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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 1, 2024

_______________

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 1, 2024, EOG Resources, Inc. issued a press release announcing second quarter 2024 financial and operational results and third quarter and full year 2024 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 2024 financial and operational results attached hereto as Exhibit 99.1 is third quarter and full year 2024 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 1, 2024 (including the accompanying third quarter and full year 2024 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: August 1, 2024 By:
/s/ ANN D. JANSSEN
Ann D. Janssen
Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Duly Authorized Officer)

3
EX-99.1 2 exh99-1080124.htm PRESS RELEASE OF EOG RESOURCES, INC. Document

EXHIBIT 99.1
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Table of Contents
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Second Quarter 2024
Supplemental Financial and Operating Data Page
Income Statements
Wellhead Volumes and Prices
Balance Sheets
Cash Flow Statements
Non-GAAP Financial Measures
Adjusted Net Income
Net Income Per Share
Adjusted Net Income Per Share
Cash Flow from Operations and Free Cash Flow
Net Debt-to-Total Capitalization Ratio
11

Income Statements
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In millions of USD, except share data (in millions) and per share data (Unaudited)
2023 2024
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year
Operating Revenues and Other
Crude Oil and Condensate 3,182  3,252  3,717  3,597  13,748  3,480  3,692  7,172 
Natural Gas Liquids 490  409  501  484  1,884  513  515  1,028 
Natural Gas 517  334  417  476  1,744  382  303  685 
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net 376  101  43  298  818  237  (47) 190 
Gathering, Processing and Marketing 1,390  1,465  1,478  1,473  5,806  1,459  1,519  2,978 
Gains (Losses) on Asset Dispositions, Net 69  (9) 35  —  95  26  20  46 
Other, Net 20  21  21  29  91  26  23  49 
Total 6,044  5,573  6,212  6,357  24,186  6,123  6,025  12,148 
Operating Expenses
Lease and Well 359  348  369  378  1,454  396  390  786 
Gathering, Processing and Transportation Costs (A)
 395  396  406  423  1,620  413  423  836 
Exploration Costs 50  47  43  41  181  45  34  79 
Dry Hole Costs 1  —  —  —  1  1  5  6 
Impairments 34  35  54  79  202  19  81  100 
Marketing Costs 1,361  1,456  1,383  1,509  5,709  1,404  1,490  2,894 
Depreciation, Depletion and Amortization 798  866  898  930  3,492  1,074  984  2,058 
General and Administrative 145  142  161  192  640  162  151  313 
Taxes Other Than Income 329  313  341  301  1,284  338  337  675 
Total 3,472  3,603  3,655  3,853  14,583  3,852  3,895  7,747 
Operating Income 2,572  1,970  2,557  2,504  9,603  2,271  2,130  4,401 
Other Income, Net 65  51  52  66  234  62  66  128 
Income Before Interest Expense and Income Taxes 2,637  2,021  2,609  2,570  9,837  2,333  2,196  4,529 
Interest Expense, Net 42  35  36  35  148  33  36  69 
Income Before Income Taxes 2,595  1,986  2,573  2,535  9,689  2,300  2,160  4,460 
Income Tax Provision 572  433  543  547  2,095  511  470  981 
Net Income 2,023  1,553  2,030  1,988  7,594  1,789  1,690  3,479 
Dividends Declared per Common Share 1.8250  0.8250  0.8250  2.4100  5.8850  0.9100  0.9100  1.8200 
Net Income Per Share
Basic 3.46  2.68  3.51  3.43  13.07  3.11  2.97  6.08 
Diluted 3.45  2.66  3.48  3.42  13.00  3.10  2.95  6.05 
Average Number of Common Shares
Basic 584  580  579  579  581  575  569  572 
Diluted 587  584  583  581  584  577  572  575 

(A)    Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.

12

Wellhead Volumes and Prices
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(Unaudited)
2023 2024
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year
Crude Oil and Condensate Volumes (MBbld) (A)
United States 457.1  476.0  482.8  484.6 475.2  486.8  490.1  488.4 
Trinidad 0.6  0.6  0.5  0.6 0.6  0.6  0.6  0.6 
Total 457.7  476.6  483.3  485.2 475.8  487.4  490.7      489.0 
Average Crude Oil and Condensate Prices
($/Bbl) (B)
United States $ 77.27  $ 74.98  $ 83.61  $ 80.61  $ 79.18  $ 78.46  $ 82.71  $ 80.59 
Trinidad 68.98  64.88  71.38  69.21 65.58  67.50  70.75  69.11 
Composite 77.26  74.97  83.60  80.60 79.17  78.45  82.69  80.58 
Natural Gas Liquids Volumes (MBbld) (A)
United States 212.2  215.7  231.1  235.8 223.8  231.7  244.8  238.3 
Total 212.2  215.7  231.1  235.8 223.8  231.7  244.8      238.3 
Average Natural Gas Liquids Prices ($/Bbl) (B)
United States $ 25.67  $ 20.85  $ 23.56  $ 22.29  $ 23.07  $ 24.32  $ 23.11  $ 23.70 
Composite 25.67  20.85  23.56  22.29 23.07  24.32  23.11  23.70 
Natural Gas Volumes (MMcfd) (A)
United States 1,475  1,513  1,562  1,653  1,551  1,658  1,668  1,663 
Trinidad 164  155  142  178  160  200  204  202 
Total 1,639  1,668  1,704  1,831  1,711  1,858  1,872      1,865 
Average Natural Gas Prices ($/Mcf) (B)
United States $ 3.47  $ 2.07  $ 2.59  $ 2.72  $ 2.70  $ 2.10  $ 1.57  $ 1.84 
Trinidad 3.87  3.45  3.41  3.81 3.65  3.54  3.48  3.51 
Composite 3.51  2.20  2.66  2.82 2.79  2.26  1.78  2.02 
Crude Oil Equivalent Volumes (MBoed) (C)
United States 915.0  943.8  974.2  995.8  957.5  994.7  1,013.0  1,003.9 
Trinidad 28.0  26.5  24.3  30.4  27.3  34.1  34.5  34.3 
Total 943.0  970.3  998.5  1,026.2  984.8  1,028.8  1,047.5      1,038.2 
Total MMBoe (C)
 84.9  88.3  91.9  94.4 359.4  93.6  95.3  188.9 
(A)Thousand barrels per day or million cubic feet per day, as applicable.
(B)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, 2024).
(C)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.

13

Balance Sheets
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In millions of USD (Unaudited)
2023 2024
MAR JUN SEP DEC MAR JUN SEP DEC
Current Assets
Cash and Cash Equivalents 5,018  4,764  5,326  5,278  5,292  5,431 
Accounts Receivable, Net 2,455  2,263  2,927  2,716  2,688  2,657 
Inventories 1,131  1,355  1,379  1,275  1,154  1,069 
Assets from Price Risk Management Activities —  —  —  106  110  4 
Income Taxes Receivable —  1  —  —  —  2 
Other 580  523  626  560  684  640 
Total 9,184  8,906  10,258  9,935  9,928  9,803     
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method) 67,907  69,178  70,730  72,090  73,356  74,615 
Other Property, Plant and Equipment 5,101  5,282  5,355  5,497  5,768  6,078 
Total Property, Plant and Equipment 73,008  74,460  76,085  77,587  79,124  80,693     
Less: Accumulated Depreciation, Depletion and Amortization (42,785) (43,550) (44,362) (45,290) (46,047) (47,049)
Total Property, Plant and Equipment, Net 30,223  30,910  31,723  32,297  33,077  33,644     
Deferred Income Taxes 31  33  33  42  38  44 
Other Assets 1,587  1,638  1,633  1,583  1,753  1,733 
Total Assets 41,025  41,487  43,647  43,857  44,796  45,224     
Current Liabilities
Accounts Payable 2,438  2,205  2,464  2,437  2,389  2,436 
Accrued Taxes Payable 637  425  605  466  786  600 
Dividends Payable 482  478  478  526  523  516 
Liabilities from Price Risk Management Activities 31  22  22  —  —  8 
Current Portion of Long-Term Debt 33  34  34  34  34  534 
Current Portion of Operating Lease Liabilities 354  335  337  325  318  303 
Other 253  232  285  286  223  231 
Total 4,228  3,731  4,225  4,074  4,273  4,628     
Long-Term Debt 3,787  3,780  3,772  3,765  3,757  3,250 
Other Liabilities 2,620  2,581  2,698  2,526  2,533  2,456 
Deferred Income Taxes 4,943  5,138  5,194  5,402  5,597  5,731 
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par 206  206  206  206  206  206 
Additional Paid in Capital 6,219  6,257  6,133  6,166  6,188  6,219 
Accumulated Other Comprehensive Loss (8) (9) (7) (9) (8) (8)
Retained Earnings 19,423  20,497  22,047  22,634  23,897  25,071 
Common Stock Held in Treasury (393) (694) (621) (907) (1,647) (2,329)
Total Stockholders' Equity 25,447  26,257  27,758  28,090  28,636  29,159     
Total Liabilities and Stockholders' Equity 41,025  41,487  43,647  43,857  44,796  45,224     
14

Cash Flow Statements
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In millions of USD (Unaudited)
2023 2024
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
Net Income 2,023  1,553  2,030  1,988  7,594  1,789  1,690  3,479 
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization 798  866  898  930  3,492  1,074  984  2,058 
Impairments 34  35  54  79  202  19  81  100 
Stock-Based Compensation Expenses 34  35  57  51  177  45  45  90 
Deferred Income Taxes 234  194  56  199  683  199  128  327 
(Gains) Losses on Asset Dispositions, Net (69) 9  (35) —  (95) (26) (20) (46)
Other, Net 4  2  (1) 22  27  9  3  12 
Dry Hole Costs 1  —  —  —  1  1  5  6 
Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net (376) (101) (43) (298) (818) (237) 47  (190)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts (123) (30) 23  18  (112) 55  79  134 
Other, Net (1) —  (1) —  (2) —  —  — 
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable 338  137  (714) 201  (38) 58  33  91 
Inventories (77) (226) (28) 100  (231) 117  75  192 
Accounts Payable (77) (231) 238  (49) (119) (58) 29  (29)
Accrued Taxes Payable 232  (212) 180  (139) 61  319  (185) 134 
Other Assets 52  43  (92) 36  39  (161) 42  (119)
Other Liabilities 193  (47) 54  (16) 184  (71) (20) (91)
Changes in Components of Working Capital Associated with Investing Activities 35  250  28  (18) 295  (229) (127) (356)
Net Cash Provided by Operating Activities 3,255  2,277  2,704  3,104  11,340  2,903  2,889      5,792 
Investing Cash Flows
Additions to Oil and Gas Properties (1,305) (1,341) (1,379) (1,360) (5,385) (1,485) (1,357) (2,842)
Additions to Other Property, Plant and Equipment (319) (180) (139) (162) (800) (350) (313) (663)
Proceeds from Sales of Assets 92  29  14  5  140  9  10  19 
Changes in Components of Working Capital Associated with Investing Activities (35) (250) (28) 18  (295) 229  127  356 
Net Cash Used in Investing Activities (1,567) (1,742) (1,532) (1,499) (6,340) (1,597) (1,533)     (3,130)
Financing Cash Flows
Long-Term Debt Repayments (1,250) —  —  —  (1,250) —  —  — 
Dividends Paid (1,067) (480) (494) (1,345) (3,386) (525) (520) (1,045)
Treasury Stock Purchased (317) (302) (109) (310) (1,038) (759) (699) (1,458)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan —  9  1  10  20  —  11  11 
Debt Issuance Costs —  (8) —  —  (8) —  —  — 
Repayment of Finance Lease Liabilities (8) (8) (8) (8) (32) (8) (9) (17)
Net Cash Used in Financing Activities (2,642) (789) (610) (1,653) (5,694) (1,292) (1,217)     (2,509)
Effect of Exchange Rate Changes on Cash —  —  —  —  —  —        — 
Increase (Decrease) in Cash and Cash Equivalents (954) (254) 562  (48) (694) 14  139      153 
Cash and Cash Equivalents at Beginning of Period 5,972  5,018  4,764  5,326  5,972  5,278  5,292  5,278 
Cash and Cash Equivalents at End of Period 5,018  4,764  5,326  5,278  5,278  5,292  5,431      5,431 
15

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 Changes in 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 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 performance with the financial performance of other companies in the industry and (ii) analyzing EOG’s financial 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.

Direct ATROR

The calculation of EOG's direct after-tax rate of return (ATROR) is based on EOG’s net estimated recoverable reserves for a particular well(s) or play, the estimated net present value of the future net cash flows from such reserves (for which EOG utilizes certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring such well(s). As such, EOG's direct ATROR for a particular well(s) or play cannot be calculated from EOG’s consolidated financial statements.
16

Adjusted Net Income
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In millions of USD, except share data (in millions) and per share data (Unaudited)
The following tables adjust reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of financial commodity derivative contracts by eliminating the net unrealized mark-to-market (gains) losses from these and other derivative 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.
2Q 2024
Before
Tax		 Income Tax Impact After
Tax		 Diluted Earnings per Share
Reported Net Income (GAAP) 2,160  (470) 1,690  2.95 
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net 47  (10) 37  0.07 
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
 79  (17) 62  0.11 
Less: Gains on Asset Dispositions, Net (20) 5  (15) (0.03)
Add: Certain Impairments 35  (2) 33  0.06 
Adjustments to Net Income 141  (24) 117  0.21 
Adjusted Net Income (Non-GAAP) 2,301  (494) 1,807  3.16 
Average Number of Common Shares (Non-GAAP)
Basic 569 
Diluted 572 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended June 30, 2024, such amount was $79 million.


17

Adjusted Net Income
(Continued)
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In millions of USD, except share data (in millions) and per share data (Unaudited)
1Q 2024
Before
Tax		 Income Tax Impact After
Tax		 Diluted Earnings per Share
Reported Net Income (GAAP) 2,300  (511) 1,789  3.10 
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net (237) 51  (186) (0.31)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
 55  (12) 43  0.07 
Less: Gains on Asset Dispositions, Net (26) 4  (22) (0.04)
Add: Certain Impairments 2  —  2  — 
Adjustments to Net Income (206) 43  (163) (0.28)
Adjusted Net Income (Non-GAAP) 2,094  (468) 1,626  2.82 
Average Number of Common Shares (Non-GAAP)
Basic 575 
Diluted 577 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended March 31, 2024, such amount was $55 million.

18

Adjusted Net Income
(Continued)
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In millions of USD, except share data (in millions) and per share data (Unaudited)
4Q 2023
Before
Tax		 Income Tax Impact After
Tax		 Diluted Earnings per Share
Reported Net Income (GAAP) 2,535  (547) 1,988  3.42 
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net (298) 64  (234) (0.40)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
 18  (4) 14  0.02 
Add: Certain Impairments 19  (4) 15  0.03 
Adjustments to Net Income (261) 56  (205) (0.35)
Adjusted Net Income (Non-GAAP) 2,274  (491) 1,783  3.07 
Average Number of Common Shares (Non-GAAP)
Basic 579 
Diluted 581 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended December 31, 2023, such amount was $18 million.

19

Adjusted Net Income
(Continued)
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In millions of USD, except share data (in millions) and per share data (Unaudited)
3Q 2023
Before
Tax		 Income Tax Impact After
Tax		 Diluted Earnings per Share
Reported Net Income (GAAP) 2,573  (543) 2,030  3.48 
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net (43) 9  (34) (0.06)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
 23  (5) 18  0.03 
Less: Gains on Asset Dispositions, Net (35) 7  (28) (0.05)
Add: Certain Impairments 23  (2) 21  0.04 
Adjustments to Net Income (32) 9  (23) (0.04)
Adjusted Net Income (Non-GAAP) 2,541  (534) 2,007  3.44 
Average Number of Common Shares (Non-GAAP)
Basic 579 
Diluted 583 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended September 30, 2023, such amount was $23 million.


20

Adjusted Net Income
(Continued)
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In millions of USD, except share data (in millions) and per share data (Unaudited)
2Q 2023
Before
Tax		 Income Tax Impact After
Tax		 Diluted Earnings per Share
Reported Net Income (GAAP) 1,986  (433) 1,553  2.66 
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net (101) 22  (79) (0.14)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
 (30) 6  (24) (0.04)
Add: Losses on Asset Dispositions, Net 9  (2) 7  0.01 
Adjustments to Net Income (122) 26  (96) (0.17)
Adjusted Net Income (Non-GAAP) 1,864  (407) 1,457  2.49 
Average Number of Common Shares (Non-GAAP)
Basic 580 
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 three months ended June 30, 2023, such amount was $30 million.



21

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)
1Q 2024 Net Income per Share (GAAP) - Diluted 3.10 
Realized Price
2Q 2024 Composite Average Wellhead Revenue per Boe 47.31 
Less: 1Q 2024 Composite Average Wellhead Revenue per Boe (46.73)
Subtotal 0.58 
Multiplied by: 2Q 2024 Crude Oil Equivalent Volumes (MMBoe) 95.3 
Total Change in Revenue 55 
Add: Income Tax Benefit (Provision) Imputed (based on 22%) (12)
Change in Net Income 43 
Change in Diluted Earnings per Share 0.08 
Wellhead Volumes
2Q 2024 Crude Oil Equivalent Volumes (MMBoe) 95.3 
Less: 1Q 2024 Crude Oil Equivalent Volumes (MMBoe) (93.6)
Subtotal 1.7 
Multiplied by: 2Q 2024 Composite Average Margin per Boe (GAAP) (Including Total
Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule located in the "Reconciliations & Guidance" section of the "Investors" page of the EOG website)		 21.7 
Change in Margin 37 
Add: Income Tax Benefit (Provision) Imputed (based on 22%) (8)
Change in Net Income 29 
Change in Diluted Earnings per Share 0.05 
Certain Operating Costs per Boe
1Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe 21.84 
Less: 2Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (20.43)
Subtotal 1.41 
Multiplied by: 2Q 2024 Crude Oil Equivalent Volumes (MMBoe) 95.3 
Change in Before-Tax Net Income 134 
Add: Income Tax Benefit (Provision) Imputed (based on 22%) (29)
Change in Net Income 105 
Change in Diluted Earnings per Share 0.18 
22

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 and Other Derivative Contracts, Net
2Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts (47)
Less: Income Tax Benefit (Provision) 10 
After Tax - (a) (37)
Less: 1Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts 237 
Less: Income Tax Benefit (Provision) (51)
After Tax - (b) 186 
Change in Net Income - (a) - (b) (223)
Change in Diluted Earnings per Share (0.39)
Other (1)
 (0.07)
2Q 2024 Net Income per Share (GAAP) - Diluted 2.95 
2Q 2024 Average Number of Common Shares (GAAP) - Diluted 572 
(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.

23

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)
1Q 2024 Adjusted Net Income per Share (Non-GAAP) - Diluted 2.82 
Realized Price
2Q 2024 Composite Average Wellhead Revenue per Boe 47.31 
Less: 1Q 2024 Composite Average Wellhead Revenue per Boe (46.73)
Subtotal 0.58 
Multiplied by: 2Q 2024 Crude Oil Equivalent Volumes (MMBoe) 95.3 
Total Change in Revenue 55 
Add: Income Tax Benefit (Provision) Imputed (based on 22%) (12)
Change in Net Income 43 
Change in Diluted Earnings per Share 0.08 
Wellhead Volumes
2Q 2024 Crude Oil Equivalent Volumes (MMBoe) 95.3 
Less: 1Q 2024 Crude Oil Equivalent Volumes (MMBoe) (93.6)
Subtotal 1.7 
Multiplied by: 2Q 2024 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule located in the "Reconciliations & Guidance" section of the "Investors" page of the EOG website) 22.07 
Change in Margin 38 
Add: Income Tax Benefit (Provision) Imputed (based on 22%) (8)
Change in Net Income 30 
Change in Diluted Earnings per Share 0.05 
Certain Operating Costs per Boe
1Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe 21.84 
Less: 2Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe (20.43)
Subtotal 1.41 
Multiplied by: 2Q 2024 Crude Oil Equivalent Volumes (MMBoe) 95.3 
Change in Before-Tax Net Income 134 
Add: Income Tax Benefit (Provision) Imputed (based on 22%) (29)
Change in Net Income 105 
Change in Diluted Earnings per Share 0.18 

24

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
2Q 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts 79 
Less: Income Tax Benefit (Provision) (17)
After Tax - (a) 62 
1Q 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts 55 
Less: Income Tax Benefit (Provision) (12)
After Tax - (b) 43 
Change in Net Income - (a) - (b) 19 
Change in Diluted Earnings per Share 0.03 
Other (1)
 0.00 
2Q 2024 Adjusted Net Income per Share (Non-GAAP) 3.16 
2Q 2024 Average Number of Common Shares (Non-GAAP) - Diluted 572 
(1)Includes gathering, processing and marketing revenue, 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.
25

Cash Flow from Operations and Free Cash Flow
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In millions of USD (Unaudited)
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Cash Flow from Operations Before Changes in 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 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 Changes in 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.
2023 2024
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year
Net Cash Provided by Operating Activities (GAAP) 3,255  2,277  2,704  3,104  11,340  2,903  2,889  5,792 
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable (338) (137) 714  (201) 38  (58) (33) (91)
Inventories 77  226  28  (100) 231  (117) (75) (192)
Accounts Payable 77  231  (238) 49  119  58  (29) 29 
Accrued Taxes Payable (232) 212  (180) 139  (61) (319) 185  (134)
Other Assets (52) (43) 92  (36) (39) 161  (42) 119 
Other Liabilities (193) 47  (54) 16  (184) 71  20  91 
Changes in Components of Working Capital Associated with Investing Activities (35) (250) (28) 18  (295) 229  127  356 
Cash Flow from Operations Before Changes in Working Capital (Non-GAAP) 2,559  2,563  3,038  2,989  11,149  2,928  3,042      5,970 
Less:
Total Capital Expenditures (Non-GAAP) (a)
 (1,489) (1,521) (1,519) (1,512) (6,041) (1,703) (1,668) (3,371)
Free Cash Flow (Non-GAAP) 1,070  1,042  1,519  1,477  5,108  1,225  1,374      2,599 
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
2023 2024
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year
Total Expenditures (GAAP) 1,717  1,664  1,803  1,634  6,818  1,952  1,682  3,634 
Less:
Asset Retirement Costs (10) (26) (191) (30) (257) (21) 60  39 
Non-Cash Development Drilling —  (35) (50) (5) (90) —  —  — 
Non-Cash Acquisition Costs of Unproved Properties (31) (28) (1) (39) (99) (31) (34) (65)
Acquisition Costs of Proved Properties (4) (6) 1  (7) (16) (21) (5) (26)
Acquisition Costs of Other Property, Plant and Equipment (133) (1) —  —  (134) (131) (1) (132)
Exploration Costs (50) (47) (43) (41) (181) (45) (34) (79)
Total Capital Expenditures (Non-GAAP) 1,489  1,521  1,519  1,512  6,041  1,703  1,668      3,371 

26

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.
June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023
Total Stockholders' Equity - (a) 29,159  28,636  28,090  27,758  26,257 
Current and Long-Term Debt (GAAP) - (b) 3,784  3,791  3,799  3,806  3,814 
Less: Cash (5,431) (5,292) (5,278) (5,326) (4,764)
Net Debt (Non-GAAP) - (c) (1,647) (1,501) (1,479) (1,520) (950)
Total Capitalization (GAAP) - (a) + (b) 32,943  32,427  31,889  31,564  30,071 
Total Capitalization (Non-GAAP) - (a) + (c) 27,512  27,135  26,611  26,238  25,307 
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]
 11.5  % 11.7  % 11.9  % 12.1  % 12.7  %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] -6.0  % -5.5  % -5.6  % -5.8  % -3.8  %


27