EOG Resources Reports Second Quarter 2025 Results and Updates 2025 Guidance
HOUSTON, Aug. 7, 2025 /PRNewswire/ -- EOG Resources, Inc. (EOG) today reported second quarter 2025 results and updated its 2025 guidance. The attached supplemental financial tables and schedules for the reconciliation of non-GAAP measures to GAAP measures and related definitions and discussion, along with a related presentation, are also available on EOG's website at http://investors.eogresources.com/investors.
Key Financial Results
In millions of USD, except per-share, per-Boe and ratio data
GAAP
2Q 2025
1Q 2025
4Q 2024
3Q 2024
2Q 2024
Total Revenue
5,478
5,669
5,585
5,965
6,025
Net Income
1,345
1,463
1,251
1,673
1,690
Net Income Per Share
2.46
2.65
2.23
2.95
2.95
Net Cash Provided by Operating Activities
2,032
2,289
2,763
3,588
2,889
Total Expenditures
1,883
1,546
1,446
1,573
1,682
Current and Long-Term Debt
4,236
4,744
4,752
3,776
3,784
Cash and Cash Equivalents
5,216
6,599
7,092
6,122
5,431
Debt-to-Total Capitalization
12.7 %
13.8 %
13.9 %
11.3 %
11.5 %
Cash Operating Costs ($/Boe)
10.05
10.31
10.15
10.15
10.11
Non-GAAP
Adjusted Net Income
1,268
1,586
1,535
1,644
1,807
Adjusted Net Income Per Share
2.32
2.87
2.74
2.89
3.16
Adjusted CFO1
2,496
2,813
2,635
2,988
3,042
Capital Expenditures
1,523
1,484
1,358
1,497
1,668
Free Cash Flow
973
1,329
1,277
1,491
1,374
Net Debt
(980)
(1,855)
(2,340)
(2,346)
(1,647)
Net Debt-to-Total Capitalization
(3.5 %)
(6.7 %)
(8.7 %)
(8.6 %)
(6.0 %)
Cash Operating Costs ($/Boe)2,3
9.94
10.31
10.15
10.05
10.11
Second Quarter Highlights
Earned adjusted net income of $1.3 billion, or $2.32 per share
Generated $1.0 billion of free cash flow
Paid $528 million in regular dividends and repurchased $600 million of shares
Oil, NGLs and natural gas production above guidance midpoints
Capital expenditures and per-unit operating costs better than guidance midpoints
Completed $3.5 billion debt offering to fund the acquisition of Encino Acquisition Partners (Encino)
2025 Guidance Update
Updated 2025 guidance after close of Encino acquisition
Volumes and Capital Expenditures
2Q 2025
Volumes
2Q 2025
Guidance Midpoint
1Q 2025
4Q 2024
3Q 2024
2Q 2024
Crude Oil and Condensate (MBod)
504.2
502.1
502.1
494.6
493.0
490.7
Natural Gas Liquids (MBbld)
258.4
251.0
241.7
252.5
254.3
244.8
Natural Gas (MMcfd)
2,229
2,170
2,080
2,092
1,970
1,872
Total Crude Oil Equivalent (MBoed)
1,134.1
1,114.8
1,090.4
1,095.7
1,075.7
1,047.5
Capital Expenditures ($MM)
1,523
1,550
1,484
1,358
1,497
1,668
From Ezra Yacob, Chairman and Chief Executive Officer"EOG delivered excellent second quarter results, with oil, gas, and NGL volumes exceeding the midpoints of our guidance. At the same time, we maintained our focus on cost discipline, with capital expenditures, cash operating costs, and DD&A all coming in below guidance. Strong operational execution across our multi-basin portfolio continues to be the foundation of our success.
"Our operational excellence translated into strong financial performance. EOG generated $973 million in free cash flow during the quarter. We continued to deliver on our cash return commitment by returning $1.1 billion to shareholders, including $600 million of share repurchases. The regular dividend remains our top cash return priority. The 5% increase in our regular quarterly dividend, announced in tandem with the Encino acquisition, reflects both our continued confidence in our business and the positive impact we expect from the transaction.
"With the close of the Encino acquisition, the Utica is now positioned as a foundational asset for EOG. We have updated our full year 2025 guidance, which reflects both capital discipline and our high conviction in the quality and potential of this asset. Our focus is on optimizing the development of the play as we integrate Encino with our operations.
"EOG has never been better positioned to create long-term value for shareholders. The expansion of our portfolio through the Encino acquisition, our entry into Bahrain and the UAE, as well as strong exploration progress across our domestic portfolio and in Trinidad, has significantly enhanced our industry-leading asset base. We continue to improve our resource base while also maintaining one of the strongest balance sheets in the industry. Our multi- basin portfolio, operational excellence, and financial strength provide us unmatched flexibility to deliver high returns and significant cash return to shareholders through commodity price cycles."
Previously Announced Regular Dividend and Second Quarter Share RepurchasesOn May 30, 2025, the Board of Directors declared a dividend of $1.02 per share on EOG's common stock. The dividend will be payable on October 31, 2025, to shareholders of record as of October 17, 2025. The indicated annual rate is $4.08 per share.
During the second quarter, the company repurchased 5.4 million shares for $600 million under its share repurchase authorization. EOG has $4.5 billion remaining on its current share buyback authorization.
2025 Guidance
2025 Guidance Update
Full year guidance has been updated after the close of the Encino acquisition. The revised outlook also incorporates strong year-to-date operational performance and the impact of recently enacted U.S. tax legislation.
Total capital expenditures for 2025 are now expected to range from $6.2 to $6.4 billion delivering full year average oil production of 521 MBod and average total production of 1,224 MBoed.
Second Quarter 2025 Financial Performance
Prices
Crude oil, NGL and natural gas prices decreased in 2Q compared with 1Q
Volumes
Oil production of 504,200 Bopd was above the midpoint of the guidance range and up from 1Q
NGL production was above the midpoint of the guidance range and up 7% from 1Q
Natural gas production was above the midpoint of the guidance range and up 7% from 1Q
Total company equivalent production was above the midpoint of the guidance range and increased 4% from 1Q
Per-Unit Costs
LOE, GP&T, DD&A and non-GAAP G&A costs decreased in 2Q compared to 1Q. Encino acquisition-related costs increased GAAP G&A costs in 2Q compared to 1Q
Hedges
Mark-to-market hedge gains increased GAAP earnings per share in 2Q compared with 1Q
Decreased cash paid to settle hedges increased adjusted non-GAAP earnings per share in 2Q compared with 1Q
Free Cash Flow
Adjusted cash flow from operations was $2.5 billion
Incurred $1.5 billion of capital expenditures
This resulted in $1.0 billion of free cash flow
Cash Return and Working Capital
Paid $528 million in regular dividends
Repurchased $600 million of stock
Repaid $500 million of Senior Notes upon maturity
Acquired Eagle Ford bolt-on acreage for approximately $270 million
Second Quarter 2025 Operating Performance
Lease and Well
QoQ: Decreased primarily due to lower maintenance costs and water handling expenses
Guidance Midpoint: Lower primarily due to lower maintenance costs, water handling expenses and workover expenses
General and Administrative
QoQ: Decreased primarily due to lower professional fees
Guidance Midpoint: Lower primarily due to lower professional fees
Gathering, Processing and Transportation Costs
QoQ: Decreased primarily due to lower natural gas gathering and processing fees and operating expenses
Guidance Midpoint: Lower primarily due to lower natural gas gathering and processing fees and compression fuel-related costs
Depreciation, Depletion and Amortization
QoQ: Decreased primarily due to well mix
Guidance Midpoint: Lower primarily due to well mix
Second Quarter 2025 Results vs Guidance
(Unaudited)
See "Endnotes" below for related discussion and definitions.
2Q 2025
2Q 2025
Guidance
Midpoint7
Variance
1Q 2025
4Q 2024
3Q 2024
2Q 2024
Crude Oil and Condensate Volumes (MBod)
United States
503.1
501.3
1.8
500.9
493.5
491.8
490.1
Trinidad
1.1
0.8
0.3
1.2
1.1
1.2
0.6
Total
504.2
502.1
2.1
502.1
494.6
493.0
490.7
Natural Gas Liquids Volumes (MBbld)
Total
258.4
251.0
7.4
241.7
252.5
254.3
244.8
Natural Gas Volumes (MMcfd)
United States
1,977
1,930
47
1,834
1,840
1,745
1,668
Trinidad
252
240
12
246
252
225
204
Total
2,229
2,170
59
2,080
2,092
1,970
1,872
Total Crude Oil Equivalent Volumes (MBoed)
1,134.1
1,114.8
19.3
1,090.4
1,095.7
1,075.7
1,047.5
Total MMBoe
103.2
101.4
1.8
98.1
100.8
99.0
95.3
Benchmark Price
Oil (WTI) ($/Bbl)
63.71
71.42
70.28
75.16
80.55
Natural Gas (HH) ($/Mcf)
3.44
3.66
2.79
2.16
1.89
Crude Oil and Condensate - above (below) WTI8 ($/Bbl)
United States
1.13
1.30
(0.17)
1.48
1.40
1.79
2.16
Trinidad
(9.21)
(9.50)
0.29
(10.30)
(9.81)
(12.01)
(9.80)
Natural Gas Liquids - Realizations as % of WTI
Total
35.6 %
34.0 %
1.6 %
36.8 %
33.9 %
29.8 %
28.7 %
Natural Gas - above (below) NYMEX Henry Hub9 ($/Mcf)
United States
(0.57)
(0.45)
(0.12)
(0.30)
(0.40)
(0.32)
(0.32)
Natural Gas Realizations ($/Mcf)
Trinidad
3.65
3.60
0.05
3.78
3.86
3.68
3.48
Total Expenditures (GAAP) ($MM)
1,883
1,546
1,446
1,573
1,682
Capital Expenditures (non-GAAP) ($MM)
1,523
1,550
(27)
1,484
1,358
1,497
1,668
Operating Unit Costs ($/Boe)
Lease and Well
3.84
4.15
(0.31)
4.09
3.91
3.96
4.09
Gathering, Processing and Transportation Costs6
4.41
4.55
(0.14)
4.48
4.37
4.50
4.44
General and Administrative (GAAP)
1.80
1.75
0.05
1.74
1.87
1.69
1.58
General and Administrative (non-GAAP)2,3
1.69
1.75
(0.06)
1.74
1.87
1.59
1.58
Cash Operating Costs (GAAP)
10.05
10.45
(0.40)
10.31
10.15
10.15
10.11
Cash Operating Costs (non-GAAP)2,3
9.94
10.45
(0.51)
10.31
10.15
10.05
10.11
Depreciation, Depletion and Amortization
10.20
10.30
(0.10)
10.32
10.11
10.42
10.32
Expenses ($MM)
Exploration and Dry Hole
85
70
15
75
60
43
39
Impairment (GAAP)
39
44
276
15
81
Impairment (excluding certain impairments (non-GAAP)10
28
70
(42)
44
23
15
46
Capitalized Interest
11
12
(1)
12
13
12
10
Net Interest (GAAP)
51
43
8
47
38
31
36
Net Interest (non-GAAP)5
45
43
2
47
38
31
36
TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas)
(GAAP)
7.3 %
8.0 %
(0.7 %)
7.6 %
6.8 %
6.5 %
7.5 %
(non-GAAP)3
7.3 %
8.0 %
(0.7 %)
7.6 %
6.8 %
7.2 %
7.5 %
Income Taxes
Effective Rate
23.2 %
22.5 %
0.7 %
22.1 %
23.0 %
21.6 %
21.7 %
Current Tax Expense ($MM)
301
260
41
370
454
240
341
Third Quarter and Full-Year 2025 Guidance11
(Unaudited)
See "Endnotes" below for related discussion and definitions.
3Q 2025
3Q 2025
FY 2025
FY 2025
Guidance Range
Midpoint
Guidance Range
Midpoint
Crude Oil and Condensate Volumes (MBod)
United States
528.7
-
533.3
531.0
517.6
-
521.4
519.5
Trinidad
1.2
-
1.6
1.4
1.1
-
1.5
1.3
Total
529.9
-
534.9
532.4
518.7
-
522.9
520.8
Natural Gas Liquids Volumes (MBbld)
Total
297.5
-
312.5
305.0
279.0
-
289.0
284.0
Natural Gas Volumes (MMcfd)
United States
2,475
-
2,575
2,525
2,240
-
2,340
2,290
Trinidad
200
-
220
210
215
-
235
225
Total
2,675
-
2,795
2,735
2,455
-
2,575
2,515
Crude Oil Equivalent Volumes (MBoed)
United States
1,238.7
-
1,275.0
1,256.9
1,169.9
-
1,200.4
1,185.2
Trinidad
34.5
-
38.3
36.4
36.9
-
40.7
38.8
Total
1,273.2
-
1,313.3
1,293.3
1,206.8
-
1,241.1
1,224.0
Crude Oil and Condensate - above (below) WTI8 ($/Bbl)
United States
0.05
-
1.55
0.80
(0.15)
-
1.85
0.85
Trinidad
(5.75)
-
(4.25)
(5.00)
(8.00)
-
(6.00)
(7.00)
Natural Gas Liquids - Realizations as % of WTI
Total
29.0 %
-
39.0 %
34.0 %
30.0 %
-
40.0 %
35.0 %
Natural Gas - above (below) NYMEX Henry Hub9 ($/Mcf)
United States
(0.75)
-
(0.05)
(0.40)
(1.40)
-
0.60
(0.40)
Natural Gas Realizations ($/Mcf)
Trinidad
3.25
-
3.95
3.60
3.10
-
4.10
3.60
Capital Expenditures12 ($MM)
1,600
-
1,700
1,650
6,200
-
6,400
6,300
Operating Unit Costs ($/Boe)
Lease and Well
3.45
-
3.95
3.70
3.55
-
4.05
3.80
Gathering, Processing and Transportation Costs6
4.85
-
5.35
5.10
4.65
-
5.15
4.90
General and Administrative
1.35
-
1.65
1.50
1.50
-
1.80
1.65
Cash Operating Costs
9.65
-
10.95
10.30
9.70
-
11.00
10.35
Depreciation, Depletion and Amortization
9.35
-
10.35
9.85
9.55
-
10.55
10.05
Expenses ($MM)
Exploration and Dry Hole
55
-
95
75
270
-
310
290
Impairment (excluding certain impairments)10
30
-
110
70
180
-
260
220
Capitalized Interest
19
-
23
21
68
-
72
70
Net Interest
81
-
85
83
248
-
252
250
TOTI (% of revenues from sales of crude oil and
condensate, NGLs and natural gas)
6.5 %
-
8.5 %
7.5 %
6.5 %
-
8.5 %
7.5 %
Income Taxes
Effective Rate
18.0 %
-
23.0 %
20.5 %
20.0 %
-
25.0 %
22.5 %
Current Tax Expense ($MM)
130
-
230
180
1,040
-
1,240
1,140
Second Quarter 2025 Results WebcastFriday, August 8, 2025, 9:00 a.m. Central time (10:00 a.m. Eastern time) Webcast will be available on EOG's website for one year. http://investors.eogresources.com/Investors
About EOGEOG 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 www.eogresources.com.
Investor ContactsPearce Hammond 713-571-4684Neel Panchal 713-571-4884Shelby O'Connor 713-571-4560
Media ContactKimberly 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. Excludes Encino acquisition-related G&A costs of $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 2Q 2025 was ($0.11) as set forth in "Second Quarter 2025 Results vs Guidance" above. G&A per Boe (GAAP) for 2Q 2025 was $1.80.
3)
Cash Operating Costs consist of LOE, GP&T and G&A. TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) (non-GAAP) and G&A (non-GAAP) for 3Q 2024 exclude a state severance tax refund and related consulting fees, as reflected in the accompanying reconciliation schedules (see "Revenues, Costs and Margins Per Barrel of Oil Equivalent"). The per-Boe impact of such consulting fees on G&A and total Cash Operating Costs for 3Q 2024 was $(0.10) as set forth in "Second Quarter 2025 Results vs Guidance" above.
4)
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 and 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.
5)
Net interest expense (non-GAAP) excludes Encino acquisition-related financing commitment costs of $6 million for 2Q 2025.
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)
GAAP and non-GAAP distinctions apply solely to actual results and do not pertain to EOG's second quarter 2025 guidance midpoint disclosure.
8)
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.
9)
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.
10)
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).
11)
The forecast items for the third quarter and full year 2025 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.
12)
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.
Glossary
Acq
Acquisitions
Adjusted CFO
Cash flow from operations before changes in working capital and certain acquisition-related costs
ATROR
After-tax rate of return
Bbl
Barrel
Bn
Billion
Boe
Barrels of oil equivalent
Bopd
Barrels of oil per day
CAGR
Compound annual growth rate
Capex
Capital expenditures
CO2e
Carbon dioxide equivalent
DD&A
Depreciation, Depletion and Amortization
Disc
Discoveries
Divest
Divestitures
EPS
Earnings per share
Ext
Extensions
GAAP
Generally Accepted Accounting Principles
G&A
General and administrative expense
G&P
Gathering and processing
GHG
Greenhouse gas
GP&T
Gathering, processing & transportation expense
HH
Henry Hub
LOE
Lease operating expense, or lease and well expense
MBbld
Thousand barrels of liquids per day
MBod
Thousand barrels of oil per day
MBoe
Thousand barrels of oil equivalent
MBoed
Thousand barrels of oil equivalent per day
Mcf
Thousand cubic feet of natural gas
MMBoe
Million barrels of oil equivalent
MMcfd
Million cubic feet of natural gas per day
NGLs
Natural gas liquids
NYMEX
U.S. New York Mercantile Exchange
OTP
Other than price
QoQ
Quarter over quarter
TOTI
Taxes other than income
USD
United States dollar
WTI
West Texas Intermediate
YoY
Year over year
$MM
Million United States dollars
$/Bbl
U.S. Dollars per barrel
$/Boe
U.S. Dollars per barrel of oil equivalent
$/Mcf
U.S. Dollars per thousand cubic feet
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 and other derivatives and hedging activities; and laws and regulations with respect to the import and export of crude oil, natural gas and related commodities;
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, 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;
the economic and financial impact of epidemics, pandemics or other public health issues;
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, 2024 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.
In light of these risks, uncertainties and assumptions, the events anticipated by EOG's forward-looking statements may not occur, and, if any of such events do, we may not have anticipated the timing of their occurrence or the duration or extent of their impact on our actual results. Accordingly, you should not place any undue reliance on any of EOG's forward-looking statements. EOG's forward-looking statements speak only as of the date made, and EOG undertakes no obligation, other than as required by applicable law, to update or revise its forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.
Historical Non-GAAP Financial Measures:Reconciliation schedules and definitions for the historical non-GAAP financial measures included or referenced herein as well as related discussion can be found on the EOG website at www.eogresources.com.
Cautionary Notice Regarding Forward-Looking Non-GAAP Financial Measures:In addition, this press release and any accompanying disclosures may include or reference certain forward-looking, non-GAAP financial measures, such as free cash flow, adjusted cash flow from operations and return on capital employed, and certain related estimates regarding future performance, commodity prices and operating and financial results. Because we provide these measures on a forward-looking basis, we cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future changes in working capital and future impairments. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking, non-GAAP financial measures to the respective most directly comparable forward-looking GAAP financial measures without unreasonable efforts. The unavailable information could have a significant impact on our ultimate results. However, management believes these forward-looking, non-GAAP measures may be a useful tool for the investment community in comparing EOG's forecasted financial performance to the forecasted financial performance of other companies in the industry. Any such forward-looking measures and estimates are intended to be illustrative only and are not intended to reflect the results that EOG will necessarily achieve for the period(s) presented; EOG's actual results may differ materially from such measures and estimates.
Oil and Gas Reserves:The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose not only "proved" reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also "probable" reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as "possible" reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). Statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve or resource estimates provided in this press release or any accompanying disclosures that are not specifically designated as being estimates of proved reserves may include "potential" reserves, "resource potential" and/or other estimated reserves or estimated resources not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (and any updates to such disclosure set forth in EOG's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K), available from EOG at P.O. Box 4362, Houston, Texas 77210-4362 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.
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
6,267
Natural Gas Liquids
513
515
524
554
2,106
572
534
1,106
Natural Gas
382
303
372
494
1,551
637
600
1,237
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
237
(47)
79
(65)
204
(191)
107
(84)
Gathering, Processing and Marketing
1,459
1,519
1,481
1,341
5,800
1,340
1,247
2,587
Gains (Losses) on Asset Dispositions, Net
26
20
(7)
(23)
16
(1)
—
(1)
Other, Net
26
23
28
23
100
19
16
35
Total
6,123
6,025
5,965
5,585
23,698
5,669
5,478
11,147
Operating Expenses
Lease and Well
396
390
392
394
1,572
401
396
797
Gathering, Processing and Transportation Costs
413
423
445
441
1,722
440
455
895
Exploration Costs
45
34
43
52
174
41
74
115
Dry Hole Costs
1
5
—
8
14
34
11
45
Impairments
19
81
15
276
391
44
39
83
Marketing Costs
1,404
1,490
1,500
1,323
5,717
1,325
1,216
2,541
Depreciation, Depletion and Amortization
1,074
984
1,031
1,019
4,108
1,013
1,053
2,066
General and Administrative
162
151
167
189
669
171
186
357
Taxes Other Than Income
338
337
283
291
1,249
341
301
642
Total
3,852
3,895
3,876
3,993
15,616
3,810
3,731
7,541
Operating Income
2,271
2,130
2,089
1,592
8,082
1,859
1,747
3,606
Other Income, Net
62
66
76
70
274
65
55
120
Income Before Interest Expense and Income Taxes
2,333
2,196
2,165
1,662
8,356
1,924
1,802
3,726
Interest Expense, Net
33
36
31
38
138
47
51
98
Income Before Income Taxes
2,300
2,160
2,134
1,624
8,218
1,877
1,751
3,628
Income Tax Provision
511
470
461
373
1,815
414
406
820
Net Income
1,789
1,690
1,673
1,251
6,403
1,463
1,345
2,808
Dividends Declared per Common Share
0.9100
0.9100
0.9100
0.9750
3.7050
0.9750
1.9950
2.9700
Net Income Per Share
Basic
3.11
2.97
2.97
2.25
11.31
2.66
2.48
5.13
Diluted
3.10
2.95
2.95
2.23
11.25
2.65
2.46
5.11
Average Number of Common Shares
Basic
575
569
564
557
566
550
543
547
Diluted
577
572
568
561
569
553
546
549
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
502.0
Trinidad
0.6
0.6
1.2
1.1
0.8
1.2
1.1
1.1
Total
487.4
490.7
493.0
494.6
491.4
502.1
504.2
503.1
Average Crude Oil and Condensate Prices
($/Bbl) (B)
United States
$ 78.46
$ 82.71
$ 76.95
$ 71.68
$ 77.42
$ 72.90
$ 64.84
$ 68.84
Trinidad
67.50
70.75
63.15
60.47
64.43
61.12
54.50
57.84
Composite
78.45
82.69
76.92
71.66
77.40
72.87
64.82
68.81
Natural Gas Liquids Volumes (MBbld) (A)
United States
231.7
244.8
254.3
252.5
245.9
241.7
258.4
250.1
Total
231.7
244.8
254.3
252.5
245.9
241.7
258.4
250.1
Average Natural Gas Liquids Prices ($/Bbl) (B)
United States
$ 24.32
$ 23.11
$ 22.42
$ 23.85
$ 23.40
$ 26.29
$ 22.70
$ 24.42
Composite
24.32
23.11
22.42
23.85
23.40
26.29
22.70
24.42
Natural Gas Volumes (MMcfd) (A)
United States
1,658
1,668
1,745
1,840
1,728
1,834
1,977
1,906
Trinidad
200
204
225
252
220
246
252
249
Total
1,858
1,872
1,970
2,092
1,948
2,080
2,229
2,155
Average Natural Gas Prices ($/Mcf) (B)
United States
$ 2.10
$ 1.57
$ 1.84
$ 2.39
$ 1.99
$ 3.36
$ 2.87
$ 3.10
Trinidad
3.54
3.48
3.68
3.86
3.65
3.78
3.65
3.71
Composite
2.26
1.78
2.05
2.57
2.17
3.41
2.96
3.17
