EOG RESOURCES INCEOG
EOG RESOURCES INC Segments Disclosure
Business Segment Information
EOG's operations are all crude oil, NGLs and natural gas exploration and production-related. The Segment Reporting Topic of the ASC establishes standards for reporting information about operating segments in annual and interim financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. EOG's chief operating decision makers (CODM) are the Chairman of the Board and Chief Executive Officer, the Executive Vice President and Chief Operating Officer, the Executive Vice President and Chief Financial Officer, the Executive Vice President and Chief Legal Officer, and the Senior Vice Presidents, Exploration and Production.
The CODM routinely review and make operating decisions related to significant issues associated with each of EOG's major producing areas (including in the United States and in Trinidad) and its exploration programs both inside and outside the United States. For segment reporting purposes, the CODM consider the major United States producing areas to be one operating segment. The CODM use operating income (loss) to assess performance and allocate resources.
Financial information by reportable segment is presented below as of and for the years ended December 31, 2025, 2024 and 2023 (in millions):
| United States | Trinidad | Other International | Total | ||||||||||||||||||||
| 2025 | |||||||||||||||||||||||
| Crude Oil and Condensate | $ | 12,472 | $ | 29 | $ | — | $ | 12,501 | |||||||||||||||
| Natural Gas Liquids | 2,376 | — | — | 2,376 | |||||||||||||||||||
| Natural Gas | 2,468 | 318 | 5 | 2,791 | |||||||||||||||||||
| Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net | 13 | — | — | 13 | |||||||||||||||||||
| Gathering, Processing and Marketing | 4,908 | 6 | — | 4,914 | |||||||||||||||||||
| Gains (Losses) on Asset Dispositions, Net | (40) | 6 | (1) | (35) | |||||||||||||||||||
| Other, Net | 72 | — | — | 72 | |||||||||||||||||||
Operating Revenues and Other (1) | 22,269 | 359 | 4 | 22,632 | |||||||||||||||||||
| Lease and Well | 1,611 | 49 | 15 | ||||||||||||||||||||
| Gathering, Processing and Transportation Costs | 2,133 | 1 | — | ||||||||||||||||||||
| Marketing Costs | 4,795 | — | — | ||||||||||||||||||||
| Depreciation, Depletion and Amortization | 4,305 | 155 | 1 | ||||||||||||||||||||
| General and Administrative | 787 | 16 | 17 | ||||||||||||||||||||
| Taxes Other Than Income | 1,227 | 6 | 1 | ||||||||||||||||||||
Other Segment Items (2) (3) | 988 | 84 | 56 | ||||||||||||||||||||
| Operating Income (Loss) | 6,423 | 48 | (86) | 6,385 | |||||||||||||||||||
| Interest Income | 210 | ||||||||||||||||||||||
Other Income | 2 | ||||||||||||||||||||||
| Interest Expense, Net | 235 | ||||||||||||||||||||||
| Income Before Income Taxes | 6,362 | ||||||||||||||||||||||
| Other Segment Disclosures: | |||||||||||||||||||||||
Additions to Oil and Gas Properties, Excluding Dry Hole Costs(6) | 12,510 | 158 | 73 | 12,741 | |||||||||||||||||||
| Total Property, Plant and Equipment, Net | 41,700 | 539 | 102 | 42,341 | |||||||||||||||||||
| Total Assets | 50,309 | 1,192 | 298 | 51,799 | |||||||||||||||||||
| Interest Expense, Net | 235 | — | — | 235 | |||||||||||||||||||
| Interest Income | 195 | 10 | 5 | 210 | |||||||||||||||||||
| United States | Trinidad | Other International | Total | ||||||||||||||||||||
| 2024 | |||||||||||||||||||||||
| Crude Oil and Condensate | $ | 13,901 | $ | 20 | $ | — | $ | 13,921 | |||||||||||||||
| Natural Gas Liquids | 2,106 | — | — | 2,106 | |||||||||||||||||||
| Natural Gas | 1,256 | 295 | — | 1,551 | |||||||||||||||||||
| Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net | 204 | — | — | 204 | |||||||||||||||||||
| Gathering, Processing and Marketing | 5,799 | 1 | — | 5,800 | |||||||||||||||||||
Gains (Losses) on Asset Dispositions, Net | 21 | (5) | — | 16 | |||||||||||||||||||
| Other, Net | 100 | — | — | 100 | |||||||||||||||||||
Operating Revenues and Other (4) | 23,387 | 311 | — | 23,698 | |||||||||||||||||||
| Lease and Well | 1,532 | 40 | — | ||||||||||||||||||||
| Gathering, Processing and Transportation Costs | 1,722 | — | — | ||||||||||||||||||||
| Marketing Costs | 5,717 | — | — | ||||||||||||||||||||
| Depreciation, Depletion and Amortization | 3,968 | 139 | 1 | ||||||||||||||||||||
| General and Administrative | 639 | 15 | 15 | ||||||||||||||||||||
| Taxes Other Than Income | 1,245 | 3 | 1 | ||||||||||||||||||||
Other Segment Items (2) | 509 | 19 | 51 | ||||||||||||||||||||
| Operating Income (Loss) | 8,055 | 95 | (68) | 8,082 | |||||||||||||||||||
| Interest Income | 277 | ||||||||||||||||||||||
| Other Expense | (3) | ||||||||||||||||||||||
| Interest Expense, Net | 138 | ||||||||||||||||||||||
| Income Before Income Taxes | 8,218 | ||||||||||||||||||||||
| Other Segment Disclosures: | |||||||||||||||||||||||
Additions to Oil and Gas Properties, Excluding Dry Hole Costs | 5,213 | 223 | 12 | 5,448 | |||||||||||||||||||
| Total Property, Plant and Equipment, Net | 33,690 | 497 | 25 | 34,212 | |||||||||||||||||||
| Total Assets | 45,776 | 1,220 | 190 | 47,186 | |||||||||||||||||||
| Interest Expense, Net | 138 | — | — | 138 | |||||||||||||||||||
| Interest Income | 257 | 15 | 5 | 277 | |||||||||||||||||||
| United States | Trinidad | Other International | Total | ||||||||||||||||||||
| 2023 | |||||||||||||||||||||||
| Crude Oil and Condensate | $ | 13,734 | $ | 14 | $ | — | $ | 13,748 | |||||||||||||||
| Natural Gas Liquids | 1,884 | — | — | 1,884 | |||||||||||||||||||
| Natural Gas | 1,530 | 214 | — | 1,744 | |||||||||||||||||||
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net | 818 | — | — | 818 | |||||||||||||||||||
| Gathering, Processing and Marketing | 5,806 | — | — | 5,806 | |||||||||||||||||||
Gains on Asset Dispositions, Net | 53 | 42 | — | 95 | |||||||||||||||||||
| Other, Net | 91 | — | — | 91 | |||||||||||||||||||
Operating Revenues and Other (5) | 23,916 | 270 | — | 24,186 | |||||||||||||||||||
| Lease and Well | 1,410 | 43 | 1 | ||||||||||||||||||||
| Gathering, Processing and Transportation Costs | 1,620 | — | — | ||||||||||||||||||||
| Marketing Costs | 5,709 | — | — | ||||||||||||||||||||
| Depreciation, Depletion and Amortization | 3,414 | 78 | — | ||||||||||||||||||||
| General and Administrative | 618 | 15 | 7 | ||||||||||||||||||||
| Taxes Other Than Income | 1,278 | 6 | — | ||||||||||||||||||||
Other Segment Items (2) | 351 | 4 | 29 | ||||||||||||||||||||
| Operating Income (Loss) | 9,516 | 124 | (37) | 9,603 | |||||||||||||||||||
| Interest Income | 240 | ||||||||||||||||||||||
Other Expense | (6) | ||||||||||||||||||||||
| Interest Expense, Net | 148 | ||||||||||||||||||||||
| Income Before Income Taxes | 9,689 | ||||||||||||||||||||||
| Other Segment Disclosures: | |||||||||||||||||||||||
| Additions to Oil and Gas Properties, Excluding Dry Hole Costs | 5,413 | 162 | 4 | 5,579 | |||||||||||||||||||
| Total Property, Plant and Equipment, Net | 31,876 | 404 | 17 | 32,297 | |||||||||||||||||||
| Total Assets | 42,674 | 1,063 | 120 | 43,857 | |||||||||||||||||||
| Interest Expense, Net | 148 | — | — | 148 | |||||||||||||||||||
| Interest Income | 223 | 12 | 5 | 240 | |||||||||||||||||||
(1)EOG had sales activity with two significant purchasers in 2025, one totaling $2.8 billion and the other totaling $2.3 billion of consolidated Operating Revenues and Other in the United States segment.
(2)Other Segment Items include Exploration Costs, Dry Hole Costs and Impairments. For 2025, Other Segment Items primarily consisted of exploration costs and impairments in the United States, exploration and dry hole costs in Trinidad and exploration costs in Other International. For 2024, Other Segment Items primarily consisted of exploration costs and impairments in the United States, dry hole costs in Trinidad and impairment and exploration costs in Other International. For 2023, Other Segment Items primarily consisted of exploration costs and impairments in the United States, exploration costs in Trinidad and impairment and exploration costs in Other International.
(3)EOG recorded pretax impairment charges of $816 million in the United States for proved and unproved oil and gas properties and other assets. See Note 14.
(4)EOG had sales activity with three significant purchasers in 2024, one totaling $2.9 billion, another totaling $2.6 billion and a third totaling $2.5 billion of consolidated Operating Revenues and Other in the United States segment.
(5)EOG had sales activity with three significant purchasers in 2023, one totaling $3.3 billion and two others totaling $2.6 billion each of consolidated Operating Revenues and Other in the United States segment.
(6)Includes oil and gas properties from the Encino acquisition of $6,651 million.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.