olivLaw · US equity research
EOG Resources, Inc. EOG
Crude Petroleum & Natural Gas · SIC 1311
EOG Resources is one of the largest independent crude oil and natural gas producers in the United States, with proved reserves also in Trinidad and Tobago. At December 31, 2025 total estimated net proved reserves were 5514 MMBoe, and net income fell to 4980 million USD in 2025 from 6403 million USD in 2024. The 2026 capital budget is estimated at 6.3 to 6.7 billion USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, EOG Resources, Inc. (EOG) stock was 147.06 USD (−5.23% on the day), with market capitalisation 77.1 bn USD, P/E 11.4 on diluted EPS of 12.85 USD over the last 12 months, dividend yield 2.08%, beta 0.31, 52-week range 101.78–165.54 USD. Latest reported quarter (Q2 2026): revenue of 8.6 bn USD (+57.4% YoY), net income of 2.7 bn USD (+102.5% YoY), diluted EPS 5.15 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.6
- weak (30–45)
- Bollinger (20, 2)
- 146.15 – 167.17
- in the lower half of the band · %B 0.04 · band width 13.4%
- SMA 50 / 200
- 149.25 / 137.76
- mixed trend
- MACD (12, 26, 9)
- 2.47 / 3.71
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.1% | −1.1% | +3.2 pp | — |
| 3 months | +9.6% | −0.5% | +10.0 pp | — |
| 6 months | +9.2% | +4.4% | +4.8 pp | — |
| Year to date | +40.0% | +12.3% | +27.7 pp | — |
| 1 year | +39.7% | +13.5% | +26.2 pp | — |
| 3 years | +14.7% | +76.4% | −61.7 pp | — |
| 5 years | +54.6% | +63.7% | −9.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.0 bn | 5.6 bn | 5.7 bn | 5.5 bn | 5.8 bn | 5.6 bn | 6.9 bn | 8.6 bn |
| Operating income | 2.1 bn | 1.6 bn | 1.9 bn | 1.7 bn | 1.8 bn | 943.0 m | 2.6 bn | 3.5 bn |
| Depreciation & amortisation | 1.0 bn | 1.0 bn | 1.0 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.3 bn |
| Interest expense | 31.0 m | 38.0 m | 47.0 m | 51.0 m | 71.0 m | 66.0 m | 66.0 m | 67.0 m |
| Pre-tax income | 2.1 bn | 1.6 bn | 1.9 bn | 1.8 bn | 1.8 bn | 910.0 m | 2.6 bn | 3.5 bn |
| Income tax | 461.0 m | 373.0 m | 414.0 m | 406.0 m | 353.0 m | 209.0 m | 575.0 m | 775.0 m |
| Net income | 1.7 bn | 1.3 bn | 1.5 bn | 1.3 bn | 1.5 bn | 701.0 m | 2.0 bn | 2.7 bn |
| Diluted EPS | 2.95 | 2.25 ≈ | 2.65 | 2.46 | 2.70 | 1.30 ≈ | 3.70 | 5.15 |
| Operating cash flow | 3.6 bn ≈ | 2.8 bn | 2.3 bn | 2.0 bn ≈ | 3.1 bn ≈ | 2.6 bn | 3.0 bn | 4.7 bn ≈ |
| Dividends paid | 533.0 m ≈ | 509.0 m | 538.0 m | 528.0 m ≈ | 545.0 m ≈ | 550.0 m | 544.0 m | 540.0 m ≈ |
| Share repurchases | 795.0 m ≈ | 993.0 m | 806.0 m | 602.0 m ≈ | 479.0 m ≈ | 677.0 m | 418.0 m | 1.3 bn ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 44 percentile of its own 34-quarter history (min 7.2, median 11.7, max 9,674.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17.3 bn | 17.4 bn | 11.0 bn | 18.6 bn | 25.7 bn | 24.2 bn | 23.7 bn | 22.6 bn |
| Revenue YoY | +54.1% | +0.6% | −36.5% | +69.0% | +37.9% | −5.9% | −2.0% | −4.5% |
| Net income | 3.4 bn | 2.7 bn | -605.0 m | 4.7 bn | 7.8 bn | 7.6 bn | 6.4 bn | 5.0 bn |
| Net income YoY | +32.4% | −20.0% | −122.1% | unavailable | +66.4% | −2.1% | −15.7% | −22.2% |
| Diluted EPS | 5.89 | 4.71 | -1.04 | 7.99 | 13.22 | 13.00 | 11.25 | 9.12 |
| Diluted EPS YoY | +32.1% | −20.0% | −122.1% | unavailable | +65.5% | −1.7% | −13.5% | −18.9% |
| net % | 19.8% | 15.7% | -5.5% | 25.0% | 30.2% | 31.4% | 27.0% | 22.0% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.4 bn USD
- Financial debt
- 7.9 bn USD
- Net debt
- 4.5 bn USD
- Equity
- 29.8 bn USD
- Total assets
- 51.8 bn USD
- Debt / equity
- 0.27x
- Current ratio
- 1.63x
- ROE
- 16.8%
- ROA
- 10.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 11.0 bn | 18.6 bn | 25.7 bn | 24.2 bn | 23.7 bn | 22.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | -544.0 m | 6.1 bn | 10.0 bn | 9.6 bn | 8.1 bn | 6.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 3.4 bn | 3.7 bn | 3.5 bn | 3.5 bn | 4.1 bn | 4.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 2.9 bn ≈ | 9.8 bn ≈ | 13.5 bn ≈ | 13.1 bn ≈ | 12.2 bn ≈ | 10.8 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 205.0 m | 178.0 m | 179.0 m | 148.0 m | 138.0 m | 235.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | -739.0 m | 5.9 bn | 9.9 bn | 9.7 bn | 8.2 bn | 6.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | -134.0 m | 1.3 bn | 2.1 bn | 2.1 bn | 1.8 bn | 1.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Net income | -605.0 m | 4.7 bn | 7.8 bn | 7.6 bn | 6.4 bn | 5.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | -1.04 | 7.99 | 13.22 | 13.00 | 11.25 | 9.12 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 579.0 m | 584.0 m | 587.0 m | 584.0 m | 569.0 m | 546.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 1.50 | 4.99 | 8.88 | 5.89 | 3.71 | 3.99 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.3 bn | 5.2 bn | 6.0 bn | 5.3 bn | 7.1 bn | 3.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 1.5 bn | 2.3 bn | 2.8 bn | 2.7 bn | 2.7 bn | 2.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 629.0 m | 584.0 m | 1.1 bn | 1.3 bn | 985.0 m | 1.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 5.9 bn | 8.6 bn | 10.5 bn | 9.9 bn | 11.2 bn | 7.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 28.6 bn | 28.4 bn | 29.4 bn | 32.3 bn | 34.2 bn | 42.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 35.8 bn | 38.2 bn | 41.4 bn | 43.9 bn | 47.2 bn | 51.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 1.7 bn | 2.2 bn | 2.5 bn | 2.4 bn | 2.5 bn | 2.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 781.0 m | 37.0 m | 1.3 bn | 34.0 m | 532.0 m | 27.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 5.0 bn | 5.1 bn | 3.8 bn | 3.8 bn | 4.2 bn | 7.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 3.5 bn | 4.0 bn | 5.5 bn | 4.1 bn | 5.4 bn | 4.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 20.3 bn | 22.2 bn | 24.8 bn † | 28.1 bn † | 29.4 bn † | 29.8 bn † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 5.0 bn | 8.8 bn | 11.1 bn | 11.3 bn | 12.1 bn | 10.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Investing cash flow | -3.3 bn | -3.4 bn | -5.1 bn | -6.3 bn | -6.0 bn | -10.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -359.0 m | -3.5 bn | -5.3 bn | -5.7 bn | -4.4 bn | -2.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 821.0 m | 2.7 bn | 5.1 bn | 3.4 bn | 2.1 bn | 2.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 16.0 m | 41.0 m | 118.0 m | 1.0 bn | 3.2 bn | 2.6 bn | SEC (XBRL)· 24 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 77.1 bn USD
Key indicators
Coverage and freshness
Score by group
81% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)outside the aggregate52.43 – 70.51 (Mid 60.14)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 22.1% | 100 (on a fixed band) | 13% |
| Net margin · Quality | 25.4% | 100 (on a fixed band) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -4.2% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | -11.6% | 0 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 0.2x | 100 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 33.0x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.9x | 88 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 11.4x | 84 (on a fixed band) | 13% |
| EV/EBITDA · Valuation | 5.8x | 83 (on a fixed band) | 13% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.5% | 94 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet98/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality100/100 · 2/3 factors with a value
- Returns· partial94/100 · 1/2 factors with a value
- Valuation84/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EOG RESOURCES, INC. (EOG). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 22.6 bn USD in 2025; YoY growth -4.5%; net margin 25.4%; ROE 22.5%; net debt/EBITDA 0.2x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 22.1%
- Net margin: 25.4%
- Net debt / EBITDA: 0.2x
- Interest coverage: 33.0x
- Current ratio: 1.9x
- P/E (TTM): 11.4x
- EV/EBITDA: 5.8x
- Shareholder yield (distributions): 6.5%
What contradicts it
- Revenue CAGR 3Y: -4.2%
- EPS CAGR 3Y: -11.6%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, FCF yield, Payout ratio (FCF).
Versus the vertical median
Not enough comparable companies with data for an average.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 80.98 Total return -43% · Per year -43% | 143.82 Total return -0% · Per year -0% | 217.52 Total return 50% · Per year 50% |
| 3 years | 65.52 Total return -51% · Per year -21% | 132.12 Total return -4% · Per year -1% | 221.23 Total return 58% · Per year 16% |
| 5 years | 53.01 Total return -58% · Per year -16% | 121.38 Total return -8% · Per year -2% | 225.00 Total return 66% · Per year 11% |
- Exit P/E± 33.03
- Net margin± 23.12
- Annual revenue growth± 20.70
- Annual dilution± 1.94
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (08 Oct 2026 · results).
In brief
EOG Resources is one of the largest independent crude oil and natural gas producers in the United States, with proved reserves also in Trinidad and Tobago. At December 31, 2025 total estimated net proved reserves were 5514 MMBoe 1, and net income fell to 4980 million USD in 2025 from 6403 million USD in 2024 1. The 2026 capital budget is estimated at 6.3 to 6.7 billion USD 2.
SWOT
Strengths
- The company holds a strong position in long-lived producing basins with large reserves and a low-cost strategy 1. The balance sheet is solid, with a moderate debt-to-capitalization ratio and available liquidity 1.
- Technology innovation in horizontal drilling and 3D seismic supports operational efficiency 1. Management applies a clear framework for returning cash to shareholders 1.
- The Encino acquisition added significant assets in the Utica play, widening the inventory of drilling locations 1.
Weaknesses
- Revenues depend heavily on volatile crude and gas prices, and prolonged declines can reduce cash flow 1.
- Net income fell in 2025 versus the prior year, showing sensitivity of results to prices and acquisition costs 1.
- International operations are still early-stage with no significant production contribution, so risk remains concentrated in the U.S. 12.
Opportunities
Risks
- Commodity price volatilityhigh
Prices fluctuate widely, and a substantial and extended decline could reduce cash flow, dividends and share repurchases 1.
- Access to financingmedium
If capital markets weaken or lenders demand higher interest, financing investments could become more expensive or difficult 1.
- Operating cost inflationmedium
Efficiency measures may not offset inflationary pressure on drilling and capital costs 12.
- Reserve estimatesmedium
Reserves are estimates based on interpretations and assumptions; downward revisions could affect results and the share price 1.
- Reliance on reserve replacementlow
Without acquisitions or new discoveries, production could decline as fields are depleted 1.
Investment thesis
What would need to be true (bull case)
- Higher crude prices in 2026 and a reserve base expanded by the Encino deal could support cash flow and shareholder returns 12.
- The low-cost strategy and technology innovation could sustain good returns even if prices are moderate 1.
- A relatively modest debt load could give flexibility for further acquisitions or exploration programs 1.
What would break the thesis
- If crude prices fall after the Middle East conflict, financial results could revert to the weaker levels of 2025 12.
- Rising operating and capital costs could compress margins, especially if efficiency gains prove insufficient 12.
- Risks tied to reserve estimates and international spending could lead to write-downs or results below expectations 1.
What to watch
- Crude oil price trend and the revenue sensitivity reported in the quarterly filingQ3 2026
- Results of the exploration programs in Bahrain and the UAE2026
- Execution of the 6.3 to 6.7 billion USD capital budget2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (08 Oct 2026 · results).
The business
International activity has also grown: in June 2026 EOG commenced crude oil production in the UAE, and exploration programs in Bahrain and the UAE continue through the rest of 2026 2. The capital return framework commits to returning at least 70 percent of annual net cash from operations, less total capital expenditures, to stockholders through dividends and share repurchases 1.
Market context
The market is fragmented: the company competes for licences, properties, reserves and skilled personnel with major integrated oil companies, government-affiliated companies and other independents 1. Larger competitors have greater financial resources, which could limit the company's access to some bids 1.
Trends
- Middle East conflict and crude pricesmixed
The ongoing conflict has disrupted maritime routes and supported crude prices, which could lift cash flows if prices stay high 2. Revenue sensitivity is large, so a price decline could materially reduce net income 2.
- Higher natural gas pricestailwind
Natural gas prices rose compared with 2024, supporting gas revenues, especially in the United States 12. Volatility remains high and could reverse this advantage.
- Operating cost inflationheadwind
Tariffs and other inflationary pressures could raise drilling and capital costs, and efficiency gains may not fully offset them 12.
- Capital needs and financing costsheadwind
Pressure in financial markets and investor retreat from the oil sector could raise financing costs if credit conditions deteriorate 1.
Competitive position
EOG competes for licences, properties, reserves and services with major integrated oil companies, government-affiliated oil companies and other independent producers 1. Larger rivals have greater financial resources and stronger government relationships, which can affect acquisition terms 1.
Competition also comes from alternative energy sources, including renewables, which could influence long-term demand 1. The company responds through operating efficiencies and a focus on high rates of return 1.
- Major integrated oil companies
Companies with substantially greater financial resources and long-term strategic positions in countries where EOG may seek entry 1.
- Government-affiliated oil companies
Operators with strong government relationships that may have an advantage in bidding for drilling rights 1.
- Other independent oil and gas producers
Rivals competing for acreage, skilled personnel and drilling services in U.S. basins 1.
- Alternative energy providers
Renewable sources that compete indirectly for long-term energy demand 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report08 Oct 2026Results of operations
- Current report24 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report09 Jul 2026Results of operations
- Current report21 May 2026Shareholder vote · Other events
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report09 Apr 2026Results of operations
- Proxy statement27 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / EOG Resources, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / EOG Resources, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.