EOG Resources

Volume and cost execution are consistent, but revenue and FCF are driven by macro commodity cycles. 2025 net cash from operating activities was about 10.0 billion dollars and adjusted CFO was about 11.0 billion dollars, with free cash flow around 4.7 billion dollars. 2026 guidance targets about 4.5 billion dollars of FCF at current strip with oil held roughly flat and total volumes up 13 percent, but actual outcomes depend on prices, differentials, and regulatory items.

The Brent-linked gas contract improves visibility for a portion of gas. International steps in the UAE and Bahrain add optionality but introduce modest new jurisdictional variables. Geographic concentration in the US is a positive from a rule-of-law perspective.