Dear Shareholder,

2025 was a remarkable year for EOG.

In addition to exceptional execution of our capital and operating plan during a dynamic market, we expanded our portfolio's reach further, both domestically and internationally, with strategic investments in acquisitions, infrastructure, and exploration, strengthening our foundation for the future.

Our operational and financial performance during 2025 is a testament to the power of EOG's differentiated multi-basin portfolio, underpinned by our pristine balance sheet, to consistently perform through a volatile year in the oil and gas market. Strong execution of our disciplined capital plan across both our foundational and emerging plays enabled us to return 100% of free cash flow to shareholders. EOG's continued commitment to operational excellence drove efficiency gains and innovation that reduced costs during the year – improvements that will compound over time and create significant long-term value. We also continued to demonstrate our commitment to sustainability, setting new emission targets after achieving our prior targets ahead of schedule. Above all, the success we delivered in 2025 reflects the dedication of our employees and the strength of EOG's unique culture.

A Differentiated Portfolio: Expanding our Reach

While we entered the year already well positioned with strong product, geographic, and pricing diversity, our peer-leading financial strength enabled transformational investments that strengthened the depth, duration, and resilience of our asset base. During 2025, we:

• Completed the Encino acquisition which combined large, premier acreage positions, transforming EOG into a leading Utica operator and creating an additional foundational play alongside our Delaware Basin, Eagle Ford, and Dorado assets
• Acquired 30,000 net acres in the Eagle Ford, the largest remaining undeveloped core acreage tract, adding potential to extend laterals, utilize existing infrastructure, boost returns, and lower finding costs
• Commissioned the Janus gas processing plant in the Delaware Basin expanding access to multiple premium Gulf Coast markets
• Commenced construction of the Coconut offshore platform in Trinidad to support our high-return shallow offshore gas development program
• Achieved exploration success in Trinidad with the Beryl shallow water oil discovery
• Formed a joint venture with Bapco Energies to explore and develop an onshore unconventional tight gas prospect in Bahrain
• Received an onshore concession in the UAE to explore and appraise an unconventional oil exploration prospect in coordination with ADNOC

EOG now holds a distinctive position in the upstream sector: access to a deep inventory of growth opportunities spanning North American liquids, North American natural gas, and international conventional and unconventional plays.

Capital Discipline Drives Shareholder Returns

EOG's disciplined capital allocation framework continues to deliver strong financial performance, generating peer-leading returns on capital employed and robust free cash flow to support shareholder returns: in 2025 we earned $5.5 billion¹ of adjusted net income and achieved a 19%¹ return on capital employed. Free cash flow totaled $4.7 billion, 1,2 enabling $2.2 billion of regular dividends and $2.5 billion of share repurchases, resulting in the return of 100% of free cash flow to shareholders.

2025 represents just one year of exceptional cash return to shareholders; however, EOG's financial performance driving those returns is best viewed through a longer-term lens. Our regular dividend increase of 8% last year extended an exceptional track record of consistency and growth. EOG has never cut or suspended the dividend in 28 years, reflecting the durability of our business model and commitment to shareholder returns across commodity cycles.

Powering our dividend growth is EOG's ability to consistently generate free cash flow. We have produced free cash flow every year since 2016 – a decade of sustained performance through varying market environments. Over the past three years, we have generated $15 billion1,2 in free cash flow and returned $14 billion to shareholders, while delivering an average return on capital employed of 24%.1 These strong cash returns helped drive 9% compound annual dividend growth and enabled a 10% cumulative reduction in the company's share count over the same period.

Disciplined capital allocation, combined with our multi-basin portfolio, continues to expand free cash flow potential over both the short and long term. With a strong balance sheet, low-cost structure, and the flexibility to allocate capital across multiple high-return opportunities, EOG is well positioned to navigate commodity cycles. Our financial resilience is a core differentiator, enabling the company to deliver consistent, competitive shareholder returns in both stable and volatile market environments.

Consistent Operational Excellence Compounds Over Time

Operational excellence at EOG is grounded in our superior in-house technical expertise, proprietary information technology, and self-sourced materials, which together support strong well performance and disciplined cost control across the entire drilling, completions, and production lifecycle. In 2025, this integrated approach delivered meaningful operational and financial results. During the year, EOG:

• Achieved our $150 million synergy target for the Encino acquisition ahead of our original one-year timeline through well cost reductions and operational efficiencies
• Expanded the use of 3+ mile laterals throughout our foundational plays and drilled the longest lateral in Texas history – exceeding 24,000 feet – in the Eagle Ford
• Extended the benefits from longer laterals through our internal drilling motor program increasing productive time on surface and downhole, reducing surface footprint, and improving capital efficiency
• Deployed high frequency sensors during completions to reduce downtime and enhance fracture efficiency
• Leveraged proprietary generative AI tools to streamline collaboration, automate data capture, and provide real-time operational insights
• Optimized base production and runtime using EOG's proprietary production optimizer program and machine learning capabilities

Operational achievements in 2025 enabled EOG to beat our total cash operating costs target and reduce average well costs by 7%. These sustainable cost reductions, driven by efficiency gains and innovation, compound over time, generating significant cumulative savings and enhancing long-term shareholder value throughout the development lifecycle.

Sustainability at EOG is A Measurable Commitment

Over the past five years we have made meaningful progress in reducing our emissions intensity and see continued opportunity to build on that momentum. After achieving our prior emissions targets ahead of schedule, we established new emissions targets in 2025 to further advance our performance:

• Reduce GHG emissions intensity rate 3.4 by 25% by 2030, relative to 2019 levels
• Maintain near-zero methane emissions 4.5 through 2030 with an intensity of 0.2% or less

These updated targets demonstrate EOG's commitment to strong environmental performance, with a continued focus on reducing our emissions intensity through innovation and technology.

Our People and our Culture are Our Number One Competitive Advantage

EOG's differentiated performance begins with our people and our culture. We are a decentralized organization, empowering collaborative, multi-disciplinary teams at the asset level to innovate and make real-time decisions in the field.

Consistent and outstanding execution is what converts operational strength into shareholder value. I am deeply grateful for the exceptional dedication of the entire EOG team and their contribution to our performance in 2025.

Positioned for 2026 and Beyond

2025 has been a transformative year and laid a foundation for EOG's success in 2026. The Encino acquisition, our entry into Bahrain and the UAE, as well as strong exploration progress across our domestic portfolio and in Trinidad, has significantly enhanced our industry-leading asset base.

Today's dynamic market environment is exactly what EOG is built to excel in. Our multi-basin portfolio, proprietary technology, and self-sourced materials, backed by our rigorous investment standards and pristine balance sheet, uniquely position us as a low-cost, highly efficient operator with diverse product, geographic, and pricing exposure.

I am confident EOG's differentiated portfolio will continue to drive both near-term performance and long-term value for shareholders.

Sincerely,

Ezra Y. Yacob
Chairman and Chief Executive Officer
February 24, 2026