Here are 1-2 brief analogies for EOG Resources:

• EOG is like ExxonMobil or Chevron for U.S. oil and natural gas extraction, but focused purely on the drilling and production.
• Think of EOG as the upstream (drilling and production) division of a supermajor like ExxonMobil or Chevron, operating as its own large, independent company.

• Crude Oil: EOG produces crude oil, a fossil fuel extracted from the earth, which is refined into various petroleum products.
• Natural Gas: The company extracts natural gas, a gaseous fossil fuel primarily used for heating, electricity generation, and industrial purposes.
• Natural Gas Liquids (NGLs): EOG also produces NGLs, which are components of natural gas that are separated and used as petrochemical feedstocks or blended into gasoline.

• Crude Oil, Condensate, and NGLs Purchasers: These are primarily refiners, crude oil and NGL marketers, gatherers, and processors.
  • Marathon Petroleum Corporation (NYSE: MPC)
  • Valero Energy Corporation (NYSE: VLO)
  • Phillips 66 (NYSE: PSX)
  • Enterprise Products Partners L.P. (NYSE: EPD)
  • Energy Transfer LP (NYSE: ET)
• Natural Gas Purchasers: These include natural gas pipeline companies, utilities (local distribution companies), and large industrial users.
  • Kinder Morgan, Inc. (NYSE: KMI)
  • The Williams Companies, Inc. (NYSE: WMB)
  • Vistra Corp. (NYSE: VST) (as a major power generator, may purchase natural gas)

• Baker Hughes (NASDAQ: BKR)
• Halliburton (NYSE: HAL)
• Helmerich & Payne (NYSE: HP)
• NOV Inc. (NYSE: NOV)
• Patterson-UTI Energy (NASDAQ: PTEN)
• Schlumberger (NYSE: SLB)

Ezra Y. Yacob, Chairman and Chief Executive Officer

Mr. Yacob has been the Chairman and Chief Executive Officer of EOG Resources since October 2022. He joined the company in August 2005 and has held various geoscience and leadership positions, including President from January 2021 to September 2021, Executive Vice President for the Exploration and Production business from 2017 to 2021, and Vice President and General Manager in Midland from 2014 to 2017. He also served as Division Exploration Manager in Midland from 2013 to 2014 and for the Fort Worth business from 2012 to 2013.

Ann D. Janssen, Executive Vice President and Chief Financial Officer

Ms. Janssen became the Chief Financial Officer and Executive Vice President of EOG Resources in January 2024. She joined a predecessor of EOG in 1995. Prior to her current role, she served as Senior Vice President and Chief Accounting Officer since February 2018, Vice President, Accounting from 2007 to 2018, Controller of Financial Reporting and Planning from 2002 to 2007, and Treasurer from 1999 to 2002. Ms. Janssen holds a Bachelor of Business Administration degree in Accounting from Texas A&M University and is a Certified Public Accountant.

Jeffrey R. Leitzell, Executive Vice President and Chief Operating Officer

Mr. Leitzell has been the Executive Vice President and Chief Operating Officer of EOG Resources since December 2023. He joined EOG as a Completions Engineer in 2008 and previously held roles such as Operations Manager of the Midland office from 2015 to 2017, and Executive Vice President of Exploration and Production and Vice President and General Manager of the Midland office.

Michael P. Donaldson, Executive Vice President, General Counsel and Corporate Secretary

Mr. Donaldson serves as Executive Vice President, General Counsel and Corporate Secretary for EOG Resources. He has held the position of Corporate Secretary since May 2012.

Sandeep Bhakhri, Senior Vice President and Chief Information and Technology Officer

Mr. Bhakhri has been the Senior Vice President and Chief Information and Technology Officer of EOG Resources since April 2017. He joined a predecessor of EOG in 1992 and served as Vice President and Chief Information Officer from 1995 to 2017. Prior to joining EOG, Mr. Bhakhri managed development teams for McDermott Marine Construction Company.

The rapidly accelerating adoption of electric vehicles (EVs) and increasingly cost-competitive renewable energy sources (such as solar and wind power) directly threaten EOG Resources by reducing global demand for crude oil in transportation and natural gas in power generation.

EOG Resources (symbol: EOG) is an independent upstream oil and gas company primarily focused on the exploration, development, and production of crude oil, natural gas liquids (NGLs), and natural gas. The company's main operations are concentrated in the United States, with some international presence in areas such as Trinidad and Tobago.

The addressable markets for EOG Resources' main products are substantial, primarily within North America and the United States:

• Crude Oil: The United States is a leading global producer of crude oil. U.S. crude oil production reached approximately 13.651 million barrels per day (bpd) by the end of October 2025. In 2024, the U.S. crude oil production was 13.4 million barrels per day, projected to expand to an average of 13.5 million bpd in 2025. Globally, the crude oil market was valued at USD 755.3 billion in 2024 and is expected to reach approximately USD 929.8 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 2.1%. North America holds a strong market presence within this global market.
• Natural Gas: The North American natural gas market was valued at USD 435.26 billion in 2024 and is projected to grow to USD 622.63 billion by 2030, at a CAGR of 6.15%. Specifically for the U.S., the natural gas market was valued at USD 454.5 billion in 2024 and is anticipated to increase to USD 577.9 billion by 2032, advancing at a CAGR of 3.2%. U.S. dry natural gas production is forecast to reach a record annual average of 105.2 billion cubic feet per day in 2025.
• Natural Gas Liquids (NGLs): NGLs are extracted during the processing of natural gas. While specific market values for NGLs are often integrated into broader oil and gas market reports, U.S. production of NGLs significantly increased from 1.74 million barrels per day in 2005 to 2.96 million barrels per day in 2014. The market size for NGLs is generally encompassed within the overall crude oil and natural gas markets, particularly in the upstream sector where EOG operates.

Share Repurchases

• EOG Resources repurchased $3.2 billion of shares in 2024.
• In 2023, the company repurchased $971 million in shares.
• As of the third quarter of 2025, EOG had $4.0 billion remaining on its share buyback authorization.

Outbound Investments

• In May 2025, EOG acquired Encino Acquisition Partners for $5.6 billion, including debt, expanding its presence in the Utica shale by 675,000 net core acres. This acquisition was funded through $3.5 billion of debt and $2.1 billion of cash on hand.
• EOG made a $275 million bolt-on acquisition in the Eagle Ford, adding 30,000 acres to its portfolio.
• The company entered a strategic participation agreement with Bapco Energies in Bahrain to evaluate a natural gas exploration prospect with planned drilling in 2025, and is expanding its international presence with a 900,000-acre concession in the UAE.

Capital Expenditures

• Capital expenditures were $3.465 billion in 2020, $3.85 billion in 2021, $5.0 billion in 2022, $6.185 billion in 2023, and peaked at $6.372 billion in 2024.
• For 2025, total capital expenditures are expected to range from $6.2 billion to $6.4 billion, a revised outlook after the Encino acquisition.
• The primary focus of capital expenditures includes maintaining activity in the Delaware Basin, increasing activity in the Utica and Dorado plays, and funding strategic infrastructure projects and international exploration in Trinidad and Bahrain.