HOUSTON, Nov. 6, 2025 /PRNewswire/ -- EOG Resources, Inc. (EOG) today reported third quarter 2025 results. 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	3Q 2025	2Q 2025	1Q 2025	4Q 2024	3Q 2024
Total Revenue	5,847	5,478	5,669	5,585	5,965
Net Income	1,471	1,345	1,463	1,251	1,673
Net Income Per Share	2.70	2.46	2.65	2.23	2.95
Net Cash Provided by Operating Activities	3,111	2,032	2,289	2,763	3,588
Total Expenditures	8,544	1,883	1,546	1,446	1,573
Current and Long–Term Debt	7,694	4,236	4,744	4,752	3,776
Cash and Cash Equivalents	3,530	5,216	6,599	7,092	6,122
Debt–to–Total Capitalization	20.3 %	12.7 %	13.8 %	13.9 %	11.3 %
Cash Operating Costs ($/Boe)	10.50	10.05	10.31	10.15	10.15

Non–GAAP
Adjusted Net Income	1,472	1,268	1,586	1,535	1,644
Adjusted Net Income Per Share	2.71	2.32	2.87	2.74	2.89
Adjusted CFO¹	3,031	2,496	2,813	2,635	2,988
Capital Expenditures	1,648	1,523	1,484	1,358	1,497
Free Cash Flow	1,383	973	1,329	1,277	1,491
Net Debt	4,164	(980)	(1,855)	(2,340)	(2,346)
Net Debt–to–Total Capitalization	12.1 %	(3.5 %)	(6.7 %)	(8.7 %)	(8.6 %)
Cash Operating Costs ($/Boe) ^2,3	9.93	9.94	10.31	10.15	10.05

Third Quarter Highlights

Earned adjusted net income of $1.5 billion, or $2.71 per share
Generated $1.4 billion of free cash flow
Paid $545 million in regular dividends and repurchased $440 million of shares
Oil, NGLs and natural gas production above guidance midpoints
Capital expenditures and per–unit operating costs better than guidance midpoints
Closed on the acquisition of Encino Acquisition Partners (Encino)

Third Quarter 2025 Highlights and Cash Return

Volumes and Capital Expenditures

Volumes	3Q 2025	3Q 2025 Guidance Midpoint	2Q 2025	1Q 2025	4Q 2024	3Q 2024
Crude Oil and Condensate (MBod)	534.5	532.4	504.2	502.1	494.6	493.0
Natural Gas Liquids (MBbld)	309.3	305.0	258.4	241.7	252.5	254.3
Natural Gas (MMcfd)	2,745	2,735	2,229	2,080	2,092	1,970
Total Crude Oil Equivalent (MBoed)	1,301.2	1,293.3	1,134.1	1,090.4	1,095.7	1,075.7

Capital Expenditures ($MM)	1,648	1,650	1,523	1,484	1,358	1,497

From Ezra Yacob, Chairman and Chief Executive Officer

"EOG delivered another quarter of strong operational performance. Third quarter oil, gas, and NGL volumes exceeded the midpoints of our guidance. Higher volumes, combined with lower–than–expected per–unit cash operating costs and DD&A, helped drive outstanding financial results.

We generated substantial free cash flow of $1.4 billion, which helped support nearly $1.0 billion of cash return to shareholders, including $440 million of opportunistic share repurchases. As of quarter–end, we have committed to return 89% of our estimated annual free cash flow to shareholders, with the potential to return additional cash over the balance of the year.

Our ability to deliver operational excellence quarter after quarter is the result of EOG's unique culture and the quality of our multi–basin portfolio. EOG's foundational assets, the Delaware Basin, Eagle Ford, and Utica, are delivering strong returns, exceeding our expectations. In the Utica, the integration of the Encino assets is proceeding exceptionally well, with continued incremental efficiency gains. Our emerging and international assets are also performing well, with strong well results in Dorado, the Powder River Basin, and Trinidad, along with continued progress in our exploration prospects in Bahrain and the UAE.

Our business has never been stronger. Our pristine balance sheet provides unmatched flexibility to continue to improve our high–return, long–duration asset base while delivering significant cash returns through commodity price cycles. EOG has never been better positioned to create long–term value for our shareholders."

Regular Dividend and Third Quarter Share Repurchases

The Board of Directors today declared a dividend of $1.02 per share on EOG's common stock. The dividend will be payable January 30, 2026, to shareholders of record as of January 16, 2026. This dividend represents an indicated annual rate of $4.08 per share. EOG has never suspended or reduced its regular dividend.

During the third quarter, the company repurchased 3.8 million shares for $440 million under its share repurchase authorization. EOG has $4.0 billion remaining on its current share buyback authorization.

Third Quarter 2025 Financial Performance

Prices

NGL and natural gas prices decreased in 3Q compared with 2Q, partially offset by higher crude oil & condensate prices

Volumes

Oil production of 534.5 MBod was above the midpoint of the guidance range
NGL production of 309.3 MBbld was above the midpoint of the guidance range
Natural gas production of 2,745 MMcfd was above the midpoint of the guidance range
Total company equivalent production of 1,301.2 MBoed was above the midpoint of the guidance range

Per–Unit Costs

LOE, non–GAAP G&A and DD&A costs decreased in 3Q compared to 2Q, while GP&T costs increased. Encino acquisition–related costs increased GAAP G&A costs in 3Q compared to 2Q

Hedges

Mark–to–market hedge gains increased GAAP earnings per share in 3Q compared with 2Q
Cash received to settle hedges increased adjusted non–GAAP earnings per share in 3Q compared with 2Q

Free Cash Flow

Adjusted cash flow from operations was $3.0 billion
Incurred $1.6 billion of capital expenditures
Generated $1.4 billion of free cash flow

Cash Return and Working Capital

Paid $545 million in regular dividends
Repurchased $440 million of stock
Closed on the acquisition of Encino for $5.7 billion, subject to post–closing adjustments
Issued $3.5 billion of senior notes in conjunction with the Encino acquisition

Third Quarter 2025 Operating Performance

Lease and Well

QoQ: Decreased primarily due to the impact of higher production, primarily in the Utica from the integration of Encino operations, and lower workover expenses
Guidance Midpoint: Lower primarily due to lower workover expenses and operating and maintenance costs

General and Administrative (Non–GAAP)

QoQ: Decreased primarily due to the impact of higher production, primarily in the Utica from the integration of Encino operations, and lower employee–related expenses
Guidance Midpoint: Lower primarily due to lower employee–related expenses

Gathering, Processing and Transportation Costs

QoQ: Increased primarily due to the impact of higher Utica production from the integration of Encino operations
Guidance Midpoint: Lower primarily due to lower natural gas gathering and processing fees

Depreciation, Depletion and Amortization

QoQ: Decreased primarily due to the impact of higher Utica production and well mix
Guidance Midpoint: Lower primarily due to the addition of lower–cost reserves

Third Quarter 2025 Results vs Guidance
(Unaudited)
See "Endnotes" below for related discussion and definitions.		3Q 2025
	3Q 2025	Guidance Midpoint⁶	Variance	2Q 2025	1Q 2025	4Q 2024	3Q 2024
Crude Oil and Condensate Volumes (MBod)
United States	532.9	531.0	1.9	503.1	500.9	493.5	491.8
Trinidad	1.6	1.4	0.2	1.1	1.2	1.1	1.2
Total	534.5	532.4	2.1	504.2	502.1	494.6	493.0
Natural Gas Liquids Volumes (MBbld)
Total	309.3	305.0	4.3	258.4	241.7	252.5	254.3
Natural Gas Volumes (MMcfd)
United States	2,511	2,525	(14)	1,977	1,834	1,840	1,745
Trinidad	230	210	20	252	246	252	225
Other International⁷	4	0	4	0	0	0	0
Total	2,745	2,735	10	2,229	2,080	2,092	1,970

Total Crude Oil Equivalent Volumes (MBoed)	1,301.2	1,293.3	7.9	1,134.1	1,090.4	1,095.7	1,075.7
Total MMBoe	119.7	119.0	0.7	103.2	98.1	100.8	99.0

Benchmark Price
Oil (WTI) ($/Bbl)	64.95			63.71	71.42	70.28	75.16
Natural Gas (HH) ($/Mcf)	3.07			3.44	3.66	2.79	2.16

Crude Oil and Condensate – above (below) WTI⁸ ($/Bbl)
United States	1.02	0.80	0.22	1.13	1.48	1.40	1.79
Trinidad	(7.21)	(5.00)	(2.21)	(9.21)	(10.30)	(9.81)	(12.01)
Natural Gas Liquids – Realizations as % of WTI
Total	32.7 %	34.0 %	(1.3 %)	35.6 %	36.8 %	33.9 %	29.8 %
Natural Gas – above (below) NYMEX Henry Hub⁹ ($/Mcf)
United States	(0.36)	(0.40)	0.04	(0.57)	(0.30)	(0.40)	(0.32)
Natural Gas Realizations ($/Mcf)
Trinidad	3.80	3.60	0.20	3.65	3.78	3.86	3.68
Other International⁷	3.27	0.00	3.27	0.00	0.00	0.00	0.00

Total Expenditures (GAAP) ($MM)	8,544			1,883	1,546	1,446	1,573
Capital Expenditures (non–GAAP) ($MM)	1,648	1,650	(2)	1,523	1,484	1,358	1,497

Operating Unit Costs ($/Boe)
Lease and Well	3.60	3.70	(0.10)	3.84	4.09	3.91	3.96
Gathering, Processing and Transportation Costs⁵	4.90	5.10	(0.20)	4.41	4.48	4.37	4.50
General and Administrative (GAAP)	2.00	1.50	0.50	1.80	1.74	1.87	1.69
General and Administrative (non–GAAP)^2,3	1.43	1.50	(0.07)	1.69	1.74	1.87	1.59
Cash Operating Costs (GAAP)	10.50	10.30	0.20	10.05	10.31	10.15	10.15
Cash Operating Costs (non–GAAP)^2,3	9.93	10.30	(0.37)	9.94	10.31	10.15	10.05
Depreciation, Depletion and Amortization	9.77	9.85	(0.08)	10.20	10.32	10.11	10.42

Expenses ($MM)
Exploration and Dry Hole	71	75	(4)	85	75	60	43
Impairment (GAAP)	71			39	44	276	15
Impairment (excluding certain impairments (non–GAAP))¹⁰	71	70	1	28	44	23	15
Capitalized Interest	27	21	6	11	12	13	12
Net Interest (GAAP)	71	83	(12)	51	47	38	31
Net Interest (non–GAAP)¹¹	71	83	(12)	45	47	38	31

TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas)
(GAAP)	6.8 %	7.5 %	(0.7 %)	7.3 %	7.6 %	6.8 %	6.5 %
(non–GAAP)³	6.8 %	7.5 %	(0.7 %)	7.3 %	7.6 %	6.8 %	7.2 %
Income Taxes
Effective Rate	19.4 %	20.5 %	(1.1 %)	23.2 %	22.1 %	23.0 %	21.6 %
Current Tax Expense ($MM)	75	180	(105)	301	370	454	240

Fourth Quarter and Full‐Year 2025 Guidance¹²
(Unaudited)
See "Endnotes" below for related discussion and definitions .	4Q 2025 Guidance Range			4Q 2025 Midpoint	FY 2025 Guidance Range			FY 2025 Midpoint
Crude Oil and Condensate Volumes (MBod)
United States	541.4	–	546.0	543.7	518.7	–	521.9	520.3
Trinidad	1.1	–	1.5	1.3	1.1	–	1.5	1.3
Total	542.5	–	547.5	545.0	519.8	–	523.4	521.6
Natural Gas Liquids Volumes (MBbld)
Total	315.5	–	330.5	323.0	280.0	–	286.0	283.0
Natural Gas Volumes (MMcfd)
United States	2,740	–	2,840	2,790	2,250	–	2,310	2,280
Trinidad	190	–	210	200	220	–	240	230
Total	2,930	–	3,050	2,990	2,470	–	2,550	2,510
Crude Oil Equivalent Volumes (MBoed)
United States	1,313.6	–	1,349.8	1,331.7	1,173.7	–	1,192.9	1,183.3
Trinidad	32.8	–	36.5	34.7	37.8	–	41.5	39.7
Total	1,346.4	–	1,386.3	1,366.4	1,211.5	–	1,234.4	1,223.0
Crude Oil and Condensate – above (below) WTI⁸($/Bbl)
United States	(0.50)	–	1.00	0.25	0.35	–	1.35	0.85
Trinidad	(5.25)	–	(2.75)	(4.00)	(8.40)	–	(6.90)	(7.65)
Natural Gas Liquids – Realizations as % of WTI
Total	28.0 %	–	38.0 %	33.0 %	31.5 %	–	36.5 %	34.0 %
Natural Gas – above (below) NYMEX Henry Hub⁹ ($/Mcf)
United States	(0.80)	–	(0.10)	(0.45)	(0.95)	–	0.05	(0.45)
Natural Gas Realizations ($/Mcf)
Trinidad	3.00	–	4.20	3.60	3.40	–	3.90	3.65

Capital Expenditures¹³($MM)	1,600	–	1,700	1,650	6,200	–	6,400	6,300

Operating Unit Costs ($/Boe)
Lease and Well	3.50	–	4.00	3.75	3.70	–	3.90	3.80
Gathering, Processing and Transportation Costs⁵	4.75	–	5.25	5.00	4.65	–	4.85	4.75
General and Administrative	1.40	–	1.70	1.55	1.45	–	1.65	1.55
Cash Operating Costs	9.65	–	10.95	10.30	9.80	–	10.40	10.10
Depreciation, Depletion and Amortization	9.25	–	10.25	9.75	9.70	–	10.30	10.00
Expenses ($MM)
Exploration and Dry Hole	40	–	80	60	270	–	310	290
Impairment (excluding certain impairments)¹⁰	30	–	110	70	180	–	260	220
Capitalized Interest	34	–	38	36	85	–	89	87
Net Interest	64	–	68	66	228	–	232	230

TOTI (% of revenues from sales of crude oil and
condensate, NGLs and natural gas)	6.0 %	–	8.0 %	7.0 %	6.5 %	–	8.5 %	7.5 %
Income Taxes
Effective Rate	20.0 %	–	25.0 %	22.5 %	19.0 %	–	24.0 %	21.5 %
Current Tax Expense ($MM)	220	–	320	270	970	–	1,070	1,020

Third Quarter 2025 Results Webcast

Friday, November 7, 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 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 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. Excludes Encino acquisition–related G&A costs of $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 3Q 2025 was ($0.57) and for 2Q 2025 was ($0.11) as set forth in "Third Quarter 2025 Results vs Guidance" above. G&A per Boe (GAAP) for 3Q 2025 was $2.00 and 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 "Third 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, 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)	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.
6)	GAAP and non–GAAP distinctions apply solely to actual results and do not pertain to EOG's third quarter 2025 guidance midpoint disclosures.
7)	Other International represents EOG's Kingdom of Bahrain operations. Realized price represents contract price less Bapco's processing and distribution costs.
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)	Net interest expense (non–GAAP) excludes Encino acquisition–related financing commitment costs of $6 million in 2Q 2025.
12)	The forecast items for the fourth 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.
13)	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	3,243		9,510
Natural Gas Liquids	513	515	524	554	2,106	572	534	604		1,710
Natural Gas	382	303	372	494	1,551	637	600	707		1,944
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	237	(47)	79	(65)	204	(191)	107	116		32
Gathering, Processing and Marketing	1,459	1,519	1,481	1,341	5,800	1,340	1,247	1,178		3,765
Gains (Losses) on Asset Dispositions, Net	26	20	(7)	(23)	16	(1)	—	(18)		(19)
Other, Net	26	23	28	23	100	19	16	17		52
Total	6,123	6,025	5,965	5,585	23,698	5,669	5,478	5,847		16,994

Operating Expenses
Lease and Well	396	390	392	394	1,572	401	396	431		1,228
Gathering, Processing and Transportation Costs	413	423	445	441	1,722	440	455	587		1,482
Exploration Costs	45	34	43	52	174	41	74	71		186
Dry Hole Costs	1	5	—	8	14	34	11	—		45
Impairments	19	81	15	276	391	44	39	71		154
Marketing Costs	1,404	1,490	1,500	1,323	5,717	1,325	1,216	1,134		3,675
Depreciation, Depletion and Amortization	1,074	984	1,031	1,019	4,108	1,013	1,053	1,169		3,235
General and Administrative	162	151	167	189	669	171	186	239		596
Taxes Other Than Income	338	337	283	291	1,249	341	301	309		951
Total	3,852	3,895	3,876	3,993	15,616	3,810	3,731	4,011		11,552

Operating Income	2,271	2,130	2,089	1,592	8,082	1,859	1,747	1,836		5,442
Other Income, Net	62	66	76	70	274	65	55	59		179
Income Before Interest Expense and Income Taxes	2,333	2,196	2,165	1,662	8,356	1,924	1,802	1,895		5,621
Interest Expense, Net	33	36	31	38	138	47	51	71		169
Income Before Income Taxes	2,300	2,160	2,134	1,624	8,218	1,877	1,751	1,824		5,452
Income Tax Provision	511	470	461	373	1,815	414	406	353		1,173
Net Income	1,789	1,690	1,673	1,251	6,403	1,463	1,345	1,471		4,279

Dividends Declared per Common Share	0.9100	0.9100	0.9100	0.9750	3.7050	0.9750	1.9950	—		2.9700