EOG Resources, Inc. press release

EOG Resources Reports Third Quarter 2026 Results and Raises Regular Dividend 8%

2026-11-05

NYSE - New York Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · United States · Corporate Finance

PR Newswire

HOUSTON, Nov. 5, 2026/PRNewswire/ -- EOG Resources, Inc. (EOG) today reported third quarter 2026 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 athttp://investors.eogresources.com/investors.

Third Quarter Highlights

Net income of $2.8 billion, or $5.33 per share, and adjusted net income of $2.5 billion, or $4.87 per share Net cash provided by operating activities of $3.8 billion and adjusted CFO1of $3.8 billion Generated $2.2 billion of free cash flow Paid $544 million in regular dividends and repurchased $1.0 billion of shares Record oil, NGL, and natural gas volumes, all better than guidance midpoints Total per-unit cash operating costs and DD&A better than guidance midpoints Increased regular quarterly dividend by 8 percent to $1.10 per share, a $4.40 per share indicated annual rate Entered new long-term gas sales agreement linked to JKM pricing starting by 2030

CEO Commentary "EOG delivered an outstanding third quarter, achieving record oil, NGL, and natural gas production while maintaining cost discipline as total per-unit cash operating costs and DD&A came in below guidance midpoints. Combined with strong price realizations, these results translated into robust financial performance.

Our focus remains on strengthening our business for the long term, and two recent developments illustrate this commitment. First, we signed a new long-term gas sales agreement expanding our access to premium markets. Linked to JKM pricing, this agreement lifts our premium-priced exposure across LNG feedgas contracts to more than 1 billion cubic feet per day by 2030. Second, we approved the expansion of our Janus gas processing plant in the Delaware Basin. The expansion will provide incremental processing capacity supporting strong netbacks, returns, and long-term value creation.

EOG's business and the outlook for the company have never been stronger. We are pleased to announce an 8% increase in our regular dividend. The increase reflects both the confidence in our business and our ability to support the higher dividend through commodity price cycles. EOG has paid a regular dividend for 28 straight years, a track record that reflects our enduring commitment to returning cash to shareholders.

Underpinning our consistent success is the EOG culture, our core competitive advantage, which empowers our employees to innovate and operate at a high level, supporting efficient operations and high-return investments. We are performing exceptionally well in 2026 and look to finish the year strong and carry significant momentum into 2027."

Return of Capital The Board of Directors today declared a regular dividend of $1.10 per share on EOG's common stock. The regular dividend will be payable January 29, 2027, to stockholders of record as of January 15, 2027. The indicated annual rate is $4.40 per share.

During the third quarter, the company repurchased 7.0 million shares for $1.0 billion under its share repurchase authorization, at an average purchase price of $143 per share. As of September 30, 2026, EOG had $10.6 billion remaining on its current repurchase authorization.

| Key Financial Results | | | | | | | In millions of USD, except per-share, per-Boe and ratio data | | | | | | | | | | | | | | GAAP | 3Q 2026 | 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | | Total Revenue | 8,549 | 8,620 | 6,921 | 5,638 | 5,847 | | Net Income | 2,781 | 2,724 | 1,980 | 701 | 1,471 | | Net Income Per Share | 5.33 | 5.15 | 3.70 | 1.30 | 2.70 | | Net Cash Provided by Operating Activities | 3,813 | 4,669 | 2,966 | 2,612 | 3,111 | | Total Expenditures | 1,871 | 1,919 | 1,768 | 1,730 | 8,544 | | Current and Long-Term Debt | 7,922 | 7,926 | 7,931 | 7,936 | 7,694 | | Cash and Cash Equivalents | 5,747 | 4,907 | 3,849 | 3,396 | 3,530 | | Debt-to-Total Capitalization | 19.3 % | 19.9 % | 20.4 % | 21.0 % | 20.3 % | | Cash Operating Costs ($/Boe) | 10.49 | 10.57 | 10.45 | 10.28 | 10.50 | | | | | | | | | Non–GAAP | | | | | | | Adjusted Net Income | 2,540 | 2,683 | 1,825 | 1,222 | 1,472 | | Adjusted Net Income Per Share | 4.87 | 5.07 | 3.41 | 2.27 | 2.71 | | Adjusted CFO1 | 3,773 | 4,386 | 3,129 | 2,617 | 3,031 | | Capital Expenditures | 1,597 | 1,587 | 1,636 | 1,639 | 1,648 | | Free Cash Flow | 2,176 | 2,799 | 1,493 | 978 | 1,383 | | Net Debt | 2,175 | 3,019 | 4,082 | 4,540 | 4,164 | | Net Debt-to-Total Capitalization | 6.2 % | 8.7 % | 11.7 % | 13.2 % | 12.1 % | | Cash Operating Costs ($/Boe)2 | 10.49 | 10.57 | 10.45 | 10.22 | 9.93 |

| Key Operational Results | | | | | | | | | | | | | | Volumes | 3Q 2026 | 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | | Crude Oil and Condensate (MBod) | 550.4 | 548.8 | 548.5 | 546.1 | 534.5 | | Natural Gas Liquids (MBbld) | 357.1 | 346.8 | 332.1 | 342.1 | 309.3 | | Natural Gas (MMcfd) | 3,153 | 3,089 | 3,020 | 3,065 | 2,745 | | Total Crude Oil Equivalent (MBoed) | 1,433.1 | 1,410.4 | 1,383.8 | 1,399.0 | 1,301.2 | | | | | | | | | Cash Operating Costs ($/Boe) | | | | | | | Lease & Well | 3.74 | 3.64 | 3.71 | 3.47 | 3.60 | | Gathering, Processing & Transportation Costs | 5.26 | 5.27 | 5.25 | 5.07 | 4.90 | | General & Administrative (GAAP) | 1.49 | 1.66 | 1.49 | 1.74 | 2.00 | | General & Administrative (Non-GAAP)2 | 1.49 | 1.66 | 1.49 | 1.68 | 1.43 | | Cash Operating Costs (GAAP) | 10.49 | 10.57 | 10.45 | 10.28 | 10.50 | | Cash Operating Costs (Non-GAAP)2 | 10.49 | 10.57 | 10.45 | 10.22 | 9.93 | | | | | | | | | Depreciation, Depletion & Amortization ($/Boe) | 9.80 | 9.81 | 9.58 | 9.53 | 9.77 |

| Third Quarter 2026 Results vs Guidance | | | | | | | | | | | | | | | | | | (Unaudited) | 3Q 2026 | 3Q 2026 Guidance Midpoint4 | Variance | 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | | Crude Oil and Condensate Volumes (MBod) | | | | | | | | | United States | 547.7 | 546.8 | 0.9 | 546.2 | 546.5 | 544.5 | 532.9 | | Trinidad | 2.0 | 1.7 | 0.3 | 2.1 | 1.9 | 1.5 | 1.6 | | Other International5 | 0.7 | | | 0.5 | 0.1 | 0.1 | 0.0 | | Total | 550.4 | 548.5 | 1.9 | 548.8 | 548.5 | 546.1 | 534.5 | | Natural Gas Liquids Volumes (MBbld) | | | | | | | | | Total | 357.1 | 347.0 | 10.1 | 346.8 | 332.1 | 342.1 | 309.3 | | Natural Gas Volumes (MMcfd) | | | | | | | | | United States | 2,882 | 2,850 | 32 | 2,784 | 2,769 | 2,859 | 2,511 | | Trinidad | 260 | 250 | 10 | 293 | 239 | 195 | 230 | | Other International5 | 11 | | | 12 | 12 | 11 | 4 | | Total | 3,153 | 3,100 | 53 | 3,089 | 3,020 | 3,065 | 2,745 | | | | | | | | | | | Total Crude Oil Equivalent Volumes (MBoed) | 1,433.1 | 1,412.2 | 20.9 | 1,410.4 | 1,383.8 | 1,399.0 | 1,301.2 | | Total MMBoe | 131.8 | 129.9 | 1.9 | 128.3 | 124.5 | 128.7 | 119.7 | | | | | | | | | | | Benchmark Price | | | | | | | | | Oil (WTI) ($/Bbl) | 85.68 | | | 92.85 | 72.17 | 59.17 | 64.95 | | Natural Gas (HH) ($/Mcf) | 2.95 | | | 2.89 | 4.96 | 3.55 | 3.07 | | | | | | | | | | | Crude Oil and Condensate - above (below) WTI6($/Bbl) | | | | | | | | | United States | 1.05 | 1.65 | (0.60) | 5.33 | 0.31 | 0.37 | 1.02 | | Trinidad | (1.06) | (2.60) | 1.54 | (3.98) | (3.26) | (2.10) | (7.21) | | Other International | 2.28 | | | 10.55 | 16.95 | 4.81 | 0.00 | | Natural Gas Liquids - Realizations as % of WTI | | | | | | | | | Total | 30.5 % | 28.0 % | 2.5 % | 26.3 % | 30.8 % | 35.7 % | 32.7 % | | Natural Gas - above (below) NYMEX Henry Hub7($/Mcf) | | | | | | | | | United States | 0.78 | 0.50 | 0.28 | (0.12) | (1.21) | (0.61) | (0.36) | | Natural Gas Realizations ($/Mcf) | | | | | | | | | Trinidad | 3.92 | 3.80 | 0.12 | 3.99 | 3.91 | 3.94 | 3.80 | | Other International5 | 3.30 | | | 3.27 | 3.26 | 3.29 | 3.27 | | | | | | | | | | | Total Expenditures (GAAP) ($MM) | 1,871 | | | 1,919 | 1,768 | 1,730 | 8,544 | | Capital Expenditures (Non-GAAP) ($MM) | 1,597 | 1,650 | (53) | 1,587 | 1,636 | 1,639 | 1,648 | | | | | | | | | | | Operating Unit Costs ($/Boe) | | | | | | | | | Lease and Well | 3.74 | 3.80 | (0.06) | 3.64 | 3.71 | 3.47 | 3.60 | | Gathering, Processing and Transportation Costs | 5.26 | 5.40 | (0.14) | 5.27 | 5.25 | 5.07 | 4.90 | | General & Administrative (GAAP) | 1.49 | | | 1.66 | 1.49 | 1.74 | 2.00 | | General & Administrative (Non-GAAP)2 | 1.49 | 1.50 | (0.01) | 1.66 | 1.49 | 1.68 | 1.43 | | Cash Operating Costs (GAAP) | 10.49 | | | 10.57 | 10.45 | 10.28 | 10.50 | | Cash Operating Costs (Non-GAAP)2 | 10.49 | 10.70 | (0.21) | 10.57 | 10.45 | 10.22 | 9.93 | | Depreciation, Depletion and Amortization | 9.80 | 10.00 | (0.20) | 9.81 | 9.58 | 9.53 | 9.77 | | | | | | | | | | | Expenses ($MM) | | | | | | | | | Exploration and Dry Hole | 83 | 65 | 18 | 77 | 68 | 54 | 71 | | Impairment (GAAP) | 24 | | | 19 | 39 | 689 | 71 | | Impairment (excluding certain impairments (Non-GAAP))8 | 24 | 110 | (86) | 19 | 39 | 43 | 71 | | Capitalized Interest | 38 | 38 | | 38 | 37 | 36 | 27 | | Net Interest (GAAP) | 67 | | | 67 | 66 | 66 | 71 | | Net Interest (Non-GAAP) | 67 | 66 | 1 | 67 | 66 | 66 | 71 | | | | | | | | | | | TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) | | | | | | | | | (GAAP) | 6.3 % | | | 6.6 % | 6.4 % | 6.3 % | 6.8 % | | (Non-GAAP) | 6.3 % | 6.8 % | (0.5 %) | 6.6 % | 6.4 % | 6.3 % | 6.8 % | | Income Taxes | | | | | | | | | Effective Rate | 22.0 % | 22.5 % | (0.5 %) | 22.1 % | 22.5 % | 22.8 % | 19.4 % | | Current Tax Expense ($MM) | 889 | 885 | 4 | 429 | 557 | 293 | 75 |

| Fourth Quarter and Full-Year 2026 Guidance9 | | | | | | | | | | | | | | | | | | | | (Unaudited) | 4Q 2026 Guidance Range | 4Q 2026 Midpoint | FY 2026 Guidance Range | FY 2026 Midpoint | | | | | | Crude Oil and Condensate Volumes (MBod) | | | | | | | | | | United States | 545.4 | - | 550.0 | 547.7 | 545.1 | - | 548.9 | 547.0 | | Trinidad | 1.8 | - | 2.2 | 2.0 | 1.8 | - | 2.2 | 2.0 | | Other International | 0.5 | - | 0.9 | 0.7 | 0.4 | - | 0.6 | 0.5 | | Total | 547.7 | - | 553.1 | 550.4 | 547.3 | - | 551.7 | 549.5 | | Natural Gas Liquids Volumes (MBbld) | | | | | | | | | | Total | 340.0 | - | 360.0 | 350.0 | 341.6 | - | 351.6 | 346.6 | | Natural Gas Volumes (MMcfd) | | | | | | | | | | United States | 2,780 | - | 2,880 | 2,830 | 2,777 | - | 2,857 | 2,817 | | Trinidad | 200 | - | 220 | 210 | 240 | - | 260 | 250 | | Other International | 7 | - | 13 | 10 | 9 | - | 13 | 11 | | Total | 2,987 | - | 3,113 | 3,050 | 3,026 | - | 3,130 | 3,078 | | Crude Oil Equivalent Volumes (MBoed) | | | | | | | | | | United States | 1,348.7 | - | 1,390.0 | 1,369.4 | 1,349.5 | - | 1,376.7 | 1,363.1 | | Trinidad | 35.1 | - | 38.9 | 37.0 | 41.8 | - | 45.5 | 43.7 | | Other International | 1.7 | - | 3.1 | 2.4 | 1.9 | - | 2.8 | 2.4 | | Total | 1,385.5 | - | 1,432.0 | 1,408.8 | 1,393.2 | - | 1,425.0 | 1,409.2 | | | | | | | | | | | | Crude Oil and Condensate - above (below) WTI6($/Bbl) | | | | | | | | | | United States | 2.25 | - | 3.75 | 3.00 | 1.90 | - | 2.90 | 2.40 | | Trinidad | 1.25 | - | 2.75 | 2.00 | (2.20) | - | (0.70) | (1.45) | | Natural Gas Liquids - Realizations as % of WTI | | | | | | | | | | Total | 30.0 % | - | 40.0 % | 35.0 % | 28.0 % | - | 33.0 % | 30.5 % | | Natural Gas - above (below) NYMEX Henry Hub7($/Mcf) | | | | | | | | | | United States | 1.10 | - | 1.80 | 1.45 | (0.30) | - | 0.70 | 0.20 | | Natural Gas Realizations ($/Mcf) | | | | | | | | | | Trinidad | 3.30 | - | 4.00 | 3.65 | 3.60 | - | 4.10 | 3.85 | | | | | | | | | | | | Capital Expenditures10($MM) | 1,630 | - | 1,730 | 1,680 | 6,300 | - | 6,700 | 6,500 | | | | | | | | | | | | Operating Unit Costs ($/Boe) | | | | | | | | | | Lease and Well | 3.70 | - | 4.20 | 3.95 | 3.60 | - | 3.90 | 3.75 | | Gathering, Processing and Transportation Costs | 5.25 | - | 5.75 | 5.50 | 5.25 | - | 5.45 | 5.35 | | General & Administrative | 1.45 | - | 1.75 | 1.60 | 1.45 | - | 1.65 | 1.55 | | Cash Operating Costs | 10.40 | - | 11.70 | 11.05 | 10.30 | - | 11.00 | 10.65 | | Depreciation, Depletion and Amortization | 9.80 | - | 10.80 | 10.30 | 9.50 | - | 10.30 | 9.90 | | | | | | | | | | | | Expenses ($MM) | | | | | | | | | | Exploration and Dry Hole | 50 | - | 90 | 70 | 278 | - | 318 | 298 | | Impairment (excluding certain impairments)8 | 55 | - | 135 | 95 | 87 | - | 267 | 177 | | Capitalized Interest | 36 | - | 40 | 38 | 149 | - | 153 | 151 | | Net Interest | 65 | - | 69 | 67 | 266 | - | 270 | 268 | | | | | | | | | | | | TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) | 5.5 % | - | 7.5 % | 6.5 % | 5.5 % | - | 7.5 % | 6.5 % | | | | | | | | | | | | Income Taxes | | | | | | | | | | Effective Rate | 18.0 % | - | 24.0 % | 21.0 % | 19.0 % | - | 25.0 % | 22.0 % | | Current Tax Expense ($MM) | 650 | - | 750 | 700 | 2,525 | - | 2,625 | 2,575 |

Third Quarter 2026 Results Webcast Friday, November 6, 2026, 9:00 a.m. Central time (10:00 a.m. Eastern time) Webcast will be available on EOG's website for one year. https://investors.eogresources.com/Investors

About 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 Cameron Hughes 713-571-3724

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 and $68 million for 3Q 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) and for 3Q 2025 was ($0.57) as set forth in "Third Quarter 2026 Results vs Guidance" above. | | 3) | Other includes gathering, processing and marketing revenue, gains (losses) on asset dispositions (for GAAP earnings per share only), other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares. | | 4) | GAAP and non-GAAP distinctions apply solely to actual results and do not pertain to EOG's third quarter 2026 guidance midpoint disclosures. | | 5) | Crude oil and condensate volumes are from UAE and Bahrain operations. Natural gas volumes are from Bahrain operations; natural gas realized price represents contract price less partner's processing and distribution costs. | | 6) | EOG bases United States, Trinidad, and Other International crude oil and condensate price differentials upon the West Texas Intermediate crude oil price at Cushing, Oklahoma, using the simple average of the daily settlement prices for the prompt-month NYMEX futures contract for each of the applicable calendar months. | | 7) | EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the NYMEX Last Day Settle price for each of the applicable months. | | 8) | In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total impairment costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG's control (versus, for example, impairments that are due to EOG's proved oil and gas properties not being as productive as it originally estimated). Impairments (Non-GAAP) for 4Q 2025 are adjusted from Impairments (GAAP) for 4Q 2025 by excluding $646 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation). | | 9) | The forecast items for the fourth 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. | | 10) | The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses. |

Cautionary Notice This press release and any accompanying disclosures may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG's future financial position, operations, performance, business strategy, goals, returns and rates of return, budgets, reserves, levels of production, capital expenditures, operating costs and asset sales, statements regarding future commodity prices, statements regarding the plans and objectives of EOG's management for future operations and statements and projections regarding the strategic rationale for, and anticipated benefits of, EOG's acquisition of Encino Acquisition Partners, LLC (Encino) are forward-looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "project," "strategy," "intend," "plan," "target," "aims," "ambition," "initiative," "goal," "may," "will," "focused on," "should" and "believe" or the negative of those terms or other variations or comparable terminology to identify its forward-looking statements. In particular, statements, express or implied, concerning (i) EOG's future financial or operating results and returns, (ii) EOG's ability to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control drilling, completion and operating costs and capital expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, other environmental matters or safety matters, pay and/or increase regular and/or special dividends or repurchase shares or (iii) the successful integration of Encino's assets and operations or the strategic rationale for, or anticipated benefits of, EOG's acquisition of Encino, in each case are forward-looking statements. Forward-looking statements are not guarantees of performance. Although EOG believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that such assumptions are accurate or will prove to have been correct or that any of such expectations will be achieved (in full or at all) or will be achieved on the expected or anticipated timelines. Moreover, EOG's forward-looking statements may be affected by known, unknown or currently unforeseen risks, events or circumstances that may be outside EOG's control. Important factors that could cause EOG's actual results to differ materially from the expectations reflected in EOG's forward-looking statements include, among others:

the timing, magnitude and duration of changes in prices for, supplies of, and demand for, crude oil and condensate, natural gas liquids (NGLs), natural gas and related commodities; the extent to which EOG is successful in its efforts to acquire or discover additional reserves; the extent to which EOG is successful in its efforts to (i) economically develop its acreage in, (ii) produce reserves and achieve anticipated production levels and rates of return from, (iii) decrease or otherwise control its drilling, completion and operating costs and capital expenditures related to, and (iv) maximize reserve recoveries from, its existing and future crude oil and natural gas exploration and development projects and associated potential and existing drilling locations; the success of EOG's cost-mitigation initiatives and actions in offsetting the impact of any inflationary or other pressures on EOG's operating costs and capital expenditures; the extent to which EOG is successful in its efforts to market its production of crude oil and condensate, NGLs and natural gas; security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, physical breaches of our facilities and other infrastructure or breaches of the information technology systems, facilities and infrastructure of third parties with which we transact business, and enhanced regulatory focus on the prevention of, and disclosure requirements relating to, cyber incidents; the availability, proximity and capacity of, and costs associated with, appropriate gathering, processing, compression, storage, transportation, refining, liquefaction and export facilities and equipment; the availability, cost, terms and timing of issuance or execution of mineral licenses, concessions and leases and governmental and other permits and rights-of-way, and EOG's ability to retain mineral licenses, concessions and leases; the impact of, and changes in, government policies, laws and regulations, including climate change-related regulations, policies and initiatives (for example, with respect to air emissions); tax laws and regulations (including, but not limited to, carbon tax or other emissions-related legislation); environmental, health and safety laws and regulations relating to disposal of produced water, drilling fluids and other wastes, hydraulic fracturing and access to and use of water; laws and regulations affecting the leasing of acreage and permitting for oil and gas drilling and the calculation of royalty payments in respect of oil and gas production; laws and regulations imposing additional permitting and disclosure requirements, additional operating restrictions and conditions or restrictions on drilling and completion operations and on the transportation of crude oil, NGLs and natural gas; laws and regulations with respect to financial commodity and other derivative instruments and hedging activities; laws and regulations with respect to the import and export of crude oil, natural gas and related commodities; and trade policies, tariffs, trade agreements and other trade restrictions; the impact of climate change-related legislation, policies and initiatives; climate change-related political, social and shareholder activism; and physical, transition and reputational risks and other potential developments related to climate change; the extent to which EOG is able to successfully and economically develop, implement and carry out its emissions and other environmental or safety-related initiatives and achieve its related targets, goals, ambitions and initiatives; EOG's failure to realize, in full or at all, the anticipated benefits of its acquisition of Encino and/or business disruptions resulting from the acquisition (e.g., relating to the integration of Encino's assets and operations into EOG's operations) that could harm EOG's business operations (including current plans and operations and the diversion of management's attention from EOG's ongoing business operations); EOG's ability to effectively integrate acquired crude oil and natural gas properties into its operations, identify and resolve existing and potential issues with respect to such properties and accurately estimate reserves, production, drilling, completion and operating costs and capital expenditures with respect to such properties; the extent to which EOG's third-party-operated crude oil and natural gas properties are operated successfully, economically and in compliance with applicable laws and regulations; competition in the oil and gas exploration and production industry for the acquisition of licenses, concessions, leases and properties; the availability and cost of, EOG's ability to retain, and competition in the oil and gas exploration and production industry for, employees, labor and other personnel, facilities, equipment, materials (such as water, sand, fuel and tubulars) and services; the accuracy of reserve estimates, which by their nature involve the exercise of professional judgment and may therefore be imprecise; weather and natural disasters, including its impact on crude oil and natural gas demand, and related delays in drilling and in the installation and operation (by EOG or third parties) of production, gathering, processing, refining, liquefaction, compression, storage, transportation, and export facilities; the ability of EOG's customers and other contractual counterparties to satisfy their obligations to EOG and, related thereto, to access the credit and capital markets to obtain financing needed to satisfy their obligations to EOG; EOG's ability to access the commercial paper market and other credit and capital markets to obtain financing on terms it deems acceptable, if at all, and to otherwise satisfy its capital expenditure requirements; the extent to which EOG is successful in its completion of planned asset dispositions; the extent and effect of any hedging activities engaged in by EOG; the timing and extent of changes in foreign currency exchange rates, interest rates, inflation rates, global and domestic financial market conditions and global and domestic general economic conditions; geopolitical factors and political conditions and developments around the world (such as the imposition of tariffs or trade or other economic sanctions, political instability and armed conflicts), including in the areas in which EOG operates; the extent to which EOG incurs uninsured losses and liabilities or losses and liabilities in excess of its insurance coverage; and the other factors described under ITEM 1A, Risk Factors of EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and any updates to those factors set forth in EOG's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.