EOG Resources, Inc. reported a net income of $4.98 billion for the fiscal year ending December 31, 2025, a decrease from $6.40 billion in 2024. Total estimated net proved reserves increased to 5.514 billion barrels of oil equivalent (MMBoe), up 766 MMBoe from the previous year. The company’s production of crude oil and condensate rose to 521.9 MMBbl, while natural gas production increased to 2.533 billion cubic feet per day (MMcfd), reflecting a significant operational expansion. Despite these increases, total operating revenues fell by 4% to $22.63 billion, primarily due to a decline in commodity prices, particularly for crude oil and condensate.
In 2025, EOG's average crude oil price decreased by 15% to $65.63 per barrel, while natural gas prices increased by 39% to $3.02 per thousand cubic feet. The company’s revenues from crude oil and condensate sales dropped by 10% to $12.50 billion, while natural gas revenues surged by 80% to $2.79 billion, driven by higher delivery volumes. The overall decrease in revenues was attributed to lower prices and a decline in gathering, processing, and marketing revenues, which fell to $4.91 billion from $5.80 billion in 2024.
Strategically, EOG completed the acquisition of Encino Acquisition Partners, LLC for $5.7 billion in August 2025, which added significant assets in the Utica play. This acquisition is expected to enhance EOG's production capabilities and operational efficiency. The company also plans to focus its 2026 capital expenditures, estimated between $6.3 billion and $6.7 billion, on drilling activities primarily in the United States, particularly in high-return areas such as the Delaware Basin and Eagle Ford play.
Operationally, EOG completed 641 net wells in 2025, with plans to complete approximately 585 net wells in 2026. The company’s employee headcount stood at approximately 3,400 as of December 31, 2025. EOG continues to emphasize cost-effective operations and technological advancements to enhance production efficiency. The company’s debt-to-total capitalization ratio increased to 21% from 14% in the previous year, reflecting its strategic investments and acquisitions.
Looking ahead, EOG anticipates continued volatility in commodity prices, which will impact its financial performance. The company remains committed to returning a minimum of 70% of annual net cash provided by operating activities to shareholders through dividends and share repurchases. EOG's management believes that its strong balance sheet and operational strategies position it well for future growth and shareholder value enhancement.
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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