Slide 1: Earnings Presentation 4Q 2025
Earnings Presentation 4Q 2025
Slide 2: Sustainable Value Creation Through Industry Cycles
Sustainable Value Creation Through Industry Cycles EOG Is Focused On Being Among The Highest Return And Lowest Cost Producers, Committed To Strong Environmental Performance And Playing A Significant Role In The Long-Term Future Of Energy CAPITAL OPERATIONAL SUSTAINABILITY CULTURE DISCIPLINE EXCELLEN
Slide 3: EOG Resources: A Compelling Investment
EOG Resources: A Compelling Investment High Return Domestic & Significant Unconventional Low-Cost, Efficient Producer International Asset Base With Experience with Differentiated with Superior Technical and Long Duration Inventory Exploration Expertise Operational Capabilities ~12 Bn Boe >100% ROR ~
Slide 4: 2025 Results and Highlights
2025 Results and Highlights Delivering on the EOG Value Proposition Impressive Financial Results Attractive Free Cash Flow & Robust Shareholder Returns $5.5 Bn $10.16 $20.07 19% $4.7 Bn 100% $2.2 Bn $2.5 Bn Adjusted Adjusted Adjusted Return on Free Cash Flow1 FCF Returned Regular Dividends Share Rep
Slide 5: 2026 Plan: Delivers Growth, Strong Free Cash Flow, and Significant Value to Shareholders
2026 Plan: Delivers Growth, Strong Free Cash Flow, and Significant Value to Shareholders Capital Program, $Bn Oil Volume, MBod Free Cash Flow2, $Bn 2026 Plan Highlights +5% $4.5 Bn Free Cash Flow1,2 and $4.5 Bn Double-Digit ROCE2 at Strip 546.5 521.9 $50 WTI Breakeven Covers Capital Program and Regu
Slide 6: 3-Year Scenario: Visibility to Shareholder Value Creation
3-Year Scenario: Visibility to Shareholder Value Creation Scenario Underpinned by ~12 Bn Boe of High-Return Resource1 Higher Free Cash Flow 2026-2028 Scenario Key Metrics1 at Similar Prices $55 - $70 WTI Range Cumulative Free Cash Flow1 Cumulative Free Cash Flow1 Double Digit ROCE Significant Free C
Slide 7: EOG's Multi-Basin Portfolio
EOG’s Multi-Basin Portfolio Diversified, World Class Domestic and International Asset Base Atlantic Port of Spain Ocean Rocky Mountain Area 748K Net Acres Williston Basin Trinidad & Tobago 45 Wells Venezuela 2 Rigs, 1 Frac Crew Powder River Basin Utica Play Manama Arabian Gulf 1.1 MM Net Acres 85 We
Slide 8: Multi-Basin Portfolio of Long Duration, High Return Inventory
Multi-Basin Portfolio of Long Duration, High Return Inventory ~12 Billion Boe of Resource Across Portfolio1,2 Value Creation Through Industry Cycles Average Direct After-Tax Rate of Return1 For ~12 Bn Boe of Resource1,2 Low-Cost, High-Quality Comprehensive Approach to Resource Base Development >200%
Slide 9: EOG Strategy Delivers Peer Leading ROCE
Update when Peers Report EOG Strategy Delivers Peer Leading ROCE Consistently Delivering Double-Digit Return on Capital Employed Return on Capital Employed1,2 EOG Peer Avg.2 36% 27% 28% 25% 23% 19% 16% 14% 12% 9% 2021 2022 2023 2024 2025 1. See (1) schedules posted to “Investors” section of EOG webs
Slide 10: Cash Flow Priorities Support Sustainable Value Creation
Cash Flow Priorities Support Sustainable Value Creation Regular Dividend Capital Investment Sustainable and Growing Regular Dividend Investment Pace in Each Asset to Optimize Returns & NPV Primary Mode of Cash Return to Shareholders Align Investment with Short- & Long-Term Supply and Demand Fundamen
Slide 11: 28 Years of Sustainable, Growing Regular Dividend
28 Years of Sustainable, Growing Regular Dividend EOG Has Never Cut or Suspended Regular Dividend Regular Dividend is a $2.2 Billion $4.08 Cash Return Commitment for 2026 20261 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 202
Slide 12: Significant Cash Return to Shareholders
Significant Cash Return to Shareholders Cash Return Summary 2023-2025 Peer Leading Cash Return2 2025 Cash Return as a % of Market Cap $6.2 Bn $1.5 Bn $6.7 Bn 10% Regular Special Share Reduction in Dividends Dividends Repurchases1 Shares Outstanding 8.2% Total Cash Return 2023-2025 Share Repurchases1
Slide 13: Pristine Balance Sheet
Pristine Balance Sheet Supports Value Creation Through Industry Cycles Industry Leading Balance Sheet Supports Operations & Portfolio Improvements • Operator and Partner of Choice for Exploration and Development Net Debt to 2025 EBITDA1,2 of Domestic and International Unconventional Opportunities •
Slide 14: Delaware Basin Optimized Development
Delaware Basin Optimized Development 2026 Plan Benefits from Strong Operational Momentum Extended Laterals, ft Significant Well Cost Reduction, $/ft 30% Increase in Avg. Lateral Length 20% Decrease in Well Costs 8.2K ft 10.5K ft <$900/ft <$725/ft 2026 Plan Targets: High Rates of Return Improved Capi
Slide 15: Delaware Basin Cost Leadership Drives Peer Leading Economics
Delaware Basin Cost Leadership Drives Peer Leading Economics Breakeven Price, $/Boe Per Well Capex, $MM Operating Costs, $/Boe Oil Price Required for NPV 10 EOG EOG A D F J B I C G E H EOG EOG I D A F B C E G H J Days to Drill Days to Complete EOG EOG A B C D E F G H I J EOG EOG F C B J E A D G H I
Slide 16: Premier Utica Asset Achieves $150 MM Synergy Target
Premier Utica Asset Achieves $150 MM Synergy Target EOG Culture Delivers Successful Integration & Outstanding Operational Execution Well Cost, $ per ft Achieved Synergy Target ~$750/ft $150 MILLION <$650/ft <$600/ft <1 Year into Ownership 1H 2025 1H 2025 2025 YE Encino EOG EOG Pro EOGForma Pro Forma
Slide 17: Eagle Ford Oil: Improving Capital Efficiency & Operations
Eagle Ford Oil: Improving Capital Efficiency & Operations Outstanding Results after 15+ Years in Play Improving Strong Operational Achieving Low Capital Efficiency1 Performance1 Breakeven Price 5% 5% Improvement in Increase in Drilled Capital Efficiency, $/Boed Feet Per Day 15% Decrease in 30% Incre
Slide 18: Dorado Dry Gas Play
Dorado Dry Gas Play Growing with Advantaged Gas Sales Agreements and LNG Demand Appropriate Pace of Development Delivers Strong Results Play Benefits From Dorado Agua Dulce Enables Drives Rapid Well Cost Reduction Operational Efficiencies1 Gas Sales Hub ~$750/ft 30% 20% Increase in Drilled Increase
Slide 19: Peer Leading 2025 US Price Realizations
Peer Leading 2025 US Price Realizations Oil Price Realization, $/Bbl Gas Price Realization, $/Mcf NGL Price Realization, $/Bbl $2.22 HIGHER $1.31 HIGHER $3.46 HIGHER than Peer Avg.1 than Peer Avg.1 than Peer Avg.1 $65.65 $22.58 $2.94 $19.12 $63.43 $1.63 EOG Peer Average EOG EOG Peer Average EOG EOG
Slide 20: Gas Sales Agreements Provide Pricing Diversification
Gas Sales Agreements Provide Pricing Diversification Flexibility to Source Contract Volumes from Multiple Basins in EOG’s Portfolio Japan Korea Marker-Linked Gas Sales Agreement Gross Sales Volumes1,3 K MMBtu per day • Sales Volumes of 420K MMBtu Per Day Under 15-Year Agreement1 • Volumes Linked to
Slide 21: Environmental Targets, Ambition, & Strategy
Environmental Targets, Ambition, & Strategy Near-Term Net Zero Ambition4 Emissions Targets Emissions Reduction Pathways REDUCE CAPTURE OFFSET Reduce GHG Emissions Intensity Rate1,2 25% from 2019 By 2030 Optimizing wellhead Operating carbon capture & Evaluating projects Maintain Near-Zero Methane Emi
Slide 22: EOG Culture Drives Sustainable Competitive Advantage
EOG Culture Drives Sustainable Competitive Advantage Capital Discipline Operational Excellence Sustainability Businesspeople Returns-Focused Decentralized Multi-Disciplinary Innovative Responsible As shareholders, EOG’s consistent focus EOG's decentralized Teams collaborate and EOG values the power
Slide 23: Appendix 4Q 2025
Appendix 4Q 2025 Seog resources
Slide 24: EOG Marketing Strategy is a Competitive Advantage
EOG Marketing Strategy is a Competitive Advantage Proven Track Record of Delivering Peer Leading Price Realizations Marketing Strategy Marketing Function Embedded in Every Division Deeply Involved in Day-to-Day Operations and Future Planning Flexibility Enables Smarter Decisions, Stronger Alignment,
Slide 25: Diverse Market Access Creates Opportunities
Diverse Market Access Creates Opportunities 2026 Estimated Sales Markets Clearbrook 2026 EOG Estimated Sales Markets NORTHEAST Cushing (WTI) Rockies Other MIDWEST Dawn West Coast & Other Conway ROCKIES Rockies Permian Guernsey Chicago Canton Tetco M2 Utica (WTI) Henry Hub Eastern Cheyenne Gas South
Slide 26: Technology Leadership and Proprietary Applications Support Innovative, Multi-Disciplinary Execution
Technology Leadership and Proprietary Applications Support Innovative, Multi-Disciplinary Execution Connectivity Across All Apps Delivers Fast & Continuous Real-Time Data For High Return Decision Making Geology & Reservoir Drilling Completions Facilities & Production Comprehensive Log and Map Real-T
Slide 27: Supplemental Information
Supplemental Information Adjusted Cash Flow from Operations: cash flow from operations before changes in working capital and certain acquisition-related costs. Adjusted Cash Flow Per Share (CFPS): adjusted cash flow from operations divided by average diluted shares. Commodity Price Sensitivities (as
Slide 28: Copyright; Assumption of Risk
Copyright; Assumption of Risk: Copyright 2026. This presentation and the contents of this presentation have been copyrighted by EOG Resources, Inc. (EOG). All rights reserved. Copying of this presentation is forbidden without the prior written consent of EOG. Information in this presentation is prov
Slide 29: Investor Contact Information
Investor Contact Pearce Hammond, Vice President IR (713) 571-4684, phammond@eogresources.com Information Neel Panchal, Senior Director IR (713) 571-4884, npanchal@eogresources.com Shelby O’Connor, Manager IR (713) 571-4560, soconnor@eogresources.com 4Q 2025 29