A Business at a Glance
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EOG RESOURCES INC
EOG
$79.9B
Mkt Cap
$146.39
+0.62%
EOG RESOURCES INC (EOG) has a current P/E ratio of 16.1, compared to its historical median P/E of 10.7. The stock is currently considered Expensive based on its historical valuation range.
EOG RESOURCES INC (EOG) has a 5-year average return on invested capital (ROIC) of 24.5%. This indicates strong capital allocation and a potential competitive advantage.
EOG RESOURCES INC (EOG) has a market capitalization of $86.2B. It is classified as a large-cap stock.
Yes, EOG RESOURCES INC (EOG) pays a dividend with a trailing twelve-month yield of 2.51%. The company also returns capital through share buybacks, with a buyback yield of 2.52%.
Based on historical P/E analysis, EOG RESOURCES INC (EOG) appears expensive. The current P/E of 16.1 is 50% above its historical median of 10.7. The estimated fair value CAGR (P/E method) is 30.2%.
EOG RESOURCES INC (EOG) operates in the Crude Petroleum & Natural Gas industry, within the Energy sector.
EOG RESOURCES INC (EOG) reported annual revenue of $22.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
EOG Resources is an independent oil and gas exploration and production company that explores for, develops, produces and markets crude oil, natural gas liquids (NGLs), and natural gas primarily in major U.S. producing basins—including the Delaware Basin, Eagle Ford, Appalachian Basin (Utica), and Rocky Mountain areas—with approximately 99% of proved reserves located domestically and 1% in Trinidad, complemented by emerging operations in Bahrain and the United Arab Emirates. The company operates under a business model focused on generating cash flow and earnings from each unit of production on a cost-efficient basis through internally generated prospects, advanced drilling and completion technologies, and a comprehensive approach to developing acreage across commodity cycles; unit economics are characterized by low-cost reserve development with emphasis on high direct after-tax returns (exceeding 100% at current prices in key plays) and payback periods under 12 months. EOG's distribution strategy employs a diversified marketing approach, selling crude oil via pipeline to downstream markets and local markets across the U.S. Gulf Coast, Cushing, the Permian Basin, the Northeast, and the Midwest, with international pricing exposure through waterborne sales at Corpus Christi and liquefaction facilities; NGLs and natural gas are marketed through similar diversified channels with pricing based on spot market prices at ultimate sales points. The company's competitive moat derives from its lowest-cost producer positioning, proprietary production optimization software leveraging machine learning, sustained operational efficiency gains, and a multi-basin portfolio of high-return inventory that enables capital reallocation and co-development of multiple stratigraphic targets within the same acreage. EOG's customer base includes crude oil refiners and natural gas utilities, with two purchasers each accounting for more than 10% of total revenues in 2025, though the company does not believe loss of any single purchaser would materially impact operations; the company also serves emerging LNG demand through contracted gas sales linked to international pricing indices.
【Disciplined growth amid commodity volatility】 Management expects modest oil production growth in 2026 while maintaining capital discipline, with the company well-positioned to capitalize on a constructive medium-term oil price environment supported by reduced global spare capacity, geopolitical risk premiums, and strategic petroleum reserve replenishment. U.S. natural gas demand is forecast to grow at a 3%–5% compound annual growth rate through the end of the decade, driven primarily by LNG and power demand, with EOG's premium gas position and contracted volumes providing strong visibility into expanding North American markets. The company anticipates continued operational excellence and cost discipline across its multi-basin portfolio, including further integration and optimization of the Utica acquisition, with well costs expected to decline in the low single digits through sustainable efficiency gains. EOG remains committed to returning 90%–100% of annual free cash flow to shareholders through a combination of regular dividends and opportunistic share repurchases, supported by a pristine balance sheet and leverage target of less than 1x EBITDA at bottom-cycle prices, providing both downside protection and strategic investment flexibility through commodity cycles.
| Metric | Target | Period |
|---|---|---|
| Oil production | 2,000 bbl per day increase | FY2026 |
| NGL production | 6,000 bbl per day increase | FY2026 |
| Capital expenditures | $6.5 billion | FY2026 |
| Free cash flow | $8.5 billion | FY2026 |
| Cash return to shareholders | at least 70% of free cash flow | FY2026 |
| Delaware Basin net well completions | approximately 300 net wells | FY2026 |
| Utica net well completions | approximately 85 net wells | FY2026 |
| Eagle Ford net well completions | approximately 115 net Eagle Ford play wells | FY2026 |
| Dorado gas play net well completions | 40 net Dorado gas play wells | FY2026 |
| Rocky Mountain net well completions | approximately 45 net wells | FY2026 |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Crude Oil and Condensate | $11.13B | $16.37B | $13.75B | $13.92B | $12.50B | 55% |
Gathering, Processing and Marketing | $4.29B | $6.70B | $5.81B | $5.80B | $4.91B | 22% |
Natural Gas | $2.44B | $3.78B | $1.74B | $1.55B | $2.79B | 12% |
Natural Gas Liquids | $1.81B | $2.65B | $1.88B | $2.11B | $2.38B | 11% |
United States | $18.27B | $25.39B | $23.92B | $23.39B | — | — |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 23.9B | 22.6B | 23.7B | 24.2B | 25.7B | 18.6B |
| Net Income | 5.5B | 5.0B | 6.4B | 7.6B | 7.8B | 4.7B |
| EPS | $9.33 | $9.12 | $11.25 | $13.00 | $13.22 | $7.99 |
| Free Cash Flow | 9.7B | 9.2B | 11.4B | 10.7B | 10.4B | 8.2B |
| ROIC | 15.9% | 16.0% | 23.0% | 29.2% | 33.3% | 21.0% |
| Gross Margin | - | 31.8% | 36.9% | 42.4% | 41.0% | 35.5% |
| Debt/Equity | 0.26 | 0.31 | 0.20 | 0.17 | 0.24 | 0.27 |
| Dividends/Share | $3.68 | $3.99 | $3.71 | $5.89 | $8.88 | $4.99 |
| Operating Income | 7.1B | 6.4B | 8.1B | 9.6B | 10.0B | 6.1B |
| Operating Margin | 29.8% | 28.2% | 34.1% | 39.7% | 38.8% | 32.7% |
| ROE | 17.8% | 16.8% | 22.3% | 28.7% | 33.0% | 22.0% |
| Shares Outstanding | 589M | 546M | 569M | 584M | 587M | 584M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 18.0B | 8.8B | 7.7B | 11.2B | 17.3B | 17.4B | 11.0B | 18.6B | 25.7B | 24.2B | 23.7B | 22.6B | 23.9B |
| Gross Margin | 31.3% | N/A | -10.9% | 12.1% | 28.3% | 24.1% | -0.5% | 35.5% | 41.0% | 42.4% | 36.9% | 31.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 402M | 367M | 395M | 434M | 427M | 489M | 484M | 511M | 570M | 640M | 669M | 820M | 834M |
| EBIT | 5.2B | -6.7B | -1.2B | 926M | 4.5B | 3.7B | -544M | 6.1B | 10.0B | 9.6B | 8.1B | 6.4B | 7.1B |
| Op. Margin | 29.1% | -76.3% | -16.0% | 8.3% | 25.9% | 21.3% | -4.9% | 32.7% | 38.8% | 39.7% | 34.1% | 28.2% | 29.8% |
| Net Income | 2.9B | -4.5B | -1.1B | 2.6B | 3.4B | 2.7B | -605M | 4.7B | 7.8B | 7.6B | 6.4B | 5.0B | 5.5B |
| Net Margin | 16.2% | -51.7% | -14.3% | 23.0% | 19.8% | 15.7% | -5.5% | 25.0% | 30.2% | 31.4% | 27.0% | 22.0% | 23.0% |
| Non-Recurring | -15M | 9.1B | 873M | -99M | 175M | 124M | -47M | 17M | 74M | 95M | 16M | -35M | -35M |
| Returns on Capital | |||||||||||||
| ROIC | 15.1% | -20.9% | -5.4% | 4.5% | 15.8% | 11.7% | -2.4% | 21.0% | 33.3% | 29.2% | 23.0% | 16.0% | 15.9% |
| ROE | 17.6% | -29.5% | -8.1% | 17.1% | 19.2% | 13.3% | -2.9% | 22.0% | 33.0% | 28.7% | 22.3% | 16.8% | 17.8% |
| ROA | 8.9% | -14.7% | -3.9% | 8.7% | 10.7% | 7.7% | -1.7% | 12.6% | 19.5% | 17.8% | 14.1% | 10.1% | 10.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 8.6B | 3.6B | 2.4B | 4.3B | 7.8B | 8.2B | 5.0B | 8.8B | 11.1B | 11.3B | 12.1B | 10.0B | 10.7B |
| Free Cash Flow | 7.7B | 3.2B | 2.0B | 3.8B | 7.2B | 7.6B | 4.6B | 8.2B | 10.4B | 10.7B | 11.4B | 9.2B | 9.7B |
| Owner Earnings | 4.5B | 151M | -1.3B | 722M | 4.2B | 4.2B | 1.5B | 5.0B | 7.4B | 7.7B | 7.8B | 5.4B | 5.9B |
| CapEx | 972M | 416M | 388M | 475M | 592M | 612M | 414M | 592M | 713M | 631M | 725M | 878M | 983M |
| Maint. CapEx | 4.0B | 3.3B | 3.6B | 3.4B | 3.4B | 3.8B | 3.4B | 3.7B | 3.5B | 3.5B | 4.1B | 4.5B | 4.6B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 4.0B | 3.3B | 3.6B | 3.4B | 3.4B | 3.8B | 3.4B | 3.7B | 3.5B | 3.5B | 4.1B | 4.5B | 4.6B |
| CapEx/OCF | 8.4% | 8.0% | 3.9% | 4.1% | 3.1% | 3.3% | 4.4% | 2.4% | 3.4% | 7.1% | 8.4% | 4.8% | 9.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 280M | 367M | 373M | 387M | 438M | 588M | 821M | 2.7B | 5.1B | 3.4B | 2.1B | 2.2B | 2.2B |
| Dividend Yield | 0.7% | 1.1% | 1.1% | 0.9% | 0.9% | 1.6% | 3.6% | 7.6% | 8.6% | 5.2% | 3.1% | 3.5% | 2.5% |
| Share Buybacks | 127M | 49M | 82M | 63M | 63M | 25M | 16M | 41M | 118M | 1.0B | 3.2B | 2.6B | 2.2B |
| Buyback Yield | 0.3% | 0.2% | 0.2% | 0.1% | 0.2% | 0.1% | 0.1% | 0.1% | 0.2% | 1.6% | 4.9% | 4.6% | 2.5% |
| Stock-Based Comp | 145M | 131M | 128M | 134M | 155M | 175M | 146M | 152M | 133M | 177M | 199M | 216M | 224M |
| Debt Repayment | 500M | 500M | 564M | 600M | 350M | 900M | 1.0B | 750M | 0 | 1.3B | 0 | 2.5B | 2.5B |
| Balance Sheet | |||||||||||||
| Net Debt | 3.8B | 6.2B | 5.6B | 5.6B | 4.5B | 3.1B | 2.5B | 698M | -14M | -478M | -1.3B | 5.7B | 4.1B |
| Cash & Equiv. | 2.1B | 719M | 1.6B | 834M | 1.6B | 2.0B | 3.3B | 5.2B | 6.0B | 5.3B | 7.1B | 3.4B | 3.8B |
| Long-Term Debt | 5.9B | 6.6B | 7.0B | 6.0B | 5.2B | 4.2B | 5.0B | 5.1B | 3.8B | 3.8B | 4.2B | 7.9B | 7.9B |
| Debt/Equity | 0.33 | 0.53 | 0.52 | 0.39 | 0.31 | 0.24 | 0.29 | 0.27 | 0.24 | 0.17 | 0.20 | 0.31 | 0.26 |
| Interest Coverage | 26.0 | -28.2 | -4.3 | 3.4 | 18.2 | 20.0 | -2.7 | 34.3 | 55.7 | 64.9 | 58.6 | 27.2 | 28.0 |
| Equity | 17.7B | 12.9B | 14.0B | 16.3B | 19.4B | 21.6B | 20.3B | 22.2B | 24.8B | 28.1B | 29.4B | 29.8B | 30.9B |
| Total Assets | 34.8B | 26.8B | 29.3B | 29.8B | 33.9B | 37.1B | 35.8B | 38.2B | 41.4B | 43.9B | 47.2B | 51.8B | 53.4B |
| Total Liabilities | 17.0B | 13.9B | 15.3B | 13.5B | 14.6B | 15.5B | 15.5B | 4.7B | 16.6B | 5.4B | 5.8B | 6.8B | -123M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 14.8B | 9.9B | 8.4B | 10.6B | 13.5B | 15.6B | 14.2B | 15.9B | 18.5B | 22.6B | 26.9B | 29.8B | 31.2B |
| Working Capital | 2.0B | 773M | 1.4B | 554M | 1.3B | 786M | 2.4B | 4.5B | 5.0B | 5.9B | 5.9B | 3.0B | 3.7B |
| Current Assets | 5.4B | 2.6B | 3.4B | 3.3B | 5.1B | 5.3B | 5.9B | 8.6B | 10.5B | 9.9B | 11.2B | 7.7B | 9.0B |
| Current Liabilities | 3.4B | 1.8B | 2.0B | 2.7B | 3.7B | 4.5B | 3.5B | 4.0B | 5.5B | 4.1B | 5.4B | 4.7B | 5.2B |
| Per Share Data | |||||||||||||
| EPS | 5.32 | -8.29 | -1.98 | 4.46 | 5.89 | 4.71 | -1.04 | 7.99 | 13.22 | 13.00 | 11.25 | 9.12 | 9.33 |
| Owner EPS | 8.22 | 0.28 | -2.39 | 1.25 | 7.20 | 7.30 | 2.51 | 8.55 | 12.64 | 13.13 | 13.77 | 9.83 | 9.94 |
| Book Value | 32.32 | 23.71 | 25.24 | 28.12 | 33.36 | 37.27 | 34.90 | 38.00 | 42.22 | 48.09 | 51.57 | 54.63 | 52.47 |
| Cash Flow/Share | 15.78 | 6.59 | 4.26 | 7.37 | 13.38 | 14.06 | 8.61 | 15.06 | 18.90 | 19.41 | 21.34 | 18.39 | 17.21 |
| Dividends/Share | 0.59 | 0.67 | 0.67 | 0.67 | 0.81 | 1.08 | 1.50 | 4.99 | 8.88 | 5.89 | 3.71 | 3.99 | 3.68 |
| Shares Out. | 548.0M | 545.8M | 553.9M | 579.1M | 580.5M | 580.7M | 581.7M | 583.7M | 586.9M | 584.2M | 569.2M | 546.1M | 589.0M |
| Valuation | |||||||||||||
| P/E Ratio | 12.8 | N/A | N/A | 18.0 | 11.1 | 13.3 | N/A | 9.3 | 8.5 | 8.7 | 10.2 | 11.2 | 15.7 |
| P/FCF | 4.9 | 8.8 | 21.0 | 12.3 | 5.3 | 4.8 | 4.8 | 5.3 | 6.4 | 6.2 | 5.7 | 6.1 | 8.9 |
| EV/EBIT | 7.4 | N/A | N/A | 55.7 | 9.4 | 10.4 | N/A | 6.2 | 6.1 | 6.2 | 7.0 | 9.0 | 12.7 |
| Price/Book | 2.1 | 2.2 | 3.0 | 2.9 | 2.0 | 1.7 | 1.1 | 2.0 | 2.7 | 2.3 | 2.2 | 1.9 | 2.8 |
| Price/Sales | 2.2 | 3.9 | 4.4 | 3.7 | 2.8 | 2.1 | 2.0 | 1.9 | 2.3 | 2.7 | 2.8 | 2.8 | 3.6 |
| FCF Yield | 20.6% | 11.3% | 4.8% | 8.1% | 18.9% | 20.7% | 20.7% | 18.9% | 15.7% | 16.2% | 17.4% | 16.4% | 11.3% |
| Market Cap | 37.3B | 28.1B | 41.5B | 46.6B | 37.9B | 36.5B | 22.2B | 43.4B | 66.3B | 65.9B | 65.6B | 56.0B | 86.2B |
| Avg. Price | 71.57 | 62.28 | 61.26 | 70.77 | 84.31 | 64.19 | 38.75 | 60.38 | 102.16 | 110.64 | 118.01 | 114.52 | 146.39 |
| Year-End Price | 67.98 | 51.47 | 74.86 | 80.42 | 65.32 | 62.78 | 38.09 | 74.35 | 112.97 | 112.88 | 115.28 | 102.52 | 146.39 |
EOG RESOURCES INC passes 6 of 9 quality checks, suggesting mixed fundamentals.
EOG RESOURCES INC trades at 16.1x trailing earnings, compared to its 15-year median P/E of 10.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 8.2x vs a median of 5.9x. The company's 5-year average ROIC is 24.5% with a gross margin of 37.5%. Total shareholder yield (dividends + buybacks) is 5.0%. At current prices, the estimated annualized return to fair value is +10.6%.
EOG RESOURCES INC (EOG) has a net profit margin of 22.0%. This is a strong margin indicating high profitability.
EOG RESOURCES INC (EOG) generated $9.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
EOG RESOURCES INC (EOG) has a debt-to-equity ratio of 0.31. This indicates a conservatively financed balance sheet.
EOG RESOURCES INC (EOG) reported earnings per share (EPS) of $9.12 in its most recent fiscal year.
EOG RESOURCES INC (EOG) has a return on equity (ROE) of 16.8%. This indicates the company generates strong returns for shareholders.
EOG RESOURCES INC (EOG) has a 5-year average gross margin of 37.5%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for EOG RESOURCES INC (EOG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
EOG RESOURCES INC (EOG) has a book value per share of $54.63, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects modest oil production growth in 2026 while maintaining capital discipline, with the company well-positioned to capitalize on a constructive medium-term oil price environment supported by reduced global spare capacity, geopolitical risk premiums, and strategic petroleum reserve replenishment. U.S. natural gas demand is forecast to grow at a 3%–5% compound annual growth rate through the end of the decade, driven primarily by LNG and power demand, with EOG's premium gas position and contracted volumes providing strong visibility into expanding North American markets. The company anticipates continued operational excellence and cost discipline across its multi-basin portfolio, including further integration and optimization of the Utica acquisition, with well costs expected to decline in the low single digits through sustainable efficiency gains. EOG remains committed to returning 90%–100% of annual free cash flow to shareholders through a combination of regular dividends and opportunistic share repurchases, supported by a pristine balance sheet and leverage target of less than 1x EBITDA at bottom-cycle prices, providing both downside protection and strategic investment flexibility through commodity cycles.
Based on recent SEC filings and earnings calls, EOG RESOURCES INC (EOG) has provided the following forward guidance: Oil production: 2,000 bbl per day increase (FY2026); NGL production: 6,000 bbl per day increase (FY2026); Capital expenditures: $6.5 billion (FY2026); Free cash flow: $8.5 billion (FY2026); Cash return to shareholders: at least 70% of free cash flow (FY2026), plus 7 additional metrics.
| Dorado gross production exit rate | 1 Bcf per day gross production | FY2026 |
| U.S. natural gas demand growth | 3%-5% compound annual growth rate | through end of decade |
Oil production (FY2026): “For the full year 2026, we are increasing oil production guidance by 2,000 bbl per day and NGL production guidance by 6,000 bbl per day while keeping total capital expenditures flat at $6.5 billion.”
NGL production (FY2026): “For the full year 2026, we are increasing oil production guidance by 2,000 bbl per day and NGL production guidance by 6,000 bbl per day while keeping total capital expenditures flat at $6.5 billion.”
Capital expenditures (FY2026): “For the full year 2026, we are increasing oil production guidance by 2,000 bbl per day and NGL production guidance by 6,000 bbl per day while keeping total capital expenditures flat at $6.5 billion.”
Free cash flow (FY2026): “At current strip pricing and using guidance midpoints, our 2026 plan generates a record $8.5 billion in free cash flow.”
Cash return to shareholders (FY2026): “Given the substantial increase in oil prices since late February and the subsequent increase in our free cash flow, we expect to return at least 70% of free cash flow this year, which would represent a record annual cash return to shareholders.”
Delaware Basin net well completions (FY2026): “Activity in 2026 will remain focused on the Wolfcamp, Bone Spring and Leonard plays, where EOG expects to complete approximately 300 net wells.”
Utica net well completions (FY2026): “In 2026, EOG expects to complete approximately 85 net wells in the Utica play.”
Eagle Ford net well completions (FY2026): “In 2026, EOG expects to complete approximately 115 net Eagle Ford play wells and 40 net Dorado gas play wells.”