EOG Resources (EOG) Q3 2025 Financial Results Summary
On October 31, 2025, EOG Resources reported its financial results for the third quarter of 2025.
Financial Results Overview
- Operating Revenues: $5.847 billion, an increase of 14.7% compared to $5.965 billion in Q3 2024.
- Net Income: $1.471 billion, marked a decrease of 12.1% from $1.673 billion in Q3 2024.
- Net Income per Share:
- Basic: $2.72 (adjusted for dilution).
- Diluted: $2.70, down 9.63% from $2.95 in Q3 2024.
- Adjusted Net Income (Non-GAAP): $1.472 billion, down 10.2% from $1.644 billion in Q3 2024.
- Adjusted Net Income per Share: $2.71, down 6.2% from $2.89 in Q3 2024.
Revenue Breakdown
- Crude Oil and Condensate Revenue: $3.243 billion, up 5% from $3.488 billion in Q3 2024.
- Natural Gas Liquids Revenue: $604 million, increasing 15.3% compared to $524 million in Q3 2024.
- Natural Gas Revenue: $707 million, an increase of 89.8% compared to $372 million in Q3 2024.
Operating Expenses
- Total Operating Expenses: Rose to $4.011 billion from $3.876 billion in Q3 2024, an increase of 3.5%.
- Production Costs:
- Lease and Well Costs: $431 million, rising 9.9% from $392 million in the same quarter last year.
- Gathering, Processing, and Transportation Costs: $587 million, significantly up 32% from $445 million in Q3 2024.
Cash Flow Highlights
- Cash Flow from Operating Activities: $3.111 billion, up 9.5% compared to $2.763 billion in Q3 2024.
- Free Cash Flow: $1.383 billion, compared to $1.491 billion in Q3 2024, translating to a 7.2% decrease.
Balance Sheet Metrics
- Cash and Cash Equivalents: $3.530 billion, decreased from $6.122 billion at the end of Q2 2025.
- Total Assets: Increased to $52.199 billion from $46.151 billion in September 2024, a growth of 12.9%.
- Total Stockholders’ Equity: Increased to $30.285 billion from $29.574 billion in the previous year, reflecting a 2.4% growth.
- Net Debt-to-Total Capitalization: 12.1%, increasing from 11.3% in Q3 2024.
Dividends and Share Repurchases
- Dividends Declared: EOG maintained a quarterly dividend, decreeing $0.975 per share, which compared to $0.910 in Q3 2024, reflecting a 7.1% increase.
- EOG did not report share repurchases during this quarter.
Summary of Performance Metrics
- Average Crude Oil Equivalent Volumes: 119.7 MMBoe, up 16.5% from 99.0 MMBoe in Q3 2024.
- Average Realized Price per Barrel: $48.85, a decline of 3.3% from $60.25 in Q3 2024.
- Total Operating Margin: Increased to $13.99 per Boe measured in Q3 2025, a drop from $19.98 in the previous year, indicating challenges in cost management against rising prices.
This financial summary highlights EOG Resources’ performance in Q3 2025, with notable fluctuations in revenues and expenses while maintaining an increase in dividends declared.
| 2024 | 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | |
| Operating Revenues and Other | ||||||||||
| Crude Oil and Condensate | 3,480 | 3,692 | 3,488 | 3,261 | 13,921 | 3,293 | 2,974 | 3,243 | 9,510 | |
| Natural Gas Liquids | 513 | 515 | 524 | 554 | 2,106 | 572 | 534 | 604 | 1,710 | |
| Natural Gas | 382 | 303 | 372 | 494 | 1,551 | 637 | 600 | 707 | 1,944 | |
| Gains (Losses) on Mark-to-Market | ||||||||||
| Financial Commodity and Other Derivative Contracts, Net | 237 | -47 | 79 | -65 | 204 | -191 | 107 | 116 | 32 | |
| Gathering, Processing and Marketing | 1,459 | 1,519 | 1,481 | 1,341 | 5,800 | 1,340 | 1,247 | 1,178 | 3,765 | |
| Gains (Losses) on Asset Dispositions, Net | 26 | 20 | -7 | -23 | 16 | -1 | -18 | -19 | ||
| Other, Net | 26 | 23 | 28 | 23 | 100 | 19 | 16 | 17 | 52 | |
| Total | 6,123 | 6,025 | 5,965 | 5,585 | 23,698 | 5,669 | 5,478 | 5,847 | 16,994 | |
| Operating Expenses | ||||||||||
| Lease and Well | 396 | 390 | 392 | 394 | 1,572 | 401 | 396 | 431 | 1,228 | |
| Gathering, Processing and Transportation Costs | 413 | 423 | 445 | 441 | 1,722 | 440 | 455 | 587 | 1,482 | |
| Exploration Costs | 45 | 34 | 43 | 52 | 174 | 41 | 74 | 71 | 186 | |
| Dry Hole Costs | 1 | 5 | 8 | 14 | 34 | 11 | 45 | |||
| Impairments | 19 | 81 | 15 | 276 | 391 | 44 | 39 | 71 | 154 | |
| Marketing Costs | 1,404 | 1,490 | 1,500 | 1,323 | 5,717 | 1,325 | 1,216 | 1,134 | 3,675 | |
| Depreciation, Depletion and Amortization | 1,074 | 984 | 1,031 | 1,019 | 4,108 | 1,013 | 1,053 | 1,169 | 3,235 | |
| General and Administrative | 162 | 151 | 167 | 189 | 669 | 171 | 186 | 239 | 596 | |
| Taxes Other Than Income | 338 | 337 | 283 | 291 | 1,249 | 341 | 301 | 309 | 951 | |
| Total | 3,852 | 3,895 | 3,876 | 3,993 | 15,616 | 3,810 | 3,731 | 4,011 | 11,552 | |
| Operating Income | 2,271 | 2,130 | 2,089 | 1,592 | 8,082 | 1,859 | 1,747 | 1,836 | 5,442 | |
| Other Income, Net | ||||||||||
