eog-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM			10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 1-9743

EOG RESOURCES, INC.

(Exact name of registrant as specified in its charter)


Delaware						47-0684736
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1111 Bagby, Sky Lobby 2, Houston, Texas 77002

(Address of principal executive offices) (Zip Code)

713-651-7000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	EOG	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐

Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.


Title of each class	Number of shares
Common Stock, par value $0.01 per share	532,628,530	(as of April 28, 2026)

EOG RESOURCES, INC.

TABLE OF CONTENTS


PART I.	FINANCIAL INFORMATION		Page No.

	ITEM 1.	Financial Statements (Unaudited)

		Condensed Consolidated Statements of Income and Comprehensive Income - Three Months Ended March 31, 2026 and 2025	3

		Condensed Consolidated Balance Sheets - March 31, 2026 and December 31, 2025	4

		Condensed Consolidated Statements of Stockholders' Equity - Three Months Ended March 31, 2026 and 2025	5

		Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2026 and 2025	6

		Notes to Condensed Consolidated Financial Statements	7

	ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	21

	ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	35

	ITEM 4.	Controls and Procedures	35

PART II.	OTHER INFORMATION

	ITEM 1.	Legal Proceedings	36

	ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36

	ITEM 5.	Other Information	37

	ITEM 6.	Exhibits	38

SIGNATURES			40

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

EOG RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(In Millions, Except Per Share Data)

(Unaudited)



	Three Months Ended March 31,
	2026		2025

Operating Revenues and Other
Crude Oil and Condensate	$	3,577	$	3,293
Natural Gas Liquids	664		572
Natural Gas	1,021		637
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	113		(191)
Gathering, Processing and Marketing	1,496		1,340
Gains (Losses) on Asset Dispositions, Net	31		(1)
Other, Net	19		19
Total	6,921		5,669
Operating Expenses
Lease and Well	462		401
Gathering, Processing and Transportation Costs	654		440
Exploration Costs	45		41
Dry Hole Costs	23		34
Impairments	39		44
Marketing Costs	1,384		1,325
Depreciation, Depletion and Amortization	1,193		1,013
General and Administrative	185		171
Taxes Other Than Income	338		341
Total	4,323		3,810
Operating Income	2,598		1,859
Other Income, Net	23		65
Income Before Interest Expense and Income Taxes	2,621		1,924



Interest Expense, Net	66		47
Income Before Income Taxes	2,555		1,877
Income Tax Provision	575		414
Net Income	$	1,980	$	1,463
Net Income Per Share
Basic	$	3.72	$	2.66
Diluted	$	3.70	$	2.65
Average Number of Common Shares
Basic	532		550
Diluted	535		553
Comprehensive Income
Net Income	$	1,980	$	1,463
Other Comprehensive Income
Foreign Currency Translation Adjustments	1		—

Other Comprehensive Income	1		—
Comprehensive Income	$	1,981	$	1,463

The accompanying notes are an integral part of these condensed consolidated financial statements.

EOG RESOURCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Share Data)

(Unaudited)




	March 31, 2026		December 31, 2025
ASSETS
Current Assets
Cash and Cash Equivalents	$	3,849	$	3,396
Accounts Receivable, Net	3,597		2,681
Inventories	955		1,014
Other	562		565
Total	8,963		7,656
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	90,786		89,857
Other Property, Plant and Equipment	6,942		6,832
Total Property, Plant and Equipment	97,728		96,689
Less: Accumulated Depreciation, Depletion and Amortization	(55,054)		(54,348)
Total Property, Plant and Equipment, Net	42,674		42,341
Deferred Income Taxes	30		39
Other Assets	1,711		1,763
Total Assets	$	53,378	$	51,799
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	3,186	$	2,904
Accrued Taxes Payable	766		299
Dividends Payable	541		544
Current Portion of Long-Term Debt	27		27
Current Portion of Operating Lease Liabilities	375		472
Other	329		445
Total	5,224		4,691

Long-Term Debt	7,904		7,909
Other Liabilities	2,476		2,512
Deferred Income Taxes	6,866		6,854
Commitments and Contingencies (Note 5)

Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 589,044,385 Shares Issued at both March 31, 2026 and December 31, 2025	206		206
Additional Paid in Capital	6,026		6,027





Accumulated Other Comprehensive Loss	(6)		(7)
Retained Earnings	31,200		29,765
Common Stock Held in Treasury, 54,193,530 Shares at March 31, 2026 and 51,374,169 Shares at December 31, 2025	(6,518)		(6,158)
Total Stockholders' Equity	30,908		29,833
Total Liabilities and Stockholders' Equity	$	53,378	$	51,799

The accompanying notes are an integral part of these condensed consolidated financial statements.

EOG RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(In Millions, Except Per Share Data)

(Unaudited)



	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Common Stock Held in Treasury		Total Stockholders’ Equity
Balance at December 31, 2025	$	206	$	6,027	$	(7)	$	29,765	$	(6,158)	$	29,833
Net Income	—		—		—		1,980		—		1,980
Common Stock Dividends Declared, $1.02 Per Share	—		—		—		(545)		—		(545)
Other Comprehensive Income	—		—		1		—		—		1
Treasury Stock Repurchased	—		—		—		—		(405)		(405)
Change in Treasury Stock - Stock Compensation Plans, Net	—		(29)		—		—		15		(14)
Restricted Stock and Restricted Stock Units, Net	—		(30)		—		—		30		—
Stock-Based Compensation Expenses	—		58		—		—		—		58
Balance at March 31, 2026	$	206	$	6,026	$	(6)	$	31,200	$	(6,518)	$	30,908



	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Common Stock Held in Treasury		Total Stockholders’ Equity
Balance at December 31, 2024	$	206	$	6,090	$	(4)	$	26,941	$	(3,882)	$	29,351
Net Income	—		—		—		1,463		—		1,463
Common Stock Dividends Declared, $0.975 Per Share	—		—		—		(535)		—		(535)

Treasury Stock Repurchased	—		—		—		—		(796)		(796)
Change in Treasury Stock - Stock Compensation Plans, Net	—		(9)		—		—		(8)		(17)
Restricted Stock and Restricted Stock Units, Net	—		(36)		—		—		36		—
Stock-Based Compensation Expenses	—		50		—		—		—		50
Balance at March 31, 2025	$	206	$	6,095	$	(4)	$	27,869	$	(4,650)	$	29,516

The accompanying notes are an integral part of these condensed consolidated financial statements.

EOG RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

(Unaudited)

Three Months Ended
March 31,

2026

SEC Form 10-Q filed by EOG Resources Inc.