EOG Resources reported third‑quarter 2025 results that included a net income of $1.471 billion, or $2.71 per share on a GAAP basis, and total revenue of $5.85 billion. The revenue figure represents a 2.3% year‑over‑year decline from $5.97 billion in Q3 2024, reflecting lower crude‑oil prices even as production volumes increased.
The revenue drop was driven by a mix shift toward lower‑priced natural‑gas liquids and a modest lift in natural‑gas prices that could not fully offset the decline in crude‑oil prices. Production rose 3.5% to 1.301 million barrels of oil equivalent, but the company’s average realized price per barrel fell, leading to the revenue shortfall.
Earnings per share beat the consensus estimate of $2.43 by $0.28, a 12% over‑performance. The beat was largely a result of disciplined cost management: cash operating costs fell to $10.50 per barrel of oil equivalent, below the $10.75 forecast, and depreciation, depletion and amortization charges were lower than expected. The higher production volume also helped offset the weaker price environment.
Cash operating costs and the efficient cost structure enabled a free‑cash‑flow haul of $1.383 billion. EOG returned nearly $1.0 billion to shareholders through a $1.02 quarterly dividend and $440 million of share repurchases, while its debt‑to‑total‑capitalization ratio improved to 12.1%.
Management reaffirmed its guidance for the fourth quarter and full year, projecting total revenue of $5.9 billion and net income of $1.6 billion. The company highlighted continued operational excellence in the Delaware Basin, Eagle Ford, and Utica plays, and emphasized ongoing investments in emerging assets such as Dorado and Trinidad. CEO Ezra Yacob noted that the company’s disciplined balance sheet and low breakeven costs would support future capital allocation and shareholder returns.
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