EOG RESOURCES INC
For the period ended Mar 31, 2026. Filed May 5, 2026.
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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.
Mar 31, 2026 · Filed May 5, 2026
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 2025-09-30; filed 2025-11-06.
0000821189-25-000131
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0000821189-26-000104
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 147 previous paragraphs and 103 current paragraphs.
55 unchanged; 42 reworded; 6 added; 42 removed; 8 previous and 0 current paragraphs rearranged.
Tables are not compared: 13 previous and 8 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 (6)
Current report
In January 2026, EOG signed a purchase and sale agreement for the sale of its entire interest and related fixed assets in the northern Midland Basin for $165 million. The transaction closed on February 18, 2026. Crude oil production attributable to EOG's interest was approximately 2 MBbld for the quarter ended March 31, 2026.
Current report
During the first three months of 2026, EOG completed its drilling program in the Mento Field located in the Ska, Mento and Reggae Area and continued construction of the Coconut offshore platform.
Current report
Other International. As discussed in EOG's Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 24, 2026 (EOG's 2025 Annual Report), EOG entered into exploration programs in both the Kingdom of Bahrain and the United Arab Emirates. EOG expects to advance both programs throughout 2026.
Current report
Crude oil and condensate revenues for the first quarter of 2026 increased $284 million, or 9%, to $3,577 million from $3,293 million for the same period of 2025, primarily due to an increase of 46.4 MBbld, or 9%, in crude oil and condensate deliveries ($304 million), partially offset by a lower composite average price ($20 million). Increased production was primarily from the Utica. EOG's composite crude oil and condensate price for the first quarter of 2026 decreased 1% to $72.47 per barrel compared to $72.87 per barrel for the same period of 2025.
Current report
NGL revenues for the first quarter of 2026 increased $92 million, or 16%, to $664 million from $572 million for the same period of 2025 due to an increase of 90.4 MBbld, or 37%, in NGL deliveries ($215 million), partially offset by a lower composite average price ($123 million). Increased production was primarily from the Utica and Permian Basin. EOG's composite NGL price for the first quarter of 2026 decreased 16% to $22.20 per barrel compared to $26.29 per barrel for the same period of 2025.
Current report
(2)Property acquisitions for the three-month period ended March 31, 2026 included $15 million related to revisions to the Encino purchase price allocation.
Removed paragraphs (42)
Previous report
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 report
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 report
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 report
In May 2025, a subsidiary of EOG was awarded a new oil exploration concession for Unconventional Onshore Block 3 (UCO3) by Abu Dhabi's Supreme Council for Financial and Economic Affairs. EOG holds one hundred percent equity and operatorship and, in coordination with Abu Dhabi National Oil Company (ADNOC), will explore and appraise unconventional oil in the concession area. Following a three-year appraisal phase, EOG may enter into a production concession in which ADNOC has the option to participate.
Previous report
In November 2021, a subsidiary of EOG was granted an exploration permit for the WA-488-P Block, located offshore Western Australia. The company has deferred drilling plans to further evaluate the prospect.
Previous report
On April 1, 2025, EOG repaid upon maturity the $500 million aggregate principal amount of its 3.15% Senior Notes due 2025.
Previous report
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 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.
Previous report
On May 1, 2025, the Board declared a quarterly cash dividend on the common stock of $0.975 per share paid on July 31, 2025, to stockholders of record as of July 17, 2025.
Previous report
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 report
(3)Other International represents EOG's Kingdom of Bahrain operations. Realized price represents contract price less Bapco's processing and distribution costs.
Previous report
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 report
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 report
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 report
Taxes other than income include severance/production taxes, ad valorem/property taxes, payroll taxes, franchise taxes and other miscellaneous taxes. Severance/production taxes are generally determined based on wellhead revenues, and ad valorem/property taxes are generally determined based on the valuation of the underlying assets.
Previous report
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 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.
Previous report
Nine Months Ended September 30, 2025 vs. Nine Months Ended September 30, 2024
Previous report
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 report
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 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.
Previous report
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 report
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 report
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 report
Lease and well expenses of $1,228 million for the first nine months of 2025 increased $50 million from $1,178 million for the same prior year period primarily due to increased operating and maintenance costs in the United States ($55 million) and Trinidad ($7 million) and increased lease and well administrative expenses ($23 million), partially offset by decreased workover expenditures in the United States ($35 million).
Previous report
GP&T costs of $1,482 million for the first nine months of 2025 increased $201 million from $1,281 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 report
DD&A expenses for the first nine months of 2025 increased $146 million to $3,235 million from $3,089 million for the same prior year period. DD&A expenses associated with oil and gas properties for the first nine months of 2025 were $105 million higher than the same prior year period. The increase primarily reflects increased production in the United States ($318 million) and in Trinidad ($15 million), as well as increased unit rates in Trinidad ($5 million). This was partially offset by an adjustment to DD&A recorded in 2024 ($117 million) related to natural gas production used by EOG's domestic gathering systems, as well as decreased unit rates in the United States ($116 million). DD&A expenses associated with other property, plant and equipment for the first nine months of 2025 were $41 million higher than the same prior year period primarily due to an increase in expenses related to GP&T assets and equipment.
Previous report
G&A expenses of $596 million for the first nine months of 2025 increased $116 million from $480 million for the same prior year period primarily due to increased professional services and other costs, including Encino acquisition-related costs ($84 million), employee-related costs ($23 million) and information systems costs ($6 million).
Previous report
Exploration costs of $186 million for the first nine months of 2025 increased $64 million from $122 million for the same prior year period due primarily to geological and geophysical expenditures in Trinidad ($25 million), the United Arab Emirates ($22 million) and the United States ($10 million), and increased administrative expenses ($6 million).
Previous report
Taxes other than income for the first nine months of 2025 decreased $7 million to $951 million (7.2% of revenues from sales of crude oil and condensate, NGLs and natural gas) from $958 million (7.2% 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 ($40 million), partially offset by decreased state severance tax refunds ($31 million), all in the United States.
Previous report
Other income, net of $179 million for the first nine months of 2025 decreased $25 million from $204 million for the same prior year period. The decrease was primarily due to decreased interest income.
Previous report
(2) Property acquisitions for the nine-month period ended September 30, 2025, included $6,721 million related to the Encino acquisition. Property acquisitions for the nine-month period ended September 30, 2024, included $24 million related to non-cash property exchanges.
Previous report
(3) Asset Retirement Costs for the nine-month period ended September 30, 2025, included $52 million related to the Encino acquisition. Asset Retirement Costs for the nine-month period ended September 30, 2024, included a downward revision to asset retirement obligations of $84 million.
Previous report
(4) Other Property, Plant and Equipment included $137 million related to the acquisition of a gathering system in South Texas for the nine-month period ended September 30, 2024.
Previous report
(1) This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices.
Previous report
Critical Accounting Policies and Estimates
Previous 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.
Previous report
Business Combinations
Previous 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.
Previous 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.
Showing the first 40 of 42 passages. Open the source sections for the rest.
Reworded paragraphs (42)
Previous wording
Commodity Prices. Prices for crude oil and condensate, natural gas liquids (NGLs) and natural gas have historically been volatile. This volatility is expected to continue due to the many uncertainties associated with the world political and economic environment, the global supply of, and demand for, crude oil, NGLs and natural gas, the availability of other energy supplies and other factors, including tariffs, trade policies and agreements and trade barriers or other restrictions imposed by the U.S. government or other governments and the related impact of such measures on commodity and financial markets.
Current wording
Commodity Prices. Prices for crude oil and condensate, natural gas liquids (NGLs) and natural gas have historically been volatile. This volatility is expected to continue due to the many uncertainties associated with the world political and economic environment (e.g., the ongoing conflict in the Middle East and the related disruption of maritime transportation routes for these commodities), the global supply of, and demand for, crude oil, NGLs and natural gas, the availability of other energy supplies and other factors, including tariffs, trade policies and agreements and trade barriers or other restrictions imposed by the U.S. government or other governments and the related impact of such measures on commodity and financial markets. Compared to its expectations at the beginning of 2026, EOG realized higher crude oil prices in the first quarter of 2026 and anticipates realizing higher crude oil prices for the full-year 2026, in each case as a result of the ongoing conflict in the Middle East.
Previous 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.
Current wording
For the first three months of 2026, the average U.S. New York Mercantile Exchange (NYMEX) crude oil and natural gas prices were $72.17 per barrel and $4.96 per million British thermal units (MMBtu), respectively, representing an increase of 1% and an increase of 36%, respectively, from the average NYMEX prices for the same period in 2025. 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 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.
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 March 31, 2026, 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 $174 million for net income and $223 million for pretax cash flows from operating activities, in each case for the full-year 2026.
Previous wording
Including the impact of EOG's natural gas financial derivative contracts and based on EOG's tax position and the portion of EOG's anticipated natural gas volumes for which prices have not (as of September 30, 2025) been determined under long-term marketing contracts, EOG's price sensitivity as of September 30, 2025, for each $0.10 per thousand cubic feet increase or decrease in natural gas price, is approximately $36 million for net income and $46 million for pretax cash flows from operating activities, in each case for the full-year 2025.
Current wording
Including the impact of EOG's natural gas financial derivative contracts and based on EOG's tax position and the portion of EOG's anticipated natural gas volumes for which prices have not (as of March 31, 2026) been determined under long-term marketing contracts, EOG's price sensitivity as of March 31, 2026, for each $0.10 per thousand cubic feet increase or decrease in natural gas price, is approximately $61 million for net income and $78 million for pretax cash flows from operating activities, in each case for the full-year 2026.
Previous 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.
Current wording
EOG plans to continue with these initiatives and actions, though there can be no assurance that such efforts will be successful and sufficient to offset the impacts of any future inflationary pressures (such as from tariffs, other trade barriers, the ongoing conflict in the Middle East, 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 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.
Current wording
During the first three months of 2026, 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 66% and 71% of EOG's United States production during the first three months of 2026 and 2025, respectively. During the first three months of 2026, EOG's drilling and completion activities occurred primarily in the Delaware Basin, Utica and the Eagle Ford play. EOG's major producing areas in the United States are in New Mexico, Texas and Ohio.
Previous 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.
Current wording
Trinidad. In Trinidad, EOG continues to produce natural gas which is sold to the National Gas Company of Trinidad and Tobago Limited under existing supply contracts. Crude oil and condensate are sold to both Heritage Petroleum Company Limited and BP Trinidad and Tobago LLC.
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 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.
Current wording
2026 Capital and Operating Plan. Total 2026 capital expenditures are estimated to range from approximately $6.3 billion to $6.7 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, Utica and Eagle Ford. 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 2025, full-year oil production for 2026 is expected to increase by approximately 5% and full-year total crude oil, NGLs and natural gas production for 2026 is expected to increase by approximately 13%. In addition, EOG plans to continue to spend a portion of its anticipated 2026 capital expenditures on leasing acreage and evaluating new prospects.
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 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.
Current wording
Capital Structure. One of management's key strategies is to maintain a strong balance sheet. EOG's debt-to-total capitalization ratio was 20% at March 31, 2026 and 21% at December 31, 2025. As used in this calculation, total capitalization represents the sum of total current and long-term debt and total stockholders' equity.
Previous wording
Cash Return Framework. In November 2023, EOG announced an increase in its cash return commitment - specifically, a commitment, effective beginning with fiscal year 2024, to return a minimum of 70% of annual net cash provided by operating activities before certain balance sheet-related changes, less total capital expenditures, to stockholders, through a combination of quarterly dividends, special dividends and share repurchases.
Current wording
Cash Return Framework. In November 2023, EOG announced an increase in its cash return commitment - specifically, a commitment, effective beginning with fiscal year 2024, to return a minimum of 70% of annual net cash provided by operating activities before certain balance sheet-related changes, less total capital expenditures, to stockholders, through a combination of regular dividends, special dividends and share repurchases.
Previous wording
Dividend Declarations. On February 27, 2025, the Board of Directors (Board) declared a quarterly cash dividend on the common stock of $0.975 per share paid on April 30, 2025, to stockholders of record as of April 16, 2025.
Current wording
Dividend Declarations. On February 24, 2026, the Board declared a quarterly cash dividend on the common stock of $1.02 per share paid on April 30, 2026, to stockholders of record as of April 16, 2026.
Previous 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.
Current wording
The following review of operations for the three months ended March 31, 2026 and 2025 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.
Previous 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.
Current wording
Operating Revenues and Other. During the first quarter of 2026, total operating revenues increased $1,252 million, or 22%, to $6,921 million from $5,669 million for the same period of 2025. Total revenues from sales of EOG's production of crude oil and condensate, NGLs and natural gas for the first quarter of 2026 increased $760 million, or 17%, to $5,262 million from $4,502 million for the same period of 2025. EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $113 million for the first quarter of 2026 compared to net losses of $191 million for the same period of 2025. Gathering, processing and marketing revenues for the first quarter of 2026 increased $156 million, or 12%, to $1,496 million from $1,340 million for the same period of 2025. EOG recognized net gains on asset dispositions of $31 million for the first quarter of 2026 compared to net losses on asset dispositions of $1 million for the same period of 2025.
Previous wording
(2) Other International represents EOG's Kingdom of Bahrain operations. Realized price represents contract price less Bapco's processing and distribution costs.
Current wording
(2)Production volumes from Bahrain operations; natural gas realized price represents contract price less partner's processing and distribution costs.
Previous wording
(2)Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity and other derivative instruments (see Note 10 to the Condensed Consolidated Financial Statements).
Current wording
(3)Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity and other derivative instruments (see Note 9 to the Condensed Consolidated Financial Statements).
Previous 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.
Current wording
Natural gas revenues for the first quarter of 2026 increased $384 million, or 60%, to $1,021 million from $637 million for the same period of 2025, primarily due to an increase of 940 MMcfd, or 45%, in natural gas deliveries ($289 million) and a higher composite average price ($95 million). Increased deliveries were primarily from the Utica and Permian Basin. EOG's composite natural gas price for the first quarter of 2026 increased 10% to $3.76 per Mcf compared to $3.41 per Mcf for the same period of 2025.
Previous 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.
Current wording
During the first quarter of 2026, EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $113 million compared to net losses of $191 million for the same period of 2025. The net gains of $113 million included gains of $119 million related to the Brent crude oil (Brent) linked gas sales contract. During the first quarter of 2026, net cash paid for settlements of financial commodity derivative contracts was $53 million compared to net cash paid for settlements of financial commodity derivative contracts of $38 million for the same period of 2025.
Previous wording
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.
Current wording
Gathering, processing and marketing revenues less marketing costs for the first three months of 2026 increased $97 million as compared to the same period of 2025 primarily due to higher margins on crude oil marketing activities.
Previous 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:
Current wording
Operating and Other Expenses. For the first quarter of 2026, operating expenses of $4,323 million were $513 million higher than the $3,810 million incurred during the first quarter of 2025. The following table presents the costs per barrel of oil equivalent (Boe) for the three-month periods ended March 31, 2026 and 2025:
Previous wording
Lease and well expenses include expenses for EOG-operated properties, as well as expenses billed to EOG from other operators where EOG is not the operator of a property. Lease and well expenses can be divided into the following categories: costs to operate and maintain crude oil and natural gas wells, the cost of workovers and lease and well administrative expenses. Operating and maintenance costs include, among other things, pumping services, produced water disposal, equipment repair and maintenance, compression expense, lease upkeep and fuel and power. Workovers are operations to restore or maintain production from existing wells.
Current wording
Lease and well expenses include expenses for EOG-operated properties, as well as expenses billed to EOG from other operators where EOG is not the operator of a property. Lease and well expenses can be divided into the following categories: costs to operate and maintain crude oil and natural gas wells, the cost of workovers and lease and well administrative expenses. Operating and maintenance costs include, among other things, pumping services, produced water disposal, equipment repair and maintenance, compression expense, lease upkeep, fuel and power. Workovers are operations to restore or maintain production from existing wells.
Previous 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).
Current wording
Lease and well expenses of $462 million for the first quarter of 2026 increased $61 million from $401 million for the same prior year period primarily due to increased operating and maintenance costs in the United States ($44 million) and increased lease and well administrative expenses ($19 million).
Previous 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.
Current wording
GP&T costs of $654 million for the first quarter of 2026 increased $214 million from $440 million for the same prior year period primarily due to increased GP&T costs related to increased production in the Utica ($221 million) and Permian Basin ($11 million), partially offset by decreased costs in the Eagle Ford play ($15 million).
Previous 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.
Current wording
DD&A expenses for the first quarter of 2026 increased $180 million to $1,193 million from $1,013 million for the same prior year period. DD&A expenses associated with oil and gas properties for the first quarter of 2026 were $172 million higher than the same prior year period. The increase primarily reflects increased production in the United States ($248 million), partially offset by decreased unit rates in the United States ($69 million) and Trinidad ($9 million). DD&A expenses associated with other property, plant and equipment for the first quarter of 2026 were $8 million higher than the same prior year period primarily related to GP&T assets and equipment.
Previous 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).
Current wording
G&A expenses of $185 million for the first quarter of 2026 increased $14 million from $171 million for the same prior year period primarily due to increased employee-related costs.
Previous wording
Interest expense, net of $169 million for the first nine months of 2025 increased $69 million compared to the same prior year period primarily due to the issuance in July 2025 of the New Notes ($46 million), the issuance in November 2024 of the $1,000 million aggregate principal amount of 5.650% Senior Notes due 2054 ($42 million), and financing commitment costs related to the acquisition of Encino ($6.5 million), partially offset by increased capitalized interest ($17 million) and the maturity in April 2025 of the $500 million aggregate principal amount of 3.15% Senior Notes due 2025 ($8 million).
Current wording
Interest expense, net of $66 million for the first quarter of 2026 increased $19 million compared to the same prior year period primarily due to the issuance in July 2025 of the $1,250 million aggregate principal amount of 5.350% Senior Notes due 2036 ($17 million), $1,250 million aggregate principal amount of 5.000% Senior Notes due 2032 ($16 million), $500 million aggregate principal amount of 5.950% Senior Notes due 2055 ($7 million) and $500 million aggregate principal amount of 4.400% Senior Notes due 2028 ($6 million), and the issuance in November 2025 of the $750 million aggregate principal amount of 4.400% Senior Notes due 2031 ($9 million) and $250 million aggregate principal amount of 5.950% Senior Notes due 2055 ($4 million), partially offset by increased capitalized interest ($25 million), the repayment in December 2025 of the $750 million aggregate principal amount of 4.15% Senior Notes due 2026 ($8 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
The following table sets forth impairments for the third quarter of 2025 and 2024 (in millions):
Current wording
The following table sets forth impairments for the first quarter of 2026 and 2025 (in millions):
Previous 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.
Current wording
Other income, net of $23 million for the first quarter of 2026 decreased $42 million from $65 million for the same prior year period primarily due to decreased interest income ($37 million) and an increase in deferred compensation expense ($6 million).
Previous wording
Income taxes of $1,173 million for the first nine months of 2025 decreased from income taxes of $1,442 million for the first nine months of 2024 primarily due to decreased pretax income. The net effective tax rate for the first nine months of 2025 was unchanged from the prior year period tax rate of 22%.
Current wording
Income taxes of $575 million for the first quarter of 2026 increased from $414 million for the first quarter of 2025 primarily due to increased pretax income. The net effective tax rate for the first quarter of 2026 increased to 23% from 22% for the first quarter of 2025.
Previous wording
Liquidity Overview. At September 30, 2025, EOG maintained a strong financial and liquidity position, including $3.5 billion of cash and cash equivalents on hand and $1.9 billion of availability under its senior unsecured revolving credit facility (which remained undrawn).
Current wording
Liquidity Overview. At March 31, 2026, EOG maintained a strong financial and liquidity position, including $3.8 billion of cash and cash equivalents on hand and $3.0 billion of availability under its senior unsecured revolving credit facility (which remained undrawn).
Previous wording
The primary source of cash for EOG during the nine months ended September 30, 2025, was funds generated from operations and the issuance of the New Notes. The primary uses of cash were for the acquisition of Encino; exploration and development expenditures; funds used in operations; dividend payments to stockholders; purchases of treasury stock; repayments of long-term debt and other property, plant and equipment expenditures. During the first nine months of 2025, EOG's cash balance decreased $3,562 million to $3,530 million from $7,092 million at December 31, 2024.
Current wording
The primary source of cash for EOG during the three months ended March 31, 2026, was funds generated from operations. The primary uses of cash were funds used in operations; exploration and development expenditures; dividend payments to stockholders; and share repurchases and other purchases of treasury stock. During the first three months of 2026, EOG's cash balance increased $453 million to $3,849 million from $3,396 million at December 31, 2025.
Previous wording
See Notes 8 and 9 to the Condensed Consolidated Financial Statements for further discussion of our debt obligations, including the fair value of our senior notes.
Current wording
See Notes 2 and 10 to the Condensed Consolidated Financial Statements for further discussion on our debt obligations, including the fair value of our senior notes.
Previous wording
Cash Flow. Net cash provided by operating activities of $7,432 million for the first nine months of 2025 decreased $1,948 million compared to the same period of 2024 primarily due to an increase in net cash paid for income taxes and tax credit purchases ($1,039 million), an increase in cash operating expenses ($416 million), an increase in net cash used in working capital and other assets and liabilities ($290 million), net cash paid for settlements of financial commodity derivative contracts of $35 million compared to net cash received of $195 million for the first nine months of 2024 and a decrease in revenues from sales of crude oil and condensate, NGLs and natural gas ($105 million).
Current wording
Cash Flow. Net cash provided by operating activities of $2,966 million for the first three months of 2026 increased $677 million compared to the same period of 2025 primarily due to an increase in revenues from sales of crude oil and condensate, NGLs and natural gas ($760 million), a decrease in net cash paid for income taxes ($728 million) and an increase in gathering, processing and marketing revenues less marketing costs ($97 million), partially offset by an increase in net cash used in working capital and other assets and liabilities ($386 million), an increase in cash operating expenses ($282 million) and an increase in interest paid ($71 million).
Previous wording
Net cash used in investing activities of $9,174 million for the first nine months of 2025 increased $4,483 million compared to the same period of 2024 primarily due to the acquisition of Encino ($4,464 million), an increase in additions to oil and gas properties ($467 million) and a decrease in cash provided by working capital associated with investing activities ($89 million), partially offset by a decrease in additions to other property, plant and equipment ($535 million).
Current wording
Net cash used in investing activities of $1,545 million for the first three months of 2026 increased $115 million compared to the same period of 2025 primarily due to an increase in additions to oil and gas properties ($110 million), an increase in cash used in working capital associated with investing activities ($86 million) and an increase in additions to other property, plant and equipment ($51 million), partially offset by an increase in proceeds from sales of assets ($132 million).
Previous wording
Net cash used in financing activities of $1,820 million for the first nine months of 2025 included purchases of treasury stock ($1,887 million), repayments of long-term debt ($1,766 million) and dividend payments to stockholders ($1,611 million). Cash provided by financing activities for the first nine months of 2025 included long-term debt borrowings ($3,472 million). Net cash used in financing activities of $3,845 million for the first nine months of 2024 included purchases of treasury stock ($2,253 million) and dividend payments to stockholders ($1,578 million).
Current wording
Net cash used in financing activities of $968 million for the first three months of 2026 included dividend payments to stockholders ($544 million) and share repurchases and other purchases of treasury stock ($418 million). Net cash used in financing activities of $1,352 million for the first three months of 2025 included share repurchases and other purchases of treasury stock ($806 million) and dividend payments to stockholders ($538 million).
Previous wording
Total Expenditures. For the full-year 2025, EOG's updated budget for exploration and development and other property, plant and equipment expenditures is 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. The table below sets out components of total expenditures for the nine-month periods ended September 30, 2025 and 2024 (in millions):
Current wording
Total Expenditures. For the full-year 2026, EOG's updated budget for exploration and development and other property, plant and equipment expenditures is estimated to range from approximately $6.3 billion to $6.7 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. The table below sets out the components of total expenditures for the three-month periods ended March 31, 2026 and 2025 (in millions):
Previous wording
(1) Leasehold acquisitions included $14 million and $82 million for the nine-month periods ended September 30, 2025 and 2024, respectively, related to non-cash property exchanges.
Current wording
(1)Leasehold acquisitions included $52 million and $9 million for the three-month periods ended March 31, 2026 and 2025, respectively, related to non-cash property exchanges.
Previous wording
Exploration and development expenditures of $11,493 million for the first nine months of 2025 were $7,160 million higher than the same period of 2024 primarily due to increased property acquisitions (including Encino) ($6,979 million), increased development drilling expenditures in the United States ($174 million), increased facilities expenditures ($35 million) and increased exploration costs in the United Arab Emirates ($27 million), partially offset by decreased exploration and development drilling expenditures in Trinidad ($57 million). Exploration and development expenditures for the first nine months of 2025 of $11,493 million consisted of $7,005 million in property acquisitions, $4,035 million in development drilling and facilities, $403 million in exploration and $50 million in capitalized interest. Exploration and development expenditures for the first nine months of 2024 of $4,333 million consisted of $3,797 million in development drilling and facilities, $478 million in exploration, $32 million in capitalized interest and $26 million in property acquisitions.
Current wording
Exploration and development expenditures of $1,603 million for the first three months of 2026 were $172 million higher than the same period of 2025 primarily due to increased exploration and development drilling expenditures ($128 million) and increased capitalized interest ($25 million). Exploration and development expenditures for the first three months of 2026 of $1,603 million consisted of $1,339 million in development drilling and facilities, $204 million in exploration, $37 million in capitalized interest and $23 million in property acquisitions. Exploration and development expenditures for the first three months of 2025 of $1,431 million consisted of $1,317 million in development drilling and facilities, $103 million in exploration and $12 million in capitalized interest.
Previous wording
Financial Commodity and Other Derivative Transactions. As more fully discussed in Note 12 to the Consolidated Financial Statements included in EOG's 2024 Annual Report, EOG engages in price risk management activities from time to time. These activities are intended to manage EOG's exposure to fluctuations in commodity prices for crude oil, NGLs and natural gas. EOG utilizes financial commodity derivative instruments, primarily price swap, option, swaption, collar and basis swap contracts, as a means to manage this price risk. EOG has not designated any of its financial commodity and other derivative contracts as accounting hedges and, accordingly, accounts for financial commodity and other derivative contracts using the mark-to-market accounting method, including the Brent linked gas sales contract. Under this accounting method, changes in the fair value of outstanding financial and other derivative instruments are recognized as gains or losses in the period of change and are recorded as Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts on the Condensed Consolidated Statements of Income and Comprehensive Income. The related cash flow impact is reflected in Cash Flows from Operating Activities on the Condensed Consolidated Statements of Cash Flows.
Current wording
Financial Commodity and Other Derivative Transactions. As more fully discussed in Note 12 to the Consolidated Financial Statements included in EOG's 2025 Annual Report, EOG engages in price risk management activities from time to time. These activities are intended to manage EOG's exposure to fluctuations in commodity prices for crude oil, NGLs and natural gas. EOG utilizes financial commodity derivative instruments, primarily price swap, option, swaption, collar and basis swap contracts, as a means to manage this price risk. EOG has not designated any of its financial commodity and other derivative contracts as accounting hedges and, accordingly, accounts for financial commodity and other derivative contracts using the mark-to-market accounting method, including the Brent linked gas sales contract. Under this accounting method, changes in the fair value of outstanding financial and other derivative instruments are recognized as gains or losses in the period of change and are recorded as Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts on the Condensed Consolidated Statements of Income and Comprehensive Income. The related cash flow impact is reflected in Cash Flows from Operating Activities on the Condensed Consolidated Statements of Cash Flows.
Previous wording
The total fair value of EOG's financial commodity and other derivative contracts was reflected on the Condensed Consolidated Balance Sheets at September 30, 2025, as a net asset of $46 million.
Current wording
The total fair value of EOG's financial commodity and other derivative contracts was reflected on the Condensed Consolidated Balance Sheet at March 31, 2026, as a net asset of $214 million.
Previous wording
As discussed in "Operating Revenues and Other," the net cash received from settlements of financial commodity derivative contracts during the third quarter of 2025 was $27 million and net cash paid for settlements of financial commodity derivative contracts during the first nine months of 2025 was $35 million.
Current wording
As discussed in "Operating Revenues and Other," the net cash payments for settlements of financial commodity derivative contracts during the first quarter of 2026 was $53 million.
Showing the first 40 of 42 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (8)
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
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 report — wording carried elsewhere
(1) Excludes the impact of financial commodity and other derivative instruments (see Note 10 to the Condensed Consolidated Financial Statements).
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
(1)Total excludes exploration costs, dry hole costs, impairments, marketing costs and taxes other than income.
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
The following table sets forth impairments for the nine-month periods ended September 30, 2025 and 2024 (in millions):
Previous report — wording carried elsewhere
See Note 11 to the Condensed Consolidated Financial Statements for further discussion on the Encino acquisition.