EOG RESOURCES INC (EOG)

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AI: Fair-priced

Price checkThe price looks reasonable, but it already assumes oil stays well above normal.

At the latest premarket quote of $142.26, EOG's equity value was about $74.6 billion using 524.5 million shares. Trailing profit was $12.79 a share, so the price was roughly 11.1 times recent earnings. The last four reported quarters produced about $6.65 billion of free cash flow, meaning cash left after running and investing in the business, an 8.9% yield on the share value. Yet 2024 and 2025 produced only $5.37 billion and $4.66 billion. Those steadier 6.2%-7.2% yields support Fair-priced, not clearly cheap.

Big pictureStrong recent cash generation rests on oil prices that can reverse quickly.

Revenue declined from $25.70 billion in 2022 to $22.63 billion in 2025, while net income fell from $7.76 billion to $4.98 billion, showing how results rise and fall with commodity prices. Still, operating cash stayed above $10 billion in every year from 2022 through 2025. Second-quarter 2026 net income doubled to $2.72 billion and free cash flow reached $2.80 billion, but realized oil was $98.15 a barrel versus $64.82 one year earlier. By August 11, the United States benchmark was near $83, so recent profit is unlikely to be fully durable.

Business strengthLow debt and a shrinking share count protect owners when energy prices weaken.

At June 30, EOG held $4.91 billion of cash against $7.93 billion of debt, leaving $3.02 billion of net debt, meaning debt minus cash. That was only 8.7% of debt plus shareholders' capital, while $9.88 billion of current assets covered $5.34 billion of near-term liabilities. Debt rose after the $5.6 billion Encino purchase, but remains manageable. In the first half, EOG spent $1.72 billion on buybacks versus $118 million of stock compensation and paid $1.08 billion of dividends. Diluted shares fell from 546 million to 529 million, so owners were not diluted.

What could change the storyLower oil would expose the valuation, while lasting production gains could justify it.

Bear case: if oil returns near 2025's $64.78 average, profit could move closer to 2025's $9.12 a share and $4.66 billion of free cash flow. The current price would then equal 15.6 times earnings and a modest 6.2% cash yield for a commodity producer carrying $3.02 billion of net debt. Bull case: second-quarter total production rose 24% from a year earlier, while full-year guidance calls for 14% growth. If Encino efficiencies sustain at least $6.5 billion of annual free cash flow at ordinary oil prices, the shares would look undervalued.

$142.26 price considered

AI: News

Record second-quarter cashHigher oil prices and production drove record cash, but shares fell after the release.

On August 4, 2026, EOG reported second-quarter net income of $2.72 billion, up from $1.35 billion a year earlier, and free cash flow of $2.80 billion versus $973 million. Total production rose 24% to 1.410 million barrels of oil equivalent a day, while benchmark oil averaged $92.85 versus $63.71. Shares closed August 5 at $134.23, down 6.44%. That timing shows a negative reaction, but not its cause; results were largely in line and unusually high oil prices may have limited the surprise.

Buyback authorization doubledThe board expanded repurchase capacity, giving EOG more room to shrink its share count.

On May 20, 2026, the board increased the repurchase authorization from $10 billion to $20 billion. Because $2.9 billion remained under the old authorization at March 31, the increase created about $12.9 billion of capacity. By June 30, $11.7 billion remained after EOG bought 9.6 million shares during the second quarter for $1.294 billion, averaging $135 each. Buybacks raise each remaining owner's claim only when EOG pays sensibly; the observed $142.26 price was about 5% above that recent average.

Revenue

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2025

Net income

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2025

Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$22.63B	$23.70B	$24.19B	$25.70B	$18.64B	$11.03B	$17.38B	$17.28B	$11.21B	$7.65B	$8.76B	$18.04B	$14.49B	$11.68B	$10.13B	$6.10B	$4.79B	$7.13B	$4.24B
Operating income	$6.38B	$8.08B	$9.60B	$9.97B	$6.10B	−$544.0M	$3.70B	$4.47B	$926.4M	−$1.23B	−$6.69B	$5.24B	$3.68B	$1.48B	$2.11B	$523.3M	$970.8M	$3.77B	$1.65B
EBITDAderived	$10.85B	$12.19B	$13.10B	$13.51B	$9.75B	$2.86B	$7.45B	$7.90B	$4.34B	$2.33B	−$3.37B	$9.24B	$7.28B	$4.65B	$4.63B	$2.47B	$2.52B	$5.09B	$2.71B
Net income	$4.98B	$6.40B	$7.59B	$7.76B	$4.66B	−$605.0M	$2.73B	$3.42B	$2.58B	−$1.10B	−$4.52B	$2.92B	$2.20B	$570.3M	$1.09B	$160.7M	$546.6M	$2.44B	$1.09B
Basic EPSper diluted share	$9.17	$11.31	$13.07	$13.31	$8.03	-$1.04	$4.73	$5.93	$4.49	-$1.98	-$8.29	$5.36	$4.07	$1.07	$4.15	$0.64	$2.20	$9.88	$4.45
Diluted EPSper diluted share	$9.12	$11.25	$13.00	$13.22	$7.99	-$1.04	$4.71	$5.89	$4.46	-$1.98	-$8.29	$5.32	$4.02	$1.05	$4.10	$0.63	$2.17	$9.72	$4.37

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$754.80 disclosed value

Sells (SEC code S)23$7.69M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 28, 2026Form 4	CRISP CHARLES RDirector	SellCommon Stock	1.9K	$136.17	$257.0K	63.2K
Mar 31, 2026Form 4	Leitzell Jeffrey R.EVP & COO	SellCommon Stock	5.7K	$150.32	$856.5K	88.0K
Mar 19, 2026Form 4	Janssen Ann D.EVP & Chief Financial Officer	SellCommon Stock	4.2K	$140.04	$582.7K	100.2K
Mar 12, 2026Form 4	Janssen Ann D.EVP & Chief Financial Officer	SellCommon Stock	1.4K	$133.76	$190.2K	100.2K
Mar 12, 2026Form 4	Janssen Ann D.EVP & Chief Financial Officer	SellCommon Stock	1.2K	$134.99	$158.6K	100.2K

Review ownership filings at SEC.gov ↗

EOG RESOURCES INC (EOG)

Financial charts

Financial statements

Insider buys & sells