EX-99.12exh99-1050526.htmPRESS RELEASE OF EOG RESOURCES, INC. Document
EXHIBIT 99.1
Table of Contents
First Quarter 2026
Supplemental Financial and Operating Data
Page
Income Statements
10
Volumes and Prices
11
Balance Sheets
12
Cash Flow Statements
13
Non-GAAP Financial Measures
14
Adjusted Net Income
15
Net Income Per Share
19
Adjusted Net Income Per Share
20
Cash Flow from Operations and Free Cash Flow
21
Net Debt-to-Total Capitalization Ratio
23
Revenues, Costs and Margins Per Barrel of Oil Equivalent
24
Additional Key Financial Information
28
9
Income Statements
In millions of USD, except share data (in millions) and per share data (Unaudited)
2025
2026
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
3,293
2,974
3,243
2,991
12,501
3,577
3,577
Natural Gas Liquids
572
534
604
666
2,376
664
664
Natural Gas
637
600
707
847
2,791
1,021
1,021
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
(191)
107
116
(19)
13
113
113
Gathering, Processing and Marketing
1,340
1,247
1,178
1,149
4,914
1,496
1,496
Gains (Losses) on Asset Dispositions, Net
(1)
—
(18)
(16)
(35)
31
31
Other, Net
19
16
17
20
72
19
19
Total
5,669
5,478
5,847
5,638
22,632
6,921
6,921
Operating Expenses
Lease and Well
401
396
431
447
1,675
462
462
Gathering, Processing and Transportation Costs
440
455
587
652
2,134
654
654
Exploration Costs
41
74
71
50
236
45
45
Dry Hole Costs
34
11
—
4
49
23
23
Impairments
44
39
71
689
843
39
39
Marketing Costs
1,325
1,216
1,134
1,120
4,795
1,384
1,384
Depreciation, Depletion and Amortization
1,013
1,053
1,169
1,226
4,461
1,193
1,193
General and Administrative
171
186
239
224
820
185
185
Taxes Other Than Income
341
301
309
283
1,234
338
338
Total
3,810
3,731
4,011
4,695
16,247
4,323
4,323
Operating Income
1,859
1,747
1,836
943
6,385
2,598
2,598
Other Income, Net
65
55
59
33
212
23
23
Income Before Interest Expense and Income Taxes
1,924
1,802
1,895
976
6,597
2,621
2,621
Interest Expense, Net
47
51
71
66
235
66
66
Income Before Income Taxes
1,877
1,751
1,824
910
6,362
2,555
2,555
Income Tax Provision
414
406
353
209
1,382
575
575
Net Income
1,463
1,345
1,471
701
4,980
1,980
1,980
Dividends Declared per Common Share
0.9750
1.9950
—
1.0200
3.9900
1.0200
1.0200
Net Income Per Share
Basic
2.66
2.48
2.72
1.31
9.17
3.72
3.72
Diluted
2.65
2.46
2.70
1.30
9.12
3.70
3.70
Average Number of Common Shares
Basic
550
543
541
537
543
532
532
Diluted
553
546
544
539
546
535
535
10
Volumes and Prices
(Unaudited)
2025
2026
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
500.9
503.1
532.9
544.5
520.5
546.5
546.5
Trinidad
1.2
1.1
1.6
1.5
1.4
1.9
1.9
Other International (B)
—
—
—
0.1
—
0.1
0.1
Total
502.1
504.2
534.5
546.1
521.9
548.5
548.5
Average Crude Oil and Condensate Prices
($/Bbl) (C)
United States
$
72.90
$
64.84
$
65.97
$
59.54
$
65.65
$
72.48
$
72.48
Trinidad
61.12
54.50
57.74
57.07
57.59
68.91
68.91
Other International (B)
—
—
—
63.98
—
89.12
89.12
Composite
72.87
64.82
65.95
59.54
65.63
72.47
72.47
Natural Gas Liquids Volumes (MBbld) (A)
United States
241.7
258.4
309.3
342.1
288.2
332.1
332.1
Total
241.7
258.4
309.3
342.1
288.2
332.1
332.1
Average Natural Gas Liquids Prices ($/Bbl) (C)
United States
$
26.29
$
22.70
$
21.25
$
21.15
$
22.58
$
22.20
$
22.20
Composite
26.29
22.70
21.25
21.15
22.58
22.20
22.20
Natural Gas Volumes (MMcfd) (A)
United States
1,834
1,977
2,511
2,859
2,299
2,769
2,769
Trinidad
246
252
230
195
230
239
239
Other International (B)
—
—
4
11
4
12
12
Total
2,080
2,229
2,745
3,065
2,533
3,020
3,020
Average Natural Gas Prices ($/Mcf) (C)
United States
$
3.36
$
2.87
$
2.71
$
2.94
$
2.94
$
3.75
$
3.75
Trinidad
3.78
3.65
3.80
3.94
3.78
3.91
3.91
Other International (B)
—
—
3.27
3.29
3.28
3.26
3.26
Composite
3.41
2.96
2.80
3.00
3.02
3.76
3.76
Crude Oil Equivalent Volumes (MBoed) (D)
United States
1,048.3
1,090.9
1,260.7
1,363.0
1,191.8
1,340.1
1,340.1
Trinidad
42.1
43.2
39.8
34.2
39.8
41.7
41.7
Other International (B)
—
—
0.7
1.8
0.6
2.0
2.0
Total
1,090.4
1,134.1
1,301.2
1,399.0
1,232.2
1,383.8
1,383.8
Total MMBoe (D)
98.1
103.2
119.7
128.7
449.8
124.5
124.5
(A)Thousand barrels per day or million cubic feet per day, as applicable.
(B)Production volumes from Bahrain operations; natural gas realized price represents contract price less partner’s processing and distribution costs.
(C)Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity and other derivative instruments (see Note 9 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026).
(D)Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.
11
Balance Sheets
In millions of USD (Unaudited)
2025
2026
MAR
JUN
SEP
DEC
MAR
JUN
SEP
DEC
Current Assets
Cash and Cash Equivalents
6,599
5,216
3,530
3,396
3,849
Accounts Receivable, Net
2,621
2,504
2,680
2,681
3,597
Inventories
897
934
945
1,014
955
Other (A)
563
591
665
565
562
Total
10,680
9,245
7,820
7,656
8,963
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)
78,432
80,139
88,301
89,857
90,786
Other Property, Plant and Equipment
6,510
6,616
6,772
6,832
6,942
Total Property, Plant and Equipment
84,942
86,755
95,073
96,689
97,728
Less: Accumulated Depreciation, Depletion and Amortization
(50,310)
(51,394)
(52,488)
(54,348)
(55,054)
Total Property, Plant and Equipment, Net
34,632
35,361
42,585
42,341
42,674
Deferred Income Taxes
44
39
37
39
30
Other Assets
1,626
1,639
1,757
1,763
1,711
Total Assets
46,982
46,284
52,199
51,799
53,378
Current Liabilities
Accounts Payable
2,353
2,266
2,944
2,904
3,186
Accrued Taxes Payable
668
348
392
299
766
Dividends Payable
534
1,081
550
544
541
Current Portion of Long-Term Debt
1,280
778
27
27
27
Current Portion of Operating Lease Liabilities
318
360
433
472
375
Other (A)
566
342
469
445
329
Total
5,719
5,175
4,815
4,691
5,224
Long-Term Debt
3,464
3,458
7,667
7,909
7,904
Other Liabilities
2,368
2,398
2,496
2,512
2,476
Deferred Income Taxes
5,915
6,015
6,936
6,854
6,866
Commitments and Contingencies (B)
Stockholders' Equity
Common Stock, $0.01 Par
206
206
206
206
206
Additional Paid in Capital
6,095
6,153
5,978
6,027
6,026
Accumulated Other Comprehensive Loss
(4)
(7)
(5)
(7)
(6)
Retained Earnings
27,869
28,131
29,603
29,765
31,200
Common Stock Held in Treasury
(4,650)
(5,245)
(5,497)
(6,158)
(6,518)
Total Stockholders' Equity
29,516
29,238
30,285
29,833
30,908
Total Liabilities and Stockholders' Equity
46,982
46,284
52,199
51,799
53,378
(A) Effective January 1, 2026, EOG combined Price Risk Management Activities into the Other line item. This presentation has been conformed for all periods presented and had no impact on previously reported Total Assets and Total Liabilities and Stockholders’s Equity.
(B) See Note 5 to the Condensed Consolidated Financial Statements in EOG’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026.
12
Cash Flow Statements
In millions of USD (Unaudited)
2025
2026
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
Net Income
1,463
1,345
1,471
701
4,980
1,980
1,980
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization
1,013
1,053
1,169
1,226
4,461
1,193
1,193
Impairments
44
39
71
689
843
39
39
Stock-Based Compensation Expenses
50
53
53
60
216
58
58
Deferred Income Taxes
44
105
278
(84)
343
18
18
(Gains) Losses on Asset Dispositions, Net
1
—
18
16
35
(31)
(31)
Other, Net
11
11
2
3
27
15
15
Dry Hole Costs
34
11
—
4
49
23
23
Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net
191
(107)
(116)
19
(13)
(113)
(113)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
(38)
(24)
27
(21)
(56)
(53)
(53)
Other, Net
—
—
—
(1)
(1)
—
—
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
48
122
133
(3)
300
(907)
(907)
Inventories
76
(45)
4
(84)
(49)
21
21
Accounts Payable
(129)
(107)
5
(40)
(271)
279
279
Accrued Taxes Payable
(339)
(321)
28
(103)
(735)
467
467
Other Assets
(43)
(43)
(28)
97
(17)
55
55
Other Liabilities
(96)
(52)
155
10
17
(123)
(123)
Changes in Components of Working Capital Associated with Investing Activities
(41)
(8)
(159)
123
(85)
45
45
Net Cash Provided by Operating Activities
2,289
2,032
3,111
2,612
10,044
2,966
2,966
Investing Cash Flows
Acquisition of Encino Acquisition Partners, LLC, Net of Cash Acquired
—
—
(4,464)
13
(4,451)
—
—
Additions to Oil and Gas Properties
(1,381)
(1,699)
(1,492)
(1,543)
(6,115)
(1,491)
(1,491)
Additions to Other Property, Plant and Equipment
(102)
(94)
(171)
(112)
(479)
(153)
(153)
Proceeds from Sales of Assets
12
4
5
3
24
144
144
Changes in Components of Working Capital Associated with Investing Activities
41
8
159
(123)
85
(45)
(45)
Net Cash Used in Investing Activities
(1,430)
(1,781)
(5,963)
(1,762)
(10,936)
(1,545)
(1,545)
Financing Cash Flows
Long-Term Debt Borrowings
—
—
3,472
999
4,471
—
—
Long-Term Debt Repayments
—
(500)
(1,266)
(750)
(2,516)
—
—
Dividends Paid
(538)
(528)
(545)
(550)
(2,161)
(544)
(544)
Treasury Stock Purchased
(806)
(602)
(479)
(677)
(2,564)
(418)
(418)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan
—
11
—
12
23
1
1
Debt Issuance and Other Financing Costs
—
(7)
(7)
(11)
(25)
—
—
Repayment of Finance Lease Liabilities
(8)
(9)
(8)
(7)
(32)
(7)
(7)
Net Cash Used in Financing Activities
(1,352)
(1,635)
1,167
(984)
(2,804)
(968)
(968)
Effect of Exchange Rate Changes on Cash
—
1
(1)
–
—
—
—
Increase (Decrease) in Cash and Cash Equivalents
(493)
(1,383)
(1,686)
(134)
(3,696)
453
453
Cash and Cash Equivalents at Beginning of Period
7,092
6,599
5,216
3,530
7,092
3,396
3,396
Cash and Cash Equivalents at End of Period
6,599
5,216
3,530
3,396
3,396
3,849
3,849
13
Non-GAAP Financial Measures
To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), EOG’s quarterly earnings releases and related conference calls, accompanying earnings presentation slides and presentation slides for investor conferences contain certain financial measures that are not prepared or presented in accordance with GAAP. These non-GAAP financial measures may include, but are not limited to, Adjusted Net Income (Loss), Adjusted Cash Flow from Operations, Free Cash Flow, Net Debt and related statistics.
A reconciliation of each of these measures to their most directly comparable GAAP financial measure and related discussion is included in the tables on the following pages and can also be found in the “Reconciliations & Guidance” section of the “Investors” page of the EOG website at www.eogresources.com.
As further discussed in the tables on the following pages, EOG believes these measures may be useful to investors who follow the practice of some industry analysts who make certain adjustments to GAAP measures (for example, to exclude non-recurring items) to facilitate comparisons to others in EOG’s industry, and who utilize non-GAAP measures in their calculations of certain statistics (for example, return on capital employed and return on equity) used to evaluate EOG’s performance.
EOG believes that the non-GAAP measures presented, when viewed in combination with its financial results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the company’s performance. As is discussed in the tables on the following pages, EOG uses these non-GAAP measures for purposes of (i) comparing EOG’s financial performance with the financial performance of other companies in the industry and (ii) analyzing EOG’s financial performance across periods.
The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG’s reported Net Income (Loss), Long-Term Debt (including Current Portion of Long-Term Debt), Net Cash Provided by Operating Activities and other financial results calculated in accordance with GAAP. The non-GAAP measures presented should be read in conjunction with EOG's consolidated financial statements prepared in accordance with GAAP.
In addition, because not all companies use identical calculations, EOG’s presentation of non-GAAP measures may not be comparable to, and may be calculated differently from, similarly titled measures disclosed by other companies, including its peer companies. EOG may also change the calculation of one or more of its non-GAAP measures from time to time – for example, to account for changes in its business and operations or to more closely conform to peer company or industry analysts’ practices.
Direct ATROR
The calculation of EOG's direct after-tax rate of return (ATROR) is based on EOG’s net estimated recoverable reserves for a particular well(s) or play, the estimated net present value of the future net cash flows from such reserves (for which EOG utilizes certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring such well(s). As such, EOG's direct ATROR for a particular well(s) or play cannot be calculated from EOG’s consolidated financial statements.
14
Adjusted Net Income
In millions of USD, except share data (in millions) and per share data (Unaudited)
The following tables adjust reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of financial commodity derivative contracts by eliminating the net unrealized mark-to-market (gains) losses from these and other derivative transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (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)), to add back costs associated with the Encino acquisition and to make certain other adjustments to exclude non-recurring and certain other items as further described below.
EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
1Q 2026
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
2,555
(575)
1,980
3.70
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
(113)
24
(89)
(0.17)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
(53)
11
(42)
(0.08)
Less: Gains on Asset Dispositions, Net
(31)
7
(24)
(0.04)
Adjustments to Net Income
(197)
42
(155)
(0.29)
Adjusted Net Income (Non-GAAP)
2,358
(533)
1,825
3.41
Average Number of Common Shares
Basic
532
Diluted
535
(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended March 31, 2026, such amount was $53 million.
15
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
4Q 2025
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
910
(209)
701
1.30
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
19
(4)
15
0.03
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
(21)
4
(17)
(0.03)
Add: Losses on Asset Dispositions, Net
16
(4)
12
0.02
Add: Certain Impairments (2)
646
(140)
506
0.94
Add: Acquisition-Related Costs (3)
8
(3)
5
0.01
Adjustments to Net Income
668
(147)
521
0.97
Adjusted Net Income (Non-GAAP)
1,578
(356)
1,222
2.27
Average Number of Common Shares
Basic
537
Diluted
539
(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended December 31, 2025, such amount was $21 million.
(2)Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation).
(3)Consists of Encino acquisition-related G&A costs ($8 million).
3Q 2025
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
1,824
(353)
1,471
2.70
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
(116)
25
(91)
(0.16)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
27
(5)
22
0.04
Add: Losses on Asset Dispositions, Net
18
(6)
12
0.02
Add: Acquisition-Related Costs (2)
68
(10)
58
0.11
Adjustments to Net Income
(3)
4
1
0.01
Adjusted Net Income (Non-GAAP)
1,821
(349)
1,472
2.71
Average Number of Common Shares
Basic
541
Diluted
544
(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended September 30, 2025, such amount was $27 million.
(2)Consists of Encino acquisition-related G&A costs ($68 million).
16
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
2Q 2025
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
1,751
(406)
1,345
2.46
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
(107)
23
(84)
(0.16)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
(24)
5
(19)
(0.03)
Add: Certain Impairments
11
—
11
0.02
Add: Acquisition-Related Costs (2)
18
(3)
15
0.03
Adjustments to Net Income
(102)
25
(77)
(0.14)
Adjusted Net Income (Non-GAAP)
1,649
(381)
1,268
2.32
Average Number of Common Shares
Basic
543
Diluted
546
(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended June 30, 2025, such amount was $24 million.
(2)Consists of Encino acquisition-related G&A costs ($12 million) and financing commitment costs ($6 million).
1Q 2025
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
1,877
(414)
1,463
2.65
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
191
(41)
150
0.26
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
(38)
8
(30)
(0.05)
Add: Losses on Asset Dispositions, Net
1
2
3
0.01
Adjustments to Net Income
154
(31)
123
0.22
Adjusted Net Income (Non-GAAP)
2,031
(445)
1,586
2.87
Average Number of Common Shares
Basic
550
Diluted
553
(1) Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended March 31, 2025, such amount was $38 million.
17
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
FY 2025
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
6,362
(1,382)
4,980
9.12
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
(13)
3
(10)
(0.02)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
(56)
12
(44)
(0.08)
Add: Losses on Asset Dispositions, Net
35
(8)
27
0.05
Add: Certain Impairments (2)
657
(140)
517
0.95
Add: Acquisition-Related Costs (3)
94
(16)
78
0.14
Adjustments to Net Income
717
(149)
568
1.04
Adjusted Net Income (Non-GAAP)
7,079
(1,531)
5,548
10.16
Average Number of Common Shares
Basic
543
Diluted
546
(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2025, such amount was $56 million.
(2)Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation).
(3)Consists of Encino acquisition-related G&A costs ($88 million) and financing commitment costs ($6 million).
FY 2024
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
8,218
(1,815)
6,403
11.25
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
(204)
44
(160)
(0.28)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
214
(46)
168
0.30
Less: Gains on Asset Dispositions, Net
(16)
3
(13)
(0.02)
Add: Certain Impairments (2)
291
(57)
234
0.41
Less: Severance Tax Refund
(31)
7
(24)
(0.04)
Add: Severance Tax Consulting Fees
10
(2)
8
0.01
Less: Interest on Severance Tax Refund
(5)
1
(4)
(0.01)
Adjustments to Net Income
259
(50)
209
0.37
Adjusted Net Income (Non-GAAP)
8,477
(1,865)
6,612
11.62
Average Number of Common Shares
Basic
566
Diluted
569
(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2024, such amount was $214 million.
(2)Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Rocky Mountain area.
18
Net Income Per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
4Q 2025 Net Income per Share (GAAP) - Diluted
1.30
Realized Prices
1Q 2026 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe
42.24
Less: 4Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe
(34.99)
Subtotal
7.25
Multiplied by: 1Q 2026 Crude Oil Equivalent Volumes (MMBoe)
124.5
Total Change in Revenue
903
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
(199)
Change in Net Income
704
Change in Diluted Earnings per Share
1.32
Volumes
1Q 2026 Crude Oil Equivalent Volumes (MMBoe)
124.5
Less: 4Q 2025 Crude Oil Equivalent Volumes (MMBoe)
(128.7)
Subtotal
(4.2)
Multiplied by: 1Q 2026 Composite Average Margin per Boe (GAAP) (Including Total
Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)
18.11
Change in Margin
(76)
Less: Income Tax Benefit (Provision) Imputed (based on 22%)
17
Change in Net Income
(59)
Change in Diluted Earnings per Share
(0.11)
Certain Operating Costs per Boe
4Q 2025 Total Cash Operating Costs (GAAP) and Total DD&A per Boe
19.81
Less: 1Q 2026 Total Cash Operating Costs (GAAP) and Total DD&A per Boe
(20.03)
Subtotal
(0.22)
Multiplied by: 1Q 2026 Crude Oil Equivalent Volumes (MMBoe)
124.5
Change in Before-Tax Net Income
(27)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
6
Change in Net Income
(21)
Change in Diluted Earnings per Share
(0.04)
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
1Q 2026 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts
113
Less: Income Tax Benefit (Provision)
(24)
After Tax - (a)
89
Less: 4Q 2025 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts
(19)
Less: Income Tax Benefit (Provision)
4
After Tax - (b)
(15)
Change in Net Income - (a) - (b)
104
Change in Diluted Earnings per Share
0.19
Other (1)
1.04
1Q 2026 Net Income per Share (GAAP) - Diluted
3.70
1Q 2026 Average Number of Common Shares - Diluted
535
(1)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.
19
Adjusted Net Income Per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
4Q 2025 Adjusted Net Income per Share (Non-GAAP) - Diluted
2.27
Realized Prices
1Q 2026 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe
42.24
Less: 4Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe
(34.99)
Subtotal
7.25
Multiplied by: 1Q 2026 Crude Oil Equivalent Volumes (MMBoe)
124.5
Total Change in Revenue
903
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
(199)
Change in Net Income
704
Change in Diluted Earnings per Share
1.32
Volumes
1Q 2026 Crude Oil Equivalent Volumes (MMBoe)
124.5
Less: 4Q 2025 Crude Oil Equivalent Volumes (MMBoe)
(128.7)
Subtotal
(4.2)
Multiplied by: 1Q 2026 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)
18.11
Change in Margin
(76)
Less: Income Tax Benefit (Provision) Imputed (based on 22%)
17
Change in Net Income
(59)
Change in Diluted Earnings per Share
(0.11)
Certain Operating Costs per Boe
4Q 2025 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe
19.75
Less: 1Q 2026 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe
(20.03)
Subtotal
(0.28)
Multiplied by: 1Q 2026 Crude Oil Equivalent Volumes (MMBoe)
124.5
Change in Before-Tax Net Income
(35)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
8
Change in Net Income
(27)
Change in Diluted Earnings per Share
(0.05)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
1Q 2026 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
(53)
Less: Income Tax Benefit (Provision)
11
After Tax - (a)
(42)
Less: 4Q 2025 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
(21)
Less: Income Tax Benefit (Provision)
4
After Tax - (b)
(17)
Change in Net Income - (a) - (b)
(25)
Change in Diluted Earnings per Share
(0.05)
Other (1)
0.03
1Q 2026 Adjusted Net Income per Share (Non-GAAP)
3.41
1Q 2026 Average Number of Common Shares - Diluted
535
(1)Includes gathering, processing and marketing revenue, 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.
20
Cash Flow from Operations and Free Cash Flow
In millions of USD (Unaudited)
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Adjusted Cash Flow from Operations (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing Activities (or Investing and Financing Activities, as applicable) and certain other adjustments to exclude certain non-recurring items and other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Adjusted Cash Flow from Operations (Non-GAAP) (see below reconciliation) for such period less the Total Capital Expenditures (Non-GAAP) (see below reconciliation) during such period, as is illustrated below.
EOG management uses this information for comparative purposes within the industry. As indicated in the tables below, EOG is (1) in addition to its customary working capital-related adjustments, adjusting Net Cash Provided by Operating Activities (GAAP) to add back certain non-recurring acquisition-related costs incurred during the second, third and fourth quarters of 2025 and (2) now presenting such adjusted measure as “Adjusted Cash Flow from Operations (Non-GAAP)” (instead of “Cash Flow from Operations Before Changes in Working Capital (Non-GAAP)” as reported in prior periods); the presentation below with respect to the second, third and fourth quarters of 2025 and the prior periods shown has been conformed.
2025
2026
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Net Cash Provided by Operating Activities (GAAP)
2,289
2,032
3,111
2,612
10,044
2,966
2,966
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
(48)
(122)
(133)
3
(300)
907
907
Inventories
(76)
45
(4)
84
49
(21)
(21)
Accounts Payable
129
107
(5)
40
271
(279)
(279)
Accrued Taxes Payable
339
321
(28)
103
735
(467)
(467)
Other Assets
43
43
28
(97)
17
(55)
(55)
Other Liabilities
96
52
(155)
(10)
(17)
123
123
Changes in Components of Working Capital Associated with Investing Activities
41
8
159
(123)
85
(45)
(45)
Add:
Acquisition-Related Costs (1), Net of Tax
—
10
58
5
73
—
—
Adjusted Cash Flow from Operations (Non-GAAP)
2,813
2,496
3,031
2,617
10,957
3,129
3,129
Less:
Total Capital Expenditures (Non-GAAP) (2)
(1,484)
(1,523)
(1,648)
(1,639)
(6,294)
(1,636)
(1,636)
Free Cash Flow (Non-GAAP)
1,329
973
1,383
978
4,663
1,493
1,493
(1) Consists of Encino acquisition-related G&A costs of $12 million, $68 million and $8 million (each before tax) for the three months ended June 30, 2025, three months ended September 30, 2025 and three months ended December 31, 2025, respectively.
(2) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
2025
2026
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Total Expenditures (GAAP)
1,546
1,883
8,544
1,730
13,703
1,768
1,768
Less:
Asset Retirement Costs
(13)
(14)
(86)
(33)
(146)
(12)
(12)
Non-Cash Leasehold Acquisition Costs (3)
(9)
(2)
(3)
(10)
(24)
(52)
(52)
Acquisition Costs of Properties (3)
1
(270)
(6,736)
2
(7,003)
(23)
(23)
Exploration Costs
(41)
(74)
(71)
(50)
(236)
(45)
(45)
Total Capital Expenditures (Non-GAAP)
1,484
1,523
1,648
1,639
6,294
1,636
1,636
21
Cash Flow from Operations and Free Cash Flow
(Continued)
In millions of USD (Unaudited)
FY 2024
FY 2023
FY 2022
FY 2021
Net Cash Provided by Operating Activities (GAAP)
12,143
11,340
11,093
8,791
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
(101)
38
347
821
Inventories
(259)
231
534
13
Accounts Payable
36
119
(90)
(456)
Accrued Taxes Payable
(541)
(61)
113
(312)
Other Assets
(44)
(39)
364
136
Other Liabilities
(23)
(184)
266
116
Changes in Components of Working Capital Associated with Investing Activities
382
(295)
(375)
200
Adjusted Cash Flow from Operations (Non-GAAP)
11,593
11,149
12,252
9,309
Less:
Total Capital Expenditures (Non-GAAP) (2)
(6,226)
(6,041)
(4,607)
(3,755)
Free Cash Flow (Non-GAAP)
5,367
5,108
7,645
5,554
(2) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
Total Expenditures (GAAP)
6,653
6,818
5,610
4,255
Less:
Asset Retirement Costs
2
(257)
(298)
(127)
Non-Cash Development Drilling
—
(90)
—
—
Non-Cash Leasehold Acquisition Costs (3)
(85)
(99)
(127)
(45)
Non-Cash Finance Leases
—
—
—
(74)
Acquisition Costs of Properties (3)
(33)
(16)
(419)
(100)
Acquisition Costs of Other Property, Plant and Equipment
(137)
(134)
—
—
Exploration Costs
(174)
(181)
(159)
(154)
Total Capital Expenditures (Non-GAAP)
6,226
6,041
4,607
3,755
(3)Line item descriptions revised (from descriptions shown in EOG's previously published tables) to more accurately describe the costs reflected therein; previously reported cost amounts not impacted by such changes in presentation.
22
Net Debt-to-Total Capitalization Ratio
In millions of USD, except ratio data (Unaudited)
The following tables reconcile Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (Non-GAAP), as used in the Net Debt-to-Total Capitalization ratio calculation. A portion of the cash is associated with international subsidiaries; tax considerations may impact debt paydown. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize Net Debt and Total Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation. EOG management uses this information for comparative purposes within the industry.
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
Total Stockholders' Equity - (a)
30,908
29,833
30,285
29,238
29,516
Current and Long-Term Debt (GAAP) - (b)
7,931
7,936
7,694
4,236
4,744
Less: Cash
(3,849)
(3,396)
(3,530)
(5,216)
(6,599)
Net Debt (Non-GAAP) - (c)
4,082
4,540
4,164
(980)
(1,855)
Total Capitalization (GAAP) - (a) + (b)
38,839
37,769
37,979
33,474
34,260
Total Capitalization (Non-GAAP) - (a) + (c)
34,990
34,373
34,449
28,258
27,661
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]
20.4
%
21.0
%
20.3
%
12.7
%
13.8
%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]
11.7
%
13.2
%
12.1
%
-3.5
%
-6.7
%
23
Revenues, Costs and Margins Per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or margins per barrel of oil equivalent (Boe). Certain of these components are adjusted for non-recurring and certain other items, as further discussed below. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
1Q 2026
4Q 2025
3Q 2025
2Q 2025
1Q 2025
Volume - Million Barrels of Oil Equivalent - (a)
124.5
128.7
119.7
103.2
98.1
Total Operating Revenues and Other - (b)
6,921
5,638
5,847
5,478
5,669
Total Operating Expenses - (c)
4,323
4,695
4,011
3,731
3,810
Operating Income - (d)
2,598
943
1,836
1,747
1,859
Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas
Crude Oil and Condensate
3,577
2,991
3,243
2,974
3,293
Natural Gas Liquids
664
666
604
534
572
Natural Gas
1,021
847
707
600
637
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e)
5,262
4,504
4,554
4,108
4,502
Operating Costs
Lease and Well
462
447
431
396
401
Gathering, Processing and Transportation Costs (1)
654
652
587
455
440
General and Administrative (GAAP)
185
224
239
186
171
Less: Certain Items (see Endnote 2 to 1Q 2026 earnings release)
—
(8)
(68)
(12)
—
General and Administrative (Non-GAAP) (2)
185
216
171
174
171
Taxes Other Than Income (GAAP)
338
283
309
301
341
Add: Severance Tax Refund
—
—
—
—
—
Taxes Other Than Income (Non-GAAP) (3)
338
283
309
301
341
Interest Expense, Net
66
66
71
51
47
Less: Acquisition-Related Financing Commitment Costs
—
—
—
(6)
—
Interest Expense, Net (Non-GAAP) (4)
66
66
71
45
47
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)
1,705
1,672
1,637
1,389
1,400
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)
1,705
1,664
1,569
1,371
1,400
Depreciation, Depletion and Amortization (DD&A)
1,193
1,226
1,169
1,053
1,013
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)
2,898
2,898
2,806
2,442
2,413
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)
2,898
2,890
2,738
2,424
2,413
Exploration Costs
45
50
71
74
41
Dry Hole Costs
23
4
—
11
34
Impairments
39
689
71
39
44
Total Exploration Costs (GAAP)
107
743
142
124
119
Less: Certain Impairments (5)
—
(646)
—
(11)
—
Total Exploration Costs (Non-GAAP)
107
97
142
113
119
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)
3,005
3,641
2,948
2,566
2,532
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)
3,005
2,987
2,880
2,537
2,532
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))
2,257
863
1,606
1,542
1,970
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))
2,257
1,517
1,674
1,571
1,970
24
Revenues, Costs and Margins Per Barrel of Oil Equivalent
(Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
1Q 2026
4Q 2025
3Q 2025
2Q 2025
1Q 2025
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)
55.59
43.81
48.85
53.08
57.79
Composite Average Operating Expenses per Boe - (c) / (a)
34.72
36.48
33.51
36.15
38.84
Composite Average Operating Income per Boe - (d) / (a)
20.87
7.33
15.34
16.93
18.95
Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe - (e) / (a)
42.24
34.99
38.05
39.80
45.88
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)
13.69
12.99
13.67
13.46
14.26
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]
28.55
22.00
24.38
26.34
31.62
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)
23.27
22.52
23.44
23.66
24.58
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]
18.97
12.47
14.61
16.14
21.30
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)
24.13
28.29
24.63
24.86
25.79
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]
18.11
6.70
13.42
14.94
20.09
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)
13.69
12.93
13.10
13.30
14.26
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]
28.55
22.06
24.95
26.50
31.62
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)
23.27
22.46
22.87
23.50
24.58
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]
18.97
12.53
15.18
16.30
21.30
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)
24.13
23.21
24.06
24.59
25.79
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]
18.11
11.78
13.99
15.21
20.09
25
Revenues, Costs and Margins Per Barrel of Oil Equivalent
(Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
2025
2024
2023
2022
2021
Volume - Million Barrels of Oil Equivalent - (a)
449.8
388.7
359.4
331.5
302.5
Total Operating Revenues and Other - (b)
22,632
23,698
24,186
25,702
18,642
Total Operating Expenses - (c)
16,247
15,616
14,583
15,736
12,540
Operating Income (Loss) - (d)
6,385
8,082
9,603
9,966
6,102
Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas
Crude Oil and Condensate
12,501
13,921
13,748
16,367
11,125
Natural Gas Liquids
2,376
2,106
1,884
2,648
1,812
Natural Gas
2,791
1,551
1,744
3,781
2,444
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e)
17,668
17,578
17,376
22,796
15,381
Operating Costs
Lease and Well
1,675
1,572
1,454
1,331
1,135
Gathering, Processing and Transportation Costs (1)
2,134
1,722
1,620
1,587
1,422
General and Administrative (GAAP)
820
669
640
570
511
Less: Certain Items (see Endnote 7 to Additional Key Financial Information below)
(88)
(10)
—
(16)
—
General and Administrative (Non-GAAP) (2)
732
659
640
554
511
Taxes Other Than Income (GAAP)
1,234
1,249
1,284
1,585
1,047
Add: Severance Tax Refund
—
31
—
115
—
Taxes Other Than Income (Non-GAAP) (3)
1,234
1,280
1,284
1,700
1,047
Interest Expense, Net
235
138
148
179
178
Less: Acquisition-Related Financing Commitment Costs
(6)
—
—
—
—
Interest Expense, Net (Non-GAAP) (4)
229
138
148
179
178
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)
6,098
5,350
5,146
5,252
4,293
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)
6,004
5,371
5,146
5,351
4,293
Depreciation, Depletion and Amortization (DD&A)
4,461
4,108
3,492
3,542
3,651
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)
10,559
9,458
8,638
8,794
7,944
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)
10,465
9,479
8,638
8,893
7,944
Exploration Costs
236
174
181
159
154
Dry Hole Costs
49
14
1
45
71
Impairments
843
391
202
382
376
Total Exploration Costs (GAAP)
1,128
579
384
586
601
Less: Certain Impairments (5)
(657)
(291)
(42)
(113)
(15)
Total Exploration Costs (Non-GAAP)
471
288
342
473
586
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)
11,687
10,037
9,022
9,380
8,545
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)
10,936
9,767
8,980
9,366
8,530
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))
5,981
7,541
8,354
13,416
6,836
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))
6,732
7,811
8,396
13,430
6,851
26
Revenues, Costs and Margins Per Barrel of Oil Equivalent
(Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
2025
2024
2023
2022
2021
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)
50.32
60.97
67.30
77.53
61.63
Composite Average Operating Expenses per Boe - (c) / (a)
36.12
40.18
40.58
47.47
41.46
Composite Average Operating Income (Loss) per Boe - (d) / (a)
14.20
20.79
26.72
30.06
20.17
Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe - (e) / (a)
39.28
45.22
48.34
68.77
50.84
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)
13.54
13.76
14.31
15.84
14.19
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]
25.74
31.46
34.03
52.93
36.65
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)
23.46
24.33
24.03
26.53
26.26
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]
15.82
20.89
24.31
42.24
24.58
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)
25.97
25.82
25.10
28.30
28.25
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]
13.31
19.40
23.24
40.47
22.59
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)
13.34
13.82
14.31
16.14
14.19
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]
25.94
31.40
34.03
52.63
36.65
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)
23.26
24.39
24.03
26.83
26.26
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]
16.02
20.83
24.31
41.94
24.58
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)
24.31
25.13
24.98
28.26
28.20
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]
14.97
20.09
23.36
40.51
22.64
(1)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.
(2)EOG believes excluding the above-referenced items from General and Administrative Costs is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(3)EOG believes excluding the above-referenced items from Taxes Other Than Income is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(4)EOG believes excluding the above-referenced items from Interest Expense, Net is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(5)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 exploration 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).
27
Additional Key Financial Information
(Unaudited)
See “Endnotes” below for related discussion and definitions.
2025 Actual
2024 Actual
2023 Actual
2022 Actual
2021 Actual
Crude Oil and Condensate Volumes (MBod)
United States
520.5
490.6
475.2
460.7
443.4
Trinidad
1.4
0.8
0.6
0.6
1.5
Other International
—
—
—
—
0.1
Total
521.9
491.4
475.8
461.3
445.0
Natural Gas Liquids Volumes (MBbld)
Total
288.2
245.9
223.8
197.7
144.5
Natural Gas Volumes (MMcfd)
United States
2,299
1,728
1,551
1,315
1,210
Trinidad
230
220
160
180
217
Other International1
4
—
—
—
9
Total
2,533
1,948
1,711
1,495
1,436
Crude Oil Equivalent Volumes (MBoed)
United States
1,191.8
1,024.5
957.5
877.5
789.6
Trinidad
39.8
37.6
27.3
30.7
37.7
Other International1
0.6
—
—
—
1.6
Total
1,232.2
1,062.1
984.8
908.2
828.9
Benchmark Price
Oil (WTI) ($/Bbl)
64.78
75.72
77.61
94.23
67.96
Natural Gas (HH) ($/Mcf)
3.43
2.27
2.74
6.64
3.85
Crude Oil and Condensate - above (below) WTI2 ($/Bbl)
United States
0.87
1.70
1.57
2.99
0.58
Trinidad
(7.19)
(11.29)
(9.03)
(8.07)
(11.70)
Other International1
0.36
—
—
—
—
Natural Gas Liquids - Realizations as % of WTI
Total
34.9
%
30.9
%
29.7
%
39.0
%
50.5
%
Natural Gas - above (below) NYMEX Henry Hub3 ($/Mcf)
United States
(0.49)
(0.28)
(0.04)
0.63
1.03
Natural Gas Realizations4 ($/Mcf)
Trinidad
3.78
3.65
3.65
4.43
3.40
Other International1
3.28
—
—
—
—
Total Expenditures (GAAP) ($MM)
13,703
6,653
6,818
5,610
4,255
Capital Expenditures5 (Non-GAAP) ($MM)
6,294
6,226
6,041
4,607
3,755
Operating Unit Costs ($/Boe)
Lease and Well
3.72
4.04
4.05
4.02
3.75
Gathering, Processing and Transportation Costs6
4.74
4.43
4.50
4.78
4.70
General and Administrative (GAAP)
1.82
1.72
1.78
1.72
1.69
General and Administrative (Non-GAAP)7
1.63
1.70
1.78
1.67
1.69
Cash Operating Costs (GAAP)
10.28
10.19
10.33
10.52
10.14
Cash Operating Costs (Non-GAAP)7
10.09
10.17
10.33
10.47
10.14
Depreciation, Depletion and Amortization
9.92
10.57
9.72
10.69
12.07
Expenses ($MM)
Exploration and Dry Hole
285
188
182
204
225
Impairment (GAAP)
843
391
202
382
376
Impairment (excluding certain impairments (Non-GAAP))8
186
100
160
269
361
Capitalized Interest
86
45
33
36
33
Net Interest
235
138
148
179
178
Net Interest (Non-GAAP)9
229
—
—
—
—
TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas)
(GAAP)
7.0
%
7.1
%
7.4
%
7.0
%
6.8
%
(Non-GAAP)7
7.0
%
7.3
%
7.4
%
7.5
%
6.8
%
Income Taxes
Effective Rate
21.7
%
22.1
%
21.6
%
21.7
%
21.4
%
Current Tax Expense ($MM)
1,039
1,348
1,415
2,208
1,393
28
Additional Key Financial Information
(Continued)
Endnotes
1)2025 production volumes are from Bahrain operations; natural gas realized price represents contract price less partner’s processing and distribution costs.
2)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 daily settlement prices for the prompt-month NYMEX futures contract for each of the applicable calendar months.
3)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.
4)The full-year 2022 realized natural gas price for Trinidad includes a one-time pricing adjustment of $0.76/Mcf for prior-period production following a contract amendment with the National Gas Company of Trinidad and Tobago Limited.
5)Capital Expenditures includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. Capital Expenditures excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses.
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)Cash Operating Costs consist of LOE, GP&T and G&A. G&A (Non-GAAP) for fiscal year 2025 excludes costs related to the Encino acquisition, as reflected in the accompanying reconciliation schedules (see “Revenues, Costs and Margins Per Barrel of Oil Equivalent”). In addition, TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) (Non-GAAP) and G&A (Non-GAAP) for fiscal year 2024 and fiscal year 2022 exclude a state severance tax refund and related consulting fees, respectively, as reflected in the accompanying reconciliation schedules (see “Revenues, Costs and Margins Per Barrel of Oil Equivalent”). The per-Boe impact of such acquisition-related costs and consulting fees on G&A and total Cash Operating Costs for fiscal year 2025, 2024 and 2022 was $(0.19), $(0.02) and $(0.05), respectively.
8)In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG’s oil and gas properties or other assets). EOG believes excluding these impairments from total impairment costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG’s control (versus, for example, impairments that are due to EOG’s proved oil and gas properties not being as productive as it originally estimated). Impairments (Non-GAAP) for FY 2025 are adjusted from Impairments (GAAP) for FY 2025 by excluding $657 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation).
Impairments (Non-GAAP) for FY 2024 are adjusted from Impairments (GAAP) for FY 2024 by excluding $291 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Rocky Mountain area.
9)Net Interest for fiscal year 2025 excludes financing commitment costs related to the Encino acquisition, as reflected in the accompanying reconciliation schedules (see “Revenues, Costs and Margins Per Barrel of Oil Equivalent”). The per-Boe impact of such cost for fiscal year 2025 is $(0.01).
29
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | — | — |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | — |
| Recession recession, downturn, contraction, slowdown | 0 | — | — |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | — | — |
| Buybacks share repurchase, buyback program | 2 | — | — |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Source: SEC EDGAR · public domain · Highlights by Palanor