Item 1. FINANCIAL STATEMENTS

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Item 1. FINANCIAL STATEMENTS

EOG RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(In Millions, Except Per Share Data)

(Unaudited)



	Three Months Ended March 31,
	2026		2025

Operating Revenues and Other
Crude Oil and Condensate	$	3,577	$	3,293
Natural Gas Liquids	664		572
Natural Gas	1,021		637
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	113		(191)
Gathering, Processing and Marketing	1,496		1,340
Gains (Losses) on Asset Dispositions, Net	31		(1)
Other, Net	19		19
Total	6,921		5,669
Operating Expenses
Lease and Well	462		401
Gathering, Processing and Transportation Costs	654		440
Exploration Costs	45		41
Dry Hole Costs	23		34
Impairments	39		44
Marketing Costs	1,384		1,325
Depreciation, Depletion and Amortization	1,193		1,013
General and Administrative	185		171
Taxes Other Than Income	338		341
Total	4,323		3,810
Operating Income	2,598		1,859
Other Income, Net	23		65
Income Before Interest Expense and Income Taxes	2,621		1,924



Interest Expense, Net	66		47
Income Before Income Taxes	2,555		1,877
Income Tax Provision	575		414
Net Income	$	1,980	$	1,463
Net Income Per Share
Basic	$	3.72	$	2.66
Diluted	$	3.70	$	2.65
Average Number of Common Shares
Basic	532		550
Diluted	535		553
Comprehensive Income
Net Income	$	1,980	$	1,463
Other Comprehensive Income
Foreign Currency Translation Adjustments	1		—

Other Comprehensive Income	1		—
Comprehensive Income	$	1,981	$	1,463

The accompanying notes are an integral part of these condensed consolidated financial statements.

EOG RESOURCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Share Data)

(Unaudited)




	March 31, 2026		December 31, 2025
ASSETS
Current Assets
Cash and Cash Equivalents	$	3,849	$	3,396
Accounts Receivable, Net	3,597		2,681
Inventories	955		1,014
Other	562		565
Total	8,963		7,656
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	90,786		89,857
Other Property, Plant and Equipment	6,942		6,832
Total Property, Plant and Equipment	97,728		96,689
Less: Accumulated Depreciation, Depletion and Amortization	(55,054)		(54,348)
Total Property, Plant and Equipment, Net	42,674		42,341
Deferred Income Taxes	30		39
Other Assets	1,711		1,763
Total Assets	$	53,378	$	51,799
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	3,186	$	2,904
Accrued Taxes Payable	766		299
Dividends Payable	541		544
Current Portion of Long-Term Debt	27		27
Current Portion of Operating Lease Liabilities	375		472
Other	329		445
Total	5,224		4,691

Long-Term Debt	7,904		7,909
Other Liabilities	2,476		2,512
Deferred Income Taxes	6,866		6,854
Commitments and Contingencies (Note 5)

Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 589,044,385 Shares Issued at both March 31, 2026 and December 31, 2025	206		206
Additional Paid in Capital	6,026		6,027





Accumulated Other Comprehensive Loss	(6)		(7)
Retained Earnings	31,200		29,765
Common Stock Held in Treasury, 54,193,530 Shares at March 31, 2026 and 51,374,169 Shares at December 31, 2025	(6,518)		(6,158)
Total Stockholders' Equity	30,908		29,833
Total Liabilities and Stockholders' Equity	$	53,378	$	51,799

The accompanying notes are an integral part of these condensed consolidated financial statements.

EOG RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(In Millions, Except Per Share Data)

(Unaudited)



	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Common Stock Held in Treasury		Total Stockholders’ Equity
Balance at December 31, 2025	$	206	$	6,027	$	(7)	$	29,765	$	(6,158)	$	29,833
Net Income	—		—		—		1,980		—		1,980
Common Stock Dividends Declared, $1.02 Per Share	—		—		—		(545)		—		(545)
Other Comprehensive Income	—		—		1		—		—		1
Treasury Stock Repurchased	—		—		—		—		(405)		(405)
Change in Treasury Stock - Stock Compensation Plans, Net	—		(29)		—		—		15		(14)
Restricted Stock and Restricted Stock Units, Net	—		(30)		—		—		30		—
Stock-Based Compensation Expenses	—		58		—		—		—		58
Balance at March 31, 2026	$	206	$	6,026	$	(6)	$	31,200	$	(6,518)	$	30,908



	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Common Stock Held in Treasury		Total Stockholders’ Equity
Balance at December 31, 2024	$	206	$	6,090	$	(4)	$	26,941	$	(3,882)	$	29,351
Net Income	—		—		—		1,463		—		1,463
Common Stock Dividends Declared, $0.975 Per Share	—		—		—		(535)		—		(535)

Treasury Stock Repurchased	—		—		—		—		(796)		(796)
Change in Treasury Stock - Stock Compensation Plans, Net	—		(9)		—		—		(8)		(17)
Restricted Stock and Restricted Stock Units, Net	—		(36)		—		—		36		—
Stock-Based Compensation Expenses	—		50		—		—		—		50
Balance at March 31, 2025	$	206	$	6,095	$	(4)	$	27,869	$	(4,650)	$	29,516

The accompanying notes are an integral part of these condensed consolidated financial statements.

EOG RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

(Unaudited)



	Three Months Ended March 31,
	2026		2025

Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
Net Income	$	1,980	$	1,463
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	1,193		1,013
Impairments	39		44
Stock-Based Compensation Expenses	58		50
Deferred Income Taxes	18		44
(Gains) Losses on Asset Dispositions, Net	(31)		1
Other, Net	15		11
Dry Hole Costs	23		34
Mark-to-Market Financial Commodity and Other Derivative Contracts
(Gains) Losses, Net	(113)		191
Net Cash Payments for Settlements of Commodity Derivative Contracts	(53)		(38)

Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(907)		48
Inventories	21		76
Accounts Payable	279		(129)
Accrued Taxes Payable	467		(339)
Other Assets	55		(43)
Other Liabilities	(123)		(96)
Changes in Components of Working Capital Associated with Investing Activities	45		(41)
Net Cash Provided by Operating Activities	2,966		2,289
Investing Cash Flows

Additions to Oil and Gas Properties	(1,491)		(1,381)
Additions to Other Property, Plant and Equipment	(153)		(102)
Proceeds from Sales of Assets	144		12

Changes in Components of Working Capital Associated with Investing Activities	(45)		41
Net Cash Used in Investing Activities	(1,545)		(1,430)
Financing Cash Flows


Dividends Paid	(544)		(538)
Treasury Stock Purchased	(418)		(806)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan	1		—

Repayment of Finance Lease Liabilities	(7)		(8)
Net Cash Used in Financing Activities	(968)		(1,352)


Increase (Decrease) in Cash and Cash Equivalents	453		(493)
Cash and Cash Equivalents at Beginning of Period	3,396		7,092
Cash and Cash Equivalents at End of Period	$	3,849	$	6,599

The accompanying notes are an integral part of these condensed consolidated financial statements.

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Summary of Significant Accounting Policies

General. The condensed consolidated financial statements of EOG Resources, Inc., together with its subsidiaries (collectively, EOG), included herein have been prepared by management without audit pursuant to the rules and regulations of the United States Securities and Exchange Commission. Accordingly, they reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the financial results for the interim periods presented. Certain information and notes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. However, management believes that the disclosures included either on the face of the financial statements or in these notes are sufficient to make the interim information presented not misleading. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included 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).

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The operating results for the three months ended March 31, 2026, are not necessarily indicative of the results to be expected for the full year.

2. Long-Term Debt

EOG currently has a $3.0 billion senior unsecured Revolving Credit Agreement (Agreement) with domestic and foreign lenders (Banks). The Agreement has a scheduled maturity date of December 3, 2030, and includes an option for EOG to extend, on up to two occasions, the term for successive one-year periods subject to certain terms and conditions. The Agreement (i) commits the Banks to provide advances up to an aggregate principal amount of $3.0 billion outstanding at any given time, with an option for EOG to request increases in the aggregate commitments to an amount not to exceed $4.0 billion, subject to certain terms and conditions, and (ii) includes a swingline subfacility and a letter of credit subfacility.

Advances under the Agreement will accrue interest based, at EOG's option, on either the Secured Overnight Financing Rate (SOFR) plus an applicable margin, or the Base Rate (as defined in the Agreement) plus an applicable margin. The applicable margin used in connection with interest rates and fees will be based on EOG’s credit rating for its senior unsecured long-term debt at the applicable time.

The Agreement contains representations, warranties, covenants and events of default that EOG believes are customary for investment-grade, senior unsecured commercial bank credit agreements, including a financial covenant for the maintenance of a ratio of Total Debt-to-Total Capitalization (as such terms are defined in the Agreement) of no greater than 65%.

At March 31, 2026, EOG was in compliance with this financial covenant. At March 31, 2026 and December 31, 2025, there were no borrowings or letters of credit outstanding under the Agreement. The SOFR and Base Rate (inclusive of the applicable margins), had there been any amounts borrowed under the Agreement at March 31, 2026, would have been 4.56% and 6.75%, respectively.

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

3. Stockholders' Equity

Common Stock. In November 2021, the Board of Directors (Board) established a new share repurchase authorization allowing for the repurchase by EOG of up to $5 billion of its common stock and, in November 2024, increased such share repurchase authorization from $5 billion to $10 billion, effective November 7, 2024 (Share Repurchase Authorization).

Under the Share Repurchase Authorization, EOG may repurchase shares from time to time, at management's discretion, in accordance with applicable securities laws, including through open market transactions, privately negotiated transactions or any combination thereof. The timing and amount of repurchases is at the discretion of EOG's management and depends on a variety of factors, including the trading price of EOG's common stock, corporate and regulatory requirements, other market and economic conditions, the availability of cash to effect repurchases and EOG's anticipated future capital expenditures and other commitments requiring cash. Repurchased shares are held as treasury shares and are available for general corporate purposes. The Share Repurchase Authorization has no time limit, does not require EOG to repurchase a specific number of shares and may be modified, suspended, or terminated by the Board at any time. During the three months ended March 31, 2026, EOG repurchased 3.2 million shares of common stock for approximately $402 million (inclusive of transaction fees and commissions) pursuant to the Share Repurchase Authorization. As of March 31, 2026, approximately $2.9 billion remained available for repurchases under the Share Repurchase Authorization. Included in the Treasury Stock Repurchased amounts on the Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2026, is $3.7 million of estimated federal excise tax.

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.

On May 5, 2026, the Board declared a quarterly cash dividend on the common stock of $1.02 per share to be paid on July 31, 2026, to stockholders of record as of July 17, 2026.

4. Employee Benefit Plans

As more fully discussed in Note 7 to the Consolidated Financial Statements included in EOG's 2025 Annual Report, EOG maintains various stock-based compensation plans. Stock-based compensation expense is included on the Condensed Consolidated Statements of Income and Comprehensive Income based upon the job function of the employees receiving the grants as follows (in millions):



	Three Months Ended March 31,
	2026		2025
Lease and Well	$	20	$	17
Gathering, Processing and Transportation Costs	1		1
Exploration Costs	7		7
General and Administrative	30		25
Total	$	58	$	50

At March 31, 2026, approximately 11 million common shares remained available for grant under the EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan (2021 Plan). EOG's policy is to issue shares related to the 2021 Plan grants from previously authorized unissued shares or treasury shares to the extent treasury shares are available.

Stock Options and Stock-Settled Stock Appreciation Rights and Employee Stock Purchase Plan*.* The fair value of stock option grants and of stock-settled stock appreciation rights (SARs) grants was estimated using the Hull-White II binomial option pricing model. The fair value of Employee Stock Purchase Plan (ESPP) grants is estimated using the Black-Scholes-Merton model. Stock-based compensation expense related to stock option, SAR and ESPP grants totaled $2 million and $1 million for the three months ended March 31, 2026 and 2025, respectively.

EOG has not granted any stock options or SARs since February 2022.

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

Restricted Stock and Restricted Stock Units. Employees may be granted restricted (non-vested) stock and/or restricted stock units, which generally "cliff" vest three years from the date of grant in accordance with each grant agreement, without cost to them. Stock-based compensation expense related to restricted stock and restricted stock units totaled $53 million and $47 million for the three months ended March 31, 2026 and 2025, respectively.

The following table sets forth restricted stock and restricted stock unit transactions for the three-month periods ended March 31, 2026 and 2025 (shares and units in thousands):



	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025

	Number of Shares and Units	Weighted Average Grant Date Fair Value		Number of Shares and Units	Weighted Average Grant Date Fair Value
Outstanding at January 1	5,281	$	122.73	4,699	$	122.64
Granted	136	118.24		41	121.85
Released (1)	(59)	124.72		(39)	116.64
Forfeited	(37)	121.49		(36)	123.02
Outstanding at March 31 (2)	5,321	$	122.60	4,665	$	122.67

(1)The total intrinsic value of restricted stock and restricted stock units released during the three months ended March 31, 2026 and 2025, was $7 million and $5 million, respectively. The intrinsic value is based upon the closing price of the Common Stock on the date the restricted stock and restricted stock units are released.

(2)The total intrinsic value of restricted stock and restricted stock units outstanding at March 31, 2026 and 2025, was $769 million and $598 million, respectively.

At March 31, 2026, unrecognized compensation expense related to restricted stock and restricted stock units totaled $342 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.7 years.

Performance Units. EOG grants restricted stock units with performance-based conditions (Performance Units) annually to its executive officers and from time to time to other officers, without cost to them. As more fully discussed in the grant agreements, the applicable performance metrics are 1) EOG's TSR over the Performance Period relative to the TSR over the same period of a designated group of peer companies and 2) EOG's average return on capital employed (ROCE) over the Performance Period. At the end of the Performance Period, a performance multiple based on EOG's relative TSR ranking will be determined, with a minimum performance multiple of 0% and a maximum performance multiple of 200%. A specified modifier ranging from -70% to +70% will then be applied to the performance multiple based on EOG's average ROCE over the Performance Period, provided that in no event shall the performance multiple, after applying the ROCE modifier, be less than 0% or exceed 200%. Furthermore, if EOG's TSR over the Performance Period is negative (i.e., less than 0%), the performance multiple will be capped at 100%, regardless of EOG's relative TSR ranking or average ROCE over the Performance Period.

The fair value of the Performance Units is estimated using a Monte Carlo simulation. Stock-based compensation expense related to the Performance Unit grants totaled $3 million and $2 million for the three-month periods ended March 31, 2026 and 2025, respectively.

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

The following table sets forth the Performance Unit transactions for the three-month periods ended March 31, 2026 and 2025 (units in thousands):



	Three Months Ended March 31, 2026				Three Months Ended March 31, 2025

	Number of Units		Weighted Average Grant Date Fair Value		Number of Units	Weighted Average Grant Date Fair Value
Outstanding at January 1	493		$	129.87	559	$	119.05
Granted	2		106.57		8	134.49
Granted for Performance Multiple (1)	—		—		54	96.61
Released (2)	(122)		126.55		(267)	96.61

Outstanding at March 31 (3)	373	(4)	$	131.66	354	$	132.97

(1)Upon completion of the Performance Period for the Performance Units granted in 2022, a performance multiple of 0% was applied to each of the grants resulting in no additional grants of Performance Units in February 2026. Upon completion of the Performance Period for the Performance Units granted in 2021, a performance multiple of 125% was applied to each of the grants resulting in additional grants of Performance Units in February 2025.

(2)The total intrinsic value of Performance Units released was $15 million and $34 million for the three months ended March 31, 2026 and 2025, respectively. The intrinsic value is based upon the closing price of the Common Stock on the date the Performance Units are released.

(3)The total intrinsic value of Performance Units outstanding at March 31, 2026 and 2025, was $54 million and $45 million, respectively.

(4)Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of zero and a maximum of 747 Performance Units could be outstanding.

At March 31, 2026, unrecognized compensation expense related to Performance Units totaled $26 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 2.0 years.

5. Commitments and Contingencies

There are currently various suits and claims pending against EOG that have arisen in the ordinary course of EOG's business, including contract disputes, personal injury and property damage claims and title disputes. While the ultimate outcome and impact on EOG cannot be predicted, management believes that the resolution of these suits and claims will not, individually or in the aggregate, have a material adverse effect on EOG's consolidated financial position, results of operations or cash flow. EOG records reserves for contingencies when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated.

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

6. Net Income Per Share

The following table sets forth the computation of Net Income Per Share for the three-month periods ended March 31, 2026 and 2025 (in millions, except per share data):



	Three Months Ended March 31,
	2026		2025
Numerator for Basic and Diluted Earnings Per Share -
Net Income	$	1,980	$	1,463
Denominator for Basic Earnings Per Share -
Weighted Average Shares	532		550
Potential Dilutive Common Shares -
Stock Options/SARs/ESPP	—		1
Restricted Stock/Units and Performance Units	3		2
Denominator for Diluted Earnings Per Share -
Adjusted Diluted Weighted Average Shares	535		553
Net Income Per Share
Basic	$	3.72	$	2.66
Diluted	$	3.70	$	2.65

The diluted earnings per share calculation excludes stock option, SAR and ESPP grants that were anti-dilutive. Shares underlying the excluded stock option, SAR and ESPP grants were zero for all periods presented.

7. Supplemental Cash Flow Information

Net cash paid for interest and income taxes was as follows for the three-month periods ended March 31, 2026 and 2025 (in millions):



	Three Months Ended March 31,
	2026		2025
Interest (1)	$	82	$	11

Income Taxes, Net of Refunds Received	$	4	$	732

(1)Net of capitalized interest of $37 million and $12 million for the three months ended March 31, 2026 and 2025, respectively.

EOG's accrued capital expenditures and amounts recorded within accounts payable at March 31, 2026 and 2025 were $800 million and $695 million, respectively.

Non-cash investing activities for the three months ended March 31, 2026 and 2025, included additions of $52 million and $9 million, respectively, to EOG's oil and gas properties as a result of property exchanges. In addition, non-cash investing activities for the three months ended March 31, 2026, included $15 million related to revisions to the Encino purchase price allocation.

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

8. Business Segment Information

EOG's operations are all crude oil, NGLs and natural gas exploration and production-related. The Segment Reporting Topic of the Financial Accounting Standards Board's (FASB) Accounting Standard Codification (ASC) establishes standards for reporting information about operating segments in annual and interim financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and in assessing performance. EOG's CODM is the Chief Executive Officer.

The CODM routinely reviews and makes operating decisions related to significant issues associated with each of EOG's major producing areas (including in the United States and in Trinidad) and its exploration programs both inside and outside the United States. For segment reporting purposes, the CODM considers the major United States producing areas to be one operating segment. The CODM uses operating income (loss) to assess performance and allocate resources.

Financial information by reportable segment is presented below as of and for the three-month periods ended March 31, 2026 and 2025 (in millions):



	United States		Trinidad		Other International		Total
Three Months Ended March 31, 2026
Crude Oil and Condensate	$	3,564	$	12	$	1	$	3,577
NGLs	664		—		—		664
Natural Gas	934		84		3		1,021
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	113		—		—		113
Gathering, Processing and Marketing	1,493		3		—		1,496
Gains on Asset Dispositions, Net	31		—		—		31
Other, Net	19		—		—		19
Operating Revenues and Other	6,818		99		4		6,921
Lease and Well	446		10		6
Gathering, Processing and Transportation Costs	653		1		—
Marketing Costs	1,384		—		—
Depreciation, Depletion and Amortization	1,152		41		—
General and Administrative	175		3		7
Taxes Other Than Income	335		2		1
Other Segment Items (1)	96		2		9
Operating Income (Loss)	2,577		40		(19)		2,598
Interest Income							31
Other Expense							(8)
Interest Expense, Net							(66)
Income Before Income Taxes							$	2,555

Other Segment Disclosures:
Additions to Oil and Gas Properties, Excluding Dry Hole Costs	1,431		40		49		1,520
Total Property, Plant and Equipment, Net	41,977		543		154		42,674
Total Assets	51,774		1,201		403		53,378
Interest Expense, Net	66		—		—		66
Interest Income	28		2		1		31

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)



	United States		Trinidad		Other International		Total
Three Months Ended March 31, 2025
Crude Oil and Condensate	$	3,286	$	7	$	—	$	3,293
Natural Gas Liquids	572		—		—		572
Natural Gas	554		83		—		637
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	(191)		—		—		(191)
Gathering, Processing and Marketing	1,340		—		—		1,340
Gains (Losses) on Asset Dispositions, Net	3		—		(4)		(1)
Other, Net	19		—		—		19
Operating Revenues and Other	5,583		90		(4)		5,669
Lease and Well	385		14		2
Gathering, Processing and Transportation Costs	440		—		—
Marketing Costs	1,325		—		—
Depreciation, Depletion and Amortization	963		50		—
General and Administrative	162		4		5
Taxes Other Than Income	340		1		—
Other Segment Items (1)	82		33		4
Operating Income (Loss)	1,886		(12)		(15)		1,859
Interest Income							68
Other Expense							(3)
Interest Expense, Net							(47)
Income Before Income Taxes							$	1,877

Other Segment Disclosures:
Additions to Oil and Gas Properties, Excluding Dry Hole Costs	1,358		(2)		—		1,356
Total Property, Plant and Equipment, Net	34,156		450		26		34,632
Total Assets	45,652		1,133		197		46,982
Interest Expense, Net	47		—		—		47
Interest Income	64		3		1		68

(1)Other Segment Items include Exploration Costs, Dry Hole Costs and Impairments. Other Segment Items primarily relate to impairments, exploration and dry hole costs in the United States, and exploration costs in Other International and Trinidad for the three-month period ended March 31, 2026. Other Segment Items primarily relate to impairments and exploration costs in the United States, dry hole costs in Trinidad and exploration costs in Other International for the three-month period ended March 31, 2025.

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

9. Risk Management Activities

Commodity Price Risk**.** 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.

Financial Commodity Derivative Contracts. Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the three-month period ended March 31, 2026 (closed) and outstanding as of March 31, 2026. Natural gas volumes are presented in million British thermal units per day (MMBtud) and prices are presented in dollars per million British Thermal Units ($/MMBtu). NGL volumes are presented in thousand barrels per day (MBbld) and prices are presented in dollars per barrel ($/Bbl).



Natural Gas Financial Price Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MMBtud in thousands)	Weighted Average Price ($/MMBtu)

January - April 2026 (closed)	NYMEX Henry Hub	460	$	3.78
May - June 2026	NYMEX Henry Hub	460	3.78
July - December 2026	NYMEX Henry Hub	450	3.79



Natural Gas Collar Contracts
		Contracts Sold
			Weighted Average Price ($/MMBtu)
Period	Settlement Index	Volume (MMBtud in thousands)	Ceiling Price		Floor Price

January - April 2026 (closed)	NYMEX Henry Hub	80	$	4.28	$	3.72
May - June 2026	NYMEX Henry Hub	80	4.28		3.72
July - December 2026	NYMEX Henry Hub	70	4.23		3.71
January - December 2027	NYMEX Henry Hub	120	4.41		3.42



Ethane Financial Price Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MBbld)	Weighted Average Price ($/Bbl)

January - March 2026 (closed)	Mont Belvieu Ethane (non-Tet)	11	$	10.94
April - December 2026	Mont Belvieu Ethane (non-Tet)	11	10.94

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)



Propane Financial Price Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MBbld)	Weighted Average Price ($/Bbl)

January - March 2026 (closed)	Mont Belvieu Propane (Tet)	1	$	30.24
April - December 2026	Mont Belvieu Propane (Tet)	1	30.24

Financial Commodity and Other Derivative Instruments Location on Balance Sheet. The following table sets forth the amounts and classification of EOG's outstanding financial commodity and other derivative instruments at March 31, 2026 and December 31, 2025. Certain amounts may be presented on a net basis on the Condensed Consolidated Financial Statements when such amounts are with the same counterparty and subject to a master netting arrangement (in millions):



		Fair Value at
Description	Location on Balance Sheet	March 31, 2026		December 31, 2025
Asset Derivatives
NGLs and natural gas financial derivative contracts -
Current Portion	Other Current Assets (1)	$	60	$	18
Noncurrent Portion	Other Assets	4		—
Brent Crude Oil (Brent) Linked Gas Sales Contract -

Noncurrent Portion	Other Assets	152		31
Liability Derivatives
Brent Crude Oil (Brent) Linked Gas Sales Contract -
Current portion	Other Current Liabilities	$	2	$	—
NGLs and natural gas derivative contracts -

Noncurrent Portion	Other Liabilities	—		2

(1)The current portion of Assets from Price Risk Management Activities consists of gross assets of $61 million, partially offset by gross liabilities of $1 million at March 31, 2026.

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

Credit Risk. Notional contract amounts are used to express the magnitude of a derivative. The amounts potentially subject to credit risk, in the event of nonperformance by the counterparties, are equal to the fair value of such contracts (see Note 10). EOG evaluates its exposures to significant counterparties on an ongoing basis, including those arising from physical and financial transactions. In some instances, EOG renegotiates payment terms and/or requires collateral, parent guarantees or letters of credit to minimize credit risk.

All of EOG's financial commodity derivative instruments are covered by International Swap Dealers Association Master Agreements (ISDAs) with counterparties. The ISDAs may contain provisions that (i) require EOG, if it is the party in a net liability position, to post collateral with the counterparty when the amount of the net liability exceeds the threshold level specified for EOG's then-current credit ratings or (ii) require the counterparty, if it is in a net liability position, to post collateral with EOG when the amount of the net liability exceeds the threshold level specified for the counterparty's then-current credit ratings. In addition, the ISDAs may also provide that as a result of certain circumstances, including certain events that cause EOG's credit ratings to become materially weaker than its then-current ratings, the counterparty may require all outstanding financial derivatives under the ISDA to be settled immediately. See Note 10 for the aggregate fair value of all financial derivative instruments that were in a net liability position at March 31, 2026 and December 31, 2025. EOG had no collateral posted and no collateral held at March 31, 2026 and December 31, 2025.

10. Fair Value Measurements

Recurring Fair Value Measurements. As more fully discussed in Note 13 to the Consolidated Financial Statements included in EOG's 2025 Annual Report, certain of EOG's financial and nonfinancial assets and liabilities are reported at fair value on the Condensed Consolidated Balance Sheets. The following table provides fair value measurement information within the fair value hierarchy for certain of EOG's financial assets and liabilities carried at fair value on a recurring basis at March 31, 2026 and December 31, 2025 (in millions):



	Fair Value Measurements Using:
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Balance at March 31, 2026
Financial Assets:
Natural Gas Swaps	$	—	$	53	$	—	$	53
Natural Gas Collars	—		11		—		11
NGL Swaps	—		1		—		1
Brent Linked Gas Sales Contract	—		—		152		152

Financial Liabilities:

Natural Gas Collars	$	—	$	1	$	—	$	1


Brent Linked Gas Sales Contract	—		—		2		2

Balance at December 31, 2025
Financial Assets:
Natural Gas Swaps	$	—	$	12	$	—	$	12
Natural Gas Collars	—		4		—		4
NGL Swaps	—		2		—		2
Brent Linked Gas Sales Contract	—		—		31		31

Financial Liabilities:
Natural Gas Swaps	$	—	$	1	$	—	$	1
Natural Gas Collars	—		1		—		1

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

See Note 9 for the balance sheet amounts and classification of EOG's financial commodity and other derivative instruments at March 31, 2026 and December 31, 2025.

The estimated fair value of financial commodity and other derivative contracts was based upon forward commodity price curves based on quoted market prices. For the Brent Linked Gas Sales Contract, the estimated fair value was based on EOG's estimates of (and assumptions regarding) significant Level 3 inputs, as defined by the FASB Fair Value Measurement Topic of the ASC (ASC 820), including future crude oil and natural gas prices. These Level 3 inputs are immaterial to the financial statements. Financial commodity and other derivative contracts were valued utilizing an independent third-party derivative valuation provider who uses various types of valuation models, as applicable.

Non-Recurring Fair Value Measurements. The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and is based on internal estimates of future retirement costs associated with property, plant and equipment. Significant Level 3 inputs used in the calculation of asset retirement obligations include plugging costs and reserve lives. A reconciliation of EOG's asset retirement obligations is presented in Note 11.

When circumstances indicate that proved oil and gas properties may be impaired, EOG compares expected undiscounted future cash flows at a depreciation, depletion and amortization group level to the unamortized capitalized cost of the group. If the expected undiscounted future cash flows, based on EOG's estimate of (and assumptions regarding) future crude oil, NGLs and natural gas prices, operating costs, development expenditures, anticipated production from proved reserves and other relevant data (all Level 3 inputs as defined by ASC 820) are lower than the unamortized capitalized cost, the capitalized cost is reduced to fair value. Fair value is generally calculated using the Income Approach described in ASC 820. In certain instances, EOG utilizes accepted offers from third-party purchasers as the basis for determining fair value.

EOG utilized average prices per acre from comparable market transactions and estimated discounted cash flows as the basis for determining the fair value of unproved and proved properties, respectively, received in non-cash property exchanges. See Note 7.

In 2025, EOG accounted for its acquisition of Encino Acquisition Partners, LLC (Encino) as a business combination under FASB Topic ASC 805 using the acquisition method with EOG as the acquirer. Under the acquisition method, the consideration transferred is allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values. See Note 12 for further discussion.

Fair Value Disclosures. EOG's financial instruments, other than financial commodity and other derivative contracts, consist of cash and cash equivalents, accounts receivable, accounts payable and current and long-term debt. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value.

At both March 31, 2026 and December 31, 2025, EOG had an aggregate principal amount of $7,890 million senior notes outstanding, with estimated fair values of $7,742 million and $7,849 million, respectively. The estimated fair value of debt was based upon quoted market prices and, where such prices were not available, other observable (Level 2) inputs regarding interest rates available to EOG at the end of each respective period.

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

11. Asset Retirement Obligations

The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of short-term and long-term legal obligations associated with the retirement of property, plant and equipment for the three-month periods ended March 31, 2026 and 2025 (in millions):



	Three Months Ended March 31,
	2026		2025
Carrying Amount at January 1	$	1,570	$	1,460
Liabilities Incurred	10		8
Liabilities Settled (1)	(22)		(17)
Accretion	16		14
Revisions	—		2

Carrying Amount at March 31	$	1,574	$	1,467

Current Portion	$	47	$	66
Noncurrent Portion	$	1,527	$	1,401

(1)Includes settlements related to asset sales and property exchanges.

The current and noncurrent portions of EOG's asset retirement obligations are included in Current Liabilities - Other and Other Liabilities, respectively, on the Condensed Consolidated Balance Sheets.

12. Acquisitions and Divestitures

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.

Encino Acquisition. On August 1, 2025, EOG acquired all of the outstanding equity interest in Encino, an independent oil and gas exploration and production company with operations in the Utica play, for cash consideration of $4,471 million and the assumption of Encino's senior notes in an aggregate principal amount of $1,200 million. The cash consideration included $392 million to repay Encino's revolving credit facility. In connection with the completion of the acquisition, EOG repaid and redeemed Encino's senior notes in full, utilizing aggregate cash of approximately $1,292 million (inclusive of applicable redemption premiums and accrued and unpaid interest). In connection with the acquisition, EOG issued $3,500 million of Senior Notes.

The assets of Encino principally include producing wells and developed and undeveloped acreage in the Utica play.

In connection with this transaction, EOG incurred acquisition-related costs in 2025 of approximately $58 million, of which $52 million were recorded as General and Administrative Expense and $6.5 million were recorded as Interest Expense.

EOG accounted for this transaction as a business combination under FASB Topic ASC 805 using the acquisition method with EOG as the acquirer. Under the acquisition method, the consideration transferred is allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values, with any excess of the consideration transferred over the estimated fair value of the identifiable net assets acquired recorded as goodwill. EOG did not record goodwill in connection with this transaction.

Certain data necessary to complete the purchase price allocation is preliminary including the valuations of oil and gas properties and the calculation of deferred taxes based upon the underlying tax basis of assets acquired and liabilities assumed. EOG believes the estimates used are reasonable, but are subject to change as additional information becomes available. Fair value measurements were applied to the acquired assets and liabilities. These measurements may be adjusted up to one year from the acquisition date if new information becomes available regarding facts and circumstances that existed as of such date.

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

The fair value measurements of Oil and Gas Properties and Asset Retirement Obligations are based on inputs that are not observable in the market and therefore represent Level 3 inputs as defined by ASC 820. The fair values of Proved Oil and Gas Properties and the majority of Unproved Oil and Gas Properties were measured using the Income Approach. Significant inputs to the valuation of Proved and Unproved Oil and Gas Properties included EOG's estimate of future crude oil, NGLs and natural gas prices, anticipated production from reserves, a weighted average cost of capital rate, and risk adjustment factors for proved undeveloped, probable and possible reserves. The valuation of a portion of the Unproved Oil and Gas Properties were valued using the Market Approach using prices per acre of comparable transactions as inputs. These inputs required significant judgments, assumptions and estimates by management at the time of the valuation, are the most sensitive and may be subject to change. The senior notes assumed were measured using observable market prices. The fair values of working capital items were determined to be equivalent to the carrying value as they are short-term in nature.

The following table summarizes the preliminary allocation of the consideration to the fair values of the assets acquired and liabilities assumed (in millions):



Total Consideration	$	4,471

Fair Value of Assets Acquired:
Cash and Cash Equivalents	$	20
Accounts Receivable, Net	323
Inventories	9
Assets from Price Risk Management Activities (1)	26
Other Current Assets	23
Oil and Gas Properties (Successful Efforts Method)	6,718
Other Property, Plant and Equipment	52
Other Assets	68
Amount Attributable to Assets Acquired	$	7,239

Fair Value of Liabilities Assumed:
Accounts Payable	$	622
Accrued Taxes Payable	22
Liabilities from Price Risk Management Activities (2)	15
Current Portion of Operating Lease Liabilities	23
Other Current Liabilities	47
Senior Notes	1,266
Asset Retirement Obligations	52
Other Liabilities	72
Deferred Income Taxes	649
Amount Attributable to Liabilities Assumed	$	2,768

Net Assets Acquired and Liabilities Assumed	$	4,471

(1)Within Other Current Assets on the Condensed Consolidated Balance Sheet.

(2)Within Other Current Liabilities on the Condensed Consolidated Balance Sheet.

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Concluded)

(Unaudited)

The following table details unaudited supplemental pro forma financial information for Encino as if EOG had completed the acquisition on January 1, 2025 (in millions):




	Three Months Ended March 31, 2025
Operating Revenues and Other		$	6,259
Net Income		1,411

PART I. FINANCIAL INFORMATION

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