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Screener / SEC EDGAR /CIK 0000821189 /10-K filed Feb 24, 2026, compared with Feb 27, 2025 /Numbers from the XBRL of the 10-Ks
NYSE Energy · Oil & Gas Production

EOG Resources EOG

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The 10-K against last year's

125 changes: 16 added, 9 removed, 98 reworded, 2 quiet changes

10-K Feb 24, 2026 vs Feb 27, 2025
Risk Factors 6.5% of the text changed · 9,807 words now · 2 new paragraphs, 2 gone MD&A 17.2% of the text changed · 10,188 words now · 14 new paragraphs, 7 gone Legal Proceedings 1.3% of the text changed · 351 words now Accounting Policies 5.1% of the text changed · 2,844 words now

10-K 0000821189-26-000054 (Feb 24, 2026) vs 10-K 0000821189-25-000011 (Feb 27, 2025)

Every paragraph, and how much of it changed

One bar per paragraph, in the order of the 10-K. Height and colour show the share of its words not in the closest paragraph a year earlier; the tallest bars are new paragraphs.

Risk Factors

140 paragraphs · 2 new · 34 reworded · 2 gone · 10-K Feb 24, 2026 against Feb 27, 2025
New paragraph Reworded (5% of its words or more) Same or nearly
Paragraph 25 · 46% changed Every version of it
Our cost-mitigation continued initiatives and actions to increase operating efficiencies may not offset, largely or at all, the impacts of be successful in offsetting any future inflationary pressures on our operating costs and capital expenditures.
Paragraph 96 · 36% changed Every version of it
At the international level, in December 2015, the U.S. participated in the 21st Conference of the Parties of the United Nations Framework Convention on Climate Change in Paris, France. The Paris Agreement (adopted at the conference) calls for nations to undertake efforts with respect to global temperatures and GHG emissions. The Paris Agreement went into effect in November 2016 and to which the United States formally rejoined in February 2021. The United States has established an economy-wide target of reducing its net GHG emissions by 50-52 percent below 2005 levels by 2030 and achieving net zero GHG emissions economy-wide by no later than 2050. In December 2023, the first global stocktake, also known as the “UAE Consensus,” was issued at the United Nations Climate Change Conference. The UAE Consensus is an assessment of members’ collective efforts and achievements to reduce GHG emissions and adapt to the impacts of climate change. The UAE Consensus calls on parties, including the U.S., to contribute to the transitioning away from fossil fuels, reduce methane emissions, and increase renewable energy capacity, among other things, to achieve net zero emissions by 2050. In The U.S. withdrew from the Paris Agreement effective January 2025, 27, 2026 and, on January 7, 2026, it was announced that the United States submitted formal notification to U.S. will also withdraw from the United Nations that it intends to withdraw from the Paris Agreement. Pursuant to the terms of Framework Convention on Climate Change. For further discussion regarding the Paris Agreement, the withdrawal will take effect on January 27, 2026. Nevertheless, many state UAE Consensus and related matters, see ITEM 1, Business – Regulation – Climate Change – United States. State and local officials may may, however, continue efforts to uphold the commitments set forth in the international accord.
Paragraph 101 · 34% changed Every version of it
Our ability to achieve and, if achieved, sustain these targets and ambitions is subject to numerous factors and contingencies, some of which are outside of our control and include (among other commercial, operational, technological, financial, legal and regulatory factors and contingencies) evolving government regulation, the pace of changes in technology, the successful development and deployment of existing or new technologies and business solutions on a commercial scale, the availability, timing and cost of necessary equipment, goods, services and personnel, and the availability of requisite financing and federal and state incentive programs. For example, we are exploring technology to capture and store carbon dioxide emissions, which includes a pilot carbon capture and storage (CCS) project related to our operations. CCS projects face operational, technological, legal and regulatory risks that could be considerable due to the early-stage nature of such projects and the CCS sector generally. Our ability to successfully develop, implement and carry out our CCS activities will depend on a number of factors that we will not be able to fully control, including timing of regulatory approvals and availability of subsurface pore space. Further, financial or tax incentives in respect of CCS projects could be changed or terminated. In addition, our failure to properly operate a CCS project could put at risk certain governmental tax credits and potentially expose us to commercial, legal, reputational and other risks.
Paragraph 105 · 28% changed Every version of it
Lastly, as noted above, the SEC, in March 2024, finalized extensive climate-related disclosure rules that would require U.S. public companies to significantly expand the climate-related disclosures in their SEC filings (although the new these rules have been stayed pending judicial review and in abeyance by the U.S. Court of Appeals for the Eighth Circuit until such time as the SEC has requested reconsiders the court to pause further judicial proceedings, pending the SEC's determination challenged rules by notice-and-comment rulemaking or renews its defense of the appropriate next steps). rules). To the extent the rules are implemented, we could incur increased costs related to the assessment and disclosure of climate-related information.
Paragraph 27 · 27% changed Every version of it
We have undertaken, and plan to continue with, certain these initiatives and actions (such as agreements with service providers actions. However, such efforts may not be successful or may not be sufficient to secure offset the costs and availability impacts of services) to mitigate any future inflationary pressures (such as from tariffs). However, there can be no assurance that such efforts will offset, largely tariffs, other trade barriers or at all, the impacts of any future inflationary pressures other macroeconomic factors) on our operating costs and capital expenditures and, in turn, on our cash flows and results of operations. For additional discussion, see ITEM 7, Management's Discussion and Analysis of Financial Condition and Results of Operations – Overview – Recent Developments.
Paragraph 14 · 23% changed Every version of it
•the economic and financial impact of epidemics, pandemics or other public health issues, such as the COVID-19 pandemic. issues.
Paragraph 104 · 20% changed Every version of it
In addition, in recent years from time to time there has been increased particular investor and regulatory focus on environmental and social matters. In matters, including, in addition to climate change, there has been increased investor and regulatory focus on topics such as human rights and human capital management in companies' own operations as well as across their supply chains. matters. If our related initiatives, targets and ambitions do not meet our investors' or other stakeholders' evolving expectations and standards, investment in our stock may be viewed as less attractive and our reputation and contractual, employment reputation, relationships with investors and other business relationships may be adversely impacted.
Paragraph 6 · 19% changed Every version of it
•worldwide economic conditions, geopolitical factors and political conditions, including, but not limited to, the imposition of tariffs or tariffs; trade or policies, trade agreements and trade restrictions; other economic sanctions or barriers; and political instability or armed conflict conflicts in oil and gas producing regions;

MD&A

149 paragraphs · 14 new · 64 reworded · 7 gone · 10-K Feb 24, 2026 against Feb 27, 2025
New paragraph Reworded (5% of its words or more) Same or nearly
Paragraph 101 · 47% changed
Operations. In 2026, crude oil and total crude oil equivalent production are expected to increase from 2025 levels. In addition, in 2026 EOG has undertaken (and continues expects to undertake) (i) continue to undertake initiatives to increase its drilling, completion and operating efficiencies and improve the performance of its wells and, in turn, mitigate the inflationary pressures experienced in prior periods. Such initiatives include (among others): (i) EOG's downhole drilling motor program, which has resulted in increased footage drilled per day and, in turn, reduced drilling times; and (ii) enhanced techniques for completing its wells, which has resulted in increased footage completed per day when available and pumping hours per day; (iii) drilling extended laterals, which has resulted in a decrease in cost per foot drilled; and (iv) EOG's self-sourced sand program, which has resulted in cost savings for the sand utilized in its well completion operations. In addition, EOG has entered advantageous, enter into agreements with its service providers from time to time, when available and advantageous, to secure the costs and availability of certain drilling and completion completions services it utilizes as part of its operations.
Paragraph 90 · 40% changed
Natural Gas Butane Financial Price Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average (MMBtud in thousands) Price ($/MMBtu) January - December 2024 (closed) NYMEX Henry Hub 725 3.07 January - February 2025 (closed) NYMEX Henry Hub 725 3.07 March (MBbld) ($/Bbl) August - December 2025 NYMEX Henry Hub 725 3.07 (closed) Mont Belvieu Butane (non-Tet) 7 $36.28
Paragraph 14 · 40% changed
Trinidad. In Trinidad, EOG continues to deliver natural gas under existing supply contracts. Several fields in the South East Coast Consortium (SECC) Block, Modified U(a) Block, Block 4(a) and Banyan and Sercan Areas have been developed and are producing produce natural gas which is sold to the National Gas Company of Trinidad and Tobago Limited and its subsidiary, and crude subsidiary under existing supply contracts. Crude oil and condensate which is are sold to both Heritage Petroleum Company Limited. Limited and BP Trinidad and Tobago LLC. In January 2025, EOG executed two production sharing contracts with the Government of Trinidad and Tobago for the Lower Reverse L and North Coast Marine Area 4(a) Blocks.
Paragraph 15 · 40% changed
Other International. In February 2025, a subsidiary of EOG signed an exploration participation agreement with Bapco Energies B.S.C. (Closed) (Bapco) to evaluate a gas exploration project prospect in the Kingdom of Bahrain, with drilling anticipated to commence in Bahrain. In August 2025, the second half government of 2025. The transaction, which includes a concession agreement with the Kingdom of Bahrain, is subject Bahrain approved the related concession agreement. As part of the transaction, EOG has a working interest in several producing legacy wells. EOG has commenced drilling of exploratory wells, which are expected to further government approvals, which the parties anticipate receiving be completed in the second half of 2025. 2026.
Paragraph 58 · 37% changed
G&A expenses of $820 million in 2025 increased $151 million from $669 million in 2024 increased $29 million from $640 million in 2023 primarily due to a net increase in increased professional services and other costs, including Encino acquisition-related costs associated with corporate support activities, including ($100 million), employee-related expenses costs ($47 million) and information systems. systems costs ($10 million).
Paragraph 89 · 35% changed
Natural Gas Ethane Financial Price Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average (MMBtud in thousands) Price ($/MMBtu) January - December 2024 (closed) NYMEX Henry Hub 725 3.07 January - February 2025 (closed) NYMEX Henry Hub 725 3.07 March (MBbld) ($/Bbl) August - December 2025 NYMEX Henry Hub 725 3.07 (closed) Mont Belvieu Ethane (non-Tet) 11 $ 10.46 January 2026 (closed) Mont Belvieu Ethane (non-Tet) 11 10.94 February - December 2026 Mont Belvieu Ethane (non-Tet) 11 10.94
Paragraph 91 · 35% changed
Natural Gas Propane Financial Price Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average (MMBtud in thousands) Price ($/MMBtu) January - December 2024 (closed) NYMEX Henry Hub 725 3.07 January - February 2025 (closed) NYMEX Henry Hub 725 3.07 March (MBbld) ($/Bbl) August - December 2025 NYMEX Henry Hub 725 3.07 (closed) Mont Belvieu Propane (Tet) 13 $ 30.82 January 2026 (closed) Mont Belvieu Propane (Tet) 1 30.24 February - December 2026 Mont Belvieu Propane (Tet) 1 30.24
Paragraph 22 · 34% changed
On November 21, 2024, July 1, 2025, EOG closed on its offering of $1.0 $500 million aggregate principal amount of its 4.400% Senior Notes due 2028, $1.25 billion aggregate principal amount of its 5.650% 5.000% Senior Notes due 2054 (the 2032, $1.25 billion aggregate principal amount of its 5.350% Senior Notes due 2036 and $500 million aggregate principal amount of its 5.950% Senior Notes due 2055 (collectively, the July Notes). Interest on the July Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026. EOG received net proceeds of $985 million $3.47 billion from the issuance of the July Notes, which will be were used for general corporate purposes, including (i) the repayment payment of a portion of the $500 million aggregate principal amount consideration for the acquisition of 3.15% Senior Notes due 2025 Encino and (ii) the funding of future capital expenditures. related fees, costs and expenses.

A paragraph is matched with the one last year that shares the most of its words; under half in common makes it new. The paragraphs shown are the 8 reworded the most in each section.

The paragraph that changed most in each section

The redline

Marked against last year's 10-K: cut words struck through, new words highlighted.

Risk Factors209 words changed in this paragraph; it is 45% similar to last year's version.
At the international level, in December 2015, the U.S. participated in the 21st Conference of the Parties of the United Nations Framework Convention on Climate Change in Paris, France. The Paris Agreement (adopted at the conference) calls for nations to undertake efforts with respect to global temperatures and GHG emissions. The Paris Agreement went into effect in November 2016 and to which the United States formally rejoined in February 2021. The United States has established an economy-wide target of reducing its net GHG emissions by 50-52 percent below 2005 levels by 2030 and achieving net zero GHG emissions economy-wide by no later than 2050. In December 2023, the first global stocktake, also known as the “UAE Consensus,” was issued at the United Nations Climate Change Conference. The UAE Consensus is an assessment of members’ collective efforts and achievements to reduce GHG emissions and adapt to the impacts of climate change. The UAE Consensus calls on parties, including the U.S., to contribute to the transitioning away from fossil fuels, reduce methane emissions, and increase renewable energy capacity, among other things, to achieve net zero emissions by 2050. In The U.S. withdrew from the Paris Agreement effective January 2025, 27, 2026 and, on January 7, 2026, it was announced that the United States submitted formal notification to U.S. will also withdraw from the United Nations that it intends to withdraw from the Paris Agreement. Pursuant to the terms of Framework Convention on Climate Change. For further discussion regarding the Paris Agreement, the withdrawal will take effect on January 27, 2026. Nevertheless, many state UAE Consensus and related matters, see ITEM 1, Business – Regulation – Climate Change – United States. State and local officials may may, however, continue efforts to uphold the commitments set forth in the international accord.

Source: Item 1A, 10-K 0000821189-26-000054 vs Item 1A, 10-K 0000821189-25-000011

MD&A111 words changed in this paragraph; it is 64% similar to last year's version.
Exploration and development expenditures of $5,636 $13,078 million for 2024 2025 were $125 $7,442 million lower higher than the prior year primarily due to decreased increased property acquisitions (including Encino) ($6,970 million), increased development drilling expenditures ($249 ($405 million), increased exploration expenses ($62 million), increased capitalized interest ($41 million), increased dry hole costs ($35 million) and increased facility expenditures ($16 million), partially offset by increased facility decreased exploration drilling expenditures ($86 million), increased ($54 million) and decreased leasehold acquisitions ($23 million) ($33 million). The 2025 exploration and increased development expenditures of $13,078 million included $7,003 million in property acquisitions ($17 million). acquisitions, $5,365 million in development drilling and facilities, $624 million in exploration and $86 million in capitalized interest. The 2024 exploration and development expenditures of $5,636 million included $4,944 million in development drilling and facilities, $614 million in exploration, $45 million in capitalized interest and $33 million in property acquisitions. The 2023 exploration and development expenditures of $5,761 million included $5,101 million in development drilling and facilities, $611 million in exploration, $33 million in capitalized interest and $16 million in property acquisitions. The 2022 exploration and development expenditures of $4,931 million included $3,962 million in development drilling and facilities, $514 million in exploration, $419 million in property acquisitions and $36 million in capitalized interest.

Source: Item 7, 10-K 0000821189-26-000054 vs Item 7, 10-K 0000821189-25-000011

Accounting Policies83 words changed in this paragraph; it is 63% similar to last year's version.
In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. The rules amending Regulation S-X will require public entities to provide certain climate-related information in their annual reports and registration statements. The rules were scheduled to be effective for large accelerated filers commencing with the fiscal period beginning January 1, 2025. In April 2024, however, the SEC voluntarily issued an administrative stay stayed the rules pending judicial review. The rules have since been stayed in abeyance by the U.S. Court of Appeals for the Eighth Circuit until such time as the SEC reconsiders the challenged rules by notice-and-comment rulemaking or renews its defense of the implementation of the rules, pending judicial review, and, in February 2025, requested the court rules. EOG will continue to pause further judicial proceedings regarding the rules, pending the SEC's determination of the appropriate next steps. monitor these developments.

Source: 10-K text, Note 1 – Summary of Significant Accounting Policies, 10-K 0000821189-26-000054 vs 10-K text, Note 1 – Summary of Significant Accounting Policies, 10-K 0000821189-25-000011

Legal Proceedings9 words changed in this paragraph; it is 97% similar to last year's version.
Delivery Commitments. EOG sells crude oil, natural gas and purity products from its producing operations under a variety of contractual arrangements. At December 31, 2024, 2025, EOG was committed to deliver to multiple parties aggregate fixed quantities of crude oil of 2 24 million barrels (MMBbls) in 2025. 2026, 11 MMBbls in 2027 and 4 MMBbls in 2028. At December 31, 2024, 2025, EOG was committed to deliver to multiple parties aggregate fixed quantities of natural gas of 342 573 billion cubic feet (Bcf) in 2025, 318 Bcf in 2026, 359 370 Bcf in 2027, 328 338 Bcf in 2028, 328 336 Bcf in 2029 2029, 331 Bcf in 2030 and 3,474 3,020 Bcf thereafter. Additionally at December 31, 2024, 2025, EOG was committed to deliver to multiple parties aggregate fixed quantities of purity products of 15 24 MMBbls in 2025. 2026. All delivery commitments are expected to be sourced from future production of available reserves.

Source: Item 3, via Note 8 – Commitments and Contingencies, 10-K 0000821189-26-000054 vs Item 3, via Note 8 – Commitments and Contingencies, 10-K 0000821189-25-000011

Sentences and paragraphs added, removed or reworded

Every change, by type

Sentences and paragraphs of EOG's Risk Factors and MD&A, 10-K Feb 24, 2026 against 10-K Feb 27, 2025. Each links to the text at sec.gov.

All 125 Added 16Removed 9Reworded 98Quiet changes 2

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word list

adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
We have undertaken (and continue to undertake) initiatives to increase our drilling, completions and operating efficiencies and improve the performance of our wells. Such initiatives include (among others): (i) our downhole drilling motor program; (ii) enhanced techniques for completing our wells; (iii) drilling extended laterals; and (iv) our self-sourced sand program. In addition, from time to time (when available and advantageous), we enter into agreements with service providers to secure the costs and availability of certain drilling and completions services we utilize as part of our operations.
Read it in 10-K Feb 24, 2026 at sec.gov
AddedRisk Factors
Local, state, federal and international regulatory bodies have been focused on GHG emissions and climate change issues in recent years. For discussion of the rules and regulations adopted by the U.S. EPA and the Bureau of Land Management with respect to GHG emissions and related matters and the related actions taken by the U.S. Congress, see ITEM 1, Business – Regulation – Climate Change – United States.
Read it in 10-K Feb 24, 2026 at sec.gov
RemovedRisk Factors
Beginning in the second half of 2021 and continuing, to a lesser degree, through the first quarter of 2023, we, similar to other companies in our industry, experienced inflationary pressures on our operating costs and capital expenditures - namely the costs of fuel, steel (i.e., wellbore tubulars and facilities manufactured using steel), labor and drilling and completion services. Such inflationary pressures on our operating costs and capital expenditures impacted our cash flows and results of operations during these periods. While such inflationary pressures diminished beginning in the second quarter of 2023 and throughout fiscal year 2024 (and, in certain instances, EOG has seen a decline in prices), the market for such materials, services and labor continues to fluctuate and, as a result, the timing and impact of any price changes on our future operating costs and capital expenditures is uncertain.
Read it in 10-K Feb 27, 2025 at sec.gov
RemovedRisk Factors
Local, state, federal and international regulatory bodies have been increasingly focused on GHG emissions and climate change issues in recent years. For example, we are subject to the U.S. EPA’s rule requiring annual reporting of GHG emissions which is subject to amendment from time to time. In addition, our oil and gas production and processing operations are subject to the U.S. EPA’s new source performance standards applicable to emissions of volatile organic compounds from new, modified and reconstructed crude oil and natural gas wells and equipment located at natural gas production gathering and booster stations and gas processing plants, as well as the U.S. EPA’s final new methane rules published in March 2024. Further, our operations are subject to the methane “Waste Emissions Charge” rule, published in November 2024 as part of the Methane Emissions Reduction Program implemented under the Inflation Reduction Act of 2022 (though, in February 2025, such rule was repealed by the U.S. House and Senate under the Congressional Review Act, which President Trump is expected to sign into law).
Read it in 10-K Feb 27, 2025 at sec.gov
RewordedRisk Factors
Securities and Exchange Commission (SEC) finalized extensive climate-related disclosure rules that require U.S. public companies to significantly expand Court of Appeals for the climate-related disclosures in their SEC filings (although the new rules have been stayed pending judicial review and Eighth Circuit until such time as the SEC has requested reconsiders the court to pause further judicial proceedings, pending the SEC's determination challenged rules by notice-and-comment rulemaking or renews its defense of the appropriate next steps), rules), (ii) in September 2023, California passed climate-related disclosure mandates which are broader than the SEC's final rules and (iii) in November 2023, the European Union approved methane emissions limits on crude oil and natural gas imports beginning in 2030.
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedRisk Factors
However, there can be no assurance that such efforts will offset, largely may not be successful or at all, may not be sufficient to offset the impacts of any future inflationary pressures (such as from tariffs, other trade barriers or other macroeconomic factors) on our operating costs and capital expenditures and, in turn, on our cash flows and results of operations.
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedRisk Factors
Lastly, as noted above, the SEC, in March 2024, finalized extensive climate-related disclosure rules that would require U.S. public companies to significantly expand the climate-related disclosures in their SEC filings (although the new these rules have been stayed pending judicial review and in abeyance by the SEC has requested the court to pause further judicial proceedings, pending the SEC's determination of the appropriate next steps). U.S.
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedRisk Factors
The At the international level, the Paris Agreement calls for nations to undertake efforts with respect to global temperatures and GHG emissions and the UAE Consensus calls on parties, including the U.S., to contribute to the transitioning away from fossil fuels, reduce methane emissions, and increase renewable energy capacity, among other things, to achieve net zero emissions by 2050.
Read it in 10-K Feb 24, 2026 at sec.gov
Show the other 41
RewordedRisk Factors
Our cost-mitigation continued initiatives and actions to increase operating efficiencies may not offset, largely or at all, the impacts of be successful in offsetting any future inflationary pressures on our operating costs and capital expenditures.
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedRisk Factors
In addition, in recent years from time to time there has been increased particular investor and regulatory focus on environmental and social matters, including, in addition to climate change, human rights and human capital management matters.
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedRisk Factors
These uncertainties, evolving practices and regulations and challenges around emissions measurement and reporting and emissions reduction technologies may result in our revising our existing targets, revising our ambition targets and/or setting new targets, as well as how we define and work to achieve our net-zero ambition. targets.
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedRisk Factors
We have developed, and will continue to develop, targets and ambitions related to our environmental and safety initiatives, including, but not limited to, our current emissions reduction targets and our ambition to reach net-zero Scope 1 and Scope 2 GHG emissions by 2040. targets.
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedRisk Factors
We use financial derivative instruments (primarily financial basis swap, price swap, option, swaption and collar contracts) and, in certain cases, fixed price physical sales contracts to hedge the impact of fluctuations in crude oil, NGLs and natural gas prices on our results of operations and cash flows.
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedRisk Factors
If our related initiatives, targets and ambitions do not meet our investors' or other stakeholders' evolving expectations and standards, investment in our stock may be viewed as less attractive and our reputation and contractual, employment reputation, relationships with investors and other business relationships may be adversely impacted.
Read it in 10-K Feb 24, 2026 at sec.gov
Quiet changesRisk Factors
A material reduction in capital available to the oil and gas sector could make it more difficult (e.g., due to a lack of investor interest in our debt or equity securities) and/or more costly (e.g., due to higher interest rates on our debt securities or other borrowings) to secure funding for our operations, which, in turn, could adversely affect our ability to successfully carry out our business strategy and could have a material and adverse effect on our business, financial condition and operations.
Read it in 10-K Feb 24, 2026 at sec.gov
Quiet changesRisk Factors
EPA) has has, however, issued certain regulations relating to hydraulic fracturing and there have been various other proposals to regulate hydraulic fracturing at the federal level.
Read it in 10-K Feb 24, 2026 at sec.gov
AddedMD&A
On July 4, 2025, the One Big Beautiful Bill Act was signed into law, which primarily made permanent (generally with amendments) certain tax provisions of the 2017 Tax Cuts and Jobs Act. Included, among others, were changes to business tax provisions such as permanently restoring 100% bonus depreciation and full domestic research expensing. While the legislation reduced EOG's 2025 cash tax payments, it did not have a material impact on EOG's earnings.
Read it in 10-K Feb 24, 2026 at sec.gov
AddedMD&A
On August 1, 2025, EOG completed its acquisition of Encino Acquisition Partners, LLC (Encino) for $5.7 billion, inclusive of Encino's net debt. The assets of Encino include 675,000 core net acres in the Utica play. The financial results of Encino have been included in EOG's consolidated financial statements beginning August 1, 2025. This acquisition impacted revenues and operating and other expenses as described in the Results of Operations section below. Additionally, see Note 16 to the Consolidated Financial Statements for further discussion of the acquisition.
Read it in 10-K Feb 24, 2026 at sec.gov
AddedMD&A
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, subject to customary closing adjustments. The transaction closed on February 18, 2026. Crude oil production attributable to EOG's interest was approximately 4 MBbld for the quarter ended December 31, 2025.
Read it in 10-K Feb 24, 2026 at sec.gov
AddedMD&A
In May 2025, a subsidiary of EOG was awarded a new oil exploration concession for Unconventional Onshore Block 3 (UCO3) by Abu Dhabi's Supreme Council for Financial and Economic Affairs. EOG holds a 100 percent equity interest and operatorship and, in coordination with Abu Dhabi National Oil Company (ADNOC), has commenced drilling operations to explore and appraise unconventional oil potential in the concession area. Following a three-year appraisal period, EOG may enter into a production concession in which ADNOC has the option to participate.
Read it in 10-K Feb 24, 2026 at sec.gov
AddedMD&A
On December 3, 2025, EOG entered into a new $3.0 billion senior unsecured Revolving Credit Agreement (New Facility) with domestic and foreign lenders, which has a scheduled maturity date of December 3, 2030. The New Facility replaced EOG's $1.9 billion senior unsecured Revolving Credit Agreement, dated as of June 7, 2023, with domestic and foreign lenders, which had a scheduled maturity date of June 7, 2028 and which was terminated by EOG (without penalty), effective as of December 3, 2025, in connection with the completion of the New Facility.
Read it in 10-K Feb 24, 2026 at sec.gov
AddedMD&A
In connection with its financial commodity derivative contracts, EOG had no collateral posted and no collateral held at February 18, 2026. The amount of posted collateral will increase or decrease based on fluctuations in forward NYMEX Henry Hub prices.
Read it in 10-K Feb 24, 2026 at sec.gov
AddedMD&A
EOG accounts for business combinations under the Business Combinations Topic of the ASC, which requires identifiable assets acquired and liabilities assumed to be recognized at their acquisition date fair values. In estimating the fair values of assets acquired and liabilities assumed, various assumptions are applied.
Read it in 10-K Feb 24, 2026 at sec.gov
AddedMD&A
The most significant assumptions relate to the estimated fair values of proved and unproved crude oil and natural gas properties for which EOG utilized the Income Approach described in ASC 820. The assumptions made in performing the valuation under the Income Approach include future crude oil, NGLs and natural gas prices, future operating and development costs, anticipated production from reserves, a weighted average cost of capital rate and risk adjustment factors for proved undeveloped, probable and possible reserves.
Read it in 10-K Feb 24, 2026 at sec.gov
RemovedMD&A
Inflationary Pressures, Operational Efficiencies & Related Initiatives/Actions. During 2024, EOG continued to see diminished inflationary pressures on its operating costs and capital expenditures (e.g., for fuel, wellbore tubulars, facilities manufactured using steel, labor and drilling and completion services) and, in certain circumstances, has seen declines in prices. However, because the market for such materials, services and labor continues to fluctuate, there can be no assurance that the inflationary pressures experienced by EOG in prior periods will not resume. Further, the timing and impact of any future price changes on EOG's operating costs and capital expenditures is uncertain.
Read it in 10-K Feb 27, 2025 at sec.gov
RemovedMD&A
Climate Change. For a discussion of climate change matters and related regulatory matters, including potential developments related to climate change and the potential impacts and risks of such developments on EOG, see ITEM 1A, Risk Factors, and the related discussion in ITEM 1, Business – Regulation. EOG will continue to monitor and assess any climate change-related developments that could impact EOG and the oil and gas industry, to determine the impact on its business and operations, and take appropriate actions where necessary.
Read it in 10-K Feb 27, 2025 at sec.gov
RemovedMD&A
During 2024, EOG completed one net developmental well and one net exploratory well from the Osprey B platform in the Modified U(a) Block. EOG also completed two net exploratory wells from the Oilbird platform in the SECC Block, drilled a deep Teak, Saaman and Poui (TSP Deep) exploratory well which allowed EOG to retain a 50% working interest in the TSP Deep Area and recompleted one net well in the Sercan Area. EOG also completed construction and installation of the Mento platform in the Ska, Mento and Reggae Area and commenced pipeline and associated tie-in installations that will connect the Mento platform to the Pelican platform. In 2024, EOG relinquished its rights to a portion of the contract area governed by the Trinidad Northern Area License located offshore the southwest coast of Trinidad and signed a farmout agreement with BP Trinidad and Tobago LLC, which allows EOG to earn a 50% working interest to develop the Coconut field in the Coconut Area located within the East Mayaro and South East Galeota exploration and production licenses. Additionally, EOG was selected as the preferred bidder in the Lower Reverse L and North Coast Marine Area 4(a) Blocks in respect of the 2023 shallow water offshore bid round.
Read it in 10-K Feb 27, 2025 at sec.gov
RemovedMD&A
In November 2021, a subsidiary of EOG was granted an exploration permit for the WA-488-P Block, located offshore Western Australia. The company has deferred drilling plans to further evaluate the prospect.
Read it in 10-K Feb 27, 2025 at sec.gov
RemovedMD&A
(4)Includes positive revenue adjustment of $0.76 per Mcf ($0.09 per Mcf of EOG's composite natural gas price) for the twelve months ended December 31, 2022, related to a price adjustment per a provision of the natural gas sales contract with NGC amended in July 2022 for natural gas sales during the period from September 2020 through June 2022.
Read it in 10-K Feb 27, 2025 at sec.gov
RemovedMD&A
Operations. In 2025, crude oil and total crude oil equivalent production are expected to increase from 2024 levels. In 2025, EOG expects to continue to focus on mitigating any future inflationary pressures (such as from tariffs) on operating costs through efficiency improvements.
Read it in 10-K Feb 27, 2025 at sec.gov
RewordedMD&A
This volatility is expected to continue due to the many uncertainties associated with the world political and economic environment and environment, the global supply of, and demand for, crude oil, NGLs and natural gas and gas, the availability of other energy supplies, the relative competitive relationships of the various energy sources in the view of consumers supplies and other factors. factors, including tariffs, trade policies and agreements and trade barriers or other restrictions imposed by the U.S. government or other governments and the related impact of such measures on commodity and financial markets.
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedMD&A
Natural Gas Financial Price Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price (MMBtud in thousands) Price ($/MMBtu) January February - December 2024 (closed) NYMEX Henry Hub 725 3.07 January - February July 2025 (closed) NYMEX Henry Hub 725 $ 3.07 March August - December 2025 (closed) NYMEX Henry Hub 725 3.07 1,225 3.32 January - February 2026 (closed) NYMEX Henry Hub 460 3.78 March - June 2026 NYMEX Henry Hub 460 3.78 July - December 2026 NYMEX Henry Hub 450 3.79
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedMD&A
Exploration costs of $236 million in 2025 increased $62 million from $174 million in 2024 decreased $7 million from $181 million in 2023 primarily due to decreased increased geological and geophysical expenditures in Trinidad ($27 million), the United Arab Emirates ($23 million) and the United States ($22 ($7 million) as well as increased administrative expenses ($11 million), partially offset by increased administrative expenses ($9 million) and increased decreased delay rentals ($6 ($8 million).
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedMD&A
In addition, in 2026 EOG has entered expects to (i) continue to undertake initiatives to increase its drilling, completion and operating efficiencies and improve the performance of its wells and (ii) when available and advantageous, enter into agreements with its service providers from time to time, when available and advantageous, to secure the costs and availability of certain drilling and completion completions services it utilizes as part of its operations.
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedMD&A
EOG received net proceeds of $985 million $3.47 billion from the issuance of the July Notes, which will be were used for general corporate purposes, including (i) the repayment payment of a portion of the $500 million aggregate principal amount consideration for the acquisition of 3.15% Senior Notes due 2025 Encino and (ii) the funding of future capital expenditures. related fees, costs and expenses.
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedMD&A
Lease and well expenses of $1,675 million in 2025 increased $103 million from $1,572 million in 2024 increased $118 million from $1,454 million in 2023 primarily due to increased operating and maintenance costs ($81 million), ($89 million) in the United States and increased lease and well administrative expenses ($27 million) and increased ($42 million), partially offset by decreased workovers expenditures ($13 million), all ($38 million) in the United States.
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedMD&A
Taxes other than income in 2024 2025 decreased $35 $15 million to $1,234 million (7.0% of revenues from sales of crude oil and condensate, NGLs and natural gas) from $1,249 million (7.1% of revenues from sales of crude oil and condensate, NGLs and natural gas) from $1,284 million (7.4% of revenues from sales of crude oil and condensate, NGLs and natural gas) in 2023. 2024.
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedMD&A
The primary uses of cash were exploration and development expenditures; funds used in operations; exploration and development expenditures; dividend payments to stockholders; share repurchases and other purchases of treasury stock; net cash paid for settlements the acquisition of financial commodity derivative contracts; Encino; repayment of long-term debt; and other property, plant plant, and equipment expenditures; and repayment of debt. expenditures.
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedMD&A
Crude oil and condensate revenues in 2024 increased $173 2025 decreased $1,420 million, or 1%, 10%, to $12,501 million from $13,921 million from $13,748 million in 2023, 2024, primarily due to an increase in production ($491 million), partially offset by a lower composite average crude oil and condensate price ($318 ($2,239 million), partially offset by an increase in production ($819 million).
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedMD&A
Natural Gas Basis Swap Contracts Contracts Sold Period Settlement Index Volume Weighted Average Price (MMBtud in thousands) Price Differential ($/MMBtu) January - December 2024 (closed) NYMEX Henry Hub HSC Differential (1) 10 0.00 January - February 2025 (closed) NYMEX Henry Hub HSC Houston Ship Channel (HSC) Differential (1) 10 0.00 March - December 2025 NYMEX Henry Hub HSC Differential 10 0.00 $0.00
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedMD&A
In particular, statements, express or implied, concerning (i) EOG's future financial or operating results and returns or returns, (ii) EOG's ability to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control drilling, completion and operating costs and capital expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, other environmental matters or safety matters, pay and/or increase regular and/or special dividends or repurchase shares or (iii) the successful integration of Encino's assets and operations or the strategic rationale for, or anticipated benefits of, EOG's acquisition of Encino, in each case are forward‐looking statements.
Read it in 10-K Feb 24, 2026 at sec.gov
RewordedMD&A
Net cash used in financing activities of $4,361 $2,804 million in 2024 2025 included share repurchases and other purchases of treasury stock ($3,246 ($2,564 million), cash repayments of long-term debt ($2,516 million) and dividend payments ($2,087 million) and repayment of finance lease liabilities ($33 to stockholders ($2,161 million).
Read it in 10-K Feb 24, 2026 at sec.gov

Sources

The two latest 10-Ks on EDGAR, section by section. Each change links to the text at sec.gov.

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New risk factors: paragraphs with nothing like them last year, quoted in full.

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