EOG Resources Inc.

Oil & Gas E&P • Energy • Houston, TX, United States • EOG (NYQ)

713 651 7000 1111 Bagby Street, Houston, TX 77002, United States

Quarter: Q1 2026 Reported: January 12, 2026 Sentiment: Neutral

EOG Resources, Inc., together with its subsidiaries, explores for, develops, produces, and markets crude oil, natural gas liquids, and natural gas in producing basins in the United States, the Republic of Trinidad and Tobago, and internationally. The company was formerly known as Enron Oil & Gas Company. EOG Resources, Inc. was incorporated in 1985 and is headquartered in Houston, Texas.

Analysis Summary

EOG Resources Inc.'s Q4 2025 operational update primarily detailed its financial risk management strategies and forward-looking outlook, rather than comprehensive financial performance metrics. The company actively employs Financial Commodity Derivative Contracts, including swaps, options, and collars, to enhance the certainty of future revenues and cash flows, accounting for them using the mark-to-market method. During Q4 2025, EOG paid a net cash amount of $21 million for settlements of these derivative contracts. Additionally, EOG's 10-year Brent Linked Gas Sales Contract, also accounted for using mark-to-market, is a significant future revenue stream, with deliveries anticipated to begin in January 2027. No cash was received from this contract in Q4 2025. Average commodity realizations for the quarter included U.S. NYMEX WTI crude oil at $59.17 per barrel and NYMEX natural gas at Henry Hub at $3.55 per million British thermal units, with actual realizations differing due to basis, quality, and adjustments. The report did not provide specific figures for revenue, net income, EPS, or detailed guidance for Q1 2026 or the full year. A substantial portion of the report was dedicated to outlining extensive forward-looking statements and associated risk factors, covering commodity price volatility, exploration success, cost control, market access, regulatory changes (including climate change), cybersecurity threats, integration risks from acquisitions like Encino, and general economic conditions.

Key Highlights

• EOG paid $21 million net cash for Financial Commodity Derivative Contract settlements in Q4 2025.
• Brent Linked Gas Sales Contract deliveries are expected to commence in January 2027.
• Q4 2025 average U.S. NYMEX WTI crude oil price was $59.17 per barrel.
• Q4 2025 average NYMEX natural gas at Henry Hub price was $3.55 per MMBtu.
• Company utilizes mark-to-market accounting for derivatives and Brent-linked gas sales.
• Extensive forward-looking statements and risk factors were detailed, covering operational, market, and regulatory uncertainties.

Financial Metrics

eps

Not provided

YoY: N/A

revenue

Not provided N/A

YoY: N/A

guidance

net income

Not provided N/A

YoY: N/A

other q4 2025 metrics

Stock Performance (90 Days)

Data through Feb 13, 2026

Layoff Events

Earnings Calls

Positive Signals

• Strategic use of financial derivatives to enhance certainty of future revenues and cash flows.
• Long-term Brent Linked Gas Sales Contract commencing in January 2027, indicating future revenue stream.
• Proactive management of commodity price risk through diverse derivative contracts.

Risks & Concerns

— Timing, magnitude, and duration of changes in prices for crude oil, NGLs, and natural gas.
— Ability to acquire or discover additional reserves and economically develop existing acreage.
— Impact of government policies, laws, and regulations, including climate change-related initiatives and tax laws.
— Security threats, including cybersecurity threats and disruptions to business operations.
— Failure to realize anticipated benefits from acquisitions (e.g., Encino) or business disruptions from integration.