Business Description

1 Exploration and Production 1 Marketing 4 Volumes and Prices 5 Human Capital Management 6 Competition 7 Regulation 7 Other Matters 12 Information About Our Executive Officers 14 ITEM 1A. Risk Factors 15 ITEM 1B. Unresolved Staff Comments 28 ITEM 1C. Cybersecurity 28 ITEM 2. Properties 30 Oil and Gas Exploration and Production - Properties and Reserves 30 ITEM 3. Legal Proceedings 33 ITEM 4. Mine Safety Disclosures 33 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34 ITEM 6. Reserved 36 ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 36 ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 55 ITEM 8. Financial Statements and Supplementary Data 55 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 55 ITEM 9A. Controls and Procedures 55 ITEM 9B. Other Information 55 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 55 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 56 ITEM 11. Executive Compensation 56 ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 57 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 58 ITEM 14. Principal Accountant Fees and Services 58 PART IV ITEM 15. Exhibits and Financial Statement Schedules 59 ITEM 16. Form 10-K Summary 59 SIGNATURES (i) PART I ITEM 1. Business General EOG Resources, Inc., a Delaware corporation organized in 1985, together with its subsidiaries (collectively, EOG), explores for, develops, produces and markets crude oil, natural gas liquids (NGLs) and natural gas primarily in major producing basins in the United States of America (United States or U.S.), the Republic of Trinidad and Tobago (Trinidad) and, from time to time, select other international areas, including the Kingdom of Bahrain and the United Arab Emirates. EOG's principal producing areas are further described in "Exploration and Production" below. EOG's Annual Reports on Form 10-K, Quarterly Reports on Form 10‑Q, Current Reports on Form 8-K and any amendments to those reports (including related exhibits and supplemental schedules) filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (as amended) are made available, free of charge, through EOG's website, as soon as reasonably practicable after such reports have been filed with, or furnished to, the United States Securities and Exchange Commission (SEC). EOG's website address is www.eogresources.com. Information on our website is not incorporated by reference into, and does not constitute a part of, this report. At December 31, 2025, EOG's total estimated net proved reserves were 5,514 million barrels of oil equivalent (MMBoe), of which 1,905 million barrels (MMBbl) were crude oil and condensate reserves, 1,510 MMBbl were NGLs reserves and 12,592 billion cubic feet (Bcf), or 2,099 MMBoe, were natural gas reserves (see "Supplemental Information to Consolidated Financial Statements"). At such date, approximately 99% of EOG's net proved reserves, on a crude oil equivalent basis, were located in the United States and 1% in Trinidad. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet (Mcf) of natural gas. EOG's operations are all crude oil and natural gas exploration and production related. For information regarding the risks associated with EOG's domestic and foreign operations, see ITEM 1A, Risk Factors. EOG is focused on being among the highest return and lowest cost producers, committed to strong environmental performance and playing a significant role in the long-term future of energy. EOG operates under a consistent business and operational strategy that focuses on a comprehensive approach to developing acreage through industry cycles. EOG evaluates rate of return, net present value, margins, payback period and other key metrics. This strategy is intended to enhance the generation of cash flow and earnings from each unit of production on a cost-efficient basis, allowing EOG to maximize long-term growth in shareholder value and maintain a strong balance sheet.…