EOG RESOURCES INC (EOG)

EOG Resources, Inc. is a Delaware corporation organized in 1985 that explores for, develops, produces and markets crude oil, natural gas liquids (NGLs) and natural gas. Its operations are all exploration and production related and are concentrated in major U.S. producing basins and offshore Trinidad and Tobago, with select other international areas, including Bahrain and the United Arab Emirates, from time to time. At December 31, 2025, EOG's net proved reserves were 5,514 million barrels of oil equivalent, about 99% of them in the United States and 1% in Trinidad. The company says it aims to be among the highest-return and lowest-cost producers, emphasizing internally generated prospects, low operating costs, and advanced technologies such as 3D seismic, reservoir simulation and horizontal drilling and completion techniques.

EOG reports one business of exploration and production, organized by geography. In the United States, 2025 production was about 520.5 MBbld of crude oil and condensate, 288.2 MBbld of NGLs and 2,299 MMcfd of natural gas, across roughly 4.7 million net acres. The main areas are the Delaware Basin (Wolfcamp, Bone Spring and Leonard plays), South Texas (Eagle Ford oil play and Dorado gas play), the Appalachian Basin (Utica play), and the Rocky Mountain area (Powder River and Williston Basins). EOG completed 641 net wells in 2025 and expects about 585 in 2026. Outside the U.S., it holds licenses and production sharing contracts offshore Trinidad, which produced about 230 MMcfd of natural gas and 1.4 MBbld of crude oil and condensate in 2025. It also has a gas exploration agreement with Bapco Energies in Bahrain and a 100% interest in an unconventional oil exploration concession (UCO3) in Abu Dhabi, where it coordinates with ADNOC. In August 2025 it acquired Encino Acquisition Partners, LLC. Total 2025 production was 449.8 MMBoe.

EOG sells its production to purchasers in the oil refining and gas markets. U.S. crude oil is mostly moved by pipeline to Gulf Coast, Cushing, Permian, Northeast and Midwest sales points, with some exported from Corpus Christi. NGLs and purity products are sold locally or downstream, including at the Houston Ship Channel. Natural gas goes by pipeline across the U.S. and to the Dawn Hub in Ontario, and some is sold to a liquefaction facility near Corpus Christi at prices tied to the Platts Japan Korea Marker or Henry Hub. Trinidad gas is sold to the National Gas Company of Trinidad and Tobago and its subsidiary, and crude oil and condensate to Heritage Petroleum and BP Trinidad and Tobago. Two refining-industry purchasers each accounted for more than 10% of 2025 revenues. EOG has fixed delivery commitments for crude oil, purity products and natural gas through 2030 and beyond.

EOG owns gathering, processing and crude oil truck unloading facilities in several U.S. basins and also uses third-party facilities. It competes with major integrated, government-affiliated and independent oil and gas companies for leases, concessions, reserves, equipment, services and personnel, and also faces competition from alternative energy sources. Some leases are federal or tribal and subject to BLM and BIA administration, and its operations are regulated by federal and state agencies. At December 31, 2025, EOG had about 3,400 employees.