EOG Resources

EOG’s framework prioritizes high-return reinvestment, then returns 90 to 100 percent of free cash flow to shareholders when appropriate via a growing base dividend and opportunistic buybacks.

In 2025, the regular quarterly dividend was increased to 1.02 dollars per share and the company repurchased 21.7 million shares for 2.5 billion dollars, returning essentially 100 percent of adjusted FCF.

The Encino deal was a large step that deepened the Utica position and increased reserves, consistent with EOG’s returns-first inventory strategy, though such scale transactions carry integration and cycle timing risk.

Stock-based compensation and dilution remain controlled, with average basic shares declining from 566 million in 2024 to 543 million in 2025.