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….
๐ 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)
โOur 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.โ
โ Ezra Yacob, Chairman & CEO
๐ข๏ธ 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).
๐ ๏ธ Wells Drilled YTD 2025: Snapshot of EOGโs Activity
So far in 2025, EOG has drilled 399 wells across the U.S., focused heavily in the Permian and Utica shale plays.
๐ Wells Drilled by State/Province:
| State/Province | Wells Drilled |
|---|---|
| New Mexico | 175 |
| Texas | 124 |
| Ohio | 60 |
| Wyoming | 25 |
| North Dakota | 15 |
๐๏ธ Top 5 Counties by Wells Drilled:
| County | Wells Drilled |
|---|---|
| Lea, NM | 148 |
| Webb, TX | 27 |
| Eddy, NM | 27 |
| Carroll, OH | 25 |
| Loving, TX | 22 |
๐ง Top 10 Rigs by Activity:
| Contractor and Rig | Wells Drilled |
|---|---|
| H&P 263 | 20 |
| H&P 385 | 19 |
| Patterson 883 | 17 |
| Nabors 1206 | 16 |
| H&P 247 | 16 |
| Nabors 1204 | 16 |
| Nabors 1201 | 16 |
| H&P 259 | 15 |
| Nabors 1205 | 15 |
| Independence 305 | 15 |
๐งญ 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 EOGโs broader strategy of maintaining capital discipline while expanding its multi-basin presence, including international projects in Bahrain, UAE, and Trinidad.
๐ Full-Year 2025 Outlook
- Capex: $6.2Bโ$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.
