EOG Resources

Balance sheet remains conservative. At December 31, 2025, cash and equivalents were about 3.4 billion dollars and long‑term debt was about 7.9 billion dollars, implying net debt near 4.5 billion dollars and a debt‑to‑total capitalization ratio of 21 percent. Net debt is roughly one times TTM free cash flow using company-defined FCF.

Liquidity includes a new 3.0 billion dollar undrawn revolver. Staggered maturities and investment-grade positioning limit refinance risk. The Encino acquisition increased leverage but remains well within prudent bounds for a large, low-cost E&P.