Diversified US unconventional portfolio: Permian Delaware and Midland, Eagle Ford, the new Utica Combo play (added via the 2025 ~$5.6bn Encino deal), Powder River, the Dorado dry-gas play, plus Trinidad gas and early-stage Bahrain; runs a premium/double-premium drilling model prioritizing low-cost, high-return inventory over volume growth.
Fortress balance sheet with very low net leverage, a growing regular dividend supplemented by special dividends and opportunistic buybacks; trades at a low EV/EBITDA and EV/boe reflecting quality and returns focus; CEO Ezra Yacob (since 2021).
Its EV/EBITDA of 6.7x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 6.0% is lower than the 6.5% median, and at $14.97/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, EOG Resources scores 55/100, strongest on asset quality (68/100). Sub-scores: value 41, quality 68, growth 57, risk 41 (higher = riskier).
EOG Resources holds approximately 5.51 billion boe of proved (1P) reserves with FY2025 production of about 1,232 thousand boe/d (62% liquids), a reserve life of roughly 12.3 years. Break-even: ~$40-45/bbl (WTI direct after-tax cost of supply / FCF breakeven) — EOG targets <$40/bbl WTI direct after-tax finding & development cost of supply; among the lowest-cost US independents, underpinning double-digit ROCE.
Using EOG Resources's SEC-disclosed after-tax standardized measure of proved reserves ($30.0bn) less net debt ($4.5bn) gives an equity-NAV floor of about $25.5bn — the current market capitalisation sits +206% versus that floor. Disclosed pre-tax PV-10: $38.0bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. Proved-only; excludes large premium/double-premium undeveloped inventory, Utica/Encino running room, and Trinidad/international upside.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 96% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
| Trinidad & Tobago | 4% | 44 | Mature gas, declining reserves, cross-border Venezuela deals. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Delaware Basin | United States | Oil (unconventional) | Core Permian growth engine; multi-bench Wolfcamp/Bone Spring |
| Midland Basin | United States | Oil (unconventional) | Complementary Permian oil position |
| Eagle Ford | United States | Oil (unconventional) | Mature, high-return legacy oil play |
| Utica Combo | United States | Oil & liquids-rich | Ohio Utica volatile-oil window; scaled via 2025 Encino deal |
| Dorado | United States | Dry gas (unconventional) | Low-cost South Texas gas positioned for Gulf Coast LNG |
| Powder River Basin | United States | Oil (unconventional) | Emerging oil play in Wyoming |
| Trinidad | Trinidad & Tobago | Offshore gas | Long-life international gas |
| Bahrain | Bahrain | Gas (appraisal) | Early-stage international gas optionality |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 883 | 920 | 999 | 1076 | 1232 |
| Proved reserves (bnboe) | 3.75 | 4.20 | 4.50 | 4.70 | 5.51 |
| Revenue ($bn) | 18.6 | 25.7 | 24.2 | 23.5 | 22.6 |
| EBITDA ($bn) | 9.5 | 15.5 | 14.0 | 13.5 | 12.4 |
| Net income ($bn) | 4.7 | 7.6 | 7.6 | 6.4 | 5.0 |
| Free cash flow ($bn) | 5.5 | 7.8 | 5.1 | 5.5 | 4.7 |
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✓ FY2025 figures verified against primary sources: