EOG Resources is an independent oil and gas exploration and production (E&P) company focused almost entirely on U.S. operations. EOG explores for, develops, and produces crude oil, NGLs, and natural gas, selling to refiners, utilities, trading companies, and LNG exporters at prevailing market prices. EOG is a pure upstream producer with no refining or retail exposure. EOG's core producing assets are the Delaware Basin (Permian), Eagle Ford (South Texas), and, following the ~$5.6B acquisition of Encino Acquisition Partners in 2025, the Utica in Ohio. EOG also operates a growing dry gas business anchored by its Dorado play in South Texas, which EOG argues is the lowest-cost dry gas asset in the U.S. EOG has built the Verde Pipeline connecting Dorado to the Agua Dulce hub and has secured LNG sales agreements ramping toward ~1 Bcf/day of delivery. EOG's strategy centers on being a low-cost producer across a wide range of commodity prices, achieved through longer laterals, proprietary drilling technology, high-intensity completions, and continuous efficiency improvement. EOG targets total debt below 1x EBITDA at bottom-cycle prices and commits to returning at least 70% of annual free cash flow to shareholders via its dividend and buybacks. EOG has paid a dividend for 27 consecutive years without a cut. Internationally, EOG operates in Trinidad and has new early-stage positions in Bahrain and the UAE, where it is applying its North American unconventional drilling expertise.