EOG Resources Delivers Strong Q2 2025 Results as Drilling Activity Accelerates

EOG Resources (NYSE: EOG) has released its Q2 2025 results, reinforcing its reputation for operational efficiency and financial discipline while accelerating drilling activity across its U.S. shale portfolio.


Delaware Basin Operator Account List – $10

Includes: Account Name, Wells Drilled, Rig Count, Location….


📊 Q2 2025 Highlights

  • Net Income: $1.345 billion | Adjusted EPS: $2.32
  • Free Cash Flow: $973 million
  • Capital Expenditures: $1.52 billion
  • Regular Dividend Paid: $528 million
  • Share Buybacks: $600 million (5.4 million shares repurchased)

“Our operational excellence translated into strong financial performance. The 5% increase in our dividend, announced alongside the Encino acquisition, reflects our confidence in the quality and potential of this asset.”
Ezra Yacob, Chairman & CEO


🛢️ Production Surpasses Guidance

EOG beat the midpoint of its production guidance across the board:

  • Oil: 504,200 Bopd
  • NGLs: 258,400 Bbl/d
  • Natural Gas: 2.229 Bcf/d
  • Total: 1.134 MBoed

Operating costs decreased across all categories, including lease & well ($3.84/Boe), GP&T ($4.41/Boe), and G&A ($1.69/Boe).


🛠️ Wells Drilled YTD 2025: Snapshot of EOG’s Activity

So far in 2025, EOG has drilled 399 wells across the U.S., focused heavily in the Permian and Utica shale plays.

📍 Wells Drilled by State/Province:

State/ProvinceWells Drilled
New Mexico175
Texas124
Ohio60
Wyoming25
North Dakota15

🏞️ Top 5 Counties by Wells Drilled:

CountyWells Drilled
Lea, NM148
Webb, TX27
Eddy, NM27
Carroll, OH25
Loving, TX22

🔧 Top 10 Rigs by Activity:

Contractor and RigWells Drilled
H&P 26320
H&P 38519
Patterson 88317
Nabors 120616
H&P 24716
Nabors 120416
Nabors 120116
H&P 25915
Nabors 120515
Independence 30515

🧭 Strategic Positioning: Utica Shale and Beyond

The Q2 report also marked the integration of Encino Acquisition Partners, elevating the Utica Shale to foundational asset status. This acquisition aligns with EOG’s broader strategy of maintaining capital discipline while expanding its multi-basin presence, including international projects in Bahrain, UAE, and Trinidad.


📅 Full-Year 2025 Outlook

  • Capex: $6.2B–$6.4B
  • Total Production Guidance: 1.224 MBoed
  • Oil Production Guidance: 521 MBopd

EOG continues to demonstrate resilience and adaptability in a volatile commodity environment, with robust shareholder returns, disciplined capital allocation, and a deep bench of top-performing drilling rigs.


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