Financial Analysis

Acquisitions and Divestitures During 2025, EOG purchased proved properties adjacent to its core acreage in the Eagle Ford play for $269 million. Additionally during 2025, EOG recognized net losses on asset dispositions of $35 million and received proceeds of $24 million primarily due to lease exchanges and dispositions in the Delaware Basin and the Eagle Ford as well as the sale of certain other assets. In January 2026, EOG signed a purchase and sale agreement for the sale of its entire interest and related fixed assets in the northern Midland Basin for $165 million, subject to customary closing adjustments. The transaction closed on February 18, 2026. During 2024, EOG paid cash for property acquisitions of $146 million, primarily to acquire a gathering system in South Texas, as well as producing properties in the Utica. Additionally during 2024, EOG recognized net gains on asset dispositions of $16 million and received proceeds of $23 million primarily due to lease exchanges and dispositions in the Delaware Basin and the Eagle Ford as well as the sale of certain other assets. During 2023, EOG paid cash for property acquisitions of $144 million, primarily to acquire a gathering and processing system in the Powder River Basin. Additionally during 2023, EOG recognized net gains on asset dispositions of $95 million and received proceeds of $140 million primarily due to the sale of EOG's equity interest in ammonia plant investments in Trinidad, the sale of certain legacy assets i …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Letters of Credit and Guarantees. At December 31, 2025 and 2024, respectively, EOG had standby letters of credit and guarantees outstanding totaling $768 million and $825 million, primarily representing guarantees of payment or performance obligations on behalf of subsidiaries. As of February 18, 2026, EOG had received no demands for payment under these guarantees. Minimum Commitments. At December 31, 2025, total minimum commitments from purchase and service obligations and transportation and storage service commitments not qualifying as leases, based on current transportation and storage rates and the foreign currency exchange rates used to convert Canadian dollars into United States dollars at December 31, 2025, were as follows (in millions): Total Minimum Commitments 2026 $ 1,671 2027 1,344 2028 1,074 2029 970 2030 773 2031 and beyond 2,235 $ 8,067 Delivery Commitments. EOG sells crude oil, natural gas and purity products from its producing operations under a variety of contractual arrangements. At December 31, 2025, EOG was committed to deliver to multiple parties aggregate fixed quantities of crude oil of 24 million barrels (MMBbls) in 2026, 11 MMBbls in 2027 and 4 MMBbls in 2028. At December 31, 2025, EOG was committed to deliver to multiple parties aggregate fixed quantities of natural gas of 573 billion cubic feet (Bcf) in 2026, 370 Bcf in 2027, 338 Bcf in 2028, 336 Bcf in 2029, 331 Bcf in 2030 and 3,020 Bcf thereafter. Additionally at De …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Income Taxes The components of EOG's Net Deferred Income Tax Liabilities at December 31, 2025 and 2024 were as follows (in millions): 2025 2024 Deferred Income Tax Assets (Liabilities) Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization $ (54) $ (56) Foreign Asset Retirement Obligations 108 89 Foreign Accrued Expenses and Liabilities 10 10 Foreign Net Operating Losses 130 127 Foreign Valuation Allowances (155) (131) Total Net Deferred Income Tax Assets $ 39 $ 39 Deferred Income Tax (Assets) Liabilities Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization $ 7,055 $ 6,040 Deferred Compensation Plans (73) (65) Equity Awards (68) (65) Other (60) (44) Total Net Deferred Income Tax Liabilities $ 6,854 $ 5,866 Net Deferred Income Tax Liabilities $ 6,815 $ 5,827 The components of EOG's Income Before Income Taxes for the years indicated below were as follows (in millions): 2025 2024 2023 United States $ 6,366 $ 8,157 $ 9,576 Foreign (4) 61 113 Income Before Income Taxes $ 6,362 $ 8,218 $ 9,689 The components of EOG's Income Tax Provision for the years indicated below were as follows (in millions): 2025 2024 2023 Current: Federal $ 988 $ 1,244 $ 1,334 State 43 102 76 Foreign 8 2 5 Total 1,039 1,348 1,415 Deferred: Federal 341 425 628 State 3 40 55 Foreign (1) 2 Total 343 467 683 Other Non-Current: Foreign (3) Total (3) Income Tax Provision $ 1,382 $ 1,815 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases Lease costs are classified by the function of the ROU asset. The lease costs related to exploration and development activities are initially included in the Oil and Gas Properties line on the Consolidated Balance Sheets and subsequently accounted for in accordance with the Extractive Industries - Oil and Gas Topic of the ASC. Variable lease cost represents costs incurred above the contractual minimum payments and other charges associated with leased equipment, primarily for drilling and fracturing contracts classified as operating leases. The components of lease cost for the years ended December 31, 2025, 2024 and 2023 were as follows (in millions): 2025 2024 2023 Operating Lease Cost $ 467 $ 419 $ 387 Finance Lease Cost: Amortization of Lease Assets 31 33 33 Interest on Lease Liabilities 3 4 5 Variable Lease Cost 165 122 91 Short-Term Lease Cost 334 535 567 Total Lease Cost $ 1,000 $ 1,113 $ 1,083 The following table sets forth the amounts and classification of EOG's outstanding ROU assets and related lease liabilities at December 31, 2025 and 2024 and supplemental information for the years ended December 31, 2025 and 2024 (in millions, except lease terms and discount rates): Description Location on Balance Sheet 2025 2024 Assets Operating Leases Other Assets $ 1,176 $ 1,005 Finance Leases Property, Plant and Equipment, Net (1) 110 141 Total $ 1,286 $ 1,146 Liabilities Current Operating Leases Current Portion of Operating Lease Liabilities $ 472 $ 315 Finance Leases C …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Long-Term Debt Long-Term Debt at December 31, 2025 and 2024 consisted of the following (in millions): 2025 2024 3.15% Senior Notes due 2025 $ $ 500 4.15% Senior Notes due 2026 750 6.65% Senior Notes due 2028 140 140 4.400% Senior Notes due 2028 500 4.375% Senior Notes due 2030 750 750 4.400% Senior Notes due 2031 750 5.000% Senior Notes due 2032 1,250 3.90% Senior Notes due 2035 500 500 5.10% Senior Notes due 2036 250 250 5.350% Senior Notes due 2036 1,250 4.950% Senior Notes due 2050 750 750 5.650% Senior Notes due 2054 1,000 1,000 5.950% Senior Notes due 2055 750 Long-Term Debt 7,890 4,640 Finance Leases (see Note 17) 117 150 Less: Current Portion of Long-Term Debt 27 532 Unamortized Debt Discount 57 33 Debt Issuance Costs 14 5 Total Long-Term Debt $ 7,909 $ 4,220 The senior notes in the table above are senior, unsecured obligations that rank equally in right of payment with all of EOG's other unsecured and unsubordinated outstanding debt. At December 31, 2025, the aggregate annual maturities of current and long-term debt (excluding finance lease obligations) were zero in 2026, zero in 2027, $640 million in 2028, zero in 2029 and $750 million in 2030. At December 31, 2025 and 2024, EOG had no outstanding commercial paper borrowings and did not utilize any commercial paper borrowings during 2025 or 2024. On November 21, 2024, EOG closed on its offering of $1.0 billion aggregate principal amount of its 5.650% Senior Notes due 2054 (the Notes). Interest on the Notes is payable …

LongTermDebtTextBlock · excerpt; the full note is in the filing

"Recently Issued Accounting Standards. In October 2023, the FASB issued Accounting Standards Update (ASU) 2023-06, ""Disclosure Improvements."" The ASU incorporates several disclosure and presentation requirements currently residing in United States Securities and Exchange Commission (SEC) Regulations S-X and S-K. The amendments will be applied prospectively and are effective when the SEC removes the related requirements from Regulations S-X or S-K (as the case may be). Any amendments the SEC does not remove by June 30, 2027, will not be effective. As EOG is currently subject to these SEC requirements, this ASU is not expected to have a material impact on EOG's consolidated financial statements or related disclosures. In December 2023, the FASB issued ASU 2023-09, ""Income Taxes (Topic 740): Improvements to Income Tax Disclosures"" (ASU 2023-09). ASU 2023-09 requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. The new standard is effective for annual periods beginning after December 15, 2024. EOG adopted ASU 2023-09 on a retrospective basis in the fourth quarter of 2025, which did not have a material impact on its consolidated financial statements; however, additional income tax disclosures are required. See Note 6. In Marc …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"Employee Benefit Plans Stock-Based Compensation During 2025, EOG maintained various stock-based compensation plans as discussed below. EOG recognizes compensation expense on grants of stock options, SARs, restricted stock, restricted stock units and restricted stock units with performance-based conditions (together with the performance units granted under the 2008 Plan (as defined below), Performance Units) and grants made under the EOG Resources, Inc. Employee Stock Purchase Plan (ESPP). Stock-based compensation expense is calculated based upon the grant date estimated fair value of the awards, net of forfeitures, based upon EOG's historical employee turnover rate. Compensation expense is amortized over the shorter of the vesting period or the period from the grant date to the date the employee becomes eligible for retirement without requiring company approval, with a minimum amortization period of one year. Stock-based compensation expense is included on the Consolidated Statements of Income and Comprehensive Income based upon the job functions of the employees receiving the grants. Compensation expense related to EOG's stock-based compensation plans for the years ended December 31, 2025, 2024 and 2023 was as follows (in millions): 2025 2024 2023 Lease and Well $ 76 $ 68 $ 54 Gathering, Processing and Transportation Costs 6 6 4 Exploration Costs 28 27 24 General and Administrative 106 98 95 Total $ 216 $ 199 $ 177 The Amended and Restated EOG Resources, Inc. 2008 Omnibus E …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Business Segment Information EOG's operations are all crude oil, NGLs and natural gas exploration and production-related. The Segment Reporting Topic of the ASC establishes standards for reporting information about operating segments in annual and interim financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. EOG's chief operating decision makers (CODM) are the Chairman of the Board and Chief Executive Officer, the Executive Vice President and Chief Operating Officer, the Executive Vice President and Chief Financial Officer, the Executive Vice President and Chief Legal Officer, and the Senior Vice Presidents, Exploration and Production. The CODM routinely review and make operating decisions related to significant issues associated with each of EOG's major producing areas (including in the United States and in Trinidad) and its exploration programs both inside and outside the United States. For segment reporting purposes, the CODM consider the major United States producing areas to be one operating segment. The CODM use operating income (loss) to assess performance and allocate resources. Financial information by reportable segment is presented below as of and for the years ended December 31, 2025, 2024 and 2023 (in millions): United State …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Summary of Significant Accounting Policies Nature of Business. EOG Resources, Inc., a Delaware corporation organized in 1985, together with its subsidiaries (collectively, EOG), explores for, develops, produces and markets crude oil, natural gas liquids (NGLs) and natural gas primarily in major producing basins in the United States of America (United States or U.S.) and the Republic of Trinidad and Tobago (Trinidad). EOG is evaluating additional exploration, development and exploitation opportunities in other select international areas, including the Kingdom of Bahrain and the United Arab Emirates. EOG completed the exit of Block 36 and Block 49 located in the Sultanate of Oman (Oman) in 2023. Principles of Consolidation. The consolidated financial statements of EOG include the accounts of all domestic and foreign subsidiaries. Any investments in unconsolidated affiliates, in which EOG is able to exercise significant influence, are accounted for using the equity method. All intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those es …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Stockholders' Equity Common Stock. In November 2021, EOG's Board of Directors (Board) established a new share repurchase authorization allowing for the repurchase by EOG of up to $5 billion of its common stock and, in November 2024, increased such share repurchase authorization from $5 billion to $10 billion, effective November 7, 2024 (Share Repurchase Authorization). Under the Share Repurchase Authorization, EOG may repurchase shares from time to time, at management's discretion, in accordance with applicable securities laws, including through open market transactions, privately negotiated transactions or any combination thereof. The timing and amount of repurchases is at the discretion of EOG's management and depends on a variety of factors, including the trading price of EOG's common stock, corporate and regulatory requirements, other market and economic conditions, the availability of cash to effect repurchases and EOG's anticipated future capital expenditures and other commitments requiring cash. Repurchased shares are held as treasury shares and are available for general corporate purposes. The Share Repurchase Authorization has no time limit, does not require EOG to repurchase a specific number of shares and may be modified, suspended, or terminated by the Board at any time. During the year ended December 31, 2025, EOG repurchased 21.7 million shares of common stock for approximately $2.5 billion (inclusive of transaction fees and commissions) pursuant to the Share Re …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Acquisitions and Divestitures During the nine months ended September 30, 2025, EOG purchased proved properties adjacent to its core acreage in the Eagle Ford play for $269 million. During the nine months ended September 30, 2024, EOG paid cash of $139 million, primarily to acquire a gathering system in South Texas. Additionally, during the nine months ended September 30, 2024, EOG recognized net gains on asset dispositions of $39 million and received proceeds of $19 million, primarily due to lease exchanges and dispositions in the Delaware Basin and the Eagle Ford, as well as the sale of certain other assets. Encino Acquisition . On August 1, 2025, EOG acquired all of the outstanding equity interest in Encino, an independent oil and gas exploration and production company with operations in the Utica play, for cash consideration of $4,484 million and the assumption of Encino's senior notes in an aggregate principal amount of $1,200 million, subject to customary post-closing adjustments. The cash consideration included $392 million to repay Encino's revolving credit facility. In connection with the completion of the acquisition, EOG repaid and redeemed the senior notes in full, utilizing aggregate cash of approximately $1,292 million (inclusive of applicable redemption premiums and accrued and unpaid interest). In connection with the acquisition, EOG issued the New Notes. See Note 8. The assets of Encino principally include producing wells and developed and undeveloped acreage …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies There are currently various suits and claims pending against EOG that have arisen in the ordinary course of EOG's business, including contract disputes, personal injury and property damage claims and title disputes. While the ultimate outcome and impact on EOG cannot be predicted, management believes that the resolution of these suits and claims will not, individually or in the aggregate, have a material adverse effect on EOG's consolidated financial position, results of operations or cash flow. EOG records reserves for contingencies when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated.

CommitmentsAndContingenciesDisclosureTextBlock

Stock-Based Compensation As more fully discussed in Note 7 to the Consolidated Financial Statements included in EOG's 2024 Annual Report, EOG maintains various stock-based compensation plans. Stock-based compensation expense is included on the Condensed Consolidated Statements of Income and Comprehensive Income based upon the job function of the employees receiving the grants as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Lease and Well $ 20 $ 22 $ 55 $ 50 Gathering, Processing and Transportation Costs 1 2 4 5 Exploration Costs 7 8 21 20 General and Administrative 25 26 76 73 Total $ 53 $ 58 $ 156 $ 148 At September 30, 2025, approximately 12 million common shares remained available for grant under the EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan (2021 Plan). EOG's policy is to issue shares related to the 2021 Plan grants from previously authorized unissued shares or treasury shares to the extent treasury shares are available. Stock Options and Stock-Settled Stock Appreciation Rights and Employee Stock Purchase Plan . The fair value of stock option grants and of stock-settled stock appreciation rights (SARs) grants was estimated using the Hull-White II binomial option pricing model. The fair value of Employee Stock Purchase Plan (ESPP) grants is estimated using the Black-Scholes-Merton model. Stock-based compensation expense related to stock option, SAR and ESPP grants totaled $1 million and $8 milli …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Long-Term Debt, Bridge Loan Commitments and Common Stock Long-Term Debt. On April 1, 2025, EOG repaid upon maturity the $500 million aggregate principal amount of its 3.15% Senior Notes due 2025. On July 1, 2025, EOG closed on its offering of $500 million aggregate principal amount of its 4.400% Senior Notes due 2028, $1.25 billion aggregate principal amount of its 5.000% Senior Notes due 2032, $1.25 billion aggregate principal amount of its 5.350% Senior Notes due 2036 and $500 million aggregate principal amount of its 5.950% Senior Notes due 2055 (collectively, the New Notes). Interest on the New Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026. EOG received net proceeds of $3.47 billion from the issuance of the New Notes, which were used for general corporate purposes, including the payment of a portion of the consideration for the acquisition of Encino and related fees, costs and expenses. EOG incurred approximately $8 million of debt issuance costs from the issuance of the New Notes which are deducted from the New Notes' carrying amount. At September 30, 2025, the $750 million aggregate principal amount of EOG's 4.15% Senior Notes due 2026 was classified as long-term debt based upon EOG's intent and ability to ultimately replace such amount with other long-term debt. EOG currently has a $1.9 billion senior unsecured Revolving Credit Agreement (Agreement) with domestic and foreign lenders (Banks). The Agreemen …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Segment Information EOG's operations are all crude oil, natural gas liquids (NGLs) and natural gas exploration and production-related. The Segment Reporting Topic of the Accounting Standards Codification (ASC) establishes standards for reporting information about operating segments in annual and interim financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. EOG's chief operating decision makers (CODM) are the Chairman of the Board and Chief Executive Officer, the Executive Vice President and Chief Operating Officer, the Executive Vice President and Chief Financial Officer, the Executive Vice President and Chief Legal Officer, and the Senior Vice Presidents, Exploration and Production. The CODM routinely review and make operating decisions related to significant issues associated with each of EOG's major producing areas (including in the United States and in Trinidad) and its exploration programs both inside and outside the United States. For segment reporting purposes, the CODM consider the major United States producing areas to be one operating segment. The CODM use operating income (loss) to assess performance and allocate resources. Financial information by reportable segment is presented below for the three-month and nine-month period …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies General. The condensed consolidated financial statements of EOG Resources, Inc., together with its subsidiaries (collectively, EOG), included herein have been prepared by management without audit pursuant to the rules and regulations of the United States Securities and Exchange Commission. Accordingly, they reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the financial results for the interim periods presented. Certain information and notes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. However, management believes that the disclosures included either on the face of the financial statements or in these notes are sufficient to make the interim information presented not misleading. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in EOG's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 27, 2025 (EOG's 2024 Annual Report). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing