EOG Resources is an independent oil, natural gas liquids and natural gas producer, operating predominantly in the United States, with smaller international operations.
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A snapshot of what EOG RESOURCES INC owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000821189-24-000011 | Feb 22, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000821189-25-000011 | Feb 27, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000821189-26-000054 | Feb 24, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
EOG entered 2026 with a larger production base following its August 2025 Encino acquisition. First-half earnings and operating cash flow improved substantially, helped by higher oil prices and production, but the comparison is not organic growth. Cash generation also benefited from lower cash taxes and payment timing, while earnings included noncash contract valuation gains. At June 30, EOG held $4.907 billion of cash against $7.926 billion of carrying debt. Its development program and shareholder distributions remain substantial cash demands. The latest October 8 update raised third-quarter current-tax expense guidance but explicitly did not reaffirm other August forecasts. Commodity prices, infrastructure availability, acquisition integration and the still-pre-delivery Brent-linked gas agreement remain important dependencies; final third-quarter results are not established by the supplied disclosures.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-10-08
EOG earns principally from producing and selling hydrocarbons at market-linked prices. Its reporting segments are United States, Trinidad and Other International—not individual U.S. shale basins. Headline operating revenues and other also includes gross third-party marketing sales and derivative and disposal results. In the first half of 2026, production sales were $11.745 billion within the $15.541 billion headline; marketing revenue carried substantial offsetting costs.
First-half production averaged 1.3972 million barrels of oil equivalent per day, versus 1.1124 million a year earlier. Encino closed on August 1, 2025, so the comparison includes acquired production rather than measuring organic growth. Gas also became a larger part of the mix: the six-Mcf-per-barrel conversion measures physical volume, not equal economic value. UAE oil production began in June 2026, but initial production does not establish sustained commercial scale or returns.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-04
The 2025 annual report, filed February 24, 2026, showed net income falling to $4.980 billion from $6.403 billion despite higher production. Lower oil prices, reduced derivative gains and higher expenses weighed on results; impairments reached $843 million, principally reflecting reduced recoverability of Barnett and Woodford assets. These charges were noncash, but not economically meaningless.
The subsequent August 4 interim filing reported first-half 2026 net income of $4.704 billion versus $2.808 billion. Management attributed the improvement chiefly to stronger oil prices and production; NGL pricing weakened despite higher volumes. Lower share counts also supported EPS. Earnings included $130 million of noncash Brent-linked contract gains and $89 million of disposition gains. Second-quarter GAAP net income was $2.724 billion; company-adjusted income was lower, at $2.683 billion, after derivative and disposal adjustments. That adjusted measure retained the quarter’s $19 million of impairments.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-04
First-half operating cash flow rose to $7.635 billion from $4.321 billion. Alongside stronger production revenue, EOG identified $827 million lower cash income taxes and favorable working-capital timing, partly offset by higher cash operating costs. Receivables absorbed cash while payables and accrued taxes supplied it. The comparison also follows approximately $700 million of postponed 2024 federal taxes paid in February 2025; cash-flow growth should not be treated as an equivalent increase in recurring profit.
First-half cash additions were $3.129 billion for oil and gas properties and $297 million for other PP&E. EOG’s $4.292 billion non-GAAP free cash flow instead uses adjusted operating cash flow less specially defined capital expenditures, excluding property acquisitions and other items. It is not cash remaining after all investing activity. Dividends used $1.084 billion and treasury-stock purchases $1.717 billion. The annual minimum-70% return framework uses an adjusted cash base, not GAAP earnings; these figures alone do not establish annual compliance.
Sources: 10-Q · 2026-06-30 · 10-K · 2025-12-31 · EX-99.1 · 2026-08-04
At June 30, cash was $4.907 billion and carrying debt $7.926 billion. The separate $3 billion revolver was undrawn and matures in December 2030; it is conditional borrowing capacity, not cash. EOG reported compliance with its agreement-defined 65% debt-to-capitalization ceiling. Its separately reported 20% balance-sheet ratio does not establish contractual headroom. The annual report showed no senior-note maturities in 2026–2027. International cash can carry tax considerations, while transportation, service, lease and retirement obligations remain claims on resources.
The board doubled cumulative repurchase authorization to $20 billion effective May 20; approximately $11.651 billion remained at June 30, without a mandatory purchase obligation. August guidance contemplated $6.3–6.7 billion of company-defined 2026 capital spending and expected oil and total production growth of approximately 5% and 14%. These were conditional forecasts, not achieved or organic growth. The release’s expectation of substantial free cash flow depended on the then-current forward price curve, without a numerical full-year free-cash-flow target.
Sources: 10-Q · 2026-06-30 · 10-K · 2025-12-31 · EX-99.1 · 2026-08-04 · 8-K · 2026-05-21
On October 8, EOG raised third-quarter current-tax expense guidance from $545–645 million to $835–935 million, attributing the revision to higher oil prices associated with the Middle East conflict. It explicitly did not update or confirm other August third-quarter or full-year ranges. Current-tax guidance is neither cash taxes paid nor final earnings. The same conflict can support prices while disrupting transportation; inflation, water availability, infrastructure constraints and integration execution can offset operating gains.
The ten-year Brent-linked gas agreement contributed noncash earnings before deliveries. Its June asset value was $161 million, based on Level 3 estimates; October confirmed no contract cash receipts through the third quarter and expected January 2027 commencement. Counterparty index elections and undisclosed pricing and termination terms prevent establishing guaranteed margins or unconditional deliveries. Encino’s allocation also remained preliminary in June. Separately, September 24 disclosures announced a January 1, 2027 CFO succession and prospective award changes permitting above-target payouts despite negative shareholder returns; succession completion and compensation expense effects were not established.
Sources: 8-K · 2026-10-08 · 10-Q · 2026-06-30 · 8-K · 2026-09-22
USD 4.98 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.98 bn | -22.2% |
| 2024 | USD 6.403 bn | -15.7% |
| 2023 | USD 7.594 bn | — |
Consolidated GAAP net income after interest and income taxes.
Sources: 10-K · 2025-12-31
USD 10.044 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 10.044 bn | — |
GAAP operating cash flow after working-capital changes, cash taxes and derivative settlements; not free cash flow or profit.
Sources: 10-K · 2025-12-31
USD 12.143 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 12.143 bn | 7.1% |
| 2023 | USD 11.34 bn | — |
GAAP operating cash flow after working-capital changes, cash taxes and derivative settlements.
Sources: 10-K · 2025-12-31
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