EOG RESOURCES (EOG) Company Report

On November 24, 2025, EOG Resources, Inc. completed an underwritten public offering of $750 million 4.400% Senior Notes due 2031 and $250 million 5.950% Senior Notes due 2055 under an underwriting agreement dated November 19, 2025.
The new 2055 Notes will form a single series with the $500 million Original 5.950% Notes due 2055 issued July 1, 2025, and will trade interchangeably under the same CUSIP.
The 2031 Notes were sold at 99.341% of par (yield to maturity 4.414%), and the 2055 Notes at 101.440% of par plus accrued interest (yield 5.784%).
EOG intends to use part of the net proceeds to repay or redeem its 4.15% Senior Notes due 2026.
The Notes are senior, unsecured obligations ranking pari passu with existing unsecured debt and subordinated to any secured indebtedness and the obligations of its subsidiaries.

Nov 24, 2025, 10:19 PM

8-K

EOG announces Q3 2025 results

EOG

Earnings

M&A

Guidance Update

EOG delivered adjusted EPS of $2.71, adjusted CFO per share of $5.57, and generated $1.4 billion in free cash flow in Q3, bringing year-to-date free cash flow to $3.7 billion.
The balance sheet remains robust with $3.5 billion in cash, $7.7 billion in long-term debt, $550 million in dividends, and $450 million in share repurchases in the quarter.
Full-year 2025 free cash flow is now guided to $4.5 billion, a $200 million increase versus prior midpoint forecasts, driven by strong Q1–Q3 results and solid Q4 outlook.
Strategic execution includes closing the Encino acquisition in August with $150 million of expected synergies, commissioning the Janus plant and Verde pipeline to lower breakevens , and achieving >15% well cost reductions over two years with +20% longer laterals in 2025.

Nov 7, 2025, 3:00 PM

Transcript

EOG Resources reports Q3 2025 results

EOG

Earnings

Dividends

Share Buyback

EOG delivered 36% return on capital employed in 2024, outpacing the peer average of 25%.
In 2024, the company generated $5.367 billion free cash flow and returned 98% of it to shareholders via $2.087 billion regular dividends and $3.179 billion share repurchases.
Through Q3 2025, EOG has produced $3.685 billion free cash flow and distributed $3.439 billion in total cash returns.
Operational excellence in 2024 drove 8% production growth, 6% reduction in average well costs, and 2% lower cash operating costs.

Nov 7, 2025, 3:00 PM

Presentation

EOG Resources reports Q3 2025 results

EOG

Earnings

Guidance Update

EOG Resources delivered Q3 2025 operating revenues of $5,847 M and net income of $1,471 M, representing $2.70 diluted EPS.
Non-GAAP adjusted net income was $1,472 M, or $2.71 adjusted diluted EPS.
Average production was 119.7 MMBoe (≈1,301.2 MBoed) in Q3 2025.
Net cash provided by operating activities was $3,111 M, and free cash flow totaled $1,383 M in the quarter.
The company provided Q4 and full-year 2025 guidance and updated benchmark commodity pricing assumptions.

Nov 6, 2025, 9:26 PM

8-K

EOG Resources reports third quarter 2025 results

EOG

Earnings

Share Buyback

M&A

Total revenue of $5,847 million, net income of $1,471 million, adjusted EPS of $2.71, and free cash flow of $1,383 million in 3Q 2025.
Production volumes above guidance midpoints: 534.5 MBod crude oil, 309.3 MBbld NGLs, 2,745 MMcfd natural gas, totaling 1,301.2 MBoed.
Returned nearly $1 billion to shareholders: $545 million in dividends and $440 million in share repurchases; committed to return 89% of estimated annual free cash flow.
Invested $1,648 million in capital expenditures and closed the Encino Acquisition Partners transaction.

Nov 6, 2025, 9:15 PM

Press Release

EOG Resources-operated Eagle Ford acreage acquired by Rising Phoenix Capital

EOG

M&A

New Projects/Investments

Rising Phoenix Capital acquired 249.05 net royalty acres in the core Eagle Ford Shale, covering Proved Developed Producing reserves and managed by EOG Resources Inc. and Lewis Energy Group.
This transaction represents the final placement for Maroon Bells LP, signifying the fund is fully capitalized and in pay status.
Assets include PDP reserves with steady monthly cash flow and upside from 20 newly completed wells and Austin Chalk intervals.
Rising Phoenix Capital now manages approximately 16,000 net royalty acres across U.S. basins under its Income, Bond/Debt, and Growth Strategies.

Oct 29, 2025, 6:54 PM

Press Release

EOG Resources expands portfolio with Utica acquisition and international exploration

EOG

M&A

New Projects/Investments

$5.6 billion Encino acquisition boosts Utica position to over 1 million net acres and >2 billion BOE resource, accelerating development by 2–3 years into a core play.
Capital-disciplined, multi-basin strategy allocates investment across foundational (Delaware, Eagle Ford), emerging (Utica, Dorado) and exploration assets to balance near- and long-term free cash flow.
12 billion BOE high-quality inventory delivers a 55% direct after-tax well rate of return at $45 oil/$2.50 gas and >200% at mid-cycle prices ($65/$3.50) across nine active basins.
Dorado gas asset on track for ~$750 million/day gross output by year-end with a $1.40/Mcf break-even, $1/Mcf operating cost and new pipeline saving $0.40–$0.60/Mcf.
International exploration JVs in Bahrain (unconventional gas sands) and UAE (overpressured oil shale) to test drilling and completion technologies and cost productivity.

Sep 2, 2025, 7:26 PM

EOG Resources reports strong Q2 results and outlines strategic acquisitions and capital priorities at EnerCom Denver

EOG

Dividends

M&A

Guidance Update

EOG delivered $1.3 billion adjusted net income and $1.0 billion free cash flow in Q2 2025, raised its regular dividend by 5%, and returned $1.1 billion to shareholders via dividends and buybacks.
Full-year 2025 guidance: $6.3 billion CapEx (up 5% post-Encino), 521 kboe/d oil, 1,224 kboe/d total production, $4.3 billion free cash flow, and $3.5 billion committed to shareholder returns.
Closed the Encino acquisition on August 1, adding 1.1 million net Utica acres, over 2 billion BOE of resource, and targeting $150 million of first-year synergies.
Expanded infrastructure and marketing: brought the 300 MMcf/d Janus plant online, commissioned the Verde pipeline, and secured 900 MMcf/d LNG- and Brent-linked contracts by 2027, driving $2.87/MMBtu gas realizations in Q2 vs peers’ $1.48.
Set ESG targets to reduce GHG intensity 25% by 2030 (vs 2019), maintain near-zero methane emissions, and achieve zero routine flaring.

Aug 18, 2025, 3:21 PM

EOG Resources reports Q2 2025 results

EOG

Earnings

Guidance Update

M&A

Q2 operational and financial performance: $1.3 Bn adjusted net income, $2.32 adjusted EPS, and $1.0 Bn free cash flow generated in Q2 2025.
2025 guidance updated: targeting approximately $4.3 Bn of free cash flow at $65 WTI and $3.50 HH for full-year 2025.
Strategic Utica acquisition: closed Encino deal expanding position to ~1.1 MM net acres, immediately accretive with ~$150 MM of first-year synergies.
Shareholder returns: raised regular dividend by 5% and returned $1.1 Bn through $0.5 Bn in dividends and $0.6 Bn in share repurchases year-to-date.

Aug 8, 2025, 2:00 PM

Presentation

EOG Resources completes $5.6 billion acquisition of Encino Acquisition Partners

EOG

M&A

On August 1, 2025, EOG Resources, Inc. completed its previously announced acquisition of Encino Acquisition Partners, LLC under an Equity Interest Purchase Agreement dated May 30, 2025.
EOG acquired 100% of the outstanding equity interests in Encino Acquisition Partners, LLC—partly through the purchase of CPPIB EAP US Inc. (“Blocker Corp”) and partly via direct equity purchases—for a cash purchase price of $5.6 billion, inclusive of debt repayment and subject to customary working capital adjustments.
The full text of the Purchase Agreement will be filed as an exhibit to EOG’s Quarterly Report on Form 10-Q for the period ended June 30, 2025.

Aug 1, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for EOG RESOURCES.

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