EOG Resources, Inc. reported a decrease in financial performance for the third quarter and first nine months of 2025 compared to the same periods in 2024. For the three months ended September 30, 2025, total operating revenues were $5,847 million, a decline of 2% from $5,965 million in the prior year. The company’s net income for the quarter was $1,471 million, down from $1,673 million, resulting in diluted earnings per share of $2.70, compared to $2.95 in the same quarter of 2024. For the nine months ended September 30, 2025, total revenues decreased by 6% to $16,994 million, with net income at $4,279 million, down from $5,152 million in the previous year.
The decline in revenues was attributed to lower average prices for crude oil and condensate, which fell by 14% to $65.95 per barrel, despite an increase in production volumes. Crude oil and condensate production rose to 534.5 MBbld in the third quarter, up from 493.0 MBbld in the same period last year. Natural gas revenues, however, saw a significant increase of 90% to $707 million, driven by a 39% rise in natural gas deliveries and a 37% increase in average prices. The company also recognized net gains on financial commodity derivative contracts of $116 million in the third quarter, compared to $79 million in the prior year.
EOG's operational developments included the completion of the acquisition of Encino Acquisition Partners, LLC on August 1, 2025, for $4,484 million, which added significant assets in the Utica play. The integration of Encino's operations is expected to enhance EOG's production capabilities, with plans to complete 65 net wells in the Utica play in 2025. The acquisition was financed through the issuance of new senior notes, which contributed to an increase in long-term debt from $4.2 billion at the end of 2024 to $7.7 billion by September 30, 2025.
In terms of operational efficiency, EOG has focused on improving drilling and completion techniques, which have resulted in increased production rates and reduced costs. The company reported a total of 1,301.2 MBoed in crude oil equivalent production for the third quarter, reflecting a strategic emphasis on high-return areas such as the Delaware Basin and Eagle Ford. EOG's capital expenditures for 2025 are projected to range from $6.2 billion to $6.4 billion, with a significant portion allocated to exploration and development activities.
Looking ahead, EOG anticipates a 6% increase in full-year oil production and a 15% increase in total crude oil, NGLs, and natural gas production for 2025, bolstered by the Encino acquisition. The company remains committed to maintaining a strong balance sheet, with a debt-to-total capitalization ratio of 20% as of September 30, 2025, and plans to continue returning capital to shareholders through dividends and share repurchases.
About EOG RESOURCES INC
EOG Resources, Inc. explores, develops, produces, and markets crude oil, natural gas liquids, and natural gas primarily in the U.S., Trinidad, and select international areas. It focuses on low-cost, high-return operations using advanced technology, with a strong emphasis on environmental stewardship, safety, and cost efficiency. Serving global energy markets, EOG aims to maximize shareholder value through innovative exploration, production, and marketing of hydrocarbons.
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