NYSE: EOG · Oil & Gas Exploration & Production
EOG Resources
EOG Resources explores for, develops and produces crude oil, natural gas liquids and natural gas, primarily in major U.S. basins: the Delaware Basin (its largest area, 318,700 barrels of oil per day in 2025), South Texas (Eagle Ford and Dorado), the Appalachian Basin (Utica) and the Rocky Mountains. It also operates offshore Trinidad and, from time to time, in other areas such as Bahrain and the UAE. In August 2025 it acquired Encino Acquisition Partners for $5.7 billion including net debt, adding 675,000 core net acres in the Utica. 2025 revenue was $22.6 billion and net income $5.0 billion. Its dividend, raised to $1.02 per quarter, has at times been supplemented by special dividends. In the first half of 2026 net income rose to $4.7 billion ($8.84 per diluted share) on higher oil revenue. CFO Ann Janssen will retire at the end of 2026.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 18, 2026 05:42 (SEC EDGAR) · Source 10-K filed: February 24, 2026
Built on10-K FY2025 · filed 2026-02-2410-Q (quarter ended 2026-09-30) · filed 2026-11-05
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 15.5%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 28.2%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +7.4 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 0.4x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.02x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 1 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 9.9x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.39
Higher than 82% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 79% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 66% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 26% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 75% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$150.15close on 2026-11-04
Market cap$80.73B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 9.9x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.7x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 7.9x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 4.3%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.7%
At FY2025 year-end: 11.5x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.9x
Book value at FY2025 year-end
At FY2025 year-end: 5.6x
EBITDA for FY2025
At FY2025 year-end: 6.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$5.85B → $8.55B (vs. a year earlier)↑ +46.2%$5.85B → $8.55B (vs. a year earlier)
- Operating margin31.4% → 41.9% (vs. a year earlier)↑ +10.5 pts31.4% → 41.9% (vs. a year earlier)
- Net income$1.47B → $2.78B (vs. a year earlier)↑ +89.1%$1.47B → $2.78B (vs. a year earlier)
- Diluted EPS$2.70 → $5.33 (vs. a year earlier)↑ +97.4%$2.70 → $5.33 (vs. a year earlier)
- Cash$4.91B → $5.75B (vs. previous quarter-end)↑ +17.1%$4.91B → $5.75B (vs. previous quarter-end)
- Long-term debt$7.93B → $7.92B (vs. previous quarter-end)→ −0.1%$7.93B → $7.92B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
04
Company profileFrom SEC dataShow
- Legal name
- EOG RESOURCES INC
- Headquarters
- HOUSTON, TX
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: EOG
- Industry
- Oil & Gas Exploration & Production
- CIK
- 821189
Workforce (as of FY2025 year-end)
Employees
3,400
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 53–58 days after quarter end (Feb 24, 2026; Feb 27, 2025; Feb 22, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 31–58 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 5, 2026 (+36 days) | Nov 5, 2026 10-Q (+36 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 4, 2026 (+35 days) | Aug 4, 2026 10-Q (+35 days) |
| Q1 FY2026 | Mar 31, 2026 | May 5, 2026 (+35 days) | May 5, 2026 10-Q (+35 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 24, 2026 (+55 days) | Feb 24, 2026 10-K (+55 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 6, 2025 (+37 days) | Nov 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 7, 2025 (+38 days) | Aug 7, 2025 10-Q (+38 days) |
| Q1 FY2025 | Mar 31, 2025 | May 1, 2025 (+31 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 27, 2025 (+58 days) | Feb 27, 2025 10-K (+58 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 7, 2024 (+38 days) | Nov 7, 2024 10-Q (+38 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 1, 2024 (+32 days) | Aug 1, 2024 10-Q (+32 days) |
| Q1 FY2024 | Mar 31, 2024 | May 2, 2024 (+32 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 22, 2024 (+53 days) | Feb 22, 2024 10-K (+53 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Upstream
Crude oil, NGLs, natural gas
Examples: Delaware Basin, Eagle Ford, Dorado, Utica, Powder River and Williston basins; Trinidad
From the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Crude oil and natural gas production
U.S. independent (non-integrated) oil and gas companies
U.S. share
One of the largest
Company-disclosedWorldwide share
—
Not disclosed
Sources:
07
Recent strategic focusSite analysis
Recent developments.
H1 2026
Revenue $15.5B; net income $4.70B ($8.84 per diluted share); Q2 dividend $1.02.
Source: Q2 2026 supplemental data
Financing
$1.0B of senior notes (November 2025) and a new $3.0B revolver replacing a $1.9B facility (December 2025).
Source: 8-Ks filed 2025-11-24 and 2025-12-08
CFO
Ann D. Janssen will step down as CFO on December 31, 2026 and become an advisor.
Source: 8-K filed 2026-09-24
Capex ÷ D&A (FY2025)
1.48x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$6,594M ÷ $4,461M = 1.48x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$4.45B
Latest year: $4.45B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $3.47B in FY2020 to $6.59B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$22.63B
As reported in the 10-K
Revenue CAGR (5 years)
+15.5%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($22,632M ÷ $11,032M) ^ (1÷5) − 1 = 15.5%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
28.2%▲favorable
+33.1pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$6,385M ÷ $22,632M × 100 = 28.2%
ROE (FY2025)
16.8%▲favorable
6-year average: 20.0%
As reported in the 10-K
P/B (FY2025 end)
1.89x
formulafiscal year-end closing price ÷ book value per share
e.g.$105.01 ÷ $55.49 = 1.89x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
5.6x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($56,461M + $7,936M − $3,396M) ÷ ($6,385M + $4,461M) = 5.6x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +15.5% a year over 5 years (strong growth)
From $11.03B in FY2020 to $22.63B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: -4.9% → 28.2%
How much operating profit is left per $100 of revenue. It moved +33.1 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 57.6% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 20.0% over 6 years (latest: 16.8%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Drilling and completion, production, marketing
06 · what it draws on
Key resources
- Acreage (including 675,000 Utica net acres from Encino)
- Capital spending (about $6.6B in 2025)
02 · why customers buy
Value propositions
- Oil, NGLs and natural gas from its U.S. and Trinidad operations.
04 · how it keeps them
Customer relationships
- Ongoing sales agreements with purchasers.
03 · how it reaches them
Channels
- Sold to purchasers through gathering, processing and marketing activities.
01 · who it serves
Customer segments
- Purchasers of crude oil, NGLs and natural gas
09 · where money goes
Cost structure
FY2025, share of revenue ($22.63B)
- Selling, general & administrative3.6%
- Other operating costs (incl. cost of goods sold)68.2%
Operating profit left: 28.2% of revenue. Depreciation & amortization (inside the costs above): $4.46B. Capital spending: $6.59B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Crude oil and condensate $12.50B
- Natural gas $2.79B
- NGLs $2.38B
- Gathering, processing and marketing $4.91B (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Drills and produces oil, NGLs and gas, and markets production through gathering, processing and marketing activities.
01 what it draws on
Inputs & resources
- Acreage (including 675,000 Utica net acres from Encino)
- Capital spending (about $6.6B in 2025)
02 what it does
Activities
- Drilling and completion, production, marketing
03 who it serves
Customers
- Purchasers of crude oil, NGLs and natural gas
04 how money comes in
How it earns
- Crude oil and condensate $12.50B
- Natural gas $2.79B
- NGLs $2.38B
- Gathering, processing and marketing $4.91B (2025)
How the business makes money
- 2025 net well completions: Delaware Basin 393, South Texas 149, Appalachian (Utica) 55, Rocky Mountain 34.
- About 99% of net proved reserves (5,514 MMBoe) are in the United States.
- About 3,400 employees.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
EOG’s federal leases and methane compliance are shaped by the IRA and EPA/BLM rules.
Government funding & tax credits
Federal lease terms
The IRA changed terms for BLM leases entered after August 2022.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Approvals & licenses
Methane rule timing
EPA extended compliance deadlines under its 2024 methane rules.
Supports the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Environmental rules
GHG regulation
EPA regulates GHG emissions from certain large sources under the Clean Air Act.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Crude oil and condensate
12,501 (55%)Gathering, processing and marketing
4,914 (22%)Natural gas
2,791 (12%)Natural gas liquids
2,376 (10%)Other (derivatives, dispositions, other)
50 (0%)
Source: Form 10-K (FY2025) — consolidated statements of income Revenue lines from the income statement.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Purchasers of crude oil, NGLs and natural gas. In Trinidad, natural gas is sold to the National Gas Company of Trinidad and Tobago under supply contracts.
Named by the company
The 10-K doesn't name U.S. purchasers.
Suppliers
Drilling, equipment and oilfield services.
Named by the company
No supplier is named.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K describes competitor types (majors, government-affiliated companies, independents) without naming them.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Companies with similar market capitalization and lines of business; Marathon Oil was removed after its acquisition by ConocoPhillips.
- APA Corporationsite ↗
- Cheniere Energysite ↗
- ConocoPhillipssite ↗
- Coterra Energysite ↗
- Devon Energysite ↗
- Diamondback Energysite ↗
- EQTsite ↗
- Expand Energysite ↗
- Halliburtonsite ↗
- Occidental Petroleumsite ↗
- Ovintivsite ↗
- Phillips 66site ↗
- SLB (Schlumberger)site ↗
- Williams Companiessite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
EOG made its first large acquisition in years with Encino.
Cash spent on acquisitions, FY2023–FY2025: $4.45B (years not reported separately are excluded)
2025-08-01
Encino Acquisition Partners
$5.7B including net debt
675,000 core net acres in the Utica play.
- Stated purpose (company)
- Not stated.
Source: Form 10-K (FY2025)
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 11,032 | 18,642 | 25,702 | 24,186 | 23,698 | 22,632 |
| Operating income | -544 | 6,102 | 9,966 | 9,603 | 8,082 | 6,385 |
| Pretax income | -739 | 5,933 | 9,901 | 9,689 | 8,218 | 6,362 |
| Net income (attributable) | -605 | 4,664 | 7,759 | 7,594 | 6,403 | 4,980 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 69.0% | 37.9% | -5.9% | -2.0% | -4.5% |
| Operating margincalcoperating income ÷ revenue × 100 | -4.9% | 32.7% | 38.8% | 39.7% | 34.1% | 28.2% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -5.5% | 25.0% | 30.2% | 31.4% | 27.0% | 22.0% |
| Balance sheet ($M) | ||||||
| Total assets | 35,805 | 38,236 | 41,371 | 43,857 | 47,186 | 51,799 |
| Total equity | 20,302 | 22,180 | 24,779 | 28,090 | 29,351 | 29,833 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 5,816 | 5,109 | 5,078 | 3,799 | 4,752 | 7,936 |
| Equity ratio | 56.7% | 58.0% | 59.9% | 64.0% | 62.2% | 57.6% |
| ROE | -3.0% | 22.0% | 33.0% | 28.7% | 22.3% | 16.8% |
| Cash flow ($M) | ||||||
| Operating CF | 5,008 | 8,791 | 11,093 | 11,340 | 12,143 | 10,044 |
| Investing CF | -3,348 | -3,419 | -5,056 | -6,340 | -5,967 | -10,936 |
| Financing CF | -359 | -3,493 | -5,273 | -5,694 | -4,361 | -2,804 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,543 | 4,941 | 6,093 | 5,155 | 5,771 | 3,450 |
| Cash and equivalents | 3,329 | 5,209 | 5,972 | 5,278 | 7,092 | 3,396 |
| Per share & other | ||||||
| EPS ($) | -1.04 | 7.99 | 13.22 | 13.00 | 11.25 | 9.12 |
| BVPS ($) | 34.79 | 37.90 | 42.16 | 48.36 | 52.68 | 55.49 |
| Dividend per share ($) | 1.50 | 4.99 | 8.88 | 5.89 | 3.71 | 3.99 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | 62.4% | 67.1% | 45.3% | 32.9% | 43.8% |
| P/E (x) | — | 11.1 | 9.8 | 9.3 | 10.9 | 11.5 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 11.1 | 5.3 | 5.6 | 5.3 | 5.4 | 5.6 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.43 | 2.34 | 3.07 | 2.50 | 2.33 | 1.89 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $8.55B+46.2% | $3.59B+95.3% | $2.78B+89.1% | $5.33 |
| 2026-06-30 | $8.62B+57.4% | $3.53B+101.9% | $2.72B+102.5% | $5.15 |
| 2026-03-31 | $6.92B+22.1% | $2.6B+39.8% | $1.98B+35.3% | $3.70 |
| 2025-12-31 † | $5.64B+0.9% | $943M-40.8% | $701M-44.0% | — |
| 2025-09-30 | $5.85B | $1.84B | $1.47B | $2.70 |
| 2025-06-30 | $5.48B | $1.75B | $1.35B | $2.46 |
| 2025-03-31 | $5.67B | $1.86B | $1.46B | $2.65 |
| 2024-12-31 † | $5.59B | $1.59B | $1.25B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
13.9%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$6,385M × (1 − 22%) ÷ $35,936M × 100 = 13.9%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
6.51%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $56.46B ÷ ($56.46B + $7.94B) = 87.7%
e.g.Debt weight: $7.94B ÷ ($56.46B + $7.94B) = 12.3%
e.g.WACC: 7.1% × 87.7% + 3.0% × (1 − 22%) × 12.3% = 6.51%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 5.4%–8.0% and ROIC − WACC runs +5.9 to +8.5 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 6.51% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.39 (price-derived adjusted beta, but correlation with the market is low (R² 0.00), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.10%
- Cost of debt
- 2.96%
- Tax rate
- 22% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 88% : 12%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 6.51%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.39 (price-derived adjusted beta. Raw β 0.08, R² 0.00, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.081 + 0.33 = 0.385
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.39 × 5.5% = 7.1%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
2.5%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.5% − 4.0%
Past FCF growth (FY2020–FY2025)
+17.5%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+15.5%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $3.45B (operating CF − capex); enterprise value $85.27B = market cap $80.73B (latest close, 2026-11-04) + debt $7.94B − cash and short-term investments $3.4B; r = WACC of 6.5% using this page’s default assumptions (β 0.39, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$86.25B
FCF $3.45B ÷ (6.5% − 2.5%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.5% | 5.5% | 6.5% | 7.5% | 8.5% |
|---|---|---|---|---|---|
| 0% | 0.90x | 0.74x | 0.62x | 0.54x | 0.48x |
| 2% | 1.62x | 1.16x | 0.90x | 0.74x | 0.62x |
| 4% | 8.09x | 2.70x | 1.62x | 1.16x | 0.90x |
| 6% | — | — | 8.09x | 2.70x | 1.62x |
| 8% | — | — | — | — | 8.09x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.74x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -10.2%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 100%
Most profit comes from core operations.
- ✓
Days sales outstanding: 50 → 43 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$10,044M ÷ $4,980M = 2.02x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$6,385M ÷ $6,362M × 100 = 100%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($2,650M + $2,681M) ÷ 2 ÷ $22,632M × 365 = 43 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 96.5%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 3.5%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 102 of 416
- Beta (adjusted)
- 0.39
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 24% of covered companies have more
above 1 = swings more than the market
- 506.1M shares reported by 1,636 13F filers ÷ 524.5M shares outstanding on 2026-07-28. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-27 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-28)
19
Strengths & weaknessesSite analysis
Strengths
1. Strong balance sheet
Equity ratio of 58% at the end of 2025; new $3.0B revolving credit facility.
Evidence: SEC EDGAR XBRL; 8-K filed 2025-12-08
2. Cash generation
Operating cash flow of $10.0B in 2025.
Evidence: SEC EDGAR XBRL
3. Strong 2026 so far
H1 2026 net income $4.70B vs. $2.81B in H1 2025.
Evidence: Q2 2026 supplemental data
Weaknesses
1. Commodity exposure
Net income fell from $7.8B (2022) to $5.0B (2025) as prices fell.
Evidence: SEC EDGAR XBRL
2. Higher debt after Encino
Interest-bearing debt rose to $7.9B at the end of 2025.
Evidence: SEC EDGAR XBRL
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
11.5x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
3.80%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
44%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
6.1%
(Operating CF − capex) ÷ market cap
1. Cash returns
Dividend per share including specials: $8.875 (2022), $3.99 (2025).
- What has to hold
- Oil prices support free cash flow.
- The other side
- Special dividends vary with prices.
Evidence: SEC EDGAR XBRL
2. Valuation
P/E of about 11.5 in 2025.
- What has to hold
- Earnings hold up.
- The other side
- Cyclical earnings.
Evidence: SEC EDGAR XBRL
Capex is additions to oil and gas properties plus additions to other property, plant and equipment (cash flow statement). Dividends per share include special dividends.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
100x+
$3.4B vs. $27M
Interest coverage (operating income ÷ interest expense)
27.2x
$6.39B vs. $235M
Free cash flow ÷ dividends paid
1.6x
$3.45B vs. $2.16B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -5.9% in FY2023 ($25.7B → $24.19B) | Not yet, as of FY2025 |
| Operating income | -21.0% in FY2025 ($8.08B → $6.39B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Low leverage
Equity ratio of 58% in 2025.
Source: SEC EDGAR XBRL
Liquidity
$3.4B of cash at the end of 2025 plus a $3.0B revolver.
Source: SEC EDGAR XBRL; 8-K filed 2025-12-08
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
EOG reports only ordinary-course contract disputes, personal injury and property damage claims, and title disputes.
Company statement: Management believes resolving these suits and claims will not have a material adverse effect.
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Commodity prices
- Company disclosure (summarized from the 10-K)
- Lower prices can make projects uneconomic, force reserve write-downs and limit dividends and buybacks.
- Company’s stated mitigation
- Derivative contracts.
- This site’s assessment
- Impact High / Likelihood High
- 2Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with majors, government-affiliated companies and independents, some with greater resources, for leases, equipment and personnel.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Regulation & legal
Regulation
- Company disclosure (summarized from the 10-K)
- Oil and gas operations are subject to extensive regulation.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
Encino integration
- Company disclosure (summarized from the 10-K)
- Integration of the Utica acquisition.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (2)
We have undertaken (and continue to undertake) initiatives to increase our drilling, completions and operating efficiencies and improve the performance of our wells. Read more
Such initiatives include (among others): (i) our downhole drilling motor program; (ii) enhanced techniques for completing our wells; (iii) drilling extended laterals; and (iv) our self-sourced sand program. In addition, from time to time (when available and advantageous), we enter into agreements with service providers to secure the costs and availability of certain drilling and completions services we utilize as part of our operations.
Local, state, federal and international regulatory bodies have been focused on GHG emissions and climate change issues in recent years. Read more
For discussion of the rules and regulations adopted by the U.S. EPA and the Bureau of Land Management with respect to GHG emissions and related matters and the related actions taken by the U.S. Congress, see ITEM 1, Business – Regulation – Climate Change – United States.
No longer in the text (4)
Our cost-mitigation initiatives and actions may not offset, largely or at all, the impacts of inflationary pressures on our operating costs and capital expenditures.
Beginning in the second half of 2021 and continuing, to a lesser degree, through the first quarter of 2023, we, similar to other companies in our industry, experienced inflationary pressures on our operating costs and capital expenditures - namely the costs of fuel, steel (i.e., wellbore tubulars and facilities manufactured using steel), labor and drilling and completion services. Such inflationary pressures on our operating costs and capital expenditures impacted our cash flows and results of operations during these periods. While such inflationary pressures diminished beginning in the second quarter of 2023 and throughout fiscal year 2024 (and, in certain instances, EOG has seen a decline in prices), the market for such materials, services and labor continues to fluctuate and, as a result, the timing and impact of any price changes on our future operating costs and capital…
Local, state, federal and international regulatory bodies have been increasingly focused on GHG emissions and climate change issues in recent years. Read more
For example, we are subject to the U.S. EPA’s rule requiring annual reporting of GHG emissions which is subject to amendment from time to time. In addition, our oil and gas production and processing operations are subject to the U.S. EPA’s new source performance standards applicable to emissions of volatile organic compounds from new, modified and reconstructed crude oil and natural gas wells and equipment located at natural gas production gathering and booster stations and gas processing plants, as well as the U.S. EPA’s final new methane rules published in March 2024. Further, our operations are subject to the methane “Waste Emissions Charge” rule, published in November 2024 as part of the Methane Emissions Reduction Program implemented…
At the international level, in December 2015, the U.S. participated in the 21st Conference of the Parties of the United Nations Framework Convention on Climate Change in Paris, France. Read more
The Paris Agreement (adopted at the conference) calls for nations to undertake efforts with respect to global temperatures and GHG emissions. The Paris Agreement went into effect in November 2016 and to which the United States formally rejoined in February 2021. The United States has established an economy-wide target of reducing its net GHG emissions by 50-52 percent below 2005 levels by 2030 and achieving net zero GHG emissions economy-wide by no later than 2050. In December 2023, the first global stocktake, also known as the “UAE Consensus,” was issued at the United Nations Climate Change Conference. The UAE Consensus is an assessment of members’ collective efforts and achievements to reduce GHG…
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 24, 2026 ↗ with the 10-K filed Feb 27, 2025 ↗.
25
What to watch going forwardSite analysis
- 2026 plans: about 300 Delaware Basin, 155 South Texas and 85 Utica net well completions.
- Oil price trends behind the 2026 earnings jump.
- CFO transition at the end of 2026.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 18, 2026 05:42 (SEC EDGAR) · Source 10-K filed: February 24, 2026
Built on10-K FY2025 · filed 2026-02-24
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent EOG Resources’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.