10-KPeriod: FY2025

EOG RESOURCES INC Annual Report, Year Ended Dec 31, 2025

Filed February 24, 2026For Securities:EOG

Summary

EOG Resources, Inc. (EOG) reported its 2025 performance, highlighting continued operational focus and a strong balance sheet. Despite a decrease in total operating revenues to $22.6 billion from $23.7 billion in 2024, primarily due to lower crude oil and condensate prices, the company demonstrated resilience. EOG's net income for 2025 was $5.0 billion, down from $6.4 billion in 2024. The company successfully navigated a challenging commodity price environment, with average U.S. crude oil prices declining 15% year-over-year, while natural gas prices saw a significant increase of 39%. EOG's strategic emphasis on operational efficiency and cost management remains a core tenet, evident in initiatives to improve drilling and completion techniques. The acquisition of Encino Acquisition Partners, LLC in August 2025 for $5.7 billion significantly bolstered EOG's acreage in the Utica play, contributing to a year-end proved reserves increase to 5,514 MMBoe. The company also maintained a robust capital return program, repurchasing shares and paying dividends, underscoring its commitment to shareholder value.

Financial Highlights

48 data points
Beta

Revenue

$22.63B

Net Income

$4.98B

22.0% Net Margin

EPS (Diluted)

$9.12

Total Assets

$51.80B

Cash & Equivalents

$3.40B

Free Cash Flow

$10.04B

Financial Statements
Beta
Revenue$22.63B
Operating Expenses$16.25B
Operating Income$6.38B
Interest Expense$235.00M
Net Income$4.98B
EPS (Basic)$9.17
EPS (Diluted)$9.12
Shares Outstanding (Basic)543.00M
Shares Outstanding (Diluted)546.00M

Key Highlights

  • 1EOG Resources reported 2025 net income of $4.98 billion, a decrease from $6.40 billion in 2024, reflecting lower commodity prices.
  • 2Total operating revenues decreased by 4% to $22.6 billion in 2025, primarily due to a 15% drop in average crude oil and condensate prices.
  • 3The company's proved reserves increased to 5,514 MMBoe at December 31, 2025, an increase of 766 MMBoe from the prior year, largely driven by the acquisition of Encino.
  • 4EOG completed its acquisition of Encino Acquisition Partners, LLC for $5.7 billion, significantly expanding its presence in the Utica play.
  • 5The company repurchased approximately $2.6 billion of its common stock and paid $2.2 billion in dividends in 2025, demonstrating a commitment to shareholder returns.
  • 6Average natural gas prices rose significantly by 39% to $3.02 per Mcf in 2025 compared to $2.17 per Mcf in 2024.
  • 7Capital expenditures for 2026 are projected to be between $6.3 billion and $6.7 billion, with a focus on U.S. drilling activities.

Frequently Asked Questions

EOG reported a net income of $4.98 billion for 2025, down from $6.40 billion in 2024. Total operating revenues decreased to $22.6 billion from $23.7 billion in 2024, mainly due to lower crude oil and condensate prices, partially offset by higher natural gas prices and increased production volumes.

EOG's proved reserves increased to 5,514 MMBoe at the end of 2025. This growth was significantly influenced by the acquisition of Encino Acquisition Partners, LLC in August 2025, which added substantial acreage in the Utica play, as well as ongoing drilling activities and technical evaluations in key areas like the Permian Basin and South Texas.

In 2025, EOG funded $13.2 billion in exploration and development expenditures, $2.2 billion in dividends, and $2.6 billion in share repurchases, primarily using operating cash flows and debt issuances. The company anticipates capital expenditures between $6.3 billion and $6.7 billion for 2026, focusing on its U.S. drilling programs, particularly in the Delaware Basin, Eagle Ford, Dorado, and Utica plays, while maintaining capital discipline.

EOG's strategy emphasizes being a low-cost producer and maintaining a strong balance sheet. While commodity prices remain volatile, the company uses financial commodity derivative instruments to manage its exposure to price fluctuations. Its operational focus on efficiency and cost control aims to generate strong returns across industry cycles.