First Quarter Highlights
Earned net income of $2.0 billion, or $3.70 per share, and adjusted net income of $1.8 billion, or $3.41 per share
Delivered net cash provided by operating activities of $3.0 billion and Adjusted CFO1 of $3.1 billion
Generated $1.5 billion of free cash flow
Declared regular quarterly dividend of $1.02 per share
Paid $544 million in regular dividends and repurchased $402 million of shares
Volumes better than guidance midpoints with in-line capital expenditures
Total per-unit cash operating costs and DD&A better than guidance midpoints
Oil and natural gas price realizations better than guidance midpoints
Increasing full year oil and NGL production guidance reflecting reallocation of capital program
CEO Commentary
"EOG delivered exceptional results in the first quarter, with oil, gas, and NGL volumes exceeding the midpoints of guidance while maintaining rigorous cost discipline - total per-unit cash operating costs and DD&A both came in better than guidance midpoints. Operational excellence translated into robust financial performance: we generated $1.5 billion in free cash flow and returned nearly $950 million to shareholders through our regular dividend and share repurchases.
Our first quarter results reflect strong execution and progress towards our full-year objectives. We are reallocating some capital for the remainder of this year to liquids assets while keeping our capital budget unchanged. This drives a modest increase in oil and NGL production this year versus our prior guidance while providing optionality for future growth. This change reflects the flexibility to invest across our high-return, multi-basin portfolio with differentiated exposure to natural gas, liquids, conventionals, and unconventionals.
EOG is well positioned to thrive in the current dynamic macro environment. Our competitive advantages drive differentiated performance: a best-in-class balance sheet providing financial strength and flexibility to invest through cycles; premium pricing exposure in key markets enhancing revenue realizations; differentiated exploration expertise driving low-cost, high-quality inventory across multiple basins; vertical integration and in-house technology strengthening our operational efficiency and cost structure; and a unique culture that empowers our teams to innovate and execute at the highest level.
EOG has never been stronger. Our multi-basin portfolio, operational excellence, and financial strength provide unmatched flexibility to deliver superior returns and significant cash to shareholders across commodity price cycles."
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 July 31, 2026, to stockholders of record as of July 17, 2026. The indicated annual rate is $4.08 per share.
During the first quarter, the company repurchased 3.2 million shares for $402 million under its share repurchase authorization, at an average purchase price of $125 per share. As of March 31, 2026, EOG had $2.9 billion remaining on its current repurchase authorization.
Key Financial Results
In millions of USD, except per-share, per-Boe and ratio data
GAAP
1Q 2026
4Q 2025
3Q 2025
2Q 2025
1Q 2025
Total Revenue
6,921
5,638
5,847
5,478
5,669
Net Income
1,980
701
1,471
1,345
1,463
Net Income Per Share
3.70
1.30
2.70
2.46
2.65
Net Cash Provided by Operating Activities
2,966
2,612
3,111
2,032
2,289
Total Expenditures
1,768
1,730
8,544
1,883
1,546
Current and Long-Term Debt
7,931
7,936
7,694
4,236
4,744
Cash and Cash Equivalents
3,849
3,396
3,530
5,216
6,599
Debt-to-Total Capitalization
20.4 %
21.0 %
20.3 %
12.7 %
13.8 %
Cash Operating Costs ($/Boe)
10.45
10.28
10.50
10.05
10.31
Non–GAAP
Adjusted Net Income
1,825
1,222
1,472
1,268
1,586
Adjusted Net Income Per Share
3.41
2.27
2.71
2.32
2.87
Adjusted CFO1
3,129
2,617
3,031
2,496
2,813
Capital Expenditures
1,636
1,639
1,648
1,523
1,484
Free Cash Flow
1,493
978
1,383
973
1,329
Net Debt
4,082
4,540
4,164
(980)
(1,855)
Net Debt-to-Total Capitalization
11.7 %
13.2 %
12.1 %
(3.5 %)
(6.7 %)
Cash Operating Costs ($/Boe)2
10.45
10.22
9.93
9.94
10.31
Key Operational Results
Volumes
1Q 2026
4Q 2025
3Q 2025
2Q 2025
1Q 2025
Crude Oil and Condensate (MBod)
548.5
546.1
534.5
504.2
502.1
Natural Gas Liquids (MBbld)
332.1
342.1
309.3
258.4
241.7
Natural Gas (MMcfd)
3,020
3,065
2,745
2,229
2,080
Total Crude Oil Equivalent (MBoed)
1,383.8
1,399.0
1,301.2
1,134.1
1,090.4
Cash Operating Costs ($/Boe)
Lease & Well
3.71
3.47
3.60
3.84
4.09
Gathering, Processing & Transportation Costs
5.25
5.07
4.90
4.41
4.48
General & Administrative (GAAP)
1.49
1.74
2.00
1.80
1.74
General & Administrative (Non-GAAP) 2
1.49
1.68
1.43
1.69
1.74
Cash Operating Costs (GAAP)
10.45
10.28
10.50
10.05
10.31
Cash Operating Costs (Non-GAAP)2
10.45
10.22
9.93
9.94
10.31
Depreciation, Depletion & Amortization ($/Boe)
9.58
9.53
9.77
10.20
10.32
First Quarter 2026 Results vs Guidance
1Q 2026
(Unaudited)
1Q 2026
Guidance Midpoint4
Variance
4Q 2025
3Q 2025
2Q 2025
1Q 2025
Crude Oil and Condensate Volumes (MBod)
United States
546.5
544.7
1.8
544.5
532.9
503.1
500.9
Trinidad
1.9
1.8
0.1
1.5
1.6
1.1
1.2
Other International5
0.1
0.0
0.1
0.1
0.0
0.0
0.0
Total
548.5
546.5
2.0
546.1
534.5
504.2
502.1
Natural Gas Liquids Volumes (MBbld)
Total
332.1
330.0
2.1
342.1
309.3
258.4
241.7
Natural Gas Volumes (MMcfd)
United States
2,769
2,750
19
2,859
2,511
1,977
1,834
Trinidad
239
235
4
195
230
252
246
Other International5
12
0
12
11
4
0
0
Total
3,020
2,985
35
3,065
2,745
2,229
2,080
Total Crude Oil Equivalent Volumes (MBoed)
1,383.8
1,374.0
9.8
1,399.0
1,301.2
1,134.1
1,090.4
Total MMBoe
124.5
123.7
0.8
128.7
119.7
103.2
98.1
Benchmark Price
Oil (WTI) ($/Bbl)
72.17
59.17
64.95
63.71
71.42
Natural Gas (HH) ($/Mcf)
4.96
3.55
3.07
3.44
3.66
Crude Oil and Condensate - above (below) WTI6($/Bbl)
United States
0.31
(0.25)
0.56
0.37
1.02
1.13
1.48
Trinidad
(3.26)
(4.00)
0.74
(2.10)
(7.21)
(9.21)
(10.30)
Other International5
16.95
0.00
16.95
4.81
0.00
0.00
0.00
Natural Gas Liquids - Realizations as % of WTI
Total
30.8 %
31.0 %
(0.2 %)
35.7 %
32.7 %
35.6 %
36.8 %
Natural Gas - above (below) NYMEX Henry Hub7($/Mcf)
United States
(1.21)
(1.30)
0.09
(0.61)
(0.36)
(0.57)
(0.30)
Natural Gas Realizations ($/Mcf)
Trinidad
3.91
3.50
0.41
3.94
3.80
3.65
3.78
Other International5
3.26
0.00
3.26
3.29
3.27
0.00
0.00
Total Expenditures (GAAP) ($MM)
1,768
1,730
8,544
1,883
1,546
Capital Expenditures (Non-GAAP) ($MM)
1,636
1,625
11
1,639
1,648
1,523
1,484
Operating Unit Costs ($/Boe)
Lease and Well
3.71
3.75
(0.04)
3.47
3.60
3.84
4.09
Gathering, Processing and Transportation Costs
5.25
5.20
0.05
5.07
4.90
4.41
4.48
General & Administrative (GAAP)
1.49
1.74
2.00
1.80
1.74
General & Administrative (Non-GAAP)2
1.49
1.55
(0.06)
1.68
1.43
1.69
1.74
Cash Operating Costs (GAAP)
10.45
10.28
10.50
10.05
10.31
Cash Operating Costs (Non-GAAP)2
10.45
10.50
(0.05)
10.22
9.93
9.94
10.31
Depreciation, Depletion and Amortization
9.58
9.60
(0.02)
9.53
9.77
10.20
10.32
Expenses ($MM)
Exploration and Dry Hole
68
50
18
54
71
85
75
Impairment (GAAP)
39
689
71
39
44
Impairment (excluding certain impairments (Non-GAAP))8
39
70
(31)
43
71
28
44
Capitalized Interest
37
37
0
36
27
11
12
Net Interest (GAAP)
66
66
71
51
47
Net Interest (Non-GAAP)9
66
67
(1)
66
71
45
47
TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas)
(GAAP)
6.4 %
6.3 %
6.8 %
7.3 %
7.6 %
(Non-GAAP)
6.4 %
7.0 %
(0.6 %)
6.3 %
6.8 %
7.3 %
7.6 %
Income Taxes
Effective Rate
22.5 %
23.0 %
(0.5 %)
22.8 %
19.4 %
23.2 %
22.1 %
Current Tax Expense ($MM)
557
280
277
293
75
301
370
Second Quarter and Full-Year 2026 Guidance10
(Unaudited)
2Q 2026
Guidance
Range
2Q 2026
Midpoint
FY 2026
Guidance
Range
FY 2026
Midpoint
Crude Oil and Condensate Volumes (MBod)
United States
544.2
-
548.8
546.5
544.7
-
549.3
547.0
Trinidad
1.8
-
2.2
2.0
1.3
-
1.7
1.5
Total
546.0
-
551.0
548.5
546.0
-
551.0
548.5
Natural Gas Liquids Volumes (MBbld)
Total
327.0
-
347.0
337.0
331.0
-
351.0
341.0
Natural Gas Volumes (MMcfd)
United States
2,735
-
2,835
2,785
2,760
-
2,860
2,810
Trinidad
240
-
260
250
220
-
240
230
Total
2,975
-
3,095
3,035
2,980
-
3,100
3,040
Crude Oil Equivalent Volumes (MBoed)
United States
1,327.0
-
1,368.3
1,347.7
1,335.7
-
1,377.0
1,356.3
Trinidad
41.8
-
45.5
43.7
38.0
-
41.7
39.8
Total
1,368.8
-
1,413.8
1,391.4
1,373.7
-
1,418.7
1,396.1
Crude Oil and Condensate - above (below) WTI6 ($/Bbl)
United States
5.00
-
6.50
5.75
2.25
-
4.25
3.25
Trinidad
(1.75)
-
(0.25)
(1.00)
(1.00)
-
1.00
0.00
Natural Gas Liquids - Realizations as % of WTI
Total
22.0 %
-
32.0 %
27.0 %
24.5 %
-
34.5 %
29.5 %
Natural Gas - above (below) NYMEX Henry Hub7 ($/Mcf)
United States
(0.50)
-
0.20
(0.15)
(1.30)
-
0.70
(0.30)
Natural Gas Realizations ($/Mcf)
Trinidad
3.40
-
4.10
3.75
3.25
-
4.25
3.75
Capital Expenditures11 ($MM)
1,575
-
1,675
1,625
6,300
-
6,700
6,500
Operating Unit Costs ($/Boe)
Lease and Well
3.45
-
3.95
3.70
3.45
-
3.95
3.70
Gathering, Processing and Transportation Costs
5.05
-
5.55
5.30
5.05
-
5.55
5.30
General & Administrative
1.35
-
1.65
1.50
1.40
-
1.70
1.55
Cash Operating Costs
9.85
-
11.15
10.50
9.90
-
11.20
10.55
Depreciation, Depletion and Amortization
9.20
-
10.20
9.70
9.35
-
10.35
9.85
Expenses ($MM)
Exploration and Dry Hole
45
-
85
65
205
-
245
225
Impairment (excluding certain impairments)8
40
-
120
80
190
-
370
280
Capitalized Interest
35
-
39
37
147
-
151
149
Net Interest
66
-
70
68
267
-
271
269
TOTI (% of revenues from sales of crude oil and condensate,
NGLs and natural gas)
6.0 %
-
8.0 %
7.0 %
5.8 %
-
7.8 %
6.8 %
Income Taxes
Effective Rate
20.0 %
-
25.0 %
22.5 %
20.0 %
-
25.0 %
22.5 %
Current Tax Expense ($MM)
525
-
625
575
2,120
-
2,420
2,270
First Quarter 2026 Results WebcastWednesday, May 6, 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 EOGEOG 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 ContactsPearce Hammond 713-571-4684Neel Panchal 713-571-4884Shelby O'Connor 713-571-4560Cameron Hughes 713-571-3724
Media ContactKimberly 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 "First Quarter 2026 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 first quarter 2026 guidance midpoint disclosures.
5)
Production volumes from Bahrain operations; natural gas realized price represents contract price less partner'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 daily settlement prices for the prompt-month NYMEX futures contract for each of the applicable calendar months.
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).
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 second 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, statements regarding the plans and objectives of EOG's management for future operations and statements and projections regarding the strategic rationale for, and anticipated benefits of, EOG's acquisition of Encino Acquisition Partners, LLC (Encino) 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 (i) EOG's future financial or operating results and returns, (ii) 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 or (iii) the successful integration of Encino's assets and operations or the strategic rationale for, or anticipated benefits of, EOG's acquisition of Encino, in each case 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; laws and regulations with respect to the import and export of crude oil, natural gas and related commodities; and trade policies, tariffs, trade agreements and other trade restrictions;
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 failure to realize, in full or at all, the anticipated benefits of its acquisition of Encino and/or business disruptions resulting from the acquisition (e.g., relating to the integration of Encino's assets and operations into EOG's operations) that could harm EOG's business operations (including current plans and operations and the diversion of management's attention from EOG's ongoing business operations);
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, adjusted cash flow from operations 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)
2025
2026
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
3,293
2,974
3,243
2,991
12,501
3,577
3,577
Natural Gas Liquids
572
534
604
666
2,376
664
664
Natural Gas
637
600
707
847
2,791
1,021
1,021
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
(191)
107
116
(19)
13
113
113
Gathering, Processing and Marketing
1,340
1,247
1,178
1,149
4,914
1,496
1,496
Gains (Losses) on Asset Dispositions, Net
(1)
—
(18)
(16)
(35)
31
31
Other, Net
19
16
17
20
72
19
19
Total
5,669
5,478
5,847
5,638
22,632
6,921
6,921
Operating Expenses
Lease and Well
401
396
431
447
1,675
462
462
Gathering, Processing and Transportation Costs
440
455
587
652
2,134
654
654
Exploration Costs
41
74
71
50
236
45
45
Dry Hole Costs
34
11
—
4
49
23
23
Impairments
44
39
71
689
843
39
39
Marketing Costs
1,325
1,216
1,134
1,120
4,795
1,384
1,384
Depreciation, Depletion and Amortization
1,013
1,053
1,169
1,226
4,461
1,193
1,193
General and Administrative
171
186
239
224
820
185
185
Taxes Other Than Income
341
301
309
283
1,234
338
338
Total
3,810
3,731
4,011
4,695
16,247
4,323
4,323
Operating Income
1,859
1,747
1,836
943
6,385
2,598
2,598
Other Income, Net
65
55
59
33
212
23
23
Income Before Interest Expense and Income Taxes
1,924
1,802
1,895
976
6,597
2,621
2,621
Interest Expense, Net
47
51
71
66
235
66
66
Income Before Income Taxes
1,877
1,751
1,824
910
6,362
2,555
2,555
Income Tax Provision
414
406
353
209
1,382
575
575
Net Income
1,463
1,345
1,471
701
4,980
1,980
1,980
Dividends Declared per Common Share
0.9750
1.9950
—
1.0200
3.9900
1.0200
1.0200
Net Income Per Share
Basic
2.66
2.48
2.72
1.31
9.17
3.72
3.72
Diluted
2.65
2.46
2.70
1.30
9.12
3.70
3.70
Average Number of Common Shares
Basic
550
543
541
537
543
532
532
Diluted
553
546
544
539
546
535
535
Volumes and Prices
(Unaudited)
2025
2026
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
500.9
503.1
532.9
544.5
520.5
546.5
546.5
Trinidad
1.2
1.1
1.6
1.5
1.4
1.9
1.9
Other International (B)
—
—
—
0.1
—
0.1
0.1
Total
502.1
504.2
534.5
546.1
521.9
548.5
548.5
Average Crude Oil and Condensate Prices
($/Bbl) (C)
United States
$ 72.90
$ 64.84
$ 65.97
$ 59.54
$ 65.65
$ 72.48
$ 72.48
Trinidad
61.12
54.50
57.74
57.07
57.59
68.91
68.91
Other International (B)
—
—
—
63.98
—
89.12
89.12
Composite
72.87
64.82
65.95
59.54
65.63
72.47
72.47
Natural Gas Liquids Volumes (MBbld) (A)
United States
241.7
258.4
309.3
342.1
288.2
332.1
332.1
Total
241.7
258.4
309.3
342.1
288.2
332.1
332.1
Average Natural Gas Liquids Prices ($/Bbl) (C)
United States
$ 26.29
$ 22.70
$ 21.25
$ 21.15
$ 22.58
$ 22.20
$ 22.20
Composite
26.29
22.70
21.25
21.15
22.58
22.20
22.20
Natural Gas Volumes (MMcfd) (A)
United States
1,834
1,977
2,511
2,859
2,299
2,769
2,769
Trinidad
246
252
230
195
230
239
239
Other International (B)
—
—
4
11
4
12
12
Total
2,080
2,229
2,745
3,065
2,533
3,020
3,020
Average Natural Gas Prices ($/Mcf) (C)
United States
$ 3.36
$ 2.87
$ 2.71
$ 2.94
$ 2.94
$ 3.75
$ 3.75
Trinidad
3.78
3.65
3.80
3.94
3.78
3.91
3.91
Other International (B)
—
—
3.27
3.29
3.28
3.26
3.26
Composite
3.41
2.96
2.80
3.00
3.02
3.76
3.76
Crude Oil Equivalent Volumes (MBoed) (D)
United States
1,048.3
1,090.9
1,260.7
1,363.0
1,191.8
1,340.1
1,340.1
Trinidad
42.1
43.2
39.8
34.2
39.8
41.7
41.7
Other International (B)
—
—
0.7
1.8
0.6
2.0
2.0
Total
1,090.4
1,134.1
1,301.2
1,399.0
1,232.2
1,383.8
1,383.8
Total MMBoe (D)
98.1
103.2
119.7
128.7
449.8
124.5
124.5
(A)
Thousand barrels per day or million cubic feet per day, as applicable.
(B)
Production volumes from Bahrain operations; natural gas realized price represents contract price less partner's processing and distribution costs.
(C)
Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity and other derivative instruments (see Note 9 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026).
(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)
2025
2026
MAR
JUN
SEP
