EOG Resources raises 2025 guidance following strategic acquisition

EOG Resources Inc. reported stronger-than-expected second-quarter 2025 earnings of $1.3 billion, driven by robust production and continued cost discipline.
Aug. 8, 2025
2 min read

EOG Resources Inc. reported stronger-than-expected second-quarter 2025 earnings of $1.3 billion, driven by robust production and continued cost discipline. Total revenue came in at $5.5 billion, slightly below the year-ago period but solidly supported by higher-than-expected production. The company also raised its full-year outlook following the strategic acquisition of Encino Acquisition Partners.

The Houston-based independent oil and gas producer generated $973 million of free cash flow during the quarter and returned more than $1.1 billion to shareholders through regular dividends and share repurchases.

Total company production averaged 1.1 MMboe/d, a 4% sequential increase. Crude oil and condensate volumes reached 504,200 b/d, while NGL production rose 7% to 258,400 b/d, and natural gas output climbed 7% to 2.23 bcfd. Production volumes for crude oil, NGLs, and natural gas all surpassed the midpoints of the company’s guidance.

The quarter marked a turning point for EOG’s strategic footprint, with the closing of its acquisition of Encino Acquisition Partners bringing a significant position in the Utica shale. The transaction effectively establishes the Utica as a “foundational asset” in EOG’s portfolio, according to Ezra Yacob, chairman and chief executive officer.

To reflect this addition, EOG updated its 2025 capital expenditure guidance to $6.2–$6.4 billion, up from $5.8–$6.2 billion. The company also raised its full-year total production forecast to 1.22 MMboe/d, including 521,000 b/d of crude oil, representing a material increase from its previous outlook.

Beyond North America, EOG continued to expand its international reach, with early-stage development in Bahrain and the UAE, and ongoing exploration efforts in Trinidad. Yacob noted these initiatives further diversify EOG’s long-term growth options.

About the Author

Conglin Xu

Managing Editor-Economics

Conglin Xu, Managing Editor-Economics, covers worldwide oil and gas market developments and macroeconomic factors, conducts analytical economic and financial research, generates estimates and forecasts, and compiles production and reserves statistics for Oil & Gas Journal. She joined OGJ in 2012 as Senior Economics Editor. 

Xu holds a PhD in International Economics from the University of California at Santa Cruz. She was a Short-term Consultant at the World Bank and Summer Intern at the International Monetary Fund. 

 

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