This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
EOG Resources is one of the largest independent upstream oil and gas companies in the United States. Full-year 2025 production averaged 1.23 million barrels of oil equivalent per day, including 546,100 barrels per day of crude oil and condensate and 3.07 billion cubic feet per day of natural gas in Q4 2025. The company operates across the Delaware Basin, Eagle Ford, Bakken, Rocky Mountain, Permian Basin, and Barnett Shale formations, with additional international operations in Trinidad and Tobago.
EOG was an early pioneer of horizontal drilling and hydraulic fracturing in shale formations. Its 2026 capital expenditure plan allocates $6.3 to $6.7 billion almost entirely to U.S. drilling activities — not maintaining legacy production, but actively expanding output. The company has no material non-fossil revenue segment, no announced transition plan, and no commitment to wind down hydrocarbon production. Revenue derives entirely from crude oil, natural gas liquids, and natural gas sales.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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