At a glance
EOG Resources Inc is worth $82.82B, about 17 times its fiscal 2025 earnings. Revenue fell 4.5% to $22.63B in fiscal 2025, with 22.0% kept as profit; over 5 years it has grown 15.5% a year. It pays a 2.58% dividend yield, and returned $22.47B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +53.9% over the past year with dividends reinvested and +16.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 61.5% in the 2020 crash (S&P 500: 33.7%) and 33.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 4 months after the lows.
The business in plain English
EOG Resources, once called Enron Oil & Gas, produces oil and gas. It explores for, drills and pumps crude oil, natural gas liquids (NGLs, such as ethane and propane separated from raw gas) and natural gas. It then sells them at market prices. All of its operations involve exploring for and producing oil and gas. In 2025, two oil refining companies each accounted for more than 10% of revenue.
In the fiscal year ended December 31, 2025, revenue was $22.6 billion. Crude oil and condensate (a very light oil) brought in 55%. Gathering, processing and marketing added 22%. This includes buying and reselling other producers' oil and gas to fill pipeline and processing capacity that EOG has booked or owns. Natural gas made up 12% and NGLs 10.5%.
As of December 31, 2025, about 99% of EOG's proved reserves were in the US and 1% were in Trinidad. Proved reserves are the oil and gas a company is reasonably certain it can produce profitably. The Delaware Basin is EOG's largest producing area and supplied well over half of its US crude output in 2025. Other key areas are South Texas (the Eagle Ford and Dorado plays), the Utica play in the Appalachian Basin and the Rocky Mountains. Outside the US, it produces gas offshore Trinidad and is exploring in Bahrain and the United Arab Emirates.
Price history
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EOG +53.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Crude Oil and Condensate | $12.50B | 55.2% |
| Gathering, Processing and Marketing | $4.91B | 21.7% |
| Natural Gas | $2.79B | 12.3% |
| Natural Gas Liquids | $2.38B | 10.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $8.62B, up 57.4% from a year earlier, and net income was $2.72B (+102.5%).
- For fiscal 2025, revenue was $22.63B (-4.5% year over year; +15.5% a year from FY2020 to FY2025) with a 22% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +15.5% good |
|---|---|
| Operating margin | 28.2% good |
| Free cash flow margin | 42.3% good |
| Return on equity (FY2025) | 16.7% good |
| Return on assets (FY2025) | 9.6% good |
| Net cash (cash minus debt) | $-3.02B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.03B | $-605.0M | $4.79B |
| FY2021 | $18.64B | $4.66B | $8.58B |
| FY2022 | $25.70B | $7.76B | $10.71B |
| FY2023 | $24.19B | $7.59B | $10.54B |
| FY2024 | $23.70B | $6.40B | $11.12B |
| FY2025 | $22.63B | $4.98B | $9.56B |
Valuation snapshot
| Market value | $82.82B |
|---|---|
| P/E ratio | 17.3 |
| Dividend yield | 2.58% |
Rank among 1514 US companies
Market value at each year end
EOG Resources’s market value went from $58.28B at the end of 2016 to $82.82B on Nov 2, 2026, up 42%; since the end of 2025 it is up 45%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $82.82B | +45.4% |
| 2025 | $56.98B | -17.4% |
| 2024 | $68.95B | -2.2% |
| 2023 | $70.53B | -7.3% |
| 2022 | $76.08B | +46.4% |
| 2021 | $51.97B | +78.6% |
| 2020 | $29.09B | -40.3% |
| 2019 | $48.73B | -3.6% |
| 2018 | $50.57B | -18.9% |
| 2017 | $62.40B | +7.1% |
| 2016 | $58.28B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EOG price data to Nov 2, 2026 | +55.1% | +53.9% | +10.9% | +16.6% | +9.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +55.1% |
| 2025 | -11.4% |
| 2024 | +4.3% |
| 2023 | -2.0% |
| 2022 | +56.9% |
| 2021 | +88.7% |
| 2020 | -38.6% |
| 2019 | -2.8% |
| 2018 | -18.6% |
| 2017 | +7.5% |
| 2016 | +44.1% |
| 2015 | -22.5% |
| 2014 | +10.3% |
| 2013 | +39.7% |
| 2012 | +23.0% |
| 2011 | +8.1% |
| 2010 | -5.8% |
| 2009 | +46.8% |
| 2008 | -25.2% |
| 2007 | +43.2% |
| 2006 | -14.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 35.3% over that stretch · deepest drop along the way 68.1%, back to its old high 52.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 55.3% over that stretch · deepest drop along the way 61.5%, back to its old high 11.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 43.1% over that stretch · deepest drop along the way 33.4%, back to its old high 3.7 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 3 sales ($7.8M), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 24, 2026 | Ezra Y Yacob Chairman & CEO, Director | sell | $5.5M |
| Sep 25, 2026 | Jeffrey R. Leitzell EVP & COO | sell (plan) | $1.3M |
| Sep 11, 2026 | Michael P Donaldson EVP & Chief Legal Officer | sell | $1.1M |
Who owns it
Large shareholders (13G filings)
| Capital World Investors | 9.7% | Mar 31, 2026 |
| Vanguard Capital Management | 7.56% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 5.4% | Jun 30, 2025 |
| Capital Research Global Investors | 4.5% | Jun 30, 2025 |
ETFs with the most weight in EOG
| IEO iShares U.S. Oil & Gas Exploration & Production ETF | 11.17% |
| FTXN First Trust Nasdaq Oil & Gas ETF | 8.02% |
| OILT Texas Capital Texas Oil Index ETF | 7.15% |
| PXE Invesco Energy Exploration & Production ETF | 5.16% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 4.53% |
| FCG First Trust Natural Gas ETF | 4.5% |
| WEEI Westwood Salient Enhanced Energy Income ETF | 4.45% |
| XLE Energy Select Sector SPDR Fund | 4.35% |
What could go wrong
- Oil and gas prices drive results. Crude oil alone made up 55% of 2025 revenue, sold at market prices. A long price slump would cut cash flow, could shrink dividends and buybacks, and could force write-downs of reserves and property values.
- Acquisitions such as Encino may disappoint. EOG bought Encino Acquisition Partners in August 2025. Any acquisition carries risks: EOG could miss problems, overestimate reserves or output, or struggle to fit the new properties into its operations.
- Tighter rules on fracking. EOG's US wells rely on horizontal drilling and hydraulic fracturing, which cracks rock with high-pressure water and sand. New federal or state limits could raise costs, delay wells or restrict drilling.
- Reserves must be constantly replaced. Wells produce less over time. If EOG doesn't keep finding or buying new reserves, its output will decline. Reserve estimates also rest on assumptions that could prove wrong.
- Heavy dependence on water. Drilling and completing wells uses large amounts of water, and EOG says its operations depend heavily on it. Limits on its ability to get water could hurt results and cash flow.
- Pipeline and export bottlenecks. EOG relies on pipelines, processing plants, storage and export terminals, including facilities run by other companies. Shortages or interruptions could leave it unable to sell and deliver what it produces.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Quarterly results released
- Shareholder vote results; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released
- Quarterly results released; Investor presentation or announcement
- Quarterly results released
- Executive or board change
For income and retirement investors
EOG's dividend has moved with oil and gas prices. Dividends per share rose from $1.50 in 2020 to $8.88 in 2022. They fell to $3.71 in 2024, then rose to $3.99 in 2025, the first increase after two years of declines. In 2025, dividends took about 43% of earnings and 23% of free cash flow (cash left after capital spending). EOG also spent $7.0 billion on buybacks from 2021 to 2025. Its share count fell about 10% between October 2021 and July 2026. The yield was 2.54% as of October 28, 2026.
The shares have fallen hard in downturns. They dropped as much as 68% in the 2008 financial crisis and took about 52 months to recover. They fell 62% in the 2020 COVID crash and recovered in about 12 months. Over the 2022 bear market they gained 43%, despite a 33% drop in mid-2022. A single stock like EOG carries more risk than a diversified fund.
Questions investors ask
How does EOG Resources make money?
EOG makes most of its money producing and selling crude oil. In fiscal 2025, which ended December 31, 2025, revenue was $22.6 billion. Crude oil and condensate (a very light oil) made up 55.2%, gathering, processing and marketing 21.7%, natural gas 12.3%, and natural gas liquids (NGLs, such as propane, which are separated from raw gas) 10.5%. EOG sells commodities, so its profits rise and fall with oil and gas prices. Net income was $5.0 billion in fiscal 2025, down 22.2%.
Does EOG Resources raise its dividend every year?
No. EOG pays a dividend, but the amount per share has moved up and down sharply. It rose to $3.99 in fiscal 2025 from $3.705 in fiscal 2024. That is a streak of only one year of increases, and it was $8.875 in fiscal 2022. From fiscal 2020 to 2025, dividends per share grew about 21.6% a year on average. Dividends used 43.4% of fiscal 2025 earnings. The yield (yearly dividends divided by the share price) was 2.52% as of October 29, 2026.
Does EOG Resources buy back its own stock?
Yes. EOG spent about $7.0 billion buying back its own shares from fiscal 2021 through fiscal 2025, on top of $15.5 billion in dividends. Buybacks rose from $118 million in fiscal 2022 to $3.2 billion in fiscal 2024, then eased to $2.6 billion in fiscal 2025. The share count fell 10.4% between October 28, 2021, and July 28, 2026, so each remaining share owns a bigger slice of profits. As of June 30, 2026, EOG had $7.9 billion of debt and $4.9 billion of cash and investments.
How did EOG stock do in past market crashes?
It fell sharply in the 2008 and 2020 crashes but rose during the 2022 market slump. In the 2008 financial crisis, EOG shares dropped 68.1% from their May 2008 peak to their March 2009 low and took about 52 months to recover. In the 2020 COVID crash they fell 61.5% and recovered in about 12 months. In 2022, EOG gained 43.1% between the market's January peak and October low, despite a 33.4% drop along the way. Its worst decline on record was 77.1%, as of October 29, 2026.
Where does EOG Resources drill for oil and gas?
Almost all of it is in the United States, which held about 99% of EOG's proved reserves at the end of 2025. Trinidad held the other 1%. Its largest producing area in 2025 was the Delaware Basin, where it completed 393 net wells (wells adjusted for its ownership share). It also drills in South Texas, in the Utica play in the Appalachian Basin (it bought Encino Acquisition Partners in August 2025) and in the Powder River and Williston basins. It is also exploring in Bahrain and the United Arab Emirates.