EOG Resources, Inc. press release
EOG Resources Reports Fourth Quarter and Full-Year 2025 Results; Announces 2026 Capital Plan
NYSE - New York Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · United States
EOG Resources Reports Fourth Quarter and Full-Year 2025 Results; Announces 2026 Capital Plan
EOG Resources Reports Fourth Quarter and Full-Year 2025 Results; Announces 2026 Capital Plan PR Newswire
HOUSTON, Feb. 24, 2026 /PRNewswire/ -- EOG Resources, Inc. (EOG) today reported fourth quarter and full-year 2025 results. The attached schedules for the reconciliation of Non-GAAP measures to GAAP measures, along with a related presentation, are also available on EOG's website at http://investors.eogresources.com/investors.
Fourth Quarter Highlights
Oil, NGLs and natural gas production and total per-unit operating costs better than guidance midpoints
Delivered net cash provided by operating activities of $2.6 billion and Adjusted CFO1 of $2.6 billion
Generated $1.0 billion of free cash flow
Declared regular quarterly dividend of $1.02 per share and repurchased $675 million of shares
Earned net income of $701 million, or $1.30 per share, and adjusted net income of $1.2 billion, or $2.27 per share
Full-Year 2025 Highlights
Delivered net cash provided by operating activities of $10.0 billion and Adjusted CFO1 of $11.0 billion
Generated $4.7 billion of free cash flow and returned 100% to shareholders through dividends and share repurchases
Earned net income of $5.0 billion, or $9.12 per share, and adjusted net income of $5.5 billion, or $10.16 per share
Reduced average well costs 7% across multi-basin portfolio
2026 Outlook
Announced $6.5 billion 2026 capital plan, which holds oil production flat to 4Q 2025. The 2026 plan delivers year-over-year oil and total production growth of 5% and 13%, respectively
CEO Commentary
"2025 was a year of exceptional operational execution for EOG. We exceeded our original oil and total volume targets, capital expenditures were on target, and we continued driving down both well costs and cash operating costs. Our differentiated marketing strategy delivered peer-leading U.S. price realizations, further strengthening margins.
Operational excellence drove outstanding financial results and peer-leading cash returns to shareholders. We generated $4.7 billion in free cash flow and returned 100% to shareholders through our sustainable, growing regular dividend, which increased 8%, and $2.5 billion in share repurchases. Since initiating buybacks in 2023, we've reduced our share count by approximately 10%. Our robust cash generation and pristine balance sheet position EOG to deliver shareholder value through industry cycles.
2025 was also a year of transformational transactions with the strategic Encino acquisition and our entry into exciting international exploration opportunities in the UAE and Bahrain. EOG's differentiated portfolio has never been stronger. Looking ahead, we have a disciplined plan for 2026 targeting $4.5 billion in free cash flow using the midpoints of guidance at current strip pricing. Our strategy prioritizes activity in the Delaware Basin, Utica and Eagle Ford while increasing activity in Dorado alongside continued international investment. EOG's relentless focus on returns, our diverse multi-basin portfolio and industry-leading exploration capabilities provide clear visibility to sustain high returns and robust free cash flow generation for years to come."
Return of Capital
The Board of Directors today declared a dividend of $1.02 per share on EOG's common stock. The dividend will be payable April 30, 2026, to stockholders of record as of April 16, 2026. The indicated annual rate is $4.08 per share.
During the fourth quarter, the company repurchased 6.3 million shares for $675 million under its share repurchase authorization, at an average purchase price of $107 per share.
For full-year 2025, the company repurchased 21.7 million shares for $2.5 billion under its share repurchase authorization, at an average purchase price of $115 per share. At December 31, 2025, EOG had $3.3 billion remaining on its current repurchase authorization.
2025 Reserves
Total proved reserves increased 16% in 2025 to 5.5 Billion Boe. Extensions and discoveries added 336 MMBoe of proved reserves in 2025. Revisions other than price increased proved reserves by 65 MMBoe. Net proved reserve additions from all sources, excluding price revisions, replaced 254% of 2025 total production.
2026 Capital Program
Total expenditures for 2026 are expected to range from $6.3 to $6.7 billion, including exploration and development drilling, facilities, leasehold acquisitions, capitalized interest, dry hole costs, and other property, plant and equipment, and excluding property acquisitions, asset retirement costs and non-cash exchanges and transactions. The capital program also excludes certain exploration costs incurred as operating expenses.
The plan holds 4Q 2025 oil production flat through 2026. Under the 2026 program, total oil production growth is 5% and total production growth is 13% year-over-year, inclusive of the Encino acquisition. EOG plans to complete 585 net wells in 2026 across our domestic multi-basin portfolio of high-return inventory.
The 2026 program targets low single-digit percentage average well cost reduction, benefiting from increasing lateral lengths and other sustainable efficiency gains. We expect higher overall activity in the Utica and Dorado, as well as continued advancement of exploration prospects in the UAE and Bahrain.
Key Financial Results
In millions of USD, except per-share, per-Boe and ratio data
GAAP
4Q 2025
3Q 2025
2Q 2025
1Q 2025
4Q 2024
FY 2025
FY 2024
Total Revenue
5,638
5,847
5,478
5,669
5,585
22,632
23,698
Net Income
701
1,471
1,345
1,463
1,251
4,980
6,403
Net Income Per Share
1.30
2.70
2.46
2.65
2.23
9.12
11.25
Net Cash Provided by Operating Activities
2,612
3,111
2,032
2,289
2,763
10,044
12,143
Total Expenditures
1,730
8,544
1,883
1,546
1,446
13,703
6,653
Current and Long-Term Debt
7,936
7,694
4,236
4,744
4,752
7,936
4,752
Cash and Cash Equivalents
3,396
3,530
5,216
6,599
7,092
3,396
7,092
Debt-to-Total Capitalization
21.0 %
20.3 %
12.7 %
13.8 %
13.9 %
21.0 %
13.9 %
Cash Operating Costs ($/Boe)
10.28
10.50
10.05
10.31
10.15
10.28
10.19
Non–GAAP
Adjusted Net Income
1,222
1,472
1,268
1,586
1,535
5,548
6,612
Adjusted Net Income Per Share
2.27
2.71
2.32
2.87
2.74
10.16
11.62
Adjusted CFO1
2,617
3,031
2,496
2,813
2,635
10,957
11,593
Capital Expenditures
1,639
1,648
1,523
1,484
1,358
6,294
6,226
Free Cash Flow
978
1,383
973
1,329
1,277
4,663
5,367
Net Debt
4,540
4,164
(980)
(1,855)
(2,340)
4,540
(2,340)
Net Debt-to-Total Capitalization
13.2 %
12.1 %
(3.5 %)
(6.7 %)
(8.7 %)
13.2 %
(8.7 %)
Cash Operating Costs ($/Boe)2
10.22
9.93
9.94
10.31
10.15
10.09
10.17
Key Operational Results
Volumes
4Q 2025
3Q 2025
2Q 2025
1Q 2025
4Q 2024
FY 2025
FY 2024
Crude Oil and Condensate (MBod)
546.1
534.5
504.2
502.1
494.6
521.9
491.4
Natural Gas Liquids (MBbld)
342.1
309.3
258.4
241.7
252.5
288.2
245.9
Natural Gas (MMcfd)
3,065
2,745
2,229
2,080
2,092
2,533
1,948
Total Crude Oil Equivalent (MBoed)
1,399.0
1,301.2
1,134.1
1,090.4
1,095.7
1,232.2
1,062.1
Cash Operating Costs ($/Boe)
Lease & Well
3.47
3.60
3.84
4.09
3.91
3.72
4.04
Gathering, Processing & Transportation Costs
5.07
4.90
4.41
4.48
4.37
4.74
4.43
General & Administrative (GAAP)
1.74
2.00
1.80
1.74
1.87
1.82
1.72
General & Administrative (Non-GAAP) 2
1.68
1.43
1.69
1.74
1.87
1.63
1.70
Cash Operating Costs (GAAP)
10.28
10.50
10.05
10.31
10.15
10.28
10.19
Cash Operating Costs (Non-GAAP)2
10.22
9.93
9.94
10.31
10.15
10.09
10.17
Depreciation, Depletion & Amortization ($/Boe)
9.53
9.77
10.20
10.32
10.11
9.92
10.57
Fourth Quarter 2025 Results vs Guidance
4Q 2025
(Unaudited)
4Q 2025
Guidance
Midpoint4
Variance
3Q 2025
2Q 2025
1Q 2025
4Q 2024
Crude Oil and Condensate Volumes (MBod)
United States
544.5
543.7
0.8
532.9
503.1
500.9
493.5
Trinidad
1.5
1.3
0.2
1.6
1.1
1.2
1.1
Other International5
0.1
0.0
0.1
0.0
0.0
0.0
0.0
Total
546.1
545.0
1.1
534.5
504.2
502.1
494.6
Natural Gas Liquids Volumes (MBbld)
Total
342.1
323.0
19.1
309.3
258.4
241.7
252.5
Natural Gas Volumes (MMcfd)
United States
2,859
2,790
69
2,511
1,977
1,834
1,840
Trinidad
195
200
(5)
230
252
246
252
Other International5
11
0
11
4
0
0
0
Total
3,065
2,990
75
2,745
2,229
2,080
2,092
Total Crude Oil Equivalent Volumes (MBoed)
1,399.0
1,366.4
32.6
1,301.2
1,134.1
1,090.4
1,095.7
Total MMBoe
128.7
125.7
3.0
119.7
103.2
98.1
100.8
Benchmark Price
Oil (WTI) ($/Bbl)
59.17
64.95
63.71
71.42
70.28
Natural Gas (HH) ($/Mcf)
3.55
3.07
3.44
3.66
2.79
Crude Oil and Condensate - above (below) WTI6($/Bbl)
United States
0.37
0.25
0.12
1.02
1.13
1.48
1.40
Trinidad
(2.10)
(4.00)
1.90
(7.21)
(9.21)
(10.30)
(9.81)
Other International5
4.81
0.00
4.81
0.00
0.00
0.00
0.00
Natural Gas Liquids - Realizations as % of WTI
Total
35.7 %
33.0 %
2.7 %
32.7 %
35.6 %
36.8 %
33.9 %
Natural Gas - above (below) NYMEX Henry Hub7($/Mcf)
United States
(0.61)
(0.45)
(0.16)
(0.36)
(0.57)
(0.30)
(0.40)
Natural Gas Realizations ($/Mcf)
Trinidad
3.94
3.60
0.34
3.80
3.65
3.78
3.86
Other International5
3.29
0.00
3.29
3.27
0.00
0.00
0.00
Total Expenditures (GAAP) ($MM)
1,730
8,544
1,883
1,546
1,446
Capital Expenditures (Non-GAAP) ($MM)
1,639
1,650
(11)
1,648
1,523
1,484
1,358
Operating Unit Costs ($/Boe)
Lease and Well
3.47
3.75
(0.28)
3.60
3.84
4.09
3.91
Gathering, Processing and Transportation Costs
5.07
5.00
0.07
4.90
4.41
4.48
4.37
General &Administrative (GAAP)
1.74
1.55
0.19
2.00
1.80
1.74
1.87
General & Administrative (Non-GAAP)2
1.68
1.55
0.13
1.43
1.69
1.74
1.87
Cash Operating Costs (GAAP)
10.28
10.30
(0.02)
10.50
10.05
10.31
10.15
Cash Operating Costs (Non-GAAP)2
10.22
10.30
(0.08)
9.93
9.94
10.31
10.15
Depreciation, Depletion and Amortization
9.53
9.75
(0.22)
9.77
10.20
10.32
10.11
Expenses ($MM)
Exploration and Dry Hole
54
60
(6)
71
85
75
60
Impairment (GAAP)
689
71
39
44
276
Impairment (excluding certain impairments (Non-GAAP))8
43
70
(27)
71
28
44
23
Capitalized Interest
36
36
0
27
11
12
13
Net Interest (GAAP)
66
66
0
71
51
47
38
Net Interest (Non-GAAP)9
66
66
0
71
45
47
38
TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas)
(GAAP)
6.3 %
7.0 %
(0.7 %)
6.8 %
7.3 %
7.6 %
6.8 %
(Non-GAAP)
6.3 %
7.0 %
(0.7 %)
6.8 %
7.3 %
7.6 %
6.8 %
Income Taxes
Effective Rate
22.8 %
22.5 %
0.3 %
19.4 %
23.2 %
22.1 %
23.0 %
Current Tax Expense ($MM)
293
270
23
75
301
370
454
First Quarter and Full-Year 2026 Guidance10
(Unaudited)
1Q 2026
Guidance Range
1Q 2026
Midpoint
FY 2026
Guidance Range
FY 2026
Midpoint
Crude Oil and Condensate Volumes (MBod)
United States
542.4
-
547.0
544.7
542.7
-
547.3
545.0
Trinidad
1.6
-
2.0
1.8
1.3
-
1.7
1.5
Total
544.0
-
549.0
546.5
544.0
-
549.0
546.5
Natural Gas Liquids Volumes (MBbld)
320.0
-
340.0
330.0
325.0
-
345.0
335.0
Total
Natural Gas Volumes (MMcfd)
United States
2,700
-
2,800
2,750
2,810
-
2,910
2,860
Trinidad
225
-
245
235
215
-
235
225
Total
2,925
-
3,045
2,985
3,025
-
3,145
3,085
Crude Oil Equivalent Volumes (MBoed)
United States
1,312.4
-
1,353.7
1,333.1
1,336.0
-
1,377.3
1,356.7
Trinidad
39.1
-
42.8
41.0
37.1
-
40.9
39.0
Total
1,351.5
-
1,396.5
1,374.0
1,373.1
-
1,418.2
1,395.7
Crude Oil and Condensate - above (below) WTI6($/Bbl)
United States
(1.00)
-
0.50
(0.25)
(1.00)
-
1.00
0.00
Trinidad
(4.75)
-
(3.25)
(4.00)
(3.50)
-
(1.50)
(2.50)
Natural Gas Liquids - Realizations as % of WTI
Total
26.0 %
- 36.0%
31.0 %
26.0 %
- 36.0%
31.0 %
Natural Gas - above (below) NYMEX Henry Hub7($/Mcf)
United States
(1.65)
-
(0.95)
(1.30)
(1.60)
-
0.40
(0.60)
Natural Gas Realizations ($/Mcf)
Trinidad
3.15
-
3.85
3.50
3.00
-
4.00
3.50
Capital Expenditures 11(Non-GAAP) ($MM)
1,575
-
1,675
1,625
6,300
-
6,700
6,500
Operating Unit Costs ($/Boe)
Lease and Well
3.50
-
4.00
3.75
3.50
-
4.00
3.75
Gathering, Processing and Transportation Costs
4.95
-
5.45
5.20
4.95
-
5.45
5.20
General & Administrative
1.40
-
1.70
1.55
1.40
-
1.70
1.55
Cash Operating Costs
9.85
-
11.15
10.50
9.85
-
11.15
10.50
Depreciation, Depletion and Amortization
9.10
-
10.10
9.60
9.35
-
10.35
9.85
Expenses ($MM)
Exploration and Dry Hole
30
-
70
50
195
-
235
215
Impairment (excluding certain impairments8
30
-
110
70
190
-
370
280
Capitalized Interest
35
-
39
37
147
-
151
149
Net Interest
65
-
69
67
267
-
271
269
TOTI (% of Wellhead Revenue) (GAAP)
6.0 %
-
8.0 %
7.0 %
5.8 %
-
7.8 %
6.8 %
TOTI (% of Wellhead Revenue) (Non-GAAP)
Income Taxes
Effective Rate
20.0 %
-
26.0 %
23.0 %
20.0 %
-
26.0 %
23.0 %
Current Tax Expense ($MM)
230
-
330
280
925
-
1,325
1,125
Fourth Quarter and Full-Year 2025 Results Webcast
Wednesday, February 25, 2026, 9:00 a.m. Central time (10:00 a.m. Eastern time) Webcast will be available on EOG's website for one year. https://investors.eogresources.com/Investors
About EOG
EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States and Trinidad. To learn more visit https://www.eogresources.com/
Investor Contacts
Pearce Hammond 713-571-4684
Neel Panchal 713-571-4884
Shelby O'Connor 713-571-4560
Media Contact
Kimberly Ehmer 713-571-4676
Endnotes
1)
Cash flow from operations before changes in working capital and certain acquisition-related costs.
2)
Cash Operating Costs consist of LOE, GP&T and G&A. Non-GAAP G&A excludes Encino acquisition-related G&A costs of $8 million for 4Q 2025, $68 million for 3Q 2025 and $12 million for 2Q 2025, as reflected in the accompanying reconciliation schedules (see "Revenues, Costs and Margins Per Barrel of Oil Equivalent"). The per-Boe impact of such Encino acquisition–related costs on G&A and total Cash Operating Costs for 4Q 2025 was ($0.06), for 3Q 2025 was ($0.57) and for 2Q 2025 was ($0.11) as set forth in "Fourth Quarter 2025 Results vs Guidance" above.
3)
Other includes gathering, processing and marketing revenue, gains (losses) on asset dispositions (for GAAP earnings per share only), other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares.
4)
GAAP and Non-GAAP distinctions apply solely to actual results and do not pertain to EOG's fourth quarter 2025 guidance midpoint disclosures.
5)
Production volumes from Bahrain operations; realized price represents contract price less Bapco's processing and distribution costs.
6)
EOG bases United States and Trinidad crude oil and condensate price differentials upon the West Texas Intermediate crude oil price at Cushing, Oklahoma, using the simple average of the NYMEX settlement prices for each trading day within the applicable calendar month.
7)
EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the NYMEX Last Day Settle price for each of the applicable months.
8)
In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total impairment costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG's control (versus, for example, impairments that are due to EOG's proved oil and gas properties not being as productive as it originally estimated). Impairments (Non-GAAP) for 4Q 2025 are adjusted from Impairments (GAAP) for 4Q 2025 by excluding $646 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation). Impairments (Non-GAAP) for 4Q 2024 are adjusted from Impairments (GAAP) for 4Q 2024 by excluding $253 million of impairments, primarily associated with the write- down to fair value of natural gas and crude oil assets in the Rocky Mountain area.
9)
Net interest expense (Non-GAAP) excludes Encino acquisition-related financing commitment costs of $6 million in 2Q 2025.
10)
The forecast items for the first quarter and full year 2026 set forth above for EOG are based on currently available information and expectations as of the date of this press release. EOG undertakes no obligation, other than as required by applicable law, to update or revise this forecast, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise. This forecast, which should be read in conjunction with this press release and EOG's related Current Report on Form 8-K filing, replaces and supersedes any previously issued guidance or forecast.
11)
The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses.
Cautionary Notice
This press release and any accompanying disclosures may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG's future financial position, operations, performance, business strategy, goals, returns and rates of return, budgets, reserves, levels of production, capital expenditures, operating costs and asset sales, statements regarding future commodity prices and statements regarding the plans and objectives of EOG's management for future operations, are forward-looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "project," "strategy," "intend," "plan," "target," "aims," "ambition," "initiative," "goal," "may," "will," "focused on," "should" and "believe" or the negative of those terms or other variations or comparable terminology to identify its forward-looking statements. In particular, statements, express or implied, concerning EOG's future financial or operating results and returns or EOG's ability to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control drilling, completion and operating costs and capital expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, other environmental matters or safety matters, pay and/or increase regular and/or special dividends or repurchase shares are forward-looking statements. Forward-looking statements are not guarantees of performance. Although EOG believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that such assumptions are accurate or will prove to have been correct or that any of such expectations will be achieved (in full or at all) or will be achieved on the expected or anticipated timelines. Moreover, EOG's forward-looking statements may be affected by known, unknown or currently unforeseen risks, events or circumstances that may be outside EOG's control. Important factors that could cause EOG's actual results to differ materially from the expectations reflected in EOG's forward-looking statements include, among others:
the timing, magnitude and duration of changes in prices for, supplies of, and demand for, crude oil and condensate, natural gas liquids (NGLs), natural gas and related commodities;
the extent to which EOG is successful in its efforts to acquire or discover additional reserves;
the extent to which EOG is successful in its efforts to (i) economically develop its acreage in, (ii) produce reserves and achieve anticipated production levels and rates of return from, (iii) decrease or otherwise control its drilling, completion and operating costs and capital expenditures related to, and (iv) maximize reserve recoveries from, its existing and future crude oil and natural gas exploration and development projects and associated potential and existing drilling locations;
the success of EOG's cost-mitigation initiatives and actions in offsetting the impact of any inflationary or other pressures on EOG's operating costs and capital expenditures;
the extent to which EOG is successful in its efforts to market its production of crude oil and condensate, NGLs and natural gas;
security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, physical breaches of our facilities and other infrastructure or breaches of the information technology systems, facilities and infrastructure of third parties with which we transact business, and enhanced regulatory focus on the prevention of, and disclosure requirements relating to, cyber incidents;