EOG Resources, Inc. (EOG)
EOG Resources is a large US shale-focused oil and gas producer known for its low-cost drilling and disciplined capital returns. It concentrates on premium wells that remain profitable at lower commodity prices.
Energy stock comparison
EOG vs TRGP: how the two businesses compare
- Bigger business: EOG, with $22.6B of yearly revenue, about 1.3× TRGP's $17.0B.
- More profitable: EOG keeps 22 cents of each sales dollar as profit, against 11 cents at TRGP.
- More cash from each sale: EOG turns 44 cents of each sales dollar into operating cash flow, against 23 cents at TRGP.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
EOG Resources (EOG) is the larger business by reported revenue: $22.6B in its fiscal year ended Dec 2025, about 1.3× TRGP's $17.0B (fiscal year ended Dec 2025). EOG's net margin was 22.0% and TRGP's 11.3%. The SEC classifies them differently (Crude Petroleum & Natural Gas; Natural Gas Transmission); what connects them is shared exposure to the Economic trends research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Sector
- Energy
- SEC industry
- Different
- Separate classifications
- Fiscal year ends
- December 31
- Same calendar
- Reviewed
- Feb 24, 2026
EOG vs TRGP: quick comparison
| Company fact | EOG | TRGP |
|---|---|---|
| Company | EOG Resources, Inc. | Targa Resources Corp. |
| Exchange | NYSE | NYSE |
| Headquarters | Houston, Texas | — |
| Founded | 1985 | — |
| SEC industry | Crude Petroleum & Natural Gas | Natural Gas Transmission |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-24 | 10-K · 2026-02-19 |
EOG vs TRGP: audited financials
- Scale: EOG's $22.6B of revenue is about 1.3× TRGP's $17.0B.
- Net margin: EOG kept 22.0% of revenue as net income versus 11.3% at TRGP.
- Cash conversion: operating cash flow equalled EOG 44.4% of revenue, or 2.02× net income; TRGP 23.0% of revenue, or 2.04× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | EOG | TRGP |
|---|---|---|
| Revenue | $22.6B2025-01-01 to 2025-12-31 · SEC filing | $17.0B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $5.0B2025-01-01 to 2025-12-31 · SEC filing | $1.9B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $10.0B2025-01-01 to 2025-12-31 · SEC filing | $3.9B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $9.122025-01-01 to 2025-12-31 · SEC filing | $8.492025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 22.0%2025-01-01 to 2025-12-31 · SEC filing | 11.3%2025-01-01 to 2025-12-31 · SEC filing |
EOG: FY ending 2025-12-31 · TRGP: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where EOG and TRGP overlap, and where they don't
Overlap
- Shared research theme: Economic trends.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different SEC industries: EOG files as Crude Petroleum & Natural Gas; TRGP as Natural Gas Transmission.
- Profitability: net margin of 22.0% for EOG versus 11.3% for TRGP.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Targa Resources Corp. (TRGP)
Targa Resources gathers, processes, and transports natural gas and natural-gas liquids.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves EOG
We have not yet published a company-specific driver list for EOG. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-24.
What moves TRGP
We have not yet published a company-specific driver list for TRGP. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-19.
The investment question
You now know EOG reports about 1.3× TRGP's revenue, and EOG keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 8 matched transaction rows for EOG and 6 matched transaction rows for TRGP. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
EOG primary filings
TRGP primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving EOG or TRGP
EOG vs TRGP FAQs
Are EOG and TRGP direct competitors?
Not necessarily. EOG Resources files as Crude Petroleum & Natural Gas and Targa Resources as Natural Gas Transmission. The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is EOG or TRGP the bigger company by revenue?
EOG Resources (EOG) is the larger business by reported revenue: $22.6B in its fiscal year ended Dec 2025, about 1.3× TRGP's $17.0B (fiscal year ended Dec 2025). EOG's net margin was 22.0% and TRGP's 11.3%. The SEC classifies them differently (Crude Petroleum & Natural Gas; Natural Gas Transmission); what connects them is shared exposure to the Economic trends research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, EOG or TRGP?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this EOG vs TRGP comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers EOG Resources, Inc. and Targa Resources Corp. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-03. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-03. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
EOG vs TRGP compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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