,510
6,616
6,772
6,832
Total Property, Plant and Equipment
79,124
80,693
82,201
83,509
84,942
86,755
95,073
96,689
Less: Accumulated Depreciation, Depletion and
Amortization
(46,047)
(47,049)
(48,075)
(49,297)
(50,310)
(51,394)
(52,488)
(54,348)
Total Property, Plant and Equipment, Net
33,077
33,644
34,126
34,212
34,632
35,361
42,585
42,341
Deferred Income Taxes
38
44
42
39
44
39
37
39
Other Assets
1,753
1,733
1,818
1,705
1,626
1,639
1,757
1,763
Total Assets
44,796
45,224
46,151
47,186
46,982
46,284
52,199
51,799
Current Liabilities
Accounts Payable
2,389
2,436
2,290
2,464
2,353
2,266
2,944
2,904
Accrued Taxes Payable
786
600
855
1,007
668
348
392
299
Dividends Payable
523
516
513
539
