Eog Resources Stock Earnings Reports

EOG reported an exceptional Q3 2025 driven by the August closing of the Encino acquisition, strong operational execution across its multi-basin portfolio, and disciplined capital management. Production volumes beat guidance while capital spending, cash operating costs and DD&A were below guidance, producing $1.4 billion of free cash flow in the quarter and $3.7 billion year-to-date. Management highlighted a strengthened portfolio anchored by three foundational high-return assets (Delaware, Eagle Ford, Utica), progress in emerging plays (Dorado, Powder River), and new international unconventional entries (UAE, Bahrain). Encino integration is ahead of plan with a $150 million synergy target in the first year and early production and optimization gains in Utica. EOG reiterated a conservative near-term oil view but constructive medium/long-term outlook, and bullish structural drivers for U.S. gas (LNG and power demand). Financially, EOG maintains a pristine balance sheet, targeted leverage <1x at $45 WTI/$2.50 HH, a growing regular dividend (annualized $4.08 per share) and an active buyback program (≈50M shares repurchased since 2023 with $4B authorization remaining). Management forecast full-year 2025 free cash flow of $4.5 billion (up $200M from prior midpoint) and signaled continued opportunistic repurchases given current valuations while keeping capital allocation returns-focused and discipline-driven for 2026.