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EOG Resources (EOG) FY2025 results: revenue $22.6 billion, down 4.5% on the year

EOG Resources Inc. (EOG) reported revenue of $22.6 billion for fiscal 2025, the year ended 31 December 2025, down 4.5% on the year before. Net income was $5.0 billion, down 22.2%, and diluted earnings per share $9.12. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue
$22.6 billion
-4.5% on the year
FY2018FY2025
Operating margin
28.2%
34.1% a year earlier
FY2018FY2025
Net income
$5.0 billion
-22.2% on the year
FY2018FY2025
Diluted EPS
$9.12
-18.9% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • Full-year net income fell to $4,980 million: Net income for 2025 was $4,980 million, or $9.12 per diluted share, against $6,403 million, or $11.25, in 2024. Adjusted net income was $5,548 million, or $10.16 per diluted share, against $6,612 million, or $11.62.
  • Fourth-quarter net income fell to $701 million: Fourth-quarter 2025 net income was $701 million, or $1.30 per diluted share, against $1,471 million, or $2.70, in third quarter 2025. Adjusted net income was $1,222 million, or $2.27 per share, against $1,472 million, or $2.71.
  • Fourth-quarter impairments rose to $689 million: Impairments were $689 million in fourth quarter 2025, against $71 million in third quarter. Adjusted results excluded $646 million of certain impairments, which the company attributed to write-downs in the Barnett Shale and Woodford Oil Window.
  • Total volumes reached 1,399.0 MBoed: Fourth-quarter total crude oil equivalent volumes were 1,399.0 MBoed, against 1,301.2 MBoed in third quarter 2025. Full-year volumes were 1,232.2 MBoed, against 1,062.1 MBoed in 2024.
  • Crude realizations fell to $59.54 in fourth quarter: Composite realized crude oil and condensate price was $59.54 per barrel in fourth quarter 2025, against $65.95 in third quarter. The full-year realized price was $65.63, against $77.40 in 2024.
Read the Q4 FY2025 earnings call summary

From this 10-K

EOG Resources, a Delaware corporation organised in 1985, explores for, develops, produces and markets crude oil, natural gas liquids and natural gas, mainly in major producing basins in the United States, in Trinidad, and from time to time in other international areas including Bahrain and the United Arab Emirates. At the end of 2025 its estimated net proved reserves were 5,514 MMBoe, made up of 1,905 MMBbl of crude oil and condensate, 1,510 MMBbl of NGLs and 12,592 Bcf of natural gas. About 99 percent of those reserves sat in the United States and 1 percent in Trinidad. Within the United States, 35 percent of net proved reserves were crude oil and condensate, 27 percent NGLs and 38 percent natural gas on a crude oil equivalent basis. The company employed about 3,400 people at the end of 2025.

EOG Resources Inc., the 10-K for 2025

EOG Resources, a Delaware corporation organised in 1985, explores for, develops, produces and markets crude oil, natural gas liquids and natural gas, mainly in major producing basins in the United States, in Trinidad, and from time to time in other international areas including Bahrain and the United Arab Emirates. At the end of 2025 its estimated net proved reserves were 5,514 MMBoe, made up of 1,905 MMBbl of crude oil and condensate, 1,510 MMBbl of NGLs and 12,592 Bcf of natural gas. About 99 percent of those reserves sat in the United States and 1 percent in Trinidad. Within the United States, 35 percent of net proved reserves were crude oil and condensate, 27 percent NGLs and 38 percent natural gas on a crude oil equivalent basis. The company employed about 3,400 people at the end of 2025.

The Delaware Basin and South Texas

The Delaware Basin is the largest of the producing areas, at 318.7 MBbld of crude oil and condensate, 199.4 MBbld of NGLs and 1,179 MMcfd of natural gas in 2025, across 395 thousand net acres. EOG completed 393 net wells there during the year, mostly in the Wolfcamp, Bone Spring and Leonard plays. South Texas covers the Eagle Ford play, where EOG holds about 565,000 net acres, and the Dorado gas play, where it holds about 160,000. The area produced 121.3 MBbld of crude oil and condensate, 32.3 MBbld of NGLs and 581 MMcfd of gas in 2025, from 122 net Eagle Ford completions and 27 net Dorado completions.

The Appalachian Basin and the Rocky Mountains

The Appalachian Basin position is the Utica play, about 1,100,000 net acres including 135,000 net mineral acres, and it was enlarged by the August 2025 acquisition of Encino Acquisition Partners. EOG completed 55 net Utica wells in 2025, and the area produced 32.4 MBbld of crude oil and condensate, 32.7 MBbld of NGLs and 340 MMcfd of gas. The Rocky Mountain area spans the Powder River Basin, where 22 net wells were completed in 2025, and the Williston Basin, where 12 were, across 748 thousand net acres in total.

Outside the United States

EOG has operations offshore Trinidad, onshore Bahrain and onshore the United Arab Emirates. In Trinidad it holds exploration and production licences over the South East Coast Consortium and Pelican Blocks, the Banyan, Sercan, Mento and TSP Deep Areas and Coconut Field, plus four production sharing contracts with the Government of Trinidad and Tobago. Net production there averaged about 230 MMcfd of natural gas and about 1.4 MBbld of crude oil and condensate in 2025, and the company is designing and building the Coconut Platform under a 2024 farmout agreement with BP Trinidad and Tobago LLC. In Bahrain a subsidiary signed an exploration participation agreement with Bapco Energies in February 2025, the related concession agreement was approved by the government in August 2025, and drilling of exploratory wells has begun. In the United Arab Emirates a subsidiary was awarded the Unconventional Onshore Block 3 oil exploration concession in May 2025, holds a 100 percent equity interest and operatorship, and has begun drilling in coordination with Abu Dhabi National Oil Company. After a three-year appraisal period EOG may enter a production concession in which ADNOC has the option to participate.

How it sells

Most United States crude oil and condensate moves by pipeline to downstream markets, the rest into local markets, at sales points along the Gulf Coast and at Cushing, Oklahoma, the Permian Basin, the Northeast and the Midwest. Some is sold at the Port of Corpus Christi for export. Most natural gas moves by pipeline to points across the United States and to the Dawn Hub in Ontario, priced off the spot market at the final sales point. Some gas goes to a liquefaction facility near Corpus Christi, Texas, where pricing can follow the Platts Japan Korea Marker or the NYMEX Henry Hub price at EOG's election. Fixed delivery commitments at the end of 2025 ran to 24 MMBbls of crude oil for 2026 and 573 Bcf of natural gas for 2026, with further volumes committed out to 2030 and beyond. Two purchasers, both in the crude oil refining industry, each accounted for more than 10 percent of what EOG sold in 2025.

From EOG Resources' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue22,63223,69824,186-4.5%
Operating income6,3858,0829,603-21.0%
Operating margin28.2%34.1%39.7%
Interest expense235138148+70.3%
Pre-tax income6,3628,2189,689-22.6%
Income tax1,3821,8152,095-23.9%
Effective tax rate21.7%22.1%21.6%
Net income4,9806,4037,594-22.2%
Net margin22.0%27.0%31.4%
Diluted EPS$9.12$11.25$13.00-18.9%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow10,04412,14311,340-17.3%
Capital expenditure4791,019800-53.0%
Free cash flow9,56511,12410,540-14.0%
Free cash flow margin42.3%46.9%43.6%
Cash from investing-10,936-5,967-6,340
Cash from financing-2,804-4,361-5,694
Depreciation and amortisation4,4614,1083,492+8.6%
Share-based compensation216199177+8.5%
Buybacks2,5643,2461,038-21.0%
Dividends paid2,1612,0873,386+3.5%
Dividend per share$3.99$3.71$5.88+7.7%
Diluted shares, weighted546m569m584m-4.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity29,83329,35128,090+1.6%
Debt7,9364,7523,799+67.0%
Operating lease liabilities727725676+0.3%
Finance lease liabilities90.0118149-23.7%
Other liabilities13,21312,24011,143+7.9%
Total liabilities and equity51,79947,18643,857+9.8%
Fixed assets42,34134,21232,297+23.8%
Cash and equivalents3,3967,0925,278-52.1%
Receivables2,6812,6502,716+1.2%
Inventory1,0149851,275+2.9%
Other assets2,3672,2472,291+5.3%
Total assets51,79947,18643,857+9.8%

10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.