EOG RESOURCES INC
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
EOG$147.13+1.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000821189-25-000070
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0000821189-25-000131
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 140 previous paragraphs and 147 current paragraphs.
65 unchanged; 67 reworded; 13 added; 7 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 14 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
At September 30, 2025, the $750 million aggregate principal amount of EOG's 4.15% Senior Notes due 2026 was classified as long-term debt based upon EOG's intent and ability to ultimately replace such amount with other long-term debt.
Current report
(3)Other International represents EOG's Kingdom of Bahrain operations. Realized price represents contract price less Bapco's processing and distribution costs.
Current report
Income taxes of $353 million for the third quarter of 2025 decreased from income taxes of $461 million for the third quarter of 2024 primarily due to decreased pretax income and lower state deferred income taxes. The net effective tax rate for the third quarter of 2025 decreased to 19% from 22% for the third quarter of 2024. The lower effective tax rate is primarily due to a reduction of the state deferred income tax liability resulting from changes in state apportionment factors due to the Encino acquisition.
Current report
Nine Months Ended September 30, 2025 vs. Nine Months Ended September 30, 2024
Current report
(2) Other International represents EOG's Kingdom of Bahrain operations. Realized price represents contract price less Bapco's processing and distribution costs.
Current report
NGL revenues for the first nine months of 2025 increased $158 million, or 10%, to $1,710 million from $1,552 million for the same period of 2024 due to an increase of 26.3 MBbld, or 11%, in NGL deliveries ($162 million), partially offset by a lower composite average price ($4 million). Increased production was primarily from the Utica and Permian Basin. EOG's composite NGL price for the first nine months of 2025 decreased less than 1% to $23.20 per barrel compared to $23.25 per barrel for the same period of 2024.
Current report
Critical Accounting Policies and Estimates
Current report
The critical accounting policies and estimates applied in the preparation of EOG's interim condensed consolidated financial statements for the nine months ended September 30, 2025 are the same as those described in EOG's 2024 Annual Report except as follows.
Current report
Business Combinations
Current report
EOG accounts for business combinations under the Business Combinations topic of the Accounting Standards Codification (ASC 805), which requires identifiable assets acquired and liabilities assumed to be recognized at their acquisition date fair values. In estimating the fair values of assets acquired and liabilities assumed, various assumptions are applied.
Current report
The most significant assumptions relate to the estimated fair values of proved and unproved oil and natural gas properties for which EOG utilized the Income Approach described in the Fair Value Measurement Topic of the Accounting Standards Codification (ASC 820). The assumptions made in performing the valuation under the Income Approach include future crude oil, NGLs and natural gas prices, future operating and development costs, anticipated production from reserves, a weighted average cost of capital rate and risk adjustment factors for proved undeveloped, probable and possible reserves.
Current report
The assumptions and inputs used in determining fair value estimates involve significant management judgment and are based on industry, market and economic conditions at the time of the acquisition. While these estimates are based on assumptions considered reasonable, they are inherently uncertain and actual results may differ. For related discussion on proved oil and gas reserves, depreciation, depletion, and amortization for oil and gas properties and impairments, see ITEM 7, Management's Discussion and Analysis of Financial Condition and Results of Operations – Summary of Critical Accounting Policies and Estimates included in EOG's 2024 Annual Report.
Current report
See Note 11 to the Condensed Consolidated Financial Statements for further discussion on the Encino acquisition.
Removed paragraphs (7)
Previous report
Inflation Considerations. As further discussed in EOG's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 27, 2025 (EOG's 2024 Annual Report), during 2024 and the early part of 2025, EOG continued to see diminished inflationary pressures on its operating costs and capital expenditures (e.g., for fuel, wellbore tubulars, facilities manufactured using steel, labor and drilling and completion services) and, in certain circumstances, saw declines in prices. However, because the market for the materials, services and labor used in our operations continues to fluctuate, there can be no assurance that the inflationary pressures experienced by EOG in prior periods will not resume (for example, as a result of the imposition of tariffs, other trade barriers or other economic factors). Further, the timing and impact of any future price changes on EOG's operating costs and capital expenditures is uncertain.
Previous report
Climate Change. For a discussion of climate change matters and related regulatory matters, including potential developments related to climate change and the potential impacts and risks of such developments on EOG, see ITEM 1A, Risk Factors and the related discussion in ITEM 1, Business - Regulation of EOG's 2024 Annual Report. EOG will continue to monitor and assess any climate change-related developments that could impact EOG and the oil and gas industry, to determine the impact on its business and operations, and take appropriate actions where necessary.
Previous report
On August 1, 2025, EOG completed the acquisition of Encino for cash consideration of approximately $4,484 million and the assumption of Encino's senior notes in an aggregate principal amount of $1,200 million. In connection with the completion of the acquisition, EOG repaid and redeemed such senior notes in full, utilizing aggregate cash of approximately $1,292 million (inclusive of applicable redemption premiums and accrued and unpaid interest).
Previous report
NGL revenues for the second quarter of 2025 increased $19 million, or 4%, to $534 million from $515 million for the same period of 2024 due to an increase of 13.6 MBbld, or 6%, in NGL deliveries ($30 million), partially offset by a lower composite average price ($11 million). Increased production was primarily from the Permian Basin and Utica. EOG's composite NGL price for the second quarter of 2025 decreased 2% to $22.70 per barrel compared to $23.11 per barrel for the same period of 2024.
Previous report
Income taxes of $406 million for the second quarter of 2025 decreased from $470 million for the second quarter of 2024 primarily due to decreased pretax income. The net effective tax rate for the second quarter of 2025 increased to 23% from 22% for the second quarter of 2024.
Previous report
Six Months Ended June 30, 2025 vs. Six Months Ended June 30, 2024
Previous report
Encino Financial Commodity Derivative Contracts. In connection with the acquisition of Encino, EOG assumed (via novation) certain natural gas and NGLs financial derivative contracts from Encino. Presented below is a summary of such contracts outstanding as of August 1, 2025. Natural gas volumes are presented in MMBtud and prices are presented in $/MMBtu. NGLs volumes are presented in thousands of barrels per day (MBbld) and prices are presented in dollars per barrel ($/Bbl).
Reworded paragraphs (67)
Previous wording
For the first six months of 2025, the average U.S. New York Mercantile Exchange (NYMEX) crude oil and natural gas prices were $67.55 per barrel and $3.55 per million British thermal units (MMBtu), respectively, representing a decrease of 14% and an increase of 72%, respectively, from the average NYMEX prices for the same period in 2024. Market prices for NGLs are influenced by the components extracted, including ethane, propane and butane and natural gasoline, among others, and the respective market pricing for each component.
Current wording
For the first nine months of 2025, the average U.S. New York Mercantile Exchange (NYMEX) crude oil and natural gas prices were $66.67 per barrel and $3.39 per million British thermal units (MMBtu), respectively, representing a decrease of 14% and an increase of 61%, respectively, from the average NYMEX prices for the same period in 2024. Market prices for NGLs are influenced by the components extracted, including ethane, propane and butane and natural gasoline, among others, and the respective market pricing for each component.
Previous wording
Including the impact of EOG's NGL financial derivative contracts and based on EOG's tax position, EOG's price sensitivity as of June 30, 2025, for each $1.00 per barrel increase or decrease in crude oil and condensate price, combined with the estimated change in NGL price, is approximately $167 million for net income and $214 million for pretax cash flows from operating activities, in each case for the full-year 2025.
Current wording
Including the impact of EOG's NGL financial derivative contracts and based on EOG's tax position, EOG's price sensitivity as of September 30, 2025, for each $1.00 per barrel increase or decrease in crude oil and condensate price, combined with the estimated change in NGL price, is approximately $165 million for net income and $211 million for pretax cash flows from operating activities, in each case for the full-year 2025.
Previous wording
EOG has undertaken (and continues to undertake) initiatives to increase its drilling, completion and operating efficiencies and improve the performance of its wells and, in turn, mitigate the inflationary pressures experienced in prior periods. Such initiatives include (among others): (i) EOG's downhole drilling motor program, which has resulted in increased footage drilled per day and, in turn, reduced drilling times; (ii) enhanced techniques for completing its wells, which has resulted in increased footage completed per day and pumping hours per day; (iii) drilling extended laterals, which has resulted in a decrease in cost per foot drilled; and (iv) EOG's self-sourced sand program, which has provided supply certainty and resulted in operational efficiencies in its well completion operations. In addition, EOG has entered into agreements with its service providers from time to time, when available and advantageous, to secure the costs and availability of certain drilling and completion services it utilizes as part of its operations.
Current wording
Operating Efficiencies. EOG has undertaken (and continues to undertake) initiatives to increase its drilling, completion and operating efficiencies and improve the performance of its wells. Such initiatives include (among others): (i) EOG's downhole drilling motor program, which has resulted in increased footage drilled per day and, in turn, reduced drilling times; (ii) enhanced techniques for completing its wells, which have resulted in increased footage completed per day and pumping hours per day; (iii) drilling extended laterals, which has resulted in a decrease in cost per foot drilled; and (iv) EOG's self-sourced sand program, which has provided supply certainty and resulted in operational efficiencies in its well completion operations. In addition, EOG has entered into agreements with its service providers from time to time, when available and advantageous, to secure the costs and availability of certain drilling and completion services it utilizes as part of its operations.
Previous wording
EOG plans to continue with these initiatives and actions, though there can be no assurance that such efforts will offset, largely or at all, the impacts of any future inflationary pressures (such as from tariffs, other trade barriers or other economic factors) on EOG's operating costs and capital expenditures, cash flows and results of operations. Further, there can be no assurance that the factors contributing to any such future inflationary pressures will not impact EOG's ability to conduct its future day-to-day drilling, completion and production operations.
Current wording
EOG plans to continue with these initiatives and actions, though there can be no assurance that such efforts will continue to be successful due to the impacts of any future inflationary pressures (such as from tariffs, other trade barriers or other macroeconomic factors) on EOG's operating costs and capital expenditures, cash flows and results of operations. Further, there can be no assurance that any such pressures or factors will not impact EOG's ability to conduct its future day-to-day drilling, completion and production operations.
Previous wording
During the first six months of 2025, EOG continued to focus on initiatives to increase its drilling, completion and operating efficiencies and improve well performance. In addition, EOG continued to evaluate certain potential crude oil and condensate, NGLs and natural gas exploration and development prospects and to look for opportunities to add drilling inventory through leasehold acquisitions, farm-ins, exchanges or tactical or bolt-on acquisitions. On a volumetric basis, as calculated using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas, crude oil and condensate and NGLs production accounted for approximately 70% and 72% of EOG's United States production during the first six months of 2025 and 2024, respectively. During the first six months of 2025, EOG's drilling and completion activities occurred primarily in the Delaware Basin and the Eagle Ford play. EOG's major producing areas in the United States are in New Mexico and Texas.
Current wording
During the first nine months of 2025, EOG continued to focus on initiatives to increase its drilling, completion and operating efficiencies and improve well performance. In addition, EOG continued to evaluate certain potential crude oil and condensate, NGLs and natural gas exploration and development prospects and to look for opportunities to add drilling inventory through leasehold acquisitions, farm-ins, exchanges or tactical or bolt-on acquisitions. On a volumetric basis, as calculated using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas, crude oil and condensate and NGLs production accounted for approximately 69% and 72% of EOG's United States production during the first nine months of 2025 and 2024, respectively. During the first nine months of 2025, EOG's drilling and completion activities occurred primarily in the Delaware Basin and the Eagle Ford play. EOG's major producing areas in the United States are in New Mexico, Texas and Ohio.
Previous wording
On July 4, 2025, the U.S. President signed into law the One Big Beautiful Bill Act, which primarily made permanent (generally with amendments) certain tax provisions of the 2017 Tax Cuts and Jobs Act. Included, among others, were changes to business tax provisions such as permanently restoring 100% bonus depreciation and full domestic research expensing. While the legislation is expected to reduce EOG's 2025 cash tax payments, it is not expected to have a material impact on earnings.
Current wording
On July 4, 2025, the U.S. President signed into law the One Big Beautiful Bill Act, which primarily made permanent (generally with amendments) certain tax provisions of the 2017 Tax Cuts and Jobs Act. Included, among others, were changes to business tax provisions such as permanently restoring 100% bonus depreciation and full domestic research expensing. While the legislation is expected to reduce EOG's 2025 cash tax payments, it did not have a material impact on EOG's earnings.
Previous wording
On August 1, 2025, EOG completed its previously announced acquisition of Encino Acquisition Partners, LLC (Encino). The assets of Encino include 675,000 core net acres in the Utica play. The financial results of Encino will be included in EOG's consolidated financial statements beginning August 1, 2025.
Current wording
On August 1, 2025, EOG completed its previously announced acquisition of Encino Acquisition Partners, LLC (Encino). The assets of Encino include 675,000 core net acres in the Utica play. EOG is in the process of integrating and optimizing operations and expects to complete 65 net wells in the Utica play in 2025. The financial results of Encino have been included in EOG's consolidated financial statements beginning August 1, 2025.
Previous wording
Trinidad. In Trinidad, EOG continues to deliver natural gas under existing supply contracts. Several fields have been developed and are producing natural gas which is sold to the National Gas Company of Trinidad and Tobago Limited and its subsidiary, and crude oil and condensate which is sold to both Heritage Petroleum Company Limited and BP Trinidad and Tobago LLC (bpTT). In January 2025, EOG executed two production sharing contracts with the Government of Trinidad and Tobago for the Lower Reverse L and North Coast Marine Area 4(a) Blocks.
Current wording
Trinidad. In Trinidad, EOG continues to deliver natural gas which is sold to the National Gas Company of Trinidad and Tobago Limited and its subsidiary under existing supply contracts. Crude oil and condensate are sold to both Heritage Petroleum Company Limited and BP Trinidad and Tobago LLC. In January 2025, EOG executed two production sharing contracts with the Government of Trinidad and Tobago for the Lower Reverse L and North Coast Marine Area 4(a) Blocks.
Previous wording
Other International. In February 2025, a subsidiary of EOG signed an exploration participation agreement with Bapco Energies B.S.C. (Closed) to evaluate a gas exploration project in the Kingdom of Bahrain, with drilling anticipated to commence in the second half of 2025. The transaction, which includes a concession agreement with the Kingdom of Bahrain, is subject to further government approvals, which the parties anticipate receiving in the second half of 2025.
Current wording
Other International. In February 2025, a subsidiary of EOG signed an exploration participation agreement with Bapco Energies B.S.C. (Closed) (Bapco) to evaluate a gas exploration prospect in the Kingdom of Bahrain. In August 2025, the government of the Kingdom of Bahrain approved the related concession agreement. As part of the transaction, EOG has a working interest in several producing legacy wells and has commenced drilling operations.
Previous wording
2025 Capital and Operating Plan. Total 2025 capital expenditures are estimated to range from approximately $6.2 billion to $6.4 billion, including exploration and development drilling, facilities, leasehold acquisitions, capitalized interest, dry hole costs and other property, plant and equipment and excluding property acquisitions, asset retirement costs, non-cash exchanges and transactions and exploration costs incurred as operating expenses. EOG plans to continue to focus a substantial portion of its exploration and development expenditures in its major producing areas in the United States. In particular, EOG will be focused on United States drilling activity in its plays where it generates the highest rates of return - specifically, in the Delaware Basin, Eagle Ford, Utica and Rocky Mountain area. To further enhance the economics of these plays, EOG expects to continue to improve well performance and to focus on improving operating efficiencies; see the above related discussion. Relative to 2024, full-year oil production for 2025 (inclusive of production from the acquired Encino assets) is expected to increase by approximately 6% and full-year total crude oil, NGLs and natural gas production for 2025 (inclusive of production from the acquired Encino assets) is expected to increase by approximately 15%. In addition, EOG plans to continue to spend a portion of its anticipated 2025 capital expenditures on leasing acreage, evaluating new prospects and transportation infrastructure.
Current wording
2025 Capital and Operating Plan. Total 2025 capital expenditures are estimated to range from approximately $6.2 billion to $6.4 billion, including exploration and development drilling, facilities, leasehold acquisitions, capitalized interest, dry hole costs and other property, plant and equipment and excluding the acquisition of the equity interests in Encino, property acquisitions, asset retirement costs, non-cash exchanges and transactions and exploration costs incurred as operating expenses. EOG plans to continue to focus a substantial portion of its exploration and development expenditures in its major producing areas in the United States. In particular, EOG will be focused on United States drilling activity in its plays where it generates the highest rates of return - specifically, in the Delaware Basin, Eagle Ford, Utica and Rocky Mountain area. To further enhance the economics of these plays, EOG expects to continue to improve well performance and to focus on improving operating efficiencies; see the above related discussion. Relative to 2024, full-year oil production for 2025 (inclusive of production from the acquired Encino assets) is expected to increase by approximately 6% and full-year total crude oil, NGLs and natural gas production for 2025 (inclusive of production from the acquired Encino assets) is expected to increase by approximately 15%. In addition, EOG plans to continue to spend a portion of its anticipated 2025 capital expenditures on leasing acreage, evaluating new prospects and transportation infrastructure.
Previous wording
Capital Structure. One of management's key strategies is to maintain a strong balance sheet with a consistently below average debt-to-total capitalization ratio as compared to those in EOG's peer group. EOG's debt-to-total capitalization ratio was 13% at June 30, 2025 and 14% at December 31, 2024. As used in this calculation, total capitalization represents the sum of total current and long-term debt and total stockholders' equity.
Current wording
Capital Structure. One of management's key strategies is to maintain a strong balance sheet with a consistently below average debt-to-total capitalization ratio as compared to those in EOG's peer group. EOG's debt-to-total capitalization ratio was 20% at September 30, 2025 and 14% at December 31, 2024. As used in this calculation, total capitalization represents the sum of total current and long-term debt and total stockholders' equity.
Previous wording
On July 1, 2025, EOG closed on its offering of $500 million aggregate principal amount of its 4.400% Senior Notes due 2028, $1.25 billion aggregate principal amount of its 5.000% Senior Notes due 2032, $1.25 billion aggregate principal amount of its 5.350% Senior Notes due 2036 and $500 million aggregate principal amount of its 5.950% Senior Notes due 2055 (collectively, the New Notes). Interest on the New Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026. EOG received net proceeds of $3.47 billion from the issuance of the New Notes, which were used for general corporate purposes, including the payment of a portion of the consideration for the acquisition of Encino and related fees, costs and expenses. See below related discussion.
Current wording
On July 1, 2025, EOG closed on its offering of $500 million aggregate principal amount of its 4.400% Senior Notes due 2028, $1.25 billion aggregate principal amount of its 5.000% Senior Notes due 2032, $1.25 billion aggregate principal amount of its 5.350% Senior Notes due 2036 and $500 million aggregate principal amount of its 5.950% Senior Notes due 2055 (collectively, the New Notes). Interest on the New Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026. EOG received net proceeds of $3.47 billion from the issuance of the New Notes, which were used for general corporate purposes, including the payment of a portion of the consideration for the acquisition of Encino and related fees, costs and expenses.
Previous wording
EOG has significant flexibility with respect to financing alternatives, including borrowings under its commercial paper program, bank borrowings, borrowings under its senior unsecured revolving credit facility, joint development agreements and similar agreements and equity and debt offerings. For related discussion, see ITEM 7, Management's Discussion and Analysis of Financial Condition and Results of Operations - Capital Resources and Liquidity included in EOG's 2024 Annual Report.
Current wording
EOG has significant flexibility with respect to financing alternatives, including borrowings under its commercial paper program, bank borrowings, borrowings under its senior unsecured revolving credit facility, joint development agreements and similar agreements and issuances of additional equity and/or debt securities. For related discussion, see ITEM 7, Management's Discussion and Analysis of Financial Condition and Results of Operations - Capital Resources and Liquidity included in EOG's 2024 Annual Report.
Previous wording
On May 30, 2025, the Board declared a quarterly cash dividend on the common stock of $1.02 per share to be paid on October 31, 2025, to stockholders of record as of October 17, 2025. This represents an increase from the previous quarterly cash dividend which was $0.975 per share.
Current wording
On May 30, 2025, the Board declared a quarterly cash dividend on the common stock of $1.02 per share paid on October 31, 2025, to stockholders of record as of October 17, 2025. This represented an increase from the previous quarterly cash dividend which was $0.975 per share.
Previous wording
The following review of operations for the three months and six months ended June 30, 2025 and 2024 should be read in conjunction with the Condensed Consolidated Financial Statements of EOG and notes thereto included in this Quarterly Report on Form 10‑Q.
Current wording
The following review of operations for the three months and nine months ended September 30, 2025 and 2024 should be read in conjunction with the Condensed Consolidated Financial Statements of EOG and notes thereto included in this Quarterly Report on Form 10‑Q. The following includes results of operations from the assets acquired from Encino beginning August 1, 2025.
Previous wording
Operating Revenues and Other. During the second quarter of 2025, operating revenues decreased $547 million, or 9%, to $5,478 million from $6,025 million for the same period of 2024. Total revenues from sales of EOG's production of crude oil and condensate, NGLs and natural gas for the second quarter of 2025 decreased $402 million, or 9%, to $4,108 million from $4,510 million for the same period of 2024. EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $107 million for the second quarter of 2025 compared to net losses of $47 million for the same period of 2024. Gathering, processing and marketing revenues for the second quarter of 2025 decreased $272 million to $1,247 million from $1,519 million for the same period of 2024.
Current wording
Operating Revenues and Other. During the third quarter of 2025, total operating revenues decreased $118 million, or 2%, to $5,847 million from $5,965 million for the same period of 2024. Total revenues from sales of EOG's production of crude oil and condensate, NGLs and natural gas for the third quarter of 2025 increased $170 million, or 4%, to $4,554 million from $4,384 million for the same period of 2024. EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $116 million for the third quarter of 2025 compared to net gains of $79 million for the same period of 2024. Gathering, processing and marketing revenues for the third quarter of 2025 decreased $303 million, or 20%, to $1,178 million from $1,481 million for the same period of 2024.
Previous wording
Volume and price statistics for the three-month periods ended June 30, 2025 and 2024 were as follows:
Current wording
Volume and price statistics for the three-month periods ended September 30, 2025 and 2024 were as follows (see Note 5 for segment financial information):
Previous wording
(3)Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.
Current wording
(4)Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.
Previous wording
Crude oil and condensate revenues for the second quarter of 2025 decreased $718 million, or 19%, to $2,974 million from $3,692 million for the same period of 2024. The decrease was due to a lower composite average price ($826 million), partially offset by an increase of 13.5 MBbld, or 3%, in crude oil and condensate production ($108 million). Increased production was primarily from the Permian Basin and Utica. EOG's composite crude oil and condensate price for the second quarter of 2025 decreased 22% to $64.82 per barrel compared to $82.69 per barrel for the same period of 2024.
Current wording
Crude oil and condensate revenues for the third quarter of 2025 decreased $245 million, or 7%, to $3,243 million from $3,488 million for the same period of 2024. The decrease was due to a lower composite average price ($520 million), partially offset by an increase of 41.5 MBbld, or 8%, in crude oil and condensate production ($275 million). Increased production was primarily from the Utica and Permian Basin. EOG's composite crude oil and condensate price for the third quarter of 2025 decreased 14% to $65.95 per barrel compared to $76.92 per barrel for the same period of 2024.
Previous wording
NGL revenues for the first six months of 2025 increased $78 million, or 8%, to $1,106 million from $1,028 million for the same period of 2024 due to an increase of 11.8 MBbld, or 5%, in NGL deliveries ($45 million) and a higher composite average price ($33 million). Increased production was primarily from the Permian Basin and Utica. EOG's composite NGL price for the first six months of 2025 increased 3% to $24.42 per barrel compared to $23.70 per barrel for the same period of 2024.
Current wording
NGL revenues for the third quarter of 2025 increased $80 million, or 15%, to $604 million from $524 million for the same period of 2024 due to an increase of 55.0 MBbld, or 22%, in NGL deliveries ($113 million), partially offset by a lower composite average price ($33 million). Increased production was primarily from the Utica and Permian Basin. EOG's composite NGL price for the third quarter of 2025 decreased 5% to $21.25 per barrel compared to $22.42 per barrel for the same period of 2024.
Previous wording
Natural gas revenues for the second quarter of 2025 increased $297 million, or 98%, to $600 million from $303 million for the same period of 2024. The increase was due to a higher composite average price ($238 million) and an increase in natural gas deliveries ($59 million). Natural gas deliveries for the second quarter of 2025 increased 357 MMcfd, or 19%, compared to the same period of 2024 due primarily to increased production of associated natural gas from the Permian Basin and higher natural gas deliveries in Dorado and Trinidad. EOG's composite natural gas price for the second quarter of 2025 increased 66% to $2.96 per Mcf compared to $1.78 per Mcf for the same period of 2024.
Current wording
Natural gas revenues for the third quarter of 2025 increased $335 million, or 90%, to $707 million from $372 million for the same period of 2024. The increase was due to a higher composite average price ($189 million) and an increase in natural gas deliveries ($146 million). Natural gas deliveries for the third quarter of 2025 increased 775 MMcfd, or 39%, compared to the same period of 2024 due primarily to increased production of associated natural gas from the Permian Basin and higher natural gas deliveries in the Utica and Dorado. EOG's composite natural gas price for the third quarter of 2025 increased 37% to $2.80 per Mcf compared to $2.05 per Mcf for the same period of 2024.
Previous wording
During the second quarter of 2025, EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $107 million compared to net losses of $47 million for the same period of 2024. The net gains of $107 million included losses of $59 million related to the Brent crude oil (Brent) linked gas sales contract. During the second quarter of 2025, net cash paid for settlements of financial commodity derivative contracts was $24 million compared to net cash received from settlements of financial commodity derivative contracts of $79 million for the same period of 2024.
Current wording
During the third quarter of 2025, EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $116 million compared to net gains of $79 million for the same period of 2024. The net gains of $116 million included gains of $8 million related to the Brent crude oil (Brent) linked gas sales contract. During the third quarter of 2025, net cash received from settlements of financial commodity derivative contracts was $27 million compared to net cash received from settlements of financial commodity derivative contracts of $61 million for the same period of 2024.
Previous wording
Operating and Other Expenses. For the second quarter of 2025, operating expenses of $3,731 million were $164 million lower than the $3,895 million incurred during the second quarter of 2024. The following table presents the costs per barrel of oil equivalent (Boe) for the three-month periods ended June 30, 2025 and 2024:
Current wording
Operating and Other Expenses. For the third quarter of 2025, operating expenses of $4,011 million were $135 million higher than the $3,876 million incurred during the third quarter of 2024. The following table presents the costs per barrel of oil equivalent (Boe) for the three-month periods ended September 30, 2025 and 2024:
Previous wording
Lease and well expenses of $396 million for the second quarter of 2025 increased $6 million from $390 million for the same prior year period primarily due to increased operating and maintenance costs in the United States ($8 million) and increased lease and well administrative expenses ($3 million), partially offset by decreased workover expenditures in the United States ($5 million).
Current wording
Lease and well expenses of $431 million for the third quarter of 2025 increased $39 million from $392 million for the same prior year period primarily due to increased operating and maintenance costs in the United States ($33 million) and increased lease and well administrative expenses ($14 million), partially offset by decreased workover expenditures in the United States ($10 million).
Previous wording
GP&T costs of $455 million for the second quarter of 2025 increased $32 million from $423 million for the same prior year period primarily due to increased GP&T costs related to increased production in the Permian Basin and Utica, partially offset by a decrease in GP&T costs in the Eagle Ford.
Current wording
GP&T costs of $587 million for the third quarter of 2025 increased $142 million from $445 million for the same prior year period primarily due to increased GP&T costs related to increased production in the Utica and Permian Basin, partially offset by a decrease in GP&T costs in the Eagle Ford and the Powder River Basin.
Previous wording
DD&A expenses for the second quarter of 2025 increased $69 million to $1,053 million from $984 million for the same prior year period. DD&A expenses associated with oil and gas properties for the second quarter of 2025 were $55 million higher than the same prior year period. The increase primarily reflects increased production in the United States ($68 million) and in Trinidad ($8 million), partially offset by decreased unit rates in the United States ($17 million) and in Trinidad ($4 million). DD&A expenses associated with other property, plant and equipment for the second quarter of 2025 were $14 million higher than the same prior year period primarily due to an increase in expenses related to GP&T assets and equipment.
Current wording
DD&A expenses for the third quarter of 2025 increased $138 million to $1,169 million from $1,031 million for the same prior year period. DD&A expenses associated with oil and gas properties for the third quarter of 2025 were $122 million higher than the same prior year period. The increase primarily reflects increased production in the United States ($201 million) partially offset by decreased unit rates in the United States ($80 million). DD&A expenses associated with other property, plant and equipment for the third quarter of 2025 were $16 million higher than the same prior year period primarily due to an increase in expenses related to GP&T assets and equipment.
Previous wording
G&A expenses of $186 million for the second quarter of 2025 increased $35 million from $151 million for the same prior year period primarily due to increased professional services and other costs, including Encino acquisition-related costs ($19 million), and employee-related costs ($15 million).
Current wording
G&A expenses of $239 million for the third quarter of 2025 increased $72 million from $167 million for the same prior year period primarily due to increased professional services and other costs, including Encino acquisition-related costs ($61 million), and employee-related costs ($7 million).
Previous wording
Interest expense, net of $51 million for the second quarter of 2025 increased $15 million compared to the same prior year period primarily due to the issuance in November 2024 of the $1,000 million aggregate principal amount of 5.650% Senior Notes due 2054 ($14 million) and financing commitment costs related to the acquisition of Encino ($6.5 million), partially offset by the maturity in April 2025 of the $500 million aggregate principal amount of 3.15% Senior Notes due 2025 ($4 million).
Current wording
Interest expense, net of $71 million for the third quarter of 2025 increased $40 million compared to the same prior year period primarily due to the issuance in July 2025 of the New Notes ($46 million) and the issuance in November 2024 of the $1,000 million aggregate principal amount of 5.650% Senior Notes due 2054 ($14 million), partially offset by increased capitalized interest ($15 million) and the maturity in April 2025 of the $500 million aggregate principal amount of 3.15% Senior Notes due 2025 ($4 million).
Previous wording
Exploration costs of $74 million for the second quarter of 2025 increased $40 million from $34 million for the same prior year period primarily due to geological and geophysical expenditures in the United Arab Emirates ($22 million), the United States ($8 million) and Trinidad ($6 million).
Current wording
Exploration costs of $71 million for the third quarter of 2025 increased $28 million from $43 million for the same prior year period primarily due to geological and geophysical expenditures in Trinidad ($19 million) and the United States ($3 million), and increased administrative expenses ($3 million).
Previous wording
The following table sets forth impairments for the second quarter of 2025 and 2024 (in millions):
Current wording
The following table sets forth impairments for the third quarter of 2025 and 2024 (in millions):
Previous wording
Taxes other than income for the second quarter of 2025 decreased $36 million to $301 million (7.3% of revenues from sales of crude oil and condensate, NGLs and natural gas) from $337 million (7.5% of revenues from sales of crude oil and condensate, NGLs and natural gas) for the same prior year period. The decrease in taxes other than income was primarily due to decreased severance/production taxes in the United States.
Current wording
Taxes other than income for the third quarter of 2025 increased $26 million to $309 million (6.8% of revenues from sales of crude oil and condensate, NGLs and natural gas) from $283 million (6.5% of revenues from sales of crude oil and condensate, NGLs and natural gas) for the same prior year period. The increase in taxes other than income was primarily due to decreased state severance tax refunds ($31 million) and increased ad valorem taxes ($5 million), partially offset by decreased severance/production taxes, all in the United States ($10 million).
Previous wording
Other income, net of $55 million for the second quarter of 2025 decreased $11 million from $66 million for the same prior year period. The decrease was primarily due to decreased interest income.
Current wording
Other income, net of $59 million for the third quarter of 2025 decreased $17 million from $76 million for the same prior year period. The decrease was primarily due to decreased interest income.
Previous wording
Operating Revenues and Other. During the first six months of 2025, operating revenues decreased $1,001 million, or 8%, to $11,147 million from $12,148 million for the same period of 2024. Total revenues from sales of EOG's production of crude oil and condensate, NGLs and natural gas for the first six months of 2025 decreased $275 million, or 3%, to $8,610 million from $8,885 million for the same period of 2024. During the first six months of 2025, EOG recognized net losses on the mark-to-market of financial commodity and other derivative contracts of $84 million compared to net gains of $190 million for the same period of 2024. Gathering, processing and marketing revenues for the first six months of 2025 decreased $391 million, or 13%, to $2,587 million from $2,978 million for the same period of 2024.
Current wording
Operating Revenues and Other. During the first nine months of 2025, total operating revenues decreased $1,119 million, or 6%, to $16,994 million from $18,113 million for the same period of 2024. Total revenues from sales of EOG's production of crude oil and condensate, NGLs and natural gas for the first nine months of 2025 decreased $105 million, or 1%, to $13,164 million from $13,269 million for the same period of 2024. During the first nine months of 2025, EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $32 million compared to net gains of $269 million for the same period of 2024. Gathering, processing and marketing revenues for the first nine months of 2025 decreased $694 million, or 16%, to $3,765 million from $4,459 million for the same period of 2024.
Previous wording
Volume and price statistics for the six-month periods ended June 30, 2025 and 2024 were as follows:
Current wording
Volume and price statistics for the nine-month periods ended September 30, 2025 and 2024 were as follows (see Note 5 for segment financial information):
Previous wording
Crude oil and condensate revenues for the first six months of 2025 decreased $905 million, or 13%, to $6,267 million from $7,172 million for the same period of 2024 due to a lower composite average price ($1,074 million), partially offset by an increase of 14.1 MBbld, or 3%, in crude oil and condensate production ($169 million). Increased production was primarily in the Permian Basin, Utica and Rocky Mountain area. EOG's composite crude oil and condensate price for the first six months of 2025 decreased 15% to $68.81 per barrel compared to $80.58 per barrel for the same period of 2024.
Current wording
Crude oil and condensate revenues for the first nine months of 2025 decreased $1,150 million, or 11%, to $9,510 million from $10,660 million for the same period of 2024 due to a lower composite average price ($1,607 million), partially offset by an increase of 23.3 MBbld, or 5%, in crude oil and condensate production ($457 million). Increased production was primarily in the Utica and Permian Basin. EOG's composite crude oil and condensate price for the first nine months of 2025 decreased 15% to $67.81 per barrel compared to $79.34 per barrel for the same period of 2024.
Previous wording
Natural gas revenues for the first six months of 2025 increased $552 million, or 81%, to $1,237 million from $685 million for the same period of 2024. The increase was due to a higher composite average price ($449 million) and an increase in natural gas deliveries ($103 million). Natural gas deliveries for the first six months of 2025 increased 290 MMcfd, or 16%, compared to the same period of 2024 due primarily to increased production of associated natural gas from the Permian Basin and higher natural gas deliveries in Dorado and Trinidad. EOG's composite natural gas price for the first six months of 2025 increased 57% to $3.17 per Mcf compared to $2.02 per Mcf for the same period of 2024.
Current wording
Natural gas revenues for the first nine months of 2025 increased $887 million, or 84%, to $1,944 million from $1,057 million for the same period of 2024. The increase was due to a higher composite average price ($640 million) and an increase in natural gas deliveries ($247 million). Natural gas deliveries for the first nine months of 2025 increased 454 MMcfd, or 24%, compared to the same period of 2024 due primarily to increased production of associated natural gas from the Permian Basin and higher natural gas deliveries in the Utica, Dorado and Trinidad. EOG's composite natural gas price for the first nine months of 2025 increased 49% to $3.03 per Mcf compared to $2.03 per Mcf for the same period of 2024.
Previous wording
During the first six months of 2025, EOG recognized net losses on the mark-to-market of financial commodity and other derivative contracts of $84 million compared to net gains of $190 million for the same period of 2024. The net losses of $84 million included losses of $53 million related to the Brent linked gas sales contract. During the first six months of 2025, net cash payments for settlements of financial commodity derivative contracts was $62 million. Net cash received from settlements of financial commodity derivative contracts was $134 million for the same period of 2024.
Current wording
During the first nine months of 2025, EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $32 million compared to net gains of $269 million for the same period of 2024. The net gains of $32 million included losses of $45 million related to the Brent linked gas sales contract. During the first nine months of 2025, net cash payments for settlements of financial commodity derivative contracts was $35 million. Net cash received from settlements of financial commodity derivative contracts was $195 million for the same period of 2024.
Previous wording
Gathering, processing and marketing revenues less marketing costs for the first six months of 2025 decreased $38 million as compared to the same period of 2024 primarily due to lower margins on crude oil marketing activities, partially offset by higher margins on natural gas marketing activities.
Current wording
Gathering, processing and marketing revenues less marketing costs for the first nine months of 2025 increased $25 million as compared to the same period of 2024 primarily due to higher margins on natural gas marketing activities and sand sales, partially offset by lower margins on crude oil marketing activities.
Previous wording
Operating and Other Expenses. For the first six months of 2025, operating expenses of $7,541 million were $206 million lower than the $7,747 million incurred during the same period of 2024. The following table presents the costs per Boe for the six-month periods ended June 30, 2025 and 2024:
Current wording
Operating and Other Expenses. For the first nine months of 2025, operating expenses of $11,552 million were $71 million lower than the $11,623 million incurred during the same period of 2024. The following table presents the costs per Boe for the nine-month periods ended September 30, 2025 and 2024:
Previous wording
The primary factors impacting the cost components of per-unit rates of lease and well, GP&T, DD&A, G&A, and interest expense, net for the six months ended June 30, 2025, compared to the same period of 2024 are set forth below. See "Operating Revenues" above for a discussion of volumes.
Current wording
The primary factors impacting the cost components of per-unit rates of lease and well, GP&T, DD&A, G&A, and interest expense, net for the nine months ended September 30, 2025, compared to the same period of 2024 are set forth below. See "Operating Revenues" above for a discussion of volumes.
Showing the first 40 of 67 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
On November 6, 2025, the Board declared a quarterly cash dividend on the common stock of $1.02 per share to be paid on January 30, 2026, to stockholders of record as of January 16, 2026.
Current report — wording carried from elsewhere
Gathering, processing and marketing revenues less marketing costs for the first nine months of 2025 increased $63 million as compared to the same period of 2024 primarily due to higher margins on crude oil and natural gas marketing activities.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
-39- derivatives and hedging activities; and laws and regulations with respect to the import and export of crude oil, natural gas and related commodities;