AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 3/6 · 18/10/2026
Moat25
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 1/4 · Reported efficiency improvements and economically producible reserve additions support operating capability. They establish no relative cost gap or protected resource advantage, while commodity sales follow market pricing.
durability · 1/4 · Continuing efficiency programs provide a plausible basis for persistence, but sustainable competitive protection is asserted rather than demonstrated. Inflation could absorb the gains.
customer dependency · 1/4 · Existing gas supply contracts and future crude delivery commitments establish commercial relationships. Market-priced commodities and the absence of disclosed switching friction support only weak customer dependency.
erosion resilience · 1/4 · Actual productivity improvements provide some defense against cost pressure, but evidence does not establish a barrier to imitation or durable protection against better-resourced competitors. Disclosed risks are possibilities rather than realized losses.
Pricing power31
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 1/4 · Pricing outcomes are observable but cyclical: composite oil realization fell from $79.17 in 2023 to $65.63 in 2025, then rose 24% year over year in first-half 2026. First-half NGL prices fell 4% and gas prices rose 5%. Market-based mechanisms provide little evidence of issuer-controlled premiums.
retention · 2/4 · Continuing Trinidad sales under existing contracts and crude delivery commitments through 2028 provide indirect evidence of repeat demand. They do not demonstrate customer lock-in, renewal success or retention during issuer-led price increases.
margin resilience · 2/4 · EOG remained profitable as pretax income declined from $9.689 billion in 2023 to $6.362 billion in 2025. First-half operating income rose to $6.126 billion in 2026 from $3.606 billion, with strong cash generation. This supports mixed resilience; acquisition effects and commodity-price changes prevent attributing it to pricing power.
contractual freedom · 0/4 · Disclosed crude pricing follows sales-point market prices or location indices, and NGLs sell at prevailing market prices. These are direct evidence of constrained pricing discretion. Fixed delivery commitments do not establish authority to charge discretionary premiums.
Predictability—
Missing exact annual revenue, free cash flow or FCF margin; operating cash flow and capex must both be reported for all five years.
Financial strength—
Missing required inputs: debtFcfGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- netDebtEbitGrade
- 85.78
- interestCoverageGrade
- 100.00
- currentRatioGrade
- 70.56
- Net debt / operating income (x)
- 0.71
- Interest coverage (x)
- 27.17
- Current ratio (x)
- 1.63
Capital allocation—
Missing required inputs: cashConversionGrade. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 29.66
- 3-year average dilution (%)
- -2.33
- 3-year average SBC / revenue (%)
- 0.84
Management75
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 3/4 · First-half 2026 operating cash flow of $7.635 billion funded $3.426 billion of property additions, $1.084 billion of dividends and $1.717 billion of repurchases while cash increased $1.511 billion. Senior-note principal was unchanged. These are strong demonstrated funding outcomes, although the large 2025 acquisition's eventual returns remain unproven.
incentive alignment · 3/4 · The disclosed existing program ties most long-term incentives to relative TSR and absolute ROCE, includes a negative-TSR payout cap, clawbacks and ownership requirements, and links 77% of 2025 CEO pay to stock-price performance. This supports strong structural alignment, without proving exceptional realized effectiveness or quantified executive ownership.
execution · 3/4 · Reported drilling and completion improvements, multi-year production growth and first-half 2026 cash generation demonstrate operational delivery. Production and financial evidence is indirect for management effectiveness; acquisition contributions and commodity prices prevent treating all growth as organic execution.
governance · 3/4 · Independent key committees, annual majority-vote director elections and actual meeting attendance support strong governance practices. Independent reserves evaluation covered 84% of 2025 proved reserves, with aggregate estimates within 5% of internal estimates. These are concrete safeguards, without establishing exceptional governance durability.
Evidence
Such initiatives include (among others): (i) EOG's downhole drilling motor program, which has resulted in increased footage drilled per day and, in turn, reduced drilling times; (ii) enhanced techniques for completing its wells, which has resulted in increased footage completed per day and pumping hours per day; (iii) drilling extended laterals, which have resulted in a decrease in cost per foot drilled; and (iv) EOG's self-sourced sand program, which has provided supply certainty and resulted in operational efficiencies in its well completion operations.
MD&A / Operating Efficiencies / reported drilling, completion and sand-program outcomes · Filed 24/02/2026
Changes in operating costs 66 50 Upward revision attributable to decreased operating costs, resulting in an increase in reserves that are economically producible.
Supplemental reserves information / 2023 operating-cost revisions · Filed 24/02/2026
Our decentralized structure supports EOG’s culture of continuous improvement and innovation and creates a sustainable competitive advantage for EOG.
Compensation Discussion and Analysis / management assertion about culture and competitive advantage · Filed 27/03/2026
EOG plans to continue with these initiatives and actions, though there can be no assurance that such efforts will be successful and sufficient to offset the impacts of any future inflationary pressures (such as from tariffs, other trade barriers or other macroeconomic factors) on EOG's operating costs and capital expenditures, cash flows and results of operations.
MD&A / Operating Efficiencies / inflation and effectiveness qualification · Filed 24/02/2026
Certain of our competitors have financial and other resources substantially greater than those we possess and have established strategic long-term positions or strong governmental relationships in countries or areas in which we may seek new or expanded entry.
Risk factors / competitors' resources and established positions · Filed 24/02/2026
As a consequence, we may be at a competitive disadvantage in certain respects, such as in bidding for drilling rights or in accessing and retaining necessary services, facilities, equipment, materials and personnel.
Risk factors / potential disadvantages in rights and operating inputs · Filed 24/02/2026
In each case, the price received was based on market prices at that specific sales point or based on the price index applicable for that location.
Marketing / crude oil sales pricing mechanism · Filed 24/02/2026
NGLs were sold at prevailing market prices, into either local markets or downstream locations.
Marketing / NGL sales at prevailing market prices · Filed 24/02/2026
Year Ended December 31 2025 2024 2023 Crude Oil and Condensate Volumes (MMBbl) (1) United States: Delaware Basin 116.7 113.3 110.2 Eagle Ford Play 44.2 45.5 43.9 Other 29.1 20.8 19.4 United States 190.0 179.6 173.5 Trinidad 0.5 0.3 0.2 Total 190.5 179.9 173.7 Natural Gas Liquids Volumes (MMBbl) (1) United States: Delaware Basin 73.0 67.7 59.8 Eagle Ford Play 11.7 11.1 10.5 Other 20.5 11.2 11.4 United States 105.2 90.0 81.7 Total 105.2 90.0 81.7 Natural Gas Volumes (Bcf) (1) United States: Delaware Basin 431 380 325 Eagle Ford Play 56 53 50 Other 352 199 191 United States 839 632 566 Trinidad 84 81 59 Other International (2) 1 — — Total 924 713 625 Crude Oil Equivalent Volumes (MMBoe) (3) United States: Delaware Basin 261.5 244.4 224.2 Eagle Ford Play 65.3 65.4 62.7 Other 108.2 65.2 62.6 United States 435.0 375.0 349.5 Trinidad 14.6 13.7 9.9 Other International (2) 0.2 — — Total 449.8 388.7 359.4 5 Year Ended December 31 2025 2024 2023 Average Crude Oil and Condensate Prices ($/Bbl) (4) United States $ 65.65 $ 77.42 $ 79.18 Trinidad 57.59 64.43 68.58 Composite 65.63 77.40 79.17 Average Natural Gas Liquids Prices ($/Bbl) (4) United States $ 22.58 $ 23.40 $ 23.07 Composite 22.58 23.40 23.07 Average Natural Gas Prices ($/Mcf) (4) United States $ 2.94 $ 1.99 $ 2.70 Trinidad 3.78 3.65 3.65 Other International (2) 3.28 — — Composite 3.02 2.17 2.79 (1)Million barrels or billion cubic feet, as applicable.
Volumes and Prices / 2023–2025 production and realized prices · Filed 24/02/2026
EOG's composite crude oil and condensate price for the first six months of 2026 increased 24% to $85.38 per barrel compared to $68.81 per barrel for the same period of 2025.
MD&A / first-half 2026 realized crude oil and condensate price · Filed 04/08/2026
EOG's composite NGL price for the first six months of 2026 decreased 4% to $23.34 per barrel compared to $24.42 per barrel for the same period of 2025.
MD&A / first-half 2026 realized NGL price · Filed 04/08/2026
EOG's composite natural gas price for the first six months of 2026 increased 5% to $3.32 per Mcf compared to $3.17 per Mcf for the same period of 2025.
MD&A / first-half 2026 realized natural gas price · Filed 04/08/2026
In Trinidad, EOG continues to produce natural gas which is sold to the National Gas Company of Trinidad and Tobago Limited and its subsidiary under existing supply contracts.
International operations / continuing Trinidad gas sales under existing supply contracts · Filed 24/02/2026
At December 31, 2025, EOG was committed to deliver to multiple parties aggregate fixed quantities of crude oil of 24 MMBbls in 2026, 11 MMBbls in 2027 and 4 MMBbls in 2028, all of which is expected to be sourced from future production of available reserves.
Marketing / contracted crude oil delivery quantities through 2028 · Filed 24/02/2026
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (In Millions, Except Per Share Data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Operating Revenues and Other Crude Oil and Condensate $ 4,901 $ 2,974 $ 8,478 $ 6,267 Natural Gas Liquids 770 534 1,434 1,106 Natural Gas 812 600 1,833 1,237 Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net 40 107 153 (84) Gathering, Processing and Marketing 2,011 1,247 3,507 2,587 Gains (Losses) on Asset Dispositions, Net 58 — 89 (1) Other, Net 28 16 47 35 Total 8,620 5,478 15,541 11,147 Operating Expenses Lease and Well 467 396 929 797 Gathering, Processing and Transportation Costs 676 455 1,330 895 Exploration Costs 47 74 92 115 Dry Hole Costs 30 11 53 45 Impairments 19 39 58 83 Marketing Costs 1,950 1,216 3,334 2,541 Depreciation, Depletion and Amortization 1,259 1,053 2,452 2,066 General and Administrative 213 186 398 357 Taxes Other Than Income 431 301 769 642 Total 5,092 3,731 9,415 7,541 Operating Income 3,528 1,747 6,126 3,606 Other Income, Net 38 55 61 120 Income Before Interest Expense and Income Taxes 3,566 1,802 6,187 3,726 Interest Expense, Net 67 51 133 98 Income Before Income Taxes 3,499 1,751 6,054 3,628 Income Tax Provision 775 406 1,350 820 Net Income $ 2,724 $ 1,345 $ 4,704 $ 2,808 Net Income Per Share Basic $ 5.18 $ 2.48 $ 8.89 $ 5.13 Diluted $ 5.15 $ 2.46 $ 8.84 $ 5.11 Average Number of Common Shares Basic 526 543 529 547 Diluted 529 546 532 549 Comprehensive Income Net Income $ 2,724 $ 1,345 $ 4,704 $ 2,808 Other Comprehensive Income (Loss) Foreign Currency Translation Adjustments 1 (3) 2 (3) Other Comprehensive Income (Loss) 1 (3) 2 (3) Comprehensive Income $ 2,725 $ 1,342 $ 4,706 $ 2,805 The accompanying notes are an integral part of these condensed consolidated financial statements.
Unaudited consolidated income statements / first-half 2026 and 2025 results · Filed 04/08/2026
F-18 6. Income Taxes The components of EOG's Net Deferred Income Tax Liabilities at December 31, 2025 and 2024 were as follows (in millions): 2025 2024 Deferred Income Tax Assets (Liabilities) Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization $ (54) $ (56) Foreign Asset Retirement Obligations 108 89 Foreign Accrued Expenses and Liabilities 10 10 Foreign Net Operating Losses 130 127 Foreign Valuation Allowances (155) (131) Total Net Deferred Income Tax Assets $ 39 $ 39 Deferred Income Tax (Assets) Liabilities Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization $ 7,055 $ 6,040 Deferred Compensation Plans (73) (65) Equity Awards (68) (65) Other (60) (44) Total Net Deferred Income Tax Liabilities $ 6,854 $ 5,866 Net Deferred Income Tax Liabilities $ 6,815 $ 5,827 The components of EOG's Income Before Income Taxes for the years indicated below were as follows (in millions): 2025 2024 2023 United States $ 6,366 $ 8,157 $ 9,576 Foreign (4) 61 113 Income Before Income Taxes $ 6,362 $ 8,218 $ 9,689 The components of EOG's Income Tax Provision for the years indicated below were as follows (in millions): 2025 2024 2023 Current: Federal $ 988 $ 1,244 $ 1,334 State 43 102 76 Foreign 8 2 5 Total 1,039 1,348 1,415 Deferred: Federal 341 425 628 State 3 40 55 Foreign (1) 2 — Total 343 467 683 Other Non-Current: Foreign — — (3) Total — — (3) Income Tax Provision $ 1,382 $ 1,815 $ 2,095 F-19 The differences between taxes computed at the United States federal statutory tax rate and EOG's Effective Income Tax Rate for the years indicated below were as follows (in millions, except percentages): 2025 2024 2023 Amount Percent Amount Percent Amount Percent Statutory Federal Income Tax Rate $ 1,336 21 % $ 1,726 21 % $ 2,035 21 % State and Local Income Taxes, Net of Federal Benefit (1) 37 1 % 112 1 % 104 1 % Foreign Tax Effects 7 0 % (9) 0 % (17) 0 % Effects of Cross-Border Tax Laws 16 0 % 21 0 % 9 0 % Tax Credits (23) 0 % (12) 0 % — 0 % Changes in Valuation Allowances 5 0 % 1 0 % — 0 % Nontaxable or Nondeductible Items 12 0 % 6 0 % 9 0 % Changes in Unrecognized Tax Benefits — 0 % — 0 % (4) 0 % Other Adjustments (8) 0 % (30) 0 % (41) 0 % Effective Income Tax Rate $ 1,382 22 % $ 1,815 22 % $ 2,095 22 % (1) New Mexico made up the majority (greater than 50%) of the state tax effect for the years ended December 31, 2025 and December 31, 2024.
Income tax note / 2023–2025 income before income taxes · Filed 24/02/2026
6 EOG RESOURCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Millions) (Unaudited) Six Months Ended June 30, 2026 2025 Cash Flows from Operating Activities Reconciliation of Net Income to Net Cash Provided by Operating Activities: Net Income $ 4,704 $ 2,808 Items Not Requiring (Providing) Cash Depreciation, Depletion and Amortization 2,452 2,066 Impairments 58 83 Stock-Based Compensation Expenses 118 103 Deferred Income Taxes 364 149 (Gains) Losses on Asset Dispositions, Net (89) 1 Other, Net 17 22 Dry Hole Costs 53 45 Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net (153) 84 Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (8) (62) Other, Net (1) — Changes in Components of Working Capital and Other Assets and Liabilities Accounts Receivable (847) 170 Inventories 47 31 Accounts Payable 455 (236) Accrued Taxes Payable 398 (660) Other Assets 102 (86) Other Liabilities (86) (148) Changes in Components of Working Capital Associated with Investing Activities 51 (49) Net Cash Provided by Operating Activities 7,635 4,321 Investing Cash Flows Additions to Oil and Gas Properties (3,129) (3,080) Additions to Other Property, Plant and Equipment (297) (196) Proceeds from Sales of Assets 151 16 Changes in Components of Working Capital Associated with Investing Activities (51) 49 Net Cash Used in Investing Activities (3,326) (3,211) Financing Cash Flows Long-Term Debt Repayments — (500) Dividends Paid (1,084) (1,066) Treasury Stock Purchased (1,717) (1,408) Proceeds from Stock Options Exercised and Employee Stock Purchase Plan 16 11 Debt Issuance and Other Financing Costs — (7) Repayment of Finance Lease Liabilities (13) (17) Net Cash Used in Financing Activities (2,798) (2,987) Effect of Exchange Rate Changes on Cash — 1 Increase (Decrease) in Cash and Cash Equivalents 1,511 (1,876) Cash and Cash Equivalents at Beginning of Period 3,396 7,092 Cash and Cash Equivalents at End of Period $ 4,907 $ 5,216 The accompanying notes are an integral part of these condensed consolidated financial statements.
Unaudited consolidated cash flow statements / investment, distributions and cash generation · Filed 04/08/2026
45 Total Expenditures The table below sets out the components of total expenditures for the years ended December 31, 2025, 2024 and 2023 (in millions): 2025 2024 2023 Expenditure Category Capital Exploration and Development Drilling (1) $ 4,885 $ 4,534 $ 4,803 Facilities 622 606 520 Leasehold Acquisitions (2) 197 230 207 Property Acquisitions (3) 7,003 33 16 Capitalized Interest 86 45 33 Subtotal 12,793 5,448 5,579 Exploration Costs 236 174 181 Dry Hole Costs 49 14 1 Exploration and Development Expenditures 13,078 5,636 5,761 Asset Retirement Costs (4) 146 (2) 257 Total Exploration and Development Expenditures 13,224 5,634 6,018 Other Property, Plant and Equipment (5) 479 1,019 800 Total Expenditures $ 13,703 $ 6,653 $ 6,818 (1)Exploration and development drilling included $90 million related to non-cash development drilling in 2023.
MD&A / 2023–2025 total expenditures · Filed 24/02/2026
(3)Property acquisitions for the year ended December 31, 2025, included $6,703 million related to the Encino acquisition.
MD&A / Encino acquisition expenditures · Filed 24/02/2026
At both June 30, 2026 and December 31, 2025, EOG had an aggregate principal amount of $7,890 million senior notes outstanding, with estimated fair values of $7,745 million and $7,849 million, respectively.
Fair value disclosures / senior notes outstanding · Filed 04/08/2026
Compensation Program Best Practices ✓ Strong pay-for-performance linkage between company performance, individual performance, and executive compensation outcomes ✓ Significant performance-based pay structure for our NEOs ✓ Structured Annual Bonus Plan, including bonus targets and metric weightings, tied to key financial, strategic, operational, and organizational goals ✓ Majority of Annual Bonus Plan goals tied to quantitative metrics measuring returns, free cash flow* generation, safety and environmental performance, unit costs, and well cost and quality ✓ Maximum payout opportunity of 200% under Annual Bonus Plan ✓ Long-term incentive program with majority of program tied to relative TSR against industry peers and broader market and absolute ROCE* ✓ Maximum payout opportunity of 200% for performance awards ✓ Performance awards may not be earned above target (100%) if EOG’s absolute TSR over the three-year performance period is negative ✓ EOG’s TSR performance is required to be above the median (i.e., the 50th percentile) of the Performance Peer Group (as defined below) in order to earn target (100% of the award) (subject to adjustment pursuant to the ROCE* modifier and negative TSR cap provisions discussed in further detail below) ✓ Clawback policy in place requiring recoupment of erroneously awarded incentive-based compensation in the event EOG is required to prepare a financial statement restatement ✓ Vesting of restricted stock/RSU and performance unit grants held by retiring NEOs based on original vesting date and subject to NEO’s compliance with non-compete agreement expiring on original vesting date ✓ Meaningful stock ownership by, and above market stock ownership requirements for, the NEOs ✓ Minimal perks and limited supplemental pension benefits ✓ No employment agreements ✓ No single-trigger change-in-control stock grant vesting or severance benefits and no excise tax gross-ups ✓ Anti-hedging and insider trading policies in place ✓ Engagement of an independent compensation consultant reporting to the Compensation Committee 2026 Proxy Statement EOG Resources, Inc.
Compensation Discussion and Analysis / existing incentive structure and safeguards · Filed 27/03/2026
The Compensation Committee is guided by the following key principles in determining the compensation of our CEO and other NEOs: Objective Compensation Program Attributes Competitive and Market-Based ● Target compensation opportunities reference the middle range of our peer group, while also considering general industry market data, job scope, and individual circumstances ● Three-year “cliff” vesting periods enhance the long-term retention of our NEOs Pay for Company Performance ● Compensation opportunities are designed to reward our executive officers for achieving our critical financial, strategic, operational, and organizational goals ● Performance-based design incentivizes the achievement of a balance of short- and long-term business objectives, key to positioning EOG for long-term success ● When goals are not achieved, compensation opportunities will result in below-target outcomes Pay for Individual Performance ● NEOs are held accountable for achievement of individual performance goals ● If individual performance goals are not achieved, compensation opportunities may result in below-target outcomes Aligned with Stockholder Interests ● Long-term incentive awards comprised of performance units and restricted stock/RSUs make up a significant portion of each NEO’s compensation opportunity ● 77% of CEO pay for 2025 was directly linked to stock price performance ● NEOs are subject to meaningful stock ownership requirements 32 | EOG Resources, Inc.
Compensation objectives / 2025 CEO equity exposure and ownership requirements · Filed 27/03/2026
Key committees comprised solely of independent directors Our Audit Committee, Compensation and Human Resources Committee (“Compensation Committee”), and Nominating Committee are each comprised solely of independent directors.
Corporate governance / independent membership of key committees · Filed 27/03/2026
Annual director elections Our stockholders provide balance to the corporate governance process in that each year each director is elected pursuant to the majority voting provisions in our bylaws.
Corporate governance / annual elections and majority voting · Filed 27/03/2026
Each director attended at least 75% of the total number of meetings of the Board and Board committees on which the director served.
Corporate governance / actual director meeting attendance · Filed 27/03/2026
F-42 EOG RESOURCES, INC. SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Opinions by D&M for the years ended December 31, 2025, 2024 and 2023 covered producing areas containing 84%, 85% and 83%, respectively, of proved reserves of EOG on a net-equivalent-barrel-of-oil basis.
Supplemental reserves information / independent review coverage · Filed 24/02/2026
Specifically, such estimates by D&M in the aggregate varied by not more than 5% from those prepared by the Engineering Department of EOG.
Supplemental reserves information / independent estimates compared with internal estimates · Filed 24/02/2026
