EOG

MKT CAP $82.8BP/E 12.3DIV YIELD 1.94%FCF YIELD —REV TTM $27B +19.1%NET INCOME $6.9B +20.0%NET CASH $1.1B52W 101.78 – 158.01SEC XBRL · TTM TO Invalid Date

How EOG rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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New in FY2025

The following table sets forth, for the periods indicated, EOG's share repurchase activity: Period (a) Total Number of Shares Purchased (1) (b) Average Price Paid per Share (c) Total Number of Shares or Value of Shares Purchased as Part of Publicly Announced Plans or Programs (2) (d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (3) October 1, 2025 - October 31, 2025 1,335,450 $ 108.28 $ 143,748,309 $ 3,878,171,155 November 1, 2025 - November 30, 2025 1,808,125 107.35 193,248,798 3,684,922,357 December 1, 2025 - December 31, 2025 3,164,582 106.90 337,998,278 3,346,924,079 Total 6,308,157 107.32 $ 674,995,385 (1) Includes 6,289,876 shares repurchased during the quarter ended December 31, 2025, at an average price of $107.31 per share (inclusive of commissions and transaction fees), pursuant to the Share Repurchase Authorization (as defined and further discussed below); such repurchases count against the Share Repurchase Authorization.
The share repurchases effected during the period October 1, 2025 through November 7, 2025 were made pursuant to a Rule 10b5-1 trading plan entered into by EOG on September 29, 2025.
Also includes 18,281 total shares that were withheld by or returned to EOG during the quarter ended December 31, 2025, at an average price of $109.09 per share, (i) in satisfaction of tax withholding obligations that arose upon the exercise of employee stock options or stock-settled stock appreciation rights or the vesting of restricted stock, restricted stock unit or performance unit grants or (ii) in payment of the exercise price of employee stock options; such shares do not count against the Share Repurchase Authorization.
As of December 31, 2025, (i) EOG had repurchased an aggregate 56,166,452 shares at a total cost of $6,653,075,921 (inclusive of commissions and transaction fees) under the Share Repurchase Authorization and (ii) an additional $3,346,924,079 of shares remained available for repurchases under the Share Repurchase Authorization.
Comparative Stock Performance The following performance graph and related information shall not be deemed "soliciting material" or to be "filed" with the United States Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that EOG specifically requests that such information be treated as "soliciting material" or specifically incorporates such information by reference into such a filing.
The comparison was prepared based upon the following assumptions: 1. $100 was invested on December 31, 2020 in each of the following: common stock of EOG, the S&P 500 and the S&P O&G E&P. 2.
Comparison of Five-Year Cumulative Total Returns EOG, S&P 500 and S&P O&G E&P (Performance Results Through December 31, 2025) 2020 2021 2022 2023 2024 2025 EOG $ 100.00 $ 188.69 $ 295.99 $ 290.06 $ 302.55 $ 268.07 S&P 500 $ 100.00 $ 128.71 $ 105.40 $ 133.10 $ 166.40 $ 196.16 S&P O&G E&P $ 100.00 $ 187.09 $ 296.53 $ 296.63 $ 280.65 $ 282.89 ITEM 6.
EOG realized net income of $4,980 million for 2025 as compared to net income of $6,403 million for 2024.
At December 31, 2025, EOG's total estimated net proved reserves were 5,514 million barrels of oil equivalent (MMBoe), an increase of 766 MMBoe from December 31, 2024.
During 2025, net proved crude oil and condensate and natural gas liquids (NGLs) reserves increased by 187 million barrels (MMBbl), and net proved natural gas reserves increased by 3,470 billion cubic feet, or 579 MMBoe, in each case from December 31, 2024.
This volatility is expected to continue due to the many uncertainties associated with the world political and economic environment, the global supply of, and demand for, crude oil, NGLs and natural gas, the availability of other energy supplies and other factors, including tariffs, trade policies and agreements and trade barriers or other restrictions imposed by the U.S. government or other governments and the related impact of such measures on commodity and financial markets.
For the year ended December 31, 2025, the average U.S.
New York Mercantile Exchange (NYMEX) crude oil and natural gas prices were $64.78 per barrel and $3.43 per million British thermal units (MMBtu), respectively, representing a decrease of 14% and an increase of 51%, respectively, from the average NYMEX prices for the year ended December 31, 2024.
EOG has undertaken (and continues to undertake) initiatives to increase its drilling, completions and operating efficiencies and improve the performance of its wells.
Such initiatives include (among others): (i) EOG's downhole drilling motor program, which has resulted in increased footage drilled per day and, in turn, reduced drilling times; (ii) enhanced techniques for completing its wells, which has resulted in increased footage completed per day and pumping hours per day; (iii) drilling extended laterals, which have resulted in a decrease in cost per foot drilled; and (iv) EOG's self-sourced sand program, which has provided supply certainty and resulted in operational efficiencies in its well completion operations.
In addition, EOG has entered into agreements with its service providers from time to time, when available and advantageous, to secure the costs and availability of certain drilling and completions services it utilizes as part of its operations.
EOG plans to continue with these initiatives and actions, though there can be no assurance that such efforts will be successful and sufficient to offset the impacts of any future inflationary pressures (such as from tariffs, other trade barriers or other macroeconomic factors) on EOG's operating costs and capital expenditures, cash flows and results of operations.
Further, there can be no assurance that any such pressures or factors will not impact EOG's ability to conduct its future day-to-day drilling, completion and production operations.
Operations Several important developments have occurred since January 1, 2025.
In 2025, EOG continued to focus on initiatives to increase its drilling, completion and operating efficiencies and improve well performance.
On a volumetric basis, as calculated using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas, crude oil and condensate and NGLs production accounted for approximately 68% and 72% of EOG's United States production during 2025 and 2024, respectively.
During 2025, EOG's drilling and completion activities occurred primarily in the Delaware Basin play, Eagle Ford play and Utica play.
EOG's major producing areas in the United States are in New Mexico, Texas and Ohio.
See ITEM 1, Business - Exploration and Production for further discussion regarding EOG's 2025 United States operations.
On July 4, 2025, the One Big Beautiful Bill Act was signed into law, which primarily made permanent (generally with amendments) certain tax provisions of the 2017 Tax Cuts and Jobs Act.
Included, among others, were changes to business tax provisions such as permanently restoring 100% bonus depreciation and full domestic research expensing.
While the legislation reduced EOG's 2025 cash tax payments, it did not have a material impact on EOG's earnings.
On August 1, 2025, EOG completed its acquisition of Encino Acquisition Partners, LLC (Encino) for $5.7 billion, inclusive of Encino's net debt.
The assets of Encino include 675,000 core net acres in the Utica play.
The financial results of Encino have been included in EOG's consolidated financial statements beginning August 1, 2025.
This acquisition impacted revenues and operating and other expenses as described in the Results of Operations section below.
Additionally, see Note 16 to the Consolidated Financial Statements for further discussion of the acquisition.
In January 2026, EOG signed a purchase and sale agreement for the sale of its entire interest and related fixed assets in the northern Midland Basin for $ 165 million, subject to customary closing adjustments.
The transaction closed on February 18, 2026.
Crude oil production attributable to EOG's interest was approximately 4 MBbld for the quarter ended December 31, 2025.
In Trinidad, EOG continues to produce natural gas which is sold to the National Gas Company of Trinidad and Tobago Limited and its subsidiary under existing supply contracts.
Crude oil and condensate are sold to both Heritage Petroleum Company Limited and BP Trinidad and Tobago LLC.
In January 2025, EOG executed two production sharing contracts with the Government of Trinidad and Tobago for the Lower Reverse L and North Coast Marine Area 4(a) Blocks.
(Closed) (Bapco) to evaluate a gas exploration prospect in the Kingdom of Bahrain.
In August 2025, the government of the Kingdom of Bahrain approved the related concession agreement.

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Gone since FY2024

The following table sets forth, for the periods indicated, EOG's share repurchase activity: Period (a) Total Number of Shares Purchased (1) (b) Average Price Paid per Share (c) Total Number of Shares or Value of Shares Purchased as Part of Publicly Announced Plans or Programs (2) (d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (3) October 1, 2024 - October 31, 2024 2,401,712 $ 126.86 $ 299,999,895 $ 1,531,171,168 November 1, 2024 - November 30, 2024 1,224,309 133.70 157,512,580 6,373,658,588 December 1, 2024 - December 31, 2024 4,241,236 123.56 523,698,015 5,849,960,573 Total 7,867,257 126.15 981,210,490 (1) Includes 7,782,416 shares repurchased during the quarter ended December 31, 2024, at an average price of $126.08 per share (inclusive of commissions and transaction fees), pursuant to the Share Repurchase Authorization (as defined below); such repurchases count against the Share Repurchase Authorization.
The share repurchases effected during the periods October 1, 2024 through November 8, 2024 and November 11, 2024 through November 20, 2024 were made pursuant to Rule 10b5-1 trading plans entered into by EOG on September 30, 2024 and November 8, 2024 (respectively).
Also includes 84,841 total shares that were withheld by or returned to EOG during the quarter ended December 31, 2024, at an average price of $132.23 per share, (i) in satisfaction of tax withholding obligations that arose upon the exercise of employee stock options or stock-settled stock appreciation rights or the vesting of restricted stock, restricted stock unit or performance unit grants or (ii) in payment of the exercise price of employee stock options; such shares do not count against the Share Repurchase Authorization.
As of December 31, 2024, (i) EOG had repurchased an aggregate 34,462,691 shares at a total cost of $4,150,039,427 (inclusive of commissions and transaction fees) under the Share Repurchase Authorization and (ii) an additional $5,849,960,573 of shares remained available for repurchases under the Share Repurchase Authorization.
The timing and amount of repurchases is at the discretion of EOG's management and depends on a variety of factors, including the trading price of EOG's common stock, corporate and regulatory requirements, and other market and economic conditions.
Comparative Stock Performance The following performance graph and related information shall not be deemed "soliciting material" or to be "filed" with the United States Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended, except to the extent that EOG specifically requests that such information be treated as "soliciting material" or specifically incorporates such information by reference into such a filing.
The comparison was prepared based upon the following assumptions: 1. $100 was invested on December 31, 2019 in each of the following: common stock of EOG, the S&P 500 and the S&P O&G E&P. 2.
Comparison of Five-Year Cumulative Total Returns EOG, S&P 500 and S&P O&G E&P (Performance Results Through December 31, 2024) 2019 2020 2021 2022 2023 2024 EOG $ 100.00 $ 61.36 $ 115.78 $ 181.62 $ 177.98 $ 185.65 S&P 500 $ 100.00 $ 118.40 $ 152.39 $ 124.79 $ 157.59 $ 197.02 S&P O&G E&P $ 100.00 $ 64.58 $ 120.82 $ 191.50 $ 191.57 $ 181.25 ITEM 6.
EOG realized net income of $6,403 million during 2024 as compared to net income of $7,594 million for 2023.
At December 31, 2024, EOG's total estimated net proved reserves were 4,748 million barrels of oil equivalent (MMBoe), an increase of 250 MMBoe from December 31, 2023.
During 2024, net proved crude oil and condensate and natural gas liquids (NGLs) reserves increased by 218 million barrels (MMBbl), and net proved natural gas reserves increased by 192 billion cubic feet, or 32 MMBoe, in each case from December 31, 2023.
This volatility is expected to continue due to the many uncertainties associated with the world political and economic environment and the global supply of, and demand for, crude oil, NGLs and natural gas and the availability of other energy supplies, the relative competitive relationships of the various energy sources in the view of consumers and other factors.
For the year ended December 31, 2024, the average U.S.
New York Mercantile Exchange (NYMEX) crude oil and natural gas prices were $75.72 per barrel and $2.27 per million British thermal units (MMBtu), respectively, representing decreases of 2% and 17%, respectively, from the average NYMEX prices for the year ended December 31, 2023.
Inflationary Pressures, Operational Efficiencies & Related Initiatives/Actions.
During 2024, EOG continued to see diminished inflationary pressures on its operating costs and capital expenditures (e.g., for fuel, wellbore tubulars, facilities manufactured using steel, labor and drilling and completion services) and, in certain circumstances, has seen declines in prices.
However, because the market for such materials, services and labor continues to fluctuate, there can be no assurance that the inflationary pressures experienced by EOG in prior periods will not resume.
Further, the timing and impact of any future price changes on EOG's operating costs and capital expenditures is uncertain.
EOG has undertaken (and continues to undertake) initiatives to increase its drilling, completion and operating efficiencies and improve the performance of its wells and, in turn, mitigate the inflationary pressures experienced in prior periods.
Such initiatives include (among others): (i) EOG's downhole drilling motor program, which has resulted in increased footage drilled per day and, in turn, reduced drilling times; (ii) enhanced techniques for completing its wells, which has resulted in increased footage completed per day and pumping hours per day; (iii) drilling extended laterals, which has resulted in a decrease in cost per foot drilled; and (iv) EOG's self-sourced sand program, which has resulted in cost savings for the sand utilized in its well completion operations.
In addition, EOG has entered into agreements with its service providers from time to time, when available and advantageous, to secure the costs and availability of certain drilling and completion services it utilizes as part of its operations.
EOG plans to continue with these initiatives and actions, though there can be no assurance that such efforts will offset, largely or at all, the impacts of any future inflationary pressures (such as from tariffs) on EOG's operating costs and capital expenditures, cash flows and results of operations.
Further, there can be no assurance that the factors contributing to any such future inflationary pressures will not impact EOG's ability to conduct its future day-to-day drilling, completion and production operations.
For a discussion of climate change matters and related regulatory matters, including potential developments related to climate change and the potential impacts and risks of such developments on EOG, see ITEM 1A, Risk Factors, and the related discussion in ITEM 1, Business – Regulation.
EOG will continue to monitor and assess any climate change-related developments that could impact EOG and the oil and gas industry, to determine the impact on its business and operations, and take appropriate actions where necessary.
Operations Several important developments have occurred since January 1, 2024.
In 2024, EOG continued to focus on initiatives to increase its drilling, completion and operating efficiencies and improve well performance and, in turn, mitigate the inflationary pressures on its operating costs and capital expenditures experienced in prior periods.
On a volumetric basis, as calculated using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas, crude oil and condensate and NGLs production accounted for approximately 72% and 73% of EOG's United States production during 2024 and 2023, respectively.
During 2024, EOG's drilling and completion activities occurred primarily in the Delaware Basin play, Eagle Ford play and Rocky Mountain area.
EOG's major producing areas in the United States are in New Mexico and Texas.
See ITEM 1, Business - Exploration and Production for further discussion regarding EOG's 2024 United States operations.
In Trinidad, EOG continues to deliver natural gas under existing supply contracts.
Several fields in the South East Coast Consortium (SECC) Block, Modified U(a) Block, Block 4(a) and Banyan and Sercan Areas have been developed and are producing natural gas which is sold to the National Gas Company of Trinidad and Tobago Limited and its subsidiary, and crude oil and condensate which is sold to Heritage Petroleum Company Limited.
During 2024, EOG completed one net developmental well and one net exploratory well from the Osprey B platform in the Modified U(a) Block.
EOG also completed two net exploratory wells from the Oilbird platform in the SECC Block, drilled a deep Teak, Saaman and Poui (TSP Deep) exploratory well which allowed EOG to retain a 50% working interest in the TSP Deep Area and recompleted one net well in the Sercan Area.
EOG also completed construction and installation of the Mento platform in the Ska, Mento and Reggae Area and commenced pipeline and associated tie-in installations that will connect the Mento platform to the Pelican platform.
In 2024, EOG relinquished its rights to a portion of the contract area governed by the Trinidad Northern Area License located offshore the southwest coast of Trinidad and signed a farmout agreement with BP Trinidad and Tobago LLC, which allows EOG to earn a 50% working interest to develop the Coconut field in the Coconut Area located within the East Mayaro and South East Galeota exploration and production licenses.
Additionally, EOG was selected as the preferred bidder in the Lower Reverse L and North Coast Marine Area 4(a) Blocks in respect of the 2023 shallow water offshore bid round.
(Closed) to evaluate a gas exploration project in the Kingdom of Bahrain, with drilling anticipated to commence in the second half of 2025.
The transaction, which includes a concession agreement with the Kingdom of Bahrain, is subject to further government approvals, which the parties anticipate receiving in the second half of 2025.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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