EOG Resources Inc

EOG Resources delivered a beat on both lines in Q4 2025, posting adjusted EPS of $2.27 against a Wall Street consensus of $2.22 — a 2.25% beat — while revenue of $5.64 billion cleared the $5.45 billion estimate by 3.44%, even as total revenue was essentially flat year-over-year, slipping just 0.2%. The headline story, however, was more complicated beneath the surface: GAAP net income tumbled to $701 million, or $1.30 per diluted share, from $1.25 billion in Q4 2024, weighed down by $506 million in after-tax impairment charges tied to Barnett Shale and Woodford Oil Window asset write-downs reflecting play-specific economics and resource reallocation. Production volumes were the quarter's genuine bright spot, with crude oil equivalent output surging to 1,399 MBoed from 1,095.7 MBoed a year earlier, a jump largely attributable to the Encino acquisition completed earlier in 2025. That volume growth was partly offset by sharply lower realized crude prices, which fell to $59.54 per barrel from $71.66 in Q4 2024, pressuring margins even as analysts with Buy ratings on the stock maintained a constructive long-term view.