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Dec 31, 2025
EOG Resources Q4 2025 Earnings Report
EOG Resources reported its fourth quarter 2025 financial and operating results, highlighting significant production growth and strong cash flow generation.
Key Takeaways
EOG Resources delivered a solid fourth quarter in 2025, with total revenue of $5.64 billion and net income of $701 million. The company achieved record crude oil equivalent production of 1,399 MBoed, driven by strong performance in the United States. Despite lower commodity prices compared to the prior year, EOG maintained robust free cash flow of $978 million and continued its commitment to shareholder returns through dividends.
Total crude oil equivalent volumes reached a record 1,399.0 MBoed in Q4 2025, a significant increase from 1,095.7 MBoed in Q4 2024.
Adjusted net income (non-GAAP) for the quarter was $1.22 billion, or $2.27 per share, adjusting for impairments and mark-to-market losses.
The company generated $978 million in free cash flow during the quarter, supporting a quarterly dividend of $1.02 per share.
Total assets increased to $51.8 billion at year-end 2025, up from $47.2 billion at the end of 2024, reflecting the Encino acquisition.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
While specific Q1 2026 numbers are not detailed in the supplemental tables, the company's 2025 performance sets a high baseline for production and capital efficiency.
Positive Outlook
- Record production volumes achieved in the US.
- Strong reserve replacement ratio of 269% (GAAP).
- Successful integration of the Encino acquisition.
- Robust liquidity with over $3.3 billion in cash.
- Consistent shareholder returns through increased dividends.
Challenges Ahead
- Lower realized crude oil prices compared to the prior year.
- Significant impairment charges of $689 million in Q4.
- Increase in total operating expenses to $4.7 billion.
- Higher net debt-to-total capitalization ratio compared to 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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