EOG Resources
33 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.
Customers
Crude oil refining purchasers
earns from · more than 10%During 2025, two purchasers each accounted for more than 10% of EOG's total crude oil and condensate, NGLs and natural gas revenues and gathering, processing and marketing revenues.Business (Item 1)
Natural gas fixed delivery commitments
earns from · 573 Bcf in 2026At December 31, 2025, EOG was committed to deliver to multiple parties aggregate fixed quantities of natural gas of 573 Bcf in 2026, 370 Bcf in 2027, 338 Bcf in 2028, 336 Bcf in 2029, 331 Bcf in 2030 and 3,020 Bcf thereafter, all of which is expected to be sourced from future production of available reserves.Business (Item 1)
National Gas Company of Trinidad and Tobago Limited
earns fromIn 2025, natural gas volumes from Trinidad were sold to the National Gas Company of Trinidad and Tobago Limited and its subsidiary under two natural gas sales arrangements.Business (Item 1)
Also named by CF
Heritage Petroleum Company Limited
earns fromCrude oil and condensate are sold to both Heritage Petroleum Company Limited and BP Trinidad and Tobago LLC.Business (Item 1)
Suppliers
Third-party gathering, processing and transportation facilities
depends onnamed as a riskThe sale of our crude oil, NGLs and natural gas production depends on a number of factors beyond our control, including the availability, proximity and capacity of, and costs associated with, gathering, processing, compression, storage, transportation, refining, liquefaction and export facilities and equipment owned by third parties.Risk factors (Item 1A)
Partners and platforms
Abu Dhabi National Oil Company (ADNOC)
100 percent equity interestEOG holds a 100 percent equity interest and operatorship and, in coordination with Abu Dhabi National Oil Company (ADNOC), has commenced drilling operations to explore and appraise unconventional oil potential in the concession area.Business (Item 1)
BP Trinidad and Tobago LLC
earns fromEOG also continues to move forward on the design and construction of the Coconut Platform in accordance with the farmout agreement signed in 2024 with BP Trinidad and Tobago LLC.Business (Item 1)
Government of Trinidad and Tobago
subject toEOG, through its subsidiaries, including EOG Resources Trinidad Limited, holds interests in (i) the exploration and production licenses covering the South East Coast Consortium and Pelican Blocks, Banyan and Sercan Areas and each of their related platforms and facilities, the Ska, Mento and Reggae and Deep Teak, Saaman and Poui (TSP Deep) Areas and Coconut Field, all of which are offshore Trinidad; and (ii) four production sharing contracts with the Government of Trinidad and Tobago for the Modified U(a), 4(a), Lower Reverse L and North Coast Marine Area 4(a) Blocks.Business (Item 1)
Bapco Energies
depends onIn February 2025, a subsidiary of EOG signed an exploration participation agreement with Bapco Energies B.S.C. (Closed) (Bapco) to evaluate a gas exploration prospect in the Kingdom of Bahrain.Business (Item 1)
Other companies
Organization of Petroleum Exporting Countries (OPEC)
exposed to its pricenamed as a riskthe actions of crude oil producing and exporting nations, including the Organization of Petroleum Exporting Countries;Risk factors (Item 1A)
Also named by CVX
Encino Acquisition Partners, LLC
For discussion regarding EOG's August 2025 acquisition of Encino Acquisition Partners, LLC, see ITEM 7, Management's Discussion and Analysis of Financial Condition and Results of Operations – Overview – Operations and Note 16 to Consolidated Financial Statements.Business (Item 1)
Places
Trinidad and Tobago
operates in · 1%named as a riskIn 2025, EOG's net production in Trinidad averaged approximately 230 MMcfd of natural gas and approximately 1.4 MBbld of crude oil and condensate.Business (Item 1)
United States
concentrated in · approximately 99% of EOG's net proved reservesAt such date, approximately 99% of EOG's net proved reserves, on a crude oil equivalent basis, were located in the United States and 1% in Trinidad.Business (Item 1)
Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more
Delaware Basin
concentrated in · 261.5 MMBoeIn the Delaware Basin, EOG completed 393 net wells in 2025, primarily in the Wolfcamp, Bone Spring and Leonard plays.Business (Item 1)
Eagle Ford play
operates in · approximately 565,000 net acresEOG holds approximately 565,000 net acres in the Eagle Ford play and approximately 160,000 net acres in the Dorado gas play.Business (Item 1)
Utica play
operates in · approximately 1,100,000 net acresThe Appalachian Basin includes the Utica play where EOG holds approximately 1,100,000 net acres, including 135,000 net mineral acres.Business (Item 1)
Port of Corpus Christi
earns fromIn 2025, EOG also sold crude oil at the Port of Corpus Christi for export to foreign destinations.Business (Item 1)
Hazards
Hurricanes
named as a riskEOG's operations are also subject to certain perils, including hurricanes, tropical storms, flooding, winter storms and other adverse weather events.Business (Item 1)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
Drought
named as a riskFurther, severe drought conditions can result in local authorities taking steps to restrict the use of water in their jurisdiction for drilling and completions in order to protect the local water supply.Risk factors (Item 1A)
Also named by AESI, AM, AWK, BF/B, BMI, CEG, ES, FPI and 8 more
Commodities and inputs
Crude oil
exposed to its price · approximately $174 million for net income and $223 million for pretax cash flows from operating activitiesnamed as a riskBased on EOG's tax position, EOG's price sensitivity in 2026 for each $1.00 per barrel increase or decrease in crude oil and condensate price, combined with the estimated change in NGLs price, is approximately $174 million for net income and $223 million for pretax cash flows from operating activities.Business (Item 1)
Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more
Natural gas
exposed to its price · approximately $64 million for net income and $83 million for pretax cash flows from operating activitiesnamed as a riskIncluding the impact of EOG's natural gas financial derivative contracts and based on EOG's tax position and the portion of EOG's anticipated natural gas volumes for 2026 for which prices have not been determined under long-term marketing contracts, EOG's price sensitivity for each $0.10 per Mcf increase or decrease in natural gas price is approximately $64 million for net income and $83 million for pretax cash flows from operating activities.Business (Item 1)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Natural gas liquids (NGLs)
exposed to its pricenamed as a riskCrude oil, NGLs and natural gas prices are volatile, and a substantial and extended decline in commodity prices can have a material and adverse effect on us.Risk factors (Item 1A)
Also named by AM, APA, AR, CHRD, CNX, CRGY, DOW, DVN and 17 more
Water
depends onnamed as a riskLimitations or restrictions on our ability to secure sufficient amounts of water (including limitations resulting from natural causes such as drought) could materially and adversely impact our operations.Risk factors (Item 1A)
Also named by ADM, BF/B, CDE, CELH, CNX, CRGY, DE, EQIX and 9 more
Platts Japan Korea Marker (JKM)
exposed to its priceAdditionally, EOG sells natural gas to a liquefaction facility near Corpus Christi, Texas, and may receive pricing based on the Platts Japan Korea Marker (or the NYMEX Henry Hub price, at EOG's election); such pricing mechanism is expected to remain the same in 2026.Business (Item 1)
Regulators
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskEOG's jurisdictional sales, however, may be subject in the future to greater federal oversight, including the possibility that the FERC might prospectively impose more restrictive conditions on such sales.Business (Item 1)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Bureau of Land Management (BLM)
subject tonamed as a riskAny limitation or ban on permitting for oil and gas exploration and production activities on federal lands could have a material and adverse effect on EOG's operations, financial condition and results of operations.Business (Item 1)
Also named by AESI, BTU, CHRD, CRC, CRGY, DC, DMLP, DVN and 7 more
U.S. Environmental Protection Agency (EPA) methane rules
subject tonamed as a riskIn addition, in March 2024, the U.S. EPA published its final methane rules, which impose new methane emission requirements on the oil and gas industry, including our operations.Business (Item 1)
Also named by VNOM
Laws and programs
One Big Beautiful Bill Act (OBBBA)
subject to · 12.5 percentHowever, the July 2025 One Big Beautiful Bill Act (OBBBA) reversed the royalty increase enacted under the IRA to the previous rate of 12.5 percent and repealed a royalty imposed on methane produced from federal oil and gas leases.Business (Item 1)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
Inflation Reduction Act of 2022 (IRA)
subject to · 16.67 percentIn addition, the Inflation Reduction Act of 2022 (IRA) required that all leases granted and administered by the BLM and entered into on or after August 16, 2022 include a royalty rate of 16.67 percent in respect of the associated oil and gas production.Business (Item 1)
Also named by ABBV, APD, ARE, BKH, DD, DHR, ELV, ENPH and 30 more
BLM Waste Prevention Rule
subject tonamed as a riskFurther, in April 2024, the BLM published its final Waste Prevention Rule, which requires operators of oil and gas leases to take reasonable steps to avoid natural gas waste, as well as develop leak detection, repair and waste minimization plans.Business (Item 1)
Also named by EXE
European Union methane import limits
subject tonamed as a riskFurther, EOG will continue to monitor and assess the impact on its business of any environmental, climate change or other policies, legislation and regulations enacted by foreign governments – for example, the European Union’s November 2023 approval of methane emissions limits on crude oil and natural gas imports beginning in 2030.Business (Item 1)
Intangible drilling cost deduction
subject tonamed as a riskFrom time to time, legislation has been proposed that, if enacted into law, would make significant changes to U.S. federal and state income tax laws, including laws specifically applicable to crude oil and natural gas exploration and production companies - such as eliminating the immediate deduction for intangible drilling and development costs.Risk factors (Item 1A)