PR Newswire | May 6, 2021 04:16PM EDT

Share Special Dividend

05/06 15:15 CDT

EOG Resources Reports Excellent First Quarter 2021 Results; Declares $1.00 per Share Special Dividend HOUSTON, May 6, 2021

HOUSTON, May 6, 2021 /PRNewswire/ -- EOG Resources, Inc. (EOG) today reported first quarter 2021 results. The attached supplemental financial tables and schedules for the reconciliation of non-GAAP measures to GAAP measures and related definitions, along with a related presentation, are also available on EOG's website at http://investors.eogresources.com/investors.

KeyFinancialResultsIn millions of USD, except per-share and ratio data

1Q 2021 4Q 2020 1Q 2020

Total Revenue 3,694 2,965 4,718

Net Income 677 337 10

Net Income Per Share 1.16 0.58 0.02

Net Cash Provided by Operating Activities 1,870 1,121 2,585GAAP Total Expenditures 1,067 1,107 1,826

Current and Long-Term Debt 5,133 5,816 5,222

Cash and Cash Equivalents 3,388 3,329 2,907

Debt-to-Total Capitalization 19.8% 22.3% 19.6%

Adjusted Net Income 946 411 318

Adjusted Net Income Per Share 1.62 0.71 0.55

Discretionary Cash Flow 2,010 1,494 1,666

Non- GAAP Cash Capital Expenditures before Acquisitions 945 828 1,685

Free Cash Flow 1,065 666 (19)

Net Debt 1,745 2,487 2,315

Net Debt-to-Total Capitalization 7.8% 10.9% 9.7%

First Quarter 2021 Highlights

* Declared special dividend of $1.00 per share and regular quarterly dividend of $0.4125 per share, an indicated annual total cash return to shareholders of $1.5 billion * Earned an adjusted $1.62 per share, second-highest quarterly EPS in EOG history * Generated $1.1 billion of free cash flow, a quarterly record * Capital expenditures 6% below guidance midpoint driven by sustainable efficiency improvements * Oil production above high-end of guidance range * Made significant progress toward 5% well cost reduction goal in 2021 * Reached agreement to divest China assets

Volumes and Capital Expenditures

1Q 2021Wellhead Volumes 1Q 2021 Guidance 4Q 2020 1Q 2020 Midpoint

Crude Oil and Condensate (MBod) 431.0 425.1 444.8 483.3

Natural Gas Liquids (MBbld) 124.3 130.0 141.4 161.3

Natural Gas (MMcfd) 1,342 1,360 1,292 1,378

Total Crude Oil Equivalent (MBoed) 778.9 781.8 801.5 874.1

Cash Capital Expenditures before Acquisitions ($MM) 945 1,000 828 1,685

From William R. "Bill" Thomas, Chairman and Chief Executive Officer"Our outstanding first quarter results and special dividend announcement reflect the power of EOG's returns-focused strategy. True to the EOG culture, our employees have embraced the higher hurdle rate with the shift to double-premium, which drove record returns in the first quarter. EOG continues to deliver sustainable improvements in operating performance, once again exceeding expectations.

"Our robust operating performance translates into financial results that allow us to deliver on our cash flow priorities. Earlier this year we raised the regular dividend and reduced debt outstanding. Our long-standing financial discipline now positions EOG to return additional cash to shareholders through a special dividend, bringing total expected return of cash to shareholders in 2021 to $1.5 billion.

"EOG is off to a great start in 2021 and I am confident that we will continue to get better going forward."

FirstQuarter 2021 Financial Performance

Adjusted Earnings per Share 1Q 2021 vs 4Q 2020

Prices and HedgesHigher prices for crude oil, natural gas and natural gas liquids all contributed to higher earnings. Average crude oil prices increased to $58.02 per barrel in the 1Q from $41.81 per barrel in the 4Q, contributing about 60% of the $1.40 earnings per share increase attributable to higher prices. EOG also realized higher prices for a portion of natural gas sold on a spot basis during periods of strong demand related to winter storms and for natural gas sold at prices tied to LNG export markets. Price gains were partially offset by a decrease in hedge settlement value, to $30 million cash paid in 1Q from $72 million cash received in 4Q.

VolumeOvercoming downtime from Winter Storm Uri, which reduced 1Q production by approximately 3%, total company crude oil production of 431,000 Bopd was above the high end of the guidance range and just 3% lower than 4Q. NGL production was 12% lower, partially offset by a 4% increase in natural gas production, driven by the market-based decision to reduce ethane extraction. Total company equivalent volumes decreased 3%.

Per-Unit CostsTotal per-unit costs in 1Q were slightly above the mid-point of the guidance range, due to higher prices for fuel and power during the winter storm. Compared with 4Q, higher taxes other than income related to increased product prices accounted for about half the increase in per-unit costs. Higher fuel and power, DD&A and production-related costs also contributed to the increase.

Change in Cash 1Q 2021 vs 4Q 2020

Free Cash FlowEOG generated discretionary cash flow (net cash provided by operating activities before exploration expense and changes in working capital) of $2.0 billion in 1Q. The company incurred $945 million of cash capital expenditures before acquisitions, resulting in $1.1 billion of free cash flow.

Capital ExpendituresCash capital expenditures before acquisitions were below the midpoint of the guidance range due to lower well costs from sustainable efficiency improvements. Faster drilling times, more efficient completion operations and lower-cost sand and water sourcing contributed to lower overall well costs. EOG is well on track to meet or exceed its 5% well cost reduction goal for 2021.

DebtOn February 1, 2021, EOG repaid, with cash on hand, the $750 million aggregate principal amount of its 4.100% Senior Notes due 2021 that matured on that date.

FirstQuarter 2021 Operating Performance

Lease and WellPer-unit LOE costs declined 7% compared with the prior?year period due to lower water handling costs, workover costs and overall efficiency improvements. Per-unit LOE also was $0.10 below the 1Q 2021 guidance midpoint. Compared with the 4Q 2020, per-unit LOE costs increased slightly due to higher fuel and power prices during the winter storm and seasonal factors.

Transportation, Gathering and ProcessingPer-unit transportation costs increased in 1Q as EOG expanded its transportation and storage capacity to provide greater flexibility and support higher price realizations. Higher fuel and power prices during the winter storm also contributed to increased transportation and gathering and processing costs.

General and AdministrativeG&A costs on a per-unit basis were in-line with the 4Q 2020 and slightly below the guidance midpoint.

Depreciation, Depletion and AmortizationPer-unit DD&A costs in the 1Q were in-line with the target, which was higher compared with the 4Q due to negative price- related reserve revisions.

Special Dividend and China Divestiture

Declared $1.00 per Share Special DividendThe Board of Directors declared a regular dividend of $0.4125 per share on EOG's Common Stock. The indicated annual rate is $1.65. The Board also declared a special dividend of $1.00 per share on EOG's Common Stock. Both dividends are payable July 30, 2021 to stockholders of record as of July 16, 2021.

China DivestitureEOG reached an agreement to divest all of its assets in China for proceeds of approximately $140 million. Closing, subject to customary conditions, is expected in the second quarter of 2021. Current net production from the divested assets is approximately 25 MMcfd of natural gas.

First Quarter 2021 Results vs Guidance

1Q 2021Crude Oil and Condensate (MBod) 1Q 2021 Guidance Variance 4Q 2020 3Q 2020 2Q 2020 1Q 2020 Midpoint

United States 428.7 423.0 5.7 442.4 376.6 330.9 482.7

Trinidad 2.2 2.0 0.2 2.3 1.0 0.1 0.5

Other International 0.1 0.1 0.0 0.1 0.0 0.1 0.1

Total 431.0 425.1 5.9 444.8 377.6 331.1 483.3

NGLs (MBbld)

Total 124.3 130.0 (5.7) 141.4 140.1 101.2 161.3

Natural Gas (MMcfd)

United States 1,100 1,125 (25) 1,075 1,008 939 1,139

Trinidad 217 215 2 192 151 174 201

Other International 25 20 5 25 31 34 38

Total 1,342 1,360 (18) 1,292 1,190 1,147 1,378

Total Crude Oil Equivalent Volumes (MBoed) 778.9 781.8 (2.9) 801.5 716.0 623.4 874.1

Total MMBoe 70.1 70.4 0.3 73.7 65.9 56.7 79.5

Capital Expenditures ($MM) 945 1,000 (55) 828 499 478 1,685

Benchmark Price

Oil (WTI) ($/Bbl) 57.80 42.67 40.94 27.85 46.08

Natural Gas (HH) ($/Mcf) 2.69 2.65 1.94 1.73 1.98

Crude Oil and Condensate ($/Bbl) - above (below) WTI

United States 0.27 0.20 0.07 (0.81) (0.75) (7.45) 0.89

Trinidad (8.03) (10.50) 2.47 (9.76) (15.53) (27.25) (11.15)

Other International (19.19) (18.00) (1.19) (6.77) (15.65) 20.93 11.43

NGLs - Realizations (% of WTI) 48.5% 49.0% (0.5%) 41.1% 35.0% 36.6% 23.7%

Nat Gas ($/Mcf) - above (below) HH

United States 2.83 3.00 (0.17) (0.36) (0.45) (0.62) (0.48)

Natural Gas Realizations ($/Mcf)

Trinidad 3.38 3.35 0.03 3.57 2.35 2.13 2.17

Other International 5.66 5.70 (0.04) 5.47 4.73 4.36 4.32

Unit Costs ($/Boe)

Lease and Well 3.85 3.95 (0.10) 3.54 3.45 4.32 4.14

Transportation Costs 2.88 2.80 0.08 2.64 2.74 2.67 2.62

General and Administrative 1.57 1.65 (0.08) 1.54 1.89 2.32 1.44

Gathering and Processing 1.98 1.80 0.18 1.62 1.74 1.71 1.62

Cash Operating Costs 10.28 10.20 0.08 9.34 9.82 11.02 9.82

Depreciation, Depletion and Amortization 12.84 12.85 (0.01) 11.81 12.49 12.46 12.57

Expenses ($MM)

Exploration and Dry Hole 44 40 4 40 51 27 40

Impairment (GAAP) 44 143 79 305 1,573

Impairment (excluding certain impairments (non-GAAP)) 43 70 (27) 57 52 66 57

Capitalized Interest 8 8 0 7 7 8 9

Net Interest 47 48 (1) 53 53 54 45

Taxes Other Than Income (% of Wellhead Revenue) 6.7% 7.0% (0.3%) 5.1% 7.2% 9.4% 6.5%

Income Taxes

Effective Rate 23.2% 23.5% (0.3%) 21.1% 19.2% 20.6% 68.4%

Deferred Ratio (18%) 0% (18%) 60% 330% 107% 743%

Second Quarter and Full-Year 2021 Guidance1

(Unaudited)

See "Endnotes" below for related discussion and definitions. 2Q 2021 FY 2021 2020 2019 Guidance Range Guidance Range Actual Actual

Crude Oil and Condensate Volumes (MBod)

United States 436.0 - 446.0 433.0 - 444.0 408.1 455.5

Trinidad 1.5 - 2.3 1.0 - 1.8 1.0 0.6

Other International 0.0 - 0.2 0.0 - 0.2 0.1 0.1

Total 437.5 - 448.5 434.0 - 446.0 409.2 456.2

Natural Gas Liquids Volumes (MBbld)

Total 125.0 - 140.0 125.0 - 145.0 136.0 134.1

Natural Gas Volumes (MMcfd)

United States 1,110 - 1,210 1,110 - 1,210 1,040 1,069

Trinidad 195 - 225 180 - 220 180 260

Other International 10 - 22 5 - 15 32 37

Total 1,315 - 1,457 1,295 - 1,445 1,252 1,366

Crude Oil Equivalent Volumes (MBoed)

United States 746.0 - 787.7 743.0 - 790.7 717.5 767.8

Trinidad 34.0 - 39.8 31.0 - 38.5 30.9 44.0

Other International 1.7 - 3.9 0.8 - 2.7 5.4 6.2

Total 781.7 - 831.4 774.8 - 831.9 753.8 818.0

Benchmark Price

Oil (WTI) ($/Bbl) 39.40 57.04

Natural Gas (HH) ($/Mcf) 2.08 2.62

Crude Oil and Condensate Differentials - above (below) WTI2 ($/Bbl)

United States (0.25) - 0.75 (0.55) - 1.45 (0.75) 0.70

Trinidad (12.50) - (10.50) (12.40) - (10.40) (9.20) (9.88)

Other International (10.50) - (6.50) (16.20) - (13.20) 3.68 0.36

Natural Gas Liquids - Realizations as % of WTI

Total 35% - 45% 36% - 48% 34.0% 28.1%

Natural Gas Differentials - above (below) NYMEX Henry Hub3 ($/Mcf)

United States (0.40) - 0.00 (0.25) - 1.25 (0.47) (0.40)

Natural Gas Realizations ($/Mcf)

Trinidad 3.10 - 3.60 3.10 - 3.60 2.57 2.72

Other International 5.40 - 5.90 5.20 - 6.20 4.66 4.44

Capital Expenditures4 ($MM) 1,000 - 1,200 3,700 - 4,100 3,490 6,234

Operating Unit Costs ($/Boe)

Lease and Well 3.45 - 4.15 3.50 - 4.20 3.85 4.58

Transport Costs 2.60 - 3.00 2.65 - 3.05 2.66 2.54

General and Administrative 1.50 - 1.60 1.50 - 1.60 1.75 1.64

Gathering and Processing 1.75 - 1.95 1.75 - 1.95 1.66 1.60

Cash Operating Costs 9.30 - 10.70 9.40 - 10.80 9.92 10.36

Depreciation, Depletion and Amortization 12.00 - 12.60 11.70 - 12.70 12.32 12.56

Expenses ($MM)

Exploration and Dry Hole 40 - 50 140 - 180 159 168

Impairment (GAAP) 2,100 518

Impairment (excluding certain impairments (non-GAAP)) 45 - 95 255 - 295 232 243

Capitalized Interest 5 - 10 25 - 30 31 38

Net Interest 45 - 50 180 - 185 205 185

Taxes Other Than Income (% of Wellhead Revenue) 6.0% - 8.0% 6.5% - 7.5% 6.6% 6.9%

Income Taxes

Effective Rate 20% - 25% 21% - 26% 18.2% 22.9%

Deferred Ratio 0% - 15% 0% - 15% 54.8% 107.4%

First Quarter 2021 Results WebcastFriday, May 7, 2021, 9:00 a.m. Central time (10:00 a.m. Eastern time) Webcast will be available on EOG's website for one year. http://investors.eogresources.com/Investors

About EOGEOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States, Trinidad, and China. To learn more visit www.eogresources.com.

Investor ContactsDavid Streit 713?571?4902 Neel Panchal 713?571?4884

Media and Investor ContactKimberly Ehmer 713?571?4676

Endnotes

The forecast items for the second quarter and full year 2021 set forth above for EOG Resources, Inc. (EOG) are based on current available information and expectations as of the date of the accompanying press release. EOG undertakes no obligation, other than as required by applicable law, to1) update or revise this forecast, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise. This forecast, which should be read in conjunction with the accompanying press release and EOG's related Current Report on Form 8-K filing, replaces and supersedes any previously issued guidance or forecast.

EOG bases United States and Trinidad crude oil and condensate price2) differentials upon the West Texas Intermediate crude oil price at Cushing, Oklahoma, using the simple average of the NYMEX settlement prices for each trading day within the applicable calendar month.

EOG bases United States natural gas price differentials upon the natural gas3) price at Henry Hub, Louisiana, using the simple average of the NYMEX settlement prices for the last three trading days of the applicable month.

The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Exploration Costs,4) Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs and any Non-Cash Transactions.

Glossary

Acq Acquisitions

ATROR After-tax rate of return

Bbl Barrel

Bn Billion

Boe Barrels of oil equivalent

Bopd Barrels of oil per day

Capex Capital expenditures

CO2e Carbon dioxide equivalent

DCF Discretionary cash flow

DD&A Depreciation, Depletion and Amortization

Disc Discoveries

Divest Divestitures

EPS Earnings per share

Ext Extensions

G&A General and administrative expense

G&P Gathering and processing expense

GHG Greenhouse gas

HH Henry Hub

LOE Lease operating expense, or lease and well expense

MBbld Thousand barrels of liquids per day

MBod Thousand barrels of oil per day

MBoe Thousand barrels of oil equivalent

MBoed Thousand barrels of oil equivalent per day

Mcf Thousand cubic feet of natural gas

MMBoe Million barrels of oil equivalent

MMcfd Million cubic feet of natural gas per day

NGLs Natural gas liquids

OTP Other than price

NYMEX U.S. New York Mercantile Exchange

QoQ Quarter over quarter

Trans Transportation expense

USD United States dollar

WTI West Texas Intermediate

YoY Year over year

$MM Million United States dollars

$/Bbl U.S. Dollars per barrel

$/Boe U.S. Dollars per barrel of oil equivalent

$/Mcf U.S. Dollars per thousand cubic feet

This press release may include forward?looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG's future financial position, operations, performance, business strategy, goals, returns and rates of return, budgets, reserves, levels of production, capital expenditures, costs and asset sales, statements regarding future commodity prices and statements regarding the plans and objectives of EOG's management for future operations, are forward?looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "project," "strategy," "intend," "plan," "target," "aims," "goal," "may," "will," "focused on," "should" and "believe" or the negative of those terms or other variations or comparable terminology to identify its forward?looking statements. In particular, statements, express or implied, concerning EOG's future operating results and returns or EOG's ability to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and capital expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet goals or ambitions with respect to emissions, other environmental matters, safety matters or other ESG (environmental/social/governance) matters, or pay and/or increase dividends are forward?looking statements. Forward?looking statements are not guarantees of performance. Although EOG believes the expectations reflected in its forward?looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, EOG's forward?looking statements may be affected by known, unknown or currently unforeseen risks, events or circumstances that may be outside EOG's control. Furthermore, this press release and any accompanying disclosures may include or reference certain forward?looking, non?GAAP financial measures, such as free cash flow or discretionary cash flow, and certain related estimates regarding future performance, results and financial position. Because we provide these measures on a forward?looking basis, we cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward?looking GAAP measures, such as future impairments and future changes in working capital. Accordingly, we are unable to present a quantitative reconciliation of such forward?looking, non?GAAP financial measures to the respective most directly comparable forward?looking GAAP financial measures. Management believes these forward?looking, non?GAAP measures may be a useful tool for the investment community in comparing EOG's forecasted financial performance to the forecasted financial performance of other companies in the industry. Any such forward?looking measures and estimates are intended to be illustrative only and are not intended to reflect the results that EOG will necessarily achieve for the period(s) presented; EOG's actual results may differ materially from such measures and estimates. Important factors that could cause EOG's actual results to differ materially from the expectations reflected in EOG's forward?looking statements include, among others:

* the timing, extent and duration of changes in prices for, supplies of, and demand for, crude oil and condensate, natural gas liquids, natural gas and related commodities; * the extent to which EOG is successful in its efforts to acquire or discover additional reserves; * the extent to which EOG is successful in its efforts to (i) economically develop its acreage in, (ii) produce reserves and achieve anticipated production levels and rates of return from, (iii) decrease or otherwise control its drilling, completion, operating and capital costs related to, and (iv) maximize reserve recovery from, its existing and future crude oil and natural gas exploration and development projects and associated potential and existing drilling locations; * the extent to which EOG is successful in its efforts to market its production of crude oil and condensate, natural gas liquids, and natural gas; * security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, physical breaches of our facilities and other infrastructure or breaches of the information technology systems, facilities and infrastructure of third parties with which we transact business; * the availability, proximity and capacity of, and costs associated with, appropriate gathering, processing, compression, storage, transportation, refining, and export facilities; * the availability, cost, terms and timing of issuance or execution of, and competition for, mineral licenses and leases and governmental and other permits and rights-of-way, and EOG's ability to retain mineral licenses and leases; * the impact of, and changes in, government policies, laws and regulations, including any changes or other actions which may result from the recent U.S. elections and change in U.S. administration and including tax laws and regulations; climate change and other environmental, health and safety laws and regulations relating to air emissions, disposal of produced water, drilling fluids and other wastes, hydraulic fracturing and access to and use of water; laws and regulations affecting the leasing of acreage and permitting for oil and gas drilling and the calculation of royalty payments in respect of oil and gas production; laws and regulations imposing additional permitting and disclosure requirements, additional operating restrictions and conditions or restrictions on drilling and completion operations and on the transportation of crude oil and natural gas; laws and regulations with respect to derivatives and hedging activities; and laws and regulations with respect to the import and export of crude oil, natural gas and related commodities; * EOG's ability to effectively integrate acquired crude oil and natural gas properties into its operations, fully identify existing and potential problems with respect to such properties and accurately estimate reserves, production and drilling, completing and operating costs with respect to such properties; * the extent to which EOG's third-party-operated crude oil and natural gas properties are operated successfully and economically; * competition in the oil and gas exploration and production industry for the acquisition of licenses, leases and properties, employees and other personnel, facilities, equipment, materials and services; * the availability and cost of employees and other personnel, facilities, equipment, materials (such as water and tubulars) and services; * the accuracy of reserve estimates, which by their nature involve the exercise of professional judgment and may therefore be imprecise; * weather, including its impact on crude oil and natural gas demand, and weather-related delays in drilling and in the installation and operation (by EOG or third parties) of production, gathering, processing, refining, compression, storage, transportation, and export facilities; * the ability of EOG's customers and other contractual counterparties to satisfy their obligations to EOG and, related thereto, to access the credit and capital markets to obtain financing needed to satisfy their obligations to EOG; * EOG's ability to access the commercial paper market and other credit and capital markets to obtain financing on terms it deems acceptable, if at all, and * to otherwise satisfy its capital expenditure requirements; * the extent to which EOG is successful in its completion of planned asset dispositions; * the extent and effect of any hedging activities engaged in by EOG; * the timing and extent of changes in foreign currency exchange rates, interest rates, inflation rates, global and domestic financial market conditions and global and domestic general economic conditions; * the duration and economic and financial impact of epidemics, pandemics or other public health issues, including the COVID-19 pandemic; * geopolitical factors and political conditions and developments around the world (such as the imposition of tariffs or trade or other economic sanctions, political instability and armed conflict), including in the areas in which EOG operates; * the use of competing energy sources and the development of alternative energy sources; * the extent to which EOG incurs uninsured losses and liabilities or losses and liabilities in excess of its insurance coverage; * acts of war and terrorism and responses to these acts; and * the other factors described under ITEM 1A, Risk Factors, of EOG's Annual Report on Form 10?K for the fiscal year ended December 31, 2020 and any updates to those factors set forth in EOG's subsequent Quarterly Reports on Form 10?Q or Current Reports on Form 8?K.

In light of these risks, uncertainties and assumptions, the events anticipated by EOG's forward-looking statements may not occur, and, if any of such events do, we may not have anticipated the timing of their occurrence or the duration or extent of their impact on our actual results. Accordingly, you should not place any undue reliance on any of EOG's forward-looking statements. EOG's forward-looking statements speak only as of the date made, and EOG undertakes no obligation, other than as required by applicable law, to update or revise its forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose not only "proved" reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also "probable" reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as "possible" reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). Statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve or resource estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include "potential" reserves, "resource potential" and/or other estimated reserves or estimated resources not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in EOG's Annual Report on Form 10?K for the fiscal year ended December 31, 2020, available from EOG at P.O. Box 4362, Houston, Texas 77210?4362 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1?800?SEC?0330 or from the SEC's website at www.sec.gov. In addition, reconciliation and calculation schedules for non?GAAP financial measures can be found on the EOG website at www.eogresources.com.

Income Statements

In millions of USD, except per share data (Unaudited)

1Q 2021 4Q 2020 1Q 2020

Operating Revenues and Other

Crude Oil and Condensate 2,251 1,711 2,065

Natural Gas Liquids 314 229 161

Natural Gas 625 302 210

Gains (Losses) on Mark-to-Market Commodity Derivative (367) 70 1,206 Contracts

Gathering, Processing and Marketing 848 643 1,039

Gains (Losses) on Asset Dispositions, Net (6) (6) 16

Other, Net 29 16 21

Total 3,694 2,965 4,718

Operating Expenses

Lease and Well 270 261 330

Transportation Costs 202 195 208

Gathering and Processing Costs 139 119 128

Exploration Costs 33 41 40

Dry Hole Costs 11 - -

Impairments 44 143 1,573

Marketing Costs 838 621 1,110

Depreciation, Depletion and Amortization 900 870 1,000

General and Administrative 110 113 114

Taxes Other Than Income 215 114 157

Total 2,762 2,477 4,660

Operating Income 932 488 58

Other Income (Expense), Net (4) (7) 18

Income Before Interest Expense and Income Taxes 928 481 76

Interest Expense, Net 47 53 45

Income Before Income Taxes 881 428 31

Income Tax Provision 204 91 21

Net Income 677 337 10

Dividends Declared per Common Share 0.4125 0.3750 0.3750

Net Income Per Share

Basic 1.17 0.58 0.02

Diluted 1.16 0.58 0.02

Average Number of Common Shares

Basic 580 580 578

Diluted 583 581 580

Wellhead Volumes and Prices



(Unaudited)

1Q 2021 1Q 2020 % Change 4Q 2020

Crude Oil and Condensate Volumes (MBbld) ^(1)

United States 428.7 482.7 -11% 442.4

Trinidad 2.2 0.5 340% 2.3

Other International ^(2) 0.1 0.1 0% 0.1

Total 431.0 483.3 -11% 444.8

Average Crude Oil and Condensate Prices ($/Bbl) ^(3)

United States 58.07 46.97 24% 41.86

Trinidad 49.77 34.93 43% 32.91

Other International ^(2) 38.61 57.51 -33% 35.9

Composite 58.02 46.96 24% 41.81

Natural Gas Liquids Volumes (MBbld) ^(1)

United States 124.3 161.3 -23% 141.4

Total 124.3 161.3 -23% 141.4

Average Natural Gas Liquids Prices ($/Bbl) ^(3)

United States 28.03 10.94 156% 17.54

Composite 28.03 10.94 156% 17.54

Natural Gas Volumes (MMcfd) ^(1)

United States 1,100 1,139 -3% 1,075

Trinidad 217 201 8% 192

Other International ^(2) 25 38 -34% 25

Total 1,342 1,378 -3% 1,292

Average Natural Gas Prices ($/Mcf) ^(3)

United States 5.52 1.50 268% 2.29

Trinidad 3.38 2.17 56% 3.57

Other International ^(2) 5.66 4.32 31% 5.47

Composite 5.17 1.67 209% 2.54

Crude Oil Equivalent Volumes (MBoed) ^(4)

United States 736.4 833.8 -12% 763.0

Trinidad 38.5 34.0 13% 34.2

Other International ^(2) 4.0 6.3 -37% 4.3

Total 778.9 874.1 11% 801.5

Total MMBoe ^(4) 70.1 79.5 -12% 73.7

(1) Thousand barrels per day or million cubic feet per day, as applicable.

(2) Other International includes EOG's China and Canada operations.

Dollars per barrel or per thousand cubic feet, as applicable. Excludes the(3) impact of financial commodity derivative instruments (see Note 12 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021).

Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural(4) gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.

Balance Sheets



In millions of USD, except share data (Unaudited)

March 31, December 31,

2021 2020

Current Assets

Cash and Cash Equivalents 3,388 3,329

Accounts Receivable, Net 1,828 1,522

Inventories 562 629

Assets from Price Risk Management Activities - 65

Income Taxes Receivable - 23

Other 413 294

Total 6,191 5,862

Property, Plant and Equipment

Oil and Gas Properties (Successful Efforts Method) 65,645 64,793

Other Property, Plant and Equipment 4,590 4,479

Total Property, Plant and Equipment 70,235 69,272

Less: Accumulated Depreciation, Depletion and Amortization (41,569) (40,673)

Total Property, Plant and Equipment, Net 28,666 28,599

Deferred Income Taxes 4 2

Other Assets 1,310 1,342

Total Assets 36,171 35,805

Current Liabilities

Accounts Payable 1,945 1,681

Accrued Taxes Payable 449 206

Dividends Payable 239 217

Liabilities from Price Risk Management Activities 188 -

Current Portion of Long-Term Debt 39 781

Current Portion of Operating Lease Liabilities 269 295

Other 183 280

Total 3,312 3,460

Long-Term Debt 5,094 5,035

Other Liabilities 2,178 2,149

Deferred Income Taxes 4,825 4,859

Commitments and Contingencies

Stockholders' Equity

Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 583,843,561 Shares Issued at March 31, 2021 and 583,694,850 Shares Issued at December 206 206 31, 2020

Additional Paid in Capital 5,979 5,945

Accumulated Other Comprehensive Loss (14) (12)

Retained Earnings 14,606 14,170

Common Stock Held in Treasury, 232,249 Shares at March 31, 2021 and 124,265 (15) (7) Shares at December 31, 2020

Total Stockholders' Equity 20,762 20,302

Total Liabilities and Stockholders' Equity 36,171 35,805

Cash Flows Statements

In millions of USD (Unaudited)

1Q 2021 4Q 2020 1Q 2020

Cash Flows from Operating Activities

Reconciliation of Net Income to Net Cash Provided by Operating Activities:

Net Income 677 337 10

Items Not Requiring (Providing) Cash

Depreciation, Depletion and Amortization 900 870 1,000

Impairments 44 143 1,573

Stock-Based Compensation Expenses 35 33 40

Deferred Income Taxes (36) 55 45

(Gains) Losses on Asset Dispositions, Net 6 6 (16)

Other, Net 7 10 (9)

Dry Hole Costs 11 - -

Mark-to-Market Commodity Derivative Contracts

Total (Gains) Losses 367 (70) (1,206)

Net Cash Received from (Payments for) Settlements of (30) 72 84 Commodity Derivative Contracts

Other, Net 1 2 -

Changes in Components of Working Capital and Other Assets and Liabilities

Accounts Receivable (308) (464) 722

Inventories 64 31 103

Accounts Payable 172 427 434

Accrued Taxes Payable 243 (61) (55)

Other Assets (103) (90) 58

Other Liabilities (89) 21 (66)

Changes in Components of Working Capital Associated with Investing (91) (201) (132) Activities

Net Cash Provided by Operating Activities 1,870 1,121 2,585

Investing Cash Flows

Additions to Oil and Gas Properties (875) (785) (1,566)

Additions to Other Property, Plant and Equipment (42) (56) (123)

Proceeds from Sales of Assets 5 3 26

Changes in Components of Working Capital Associated with Investing 91 201 132 Activities

Net Cash Used in Investing Activities (821) (637) (1,531)

Financing Cash Flows

Long-Term Debt Repayments (750) - -

Dividends Paid (219) (220) (167)

Treasury Stock Purchased (10) (1) (5)

Proceeds from Stock Options Exercised and Employee Stock Purchase - 8 - Plan

Repayment of Finance Lease Liabilities (9) (6) (3)

Net Cash Used in Financing Activities (988) (219) (175)

Effect of Exchange Rate Changes on Cash (2) (2) -

Increase in Cash and Cash Equivalents 59 263 879

Cash and Cash Equivalents at Beginning of Period 3,329 3,066 2,028

Cash and Cash Equivalents at End of Period 3,388 3,329 2,907

Non-GAAP Financial Measures





To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), EOG's quarterly earnings releases and related conference calls, accompanying investor presentation slides and presentation slides for investor conferences contain certain financial measures that are not prepared or presented in accordance with GAAP. These non-GAAP financial measures may include, but are not limited to, Adjusted Net Income (Loss), Discretionary CashFlow, Free Cash Flow, Adjusted EBITDAX, Net Debt and related statistics.



A reconciliation of each of these measures to their most directly comparable GAAP financial measure is included in the tables below and can also be found inthe "Reconciliations & Guidance" section of the "Investors" page of the EOG website at www.eogresources.com.



EOG believes these measures may be useful to investors who follow the practice of some industry analysts who make certain adjustments to GAAP measures (for example, to exclude non-recurring items) to facilitate comparisons to others inEOG's industry, and who utilize non-GAAP measures in their calculations of certain statistics (for example, return on capital employed and return on equity) used to evaluate EOG's performance.



EOG believes that the non-GAAP measures presented, when viewed in combination with its financial and operating results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the company's performance. EOG uses these non-GAAP measures for purposes of (i) comparing EOG's financial and operating performance with the financial and operating performance of other companies in the industry and (ii) analyzing EOG's financial and operating performance across periods.



The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG's reported Net Income (Loss), Total Debt, Net Cash Provided by Operating Activities and other financial results calculated in accordance with GAAP. The non-GAAP measures presented should be read in conjunction with EOG's consolidated financial statements prepared in accordance with GAAP.



In addition, because not all companies use identical calculations, EOG's presentation of non-GAAP measures may not be comparable to, and may be calculated differently from, similarly titled measures disclosed by other companies, including its peer companies. EOG may also change the calculation ofone or more of its non-GAAP measures from time to time - for example, to account for changes in its business and operations or to more closely conform to peer company or industry analysts' practices.

Adjusted Net Income (Loss)

In millions of USD, except per share data (Unaudited)

1Q 2021

Diluted Before Income Tax After Earnings Tax Impact Tax per Share

Reported Net Income (GAAP) 881 (204) 677 1.16

Adjustments:

Losses on Mark-to-Market Commodity Derivative Contracts 367 (81) 286 0.49

Net Cash Payments for Settlements of Commodity Derivative Contracts (30) 7 (23) (0.04)

Add: Losses on Asset Dispositions, Net 6 (1) 5 0.01

Add: Certain Impairments 1 - 1 -

Adjustments to Net Income 344 (75) 269 0.46

Adjusted Net Income (Non-GAAP) 1,225 (279) 946 1.62

Average Number of Common Shares (GAAP)

Basic 580

Diluted 583

4Q 2020

Diluted Before Income Tax After Earnings Tax Impact Tax per Share

Reported Net Income (GAAP) 428 (91) 337 0.58

Adjustments:

Gains on Mark-to-Market Commodity Derivative Contracts (70) 15 (55) (0.10)

Net Cash Received from Settlements of Commodity Derivative Contracts 72 (16) 56 0.10

Add: Losses on Asset Dispositions, Net 6 (1) 5 0.01

Add: Certain Impairments 86 (18) 68 0.12

Adjustments to Net Income 94 (20) 74 0.13

Adjusted Net Income (Non-GAAP) 522 (111) 411 0.71

Average Number of Common Shares (GAAP)

Basic 580

Diluted 581

Adjusted Net Income (Loss)

In millions of USD, except per share data (Unaudited)

1Q 2020

Diluted Before Income Tax After Earnings Tax Impact Tax per Share

Reported Net Income (GAAP) 31 (21) 10 0.02

Adjustments:

Gains on Mark-to-Market Commodity Derivative Contracts (1,206) 265 (941) (1.62)

Net Cash Received from Settlements of Commodity Derivative Contracts 84 (18) 66 0.11

Less: Gains on Asset Dispositions, Net (16) 3 (13) (0.02)

Add: Certain Impairments 1,516 (320) 1,196 2.06

Adjustments to Net Income 378 (70) 308 0.53

Adjusted Net Income (Non-GAAP) 409 (91) 318 0.55

Average Number of Common Shares (GAAP)

Basic 578

Diluted 580

Adjusted Net Income per Share

In millions of USD, except share and per Boe data (Unaudited)

4Q 2020 Adjusted Net Income per Share (Non-GAAP) 0.71

Realized Price

1Q 2021 Composite Average Wellhead Revenue per Boe 45.49

Less: 4Q 2020 Composite Average Wellhead Revenue per Boe (30.39)

Subtotal 15.10

Multiplied by: 1Q 2021 Crude Oil Equivalent Volumes (MMBoe) 70.1

Total Change in Revenue 1,059

Less: Income Tax Benefit (Cost) Imputed (based on 23%) (243)

Change in Net Income 815

Change in Diluted Earnings per Share 1.40

Net Cash Received (Paid) from Settlements of Commodity Derivative Contracts

1Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative (30) Contracts

Less: Income Tax Benefit (Cost) 7

After Tax - (a) (23)

4Q 2020 Net Cash Received (Paid) from Settlement of Commodity Derivative 72 Contracts

Less: Income Tax Benefit (Cost) (16)

After Tax - (b) 56

Change in Net Income - (a) - (b) (79)

Change in Diluted Earnings per Share (0.14)

Wellhead Volumes

1Q 2021 Crude Oil Equivalent Volumes (MMBoe) 70.1

Less: 4Q 2020 Crude Oil Equivalent Volumes (MMBoe) (73.7)

Subtotal (3.6)

Times: 1Q 2021 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Costs per Barrel of Oil 17.38Equivalent" schedule)

Change in Revenue (63)

Less: Income Tax Benefit (Cost) Imputed (based on 23%) 14

Change in Net Income (48)

Change in Diluted Earnings per Share (0.08)

Operating Cost per Boe

4Q 2020 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration 24.72 Costs) (refer to "Costs per Barrel of Oil Equivalent" schedule)

Less: 1Q 2021 Total Operating Cost per Boe (Non-GAAP) (including Total (28.11) Exploration Costs) (refer to "Costs per Barrel of Oil Equivalent" schedule)

Subtotal (3.39)

Times: 1Q 2021 Crude Oil Equivalent Volumes (MMBoe) 70.1

Change in Before-Tax Net Income (238)

Less: Income Tax Benefit (Cost) Imputed (based on 23%) 55

Change in Net Income (183)

Change in Diluted Earnings per Share (0.31)

Other Items 0.04

1Q 2021 Adjusted Net Income per Share (Non-GAAP) 1.62

1Q 2021 Average Number of Common Shares (Non-GAAP) - Diluted 583

Discretionary Cash Flow and Free Cash Flow

In millions of USD (Unaudited)

1Q 2021 4Q 2020 1Q 2020

Net Cash Provided by Operating Activities (GAAP) 1,870 1,121 2,585

Adjustments:

Exploration Costs (excluding Stock-Based Compensation Expenses) 28 36 32

Other Non-Current Income Taxes - Net Receivable - - 113

Changes in Components of Working Capital and Other Assets and Liabilities

Accounts Receivable 308 464 (722)

Inventories (64) (31) (103)

Accounts Payable (172) (427) (434)

Accrued Taxes Payable (243) 61 55

Other Assets 103 90 (58)

Other Liabilities 89 (21) 66

Changes in Components of Working Capital Associated with Investing 91 201 132 Activities

Discretionary Cash Flow (Non-GAAP) 2,010 1,494 1,666

Discretionary Cash Flow (Non-GAAP) - Percentage Increase 35%

Discretionary Cash Flow (Non-GAAP) 2,010 1,494 1,666

Less:

Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) ^(a) (945) (828) (1,685)

Free Cash Flow (Non-GAAP) 1,065 666 (19)

(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash CapitalExpenditures Before Acquisitions (Non-GAAP) for the three-month periods ended December 31, 2020 and March 31, 2021and 2020:

Total Expenditures (GAAP) 1,067 1,107 1,826

Less:

Asset Retirement Costs (17) (48) (20)

Non-Cash Expenditures of Other Property, Plant and Equipment - - -

Non-Cash Acquisition Costs of Unproved Properties (22) (69) (24)

Non-Cash Finance Leases (74) (101) (49)

Acquisition Costs of Proved Properties (9) (61) (48)

Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) 945 828 1,685

Discretionary Cash Flow and Free Cash Flow

In millions of USD (Unaudited)

FY 2020 FY 2019 FY 2018 FY 2017

Net Cash Provided by Operating Activities (GAAP) 5,008 8,163 7,769 4,265

Adjustments:

Exploration Costs (excluding Stock-Based Compensation Expenses) 126 113 125 122

Other Non-Current Income Taxes - Net (Payable) Receivable 113 239 149 (513)

Changes in Components of Working Capital and Other Assets and Liabilities

Accounts Receivable (467) 92 368 392

Inventories (123) (90) 395 175

Accounts Payable 795 (169) (439) (324)

Accrued Taxes Payable 49 (40) 92 64

Other Assets (325) (358) 125 659

Other Liabilities (8) 57 (11) 90

Changes in Components of Working Capital Associated with (75) 115 (301) (90) Investing and Financing Activities

Discretionary Cash Flow (Non-GAAP) 5,093 8,122 8,272 4,840

Discretionary Cash Flow (Non-GAAP) - Percentage Increase (Decrease) -37% -2% 71% 76%

Discretionary Cash Flow (Non-GAAP) 5,093 8,122 8,272 4,840

Less:

Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) ^(a) (3,490) (6,234) (6,172) (4,228)

Free Cash Flow (Non-GAAP) 1,603 1,888 2,100 612

(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash CapitalExpenditures Before Acquisitions (Non-GAAP) for the twelve-month periods ended December 31, 2020, 2019, 2018 and 2017:

Total Expenditures (GAAP) 4,113 6,900 6,706 4,613

Less:

Asset Retirement Costs (117) (186) (70) (56)

Non-Cash Expenditures of Other Property, Plant and Equipment - (2) (1) -

Non-Cash Acquisition Costs of Unproved Properties (197) (98) (291) (256)

Non-Cash Finance Leases (174) - (48) -

Acquisition Costs of Proved Properties (135) (380) (124) (73)

Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) 3,490 6,234 6,172 4,228

Discretionary Cash Flow and Free Cash Flow

In millions of USD (Unaudited)

FY 2016 FY 2015 FY 2014 FY 2013 FY 2012

Net Cash Provided by Operating Activities (GAAP) 2,359 3,595 8,649 7,329 5,237

Adjustments:

Exploration Costs (excluding Stock-Based Compensation 104 124 158 134 158 Expenses)

Excess Tax Benefits from Stock-Based Compensation 30 26 99 56 67

Changes in Components of Working Capital and Other Assets and Liabilities

Accounts Receivable 233 (641) (85) 24 179

Inventories (171) (58) 162 (53) 157

Accounts Payable 74 1,409 (544) (179) 17

Accrued Taxes Payable (93) (12) (16) (75) (78)

Other Assets 41 (118) 14 110 119

Other Liabilities 16 66 (75) 20 (36)

Changes in Components of Working Capital Associated 156 (500) 103 51 (74) with Investing and Financing Activities

Discretionary Cash Flow (Non-GAAP) 2,749 3,891 8,465 7,417 5,746

Discretionary Cash Flow (Non-GAAP) - Percentage Increase -29% -54% 14% 29% (Decrease)

Discretionary Cash Flow (Non-GAAP) 2,749 3,891 8,465 7,417 5,746

Less:

Total Cash Capital Expenditures Before Acquisitions (2,706) (4,682) (8,292) (7,102) (7,540) (Non-GAAP) ^(a)

Free Cash Flow (Non-GAAP) 43 (791) 173 315 (1,794)

(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash CapitalExpenditures Before Acquisitions (Non-GAAP) for the twelve-month periods ended December 31, 2016, 2015, 2014, 2013 and2012:

Total Expenditures (GAAP) 6,554 5,216 8,632 7,361 7,754

Less:

Asset Retirement Costs 20 (53) (196) (134) (127)

Non-Cash Expenditures of Other Property, Plant and (17) - - - (66) Equipment

Non-Cash Acquisition Costs of Unproved Properties (3,102) - (5) (5) (20)

Acquisition Costs of Proved Properties (749) (481) (139) (120) (1)

Total Cash Capital Expenditures Before Acquisitions (Non- 2,706 4,682 8,292 7,102 7,540 GAAP)

Total Expenditures

In millions of USD (Unaudited)

1Q 2021 1Q 2020 FY 2020 FY 2019 FY 2018 FY 2017

Exploration and Development Drilling 733 1,313 2,664 4,951 4,935 3,132

Facilities 82 179 347 629 625 575

Leasehold Acquisitions 58 45 265 276 488 427

Property Acquisitions 9 48 135 380 124 73

Capitalized Interest 8 9 31 38 24 27

Subtotal 890 1,594 3,442 6,274 6,196 4,234

Exploration Costs 33 40 146 140 149 145

Dry Hole Costs 11 - 13 28 5 5

Exploration and Development Expenditures 934 1,634 3,601 6,442 6,350 4,384

Asset Retirement Costs 17 20 117 186 70 56

Total Exploration and Development Expenditures 951 1,654 3,718 6,628 6,420 4,440

Other Property, Plant and Equipment 116 172 395 272 286 173

Total Expenditures 1,067 1,826 4,113 6,900 6,706 4,613

EBITDAX and Adjusted EBITDAX

In millions of USD (Unaudited)

1Q 2021 1Q 2020

Net Income (GAAP) 677 10

Adjustments:

Interest Expense, Net 47 45

Income Tax Provision (Benefit) 204 21

Depreciation, Depletion and Amortization 900 1,000

Exploration Costs 33 40

Dry Hole Costs 11 -

Impairments 44 1,573

EBITDAX (Non-GAAP) 1,916 2,689

(Gains) Losses on MTM Commodity Derivative Contracts 367 (1,206)

Net Cash Received from (Payments for) Settlements of Commodity (30) 84 Derivative Contracts

(Gains) Losses on Asset Dispositions, Net 6 (16)

Adjusted EBITDAX (Non-GAAP) 2,259 1,551

Adjusted EBITDAX (Non-GAAP) - Percentage Increase 46%

Definitions

EBITDAX - Earnings Before Interest Expense, Net; Income Tax Provision(Benefit); Depreciation, Depletion andAmortization; Exploration Costs; Dry Hole Costs; and Impairments



Net Debt-to-Total Capitalization Ratio

In millions of USD, except ratio data (Unaudited)

March 31, December 31, September 30, June 30, March 31,

2021 2020 2020 2020 2020

Total Stockholders' Equity - (a) 20,762 20,302 20,148 20,388 21,471

Current and Long-Term Debt (GAAP) - (b) 5,133 5,816 5,721 5,724 5,222

Less: Cash (3,388) (3,329) (3,066) (2,417) (2,907)

Net Debt (Non-GAAP) - (c) 1,745 2,487 2,655 3,307 2,315

Total Capitalization (GAAP) - (a) + (b) 25,895 26,118 25,869 26,112 26,693

Total Capitalization (Non-GAAP) - (a) + (c) 22,507 22,789 22,803 23,695 23,786

Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] 19.8% 22.3% 22.1% 21.9% 19.6%

Net Debt-to-Total Capitalization (Non-GAAP) - (c) / 7.8% 10.9% 11.6% 14.0% 9.7% [(a) + (c)]

Net Debt-to-Total Capitalization Ratio

In millions of USD, except ratio data (Unaudited)

December 31, September 30, June 30, March 31,

2019 2019 2019 2019

Total Stockholders' Equity - (a) 21,641 21,124 20,630 19,904

Current and Long-Term Debt (GAAP) - (b) 5,175 5,177 5,179 6,081

Less: Cash (2,028) (1,583) (1,160) (1,136)

Net Debt (Non-GAAP) - (c) 3,147 3,594 4,019 4,945

Total Capitalization (GAAP) - (a) + (b) 26,816 26,301 25,809 25,985

Total Capitalization (Non-GAAP) - (a) + (c) 24,788 24,718 24,649 24,849

Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] 19.3% 19.7% 20.1% 23.4%

Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] 12.7% 14.5% 16.3% 19.9%

Net Debt-to-Total Capitalization Ratio

In millions of USD, except ratio data (Unaudited)

December 31, September 30, June 30, March 31,

2018 2018 2018 2018

Total Stockholders' Equity - (a) 19,364 18,538 17,452 16,841

Current and Long-Term Debt (GAAP) - (b) 6,083 6,435 6,435 6,435

Less: Cash (1,556) (1,274) (1,008) (816)

Net Debt (Non-GAAP) - (c) 4,527 5,161 5,427 5,619

Total Capitalization (GAAP) - (a) + (b) 25,447 24,973 23,887 23,276

Total Capitalization (Non-GAAP) - (a) + (c) 23,891 23,699 22,879 22,460

Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] 23.9% 25.8% 26.9% 27.6%

Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] 18.9% 21.8% 23.7% 25.0%

Net Debt-to-Total Capitalization Ratio

In millions of USD, except ratio data (Unaudited)

December 31, September 30, June 30, March 31,

2017 2017 2017 2017

Total Stockholders' Equity - (a) 16,283 13,922 13,902 13,928

Current and Long-Term Debt (GAAP) - (b) 6,387 6,387 6,987 6,987

Less: Cash (834) (846) (1,649) (1,547)

Net Debt (Non-GAAP) - (c) 5,553 5,541 5,338 5,440

Total Capitalization (GAAP) - (a) + (b) 22,670 20,309 20,889 20,915

Total Capitalization (Non-GAAP) - (a) + (c) 21,836 19,463 19,240 19,368

Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] 28.2% 31.4% 33.4% 33.4%

Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] 25.4% 28.5% 27.7% 28.1%

Net Debt-to-Total Capitalization Ratio

In millions of USD, except ratio data (Unaudited)

December 31, September 30, June 30, March 31, December 31,

2016 2016 2016 2016 2015

Total Stockholders' Equity - (a) 13,982 11,798 12,057 12,405 12,943

Current and Long-Term Debt (GAAP) - (b) 6,986 6,986 6,986 6,986 6,660

Less: Cash (1,600) (1,049) (780) (668) (719)

Net Debt (Non-GAAP) - (c) 5,386 5,937 6,206 6,318 5,941

Total Capitalization (GAAP) - (a) + (b) 20,968 18,784 19,043 19,391 19,603

Total Capitalization (Non-GAAP) - (a) + (c) 19,368 17,735 18,263 18,723 18,884

Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] 33.3% 37.2% 36.7% 36.0% 34.0%

Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] 27.8% 33.5% 34.0% 33.7% 31.5%

Reserve Replacement Cost Data

In millions of USD, except reserves and ratio data (Unaudited)

2020 2019 2018 2017 2016 2015 2014

Total Costs Incurred in Exploration and 3,718 6,628 6,420 4,440 6,445 4,928 7,905 Development Activities (GAAP)

Less: Asset Retirement Costs (117) (186) (70) (56) 20 (53) (196)

Non-Cash Acquisition Costs of (197) (98) (291) (256) (3,102) - - Unproved Properties

Acquisition Costs of Proved (135) (380) (124) (73) (749) (481) (139)Properties

Total Exploration and Development Expenditures for Drilling Only (Non- 3,269 5,964 5,935 4,055 2,614 4,394 7,570 GAAP) - (a)

Total Costs Incurred in Exploration and 3,718 6,628 6,420 4,440 6,445 4,928 7,905 Development Activities (GAAP)

Less: Asset Retirement Costs (117) (186) (70) (56) 20 (53) (196)

Non-Cash Acquisition Costs of (197) (98) (291) (256) (3,102) - - Unproved Properties

Non-Cash Acquisition Costs of (15) (52) (71) (26) (732) - - Proved Properties

Total Exploration and Development 3,389 6,292 5,988 4,102 2,631 4,875 7,709 Expenditures (Non-GAAP) - (b)

Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)

Revisions Due to Price - (c) (278) (60) 35 154 (101) (574) 52

Revisions Other Than Price (89) - (40) 48 253 107 49

Purchases in Place 10 17 12 2 42 56 14

Extensions, Discoveries and Other 564 750 670 421 209 246 519Additions - (d)

Total Proved Reserve Additions - (e) 207 707 677 625 403 (165) 634

Sales in Place (31) (5) (11) (21) (168) (4) (36)

Net Proved Reserve Additions From All 176 702 666 604 235 (169) 598Sources

Production 285 301 265 224 206 210 220

Reserve Replacement Costs ($ / Boe)

Total Drilling, Before Revisions - (a / d) 5.79 7.95 8.86 9.64 12.51 17.87 14.58

All-in Total, Net of Revisions - (b / e) 16.32 8.90 8.85 6.56 6.52 (29.63) 12.16

All-in Total, Excluding Revisions Due to 6.98 8.21 9.33 8.71 5.22 11.91 13.25Price - (b / ( e - c))

Definitions

$/Boe U.S. Dollars per barrel of oil equivalent

MMBoe Million barrels of oil equivalent

Financial Commodity Derivative Contracts



EOG accounts for financial commodity derivative contracts using the mark-to-market accounting method.



Presented below is a comprehensive summary of EOG's financial commodity derivative contracts as of April 29, 2021.

Crude Oil Financial Price Swap Contracts

Contracts Sold

Volume Weighted Average PricePeriod Settlement Index (MBbld) ($/Bbl)

January 2021 (closed) NYMEX WTI 151 $ 50.06

February - March 2021 (closed) NYMEX WTI 201 51.29

April - June 2021 NYMEX WTI 150 51.68

July - September 2021 NYMEX WTI 150 52.71

Crude Oil Basis Swap Contracts

Contracts Sold

Weighted Average Price VolumePeriod Settlement Index Differential (MBbld) ($/Bbl)

February 2021 (closed) NYMEX WTI Roll Differential^ (1) 30 $ 0.11

March - May 2021 (closed) NYMEX WTI Roll Differential^ (1) 125 0.17

June - December 2021 NYMEX WTI Roll Differential^ (1) 125 0.17

January - December 2022 NYMEX WTI Roll Differential^ (1) 125 0.15

(1) This settlement index is used to fix the differential in pricing betweenthe NYMEX calendar month average and the physical crude oil delivery month.

NGL Financial Price Swap Contracts

Contracts Sold

Volume Weighted Average PricePeriod Settlement Index (MBbld) ($/Bbl)

January - March 2021 (closed) Mont Belvieu Propane (non-Tet) 15 $ 29.44

April - December 2021 Mont Belvieu Propane (non-Tet) 15 29.44

Natural Gas Financial Price Swap Contracts

Contracts Sold Contracts Purchased

Volume Weighted Volume Weighted

Period Settlement Index (MMBtud in Average Price (MMBtud in Average Price

thousands) ($/MMBtu) thousands) ($/MMBtu)

January - March 2021 (closed) NYMEX Henry Hub 500 $ 2.99 500 $ 2.43

April - May 2021 (closed) NYMEX Henry Hub 500 2.99 570 2.81

June - September 2021 NYMEX Henry Hub 500 2.99 570 2.81

October - December 2021 NYMEX Henry Hub 500 2.99 500 2.83

January - December 2022 NYMEX Henry Hub 20 2.75 - - (closed)^ (1)

April - May 2021 (closed) JKM 70 6.65 - -

June - September 2021 JKM 70 6.65 - -

In January 2021, EOG executed the early termination provision granting EOG the(1) right to terminate all of its open 2022 natural gas price swap contracts. EOG received net cash of $0.6 million for the settlement of these contracts.

Glossary:

$/Bbl Dollars per barrel

$/MMBtu Dollars per million British Thermal Units

Bbl Barrel

EOG EOG Resources, Inc.

JKM Japan Korea Marker

MBbld Thousand barrels per day

MMBtu Million British Thermal Units

MMBtud Million British Thermal Units per day

NGL Natural Gas Liquids

NYMEX New York Mercantile Exchange

WTI West Texas Intermediate

Direct After-Tax Rate of Return

The calculation of our direct after-tax rate of return (ATROR) with respect toour capital expenditure program for a particular play or well is based on theestimated recoverable reserves ("net" to EOG's interest) for all wells in suchplay or such well (as the case may be), the estimated net present value (NPV)of the future net cash flows from such reserves (for which we utilize certainassumptions regarding future commodity prices and operating costs) and ourdirect net costs incurred in drilling or acquiring (as the case may be) suchwells or well (as the case may be). As such, our direct ATROR with respect toour capital expenditures for a particular play or well cannot be calculatedfrom our consolidated financial statements.

Direct ATROR

Based on Cash Flow and Time Value of Money

- Estimated future commodity prices and operating costs

- Costs incurred to drill, complete and equip a well, including facilities

Excludes Indirect Capital

- Gathering and Processing and other Midstream

- Land, Seismic, Geological and Geophysical

Payback ~12 Months on 100% Direct ATROR Wells

First Five Years ~1/2 Estimated Ultimate Recovery Produced but ~3/4 of NPVCaptured

Return on Equity / Return on Capital Employed

Based on GAAP Accrual Accounting

Includes All Indirect Capital and Growth Capital for Infrastructure

- Eagle Ford, Bakken, Permian and Powder River Basin Facilities

- Gathering and Processing

Includes Legacy Gas Capital and Capital from Mature Wells

ROCE & ROE

In millions of USD, except ratio data (Unaudited)

2020 2019 2018 2017

Net Interest Expense (GAAP) 205 185 245

Tax Benefit Imputed (based on 21%) (43) (39) (51)

After-Tax Net Interest Expense (Non-GAAP) - (a) 162 146 194

Net Income (Loss) (GAAP) - (b) (605) 2,735 3,419

Adjustments to Net Income (Loss), Net of Tax (See Below Detail) ^(1) 1,455 158 (201)

Adjusted Net Income (Non-GAAP) - (c) 850 2,893 3,218

Total Stockholders' Equity - (d) 20,302 21,641 19,364 16,283

Average Total Stockholders' Equity * - (e) 20,972 20,503 17,824

Current and Long-Term Debt (GAAP) - (f) 5,816 5,175 6,083 6,387

Less: Cash (3,329) (2,028) (1,556) (834)

Net Debt (Non-GAAP) - (g) 2,487 3,147 4,527 5,553

Total Capitalization (GAAP) - (d) + (f) 26,118 26,816 25,447 22,670

Total Capitalization (Non-GAAP) - (d) + (g) 22,789 24,788 23,891 21,836

Average Total Capitalization (Non-GAAP) * - (h) 23,789 24,340 22,864

Return on Capital Employed (ROCE)

GAAP Net Income (Loss) - [(a) + (b)] / (h) (1.9)% 11.8% 15.8%

Non-GAAP Adjusted Net Income - [(a) + (c)] / (h) 4.3% 12.5% 14.9%

Return on Equity (ROE)

GAAP Net Income (Loss) - (b) / (e) (2.9)% 13.3% 19.2%

Non-GAAP Adjusted Net Income - (c) / (e) 4.1% 14.1% 18.1%

* Average for the current and immediately preceding year

(1) Detail of adjustments to Net Income (Loss) (GAAP):

Before Income Tax After

Tax Impact Tax

Year Ended December 31, 2020

Adjustments:

Add: Mark-to-Market Commodity Derivative Contracts Impact (74) 16 (58)

Add: Impairments of Certain Assets 1,868 (392) 1,476

Add: Net Losses on Asset Dispositions 47 (10) 37

Total 1,841 (386) 1,455

Year Ended December 31, 2019

Adjustments:

Add: Mark-to-Market Commodity Derivative Contracts Impact 51 (11) 40

Add: Impairments of Certain Assets 275 (60) 215

Less: Net Gains on Asset Dispositions (124) 27 (97)

Total 202 (44) 158

Year Ended December 31, 2018

Adjustments:

Add: Mark-to-Market Commodity Derivative Contracts Impact (93) 20 (73)

Add: Impairments of Certain Assets 153 (34) 119

Less: Net Gains on Asset Dispositions (175) 38 (137)

Less: Tax Reform Impact - (110) (110)

Total (115) (86) (201)

ROCE & ROE

In millions of USD, except ratio data (Unaudited)

2017 2016 2015 2014 2013

Net Interest Expense (GAAP) 274 282 237 201 235

Tax Benefit Imputed (based on 35%) (96) (99) (83) (70) (82)

After-Tax Net Interest Expense (Non-GAAP) - (a) 178 183 154 131 153

Net Income (Loss) (GAAP) - (b) 2,583 (1,097) (4,525) 2,915 2,197

Total Stockholders' Equity - (d) 16,283 13,982 12,943 17,713 15,418

Average Total Stockholders' Equity* - (e) 15,133 13,463 15,328 16,566 14,352

Current and Long-Term Debt (GAAP) - (f) 6,387 6,986 6,655 5,906 5,909

Less: Cash (834) (1,600) (719) (2,087) (1,318)

Net Debt (Non-GAAP) - (g) 5,553 5,386 5,936 3,819 4,591

Total Capitalization (GAAP) - (d) + (f) 22,670 20,968 19,598 23,619 21,327

Total Capitalization (Non-GAAP) - (d) + (g) 21,836 19,368 18,879 21,532 20,009

Average Total Capitalization (Non-GAAP)* - (h) 20,602 19,124 20,206 20,771 19,365

Return on Capital Employed (ROCE)

GAAP Net Income (Loss) - [(a) + (b)] / (h) 13.4% -4.8% -21.6% 14.7% 12.1%

Return on Equity (ROE)

GAAP Net Income (Loss) - (b) / (e) 17.1% -8.1% -29.5% 17.6% 15.3%

* Average for the current and immediately preceding year

ROCE & ROE

In millions of USD, except ratio data (Unaudited)

2012 2011 2010 2009 2008

Net Interest Expense (GAAP) 214 210 130 101 52

Tax Benefit Imputed (based on 35%) (75) (74) (46) (35) (18)

After-Tax Net Interest Expense (Non-GAAP) - (a) 139 136 84 66 34

Net Income (GAAP) - (b) 570 1,091 161 547 2,437

Total Stockholders' Equity - (d) 13,285 12,641 10,232 9,998 9,015

Average Total Stockholders' Equity* - (e) 12,963 11,437 10,115 9,507 8,003

Current and Long-Term Debt (GAAP) - (f) 6,312 5,009 5,223 2,797 1,897

Less: Cash (876) (616) (789) (686) (331)

Net Debt (Non-GAAP) - (g) 5,436 4,393 4,434 2,111 1,566

Total Capitalization (GAAP) - (d) + (f) 19,597 17,650 15,455 12,795 10,912

Total Capitalization (Non-GAAP) - (d) + (g) 18,721 17,034 14,666 12,109 10,581

Average Total Capitalization (Non-GAAP)* - (h) 17,878 15,850 13,388 11,345 9,351

Return on Capital Employed (ROCE)

GAAP Net Income - [(a) + (b)] / (h) 4.0% 7.7% 1.8% 5.4% 26.4%

Return on Equity (ROE)

GAAP Net Income - (b) / (e) 4.4% 9.5% 1.6% 5.8% 30.5%

* Average for the current and immediately preceding year

ROCE & ROE

In millions of USD, except ratio data (Unaudited)

2007 2006 2005 2004 2003

Net Interest Expense (GAAP) 47 43 63 63 59

Tax Benefit Imputed (based on 35%) (16) (15) (22) (22) (21)

After-Tax Net Interest Expense (Non-GAAP) - (a) 31 28 41 41 38

Net Income (GAAP) - (b) 1,090 1,300 1,260 625 430

Total Stockholders' Equity - (d) 6,990 5,600 4,316 2,945 2,223

Average Total Stockholders' Equity* - (e) 6,295 4,958 3,631 2,584 1,948

Current and Long-Term Debt (GAAP) - (f) 1,185 733 985 1,078 1,109

Less: Cash (54) (218) (644) (21) (4)

Net Debt (Non-GAAP) - (g) 1,131 515 341 1,057 1,105

Total Capitalization (GAAP) - (d) + (f) 8,175 6,333 5,301 4,023 3,332

Total Capitalization (Non-GAAP) - (d) + (g) 8,121 6,115 4,657 4,002 3,328

Average Total Capitalization (Non-GAAP)* - (h) 7,118 5,386 4,330 3,665 3,068

Return on Capital Employed (ROCE)

GAAP Net Income - [(a) + (b)] / (h) 15.7% 24.7% 30.0% 18.2% 15.3%

Return on Equity (ROE)

GAAP Net Income - (b) / (e) 17.3% 26.2% 34.7% 24.2% 22.1%

* Average for the current and immediately preceding year

ROCE & ROE

In millions of USD, except ratio data (Unaudited)

2002 2001 2000 1999 1998

Net Interest Expense (GAAP) 60 45 61 62

Tax Benefit Imputed (based on 35%) (21) (16) (21) (22)

After-Tax Net Interest Expense (Non-GAAP) - (a) 39 29 40 40

Net Income (GAAP) - (b) 87 399 397 569

Total Stockholders' Equity - (d) 1,672 1,643 1,381 1,130 1,280

Average Total Stockholders' Equity* - (e) 1,658 1,512 1,256 1,205

Current and Long-Term Debt (GAAP) - (f) 1,145 856 859 990 1,143

Less: Cash (10) (3) (20) (25) (6)

Net Debt (Non-GAAP) - (g) 1,135 853 839 965 1,137

Total Capitalization (GAAP) - (d) + (f) 2,817 2,499 2,240 2,120 2,423

Total Capitalization (Non-GAAP) - (d) + (g) 2,807 2,496 2,220 2,095 2,417

Average Total Capitalization (Non-GAAP)* - (h) 2,652 2,358 2,158 2,256

Return on Capital Employed (ROCE)

GAAP Net Income - [(a) + (b)] / (h) 4.8% 18.2% 20.2% 27.0%

Return on Equity (ROE)

GAAP Net Income - (b) / (e) 5.2% 26.4% 31.6% 47.2%

* Average for the current and immediately preceding year

Costs per Barrel of Oil Equivalent

In millions of USD, except Boe and per Boe amounts (Unaudited)

1Q 2021 4Q 2020 3Q 2020 2Q 2020 1Q 2020

Cost per Barrel of Oil Equivalent (Boe) Calculation

Volume - Million Barrels of Oil Equivalent - (a) 70.1 73.7 65.9 56.7 79.5

Crude Oil and Condensate 2,251 1,711 1,395 615 2,065

Natural Gas Liquids 314 229 185 93 161

Natural Gas 625 302 184 141 210

Total Wellhead Revenues - (b) 3,190 2,242 1,764 849 2,436

Operating Costs

Lease and Well 270 261 227 245 330

Transportation Costs 202 195 180 152 208

Gathering and Processing Costs 139 119 115 97 128

General and Administrative 110 113 125 132 114

Taxes Other Than Income 215 114 126 81 157

Interest Expense, Net 47 53 53 54 45

Total Operating Cost (excluding DD&A and Total Exploration 983 855 826 761 982 Costs) - (c)

Depreciation, Depletion and Amortization (DD&A) 900 870 823 707 1,000

Total Operating Cost (excluding Total Exploration Costs) - (d) 1,883 1,725 1,649 1,468 1,982

Exploration Costs 33 41 38 27 40

Dry Hole Costs 11 - 13 - -

Impairments 44 143 79 305 1,573

Total Exploration Costs 88 184 130 332 1,613

Less: Certain Impairments (Non-GAAP) (1) (86) (27) (239) (1,516)

Total Exploration Costs (Non-GAAP) 87 98 103 93 97

Total Operating Cost (Non-GAAP) (including Total Exploration 1,970 1,823 1,752 1,561 2,079 Costs) - (e)

Costs per Barrel of Oil Equivalent

In millions of USD, except Boe and per Boe amounts (Unaudited)

1Q 2021 4Q 2020 3Q 2020 2Q 2020 1Q 2020

Composite Average Wellhead Revenue per Boe - (b) / (a) 45.49 30.39 26.77 14.99 30.62

Total Operating Cost per Boe (excluding DD&A and Total 14.02 11.60 12.56 13.40 12.36 Exploration Costs) - (c) / (a)

Composite Average Margin per Boe (excluding DD&A and Total 31.47 18.79 14.21 1.59 18.26 Exploration Costs) - [(b) / (a) - (c) / (a)]

Total Operating Cost per Boe (excluding Total Exploration Costs) - 26.86 23.41 25.05 25.86 24.93 (d) / (a)

Composite Average Margin per Boe (excluding Total Exploration 18.63 6.98 1.72 (10.87) 5.69 Costs) - [(b) / (a) - (d) / (a)]

Total Operating Cost per Boe (Non-GAAP) (including Total 28.11 24.72 26.62 27.51 26.15 Exploration Costs) - (e) / (a)

Composite Average Margin per Boe (Non-GAAP) (including Total 17.38 5.67 0.15 (12.52) 4.47 Exploration Costs) - [(b) / (a) - (e) / (a)]

Costs per Barrel of Oil Equivalent

In millions of USD, except Boe and per Boe amounts (Unaudited)

2020 2019 2018 2017

Cost per Barrel of Oil Equivalent (Boe) Calculation

Volume - Million Barrels of Oil Equivalent - (a) 275.9 298.6 262.5 222.3

Crude Oil and Condensate 5,786 9,613 9,517 6,256

Natural Gas Liquids 668 785 1,128 730

Natural Gas 837 1,184 1,302 922

Total Wellhead Revenues - (b) 7,291 11,582 11,947 7,908

Operating Costs

Lease and Well 1,063 1,367 1,283 1,045

Transportation Costs 735 758 747 740

Gathering and Processing Costs 459 479 437 149

General and Administrative 484 489 427 434

Less: Legal Settlement - Early Leasehold Termination - - - (10)

Less: Joint Venture Transaction Costs - - - (3)

Less: Joint Interest Billings Deemed Uncollectible - - - (5)

Taxes Other Than Income 478 800 772 545

Interest Expense, Net 205 185 245 274

Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - 3,424 4,078 3,911 3,169(c)

Depreciation, Depletion and Amortization (DD&A) 3,400 3,750 3,435 3,409

Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (d) 6,824 7,828 7,346 6,578

Exploration Costs 146 140 149 145

Dry Hole Costs 13 28 5 5

Impairments 2,100 518 347 479

Total Exploration Costs 2,259 686 501 629

Less: Certain Impairments (Non-GAAP) (1,868) (275) (153) (261)

Total Exploration Costs (Non-GAAP) 391 411 348 368

Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e) 7,215 8,239 7,694 6,946

Cost per Barrel of Oil Equivalent

In millions of USD, except Boe and per Boe amounts (Unaudited)

2020 2019 2018 2017

Composite Average Wellhead Revenue per Boe - (b) / (a) 26.42 38.79 45.51 35.58

Total Operating Cost per Boe (Non-GAAP) (excluding DD&A and Total ExplorationCosts) - 12.39 13.66 14.90 14.25 (c) / (a)

Composite Average Margin per Boe (Non-GAAP) (excluding DD&A and TotalExploration 14.03 25.13 30.61 21.33 Costs) - [(b) / (a) - (c) / (a)]

Total Operating Cost per Boe (Non-GAAP) (excluding Total Exploration Costs) - 24.71 26.22 27.99 29.59 (d) / (a)

Composite Average Margin per Boe (Non-GAAP) (excluding Total Exploration Costs)- 1.71 12.57 17.52 5.99 [(b) / (a) - (d) / (a)]

Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) - 26.13 27.60 29.32 31.24 (e) / (a)

Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs)- 0.29 11.19 16.19 4.34 [(b) / (a) - (e) / (a)]

Cost per Barrel of Oil Equivalent

In millions of USD, except Boe and per Boe amounts (Unaudited)

2016 2015 2014

Cost per Barrel of Oil Equivalent (Boe) Calculation

Volume - Million Barrels of Oil Equivalent - (a) 205.0 208.9 217.1

Crude Oil and Condensate 4,317 4,935 9,742

Natural Gas Liquids 437 408 934

Natural Gas 742 1,061 1,916

Total Wellhead Revenues - (b) 5,496 6,404 12,592

Operating Costs

Lease and Well 927 1,182 1,416

Transportation Costs 764 849 972

Gathering and Processing Costs 123 146 146

General and Administrative 395 367 402

Less: Voluntary Retirement Expense (42) - -

Less: Acquisition Costs (5) - -

Less: Legal Settlement - Early Leasehold Termination - (19) -

General and Administrative (Non-GAAP) 348 348 402

Taxes Other Than Income 350 422 758

Interest Expense, Net 282 237 201

Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - 2,794 3,184 3,895(c)

Depreciation, Depletion and Amortization (DD&A) 3,553 3,314 3,997

Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (d) 6,347 6,498 7,892

Exploration Costs 125 149 184

Dry Hole Costs 11 15 48

Impairments 620 6,614 744

Total Exploration Costs 756 6,778 976

Less: Certain Impairments (Non-GAAP) (321) (6,308) (824)

Total Exploration Costs (Non-GAAP) 435 470 152

Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e) 6,782 6,968 8,044

Cost per Barrel of Oil Equivalent

In millions of USD, except Boe and per Boe amounts (Unaudited)

2016 2015 2014

Composite Average Wellhead Revenue per Boe - (b) / (a) 26.82 30.66 58.01

Total Operating Cost per Boe (Non-GAAP) (excluding DD&A and Total ExplorationCosts) - 13.64 15.25 17.95 (c) / (a)

Composite Average Margin per Boe (Non-GAAP) (excluding DD&A and TotalExploration 13.18 15.41 40.06 Costs) - [(b) / (a) - (c) / (a)]

Total Operating Cost per Boe (Non-GAAP) (excluding Total Exploration Costs) - 30.98 31.11 36.38 (d) / (a)

Composite Average Margin per Boe (Non-GAAP) (excluding Total Exploration Costs)- (4.16) (0.45) 21.63 [(b) / (a) - (d) / (a)]

Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) - 33.10 33.36 37.08 (e) / (a)

Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs)- (6.28) (2.70) 20.93 [(b) / (a) - (e) / (a)]

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SOURCE EOG Resources, Inc.