EOGNYSECrude Petroleum & Natural GasUS GAAP · USD

EOG Resources, Inc

EOG Resources is an independent U.S.-focused oil and gas producer that explores for, develops, produces and markets crude oil, natural gas liquids and natural gas. The company is built around low-cost drilling in high-return shale basins, with a strong emphasis on capital discipline, operating efficiency and reserve replacement.

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Revenue22.6bn USD
−4.5 %y/y
Operating profit (EBIT)6,385m USD
−21.0 %y/y
EBIT margin28.2%
−5.9 ppy/y
Net income4,980m USD
−22.2 %y/y
Free cash flow10.0bn USD
−17.3 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-100102030bn USD2020: 11.0 bn USD2020: EBIT -0.54 bn USD20202021: 18.6 bn USD2021: EBIT 6.1 bn USD20212022: 25.7 bn USD2022: EBIT 10.0 bn USD20222023: 24.2 bn USD2023: EBIT 9.6 bn USD20232024: 23.7 bn USD2024: EBIT 8.1 bn USD20242025: 22.6 bn USD2025: EBIT 6.4 bn USD202522.66.4
RevenueOperating profit (EBIT)
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Business

Share of revenue
Crude oil and condensate55 %

Exploration, development and sale of crude oil and condensate from U.S. shale basins and select international assets.

Natural gas liquids (NGLs)25 %

Production of liquids extracted from natural gas streams, mainly from U.S. operating areas.

Natural gas15 %

Exploration, production and marketing of dry gas and associated gas volumes.

Exploration and acreage development5 %

Leasehold acquisition, prospect evaluation, drilling and appraisal of new and existing plays.

Products

Reported · share of revenue
55.4%21.8%12.4%10.5%FY2025100 %
  • Oil and Condensate55.4 %
  • Natural Gas Gathering Transportation Marketing and Processing21.8 %
  • Natural Gas Production12.4 %
  • Natural Gas Liquids Reserves10.5 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

EOG sells into commodity markets rather than to a narrow customer base, so its end buyers are refiners, marketers, processors and export counterparties that purchase oil, NGLs and gas at market-linked prices. Its production is largely sold through pipelines and local market hubs in the U.S., with some export sales from the Gulf Coast and Corpus Christi. In international areas, EOG works with host-country partners and concession structures rather than traditional retail customers.

Commodity market counterparties

Buy crude oil, NGLs and natural gas at index-based prices through hub and pipeline markets.

Refiners and downstream processors

Purchase crude oil and condensate for refining or further processing, especially from U.S. sales hubs.

Gas processors and midstream operators

Handle EOG's gas streams to extract NGLs and move production to market.

Export and international buyers

Take barrels sold for export or under international concession arrangements.

Strategy

EOG's strategy is to concentrate capital in the highest-return U.S. drilling areas while keeping operating costs low and maintaining a strong balance sheet. Management emphasizes internally generated prospects, improved well performance and efficient, safe operations to maximize cash flow through commodity cycles. The company also uses selective acquisitions and acreage leasing when they strengthen existing drilling programs or add incremental upside.

Concentrate drilling in core U.S. basinsShort term

These areas generate the best returns and support efficient reserve growth.

Improve well productivity and operating efficiencyMedium term

Higher productivity lowers unit costs and improves cash generation across cycles.

Maintain balance sheet strengthLong term

Low leverage gives flexibility to invest through commodity downturns and pursue selective opportunities.

Geography

EOG's reserve base and operating footprint are overwhelmingly U.S.-centric, with about 99% of proved reserves located in the United States and 1% in Trinidad at year-end 2025. The company also has select international exposure in Trinidad and occasional activity in Bahrain and the UAE, but its capital program is concentrated in U.S. shale basins such as the Delaware Basin, Eagle Ford, Utica and Rocky Mountain area. This geographic mix reduces dependence on any single foreign jurisdiction while leaving EOG exposed to U.S. basin economics, infrastructure and regulatory conditions.

Risks

EOG is highly exposed to commodity price volatility because its revenues and cash flows depend on crude oil, NGL and natural gas prices. The company also faces operational, regulatory and geopolitical risks from drilling, transportation, cybersecurity and select international activities, while its capital-intensive model makes reserve replacement and execution quality critical. Derivative contracts can reduce price swings but do not eliminate exposure to market moves or basis differentials.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Crude oil, NGL and natural gas price volatility1Cybersecurity and infrastructure disruption2Reserve replacement and drilling execution3Regulatory and climate-related pressure4International sovereign and political risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Crude oil, NGL and natural gas price volatilityImpact: HighLikelihood: Medium

    EOG sells into market-linked commodity prices, so earnings and cash flow move with global supply-demand conditions.

    Exposure: All production volumes

  2. Cybersecurity and infrastructure disruptionImpact: HighLikelihood: Medium

    Production depends on third-party and owned gathering, processing, transportation and export infrastructure.

    Exposure: Field operations and logistics

  3. Reserve replacement and drilling executionImpact: HighLikelihood: Medium

    Future production depends on successful drilling, appraisal and reserve conversion in core basins.

    Exposure: U.S. shale development

  4. Regulatory and climate-related pressureImpact: MediumLikelihood: Medium

    Permitting, emissions rules and reputational pressure can increase costs and constrain activity.

    Exposure: U.S. and international operations

  5. International sovereign and political riskImpact: MediumLikelihood: Low

    Operations in Trinidad, Bahrain and the UAE can be affected by government actions, legal enforceability and currency controls.

    Exposure: Non-U.S. operations

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Accounting

Judgemental items
Proved oil and gas reserves

Reserve estimates directly affect depletion rates and impairment assessments for producing properties.

Impact: Can materially change earnings and asset carrying values

Commodity derivative mark-to-market accounting

EOG does not designate these contracts as hedges, so fair value changes flow through current-period earnings.

Impact: Creates income volatility unrelated to physical production timing

DD&A and impairment sensitivity

Higher or lower reserve estimates and commodity assumptions change depletion and impairment outcomes.

Impact: Affects operating profit and balance sheet asset values

Lease and well expense timing

Workovers, maintenance and administrative costs can vary by basin and quarter, affecting comparability.

Impact: Quarterly operating margin fluctuations

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Last updated: 24/09/2026

EOG Resources, Inc (EOG) Revenue, Earnings & Financials 2025 – Clarifo