EOG Resources (EOG)
NYSE:EOG
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EOG Resources
(NYSE:EOG)
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Rating:79Outperform
Price Target:
$163.00
â–²(13.95% Upside)
Action:ReiteratedDate:02/25/26
The score is driven primarily by strong financial quality (profitability, low leverage, and positive cash generation) and constructive earnings-call guidance emphasizing sizable free cash flow and high shareholder returns. Technicals add support via a clear uptrend, while valuation remains reasonable with a solid dividend. Key offsets are cyclical commodity sensitivity, variable free cash flow/capital intensity, and near-term price pressure risks highlighted on the call.
Positive Factors
Free cash flow and shareholder returns
Sustained multi-billion-dollar free cash flow underpins a durable capital-return policy (dividend + buybacks). That persistent cash generation supports disciplined capex, funds shareholder distributions without relying on external financing, and enhances financial resilience through cycles.
Negative Factors
Commodity-driven revenue volatility
EOG's cash flows and profits remain materially exposed to oil and gas price swings. That structural commodity sensitivity causes variability in free cash flow and capital plans, complicates multi-year forecasting, and can force scaling back returns or activity in weaker price environments.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow and shareholder returns
Sustained multi-billion-dollar free cash flow underpins a durable capital-return policy (dividend + buybacks). That persistent cash generation supports disciplined capex, funds shareholder distributions without relying on external financing, and enhances financial resilience through cycles.
Read all positive factors
EOG Resources (EOG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$76.75B
Dividend Yield3.79%
Average Volume (3M)5.87M
Price to Earnings (P/E)11.4
Beta (1Y)0.39
Revenue Growth-5.15%
EPS Growth-19.06%
CountryUS
Employees3,150
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)2.27
Shares Outstanding536,491,500
10 Day Avg. Volume5,671,494
30 Day Avg. Volume5,865,036
Financial Highlights & Ratios
PEG Ratio-0.60
Price to Book (P/B)1.90
Price to Sales (P/S)2.51
P/FCF Ratio14.41
Enterprise Value/Market Cap1.07
Enterprise Value/Revenue3.65
Enterprise Value/Gross Profit5.36
Enterprise Value/Ebitda7.29
Forecast
1Y Price Target
$146.14Price Target Upside2.16% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering22
EPS Forecast (FY)12.68
Revenue Forecast (FY)$25.12B
EOG Resources Business Overview & Revenue Model
Company Description
EOG Resources, Inc., together with its subsidiaries, explores for, develops, produces, and markets crude oil, and natural gas and natural gas liquids. Its principal producing areas are in New Mexico and Texas in the United States; and the Republic...
How the Company Makes Money
EOG makes money primarily by producing and selling hydrocarbons—crude oil, natural gas, and NGLs—from its operated and non-operated wells. Revenue is recognized largely from (1) sales of crude oil to refiners, marketers, and other purchasers; (2) ...
EOG Resources Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyEOG Resources Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational execution, substantial free cash flow generation ($4.7B in 2025), disciplined capital allocation, meaningful cost reductions (7% company-wide; ~20% in the Delaware 2023–2025), successful Encino integration and Utica cost improvements (well cost < $600/ft), and a robust shareholder return program (100% of 2025 FCF returned, 8% dividend increase). Lowlights were mostly near-term or execution/messaging related: inventory builds pressuring near-term prices, perception concerns around Permian productivity as development mixes into additional landing zones with lower per‑foot productivity, a still-stable service cost market with only partial cost hedging, and international opportunities remaining early-stage. On balance the highlights materially outweigh the lowlights: the company presents a resilient, cash-generative profile with a conservative balance sheet and continued focus on returning capital while investing selectively for growth.Positive Updates
Strong Free Cash Flow and Shareholder Returns
Generated $4.7 billion in free cash flow in 2025 and nearly $1 billion in Q4; returned 100% of 2025 free cash flow to shareholders through an 8% regular dividend increase and $2.5 billion in share repurchases; paid $2.2 billion in regular dividends ($3.95/share) for the year and returned $14 billion to shareholders over the past three years.
Negative Updates
Near-Term Inventory and Macro Uncertainty
Management expects total crude and product inventories to continue building over the next few quarters, creating near-term pressure on oil prices and some market uncertainty despite constructive medium-to-long-term outlook.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Free Cash Flow and Shareholder Returns
Generated $4.7 billion in free cash flow in 2025 and nearly $1 billion in Q4; returned 100% of 2025 free cash flow to shareholders through an 8% regular dividend increase and $2.5 billion in share repurchases; paid $2.2 billion in regular dividends ($3.95/share) for the year and returned $14 billion to shareholders over the past three years.
Read all positive updates
Company Guidance
EOG’s 2026 plan calls for midpoint capital spending of $6.5 billion to fund ~585 net well completions (company average ~24 rigs and 10 completion crews; Delaware ~13 rigs/4 crews), with basin plans including ~85 Utica wells (3 rigs/3 crews), ~115 Eagle Ford wells (4 rigs/1 crew) and ~40 Dorado wells (2 rigs/1 crew); the company has locked ~45% of total well costs and is targeting a low‑single‑digit reduction in well costs. At guidance midpoints and strip pricing EOG expects roughly $4.5 billion of free cash flow, a breakeven WTI of $50 to cover the 2026 capital program plus the regular dividend, and intends to return 90–100% of annual free cash flow to shareholders (with $3.3 billion remaining on the buyback authorization); sustaining capital is estimated at $4.8–$5.4 billion (midpoint ~$5.1B) to hold production flat over a three‑year period. The plan assumes Q4‑to‑Q4 oil production roughly flat (implying ~5% annual oil growth) and total production growth of ~13% in 2026, a roughly even H1/H2 capital cadence, and a three‑year scenario (WTI $55–$70) that yields 5% cash‑flow and >6% free‑cash‑flow CAGRs and cumulative FCF of $10–$18 billion.EOG Resources Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 22.57B | 23.38B | 23.18B | 29.49B | 19.67B |
| Gross Profit | 15.37B | 17.70B | 18.24B | 24.62B | 14.32B |
| EBITDA | 11.30B | 12.46B | 13.33B | 13.62B | 9.76B |
| Net Income | 4.98B | 6.40B | 7.59B | 7.76B | 4.66B |
Balance Sheet | |||||
| Total Assets | 51.80B | 47.19B | 43.86B | 41.37B | 38.24B |
| Cash, Cash Equivalents and Short-Term Investments | 3.40B | 7.09B | 5.28B | 5.97B | 5.21B |
| Total Debt | 8.41B | 5.07B | 4.16B | 5.96B | 5.91B |
| Total Liabilities | 21.97B | 17.84B | 15.77B | 16.59B | 16.06B |
| Stockholders Equity | 29.83B | 29.35B | 28.09B | 24.78B | 22.18B |
Cash Flow | |||||
| Free Cash Flow | 3.93B | 5.77B | 5.16B | 6.09B | 4.94B |
| Operating Cash Flow | 10.04B | 12.14B | 11.34B | 11.09B | 8.79B |
| Investing Cash Flow | -10.94B | -5.97B | -6.34B | -5.06B | -3.42B |
| Financing Cash Flow | -2.80B | -4.36B | -5.69B | -5.27B | -3.49B |
EOG Resources Technical Analysis
Positive
143.05
Price Trends
126.79
Positive
116.43
Positive
115.21
Positive
Market Momentum
5.23
Positive
62.55
Neutral
36.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EOG, the sentiment is Positive. The current price of 143.05 is above the 20-day moving average (MA) of 139.35, above the 50-day MA of 126.79, and above the 200-day MA of 115.21, indicating a bullish trend. The MACD of 5.23 indicates Positive momentum. The RSI at 62.55 is Neutral, neither overbought nor oversold. The STOCH value of 36.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EOG.
EOG Resources Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $76.75B | 11.37 | 16.76% | 3.79% | -5.15% | -19.06% | |
77 Outperform | $160.91B | 14.67 | 12.28% | 3.43% | 8.41% | -16.12% | |
77 Outperform | $37.71B | 16.42 | 9.16% | 1.17% | 64.84% | 219.47% | |
76 Outperform | $54.65B | 26.12 | 4.34% | 2.70% | 60.29% | -17.62% | |
75 Outperform | $30.78B | 10.12 | 17.47% | 2.64% | 11.14% | -21.32% | |
73 Outperform | $62.10B | 16.93 | 6.43% | 2.39% | -2.48% | -65.26% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
EOG
EOG Resources
143.05
41.84
41.34%
COP
Conocophillips
131.64
51.72
64.71%
DVN
Devon Energy
49.65
23.53
90.06%
EQT
EQT
60.40
13.47
28.69%
OXY
Occidental Petroleum
62.96
27.62
78.13%
FANG
Diamondback
194.27
78.19
67.36%
EOG Resources Corporate Events
Business Operations and StrategyFinancial Disclosures
EOG Resources Issues Q4 2025 Results and 2026 Outlook
Neutral
Feb 24, 2026
EOG Resources released detailed supplemental financial and operating data for the fourth quarter and full year 2025, including income statements, cash flow statements, balance sheets and non‑GAAP metrics such as adjusted net income and free ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.