EOGリソーシズの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 4, 2022

_______________

EOG RESOURCES, INC.

(Exact name of registrant as specified in its charter)


Delaware	1-9743	47-0684736
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1111 Bagby, Sky Lobby 2

Houston, Texas 77002

(Address of principal executive offices) (Zip Code)

713-651-7000

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	EOG	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

EOG RESOURCES, INC.

Item 2.02 Results of Operations and Financial Condition.

On August 4, 2022, EOG Resources, Inc. issued a press release announcing second quarter 2022 financial and operational results and third quarter and full year 2022 forecast and benchmark commodity pricing information (see Item 7.01 below). A copy of this release is attached as Exhibit 99.1 to this filing and is incorporated herein by reference. This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.

Item 7.01 Regulation FD Disclosure.

Accompanying the press release announcing second quarter 2022 financial and operational results attached hereto as Exhibit 99.1 is third quarter and full year 2022 forecast and benchmark commodity pricing information for EOG Resources, Inc., which information is incorporated herein by reference. This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release of EOG Resources, Inc. dated August 4, 2022 (including the accompanying third quarter and full year 2022 forecast and benchmark commodity pricing information).

104 Cover Page Interactive Data File (formatted as Inline XBRL).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		EOG RESOURCES, INC. (Registrant)



Date: August 4, 2022	By:	/s/ TIMOTHY K. DRIGGERS Timothy K. Driggers Executive Vice President and Chief Financial Officer (Principal Financial Officer and Duly Authorized Officer)

EX-99.1 2 exh99-1080422.htm PRESS RELEASE OF EOG RESOURCES, INC. Document

EXHIBIT 99.1


Table of Contents

Second Quarter 2022
Supplemental Financial and Operating Data			Page

Income Statements			13
Wellhead Volumes and Prices			14
Balance Sheets			15
Cash Flows Statements			16
Non-GAAP Financial Measures			17
Adjusted Net Income (Loss)			18
Adjusted Net Income Per Share			21
Cash Flow from Operations and Free Cash Flow			23
Total Expenditures			27
EBITDAX and Adjusted EBITDAX			29
Net Debt-to-Total Capitalization Ratio			30
Reserve Replacement Cost Data			37
Financial Commodity Derivative Contracts			39
Direct After-Tax Rate of Return			42
ROCE & ROE			43
Revenues, Costs and Margins Per Barrel of Oil Equivalent			47


Income Statements
In millions of USD, except share data (in millions) and per share data (Unaudited)
	2Q 2022	1Q 2022	2Q 2021	YTD 2022	YTD 2021
Operating Revenues and Other
Crude Oil and Condensate	4,699	3,889	2,699	8,588	4,950
Natural Gas Liquids	777	681	367	1,458	681
Natural Gas	1,000	716	404	1,716	1,029
Losses on Mark-to-Market Financial Commodity Derivative Contracts	(1,377)	(2,820)	(427)	(4,197)	(794)
Gathering, Processing and Marketing	2,169	1,469	1,022	3,638	1,870
Gains on Asset Dispositions, Net	97	25	51	122	45
Other, Net	42	23	23	65	52
Total	7,407	3,983	4,139	11,390	7,833

Operating Expenses
Lease and Well	324	318	270	642	540
Transportation Costs	244	228	214	472	416
Gathering and Processing Costs	152	144	128	296	267
Exploration Costs	35	45	35	80	68
Dry Hole Costs	20	3	13	23	24
Impairments	91	55	44	146	88
Marketing Costs	2,127	1,283	991	3,410	1,829
Depreciation, Depletion and Amortization	911	847	914	1,758	1,814
General and Administrative	128	124	120	252	230
Taxes Other Than Income	472	390	239	862	454
Total	4,504	3,437	2,968	7,941	5,730

Operating Income	2,903	546	1,171	3,449	2,103
Other Income (Expense), Net	27	(1)	(2)	26	(6)
Income Before Interest Expense and Income Taxes	2,930	545	1,169	3,475	2,097
Interest Expense, Net	48	48	45	96	92
Income Before Income Taxes	2,882	497	1,124	3,379	2,005
Income Tax Provision	644	107	217	751	421
Net Income	2,238	390	907	2,628	1,584

Dividends Declared per Common Share	2.5500	1.7500	1.4125	4.3000	1.8250
Net Income Per Share
Basic	3.84	0.67	1.56	4.52	2.73
Diluted	3.81	0.67	1.55	4.48	2.72
Average Number of Common Shares
Basic	583	582	580	582	580
Diluted	588	586	584	587	583


Wellhead Volumes and Prices
(Unaudited)
	2Q 2022		2Q 2021		% Change		1Q 2022		YTD 2022		YTD 2021		% Change

Crude Oil and Condensate Volumes (MBbld) (A)
United States	463.5		446.9		4	%	449.4		456.5		437.8		4	%
Trinidad	0.6		1.7		-65	%	0.7		0.7		2.0		-65	%
Other International (B)	—		—				—		—		—
Total	464.1		448.6		3	%	450.1		457.2		439.8		4	%

Average Crude Oil and Condensate Prices ($/Bbl) (C)
United States	$	111.26	66.16		68	%	$	96.02	$	103.80	$	62.22	67	%
Trinidad	98.29		56.26		75	%	83.82		90.33		52.57		72	%
Other International (B)	—		55.56		-100	%	—		—		42.36		-100	%
Composite	111.25		66.12		68	%	96.00		103.78		62.18		67	%
			58.02
Natural Gas Liquids Volumes (MBbld) (A)
United States	201.9		138.5		46	%	190.3		196.1		131.5		49	%
Total	201.9		138.5		46	%	190.3		196.1		131.5		49	%

Average Natural Gas Liquids Prices ($/Bbl) (C)
United States	$	42.28	$	29.15	45	%	$	39.77	$	41.07	$	28.62	43	%
Composite	42.28		29.15		45	%	39.77		41.07		28.62		43	%

Natural Gas Volumes (MMcfd) (A)
United States	1,324		1,199		10	%	1,249		1,287		1,150		12	%
Trinidad	204		233		-12	%	209		206		225		-8	%
Other International (B)	—		13		-100	%	—		—		19		-100	%
Total	1,528		1,445		6	%	1,458		1,493		1,394		7	%

Average Natural Gas Prices ($/Mcf) (C)
United States	$	7.77	$	2.99	160	%	$	5.81	$	6.83	$	4.19	63	%
Trinidad	3.42		3.37		2	%	3.36		3.39		3.37		0	%
Other International (B)	—		5.69		-100	%	—		—		5.67		-100	%
Composite	7.19		3.07		134	%	5.46		6.35		4.08		56	%

Crude Oil Equivalent Volumes (MBoed) (D)
United States	886.1		785.2		13	%	847.8		867.1		761.0		14	%
Trinidad	34.6		40.6		-15	%	35.5		35.0		39.5		-11	%
Other International (B)	—		2.2		-100	%	—		—		3.1		-100	%
Total	920.7		828.0		11	%	883.3		902.1		803.6		12	%

Total MMBoe (D)	83.8		75.3		11	%	79.5		163.3		145.4		12	%

(A) Thousand barrels per day or million cubic feet per day, as applicable.
(B) Other International includes EOG's China and Canada operations. The China operations were sold in the second quarter of 2021.
(C) Dollars per barrel or per thousand cubic feet, as applicable. Excludes the 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 quarterly period ended June 30, 2022).
(D) Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural 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)
	June 30,	December 31,
	2022	2021
Current Assets
Cash and Cash Equivalents	3,073	5,209
Accounts Receivable, Net	3,735	2,335
Inventories	739	584
Assets from Price Risk Management Activities	1	—
Other	605	456
Total	8,153	8,584

Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	66,098	67,644
Other Property, Plant and Equipment	4,862	4,753
Total Property, Plant and Equipment	70,960	72,397
Less: Accumulated Depreciation, Depletion and Amortization	(42,113)	(43,971)
Total Property, Plant and Equipment, Net	28,847	28,426
Deferred Income Taxes	12	11
Other Assets	1,127	1,215
Total Assets	38,139	38,236

Current Liabilities
Accounts Payable	2,896	2,242
Accrued Taxes Payable	594	518
Dividends Payable	437	436
Liabilities from Price Risk Management Activities	79	269
Current Portion of Long-Term Debt	1,282	37
Current Portion of Operating Lease Liabilities	216	240
Other	264	300
Total	5,768	4,042

Long-Term Debt	3,809	5,072
Other Liabilities	2,067	2,193
Deferred Income Taxes	4,183	4,749
Commitments and Contingencies

Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 586,391,670 Shares Issued at June 30, 2022 and 585,521,512 Shares Issued at December 31, 2021	206	206
Additional Paid in Capital	6,128	6,087
Accumulated Other Comprehensive Loss	(12)	(12)
Retained Earnings	16,028	15,919
Common Stock Held in Treasury, 344,705 Shares at June 30, 2022 and 257,268 Shares at December 31, 2021	(38)	(20)
Total Stockholders' Equity	22,312	22,180
Total Liabilities and Stockholders' Equity	38,139	38,236


Cash Flows Statements
In millions of USD (Unaudited)
	2Q 2022	2Q 2021	1Q 2022	YTD 2022	YTD 2021
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
Net Income	2,238	907	390	2,628	1,584
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	911	914	847	1,758	1,814
Impairments	91	44	55	146	88
Stock-Based Compensation Expenses	30	31	35	65	66
Deferred Income Taxes	(102)	(97)	(465)	(567)	(133)
Gains on Asset Dispositions, Net	(97)	(51)	(25)	(122)	(45)
Other, Net	(16)	6	6	(10)	13
Dry Hole Costs	20	13	3	23	24
Mark-to-Market Financial Commodity Derivative Contracts Total Losses	1,377	427	2,820	4,197	794
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts	(2,114)	(193)	(296)	(2,410)	(223)
Other, Net	19	—	2	21	1
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(522)	(186)	(878)	(1,400)	(494)
Inventories	(157)	37	(14)	(171)	101
Accounts Payable	259	11	130	389	183
Accrued Taxes Payable	(536)	(163)	613	77	80
Other Assets	71	(119)	(213)	(142)	(222)
Other Liabilities	433	32	(2,250)	(1,817)	(57)
Changes in Components of Working Capital Associated with Investing Activities	143	(54)	68	211	(145)
Net Cash Provided by Operating Activities	2,048	1,559	828	2,876	3,429
Investing Cash Flows
Additions to Oil and Gas Properties	(1,349)	(968)	(939)	(2,288)	(1,843)
Additions to Other Property, Plant and Equipment	(75)	(55)	(70)	(145)	(97)
Proceeds from Sales of Assets	110	141	121	231	146
Other Investing Activities	(30)	—	—	(30)	—
Changes in Components of Working Capital Associated with Investing Activities	(143)	54	(68)	(211)	145
Net Cash Used in Investing Activities	(1,487)	(828)	(956)	(2,443)	(1,649)
Financing Cash Flows
Long-Term Debt Repayments	—	—	—	—	(750)
Dividends Paid	(1,486)	(239)	(1,023)	(2,509)	(458)
Treasury Stock Purchased	(15)	(2)	(43)	(58)	(12)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan	13	9	4	17	9
Repayment of Finance Lease Liabilities	(9)	(9)	(10)	(19)	(18)
Net Cash Used in Financing Activities	(1,497)	(241)	(1,072)	(2,569)	(1,229)
Effect of Exchange Rate Changes on Cash	—	2	—	—	—
Increase (Decrease) in Cash and Cash Equivalents	(936)	492	(1,200)	(2,136)	551
Cash and Cash Equivalents at Beginning of Period	4,009	3,388	5,209	5,209	3,329
Cash and Cash Equivalents at End of Period	3,073	3,880	4,009	3,073	3,880

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), Cash Flow from Operations Before Working Capital, 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 and related discussion is included in the tables on the following pages and can also be found in the “Reconciliations & Guidance” section of the “Investors” page of the EOG website at www.eogresources.com.

As further discussed in the tables on the following pages, 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 in EOG’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. As is discussed in the tables on the following pages, 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), Long-Term Debt (including Current Portion of Long-Term 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 of one 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 share data (in millions) and per share data (Unaudited)

The following tables adjust the reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of financial commodity derivative contracts by eliminating the unrealized mark-to-market (gains) losses from these transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets) - see "Revenues, Costs and Margins Per Barrel of Oil Equivalent" below for additional related discussion) and to make certain other adjustments to exclude non-recurring and certain other items as further described below. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.

	2Q 2022
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	2,882	(644)	2,238	3.81
Adjustments:
Losses on Mark-to-Market Financial Commodity Derivative Contracts	1,377	(299)	1,078	1.82
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)	(2,114)	459	(1,655)	(2.81)
Less: Gains on Asset Dispositions, Net	(97)	21	(76)	(0.13)
Add: Certain Impairments	36	(7)	29	0.05
Adjustments to Net Income	(798)	174	(624)	(1.07)

Adjusted Net Income (Non-GAAP)	2,084	(470)	1,614	2.74

Average Number of Common Shares (Non-GAAP)
Basic				583
Diluted				588

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG subtracts from reported Net Income (Loss) (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the second quarter of 2022, such amount was $2,114 million, of which $1,328 million was related to the early termination of certain contracts. See "Financial Commodity Derivative Contracts" below for further discussion.


Adjusted Net Income (Loss) (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
	1Q 2022
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	497	(107)	390	0.67
Adjustments:
Losses on Mark-to-Market Financial Commodity Derivative Contracts	2,820	(612)	2,208	3.76
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts	(296)	64	(232)	(0.40)
Less: Gains on Asset Dispositions, Net	(25)	5	(20)	(0.03)
Adjustments to Net Income	2,499	(543)	1,956	3.33

Adjusted Net Income (Non-GAAP)	2,996	(650)	2,346	4.00

Average Number of Common Shares (Non-GAAP)
Basic				582
Diluted				586


	2Q 2021
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	1,124	(217)	907	1.55
Adjustments:
Losses on Mark-to-Market Financial Commodity Derivative Contracts	427	(93)	334	0.58
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts	(193)	42	(151)	(0.26)
Less: Gains on Asset Dispositions, Net	(51)	17	(34)	(0.06)
Add: Certain Impairments	1	—	1	—
Less: Tax Benefits Related to Exiting Canada Operations	—	(45)	(45)	(0.08)
Adjustments to Net Income	184	(79)	105	0.18

Adjusted Net Income (Non-GAAP)	1,308	(296)	1,012	1.73

Average Number of Common Shares (Non-GAAP)
Basic				580
Diluted				584


Adjusted Net Income (Loss) (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
	YTD 2022
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	3,379	(751)	2,628	4.48
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts	4,197	(911)	3,286	5.59
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)	(2,410)	523	(1,887)	(3.21)
Less: Gains on Asset Dispositions, Net	(122)	26	(96)	(0.16)
Add: Certain Impairments	36	(7)	29	0.05
Adjustments to Net Income	1,701	(369)	1,332	2.27

Adjusted Net Income (Non-GAAP)	5,080	(1,120)	3,960	6.75

Average Number of Common Shares (Non-GAAP)
Basic				582
Diluted				587

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG subtracts from reported Net Income (Loss) (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the first six months of 2022, such amount was $2,410 million, of which $1,328 million was related to the early termination of certain contracts. See "Financial Commodity Derivative Contracts" below for further discussion.


	YTD 2021
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	2,005	(421)	1,584	2.72
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts	794	(174)	620	1.07
Net Cash Payments from Settlements of Commodity Derivative Contracts	(223)	49	(174)	(0.30)
Less: Gains on Asset Dispositions, Net	(45)	16	(29)	(0.05)
Add: Certain Impairments	2	—	2	—
Less: Tax Benefits Related to Exiting Canada Operations	—	(45)	(45)	(0.08)
Adjustments to Net Income	528	(154)	374	0.64

Adjusted Net Income (Non-GAAP)	2,533	(575)	1,958	3.36

Average Number of Common Shares (Non-GAAP)
Basic				580
Diluted				583


Adjusted Net Income Per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)

1Q 2022 Adjusted Net Income per Share (Non-GAAP)		4.00

Realized Price
2Q 2022 Composite Average Wellhead Revenue per Boe	77.29
Less: 1Q 2022 Composite Average Welhead Revenue per Boe	(66.50)
Subtotal	10.79
Multiplied by: 2Q 2022 Crude Oil Equivalent Volumes (MMBoe)	83.8
Total Change in Revenue	904
Less: Income Tax Benefit (Provision) Imputed (based on 23%)	(208)
Change in Net Income	696
Change in Diluted Earnings per Share		1.18

Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
2Q 2022 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts	(2,114)
Less: Income Tax Benefit (Provision)	459
After Tax - (a)	(1,655)
1Q 2022 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts	(296)
Less: Income Tax Benefit (Provision)	64
After Tax - (b)	(232)
Change in Net Income - (a) - (b)	(1,423)
Change in Diluted Earnings per Share		(2.42)

Wellhead Volumes
2Q 2022 Crude Oil Equivalent Volumes (MMBoe)	83.8
Less: 1Q 2022 Crude Oil Equivalent Volumes (MMBoe)	(79.5)
Subtotal	4.3
Multiplied by: 2Q 2022 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)	48.79
Change in Revenue	209
Less: Income Tax Benefit (Provision) Imputed (based on 23%)	(48)
Change in Net Income	161
Change in Diluted Earnings per Share		0.27


Adjusted Net Income Per Share (Continued)
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)



Operating Cost per Boe
1Q 2022 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)	27.70
Less: 1Q 2022 Taxes Other Than Income	(4.91)
Less: 2Q 2022 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)	(28.50)
Add: 2Q 2022 Taxes Other Than Income	5.63
Subtotal	(0.08)
Multiplied by: 2Q 2022 Crude Oil Equivalent Volumes (MMBoe)	83.8
Change in Before-Tax Net Income	(7)
Less: Income Tax Benefit (Provision) Imputed (based on 23%)	2
Change in Net Income	(5)
Change in Diluted Earnings per Share		(0.01)

Other (1)		(0.28)

2Q 2022 Adjusted Net Income per Share (Non-GAAP)		2.74

2Q 2022 Average Number of Common Shares (Non-GAAP) - Diluted	588

(1) Includes gathering, processing and marketing revenue, other revenue, marketing costs, taxes other than income, other income (expense), interest expense and the effect of changes in the effective income tax rate.


Cash Flow from Operations and Free Cash Flow
In millions of USD (Unaudited)

The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Cash Flow from Operations Before Working Capital (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing and Financing Activities and certain other adjustments to exclude non-recurring and certain other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Cash Flow from Operations Before Working Capital (Non-GAAP) (see below reconciliation) for such period less the total capital expenditures (Non-GAAP) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry. To further the comparability of EOG’s financial results with those of EOG’s peer companies and other companies in the industry, EOG now utilizes Cash Flow from Operations Before Working Capital (Non-GAAP), instead of Discretionary Cash Flow (Non-GAAP), in calculating its Free Cash Flow (Non-GAAP). Accordingly, Free Cash Flow (Non-GAAP) for the three-month and six-month periods ended June 30, 2022 have been calculated on such basis, and the calculations of Free Cash Flow (Non-GAAP) for each of the prior periods shown have been revised and conformed.

	2Q 2022	1Q 2022	4Q 2021	3Q 2021	2Q 2021

Net Cash Provided by Operating Activities (GAAP)	2,048	828	3,166	2,196	1,559

Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	522	878	182	145	186
Inventories	157	14	108	6	(37)
Accounts Payable	(259)	(130)	(341)	68	(11)
Accrued Taxes Payable	536	(613)	(26)	(206)	163
Other Assets	(71)	213	81	(167)	119
Other Liabilities	(433)	2,250	(201)	260	(32)
Changes in Components of Working Capital Associated with Investing Activities	(143)	(68)	100	(45)	54
Cash Flow from Operations Before Working Capital (Non-GAAP)	2,357	3,372	3,069	2,257	2,001

Cash Flow from Operations Before Working Capital (Non-GAAP)	2,357	3,372	3,069	2,257	2,001
Less:
Total Capital Expenditures (Non-GAAP) (a)	(1,071)	(1,009)	(1,015)	(891)	(937)
Free Cash Flow (Non-GAAP)	1,286	2,363	2,054	1,366	1,064

(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):

	2Q 2022	1Q 2022	4Q 2021	3Q 2021	2Q 2021

Total Expenditures (GAAP)	1,521	1,144	1,137	962	1,089
Less:
Asset Retirement Costs	(43)	(27)	(71)	(8)	(31)
Non-Cash Acquisition Costs of Unproved Properties	(21)	(58)	(8)	(15)	—
Non-Cash Finance Leases	—	—	—	—	—
Acquisition Costs of Proved Properties	(351)	(5)	(1)	(4)	(86)
Exploration Costs	(35)	(45)	(42)	(44)	(35)
Total Capital Expenditures (Non-GAAP)	1,071	1,009	1,015	891	937


Cash Flow from Operations and Free Cash Flow (Continued)
In millions of USD (Unaudited)

			YTD 2022	YTD 2021

Net Cash Provided by Operating Activities (GAAP)			2,876	3,429

Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable			1,400	494
Inventories			171	(101)
Accounts Payable			(389)	(183)
Accrued Taxes Payable			(77)	(80)
Other Assets			142	222
Other Liabilities			1,817	57
Changes in Components of Working Capital Associated with Investing Activities	(211)	145
Cash Flow from Operations Before Working Capital (Non-GAAP)	5,729	3,983

Cash Flow from Operations Before Working Capital (Non-GAAP)	5,729	3,983
Less:
Total Capital Expenditures (Non-GAAP) (a)			(2,080)	(1,849)
Free Cash Flow (Non-GAAP)			3,649	2,134

(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):

			YTD 2022	YTD 2021

Total Expenditures (GAAP)			2,665	2,156
Less:
Asset Retirement Costs			(70)	(48)
Non-Cash Acquisition Costs of Unproved Properties	(79)	(22)
Non-Cash Finance Leases			—	(74)
Acquisition Costs of Proved Properties			(356)	(95)
Exploration Costs			(80)	(68)
Total Capital Expenditures (Non-GAAP)			2,080	1,849


Cash Flow from Operations and Free Cash Flow (Continued)
In millions of USD (Unaudited)

	FY 2021	FY 2020	FY 2019

Net Cash Provided by Operating Activities (GAAP)	8,791	5,008	8,163

Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	821	(467)	92
Inventories	13	(123)	(90)
Accounts Payable	(456)	795	(169)
Accrued Taxes Payable	(312)	49	(40)
Other Assets	136	(325)	(358)
Other Liabilities	116	(8)	57
Changes in Components of Working Capital Associated with Investing and Financing Activities	200	(75)	115
Other Non-Current Income Taxes - Net Receivable	—	113	239
Cash Flow from Operations Before Working Capital (Non-GAAP)	9,309	4,967	8,009

Cash Flow from Operations Before Working Capital (Non-GAAP)	9,309	4,967	8,009
Less:
Total Capital Expenditures (Non-GAAP) (a)	(3,755)	(3,344)	(6,094)
Free Cash Flow (Non-GAAP)	5,554	1,623	1,915

(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):

Total Expenditures (GAAP)	4,255	4,113	6,900
Less:
Asset Retirement Costs	(127)	(117)	(186)
Non-Cash Expenditures of Other Property, Plant and Equipment	—	—	(2)
Non-Cash Acquisition Costs of Unproved Properties	(45)	(197)	(98)
Non-Cash Finance Leases	(74)	(174)	—
Acquisition Costs of Proved Properties	(100)	(135)	(380)
Exploration Costs	(154)	(146)	(140)
Total Capital Expenditures (Non-GAAP)	3,755	3,344	6,094


Cash Flow from Operations and Free Cash Flow (Continued)
In millions of USD (Unaudited)

	FY 2018	FY 2017	FY 2016

Net Cash Provided by Operating Activities (GAAP)	7,769	4,265	2,359

Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	368	392	233
Inventories	395	175	(171)
Accounts Payable	(439)	(324)	74
Accrued Taxes Payable	92	64	(93)
Other Assets	125	659	41
Other Liabilities	(11)	90	16
Changes in Components of Working Capital Associated with Investing and Financing Activities	(301)	(90)	156
Other Non-Current Income Taxes - Net (Payable) Receivable	149	(513)	—
Excess Tax Benefits from Stock-Based Compensation	—	—	30
Cash Flow from Operations Before Working Capital (Non-GAAP)	8,147	4,718	2,645

Cash Flow from Operations Before Working Capital (Non-GAAP)	8,147	4,718	2,645
Less:
Total Capital Expenditures (Non-GAAP) (a)	(6,023)	(4,083)	(2,581)
Free Cash Flow (Non-GAAP)	2,124	635	64

(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):

Total Expenditures (GAAP)	6,706	4,613	6,554
Less:
Asset Retirement Costs	(70)	(56)	20
Non-Cash Expenditures of Other Property, Plant and Equipment	(1)	—	(17)
Non-Cash Acquisition Costs of Unproved Properties	(291)	(256)	(3,102)
Non-Cash Finance Leases	(48)	—	—
Acquisition Costs of Proved Properties	(124)	(73)	(749)
Exploration Costs	(149)	(145)	(125)
Total Capital Expenditures (Non-GAAP)	6,023	4,083	2,581


Total Expenditures
In millions of USD (Unaudited)

	2Q 2022	1Q 2022	4Q 2021	3Q 2021	2Q 2021	YTD 2022	YTD 2021

Exploration and Development Drilling	866	813	767	653	711	1,679	1,444
Facilities	90	109	118	100	105	199	187
Leasehold Acquisitions	34	64	21	90	46	98	104
Property Acquisitions	351	5	1	4	86	356	95
Capitalized Interest	7	8	9	9	7	15	15
Subtotal	1,348	999	916	856	955	2,347	1,845
Exploration Costs	35	45	42	44	35	80	68
Dry Hole Costs	20	3	43	4	13	23	24
Exploration and Development Expenditures	1,403	1,047	1,001	904	1,003	2,450	1,937
Asset Retirement Costs	43	27	71	8	31	70	48
Total Exploration and Development Expenditures	1,446	1,074	1,072	912	1,034	2,520	1,985
Other Property, Plant and Equipment	75	70	65	50	55	145	171
Total Expenditures	1,521	1,144	1,137	962	1,089	2,665	2,156


Total Expenditures (Continued)
In millions of USD (Unaudited)

	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016

Exploration and Development Drilling	2,864	2,664	4,951	4,935	3,132	1,957
Facilities	405	347	629	625	575	375
Leasehold Acquisitions	215	265	276	488	427	3,217
Property Acquisitions	100	135	380	124	73	749
Capitalized Interest	33	31	38	24	27	31
Subtotal	3,617	3,442	6,274	6,196	4,234	6,329
Exploration Costs	154	146	140	149	145	125
Dry Hole Costs	71	13	28	5	5	11
Exploration and Development Expenditures	3,842	3,601	6,442	6,350	4,384	6,465
Asset Retirement Costs	127	117	186	70	56	(20)
Total Exploration and Development Expenditures	3,969	3,718	6,628	6,420	4,440	6,445
Other Property, Plant and Equipment	286	395	272	286	173	109
Total Expenditures	4,255	4,113	6,900	6,706	4,613	6,554


EBITDAX and Adjusted EBITDAX
In millions of USD (Unaudited)

The following table adjusts the reported Net Income (Loss) (GAAP) to Earnings Before Interest Expense, Net, Income Taxes (Income Tax Provision (Benefit)), Depreciation, Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments (EBITDAX) (Non-GAAP) and further adjusts such amount to reflect actual Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts by eliminating the unrealized Mark-to-Market (MTM) (Gains) Losses from these transactions and to eliminate the (Gains) Losses on Asset Dispositions (Net). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported Net Income (Loss) (GAAP) to add back Interest Expense, Net, Income Taxes (Income Tax Provision (Benefit)), Depreciation, Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments and further adjust such amount to match realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.

	2Q 2022	2Q 2021	YTD 2022	YTD 2021

Net Income (GAAP)	2,238	907	2,628	1,584

Adjustments:
Interest Expense, Net	48	45	96	92
Income Tax Provision	644	217	751	421
Depreciation, Depletion and Amortization	911	914	1,758	1,814
Exploration Costs	35	35	80	68
Dry Hole Costs	20	13	23	24
Impairments	91	44	146	88
EBITDAX (Non-GAAP)	3,987	2,175	5,482	4,091
Losses on MTM Financial Commodity Derivative Contracts	1,377	427	4,197	794
Net Cash Payments for Settlements of Commodity Derivative Contracts	(2,114)	(193)	(2,410)	(223)
Gains on Asset Dispositions, Net	(97)	(51)	(122)	(45)

Adjusted EBITDAX (Non-GAAP)	3,153	2,358	7,147	4,617

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


Net Debt-to-Total Capitalization Ratio
In millions of USD, except ratio data (Unaudited)

The following tables reconcile Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (Non-GAAP), as used in the Net Debt-to-Total Capitalization ratio calculation. A portion of the cash is associated with international subsidiaries; tax considerations may impact debt paydown. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize Net Debt and Total Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation. EOG management uses this information for comparative purposes within the industry.

	June 30, 2022		March 31, 2022

Total Stockholders' Equity - (a)	22,312		21,540

Current and Long-Term Debt (GAAP) - (b)	5,091		5,099
Less: Cash	(3,073)		(4,009)
Net Debt (Non-GAAP) - (c)	2,018		1,090

Total Capitalization (GAAP) - (a) + (b)	27,403		26,639

Total Capitalization (Non-GAAP) - (a) + (c)	24,330		22,630

Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	18.6	%	19.1	%

Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	8.3	%	4.8	%


Net Debt-to-Total Capitalization Ratio (Continued)
In millions of USD, except ratio data (Unaudited)

	December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021

Total Stockholders' Equity - (a)	22,180		21,765		20,881		20,762

Current and Long-Term Debt (GAAP) - (b)	5,109		5,117		5,125		5,133
Less: Cash	(5,209)		(4,293)		(3,880)		(3,388)
Net Debt (Non-GAAP) - (c)	(100)		824		1,245		1,745

Total Capitalization (GAAP) - (a) + (b)	27,289		26,882		26,006		25,895

Total Capitalization (Non-GAAP) - (a) + (c)	22,080		22,589		22,126		22,507

Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	18.7	%	19.0	%	19.7	%	19.8	%

Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	-0.5	%	3.6	%	5.6	%	7.8	%


Net Debt-to-Total Capitalization Ratio (Continued)
In millions of USD, except ratio data (Unaudited)

	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020

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

Current and Long-Term Debt (GAAP) - (b)	5,816		5,721		5,724		5,222
Less: Cash	(3,329)		(3,066)		(2,417)		(2,907)
Net Debt (Non-GAAP) - (c)	2,487		2,655		3,307		2,315

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

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

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

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


Net Debt-to-Total Capitalization Ratio (Continued)
In millions of USD, except ratio data (Unaudited)
	December 31, 2019		September 30, 2019		June 30, 2019		March 31, 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 (Continued)
In millions of USD, except ratio data (Unaudited)
	December 31, 2018		September 30, 2018		June 30, 2018		March 31, 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 (Continued)
In millions of USD, except ratio data (Unaudited)
	December 31, 2017		September 30, 2017		June 30, 2017		March 31, 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 (Continued)
In millions of USD, except ratio data (Unaudited)
	December 31, 2016		September 30, 2016		June 30, 2016		March 31, 2016		December 31, 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		6,656
Less: Cash	(1,600)		(1,049)		(780)		(668)		(719)
Net Debt (Non-GAAP) - (c)	5,386		5,937		6,206		6,318		5,937

Total Capitalization (GAAP) - (a) + (b)	20,968		18,784		19,043		19,391		19,599

Total Capitalization (Non-GAAP) - (a) + (c)	19,368		17,735		18,263		18,723		18,880

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	%	31.4	%


Reserve Replacement Cost Data
In millions of USD, except reserves and ratio data (Unaudited)

The following table reconciles Total Costs Incurred in Exploration and Development Activities (GAAP) to Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) and Total Exploration and Development Expenditures (Non-GAAP), as used in the calculation of Reserve Replacement Costs per Boe. There are numerous ways that industry participants present Reserve Replacement Costs, including “Drilling Only” and “All-In”, which reflect total exploration and development expenditures divided by total net proved reserve additions from extensions and discoveries only, or from all sources. Combined with Reserve Replacement, these statistics (and the non-GAAP measures used in calculating such statistics) provide management and investors with an indication of the results of the current year capital investment program. Reserve Replacement Cost statistics (and the non-GAAP measures used in calculating such statistics) are widely recognized and reported by industry participants and are used by EOG management and other third parties for comparative purposes within the industry. Please note that the actual cost of adding reserves will vary from the reported statistics due to timing differences in reserve bookings and capital expenditures. Accordingly, some analysts use three or five year averages of reported statistics, while others prefer to estimate future costs. EOG has not included future capital costs to develop proved undeveloped reserves in exploration and development expenditures.

	2021	2020	2019	2018

Total Costs Incurred in Exploration and Development Activities (GAAP)	3,969	3,718	6,628	6,420
Less: Asset Retirement Costs	(127)	(117)	(186)	(70)
Non-Cash Acquisition Costs of Unproved Properties	(45)	(197)	(98)	(291)
Acquisition Costs of Proved Properties	(100)	(135)	(380)	(124)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)	3,697	3,269	5,964	5,935

Total Costs Incurred in Exploration and Development Activities (GAAP)	3,969	3,718	6,628	6,420
Less: Asset Retirement Costs	(127)	(117)	(186)	(70)
Non-Cash Acquisition Costs of Unproved Properties	(45)	(197)	(98)	(291)
Non-Cash Acquisition Costs of Proved Properties	(5)	(15)	(52)	(71)
Total Exploration and Development Expenditures (Non-GAAP) - (b)	3,792	3,389	6,292	5,988

Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)	194	(278)	(60)	35
Revisions Other Than Price	(308)	(89)	—	(40)
Purchases in Place	9	10	17	12
Extensions, Discoveries and Other Additions - (d)	952	564	750	670
Total Proved Reserve Additions - (e)	847	207	707	677
Sales in Place	(11)	(31)	(5)	(11)
Net Proved Reserve Additions From All Sources	836	176	702	666

Production	309	285	301	265

Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)	3.88	5.79	7.95	8.86
All-in Total, Net of Revisions - (b / e)	4.48	16.32	8.90	8.85
All-in Total, Excluding Revisions Due to Price - (b / ( e - c))	5.81	6.98	8.21	9.33


Reserve Replacement Cost Data (Continued)
In millions of USD, except reserves and ratio data (Unaudited)

	2017	2016	2015	2014

Total Costs Incurred in Exploration and Development Activities (GAAP)	4,440	6,445	4,928	7,905
Less: Asset Retirement Costs	(56)	20	(53)	(196)
Non-Cash Acquisition Costs of Unproved Properties	(256)	(3,102)	—	—
Acquisition Costs of Proved Properties	(73)	(749)	(481)	(139)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)	4,055	2,614	4,394	7,570

Total Costs Incurred in Exploration and Development Activities (GAAP)	4,440	6,445	4,928	7,905
Less: Asset Retirement Costs	(56)	20	(53)	(196)
Non-Cash Acquisition Costs of Unproved Properties	(256)	(3,102)	—	—
Non-Cash Acquisition Costs of Proved Properties	(26)	(732)	—	—
Total Exploration and Development Expenditures (Non-GAAP) - (b)	4,102	2,631	4,875	7,709

Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)	154	(101)	(574)	52
Revisions Other Than Price	48	253	107	49
Purchases in Place	2	42	56	14
Extensions, Discoveries and Other Additions - (d)	421	209	246	519
Total Proved Reserve Additions - (e)	625	403	(165)	634
Sales in Place	(21)	(168)	(4)	(36)
Net Proved Reserve Additions From All Sources	604	235	(169)	598

Production	224	206	210	220

Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)	9.64	12.51	17.87	14.58
All-in Total, Net of Revisions - (b / e)	6.56	6.52	(29.63)	12.16
All-in Total, Excluding Revisions Due to Price - (b / ( e - c))	8.71	5.22	11.91	13.25


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 settled during the period from January 1, 2022 to July 29, 2022 (closed) and outstanding as of July 29, 2022.


Crude Oil Financial Price Swap Contracts
		Contracts Sold			Contracts Purchased
Period	Settlement Index	Volume (MBbld)	Weighted Average Price ($/Bbl)		Volume (MBbld)	Weighted Average Price ($/Bbl)
January - March 2022 (closed)	NYMEX WTI	140	$	65.58	—	$	—
April - June 2022 (closed)	NYMEX WTI	140	65.62		—	—
July 2022 (closed)	NYMEX WTI	140	65.59		—	—
August - September 2022	NYMEX WTI	140	65.59		—	—
October - December 2022 (closed) (1)	NYMEX WTI	53	66.11		—	—
October - December 2022	NYMEX WTI	87	65.41		87	88.85
January - February 2023 (closed) (1)	NYMEX WTI	7	69.51		—	—
January - February 2023	NYMEX WTI	143	67.84		6	102.26
March 2023 (closed) (1)	NYMEX WTI	37	67.35		—	—
March 2023	NYMEX WTI	113	68.11		6	102.26
April - May 2023 (closed) (1)	NYMEX WTI	29	68.28		—	—
April - May 2023	NYMEX WTI	91	67.63		2	98.15
June 2023 (closed) (1)	NYMEX WTI	118	67.77		—	—
June 2023	NYMEX WTI	2	69.10		2	98.15
July - September 2023 (closed) (1)	NYMEX WTI	100	70.15		—	—
October - December 2023 (closed) (1)	NYMEX WTI	69	69.41		—	—

(1) In the second quarter of 2022, EOG executed the early termination provision granting EOG the right to terminate certain of its October 2022 - December 2023 crude oil financial price swap contracts which were open at that time. EOG paid net cash of $593 million for the settlement of these contracts.

Financial Commodity Derivative Contracts

(Continued)

Crude Oil Basis Swap Contracts

Contracts Sold

Period

Settlement Index

Volume (MBbld)

Weighted Average Price Differential ($/Bbl)

January - August 2022 (closed)

NYMEX WTI Roll Differential (1)

125

0.15

September - December 2022

NYMEX WTI Roll Differential (1)

125

0.15

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


Natural Gas Financial Price Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MMBtud in thousands)	Weighted Average Price ($/MMBtu)
January - August 2022 (closed)	NYMEX Henry Hub	725	$	3.57
September 2022	NYMEX Henry Hub	725	3.57
October - December 2022 (closed) (1)	NYMEX Henry Hub	425	3.05
October - December 2022	NYMEX Henry Hub	300	4.32
January - December 2023 (closed) (1)	NYMEX Henry Hub	425	3.05
January - December 2023	NYMEX Henry Hub	300	3.36
January - December 2024	NYMEX Henry Hub	725	3.07
January - December 2025	NYMEX Henry Hub	725	3.07

(1) In the second quarter of 2022, EOG executed the early termination provision granting EOG the right to terminate certain of its October 2022 - December 2023 natural gas financial price swap contracts which were open at that time. EOG paid net cash of $735 million for the settlement of these contracts.


Natural Gas Basis Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MMBtud in thousands)	Weighted Average Price Differential ($/MMBtu)
January - July 2022 (closed)	NYMEX Henry Hub HSC Differential (1)	210	$	(0.01)
August - December 2022	NYMEX Henry Hub HSC Differential (1)	210	(0.01)
January - December 2023	NYMEX Henry Hub HSC Differential (1)	135	(0.01)
January - December 2024	NYMEX Henry Hub HSC Differential (1)	10	0.00
January - December 2025	NYMEX Henry Hub HSC Differential (1)	10	0.00

(1) This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices.

Financial Commodity Derivative Contracts

(Continued)


Glossary:
$/Bbl			Dollars per barrel
$/MMBtu			Dollars per million British Thermal Units
Bbl			Barrel
EOG			EOG Resources, Inc.
HSC			Houston Ship Channel
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 EOG's direct after-tax rate of return (ATROR) with respect to EOG's capital expenditure program for a particular play or well is based on the estimated recoverable reserves ("net" to EOG’s interest) for all wells in such play 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 certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring (as the case may be) such wells or well (as the case may be). As such, EOG's direct ATROR with respect to our capital expenditures for a particular play or well cannot be calculated from 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 wellsite facilities and flowback
Excludes Indirect Capital
- Gathering and Processing and other Midstream
- Land, Seismic, Geological and Geophysical
- Offsite Production Facilities

Payback ~12 Months on 100% Direct ATROR Wells
First Five Years ~1/2 Estimated Ultimate Recovery Produced but ~3/4 of NPV Captured

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, Powder River Basin and Dorado Facilities
- Gathering and Processing
Includes Legacy Gas Capital and Capital from Mature Wells


ROCE & ROE
In millions of USD, except ratio data (Unaudited)

The following tables reconcile Interest Expense, Net (GAAP), Net Income (Loss) (GAAP), Current and Long-Term Debt (GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest Expense (Non-GAAP), Adjusted Net Income (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization (Non-GAAP), respectively, as used in the Return on Capital Employed (ROCE) and Return on Equity (ROE) calculations. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize After-Tax Net Interest Expense, Adjusted Net Income, Net Debt and Total Capitalization (Non-GAAP) in their ROCE and ROE calculations. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.

	2021		2020		2019		2018

Interest Expense, Net (GAAP)	178		205		185		245
Tax Benefit Imputed (based on 21%)	(37)		(43)		(39)		(51)
After-Tax Net Interest Expense (Non-GAAP) - (a)	141		162		146		194

Net Income (Loss) (GAAP) - (b)	4,664		(605)		2,735		3,419
Adjustments to Net Income (Loss), Net of Tax (See Below Detail) (1)	364		1,455		158		(201)
Adjusted Net Income (Non-GAAP) - (c)	5,028		850		2,893		3,218

Total Stockholders' Equity - (d)	22,180		20,302		21,641		19,364

Average Total Stockholders' Equity * - (e)	21,241		20,972		20,503		17,824

Current and Long-Term Debt (GAAP) - (f)	5,109		5,816		5,175		6,083
Less: Cash	(5,209)		(3,329)		(2,028)		(1,556)
Net Debt (Non-GAAP) - (g)	(100)		2,487		3,147		4,527

Total Capitalization (GAAP) - (d) + (f)	27,289		26,118		26,816		25,447

Total Capitalization (Non-GAAP) - (d) + (g)	22,080		22,789		24,788		23,891

Average Total Capitalization (Non-GAAP) * - (h)	22,435		23,789		24,340		22,864

Return on Capital Employed (ROCE)
Calculated Using GAAP Net Income (Loss) - [(a) + (b)] / (h) (Non-GAAP)	21.4	%	-1.9	%	11.8	%	15.8	%
Calculated Using Non-GAAP Adjusted Net Income - [(a) + (c)] / (h) (Non-GAAP)	23.0	%	4.3	%	12.5	%	14.9	%

Return on Equity (ROE)
Calculated Using GAAP Net Income (Loss) - (b) / (e) (GAAP)	22.0	%	-2.9	%	13.3	%	19.2	%
Calculated Using Non-GAAP Adjusted Net Income - (c) / (e) (Non-GAAP)	23.7	%	4.1	%	14.1	%	18.1	%

* Average for the current and immediately preceding year


ROCE & ROE (Continued)

(1) Detail of adjustments to Net Income (Loss) (GAAP):
	Before Tax	Income Tax Impact	After Tax
Year Ended December 31, 2021
Adjustments:
Add: Mark-to-Market Financial Commodity Derivative Contracts Impact	514	(112)	402
Add: Certain Impairments	15	—	15
Less: Gains on Asset Dispositions, Net	(17)	9	(8)
Less: Tax Benefits Related to Exiting Canada Operations	—	(45)	(45)
Total	512	(148)	364

Year Ended December 31, 2020
Adjustments:
Add: Mark-to-Market Financial Commodity Derivative Contracts Impact	(74)	16	(58)
Add: Certain Impairments	1,868	(392)	1,476
Add: Losses on Asset Dispositions, Net	47	(10)	37
Total	1,841	(386)	1,455

Year Ended December 31, 2019
Adjustments:
Add: Mark-to-Market Financial Commodity Derivative Contracts Impact	51	(11)	40
Add: Certain Impairments	275	(60)	215
Less: Gains on Asset Dispositions, Net	(124)	27	(97)
Total	202	(44)	158

Year Ended December 31, 2018
Adjustments:
Add: Mark-to-Market Financial Commodity Derivative Contracts Impact	(93)	20	(73)
Add: Certain Impairments	153	(34)	119
Less: Gains on Asset Dispositions, Net	(175)	38	(137)
Less: Tax Reform Impact	—	(110)	(110)
Total	(115)	(86)	(201)


ROCE & ROE
In millions of USD, except ratio data (Unaudited)

The following tables reconcile Interest Expense, Net (GAAP), Current and Long-Term Debt (GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest Expense (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization (Non-GAAP), respectively, as used in the Return on Capital Employed (ROCE) and Return on Equity (ROE) calculations. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize After-Tax Net Interest Expense, Net Debt and Total Capitalization (Non-GAAP) in their ROCE calculation. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.

	2017		2016		2015

Interest Expense, Net (GAAP)	274		282		237
Tax Benefit Imputed (based on 35%)	(96)		(99)		(83)
After-Tax Net Interest Expense (Non-GAAP) - (a)	178		183		154

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

Total Stockholders' Equity - (d)	16,283		13,982		12,943

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

Current and Long-Term Debt (GAAP) - (f)	6,387		6,986		6,655
Less: Cash	(834)		(1,600)		(719)
Net Debt (Non-GAAP) - (g)	5,553		5,386		5,936

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

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

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

Return on Capital Employed (ROCE)
Calculated Using GAAP Net Income (Loss) - [(a) + (b)] / (h) (Non-GAAP)	13.4	%	-4.8	%	-21.6	%

Return on Equity (ROE)
Calculated Using GAAP Net Income (Loss) - (b) / (e) (GAAP)	17.1	%	-8.1	%	-29.5	%

* Average for the current and immediately preceding year


ROCE & ROE (Continued)
In millions of USD, except ratio data (Unaudited)

	2014		2013		2012		2011

Interest Expense, Net (GAAP)	201		235		214
Tax Benefit Imputed (based on 35%)	(70)		(82)		(75)
After-Tax Net Interest Expense (Non-GAAP) - (a)	131		153		139

Net Income (GAAP) - (b)	2,915		2,197		570

Total Stockholders' Equity - (d)	17,713		15,418		13,285		12,641

Average Total Stockholders' Equity* - (e)	16,566		14,352		12,963

Current and Long-Term Debt (GAAP) - (f)	5,906		5,909		6,312		5,009
Less: Cash	(2,087)		(1,318)		(876)		(616)
Net Debt (Non-GAAP) - (g)	3,819		4,591		5,436		4,393

Total Capitalization (GAAP) - (d) + (f)	23,619		21,327		19,597		17,650

Total Capitalization (Non-GAAP) - (d) + (g)	21,532		20,009		18,721		17,034

Average Total Capitalization (Non-GAAP)* - (h)	20,771		19,365		17,878

Return on Capital Employed (ROCE)
Calculated Using GAAP Net Income - [(a) + (b)] / (h) (Non-GAAP)	14.7	%	12.1	%	4.0	%

Return on Equity (ROE)
Calculated Using GAAP Net Income - (b) / (e) (GAAP)	17.6	%	15.3	%	4.4	%

* Average for the current and immediately preceding year


Revenues, Costs and Margins Per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)

EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or margin per barrel of oil equivalent (Boe). Certain of these components are adjusted for non-recurring and certain other items, as further discussed below. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.

	2Q 2022	1Q 2022	4Q 2021	3Q 2021	2Q 2021

Volume - Million Barrels of Oil Equivalent - (a)	83.8	79.5	79.4	77.7	75.3

Total Operating Revenues and Other (b)	7,407	3,983	6,044	4,765	4,139
Total Operating Expenses (c)	4,504	3,437	3,516	3,294	2,968
Operating Income (d)	2,903	546	2,528	1,471	1,171

Wellhead Revenues
Crude Oil and Condensate	4,699	3,889	3,246	2,929	2,699
Natural Gas Liquids	777	681	583	548	367
Natural Gas	1,000	716	847	568	404
Total Wellhead Revenues - (e)	6,476	5,286	4,676	4,045	3,470

Operating Costs
Lease and Well	324	318	325	270	270
Transportation Costs	244	228	228	219	214
Gathering and Processing Costs	152	144	147	145	128
General and Administrative	128	124	139	142	120
Taxes Other Than Income	472	390	316	277	239
Interest Expense, Net	48	48	38	48	45
Total Operating Cost (excluding DD&A and Total Exploration Costs) (f)	1,368	1,252	1,193	1,101	1,016

Depreciation, Depletion and Amortization (DD&A)	911	847	910	927	914

Total Operating Cost (excluding Total Exploration Costs) - (g)	2,279	2,099	2,103	2,028	1,930

Exploration Costs	35	45	42	44	35
Dry Hole Costs	20	3	43	4	13
Impairments	91	55	206	82	44
Total Exploration Costs (GAAP)	146	103	291	130	92
Less: Certain Impairments (1)	(36)	—	—	(13)	(1)
Total Exploration Costs (Non-GAAP)	110	103	291	117	91

Total Operating Cost (including Total Exploration Costs (GAAP)) - (h)	2,425	2,202	2,394	2,158	2,022
Total Operating Cost (including Total Exploration Costs (Non-GAAP)) - (i)	2,389	2,202	2,394	2,145	2,021

Total Wellhead Revenues less Total Operating Cost (including Total Exploration Costs (GAAP))	4,051	3,084	2,282	1,887	1,448
Total Wellhead Revenues less Total Operating Cost (including Total Exploration Costs (Non-GAAP))	4,087	3,084	2,282	1,900	1,449


Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)

	2Q 2022	1Q 2022	4Q 2021	3Q 2021	2Q 2021

Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)

Composite Average Operating Revenues and Other per Boe - (b) / (a)	88.39	50.10	76.12	61.33	54.97
Composite Average Operating Expenses per Boe - (c) / (a)	53.75	43.23	44.28	42.40	39.42
Composite Average Operating Income per Boe - (d) / (a)	34.64	6.87	31.84	18.93	15.55

Composite Average Wellhead Revenue per Boe - (e) / (a)	77.29	66.50	58.88	52.07	46.07

Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	16.32	15.75	15.02	14.19	13.48

Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	60.97	50.75	43.86	37.88	32.59

Total Operating Cost per Boe (excluding Total Exploration Costs) - (g) / (a)	27.19	26.40	26.48	26.12	25.61

Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (g) / (a)]	50.10	40.10	32.40	25.95	20.46

Total Operating Cost per Boe (including Total Exploration Costs) - (h) / (a)	28.94	27.70	30.15	27.79	26.85

Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (h) / (a)]	48.35	38.80	28.73	24.28	19.22

Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)

Total Operating Cost per Boe (including Total Exploration Costs) - (i) / (a)	28.50	27.70	30.14	27.62	26.82

Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (i) / (a)]	48.79	38.80	28.74	24.45	19.25

(1) In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG’s control (versus, for example, impairments that are due to EOG’s proved oil and gas properties not being as productive as it originally estimated).


Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)

	2021		2020	2019	2018	2017

Volume - Million Barrels of Oil Equivalent - (a)	302.5		275.9	298.6	262.5	222.3

Total Operating Revenues and Other (b)	18,642		11,032	17,380	17,275	11,208
Total Operating Expenses (c)	12,540		11,576	13,681	12,806	10,282
Operating Income (Loss) (d)	6,102		(544)	3,699	4,469	926

Wellhead Revenues
Crude Oil and Condensate	11,125		5,786	9,613	9,517	6,256
Natural Gas Liquids	1,812		668	785	1,128	730
Natural Gas	2,444		837	1,184	1,302	922
Total Wellhead Revenues - (e)	15,381		7,291	11,582	11,947	7,908

Operating Costs
Lease and Well	1,135		1,063	1,367	1,283	1,045
Transportation Costs	863		735	758	747	740
Gathering and Processing Costs	559		459	479	437	149
General and Administrative (GAAP)	511		484	489	427	434
Less: Legal Settlement - Early Leasehold Termination	—		—	—	—	(10)
Less: Joint Venture Transaction Costs	—		—	—	—	(3)
Less: Joint Interest Billings Deemed Uncollectible	—		—	—	—	(5)
General and Administrative (Non-GAAP) (1)	511		484	489	427	416
Taxes Other Than Income	1,047		478	800	772	545
Interest Expense, Net	178		205	185	245	274
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)	4,293		3,424	4,078	3,911	3,187
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)	4,293		3,424	4,078	3,911	3,169

Depreciation, Depletion and Amortization (DD&A)	3,651		3,400	3,750	3,435	3,409

Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)	7,944		6,824	7,828	7,346	6,596
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)	7,944		6,824	7,828	7,346	6,578

Exploration Costs	154		146	140	149	145
Dry Hole Costs	71		13	28	5	5
Impairments	376		2,100	518	347	479
Total Exploration Costs (GAAP)	601	601	2,259	686	501	629
Less: Certain Impairments (2)	(15)		(1,868)	(275)	(153)	(261)
Total Exploration Costs (Non-GAAP)	586		391	411	348	368

Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)	8,545		9,083	8,514	7,847	7,225
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)	8,530		7,215	8,239	7,694	6,946

Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))	6,836		(1,792)	3,068	4,100	683
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))	6,851		76	3,343	4,253	962


Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
	2021	2020	2019	2018	2017

Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)

Composite Average Operating Revenues and Other per Boe - (b) / (a)	61.63	39.99	58.20	65.81	50.42
Composite Average Operating Expenses per Boe - (c) / (a)	41.46	41.96	45.81	48.79	46.25
Composite Average Operating Income (Loss) per Boe - (d) / (a)	20.17	(1.97)	12.39	17.02	4.17

Composite Average Wellhead Revenue per Boe - (e) / (a)	50.84	26.42	38.79	45.51	35.58

Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	14.19	12.39	13.66	14.90	14.34

Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	36.65	14.03	25.13	30.61	21.24

Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)	26.26	24.71	26.22	27.99	29.67

Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]	24.58	1.71	12.57	17.52	5.91

Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)	28.25	32.92	28.51	29.89	32.50

Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]	22.59	(6.50)	10.28	15.62	3.08

Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)

Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)	14.19	12.39	13.66	14.90	14.25

Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]	36.65	14.03	25.13	30.61	21.33

Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)	26.26	24.71	26.22	27.99	29.59

Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]	24.58	1.71	12.57	17.52	5.99

Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)	28.20	26.13	27.60	29.32	31.24

Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]	22.64	0.29	11.19	16.19	4.34

(1) EOG believes excluding the above-referenced items from general and administrative expense is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(2) In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG’s control (versus, for example, impairments that are due to EOG’s proved oil and gas properties not being as productive as it originally estimated).


Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)

	2016	2015	2014

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

Total Operating Revenues and Other (b)	7,651	8,757	18,035
Total Operating Expenses (c)	8,876	15,443	12,793
Operating Income (Loss) (d)	(1,225)	(6,686)	5,242

Wellhead Revenues
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 - (e)	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 (GAAP)	395	367	402
Less: Voluntary Retirement Expense	(42)	—	—
Less: Acquisition Costs	(5)	—	—
Less: Legal Settlement - Early Leasehold Termination	—	(19)	—
General and Administrative (Non-GAAP) (1)	348	348	402
Taxes Other Than Income	350	422	758
Interest Expense, Net	282	237	201
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)	2,841	3,203	3,895
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)	2,794	3,184	3,895

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

Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)	6,394	6,517	7,892
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)	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 (GAAP)	756	6,778	976
Less: Certain Impairments (2)	(321)	(6,308)	(824)
Total Exploration Costs (Non-GAAP)	435	470	152

Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)	7,150	13,295	8,868
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)	6,782	6,968	8,044

Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))	(1,654)	(6,891)	3,724
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))	(1,286)	(564)	4,548


Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
	2016	2015	2014

Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)

Composite Average Operating Revenues and Other per Boe - (b) / (a)	37.32	41.92	83.07
Composite Average Operating Expenses per Boe - (c) / (a)	43.30	73.93	58.92
Composite Average Operating Income (Loss) per Boe - (d) / (a)	(5.98)	(32.01)	24.15

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

Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	13.86	15.33	17.95

Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	12.96	15.33	40.06

Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)	31.19	31.20	36.38

Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]	(4.37)	(0.54)	21.63

Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)	34.88	63.64	40.85

Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]	(8.06)	(32.98)	17.16

Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)

Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)	13.64	15.25	17.95

Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]	13.18	15.41	40.06

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

Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]	(4.16)	(0.45)	21.63

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

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

(1) EOG believes excluding the above-referenced items from general and administrative expense is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(2) In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG’s control (versus, for example, impairments that are due to EOG’s proved oil and gas properties not being as productive as it originally estimated).