EOG Resources (EOG)
Develops oil and gas across the Delaware, Eagle Ford, Utica and other U.S. basins.
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EOG drills and runs oil and gas fields, with nearly all of the business in the United States and almost half tied to the Delaware Basin. That giant field remains the cash engine; a newly enlarged Utica gas position and small overseas tests are the bids for fresh growth. Its in-house transport and trading operation moves a lot of sales but keeps only a thin slice.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
9 in detail · 11 more below
Delaware Basin
EOG's dominant oil-and-gas field produced about as much energy as 261.5 million barrels of oil in FY2025. Its scale funds the wider portfolio; well quality, water handling and routes to buyers determine how durable that role is.
Competes with Delaware Basin assets (Diamondback Energy) · Delaware Basin assets (ConocoPhillips)
In plain English
Picture a very large underground pantry holding crude oil, gas and liquid fuels that can be separated from gas. EOG drills long wells through the Delaware Basin, brings those fuels to the surface and prepares them for sale.
Refiners and other energy buyers pay for each barrel or unit of gas delivered. EOG completed 393 wells here in FY2025, so keeping the pantry productive takes constant new drilling, reliable water handling and enough pipeline room to reach better-paying markets.
Gathering, Processing and Marketing
The routing desk for EOG's own and purchased oil and gas carried $4.914 billion of FY2025 revenue. Only about $119 million remained after buying and moving those commodities, so its sales footprint is much larger than its earnings weight.
Competes with Commercial organization (ConocoPhillips) · Midstream and Marketing (Occidental)
In plain English
The unglamorous part that gets production from a well to someone who will buy it. EOG gathers oil and gas, runs some of it through processing equipment, reserves space on pipelines and sometimes buys extra supply from others to fill those routes.
Refiners, utilities, industrial users and exporters pay EOG for the delivered commodity. Most of that payment immediately covers the commodity and its trip, like a wholesaler passing a costly shipment through its books. The operation matters because choosing the destination can improve the final selling price, even when the leftover spread is thin.
Eagle Ford
A mature South Texas field that still supplies a meaningful stream of mostly oil. EOG completed 122 wells in FY2025 and planned about 115 for FY2026; the job is to replace fading wells without overspending.
Competes with Eagle Ford assets (ConocoPhillips) · Central Eagle Ford assets (Crescent Energy)
In plain English
Think of a mature orchard: it still fills many crates, but only if old trees are tended and new ones are planted. Eagle Ford is an established field where EOG drills for mostly oil, plus smaller amounts of gas and liquids separated from gas.
Gulf Coast refiners and exporters buy the output after pipelines carry it across South Texas. Because wells fade as they age, EOG keeps drilling enough new ones to hold up the harvest. Existing roads, pipes and facilities help; the risk is spending too much merely to stand still.
Rocky Mountain Area
Powder River and Williston form a smaller, oil-weighted supporting business. EOG planned roughly 45 wells for FY2026 after completing 34 in FY2025, but winter conditions and inland transport discounts can pinch what each barrel earns.
Competes with Williston Basin assets (Chord Energy) · Bakken assets (ConocoPhillips)
In plain English
Up north, two producing areas give EOG another shelf of oil and gas outside its biggest fields. Powder River and Williston together supply mostly oil, with smaller flows of gas and liquids separated from gas.
Regional refiners buy the crude, while gathering lines and long-distance pipelines carry it out of the fields. The economics are straightforward: sell each barrel for more than it costs to drill, operate and transport. Harsh winters can interrupt the work, and being far inland can mean accepting less money than coastal sellers receive.
Utica
The Encino purchase made Utica EOG's main new growth field, although FY2025 included it only from August. EOG planned 85 wells for FY2026 versus 55 in FY2025; crowded pipelines remain the gatekeeper.
Competes with Utica and Marcellus assets (Gulfport Energy) · Southwest Appalachia assets (Expand Energy)
In plain English
A newly enlarged patch of ground now gives EOG a much bigger gas business in the Appalachian region. The wells also yield oil and liquids that can be separated from gas, so the company can sell more than one kind of fuel from the same acreage.
EOG paid $5.7 billion including the acquired debt to add Encino, then stepped up the drilling plan. Buyers across several U.S. regions pay for the production, but gathering lines and long-distance pipelines must have room first. More wells create growth only if EOG joins the acquired operation cleanly and can move the gas without a steep local discount.
Dorado
A South Texas gas field aimed at Gulf Coast buyers and gas-export plants. EOG trimmed the planned late-2026 rate from one billion cubic feet a day to just over 800 million and moved spending toward oil.
Competes with Haynesville/Bossier assets (Comstock Resources) · Haynesville assets (Expand Energy)
In plain English
Here the product is almost entirely natural gas. EOG drills Dorado wells in South Texas and sends their output through the large Verde Pipeline to Agua Dulce, a meeting point for other pipes and nearby buyers.
One important customer is Cheniere's Corpus Christi plant, which chills gas into a liquid so ships can carry it overseas. That creates a route to international demand, but EOG still chooses how quickly to drill. When gas prices or expected returns weaken, it can slow the tap and direct its spending to oil fields instead.
Cheniere Integrated Production Marketing Agreement
A long-term route for EOG gas into Cheniere's Corpus Christi export plant. Daily deliveries tripled during the first half of 2026; plant uptime and the gap between U.S. and overseas prices decide the benefit.
Competes with Corpus Christi Stage III gas supply deal (Tourmaline Oil) · Corpus Christi Stage III production-marketing deal (ARC Resources)
In plain English
Instead of finding a new buyer for every day's gas, EOG has reserved a long-running checkout lane. It supplies gas to Cheniere, which cools it into liquid, loads it onto ships and sells it into overseas markets.
Cheniere pays EOG under a fifteen-year arrangement, and part of EOG's price follows a benchmark for Asian gas cargoes. Deliveries reached the full agreed daily rate in the second quarter of 2026. The deal can connect a Texas gas field to stronger prices abroad, but only while the export plant runs reliably and the overseas price is attractive.
Trinidad
A small offshore gas business that produced 84 billion cubic feet in FY2025, plus a little oil. Local state-linked buyers and bp take the output; new competing fields must feed the same limited national gas system.
Competes with Manatee (Shell) · Cypre (bpTT)
In plain English
Far from EOG's U.S. core, offshore platforms near Trinidad bring up mostly natural gas and a small amount of oil. EOG also develops the Mento and Coconut areas with bp, which shares the work and cost.
The customer list is unusually clear: NGC and its subsidiary buy gas, while Heritage Petroleum and bpTT buy oil. Those sales feed Trinidad's domestic plants and gas-export chain. This is a compact market, so EOG's fields must keep producing reliably while Shell's Manatee and bpTT's Cypre bring competing new gas into the same system.
Unconventional Onshore Block 3
An Abu Dhabi oil test that could become a new field, not yet a business. Initial wells looked strong, yet block-wide output was only roughly 500 barrels a day in August 2026; repeatable results come first.
Competes with Unconventional Onshore Block 1 (Petronas/ADNOC) · Ruwais Diyab unconventional gas (ADNOC/TotalEnergies)
In plain English
This is a trial dig, not a working cash engine. EOG controls a large Abu Dhabi block for a three-year testing period and is drilling wells to learn whether oil can be produced repeatedly at a cost that makes sense.
No material customer has been announced because commercial-scale production has not been proved. ADNOC, the Abu Dhabi national oil company, oversees the agreement and may join later. Two encouraging wells are a start, but EOG still needs many consistent results, workable terms and infrastructure before ordinary oil sales can turn the experiment into a lasting business.
Delaware BasinEOG's dominant oil-and-gas field produced about as much energy as 261.5 million barrels of oil in FY2025. Its scale funds the wider portfolio; well quality, water handling and routes to buyers determine how durable that role is.EOG's dominant oil-and-gas field produced about as much energy as 261.5 million barrels of oil in FY2025. Its scale funds the wider portfolio; well quality, water handling and routes to buyers determine how durable that role is.
In plain English
Picture a very large underground pantry holding crude oil, gas and liquid fuels that can be separated from gas. EOG drills long wells through the Delaware Basin, brings those fuels to the surface and prepares them for sale.
Refiners and other energy buyers pay for each barrel or unit of gas delivered. EOG completed 393 wells here in FY2025, so keeping the pantry productive takes constant new drilling, reliable water handling and enough pipeline room to reach better-paying markets.
Competes with Delaware Basin assets (Diamondback Energy) · Delaware Basin assets (ConocoPhillips)
Gathering, Processing and MarketingThe routing desk for EOG's own and purchased oil and gas carried $4.914 billion of FY2025 revenue. Only about $119 million remained after buying and moving those commodities, so its sales footprint is much larger than its earnings weight.The routing desk for EOG's own and purchased oil and gas carried $4.914 billion of FY2025 revenue. Only about $119 million remained after buying and moving those commodities, so its sales footprint is much larger than its earnings weight.
In plain English
The unglamorous part that gets production from a well to someone who will buy it. EOG gathers oil and gas, runs some of it through processing equipment, reserves space on pipelines and sometimes buys extra supply from others to fill those routes.
Refiners, utilities, industrial users and exporters pay EOG for the delivered commodity. Most of that payment immediately covers the commodity and its trip, like a wholesaler passing a costly shipment through its books. The operation matters because choosing the destination can improve the final selling price, even when the leftover spread is thin.
Competes with Commercial organization (ConocoPhillips) · Midstream and Marketing (Occidental)
Eagle FordA mature South Texas field that still supplies a meaningful stream of mostly oil. EOG completed 122 wells in FY2025 and planned about 115 for FY2026; the job is to replace fading wells without overspending.A mature South Texas field that still supplies a meaningful stream of mostly oil. EOG completed 122 wells in FY2025 and planned about 115 for FY2026; the job is to replace fading wells without overspending.
In plain English
Think of a mature orchard: it still fills many crates, but only if old trees are tended and new ones are planted. Eagle Ford is an established field where EOG drills for mostly oil, plus smaller amounts of gas and liquids separated from gas.
Gulf Coast refiners and exporters buy the output after pipelines carry it across South Texas. Because wells fade as they age, EOG keeps drilling enough new ones to hold up the harvest. Existing roads, pipes and facilities help; the risk is spending too much merely to stand still.
Competes with Eagle Ford assets (ConocoPhillips) · Central Eagle Ford assets (Crescent Energy)
Rocky Mountain AreaPowder River and Williston form a smaller, oil-weighted supporting business. EOG planned roughly 45 wells for FY2026 after completing 34 in FY2025, but winter conditions and inland transport discounts can pinch what each barrel earns.Powder River and Williston form a smaller, oil-weighted supporting business. EOG planned roughly 45 wells for FY2026 after completing 34 in FY2025, but winter conditions and inland transport discounts can pinch what each barrel earns.
In plain English
Up north, two producing areas give EOG another shelf of oil and gas outside its biggest fields. Powder River and Williston together supply mostly oil, with smaller flows of gas and liquids separated from gas.
Regional refiners buy the crude, while gathering lines and long-distance pipelines carry it out of the fields. The economics are straightforward: sell each barrel for more than it costs to drill, operate and transport. Harsh winters can interrupt the work, and being far inland can mean accepting less money than coastal sellers receive.
Competes with Williston Basin assets (Chord Energy) · Bakken assets (ConocoPhillips)
UticaThe Encino purchase made Utica EOG's main new growth field, although FY2025 included it only from August. EOG planned 85 wells for FY2026 versus 55 in FY2025; crowded pipelines remain the gatekeeper.The Encino purchase made Utica EOG's main new growth field, although FY2025 included it only from August. EOG planned 85 wells for FY2026 versus 55 in FY2025; crowded pipelines remain the gatekeeper.
In plain English
A newly enlarged patch of ground now gives EOG a much bigger gas business in the Appalachian region. The wells also yield oil and liquids that can be separated from gas, so the company can sell more than one kind of fuel from the same acreage.
EOG paid $5.7 billion including the acquired debt to add Encino, then stepped up the drilling plan. Buyers across several U.S. regions pay for the production, but gathering lines and long-distance pipelines must have room first. More wells create growth only if EOG joins the acquired operation cleanly and can move the gas without a steep local discount.
Competes with Utica and Marcellus assets (Gulfport Energy) · Southwest Appalachia assets (Expand Energy)
DoradoA South Texas gas field aimed at Gulf Coast buyers and gas-export plants. EOG trimmed the planned late-2026 rate from one billion cubic feet a day to just over 800 million and moved spending toward oil.A South Texas gas field aimed at Gulf Coast buyers and gas-export plants. EOG trimmed the planned late-2026 rate from one billion cubic feet a day to just over 800 million and moved spending toward oil.
In plain English
Here the product is almost entirely natural gas. EOG drills Dorado wells in South Texas and sends their output through the large Verde Pipeline to Agua Dulce, a meeting point for other pipes and nearby buyers.
One important customer is Cheniere's Corpus Christi plant, which chills gas into a liquid so ships can carry it overseas. That creates a route to international demand, but EOG still chooses how quickly to drill. When gas prices or expected returns weaken, it can slow the tap and direct its spending to oil fields instead.
Competes with Haynesville/Bossier assets (Comstock Resources) · Haynesville assets (Expand Energy)
Cheniere Integrated Production Marketing AgreementA long-term route for EOG gas into Cheniere's Corpus Christi export plant. Daily deliveries tripled during the first half of 2026; plant uptime and the gap between U.S. and overseas prices decide the benefit.A long-term route for EOG gas into Cheniere's Corpus Christi export plant. Daily deliveries tripled during the first half of 2026; plant uptime and the gap between U.S. and overseas prices decide the benefit.
In plain English
Instead of finding a new buyer for every day's gas, EOG has reserved a long-running checkout lane. It supplies gas to Cheniere, which cools it into liquid, loads it onto ships and sells it into overseas markets.
Cheniere pays EOG under a fifteen-year arrangement, and part of EOG's price follows a benchmark for Asian gas cargoes. Deliveries reached the full agreed daily rate in the second quarter of 2026. The deal can connect a Texas gas field to stronger prices abroad, but only while the export plant runs reliably and the overseas price is attractive.
Competes with Corpus Christi Stage III gas supply deal (Tourmaline Oil) · Corpus Christi Stage III production-marketing deal (ARC Resources)
TrinidadA small offshore gas business that produced 84 billion cubic feet in FY2025, plus a little oil. Local state-linked buyers and bp take the output; new competing fields must feed the same limited national gas system.A small offshore gas business that produced 84 billion cubic feet in FY2025, plus a little oil. Local state-linked buyers and bp take the output; new competing fields must feed the same limited national gas system.
In plain English
Far from EOG's U.S. core, offshore platforms near Trinidad bring up mostly natural gas and a small amount of oil. EOG also develops the Mento and Coconut areas with bp, which shares the work and cost.
The customer list is unusually clear: NGC and its subsidiary buy gas, while Heritage Petroleum and bpTT buy oil. Those sales feed Trinidad's domestic plants and gas-export chain. This is a compact market, so EOG's fields must keep producing reliably while Shell's Manatee and bpTT's Cypre bring competing new gas into the same system.
Competes with Manatee (Shell) · Cypre (bpTT)
Unconventional Onshore Block 3An Abu Dhabi oil test that could become a new field, not yet a business. Initial wells looked strong, yet block-wide output was only roughly 500 barrels a day in August 2026; repeatable results come first.An Abu Dhabi oil test that could become a new field, not yet a business. Initial wells looked strong, yet block-wide output was only roughly 500 barrels a day in August 2026; repeatable results come first.
In plain English
This is a trial dig, not a working cash engine. EOG controls a large Abu Dhabi block for a three-year testing period and is drilling wells to learn whether oil can be produced repeatedly at a cost that makes sense.
No material customer has been announced because commercial-scale production has not been proved. ADNOC, the Abu Dhabi national oil company, oversees the agreement and may join later. Two encouraging wells are a start, but EOG still needs many consistent results, workable terms and infrastructure before ordinary oil sales can turn the experiment into a lasting business.
Competes with Unconventional Onshore Block 1 (Petronas/ADNOC) · Ruwais Diyab unconventional gas (ADNOC/TotalEnergies)
Named in filings, launches and programs
- Crude oil and condensateProduct lineCrude and an oil-like liquid separated from gas are the core products; two unnamed refiners each bought more than 10% of FY2025 companywide revenue.
- Residual U.S. producing areasProduct lineOklahoma, Barnett and smaller properties together add roughly one to two percent of FY2025 revenue.
- Austin ChalkProduct · Pre-revenueAn emerging South Texas oil area with roughly 60,000 leased acres and more than 12 wells disclosed by August 2026.
- Bahrain gas exploration prospectProduct · Pre-revenueA Bapco partnership testing a government-approved gas area, with interests in older wells and exploratory work during 2026.
- Vitol long-term gas supply agreementCustomer program · AnnouncedA ten-year gas deal beginning in 2027, with most of the price linked to crude oil and the rest priced more flexibly.
- Mento AreaProduct lineAn offshore Trinidad gas development operated by EOG with bp sharing ownership equally.
- Coconut Field and PlatformProduct line · RampingA Trinidad gas development with bp that needs a platform and pipeline work before adding more supply.
- Verde PipelineEcosystemThe large pipe completed in 2024 that carries Dorado gas to the Agua Dulce market hub.
- Janus natural gas processing plantEcosystemA Delaware Basin plant completed in 2024 to prepare EOG's gas for transport and sale.
- HiFi drilling-sensor technologyProduct · Pre-revenueAcquired software, sensors and patents now used inside EOG to guide drilling; they do not create a separate outside sales line.
- iSense methane sensorProduct · Pre-revenueEOG's internal tool for finding methane leaks and managing emissions, with no outside sales line.
Crude oil and condensateProduct line
Crude and an oil-like liquid separated from gas are the core products; two unnamed refiners each bought more than 10% of FY2025 companywide revenue.
Residual U.S. producing areasProduct line
Oklahoma, Barnett and smaller properties together add roughly one to two percent of FY2025 revenue.
Austin ChalkProduct · Pre-revenue
An emerging South Texas oil area with roughly 60,000 leased acres and more than 12 wells disclosed by August 2026.
Bahrain gas exploration prospectProduct · Pre-revenue
A Bapco partnership testing a government-approved gas area, with interests in older wells and exploratory work during 2026.
Vitol long-term gas supply agreementCustomer program · Announced
A ten-year gas deal beginning in 2027, with most of the price linked to crude oil and the rest priced more flexibly.
Mento AreaProduct line
An offshore Trinidad gas development operated by EOG with bp sharing ownership equally.
Coconut Field and PlatformProduct line · Ramping
A Trinidad gas development with bp that needs a platform and pipeline work before adding more supply.
Verde PipelineEcosystem
The large pipe completed in 2024 that carries Dorado gas to the Agua Dulce market hub.
Janus natural gas processing plantEcosystem
A Delaware Basin plant completed in 2024 to prepare EOG's gas for transport and sale.
HiFi drilling-sensor technologyProduct · Pre-revenue
Acquired software, sensors and patents now used inside EOG to guide drilling; they do not create a separate outside sales line.
iSense methane sensorProduct · Pre-revenue
EOG's internal tool for finding methane leaks and managing emissions, with no outside sales line.