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EOG Resources (EOG) investor relations material
EOG Resources Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Closed the Encino acquisition, adding significant Utica assets and diversifying the production base, accelerating free cash flow generation and operational efficiency.
Delivered strong operational performance, with oil, natural gas, and NGL volumes exceeding guidance midpoints, aided by core and newly acquired assets.
Maintained a focus on high returns, capital discipline, operational excellence, sustainability, and a high-performing culture.
Multi-basin portfolio and diversified marketing strategy enhance margins and provide flow assurance.
Operating revenues for Q3 2025 were $5.85 billion, with net income of $1.47 billion; nine-month net income was $4.28 billion on $16.99 billion in revenue.
Financial highlights
Generated $1.4 billion in free cash flow and $1.5 billion in net income for Q3 2025; adjusted EPS was $2.71 and adjusted cash flow from operations per share was $5.57.
Year-to-date free cash flow reached $3.7 billion; full-year 2025 free cash flow forecast increased to $4.5 billion.
2024 total cash returns to shareholders reached $5.3 billion, representing 98% of annual free cash flow.
Paid regular dividends of $3.95 per share in 2025, an 8% increase over 2024; quarterly dividend increased to $1.02 per share in Q4 2025.
Over $20 billion returned to investors over the past five years via dividends and buybacks.
Outlook and guidance
Q4 2025 run rate is a starting point for 2026 planning, with no to low oil growth expected due to anticipated market oversupply.
Full-year 2025 oil production expected to rise 6% and total production 15% year-over-year, including Encino assets.
Minimum 70% of annual free cash flow to be returned to shareholders via dividends and buybacks.
Continued investment in gas plays, especially Dorado, and steady international activity in Trinidad, UAE, and Bahrain.
Bullish on medium- and long-term oil and gas demand, expecting 4-6% CAGR for North American gas demand in the back half of the decade.
Reconcile 3Q25 GAAP vs non-GAAP G&A per Boe
How did Encino integration affect per-unit costs?
Given Encino, how does EOG balance debt and returns?
What FCF return % is compelling at current valuation?
How do new zones impact Delaware resource recovery?
What is the strategic focus for international exploration?
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Next EOG Resources earnings date
Q4 202527 Feb, 2026
Next EOG Resources earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
EOG Resources, Inc. explores for, develops, produces, and markets crude oil and natural gas in the United States of America, Canada, the Republic of Trinidad and Tobago, the United Kingdom, China, and the Permian Basin. It also markets crude oil and condensate, natural gas liquids (NGLs), and natural gas; transports crude oil and NGLs produced by third parties; and provides gathering, processing, and compression services to third-party producers of natural gas. EOG Resources is based in Houston, Texas.
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