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- **Record Free Cash Flow**: $1.4B Q3 / $4.5B 2025 guidance, 92% returned to shareholders
- **Balance Sheet Strength**: 1x debt/EBITDA, $5.5B liquidity
- **Cost Leadership**: 15% 2-year well cost reduction, <1yr payback on new Delaware targets
- **International Expansion**: UAE/Bahrain drilling, 21Tcf Dorado gas resource
- **AI Advantage**: 80% wells on EOG artificial lift optimizers, predictive maintenance

**【CEO Summary Section】**
EOG delivered exceptional Q3 performance, closing the Encino acquisition and generating $1.4 billion in free cash flow. Shareholder returns totaled $5.5 billion through 3Q, with a $1.02 dividend (3.9% yield) and $1.8 billion in buybacks. The company maintained a 1x debt/EBITDA ratio and guided for $4.5 billion in 2025 free cash flow. International expansion in UAE/Bahrain is progressing with first wells drilled.

**【CFO Financial Commentary】**
Q3 results included $1.5 billion net income, $1.4 billion free cash flow, and $5.5 billion liquidity. Operating expenses beat estimates by $0.25/BOE, driven by lower LOE and GP&T. Encino integration achieved $150 million synergies, with 9% share buybacks since 2023. 2025 free cash flow guidance increased by $200 million to $4.5 billion.

**【Q&A Highlights】**
- **Macro Outlook**: Near-term oil oversupply due to spare capacity, but 2026+ demand growth (4-6% CAGR) supports medium-term bullish gas. 
- **Cost Efficiency**: 15% 2-year well cost reduction, 20% lateral length expansion, and <1-year payback on new Delaware targets. 
- **Shareholder Returns**: 92% free cash flow allocation (vs 70% target), $4 billion buyback capacity. 
- **International Growth**: UAE/Bahrain drilling underway, Bahrain legacy wells producing. 
- **AI Impact**: Proprietary software cuts workover costs, predictive maintenance, and real-time optimization.

EOG Resources, Inc.(EOG)-20251107-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

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