EOG Resources Inc (EOG)

Occidental Petroleum Jumps After Evercore Double Upgrade (OXY)July 8, 2026 7:10 AM
IH Market News Occidental Petroleum (NYSE:OXY) shares climbed 3.8% in pre-market trading on Wednesday after Evercore ISI upgraded the oil producer by two notches, citing a stronger balance sheet and improved cash generation prospects. Evercore Turns Bullish on Free Cash Flow Outlook Evercore upgraded Occidental to Outperform from Underperform and increased its price target to $65 from $58. The broker said the company’s significantly lower leverage and improved capital efficiency have materially strengthened its long-term free cash flow outlook. Following a prolonged period of underperformance relative to both crude oil prices and large-cap exploration and production peers, Evercore believes Occidental is now better positioned to benefit from supportive commodity market conditions and eventually resume meaningful shareholder returns. The firm forecasts free cash flow per share growth of around 8% annually through 2030, assuming West Texas Intermediate crude remains at $75 per barrel and production volumes stay broadly unchanged. Although that growth rate trails the roughly 20% compound annual growth projected for Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP), EOG Resources (NYSE:EOG) and Diamondback Energy (NASDAQ:FANG), Evercore believes lower well costs and a slower base production decline should reduce maintenance capital requirements and support stronger long-term cash generation. The broker also expects Occidental to restart share repurchases during the second half of 2028. Commodity Strength Supports Shares Occidental did not release any significant corporate updates or earnings news on Wednesday, with the stock’s gains instead reflecting stronger oil prices and improving sentiment toward the energy sector. The shares had fallen roughly 15% over the previous month, leaving valuations at more attractive levels ahead of the recent rebound. Analysts also continue to forecast a substantial year-over-year improvement in earnings for the current quarter, while Wells Fargo reaffirmed its Buy rating on the stock earlier this month. Energy Sector Outperforms Broader Market Occidental’s advance contrasted with broader weakness across U.S. equities, as the S&P 500 slipped 0.5%, the Dow Jones Industrial Average eased 0.3% and the Nasdaq declined 1.2%. The move highlights the energy sector’s resilience amid rising crude prices, with producers benefiting from renewed supply concerns. Given Occidental’s relatively high sensitivity to oil prices, its shares tend to react more sharply than many of its industry peers during periods of commodity price volatility. The combination of stronger crude prices, a discounted valuation following last month’s sell-off and improving analyst sentiment helped lift the stock ahead of the opening bell. Occidental Petroleum stock priceThe post Occidental Petroleum Jumps After Evercore Double Upgrade (OXY) appeared first on US Editors. Original: Occidental Petroleum Jumps After Evercore Double Upgrade (OXY)

Eco (Atlantic) Oil and Gas Ltd. Announces Ministerial Approval for Namibia PEL 98 Farm-OutJune 29, 2026 2:00 AM
ACCESS NewswirePEL97,99 & 100, and South Africa Block 1 Section 11 Processes UnderwayTORONTO, ON / ACCESS Newswire / June 29, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX-V:EOG) (Toronto, Canada), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce that it has received formal Ministerial approval from the Ministry of Industries, Mines and Energy of Namibia (the "Ministry") for the Section 11 assignment relating to the Company's previously announced farm-out of its 85% participating interest in Petroleum Exploration Licence 98 ("PEL 98"), offshore Namibia, to an arm's-length wholly Namibian-owned company, Lamda Energy (Pty) Ltd ("Lamda Energy") (the "Farm-Out").The Ministerial approval represents the final governmental consent required under Section 11 of Namibia's Petroleum (Exploration and Production) Act for the assignment of Eco's interest in PEL 98 to Lamda Energy. Following receipt of this final Ministerial approval, the parties are now completing the remaining transaction documentation, with completion of the Farm-Out expected shortly.The receipt of this approval demonstrates continued regulatory progress within Namibia's highly prospective offshore sector and reflects the Ministry's ongoing commitment to advancing commercial transactions and exploration activity across the country.The Company also confirms that the Section 11 application relating to its recently announced farm-out transaction with BP Namibia Energy Limited ("bp Namibia") across Petroleum Exploration Licences 97, 99 and 100 has now been submitted to the Ministry and will be the next key regulatory milestone in progressing that transaction. Eco is also pleased to confirm that the Section 11 application relating to the Company's recently announced farm-out transaction on Block 1 CBK to Navitas Petroleum LP ("Navitas") was formally submitted and received by the Petroleum Agency South Africa ("PASA") on 26 June 2026.In Guyana, Eco and Navitas continue to make strong progress in advanced negotiations with the Ministry of Natural Resources regarding the new Production Sharing Agreement ("PSA") for the Orinduik Block, with completion expected during Q3 2026.In the Falkland Islands, following its farm-in to PL001 (announced on 12 January 2026) and its proposed acquisition of JHI Associates Inc. ("JHI") (announced on 11 March 2026), Eco continues to progress the remaining regulatory approvals and is awaiting formal confirmation of the five-year licence extension and approval of Navitas' operatorship from the Falkland Islands Government ("FIG").The Company will provide further updates on each of these transactions as the respective commercial negotiations and approval processes progress.Gil Holzman, Co-Founder and Chief Executive Officer of Eco Atlantic, commented:"Ministerial approval for the PEL 98 transaction is a significant milestone for Eco and our partners as we move the Farm-Out towards completion. Eco would like to express its sincere appreciation to the Ministry, the Upstream Petroleum Unit, and all parties involved in facilitating this process."It is also highly encouraging to see broader momentum across Namibia's upstream sector continue to grow. Ministerial approvals are progressing, providing increased confidence for companies operating in the country and supporting the advancement of exploration and commercial transactions across Namibia's offshore acreage."With our farm-out from PEL 98 in its final stages and the Section 11 applications for both our Block 1 CBK transaction with Navitas, and PEL97,99 & 100 transaction with bp Namibia submitted, we look forward to continuing to advance our portfolio of world-class assets in one of the world's most prospective offshore exploration regions."ENDSFor more information, please visit www.ecooilandgas.com or contact the following.Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 7770 6424Gil Holzman, President & Chief Executive Officer
Alice Carroll, VP Business Development & Corporate Affairs Strand Hanson (Financial & Nominated Adviser)+44 (0) 20 7409 3494James Harris, James Bellman, Edward Foulkes Canaccord Genuity (Joint Broker)+44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, Rory Blundell, Charlie Hammond Berenberg (Joint Broker)+44 (0) 20 3207 7800Matthew Armitt Celicourt (PR)+44 (0) 20 7770 6424Mark Antelme, Charles Denley-Myerson Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore licence interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.SOURCE: Eco (Atlantic) Oil and Gas Ltd.View the original press release on ACCESS NewswireOriginal: Eco (Atlantic) Oil and Gas Ltd. Announces Ministerial Approval for Namibia PEL 98 Farm-Out

EOG Resources Schedules Conference Call and Webcast of Second Quarter 2026 Results for August 5, 2026June 23, 2026 4:15 PM
PR Newswire (US) HOUSTON, June 23, 2026 /PRNewswire/ -- EOG Resources, Inc. (EOG) will host a conference call and webcast to discuss second quarter 2026 results on Wednesday, August 5, 2026, at 9 a.m. Central time (10 a.m. Eastern time). Please visit the Investors/Events & Presentations page on the EOG website to access a live webcast of the conference call. If you are unable to listen to the live webcast, a replay will be available for one year.    If you have any questions, please contact Angie Lewis at 713-651-6722.About EOG
EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States and Trinidad. To learn more visit www.eogresources.com. Investor Contacts
Pearce Hammond       713-571-4684
Neel Panchal               713-571-4884
Shelby O'Connor         713-571-4560
Cameron Hughes        713-571-3724Media Contact
Kimberly Ehmer          713-571-4676  View original content:https://www.prnewswire.com/news-releases/eog-resources-schedules-conference-call-and-webcast-of-second-quarter-2026-results-for-august-5-2026-302808090.htmlSOURCE EOG Resources, Inc. Original: EOG Resources Schedules Conference Call and Webcast of Second Quarter 2026 Results for August 5, 2026

Eco (Atlantic) Oil and Gas Ltd. Announces 2026 Operational and Business UpdateJune 18, 2026 2:00 AM
ACCESS NewswireTORONTO, ON / ACCESS Newswire / June 18, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce a mid-year update on the progress of its various workstreams across its portfolio in Namibia, Guyana, the Falkland Islands, and South Africa.Since the beginning of 2026, Eco has significantly strengthened its portfolio through the introduction of major industry partners, strategic farm-out transactions and continued advancement across its Atlantic Margin acreage. These transactions position Eco with broad, multi-basin exploration exposure that is largely carried through key upcoming work programmes whilst maintaining a strong cash position. With several regulatory approvals and operational milestones expected in the near future, Eco is entering a period of high-impact newsflow driven by multiple near-term transaction completions, drilling catalyst and basin level developments.NamibiaClosing of Eco's farm-down agreement with BP Namibia Energy Ltd, a wholly owned subsidiary of BP Exploration Operating Company Limited ("BP") for PEL97, PEL99, and PEL100, announced on 12 April 2026, is progressing and, subject to the satisfaction of the remaining conditions, is expected to close in Q3 2026.Cash consideration of US$2.7 million payable by BP to Eco on completion of the transaction.BP will carry 100% of Eco's 25% retained interest, as well as Eco's proportionate share of the NAMCOR (10%) and Local Partners (5%) interest in PEL97, PEL99 and PEL100 for the current exploration phase, with a maximum aggregate carry consideration payable by BP in respect of Eco's interests of US$63 million (based on a maximum of US$21 million per asset for each license).Eco continues to work with its various partners to prepare for extensive proposed exploration work programmes, including the completion of the seismic reprocessing on PEL97 and carrying out a large 3D Seismic Survey of more than 3,000km2 on PEL99 and PEL100.The Company expects to receive the requisite government approvals for its farm-out of PEL98 to Lamda Energy (Pty) Ltd ("Lamda Energy") in Q3 2026.GuyanaAlongside Navitas Petroleum LP ("Navitas"), Eco's strategic partner, Eco applied for a new appraisal and exploration license over the Orinduik Block area, including the Jethro and Joe existing oil discoveries (Navitas 80%, Eco 20%). Eco and Navitas are currently in advanced Production Sharing Agreement (PSA) negotiations with Guyana's Ministry of Natural Resources regarding the new licence over the Orinduik Block area, which are expected to complete in Q3 2026.According to the Navitas Framework and Option agreement announced in December 2025, Eco's remaining 20% working interest will be carried in respect of the work performed in the new Orinduik Block, capped at US$11 million net to Eco (excluding mobilisation costs, if any).Falkland IslandsFollowing its farm-in to PL001 (announced on 12 January 2026) and its proposed acquisition of JHI Associates Inc ("JHI") (announced on 11 March 2026), Eco is awaiting final receipt of a five-year licence extension and approval of Navitas' operatorship of the PL001 licence from the Falkland Islands Government ("FIG").To date, approximately 40 prospects and leads have been identified across the licence area, with independent auditor NSAI having certified prospective resources exceeding 1.4 billion barrels of oil across 15 prospects alone. Several mapped prospects exhibit seismic characteristics analogous to the fan systems successfully discovered at the nearby Sea Lion field. Eco's net prospective resource attributable to its expected interest in PL001 is 490 million barrels of oil (mbbls)* (not including the proven Johnson Gas discovery).Together with incoming operator Navitas, Eco continues to advance the technical evaluation of the broader prospect inventory, focusing on high-impact drilling opportunities. Multiple stacked fan targets may provide the potential for a single exploration well to unlock substantial resource volumes and materially de-risk the wider licence area. The block's proximity to the Sea Lion development offers significant potential development synergies, leveraging existing infrastructure plans and economies of scale to support an efficient and commercially attractive pathway to monetisation.Eco notes Navitas' Memorandum of Understanding (MoU) for an additional optional FPSO for the neighbouring Sea Lion development, which would potentially add an additional 125,000 barrels per day (bpd) to the project's planned initial production capacity of 55,000 bpd. The Board believes this is a very encouraging signal of Navitas' commitment to the Falkland Islands and its focus on finding ways to accelerate production across its projects over Sea Lion and PL001.South AfricaAt Block 3B/4B, Eco is awaiting a decision from South Africa's Department of Forestry, Fisheries and the Environment (the "DFFE") regarding the Environmental Impact Assessment (EIA) process for drilling permits for the block with approval expected to enable the spudding of the first exploration well on the block.As previously announced on 6 March 2024, Eco has secured a fully carried position through the first two exploration wells on Block 3B/4B, representing up to US$11.5 million of drilling and associated well costs funded by its farm-in partners.At Block 1 CBK, Navitas' farm-in, announced on 20 May 2026, is continuing to progress well with the regulatory administrative process to close the farm-in well underway, with a cash payment of US$4 million due to Eco upon completion.Navitas' farm-in has been very well received by in-country stakeholders, with both Eco and Navitas' technical teams working closely and collaboratively on the oil and gas prospects and the exploration potential of Block 1 CBK.The Company is encouraged to see the South African government's renewed focus on the importance of supporting the development of local oil and gas resources amid an impending drop in domestic gas supplies, the country's need to reduce its reliance on coal, and a growing appreciation of gas' role as a strategic enabler for South Africa's energy transition.Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:"In what has already proven to be a transformational year to date, multiple further value accretive workstreams remain underway across our portfolio of four diversified Atlantic Margin basins. It is good to see the a number of the sector's largest players returning to high impact Atlantic Margin exploration, and we believe Eco is perfectly positioned in four of the most attractive jurisdictions. We are excited about the coming months and the number of additional corporate, operational and financial catalysts that lie ahead."*- source: Navitas Petroleum (PL001 - Navitas Petroleum)ENDSFor more information, please visit www.ecooilandgas.com or contact the following.Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 7770 6424Gil Holzman, President & Chief Executive OfficerAlice Carroll, VP Business Development & Corporate Affairs Strand Hanson (Financial & Nominated Adviser)+44 (0) 20 7409 3494James Harris, James Bellman, Edward Foulkes
Canaccord Genuity (Joint Broker)+44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, Rory Blundell, Charlie Hammond
Berenberg (Joint Broker)+44 (0) 20 3207 7800Matthew Armitt Celicourt (PR)+44 (0) 20 7770 6424Mark Antelme, Charles Denley-Myerson
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore licence interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.SOURCE: Eco (Atlantic) Oil and Gas Ltd.View the original press release on ACCESS NewswireOriginal: Eco (Atlantic) Oil and Gas Ltd. Announces 2026 Operational and Business Update

EOG Resources to Present at Upcoming ConferenceJune 3, 2026 4:15 PM
PR Newswire (US) HOUSTON, June 3, 2026 /PRNewswire/ -- EOG Resources, Inc. (EOG) is scheduled to present at the J.P. Morgan Energy, Power, Renewables and Mining Conference at 7:35 a.m. Central time (8:35 a.m. Eastern time) on Tuesday, June 23.  Jeffrey R. Leitzell, Executive Vice President and Chief Operating Officer, will present on behalf of EOG.Please visit the Investors/Events & Presentations page on the EOG website to access live webcasts and any available replays for up to one year. About EOG
EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States and Trinidad. To learn more visit www.eogresources.com. Investor Contacts
Pearce Hammond       713-571-4684
Neel Panchal               713-571-4884
Shelby O'Connor         713-571-4560
Cameron Hughes        713-571-3724Media Contact
Kimberly Ehmer          713-571-4676  View original content:https://www.prnewswire.com/news-releases/eog-resources-to-present-at-upcoming-conference-302790306.htmlSOURCE EOG Resources, Inc. Original: EOG Resources to Present at Upcoming Conference

Eco (Atlantic) Oil and Gas Ltd. Announces Navitas Petroleum farms into Block 1 CBKMay 20, 2026 2:00 AM
ACCESS NewswireECO (ATLANTIC) OIL & GAS LTD.("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group")Navitas Petroleum exercises option to farm into Block 1 CBK, offshore South AfricaTORONTO, ON / ACCESS Newswire / May 20, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce that, further to the Company's announcement on December 4, 2025, it has signed a definitive agreement to farm down a 37.5% working interest ("WI") in Block 1 CBK offshore South Africa ("Block 1 CBK") to Navitas Petroleum LP (acting through a subsidiary) ("Navitas") (the "Agreement"). The Agreement is a key milestone in Eco's strategic framework agreement with Navitas (the "Strategic Framework") which provided Navitas with an option to farm-in to Block 1 CBK (the "Block 1 CBK Option").Navitas has, following a review of geological data, now elected to exercise the Block 1 CBK Option through the execution of a definitive farmout agreement on May 19, 2026. The Agreement is conditional on receipt of customary regulatory approvals, from the Petroleum Agency of South Africa and the TSX Venture Exchange and receipt of US$4.0 million cash payment from Navitas to Eco. Upon completion Navitas will become the Operator of Block 1 CBK with 37.5% WI (and up to 47.5% pending exercise of the Eco-OrangeBasin Energies option) upon completion of the transaction.Eco will retain a remaining WI of 37.5% (and up to 47.5% assuming the exercise of the option with OrangeBasin Energies referenced below). Eco will be carried by Navitas for the work programme, the value of the carry being capped at US$7.5 million net to Eco. The amounts carried by Navitas will be repaid via Eco's share of proceeds from future production on the Block.On December 3 2025, Eco, through its subsidiary Azinam South Africa Limited ("Azinam SA"), signed an exclusive option agreement with its local partner OrangeBasin Energies (Pty) Ltd ("OrangeBasin Energies"), formerly Tosaco Energy (Pty) Ltd, (the "Option Agreement") to acquire a further 20% participating interest in Block 1 CBK for a cash and shares consideration as detailed in the Company's announcement on December 4, 2025. Under the Block 1 CBK Option, Navitas has the right to acquire 50% of this option (representing a 10% WI), which is exercisable at Eco's and Navitas' mutual consent and discretion at any point throughout the term of the initial exploration period expiring in February 2028.The resulting ownership structure is therefore expected to be as follows:ScenarioEcoNavitasOrangeBasin EnergiesCurrent pre-completion position75.0%0.0%25.0%Following completion of the Agreement37.5%37.5%25.0%If the Option Agreement is exercised in full and Navitas acquires 50% of the additional interest47.5%47.5%5.0%Navitas, a publicly traded partnership, is actively engaged in offshore oil and gas exploration and production, with a portfolio of established oil and gas assets primarily in North America (U.S. Gulf of America) and the South Atlantic (Falkland Islands). The partnership's flagship production asset is the Shenandoah deepwater field in the U.S. Gulf, where Navitas holds a 49% WI and which reached first production in July 2025. Navitas has also demonstrated its ability to advance complex offshore developments efficiently toward first oil, achieving FID on the Sea Lion development in the Falkland Islands in December 2025. In January 2026, Navitas further expanded its South Atlantic footprint through the execution of an agreement to acquire 65% WI in the PL001 North Falkland Basin Licence, alongside Eco Atlantic's planned acquisition of JHI Associates to secure the remaining 35% interest. The strategic framework between Eco Atlantic and Navitas is intended to create a highly complementary partnership, combining Navitas' proven offshore exploration, development and production capabilities with Eco Atlantic's diversified portfolio of high-impact exploration acreage, providing a strong platform to organically expand and grow a long-term exploration and production portfolio.Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:"We are incredibly excited about the successful exercise of the Block 1 CBK Option by Navitas, marking a significant advancement of our strategic relations. This quick exercise of the option not only strengthens the bond between Eco and Navitas but also propels us toward a promising future in South Africa's offshore oil and gas landscape and puts us in an active and enhanced exploration mode. Eco and Navitas' technical and operational teams have been working closely to analyse this block and the wider region along with other assets and areas of interest. Together, we are primed to leverage our combined expertise and resources to maximise our potential in the region and beyond."Importantly, this agreement not only adds cash to our strong balance sheet, but more importantly signifies the continued progress Eco has made in advancing its projects. Building on our recent farm down to BP in Namibia, we have now further deepened our strategic partnership with Navitas, working not only in South Africa but also in highly prospective acreage offshore the Falkland Islands in PL001, which Eco will gain further exposure to upon the upcoming completion of our acquisition of JHI Associates Inc. Additionally, Navitas also holds options to acquire 80% of Eco's interests in the Guyana Orinduik Block where we are progressing advanced discussions with the Government over the terms of the next exploration and appraisal stages, offering scope for our partnership to extend further. Overall, these milestones highlight how Eco has successfully executed its strategy of de-risking its portfolio of world-class assets through partnering with carrying, tier-one operators across the Atlantic Margins".ENDSFor more information, please visit www.ecooilandgas.com or contact the following.Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 7770 6424Gil Holzman, President & Chief Executive OfficerAlice Carroll, VP Business Development & Corporate Affairs Strand Hanson (Financial & Nominated Adviser)+44 (0) 20 7409 3494James Harris, James Bellman, Edward Foulkes
Canaccord Genuity (Joint Broker)+44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, Charlie Hammond, Rory Blundell
Berenberg (Joint Broker)+44 (0) 20 3207 7800Matthew Armitt Celicourt (PR)+44 (0) 20 7770 6424Mark Antelme, Charles Denley-Myerson
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore licence interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2.Forward-Looking InformationThis press release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact may be forward-looking information, including, without limitation, statements regarding completion of the farmout transaction with Navitas, receipt of required governmental, regulatory and stock exchange approvals; the anticipated timing for completion of the transaction; the anticipated transfer of operatorship of Block 1 CBK to Navitas; the anticipated work program and exploration activities on Block 1 CBK; the potential exercise of rights and options relating to additional participating interests in Block 1 CBK; the Company's planned acquisition of JHI Associates Inc.; the advancement of exploration and appraisal activities in Guyana; and the Company's broader strategic and operational plans across its asset portfolio.Forward-looking information is often identified by words such as "expects", "anticipates", "believes", "intends", "plans", "may", "will", "should", "potential" or similar expressions. These statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties.Forward-looking information is based on certain assumptions, including, but not limited to, the timely receipt of all required approvals (including TSX-V, AIM and other regulatory approvals), the satisfaction of all remaining conditions to completion of the Arrangement, and general economic and industry conditions.Actual results may differ materially from those expressed or implied by such forward-looking information due to a variety of risks and uncertainties, including, without limitation: the risk that the Arrangement may not be completed as currently contemplated or at all; the inability to satisfy closing conditions; changes in market and industry conditions; failure to obtain the regulatory and governmental approvals required to support the ongoing operational plans of Eco; and other risks disclosed in the Company's public filings available on SEDAR+ at www.sedarplus.ca.Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information except as required by applicable law.The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.SOURCE: Eco (Atlantic) Oil and Gas Ltd.View the original press release on ACCESS NewswireOriginal: Eco (Atlantic) Oil and Gas Ltd. Announces Navitas Petroleum farms into Block 1 CBK

Eco (Atlantic) Oil and Gas Ltd. Announces JHI Acquisition - Final Court Order ObtainedMay 18, 2026 12:00 AM
ACCESS NewswireTORONTO, ON / ACCESS Newswire / May 18, 2026 / Eco (Atlantic) Oil & Gas Ltd. ("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group")(AIM:ECO)(TSX-V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to provide an update, further to the Company's announcements on March 11, 2026 and April 29, 2026, regarding its proposed acquisition of JHI Associates Inc. ("JHI") by way of a court-approved plan of arrangement (the "Arrangement").Eco confirms that, following approval by JHI shareholders, JHI has successfully obtained on May 15, 2026 the final order approval (the "Final Order") from the Ontario Superior Court of Justice (Commercial List) (the "Court"), approving the Arrangement as proposed. At JHI's annual and special meeting of shareholders held on May 12, 2026, 100% of the votes cast were in favour of the plan of Arrangement with Eco, further demonstrating an overwhelming alignment on the transaction.The only remaining conditions for final completion of the Arrangement ("Closing") includes receipt of Falkland Islands Government ("FIG") of five-year licence extension of the PL001 licence and Navitas Petroleum LP's (via its subsidiary) operatorship; JHI to have a cash balance of US$1.0 million on completion of the Acquisition; and, required TSX-V and AIM approvals.On Closing, Eco expects to issue up to, in aggregate, 96,307,811 new Common Shares, to JHI shareholders who are entitled to convert them into Eco shares upon presenting their original JHI share certificate. Each JHI shareholder, in terms of a letter of transmittal containing instructions for surrendering JHI share certificates or DRS statements, may exchange such shares for Eco Common Shares to which they are entitled pursuant to the Arrangement. Unclaimed Common Shares will be held in trust for up to six (6) years after which every unclaimed share will be cancelled and deducted from the share register. Approximately 41.5 million (45%) of the Common Shares to be issued to JHI shareholders will be subject to lock-up arrangements spanning 18 months following completion. The remaining freely tradeable Common Shares will be held by more than 1,000 different shareholders. Details for JHI Shareholders on the exact mechanism to exchange their original shares certificate can be found on JHI's website: www.jhiassociates.com.Following the obtaining of shareholder and court approval the final steps are now administrative, and Eco expects the transaction to close as soon as the requisite government approvals are received, subject to the satisfaction of customary closing conditions under the Arrangement agreement.On completion of the transaction, Eco will hold 100% of the outstanding JHI shares and, in turn, a 35% participating interest in PL001 offshore of the Falkland Islands operated by Navitas Petroleum LP (via its subsidiary holding the remaining 65% interest) and a potential extension of JHI's 17.5% WI in the Canje Block offshore Guyana subject to ongoing government negotiations and approval.Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
"Completion of the JHI acquisition is in its final stages and we are delighted with the positive outcome in the important milestones, being the overwhelming 100% shareholders vote and approval of the Final Order. The governmental approvals are expected imminently, and our teams are working hard to close as soon as practically possible once we receive these approvals. We are working closely with Navitas on the planned exploration of the PL001 license offshore the Falkland Islands to ensure a seamless technical handover from the JHI team to Eco and for Navitas to operate the block. Additionally, JHI and Eco remain engaged with the Government of Guyana with respect to a potential extension or reissuance of JHI's Canje block offshore, in parallel to Eco's ongoing discussions with the Ministry on the terms of the Orinduik Block offshore."Advisors
PillarFour Capital Inc. is acting as Eco's financial advisor on the transaction. Strand Hanson is acting as Nominated Advisor, and Torys LLP and Chun Law are acting as legal advisors to the company. Fogler Rubinoff and Dorsey & Whitney are acting as legal advisor to JHI.ENDSFor more information, please visit www.ecooilandgas.com or contact the following.Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 7770 6424Gil Holzman, President & Chief Executive OfficerAlice Carroll, VP Business Development & Corporate Affairs Strand Hanson (Financial & Nominated Adviser)+44 (0) 20 7409 3494James Harris, James Bellman, Edward Foulkes
Canaccord Genuity (Joint Broker)+44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, Charlie Hammond, Rory Blundell
Berenberg (Joint Broker)+44 (0) 20 3207 7800Matthew Armitt Celicourt (PR)+44 (0) 20 7770 6424Mark Antelme, Charles Denley-Myerson
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore licence interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2.Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact may be forward-looking information, including, without limitation, statements regarding the Arrangement, the final conditions for Closing, the anticipated Closing of the Arrangement, ongoing plan of the parties following Closing and the expected strategic and operational benefits of the Arrangement to Eco.Forward-looking information is often identified by words such as "expects", "anticipates", "believes", "intends", "plans", "may", "will", "should", "potential" or similar expressions. These statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties.Forward-looking information is based on certain assumptions, including, but not limited to, the timely receipt of all required approvals (including TSX-V, AIM and other regulatory approvals), the satisfaction of all remaining conditions to completion of the Arrangement, and general economic and industry conditions.Actual results may differ materially from those expressed or implied by such forward-looking information due to a variety of risks and uncertainties, including, without limitation: the risk that the Arrangement may not be completed as currently contemplated or at all; the inability to satisfy closing conditions; changes in market and industry conditions; failure to obtain the regulatory and governmental approvals required to support the ongoing operational plans of Eco; and other risks disclosed in the Company's public filings available on SEDAR+.Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information except as required by applicable law.The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.SOURCE: Eco (Atlantic) Oil and Gas Ltd.View the original press release on ACCESS NewswireOriginal: Eco (Atlantic) Oil and Gas Ltd. Announces JHI Acquisition - Final Court Order Obtained

EOG Resources to Present at Upcoming ConferenceMay 12, 2026 4:15 PM
PR Newswire (US) HOUSTON, May 12, 2026 /PRNewswire/ -- EOG Resources, Inc. (EOG) is scheduled to present at the Bernstein Strategic Decisions Conference at 10:00 a.m. Central time (11:00 a.m. Eastern time) on Wednesday, May 27.  Ezra Y. Yacob, Chairman and Chief Executive Officer, will present on behalf of EOG.Please visit the Investors/Events & Presentations page on the EOG website to access live webcasts and any available replays for up to one year. About EOG
EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States and Trinidad. To learn more visit www.eogresources.com. Investor Contacts
Pearce Hammond       713-571-4684
Neel Panchal               713-571-4884
Shelby O'Connor         713-571-4560
Cameron Hughes        713-571-3724Media Contact
Kimberly Ehmer          713-571-4676  View original content:https://www.prnewswire.com/news-releases/eog-resources-to-present-at-upcoming-conference-302769621.htmlSOURCE EOG Resources, Inc. Original: EOG Resources to Present at Upcoming Conference

Eco (Atlantic) Oil and Gas Ltd. Announces Exercise of OptionsMay 11, 2026 6:10 AM
ACCESS NewswireTORONTO, ON / ACCESS Newswire / May 11, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX-V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, announces that it has received a notice of exercise from the in respect of stock options over 600,000 common shares of no-par value each in the Company ("Common Shares") which belong to the late Colin Kinley Family Estate. The options were exercisable at a price of US$0.22 (CAD$0.30) per share and the Company has received proceeds of US$132,111 (CAD$180,000) in respect of the exercise.Total Voting RightsApplication has been made for admission to trading on the TSX Venture Exchange and AIM of a total of 600,000 new Common Shares of no-par value ("Admission"). Admission is expected on or about 14 May 2026. On Admission, the new Common Shares will rank pari passu with the Company's existing Common Shares. Following Admission, the Company's issued share capital will consist of 349,209,027 Common Shares, with each Common Share carrying the right to one vote. The Company does not hold any Common Shares in treasury.The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.ENDSFor more information, please visit www.ecooilandgas.com or contact the following.Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 7770 6424Gil Holzman, President & Chief Executive OfficerAlice Carroll, VP Business Development & Corporate Affairs Strand Hanson (Financial & Nominated Adviser)+44 (0) 20 7409 3494James Harris, James Bellman, Edward Foulkes Canaccord Genuity (Joint Broker)+44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, Charlie Hammond, Rory Blundell Berenberg (Joint Broker)+44 (0) 20 3207 7800Matthew Armitt Celicourt (PR)+44 (0) 20 7770 6424Mark Antelme, Charles Denley-Myerson Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore licence interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.SOURCE: Eco (Atlantic) Oil and Gas Ltd.View the original press release on ACCESS NewswireOriginal: Eco (Atlantic) Oil and Gas Ltd. Announces Exercise of Options

Eco (Atlantic) Oil and Gas Ltd. Announces Exercise of OptionsMay 6, 2026 6:45 AM
ACCESS NewswireTORONTO, ON / ACCESS Newswire / May 6, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX-V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, announces that it has received a notice of exercise in respect of stock options over 250,000 common shares of no-par value each in the Company ("Common Shares"). 150,000 options were exercisable at a price of US$0.22 (CAD$0.30) per share and 100,000 options were exercisable at a price of US$0.37 (CAD$0.50) per share. The Company has received proceeds of US$ 69,828 (CAD$95,000) in respect of the exercise.Total Voting RightsApplication has been made for admission to trading on the TSX Venture Exchange and AIM of a total of 250,000 new Common Shares of no-par value ("Admission"). Admission is expected on or about 11 May 2026. On Admission, the new Common Shares will rank pari passu with the Company's existing Common Shares. Following Admission, the Company's issued share capital will consist of 348,609,027 Common Shares, with each Common Share carrying the right to one vote. The Company does not hold any Common Shares in treasury.The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.ENDSFor more information, please visit www.ecooilandgas.com or contact the following.Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 7770 6424Gil Holzman, President & Chief Executive OfficerAlice Carroll, VP Business Development & Corporate Affairs Strand Hanson (Financial & Nominated Adviser)+44 (0) 20 7409 3494James Harris, James Bellman, Edward Foulkes
Canaccord Genuity (Joint Broker)+44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, Charlie Hammond
Berenberg (Joint Broker)+44 (0) 20 3207 7800Matthew Armitt Celicourt (PR)+44 (0) 20 7770 6424Mark Antelme, Charles Denley-Myerson
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore licence interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.SOURCE: Eco (Atlantic) Oil and Gas Ltd.View the original press release on ACCESS NewswireOriginal: Eco (Atlantic) Oil and Gas Ltd. Announces Exercise of Options

EOG Resources Reports First Quarter 2026 ResultsMay 5, 2026 4:15 PM
PR Newswire (US) HOUSTON, May 5, 2026 /PRNewswire/ -- EOG Resources, Inc. (EOG) today reported first quarter 2026 results. The attached schedules for the reconciliation of Non-GAAP measures to GAAP measures, along with a related presentation, are also available on EOG's website at http://investors.eogresources.com/investors.First Quarter HighlightsEarned net income of $2.0 billion, or $3.70 per share, and adjusted net income of $1.8 billion, or $3.41 per shareDelivered net cash provided by operating activities of $3.0 billion and Adjusted CFO1 of $3.1 billionGenerated $1.5 billion of free cash flowDeclared regular quarterly dividend of $1.02 per sharePaid $544 million in regular dividends and repurchased $402 million of sharesVolumes better than guidance midpoints with in-line capital expendituresTotal per-unit cash operating costs and DD&A better than guidance midpointsOil and natural gas price realizations better than guidance midpointsIncreasing full year oil and NGL production guidance reflecting reallocation of capital programCEO Commentary"EOG delivered exceptional results in the first quarter, with oil, gas, and NGL volumes exceeding the midpoints of guidance while maintaining rigorous cost discipline - total per-unit cash operating costs and DD&A both came in better than guidance midpoints. Operational excellence translated into robust financial performance: we generated $1.5 billion in free cash flow and returned nearly $950 million to shareholders through our regular dividend and share repurchases.Our first quarter results reflect strong execution and progress towards our full-year objectives. We are reallocating some capital for the remainder of this year to liquids assets while keeping our capital budget unchanged. This drives a modest increase in oil and NGL production this year versus our prior guidance while providing optionality for future growth. This change reflects the flexibility to invest across our high-return, multi-basin portfolio with differentiated exposure to natural gas, liquids, conventionals, and unconventionals.EOG is well positioned to thrive in the current dynamic macro environment. Our competitive advantages drive differentiated performance: a best-in-class balance sheet providing financial strength and flexibility to invest through cycles; premium pricing exposure in key markets enhancing revenue realizations; differentiated exploration expertise driving low-cost, high-quality inventory across multiple basins; vertical integration and in-house technology strengthening our operational efficiency and cost structure; and a unique culture that empowers our teams to innovate and execute at the highest level.EOG has never been stronger. Our multi-basin portfolio, operational excellence, and financial strength provide unmatched flexibility to deliver superior returns and significant cash to shareholders across commodity price cycles."Return of Capital 
The Board of Directors today declared a dividend of $1.02 per share on EOG's common stock. The dividend will  be payable July 31, 2026, to stockholders of record as of July 17, 2026. The indicated annual rate is $4.08 per share.During the first quarter, the company repurchased 3.2 million shares for $402 million under its share repurchase authorization, at an average purchase price of $125 per share. As of March 31, 2026, EOG had $2.9 billion remaining on its current repurchase authorization. Key Financial Results
In millions of USD, except per-share, per-Boe and ratio data


GAAP 1Q 20264Q 20253Q 20252Q 20251Q 2025
Total Revenue6,9215,6385,8475,4785,669
Net Income1,9807011,4711,3451,463
Net Income Per Share3.701.302.702.462.65
Net Cash Provided by Operating Activities2,9662,6123,1112,0322,289
Total Expenditures1,7681,7308,5441,8831,546
Current and Long-Term Debt7,9317,9367,6944,2364,744
Cash and Cash Equivalents3,8493,3963,5305,2166,599
Debt-to-Total Capitalization20.4 %21.0 %20.3 %12.7 %13.8 %
Cash Operating Costs ($/Boe)10.4510.2810.5010.0510.31




Non–GAAP


Adjusted Net Income1,8251,2221,4721,2681,586
Adjusted Net Income Per Share3.412.272.712.322.87
Adjusted CFO13,1292,6173,0312,4962,813
Capital Expenditures1,6361,6391,6481,5231,484
Free Cash Flow1,4939781,3839731,329
Net Debt4,0824,5404,164(980)(1,855)
Net Debt-to-Total Capitalization11.7 %13.2 %12.1 %(3.5 %)(6.7 %)
Cash Operating Costs ($/Boe)210.4510.229.939.9410.31
 Key Operational Results







Volumes 1Q 20264Q 20253Q 20252Q 20251Q 2025
Crude Oil and Condensate (MBod)548.5546.1534.5504.2502.1
Natural Gas Liquids (MBbld)332.1342.1309.3258.4241.7
Natural Gas (MMcfd)3,0203,0652,7452,2292,080
Total Crude Oil Equivalent (MBoed)1,383.81,399.01,301.21,134.11,090.4




Cash Operating Costs ($/Boe)


Lease & Well3.713.473.603.844.09
Gathering, Processing & Transportation Costs5.255.074.904.414.48
General & Administrative (GAAP)1.491.742.001.801.74
General & Administrative (Non-GAAP) 21.491.681.431.691.74
Cash Operating Costs (GAAP)10.4510.2810.5010.0510.31
Cash Operating Costs (Non-GAAP)210.4510.229.939.9410.31




Depreciation, Depletion & Amortization ($/Boe)9.589.539.7710.2010.32
 First Quarter 2026 Results vs Guidance






1Q 2026
(Unaudited) 1Q 2026Guidance
Midpoint4 Variance 4Q 2025 3Q 2025 2Q 2025 1Q 2025
Crude Oil and Condensate Volumes (MBod)


United States546.5544.71.8544.5532.9503.1500.9
Trinidad1.91.80.11.51.61.11.2
Other International50.10.00.10.10.00.00.0
Total548.5546.52.0546.1534.5504.2502.1
Natural Gas Liquids Volumes (MBbld)


Total332.1330.02.1342.1309.3258.4241.7
Natural Gas Volumes (MMcfd)


United States2,7692,750192,8592,5111,9771,834
Trinidad2392354195230252246
Other International51201211400
Total3,0202,985353,0652,7452,2292,080




Total Crude Oil Equivalent Volumes (MBoed)1,383.81,374.09.81,399.01,301.21,134.11,090.4
Total MMBoe124.5123.70.8128.7119.7103.298.1




Benchmark Price


Oil (WTI) ($/Bbl)72.17

59.1764.9563.7171.42
Natural Gas (HH) ($/Mcf)4.96

3.553.073.443.66




Crude Oil and Condensate - above (below) WTI6($/Bbl)


United States0.31(0.25)0.560.371.021.131.48
Trinidad(3.26)(4.00)0.74(2.10)(7.21)(9.21)(10.30)
Other International516.950.0016.954.810.000.000.00
Natural Gas Liquids - Realizations as % of WTI


Total30.8 %31.0 %(0.2 %)35.7 %32.7 %35.6 %36.8 %
Natural Gas - above (below) NYMEX Henry Hub7($/Mcf)


United States(1.21)(1.30)0.09(0.61)(0.36)(0.57)(0.30)
Natural Gas Realizations ($/Mcf)


Trinidad3.913.500.413.943.803.653.78
Other International53.260.003.263.293.270.000.00




Total Expenditures (GAAP) ($MM)1,768

1,7308,5441,8831,546
Capital Expenditures (Non-GAAP) ($MM)1,6361,625111,6391,6481,5231,484




Operating Unit Costs ($/Boe)


Lease and Well3.713.75(0.04)3.473.603.844.09
Gathering, Processing and Transportation Costs5.255.200.055.074.904.414.48
General & Administrative (GAAP)1.49

1.742.001.801.74
General & Administrative (Non-GAAP)21.491.55(0.06)1.681.431.691.74
Cash Operating Costs (GAAP)10.45

10.2810.5010.0510.31
Cash Operating Costs (Non-GAAP)210.4510.50(0.05)10.229.939.9410.31
Depreciation, Depletion and Amortization9.589.60(0.02)9.539.7710.2010.32




Expenses ($MM)


Exploration and Dry Hole68501854718575
Impairment (GAAP)39

689713944
Impairment (excluding certain impairments (Non-GAAP))83970(31)43712844
Capitalized Interest3737036271112
Net Interest (GAAP)66

66715147
Net Interest (Non-GAAP)96667(1)66714547




TOTI (% of revenues from sales of crude oil and
condensate, NGLs and natural gas)


(GAAP)6.4 %

6.3 %6.8 %7.3 %7.6 %
(Non-GAAP)6.4 %7.0 %(0.6 %)6.3 %6.8 %7.3 %7.6 %
Income Taxes


Effective Rate22.5 %23.0 %(0.5 %)22.8 %19.4 %23.2 %22.1 %
Current Tax Expense ($MM)55728027729375301370
 Second Quarter and Full-Year 2026 Guidance10




(Unaudited)2Q 2026Guidance Range2Q 2026MidpointFY 2026Guidance RangeFY 2026MidpointCrude Oil and Condensate Volumes (MBod)







United States544.2-548.8546.5544.7-549.3547.0Trinidad1.8-2.22.01.3-1.71.5Total546.0-551.0548.5546.0-551.0548.5Natural Gas Liquids Volumes (MBbld)







Total327.0-347.0337.0331.0-351.0341.0Natural Gas Volumes (MMcfd)







United States2,735-2,8352,7852,760-2,8602,810Trinidad240-260250220-240230Total2,975-3,0953,0352,980-3,1003,040Crude Oil Equivalent Volumes (MBoed)







United States1,327.0-1,368.31,347.71,335.7-1,377.01,356.3Trinidad41.8-45.543.738.0-41.739.8Total1,368.8-1,413.81,391.41,373.7-1,418.71,396.1








Crude Oil and Condensate - above (below) WTI6 ($/Bbl)







United States5.00-6.505.752.25-4.253.25Trinidad(1.75)-(0.25)(1.00)(1.00)-1.000.00Natural Gas Liquids - Realizations as % of WTI







Total22.0 %-32.0 %27.0 %24.5 %-34.5 %29.5 % Natural Gas - above (below) NYMEX Henry Hub7 ($/Mcf)







United States(0.50)-0.20(0.15)(1.30)-0.70(0.30)Natural Gas Realizations ($/Mcf)







Trinidad3.40-4.103.753.25-4.253.75








Capital Expenditures11 ($MM)1,575-1,6751,6256,300-6,7006,500








Operating Unit Costs ($/Boe)







Lease and Well3.45-3.953.703.45-3.953.70Gathering, Processing and Transportation Costs5.05-5.555.305.05-5.555.30General & Administrative1.35-1.651.501.40-1.701.55Cash Operating Costs9.85-11.1510.509.90-11.2010.55Depreciation, Depletion and Amortization9.20-10.209.709.35-10.359.85








Expenses ($MM)







Exploration and Dry Hole45-8565205-245225Impairment (excluding certain impairments)840-12080190-370280Capitalized Interest35-3937147-151149Net Interest66-7068267-271269








TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) 6.0 % - 8.0 % 7.0 % 5.8 % - 7.8 % 6.8 %








Income Taxes







Effective Rate20.0 %-25.0 %22.5 %20.0 %-25.0 %22.5 %Current Tax Expense ($MM)525-6255752,120-2,4202,270 First Quarter 2026 Results Webcast
Wednesday, May 6, 2026, 9:00 a.m. Central time (10:00 a.m. Eastern time) Webcast will be available on EOG's website for one year. https://investors.eogresources.com/Investors About EOG
EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States and Trinidad. To learn more visit https://www.eogresources.com/ Investor Contacts
Pearce Hammond 713-571-4684
Neel Panchal 713-571-4884
Shelby O'Connor 713-571-4560
Cameron Hughes 713-571-3724Media Contact
Kimberly Ehmer 713-571-4676Endnotes1)Cash flow from operations before changes in working capital and certain acquisition-related costs.2)Cash Operating Costs consist of LOE, GP&T and G&A. Non-GAAP G&A excludes Encino acquisition-related G&A costs of $8 million for 4Q 2025, $68 million for 3Q 2025 and $12 million for 2Q 2025, as reflected in the accompanying reconciliation schedules (see "Revenues, Costs and Margins Per Barrel of Oil Equivalent"). The per-Boe impact of such Encino acquisition–related costs on G&A and total Cash Operating Costs for 4Q 2025 was ($0.06), for 3Q 2025 was ($0.57) and for 2Q 2025 was ($0.11) as set forth in "First Quarter 2026 Results vs Guidance" above.3)Other includes gathering, processing and marketing revenue, gains (losses) on asset dispositions (for GAAP earnings per share only), other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares.4)GAAP and Non-GAAP distinctions apply solely to actual results and do not pertain to EOG's first quarter 2026 guidance midpoint disclosures.5)Production volumes from Bahrain operations; natural gas realized price represents contract price less partner's processing and distribution costs.6)EOG bases United States and Trinidad crude oil and condensate price differentials upon the West Texas Intermediate crude oil price at Cushing, Oklahoma, using the simple average of the daily settlement prices for the prompt-month NYMEX futures contract for each of the applicable calendar months.7)EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the NYMEX Last Day Settle price for each of the applicable months.8)In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total impairment costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG's control (versus, for example, impairments that are due to EOG's proved oil and gas properties not being as productive as it originally estimated). Impairments (Non-GAAP) for 4Q 2025 are adjusted from Impairments (GAAP) for 4Q 2025 by excluding $646 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation).9)Net interest expense (Non-GAAP) excludes Encino acquisition-related financing commitment costs of $6 million in 2Q 2025.10)The forecast items for the second quarter and full year 2026 set forth above for EOG are based on currently available information and expectations as of the date of this press release. EOG undertakes no obligation, other than as required by applicable law, to update or revise this forecast, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise. This forecast, which should be read in conjunction with this press release and EOG's related Current Report on Form 8-K filing, replaces and supersedes any previously issued guidance or forecast.11)The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses.Cautionary NoticeThis press release and any accompanying disclosures may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG's future financial position, operations, performance, business strategy, goals, returns and rates of return, budgets, reserves, levels of production, capital expenditures, operating costs and asset sales, statements regarding future commodity prices, statements regarding the plans and objectives of EOG's management for future operations and statements and projections regarding the strategic rationale for, and anticipated benefits of, EOG's acquisition of Encino Acquisition Partners, LLC (Encino) are forward-looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "project," "strategy," "intend," "plan," "target," "aims," "ambition," "initiative," "goal," "may," "will," "focused on," "should" and "believe" or the negative of those terms or other variations or comparable terminology to identify its forward-looking statements. In particular, statements, express or implied, concerning (i) EOG's future financial or operating results and 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. Forward-looking statements are not guarantees of performance. Although EOG believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that such assumptions are accurate or will prove to have been correct or that any of such expectations will be achieved (in full or at all) or will be achieved on the expected or anticipated timelines. Moreover, EOG's forward-looking statements may be affected by known, unknown or currently unforeseen risks, events or circumstances that may be outside EOG's control. Important factors that could cause EOG's actual results to differ materially from the expectations reflected in EOG's forward-looking statements include, among others:the timing, magnitude and duration of changes in prices for, supplies of, and demand for, crude oil and condensate, natural gas liquids (NGLs), natural gas and related commodities;the extent to which EOG is successful in its efforts to acquire or discover additional reserves;the extent to which EOG is successful in its efforts to (i) economically develop its acreage in, (ii) produce reserves and achieve anticipated production levels and rates of return from, (iii) decrease or otherwise control its drilling, completion and operating costs and capital expenditures related to, and (iv) maximize reserve recoveries from, its existing and future crude oil and natural gas exploration and development projects and associated potential and existing drilling locations;the success of EOG's cost-mitigation initiatives and actions in offsetting the impact of any inflationary or other pressures on EOG's operating costs and capital expenditures;the extent to which EOG is successful in its efforts to market its production of crude oil and condensate, NGLs and natural gas;security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, physical breaches of our facilities and other infrastructure or breaches of the information technology systems, facilities and infrastructure of third parties with which we transact business, and enhanced regulatory focus on the prevention of, and disclosure requirements relating to, cyber incidents;the availability, proximity and capacity of, and costs associated with, appropriate gathering, processing, compression, storage, transportation, refining, liquefaction and export facilities and equipment;the availability, cost, terms and timing of issuance or execution of mineral licenses, concessions and leases and governmental and other permits and rights-of-way, and EOG's ability to retain mineral licenses, concessions and leases;the impact of, and changes in, government policies, laws and regulations, including climate change-related regulations, policies and initiatives (for example, with respect to air emissions); tax laws and regulations (including, but not limited to, carbon tax or other emissions-related legislation); environmental, health and safety laws and regulations relating to disposal of produced water, drilling fluids and other wastes, hydraulic fracturing and access to and use of water; laws and regulations affecting the leasing of acreage and permitting for oil and gas drilling and the calculation of royalty payments in respect of oil and gas production; laws and regulations imposing additional permitting and disclosure requirements, additional operating restrictions and conditions or restrictions on drilling and completion operations and on the transportation of crude oil, NGLs and natural gas; laws and regulations with respect to financial commodity and other derivative instruments and hedging activities; laws and regulations with respect to the import and export of crude oil, natural gas and related commodities; and trade policies, tariffs, trade agreements and other trade restrictions;the impact of climate change-related legislation, policies and initiatives; climate change-related political, social and shareholder activism; and physical, transition and reputational risks and other potential developments related to climate change;the extent to which EOG is able to successfully and economically develop, implement and carry out its emissions and other environmental or safety-related initiatives and achieve its related targets, goals, ambitions and initiatives;EOG's failure to realize, in full or at all, the anticipated benefits of its acquisition of Encino and/or business disruptions resulting from the acquisition (e.g., relating to the integration of Encino's assets and operations into EOG's operations) that could harm EOG's business operations (including current plans and operations and the diversion of management's attention from EOG's ongoing business operations);EOG's ability to effectively integrate acquired crude oil and natural gas properties into its operations, identify and resolve existing and potential issues with respect to such properties and accurately estimate reserves, production, drilling, completion and operating costs and capital expenditures with respect to such properties;the extent to which EOG's third-party-operated crude oil and natural gas properties are operated successfully, economically and in compliance with applicable laws and regulations;competition in the oil and gas exploration and production industry for the acquisition of licenses, concessions, leases and properties;the availability and cost of, EOG's ability to retain, and competition in the oil and gas exploration and production industry for, employees, labor and other personnel, facilities, equipment, materials (such as water, sand, fuel and tubulars) and services;the accuracy of reserve estimates, which by their nature involve the exercise of professional judgment and may therefore be imprecise;weather and natural disasters, including its impact on crude oil and natural gas demand, and related delays in drilling and in the installation and operation (by EOG or third parties) of production, gathering, processing, refining, liquefaction, compression, storage, transportation, and export facilities;the ability of EOG's customers and other contractual counterparties to satisfy their obligations to EOG and, related thereto, to access the credit and capital markets to obtain financing needed to satisfy their obligations to EOG;EOG's ability to access the commercial paper market and other credit and capital markets to obtain financing on terms it deems acceptable, if at all, and to otherwise satisfy its capital expenditure requirements;the extent to which EOG is successful in its completion of planned asset dispositions;the extent and effect of any hedging activities engaged in by EOG;the timing and extent of changes in foreign currency exchange rates, interest rates, inflation rates, global and domestic financial market conditions and global and domestic general economic conditions;geopolitical factors and political conditions and developments around the world (such as the imposition of tariffs or trade or other economic sanctions, political instability and armed conflicts), including in the areas in which EOG operates;the extent to which EOG incurs uninsured losses and liabilities or losses and liabilities in excess of its insurance coverage; andthe other factors described under ITEM 1A, Risk Factors of EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and any updates to those factors set forth in EOG's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.In light of these risks, uncertainties and assumptions, the events anticipated by EOG's forward-looking statements may not occur and, if any of such events do, we may not have anticipated the timing of their occurrence or the duration or extent of their impact on our actual results. Accordingly, you should not place any undue reliance on any of EOG's forward-looking statements. EOG's forward-looking statements speak only as of the date made, and EOG undertakes no obligation, other than as required by applicable law, to update or revise its forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.Historical Non-GAAP Financial Measures:
Reconciliation schedules and definitions for the historical non-GAAP financial measures included or referenced herein as well as related discussion can be found on the EOG website at www.eogresources.com.Cautionary Notice Regarding Forward-Looking Non-GAAP Financial Measures:
In addition, this press release and any accompanying disclosures may include or reference certain forward-looking, non-GAAP financial measures, such as free cash flow, adjusted cash flow from operations and return on capital employed, and certain related estimates regarding future performance, commodity prices and operating and financial results. Because we provide these measures on a forward-looking basis, we cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future changes in working capital and future impairments. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking, non-GAAP financial measures to the respective most directly comparable forward-looking GAAP financial measures without unreasonable efforts. The unavailable information could have a significant impact on our ultimate results. However, management believes these forward-looking, Non-GAAP measures may be a useful tool for the investment community in comparing EOG's forecasted financial performance to the forecasted financial performance of other companies in the industry. Any such forward-looking measures and estimates are intended to be illustrative only and are not intended to reflect the results that EOG will necessarily achieve for the period(s) presented; EOG's actual results may differ materially from such measures and estimates.Oil and Gas Reserves:
The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose not only "proved" reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also "probable" reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as "possible" reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). Statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve or resource estimates provided in this press release or any accompanying disclosures that are not specifically designated as being estimates of proved reserves may include "potential" reserves, "resource potential" and/or other estimated reserves or estimated resources not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (and any updates to such disclosure set forth in EOG's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K), available from EOG at P.O. Box 4362, Houston, Texas 77210-4362 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.Income Statements
In millions of USD, except share data (in millions) and per share data (Unaudited)



2025
2026

1st Qtr2nd Qtr3rd Qtr4th QtrYear
1st Qtr2nd Qtr3rd Qtr4th QtrYear
Operating Revenues and Other











Crude Oil and Condensate3,2932,9743,2432,99112,501
3,577


3,577
Natural Gas Liquids5725346046662,376
664


664
Natural Gas6376007078472,791
1,021


1,021
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net(191)107116(19)13
113


113
Gathering, Processing and Marketing1,3401,2471,1781,1494,914
1,496


1,496
Gains (Losses) on Asset Dispositions, Net(1)—(18)(16)(35)
31


31
Other, Net1916172072
19


19
Total5,6695,4785,8475,63822,632
6,921


6,921













Operating Expenses











Lease and Well4013964314471,675
462


462
Gathering, Processing and Transportation Costs4404555876522,134
654


654
Exploration Costs41747150236
45


45
Dry Hole Costs3411—449
23


23
Impairments443971689843
39


39
Marketing Costs1,3251,2161,1341,1204,795
1,384


1,384
Depreciation, Depletion and Amortization1,0131,0531,1691,2264,461
1,193


1,193
General and Administrative171186239224820
185


185
Taxes Other Than Income3413013092831,234
338


338
Total3,8103,7314,0114,69516,247
4,323


4,323













Operating Income1,8591,7471,8369436,385
2,598


2,598
Other Income, Net65555933212
23


23
Income Before Interest Expense and Income Taxes1,9241,8021,8959766,597
2,621


2,621
Interest Expense, Net47517166235
66


66
Income Before Income Taxes1,8771,7511,8249106,362
2,555


2,555
Income Tax Provision4144063532091,382
575


575
Net Income1,4631,3451,4717014,980
1,980


1,980













Dividends Declared per Common Share0.97501.9950—1.02003.9900
1.0200


1.0200
Net Income Per Share











Basic2.662.482.721.319.17
3.72


3.72
Diluted2.652.462.701.309.12
3.70


3.70
Average Number of Common Shares











Basic550543541537543
532


532
Diluted553546544539546
535


535
 Volumes and Prices
(Unaudited)



2025
2026

1st Qtr2nd Qtr3rd Qtr4th QtrYear
1st Qtr2nd Qtr3rd Qtr4th QtrYear
Crude Oil and Condensate Volumes (MBbld) (A)











United States500.9503.1532.9544.5520.5
546.5


546.5
Trinidad1.21.11.61.51.4
1.9


1.9
Other International (B)———0.1—
0.1


0.1
Total502.1504.2534.5546.1521.9
548.5


548.5













Average Crude Oil and Condensate Prices($/Bbl) (C)











United States$   72.90$   64.84$   65.97$   59.54$   65.65
$   72.48


$   72.48
Trinidad61.1254.5057.7457.0757.59
68.91


68.91
Other International (B)———63.98—
89.12


89.12
Composite72.8764.8265.9559.5465.63
72.47


72.47













Natural Gas Liquids Volumes (MBbld) (A)











United States241.7258.4309.3342.1288.2
332.1


332.1
Total241.7258.4309.3342.1288.2
332.1


332.1













Average Natural Gas Liquids Prices ($/Bbl) (C)











United States$   26.29$   22.70$   21.25$   21.15$   22.58
$   22.20


$   22.20
Composite26.2922.7021.2521.1522.58
22.20


22.20













Natural Gas Volumes (MMcfd) (A)











United States1,8341,9772,5112,8592,299
2,769


2,769
Trinidad246252230195230
239


239
Other International (B)——4114
12


12
Total2,0802,2292,7453,0652,533
3,020


3,020













Average Natural Gas Prices ($/Mcf) (C)











United States$     3.36$     2.87$     2.71$     2.94$     2.94
$     3.75


$     3.75
Trinidad3.783.653.803.943.78
3.91


3.91
Other International (B)——3.273.293.28
3.26


3.26
Composite3.412.962.803.003.02
3.76


3.76













Crude Oil Equivalent Volumes (MBoed) (D)











United States1,048.31,090.91,260.71,363.01,191.8
1,340.1


1,340.1
Trinidad42.143.239.834.239.8
41.7


41.7
Other International (B)——0.71.80.6
2.0


2.0
Total1,090.41,134.11,301.21,399.01,232.2
1,383.8


1,383.8













Total MMBoe (D)98.1103.2119.7128.7449.8
124.5


124.5
(A)Thousand barrels per day or million cubic feet per day, as applicable.(B)Production volumes from Bahrain operations; natural gas realized price represents contract price less partner's processing and distribution costs.(C)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 in EOG's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026).(D)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. Balance Sheets
In millions of USD (Unaudited)

2025
2026

MARJUNSEPDEC
MARJUNSEPDEC
Current Assets









Cash and Cash Equivalents6,5995,2163,5303,396
3,849



Accounts Receivable, Net2,6212,5042,6802,681
3,597



Inventories8979349451,014
955



Other (A)563591665565
562



Total10,6809,2457,8207,656
8,963














Property, Plant and Equipment









Oil and Gas Properties (Successful Efforts Method)78,43280,13988,30189,857
90,786



Other Property, Plant and Equipment6,5106,6166,7726,832
6,942



Total Property, Plant and Equipment84,94286,75595,07396,689
97,728



Less:  Accumulated Depreciation, Depletion and Amortization(50,310)(51,394)(52,488)(54,348)
(55,054)



Total Property, Plant and Equipment, Net34,63235,36142,58542,341
42,674



Deferred Income Taxes44393739
30



Other Assets1,6261,6391,7571,763
1,711



Total Assets46,98246,28452,19951,799
53,378














Current Liabilities









Accounts Payable2,3532,2662,9442,904
3,186



Accrued Taxes Payable668348392299
766



Dividends Payable5341,081550544
541



Current Portion of Long-Term Debt1,2807782727
27



Current Portion of Operating Lease Liabilities318360433472
375



Other (A)566342469445
329



Total5,7195,1754,8154,691
5,224














Long-Term Debt3,4643,4587,6677,909
7,904



Other Liabilities2,3682,3982,4962,512
2,476



Deferred Income Taxes5,9156,0156,9366,854
6,866



Commitments and Contingencies (B)




















Stockholders' Equity









Common Stock, $0.01 Par206206206206
206



Additional Paid in Capital6,0956,1535,9786,027
6,026



Accumulated Other Comprehensive Loss(4)(7)(5)(7)
(6)



Retained Earnings27,86928,13129,60329,765
31,200



Common Stock Held in Treasury(4,650)(5,245)(5,497)(6,158)
(6,518)



Total Stockholders' Equity29,51629,23830,28529,833
30,908



Total Liabilities and Stockholders' Equity46,98246,28452,19951,799
53,378



(A)Effective January  1, 2026, EOG combined Price Risk Management Activities into the Other line item.  This presentation has been conformed for all periods presented and had no impact on previously reported Total Assets and Total Liabilities and Stockholders's Equity.(B)See Note 5 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026. Cash Flow Statements
In millions of USD (Unaudited)












2025
2026

1st Qtr2nd Qtr3rd Qtr4th QtrYear
1st Qtr2nd Qtr3rd Qtr4th QtrYear
Cash Flows from Operating Activities











Reconciliation of Net Income to Net Cash
Provided by Operating Activities:











Net Income 1,4631,3451,4717014,980
1,980


1,980
Items Not Requiring (Providing) Cash











Depreciation, Depletion and Amortization1,0131,0531,1691,2264,461
1,193


1,193
Impairments443971689843
39


39
Stock-Based Compensation Expenses50535360216
58


58
Deferred Income Taxes44105278(84)343
18


18
(Gains) Losses on Asset Dispositions, Net1—181635
(31)


(31)
Other, Net11112327
15


15
Dry Hole Costs3411—449
23


23
Mark-to-Market Financial Commodity and Other
Derivative Contracts (Gains) Losses, Net191(107)(116)19(13)
(113)


(113)
Net Cash Received from (Payments for)
Settlements of Financial Commodity
Derivative Contracts(38)(24)27(21)(56)
(53)


(53)
Other, Net———(1)(1)
—


—
Changes in Components of Working Capital and
Other Assets and Liabilities











Accounts Receivable48122133(3)300
(907)


(907)
Inventories76(45)4(84)(49)
21


21
Accounts Payable(129)(107)5(40)(271)
279


279
Accrued Taxes Payable(339)(321)28(103)(735)
467


467
Other Assets(43)(43)(28)97(17)
55


55
Other Liabilities(96)(52)1551017
(123)


(123)
Changes in Components of Working Capital
Associated with Investing Activities(41)(8)(159)123(85)
45


45
Net Cash Provided by Operating Activities2,2892,0323,1112,61210,044
2,966


2,966
Investing Cash Flows











Acquisition of Encino Acquisition Partners, LLC,
Net of Cash Acquired——(4,464)13(4,451)
—


—
Additions to Oil and Gas Properties(1,381)(1,699)(1,492)(1,543)(6,115)
(1,491)


(1,491)
Additions to Other Property, Plant and Equipment(102)(94)(171)(112)(479)
(153)


(153)
Proceeds from Sales of Assets1245324
144


144
Changes in Components of Working Capital
Associated with Investing Activities418159(123)85
(45)


(45)
Net Cash Used in Investing Activities(1,430)(1,781)(5,963)(1,762)(10,936)
(1,545)


(1,545)
Financing Cash Flows











Long-Term Debt Borrowings——3,4729994,471
—


—
Long-Term Debt Repayments—(500)(1,266)(750)(2,516)
—


—
Dividends Paid(538)(528)(545)(550)(2,161)
(544)


(544)
Treasury Stock Purchased(806)(602)(479)(677)(2,564)
(418)


(418)
Proceeds from Stock Options Exercised and
Employee Stock Purchase Plan—11—1223
1


1
Debt Issuance and Other Financing Costs—(7)(7)(11)(25)
—


—
Repayment of Finance Lease Liabilities(8)(9)(8)(7)(32)
(7)


(7)
Net Cash Used in Financing Activities(1,352)(1,635)1,167(984)(2,804)
(968)


(968)
Effect of Exchange Rate Changes on Cash—1(1)–—
—


—
Increase (Decrease) in Cash and Cash Equivalents(493)(1,383)(1,686)(134)(3,696)
453


453
Cash and Cash Equivalents at Beginning of Period7,0926,5995,2163,5307,092
3,396


3,396
Cash and Cash Equivalents at End of Period6,5995,2163,5303,3963,396
3,849


3,849
 Non-GAAP Financial Measures
To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), EOG's quarterly earnings releases and related conference calls, accompanying earnings presentation slides and presentation slides for investor conferences contain certain financial measures that are not prepared or presented in accordance with GAAP.  These non-GAAP financial measures may include, but are not limited to, Adjusted Net Income (Loss), Adjusted Cash Flow from Operations, Free Cash Flow, Net Debt and related statistics.
A reconciliation of each of these measures to their most directly comparable GAAP financial measure and related discussion is included in the tables on the following pages and can also be found in the "Reconciliations & Guidance" section of the "Investors" page of the EOG website at www.eogresources.com.
As further discussed in the tables on the following pages, EOG believes these measures may be useful to investors who follow the practice of some industry analysts who make certain adjustments to GAAP measures (for example, to exclude non-recurring items) to facilitate comparisons to others in EOG's industry, and who utilize non-GAAP measures in their calculations of certain statistics (for example, return on capital employed and return on equity) used to evaluate EOG's performance.
EOG believes that the non-GAAP measures presented, when viewed in combination with its financial results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the company's performance. As is discussed in the tables on the following pages, EOG uses these non-GAAP measures for purposes of (i) comparing EOG's financial performance with the financial performance of other companies in the industry and (ii) analyzing EOG's financial performance across periods.
The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG's reported Net Income (Loss), Long-Term Debt (including Current Portion of Long-Term Debt), Net Cash Provided by Operating Activities and other financial results calculated in accordance with GAAP. The non-GAAP measures presented should be read in conjunction with EOG's consolidated financial statements prepared in accordance with GAAP.
In addition, because not all companies use identical calculations, EOG's presentation of non-GAAP measures may not be comparable to, and may be calculated differently from, similarly titled measures disclosed by other companies, including its peer companies. EOG may also change the calculation of one or more of its non-GAAP measures from time to time – for example, to account for changes in its business and operations or to more closely conform to peer company or industry analysts' practices. 
Direct ATROR
The calculation of EOG's direct after-tax rate of return (ATROR) is based on EOG's net estimated recoverable reserves for a particular well(s) or play, the estimated net present value of the future net cash flows from such reserves (for which EOG utilizes certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring such well(s). As such, EOG's direct ATROR for a particular well(s) or play cannot be calculated from EOG's consolidated financial statements. Adjusted Net Income
In millions of USD, except share data (in millions) and per share data (Unaudited)
















The following tables adjust reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of financial commodity derivative contracts by eliminating the net unrealized mark-to-market (gains) losses from these and other derivative transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets)), to add back costs associated with the Encino acquisition and to make certain other adjustments to exclude non-recurring and certain other items as further described below.  EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items.  EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.










1Q 2026

Before
Tax
Income Tax
Impact
After
Tax
Diluted
Earnings per
Share









Reported Net Income (GAAP)2,555
(575)
1,980
3.70
Adjustments:







Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net(113)
24
(89)
(0.17)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)(53)
11
(42)
(0.08)
Less: Gains on Asset Dispositions, Net(31)
7
(24)
(0.04)
Adjustments to Net Income(197)
42
(155)
(0.29)









Adjusted Net Income (Non-GAAP)2,358
(533)
1,825
3.41









Average Number of Common Shares







Basic





532
Diluted





535
(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period.  For the three months ended March 31, 2026, such amount was $53 million. Adjusted Net Income(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)     













4Q 2025

Before
Tax
Income Tax
Impact
After
Tax
Diluted
Earnings per
Share









Reported Net Income (GAAP)910
(209)
701
1.30
Adjustments:







Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net19
(4)
15
0.03
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)(21)
4
(17)
(0.03)
Add: Losses on Asset Dispositions, Net16
(4)
12
0.02
Add: Certain Impairments (2)646
(140)
506
0.94
Add: Acquisition-Related Costs (3)8
(3)
5
0.01
Adjustments to Net Income668
(147)
521
0.97









Adjusted Net Income (Non-GAAP)1,578
(356)
1,222
2.27









Average Number of Common Shares







Basic





537
Diluted





539
(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period.  For the three months ended December 31, 2025, such amount was $21 million.(2)Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation).(3)Consists of Encino acquisition-related G&A costs ($8 million). 
3Q 2025

Before
Tax
Income Tax
Impact
After
Tax
Diluted
Earnings per
Share









Reported Net Income (GAAP)1,824
(353)
1,471
2.70
Adjustments:







Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net(116)
25
(91)
(0.16)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)27
(5)
22
0.04
Add: Losses on Asset Dispositions, Net18
(6)
12
0.02
Add: Acquisition-Related Costs (2)68
(10)
58
0.11
Adjustments to Net Income(3)
4
1
0.01









Adjusted Net Income (Non-GAAP)1,821
(349)
1,472
2.71









Average Number of Common Shares







Basic





541
Diluted





544
(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period.  For the three months ended September 30, 2025, such amount was $27 million.(2)Consists of Encino acquisition-related G&A costs ($68 million). Adjusted Net Income(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)















2Q 2025

Before
Tax
Income Tax
Impact
After
Tax
Diluted
Earnings per
Share









Reported Net Income (GAAP)1,751
(406)
1,345
2.46
Adjustments:







Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net(107)
23
(84)
(0.16)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)(24)
5
(19)
(0.03)
Add: Certain Impairments11
—
11
0.02
Add: Acquisition-Related Costs (2)18
(3)
15
0.03
Adjustments to Net Income(102)
25
(77)
(0.14)









Adjusted Net Income (Non-GAAP)1,649
(381)
1,268
2.32









Average Number of Common Shares







Basic





543
Diluted





546
(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period.  For the three months ended June 30, 2025, such amount was $24 million.(2)Consists of Encino acquisition-related G&A costs ($12 million) and financing commitment costs ($6 million). 
1Q 2025

Before
Tax
Income Tax
Impact
After
Tax
Diluted
Earnings per
Share









Reported Net Income (GAAP)1,877
(414)
1,463
2.65
Adjustments:







Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net191
(41)
150
0.26
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)(38)
8
(30)
(0.05)
Add: Losses on Asset Dispositions, Net1
2
3
0.01
Adjustments to Net Income154
(31)
123
0.22









Adjusted Net Income (Non-GAAP)2,031
(445)
1,586
2.87









Average Number of Common Shares







Basic





550
Diluted





553
(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period.  For the three months ended March 31, 2025, such amount was $38 million. Adjusted Net Income(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)






FY 2025

Before
Tax
Income Tax
Impact
After
Tax
Diluted
Earnings per
Share









Reported Net Income (GAAP)6,362
(1,382)
4,980
9.12
Adjustments:







Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net(13)
3
(10)
(0.02)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)(56)
12
(44)
(0.08)
Add: Losses on Asset Dispositions, Net35
(8)
27
0.05
Add: Certain Impairments (2)657
(140)
517
0.95
Add: Acquisition-Related Costs (3)94
(16)
78
0.14
Adjustments to Net Income717
(149)
568
1.04









Adjusted Net Income (Non-GAAP)7,079
(1,531)
5,548
10.16









Average Number of Common Shares







Basic





543
Diluted





546
(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period.  For the twelve months ended December 31, 2025, such amount was $56 million.(2)Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation).(3)Consists of Encino acquisition-related G&A costs ($88 million) and financing commitment costs ($6 million). 
FY 2024

Before
Tax
Income Tax
Impact
After
Tax
Diluted
Earnings per
Share









Reported Net Income (GAAP)8,218
(1,815)
6,403
11.25
Adjustments:







Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net(204)
44
(160)
(0.28)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)214
(46)
168
0.30
Less: Gains on Asset Dispositions, Net(16)
3
(13)
(0.02)
Add: Certain Impairments (2)291
(57)
234
0.41
Less: Severance Tax Refund(31)
7
(24)
(0.04)
Add: Severance Tax Consulting Fees10
(2)
8
0.01
Less: Interest on Severance Tax Refund(5)
1
(4)
(0.01)
Adjustments to Net Income259
(50)
209
0.37









Adjusted Net Income (Non-GAAP)8,477
(1,865)
6,612
11.62









Average Number of Common Shares







Basic





566
Diluted





569
(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period.  For the twelve months ended December 31, 2024, such amount was $214 million.(2)Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Rocky Mountain area. Net Income Per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)





4Q 2025 Net Income per Share (GAAP) - Diluted

1.30





Realized Prices



1Q 2026 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe42.24


Less:  4Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe(34.99)


Subtotal7.25


Multiplied by: 1Q 2026 Crude Oil Equivalent Volumes (MMBoe)124.5


Total Change in Revenue903


Add: Income Tax Benefit (Provision) Imputed (based on 22%)(199)


Change in Net Income704


Change in Diluted Earnings per Share

1.32





Volumes



1Q 2026 Crude Oil Equivalent Volumes (MMBoe)124.5


Less:  4Q 2025 Crude Oil Equivalent Volumes (MMBoe)(128.7)


Subtotal(4.2)


Multiplied by:  1Q 2026 Composite Average Margin per Boe (GAAP) (Including Total
Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)18.11


Change in Margin(76)


Less:  Income Tax Benefit (Provision) Imputed (based on 22%)17


Change in Net Income(59)


Change in Diluted Earnings per Share

(0.11)





Certain Operating Costs per Boe



4Q 2025 Total Cash Operating Costs (GAAP) and Total DD&A per Boe 19.81


Less:  1Q 2026 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (20.03)


Subtotal(0.22)


Multiplied by:  1Q 2026 Crude Oil Equivalent Volumes (MMBoe)124.5


Change in Before-Tax Net Income(27)


Add:  Income Tax Benefit (Provision) Imputed (based on 22%)6


Change in Net Income(21)


Change in Diluted Earnings per Share

(0.04)





Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net


1Q 2026 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts113


Less:  Income Tax Benefit (Provision)(24)


After Tax - (a)89


Less: 4Q 2025 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts(19)


Less:  Income Tax Benefit (Provision)4


After Tax - (b)(15)


Change in Net Income - (a) - (b)104


Change in Diluted Earnings per Share

0.19





Other (1)

1.04





1Q 2026 Net Income per Share (GAAP) - Diluted

3.70





1Q 2026 Average Number of Common Shares - Diluted535


(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions (for GAAP earnings per share only), other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares. Adjusted Net Income Per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)





4Q 2025 Adjusted Net Income per Share (Non-GAAP) - Diluted

2.27





Realized Prices



1Q 2026 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe42.24


Less:  4Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe(34.99)


Subtotal7.25


Multiplied by: 1Q 2026 Crude Oil Equivalent Volumes (MMBoe)124.5


Total Change in Revenue903


Add: Income Tax Benefit (Provision) Imputed (based on 22%)(199)


Change in Net Income704


Change in Diluted Earnings per Share

1.32





Volumes



1Q 2026 Crude Oil Equivalent Volumes (MMBoe)124.5


Less:  4Q 2025 Crude Oil Equivalent Volumes (MMBoe)(128.7)


Subtotal(4.2)


Multiplied by:  1Q 2026 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to
"Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)18.11


Change in Margin(76)


Less:  Income Tax Benefit (Provision) Imputed (based on 22%)17


Change in Net Income(59)


Change in Diluted Earnings per Share

(0.11)





Certain Operating Costs per Boe



4Q 2025 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe 19.75


Less:  1Q 2026 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe(20.03)


Subtotal(0.28)


Multiplied by:  1Q 2026 Crude Oil Equivalent Volumes (MMBoe)124.5


Change in Before-Tax Net Income(35)


Add:  Income Tax Benefit (Provision) Imputed (based on 22%)8


Change in Net Income(27)


Change in Diluted Earnings per Share

(0.05)





Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts


1Q 2026 Net Cash Received from (Payments for)  Settlements of Financial Commodity Derivative Contracts(53)


Less:  Income Tax Benefit (Provision)11


After Tax - (a)(42)


Less: 4Q 2025 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts(21)


Less:  Income Tax Benefit (Provision)4


After Tax - (b)(17)


Change in Net Income - (a) - (b)(25)


Change in Diluted Earnings per Share

(0.05)





Other (1)

0.03





1Q 2026 Adjusted Net Income per Share (Non-GAAP)

3.41





1Q 2026 Average Number of Common Shares - Diluted535


(1)Includes gathering, processing and marketing revenue, other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares. Cash Flow from Operations and Free Cash Flow
In millions of USD  (Unaudited)





















The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Adjusted Cash Flow from Operations (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing Activities (or Investing and Financing Activities, as applicable) and certain other adjustments to exclude certain non-recurring items and other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Adjusted Cash Flow from Operations (Non-GAAP) (see below reconciliation) for such period less the Total Capital Expenditures (Non-GAAP) (see below reconciliation) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry. As indicated in the tables below, EOG is (1) in addition to its customary working capital-related adjustments, adjusting Net Cash Provided by Operating Activities (GAAP) to add back certain non-recurring acquisition-related costs incurred during the second, third and fourth quarters of 2025 and (2) now presenting such adjusted measure as "Adjusted Cash Flow from Operations (Non-GAAP)" (instead of "Cash Flow from Operations Before Changes in Working Capital (Non-GAAP)" as reported in prior periods); the presentation below with respect to the second, third and fourth quarters of 2025 and the prior periods shown has been conformed.














2025
2026

1st Qtr2nd Qtr3rd Qtr4th QtrYear
1st Qtr2nd Qtr3rd Qtr4th QtrYear













Net Cash Provided by Operating Activities (GAAP)2,2892,0323,1112,61210,044
2,966


2,966













Adjustments:











Changes in Components of Working Capital and Other Assets and Liabilities











Accounts Receivable(48)(122)(133)3(300)
907


907
Inventories(76)45(4)8449
(21)


(21)
Accounts Payable129107(5)40271
(279)


(279)
Accrued Taxes Payable339321(28)103735
(467)


(467)
Other Assets434328(97)17
(55)


(55)
Other Liabilities9652(155)(10)(17)
123


123
Changes in Components of Working Capital Associated with Investing Activities418159(123)85
(45)


(45)
Add:











Acquisition-Related Costs (1), Net of Tax—1058573
—


—
Adjusted Cash Flow from Operations (Non-GAAP) 2,8132,4963,0312,61710,957
3,129


3,129
Less:











Total Capital Expenditures (Non-GAAP) (2)(1,484)(1,523)(1,648)(1,639)(6,294)
(1,636)


(1,636)
Free Cash Flow (Non-GAAP) 1,3299731,3839784,663
1,493


1,493
(1) Consists of Encino acquisition-related G&A costs of $12 million, $68 million and $8 million (each before tax) for the three months ended June 30, 2025, three months ended September 30, 2025 and three months ended December 31, 2025, respectively.
(2) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):














2025
2026

1st Qtr2nd Qtr3rd Qtr4th QtrYear
1st Qtr2nd Qtr3rd Qtr4th QtrYear













Total Expenditures (GAAP)1,5461,8838,5441,73013,703
1,768


1,768
Less:











Asset Retirement Costs(13)(14)(86)(33)(146)
(12)


(12)
Non-Cash Leasehold Acquisition Costs (3)(9)(2)(3)(10)(24)
(52)


(52)
Acquisition Costs of Properties (3)1(270)(6,736)2(7,003)
(23)


(23)
Exploration Costs(41)(74)(71)(50)(236)
(45)


(45)
Total Capital Expenditures (Non-GAAP)1,4841,5231,6481,6396,294
1,636


1,636
 Cash Flow from Operations and Free Cash Flow(Continued)  
In millions of USD (Unaudited)

















FY 2024
FY 2023
FY 2022
FY 2021









Net Cash Provided by Operating Activities (GAAP)12,143
11,340
11,093
8,791









Adjustments:







Changes in Components of Working Capital and Other Assets and Liabilities






Accounts Receivable(101)
38
347
821
Inventories(259)
231
534
13
Accounts Payable36
119
(90)
(456)
Accrued Taxes Payable(541)
(61)
113
(312)
Other Assets(44)
(39)
364
136
Other Liabilities(23)
(184)
266
116
Changes in Components of Working Capital Associated with Investing Activities382
(295)
(375)
200
Adjusted Cash Flow from Operations (Non-GAAP)11,593
11,149
12,252
9,309
Less:







Total Capital Expenditures (Non-GAAP) (2)(6,226)
(6,041)
(4,607)
(3,755)
Free Cash Flow (Non-GAAP) 5,367
5,108
7,645
5,554









(2) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):









Total Expenditures (GAAP)6,653
6,818
5,610
4,255
Less:







Asset Retirement Costs2
(257)
(298)
(127)
Non-Cash Development Drilling—
(90)
—
—
Non-Cash Leasehold Acquisition Costs (3)(85)
(99)
(127)
(45)
Non-Cash Finance Leases—
—
—
(74)
Acquisition Costs of Properties (3)(33)
(16)
(419)
(100)
Acquisition Costs of Other Property, Plant and Equipment(137)
(134)
—
—
Exploration Costs(174)
(181)
(159)
(154)
Total Capital Expenditures (Non-GAAP)6,226
6,041
4,607
3,755
(3)Line item descriptions revised (from descriptions shown in EOG's previously published tables) to more accurately describe the costs reflected therein; previously reported cost amounts not impacted by such changes in presentation. Net Debt-to-Total Capitalization Ratio






In millions of USD, except ratio data (Unaudited)




















The following tables reconcile Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (Non-GAAP), as used in the Net Debt-to-Total Capitalization ratio calculation.  A portion of the cash is associated with international subsidiaries; tax considerations may impact debt paydown.  EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize Net Debt and Total Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation.  EOG management uses this information for comparative purposes within the industry.












March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025











Total Stockholders' Equity - (a)30,908
29,833
30,285
29,238
29,516











Current and Long-Term Debt (GAAP) - (b)7,931
7,936
7,694
4,236
4,744
Less: Cash (3,849)
(3,396)
(3,530)
(5,216)
(6,599)
Net Debt (Non-GAAP) - (c)4,082
4,540
4,164
(980)
(1,855)











Total Capitalization (GAAP) - (a) + (b)38,839
37,769
37,979
33,474
34,260











Total Capitalization (Non-GAAP) - (a) + (c)34,990
34,373
34,449
28,258
27,661











Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]20.4 %
21.0 %
20.3 %
12.7 %
13.8 %











Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]11.7 %
13.2 %
12.1 %
-3.5 %
-6.7 %
 Revenues, Costs and Margins Per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)











EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or margins per barrel of oil equivalent (Boe). Certain of these components are adjusted for non-recurring and certain other items, as further discussed below.  EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.












1Q 2026
4Q 2025
3Q 2025
2Q 2025
1Q 2025











Volume - Million Barrels of Oil Equivalent - (a)124.5
128.7
119.7
103.2
98.1











Total Operating Revenues and Other - (b)6,921
5,638
5,847
5,478
5,669
Total Operating Expenses - (c) 4,323
4,695
4,011
3,731
3,810
Operating Income - (d)2,598
943
1,836
1,747
1,859











Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas









Crude Oil and Condensate3,577
2,991
3,243
2,974
3,293
Natural Gas Liquids664
666
604
534
572
Natural Gas1,021
847
707
600
637
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas  - (e)5,262
4,504
4,554
4,108
4,502











Operating Costs









Lease and Well462
447
431
396
401
Gathering, Processing and Transportation Costs (1)654
652
587
455
440
General and Administrative (GAAP)185
224
239
186
171
Less:  Certain Items (see Endnote 2 to 1Q 2026 earnings release)—
(8)
(68)
(12)
—
General and Administrative (Non-GAAP) (2)185
216
171
174
171
Taxes Other Than Income (GAAP)338
283
309
301
341
Add:  Severance Tax Refund—
—
—
—
—
Taxes Other Than Income (Non-GAAP) (3)338
283
309
301
341
Interest Expense, Net66
66
71
51
47
Less:  Acquisition-Related Financing Commitment Costs—
—
—
(6)
—
Interest Expense, Net  (Non-GAAP) (4)66
66
71
45
47
Total Operating Cost (GAAP)  (excluding DD&A and Total Exploration Costs) - (f)1,705
1,672
1,637
1,389
1,400
Total Operating Cost (Non-GAAP)  (excluding DD&A and Total Exploration Costs) - (g)1,705
1,664
1,569
1,371
1,400











Depreciation, Depletion and Amortization (DD&A)1,193
1,226
1,169
1,053
1,013











Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)2,898
2,898
2,806
2,442
2,413
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)2,898
2,890
2,738
2,424
2,413











Exploration Costs45
50
71
74
41
Dry Hole Costs23
4
—
11
34
Impairments39
689
71
39
44
Total Exploration Costs (GAAP)107
743
142
124
119
Less:  Certain Impairments (5)—
(646)
—
(11)
—
Total Exploration Costs (Non-GAAP)107
97
142
113
119











Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)3,005
3,641
2,948
2,566
2,532
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)3,005
2,987
2,880
2,537
2,532











Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural
Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))2,257
863
1,606
1,542
1,970
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural
Gas less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))2,257
1,517
1,674
1,571
1,970




Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)


In millions of USD, except Boe and per Boe amounts (Unaudited)





















1Q 2026
4Q 2025
3Q 2025
2Q 2025
1Q 2025
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)




















Composite Average Operating Revenues and Other per Boe - (b) / (a)55.59
43.81
48.85
53.08
57.79
Composite Average Operating Expenses per Boe - (c) / (a)34.72
36.48
33.51
36.15
38.84
Composite Average Operating Income per Boe  - (d) / (a)20.87
7.33
15.34
16.93
18.95











Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs,
and Natural Gas per Boe - (e) / (a)42.24
34.99
38.05
39.80
45.88











Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)13.69
12.99
13.67
13.46
14.26











Composite Average Margin per Boe (excluding DD&A and Total Exploration
Costs) - [(e) / (a) - (f) / (a)]28.55
22.00
24.38
26.34
31.62











Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)23.27
22.52
23.44
23.66
24.58











Composite Average Margin per Boe (excluding Total Exploration Costs) -
[(e) / (a) - (h) / (a)]18.97
12.47
14.61
16.14
21.30











Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)24.13
28.29
24.63
24.86
25.79











Composite Average Margin per Boe (including Total Exploration Costs) -
[(e) / (a) - (j) / (a)]18.11
6.70
13.42
14.94
20.09











Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)




















Total Operating Cost per Boe (excluding DD&A and Total Exploration
Costs) - (g) / (a)13.69
12.93
13.10
13.30
14.26











Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) -
[(e) / (a) - (g) / (a)]28.55
22.06
24.95
26.50
31.62











Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)23.27
22.46
22.87
23.50
24.58











Composite Average Margin per Boe (excluding Total Exploration Costs) -
[(e) / (a) - (i) / (a)]18.97
12.53
15.18
16.30
21.30











Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)24.13
23.21
24.06
24.59
25.79











Composite Average Margin per Boe (including Total Exploration Costs) -
[(e) / (a) - (k) / (a)]18.11
11.78
13.99
15.21
20.09
 Revenues, Costs and Margins Per Barrel of Oil Equivalent(Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)












2025
2024
2023
2022
2021











Volume - Million Barrels of Oil Equivalent - (a)449.8
388.7
359.4
331.5
302.5











Total Operating Revenues and Other - (b)22,632
23,698
24,186
25,702
18,642
Total Operating Expenses - (c) 16,247
15,616
14,583
15,736
12,540
Operating Income (Loss) - (d)6,385
8,082
9,603
9,966
6,102











Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas









Crude Oil and Condensate12,501
13,921
13,748
16,367
11,125
Natural Gas Liquids2,376
2,106
1,884
2,648
1,812
Natural Gas2,791
1,551
1,744
3,781
2,444
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural
Gas - (e)17,668
17,578
17,376
22,796
15,381











Operating Costs









Lease and Well1,675
1,572
1,454
1,331
1,135
Gathering, Processing and Transportation Costs (1)2,134
1,722
1,620
1,587
1,422
General and Administrative (GAAP)820
669
640
570
511
Less:  Certain Items (see Endnote 7 to Additional Key Financial Information below)(88)
(10)
—
(16)
—
General and Administrative (Non-GAAP) (2)732
659
640
554
511
Taxes Other Than Income (GAAP)1,234
1,249
1,284
1,585
1,047
Add:  Severance Tax Refund—
31
—
115
—
Taxes Other Than Income (Non-GAAP) (3)1,234
1,280
1,284
1,700
1,047
Interest Expense, Net235
138
148
179
178
Less:  Acquisition-Related Financing Commitment Costs(6)
—
—
—
—
Interest Expense, Net  (Non-GAAP) (4)229
138
148
179
178
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration
Costs) - (f)6,098
5,350
5,146
5,252
4,293
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration
Costs) - (g)6,004
5,371
5,146
5,351
4,293











Depreciation, Depletion and Amortization (DD&A)4,461
4,108
3,492
3,542
3,651











Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)10,559
9,458
8,638
8,794
7,944
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)10,465
9,479
8,638
8,893
7,944











Exploration Costs236
174
181
159
154
Dry Hole Costs49
14
1
45
71
Impairments843
391
202
382
376
Total Exploration Costs (GAAP)1,128
579
384
586
601
Less:  Certain Impairments (5)(657)
(291)
(42)
(113)
(15)
Total Exploration Costs (Non-GAAP)471
288
342
473
586











Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)11,687
10,037
9,022
9,380
8,545
Total Operating Cost (Non-GAAP) (including Total Exploration Costs
(Non-GAAP)) - (k)10,936
9,767
8,980
9,366
8,530











Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural
Gas less Total Operating Cost (GAAP) (including Total  Exploration
Costs (GAAP))5,981
7,541
8,354
13,416
6,836
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural
Gas less Total Operating Cost (Non-GAAP) (including Total Exploration
Costs (Non-GAAP))6,732
7,811
8,396
13,430
6,851




Revenues, Costs and Margins Per Barrel of Oil Equivalent(Continued)


In millions of USD, except Boe and per Boe amounts (Unaudited)










2025
2024
2023
2022
2021











Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)




















Composite Average Operating Revenues and Other per Boe - (b) / (a)50.32
60.97
67.30
77.53
61.63
Composite Average Operating Expenses per Boe - (c) / (a)36.12
40.18
40.58
47.47
41.46
Composite Average Operating Income (Loss) per Boe - (d) / (a)14.20
20.79
26.72
30.06
20.17











Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs,
and Natural Gas per Boe - (e) / (a)39.28
45.22
48.34
68.77
50.84











Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)13.54
13.76
14.31
15.84
14.19











Composite Average Margin per Boe (excluding DD&A and Total Exploration
Costs) - [(e) / (a) - (f) / (a)]25.74
31.46
34.03
52.93
36.65











Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)23.46
24.33
24.03
26.53
26.26











Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) /
(a) - (h) / (a)]15.82
20.89
24.31
42.24
24.58











Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)25.97
25.82
25.10
28.30
28.25











Composite Average Margin per Boe (including Total Exploration Costs) - [(e) /
(a) - (j) / (a)]13.31
19.40
23.24
40.47
22.59











Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)




















Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) -   (g) / (a)13.34
13.82
14.31
16.14
14.19











Composite Average Margin per Boe (excluding DD&A and Total Exploration
Costs) - [(e) / (a) - (g) / (a)]25.94
31.40
34.03
52.63
36.65











Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)23.26
24.39
24.03
26.83
26.26











Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) /
(a) - (i) / (a)]16.02
20.83
24.31
41.94
24.58











Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)24.31
25.13
24.98
28.26
28.20











Composite Average Margin per Boe (including Total Exploration Costs) - [(e) /
(a) - (k) / (a)]14.97
20.09
23.36
40.51
22.64


(1)Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs.  This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.(2)EOG believes excluding the above-referenced items from General and Administrative Costs is appropriate and provides useful information to investors, as EOG views such items as non-recurring.(3)EOG believes excluding the above-referenced items from Taxes Other Than Income is appropriate and provides useful information to investors, as EOG views such items as non-recurring.(4)EOG believes excluding the above-referenced items from Interest Expense, Net is appropriate and provides useful information to investors, as EOG views such items as non-recurring.(5)In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG's control (versus, for example, impairments that are due to EOG's proved oil and gas properties not being as productive as it originally estimated). Additional Key Financial Information
(Unaudited)




















See "Endnotes" below for related discussion and definitions.2025 Actual
2024 Actual
2023 Actual
2022 Actual
2021 Actual











Crude Oil and Condensate Volumes (MBod)









United States520.5
490.6
475.2
460.7
443.4
Trinidad1.4
0.8
0.6
0.6
1.5
Other International—
—
—
—
0.1
Total521.9
491.4
475.8
461.3
445.0
Natural Gas Liquids Volumes (MBbld)









Total288.2
245.9
223.8
197.7
144.5
Natural Gas Volumes (MMcfd)









United States2,299
1,728
1,551
1,315
1,210
Trinidad230
220
160
180
217
Other International14
—
—
—
9
Total2,533
1,948
1,711
1,495
1,436
Crude Oil Equivalent Volumes (MBoed)









United States1,191.8
1,024.5
957.5
877.5
789.6
Trinidad39.8
37.6
27.3
30.7
37.7
Other International10.6
—
—
—
1.6
Total1,232.2
1,062.1
984.8
908.2
828.9
Benchmark Price









Oil (WTI) ($/Bbl)64.78
75.72
77.61
94.23
67.96
Natural Gas (HH) ($/Mcf)3.43
2.27
2.74
6.64
3.85
Crude Oil and Condensate - above (below) WTI2 ($/Bbl)









United States0.87
1.70
1.57
2.99
0.58
Trinidad(7.19)
(11.29)
(9.03)
(8.07)
(11.70)
Other International10.36
—
—
—
—
Natural Gas Liquids - Realizations as % of WTI









Total34.9 %
30.9 %
29.7 %
39.0 %
50.5 %
Natural Gas - above (below) NYMEX Henry Hub3 ($/Mcf)









United States(0.49)
(0.28)
(0.04)
0.63
1.03
Natural Gas Realizations4 ($/Mcf)









Trinidad3.78
3.65
3.65
4.43
3.40
Other International13.28
—
—
—
—
Total Expenditures (GAAP) ($MM)13,703
6,653
6,818
5,610
4,255
Capital Expenditures5 (Non-GAAP) ($MM)6,294
6,226
6,041
4,607
3,755
Operating Unit Costs ($/Boe)









Lease and Well3.72
4.04
4.05
4.02
3.75
Gathering, Processing and Transportation Costs64.74
4.43
4.50
4.78
4.70
General and Administrative (GAAP)1.82
1.72
1.78
1.72
1.69
General and Administrative (Non-GAAP)71.63
1.70
1.78
1.67
1.69
Cash Operating Costs (GAAP)10.28
10.19
10.33
10.52
10.14
Cash Operating Costs (Non-GAAP)710.09
10.17
10.33
10.47
10.14
Depreciation, Depletion and Amortization9.92
10.57
9.72
10.69
12.07
Expenses ($MM)









Exploration and Dry Hole285
188
182
204
225
Impairment (GAAP)843
391
202
382
376
Impairment (excluding certain impairments (Non-GAAP))8186
100
160
269
361
Capitalized Interest86
45
33
36
33
Net Interest235
138
148
179
178
Net Interest (Non-GAAP)9229
—
—
—
—
TOTI (% of revenues from sales of crude oil and condensate, NGLs
and natural gas)









(GAAP)7.0 %
7.1 %
7.4 %
7.0 %
6.8 %
(Non-GAAP)77.0 %
7.3 %
7.4 %
7.5 %
6.8 %
Income Taxes









Effective Rate21.7 %
22.1 %
21.6 %
21.7 %
21.4 %
Current Tax Expense ($MM)1,039
1,348
1,415
2,208
1,393
 Additional Key Financial Information(Continued)

Endnotes

1)2025 production volumes are from Bahrain operations; natural gas realized price represents contract price less partner's processing and distribution costs.

2)EOG bases United States and Trinidad crude oil and condensate price differentials upon the West Texas Intermediate crude oil price at Cushing, Oklahoma, using the simple average of the daily settlement prices for the prompt-month NYMEX futures contract for each of the applicable calendar months.

3)EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the NYMEX Last Day Settle price for each of the applicable months.

4)The full-year 2022 realized natural gas price for Trinidad includes a one-time pricing adjustment of $0.76/Mcf for prior-period production following a contract amendment with the National Gas Company of Trinidad and Tobago Limited.

5)Capital Expenditures includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment.  Capital Expenditures excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses.

6)Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs.  This presentation has been conformed for all periods presented and had no impact on previously reported Net Income. 

7)Cash Operating Costs consist of LOE, GP&T and G&A.  G&A (Non-GAAP) for fiscal year 2025 excludes costs related to the Encino acquisition, as reflected in the accompanying reconciliation schedules (see "Revenues, Costs and Margins Per Barrel of Oil Equivalent").  In addition, TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) (Non-GAAP) and G&A (Non-GAAP) for fiscal year 2024 and fiscal year 2022 exclude a state severance tax refund and related consulting fees, respectively, as reflected in the accompanying reconciliation schedules (see "Revenues, Costs and Margins Per Barrel of Oil Equivalent").  The per-Boe impact of such acquisition-related costs and consulting fees on G&A and total Cash Operating Costs for fiscal year 2025, 2024 and 2022 was $(0.19), $(0.02) and $(0.05), respectively.

8)In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets).  EOG believes excluding these impairments from total impairment costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG's control (versus, for example, impairments that are due to EOG's proved oil and gas properties not being as productive as it originally estimated).  Impairments (Non-GAAP) for FY 2025 are adjusted from Impairments (GAAP) for FY 2025 by excluding $657 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation).  Impairments (Non-GAAP) for FY 2024 are adjusted from Impairments (GAAP) for FY 2024 by excluding $291 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Rocky Mountain area.

9)Net Interest for fiscal year 2025 excludes financing commitment costs related to the Encino acquisition, as reflected in the accompanying reconciliation schedules (see "Revenues, Costs and Margins Per Barrel of Oil Equivalent").  The per-Boe impact of such cost for fiscal year 2025 is $(0.01).   View original content:https://www.prnewswire.com/news-releases/eog-resources-reports-first-quarter-2026-results-302763124.htmlSOURCE EOG Resources, Inc. Original: EOG Resources Reports First Quarter 2026 Results

Eco (Atlantic) Oil and Gas Ltd Announces Exercise of OptionsApril 30, 2026 7:45 AM
ACCESS NewswireTORONTO, ON / ACCESS Newswire / April 30, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX-V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, announces that it has received a notice of exercise in respect of stock options over 50,000 common shares of no-par value each in the Company ("Common Shares"). The options were exercisable at a price of US$0.37 (CAD$0.50) per share and the Company has received proceeds of US$18,303 (CAD$25,000) in respect of the exercise.Total Voting RightsApplication has been made for admission to trading on the TSX Venture Exchange and AIM of a total of 50,000 new Common Shares of no-par value ("Admission"). Admission is expected on or about 6 May 2026. On Admission, the new Common Shares will rank pari passu with the Company's existing Common Shares. Following Admission, the Company's issued share capital will consist of 348,359,027 Common Shares, with each Common Share carrying the right to one vote. The Company does not hold any Common Shares in treasury.The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.ENDSFor more information, please visit www.ecooilandgas.com or contact the following.Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 7770 6424Gil Holzman, President & Chief Executive OfficerAlice Carroll, VP Business Development & Corporate Affairs Strand Hanson (Financial & Nominated Adviser)+44 (0) 20 7409 3494James Harris, James Bellman, Edward Foulkes
Canaccord Genuity (Joint Broker)+44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, Charlie Hammond
Berenberg (Joint Broker)+44 (0) 20 3207 7800Matthew Armitt Celicourt (PR)+44 (0) 20 7770 6424Mark Antelme, Charles Denley-Myerson
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore licence interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.SOURCE: Eco (Atlantic) Oil and Gas Ltd.View the original press release on ACCESS NewswireOriginal: Eco (Atlantic) Oil and Gas Ltd Announces Exercise of Options

Eco (Atlantic) Oil and Gas Ltd. Announces JHI Acquisition - Interim Court Order ObtainedApril 30, 2026 3:40 AM
ACCESS NewswireTORONTO, ONTARIO / ACCESS Newswire / April 30, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to provide an update, further to the Company's announcement on March 11, 2026, regarding the proposed acquisition of JHI Associates, Inc. ("JHI") by way of a court-approved plan of arrangement (the "Arrangement").Eco confirms that JHI has successfully obtained an interim order (the "Interim Order") from the Ontario Superior Court of Justice (Commercial List) (the "Court"), which provides for, inter alia, the calling, holding, and conducting of the annual and special shareholders' meeting and other procedural matters in connection with the Arrangement. The receipt of the Interim Order is a key milestone in the transaction process and allows JHI to proceed with seeking final shareholders' approval.JHI has set its annual and special meeting of shareholders for May 12, 2026, at 10:00 a.m. (Toronto time). At the meeting, JHI shareholders will be asked to, among other things, pass a special resolution approving the Arrangement with Eco. Approval of the Arrangement requires at least two-thirds of the votes cast by JHI shareholders present at the meeting, in person or by proxy. Eco is informed that shareholders representing approximately 60% of JHI's outstanding shares have already entered into voting support agreements in favour of the Arrangement, demonstrating strong alignment on the transaction.Following shareholder approval, JHI intends to seek a final order of the Court, on May 15, 2026, to approve the Arrangement.Once the shareholder approval is obtained at the meeting, the Transaction is expected to close on or before the end of the third quarter of 2026, subject to the satisfaction of customary closing conditions under the Arrangement agreement, including applicable regulatory approvals by the Falkland Islands Government and the TSX Venture Exchange.Assuming completion of the Transaction, Eco will indirectly hold 100% of the outstanding Shares in JHI and, in turn, a 35% participating interest in PL001 offshore the Falkland Islands operated by Navitas Petroleum LP (holding the remaining 65% interest).Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:"The JHI acquisition is progressing well with this important milestone of the interim court order. The next step, expected within two weeks, is to receive JHI's final shareholders' approval, and as early voting support agreements indicate there is overwhelming support for the plan of arrangement. Eco expects a positive outcome from the JHI shareholder meeting allowing the companies to progress to closing of the Arrangement and completion of the JHI acquisition upon final approvals from the Falkland Islands Government. We then look forward to working closely with Navitas Petroleum on the exploration of the PL001 license offshore the Falkland Islands. Additionally, it is noted that in the interim JHI remains engaged with the Government of Guyana with respect to a potential extension of the Canje block offshore."AdvisorsPillarFour Capital Inc. is acting as Eco's financial advisor on the transaction. Strand Hanson is acting as Nominated Advisor, and Torys LLP and Chun Law are acting as legal advisors to the company. Fogler Rubinoff and Dorsey & Whitney are acting as legal advisor to JHI.ENDSFor more information, please visit www.ecooilandgas.com or contact the following.Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 7770 6424Gil Holzman, President & Chief Executive OfficerAlice Carroll, VP Business Development & Corporate Affairs Strand Hanson (Financial & Nominated Adviser)+44 (0) 20 7409 3494James Harris, James Bellman, Edward Foulkes Canaccord Genuity (Joint Broker)+44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, Charlie Hammond, Rory Blundell Berenberg (Joint Broker)+44 (0) 20 3207 7800Matthew Armitt Celicourt (PR)+44 (0) 20 7770 6424Mark Antelme, Charles Denley-Myerson Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore licence interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2.Forward-Looking InformationThis press release contains forward-looking information within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact may be forward-looking information, including, without limitation, statements regarding the proposed acquisition of JHI Associates Inc. (the "Arrangement"), the timing of the JHI shareholder meeting and court approvals, the anticipated closing of the Arrangement, and the expected strategic and operational benefits to Eco.Forward-looking information is often identified by words such as "expects", "anticipates", "believes", "intends", "plans", "may", "will", "should", "potential" or similar expressions. These statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties.Forward-looking information is based on certain assumptions, including, but not limited to, the timely receipt of all required approvals (including shareholder, court and regulatory approvals), the satisfaction of all conditions to completion of the Arrangement, and general economic and industry conditions.Actual results may differ materially from those expressed or implied by such forward-looking information due to a variety of risks and uncertainties, including, without limitation: the risk that the Arrangement may not be completed as currently contemplated or at all; failure to obtain required approvals; the inability to satisfy closing conditions; changes in market conditions; and other risks disclosed in the Company's public filings available on SEDAR+.Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information except as required by applicable law.The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.SOURCE: Eco (Atlantic) Oil and Gas Ltd.View the original press release on ACCESS NewswireOriginal: Eco (Atlantic) Oil and Gas Ltd. Announces JHI Acquisition - Interim Court Order Obtained

Eco (Atlantic) Oil and Gas Ltd. Announces Exercise of OptionsApril 24, 2026 8:35 AM
ACCESS NewswireTORONTO, ON / ACCESS Newswire / April 24, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX-V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, announces that it has received a notice of exercise in respect of stock options over 500,000 common shares of no-par value each in the Company ("Common Shares"). The options were exercisable at a price of US$0.22 (CAD$0.30) per share and the Company has received proceeds of US$110,000 (CAD$150,000) in respect of the exercise.Total Voting RightsApplication has been made for admission to trading on the TSX Venture Exchange and AIM of a total of 500,000 new Common Shares of no-par value ("Admission"). Admission is expected on or about 30 April 2026. On Admission, the new Common Shares will rank pari passu with the Company's existing Common Shares. Following Admission, the Company's issued share capital will consist of 348,309,027 Common Shares, with each Common Share carrying the right to one vote. The Company does not hold any Common Shares in treasury.The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.ENDSFor more information, please visit www.ecooilandgas.com or contact the following.Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 7770 6424Gil Holzman, President & Chief Executive OfficerAlice Carroll, VP Business Development & Corporate Affairs Strand Hanson (Financial & Nominated Adviser)+44 (0) 20 7409 3494James Harris, James Bellman, Edward FoulkesCanaccord Genuity (Joint Broker)+44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, Charlie HammondBerenberg (Joint Broker)+44 (0) 20 3207 7800Matthew Armitt Celicourt (PR)+44 (0) 20 7770 6424Mark Antelme, Charles Denley-MyersonNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore licence interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.SOURCE: Eco (Atlantic) Oil and Gas Ltd.View the original press release on ACCESS NewswireOriginal: Eco (Atlantic) Oil and Gas Ltd. Announces Exercise of Options

Eco (Atlantic) Oil and Gas Ltd. Announces Company Incentive Plan - Exercise of OptionsApril 21, 2026 4:10 AM
ACCESS NewswireCompany Incentive Plan - Grant of RSUs & Exercise of OptionsTORONTO, ON / ACCESS Newswire / April 21, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX-V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, announces the issuance of Common Shares and Restricted Share Units ("RSUs") and stock options to certain directors, officers and consultants of the Company.Further to publication of the Company's Results for the three and nine months ended 31 December 2025 on 2 March 2026, all pre-existing Restricted Share Units ("RSUs") issued to certain directors and officers of the Company have vested and a total of 1,768,000 RSUs will be automatically converted into common shares in the capital of the Company ("Common Shares") (the "RSU Conversion Shares"). Of the RSUs vested 250,000 were issued to directors, 350,000 to officers and 1,168,000 to consultants.To recognize the recent achievements and performance of the management and technical team, as well as the Board, the Company has made an award under its Company Incentive Plan.In addition, the Company has also issued 6,537,500 RSUs to certain Executive and Non-Executive Directors, pursuant to the Eco's Omnibus Incentive Plan as approved at its Annual and Special Meeting held on 27 December 2024 (the "Plan") and as most recently approved by shareholders on 27 March 2026. The RSUs will automatically vest one year after the date of grant and convert into 6,537,500 common shares of the Company ("Common Shares").In addition, the Company announces that it has granted stock options to subscribe for 5,587,500 Common Shares at an exercise price of $CAD1.24 (£0.67) per Common Share (the "Options") to certain directors, officers and consultants of the Company. The Options vest in two tranches from the date of grant, 50% after the first anniversary from the date of grant and 50% after the second anniversary from the date of grant. The Options are exercisable, following vesting, at the recipient's discretion and expire five (5) years from the date of grant. The grants are made pursuant to the Company's rolling Omnibus Incentive Plan, which permits the issuance of up to 10% of the Company's issued and outstanding common shares. The options are subject to the terms of the Company's Omnibus Incentive Plan and TSXV policies.In addition, the Company has received a notice of exercise in respect of stock options over 100,000 common shares of no-par value each in the Company ("Common Shares"). The options were exercisable at a price of US$0.218 (CAD$0.30) per share, at a cost of US$21,800 (CAD$30,000) in respect of the exercise.Total Voting RightsApplication has been made for admission to trading on the TSX Venture Exchange and AIM of a total of 1,868,000 new Common Shares of no-par value ("Admission"). Admission is expected on or about 24 April 2026. On Admission, the new Common Shares will rank pari passu with the Company's existing Common Shares. Following Admission, the Company's issued share capital will consist of 347,809,027 Common Shares, with each Common Share carrying the right to one vote. The Company does not hold any Common Shares in treasury.The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.ENDSFor more information, please visit www.ecooilandgas.com or contact the following.Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 7770 6424Gil Holzman, President & Chief Executive OfficerAlice Carroll, VP Business Development & Corporate Affairs Strand Hanson (Financial & Nominated Adviser)+44 (0) 20 7409 3494James Harris, James Bellman, Edward Foulkes Canaccord Genuity (Joint Broker)+44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, Charlie Hammond Berenberg (Joint Broker)+44 (0) 20 3207 7800Matthew Armitt Celicourt (PR)+44 (0) 20 7770 6424Mark Antelme, Charles Denley-Myerson Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore licence interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2.PDMR Notification Forms1.Details of the person discharging managerial responsibilities / person closely associateda)Name1. Keith Hill2. Gadi Levin3. Alice Carroll2.Reason for the Notificationa)Position/status1. Non-Executive Chairman2. Chief Financial Officer3. VP Business Development, and Corporate Affairsb)Initial notification/amendmentInitial notification3.Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitora)NameECO (ATLANTIC) OIL & GAS LTD.b)LEI213800WPR7ASTDWQUW504.Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducteda)Description of the Financial instrument, type of instrumentIssue of common shares of no par value in the Company pursuant to the vesting of restricted share units (RSUs)Identification codeCA27887W1005b)Nature of the TransactionReceipt of Common Shares pursuant to the conversion of the RSUsc)Price(s) and volume(s)Price(s)Volume(s)Nil consideration1. 250,000 Common Shares2. 175,000 Common Shares2. 175,000 Common Sharesd)Aggregated informationAggregated volume PriceN/A (Single transaction)e)Date of the transaction20 April 2026f)Place of the transactionN/A1.Details of the person discharging managerial responsibilities / person closely associateda)Name1. Gil Holzman2. Alice Carroll3. Gadi Levin4. Keith Hill5. Peter Nicol6. Emily Ferguson7. Alan Friedman2.Reason for the Notificationa)Position/status1. President, CEO and Director of the Company2. VP Business Development, and Corporate Affairs3. Chief Financial Officer4. Non-Executive Chairman5. Non-Executive Director6. Non-Executive Director7. Non-Executive Directorb)Initial notification/amendmentInitial notification3.Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitora)NameECO (ATLANTIC) OIL & GAS LTD.b)LEI213800WPR7ASTDWQUW504.Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducteda)Description of the Financial instrument, type of instrumentIssue of restricted share units (RSUs)Identification codeCA27887W1005b)Nature of the TransactionIssue of RSUsc)Price(s) and volume(s)Price(s)Volume(s)Nil consideration1. 2,000,000 RSUs2. 937,500 RSUs3. 625,000 RSUs4. 375,000 RSUs5. 250,000 RSUs6. 250,000 RSUs7. 250,000 RSUsd)Aggregated informationAggregated volume PriceN/A (Single transaction)e)Date of the transaction20 April 2026f)Place of the transactionN/A1.Details of the person discharging managerial responsibilities / person closely associateda)Name1. Gil Holzman2. Alice Carroll3. Gadi Levin4. Keith Hill5. Peter Nicol6. Emily Ferguson7. Alan Friedman2.Reason for the Notificationa)Position/status1. President, CEO and Director of the Company2. VP Business Development, and Corporate Affairs3. Chief Financial Officer4. Non-Executive Chairman5. Non-Executive Director6. Non-Executive Director7. Non-Executive Directorb)Initial notification/amendmentInitial notification3.Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitora)NameECO (ATLANTIC) OIL & GAS LTD.b)LEI213800WPR7ASTDWQUW504.Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducteda)Description of the Financial instrument, type of instrumentIssue of options to subscribe for Common Shares at a price of $CAD1.24 (£0.67) per Common Share exercisable for a period of five yearsIdentification codeCA27887W1005b)Nature of the TransactionIssue of optionsc)Price(s) and volume(s)Price(s)Volume(s)$CAD 1.24 (£0.67)$CAD 1.24 (£0.67)$CAD 1.24 (£0.67)$CAD 1.24 (£0.67)$CAD 1.24 (£0.67)$CAD 1.24 (£0.67)$CAD 1.24 (£0.67)1. 1,500,0002. 937,5003. 625,0004. 375,0005. 250,0006. 250,0007. 250,000d)Aggregated informationAggregated volume PriceN/A (Single transaction)e)Date of the transaction20 April 2026f)Place of the transactionN/AForward-Looking StatementsThis press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Forward-looking statements are frequently, but not always, identified by words such as "expects," "anticipates," "believes," "intends," "estimates," "potential," "plans," "may," "will," "should," and similar expressions, or statements that events, conditions or results "will," "may," "could," or "should" occur or be achieved.Forward-looking statements in this press release include, but are not limited to, statements regarding the timing of admission of the new common shares to trading on the TSX Venture Exchange and AIM, the vesting and conversion of restricted share units, the exercise of stock options, and the Company's plans and expectations with respect to its incentive plan and operations.These forward-looking statements are based on current expectations, estimates, projections and assumptions made by management in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Such assumptions include, but are not limited to, regulatory approvals being obtained in a timely manner, the continued listing of the Company's securities on the TSX Venture Exchange and AIM, and general economic, market and business conditions.Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, risks related to regulatory approvals and exchange acceptance, changes in market conditions, fluctuations in commodity prices, operational risks in the oil and gas industry, and other risks disclosed in the Company's public filings available on SEDAR+ and the Company's website.Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, except as required by applicable law.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.SOURCE: Eco (Atlantic) Oil and Gas Ltd.View the original press release on ACCESS NewswireOriginal: Eco (Atlantic) Oil and Gas Ltd. Announces Company Incentive Plan - Exercise of Options

Eco (Atlantic) Oil and Gas Ltd. Announces Farm Down of Namibian Portfolio to BPApril 13, 2026 2:10 AM
ACCESS NewswireTORONTO, ON / ACCESS Newswire / April 13, 2026 / Eco (Atlantic) Oil & Gas Ltd. ("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group")(AIM:ECO)(TSX-V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce that it has signed an agreement to farm down 60% Participating interest ("PI") in all three of its Petroleum Exploration Licenses ("PEL") offshore Namibia to BP Namibia Energy Ltd, a wholly owned subsidiary of BP Exploration Operating Company Limited ("BP").The Farmout Agreement, signed on 10 April 2026 ("FOA") (the "Agreement"), pursuant to which wholly owned subsidiaries of Eco: Azinam Group Limited, Eco Oil & Gas Namibia (Proprietary) Limited ("Eco Namibia") and Eco Oil & Gas Services (Proprietary) Limited ("Eco Services") will farm out an aggregate of 60% Participating Interest and transfer Operatorship to BP in respect of the Block 2012A PEL97 ("Cooper License"), Blocks 2111B and 2211A PEL99 ("Guy License") and Blocks 2211B and 2311A PEL100 ("Tamar License") (the "Transaction").Upon successful completion of the Transaction, Eco through its wholly owned subsidiaries Eco Namibia and Eco Services will retain a 25% interest in PEL97, PEL99 and PEL100 ("Eco's 25% Retained PI"). Completion of the Transaction is subject to customary conditions and approvals from the Namibian authorities, Ministry of Industries Mines and Energy and Upstream Petroleum Unit at the State House.Transactions Highlights:·A one time cash consideration of US$2.7 million payable at Transaction completion.·BP will carry 100% of Eco's 25% Retained PI as well as Eco's proportionate share of the NAMCOR (10%) and the Local Partners (5%) PI Carry on PEL97, PEL99 and PEL100 against the current exploration phase.·The proposed exploration work program (which is subject to requisite government approval), includes; completing seismic reprocessing on PEL97 and carrying out a 3D Seismic Survey of at least 3,000km2 on PEL99 and PEL100.·If BP and partners elect to enter the Second Renewal Period of the license term in 2028 and commit to drilling an exploration well, Eco will have the option to either (i) exercise a Put Option to transfer an additional 10% PI to BP in exchange for a full carry on Eco's remaining 15% PI subject to a cap of $21 million net to Eco for each well on each of the licenses (PEL97, PEL99, and PEL100); or (ii) elect to retain its 25% PI of the costs associated with such drilling of a well during the Second Renewal Period.·The maximum aggregate Carry consideration payable by BP in respect of each Put Option (should all Put Options namely on PEL97, PEL99, and PEL100 be exercised) is US$63 million with a cap of US$21 million per Put Option.·Eco can elect to retain its 25% paying interest and/or to farm out to other potential partners (subject to such partners meeting technical and financial qualifications).·The Transaction is subject to all customary approvals being obtained from the Government of Namibia in relation to the transfer of PI and transfer of Operatorship to BP and acceptance by the TSXV.·The Transaction constitutes an arm's length transaction for purposes of TSXV policies. No finder's fees are payable in connection with the Transaction. No insiders of the Company have any interest in the Transaction.Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:"This successful farm down of our Namibian Walvis Basin Licenses marks an incredible moment for Namibia, for Eco Atlantic and its shareholders. This transaction is a clear demonstration of our strategy partnering with Supermajors and IOC's, to derisk our portfolio while retaining material exposure to significant upside potential with very limited financial requirements from Eco.Eco entered Namibia in 2011, with a firm belief of the Walvis basin subsurface potential, and we are proud to attract an IOC of BP's calibre to further explore this prospective basin. We look forward to continuing our excellent working relationship with BP's dynamic and experienced team and welcome them to the Land of the Brave.""I am extremely grateful to our Namibia country manager, Tironenn Kauluma, as well as my dedicated team and our legal advisors at Cliffe Dekker Hofmeyr, for their tireless efforts over the past few months in delivering this monumental transaction for Eco shareholders and our Namibian Stakeholders. We are also deeply appreciative of the ongoing support, guidance and cooperation we always have from the Petroleum Commissioner at the Ministry of Mines and Energy, her team, and the Upstream Petroleum Unit at the state house.""In parallel Eco has been progressing closing of the JHI Acquisition, and Eco and Navitas continue advanced discussions with the Government of Guyana regarding appraisal and exploration activities on the Orinduik block, while progressing lead and prospect evaluation on Block 1 CBK in South Africa's Orange basin. We will provide market updates as further developments arise within our broader Atlantic margin portfolio."Details of the TransactionPursuant to the terms of the FOA, completion of the Transaction ("Completion") is subject to the satisfaction of customary conditions precedent including, but not limited to, the receipt of requisite regulatory approvals (Section 11 and grant of First Renewal Period) from the government of Namibia. On Completion, the PEL097 interests of the JV partners will be as follows: BP Namibia Energy Ltd will become the Operator of the Block, holding a 60% Participating Interest; Eco Oil & Gas Namibia (PTY) Limited, will hold a 25% Participating Interest; NAMCOR will retain a 10% Participating Interest; Tangi Trading Enterprise CC, will retain a Participating Interest of 5%. On Completion, the PEL099 interests of the JV partners will be as follows: BP Namibia Energy Ltd will become the Operator of the Block, holding a 60% Participating Interest; Eco Oil & Gas Namibia (PTY) Limited, will hold a 25% Participating Interest; NAMCOR will retain a 10% Participating Interest; Lotus Exploration (Pty) Ltd, will retain a Participating Interest of 5%. On Completion, the PEL100 interests of the JV partners will be as follows: BP Namibia Energy Ltd will become the Operator of the Block, holding a 60% Participating Interest; Eco Oil & Gas Services (PTY) Limited, will hold a 25% Participating Interest; NAMCOR will retain a 10% Participating Interest; Moonshade Investments (Pty) Ltd, will retain a Participating Interest of 5%.The Cooper License, the Guy License and the Tamar License have a book value of US$10.95 million and Eco's spend for the year ended 31 March 2025 on the Namibia Licenses was approximately US$1.4 million.The Transaction enables the Company to substantially reduce its funding exposure while retaining material upside exposure to the licenses and introduces a major international operator to progress exploration activities. The Company will use the proceeds of the Transaction to support the Company's ongoing exploration and appraisal activities across its Atlantic Margin portfolio and for general working capital purposes.**ENDS**For more information, please visit www.ecooilandgas.com or contact the following.Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 7770 6424Gil Holzman, President & Chief Executive Officer
Alice Carroll, VP Business Development & Corporate Affairs Strand Hanson (Financial & Nominated Adviser)+44 (0) 20 7409 3494James Harris, James Bellman, Edward Foulkes Canaccord Genuity (Joint Broker)+44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, Charlie Hammond Berenberg (Joint Broker)+44 (0) 20 3207 7800Matthew Armitt Celicourt (PR)+44 (0) 20 7770 6424Mark Antelme, Charles Denley-Myerson Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019. This news release contains material information within the meaning of applicable Canadian securities laws. For the purposes of applicable UK legislation, this announcement contains inside information.About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licenses: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin which on completion of the farm-down to BP will reduce to 25% in each licence. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2.Figure 1: Map of PEL97, PEL99, PEL100 in Walvis Basin, Offshore NamibiaForward-Looking StatementsStatements contained in this document that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of Eco. Such statements can be generally, but not always, identified by words such as "expects", "plans", "anticipates", "intends", "estimates", "forecasts", "schedules", "prepares", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. All estimates and statements that describe Eco's operations are forward-looking statements under applicable securities laws and necessarily involve risks and uncertainties including, without limitation: risks associated with oil and gas exploration, development, exploitation and production, geological risks, marketing and transportation, the risk associated with estimating prospective resources described below, availability of adequate funding, volatility of commodity prices, imprecision of reserve estimates, environmental risks, competition from other producers, and changes in the regulatory and taxation environment. Actual results may vary materially from the information provided in this document, and there is no representation by the Company that the actual results realized in the future will be the same in whole or in part as those presented herein. Eco undertakes no obligation, except as otherwise required by law, to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors change.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.SOURCE: Eco (Atlantic) Oil and Gas Ltd.View the original press release on ACCESS NewswireOriginal: Eco (Atlantic) Oil and Gas Ltd. Announces Farm Down of Namibian Portfolio to BP

Eco (Atlantic) Oil and Gas Ltd. Announces Exercise of OptionsApril 1, 2026 11:40 AM
ACCESS NewswireTORONTO, ON / ACCESS Newswire / April 1, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX - V:EOG)("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group"), the oil and gas exploration company focused on the offshore Atlantic Margins, announces that it has received a notice of exercise in respect of stock options over 100,000 common shares of no-par value each in the Company ("Common Shares"). The options were exercisable at a price of US$0.35 (CAD$0.50) per share, at a cost of US$35,000 (CAD$50,000) in respect of the exercise.Total Voting RightsApplication has been made for admission to trading on the TSX Venture Exchange and AIM of a total of 100,000 new Common Shares of no-par value ("Admission"). Admission is expected on or about 9 April 2026. On Admission, the new Common Shares will rank pari passu with the Company's existing Common Shares. Following Admission, the Company's issued share capital will consist of 342,241,027 Common Shares, with each Common Share carrying the right to one vote. The Company does not hold any Common Shares in treasury.The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.ENDSFor more information, please visit www.ecooilandgas.com or contact the following.Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 7770 6424Gil Holzman, President & Chief Executive OfficerAlice Carroll, VP Business Development & Corporate Affairs Strand Hanson (Financial & Nominated Adviser)+44 (0) 20 7409 3494James Harris, James Bellman, Edward Foulkes Canaccord Genuity (Joint Broker)+44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, Charlie Hammond Berenberg (Joint Broker)+44 (0) 20 3207 7800Matthew Armitt Celicourt (PR)+44 (0) 20 7770 6424Mark Antelme, Charles Denley-Myerson Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore licence interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.SOURCE: Eco (Atlantic) Oil and Gas Ltd.View the original press release on ACCESS NewswireOriginal: Eco (Atlantic) Oil and Gas Ltd. Announces Exercise of Options

Eco (Atlantic) Oil and Gas Ltd. Announces Result of AGMMarch 30, 2026 2:10 AM
ACCESS NewswireTORONTO, ON / ACCESS Newswire / March 30, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX-V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, announces that all resolutions were duly passed by shareholders with substantial majority support at the Company's Annual General Meeting held on 27 March 2026 in Toronto, Canada (the "Meeting").Following the Meeting, the previously indicated board changes have now taken place, and the board of directors has appointed Keith Hill as Non-Executive Chairman, succeeding Peter Nicol, effective March 30, 2026. Peter Nicol will remain as a Non-Executive Director.The Company's omnibus incentive plan (the "Omnibus Incentive Plan") was approved by shareholders at the Meeting in accordance with TSX Venture Exchange Policy 4.4. The Omnibus Incentive Plan is a 10% rolling security-based compensation plan and remains subject to final acceptance of the TSX Venture Exchange.Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:"On behalf of the Board and everyone at Eco, I thank Peter Nicol for his leadership and dedication as Non- Executive Chairman since December 2022. Peter has provided invaluable guidance helping to steer the board of directors through a period of significant change across both the business and the wider industry.His experience and steady counsel have been instrumental as the company navigated complex challenges, including key personnel transitions and transformational transactions.Peter will remain as a Non-Executive Director, and we look forward to continuing to benefit from his insight and experience. The Company is in an excellent position with strong foundations for future growth. We welcome Keith Hill as non-executive chair during this pivotal phase of transformational portfolio developments. Keith brings a strong and long industry experience, global network, and proven leadership, and we look forward to advancing our strategic goals focusing on growth, execution and high impact exploration and development with his support benefiting from his expertise as we advance our strategic priorities."Following the changes the Board now comprises of the following:Keith Hill - Non-Executive Chairman
Gil Holzman - President & Chief Executive Officer
Peter Nicol - Non-Executive Director
Emily Ferguson - Non-Executive Director
Alan Friedman - Non-Executive DirectorENDSFor more information, please visit www.ecooilandgas.com or contact the following.Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 7770 6424Gil Holzman, President & Chief Executive OfficerAlice Carroll, VP Business Development & Corporate Affairs Strand Hanson (Financial & Nominated Adviser)+44 (0) 20 7409 3494James Harris, James Bellman, Edward Foulkes Canaccord Genuity (Joint Broker)+44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, Charlie Hammond Berenberg (Joint Broker)+44 (0) 20 3207 7800Matthew Armitt Celicourt (PR)+44 (0) 20 7770 6424Mark Antelme, Charles Denley-Myerson Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore licence interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.SOURCE: Eco (Atlantic) Oil and Gas Ltd.View the original press release on ACCESS NewswireOriginal: Eco (Atlantic) Oil and Gas Ltd. Announces Result of AGM

EOG Resources Schedules Conference Call and Webcast of First Quarter 2026 Results for May 6, 2026March 24, 2026 4:15 PM
PR Newswire (US)

HOUSTON, March 24, 2026 /PRNewswire/ -- EOG Resources, Inc. (EOG) will host a conference call and webcast to discuss first quarter 2026 results on Wednesday, May 6, 2026, at 9 a.m. Central time (10 a.m. Eastern time). Please visit the Investors/Events & Presentations page on the EOG website to access a live webcast of the conference call. If you are unable to listen to the live webcast, a replay will be available for one year.If you have any questions, please contact Angie Lewis at 713-651-6722.About EOG
EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States and Trinidad. To learn more visit www.eogresources.com.Investor Contacts
Pearce Hammond713-571-4684Neel Panchal713-571-4884Shelby O'Connor713-571-4560

Media Contact
Kimberly Ehmer713-571-4676 



View original content:https://www.prnewswire.com/news-releases/eog-resources-schedules-conference-call-and-webcast-of-first-quarter-2026-results-for-may-6-2026-302723842.htmlSOURCE EOG Resources, Inc.

Original: EOG Resources Schedules Conference Call and Webcast of First Quarter 2026 Results for May 6, 2026

Eco (Atlantic) Oil and Gas Ltd. Announces Acquisition of JHI & Navitas PartnershipMarch 11, 2026 3:10 AM
ACCESS NewswireAcquisition of 100% of JHIPartnership with Navitas in North Falklands LicenceTORONTO, ON / ACCESS Newswire / March 11, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX-V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce that it signed a binding agreement on 10 March 2026 with JHI Associates, Inc. ("JHI") in which Eco has agreed to acquire the issued and to be issued shares of JHI not already held by Eco (the "Transaction" or the "Acquisition"). The Acquisition is subject to a number of conditions, further details of which are set out below.This landmark acquisition complements Eco's existing Atlantic Margin portfolio in Namibia and South Africa, whilst adding to its exposure offshore Guyana. The Acquisition positions Eco at the forefront of one of the most compelling offshore growth stories globally, the North Falkland Basin, alongside intended operator and strategic partner Navitas Petroleum LP ("Navitas").Eco has agreed to acquire all remaining JHI common shares ("JHI Shares") based on an exchange ratio of 0.7054 common shares in the capital of the Company ("Common Shares") for each JHI share (the "Exchange Ratio") (the "Arrangement Agreement").Transaction Highlights:Strategic alignment with Navitas, with the first asset confirmed in joint venture partnership.New country entry into Falkland Islands, with near term exploration work program planned on the PL001 licence with operator Navitas, once confirmed by the Falkland Island Government ("FIG").Anticipated five-year licence extension of the PL001 licence, providing significant runway for exploration and development.Imminent adjacent development coming onstream, with first oil from the Sea Lion Field expected in 2028.Agreed cash balance in JHI of a minimum of US$1.0 million on closing.Provides Eco Shareholders with exposure to high impact near term exploration and development acreage in an additional emerging Atlantic Margin hydrocarbon province, and subject to a potential extension of the Canje licence, furthers its exposure in Guyana.Transaction Summary:On completion of the Acquisition ("Closing"), Eco will issue up to 96,307,811 new Common Shares such that up to approximately 21.8% of Eco's then issued share capital will be held by the shareholders of JHI. Upon Closing, JHI will have a cash balance of US$1.0 million. Approximately 45% of the Common Shares to be issued to JHI shareholders will be subject to lock-up arrangements spanning 18 months following completion. The Acquisition is valued at approximately US$52.3 million (approximately £39.0 million) based on the 30-day volume weighted average price ("VWAP") of the Company's Common Shares on the TSX Venture Exchange ("TSX-V") ending on 9 March 2026 of CAD$0.7362. The Acquisition is valued at approximately £46.7 million (approximately US$62.6 million) based on the mid market closing price of the Company's Common Shares on the AIM market of the London Stock Exchange of £0.485 on 10 March 2026.JHI's principal assets comprise a 35% working interest in the PL001 licence area in the Falkland Islands, a block directly adjacent to the transformational Sea Lion Field under development, and a 17.5% working interest in the Canje Block offshore Guyana (operated by ExxonMobil and JV partner TotalEnergies and Mid Atlantic O&G). The Canje licence lapsed on 4 March 2026 and is subject to on-going extension discussions with the Government of Guyana ("Canje Extension"). The remaining 65% interest in the PL001 licence area will be held by Navitas, assuming approval of their farm in to PL001, as announced on 2 March 2026, by FIG.On completion, the Transaction provides Eco shareholders with exposure to high-impact near term exploration and development acreage in an additional Atlantic Margin emerging hydrocarbon province, and assuming the Canje Extension, further its exposure in Guyana.The Sea Lion development, to be operated by Navitas, represents the first major offshore oil development in the North Falkland basin and achieved Final Investment Decision ("FID") in December 2025, with first oil targeted for 2028. The planned development infrastructure in relation to the Sea Lion development is expected to unlock the broader basin potential, and Eco's strategic alignment with Navitas places the Company at the heart of the next wave of growth in the region.The PL001 licence Joint Venture partners (Navitas, assuming FIG approval, and JHI) are working together with the FIG to extend the licence, which currently expires on 31 December 2026, for 5-years, in preparation to drill an exploration well. The Acquisition is conditional, inter alia, on the granting of the licence extension by FIG.On 2 March 2026, Navitas announced that it had agreed with JHI to farm-in for a 65% interest in PL001, pursuant to which JHI received a fully funded carry loan for an exploration well and potential appraisal well up to US$14 million net to JHI, the benefit of which Eco will assume through the Transaction. The loan will be repaid from 85% of JHI's free cash flow from production from the PL001 licence, if production is established. This carry meaningfully reduces capital exposure while retaining material upside to drilling/exploration catalysts planned across the licence. Eco does not currently expect that it will be required to contribute further towards the expected exploration work program, including tests of the well.PL001 sits in the North Falklands Basin, adjacent to the Navitas-operated Sea Lion Development and covers 1,126 km2 in water depths ranging from 400-500m. The block holds significant oil exploration potential, which Eco believes will now be unlocked with the emergence of the basin as a producing petroleum province. PL001 contains two legacy wells with oil shows, and part of the Rockhopper Exploration plc led Johnson gas discovery, and is fully covered by a 3D seismic survey, on which over 50 leads and prospects have been identified at multiple play levels, underpinned by a proven Lower Cretaceous petroleum system with world-class source rocks. The latest CPR, commissioned prior to JHI's acquisition of the PL001 licence, estimated an aggregate 3.1bn bbls of prospective (best estimate) recoverable resources (unrisked). PL001 licence contains a proven Cretaceous petroleum system adjacent to Sea Lion discovery and several material, analogous prospects have been high-graded with the potential to target multiple objectives with a single exploration well, and significant follow-up prospectivity across the wider block.The immediate proximity to the Sea Lion planned producing platform materially enhances the commercial attractiveness of PL001, offering potential future tie-back and infrastructure synergies, accelerating potential monetisation pathways and reducing development risk.The Canje Block offshore Guyana, operated by ExxonMobil with JV partners TotalEnergies and Mid Atlantic O&G, is directly north of the Stabroek trend, within the same petroleum system as other ExxonMobil discoveries. The block hosts multiple prospects identified through modern 3D seismic data, supported by high-quality AVO (Amplitude Versus Offset) and/or DHI (Direct Hydrocarbon Indicator) indicators, highlighting a large inventory of prospects with significant potential.Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:"This Transaction represents a further transformational milestone in Eco's strategic evolution and reinforces our disciplined approach to assembling high-quality Atlantic Margin acreage alongside best-in-class operating partners. By securing a significant working interest adjacent to the Sea Lion Field, and further aligning ourselves with Navitas, a proven, development-focused operator with a clear pathway to first oil, Eco is advancing beyond pure exploration exposure and positioning itself within a basin entering a new phase of development-led growth.With Sea Lion progressing toward development and infrastructure build-out, and with planned drilling activity supported by a meaningful carry, we believe Eco is now exceptionally well positioned to participate in the next chapter of growth in the region while maintaining capital discipline and maximising shareholder value.In parallel to this transaction, Eco and Navitas are continuing their advanced discussions with the Government of Guyana regarding the appraisal and exploration program on the Orinduik block, while progressing lead and prospect evaluation on Block 1 CBK in South Africa's Orange basin, and maintaining an active farm-out process on our three Walvis basin blocks in Namibia. We will update the market in due course on any further development across our wider Atlantic margin portfolio.I want to thank my team and our advisors for their hard work; we are delighted to update the market on the continued progress of the Company through our proposed acquisition of JHI. Today's announcement builds on the strong momentum we have generated since signing our framework agreement with Navitas in December 2025 and further strengthens our strategic Atlantic margin footprint in the North Falkland Basin."Transaction Overview including conditions to CompletionUnder the terms of the Arrangement Agreement, upon Closing, Eco Atlantic will issue 96,307,811 Common Shares (the "Consideration Shares") to JHI's shareholders, JHI warrant holders, and JHI option holders (together "JHI Securityholders"). Following Closing, it is expected that JHI Securityholders will hold approximately 21.8% of then Eco's issued share capital.The consideration payable by Eco comprises the Consideration Shares only, and no cash. The Consideration Shares have an aggregate value of approximately US$52.3 million (approximately £39.0 million) based on the Exchange Ratio which was fixed by reference to the 30-day VWAP of the Company's Common Shares on the TSX-V ended on 9 March 2026 of CAD$0.7362. The Consideration Shares have an aggregate value of approximately £46.7 million (approximately US$62.6 million) based on the mid market closing price of the Company's Common Shares on the AIM market of the London Stock Exchange of £0.485 on 10 March 2026. The Acquisition, once concluded, will result in Eco becoming the sole owner of JHI's cash balance, which pursuant to the Transaction will amount to US$1.0 million, and its 35% working interest in the PL001 licence area in the Falkland Islands and 17.5% participating interest in the Canje Block, pending potential extension discussions with the Government of Guyana. Completion is subject, among other conditions, to the approval of a five-year licence extension on PL001, from FIG ("Falkland Licence Extension").The gross asset value of JHI as at 31 December 2025, per the unaudited JHI financial statements, was US$15.3 million, and the unaudited loss for the financial year ended 31 December 2025 was US$2.8 million.In addition to the Falkland Licence Extension, completion of the Acquisition, which is expected during Q3 2026, is subject to several closing conditions, including receipt of the requisite approvals from the TSX Venture Exchange, and the approval of two thirds of the votes cast by JHI Shareholders at a special meeting to be held to approve the Acquisition within the next four weeks. The Transaction is not conditional on the Canje Extension. JHI shall be entitled to designate one nominee to the board of directors of Eco (the "Eco Board"), being Mr Daniel Guy, currently a director in JHI, such appointment being subject to completion of customary due diligence by the Company's Nominated Adviser and as required pursuant to the AIM Rules for Companies and the TSX-V regulations. Mr Guy's appointment to the Eco Board is expected to be made on Closing. On Closing it is expected that Mr. Frederick Cedoz will join the Eco Atlantic team as Vice President, Americas with a specific focus on the Falkland Islands and Guyana licences' management.Fred brings nearly 30 years of global energy experience spanning project financing, geopolitics, and upstream deal-making. He was co-founder and president of JHI Associates, where he led major international transactions including the Canje Block partnership offshore Guyana with ExxonMobil and TotalEnergies, and the farm-out of the PL001 licence in the Falkland Islands to Navitas. He holds a B.A. from University of Dayton and a law degree from The Catholic University of America, and is admitted to practice law in the District of Columbia.In connection with entering into the Arrangement Agreement, all the directors and officers of JHI and certain JHI Securityholders have entered into voting support agreements (the "Support Agreements") in respect of the Acquisition and lock-up agreements (the "Lock-Up Agreements"). Pursuant to the terms of the Support Agreements, each signatory, who together hold approximately 38% of JHI's voting rights (on a fully diluted basis), has agreed to not transfer any JHI securities prior to Closing, and to vote in favour of the Acquisition at the meeting of JHI Securityholders. Each signatory to the Lock-Up Agreements has agreed to not transfer or sell the Consideration Shares received on Closing (subject to limited exceptions), with such locked up shares to be released in tranches, with 10% being released on Closing, a further 10% three months following Closing, a further 10% six months following Closing, a further 20% twelve months following closing and the remaining 50% on the the earlier of September 30, 2027, and the date on which the first offshore well in the Falkland Islands is spud by or on behalf of Eco.PillarFour Capital Inc. acted as Eco's financial advisor on the Transaction. PillarFour Capital Inc. will be entitled to US$150,000 in cash and 725,000 Common Shares upon Closing.**ENDS**For more information, please visit www.ecooilandgas.com or contact the following.Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 7770 6424Gil Holzman, President & Chief Executive OfficerAlice Carroll, VP Business Development & Corporate Affairs Strand Hanson (Financial & Nominated Adviser)+44 (0) 20 7409 3494James Harris, James Bellman Canaccord Genuity (Joint Broker)+44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, Charlie Hammond Berenberg (Joint Broker)+44 (0) 20 3207 7800Matthew Armitt Celicourt (PR)+44 (0) 20 7770 6424Mark Antelme, Charles Denley-Myerson Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore licence interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2. Figure 1: Map of PL001 and Sea Lion DevelopmentForward-Looking StatementsStatements contained in this document that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of Eco. Such statements can be generally, but not always, identified by words such as "expects", "plans", "anticipates", "intends", "estimates", "forecasts", "schedules", "prepares", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. All estimates and statements that describe Eco's operations are forward-looking statements under applicable securities laws and necessarily involve risks and uncertainties including, without limitation: risks associated with oil and gas exploration, development, exploitation and production, geological risks, marketing and transportation, the risk associated with estimating prospective resources described below, availability of adequate funding, volatility of commodity prices, imprecision of reserve estimates, environmental risks, competition from other producers, and changes in the regulatory and taxation environment. Actual results may vary materially from the information provided in this document, and there is no representation by the Company that the actual results realized in the future will be the same in whole or in part as those presented herein. Eco undertakes no obligation, except as otherwise required by law, to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors change.Resource EstimatesThe resource estimates in this announcement, where applicable, are prepared by independent and non-independent qualified reserves evaluators in accordance with NI 51-101 and the COGE Handbook.Best Estimate is considered to be the best estimate of the in-place volumes that will actually be present. It is equally likely that the actual in-place volumes will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the in-place volumes will equal or exceed the best estimate.Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.Exploration for hydrocarbons is a speculative venture necessarily involving substantial risk. The Company's future success in exploiting and increasing its current reserve base will depend on its ability to develop its current properties and on its ability to discover and acquire properties or prospects that are capable of commercial production. However, there is no assurance that the Company's future exploration and development efforts will result in the discovery or development of additional commercial accumulations of oil and natural gas. In addition, even if further hydrocarbons are discovered, the costs of extracting and delivering the hydrocarbons to market and variations in the market price may render uneconomic any discovered deposit. Geological conditions are variable and unpredictable. Even if production is commenced from a well, the quantity of hydrocarbons produced inevitably will decline over time, and production may be adversely affected or may have to be terminated altogether if the Company encounters unforeseen geological conditions. The Company is subject to uncertainties related to the proximity of any reserves that it may discover to pipelines and processing facilities. It expects that its operational costs will increase proportionally to the remoteness of, and any restrictions on access to, the properties on which any such reserves may be found. Adverse climatic conditions at such properties may also hinder the Company's ability to carry on exploration or production activities continuously throughout any given year.The significant positive factors that are relevant to the resource estimate are:Proven commercial quality reservoirs in close proximity; andOil and gas shows while drilling wells nearby.The significant negative factors that are relevant to the resource estimate are:Tectonically complex geology could compromise seal potential; andSeismic attribute mapping can be indicative but not certain in identifying proven resource.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.SOURCE: Eco (Atlantic) Oil and Gas Ltd.View the original press release on ACCESS NewswireOriginal: Eco (Atlantic) Oil and Gas Ltd. Announces Acquisition of JHI & Navitas Partnership

Eco (Atlantic) Oil and Gas Ltd. Announces Notice of Annual General MeetingMarch 9, 2026 4:13 AM
ACCESS NewswireTORONTO, ONTARIO / ACCESS Newswire / March 9, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX.V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, announces that the Annual and Special Meeting of the Company ("AGM") will be held on 27 March 2026 at 10:00 a.m. (EST) at 217 Queen Street West, Suite 401, Toronto, Ontario, M5R 0V2. Copies of the formal notice of AGM and form of proxy will be made available on the Company's website at: https://www.ecooilandgas.com/investors/documents-circulars/Following the recent corporate and business developments, the Board is taking the opportunity to propose a reduction in its size from nine members to five, to enable a more efficient and streamlined corporate governance and oversight of the Company's activities and to reflect the Company's stage of development.Accordingly, subject to approval at the forthcoming AGM, the Board will be reduced in number to five directors. It is intended that Alice Carroll, VP Business Development, and Corporate Affairs and Chief Financial Officer Gadi Levin will step down from the Board and continue in their senior executive roles at the Company, and Mrs. Selma Usiku will retire from the Board but continue to serve on behalf of the Company as Vice Chairman of NAMPOA (Namibia Petroleum Operators Association). Accordingly, the aforementioned Directors have not put themselves forward for re-election at the shareholder meeting.If the proposed resolutions are approved at the AGM, it is expected that the Board will comprise Keith Hill, Peter Nicol, Alan Friedman, and Emily Ferguson as Non-Executive Directors (one of whom will be elected Non-Executive Chairman), and Gil Holzman as Director, President & Chief Executive Officer. A further announcement will be made at that time.**ENDS**For more information, please visit www.ecooilandgas.com or contact the following.Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 7770 6424Gil Holzman, President & Chief Executive OfficerAlice Carroll, Vice President Business Development Strand Hanson (Financial & Nominated Adviser)+44 (0) 20 7409 3494James Harris, James Bellman Canaccord Genuity (Joint Broker)+44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, Charlie Hammond Berenberg (Joint Broker)+44 (0) 20 3207 7800Matthew Armitt Celicourt (PR)+44 (0) 20 7770 6424Mark Antelme, Charles Denley-Myerson Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2.Forward-Looking StatementsCertain information set forth in this document contains forward-looking information and statements within the meaning of applicable Canadian securities laws and may constitute forward-looking statements under the securities laws of other jurisdictions including statements relating to the expected composition of the board following the AGM and proposed board changes. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "potential" or similar words suggesting future outcomes or statements regarding future performance and outlook. Forward-looking statements are based on certain material assumptions, including, without limitation: the results of the annual shareholder meeting. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, including but not limited to: shareholder voting and the results of the annual shareholder meeting. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include risks and uncertainties identified under the headings "Risk Factors" in the Company's annual information form dated July 29, 2024 and other disclosure documents available on the Company's profile on SEDAR+ at www.sedarplus.ca. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.SOURCE: Eco (Atlantic) Oil and Gas Ltd.View the original press release on ACCESS NewswireOriginal: Eco (Atlantic) Oil and Gas Ltd. Announces Notice of Annual General Meeting

Eco (Atlantic) Oil and Gas Ltd. Announces Navitas Signs Farm-In for North Falklands LicenceMarch 2, 2026 3:30 AM
ACCESS NewswireNavitas Signs Definitive Farm-In Agreement for JHI's North Falklands LicenceTORONTO, ON / ACCESS Newswire / March 2, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX-V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, notes that, further to its announcement on 12 January 2026, Navitas Petroleum LP ("Navitas"), with whom Eco has signed a Framework Agreement related to several assets, has today confirmed that it has signed a definitive farm-in agreement with JHI Associates Inc ("JHI"), in which Eco has a 6.6% interest. Under the farm-in agreement Navitas is to acquire a 65% working interest in the PL001 North Falkland's Basin Licence ("PL001").PL001 is adjacent to the Navitas operated Sea Lion Development and covers 1,126km2 in circa 500m water depth and contains significant exploration potential, with JHI's Best Estimate of 3.1 billion barrels across multiple prospects and leads, including multiple Lower Cretaceous prospects analogous to the Sea Lion field.Figure 1: Map of PL001 and Sea Lion DevelopmentGil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:"Navitas' farm-in to this highly prospective field not only strengthens its presence offshore the Falkland Islands but further deepens our relationship, adding further shared acreage as part of our Strategic Partnership. Through our holding in JHI, Eco looks forward to working closely with Navitas to further the development of the licence, as we are doing in both Guyana and South Africa."Link to Navitas announcement: https://maya.tase.co.il/en/reports/companies/1725338**ENDS**For more information, please visit www.ecooilandgas.com or contact the following.Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 7770 6424Gil Holzman, President & Chief Executive Officer
Alice Carroll, VP Business Development & Corporate Affairs Strand Hanson (Financial & Nominated Adviser)+44 (0) 20 7409 3494James Harris, James Bellman Canaccord Genuity (Joint Broker)+44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, Charlie Hammond Berenberg (Joint Broker)+44 (0) 20 3207 7800Matthew Armitt Celicourt (PR)+44 (0) 20 7770 6424Mark Antelme, Charles Denley-Myerson Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin. In Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.SOURCE: Eco (Atlantic) Oil and Gas Ltd.View the original press release on ACCESS NewswireOriginal: Eco (Atlantic) Oil and Gas Ltd. Announces Navitas Signs Farm-In for North Falklands Licence

Eco (Atlantic) Oil and Gas Ltd. Announces Results For Three & Nine Months Ended 31 Dec 2025March 2, 2026 2:05 AM
ACCESS NewswireUnaudited Results for the three and nine months ended 31 December 2025TORONTO, ONTARIO / ACCESS Newswire / March 2, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX - V:EOG) ("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group") the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its unaudited results for the three and nine month periods ended 31 December 2025.Highlights:Financial•The Company had cash and cash equivalents of US$2.9 million and no debt as at 31 December 2025, before a capital raise of US$10 million completed on 29 January 2026.•The Company had total assets of US$19.9 million, total liabilities of US$1.3 million and total equity of US$18.7 million as at 31 December 2025.•On December 4, 2025 Eco signed a binding Framework and Options Agreement with Navitas Petroleum LP ("Navitas") for the Orinduik Block offshore Guyana and Block 1 CBK offshore South Africa as well as future oil and gas cooperation for the entire portfolio and new ventures (the "Framework Agreement"). As part of the Framework Agreement, Navitas paid Eco Atlantic US$2 million to enter into an exclusive option agreements to farm-in to the Orinduik Block and Block 1 CBK.Post-period end•On January 29, 2026, Eco raised US$10 million at the then market price with new Israeli based institutional investors.•On February 19, 2026 the trading of the common shares in the capital of Eco migrated to the London Stock Exchange's SETS trading platform ("SETS"), enabling new and existing international institutional investors to trade Eco's shares on a continuous basis.•Further to the Company's announcement on January 13, 2025, a total of 3,700,000 Restricted Share Units ("RSUs") issued to certain directors and officers of the Company have now vested and automatically will be converted into common shares in the capital of the Company ("Common Shares") (the "RSU Conversion Shares").South AfricaBlock 1 CBK•As part of the Framework Agreement, Navitas was granted the Block 1 CBK Option agreement, giving it the right to execute a farmout agreement to farm-in to Block 1 CBK offshore South Africa such that, on exercise, Navitas will make a US$4 million payment to Eco and become the Operator of the block with up to a 47.5% working interest, subject, inter alia, to customary government and regulatory approvals.•Eco's remaining working interest, amounting up to 47.5%, assuming the exercise of the option with OrangeBasin Energies (Pty) ltd. will be carried by Navitas for the work programme, the value of the carry being capped at US$7.5 millionnet to Eco.•In honour of the late Colin Brent Kinley, Eco Atlantic's Co-Founder and former Chief Operating Officer, who passed away on November 5, 2025, Azinam South Africa Limited ("Azinam SA"), the Operator of Exploration Right 12/3/362, in agreement with its Joint Venture Partner, renamed Block 1 Offshore South Africa to "Block 1 CBK" effective 17 November 2025.•On 19 November 2025, the Petroleum Agency of South Africa granted the Assignment and Transfer of a 25% participating interest from the local JV partner Tosaco Energy (Pty) Ltd to OrangeBasin Energies (Pty) ltd., a B-BBEE-rated South African entity.Block 3B/4B•Throughout 2025, Eco and its JV partners continued to advance the licence work programme and preparations for the drilling campaign, including selection of the initial drilling target, detailed well planning, and procurement of long-lead items in anticipation of drilling permit approval.•Third-party legal proceedings around environmental authorisation in Block 5/6/7 have delayed the Department of Forestry, Fisheries and the Environment's decision on the Block 3B/4B Environmental Authorisation, a delay which remains outside Eco's control. The Company, with legal and regulatory advisers and in coordination with Joint Venture partners, continues to maintain engagement with relevant stakeholders and awaits further direction from the Department of Mineral Resources and Energy.•The Company is due to receive additional US$11.5 million from Block 3B/4B JV partners upon milestones in accordance with previously signed farm out agreements announced March 6, 2024.Namibia•Eco continued to explore options to optimise its portfolio in Namibia, as the Company shifted its geological focus to deeper proven plays in the country.•Eco farmed out its entire Working Interest, in PEL 98 (Block 2213 "Sharon Block") to an arms-length wholly Namibian-owned company, Lamda Energy (Pty) Ltd ("Lamda Energy ") pending government approval.•Eco has continued to receive considerable interest in its licenses in Namibia and is in the process of assessing options to further progress its exploration work programmes amid a potential farm-out.Guyana•As part of the Framework Agreement, Navitas was granted the Orinduik Option giving it the right to execute a farmout agreement to farm-in to the Orinduik Block offshore Guyana such that, on exercise, Navitas will make a US$2.5 million payment to Eco and become the Operator of the block with an 80% working interest, subject, inter alia, to customary government and regulatory approvals.•Eco's remaining 20% working interest, assuming exercise of the option, will be carried in respect of the work to be performed in the Orinduik Block, which may include drilling the first exploration well or performing an appraisal programme over the existing Jethro-1 and Joe-1 heavy oil discoveries. The Orinduik carry is capped at US$11m net to Eco and excludes mobilisation costs, if any.Post-period end•As announced on January 14, 2026, Eco, together with Navitas, is engaged in ongoing, constructive discussions with the Ministry of Natural Resources ("MNR"), Government of Guyana, regarding the continuation of Eco's appraisal and exploration programme on the Orinduik Block area.•To this effect, the MNR and Guyana Geology and Mines Commission are in receipt of the relevant joint submissions from Eco Atlantic and Navitas. Eco Atlantic and Navitas continue to pursue the most efficient and value-accretive path forward that will be acceptable to the Ministry.Falkland IslandsPost-period end•On January 12, 2026, Navitas signed a non-binding Memorandum of Agreement with JHI Associates Inc ("JHI"), in which Eco has a 6.6% interest, for a farm-in to acquire a 65% Working Interest in the PL001 North Falklands Basin Licence, which is adjacent to Navitas' operated Sea Lion Development. Eco expects that the parties will reach a definitive agreement in March 2026.Corporate PresentationEco also announces that a new Corporate Presentation has been published on its website and is available at the following link: https://www.ecooilandgas.com/investors/results-presentation/Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:"This period saw Eco deliver a number of important strategic and financial milestones that have transformed our business and further strengthen our platform across the Atlantic Margins. Most notably, we are now in a Strategic Partnership with Navitas, which includes option agreements over both Orinduik and Block 1 CBK. This represents a significant validation of the quality of our portfolio and, on exercise, will provide near-term capital alongside meaningful carried exposure across key assets. We look forward to deepening our collaboration with Navitas further as we explore options to maximise the potential of our world-class assets."In South Africa, we were pleased to see progress at Block 1 CBK, renamed in honour of the late Colin Kinley, with the approval of the 25% interest transfer to Orange Basin Energies, reinforcing our commitment to local partnerships. While we wait to hear back from the South African Government on the environmental permitting for Block 3B/4B, we remain confident that a solution to progress the project will be found and the JV will continue its drilling preparations."In Guyana, we continue to work constructively with Navitas and the Government to advance the Orinduik block in a manner that is in alignment with all stakeholders and value-accretive for our investors. We look forward to providing further updates as we progress the development of our highly prospective acreage in the country."As part of its ongoing efforts to maximise shareholder value across its assets, Eco has shifted its strategic focus in Namibia towards proven deepwater plays. In doing so, Eco was able to secure licence extensions across its licences while also optimising its portfolio through the farmout of its interest in PEL 98. We are making significant headway in our farmout negotiations for our other acreage offshore Namibia and look forward to being able to update investors as these negotiations progress further."Post period end, the successful US$10 million private placement and our migration to SETS have helped to further enhance our financial flexibility and market accessibility. With a strengthened balance sheet, high-quality partners, and multiple catalysts across our jurisdictions, Eco is well positioned as we move into the rest of 2026 and beyond."Admission and Total Voting RightsApplication is being made to the London Stock Exchange for admission of the RSU Conversion Shares to trading on AIM. It is expected that AIM Admission will take place at 8.00 a.m. (GMT) on or around 4 March 2026. Application will be made to the TSX-V for the RSU Conversion Shares to be admitted to trading on the TSX-V, with listing subject to the approval of the TSX-V and the Company satisfying all of the requirements of the TSX-V.Following Admission, the issued share capital of the Company will be 345,841,027 Common Shares. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.The Company's unaudited financial statements for the three and nine month periods ended 31 December 2025 is available for download on the Company's website at www.ecooilandgas.com and on SEDAR+ at www.sedarplus.ca..The following are the Company's Balance Sheet, Income Statements, Cash Flow Statement and selected notes from the annual Financial Statements. All amounts are in US Dollars, unless otherwise stated.Balance Sheet December 31, March 31, 2025 2025 Assets Current Assets Cash and cash equivalents 2,946,643 4,726,152 Short-term investments 72,864 69,676 Government receivable 20,329 58,933 Amounts owing by license partners - 206,818 Accounts receivable and prepaid expenses 64,150 54,550 Total Current Assets 3,103,986 5,116,129 Non- Current Assets Petroleum and natural gas licenses 16,822,274 16,447,274 Total Non-Current Assets 16,822,274 16,447,274 Total Assets 19,926,260 21,563,403 Liabilities Current Liabilities Accounts payable and accrued liabilities 1,264,812 1,178,785 Total Current Liabilities 1,264,812 1,178,785 Total Liabilities 1,264,812 1,178,785 Equity Share capital 117,730,863 107,129,936 Restricted Share Units reserve 1,038,722 1,038,722 Warrants - 10,600,927 Stock options 3,825,345 3,209,329 Foreign currency translation reserve (1,559,510) (1,527,171)Accumulated deficit (102,373,972) (100,067,125) Total Equity 18,661,448 20,384,618 Total Liabilities and Equity 19,926,260 21,563,403 Income Statement Three months ended Nine months ended December 31, December 31, 2025 2024 2025 2024 Income Interest income 26 52,081 18,122 59,592 Income from option grant 2,000,000 - 2,000,000 - Total Income 2,000,026 52,081 2,018,122 59,592 Operating expenses Compensation costs 300,965 255,939 1,006,608 727,251 Professional fees 315,152 64,689 565,189 421,177 Operating costs, net 194,331 550,458 1,669,787 2,097,699 General and administrative costs 82,683 164,086 476,778 478,699 Share-based compensation 206,086 - 616,016 - Foreign exchange loss (gain) (2,455) (69,861) (9,409) 7,449 Total operating expenses 1,096,762 965,311 4,324,969 3,732,275 Net profit (loss) for the period, before taxes 903,264 (913,230) (2,306,847) (3,672,683)Tax recovery - - Net profit (loss) for the period, after taxes 903,264 (913,230) (2,306,847) (3,672,683) Foreign currency translation adjustment (13,822) (38,529) (32,339) 5,359 Comprehensive profit (loss) for the period 889,442 (951,759) (2,339,186) (3,667,324) Basic and diluted net loss per share: 0.003 (0.002) (0.007) (0.010)Weighted average number of ordinary shares used in computing basic and diluted net loss per share 315,231,936 370,173,680 315,231,936 370,173,680 Cash Flow Statement Nine months ended December 31, 2025 2024 Cash flow from operating activities Net loss from operations (2,306,847) (3,672,683)Items not affecting cash: (non-cash / non-operating adjustment) Share-based compensation 616,016 - Changes in non-cash working capital: Government receivable 38,604 (8,674)Accounts payable and accrued liabilities 86,027 (334,236)Accounts receivable and prepaid expenses (9,600) 38,539 Advance from and amounts owing to license partners 206,818 (590,482)Cash flow from operating activities (1,368,982) (4,567,536) Cash flow from investing activities Short-term investments (3,188) (61,893)Acquisition of interest in property (375,000) (150,000)Proceeds from Block 3B/4B farm-out - 7,834,866 Cash flow from investing activities (378,188) 7,622,973 Decrease in cash and cash equivalents (1,747,170) 3,055,437 Foreign exchange differences (32,339) 5,359 Cash and cash equivalents, beginning of period 4,726,152 2,967,005 Cash and cash equivalents, end of period 2,946,643 6,027,801 **ENDS**For more information, please visit www.ecooilandgas.com or contact the following.Eco Atlantic Oil and Gasc/o Celicourt +44 (0) 20 7770 6424Gil Holzman, President & Chief Executive Officer
Alice Carroll, VP Business Development & Corporate Affairs Strand Hanson (Financial & Nominated Adviser)+44 (0) 20 7409 3494James Harris, James Bellman Canaccord Genuity (Joint Broker)+44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, Charlie Hammond Berenberg (Joint Broker)+44 (0) 20 3207 7800Matthew Armitt Celicourt (PR)+44 (0) 20 7770 6424Mark Antelme, Charles Denley-Myerson Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About Eco Atlantic:Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Ecoaims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.In Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in three offshore Petroleum Licences: PELs: 97, 99, and 100, representing a combined area of 22,893 km2 in the Walvis Basin. In Offshore South Africa,Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1 CBK, in the Orange Basin, totalling approximately 37,510km2.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Forward-Looking StatementsCertain information set forth in this document contains forward-looking information and statements within the meaning of applicable Canadian securities laws and may constitute forward-looking statements under the securities laws of other jurisdictions including, without limitation, management's business strategy, and management's assessment of future plans and operations, the exercise of option agreements, the negotiation and execution of definitive farm-in agreements, the receipt of milestone payments, the timing and receipt of governmental and regulatory approvals, the advancement of drilling and appraisal programmes, potential farm-out transactions, and the Company's future financial position and growth prospects, and the outcome of discussions regarding potential partners. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future, including, but not limited to successful negotiation of farm-in agreement, results of exploration as proposed or at all, the exercise of options by counterparties, and the completion of work programmes. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "potential" or similar words suggesting future outcomes or statements regarding future performance and outlook. Forward-looking statements are based on certain material assumptions, including, without limitation: the timely receipt of required governmental, regulatory and third-party approvals; the ability of the Company and its counterparties to negotiate and execute definitive agreements; the ability of joint venture partners to fund and carry agreed work programmes; the accuracy of geological, technical and economic interpretations; the availability of financing on reasonable terms; the continued support of regulatory authorities; and prevailing economic, market and industry conditions. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, including but not limited to: failure to obtain required regulatory or environmental approvals; delays in permitting; failure of counterparties to exercise options or complete farm-in transactions; delays in receipt of milestone payments; exploration and drilling risks, including the risk of non-commercial discoveries; commodity price volatility; joint venture and partner risks; political and geopolitical risks in the jurisdictions in which the Company operates; financing risks; and general economic conditions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include risks and uncertainties identified under the headings "Risk Factors" in the Company's annual information form dated July 29, 2024 and other disclosure documents available on the Company's profile on SEDAR+ at www.sedarplus.ca. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.SOURCE: Eco (Atlantic) Oil and Gas Ltd.View the original press release on ACCESS NewswireOriginal: Eco (Atlantic) Oil and Gas Ltd. Announces Results For Three & Nine Months Ended 31 Dec 2025

EOG Resources Reports Fourth Quarter and Full-Year 2025 Results; Announces 2026 Capital PlanFebruary 24, 2026 4:15 PM
PR Newswire (US)

HOUSTON, Feb. 24, 2026 /PRNewswire/ -- EOG Resources, Inc. (EOG) today reported fourth quarter and full-year 2025 results. The attached schedules for the reconciliation of Non-GAAP measures to GAAP measures, along with a related presentation, are also available on EOG's website at http://investors.eogresources.com/investors.
Fourth Quarter HighlightsOil, NGLs and natural gas production and total per-unit operating costs better than guidance midpointsDelivered net cash provided by operating activities of $2.6 billion and Adjusted CFO1 of $2.6 billionGenerated $1.0 billion of free cash flowDeclared regular quarterly dividend of $1.02 per share and repurchased $675 million of sharesEarned net income of $701 million, or $1.30 per share, and adjusted net income of $1.2 billion, or $2.27 per shareFull-Year 2025 HighlightsDelivered net cash provided by operating activities of $10.0 billion and Adjusted CFO1 of $11.0 billionGenerated $4.7 billion of free cash flow and returned 100% to shareholders through dividends and share repurchasesEarned net income of $5.0 billion, or $9.12 per share, and adjusted net income of $5.5 billion, or $10.16 per shareReduced average well costs 7% across multi-basin portfolio2026 OutlookAnnounced $6.5 billion 2026 capital plan, which holds oil production flat to 4Q 2025. The 2026 plan delivers year-over-year oil and total production growth of 5% and 13%, respectivelyCEO Commentary
"2025 was a year of exceptional operational execution for EOG. We exceeded our original oil and total volume targets, capital expenditures were on target, and we continued driving down both well costs and cash operating costs. Our differentiated marketing strategy delivered peer-leading U.S. price realizations, further strengthening margins.Operational excellence drove outstanding financial results and peer-leading cash returns to shareholders. We generated $4.7 billion in free cash flow and returned 100% to shareholders through our sustainable, growing regular dividend, which increased 8%, and $2.5 billion in share repurchases. Since initiating buybacks in 2023, we've reduced our share count by approximately 10%. Our robust cash generation and pristine balance sheet position EOG to deliver shareholder value through industry cycles.2025 was also a year of transformational transactions with the strategic Encino acquisition and our entry into exciting international exploration opportunities in the UAE and Bahrain. EOG's differentiated portfolio has never been stronger. Looking ahead, we have a disciplined plan for 2026 targeting $4.5 billion in free cash flow using the midpoints of guidance at current strip pricing. Our strategy prioritizes activity in the Delaware Basin, Utica and Eagle Ford while increasing activity in Dorado alongside continued international investment. EOG's relentless focus on returns, our diverse multi-basin portfolio and industry-leading exploration capabilities provide clear visibility to sustain high returns and robust free cash flow generation for years to come."Return of Capital
The Board of Directors today declared a dividend of $1.02 per share on EOG's common stock. The dividend will be payable April 30, 2026, to stockholders of record as of April 16, 2026. The indicated annual rate is $4.08 per share.During the fourth quarter, the company repurchased 6.3 million shares for $675 million under its share repurchase authorization, at an average purchase price of $107 per share.For full-year 2025, the company repurchased 21.7 million shares for $2.5 billion under its share repurchase authorization, at an average purchase price of $115 per share. At December 31, 2025, EOG had $3.3 billion remaining on its current repurchase authorization.2025 Reserves
Total proved reserves increased 16% in 2025 to 5.5 Billion Boe. Extensions and discoveries added 336 MMBoe of proved reserves in 2025. Revisions other than price increased proved reserves by 65 MMBoe. Net proved reserve additions from all sources, excluding price revisions, replaced 254% of 2025 total production.2026 Capital Program
Total expenditures for 2026 are expected to range from $6.3 to $6.7 billion, including exploration and development drilling, facilities, leasehold acquisitions, capitalized interest, dry hole costs, and other property, plant and equipment, and excluding property acquisitions, asset retirement costs and non-cash exchanges and transactions. The capital program also excludes certain exploration costs incurred as operating expenses.The plan holds 4Q 2025 oil production flat through 2026. Under the 2026 program, total oil production growth is 5% and total production growth is 13% year-over-year, inclusive of the Encino acquisition. EOG plans to complete 585 net wells in 2026 across our domestic multi-basin portfolio of high-return inventory.The 2026 program targets low single-digit percentage average well cost reduction, benefiting from increasing lateral lengths and other sustainable efficiency gains. We expect higher overall activity in the Utica and Dorado, as well as continued advancement of exploration prospects in the UAE and Bahrain.Key Financial Results
In millions of USD, except per-share, per-Boe and ratio data


GAAP4Q 2025
3Q 2025
2Q 2025
1Q 2025
4Q 2024
FY 2025
FY 2024
Total Revenue5,638
5,847
5,478
5,669
5,585
22,632
23,698
Net Income701
1,471
1,345
1,463
1,251
4,980
6,403
Net Income Per Share1.30
2.70
2.46
2.65
2.23
9.12
11.25
Net Cash Provided by Operating Activities2,612
3,111
2,032
2,289
2,763
10,044
12,143
Total Expenditures1,730
8,544
1,883
1,546
1,446
13,703
6,653
Current and Long-Term Debt7,936
7,694
4,236
4,744
4,752
7,936
4,752
Cash and Cash Equivalents3,396
3,530
5,216
6,599
7,092
3,396
7,092
Debt-to-Total Capitalization21.0 %
20.3 %
12.7 %
13.8 %
13.9 %
21.0 %
13.9 %
Cash Operating Costs ($/Boe)10.28
10.50
10.05
10.31
10.15
10.28
10.19









Non–GAAP







Adjusted Net Income1,222
1,472
1,268
1,586
1,535
5,548
6,612
Adjusted Net Income Per Share2.27
2.71
2.32
2.87
2.74
10.16
11.62
Adjusted CFO12,617
3,031
2,496
2,813
2,635
10,957
11,593
Capital Expenditures1,639
1,648
1,523
1,484
1,358
6,294
6,226
Free Cash Flow978
1,383
973
1,329
1,277
4,663
5,367
Net Debt4,540
4,164
(980)
(1,855)
(2,340)
4,540
(2,340)
Net Debt-to-Total Capitalization13.2 %
12.1 %
(3.5 %)
(6.7 %)
(8.7 %)
13.2 %
(8.7 %)
Cash Operating Costs ($/Boe)210.22
9.93
9.94
10.31
10.15
10.09
10.17
 Key Operational Results


Volumes4Q 2025
3Q 2025
2Q 2025
1Q 2025
4Q 2024
FY 2025
FY 2024
Crude Oil and Condensate (MBod)546.1
534.5
504.2
502.1
494.6
521.9
491.4
Natural Gas Liquids (MBbld)342.1
309.3
258.4
241.7
252.5
288.2
245.9
Natural Gas (MMcfd)3,065
2,745
2,229
2,080
2,092
2,533
1,948
Total Crude Oil Equivalent (MBoed)1,399.0
1,301.2
1,134.1
1,090.4
1,095.7
1,232.2
1,062.1









Cash Operating Costs ($/Boe)







Lease & Well3.47
3.60
3.84
4.09
3.91
3.72
4.04
Gathering, Processing & Transportation Costs5.07
4.90
4.41
4.48
4.37
4.74
4.43
General & Administrative (GAAP)1.74
2.00
1.80
1.74
1.87
1.82
1.72
General & Administrative (Non-GAAP) 21.68
1.43
1.69
1.74
1.87
1.63
1.70
Cash Operating Costs (GAAP)10.28
10.50
10.05
10.31
10.15
10.28
10.19
Cash Operating Costs (Non-GAAP)210.22
9.93
9.94
10.31
10.15
10.09
10.17









Depreciation, Depletion & Amortization ($/Boe)9.53
9.77
10.20
10.32
10.11
9.92
10.57
 Fourth Quarter 2025 Results vs Guidance




4Q 2025










(Unaudited) 4Q 2025
Guidance
Midpoint4
 Variance
 3Q 2025
 2Q 2025
 1Q 2025
 4Q 2024
Crude Oil and Condensate Volumes (MBod)



United States544.5
543.7
0.8
532.9
503.1
500.9
493.5
Trinidad1.5
1.3
0.2
1.6
1.1
1.2
1.1
Other International50.1
0.0
0.1
0.0
0.0
0.0
0.0
Total546.1
545.0
1.1
534.5
504.2
502.1
494.6
Natural Gas Liquids Volumes (MBbld)



Total342.1
323.0
19.1
309.3
258.4
241.7
252.5
Natural Gas Volumes (MMcfd)



United States2,859
2,790
69
2,511
1,977
1,834
1,840
Trinidad195
200
(5)
230
252
246
252
Other International511
0
11
4
0
0
0
Total3,065
2,990
75
2,745
2,229
2,080
2,092





Total Crude Oil Equivalent Volumes (MBoed)1,399.0
1,366.4
32.6
1,301.2
1,134.1
1,090.4
1,095.7
Total MMBoe128.7
125.7
3.0
119.7
103.2
98.1
100.8





Benchmark Price



Oil (WTI) ($/Bbl)59.17




64.95
63.71
71.42
70.28
Natural Gas (HH) ($/Mcf)3.55




3.07
3.44
3.66
2.79





Crude Oil and Condensate - above (below) WTI6($/Bbl)



United States0.37
0.25
0.12
1.02
1.13
1.48
1.40
Trinidad(2.10)
(4.00)
1.90
(7.21)
(9.21)
(10.30)
(9.81)
Other International54.81
0.00
4.81
0.00
0.00
0.00
0.00
Natural Gas Liquids - Realizations as % of WTI



Total35.7 %
33.0 %
2.7 %
32.7 %
35.6 %
36.8 %
33.9 %
Natural Gas - above (below) NYMEX Henry Hub7($/Mcf) 



United States(0.61)
(0.45)
(0.16)
(0.36)
(0.57)
(0.30)
(0.40)
Natural Gas Realizations ($/Mcf)



Trinidad3.94
3.60
0.34
3.80
3.65
3.78
3.86
Other International53.29
0.00
3.29
3.27
0.00
0.00
0.00





Total Expenditures (GAAP) ($MM)1,730




8,544
1,883
1,546
1,446
Capital Expenditures (Non-GAAP) ($MM)1,639
1,650
(11)
1,648
1,523
1,484
1,358





Operating Unit Costs ($/Boe)



Lease and Well3.47
3.75
(0.28)
3.60
3.84
4.09
3.91
Gathering, Processing and Transportation Costs5.07
5.00
0.07
4.90
4.41
4.48
4.37
General &Administrative (GAAP)1.74
1.55
0.19
2.00
1.80
1.74
1.87
General & Administrative (Non-GAAP)21.68
1.55
0.13
1.43
1.69
1.74
1.87
Cash Operating Costs (GAAP)10.28
10.30
(0.02)
10.50
10.05
10.31
10.15
Cash Operating Costs (Non-GAAP)210.22
10.30
(0.08)
9.93
9.94
10.31
10.15
Depreciation, Depletion and Amortization9.53
9.75
(0.22)
9.77
10.20
10.32
10.11





Expenses ($MM)



Exploration and Dry Hole54
60
(6)
71
85
75
60
Impairment (GAAP)689




71
39
44
276
Impairment (excluding certain impairments (Non-GAAP))843
70
(27)
71
28
44
23
Capitalized Interest36
36
0
27
11
12
13
Net Interest (GAAP)66
66
0
71
51
47
38
Net Interest (Non-GAAP)966
66
0
71
45
47
38





TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas)



(GAAP)6.3 %
7.0 %
(0.7 %)
6.8 %
7.3 %
7.6 %
6.8 %
(Non-GAAP)6.3 %
7.0 %
(0.7 %)
6.8 %
7.3 %
7.6 %
6.8 %
Income Taxes



Effective Rate22.8 %
22.5 %
0.3 %
19.4 %
23.2 %
22.1 %
23.0 %
Current Tax Expense ($MM)293
270
23
75
301
370
454
 First Quarter and Full-Year 2026 Guidance10


(Unaudited)1Q 2026
Guidance Range
1Q 2026
Midpoint
FY 2026
Guidance Range
FY 2026
Midpoint









Crude Oil and Condensate Volumes (MBod)







United States542.4-547.0
544.7
542.7-547.3
545.0
Trinidad1.6-2.0
1.8
1.3-1.7
1.5
Total544.0-549.0
546.5
544.0-549.0
546.5
Natural Gas Liquids Volumes (MBbld) 320.0-340.0
330.0
325.0-345.0
335.0
         Total











Natural Gas Volumes (MMcfd)











United States2,700-2,800
2,750
2,810-2,910
2,860
Trinidad225-245
235
215-235
225
Total2,925-3,045
2,985
3,025-3,145
3,085
Crude Oil Equivalent Volumes (MBoed)











United States1,312.4-1,353.7
1,333.1
1,336.0-1,377.3
1,356.7
Trinidad39.1-42.8
41.0
37.1-40.9
39.0
Total1,351.5-1,396.5
1,374.0
1,373.1-1,418.2
1,395.7


Crude Oil and Condensate - above (below) WTI6($/Bbl)











United States(1.00)-0.50
(0.25)
(1.00)-1.00
0.00
Trinidad(4.75)-(3.25)
(4.00)
(3.50)-(1.50)
(2.50)
Natural Gas Liquids - Realizations as % of WTI











Total26.0 %-       36.0%
31.0 %
26.0 %-      36.0%
31.0 %
 Natural Gas - above (below) NYMEX Henry Hub7($/Mcf)    











United States(1.65)-(0.95)
(1.30)
(1.60)-0.40
(0.60)
Natural Gas Realizations ($/Mcf)











Trinidad3.15-3.85
3.50
3.00-4.00
3.50













Capital Expenditures 11(Non-GAAP) ($MM)1,575-1,675
1,625
6,300-6,700
6,500













Operating Unit Costs ($/Boe)











Lease and Well3.50-4.00
3.75
3.50-4.00
3.75
Gathering, Processing and Transportation Costs4.95-5.45
5.20
4.95-5.45
5.20
General & Administrative1.40-1.70
1.55
1.40-1.70
1.55
Cash Operating Costs9.85-11.15
10.50
9.85-11.15
10.50
Depreciation, Depletion and Amortization9.10-10.10
9.60
9.35-10.35
9.85
 Expenses ($MM)











Exploration and Dry Hole30-70
50
195-235
215
Impairment (excluding certain impairments830-110
70
190-370
280
Capitalized Interest35-39
37
147-151
149
Net Interest65-69
67
267-271
269













TOTI (% of Wellhead Revenue) (GAAP)6.0 %-8.0 %
7.0 %
5.8 %-7.8 %
6.8 %
TOTI (% of Wellhead Revenue) (Non-GAAP)











Income Taxes











Effective Rate20.0 %-26.0 %
23.0 %
20.0 %-26.0 %
23.0 %
Current Tax Expense ($MM)230-330
280
925-1,325
1,125
Fourth Quarter and Full-Year 2025 Results Webcast
Wednesday, February 25, 2026, 9:00 a.m. Central time (10:00 a.m. Eastern time) Webcast will be available on EOG's website for one year. https://investors.eogresources.com/Investors About EOG 
EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States and Trinidad. To learn more visit https://www.eogresources.com/Investor Contacts
Pearce Hammond  713-571-4684
Neel Panchal  713-571-4884
Shelby O'Connor  713-571-4560Media Contact
Kimberly Ehmer  713-571-4676Endnotes1)Cash flow from operations before changes in working capital and certain acquisition-related costs.2)Cash Operating Costs consist of LOE, GP&T and G&A. Non-GAAP G&A excludes Encino acquisition-related G&A costs of $8 million for 4Q 2025, $68 million for 3Q 2025 and $12 million for 2Q 2025, as reflected in the accompanying reconciliation schedules (see "Revenues, Costs and Margins Per Barrel of Oil Equivalent"). The per-Boe impact of such Encino acquisition–related costs on G&A and total Cash Operating Costs for 4Q 2025 was ($0.06), for 3Q 2025 was ($0.57) and for 2Q 2025 was ($0.11) as set forth in "Fourth Quarter 2025 Results vs Guidance" above.3)Other includes gathering, processing and marketing revenue, gains (losses) on asset dispositions (for GAAP earnings per share only), other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares.4)GAAP and Non-GAAP distinctions apply solely to actual results and do not pertain to EOG's fourth quarter 2025 guidance midpoint disclosures.5)Production volumes from Bahrain operations; realized price represents contract price less Bapco's processing and distribution costs.6)EOG bases United States and Trinidad crude oil and condensate price differentials upon the West Texas Intermediate crude oil price at Cushing, Oklahoma, using the simple average of the NYMEX settlement prices for each trading day within the applicable calendar month.7)EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the NYMEX Last Day Settle price for each of the applicable months.8)In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total impairment costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG's control (versus, for example, impairments that are due to EOG's proved oil and gas properties not being as productive as it originally estimated). Impairments (Non-GAAP) for 4Q 2025 are adjusted from Impairments (GAAP) for 4Q 2025 by excluding $646 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation). Impairments (Non-GAAP) for 4Q 2024 are adjusted from Impairments (GAAP) for 4Q 2024 by excluding $253 million of impairments, primarily associated with the write- down to fair value of natural gas and crude oil assets in the Rocky Mountain area.9)Net interest expense (Non-GAAP) excludes Encino acquisition-related financing commitment costs of $6 million in 2Q 2025.10)The forecast items for the first quarter and full year 2026 set forth above for EOG are based on currently available information and expectations as of the date of this press release. EOG undertakes no obligation, other than as required by applicable law, to update or revise this forecast, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise. This forecast, which should be read in conjunction with this press release and EOG's related Current Report on Form 8-K filing, replaces and supersedes any previously issued guidance or forecast.11)The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses.Cautionary NoticeThis press release and any accompanying disclosures may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG's future financial position, operations, performance, business strategy, goals, returns and rates of return, budgets, reserves, levels of production, capital expenditures, operating costs and asset sales, statements regarding future commodity prices and statements regarding the plans and objectives of EOG's management for future operations, are forward-looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "project," "strategy," "intend," "plan," "target," "aims," "ambition," "initiative," "goal," "may," "will," "focused on," "should" and "believe" or the negative of those terms or other variations or comparable terminology to identify its forward-looking statements. In particular, statements, express or implied, concerning EOG's future financial or operating results and returns or 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 are forward-looking statements. Forward-looking statements are not guarantees of performance. Although EOG believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that such assumptions are accurate or will prove to have been correct or that any of such expectations will be achieved (in full or at all) or will be achieved on the expected or anticipated timelines. Moreover, EOG's forward-looking statements may be affected by known, unknown or currently unforeseen risks, events or circumstances that may be outside EOG's control. Important factors that could cause EOG's actual results to differ materially from the expectations reflected in EOG's forward-looking statements include, among others:the timing, magnitude and duration of changes in prices for, supplies of, and demand for, crude oil and condensate, natural gas liquids (NGLs), natural gas and related commodities;the extent to which EOG is successful in its efforts to acquire or discover additional reserves;the extent to which EOG is successful in its efforts to (i) economically develop its acreage in, (ii) produce reserves and achieve anticipated production levels and rates of return from, (iii) decrease or otherwise control its drilling, completion and operating costs and capital expenditures related to, and (iv) maximize reserve recoveries from, its existing and future crude oil and natural gas exploration and development projects and associated potential and existing drilling locations;the success of EOG's cost-mitigation initiatives and actions in offsetting the impact of any inflationary or other pressures on EOG's operating costs and capital expenditures;the extent to which EOG is successful in its efforts to market its production of crude oil and condensate, NGLs and natural gas;security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, physical breaches of our facilities and other infrastructure or breaches of the information technology systems, facilities and infrastructure of third parties with which we transact business, and enhanced regulatory focus on the prevention of, and disclosure requirements relating to, cyber incidents;the availability, proximity and capacity of, and costs associated with, appropriate gathering, processing, compression, storage, transportation, refining, liquefaction and export facilities and equipment;the availability, cost, terms and timing of issuance or execution of mineral licenses, concessions and leases and governmental and other permits and rights-of-way, and EOG's ability to retain mineral licenses, concessions and leases;the impact of, and changes in, government policies, laws and regulations, including climate change-related regulations, policies and initiatives (for example, with respect to air emissions); tax laws and regulations (including, but not limited to, carbon tax or other emissions-related legislation); environmental, health and safety laws and regulations relating to disposal of produced water, drilling fluids and other wastes, hydraulic fracturing and access to and use of water; laws and regulations affecting the leasing of acreage and permitting for oil and gas drilling and the calculation of royalty payments in respect of oil and gas production; laws and regulations imposing additional permitting and disclosure requirements, additional operating restrictions and conditions or restrictions on drilling and completion operations and on the transportation of crude oil, NGLs and natural gas; laws and regulations with respect to financial commodity and other derivative instruments and hedging activities; and laws and regulations with respect to the import and export of crude oil, natural gas and related commodities;the impact of climate change-related legislation, policies and initiatives; climate change-related political, social and shareholder activism; and physical, transition and reputational risks and other potential developments related to climate change;the extent to which EOG is able to successfully and economically develop, implement and carry out its emissions and other environmental or safety-related initiatives and achieve its related targets, goals, ambitions and initiatives;EOG's ability to effectively integrate acquired crude oil and natural gas properties into its operations, identify and resolve existing and potential issues with respect to such properties and accurately estimate reserves, production, drilling, completion and operating costs and capital expenditures with respect to such properties;the extent to which EOG's third-party-operated crude oil and natural gas properties are operated successfully, economically and in compliance with applicable laws and regulations;competition in the oil and gas exploration and production industry for the acquisition of licenses, concessions, leases and properties;the availability and cost of, EOG's ability to retain, and competition in the oil and gas exploration and production industry for, employees, labor and other personnel, facilities, equipment, materials (such as water, sand, fuel and tubulars) and services;the accuracy of reserve estimates, which by their nature involve the exercise of professional judgment and may therefore be imprecise;weather and natural disasters, including its impact on crude oil and natural gas demand, and related delays in drilling and in the installation and operation (by EOG or third parties) of production, gathering, processing, refining, liquefaction, compression, storage, transportation, and export facilities;the ability of EOG's customers and other contractual counterparties to satisfy their obligations to EOG and, related thereto, to access the credit and capital markets to obtain financing needed to satisfy their obligations to EOG;EOG's ability to access the commercial paper market and other credit and capital markets to obtain financing on terms it deems acceptable, if at all, and to otherwise satisfy its capital expenditure requirements;the extent to which EOG is successful in its completion of planned asset dispositions;the extent and effect of any hedging activities engaged in by EOG;the timing and extent of changes in foreign currency exchange rates, interest rates, inflation rates, global and domestic financial market conditions and global and domestic general economic conditions;geopolitical factors and political conditions and developments around the world (such as the imposition of tariffs or trade or other economic sanctions, political instability and armed conflicts), including in the areas in which EOG operates;the extent to which EOG incurs uninsured losses and liabilities or losses and liabilities in excess of its insurance coverage; andthe other factors described under ITEM 1A, Risk Factors of EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and any updates to those factors set forth in EOG's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.In light of these risks, uncertainties and assumptions, the events anticipated by EOG's forward-looking statements may not occur and, if any of such events do, we may not have anticipated the timing of their occurrence or the duration or extent of their impact on our actual results. Accordingly, you should not place any undue reliance on any of EOG's forward-looking statements. EOG's forward-looking statements speak only as of the date made, and EOG undertakes no obligation, other than as required by applicable law, to update or revise its forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.Historical Non-GAAP Financial Measures:
Reconciliation schedules and definitions for the historical non-GAAP financial measures included or referenced herein as well as related discussion can be found on the EOG website at www.eogresources.com.Cautionary Notice Regarding Forward-Looking Non-GAAP Financial Measures:
In addition, this press release and any accompanying disclosures may include or reference certain forward-looking, non-GAAP financial measures, such as free cash flow, cash flow provided by operating activities before changes in working capital and return on capital employed, and certain related estimates regarding future performance, commodity prices and operating and financial results. Because we provide these measures on a forward-looking basis, we cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future changes in working capital and future impairments. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking, non-GAAP financial measures to the respective most directly comparable forward-looking GAAP financial measures without unreasonable efforts. The unavailable information could have a significant impact on our ultimate results. However, management believes these forward-looking, Non-GAAP measures may be a useful tool for the investment community in comparing EOG's forecasted financial performance to the forecasted financial performance of other companies in the industry. Any such forward-looking measures and estimates are intended to be illustrative only and are not intended to reflect the results that EOG will necessarily achieve for the period(s) presented; EOG's actual results may differ materially from such measures and estimates.Oil and Gas Reserves:
The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose not only "proved" reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also "probable" reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as "possible" reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). Statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve or resource estimates provided in this press release or any accompanying disclosures that are not specifically designated as being estimates of proved reserves may include "potential" reserves, "resource potential" and/or other estimated reserves or estimated resources not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (and any updates to such disclosure set forth in EOG's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K), available from EOG at P.O. Box 4362, Houston, Texas 77210-4362 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.Income Statements




In millions of USD, except share data (in millions) and per share data (Unaudited)



2024
2025

1st Qtr2nd Qtr3rd Qtr4th QtrYear
1st Qtr2nd Qtr3rd Qtr4th QtrYear
Operating Revenues and Other











Crude Oil and Condensate3,4803,6923,4883,26113,921
3,2932,9743,2432,99112,501
Natural Gas Liquids5135155245542,106
5725346046662,376
Natural Gas3823033724941,551
6376007078472,791
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net237(47)79(65)204
(191)107116(19)13
Gathering, Processing and Marketing1,4591,5191,4811,3415,800
1,3401,2471,1781,1494,914
Gains (Losses) on Asset Dispositions, Net2620(7)(23)16
(1)—(18)(16)(35)
Other, Net26232823100
1916172072
Total6,1236,0255,9655,58523,698
5,6695,4785,8475,63822,632













Operating Expenses











Lease and Well3963903923941,572
4013964314471,675
Gathering, Processing and Transportation Costs 4134234454411,722
4404555876522,134
Exploration Costs45344352174
41747150236
Dry Hole Costs15—814
3411—449
Impairments198115276391
443971689843
Marketing Costs1,4041,4901,5001,3235,717
1,3251,2161,1341,1204,795
Depreciation, Depletion and Amortization1,0749841,0311,0194,108
1,0131,0531,1691,2264,461
General and Administrative162151167189669
171186239224820
Taxes Other Than Income3383372832911,249
3413013092831,234
Total3,8523,8953,8763,99315,616
3,8103,7314,0114,69516,247













Operating Income 2,2712,1302,0891,5928,082
1,8591,7471,8369436,385
Other Income, Net62667670274
65555933212
Income Before Interest Expense and Income Taxes2,3332,1962,1651,6628,356
1,9241,8021,8959766,597
Interest Expense, Net33363138138
47517166235
Income Before Income Taxes2,3002,1602,1341,6248,218
1,8771,7511,8249106,362
Income Tax Provision5114704613731,815
4144063532091,382
Net Income1,7891,6901,6731,2516,403
1,4631,3451,4717014,980













Dividends Declared per Common Share0.91000.91000.91000.97503.7050
0.97501.9950—1.02003.9900
Net Income Per Share











Basic3.112.972.972.2511.31
2.662.482.721.319.17
Diluted3.102.952.952.2311.25
2.652.462.701.309.12
Average Number of Common Shares











Basic575569564557566
550543541537543
Diluted577572568561569
553546544539546
 Volumes and Prices
(Unaudited)



2024
2025

1st Qtr2nd Qtr3rd Qtr4th QtrYear
1st Qtr2nd Qtr3rd Qtr4th QtrYear
Crude Oil and Condensate Volumes (MBbld) (A)











United States486.8490.1491.8493.5490.6
500.9503.1532.9544.5520.5
Trinidad0.60.61.21.10.8
1.21.11.61.51.4
Other International (C)—————
———0.1—
Total487.4490.7493.0494.6491.4
502.1504.2534.5546.1521.9













Average Crude Oil and Condensate Prices($/Bbl) (B)











United States$   78.46$   82.71$   76.95$   71.68$   77.42
$   72.90$   64.84$   65.97$   59.54$   65.65
Trinidad67.5070.7563.1560.4764.43
61.1254.5057.7457.0757.59
Other International (C)—————
———63.98—
Composite78.4582.6976.9271.6677.40
72.8764.8265.9559.5465.63













Natural Gas Liquids Volumes (MBbld) (A)











United States231.7244.8254.3252.5245.9
241.7258.4309.3342.1288.2
Total231.7244.8254.3252.5245.9
241.7258.4309.3342.1288.2













Average Natural Gas Liquids Prices ($/Bbl) (B)           











United States$   24.32$   23.11$   22.42$   23.85$   23.40
$   26.29$   22.70$   21.25$   21.15$   22.58
Composite24.3223.1122.4223.8523.40
26.2922.7021.2521.1522.58













Natural Gas Volumes (MMcfd) (A)











United States1,6581,6681,7451,8401,728
1,8341,9772,5112,8592,299
Trinidad200204225252220
246252230195230
Other International (C)—————
——4114
Total1,8581,8721,9702,0921,948
2,0802,2292,7453,0652,533













Average Natural Gas Prices ($/Mcf) (B)











United States$     2.10$     1.57$     1.84$     2.39$     1.99
$     3.36$     2.87$     2.71$     2.94$     2.94
Trinidad3.543.483.683.863.65
3.783.653.803.943.78
Other International (C)—————
——3.273.293.28
Composite2.261.782.052.572.17
3.412.962.803.003.02













Crude Oil Equivalent Volumes (MBoed) (D)











United States994.71,013.01,037.11,052.71,024.5
1,048.31,090.91,260.71,363.01,191.8
Trinidad34.134.538.643.037.6
42.143.239.834.239.8
Other International (C)—————
——0.71.80.6
Total1,028.81,047.51,075.71,095.71,062.1
1,090.41,134.11,301.21,399.01,232.2













Total MMBoe (D)93.695.399.0100.8388.7
98.1103.2119.7128.7449.8















(A)Thousand barrels per day or million cubic feet per day, as applicable.(B)Dollars per barrel or per thousand cubic feet, as applicable.  Excludes the impact of financial commodity and other derivative instruments (see Note 12 to the Consolidated Financial Statements in EOG's Annual Report on Form 10-K for the year ended December 31, 2025).(C)Production volumes from Bahrain operations; realized price represents contract price less Bapco's processing and distribution costs. (D)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. Balance Sheets
In millions of USD (Unaudited)

2024
2025

MARJUNSEPDEC
MARJUNSEPDEC
Current Assets









Cash and Cash Equivalents5,2925,4316,1227,092
6,5995,2163,5303,396
Accounts Receivable, Net2,6882,6572,5452,650
2,6212,5042,6802,681
Inventories1,1541,0691,038985
8979349451,014
Assets from Price Risk Management Activities1104——
——1918
Other (A)684642460503
563591646547
Total9,9289,80310,16511,230
10,6809,2457,8207,656











Property, Plant and Equipment









Oil and Gas Properties (Successful Efforts Method)73,35674,61575,88777,091
78,43280,13988,30189,857
Other Property, Plant and Equipment5,7686,0786,3146,418
6,5106,6166,7726,832
Total Property, Plant and Equipment79,12480,69382,20183,509
84,94286,75595,07396,689
Less:  Accumulated Depreciation, Depletion and Amortization(46,047)(47,049)(48,075)(49,297)
(50,310)(51,394)(52,488)(54,348)
Total Property, Plant and Equipment, Net33,07733,64434,12634,212
34,63235,36142,58542,341
Deferred Income Taxes38444239
44393739
Other Assets1,7531,7331,8181,705
1,6261,6391,7571,763
Total Assets44,79645,22446,15147,186
46,98246,28452,19951,799











Current Liabilities









Accounts Payable2,3892,4362,2902,464
2,3532,2662,9442,904
Accrued Taxes Payable7866008551,007
668348392299
Dividends Payable523516513539
5341,081550544
Liabilities from Price Risk Management Activities—832116
2768517—
Current Portion of Long-Term Debt3453434532
1,2807782727
Current Portion of Operating Lease Liabilities318303338315
318360433472
Other223231344381
290257452445
Total4,2734,6284,4065,354
5,7195,1754,8154,691











Long-Term Debt3,7573,2503,7424,220
3,4643,4587,6677,909
Other Liabilities2,5332,4562,4802,395
2,3682,3982,4962,512
Deferred Income Taxes5,5975,7315,9495,866
5,9156,0156,9366,854
Commitments and Contingencies




















Stockholders' Equity









Common Stock, $0.01 Par206206206206
206206206206
Additional Paid in Capital6,1886,2196,0586,090
6,0956,1535,9786,027
Accumulated Other Comprehensive Loss(8)(8)(9)(4)
(4)(7)(5)(7)
Retained Earnings23,89725,07126,23126,941
27,86928,13129,60329,765
Common Stock Held in Treasury(1,647)(2,329)(2,912)(3,882)
(4,650)(5,245)(5,497)(6,158)
Total Stockholders' Equity28,63629,15929,57429,351
29,51629,23830,28529,833
Total Liabilities and Stockholders' Equity44,79645,22446,15147,186
46,98246,28452,19951,799


(A)Effective October 1, 2024, EOG combined Income Taxes Receivable into the Other line item.  This presentation has been conformed for all periods presented and had no impact on previously reported Total Assets. Cash Flow Statements
In millions of USD (Unaudited)












2024
2025

1st Qtr2nd Qtr3rd Qtr4th QtrYear
1st Qtr2nd Qtr3rd Qtr4th QtrYear
Cash Flows from Operating Activities











Reconciliation of Net Income to Net Cash Provided by Operating Activities:











Net Income 1,7891,6901,6731,2516,403
1,4631,3451,4717014,980
Items Not Requiring (Providing) Cash











Depreciation, Depletion and Amortization1,0749841,0311,0194,108
1,0131,0531,1691,2264,461
Impairments198115276391
443971689843
Stock-Based Compensation Expenses45455851199
50535360216
Deferred Income Taxes199128220(80)467
44105278(84)343
(Gains) Losses on Asset Dispositions, Net(26)(20)723(16)
1—181635
Other, Net932317
11112327
Dry Hole Costs15—814
3411—449
Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net(237)47(79)65(204)
191(107)(116)19(13)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts55796119214
(38)(24)27(21)(56)
Other, Net—————
———(1)(1)
Changes in Components of Working Capital and Other Assets and Liabilities











Accounts Receivable5833109(99)101
48122133(3)300
Inventories117753037259
76(45)4(84)(49)
Accounts Payable(58)29(159)152(36)
(129)(107)5(40)(271)
Accrued Taxes Payable319(185)256151541
(339)(321)28(103)(735)
Other Assets(161)42197(34)44
(43)(43)(28)97(17)
Other Liabilities(71)(20)108623
(96)(52)1551017
Changes in Components of Working Capital Associated with Investing Activities(229)(127)59(85)(382)
(41)(8)(159)123(85)
Net Cash Provided by Operating Activities2,9032,8893,5882,76312,143
2,2892,0323,1112,61210,044
Investing Cash Flows











Acquisition of Encino Acquisition Partners, LLC, Net of Cash Acquired—————
——(4,464)13(4,451)
Additions to Oil and Gas Properties(1,485)(1,357)(1,263)(1,248)(5,353)
(1,381)(1,699)(1,492)(1,543)(6,115)
Additions to Other Property, Plant and Equipment(350)(313)(239)(117)(1,019)
(102)(94)(171)(112)(479)
Proceeds from Sales of Assets910—423
1245324
Changes in Components of Working Capital Associated with Investing Activities229127(59)85382
418159(123)85
Net Cash Used in Investing Activities(1,597)(1,533)(1,561)(1,276)(5,967)
(1,430)(1,781)(5,963)(1,762)(10,936)
Financing Cash Flows











Long-Term Debt Borrowings———985985
——3,4729994,471
Long-Term Debt Repayments—————
—(500)(1,266)(750)(2,516)
Dividends Paid(525)(520)(533)(509)(2,087)
(538)(528)(545)(550)(2,161)
Treasury Stock Purchased(759)(699)(795)(993)(3,246)
(806)(602)(479)(677)(2,564)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan—11—1122
—11—1223
Debt Issuance and Other Financing Costs———(2)(2)
—(7)(7)(11)(25)
Repayment of Finance Lease Liabilities(8)(9)(8)(8)(33)
(8)(9)(8)(7)(32)
Net Cash Used in Financing Activities(1,292)(1,217)(1,336)(516)(4,361)
(1,352)(1,635)1,167(984)(2,804)
Effect of Exchange Rate Changes on Cash—––(1)(1)
—1(1)–—
Increase (Decrease) in Cash and Cash Equivalents141396919701,814
(493)(1,383)(1,686)(134)(3,696)
Cash and Cash Equivalents at Beginning of Period5,2785,2925,4316,1225,278
7,0926,5995,2163,5307,092
Cash and Cash Equivalents at End of Period5,2925,4316,1227,0927,092
6,5995,2163,5303,3963,396
   Non-GAAP Financial Measures
To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), EOG's quarterly earnings releases and related conference calls, accompanying investor presentation slides and presentation slides for investor conferences contain certain financial measures that are not prepared or presented in accordance with GAAP.  These non-GAAP financial measures may include, but are not limited to, Adjusted Net Income (Loss), Adjusted Cash Flow from Operations, Free Cash Flow, Net Debt and related statistics.
A reconciliation of each of these measures to their most directly comparable GAAP financial measure and related discussion is included in the tables on the following pages and can also be found in the "Reconciliations & Guidance" section of the "Investors" page of the EOG website at www.eogresources.com.
As further discussed in the tables on the following pages, EOG believes these measures may be useful to investors who follow the practice of some industry analysts who make certain adjustments to GAAP measures (for example, to exclude non-recurring items) to facilitate comparisons to others in EOG's industry, and who utilize non-GAAP measures in their calculations of certain statistics (for example, return on capital employed and return on equity) used to evaluate EOG's performance.
EOG believes that the non-GAAP measures presented, when viewed in combination with its financial results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the company's performance. As is discussed in the tables on the following pages, EOG uses these non-GAAP measures for purposes of (i) comparing EOG's financial performance with the financial performance of other companies in the industry and (ii) analyzing EOG's financial performance across periods.
The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG's reported Net Income (Loss), Long-Term Debt (including Current Portion of Long-Term Debt), Net Cash Provided by Operating Activities and other financial results calculated in accordance with GAAP. The non-GAAP measures presented should be read in conjunction with EOG's consolidated financial statements prepared in accordance with GAAP.
In addition, because not all companies use identical calculations, EOG's presentation of non-GAAP measures may not be comparable to, and may be calculated differently from, similarly titled measures disclosed by other companies, including its peer companies. EOG may also change the calculation of one or more of its non-GAAP measures from time to time – for example, to account for changes in its business and operations or to more closely conform to peer company or industry analysts' practices. 
Direct ATROR
The calculation of EOG's direct after-tax rate of return (ATROR) is based on EOG's net estimated recoverable reserves for a particular well(s) or play, the estimated net present value of the future net cash flows from such reserves (for which EOG utilizes certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring such well(s). As such, EOG's direct ATROR for a particular well(s) or play cannot be calculated from EOG's consolidated financial statements. Adjusted Net Income
In millions of USD, except share data (in millions) and per share data (Unaudited)
















The following tables adjust reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of financial commodity derivative contracts by eliminating the net unrealized mark-to-market (gains) losses from these and other derivative transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets)), to add back costs associated with the Encino acquisition and to make certain other adjustments to exclude non-recurring and certain other items as further described below.  EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items.  EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.










4Q 2025

Before
Tax
Income Tax
Impact
After
Tax
Diluted
Earnings
per Share









Reported Net Income (GAAP)910
(209)
701
1.30
Adjustments:







Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net19
(4)
15
0.03
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)(21)
4
(17)
(0.03)
Add: Losses on Asset Dispositions, Net16
(4)
12
0.02
Add: Certain Impairments (2)646
(140)
506
0.94
Add: Acquisition-related costs (3)8
(3)
5
0.01
Adjustments to Net Income668
(147)
521
0.97









Adjusted Net Income (Non-GAAP)1,578
(356)
1,222
2.27









Average Number of Common Shares







Basic





537
Diluted





539


(1)Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period.  For the three months ended December 31, 2025, such amount was $21 million.(2)Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation).(3)Consists of Encino acquisition-related G&A costs ($8 million). Adjusted Net Income(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)

















3Q 2025

Before
Tax
Income Tax
Impact
After
Tax
Diluted
Earnings
per Share









Reported Net Income (GAAP)1,824
(353)
1,471
2.70
Adjustments:







Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net(116)
25
(91)
(0.16)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)27
(5)
22
0.04
Add: Losses on Asset Dispositions, Net18
(6)
12
0.02
Add: Acquisition-related costs (2)68
(10)
58
0.11
Adjustments to Net Income(3)
4
1
0.01









Adjusted Net Income (Non-GAAP)1,821
(349)
1,472
2.71









Average Number of Common Shares







Basic





541
Diluted





544


(1)Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period.  For the three months ended September 30, 2025, such amount was $27 million.(2)Consists of Encino acquisition-related G&A costs ($68 million). 
2Q 2025

Before
Tax
Income Tax
Impact
After
Tax
Diluted
Earnings
per Share









Reported Net Income (GAAP)1,751
(406)
1,345
2.46
Adjustments:







Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net(107)
23
(84)
(0.16)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)(24)
5
(19)
(0.03)
Add: Certain Impairments11
—
11
0.02
Add: Acquisition-related costs (2)18
(3)
15
0.03
Adjustments to Net Income(102)
25
(77)
(0.14)









Adjusted Net Income (Non-GAAP)1,649
(381)
1,268
2.32









Average Number of Common Shares







Basic





543
Diluted





546


(1)Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period.  For the three months ended June 30, 2025, such amount was $24 million.(2)Consists of Encino acquisition-related G&A costs ($12 million) and financing commitment costs ($6 million). Adjusted Net Income(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)

















1Q 2025

Before
Tax
Income Tax
Impact
After
Tax
Diluted
Earnings
per Share









Reported Net Income (GAAP)1,877
(414)
1,463
2.65
Adjustments:







Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net191
(41)
150
0.26
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)(38)
8
(30)
(0.05)
Add: Losses on Asset Dispositions, Net1
2
3
0.01
Adjustments to Net Income154
(31)
123
0.22









Adjusted Net Income (Non-GAAP)2,031
(445)
1,586
2.87









Average Number of Common Shares







Basic





550
Diluted





553


(1)Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period.  For the three months ended March 31, 2025, such amount was $38 million. 
4Q 2024

Before
Tax
Income Tax
Impact
After
Tax
Diluted
Earnings
per Share









Reported Net Income (GAAP)1,624
(373)
1,251
2.23
Adjustments:







Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net65
(14)
51
0.10
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)19
(4)
15
0.03
Add: Losses on Asset Dispositions, Net23
(4)
19
0.03
Add: Certain Impairments (2)254
(55)
199
0.35
Adjustments to Net Income361
(77)
284
0.51









Adjusted Net Income (Non-GAAP)1,985
(450)
1,535
2.74









Average Number of Common Shares







Basic





557
Diluted





561


(1)Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period.  For the three months ended December 31, 2024, such amount was $19 million.(2)Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Rocky Mountain area. Adjusted Net Income(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)








FY 2025

Before
Tax
Income Tax
Impact
After
Tax
Diluted
Earnings
per Share









Reported Net Income (GAAP)6,362
(1,382)
4,980
9.12
Adjustments:







Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net(13)
3
(10)
(0.02)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)(56)
12
(44)
(0.08)
Add: Losses on Asset Dispositions, Net35
(8)
27
0.05
Add: Certain Impairments (2)657
(140)
517
0.95
Add: Acquisition-related costs (3)94
(16)
78
0.14
Adjustments to Net Income717
(149)
568
1.04









Adjusted Net Income (Non-GAAP)7,079
(1,531)
5,548
10.16









Average Number of Common Shares







Basic





543
Diluted





546


(1)Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period.  For the twelve months ended December 31, 2025, such amount was $56 million.(2)Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation).(3)Consists of Encino acquisition-related G&A costs ($88 million) and financing commitment costs ($6 million). 
FY 2024

Before
Tax
Income Tax
Impact
After
Tax
Diluted
Earnings
per Share









Reported Net Income (GAAP)8,218
(1,815)
6,403
11.25
Adjustments:







Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net(204)
44
(160)
(0.28)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)      214
(46)
168
0.30
Less: Gains on Asset Dispositions, Net(16)
3
(13)
(0.02)
Add: Certain Impairments (2)291
(57)
234
0.41
Less: Severance Tax Refund(31)
7
(24)
(0.04)
Add: Severance Tax Consulting Fees10
(2)
8
0.01
Less: Interest on Severance Tax Refund(5)
1
(4)
(0.01)
Adjustments to Net Income259
(50)
209
0.37









Adjusted Net Income (Non-GAAP)8,477
(1,865)
6,612
11.62









Average Number of Common Shares







Basic





566
Diluted





569
(1)Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period.  For the twelve months ended December 31, 2024, such amount was $214 million.(2)Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Rocky Mountain area. Net Income Per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)





3Q 2025 Net Income per Share (GAAP) - Diluted

2.70





Realized Prices



4Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe34.99


Less:  3Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe      (38.05)


Subtotal(3.06)


Multiplied by: 4Q 2025 Crude Oil Equivalent Volumes (MMBoe)128.7


Total Change in Revenue(394)


Add: Income Tax Benefit (Provision) Imputed (based on 22%)87


Change in Net Income(307)


Change in Diluted Earnings per Share

(0.57)





Volumes



4Q 2025 Crude Oil Equivalent Volumes (MMBoe)128.7


Less:  3Q 2025 Crude Oil Equivalent Volumes (MMBoe)(119.7)


Subtotal9.0


Multiplied by:  4Q 2025 Composite Average Margin per Boe (GAAP) (Including Total
Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)6.70


Change in Margin60


Less:  Income Tax Benefit (Provision) Imputed (based on 22%)(13)


Change in Net Income47


Change in Diluted Earnings per Share

0.09





Certain Operating Costs per Boe



3Q 2025 Total Cash Operating Costs (GAAP) and Total DD&A per Boe 20.27


Less:  4Q 2025 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (19.81)


Subtotal0.46


Multiplied by:  4Q 2025 Crude Oil Equivalent Volumes (MMBoe)128.7


Change in Before-Tax Net Income59


Add:  Income Tax Benefit (Provision) Imputed (based on 22%)(13)


Change in Net Income46


Change in Diluted Earnings per Share

0.09
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net


4Q 2025 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts(19)


Less:  Income Tax Benefit (Provision)4


After Tax - (a)(15)


Less: 3Q 2025 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts116


Less:  Income Tax Benefit (Provision)(25)


After Tax - (b)91


Change in Net Income - (a) - (b)(106)


Change in Diluted Earnings per Share

(0.20)





Other (1)

(0.81)





4Q 2025 Net Income per Share (GAAP) - Diluted

1.30





4Q 2025 Average Number of Common Shares - Diluted539







(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions (for GAAP earnings per share only), other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares. Net Income Per Share(Continued)
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)





FY 2024 Net Income per Share (GAAP) - Diluted

11.25





Realized Prices



FY 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe39.28


Less:  FY 2024 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe      (45.22)


Subtotal(5.94)


Multiplied by: FY 2025 Crude Oil Equivalent Volumes (MMBoe)449.8


Total Change in Revenue(2,672)


Add: Income Tax Benefit (Provision) Imputed (based on 22%)588


Change in Net Income(2,084)


Change in Diluted Earnings per Share

(3.82)





Volumes



FY 2025 Crude Oil Equivalent Volumes (MMBoe)449.8


Less:  FY 2024 Crude Oil Equivalent Volumes (MMBoe)(388.7)


Subtotal61.1


Multiplied by:  FY 2025 Composite Average Margin per Boe (GAAP) (Including Total
Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)13.31


Change in Margin813


Less:  Income Tax Benefit (Provision) Imputed (based on 22%)(179)


Change in Net Income634


Change in Diluted Earnings per Share

1.16





Certain Operating Costs per Boe



FY 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe 20.76


Less:  FY 2025 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (20.20)


Subtotal0.56


Multiplied by:  FY 2025 Crude Oil Equivalent Volumes (MMBoe)449.8


Change in Before-Tax Net Income252


Add:  Income Tax Benefit (Provision) Imputed (based on 22%)(55)


Change in Net Income197


Change in Diluted Earnings per Share

0.36





Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net


FY 2025 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts13


Less:  Income Tax Benefit (Provision)(3)


After Tax - (a)10


Less:  FY 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts204


Less:  Income Tax Benefit (Provision)(44)


After Tax - (b)160


Change in Net Income - (a) - (b)(150)


Change in Diluted Earnings per Share

(0.27)





Other (1)

0.44





FY 2025 Net Income per Share (GAAP) - Diluted

9.12





FY 2025 Average Number of Common Shares - Diluted546







(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions (for GAAP earnings per share only), other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares. Adjusted Net Income Per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)





3Q 2025 Adjusted Net Income per Share (Non-GAAP) - Diluted

2.71





Realized Prices



4Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe34.99


Less:  3Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe(38.05)


Subtotal(3.06)


Multiplied by: 4Q 2025 Crude Oil Equivalent Volumes (MMBoe)128.7


Total Change in Revenue(394)


Add: Income Tax Benefit (Provision) Imputed (based on 22%)87


Change in Net Income(307)


Change in Diluted Earnings per Share

(0.57)





Volumes



4Q 2025 Crude Oil Equivalent Volumes (MMBoe)128.7


Less:  3Q 2025 Crude Oil Equivalent Volumes (MMBoe)(119.7)


Subtotal9.0


Multiplied by:  4Q 2025 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)11.78


Change in Margin106


Less:  Income Tax Benefit (Provision) Imputed (based on 22%)(23)


Change in Net Income83


Change in Diluted Earnings per Share

0.15





Certain Operating Costs per Boe



3Q 2025 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe 19.70


Less:  4Q 2025 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe(19.75)


Subtotal(0.05)


Multiplied by:  4Q 2025 Crude Oil Equivalent Volumes (MMBoe)128.7


Change in Before-Tax Net Income(6)


Add:  Income Tax Benefit (Provision) Imputed (based on 22%)1


Change in Net Income(5)


Change in Diluted Earnings per Share

(0.01)





Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts


4Q 2025 Net Cash Received from (Payments for)  Settlements of Financial Commodity Derivative Contracts(21)


Less:  Income Tax Benefit (Provision)4


After Tax - (a)(17)


Less: 3Q 2025 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts27


Less:  Income Tax Benefit (Provision)(5)


After Tax - (b)22


Change in Net Income - (a) - (b)(39)


Change in Diluted Earnings per Share

(0.07)





Other (1)

0.06





4Q 2025 Adjusted Net Income per Share (Non-GAAP)

2.27





4Q 2025 Average Number of Common Shares - Diluted539







(1)Includes gathering, processing and marketing revenue, other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares. Adjusted Net Income Per Share(Continued)
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)





FY 2024 Adjusted Net Income per Share (Non-GAAP) - Diluted

11.62





Realized Prices



FY 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe39.28


Less:  FY 2024 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe(45.22)


Subtotal(5.94)


Multiplied by: FY 2025 Crude Oil Equivalent Volumes (MMBoe)449.8


Total Change in Revenue(2,672)


Add: Income Tax Benefit (Provision) Imputed (based on 22%)588


Change in Net Income(2,084)


Change in Diluted Earnings per Share

(3.82)





Volumes



FY 2025 Crude Oil Equivalent Volumes (MMBoe)449.8


Less:  FY 2024 Crude Oil Equivalent Volumes (MMBoe)(388.7)


Subtotal61.1


Multiplied by:  FY 2025 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)14.97


Change in Margin915


Less:  Income Tax Benefit (Provision) Imputed (based on 22%)(201)


Change in Net Income714


Change in Diluted Earnings per Share

1.31





Certain Operating Costs per Boe



FY 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe 20.74


Less:  FY 2025 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe (20.01)


Subtotal0.73


Multiplied by: FY 2025 Crude Oil Equivalent Volumes (MMBoe)449.8


Change in Before-Tax Net Income328


Add:  Income Tax Benefit (Provision) Imputed (based on 22%)(72)


Change in Net Income256


Change in Diluted Earnings per Share

0.47





Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts


FY 2025 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts(56)


Less:  Income Tax Benefit (Provision)12


After Tax - (a)(44)


FY 2024 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts214


Less:  Income Tax Benefit (Provision)(46)


After Tax - (b)168


Change in Net Income - (a) - (b)(212)


Change in Diluted Earnings per Share

(0.39)





Other (1)

0.97





FY 2025 Adjusted Net Income per Share (Non-GAAP)

10.16





FY 2025 Average Number of Common Shares - Diluted546







(1)Includes gathering, processing and marketing revenue, other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares.   Cash Flow from Operations and Free Cash Flow
In millions of USD  (Unaudited)





















The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Adjusted Cash Flow from Operations (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing Activities (or Investing and Financing Activities, as applicable) and certain other adjustments to exclude certain non-recurring items and other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Adjusted Cash Flow from Operations (Non-GAAP) (see below reconciliation) for such period less the Total Capital Expenditures (Non-GAAP) (see below reconciliation) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry. As indicated in the tables below, EOG is (1) in addition to its customary working capital-related adjustments, adjusting Net Cash Provided by Operating Activities (GAAP) to add back certain non-recurring acquisition-related costs incurred during the second, third and fourth quarters of 2025 and (2) now presenting such adjusted measure as "Adjusted Cash Flow from Operations (Non-GAAP)" (instead of "Cash Flow from Operations Before Changes in Working Capital (Non-GAAP)" as reported in prior periods); the presentation below with respect to the second, third and fourth quarters of 2025 and the prior periods shown has been conformed.



2024
2025

1st Qtr2nd Qtr3rd Qtr4th QtrYear
1st Qtr2nd Qtr3rd Qtr4th QtrYear













Net Cash Provided by Operating Activities (GAAP)2,9032,8893,5882,76312,143
2,2892,0323,1112,61210,044













Adjustments:











Changes in Components of Working Capital and Other Assets and Liabilities











Accounts Receivable(58)(33)(109)99(101)
(48)(122)(133)3(300)
Inventories(117)(75)(30)(37)(259)
(76)45(4)8449
Accounts Payable58(29)159(152)36
129107(5)40271
Accrued Taxes Payable(319)185(256)(151)(541)
339321(28)103735
Other Assets161(42)(197)34(44)
434328(97)17
Other Liabilities7120(108)(6)(23)
9652(155)(10)(17)
Changes in Components of Working Capital Associated with Investing Activities229127(59)85382
418159(123)85
Add:











Acquisition-Related Costs (1), Net of Tax—————
—1058573
Adjusted Cash Flow from Operations (Non-GAAP) 2,9283,0422,9882,63511,593
2,8132,4963,0312,61710,957
Less:











Total Capital Expenditures (Non-GAAP) (2)(1,703)(1,668)(1,497)(1,358)(6,226)
(1,484)(1,523)(1,648)(1,639)(6,294)
Free Cash Flow (Non-GAAP) 1,2251,3741,4911,2775,367
1,3299731,3839784,663













(1) Consists of Encino acquisition-related G&A costs of $12 million, $68 million and $8 million (each before tax) for the three months ended June 30, 2025, three months ended September 30, 2025 and three months ended December 31, 2025, respectively.
(2) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):














2024
2025

1st Qtr2nd Qtr3rd Qtr4th QtrYear
1st Qtr2nd Qtr3rd Qtr4th QtrYear













Total Expenditures (GAAP)1,9521,6821,5731,4466,653
1,5461,8838,5441,73013,703
Less:











Asset Retirement Costs(21)60(11)(26)2
(13)(14)(86)(33)(146)
Non-Cash Leasehold Acquisition Costs (3)(31)(34)(17)(3)(85)
(9)(2)(3)(10)(24)
Acquisition Costs of Properties (3)(21)(5)—(7)(33)
1(270)(6,736)2(7,003)
Acquisition Costs of Other Property, Plant and Equipment(131)(1)(5)—(137)
—————
Exploration Costs(45)(34)(43)(52)(174)
(41)(74)(71)(50)(236)
Total Capital Expenditures (Non-GAAP)1,7031,6681,4971,3586,226
1,4841,5231,6481,6396,294
 Cash Flow from Operations and Free Cash Flow(Continued)  
In millions of USD (Unaudited)



















FY 2023
FY 2022
FY 2021









Net Cash Provided by Operating Activities (GAAP)

11,340
11,093
8,791









Adjustments:







Changes in Components of Working Capital and Other Assets and Liabilities     







Accounts Receivable

38
347
821
Inventories

231
534
13
Accounts Payable

119
(90)
(456)
Accrued Taxes Payable

(61)
113
(312)
Other Assets

(39)
364
136
Other Liabilities

(184)
266
116
Changes in Components of Working Capital Associated with Investing Activities
(295)
(375)
200
Adjusted Cash Flow from Operations (Non-GAAP)
11,149
12,252
9,309
Less:







Total Capital Expenditures (Non-GAAP) (a)

(6,041)
(4,607)
(3,755)
Free Cash Flow (Non-GAAP)

5,108
7,645
5,554









(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):









Total Expenditures (GAAP)

6,818
5,610
4,255
Less:







Asset Retirement Costs

(257)
(298)
(127)
Non-Cash Development Drilling

(90)
—
—
Non-Cash Leasehold Acquisition Costs (3)

(99)
(127)
(45)
Non-Cash Finance Leases

—
—
(74)
Acquisition Costs of Properties (3)

(16)
(419)
(100)
Acquisition Costs of Other Property, Plant and Equipment

(134)
—
—
Exploration Costs

(181)
(159)
(154)
Total Capital Expenditures (Non-GAAP)

6,041
4,607
3,755


(3)Line item descriptions revised (from descriptions shown in EOG's previously published tables) to more accurately describe the costs reflected therein; previously reported cost amounts not impacted by such changes in presentation. Net Debt-to-Total Capitalization Ratio
In millions of USD, except ratio data (Unaudited)




















The following tables reconcile Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (Non-GAAP), as used in the Net Debt-to-Total Capitalization ratio calculation.  A portion of the cash is associated with international subsidiaries; tax considerations may impact debt paydown.  EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize Net Debt and Total Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation.  EOG management uses this information for comparative purposes within the industry.












December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024











Total Stockholders' Equity - (a)29,833
30,285
29,238
29,516
29,351











Current and Long-Term Debt (GAAP) - (b)7,936
7,694
4,236
4,744
4,752
Less: Cash (3,396)
(3,530)
(5,216)
(6,599)
(7,092)
Net Debt (Non-GAAP) - (c)4,540
4,164
(980)
(1,855)
(2,340)











Total Capitalization (GAAP) - (a) + (b)37,769
37,979
33,474
34,260
34,103











Total Capitalization (Non-GAAP) - (a) + (c)34,373
34,449
28,258
27,661
27,011











Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]  21.0 %
20.3 %
12.7 %
13.8 %
13.9 %











Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]13.2 %
12.1 %
-3.5 %
-6.7 %
-8.7 %
 Proved Reserves and Reserve Replacement Data
(Unaudited)









2025 Net Proved Reserves Reconciliation SummaryUnitedStates
Trinidad
Other International
Total
Crude Oil and Condensate (MMBbl)







Beginning Reserves1,868
2
—
1,870
Revisions(10)
—
—
(10)
Purchases in Place158
—
—
158
Extensions, Discoveries and Other Additions77
1
—
78
Sales in Place—
—
—
—
Production(190)
(1)
—
(191)
Ending Reserves1,903
2
—
1,905









Natural Gas Liquids (MMBbl)







Beginning Reserves1,358
—
—
1,358
Revisions9
—
—
9
Purchases in Place200
—
—
200
Extensions, Discoveries and Other Additions48
—
—
48
Sales in Place—
—
—
—
Production(105)
—
—
(105)
Ending Reserves1,510
—
—
1,510









Natural Gas (Bcf)







Beginning Reserves8,878
244
—
9,122
Revisions798
9
—
807
Purchases in Place2,340
—
—
2,340
Extensions, Discoveries and Other Additions1,184
77
—
1,261
Sales in Place(1)
—
—
(1)
Production(851)
(86)
—
(937)
Ending Reserves12,348
244
—
12,592









Oil Equivalents (MMBoe)







Beginning Reserves4,706
42
—
4,748
Revisions131
2
—
133
Purchases in Place749
—
—
749
Extensions, Discoveries and Other Additions322
14
—
336
Sales in Place—
—
—
—
Production(437)
(15)
—
(452)
Ending Reserves5,471
43
—
5,514









Net Proved Developed Reserves (MMBoe)







At December 31, 20242,542
24
—
2,566
At December 31, 20253,317
29
—
3,346









2025 Exploration and Development Expenditures ($ Millions)   
















Acquisition Cost of Unproved Properties195
2
—
197
Exploration Costs349
79
85
513
Development Costs5,213
147
5
5,365
Total Drilling5,757
228
90
6,075
Acquisition Cost of Proved Properties6,977
—
26
7,003
Asset Retirement Costs98
35
13
146
Total Exploration and Development Expenditures 12,832
263
129
13,224
Gathering, Processing and Other470
5
4
479
Total Expenditures13,302
268
133
13,703
Proceeds from Sales in Place(24)
—
—
(24)
Net Expenditures13,278
268
133
13,679









Reserve Replacement Costs ($ / Boe) *







All-in Total, Net of Revisions (GAAP) 10.68
16.44
—
10.86
All-in Total, Net of Revisions (Non-GAAP) 12.29
12.25
—
12.44
All-in Total, Excluding Revisions Due to Price (GAAP) 11.32
16.44
—
11.50
All-in Total, Excluding Revisions Due to Price (Non-GAAP) 14.45
12.25
—
14.54









Reserve Replacement *







All-in Total, Net of Revisions and Dispositions275 %
107 %
0 %
269 %
All-in Total, Net of Revisions and Dispositions (Adjusted) 104 %
107 %
0 %
104 %
All-in Total, Excluding Revisions Due to Price 259 %
107 %
0 %
254 %
All-in Total, Excluding Revisions Due to Price (Adjusted) 88 %
107 %
0 %
89 %









*   See following reconciliation schedule for calculation methodology
  Reserve Replacement Cost Data
(Unaudited; in millions, except ratio data)









For the Twelve Months Ended December 31, 2025UnitedStates
Trinidad
OtherInternational
Total









Total Costs Incurred in Exploration and Development Activities (GAAP)12,832
263
129
13,224
Less: Asset Retirement Costs(98)
(35)
(13)
(146)
Non-Cash Acquisition Costs of Unproved Properties(24)
—
—
(24)
Total Acquisition Costs of Proved Properties(6,977)
—
(26)
(7,003)
Exploration Expenses(160)
(32)
(44)
(236)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP)       5,573
196
46
5,815









Total Costs Incurred in Exploration and Development Activities (GAAP) - (a)12,832
263
129
13,224
Less: Asset Retirement Costs(98)
(35)
(13)
(146)
Non-Cash Acquisition Costs of Unproved Properties(24)
—
—
(24)
Non-Cash Acquisition Costs of Proved Properties—
—
—
—
Certain Acquisition Costs of Proved Properties 1(6,972)
—
—
(6,972)
Exploration Expenses(160)
(32)
(44)
(236)
Total Exploration and Development Expenditures (Non-GAAP) - (b)5,578
196
72
5,846









Total Expenditures (GAAP)13,302
268
133
13,703
Less: Asset Retirement Costs(98)
(35)
(13)
(146)
Non-Cash Acquisition Costs of Unproved Properties(24)
—
—
(24)
Non-Cash Acquisition Costs of Proved Properties—
—
—
—
Exploration Expenses(160)
(32)
(44)
(236)
Total Cash Expenditures (Non-GAAP)13,020
201
76
13,297









Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)







Revisions Due to Price - (c)68
—
—
68
Revisions Other Than Price63
2
—
65
Purchases in Place 749
—
—
749
Extensions, Discoveries and Other Additions - (d)322
14
—
336
Total Proved Reserve Additions - (e)1,202
16
—
1,218
Less: Acquisition Related Purchases 2 (748)
—
—
(748)
Adjusted Total Proved Reserve Additions - (f)454
16
—
470
Sales in Place—
—
—
—
Net Proved Reserve Additions From All Sources - (g)1,202
16
—
1,218
Adjusted Net Proved Reserve Additions From All Sources - (h)454
16
—
470









Production - (i)437
15
—
452









Reserve Replacement Costs ($ / Boe)







All-in Total, Net of Revisions (GAAP) - (a / e)10.68
16.44
—
10.86
All-in Total, Net of Revisions (Non-GAAP) - (b / f)12.29
12.25
—
12.44
All-in Total, Excluding Revisions Due to Price (GAAP) - (a / (e - c))11.32
16.44
—
11.50
All-in Total, Excluding Revisions Due to Price (Non-GAAP) - (b / (f - c))14.45
12.25
—
14.54









Reserve Replacement







All-in Total, Net of Revisions and Dispositions - (g / i)275 %
107 %
0 %
269 %
All-in Total, Net of Revisions and Dispositions (Adjusted) - (h / i)104 %
107 %
0 %
104 %
All-in Total, Excluding Revisions Due to Price - ((g - c) / i)259 %
107 %
0 %
254 %
All-in Total, Excluding Revisions Due to Price (Adjusted) - ((h - c) / i)88 %
107 %
0 %
89 %


(1)Includes $6,703 million for the Encino acquisition and $269 million of proved properties adjacent to EOG's core acreage in the Eagle Ford play.(2)Includes 678 MMBoe related to the Encino acquisition and 70 MMBoe related to the acquisition of proved properties adjacent to EOG's core acreage in the Eagle ford play. Reserve Replacement Cost Data(Continued)

(Unaudited; in millions, except ratio data)




For the Twelve Months Ended December 31, 2025




Proved Developed Reserve Replacement Costs ($ / Boe)Total
Total Costs Incurred in Exploration and Development Activities (GAAP) - (k)13,224
Less:   Asset Retirement Costs(146)
Acquisition Costs of Unproved Properties(197)
Acquisition Costs of Proved Properties(7,003)
Exploration Expenses(236)
Drillbit Exploration and Development Expenditures (Non-GAAP) - (l)5,642



Total Proved Reserves - Extensions, Discoveries and Other Additions (MMBoe)336
Add:  Conversion of Proved Undeveloped Reserves to Proved Developed503
Less:  Proved Undeveloped Extensions and Discoveries(264)
Proved Developed Reserves - Extensions and Discoveries (MMBoe)575



Total Proved Reserves - Revisions (MMBoe)133
Less:  Proved Undeveloped Reserves - Revisions(21)
           Proved Developed - Revisions Due to Price(19)
Proved Developed Reserves - Revisions Other Than Price (MMBoe)93



Proved Developed Reserves - Extensions and Discoveries Plus Revisions Other Than Price (MMBoe) - (m)668



Proved Developed Reserves - Acquisitions (MMBoe) (n)545



Proved Developed Reserves - Extensions and Discoveries plus Revisions Other Than Price plus Acquisitions (MMBoe) (o)    1,213



Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) (GAAP) - (k / o)10.90



Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) (Non-GAAP) - (l / m)8.45
 Reserve Replacement Cost Data(Continued)
In millions of USD, except reserves and ratio data (Unaudited)




















The following table reconciles Total Costs Incurred in Exploration and Development Activities (GAAP) to Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) and Total Exploration and Development Expenditures (Non-GAAP), as used in the calculation of Reserve Replacement Costs per Boe.  There are numerous ways that industry participants present Reserve Replacement Costs, including "Drilling Only" and "All-In", which reflect total exploration and development expenditures divided by total net proved reserve additions from extensions and discoveries only, or from all sources.  Combined with Reserve Replacement, these statistics (and the non-GAAP measures used in calculating such statistics) provide management and investors with an indication of the results of the current year capital investment program.  Reserve Replacement Cost statistics (and the non-GAAP measures used in calculating such statistics) are widely recognized and reported by industry participants and are used by EOG management and other third parties for comparative purposes within the industry.  Please note that the actual cost of adding reserves will vary from the reported statistics due to timing differences in reserve bookings and capital expenditures.  Accordingly, some analysts use three or five year averages of reported statistics, while others prefer to estimate future costs.  EOG has not included future capital costs to develop proved undeveloped reserves in exploration and development expenditures.












2025
2024
2023
2022
2021











Total Costs Incurred in Exploration and Development Activities (GAAP)13,224
5,634
6,018
5,229
3,969
Less:  Asset Retirement Costs(146)
2
(257)
(298)
(127)
Non-Cash Acquisition Costs of Unproved Properties(24)
(85)
(99)
(127)
(45)
Total Acquisition Costs of Proved Properties(7,003)
(33)
(16)
(419)
(100)
Non-Cash Development Drilling—
—
(90)
—
—
Exploration Expenses(236)
(174)
(181)
(159)
(154)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)5,815
5,344
5,375
4,226
3,543











Total Costs Incurred in Exploration and Development Activities (GAAP) - (b)13,224
5,634
6,018
5,229
3,969
Less:  Asset Retirement Costs(146)
2
(257)
(298)
(127)
Non-Cash Acquisition Costs of Unproved Properties(24)
(85)
(99)
(127)
(45)
Non-Cash Acquisition Costs of Proved Properties—
(24)
(6)
(26)
(5)
Non-Cash Development Drilling—
—
(90)
—
—
Certain Acquisition Costs of Proved Properties 1(6,972)
—
—
—
—
Exploration Expenses(236)
(174)
(181)
(159)
(154)
Total Exploration and Development Expenditures (Non-GAAP) - (c)5,846
5,353
5,385
4,619
3,638











Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)









Revisions Due to Price - (d)68
(146)
(110)
11
194
Revisions Other Than Price65
215
139
325
(308)
Purchases in Place749
6
2
16
9
Extensions, Discoveries and Other Additions - (e)336
580
607
560
952
Total Proved Reserve Additions (GAAP) - (f)1,218
655
638
912
847
Less: Acquisition Related Purchases 2(748)
—
—
—
—
Total Proved Reserve Additions (Non-GAAP) - (g)470
655
638
912
847
Sales in Place—
(14)
(17)
(88)
(11)
Net Proved Reserve Additions From All Sources (GAAP)1,218
641
621
824
836











Production452
391
361
333
309











Reserve Replacement Costs ($ / Boe)









All-in Total, Net of Revisions (GAAP) - (b / f)10.86
8.60
9.43
5.73
4.69
All-in Total, Net of Revisions (Non-GAAP) - (c / g)12.44
8.17
8.44
5.06
4.30
All-in Total, Excluding Revisions Due to Price (GAAP)  -  (b / ( f - d))11.50
7.03
8.05
5.80
6.08
All-in Total, Excluding Revisions Due to Price (Non-GAAP) -  (c / ( g - d))14.54
6.68
7.20
5.13
5.57


(1)Includes $6,703 million for the Encino acquisition and $269 million of proved properties adjacent to EOG's core acreage in the Eagle Ford play.(2)Includes 678 MMBoe related to the Encino acquisition and 70 MMBoe related to the acquisition of proved properties adjacent to EOG's core acreage in the Eagle ford play. Definitions
$/BoeU.S. Dollars per barrel of oil equivalentMMBoeMillion barrels of oil equivalent Revenues, Costs and Margins Per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)











EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or margins per barrel of oil equivalent (Boe). Certain of these components are adjusted for non-recurring and certain other items, as further discussed below.  EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.












4Q 2025
3Q 2025
2Q 2025
1Q 2025
4Q 2024











Volume - Million Barrels of Oil Equivalent - (a)128.7
119.7
103.2
98.1
100.8











Total Operating Revenues and Other - (b)5,638
5,847
5,478
5,669
5,585
Total Operating Expenses - (c) 4,695
4,011
3,731
3,810
3,993
Operating Income - (d)943
1,836
1,747
1,859
1,592











Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas









Crude Oil and Condensate2,991
3,243
2,974
3,293
3,261
Natural Gas Liquids666
604
534
572
554
Natural Gas847
707
600
637
494
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas  - (e)4,504
4,554
4,108
4,502
4,309











Operating Costs









Lease and Well447
431
396
401
394
Gathering, Processing and Transportation Costs (1)652
587
455
440
441
General and Administrative (GAAP)224
239
186
171
189
Less:  Certain Items (see Endnotes 2 & 3 to 4Q 2025 earnings release)(8)
(68)
(12)
—
—
General and Administrative (Non-GAAP) (2)216
171
174
171
189
Taxes Other Than Income (GAAP)283
309
301
341
291
Add:  Severance Tax Refund—
—
—
—
—
Taxes Other Than Income (Non-GAAP) (3)283
309
301
341
291
Interest Expense, Net66
71
51
47
38
Less:  Acquisition-Related Financing Commitment Costs—
—
(6)
—
—
Interest Expense, Net  (Non-GAAP) (4)66
71
45
47
38
Total Operating Cost (GAAP)  (excluding DD&A and Total Exploration Costs) - (f)1,672
1,637
1,389
1,400
1,353
Total Operating Cost (Non-GAAP)  (excluding DD&A and Total Exploration Costs) - (g)1,664
1,569
1,371
1,400
1,353











Depreciation, Depletion and Amortization (DD&A)1,226
1,169
1,053
1,013
1,019











Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)2,898
2,806
2,442
2,413
2,372
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)2,890
2,738
2,424
2,413
2,372











Exploration Costs50
71
74
41
52
Dry Hole Costs4
—
11
34
8
Impairments689
71
39
44
276
Total Exploration Costs (GAAP)743
142
124
119
336
Less:  Certain Impairments (5)(646)
—
(11)
—
(254)
Total Exploration Costs (Non-GAAP)97
142
113
119
82











Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)3,641
2,948
2,566
2,532
2,708
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)2,987
2,880
2,537
2,532
2,454











Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))863
1,606
1,542
1,970
1,601
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))1,517
1,674
1,571
1,970
1,855
 Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)





















4Q 2025
3Q 2025
2Q 2025
1Q 2025
4Q 2024
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)




















Composite Average Operating Revenues and Other per Boe - (b) / (a)43.81
48.85
53.08
57.79
55.41
Composite Average Operating Expenses per Boe - (c) / (a)36.48
33.51
36.15
38.84
39.62
Composite Average Operating Income per Boe  - (d) / (a)7.33
15.34
16.93
18.95
15.79











Composite Average Revenue from Sales of Crude Oil and Condensate,
NGLs, and Natural Gas per Boe - (e) / (a)34.99
38.05
39.80
45.88
42.74











Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)12.99
13.67
13.46
14.26
13.42











Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]22.00
24.38
26.34
31.62
29.32











Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)22.52
23.44
23.66
24.58
23.53











Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]12.47
14.61
16.14
21.30
19.21











Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)28.29
24.63
24.86
25.79
26.86











Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]6.70
13.42
14.94
20.09
15.88











Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)




















Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)12.93
13.10
13.30
14.26
13.42











Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]22.06
24.95
26.50
31.62
29.32











Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)22.46
22.87
23.50
24.58
23.53











Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]12.53
15.18
16.30
21.30
19.21











Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)23.21
24.06
24.59
25.79
24.34











Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]11.78
13.99
15.21
20.09
18.40
 Revenues, Costs and Margins Per Barrel of Oil Equivalent(Continued)In millions of USD, except Boe and per Boe amounts (Unaudited)










2025
2024
2023
2022
2021









Volume - Million Barrels of Oil Equivalent - (a)449.8
388.7
359.4
331.5
302.5









Total Operating Revenues and Other - (b)22,632
23,698
24,186
25,702
18,642Total Operating Expenses - (c) 16,247
15,616
14,583
15,736
12,540Operating Income (Loss) - (d)6,385
8,082
9,603
9,966
6,102









Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas








Crude Oil and Condensate12,501
13,921
13,748
16,367
11,125Natural Gas Liquids2,376
2,106
1,884
2,648
1,812Natural Gas2,791
1,551
1,744
3,781
2,444Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e)17,668
17,578
17,376
22,796
15,381









Operating Costs








Lease and Well1,675
1,572
1,454
1,331
1,135Gathering, Processing and Transportation Costs (1)2,134
1,722
1,620
1,587
1,422General and Administrative (GAAP)820
669
640
570
511Less:  Certain Items (see Endnote 7 to Additional Key Financial Information below)(88)
(10)
—
(16)
—General and Administrative (Non-GAAP) (2)732
659
640
554
511Taxes Other Than Income (GAAP)1,234
1,249
1,284
1,585
1,047Add:  Severance Tax Refund—
31
—
115
—Taxes Other Than Income (Non-GAAP) (3)1,234
1,280
1,284
1,700
1,047Interest Expense, Net235
138
148
179
178Less:  Acquisition-Related Financing Commitment Costs(6)
—
—
—
—Interest Expense, Net  (Non-GAAP) (4)229
138
148
179
178Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)6,098
5,350
5,146
5,252
4,293Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)6,004
5,371
5,146
5,351
4,293









Depreciation, Depletion and Amortization (DD&A)4,461
4,108
3,492
3,542
3,651









Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)10,559
9,458
8,638
8,794
7,944Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)10,465
9,479
8,638
8,893
7,944









Exploration Costs236
174
181
159
154Dry Hole Costs49
14
1
45
71Impairments843
391
202
382
376Total Exploration Costs (GAAP)1,128
579
384
586
601Less:  Certain Impairments (5)(657)
(291)
(42)
(113)
(15)Total Exploration Costs (Non-GAAP)471
288
342
473
586









Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)11,687
10,037
9,022
9,380
8,545Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)10,936
9,767
8,980
9,366
8,530









Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total  Exploration Costs (GAAP))5,981
7,541
8,354
13,416
6,836Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))6,732
7,811
8,396
13,430
6,851 Revenues, Costs and Margins Per Barrel of Oil Equivalent(Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)










2025
2024
2023
2022
2021











Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)




















Composite Average Operating Revenues and Other per Boe - (b) / (a)50.32
60.97
67.30
77.53
61.63
Composite Average Operating Expenses per Boe - (c) / (a)36.12
40.18
40.58
47.47
41.46
Composite Average Operating Income (Loss) per Boe - (d) / (a)14.20
20.79
26.72
30.06
20.17











Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs,
and Natural Gas per Boe - (e) / (a)39.28
45.22
48.34
68.77
50.84











Total Operating Cost per Boe (excluding DD&A and Total Exploration
Costs) - (f) / (a)13.54
13.76
14.31
15.84
14.19











Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]25.74
31.46
34.03
52.93
36.65











Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)23.46
24.33
24.03
26.53
26.26











Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]15.82
20.89
24.31
42.24
24.58











Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)25.97
25.82
25.10
28.30
28.25











Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]13.31
19.40
23.24
40.47
22.59











Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)




















Total Operating Cost per Boe (excluding DD&A and Total Exploration
Costs) -   (g) / (a)13.34
13.82
14.31
16.14
14.19











Composite Average Margin per Boe (excluding DD&A and Total Exploration
Costs) - [(e) / (a) - (g) / (a)]25.94
31.40
34.03
52.63
36.65











Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)23.26
24.39
24.03
26.83
26.26











Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]16.02
20.83
24.31
41.94
24.58











Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)24.31
25.13
24.98
28.26
28.20











Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]14.97
20.09
23.36
40.51
22.64













(1)Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs.  This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.(2)EOG believes excluding the above-referenced items from General and Administrative Costs is appropriate and provides useful information to investors, as EOG views such items as non-recurring.(3)EOG believes excluding the above-referenced items from Taxes Other Than Income is appropriate and provides useful information to investors, as EOG views such items as non-recurring.(4)EOG believes excluding the above-referenced items from Interest Expense, Net is appropriate and provides useful information to investors, as EOG views such items as non-recurring.(5)In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG's control (versus, for example, impairments that are due to EOG's proved oil and gas properties not being as productive as it originally estimated). Additional Key Financial Information
(Unaudited)




















See "Endnotes" below for related discussion and definitions.2025 Actual
2024 Actual
2023 Actual
2022 Actual
2021 Actual











Crude Oil and Condensate Volumes (MBod)









United States520.5
490.6
475.2
460.7
443.4
Trinidad1.4
0.8
0.6
0.6
1.5
Other International—
—
—
—
0.1
Total521.9
491.4
475.8
461.3
445.0
Natural Gas Liquids Volumes (MBbld)









Total288.2
245.9
223.8
197.7
144.5
Natural Gas Volumes (MMcfd)









United States2,299
1,728
1,551
1,315
1,210
Trinidad230
220
160
180
217
Other International14
—
—
—
9
Total2,533
1,948
1,711
1,495
1,436
Crude Oil Equivalent Volumes (MBoed)









United States1,191.8
1,024.5
957.5
877.5
789.6
Trinidad39.8
37.6
27.3
30.7
37.7
Other International10.6
—
—
—
1.6
Total1,232.2
1,062.1
984.8
908.2
828.9











Benchmark Price









Oil (WTI) ($/Bbl)64.78
75.72
77.61
94.23
67.96
Natural Gas (HH) ($/Mcf)3.43
2.27
2.74
6.64
3.85











Crude Oil and Condensate - above (below) WTI2 ($/Bbl)









United States0.87
1.70
1.57
2.99
0.58
Trinidad(7.19)
(11.29)
(9.03)
(8.07)
(11.70)
Other International10.36
—
—
—
—
Natural Gas Liquids - Realizations as % of WTI









Total34.9 %
30.9 %
29.7 %
39.0 %
50.5 %











Natural Gas - above (below) NYMEX Henry Hub3 ($/Mcf)









United States(0.49)
(0.28)
(0.04)
0.63
1.03
Natural Gas Realizations4 ($/Mcf)









Trinidad3.78
3.65
3.65
4.43
3.40
Other International13.28
—
—
—
—











Total Expenditures (GAAP) ($MM)13,703
6,653
6,818
5,610
4,255
Capital Expenditures5 (non-GAAP) ($MM)6,294
6,226
6,041
4,607
3,755











Operating Unit Costs ($/Boe)









Lease and Well3.72
4.04
4.05
4.02
3.75
Gathering, Processing and Transportation Costs64.74
4.43
4.50
4.78
4.70
General and Administrative (GAAP)1.82
1.72
1.78
1.72
1.69
General and Administrative (non-GAAP)71.63
1.70
1.78
1.67
1.69
Cash Operating Costs (GAAP)10.28
10.19
10.33
10.52
10.14
Cash Operating Costs (non-GAAP)710.09
10.17
10.33
10.47
10.14
Depreciation, Depletion and Amortization9.92
10.57
9.72
10.69
12.07











Expenses ($MM)









Exploration and Dry Hole285
188
182
204
225
Impairment (GAAP)843
391
202
382
376
Impairment (excluding certain impairments (non-GAAP))8186
100
160
269
361
Capitalized Interest86
45
33
36
33
Net Interest235
138
148
179
178
Net Interest (non-GAAP)9229
—
—
—
—











TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas)









(GAAP)7.0 %
7.1 %
7.4 %
7.0 %
6.8 %
(non-GAAP)77.0 %
7.3 %
7.4 %
7.5 %
6.8 %
Income Taxes









Effective Rate21.7 %
22.1 %
21.6 %
21.7 %
21.4 %
Current Tax Expense ($MM)1,039
1,348
1,415
2,208
1,393
 Additional Key Financial Information(Continued)

Endnotes

1)Production volumes from Bahrain operations; realized price represents contract price less Bapco's processing and distribution costs.

2)EOG bases United States and Trinidad crude oil and condensate price differentials upon the West Texas Intermediate crude oil price at Cushing, Oklahoma, using the simple average of the NYMEX settlement prices for each trading day within the applicable calendar month.

3)EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the NYMEX Last Day Settle price for each of the applicable months.

4)The full-year 2022 realized natural gas price for Trinidad includes a one-time pricing adjustment of $0.76/Mcf for prior-period production following a contract amendment with the National Gas Company of Trinidad and Tobago Limited.

5)Capital Expenditures includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment.  Capital Expenditures excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses.

6)Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs.  This presentation has been conformed for all periods presented and had no impact on previously reported Net Income. 

7)Cash Operating Costs consist of LOE, GP&T and G&A.  G&A (non-GAAP) for fiscal year 2025 excludes costs related to the Encino acquisition, as reflected in the accompanying reconciliation schedules (see "Revenues, Costs and Margins Per Barrel of Oil Equivalent").  In addition, TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) (non-GAAP) and G&A (non-GAAP) for fiscal year 2024 and fiscal year 2022 exclude a state severance tax refund and related consulting fees, respectively, as reflected in the accompanying reconciliation schedules (see "Revenues, Costs and Margins Per Barrel of Oil Equivalent").  The per-Boe impact of such acquisition-related costs and consulting fees on G&A and total Cash Operating Costs for fiscal year 2025, 2024 and 2022 was $(0.19), $(0.02) and $(0.05), respectively.

8)In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets).  EOG believes excluding these impairments from total impairment costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG's control (versus, for example, impairments that are due to EOG's proved oil and gas properties not being as productive as it originally estimated).  Impairments (non-GAAP) for FY 2025 are adjusted from Impairments (GAAP) for FY 2025 by excluding $657 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation).  Impairments (non-GAAP) for FY 2024 are adjusted from Impairments (GAAP) for FY 2024 by excluding $291 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Rocky Mountain area.

9)Net Interest for fiscal year 2025 excludes financing commitment costs related to the Encino acquisition, as reflected in the accompanying reconciliation schedules (see "Revenues, Costs and Margins Per Barrel of Oil Equivalent").  The per-Boe impact of such cost for fiscal year 2025 is $(0.01).  



View original content:https://www.prnewswire.com/news-releases/eog-resources-reports-fourth-quarter-and-full-year-2025-results-announces-2026-capital-plan-302696182.htmlSOURCE EOG Resources, Inc.

Original: EOG Resources Reports Fourth Quarter and Full-Year 2025 Results; Announces 2026 Capital Plan