EOG 8-K
Eog Resources Inc (EOG)
8-K
2026-02-24
For: 2026-02-24
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Added on
April 09, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 24, 2026
_______________
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
EOG RESOURCES, INC.
Item 2.02 Results of Operations and Financial Condition.
On February 24, 2026, EOG Resources, Inc. issued a press release announcing fourth quarter 2025 financial and operational results and first quarter and full year 2026 forecast and benchmark commodity pricing information (see Item 7.01 below). A copy of this release is attached as Exhibit 99.1 to this filing and is incorporated herein by reference. This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.
Item 7.01 Regulation FD Disclosure.
Accompanying the press release announcing fourth quarter 2025 financial and operational results attached hereto as Exhibit 99.1 is first quarter and full year 2026 forecast and benchmark commodity pricing information for EOG Resources, Inc., which information is incorporated herein by reference. This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
104 Cover Page Interactive Data File (formatted as Inline XBRL).
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EOG RESOURCES, INC. (Registrant) | ||||||||
| Date: February 24, 2026 | By: | /s/ ANN D. JANSSEN Ann D. Janssen Executive Vice President and Chief Financial Officer (Principal Financial Officer and Duly Authorized Officer) | ||||||
3
EXHIBIT 99.1
| Table of Contents |  | ||||
| Fourth Quarter 2025 | |||||
| Supplemental Financial and Operating Data | Page | ||||
| Income Statements | |||||
| Volumes and Prices | |||||
| Balance Sheets | |||||
| Cash Flow Statements | |||||
| Non-GAAP Financial Measures | |||||
| Adjusted Net Income | |||||
| Net Income Per Share | |||||
| Adjusted Net Income Per Share | |||||
| Cash Flow from Operations and Free Cash Flow | |||||
| Net Debt-to-Total Capitalization Ratio | |||||
| Proved Reserves and Reserve Replacement Data | |||||
| Reserve Replacement Cost Data | |||||
| Revenues, Costs and Margins Per Barrel of Oil Equivalent | |||||
| Additional Key Financial Information | |||||
11
| 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 | |||||||||||||||||||||||||
12
| 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.
13
| 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 | 534 | 1,081 | 550 | 544 | |||||||||||||||||||||
| Liabilities from Price Risk Management Activities | — | 8 | 32 | 116 | 276 | 85 | 17 | — | |||||||||||||||||||||
| Current Portion of Long-Term Debt | 34 | 534 | 34 | 532 | 1,280 | 778 | 27 | 27 | |||||||||||||||||||||
| Current Portion of Operating Lease Liabilities | 318 | 303 | 338 | 315 | 318 | 360 | 433 | 472 | |||||||||||||||||||||
| Other | 223 | 231 | 344 | 381 | 290 | 257 | 452 | 445 | |||||||||||||||||||||
| Total | 4,273 | 4,628 | 4,406 | 5,354 | 5,719 | 5,175 | 4,815 | 4,691 | |||||||||||||||||||||
| Long-Term Debt | 3,757 | 3,250 | 3,742 | 4,220 | 3,464 | 3,458 | 7,667 | 7,909 | |||||||||||||||||||||
| Other Liabilities | 2,533 | 2,456 | 2,480 | 2,395 | 2,368 | 2,398 | 2,496 | 2,512 | |||||||||||||||||||||
| Deferred Income Taxes | 5,597 | 5,731 | 5,949 | 5,866 | 5,915 | 6,015 | 6,936 | 6,854 | |||||||||||||||||||||
| Commitments and Contingencies | |||||||||||||||||||||||||||||
| Stockholders' Equity | |||||||||||||||||||||||||||||
| Common Stock, $0.01 Par | 206 | 206 | 206 | 206 | 206 | 206 | 206 | 206 | |||||||||||||||||||||
| Additional Paid in Capital | 6,188 | 6,219 | 6,058 | 6,090 | 6,095 | 6,153 | 5,978 | 6,027 | |||||||||||||||||||||
| Accumulated Other Comprehensive Loss | (8) | (8) | (9) | (4) | (4) | (7) | (5) | (7) | |||||||||||||||||||||
| Retained Earnings | 23,897 | 25,071 | 26,231 | 26,941 | 27,869 | 28,131 | 29,603 | 29,765 | |||||||||||||||||||||
| Common Stock Held in Treasury | (1,647) | (2,329) | (2,912) | (3,882) | (4,650) | (5,245) | (5,497) | (6,158) | |||||||||||||||||||||
| Total Stockholders' Equity | 28,636 | 29,159 | 29,574 | 29,351 | 29,516 | 29,238 | 30,285 | 29,833 | |||||||||||||||||||||
| Total Liabilities and Stockholders' Equity | 44,796 | 45,224 | 46,151 | 47,186 | 46,982 | 46,284 | 52,199 | 51,799 | |||||||||||||||||||||
(A) Effective October 1, 2024, EOG combined Income Taxes Receivable into the Other line item. This presentation has been conformed for all periods presented and had no impact on previously reported Total Assets.
14
| Cash Flow Statements | | ||||||||||||||||||||||||||||||||||
| In millions of USD (Unaudited) | |||||||||||||||||||||||||||||||||||
| 2024 | 2025 | ||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | ||||||||||||||||||||||||||
| Cash Flows from Operating Activities | |||||||||||||||||||||||||||||||||||
| Reconciliation of Net Income to Net Cash Provided by Operating Activities: | |||||||||||||||||||||||||||||||||||
| Net Income | 1,789 | 1,690 | 1,673 | 1,251 | 6,403 | 1,463 | 1,345 | 1,471 | 701 | 4,980 | |||||||||||||||||||||||||
| Items Not Requiring (Providing) Cash | |||||||||||||||||||||||||||||||||||
| Depreciation, Depletion and Amortization | 1,074 | 984 | 1,031 | 1,019 | 4,108 | 1,013 | 1,053 | 1,169 | 1,226 | 4,461 | |||||||||||||||||||||||||
| Impairments | 19 | 81 | 15 | 276 | 391 | 44 | 39 | 71 | 689 | 843 | |||||||||||||||||||||||||
| Stock-Based Compensation Expenses | 45 | 45 | 58 | 51 | 199 | 50 | 53 | 53 | 60 | 216 | |||||||||||||||||||||||||
| Deferred Income Taxes | 199 | 128 | 220 | (80) | 467 | 44 | 105 | 278 | (84) | 343 | |||||||||||||||||||||||||
| (Gains) Losses on Asset Dispositions, Net | (26) | (20) | 7 | 23 | (16) | 1 | — | 18 | 16 | 35 | |||||||||||||||||||||||||
| Other, Net | 9 | 3 | 2 | 3 | 17 | 11 | 11 | 2 | 3 | 27 | |||||||||||||||||||||||||
| Dry Hole Costs | 1 | 5 | — | 8 | 14 | 34 | 11 | — | 4 | 49 | |||||||||||||||||||||||||
| Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net | (237) | 47 | (79) | 65 | (204) | 191 | (107) | (116) | 19 | (13) | |||||||||||||||||||||||||
| Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts | 55 | 79 | 61 | 19 | 214 | (38) | (24) | 27 | (21) | (56) | |||||||||||||||||||||||||
| Other, Net | — | — | — | — | — | — | — | — | (1) | (1) | |||||||||||||||||||||||||
| Changes in Components of Working Capital and Other Assets and Liabilities | |||||||||||||||||||||||||||||||||||
| Accounts Receivable | 58 | 33 | 109 | (99) | 101 | 48 | 122 | 133 | (3) | 300 | |||||||||||||||||||||||||
| Inventories | 117 | 75 | 30 | 37 | 259 | 76 | (45) | 4 | (84) | (49) | |||||||||||||||||||||||||
| Accounts Payable | (58) | 29 | (159) | 152 | (36) | (129) | (107) | 5 | (40) | (271) | |||||||||||||||||||||||||
| Accrued Taxes Payable | 319 | (185) | 256 | 151 | 541 | (339) | (321) | 28 | (103) | (735) | |||||||||||||||||||||||||
| Other Assets | (161) | 42 | 197 | (34) | 44 | (43) | (43) | (28) | 97 | (17) | |||||||||||||||||||||||||
| Other Liabilities | (71) | (20) | 108 | 6 | 23 | (96) | (52) | 155 | 10 | 17 | |||||||||||||||||||||||||
| Changes in Components of Working Capital Associated with Investing Activities | (229) | (127) | 59 | (85) | (382) | (41) | (8) | (159) | 123 | (85) | |||||||||||||||||||||||||
| Net Cash Provided by Operating Activities | 2,903 | 2,889 | 3,588 | 2,763 | 12,143 | 2,289 | 2,032 | 3,111 | 2,612 | 10,044 | |||||||||||||||||||||||||
| Investing Cash Flows | |||||||||||||||||||||||||||||||||||
| Acquisition of Encino Acquisition Partners, LLC, Net of Cash Acquired | — | — | — | — | — | — | — | (4,464) | 13 | (4,451) | |||||||||||||||||||||||||
| Additions to Oil and Gas Properties | (1,485) | (1,357) | (1,263) | (1,248) | (5,353) | (1,381) | (1,699) | (1,492) | (1,543) | (6,115) | |||||||||||||||||||||||||
| Additions to Other Property, Plant and Equipment | (350) | (313) | (239) | (117) | (1,019) | (102) | (94) | (171) | (112) | (479) | |||||||||||||||||||||||||
| Proceeds from Sales of Assets | 9 | 10 | — | 4 | 23 | 12 | 4 | 5 | 3 | 24 | |||||||||||||||||||||||||
| Changes in Components of Working Capital Associated with Investing Activities | 229 | 127 | (59) | 85 | 382 | 41 | 8 | 159 | (123) | 85 | |||||||||||||||||||||||||
| Net Cash Used in Investing Activities | (1,597) | (1,533) | (1,561) | (1,276) | (5,967) | (1,430) | (1,781) | (5,963) | (1,762) | (10,936) | |||||||||||||||||||||||||
| Financing Cash Flows | |||||||||||||||||||||||||||||||||||
| Long-Term Debt Borrowings | — | — | — | 985 | 985 | — | — | 3,472 | 999 | 4,471 | |||||||||||||||||||||||||
| Long-Term Debt Repayments | — | — | — | — | — | — | (500) | (1,266) | (750) | (2,516) | |||||||||||||||||||||||||
| Dividends Paid | (525) | (520) | (533) | (509) | (2,087) | (538) | (528) | (545) | (550) | (2,161) | |||||||||||||||||||||||||
| Treasury Stock Purchased | (759) | (699) | (795) | (993) | (3,246) | (806) | (602) | (479) | (677) | (2,564) | |||||||||||||||||||||||||
| Proceeds from Stock Options Exercised and Employee Stock Purchase Plan | — | 11 | — | 11 | 22 | — | 11 | — | 12 | 23 | |||||||||||||||||||||||||
| Debt Issuance and Other Financing Costs | — | — | — | (2) | (2) | — | (7) | (7) | (11) | (25) | |||||||||||||||||||||||||
| Repayment of Finance Lease Liabilities | (8) | (9) | (8) | (8) | (33) | (8) | (9) | (8) | (7) | (32) | |||||||||||||||||||||||||
| Net Cash Used in Financing Activities | (1,292) | (1,217) | (1,336) | (516) | (4,361) | (1,352) | (1,635) | 1,167 | (984) | (2,804) | |||||||||||||||||||||||||
| Effect of Exchange Rate Changes on Cash | — | – | – | (1) | (1) | — | 1 | (1) | – | — | |||||||||||||||||||||||||
| Increase (Decrease) in Cash and Cash Equivalents | 14 | 139 | 691 | 970 | 1,814 | (493) | (1,383) | (1,686) | (134) | (3,696) | |||||||||||||||||||||||||
| Cash and Cash Equivalents at Beginning of Period | 5,278 | 5,292 | 5,431 | 6,122 | 5,278 | 7,092 | 6,599 | 5,216 | 3,530 | 7,092 | |||||||||||||||||||||||||
| Cash and Cash Equivalents at End of Period | 5,292 | 5,431 | 6,122 | 7,092 | 7,092 | 6,599 | 5,216 | 3,530 | 3,396 | 3,396 | |||||||||||||||||||||||||
15
| Non-GAAP Financial Measures | | |||||||||||||
To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), EOG’s quarterly earnings releases and related conference calls, accompanying investor presentation slides and presentation slides for investor conferences contain certain financial measures that are not prepared or presented in accordance with GAAP. These non-GAAP financial measures may include, but are not limited to, Adjusted Net Income (Loss), Adjusted Cash Flow from Operations, Free Cash Flow, Net Debt and related statistics.
A reconciliation of each of these measures to their most directly comparable GAAP financial measure and related discussion is included in the tables on the following pages and can also be found in the “Reconciliations & Guidance” section of the “Investors” page of the EOG website at www.eogresources.com.
As further discussed in the tables on the following pages, EOG believes these measures may be useful to investors who follow the practice of some industry analysts who make certain adjustments to GAAP measures (for example, to exclude non-recurring items) to facilitate comparisons to others in EOG’s industry, and who utilize non-GAAP measures in their calculations of certain statistics (for example, return on capital employed and return on equity) used to evaluate EOG’s performance.
EOG believes that the non-GAAP measures presented, when viewed in combination with its financial results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the company’s performance. As is discussed in the tables on the following pages, EOG uses these non-GAAP measures for purposes of (i) comparing EOG’s financial performance with the financial performance of other companies in the industry and (ii) analyzing EOG’s financial performance across periods.
The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG’s reported Net Income (Loss), Long-Term Debt (including Current Portion of Long-Term Debt), Net Cash Provided by Operating Activities and other financial results calculated in accordance with GAAP. The non-GAAP measures presented should be read in conjunction with EOG's consolidated financial statements prepared in accordance with GAAP.
In addition, because not all companies use identical calculations, EOG’s presentation of non-GAAP measures may not be comparable to, and may be calculated differently from, similarly titled measures disclosed by other companies, including its peer companies. EOG may also change the calculation of one or more of its non-GAAP measures from time to time – for example, to account for changes in its business and operations or to more closely conform to peer company or industry analysts’ practices.
Direct ATROR
The calculation of EOG's direct after-tax rate of return (ATROR) is based on EOG’s net estimated recoverable reserves for a particular well(s) or play, the estimated net present value of the future net cash flows from such reserves (for which EOG utilizes certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring such well(s). As such, EOG's direct ATROR for a particular well(s) or play cannot be calculated from EOG’s consolidated financial statements.
16
| Adjusted Net Income | | ||||||||||||||||||||||
| In millions of USD, except share data (in millions) and per share data (Unaudited) | |||||||||||||||||||||||
| The following tables adjust reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of financial commodity derivative contracts by eliminating the net unrealized mark-to-market (gains) losses from these and other derivative transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (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)), to add back costs associated with the Encino acquisition and to make certain other adjustments to exclude non-recurring and certain other items as further described below. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry. | |||||||||||||||||||||||
| 4Q 2025 | |||||||||||||||||||||||
| Before Tax | Income Tax Impact | After Tax | Diluted Earnings per Share | ||||||||||||||||||||
| Reported Net Income (GAAP) | 910 | (209) | 701 | 1.30 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net | 19 | (4) | 15 | 0.03 | |||||||||||||||||||
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1) | (21) | 4 | (17) | (0.03) | |||||||||||||||||||
| Add: Losses on Asset Dispositions, Net | 16 | (4) | 12 | 0.02 | |||||||||||||||||||
Add: Certain Impairments (2) | 646 | (140) | 506 | 0.94 | |||||||||||||||||||
Add: Acquisition-related costs (3) | 8 | (3) | 5 | 0.01 | |||||||||||||||||||
| Adjustments to Net Income | 668 | (147) | 521 | 0.97 | |||||||||||||||||||
| Adjusted Net Income (Non-GAAP) | 1,578 | (356) | 1,222 | 2.27 | |||||||||||||||||||
| Average Number of Common Shares | |||||||||||||||||||||||
| Basic | 537 | ||||||||||||||||||||||
| Diluted | 539 | ||||||||||||||||||||||
(1)Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended December 31, 2025, such amount was $21 million.
(2)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).
(3)Consists of Encino acquisition-related G&A costs ($8 million).
17
Adjusted Net Income (Continued) | | ||||||||||||||||||||||
| In millions of USD, except share data (in millions) and per share data (Unaudited) | |||||||||||||||||||||||
| 3Q 2025 | |||||||||||||||||||||||
| Before Tax | Income Tax Impact | After Tax | Diluted Earnings per Share | ||||||||||||||||||||
| Reported Net Income (GAAP) | 1,824 | (353) | 1,471 | 2.70 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net | (116) | 25 | (91) | (0.16) | |||||||||||||||||||
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1) | 27 | (5) | 22 | 0.04 | |||||||||||||||||||
| Add: Losses on Asset Dispositions, Net | 18 | (6) | 12 | 0.02 | |||||||||||||||||||
Add: Acquisition-related costs (2) | 68 | (10) | 58 | 0.11 | |||||||||||||||||||
| Adjustments to Net Income | (3) | 4 | 1 | 0.01 | |||||||||||||||||||
| Adjusted Net Income (Non-GAAP) | 1,821 | (349) | 1,472 | 2.71 | |||||||||||||||||||
| Average Number of Common Shares | |||||||||||||||||||||||
| Basic | 541 | ||||||||||||||||||||||
| Diluted | 544 | ||||||||||||||||||||||
(1)Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended September 30, 2025, such amount was $27 million.
(2)Consists of Encino acquisition-related G&A costs ($68 million).
| 2Q 2025 | |||||||||||||||||||||||
| Before Tax | Income Tax Impact | After Tax | Diluted Earnings per Share | ||||||||||||||||||||
| Reported Net Income (GAAP) | 1,751 | (406) | 1,345 | 2.46 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net | (107) | 23 | (84) | (0.16) | |||||||||||||||||||
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1) | (24) | 5 | (19) | (0.03) | |||||||||||||||||||
| Add: Certain Impairments | 11 | — | 11 | 0.02 | |||||||||||||||||||
Add: Acquisition-related costs (2) | 18 | (3) | 15 | 0.03 | |||||||||||||||||||
| Adjustments to Net Income | (102) | 25 | (77) | (0.14) | |||||||||||||||||||
| Adjusted Net Income (Non-GAAP) | 1,649 | (381) | 1,268 | 2.32 | |||||||||||||||||||
| Average Number of Common Shares | |||||||||||||||||||||||
| Basic | 543 | ||||||||||||||||||||||
| Diluted | 546 | ||||||||||||||||||||||
(1)Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended June 30, 2025, such amount was $24 million.
(2)Consists of Encino acquisition-related G&A costs ($12 million) and financing commitment costs ($6 million).
18
Adjusted Net Income (Continued) | | ||||||||||||||||||||||
| In millions of USD, except share data (in millions) and per share data (Unaudited) | |||||||||||||||||||||||
| 1Q 2025 | |||||||||||||||||||||||
| Before Tax | Income Tax Impact | After Tax | Diluted Earnings per Share | ||||||||||||||||||||
| Reported Net Income (GAAP) | 1,877 | (414) | 1,463 | 2.65 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net | 191 | (41) | 150 | 0.26 | |||||||||||||||||||
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1) | (38) | 8 | (30) | (0.05) | |||||||||||||||||||
| Add: Losses on Asset Dispositions, Net | 1 | 2 | 3 | 0.01 | |||||||||||||||||||
| Adjustments to Net Income | 154 | (31) | 123 | 0.22 | |||||||||||||||||||
| Adjusted Net Income (Non-GAAP) | 2,031 | (445) | 1,586 | 2.87 | |||||||||||||||||||
| Average Number of Common Shares | |||||||||||||||||||||||
| Basic | 550 | ||||||||||||||||||||||
| Diluted | 553 | ||||||||||||||||||||||
(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended March 31, 2025, such amount was $38 million.
| 4Q 2024 | |||||||||||||||||||||||
| Before Tax | Income Tax Impact | After Tax | Diluted Earnings per Share | ||||||||||||||||||||
| Reported Net Income (GAAP) | 1,624 | (373) | 1,251 | 2.23 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net | 65 | (14) | 51 | 0.10 | |||||||||||||||||||
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1) | 19 | (4) | 15 | 0.03 | |||||||||||||||||||
| Add: Losses on Asset Dispositions, Net | 23 | (4) | 19 | 0.03 | |||||||||||||||||||
Add: Certain Impairments (2) | 254 | (55) | 199 | 0.35 | |||||||||||||||||||
| Adjustments to Net Income | 361 | (77) | 284 | 0.51 | |||||||||||||||||||
| Adjusted Net Income (Non-GAAP) | 1,985 | (450) | 1,535 | 2.74 | |||||||||||||||||||
| Average Number of Common Shares | |||||||||||||||||||||||
| Basic | 557 | ||||||||||||||||||||||
| Diluted | 561 | ||||||||||||||||||||||
(1)Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended December 31, 2024, such amount was $19 million.
(2)Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Rocky Mountain area.
19
Adjusted Net Income (Continued) | | ||||||||||||||||||||||
| In millions of USD, except share data (in millions) and per share data (Unaudited) | |||||||||||||||||||||||
| FY 2025 | |||||||||||||||||||||||
| Before Tax | Income Tax Impact | After Tax | Diluted Earnings per Share | ||||||||||||||||||||
| Reported Net Income (GAAP) | 6,362 | (1,382) | 4,980 | 9.12 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net | (13) | 3 | (10) | (0.02) | |||||||||||||||||||
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1) | (56) | 12 | (44) | (0.08) | |||||||||||||||||||
| Add: Losses on Asset Dispositions, Net | 35 | (8) | 27 | 0.05 | |||||||||||||||||||
Add: Certain Impairments (2) | 657 | (140) | 517 | 0.95 | |||||||||||||||||||
Add: Acquisition-related costs (3) | 94 | (16) | 78 | 0.14 | |||||||||||||||||||
| Adjustments to Net Income | 717 | (149) | 568 | 1.04 | |||||||||||||||||||
| Adjusted Net Income (Non-GAAP) | 7,079 | (1,531) | 5,548 | 10.16 | |||||||||||||||||||
| Average Number of Common Shares | |||||||||||||||||||||||
| Basic | 543 | ||||||||||||||||||||||
| Diluted | 546 | ||||||||||||||||||||||
(1)Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2025, such amount was $56 million.
(2)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).
(3)Consists of Encino acquisition-related G&A costs ($88 million) and financing commitment costs ($6 million).
| FY 2024 | |||||||||||||||||||||||
| Before Tax | Income Tax Impact | After Tax | Diluted Earnings per Share | ||||||||||||||||||||
| Reported Net Income (GAAP) | 8,218 | (1,815) | 6,403 | 11.25 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net | (204) | 44 | (160) | (0.28) | |||||||||||||||||||
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1) | 214 | (46) | 168 | 0.30 | |||||||||||||||||||
| Less: Gains on Asset Dispositions, Net | (16) | 3 | (13) | (0.02) | |||||||||||||||||||
Add: Certain Impairments (2) | 291 | (57) | 234 | 0.41 | |||||||||||||||||||
| Less: Severance Tax Refund | (31) | 7 | (24) | (0.04) | |||||||||||||||||||
| Add: Severance Tax Consulting Fees | 10 | (2) | 8 | 0.01 | |||||||||||||||||||
| Less: Interest on Severance Tax Refund | (5) | 1 | (4) | (0.01) | |||||||||||||||||||
| Adjustments to Net Income | 259 | (50) | 209 | 0.37 | |||||||||||||||||||
| Adjusted Net Income (Non-GAAP) | 8,477 | (1,865) | 6,612 | 11.62 | |||||||||||||||||||
| Average Number of Common Shares | |||||||||||||||||||||||
| Basic | 566 | ||||||||||||||||||||||
| Diluted | 569 | ||||||||||||||||||||||
(1)Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2024, such amount was $214 million.
(2)Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Rocky Mountain area.
20
| Net Income Per Share | | ||||||||||
| In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited) | |||||||||||
| 3Q 2025 Net Income per Share (GAAP) - Diluted | 2.70 | ||||||||||
| Realized Prices | |||||||||||
| 4Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe | 34.99 | ||||||||||
| Less: 3Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe | (38.05) | ||||||||||
| Subtotal | (3.06) | ||||||||||
| Multiplied by: 4Q 2025 Crude Oil Equivalent Volumes (MMBoe) | 128.7 | ||||||||||
| Total Change in Revenue | (394) | ||||||||||
| Add: Income Tax Benefit (Provision) Imputed (based on 22%) | 87 | ||||||||||
| Change in Net Income | (307) | ||||||||||
| Change in Diluted Earnings per Share | (0.57) | ||||||||||
| Volumes | |||||||||||
| 4Q 2025 Crude Oil Equivalent Volumes (MMBoe) | 128.7 | ||||||||||
| Less: 3Q 2025 Crude Oil Equivalent Volumes (MMBoe) | (119.7) | ||||||||||
| Subtotal | 9.0 | ||||||||||
| Multiplied by: 4Q 2025 Composite Average Margin per Boe (GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below) | 6.70 | ||||||||||
| Change in Margin | 60 | ||||||||||
| Less: Income Tax Benefit (Provision) Imputed (based on 22%) | (13) | ||||||||||
| Change in Net Income | 47 | ||||||||||
| Change in Diluted Earnings per Share | 0.09 | ||||||||||
| Certain Operating Costs per Boe | |||||||||||
| 3Q 2025 Total Cash Operating Costs (GAAP) and Total DD&A per Boe | 20.27 | ||||||||||
| Less: 4Q 2025 Total Cash Operating Costs (GAAP) and Total DD&A per Boe | (19.81) | ||||||||||
| Subtotal | 0.46 | ||||||||||
| Multiplied by: 4Q 2025 Crude Oil Equivalent Volumes (MMBoe) | 128.7 | ||||||||||
| Change in Before-Tax Net Income | 59 | ||||||||||
| Add: Income Tax Benefit (Provision) Imputed (based on 22%) | (13) | ||||||||||
| Change in Net Income | 46 | ||||||||||
| Change in Diluted Earnings per Share | 0.09 | ||||||||||
| Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net | |||||||||||
| 4Q 2025 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts | (19) | ||||||||||
| Less: Income Tax Benefit (Provision) | 4 | ||||||||||
| After Tax - (a) | (15) | ||||||||||
| Less: 3Q 2025 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts | 116 | ||||||||||
| Less: Income Tax Benefit (Provision) | (25) | ||||||||||
| After Tax - (b) | 91 | ||||||||||
| Change in Net Income - (a) - (b) | (106) | ||||||||||
| Change in Diluted Earnings per Share | (0.20) | ||||||||||
Other (1) | (0.81) | ||||||||||
| 4Q 2025 Net Income per Share (GAAP) - Diluted | 1.30 | ||||||||||
| 4Q 2025 Average Number of Common Shares - Diluted | 539 | ||||||||||
(1)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.
21
Net Income Per Share (Continued) | | ||||||||||
| In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited) | |||||||||||
| FY 2024 Net Income per Share (GAAP) - Diluted | 11.25 | ||||||||||
| Realized Prices | |||||||||||
| FY 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe | 39.28 | ||||||||||
| Less: FY 2024 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe | (45.22) | ||||||||||
| Subtotal | (5.94) | ||||||||||
| Multiplied by: FY 2025 Crude Oil Equivalent Volumes (MMBoe) | 449.8 | ||||||||||
| Total Change in Revenue | (2,672) | ||||||||||
| Add: Income Tax Benefit (Provision) Imputed (based on 22%) | 588 | ||||||||||
| Change in Net Income | (2,084) | ||||||||||
| Change in Diluted Earnings per Share | (3.82) | ||||||||||
| Volumes | |||||||||||
| FY 2025 Crude Oil Equivalent Volumes (MMBoe) | 449.8 | ||||||||||
| Less: FY 2024 Crude Oil Equivalent Volumes (MMBoe) | (388.7) | ||||||||||
| Subtotal | 61.1 | ||||||||||
| Multiplied by: FY 2025 Composite Average Margin per Boe (GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below) | 13.31 | ||||||||||
| Change in Margin | 813 | ||||||||||
| Less: Income Tax Benefit (Provision) Imputed (based on 22%) | (179) | ||||||||||
| Change in Net Income | 634 | ||||||||||
| Change in Diluted Earnings per Share | 1.16 | ||||||||||
| Certain Operating Costs per Boe | |||||||||||
| FY 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe | 20.76 | ||||||||||
| Less: FY 2025 Total Cash Operating Costs (GAAP) and Total DD&A per Boe | (20.20) | ||||||||||
| Subtotal | 0.56 | ||||||||||
| Multiplied by: FY 2025 Crude Oil Equivalent Volumes (MMBoe) | 449.8 | ||||||||||
| Change in Before-Tax Net Income | 252 | ||||||||||
| Add: Income Tax Benefit (Provision) Imputed (based on 22%) | (55) | ||||||||||
| Change in Net Income | 197 | ||||||||||
| Change in Diluted Earnings per Share | 0.36 | ||||||||||
| Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net | |||||||||||
| FY 2025 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts | 13 | ||||||||||
| Less: Income Tax Benefit (Provision) | (3) | ||||||||||
| After Tax - (a) | 10 | ||||||||||
| Less: FY 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts | 204 | ||||||||||
| Less: Income Tax Benefit (Provision) | (44) | ||||||||||
| After Tax - (b) | 160 | ||||||||||
| Change in Net Income - (a) - (b) | (150) | ||||||||||
| Change in Diluted Earnings per Share | (0.27) | ||||||||||
Other (1) | 0.44 | ||||||||||
| FY 2025 Net Income per Share (GAAP) - Diluted | 9.12 | ||||||||||
| FY 2025 Average Number of Common Shares - Diluted | 546 | ||||||||||
(1)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.
22
| Adjusted Net Income Per Share | | ||||||||||
| In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited) | |||||||||||
| 3Q 2025 Adjusted Net Income per Share (Non-GAAP) - Diluted | 2.71 | ||||||||||
| Realized Prices | |||||||||||
| 4Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe | 34.99 | ||||||||||
| Less: 3Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe | (38.05) | ||||||||||
| Subtotal | (3.06) | ||||||||||
| Multiplied by: 4Q 2025 Crude Oil Equivalent Volumes (MMBoe) | 128.7 | ||||||||||
| Total Change in Revenue | (394) | ||||||||||
| Add: Income Tax Benefit (Provision) Imputed (based on 22%) | 87 | ||||||||||
| Change in Net Income | (307) | ||||||||||
| Change in Diluted Earnings per Share | (0.57) | ||||||||||
| Volumes | |||||||||||
| 4Q 2025 Crude Oil Equivalent Volumes (MMBoe) | 128.7 | ||||||||||
| Less: 3Q 2025 Crude Oil Equivalent Volumes (MMBoe) | (119.7) | ||||||||||
| Subtotal | 9.0 | ||||||||||
| Multiplied by: 4Q 2025 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below) | 11.78 | ||||||||||
| Change in Margin | 106 | ||||||||||
| Less: Income Tax Benefit (Provision) Imputed (based on 22%) | (23) | ||||||||||
| Change in Net Income | 83 | ||||||||||
| Change in Diluted Earnings per Share | 0.15 | ||||||||||
| Certain Operating Costs per Boe | |||||||||||
| 3Q 2025 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe | 19.70 | ||||||||||
| Less: 4Q 2025 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe | (19.75) | ||||||||||
| Subtotal | (0.05) | ||||||||||
| Multiplied by: 4Q 2025 Crude Oil Equivalent Volumes (MMBoe) | 128.7 | ||||||||||
| Change in Before-Tax Net Income | (6) | ||||||||||
| Add: Income Tax Benefit (Provision) Imputed (based on 22%) | 1 | ||||||||||
| Change in Net Income | (5) | ||||||||||
| Change in Diluted Earnings per Share | (0.01) | ||||||||||
| Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts | |||||||||||
| 4Q 2025 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts | (21) | ||||||||||
| Less: Income Tax Benefit (Provision) | 4 | ||||||||||
| After Tax - (a) | (17) | ||||||||||
| Less: 3Q 2025 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts | 27 | ||||||||||
| Less: Income Tax Benefit (Provision) | (5) | ||||||||||
| After Tax - (b) | 22 | ||||||||||
| Change in Net Income - (a) - (b) | (39) | ||||||||||
| Change in Diluted Earnings per Share | (0.07) | ||||||||||
Other (1) | 0.06 | ||||||||||
| 4Q 2025 Adjusted Net Income per Share (Non-GAAP) | 2.27 | ||||||||||
| 4Q 2025 Average Number of Common Shares - Diluted | 539 | ||||||||||
(1)Includes gathering, processing and marketing revenue, 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.
23
Adjusted Net Income Per Share (Continued) | | ||||||||||
| In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited) | |||||||||||
| FY 2024 Adjusted Net Income per Share (Non-GAAP) - Diluted | 11.62 | ||||||||||
| Realized Prices | |||||||||||
| FY 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe | 39.28 | ||||||||||
| Less: FY 2024 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe | (45.22) | ||||||||||
| Subtotal | (5.94) | ||||||||||
| Multiplied by: FY 2025 Crude Oil Equivalent Volumes (MMBoe) | 449.8 | ||||||||||
| Total Change in Revenue | (2,672) | ||||||||||
| Add: Income Tax Benefit (Provision) Imputed (based on 22%) | 588 | ||||||||||
| Change in Net Income | (2,084) | ||||||||||
| Change in Diluted Earnings per Share | (3.82) | ||||||||||
| Volumes | |||||||||||
| FY 2025 Crude Oil Equivalent Volumes (MMBoe) | 449.8 | ||||||||||
| Less: FY 2024 Crude Oil Equivalent Volumes (MMBoe) | (388.7) | ||||||||||
| Subtotal | 61.1 | ||||||||||
| Multiplied by: FY 2025 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below) | 14.97 | ||||||||||
| Change in Margin | 915 | ||||||||||
| Less: Income Tax Benefit (Provision) Imputed (based on 22%) | (201) | ||||||||||
| Change in Net Income | 714 | ||||||||||
| Change in Diluted Earnings per Share | 1.31 | ||||||||||
| Certain Operating Costs per Boe | |||||||||||
| FY 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe | 20.74 | ||||||||||
| Less: FY 2025 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe | (20.01) | ||||||||||
| Subtotal | 0.73 | ||||||||||
| Multiplied by: FY 2025 Crude Oil Equivalent Volumes (MMBoe) | 449.8 | ||||||||||
| Change in Before-Tax Net Income | 328 | ||||||||||
| Add: Income Tax Benefit (Provision) Imputed (based on 22%) | (72) | ||||||||||
| Change in Net Income | 256 | ||||||||||
| Change in Diluted Earnings per Share | 0.47 | ||||||||||
| Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts | |||||||||||
| FY 2025 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts | (56) | ||||||||||
| Less: Income Tax Benefit (Provision) | 12 | ||||||||||
| After Tax - (a) | (44) | ||||||||||
| FY 2024 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts | 214 | ||||||||||
| Less: Income Tax Benefit (Provision) | (46) | ||||||||||
| After Tax - (b) | 168 | ||||||||||
| Change in Net Income - (a) - (b) | (212) | ||||||||||
| Change in Diluted Earnings per Share | (0.39) | ||||||||||
Other (1) | 0.97 | ||||||||||
| FY 2025 Adjusted Net Income per Share (Non-GAAP) | 10.16 | ||||||||||
| FY 2025 Average Number of Common Shares - Diluted | 546 | ||||||||||
(1)Includes gathering, processing and marketing revenue, 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.
24
| Cash Flow from Operations and Free Cash Flow | | ||||||||||||||||||||||||||||||||||
| In millions of USD (Unaudited) | |||||||||||||||||||||||||||||||||||
| The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Adjusted Cash Flow from Operations (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing Activities (or Investing and Financing Activities, as applicable) and certain other adjustments to exclude certain non-recurring items and other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Adjusted Cash Flow from Operations (Non-GAAP) (see below reconciliation) for such period less the Total Capital Expenditures (Non-GAAP) (see below reconciliation) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry. As indicated in the tables below, EOG is (1) in addition to its customary working capital-related adjustments, adjusting Net Cash Provided by Operating Activities (GAAP) to add back certain non-recurring acquisition-related costs incurred during the second, third and fourth quarters of 2025 and (2) now presenting such adjusted measure as “Adjusted Cash Flow from Operations (Non-GAAP)” (instead of “Cash Flow from Operations Before Changes in Working Capital (Non-GAAP)” as reported in prior periods); the presentation below with respect to the second, third and fourth quarters of 2025 and the prior periods shown has been conformed. | |||||||||||||||||||||||||||||||||||
| 2024 | 2025 | ||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | ||||||||||||||||||||||||||
| Net Cash Provided by Operating Activities (GAAP) | 2,903 | 2,889 | 3,588 | 2,763 | 12,143 | 2,289 | 2,032 | 3,111 | 2,612 | 10,044 | |||||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||
| Changes in Components of Working Capital and Other Assets and Liabilities | |||||||||||||||||||||||||||||||||||
| Accounts Receivable | (58) | (33) | (109) | 99 | (101) | (48) | (122) | (133) | 3 | (300) | |||||||||||||||||||||||||
| Inventories | (117) | (75) | (30) | (37) | (259) | (76) | 45 | (4) | 84 | 49 | |||||||||||||||||||||||||
| Accounts Payable | 58 | (29) | 159 | (152) | 36 | 129 | 107 | (5) | 40 | 271 | |||||||||||||||||||||||||
| Accrued Taxes Payable | (319) | 185 | (256) | (151) | (541) | 339 | 321 | (28) | 103 | 735 | |||||||||||||||||||||||||
| Other Assets | 161 | (42) | (197) | 34 | (44) | 43 | 43 | 28 | (97) | 17 | |||||||||||||||||||||||||
| Other Liabilities | 71 | 20 | (108) | (6) | (23) | 96 | 52 | (155) | (10) | (17) | |||||||||||||||||||||||||
| Changes in Components of Working Capital Associated with Investing Activities | 229 | 127 | (59) | 85 | 382 | 41 | 8 | 159 | (123) | 85 | |||||||||||||||||||||||||
| Add: | |||||||||||||||||||||||||||||||||||
Acquisition-Related Costs (1), Net of Tax | — | — | — | — | — | — | 10 | 58 | 5 | 73 | |||||||||||||||||||||||||
| Adjusted Cash Flow from Operations (Non-GAAP) | 2,928 | 3,042 | 2,988 | 2,635 | 11,593 | 2,813 | 2,496 | 3,031 | 2,617 | 10,957 | |||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
Total Capital Expenditures (Non-GAAP) (2) | (1,703) | (1,668) | (1,497) | (1,358) | (6,226) | (1,484) | (1,523) | (1,648) | (1,639) | (6,294) | |||||||||||||||||||||||||
| Free Cash Flow (Non-GAAP) | 1,225 | 1,374 | 1,491 | 1,277 | 5,367 | 1,329 | 973 | 1,383 | 978 | 4,663 | |||||||||||||||||||||||||
| (1) Consists of Encino acquisition-related G&A costs of $12 million, $68 million and $8 million (each before tax) for the three months ended June 30, 2025, three months ended September 30, 2025 and three months ended December 31, 2025, respectively. | |||||||||||||||||||||||||||||||||||
| (2) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP): | |||||||||||||||||||||||||||||||||||
| 2024 | 2025 | ||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | ||||||||||||||||||||||||||
| Total Expenditures (GAAP) | 1,952 | 1,682 | 1,573 | 1,446 | 6,653 | 1,546 | 1,883 | 8,544 | 1,730 | 13,703 | |||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
| Asset Retirement Costs | (21) | 60 | (11) | (26) | 2 | (13) | (14) | (86) | (33) | (146) | |||||||||||||||||||||||||
Non-Cash Leasehold Acquisition Costs (3) | (31) | (34) | (17) | (3) | (85) | (9) | (2) | (3) | (10) | (24) | |||||||||||||||||||||||||
Acquisition Costs of Properties (3) | (21) | (5) | — | (7) | (33) | 1 | (270) | (6,736) | 2 | (7,003) | |||||||||||||||||||||||||
| Acquisition Costs of Other Property, Plant and Equipment | (131) | (1) | (5) | — | (137) | — | — | — | — | — | |||||||||||||||||||||||||
| Exploration Costs | (45) | (34) | (43) | (52) | (174) | (41) | (74) | (71) | (50) | (236) | |||||||||||||||||||||||||
| Total Capital Expenditures (Non-GAAP) | 1,703 | 1,668 | 1,497 | 1,358 | 6,226 | 1,484 | 1,523 | 1,648 | 1,639 | 6,294 | |||||||||||||||||||||||||
25
Cash Flow from Operations and Free Cash Flow (Continued) | | ||||||||||||||||||||||
| In millions of USD (Unaudited) | |||||||||||||||||||||||
| FY 2023 | FY 2022 | FY 2021 | |||||||||||||||||||||
| Net Cash Provided by Operating Activities (GAAP) | 11,340 | 11,093 | 8,791 | ||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Changes in Components of Working Capital and Other Assets and Liabilities | |||||||||||||||||||||||
| Accounts Receivable | 38 | 347 | 821 | ||||||||||||||||||||
| Inventories | 231 | 534 | 13 | ||||||||||||||||||||
| Accounts Payable | 119 | (90) | (456) | ||||||||||||||||||||
| Accrued Taxes Payable | (61) | 113 | (312) | ||||||||||||||||||||
| Other Assets | (39) | 364 | 136 | ||||||||||||||||||||
| Other Liabilities | (184) | 266 | 116 | ||||||||||||||||||||
| Changes in Components of Working Capital Associated with Investing Activities | (295) | (375) | 200 | ||||||||||||||||||||
| Adjusted Cash Flow from Operations (Non-GAAP) | 11,149 | 12,252 | 9,309 | ||||||||||||||||||||
| Less: | |||||||||||||||||||||||
Total Capital Expenditures (Non-GAAP) (a) | (6,041) | (4,607) | (3,755) | ||||||||||||||||||||
| Free Cash Flow (Non-GAAP) | 5,108 | 7,645 | 5,554 | ||||||||||||||||||||
| (a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP): | |||||||||||||||||||||||
| Total Expenditures (GAAP) | 6,818 | 5,610 | 4,255 | ||||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Asset Retirement Costs | (257) | (298) | (127) | ||||||||||||||||||||
| Non-Cash Development Drilling | (90) | — | — | ||||||||||||||||||||
Non-Cash Leasehold Acquisition Costs (3) | (99) | (127) | (45) | ||||||||||||||||||||
| Non-Cash Finance Leases | — | — | (74) | ||||||||||||||||||||
Acquisition Costs of Properties (3) | (16) | (419) | (100) | ||||||||||||||||||||
| Acquisition Costs of Other Property, Plant and Equipment | (134) | — | — | ||||||||||||||||||||
| Exploration Costs | (181) | (159) | (154) | ||||||||||||||||||||
| Total Capital Expenditures (Non-GAAP) | 6,041 | 4,607 | 3,755 | ||||||||||||||||||||
(3)Line item descriptions revised (from descriptions shown in EOG's previously published tables) to more accurately describe the costs reflected therein; previously reported cost amounts not impacted by such changes in presentation.
26
| Net Debt-to-Total Capitalization Ratio | | ||||||||||||||||||||||||||||
| In millions of USD, except ratio data (Unaudited) | |||||||||||||||||||||||||||||
| The following tables reconcile Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (Non-GAAP), as used in the Net Debt-to-Total Capitalization ratio calculation. A portion of the cash is associated with international subsidiaries; tax considerations may impact debt paydown. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize Net Debt and Total Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation. EOG management uses this information for comparative purposes within the industry. | |||||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||
| Total Stockholders' Equity - (a) | 29,833 | 30,285 | 29,238 | 29,516 | 29,351 | ||||||||||||||||||||||||
| Current and Long-Term Debt (GAAP) - (b) | 7,936 | 7,694 | 4,236 | 4,744 | 4,752 | ||||||||||||||||||||||||
| Less: Cash | (3,396) | (3,530) | (5,216) | (6,599) | (7,092) | ||||||||||||||||||||||||
| Net Debt (Non-GAAP) - (c) | 4,540 | 4,164 | (980) | (1,855) | (2,340) | ||||||||||||||||||||||||
| Total Capitalization (GAAP) - (a) + (b) | 37,769 | 37,979 | 33,474 | 34,260 | 34,103 | ||||||||||||||||||||||||
| Total Capitalization (Non-GAAP) - (a) + (c) | 34,373 | 34,449 | 28,258 | 27,661 | 27,011 | ||||||||||||||||||||||||
| Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] | 21.0 | % | 20.3 | % | 12.7 | % | 13.8 | % | 13.9 | % | |||||||||||||||||||
| Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | 13.2 | % | 12.1 | % | -3.5 | % | -6.7 | % | -8.7 | % | |||||||||||||||||||
27
| Proved Reserves and Reserve Replacement Data | | ||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| 2025 Net Proved Reserves Reconciliation Summary | United States | Trinidad | Other International | Total | |||||||||||||||||||
| Crude Oil and Condensate (MMBbl) | |||||||||||||||||||||||
| Beginning Reserves | 1,868 | 2 | — | 1,870 | |||||||||||||||||||
| Revisions | (10) | — | — | (10) | |||||||||||||||||||
| Purchases in Place | 158 | — | — | 158 | |||||||||||||||||||
| Extensions, Discoveries and Other Additions | 77 | 1 | — | 78 | |||||||||||||||||||
| Sales in Place | — | — | — | — | |||||||||||||||||||
| Production | (190) | (1) | — | (191) | |||||||||||||||||||
| Ending Reserves | 1,903 | 2 | — | 1,905 | |||||||||||||||||||
| Natural Gas Liquids (MMBbl) | |||||||||||||||||||||||
| Beginning Reserves | 1,358 | — | — | 1,358 | |||||||||||||||||||
| Revisions | 9 | — | — | 9 | |||||||||||||||||||
| Purchases in Place | 200 | — | — | 200 | |||||||||||||||||||
| Extensions, Discoveries and Other Additions | 48 | — | — | 48 | |||||||||||||||||||
| Sales in Place | — | — | — | — | |||||||||||||||||||
| Production | (105) | — | — | (105) | |||||||||||||||||||
| Ending Reserves | 1,510 | — | — | 1,510 | |||||||||||||||||||
| Natural Gas (Bcf) | |||||||||||||||||||||||
| Beginning Reserves | 8,878 | 244 | — | 9,122 | |||||||||||||||||||
| Revisions | 798 | 9 | — | 807 | |||||||||||||||||||
| Purchases in Place | 2,340 | — | — | 2,340 | |||||||||||||||||||
| Extensions, Discoveries and Other Additions | 1,184 | 77 | — | 1,261 | |||||||||||||||||||
| Sales in Place | (1) | — | — | (1) | |||||||||||||||||||
| Production | (851) | (86) | — | (937) | |||||||||||||||||||
| Ending Reserves | 12,348 | 244 | — | 12,592 | |||||||||||||||||||
| Oil Equivalents (MMBoe) | |||||||||||||||||||||||
| Beginning Reserves | 4,706 | 42 | — | 4,748 | |||||||||||||||||||
| Revisions | 131 | 2 | — | 133 | |||||||||||||||||||
| Purchases in Place | 749 | — | — | 749 | |||||||||||||||||||
| Extensions, Discoveries and Other Additions | 322 | 14 | — | 336 | |||||||||||||||||||
| Sales in Place | — | — | — | — | |||||||||||||||||||
| Production | (437) | (15) | — | (452) | |||||||||||||||||||
| Ending Reserves | 5,471 | 43 | — | 5,514 | |||||||||||||||||||
| Net Proved Developed Reserves (MMBoe) | |||||||||||||||||||||||
| At December 31, 2024 | 2,542 | 24 | — | 2,566 | |||||||||||||||||||
| At December 31, 2025 | 3,317 | 29 | — | 3,346 | |||||||||||||||||||
| 2025 Exploration and Development Expenditures ($ Millions) | |||||||||||||||||||||||
| Acquisition Cost of Unproved Properties | 195 | 2 | — | 197 | |||||||||||||||||||
| Exploration Costs | 349 | 79 | 85 | 513 | |||||||||||||||||||
| Development Costs | 5,213 | 147 | 5 | 5,365 | |||||||||||||||||||
| Total Drilling | 5,757 | 228 | 90 | 6,075 | |||||||||||||||||||
| Acquisition Cost of Proved Properties | 6,977 | — | 26 | 7,003 | |||||||||||||||||||
| Asset Retirement Costs | 98 | 35 | 13 | 146 | |||||||||||||||||||
| Total Exploration and Development Expenditures | 12,832 | 263 | 129 | 13,224 | |||||||||||||||||||
| Gathering, Processing and Other | 470 | 5 | 4 | 479 | |||||||||||||||||||
| Total Expenditures | 13,302 | 268 | 133 | 13,703 | |||||||||||||||||||
| Proceeds from Sales in Place | (24) | — | — | (24) | |||||||||||||||||||
| Net Expenditures | 13,278 | 268 | 133 | 13,679 | |||||||||||||||||||
| Reserve Replacement Costs ($ / Boe) * | |||||||||||||||||||||||
| All-in Total, Net of Revisions (GAAP) | 10.68 | 16.44 | — | 10.86 | |||||||||||||||||||
| All-in Total, Net of Revisions (Non-GAAP) | 12.29 | 12.25 | — | 12.44 | |||||||||||||||||||
| All-in Total, Excluding Revisions Due to Price (GAAP) | 11.32 | 16.44 | — | 11.50 | |||||||||||||||||||
| All-in Total, Excluding Revisions Due to Price (Non-GAAP) | 14.45 | 12.25 | — | 14.54 | |||||||||||||||||||
| Reserve Replacement * | |||||||||||||||||||||||
| All-in Total, Net of Revisions and Dispositions | 275 | % | 107 | % | 0 | % | 269 | % | |||||||||||||||
| All-in Total, Net of Revisions and Dispositions (Adjusted) | 104 | % | 107 | % | 0 | % | 104 | % | |||||||||||||||
| All-in Total, Excluding Revisions Due to Price | 259 | % | 107 | % | 0 | % | 254 | % | |||||||||||||||
| All-in Total, Excluding Revisions Due to Price (Adjusted) | 88 | % | 107 | % | 0 | % | 89 | % | |||||||||||||||
| * See following reconciliation schedule for calculation methodology | |||||||||||||||||||||||
28
Reserve Replacement Cost Data | | ||||||||||||||||||||||
| (Unaudited; in millions, except ratio data) | |||||||||||||||||||||||
| For the Twelve Months Ended December 31, 2025 | United States | Trinidad | Other International | Total | |||||||||||||||||||
| Total Costs Incurred in Exploration and Development Activities (GAAP) | 12,832 | 263 | 129 | 13,224 | |||||||||||||||||||
| Less: Asset Retirement Costs | (98) | (35) | (13) | (146) | |||||||||||||||||||
| Non-Cash Acquisition Costs of Unproved Properties | (24) | — | — | (24) | |||||||||||||||||||
| Total Acquisition Costs of Proved Properties | (6,977) | — | (26) | (7,003) | |||||||||||||||||||
| Exploration Expenses | (160) | (32) | (44) | (236) | |||||||||||||||||||
| Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) | 5,573 | 196 | 46 | 5,815 | |||||||||||||||||||
| Total Costs Incurred in Exploration and Development Activities (GAAP) - (a) | 12,832 | 263 | 129 | 13,224 | |||||||||||||||||||
| Less: Asset Retirement Costs | (98) | (35) | (13) | (146) | |||||||||||||||||||
| Non-Cash Acquisition Costs of Unproved Properties | (24) | — | — | (24) | |||||||||||||||||||
| Non-Cash Acquisition Costs of Proved Properties | — | — | — | — | |||||||||||||||||||
Certain Acquisition Costs of Proved Properties 1 | (6,972) | — | — | (6,972) | |||||||||||||||||||
| Exploration Expenses | (160) | (32) | (44) | (236) | |||||||||||||||||||
| Total Exploration and Development Expenditures (Non-GAAP) - (b) | 5,578 | 196 | 72 | 5,846 | |||||||||||||||||||
| Total Expenditures (GAAP) | 13,302 | 268 | 133 | 13,703 | |||||||||||||||||||
| Less: Asset Retirement Costs | (98) | (35) | (13) | (146) | |||||||||||||||||||
| Non-Cash Acquisition Costs of Unproved Properties | (24) | — | — | (24) | |||||||||||||||||||
| Non-Cash Acquisition Costs of Proved Properties | — | — | — | — | |||||||||||||||||||
| Exploration Expenses | (160) | (32) | (44) | (236) | |||||||||||||||||||
| Total Cash Expenditures (Non-GAAP) | 13,020 | 201 | 76 | 13,297 | |||||||||||||||||||
| Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe) | |||||||||||||||||||||||
| Revisions Due to Price - (c) | 68 | — | — | 68 | |||||||||||||||||||
| Revisions Other Than Price | 63 | 2 | — | 65 | |||||||||||||||||||
| Purchases in Place | 749 | — | — | 749 | |||||||||||||||||||
| Extensions, Discoveries and Other Additions - (d) | 322 | 14 | — | 336 | |||||||||||||||||||
| Total Proved Reserve Additions - (e) | 1,202 | 16 | — | 1,218 | |||||||||||||||||||
Less: Acquisition Related Purchases 2 | (748) | — | — | (748) | |||||||||||||||||||
| Adjusted Total Proved Reserve Additions - (f) | 454 | 16 | — | 470 | |||||||||||||||||||
| Sales in Place | — | — | — | — | |||||||||||||||||||
| Net Proved Reserve Additions From All Sources - (g) | 1,202 | 16 | — | 1,218 | |||||||||||||||||||
| Adjusted Net Proved Reserve Additions From All Sources - (h) | 454 | 16 | — | 470 | |||||||||||||||||||
| Production - (i) | 437 | 15 | — | 452 | |||||||||||||||||||
| Reserve Replacement Costs ($ / Boe) | |||||||||||||||||||||||
| All-in Total, Net of Revisions (GAAP) - (a / e) | 10.68 | 16.44 | — | 10.86 | |||||||||||||||||||
| All-in Total, Net of Revisions (Non-GAAP) - (b / f) | 12.29 | 12.25 | — | 12.44 | |||||||||||||||||||
| All-in Total, Excluding Revisions Due to Price (GAAP) - (a / (e - c)) | 11.32 | 16.44 | — | 11.50 | |||||||||||||||||||
| All-in Total, Excluding Revisions Due to Price (Non-GAAP) - (b / (f - c)) | 14.45 | 12.25 | — | 14.54 | |||||||||||||||||||
| Reserve Replacement | |||||||||||||||||||||||
| All-in Total, Net of Revisions and Dispositions - (g / i) | 275 | % | 107 | % | 0 | % | 269 | % | |||||||||||||||
| All-in Total, Net of Revisions and Dispositions (Adjusted) - (h / i) | 104 | % | 107 | % | 0 | % | 104 | % | |||||||||||||||
| All-in Total, Excluding Revisions Due to Price - ((g - c) / i) | 259 | % | 107 | % | 0 | % | 254 | % | |||||||||||||||
| All-in Total, Excluding Revisions Due to Price (Adjusted) - ((h - c) / i) | 88 | % | 107 | % | 0 | % | 89 | % | |||||||||||||||
(1)Includes $6,703 million for the Encino acquisition and $269 million of proved properties adjacent to EOG’s core acreage in the Eagle Ford play.
(2)Includes 678 MMBoe related to the Encino acquisition and 70 MMBoe related to the acquisition of proved properties adjacent to EOG’s core acreage in the Eagle ford play.
29
Reserve Replacement Cost Data (Continued) | | ||||
| (Unaudited; in millions, except ratio data) | |||||
| For the Twelve Months Ended December 31, 2025 | |||||
| Proved Developed Reserve Replacement Costs ($ / Boe) | Total | ||||
| Total Costs Incurred in Exploration and Development Activities (GAAP) - (k) | 13,224 | ||||
| Less: Asset Retirement Costs | (146) | ||||
| Acquisition Costs of Unproved Properties | (197) | ||||
| Acquisition Costs of Proved Properties | (7,003) | ||||
| Exploration Expenses | (236) | ||||
| Drillbit Exploration and Development Expenditures (Non-GAAP) - (l) | 5,642 | ||||
| Total Proved Reserves - Extensions, Discoveries and Other Additions (MMBoe) | 336 | ||||
| Add: Conversion of Proved Undeveloped Reserves to Proved Developed | 503 | ||||
| Less: Proved Undeveloped Extensions and Discoveries | (264) | ||||
| Proved Developed Reserves - Extensions and Discoveries (MMBoe) | 575 | ||||
| Total Proved Reserves - Revisions (MMBoe) | 133 | ||||
| Less: Proved Undeveloped Reserves - Revisions | (21) | ||||
| Proved Developed - Revisions Due to Price | (19) | ||||
| Proved Developed Reserves - Revisions Other Than Price (MMBoe) | 93 | ||||
| Proved Developed Reserves - Extensions and Discoveries Plus Revisions Other Than Price (MMBoe) - (m) | 668 | ||||
| Proved Developed Reserves - Acquisitions (MMBoe) (n) | 545 | ||||
| Proved Developed Reserves - Extensions and Discoveries plus Revisions Other Than Price plus Acquisitions (MMBoe) (o) | 1,213 | ||||
| Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) (GAAP) - (k / o) | 10.90 | ||||
| Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) (Non-GAAP) - (l / m) | 8.45 | ||||
30
Reserve Replacement Cost Data (Continued) | | ||||||||||||||||||||||||||||
| In millions of USD, except reserves and ratio data (Unaudited) | |||||||||||||||||||||||||||||
| The following table reconciles Total Costs Incurred in Exploration and Development Activities (GAAP) to Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) and Total Exploration and Development Expenditures (Non-GAAP), as used in the calculation of Reserve Replacement Costs per Boe. There are numerous ways that industry participants present Reserve Replacement Costs, including “Drilling Only” and “All-In”, which reflect total exploration and development expenditures divided by total net proved reserve additions from extensions and discoveries only, or from all sources. Combined with Reserve Replacement, these statistics (and the non-GAAP measures used in calculating such statistics) provide management and investors with an indication of the results of the current year capital investment program. Reserve Replacement Cost statistics (and the non-GAAP measures used in calculating such statistics) are widely recognized and reported by industry participants and are used by EOG management and other third parties for comparative purposes within the industry. Please note that the actual cost of adding reserves will vary from the reported statistics due to timing differences in reserve bookings and capital expenditures. Accordingly, some analysts use three or five year averages of reported statistics, while others prefer to estimate future costs. EOG has not included future capital costs to develop proved undeveloped reserves in exploration and development expenditures. | |||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||
| Total Costs Incurred in Exploration and Development Activities (GAAP) | 13,224 | 5,634 | 6,018 | 5,229 | 3,969 | ||||||||||||||||||||||||
| Less: Asset Retirement Costs | (146) | 2 | (257) | (298) | (127) | ||||||||||||||||||||||||
| Non-Cash Acquisition Costs of Unproved Properties | (24) | (85) | (99) | (127) | (45) | ||||||||||||||||||||||||
| Total Acquisition Costs of Proved Properties | (7,003) | (33) | (16) | (419) | (100) | ||||||||||||||||||||||||
| Non-Cash Development Drilling | — | — | (90) | — | — | ||||||||||||||||||||||||
| Exploration Expenses | (236) | (174) | (181) | (159) | (154) | ||||||||||||||||||||||||
| Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a) | 5,815 | 5,344 | 5,375 | 4,226 | 3,543 | ||||||||||||||||||||||||
| Total Costs Incurred in Exploration and Development Activities (GAAP) - (b) | 13,224 | 5,634 | 6,018 | 5,229 | 3,969 | ||||||||||||||||||||||||
| Less: Asset Retirement Costs | (146) | 2 | (257) | (298) | (127) | ||||||||||||||||||||||||
| Non-Cash Acquisition Costs of Unproved Properties | (24) | (85) | (99) | (127) | (45) | ||||||||||||||||||||||||
| Non-Cash Acquisition Costs of Proved Properties | — | (24) | (6) | (26) | (5) | ||||||||||||||||||||||||
| Non-Cash Development Drilling | — | — | (90) | — | — | ||||||||||||||||||||||||
Certain Acquisition Costs of Proved Properties 1 | (6,972) | — | — | — | — | ||||||||||||||||||||||||
| Exploration Expenses | (236) | (174) | (181) | (159) | (154) | ||||||||||||||||||||||||
| Total Exploration and Development Expenditures (Non-GAAP) - (c) | 5,846 | 5,353 | 5,385 | 4,619 | 3,638 | ||||||||||||||||||||||||
| Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe) | |||||||||||||||||||||||||||||
| Revisions Due to Price - (d) | 68 | (146) | (110) | 11 | 194 | ||||||||||||||||||||||||
| Revisions Other Than Price | 65 | 215 | 139 | 325 | (308) | ||||||||||||||||||||||||
| Purchases in Place | 749 | 6 | 2 | 16 | 9 | ||||||||||||||||||||||||
| Extensions, Discoveries and Other Additions - (e) | 336 | 580 | 607 | 560 | 952 | ||||||||||||||||||||||||
| Total Proved Reserve Additions (GAAP) - (f) | 1,218 | 655 | 638 | 912 | 847 | ||||||||||||||||||||||||
Less: Acquisition Related Purchases 2 | (748) | — | — | — | — | ||||||||||||||||||||||||
| Total Proved Reserve Additions (Non-GAAP) - (g) | 470 | 655 | 638 | 912 | 847 | ||||||||||||||||||||||||
| Sales in Place | — | (14) | (17) | (88) | (11) | ||||||||||||||||||||||||
| Net Proved Reserve Additions From All Sources (GAAP) | 1,218 | 641 | 621 | 824 | 836 | ||||||||||||||||||||||||
| Production | 452 | 391 | 361 | 333 | 309 | ||||||||||||||||||||||||
| Reserve Replacement Costs ($ / Boe) | |||||||||||||||||||||||||||||
| All-in Total, Net of Revisions (GAAP) - (b / f) | 10.86 | 8.60 | 9.43 | 5.73 | 4.69 | ||||||||||||||||||||||||
| All-in Total, Net of Revisions (Non-GAAP) - (c / g) | 12.44 | 8.17 | 8.44 | 5.06 | 4.30 | ||||||||||||||||||||||||
| All-in Total, Excluding Revisions Due to Price (GAAP) - (b / ( f - d)) | 11.50 | 7.03 | 8.05 | 5.80 | 6.08 | ||||||||||||||||||||||||
| All-in Total, Excluding Revisions Due to Price (Non-GAAP) - (c / ( g - d)) | 14.54 | 6.68 | 7.20 | 5.13 | 5.57 | ||||||||||||||||||||||||
(1)Includes $6,703 million for the Encino acquisition and $269 million of proved properties adjacent to EOG’s core acreage in the Eagle Ford play.
(2)Includes 678 MMBoe related to the Encino acquisition and 70 MMBoe related to the acquisition of proved properties adjacent to EOG’s core acreage in the Eagle ford play.
| Definitions | |||||
| $/Boe | U.S. Dollars per barrel of oil equivalent | ||||
| MMBoe | Million barrels of oil equivalent | ||||
31
| Revenues, Costs and Margins Per Barrel of Oil Equivalent | | ||||||||||||||||||||||||||||
| In millions of USD, except Boe and per Boe amounts (Unaudited) | |||||||||||||||||||||||||||||
| EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or margins per barrel of oil equivalent (Boe). Certain of these components are adjusted for non-recurring and certain other items, as further discussed below. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry. | |||||||||||||||||||||||||||||
| 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | |||||||||||||||||||||||||
| Volume - Million Barrels of Oil Equivalent - (a) | 128.7 | 119.7 | 103.2 | 98.1 | 100.8 | ||||||||||||||||||||||||
| Total Operating Revenues and Other - (b) | 5,638 | 5,847 | 5,478 | 5,669 | 5,585 | ||||||||||||||||||||||||
| Total Operating Expenses - (c) | 4,695 | 4,011 | 3,731 | 3,810 | 3,993 | ||||||||||||||||||||||||
| Operating Income - (d) | 943 | 1,836 | 1,747 | 1,859 | 1,592 | ||||||||||||||||||||||||
| Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas | |||||||||||||||||||||||||||||
| Crude Oil and Condensate | 2,991 | 3,243 | 2,974 | 3,293 | 3,261 | ||||||||||||||||||||||||
| Natural Gas Liquids | 666 | 604 | 534 | 572 | 554 | ||||||||||||||||||||||||
| Natural Gas | 847 | 707 | 600 | 637 | 494 | ||||||||||||||||||||||||
| Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e) | 4,504 | 4,554 | 4,108 | 4,502 | 4,309 | ||||||||||||||||||||||||
| Operating Costs | |||||||||||||||||||||||||||||
| Lease and Well | 447 | 431 | 396 | 401 | 394 | ||||||||||||||||||||||||
Gathering, Processing and Transportation Costs (1) | 652 | 587 | 455 | 440 | 441 | ||||||||||||||||||||||||
| General and Administrative (GAAP) | 224 | 239 | 186 | 171 | 189 | ||||||||||||||||||||||||
| Less: Certain Items (see Endnotes 2 & 3 to 4Q 2025 earnings release) | (8) | (68) | (12) | — | — | ||||||||||||||||||||||||
General and Administrative (Non-GAAP) (2) | 216 | 171 | 174 | 171 | 189 | ||||||||||||||||||||||||
| Taxes Other Than Income (GAAP) | 283 | 309 | 301 | 341 | 291 | ||||||||||||||||||||||||
| Add: Severance Tax Refund | — | — | — | — | — | ||||||||||||||||||||||||
Taxes Other Than Income (Non-GAAP) (3) | 283 | 309 | 301 | 341 | 291 | ||||||||||||||||||||||||
| Interest Expense, Net | 66 | 71 | 51 | 47 | 38 | ||||||||||||||||||||||||
| Less: Acquisition-Related Financing Commitment Costs | — | — | (6) | — | — | ||||||||||||||||||||||||
Interest Expense, Net (Non-GAAP) (4) | 66 | 71 | 45 | 47 | 38 | ||||||||||||||||||||||||
| Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f) | 1,672 | 1,637 | 1,389 | 1,400 | 1,353 | ||||||||||||||||||||||||
| Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g) | 1,664 | 1,569 | 1,371 | 1,400 | 1,353 | ||||||||||||||||||||||||
| Depreciation, Depletion and Amortization (DD&A) | 1,226 | 1,169 | 1,053 | 1,013 | 1,019 | ||||||||||||||||||||||||
| Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h) | 2,898 | 2,806 | 2,442 | 2,413 | 2,372 | ||||||||||||||||||||||||
| Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i) | 2,890 | 2,738 | 2,424 | 2,413 | 2,372 | ||||||||||||||||||||||||
| Exploration Costs | 50 | 71 | 74 | 41 | 52 | ||||||||||||||||||||||||
| Dry Hole Costs | 4 | — | 11 | 34 | 8 | ||||||||||||||||||||||||
| Impairments | 689 | 71 | 39 | 44 | 276 | ||||||||||||||||||||||||
| Total Exploration Costs (GAAP) | 743 | 142 | 124 | 119 | 336 | ||||||||||||||||||||||||
Less: Certain Impairments (5) | (646) | — | (11) | — | (254) | ||||||||||||||||||||||||
| Total Exploration Costs (Non-GAAP) | 97 | 142 | 113 | 119 | 82 | ||||||||||||||||||||||||
| Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j) | 3,641 | 2,948 | 2,566 | 2,532 | 2,708 | ||||||||||||||||||||||||
| Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k) | 2,987 | 2,880 | 2,537 | 2,532 | 2,454 | ||||||||||||||||||||||||
| Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) | 863 | 1,606 | 1,542 | 1,970 | 1,601 | ||||||||||||||||||||||||
| Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) | 1,517 | 1,674 | 1,571 | 1,970 | 1,855 | ||||||||||||||||||||||||
32
Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued) | | ||||||||||||||||||||||||||||
| In millions of USD, except Boe and per Boe amounts (Unaudited) | |||||||||||||||||||||||||||||
| 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | |||||||||||||||||||||||||
| Per Barrel of Oil Equivalent (Boe) Calculations (GAAP) | |||||||||||||||||||||||||||||
| Composite Average Operating Revenues and Other per Boe - (b) / (a) | 43.81 | 48.85 | 53.08 | 57.79 | 55.41 | ||||||||||||||||||||||||
| Composite Average Operating Expenses per Boe - (c) / (a) | 36.48 | 33.51 | 36.15 | 38.84 | 39.62 | ||||||||||||||||||||||||
| Composite Average Operating Income per Boe - (d) / (a) | 7.33 | 15.34 | 16.93 | 18.95 | 15.79 | ||||||||||||||||||||||||
| Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe - (e) / (a) | 34.99 | 38.05 | 39.80 | 45.88 | 42.74 | ||||||||||||||||||||||||
| Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) | 12.99 | 13.67 | 13.46 | 14.26 | 13.42 | ||||||||||||||||||||||||
| Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] | 22.00 | 24.38 | 26.34 | 31.62 | 29.32 | ||||||||||||||||||||||||
| Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a) | 22.52 | 23.44 | 23.66 | 24.58 | 23.53 | ||||||||||||||||||||||||
| Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)] | 12.47 | 14.61 | 16.14 | 21.30 | 19.21 | ||||||||||||||||||||||||
| Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a) | 28.29 | 24.63 | 24.86 | 25.79 | 26.86 | ||||||||||||||||||||||||
| Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)] | 6.70 | 13.42 | 14.94 | 20.09 | 15.88 | ||||||||||||||||||||||||
| Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP) | |||||||||||||||||||||||||||||
| Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a) | 12.93 | 13.10 | 13.30 | 14.26 | 13.42 | ||||||||||||||||||||||||
| Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)] | 22.06 | 24.95 | 26.50 | 31.62 | 29.32 | ||||||||||||||||||||||||
| Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a) | 22.46 | 22.87 | 23.50 | 24.58 | 23.53 | ||||||||||||||||||||||||
| Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)] | 12.53 | 15.18 | 16.30 | 21.30 | 19.21 | ||||||||||||||||||||||||
| Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a) | 23.21 | 24.06 | 24.59 | 25.79 | 24.34 | ||||||||||||||||||||||||
| Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)] | 11.78 | 13.99 | 15.21 | 20.09 | 18.40 | ||||||||||||||||||||||||
33
Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued) | | ||||||||||||||||||||||||||||
| In millions of USD, except Boe and per Boe amounts (Unaudited) | |||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||
| Volume - Million Barrels of Oil Equivalent - (a) | 449.8 | 388.7 | 359.4 | 331.5 | 302.5 | ||||||||||||||||||||||||
| Total Operating Revenues and Other - (b) | 22,632 | 23,698 | 24,186 | 25,702 | 18,642 | ||||||||||||||||||||||||
| Total Operating Expenses - (c) | 16,247 | 15,616 | 14,583 | 15,736 | 12,540 | ||||||||||||||||||||||||
| Operating Income (Loss) - (d) | 6,385 | 8,082 | 9,603 | 9,966 | 6,102 | ||||||||||||||||||||||||
| Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas | |||||||||||||||||||||||||||||
| Crude Oil and Condensate | 12,501 | 13,921 | 13,748 | 16,367 | 11,125 | ||||||||||||||||||||||||
| Natural Gas Liquids | 2,376 | 2,106 | 1,884 | 2,648 | 1,812 | ||||||||||||||||||||||||
| Natural Gas | 2,791 | 1,551 | 1,744 | 3,781 | 2,444 | ||||||||||||||||||||||||
| Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e) | 17,668 | 17,578 | 17,376 | 22,796 | 15,381 | ||||||||||||||||||||||||
| Operating Costs | |||||||||||||||||||||||||||||
| Lease and Well | 1,675 | 1,572 | 1,454 | 1,331 | 1,135 | ||||||||||||||||||||||||
Gathering, Processing and Transportation Costs (1) | 2,134 | 1,722 | 1,620 | 1,587 | 1,422 | ||||||||||||||||||||||||
| General and Administrative (GAAP) | 820 | 669 | 640 | 570 | 511 | ||||||||||||||||||||||||
| Less: Certain Items (see Endnote 7 to Additional Key Financial Information below) | (88) | (10) | — | (16) | — | ||||||||||||||||||||||||
General and Administrative (Non-GAAP) (2) | 732 | 659 | 640 | 554 | 511 | ||||||||||||||||||||||||
| Taxes Other Than Income (GAAP) | 1,234 | 1,249 | 1,284 | 1,585 | 1,047 | ||||||||||||||||||||||||
| Add: Severance Tax Refund | — | 31 | — | 115 | — | ||||||||||||||||||||||||
Taxes Other Than Income (Non-GAAP) (3) | 1,234 | 1,280 | 1,284 | 1,700 | 1,047 | ||||||||||||||||||||||||
| Interest Expense, Net | 235 | 138 | 148 | 179 | 178 | ||||||||||||||||||||||||
| Less: Acquisition-Related Financing Commitment Costs | (6) | — | — | — | — | ||||||||||||||||||||||||
Interest Expense, Net (Non-GAAP) (4) | 229 | 138 | 148 | 179 | 178 | ||||||||||||||||||||||||
| Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f) | 6,098 | 5,350 | 5,146 | 5,252 | 4,293 | ||||||||||||||||||||||||
| Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g) | 6,004 | 5,371 | 5,146 | 5,351 | 4,293 | ||||||||||||||||||||||||
| Depreciation, Depletion and Amortization (DD&A) | 4,461 | 4,108 | 3,492 | 3,542 | 3,651 | ||||||||||||||||||||||||
| Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h) | 10,559 | 9,458 | 8,638 | 8,794 | 7,944 | ||||||||||||||||||||||||
| Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i) | 10,465 | 9,479 | 8,638 | 8,893 | 7,944 | ||||||||||||||||||||||||
| Exploration Costs | 236 | 174 | 181 | 159 | 154 | ||||||||||||||||||||||||
| Dry Hole Costs | 49 | 14 | 1 | 45 | 71 | ||||||||||||||||||||||||
| Impairments | 843 | 391 | 202 | 382 | 376 | ||||||||||||||||||||||||
| Total Exploration Costs (GAAP) | 1,128 | 579 | 384 | 586 | 601 | ||||||||||||||||||||||||
Less: Certain Impairments (5) | (657) | (291) | (42) | (113) | (15) | ||||||||||||||||||||||||
| Total Exploration Costs (Non-GAAP) | 471 | 288 | 342 | 473 | 586 | ||||||||||||||||||||||||
| Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j) | 11,687 | 10,037 | 9,022 | 9,380 | 8,545 | ||||||||||||||||||||||||
| Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k) | 10,936 | 9,767 | 8,980 | 9,366 | 8,530 | ||||||||||||||||||||||||
| Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) | 5,981 | 7,541 | 8,354 | 13,416 | 6,836 | ||||||||||||||||||||||||
| Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) | 6,732 | 7,811 | 8,396 | 13,430 | 6,851 | ||||||||||||||||||||||||
34
Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued) | | ||||||||||||||||||||||||||||
| In millions of USD, except Boe and per Boe amounts (Unaudited) | |||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||
| Per Barrel of Oil Equivalent (Boe) Calculations (GAAP) | |||||||||||||||||||||||||||||
| Composite Average Operating Revenues and Other per Boe - (b) / (a) | 50.32 | 60.97 | 67.30 | 77.53 | 61.63 | ||||||||||||||||||||||||
| Composite Average Operating Expenses per Boe - (c) / (a) | 36.12 | 40.18 | 40.58 | 47.47 | 41.46 | ||||||||||||||||||||||||
| Composite Average Operating Income (Loss) per Boe - (d) / (a) | 14.20 | 20.79 | 26.72 | 30.06 | 20.17 | ||||||||||||||||||||||||
| Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe - (e) / (a) | 39.28 | 45.22 | 48.34 | 68.77 | 50.84 | ||||||||||||||||||||||||
| Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) | 13.54 | 13.76 | 14.31 | 15.84 | 14.19 | ||||||||||||||||||||||||
| Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] | 25.74 | 31.46 | 34.03 | 52.93 | 36.65 | ||||||||||||||||||||||||
| Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a) | 23.46 | 24.33 | 24.03 | 26.53 | 26.26 | ||||||||||||||||||||||||
| Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)] | 15.82 | 20.89 | 24.31 | 42.24 | 24.58 | ||||||||||||||||||||||||
| Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a) | 25.97 | 25.82 | 25.10 | 28.30 | 28.25 | ||||||||||||||||||||||||
| Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)] | 13.31 | 19.40 | 23.24 | 40.47 | 22.59 | ||||||||||||||||||||||||
| Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP) | |||||||||||||||||||||||||||||
| Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a) | 13.34 | 13.82 | 14.31 | 16.14 | 14.19 | ||||||||||||||||||||||||
| Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)] | 25.94 | 31.40 | 34.03 | 52.63 | 36.65 | ||||||||||||||||||||||||
| Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a) | 23.26 | 24.39 | 24.03 | 26.83 | 26.26 | ||||||||||||||||||||||||
| Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)] | 16.02 | 20.83 | 24.31 | 41.94 | 24.58 | ||||||||||||||||||||||||
| Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a) | 24.31 | 25.13 | 24.98 | 28.26 | 28.20 | ||||||||||||||||||||||||
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)] | 14.97 | 20.09 | 23.36 | 40.51 | 22.64 | ||||||||||||||||||||||||
(1)Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.
(2)EOG believes excluding the above-referenced items from General and Administrative Costs is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(3)EOG believes excluding the above-referenced items from Taxes Other Than Income is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(4)EOG believes excluding the above-referenced items from Interest Expense, Net is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(5)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 exploration 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).
35
| Additional Key Financial Information | | ||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||
See “Endnotes” below for related discussion and definitions. | 2025 Actual | 2024 Actual | 2023 Actual | 2022 Actual | 2021 Actual | ||||||||||||||||||||||||
| Crude Oil and Condensate Volumes (MBod) | |||||||||||||||||||||||||||||
| United States | 520.5 | 490.6 | 475.2 | 460.7 | 443.4 | ||||||||||||||||||||||||
| Trinidad | 1.4 | 0.8 | 0.6 | 0.6 | 1.5 | ||||||||||||||||||||||||
| Other International | — | — | — | — | 0.1 | ||||||||||||||||||||||||
| Total | 521.9 | 491.4 | 475.8 | 461.3 | 445.0 | ||||||||||||||||||||||||
| Natural Gas Liquids Volumes (MBbld) | |||||||||||||||||||||||||||||
| Total | 288.2 | 245.9 | 223.8 | 197.7 | 144.5 | ||||||||||||||||||||||||
| Natural Gas Volumes (MMcfd) | |||||||||||||||||||||||||||||
| United States | 2,299 | 1,728 | 1,551 | 1,315 | 1,210 | ||||||||||||||||||||||||
| Trinidad | 230 | 220 | 160 | 180 | 217 | ||||||||||||||||||||||||
Other International1 | 4 | — | — | — | 9 | ||||||||||||||||||||||||
| Total | 2,533 | 1,948 | 1,711 | 1,495 | 1,436 | ||||||||||||||||||||||||
| Crude Oil Equivalent Volumes (MBoed) | |||||||||||||||||||||||||||||
| United States | 1,191.8 | 1,024.5 | 957.5 | 877.5 | 789.6 | ||||||||||||||||||||||||
| Trinidad | 39.8 | 37.6 | 27.3 | 30.7 | 37.7 | ||||||||||||||||||||||||
Other International1 | 0.6 | — | — | — | 1.6 | ||||||||||||||||||||||||
| Total | 1,232.2 | 1,062.1 | 984.8 | 908.2 | 828.9 | ||||||||||||||||||||||||
| Benchmark Price | |||||||||||||||||||||||||||||
| Oil (WTI) ($/Bbl) | 64.78 | 75.72 | 77.61 | 94.23 | 67.96 | ||||||||||||||||||||||||
| Natural Gas (HH) ($/Mcf) | 3.43 | 2.27 | 2.74 | 6.64 | 3.85 | ||||||||||||||||||||||||
Crude Oil and Condensate - above (below) WTI2 ($/Bbl) | |||||||||||||||||||||||||||||
| United States | 0.87 | 1.70 | 1.57 | 2.99 | 0.58 | ||||||||||||||||||||||||
| Trinidad | (7.19) | (11.29) | (9.03) | (8.07) | (11.70) | ||||||||||||||||||||||||
Other International1 | 0.36 | — | — | — | — | ||||||||||||||||||||||||
| Natural Gas Liquids - Realizations as % of WTI | |||||||||||||||||||||||||||||
| Total | 34.9 | % | 30.9 | % | 29.7 | % | 39.0 | % | 50.5 | % | |||||||||||||||||||
Natural Gas - above (below) NYMEX Henry Hub3 ($/Mcf) | |||||||||||||||||||||||||||||
| United States | (0.49) | (0.28) | (0.04) | 0.63 | 1.03 | ||||||||||||||||||||||||
Natural Gas Realizations4 ($/Mcf) | |||||||||||||||||||||||||||||
| Trinidad | 3.78 | 3.65 | 3.65 | 4.43 | 3.40 | ||||||||||||||||||||||||
Other International1 | 3.28 | — | — | — | — | ||||||||||||||||||||||||
| Total Expenditures (GAAP) ($MM) | 13,703 | 6,653 | 6,818 | 5,610 | 4,255 | ||||||||||||||||||||||||
Capital Expenditures5 (non-GAAP) ($MM) | 6,294 | 6,226 | 6,041 | 4,607 | 3,755 | ||||||||||||||||||||||||
| Operating Unit Costs ($/Boe) | |||||||||||||||||||||||||||||
| Lease and Well | 3.72 | 4.04 | 4.05 | 4.02 | 3.75 | ||||||||||||||||||||||||
Gathering, Processing and Transportation Costs6 | 4.74 | 4.43 | 4.50 | 4.78 | 4.70 | ||||||||||||||||||||||||
| General and Administrative (GAAP) | 1.82 | 1.72 | 1.78 | 1.72 | 1.69 | ||||||||||||||||||||||||
General and Administrative (non-GAAP)7 | 1.63 | 1.70 | 1.78 | 1.67 | 1.69 | ||||||||||||||||||||||||
| Cash Operating Costs (GAAP) | 10.28 | 10.19 | 10.33 | 10.52 | 10.14 | ||||||||||||||||||||||||
Cash Operating Costs (non-GAAP)7 | 10.09 | 10.17 | 10.33 | 10.47 | 10.14 | ||||||||||||||||||||||||
| Depreciation, Depletion and Amortization | 9.92 | 10.57 | 9.72 | 10.69 | 12.07 | ||||||||||||||||||||||||
| Expenses ($MM) | |||||||||||||||||||||||||||||
| Exploration and Dry Hole | 285 | 188 | 182 | 204 | 225 | ||||||||||||||||||||||||
| Impairment (GAAP) | 843 | 391 | 202 | 382 | 376 | ||||||||||||||||||||||||
Impairment (excluding certain impairments (non-GAAP))8 | 186 | 100 | 160 | 269 | 361 | ||||||||||||||||||||||||
| Capitalized Interest | 86 | 45 | 33 | 36 | 33 | ||||||||||||||||||||||||
| Net Interest | 235 | 138 | 148 | 179 | 178 | ||||||||||||||||||||||||
Net Interest (non-GAAP)9 | 229 | — | — | — | — | ||||||||||||||||||||||||
| TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) | |||||||||||||||||||||||||||||
| (GAAP) | 7.0 | % | 7.1 | % | 7.4 | % | 7.0 | % | 6.8 | % | |||||||||||||||||||
(non-GAAP)7 | 7.0 | % | 7.3 | % | 7.4 | % | 7.5 | % | 6.8 | % | |||||||||||||||||||
| Income Taxes | |||||||||||||||||||||||||||||
| Effective Rate | 21.7 | % | 22.1 | % | 21.6 | % | 21.7 | % | 21.4 | % | |||||||||||||||||||
| Current Tax Expense ($MM) | 1,039 | 1,348 | 1,415 | 2,208 | 1,393 | ||||||||||||||||||||||||
36
Additional Key Financial Information (Continued) | | ||||||||||||||||||||||
Endnotes
1)Production volumes from Bahrain operations; realized price represents contract price less Bapco’s processing and distribution costs.
2)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.
3)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.
4)The full-year 2022 realized natural gas price for Trinidad includes a one-time pricing adjustment of $0.76/Mcf for prior-period production following a contract amendment with the National Gas Company of Trinidad and Tobago Limited.
5)Capital Expenditures includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. Capital Expenditures excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses.
6)Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.
7)Cash Operating Costs consist of LOE, GP&T and G&A. G&A (non-GAAP) for fiscal year 2025 excludes costs related to the Encino acquisition, as reflected in the accompanying reconciliation schedules (see “Revenues, Costs and Margins Per Barrel of Oil Equivalent”). In addition, TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) (non-GAAP) and G&A (non-GAAP) for fiscal year 2024 and fiscal year 2022 exclude a state severance tax refund and related consulting fees, respectively, as reflected in the accompanying reconciliation schedules (see “Revenues, Costs and Margins Per Barrel of Oil Equivalent”). The per-Boe impact of such acquisition-related costs and consulting fees on G&A and total Cash Operating Costs for fiscal year 2025, 2024 and 2022 was $(0.19), $(0.02) and $(0.05), respectively.
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 FY 2025 are adjusted from Impairments (GAAP) for FY 2025 by excluding $657 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 FY 2024 are adjusted from Impairments (GAAP) for FY 2024 by excluding $291 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 for fiscal year 2025 excludes financing commitment costs related to the Encino acquisition, as reflected in the accompanying reconciliation schedules (see “Revenues, Costs and Margins Per Barrel of Oil Equivalent”). The per-Boe impact of such cost for fiscal year 2025 is $(0.01).
37