EOG Resources Reports Fourth Quarter and Full-Year 2025 Results; Announces 2026 Capital Plan

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.

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

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;
• 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; 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 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.

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, cash flow provided by operating activities before changes in working capital 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, 2025 (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.