EOG 10-Q report for 2026-03-31

EOG 10-Q report for 2026-03-31 eog-20260331 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-9743 EOG RESOURCES, INC. (Exact name of registrant as specified in its charter) Delaware 47-0684736 (State or other jurisdiction  of incorporation or organization) (I.R.S. Employer Identification No.) 1111 Bagby , Sky Lobby 2 , Houston , Texas 77002 (Address of principal executive offices)       (Zip Code) 713 - 651-7000 (Registrant's telephone number, including area code)     Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share EOG New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes ☒ No  ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).       Yes ☒  No  ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒    Accelerated filer  ☐    Non-accelerated filer  ☐ Smaller reporting company  ☐   Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  ☐  No  ☒ Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. Title of each class Number of shares Common Stock, par value $0.01 per share 532,628,530 (as of April 28, 2026) EOG RESOURCES, INC. TABLE OF CONTENTS PART I. FINANCIAL INFORMATION Page No. ITEM 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Income and Comprehensive Income - Three Months Ended March 31, 2026 and 2025 3 Condensed Consolidated Balance Sheets - March 31, 2026 and December 31, 2025 4 Condensed Consolidated Statements of Stockholders' Equity - Three Months Ended March 31, 2026 and 2025 5 Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2026 and 2025 6 Notes to Condensed Consolidated Financial Statements 7 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21 ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 35 ITEM 4. Controls and Procedures 35 PART II. OTHER INFORMATION ITEM 1. Legal Proceedings 36 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 ITEM 5. Other Information 37 ITEM 6. Exhibits 38 SIGNATURES 40 2 PART I.  FINANCIAL INFORMATION 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 $ ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21 ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 35 ITEM 4. Controls and Procedures 35 PART II. OTHER INFORMATION ITEM 1. Legal Proceedings 36 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 ITEM 5. Other Information 37 ITEM 6. Exhibits 38 SIGNATURES 40 2 PART I.  FINANCIAL INFORMATION 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. 3 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. 4 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. 5 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. 6 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. 7 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 th Risk Factors and ITEM 5, Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities in EOG's 2025 Annual Report and Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds in this Quarterly Report on Form 10-Q. Dividend Declarations. 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. 23 Results of Operations The following review of operations for the three months ended March 31, 2026 and 2025 should be read in conjunction with the Condensed Consolidated Financial Statements of EOG and notes thereto included in this Quarterly Report on Form 10‑Q. Three Months Ended March 31, 2026 vs. Three Months Ended March 31, 2025 Operating Revenues and Other. During the first quarter of 2026, total operating revenues increased $1,252 million, or 22%, to $6,921 million from $5,669 million for the same period of 2025. Total revenues from sales of EOG's production of crude oil and condensate, NGLs and natural gas for the first quarter of 2026 increased $760 million, or 17%, to $5,262 million from $4,502 million for the same period of 2025. EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $113 million for the first quarter of 2026 compared to net losses of $191 million for the same period of 2025. Gathering, processing and marketing revenues for the first quarter of 2026 increased $156 million, or 12%, to $1,496 million from $1,340 million for the same period of 2025. EOG recognized net gains on asset dispositions of $31 million for the first quarter of 2026 compared to net losses on asset dispositions of $1 million for the same period of 2025. 24 Volume and price statistics for the three-month periods ended March 31, 2026 and 2025 were as follows (see Note 8 for segment financial information): Three Months Ended March 31, 2026 2025 Crude Oil and Condensate Volumes (MBbld) (1) United States 546.5  500.9  Trinidad 1.9  1.2  Other International (2) 0.1  —  Total 548.5  502.1  Average Crude Oil and Condensate Prices ($/Bbl) (3) United States $ 72.48  $ 72.90  Trinidad 68.91  61.12  Other International (2) 89.12  —  Composite 72.47  72.87  Natural Gas Liquids Volumes (MBbld) (1) United States 332.1  241.7  Total 332.1  241.7  Average Natural Gas Liquids Prices ($/Bbl) (3) United States $ 22.20  $ 26.29  Natural Gas Volumes (MMcfd) (1) United States 2,769  1,834  Trinidad 239  246  Other International (2) 12  —  Total 3,020  2,080  Average Natural Gas Prices ($/Mcf) (3) United States $ 3.75  $ 3.36  Trinidad 3.91  3.78  Other International (2) 3.26  —  Composite 3.76  3.41  Crude Oil Equivalent Volumes (MBoed) (4) United States 1,340.1  1,048.3  Trinidad 41.7  42.1  Other International (2) 2.0  —  Total 1,383.8  1,090.4  Total MMBoe (4) 124.5  98.1  (1) Thousand barrels per day or million cubic feet per day, as applicable. (2) Production volumes from Bahrain operations; natural gas realized price represents contract price less partner's processing and distribution costs. (3) Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity and other derivative instruments (see Note 9 to the Condensed Consolidated Financial Statements). (4) Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand. Crude oil and condensate revenues for the first quarter of 2026 increased $284 million, or 9%, to $3,577 million from $3,293 million for the same period of 2025, primarily due to an increase of 46.4 MBbld, or 9%, in crude oil and condensate deliveries ($304 million), partially offset by a lower composite average price ($20 million). Increased production was primarily from the Utica. EOG's composite crude oil and condensate price for the first quarter of 2026 decreased 1% to $72.47 per barrel compared to $72.87 per barrel for the same period of 2025. 25 NGL revenues for the first quarter of 2026 increased $92 million, or 16%, to $664 million from $572 million for the same period of 2025 due to an increase of 90.4 MBbld, or 37%, in NGL deliveries ($215 million), partially offset by a lower composite average price ($123 million). Increased production was primarily from the Utica and Permian Basin. EOG's composite NGL price for the first quarter of 2026 decreased 16% to $22.20 per barrel compared to $26.29 per barrel for the same period of 2025. Natural gas revenues for the first quarter of 2026 increased $384 million, or 60%, to $1,021 million from $637 million for the same period of 2025, primarily due to an increase of 940 MMcfd, or 45%, in natural gas deliveries ($289 million) and a higher composite average price ($95 million). Increased deliveries were primarily from the Utica and Permian Basin. EOG's composite natural gas price for the first quarter of 2026 increased 10% to $3.76 per Mcf compared to $3.41 per Mcf for the same period of 2025. During the first quarter of 2026, EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $113 million compared to net losses of $191 million for the same period of 2025. The net gains of $113 million included gains of $119 million related to the Brent crude oil (Brent) linked gas sales contract. During the first quarter of 2026, net cash paid for settlements of financial commodity derivative contracts was $53 million compared to net cash paid for settlements of financial commodity derivative contracts of $38 million for the same period of 2025. Gathering, processing and marketing revenues are revenues generated from sales of third-party crude oil, NGLs and natural gas, as well as fees associated with gathering third-party natural gas and revenues from sales of EOG-owned sand. Purchases and sales of third-party crude oil and natural gas may be utilized in order to balance firm capacity at third-party facilities with production in certain areas and to utilize excess capacity at EOG-owned facilities. Marketing costs represent the costs to purchase third-party crude oil, natural gas and sand and the associated transportation costs, as well as costs associated with EOG-owned sand sold to third parties. Gathering, processing and marketing revenues less marketing costs for the first three months of 2026 increased $97 million as compared to the same period of 2025 primarily due to higher margins on crude oil marketing activities. Operating and Other Expenses. For the first quarter of 2026, operating expenses of $4,323 million were $513 million higher than the $3,810 million incurred during the first quarter of 2025.  The following table presents the costs per barrel of oil equivalent (Boe) for the three-month periods ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 2025 Lease and Well $ 3.71  $ 4.09  Gathering, Processing and Transportation Costs (GP&T) 5.25  4.48  Depreciation, Depletion and Amortization (DD&A) - Oil and Gas Properties 9.03  9.71  Other Property, Plant and Equipment 0.55  0.61  General and Administrative (G&A) 1.49  1.74  Interest Expense, Net 0.53  0.48  Total (1) $ 20.56 $ 21.11 (1) Total excludes exploration costs, dry hole costs, impairments, marketing costs and taxes other than income. The primary factors impacting the cost components of per-unit rates of lease and well, GP&T, DD&A, G&A and int Results of Operations 21 ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 35 ITEM 4. Controls and Procedures 35 PART II. OTHER INFORMATION ITEM 1. Legal Proceedings 36 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 ITEM 5. Other Information 37 ITEM 6. Exhibits 38 SIGNATURES 40 2 PART I.  FINANCIAL INFORMATION 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. 3 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. 4 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 Re

EOG 10-Q report for 2026-03-31 eog-20260331 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-9743 EOG RESOURCES, INC. (Exact name of registrant as specified in its charter) Delaware 47-0684736 (State or other jurisdiction  of incorporation or organization) (I.R.S. Employer Identification No.) 1111 Bagby , Sky Lobby 2 , Houston , Texas 77002 (Address of principal executive offices)       (Zip Code) 713 - 651-7000 (Registrant's telephone number, including area code)     Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share EOG New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes ☒ No  ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).       Yes ☒  No  ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒    Accelerated filer  ☐    Non-accelerated filer  ☐ Smaller reporting company  ☐   Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  ☐  No  ☒ Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. Title of each class Number of shares Common Stock, par value $0.01 per share 532,628,530 (as of April 28, 2026) EOG RESOURCES, INC. TABLE OF CONTENTS PART I. FINANCIAL INFORMATION Page No. ITEM 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Income and Comprehensive Income - Three Months Ended March 31, 2026 and 2025 3 Condensed Consolidated Balance Sheets - March 31, 2026 and December 31, 2025 4 Condensed Consolidated Statements of Stockholders' Equity - Three Months Ended March 31, 2026 and 2025 5 Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2026 and 2025 6 Notes to Condensed Consolidated Financial Statements 7 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21 ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 35 ITEM 4. Controls and Procedures 35 PART II. OTHER INFORMATION ITEM 1. Legal Proceedings 36 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 ITEM 5. Other Information 37 ITEM 6. Exhibits 38 SIGNATURES 40 2 PART I.  FINANCIAL INFORMATION 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 $ ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21 ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 35 ITEM 4. Controls and Procedures 35 PART II. OTHER INFORMATION ITEM 1. Legal Proceedings 36 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 ITEM 5. Other Information 37 ITEM 6. Exhibits 38 SIGNATURES 40 2 PART I.  FINANCIAL INFORMATION 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. 3 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. 4 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. 5 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. 6 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. 7 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 th Risk Factors and ITEM 5, Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities in EOG's 2025 Annual Report and Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds in this Quarterly Report on Form 10-Q. Dividend Declarations. 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. 23 Results of Operations The following review of operations for the three months ended March 31, 2026 and 2025 should be read in conjunction with the Condensed Consolidated Financial Statements of EOG and notes thereto included in this Quarterly Report on Form 10‑Q. Three Months Ended March 31, 2026 vs. Three Months Ended March 31, 2025 Operating Revenues and Other. During the first quarter of 2026, total operating revenues increased $1,252 million, or 22%, to $6,921 million from $5,669 million for the same period of 2025. Total revenues from sales of EOG's production of crude oil and condensate, NGLs and natural gas for the first quarter of 2026 increased $760 million, or 17%, to $5,262 million from $4,502 million for the same period of 2025. EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $113 million for the first quarter of 2026 compared to net losses of $191 million for the same period of 2025. Gathering, processing and marketing revenues for the first quarter of 2026 increased $156 million, or 12%, to $1,496 million from $1,340 million for the same period of 2025. EOG recognized net gains on asset dispositions of $31 million for the first quarter of 2026 compared to net losses on asset dispositions of $1 million for the same period of 2025. 24 Volume and price statistics for the three-month periods ended March 31, 2026 and 2025 were as follows (see Note 8 for segment financial information): Three Months Ended March 31, 2026 2025 Crude Oil and Condensate Volumes (MBbld) (1) United States 546.5  500.9  Trinidad 1.9  1.2  Other International (2) 0.1  —  Total 548.5  502.1  Average Crude Oil and Condensate Prices ($/Bbl) (3) United States $ 72.48  $ 72.90  Trinidad 68.91  61.12  Other International (2) 89.12  —  Composite 72.47  72.87  Natural Gas Liquids Volumes (MBbld) (1) United States 332.1  241.7  Total 332.1  241.7  Average Natural Gas Liquids Prices ($/Bbl) (3) United States $ 22.20  $ 26.29  Natural Gas Volumes (MMcfd) (1) United States 2,769  1,834  Trinidad 239  246  Other International (2) 12  —  Total 3,020  2,080  Average Natural Gas Prices ($/Mcf) (3) United States $ 3.75  $ 3.36  Trinidad 3.91  3.78  Other International (2) 3.26  —  Composite 3.76  3.41  Crude Oil Equivalent Volumes (MBoed) (4) United States 1,340.1  1,048.3  Trinidad 41.7  42.1  Other International (2) 2.0  —  Total 1,383.8  1,090.4  Total MMBoe (4) 124.5  98.1  (1) Thousand barrels per day or million cubic feet per day, as applicable. (2) Production volumes from Bahrain operations; natural gas realized price represents contract price less partner's processing and distribution costs. (3) Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity and other derivative instruments (see Note 9 to the Condensed Consolidated Financial Statements). (4) Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand. Crude oil and condensate revenues for the first quarter of 2026 increased $284 million, or 9%, to $3,577 million from $3,293 million for the same period of 2025, primarily due to an increase of 46.4 MBbld, or 9%, in crude oil and condensate deliveries ($304 million), partially offset by a lower composite average price ($20 million). Increased production was primarily from the Utica. EOG's composite crude oil and condensate price for the first quarter of 2026 decreased 1% to $72.47 per barrel compared to $72.87 per barrel for the same period of 2025. 25 NGL revenues for the first quarter of 2026 increased $92 million, or 16%, to $664 million from $572 million for the same period of 2025 due to an increase of 90.4 MBbld, or 37%, in NGL deliveries ($215 million), partially offset by a lower composite average price ($123 million). Increased production was primarily from the Utica and Permian Basin. EOG's composite NGL price for the first quarter of 2026 decreased 16% to $22.20 per barrel compared to $26.29 per barrel for the same period of 2025. Natural gas revenues for the first quarter of 2026 increased $384 million, or 60%, to $1,021 million from $637 million for the same period of 2025, primarily due to an increase of 940 MMcfd, or 45%, in natural gas deliveries ($289 million) and a higher composite average price ($95 million). Increased deliveries were primarily from the Utica and Permian Basin. EOG's composite natural gas price for the first quarter of 2026 increased 10% to $3.76 per Mcf compared to $3.41 per Mcf for the same period of 2025. During the first quarter of 2026, EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $113 million compared to net losses of $191 million for the same period of 2025. The net gains of $113 million included gains of $119 million related to the Brent crude oil (Brent) linked gas sales contract. During the first quarter of 2026, net cash paid for settlements of financial commodity derivative contracts was $53 million compared to net cash paid for settlements of financial commodity derivative contracts of $38 million for the same period of 2025. Gathering, processing and marketing revenues are revenues generated from sales of third-party crude oil, NGLs and natural gas, as well as fees associated with gathering third-party natural gas and revenues from sales of EOG-owned sand. Purchases and sales of third-party crude oil and natural gas may be utilized in order to balance firm capacity at third-party facilities with production in certain areas and to utilize excess capacity at EOG-owned facilities. Marketing costs represent the costs to purchase third-party crude oil, natural gas and sand and the associated transportation costs, as well as costs associated with EOG-owned sand sold to third parties. Gathering, processing and marketing revenues less marketing costs for the first three months of 2026 increased $97 million as compared to the same period of 2025 primarily due to higher margins on crude oil marketing activities. Operating and Other Expenses. For the first quarter of 2026, operating expenses of $4,323 million were $513 million higher than the $3,810 million incurred during the first quarter of 2025.  The following table presents the costs per barrel of oil equivalent (Boe) for the three-month periods ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 2025 Lease and Well $ 3.71  $ 4.09  Gathering, Processing and Transportation Costs (GP&T) 5.25  4.48  Depreciation, Depletion and Amortization (DD&A) - Oil and Gas Properties 9.03  9.71  Other Property, Plant and Equipment 0.55  0.61  General and Administrative (G&A) 1.49  1.74  Interest Expense, Net 0.53  0.48  Total (1) $ 20.56 $ 21.11 (1) Total excludes exploration costs, dry hole costs, impairments, marketing costs and taxes other than income. The primary factors impacting the cost components of per-unit rates of lease and well, GP&T, DD&A, G&A and int Results of Operations 21 ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 35 ITEM 4. Controls and Procedures 35 PART II. OTHER INFORMATION ITEM 1. Legal Proceedings 36 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 ITEM 5. Other Information 37 ITEM 6. Exhibits 38 SIGNATURES 40 2 PART I.  FINANCIAL INFORMATION 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. 3 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. 4 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 Re

This excerpt is only the cover page/header of Sleep Number’s Form 10-Q for the quarter ended April 4, 2026. It contains filing metadata (issuer, ticker, exchange, address) but no financial statements, MD&A, guidance, risks, or operational commentary. As a result, it is not directly actionable for trading beyond confirming the filing exists.

The provided excerpt is only the cover/filing header of SoundHound AI, Inc.’s 10‑Q for the quarter ended 2026‑03‑31. It contains listing/security identifiers (SOUN, SOUNW) but no financial statements, MD&A, guidance, risk updates, liquidity details, or material events. As a result, there is insufficient information to form high-confidence, actionable bullish/bearish theses beyond generic “company filed its 10‑Q” metadata.

The provided excerpt is only the boilerplate cover/filing-status section of Teucrium Commodity Trust’s Form 10‑Q for period ended 2026‑03‑31, with no portfolio holdings, performance, risk, or material updates included. As-is, it contains no actionable investment information beyond confirming the existence of the filing and the issuer/ticker identity (WEAT).

The provided text is only the cover/header portion of Archer Aviation’s Form 10‑Q for the quarter ended 2026‑03‑31 (issuer identity, exchange listing, and securities outstanding). It contains no operating/financial results, guidance, liquidity details, backlog, or risk-factor updates—so it is minimally actionable for trading beyond basic security identifiers and a generic dilution/optionality consideration from warrants.

This excerpt is essentially the cover page of CleanSpark, Inc.’s Form 10-Q for the quarter ended March 31, 2026. It contains identifiers (CIK/file no.), listing venue, and security descriptions (common stock and redeemable warrants with specific exercise terms), but no operating/financial results, guidance, risks, or MD&A detail. Actionability is therefore limited to capital-structure/dilution considerations around the listed warrant.

This excerpt of AST SpaceMobile’s 10‑Q is largely SEC cover-page/boilerplate (registrant info, exchange listing, filing compliance) and contains no financial results, guidance, liquidity, risk-factor updates, or operating metrics. As provided, it does not create a clear tradable catalyst beyond confirming continued reporting/listing status.

This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.

The provided text is only the cover/header portion of AbCellera Biologics Inc.’s Form 10‑Q for the quarter ended March 31, 2026 (identifying info, exchange listing, filing status). It contains no financial statements, guidance, risk updates, material events, MD&A, cash runway, pipeline/program updates, or disclosures that would support a differentiated trading view.