EOG Resources Inc. (EOG) has reported a net income of $1.3 billion for the second quarter of 2025, below both the $1.46 billion reported for the previous quarter and the $1.69 billion reported for the corresponding quarter a year ago.
Oil, NGLs and natural gas production exceeded guidance midpoints, the company said in its quarterly report. Total crude oil equivalent production averaged 1.13 million barrels of oil equivalent per day (Mboed), with midpoint guidance being 1.11 Mboed. Capital expenditures for the period totaled $1.5 billion.
“EOG delivered excellent second-quarter results, with oil, gas, and NGL volumes exceeding the midpoints of our guidance. At the same time, we maintained our focus on cost discipline, with capital expenditures, cash operating costs, and depreciation, depletion, and amortization all coming in below guidance. Strong operational execution across our multi-basin portfolio continues to be the foundation of our success”, Ezra Yacob, Chairman and Chief Executive Officer, said.
“EOG generated $973 million in free cash flow during the quarter. We continued to deliver on our cash return commitment by returning $1.1 billion to shareholders, including $600 million of share repurchases. The regular dividend remains our top cash return priority. The 5 percent increase in our regular quarterly dividend, announced in tandem with the Encino acquisition, reflects both our continued confidence in our business and the positive impact we expect from the transaction”, he said.
Full-year guidance has been revised following the closing of the Encino acquisition. For 2025, total capital expenditures are now projected to be between $6.2 billion and $6.4 billion, with expected average oil production of 521 Mbod and total production of 1,224 Mboed, the company said.
“With the close of the Encino acquisition, the Utica is now positioned as a foundational asset for EOG. We have updated our full-year 2025 guidance, which reflects both capital discipline and our high conviction in the quality and potential of this asset. Our focus is on optimizing the development of the play as we integrate Encino with our operations”, Yacob said.
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