In an industry that often equates success with headline growth, EOG Resources has continued to demonstrate a different model—one built on capital discipline, operational execution, and portfolio balance. While the market debate has focused on basin maturity, cost inflation, and near-term commodity volatility, EOG’s 2025 drilling activity tells a more deliberate story: a quiet but meaningful rebalancing across its U.S. asset base.
Rather than chasing scale in a single basin, EOG is allocating capital where returns are strongest, infrastructure is already in place, and optionality can be preserved. The result is a diversified drilling program that supports free cash flow today while positioning the company for resilience through cycles.
A Portfolio View of 2025 Drilling Activity
When EOG’s U.S. wells drilled in 2025 are reclassified by play, the distribution highlights how balanced the portfolio has become—particularly across oil-weighted and gas-levered assets. They have drilled 600+ wells in 2025 in multiple basin locations in the US, the Permian is 50% of the wells drilled.
EOG Resources – Final Reclassified Wells Drilled (U.S. 2025)
| Play | Wells Drilled (2025) |
|---|---|
| Permian Basin | 311 |
| Eagle Ford | 120 |
| Utica | 105 |
| Powder River Basin | 25 |
| Williston / Bakken | 24 |
| Barnett Shale | 3 |
| Other / Unclassified | 10 |
This mix underscores a portfolio strategy that is less about maximizing activity in any single basin and more about optimizing returns across the system.
Permian: Optimization Over Expansion
The Permian Basin remains EOG’s largest drilling engine, but the story is no longer about raw growth. In 2025, Permian activity reflects a focus on longer laterals, lower well costs, and improved capital efficiency. With infrastructure largely built out, incremental development benefits from sunk capital and operational learning accumulated over multiple cycles.
The takeaway is clear: EOG views Permian “maturity” not as a constraint, but as an opportunity to extract more value per dollar invested.
Eagle Ford: A Mature Asset That Keeps Getting Better
With over a decade of development behind it, the Eagle Ford continues to deliver improving economics for EOG. The 2025 drilling program reflects lower breakevens driven by extended laterals, reduced operating costs, and consistent execution.
Rather than winding down, the Eagle Ford has evolved into a durable cash-flow asset—one that complements Permian oil exposure while requiring less incremental capital intensity.
Utica: From Optionality to Core
Perhaps the most notable shift in 2025 is the scale of activity in the Utica. With more than 100 wells drilled, the play has clearly moved into EOG’s core portfolio. Following the Encino acquisition, EOG has applied its drilling, completions, and production optimization playbook to accelerate efficiency gains.
While the focus remains on the volatile oil window, recent gas-window results reinforce longer-term upside. The Utica now serves as both a cash-flow contributor and a strategic natural gas option as LNG and power demand continue to grow.
Powder River Basin and Bakken: Measured Optionality
EOG’s activity in the Powder River Basin and Bakken remains disciplined and targeted. These plays are not competing for primary capital allocation, but they provide flexibility—allowing EOG to respond to price signals, service costs, and evolving market conditions without overcommitting resources.
This measured approach reflects a broader philosophy: optionality has value, but only when it meets return thresholds.
The Bigger Picture
What stands out in EOG’s 2025 drilling program is not any single basin, but the balance across them. Oil-weighted plays generate near-term free cash flow. Gas-levered assets preserve upside as demand fundamentals strengthen. Infrastructure, technology, and data knit the portfolio together, allowing capital to move to its highest-return use.
In a volatile macro environment, EOG isn’t making noise—it’s making adjustments. And those adjustments point to a company focused less on headlines and more on durability.
Quietly, deliberately, EOG is rebalancing its U.S. portfolio—and reinforcing why it continues to set the standard for disciplined shale development.
