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0000821189FALSE00008211892023-02-232023-02-23


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): February 23, 2023

_______________

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 February 23, 2023, EOG Resources, Inc. issued a press release announcing fourth quarter 2022 financial and operational results and first quarter and full year 2023 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 fourth quarter 2022 financial and operational results attached hereto as Exhibit 99.1 is first quarter and full year 2023 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 February 23, 2023 (including the accompanying first quarter and full year 2023 forecast and benchmark commodity pricing information).

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


2

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: February 23, 2023 By:
/s/ TIMOTHY K. DRIGGERS
Timothy K. Driggers
Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Duly Authorized Officer)

3
EX-99.1 2 exh99-1022323.htm PRESS RELEASE OF EOG RESOURCES, INC. Document

EXHIBIT 99.1
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Table of Contents
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Fourth Quarter 2022
Supplemental Financial and Operating Data Page
Income Statements
Wellhead Volumes and Prices
Balance Sheets
Cash Flows Statements
Non-GAAP Financial Measures
Adjusted Net Income (Loss)
Adjusted Net Income Per Share
Net Income Per Share
Cash Flow from Operations and Free Cash Flow
Net Debt-to-Total Capitalization Ratio
Proved Reserves and Reserve Replacement Data
Reserve Replacement Cost Data
14

Income Statements
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In millions of USD, except share data (in millions) and per share data (Unaudited)
4Q 2022 3Q 2022 4Q 2021 FY 2022 FY 2021
Operating Revenues and Other
Crude Oil and Condensate 3,670  4,109  3,246  16,367  11,125 
Natural Gas Liquids 497  693  583  2,648  1,812 
Natural Gas 830  1,235  847  3,781  2,444 
Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts, Net 233  (18) 136  (3,982) (1,152)
Gathering, Processing and Marketing 1,497  1,561  1,232  6,696  4,288 
Gains (Losses) on Asset Dispositions, Net (27) (21) (29) 74  17 
Other, Net 19  34  29  118  108 
Total 6,719  7,593  6,044  25,702  18,642 
Operating Expenses
Lease and Well 354  335  325  1,331  1,135 
Transportation Costs 237  257  228  966  863 
Gathering and Processing Costs 158  167  147  621  559 
Exploration Costs 44  35  42  159  154 
Dry Hole Costs 4  18  43  45  71 
Impairments 142  94  206  382  376 
Marketing Costs 1,504  1,621  1,160  6,535  4,173 
Depreciation, Depletion and Amortization 878  906  910  3,542  3,651 
General and Administrative 156  162  139  570  511 
Taxes Other Than Income 389  334  316  1,585  1,047 
Total 3,866  3,929  3,516  15,736  12,540 
Operating Income 2,853  3,664  2,528  9,966  6,102 
Other Income, Net 48  40  9  114  9 
Income Before Interest Expense and Income Taxes 2,901  3,704  2,537  10,080  6,111 
Interest Expense, Net 42  41  38  179  178 
Income Before Income Taxes 2,859  3,663  2,499  9,901  5,933 
Income Tax Provision 582  809  514  2,142  1,269 
Net Income 2,277  2,854  1,985  7,759  4,664 
Dividends Declared per Common Share 2.3250  2.2500  2.7500  8.8750  4.9875 
Net Income Per Share
Basic 3.90  4.90  3.42  13.31  8.03 
Diluted 3.87  4.86  3.39  13.22  7.99 
Average Number of Common Shares
Basic 584  583  581  583  581 
Diluted 588  587  585  587  584 



15

Wellhead Volumes and Prices
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(Unaudited)
4Q 2022 4Q 2021 % Change 3Q 2022 FY 2022 FY 2021 % Change
Crude Oil and Condensate Volumes (MBbld) (A)
United States 465.1  449.7  3  % 464.6  460.7  443.4  4  %
Trinidad 0.5  0.9  -44  % 0.5  0.6  1.5  -60  %
Other International (B)
 —  —  —  —  0.1  -100  %
Total 465.6  450.6  3  % 465.1  461.3  445.0  4  %
Average Crude Oil and Condensate Prices ($/Bbl) (C)
United States $ 85.68  $ 78.31  9  % $ 96.05  $ 97.22  $ 68.54  42  %
Trinidad 75.21  66.86  12  % 84.98  86.16  56.26  53  %
Other International (B)
 —  —  —  —  42.36  -100  %
Composite 85.67  78.29  9  % 96.04  97.21  68.50  42  %
Natural Gas Liquids Volumes (MBbld) (A)
United States 189.0  156.9  20  % 209.3  197.7  144.5  37  %
Total 189.0  156.9  20  % 209.3  197.7  144.5  37  %
Average Natural Gas Liquids Prices ($/Bbl) (C)
United States $ 28.55  $ 40.40  -29  % $ 36.02  $ 36.70  $ 34.35  7  %
Composite 28.55  40.40  -29  % 36.02  36.70  34.35  7  %
Natural Gas Volumes (MMcfd) (A)
United States 1,378  1,328  4  % 1,306  1,315  1,210  9  %
Trinidad 149  206  -28  % 163  180  217  -17  %
Other International (B)
 —  —  —  —  9  -100  %
Total 1,527  1,534  0  % 1,469  1,495  1,436  4  %
Average Natural Gas Prices ($/Mcf) (C)
United States $ 6.12  $ 6.40  -4  % $ 9.35  $ 7.27  $ 4.88  49  %
Trinidad 3.97  3.48  14  % 7.45  (E) 4.43  (E) 3.40  30  %
Other International (B)
 —  —  —  —  5.67  -100  %
Composite 5.91  6.00  -2  % 9.14  6.93  4.66  49  %
Crude Oil Equivalent Volumes (MBoed) (D)
United States 883.8  827.8  7  % 891.6  877.5  789.6  11  %
Trinidad 25.3  35.3  -28  % 27.6  30.7  37.7  -19  %
Other International (B)
 —  —  —  —  1.6  -100  %
Total 909.1  863.1  5  % 919.2  908.2  828.9  10  %
Total MMBoe (D)
 83.6  79.4  5  % 84.6  331.5  302.5  10  %
(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 Consolidated Financial Statements in EOG's Annual Report on Form 10-K for the year ended December 31, 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.
(E)Includes revenue adjustment of $3.37 per Mcf and $0.76 per Mcf ($0.37 per Mcf and $0.09 per Mcf of EOG's composite wellhead natural gas price) for the three months ended September 30, 2022 and the twelve months ended December 31, 2022, respectively, related to a price adjustment per a provision of the natural gas sales contract with NGC amended in July 2022 for natural gas sales during the period from September 2020 through June 2022.
16

Balance Sheets
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In millions of USD, except share data (Unaudited)
December 31, December 31,
2022 2021
Current Assets
Cash and Cash Equivalents 5,972  5,209 
Accounts Receivable, Net 2,774  2,335 
Inventories 1,058  584 
Income Taxes Receivable 97  — 
Other 574  456 
Total 10,475  8,584 
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method) 67,322  67,644 
Other Property, Plant and Equipment 4,786  4,753 
Total Property, Plant and Equipment 72,108  72,397 
Less: Accumulated Depreciation, Depletion and Amortization (42,679) (43,971)
Total Property, Plant and Equipment, Net 29,429  28,426 
Deferred Income Taxes 33  11 
Other Assets 1,434  1,215 
Total Assets 41,371  38,236 
Current Liabilities
Accounts Payable 2,532  2,242 
Accrued Taxes Payable 405  518 
Dividends Payable 482  436 
Liabilities from Price Risk Management Activities 169  269 
Current Portion of Long-Term Debt 1,283  37 
Current Portion of Operating Lease Liabilities 296  240 
Other 346  300 
Total 5,513  4,042 
Long-Term Debt 3,795  5,072 
Other Liabilities 2,574  2,193 
Deferred Income Taxes 4,710  4,749 
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 588,396,757 Shares and 585,521,512 Shares Issued at December 31, 2022 and 2021, respectively 206  206 
Additional Paid in Capital 6,187  6,087 
Accumulated Other Comprehensive Loss (8) (12)
Retained Earnings 18,472  15,919 
Common Stock Held in Treasury, 700,281 Shares and 257,268 Shares at December 31, 2022 and 2021, respectively (78) (20)
Total Stockholders' Equity 24,779  22,180 
Total Liabilities and Stockholders' Equity 41,371  38,236 
17

Cash Flows Statements
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In millions of USD (Unaudited)
4Q 2022 3Q 2022 4Q 2021 FY 2022 FY 2021
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
Net Income 2,277  2,854  1,985  7,759  4,664 
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization 878  906  910  3,542  3,651 
Impairments 142  94  206  382  376 
Stock-Based Compensation Expenses 34  34  35  133  152 
Deferred Income Taxes 179  327  122  (61) (122)
(Gains) Losses on Asset Dispositions, Net 27  21  29  (74) (17)
Other, Net 15  (5) (2) —  13 
Dry Hole Costs 4  18  43  45  71 
Mark-to-Market Financial Commodity Derivative Contracts (Gains) Losses, Net (233) 18  (136) 3,982  1,152 
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (244) (847) (122) (3,501) (638)
Other, Net 12  12  (1) 45  7 
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable 661  392  (182) (347) (821)
Inventories (223) (140) (108) (534) (13)
Accounts Payable (211) (88) 341  90  456 
Accrued Taxes Payable (137) (53) 26  (113) 312 
Other Assets (93) (129) (81) (364) (136)
Other Liabilities 282  1,269  201  (266) (116)
Changes in Components of Working Capital Associated with Investing Activities 74  90  (100) 375  (200)
Net Cash Provided by Operating Activities 3,444  4,773  3,166  11,093  8,791 
Investing Cash Flows
Additions to Oil and Gas Properties (1,229) (1,102) (949) (4,619) (3,638)
Additions to Other Property, Plant and Equipment (133) (103) (65) (381) (212)
Proceeds from Sales of Assets 39  79  77  349  231 
Other Investing Activities —  —  —  (30) — 
Changes in Components of Working Capital Associated with Investing Activities (74) (90) 100  (375) 200 
Net Cash Used in Investing Activities (1,397) (1,216) (837) (5,056) (3,419)
Financing Cash Flows
Long-Term Debt Repayments —  —  —  —  (750)
Dividends Paid (1,327) (1,312) (1,406) (5,148) (2,684)
Treasury Stock Purchased (23) (37) (8) (118) (41)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan 11  —  10  28  19 
Repayment of Finance Lease Liabilities (8) (8) (10) (35) (37)
Net Cash Used in Financing Activities (1,347) (1,357) (1,414) (5,273) (3,493)
Effect of Exchange Rate Changes on Cash —  (1) 1  (1) 1 
Increase in Cash and Cash Equivalents 700  2,199  916  763  1,880 
Cash and Cash Equivalents at Beginning of Period 5,272  3,073  4,293  5,209  3,329 
Cash and Cash Equivalents at End of Period 5,972  5,272  5,209  5,972  5,209 
18

Non-GAAP Financial Measures
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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, 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.
19

Adjusted Net Income (Loss)
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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), 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.
4Q 2022
Before
Tax		 Income Tax Impact After
Tax		 Diluted Earnings per Share
Reported Net Income (GAAP) 2,859  (582) 2,277  3.87 
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net (233) 57  (176) (0.31)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
 (244) 48  (196) (0.33)
Less: Losses on Asset Dispositions, Net 27  (6) 21  0.04 
Add: Certain Impairments 31  (16) 15  0.03 
Adjustments to Net Income (419) 83  (336) (0.57)
Adjusted Net Income (Non-GAAP) 2,440  (499) 1,941  3.30 
Average Number of Common Shares (Non-GAAP)
Basic 584 
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 three months ended December 31, 2022, such amount was $244 million.

20

Adjusted Net Income (Loss)
(Continued)
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In millions of USD, except share data (in millions) and per share data (Unaudited)
3Q 2022
Before
Tax		 Income Tax Impact After
Tax		 Diluted Earnings per Share
Reported Net Income (GAAP) 3,663  (809) 2,854  4.86 
Adjustments:
Losses on Mark-to-Market Financial Commodity Derivative Contracts, Net 18  (4) 14  0.03 
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
 (847) 184  (663) (1.13)
Add: Losses on Asset Dispositions, Net 21  (3) 18  0.03 
Add: Certain Impairments 46  (8) 38  0.06 
Less: Severance Tax Refund (115) 25  (90) (0.15)
Add: Severance Tax Consulting Fees 16  (3) 13  0.02 
Less: Interest on Severance Tax Refund (7) 2  (5) (0.01)
Adjustments to Net Income (868) 193  (675) (1.15)
Adjusted Net Income (Non-GAAP) 2,795  (616) 2,179  3.71 
Average Number of Common Shares (Non-GAAP)
Basic 583 
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 three months ended September 30, 2022, such amount was $847 million, of which $63 million was related to the early termination of certain contracts.

21

Adjusted Net Income (Loss)
(Continued)
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4Q 2021
Before
Tax		 Income Tax Impact After
Tax		 Diluted Earnings per Share
Reported Net Income (GAAP) 2,499  (514) 1,985  3.39 
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net (136) 32  (104) (0.17)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
 (122) 25  (97) (0.17)
Add: Losses on Asset Dispositions, Net 29  (7) 22  0.04 
Add: Certain Impairments —  —  —  — 
Adjustments to Net Income (229) 50  (179) (0.30)
Adjusted Net Income (Non-GAAP) 2,270  (464) 1,806  3.09 
Average Number of Common Shares (Non-GAAP)
Basic 581 
Diluted 585 

(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 three months ended December 31, 2021, such amount was $122 million.

22

Adjusted Net Income (Loss)
(Continued)
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In millions of USD, except share data (in millions) and per share data (Unaudited)
FY 2022
Before
Tax		 Income Tax Impact After
Tax		 Diluted Earnings per Share
Reported Net Income (GAAP) 9,901  (2,142) 7,759  13.22 
Adjustments:
Losses on Mark-to-Market Financial Commodity Derivative Contracts, Net 3,982  (858) 3,124  5.32 
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
 (3,501) 755  (2,746) (4.68)
Less: Gains on Asset Dispositions, Net (74) 17  (57) (0.10)
Add: Certain Impairments 113  (31) 82  0.14 
Less: Severance Tax Refund (115) 25  (90) (0.15)
Add: Severance Tax Consulting Fees 16  (3) 13  0.02 
Less: Interest on Severance Tax Refund (7) 2  (5) (0.01)
Adjustments to Net Income 414  (93) 321  0.54 
Adjusted Net Income (Non-GAAP) 10,315  (2,235) 8,080  13.76 
Average Number of Common Shares (Non-GAAP)
Basic 583 
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 twelve months ended December 31, 2022, such amount was $3,501 million, of which $1,391 million was related to the early termination of certain contracts.

23

Adjusted Net Income (Loss)
(Continued)
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In millions of USD, except share data (in millions) and per share data (Unaudited)
FY 2021
Before
Tax		 Income Tax Impact After
Tax		 Diluted Earnings per Share
Reported Net Income (GAAP) 5,933  (1,269) 4,664  7.99 
Adjustments:
Losses on Mark-to-Market Financial Commodity Derivative Contracts, Net 1,152  (250) 902  1.54 
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
 (638) 138  (500) (0.86)
Less: Gains on Asset Dispositions, Net (17) 9  (8) (0.01)
Add: Certain Impairments 15  —  15  0.03 
Less: Tax Benefits Related to Exiting Canada Operations —  (45) (45) (0.08)
Adjustments to Net Income 512  (148) 364  0.62 
Adjusted Net Income (Non-GAAP) 6,445  (1,417) 5,028  8.61 
Average Number of Common Shares (Non-GAAP)
Basic 581 
Diluted 584 

(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 twelve months ended December 31, 2021, such amount was $638 million.
24

Adjusted Net Income Per Share
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In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
3Q 2022 Adjusted Net Income per Share (Non-GAAP) 3.71 
Realized Price
4Q 2022 Composite Average Wellhead Revenue per Boe 59.74 
Less: 3Q 2022 Composite Average Wellhead Revenue per Boe (71.40)
Subtotal (11.66)
Multiplied by: 4Q 2022 Crude Oil Equivalent Volumes (MMBoe) 83.6 
Total Change in Revenue (975)
Less: Income Tax Benefit (Provision) Imputed (based on 23%) 224 
Change in Net Income (751)
Change in Diluted Earnings per Share (1.28)
Wellhead Volumes
4Q 2022 Crude Oil Equivalent Volumes (MMBoe) 83.6 
Less: 3Q 2022 Crude Oil Equivalent Volumes (MMBoe) (84.6)
Subtotal (1.0)
Multiplied by: 4Q 2022 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) 31.37 
Change in Revenue (31)
Less: Income Tax Benefit (Provision) Imputed (based on 23%) 7 
Change in Net Income (24)
Change in Diluted Earnings per Share (0.04)
Certain Operating Costs per Boe
3Q 2022 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) 21.41 
Less: 4Q 2022 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) (21.32)
Subtotal 0.09 
Multiplied by: 4Q 2022 Crude Oil Equivalent Volumes (MMBoe) 83.6 
Change in Before-Tax Net Income 8 
Less: Income Tax Benefit (Provision) Imputed (based on 23%) (2)
Change in Net Income 6 
Change in Diluted Earnings per Share 0.01 

25

Adjusted Net Income Per Share
(Continued)
eoglogostacked.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
4Q 2022 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts (244)
Less: Income Tax Benefit (Provision) 48 
After Tax - (a) (196)
3Q 2022 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts (847)
Less: Income Tax Benefit (Provision) 184 
After Tax - (b) (663)
Change in Net Income - (a) - (b) 467 
Change in Diluted Earnings per Share 0.79 
Other (1)
 0.11 
4Q 2022 Adjusted Net Income per Share (Non-GAAP) 3.30 
4Q 2022 Average Number of Common Shares (Non-GAAP) - Diluted 588 
(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.
26

Adjusted Net Income per Share
eoglogostacked.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
FY 2021 Adjusted Net Income per Share (Non-GAAP) 8.61 
Realized Price
FY 2022 Composite Average Wellhead Revenue per Boe 68.77 
Less: FY 2021 Composite Average Wellhead Revenue per Boe (50.84)
Subtotal 17.93 
Multiplied by: FY 2022 Crude Oil Equivalent Volumes (MMBoe) 331.5 
Total Change in Revenue 5,944 
Less: Income Tax Benefit (Provision) Imputed (based on 23%) (1,367)
Change in Net Income 4,577 
Change in Diluted Earnings per Share 7.80 
Wellhead Volumes
FY 2022 Crude Oil Equivalent Volumes (MMBoe) 331.5 
Less: FY 2021 Crude Oil Equivalent Volumes (MMBoe) (302.5)
Subtotal 29.0 
Multiplied by: FY 2022 Composite Average Margin per Boe (Non-GAAP)
(Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)		 40.51 
Change in Revenue 1,175 
Less: Income Tax Benefit (Provision) Imputed (based on 23%) (270)
Change in Net Income 905 
Change in Diluted Earnings per Share 1.54 
Certain Operating Costs per Boe
FY 2021 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) 22.21 
Less: FY 2022 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) (21.16)
Subtotal 1.05 
Multiplied by: FY 2022 Crude Oil Equivalent Volumes (MMBoe) 331.5 
Change in Before-Tax Net Income 348 
Less: Income Tax Benefit (Provision) Imputed (based on 23%) (80)
Change in Net Income 268 
Change in Diluted Earnings per Share 0.46 

27

Adjusted Net Income Per Share
(Continued)
eoglogostacked.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
FY 2022 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts (3,501)
Less: Income Tax Benefit (Provision) 755 
After Tax - (a) (2,746)
FY 2021 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts (638)
Less: Income Tax Benefit (Provision) 138 
After Tax - (b) (500)
Change in Net Income - (a) - (b) (2,246)
Change in Diluted Earnings per Share (3.83)
Other (1)
 (0.82)
FY 2022 Adjusted Net Income per Share (Non-GAAP) 13.76 
FY 2022 Average Number of Common Shares (Non-GAAP) - Diluted 587 
(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.
28

Net Income per Share
eoglogostacked.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
3Q 2022 Net Income per Share (GAAP) 4.86 
Realized Price
4Q 2022 Composite Average Wellhead Revenue per Boe 59.74 
Less: 3Q 2022 Composite Average Wellhead Revenue per Boe (71.40)
Subtotal (11.66)
Multiplied by: 4Q 2022 Crude Oil Equivalent Volumes (MMBoe) 83.6 
Total Change in Revenue (975)
Less: Income Tax Benefit (Provision) Imputed (based on 23%) 224 
Change in Net Income (751)
Change in Diluted Earnings per Share (1.28)
Wellhead Volumes
4Q 2022 Crude Oil Equivalent Volumes (MMBoe) 83.6 
Less: 3Q 2022 Crude Oil Equivalent Volumes (MMBoe) (84.6)
Subtotal (1.0)
Multiplied by: 4Q 2022 Composite Average Margin per Boe (Non-GAAP)
(Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)		 31.37 
Change in Revenue (31)
Less: Income Tax Benefit (Provision) Imputed (based on 23%) 7 
Change in Net Income (24)
Change in Diluted Earnings per Share (0.04)
Certain Operating Costs per Boe
3Q 2022 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) 21.60 
Less: 4Q 2022 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) (21.32)
Subtotal 0.28 
Multiplied by: 4Q 2022 Crude Oil Equivalent Volumes (MMBoe) 83.6 
Change in Before-Tax Net Income 23 
Less: Income Tax Benefit (Provision) Imputed (based on 23%) (5)
Change in Net Income 18 
Change in Diluted Earnings per Share 0.03 

29

Net Income Per Share
(Continued)
eoglogostacked.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts, Net
4Q 2022 Net Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts 233 
Less: 3Q 2022 Net (Gains) Losses on Mark-to-Market Financial Commodity Derivative Contracts 18 
Subtotal 251 
Less: Income Tax Benefit (Provision) Imputed (based on 23%) (58)
Change in Net Income 193 
Change in Diluted Earnings per Share 0.33 
Other (1)
 (0.03)
4Q 2022 Net Income per Share (GAAP) 3.87 
4Q 2022 Average Number of Common Shares (GAAP) - Diluted 588 
(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.
30

Net Income per Share
eoglogostacked.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
FY 2021 Net Income per Share (GAAP) 7.99 
Realized Price
FY 2022 Composite Average Wellhead Revenue per Boe 68.77 
Less: FY 2021 Composite Average Wellhead Revenue per Boe (50.84)
Subtotal 17.93 
Multiplied by: FY 2022 Crude Oil Equivalent Volumes (MMBoe) 331.5 
Total Change in Revenue 5,944 
Less: Income Tax Benefit (Provision) Imputed (based on 23%) (1,367)
Change in Net Income 4,577 
Change in Diluted Earnings per Share 7.80 
Wellhead Volumes
FY 2022 Crude Oil Equivalent Volumes (MMBoe) 331.5 
Less: FY 2021 Crude Oil Equivalent Volumes (MMBoe) (302.5)
Subtotal 29.0 
Multiplied by: FY 2022 Composite Average Margin per Boe (Non-GAAP)
(Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)		 40.51 
Change in Revenue 1,175 
Less: Income Tax Benefit (Provision) Imputed (based on 23%) (270)
Change in Net Income 905 
Change in Diluted Earnings per Share 1.54 
Certain Operating Costs per Boe
FY 2021 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) 22.21 
Less: FY 2022 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) (21.21)
Subtotal 1.00 
Multiplied by: FY 2022 Crude Oil Equivalent Volumes (MMBoe) 331.5 
Change in Before-Tax Net Income 332 
Less: Income Tax Benefit (Provision) Imputed (based on 23%) (76)
Change in Net Income 256 
Change in Diluted Earnings per Share 0.44 


31

Net Income Per Share
(Continued)
eoglogostacked.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts, Net
FY 2022 Net Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts (3,982)
Less: FY 2021 Net (Gains) Losses on Mark-to-Market Financial Commodity Derivative Contracts 1,152 
Subtotal (2,830)
Less: Income Tax Benefit (Provision) Imputed (based on 23%) 651 
Change in Net Income (2,179)
Change in Diluted Earnings per Share (3.71)
Other (1)
 (0.84)
FY 2022 Net Income per Share (GAAP) 13.22 
FY 2022 Average Number of Common Shares (GAAP) - Diluted 587 
(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.
32

Cash Flow from Operations and Free Cash Flow
eoglogostacked.jpg
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 fourth, third, second and first quarter of 2022 and twelve-month period ended December 31 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.
4Q 2022 3Q 2022 2Q 2022 1Q 2022 4Q 2021
Net Cash Provided by Operating Activities (GAAP)
 3,444  4,773  2,048  828  3,166 
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
 (661) (392) 522  878  182 
Inventories
 223  140  157  14  108 
Accounts Payable
 211  88  (259) (130) (341)
Accrued Taxes Payable
 137  53  536  (613) (26)
Other Assets
 93  129  (71) 213  81 
Other Liabilities
 (282) (1,269) (433) 2,250  (201)
Changes in Components of Working Capital Associated with Investing Activities (74) (90) (143) (68) 100 
Cash Flow from Operations Before Working Capital (Non-GAAP) 3,091  3,432  2,357  3,372  3,069 
Cash Flow from Operations Before Working Capital (Non-GAAP) 3,091  3,432  2,357  3,372  3,069 
Less:
Total Capital Expenditures (Non-GAAP) (a)
 (1,361) (1,166) (1,071) (1,009) (1,015)
Free Cash Flow (Non-GAAP) 1,730  2,266  1,286  2,363  2,054 
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
4Q 2022 3Q 2022 2Q 2022 1Q 2022 4Q 2021
Total Expenditures (GAAP)
 1,535  1,410  1,521  1,144  1,137 
Less:
Asset Retirement Costs
 (89) (139) (43) (27) (71)
Non-Cash Acquisition Costs of Unproved Properties
 (20) (28) (21) (58) (8)
Acquisition Costs of Proved Properties
 (21) (42) (351) (5) (1)
Exploration Costs (44) (35) (35) (45) (42)
Total Capital Expenditures (Non-GAAP) 1,361  1,166  1,071  1,009  1,015 
33

Cash Flow from Operations and Free Cash Flow
(Continued)
eoglogostacked.jpg
In millions of USD (Unaudited)
FY 2022 FY 2021
Net Cash Provided by Operating Activities (GAAP)
 11,093  8,791 
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
 347  821 
Inventories
 534  13 
Accounts Payable
 (90) (456)
Accrued Taxes Payable
 113  (312)
Other Assets
 364  136 
Other Liabilities
 266  116 
Changes in Components of Working Capital Associated with Investing Activities (375) 200 
Cash Flow from Operations Before Working Capital (Non-GAAP) 12,252  9,309 
Cash Flow from Operations Before Working Capital (Non-GAAP) 12,252  9,309 
Less:
Total Capital Expenditures (Non-GAAP) (a)
 (4,607) (3,755)
Free Cash Flow (Non-GAAP) 7,645  5,554 
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
FY 2022 FY 2021
Total Expenditures (GAAP)
 5,610  4,255 
Less:
Asset Retirement Costs
 (298) (127)
Non-Cash Acquisition Costs of Unproved Properties
 (127) (45)
Non-Cash Finance Leases —  (74)
Acquisition Costs of Proved Properties
 (419) (100)
Exploration Costs (159) (154)
Total Capital Expenditures (Non-GAAP) 4,607  3,755 


34

Net Debt-to-Total Capitalization Ratio
eoglogostacked.jpg
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.
December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021
Total Stockholders' Equity - (a) 24,779  23,849  22,312  21,540  22,180 
Current and Long-Term Debt (GAAP) - (b) 5,078  5,084  5,091  5,099  5,109 
Less: Cash (5,972) (5,272) (3,073) (4,009) (5,209)
Net Debt (Non-GAAP) - (c) (894) (188) 2,018  1,090  (100)
Total Capitalization (GAAP) - (a) + (b) 29,857  28,933  27,403  26,639  27,289 
Total Capitalization (Non-GAAP) - (a) + (c) 23,885  23,661  24,330  22,630  22,080 
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]
 17.0  % 17.6  % 18.6  % 19.1  % 18.7  %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]
 -3.7  % -0.8  % 8.3  % 4.8  % -0.5  %


35

Proved Reserves and Reserve Replacement Data
eoglogostacked.jpg
(Unaudited)
2022 Net Proved Reserves Reconciliation Summary United
States		 Trinidad Other
International		 Total
Crude Oil and Condensate (MMBbl)
Beginning Reserves 1,546  2  —  1,548 
Revisions 120  —  —  120 
Purchases in Place 7  —  —  7 
Extensions, Discoveries and Other Additions 175  —  —  175 
Sales in Place (21) —  —  (21)
Production (168) —  —  (168)
Ending Reserves 1,659  2  —  1,661 
Natural Gas Liquids (MMBbl)
Beginning Reserves 829  —  —  829 
Revisions 258  —  —  258 
Purchases in Place 4  —  —  4 
Extensions, Discoveries and Other Additions 140  —  —  140 
Sales in Place (14) —  —  (14)
Production (72) —  —  (72)
Ending Reserves 1,145  —  —  1,145 
Natural Gas (Bcf)
Beginning Reserves 7,907  315  —  8,222 
Revisions (271) 18  —  (253)
Purchases in Place 32  —  —  32 
Extensions, Discoveries and Other Additions 1,414  51  —  1,465 
Sales in Place (316) —  —  (316)
Production (493) (66) —  (559)
Ending Reserves 8,273  318  —  8,591 
Oil Equivalents (MMBoe)
Beginning Reserves 3,693  54  —  3,747 
Revisions 333  3  —  336 
Purchases in Place 16  —  —  16 
Extensions, Discoveries and Other Additions 551  9  —  560 
Sales in Place (88) —  —  (88)
Production (322) (11) —  (333)
Ending Reserves 4,183  55  —  4,238 
Net Proved Developed Reserves (MMBoe)
At December 31, 2021 1,926  22  —  1,948 
At December 31, 2022 2,162  23  —  2,185 
2022 Exploration and Development Expenditures ($ Millions)
Acquisition Cost of Unproved Properties 186  —  —  186 
Exploration Costs 263  84  17  364 
Development Costs 3,898  64  —  3,962 
Total Drilling 4,347  148  17  4,512 
Acquisition Cost of Proved Properties 419  —  —  419 
Asset Retirement Costs 208  81  9  298 
Total Exploration and Development Expenditures 4,974  229  26  5,229 
Gathering, Processing and Other 381  1  (1) 381 
Total Expenditures 5,355  230  25  5,610 
Proceeds from Sales in Place (349) —  —  (349)
Net Expenditures 5,006  230  25  5,261 
Reserve Replacement Costs ($ / Boe) *
All-in Total, Net of Revisions 4.96  11.92  —  5.06 
All-in Total, Excluding Revisions Due to Price 5.03  11.92  —  5.13 
Reserve Replacement *
Drilling Only 171  % 82  % 0  % 168  %
All-in Total, Net of Revisions and Dispositions 252  % 109  % 0  % 247  %
All-in Total, Excluding Revisions Due to Price 249  % 109  % 0  % 244  %
All-in Total, Liquids 279  % 0  % 0  % 279  %
* See following reconciliation schedule for calculation methodology
36


Reserve Replacement Cost Data
eoglogostacked.jpg
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2022 United
States		 Trinidad Other
International		 Total
Total Costs Incurred in Exploration and Development Activities (GAAP) 4,974  229  26  5,229 
Less: Asset Retirement Costs (208) (81) (9) (298)
Non-Cash Acquisition Costs of Unproved Properties (127) —  —  (127)
Total Acquisition Costs of Proved Properties (419) —  —  (419)
Exploration Expenses (145) (5) (9) (159)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a) 4,075  143  8  4,226 
Total Costs Incurred in Exploration and Development Activities (GAAP) 4,974  229  26  5,229 
Less: Asset Retirement Costs (208) (81) (9) (298)
Non-Cash Acquisition Costs of Unproved Properties (127) —  —  (127)
Non-Cash Acquisition Costs of Proved Properties (26) —  —  (26)
Exploration Expenses (145) (5) (9) (159)
Total Exploration and Development Expenditures (Non-GAAP) - (b) 4,468  143  8  4,619 
Total Expenditures (GAAP) 5,355  230  25  5,610 
Less: Asset Retirement Costs (208) (81) (9) (298)
Non-Cash Acquisition Costs of Unproved Properties (127) —  —  (127)
Non-Cash Acquisition Costs of Proved Properties (26) —  —  (26)
Exploration Expenses (145) (5) (9) (159)
Total Cash Expenditures (Non-GAAP) 4,849  144  7  5,000 
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c) 11  —  —  11 
Revisions Other Than Price 322  3  —  325 
Purchases in Place 16  —  —  16 
Extensions, Discoveries and Other Additions - (d) 551  9  —  560 
Total Proved Reserve Additions - (e) 900  12  —  912 
Sales in Place (88) —  —  (88)
Net Proved Reserve Additions From All Sources - (f) 812  12  —  824 
Production - (g) 322  11  —  333 
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d) 7.40  15.89  —  7.55 
All-in Total, Net of Revisions - (b / e) 4.96  11.92  —  5.06 
All-in Total, Excluding Revisions Due to Price - (b / (e - c)) 5.03  11.92  —  5.13 
Reserve Replacement
Drilling Only - (d / g) 171  % 82  % 0  % 168  %
All-in Total, Net of Revisions and Dispositions - (f / g) 252  % 109  % 0  % 247  %
All-in Total, Excluding Revisions Due to Price - ((f - c) / g) 249  % 109  % 0  % 244  %
37

Reserve Replacement Cost Data
(Continued)
eoglogostacked.jpg
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2022 United
States		 Trinidad Other
International		 Total
Net Proved Reserve Additions From All Sources - Liquids (MMBbl)
Revisions 378  —  —  378 
Purchases in Place 11  —  —  11 
Extensions, Discoveries and Other Additions - (h) 315  —  —  315 
Total Proved Reserve Additions 704  —  —  704 
Sales in Place (35) —  —  (35)
Net Proved Reserve Additions From All Sources - (i) 669  —  —  669 
Production - (j) 240  —  —  240 
Reserve Replacement - Liquids
Drilling Only - (h / j) 131  % 0  % 0  % 131  %
All-in Total, Net of Revisions and Dispositions - (i / j) 279  % 0  % 0  % 279  %
38

Reserve Replacement Cost Data
(Continued)
eoglogostacked.jpg
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2022
Proved Developed Reserve Replacement Costs ($ / Boe) Total
Total Costs Incurred in Exploration and Development Activities (GAAP) 5,229 
Less: Asset Retirement Costs (298)
Acquisition Costs of Unproved Properties (186)
Acquisition Costs of Proved Properties (419)
Exploration Expenses (159)
Drillbit Exploration and Development Expenditures (Non-GAAP) - (k) 4,167 
Total Proved Reserves - Extensions, Discoveries and Other Additions (MMBoe) 560 
Add: Conversion of Proved Undeveloped Reserves to Proved Developed 293 
Less: Proved Undeveloped Extensions and Discoveries (410)
Proved Developed Reserves - Extensions and Discoveries (MMBoe) 443 
Total Proved Reserves - Revisions (MMBoe) 336 
Less: Proved Undeveloped Reserves - Revisions (141)
           Proved Developed - Revisions Due to Price (9)
Proved Developed Reserves - Revisions Other Than Price (MMBoe) 186 
Proved Developed Reserves - Extensions and Discoveries Plus Revisions Other Than Price (MMBoe) - (l) 629 
Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) - (k / l) 6.62 
39

Reserve Replacement Cost Data
eoglogostacked.jpg
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. In addition, to further the comparability of the results of EOG’s current-year capital investment program with those of EOG’s peer companies and other companies in the industry, EOG now deducts Exploration Expenses, as illustrated below, in calculating Total Exploration and Development Expenditures for Drilling Only (Non-GAAP), Total Exploration and Development Expenditures (Non-GAAP), Total Cash Expenditures (Non-GAAP), Drillbit Exploration and Development Expenditures (Non-GAAP) and the related Reserve Replacement Costs metrics. Accordingly, Total Exploration and Development Expenditures for Drilling Only (Non-GAAP), Total Exploration and Development Expenditures (Non-GAAP), Total Cash Expenditures (Non-GAAP), Drillbit Exploration and Development Expenditures (Non-GAAP) and the related Reserve Replacement Costs metrics, in each case for fiscal year 2022, have been calculated on such basis, and the calculations for each of the prior periods shown have been revised and conformed.
2022 2021 2020
Total Costs Incurred in Exploration and Development Activities (GAAP)
 5,229  3,969  3,718 
Less: Asset Retirement Costs (298) (127) (117)
Non-Cash Acquisition Costs of Unproved Properties
 (127) (45) (197)
Acquisition Costs of Proved Properties (419) (100) (135)
Exploration Expenses (159) (154) (146)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)
 4,226  3,543  3,123 
Total Costs Incurred in Exploration and Development Activities (GAAP)
 5,229  3,969  3,718 
Less: Asset Retirement Costs (298) (127) (117)
Non-Cash Acquisition Costs of Unproved Properties
 (127) (45) (197)
Non-Cash Acquisition Costs of Proved Properties
 (26) (5) (15)
Exploration Expenses (159) (154) (146)
Total Exploration and Development Expenditures (Non-GAAP) - (b)
 4,619  3,638  3,243 
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c) 11  194  (278)
Revisions Other Than Price 325  (308) (89)
Purchases in Place 16  9  10 
Extensions, Discoveries and Other Additions - (d) 560  952  564 
Total Proved Reserve Additions - (e) 912  847  207 
Sales in Place (88) (11) (31)
Net Proved Reserve Additions From All Sources 824  836  176 
Production 333  309  285 
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d) 7.55  3.72  5.54 
All-in Total, Net of Revisions - (b / e) 5.06  4.30  15.67 
All-in Total, Excluding Revisions Due to Price - (b / ( e - c)) 5.13  5.57  6.69 
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Reserve Replacement Cost Data
(Continued)
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In millions of USD, except reserves and ratio data (Unaudited)
2019 2018 2017
Total Costs Incurred in Exploration and Development Activities (GAAP)
 6,628  6,420  4,440 
Less: Asset Retirement Costs (186) (70) (56)
Non-Cash Acquisition Costs of Unproved Properties
 (98) (291) (256)
Acquisition Costs of Proved Properties (380) (124) (73)
Exploration Expenses (140) (149) (145)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)
 5,824  5,786  3,910 
Total Costs Incurred in Exploration and Development Activities (GAAP)
 6,628  6,420  4,440 
Less: Asset Retirement Costs (186) (70) (56)
Non-Cash Acquisition Costs of Unproved Properties
 (98) (291) (256)
Non-Cash Acquisition Costs of Proved Properties
 (52) (71) (26)
Exploration Expenses (140) (149) (145)
Total Exploration and Development Expenditures (Non-GAAP) - (b)
 6,152  5,839  3,957 
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c) (60) 35  154 
Revisions Other Than Price —  (40) 48 
Purchases in Place 17  12  2 
Extensions, Discoveries and Other Additions - (d) 750  670  421 
Total Proved Reserve Additions - (e) 707  677  625 
Sales in Place (5) (11) (21)
Net Proved Reserve Additions From All Sources 702  666  604 
Production 301  265  224 
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d) 7.77  8.64  9.29 
All-in Total, Net of Revisions - (b / e) 8.70  8.62  6.33 
All-in Total, Excluding Revisions Due to Price - (b / ( e - c)) 8.02  9.10  8.40 

Definitions
$/Boe U.S. Dollars per barrel of oil equivalent
MMBoe Million barrels of oil equivalent
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