EOG Resources dividend: cash coverage and yield
EOG Resources pays $4.08 per share in every case, with the base case reaching $4.41 by 2029. EOG Resources' 2025 dividends and buybacks were 137.0% of free cash flow, so shareholder payments exceeded that year's free cash flow.
How much does EOG Resources pay per share?
Dividends begin at $4.08 per share in every case because the board declared a $1.02 quarterly payment. The base case reaches $4.41 by 2029 through 4% annual increases, below the recent growth rate. The bear case stays at $4.08 because replacement spending and weaker prices cause a pause. The bull reaches $4.94 through 10% increases, requiring stronger recurring cash flow.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow per share | 6.32 | 10.14 | 8.83 | 10.38 | 8.46 |
| − Dividends paid, per share | 3.96 | 3.67 | 5.80 | 8.77 | 4.60 |
| − Share buybacks, per share | 4.70 | 5.70 | 1.78 | 0.20 | 0.07 |
| = FCF not paid out, per share | 0.77 | 1.25 | 1.41 | 3.79 |
What this means. The company's own free cash flow per share is higher because it leaves out changes in working capital and certain acquisition costs, while our free cash flow includes them.
Does EOG Resources' cash cover its dividend?
In 2025, EOG paid $2,161 million in dividends and spent $2,564 million repurchasing shares. Together, those distributions totalled $4,725 million, or 137.0% of free cash flow, leaving a $1,275 million shortfall before acquisitions.
Capital spending was $6,594 million, leaving straightforward free cash flow of $3,450 million. Deducting $216 million of stock-based compensation leaves $3,234 million. Stock pay does not immediately consume cash, but it transfers ownership to employees or requires repurchases to prevent dilution.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 3,450 | 5,771 | 5,155 | 6,093 | 4,941 |
| − Dividends paid | 2,161 | 2,087 | 3,386 | 5,148 | 2,684 |
| − Share buybacks | 2,564 | 3,246 | 1,038 | 118 | 41 |
| = Free cash flow not paid out | 438 | 731 | 827 | 2,216 | |
| = Paid out more than the free cash flow | 1,275 | ||||
| Paid out, % of free cash flow | 137.0% | 92.4% | 85.8% | 86.4% | 55.2% |
What this means. In 2025, the company paid shareholders more cash than its free cash flow, so it had to use savings or borrow money to cover the difference.
What could change EOG Resources' dividend?
The bear probability would rise if 2027–2029 realized oil and gas prices weaken, organic reserve replacement remains below drilling needs, or Encino-related debt limits distributions. The 2028 down year is the clearest stress test.
What is EOG Resources' dividend yield today against its price?
| Today (Oct 16, 2026) | |
|---|---|
| Share price | 157.52 |
| Free cash flow yield (calculated) | 4.2% |
| Dividend yield (calculated) | 2.6% |
What this means. Enterprise value per flowing barrel means the market value assigned to each barrel of oil and gas the company produces per day, not the price of one barrel of oil.