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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):  February 27, 2025

_______________

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 27, 2025, EOG Resources, Inc. issued a press release announcing fourth quarter 2024 financial and operational results and first quarter and full year 2025 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 2024 financial and operational results attached hereto as Exhibit 99.1 is first quarter and full year 2025 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 27, 2025 (including the accompanying first quarter and full year 2025 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 27, 2025 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 exh99-1022725.htm EX-99.1 Document

EXHIBIT 99.1
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Table of Contents
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Fourth Quarter 2024
Supplemental Financial and Operating Data Page
Income Statements
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
Proved Reserves and Reserve Replacement Data
Reserve Replacement Cost Data
Revenues, Costs and Margins Per Barrel of Oil Equivalent
14

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  3,488  3,261  13,921 
Natural Gas Liquids 490  409  501  484  1,884  513  515  524  554  2,106 
Natural Gas 517  334  417  476  1,744  382  303  372  494  1,551 
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net 376  101  43  298  818  237  (47) 79  (65) 204 
Gathering, Processing and Marketing 1,390  1,465  1,478  1,473  5,806  1,459  1,519  1,481  1,341  5,800 
Gains (Losses) on Asset Dispositions, Net 69  (9) 35  —  95  26  20  (7) (23) 16 
Other, Net 20  21  21  29  91  26  23  28  23  100 
Total 6,044  5,573  6,212  6,357  24,186  6,123  6,025  5,965  5,585  23,698 
Operating Expenses
Lease and Well 359  348  369  378  1,454  396  390  392  394  1,572 
Gathering, Processing and Transportation Costs (A)
 395  396  406  423  1,620  413  423  445  441  1,722 
Exploration Costs 50  47  43  41  181  45  34  43  52  174 
Dry Hole Costs 1  —  —  —  1  1  5  —  8  14 
Impairments 34  35  54  79  202  19  81  15  276  391 
Marketing Costs 1,361  1,456  1,383  1,509  5,709  1,404  1,490  1,500  1,323  5,717 
Depreciation, Depletion and Amortization 798  866  898  930  3,492  1,074  984  1,031  1,019  4,108 
General and Administrative 145  142  161  192  640  162  151  167  189  669 
Taxes Other Than Income 329  313  341  301  1,284  338  337  283  291  1,249 
Total 3,472  3,603  3,655  3,853  14,583  3,852  3,895  3,876  3,993  15,616 
Operating Income 2,572  1,970  2,557  2,504  9,603  2,271  2,130  2,089  1,592  8,082 
Other Income, Net 65  51  52  66  234  62  66  76  70  274 
Income Before Interest Expense and Income Taxes 2,637  2,021  2,609  2,570  9,837  2,333  2,196  2,165  1,662  8,356 
Interest Expense, Net 42  35  36  35  148  33  36  31  38  138 
Income Before Income Taxes 2,595  1,986  2,573  2,535  9,689  2,300  2,160  2,134  1,624  8,218 
Income Tax Provision 572  433  543  547  2,095  511  470  461  373  1,815 
Net Income 2,023  1,553  2,030  1,988  7,594  1,789  1,690  1,673  1,251  6,403 
Dividends Declared per Common Share 1.8250  0.8250  0.8250  2.4100  5.8850  0.9100  0.9100  0.9100  0.9750  3.7050 
Net Income Per Share
Basic 3.46  2.68  3.51  3.43  13.07  3.11  2.97  2.97  2.25  11.31 
Diluted 3.45  2.66  3.48  3.42  13.00  3.10  2.95  2.95  2.23  11.25 
Average Number of Common Shares
Basic 584  580  579  579  581  575  569  564  557  566 
Diluted 587  584  583  581  584  577  572  568  561  569 

(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.

15

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  491.8  493.5 490.6 
Trinidad 0.6  0.6  0.5  0.6 0.6  0.6  0.6  1.2  1.1 0.8 
Total 457.7  476.6  483.3  485.2 475.8  487.4  490.7  493.0  494.6  491.4 
Average Crude Oil and Condensate Prices
($/Bbl) (B)
United States $ 77.27  $ 74.98  $ 83.61  $ 80.61  $ 79.18  $ 78.46  $ 82.71  $ 76.95  $ 71.68  $ 77.42 
Trinidad 68.98  64.88  71.38  69.21 65.58  67.50  70.75  63.15  60.47 64.43 
Composite 77.26  74.97  83.60  80.60 79.17  78.45  82.69  76.92  71.66 77.40 
Natural Gas Liquids Volumes (MBbld) (A)
United States 212.2  215.7  231.1  235.8 223.8  231.7  244.8  254.3  252.5 245.9 
Total 212.2  215.7  231.1  235.8 223.8  231.7  244.8  254.3  252.5  245.9 
Average Natural Gas Liquids Prices ($/Bbl) (B)
United States $ 25.67  $ 20.85  $ 23.56  $ 22.29  $ 23.07  $ 24.32  $ 23.11  $ 22.42  $ 23.85  $ 23.40 
Composite 25.67  20.85  23.56  22.29 23.07  24.32  23.11  22.42  23.85 23.40 
Natural Gas Volumes (MMcfd) (A)
United States 1,475  1,513  1,562  1,653  1,551  1,658  1,668  1,745  1,840  1,728 
Trinidad 164  155  142  178  160  200  204  225  252  220 
Total 1,639  1,668  1,704  1,831  1,711  1,858  1,872  1,970  2,092  1,948 
Average Natural Gas Prices ($/Mcf) (B)
United States $ 3.47  $ 2.07  $ 2.59  $ 2.72  $ 2.70  $ 2.10  $ 1.57  $ 1.84  $ 2.39  $ 1.99 
Trinidad 3.87  3.45  3.41  3.81 3.65  3.54  3.48  3.68  3.86 3.65 
Composite 3.51  2.20  2.66  2.82 2.79  2.26  1.78  2.05  2.57 2.17 
Crude Oil Equivalent Volumes (MBoed) (C)
United States 915.0  943.8  974.2  995.8  957.5  994.7  1,013.0  1,037.1  1,052.7  1,024.5 
Trinidad 28.0  26.5  24.3  30.4  27.3  34.1  34.5  38.6  43.0  37.6 
Total 943.0  970.3  998.5  1,026.2  984.8  1,028.8  1,047.5  1,075.7  1,095.7  1,062.1 
Total MMBoe (C)
 84.9  88.3  91.9  94.4 359.4  93.6  95.3  99.0  100.8 388.7 
(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 and other 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, 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.

16

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  6,122  7,092 
Accounts Receivable, Net 2,455  2,263  2,927  2,716  2,688  2,657  2,545  2,650 
Inventories 1,131  1,355  1,379  1,275  1,154  1,069  1,038  985 
Assets from Price Risk Management Activities —  —  —  106  110  4  —  — 
Other (A)
 580  524  626  560  684  642  460  503 
Total 9,184  8,906  10,258  9,935  9,928  9,803  10,165  11,230 
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method) 67,907  69,178  70,730  72,090  73,356  74,615  75,887  77,091 
Other Property, Plant and Equipment 5,101  5,282  5,355  5,497  5,768  6,078  6,314  6,418 
Total Property, Plant and Equipment 73,008  74,460  76,085  77,587  79,124  80,693  82,201  83,509 
Less: Accumulated Depreciation, Depletion and Amortization (42,785) (43,550) (44,362) (45,290) (46,047) (47,049) (48,075) (49,297)
Total Property, Plant and Equipment, Net 30,223  30,910  31,723  32,297  33,077  33,644  34,126  34,212 
Deferred Income Taxes 31  33  33  42  38  44  42  39 
Other Assets 1,587  1,638  1,633  1,583  1,753  1,733  1,818  1,705 
Total Assets 41,025  41,487  43,647  43,857  44,796  45,224  46,151  47,186 
Current Liabilities
Accounts Payable 2,438  2,205  2,464  2,437  2,389  2,436  2,290  2,464 
Accrued Taxes Payable 637  425  605  466  786  600  855  1,007 
Dividends Payable 482  478  478  526  523  516  513  539 
Liabilities from Price Risk Management Activities 31  22  22  —  —  8  32  116 
Current Portion of Long-Term Debt 33  34  34  34  34  534  34  532 
Current Portion of Operating Lease Liabilities 354  335  337  325  318  303  338  315 
Other 253  232  285  286  223  231  344  381 
Total 4,228  3,731  4,225  4,074  4,273  4,628  4,406  5,354 
Long-Term Debt 3,787  3,780  3,772  3,765  3,757  3,250  3,742  4,220 
Other Liabilities 2,620  2,581  2,698  2,526  2,533  2,456  2,480  2,395 
Deferred Income Taxes 4,943  5,138  5,194  5,402  5,597  5,731  5,949  5,866 
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par 206  206  206  206  206  206  206  206 
Additional Paid in Capital 6,219  6,257  6,133  6,166  6,188  6,219  6,058  6,090 
Accumulated Other Comprehensive Loss (8) (9) (7) (9) (8) (8) (9) (4)
Retained Earnings 19,423  20,497  22,047  22,634  23,897  25,071  26,231  26,941 
Common Stock Held in Treasury (393) (694) (621) (907) (1,647) (2,329) (2,912) (3,882)
Total Stockholders' Equity 25,447  26,257  27,758  28,090  28,636  29,159  29,574  29,351 
Total Liabilities and Stockholders' Equity 41,025  41,487  43,647  43,857  44,796  45,224  46,151  47,186 

(A)    Effective October 1, 2024, EOG combined Income Taxes Receivable into the Other line item. This presentation has been conformed for all periods presented and had no impact on previously reported Total Assets.
17

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  1,673  1,251  6,403 
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization 798  866  898  930  3,492  1,074  984  1,031  1,019  4,108 
Impairments 34  35  54  79  202  19  81  15  276  391 
Stock-Based Compensation Expenses 34  35  57  51  177  45  45  58  51  199 
Deferred Income Taxes 234  194  56  199  683  199  128  220  (80) 467 
(Gains) Losses on Asset Dispositions, Net (69) 9  (35) —  (95) (26) (20) 7  23  (16)
Other, Net 4  2  (1) 22  27  9  3  2  3  17 
Dry Hole Costs 1  —  —  —  1  1  5  —  8  14 
Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net (376) (101) (43) (298) (818) (237) 47  (79) 65  (204)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts (123) (30) 23  18  (112) 55  79  61  19  214 
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  109  (99) 101 
Inventories (77) (226) (28) 100  (231) 117  75  30  37  259 
Accounts Payable (77) (231) 238  (49) (119) (58) 29  (159) 152  (36)
Accrued Taxes Payable 232  (212) 180  (139) 61  319  (185) 256  151  541 
Other Assets 52  43  (92) 36  39  (161) 42  197  (34) 44 
Other Liabilities 193  (47) 54  (16) 184  (71) (20) 108  6  23 
Changes in Components of Working Capital Associated with Investing Activities 35  250  28  (18) 295  (229) (127) 59  (85) (382)
Net Cash Provided by Operating Activities 3,255  2,277  2,704  3,104  11,340  2,903  2,889  3,588  2,763  12,143 
Investing Cash Flows
Additions to Oil and Gas Properties (1,305) (1,341) (1,379) (1,360) (5,385) (1,485) (1,357) (1,263) (1,248) (5,353)
Additions to Other Property, Plant and Equipment (319) (180) (139) (162) (800) (350) (313) (239) (117) (1,019)
Proceeds from Sales of Assets 92  29  14  5  140  9  10  —  4  23 
Changes in Components of Working Capital Associated with Investing Activities (35) (250) (28) 18  (295) 229  127  (59) 85  382 
Net Cash Used in Investing Activities (1,567) (1,742) (1,532) (1,499) (6,340) (1,597) (1,533) (1,561) (1,276) (5,967)
Financing Cash Flows
Long-Term Debt Borrowings —  —  —  —  —  —  —  —  985  985 
Long-Term Debt Repayments (1,250) —  —  —  (1,250) —  —  —  —  — 
Dividends Paid (1,067) (480) (494) (1,345) (3,386) (525) (520) (533) (509) (2,087)
Treasury Stock Purchased (317) (302) (109) (310) (1,038) (759) (699) (795) (993) (3,246)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan —  9  1  10  20  —  11  —  11  22 
Debt Issuance Costs —  (8) —  —  (8) —  —  —  (2) (2)
Repayment of Finance Lease Liabilities (8) (8) (8) (8) (32) (8) (9) (8) (8) (33)
Net Cash Used in Financing Activities (2,642) (789) (610) (1,653) (5,694) (1,292) (1,217) (1,336) (516) (4,361)
Effect of Exchange Rate Changes on Cash —  —  —  —  —  —  –  –  (1) (1)
Increase (Decrease) in Cash and Cash Equivalents (954) (254) 562  (48) (694) 14  139  691  970  1,814 
Cash and Cash Equivalents at Beginning of Period 5,972  5,018  4,764  5,326  5,972  5,278  5,292  5,431  6,122  5,278 
Cash and Cash Equivalents at End of Period 5,018  4,764  5,326  5,278  5,278  5,292  5,431  6,122  7,092  7,092 
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 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.
19

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.
4Q 2024
Before
Tax		 Income Tax Impact After
Tax		 Diluted Earnings per Share
Reported Net Income (GAAP) 1,624  (373) 1,251  2.23 
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net 65  (14) 51  0.10 
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
 19  (4) 15  0.03 
Add: Losses on Asset Dispositions, Net 23  (4) 19  0.03 
Add: Certain Impairments 254  (55) 199  0.35 
Adjustments to Net Income 361  (77) 284  0.51 
Adjusted Net Income (Non-GAAP) 1,985  (450) 1,535  2.74 
Average Number of Common Shares
Basic 557 
Diluted 561 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended December 31, 2024, such amount was $19 million.
20

Adjusted Net Income
(Continued)
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In millions of USD, except share data (in millions) and per share data (Unaudited)
3Q 2024
Before
Tax		 Income Tax Impact After
Tax		 Diluted Earnings per Share
Reported Net Income (GAAP) 2,134  (461) 1,673  2.95 
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net (79) 17  (62) (0.11)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
 61  (13) 48  0.08 
Add: Losses on Asset Dispositions, Net 7  (2) 5  0.01 
Less: Severance Tax Refund (31) 7  (24) (0.04)
Add: Severance Tax Consulting Fees 10  (2) 8  0.01 
Less: Interest on Severance Tax Refund (5) 1  (4) (0.01)
Adjustments to Net Income (37) 8  (29) (0.06)
Adjusted Net Income (Non-GAAP) 2,097  (453) 1,644  2.89 
Average Number of Common Shares
Basic 564 
Diluted 568 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended September 30, 2024, such amount was $61 million.

21

Adjusted Net Income
(Continued)
eoglogostackeda.jpg
In millions of USD, except share data (in millions) and per share data (Unaudited)
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
Basic 569 
Diluted 572 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (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.
22

Adjusted Net Income
(Continued)
eoglogostackeda.jpg
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
Basic 575 
Diluted 577 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (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.

23

Adjusted Net Income
(Continued)
eoglogostackeda.jpg
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
Basic 579 
Diluted 581 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (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.







24


Adjusted Net Income
(Continued)
eoglogostackeda.jpg
In millions of USD, except share data (in millions) and per share data (Unaudited)
FY 2024
Before
Tax		 Income Tax Impact After
Tax		 Diluted Earnings per Share
Reported Net Income (GAAP) 8,218  (1,815) 6,403  11.25 
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net (204) 44  (160) (0.28)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
 214  (46) 168  0.30 
Less: Gains on Asset Dispositions, Net (16) 3  (13) (0.02)
Add: Certain Impairments 291  (57) 234  0.41 
Less: Severance Tax Refund (31) 7  (24) (0.04)
Add: Severance Tax Consulting Fees 10  (2) 8  0.01 
Less: Interest on Severance Tax Refund (5) 1  (4) (0.01)
Adjustments to Net Income 259  (50) 209  0.37 
Adjusted Net Income (Non-GAAP) 8,477  (1,865) 6,612  11.62 
Average Number of Common Shares
Basic 566 
Diluted 569 
(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2024, such amount was $214 million.

25

Adjusted Net Income
(Continued)
eoglogostackeda.jpg
In millions of USD, except share data (in millions) and per share data (Unaudited)
FY 2023
Before
Tax		 Income Tax Impact After
Tax		 Diluted Earnings per Share
Reported Net Income (GAAP) 9,689  (2,095) 7,594  13.00 
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net (818) 176  (642) (1.09)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
 (112) 24  (88) (0.15)
Less: Gains on Asset Dispositions, Net (95) 20  (75) (0.13)
Add: Certain Impairments 42  (6) 36  0.06 
Adjustments to Net Income (983) 214  (769) (1.31)
Adjusted Net Income (Non-GAAP) 8,706  (1,881) 6,825  11.69 
Average Number of Common Shares
Basic 581 
Diluted 584 
(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2023, such amount was $112 million.

26

Net Income per Share
eoglogostackeda.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
3Q 2024 Net Income per Share (GAAP) - Diluted 2.95 
Realized Price
4Q 2024 Composite Average Wellhead Revenue per Boe 42.74 
Less: 3Q 2024 Composite Average Wellhead Revenue per Boe (44.31)
Subtotal (1.57)
Multiplied by: 4Q 2024 Crude Oil Equivalent Volumes (MMBoe) 100.8 
Total Change in Revenue (158)
Add: Income Tax Benefit (Provision) Imputed (based on 22%) 35 
Change in Net Income (123)
Change in Diluted Earnings per Share (0.22)
Volumes
4Q 2024 Crude Oil Equivalent Volumes (MMBoe) 100.8 
Less: 3Q 2024 Crude Oil Equivalent Volumes (MMBoe) (99.0)
Subtotal 1.8 
Multiplied by: 4Q 2024 Composite Average Margin per Boe (GAAP) (Including Total
Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)		 15.88 
Change in Margin 29 
Less: Income Tax Benefit (Provision) Imputed (based on 22%) (6)
Change in Net Income 23 
Change in Diluted Earnings per Share 0.04 
Certain Operating Costs per Boe
3Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe 20.57 
Less: 4Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (20.26)
Subtotal 0.31 
Multiplied by: 4Q 2024 Crude Oil Equivalent Volumes (MMBoe) 100.8 
Change in Before-Tax Net Income 31 
Less: Income Tax Benefit (Provision) Imputed (based on 22%) (7)
Change in Net Income 24 
Change in Diluted Earnings per Share 0.04 
27

Net Income Per Share
(Continued)
eoglogostackeda.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
4Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts (65)
Less: Income Tax Benefit (Provision) 14 
After Tax - (a) (51)
Less: 3Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts 79 
Less: Income Tax Benefit (Provision) (17)
After Tax - (b) 62 
Change in Net Income - (a) - (b) (113)
Change in Diluted Earnings per Share (0.20)
Other (1)
 (0.38)
4Q 2024 Net Income per Share (GAAP) - Diluted 2.23 
4Q 2024 Average Number of Common Shares - Diluted 561 
(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
eoglogostackeda.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
FY 2023 Net Income per Share (GAAP) 13.00 
Realized Price
FY 2024 Composite Average Wellhead Revenue per Boe 45.22 
Less: FY 2023 Composite Average Wellhead Revenue per Boe (48.34)
Subtotal (3.12)
Multiplied by: FY 2024 Crude Oil Equivalent Volumes (MMBoe) 388.7 
Total Change in Revenue (1,213)
Add: Income Tax Benefit (Provision) Imputed (based on 22%) 267 
Change in Net Income (946)
Change in Diluted Earnings per Share (1.66)
Volumes
FY 2024 Crude Oil Equivalent Volumes (MMBoe) 388.7 
Less: FY 2023 Crude Oil Equivalent Volumes (MMBoe) (359.4)
Subtotal 29.3 
Multiplied by: FY 2024 Composite Average Margin per Boe (GAAP) (Including Total
Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)		 19.40 
Change in Margin 568 
Add: Income Tax Benefit (Provision) Imputed (based on 22%) (125)
Change in Net Income 443 
Change in Diluted Earnings per Share 0.78 
Certain Operating Costs per Boe
FY 2023 Total Cash Operating Costs (GAAP) and Total DD&A per Boe 20.05 
Less: FY 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (20.76)
Subtotal (0.71)
Multiplied by: FY 2024 Crude Oil Equivalent Volumes (MMBoe) 388.7 
Change in Before-Tax Net Income (276)
Add: Income Tax Benefit (Provision) Imputed (based on 22%) 61 
Change in Net Income (215)
Change in Diluted Earnings per Share (0.38)

29

Net Income Per Share
(Continued)
eoglogostackeda.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
FY 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts 204 
Less: Income Tax Benefit (Provision) (44)
After Tax - (a) 160 
Less: FY 2023 Net Gains (Losses) on Mark-to-Market Commodity and Other Derivative Contracts 818 
Less: Income Tax Benefit (Provision) (176)
After Tax - (b) 642 
Change in Net Income - (a) - (b) (482)
Change in Diluted Earnings per Share (0.85)
Other (1)
 0.36 
FY 2024 Net Income per Share (GAAP) - Diluted 11.25 
FY 2024 Average Number of Common Shares - Diluted 569 
(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

Adjusted Net Income Per Share
eoglogostackeda.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
3Q 2024 Adjusted Net Income per Share (Non-GAAP) - Diluted 2.89 
Realized Price
4Q 2024 Composite Average Wellhead Revenue per Boe 42.74 
Less: 3Q 2024 Composite Average Wellhead Revenue per Boe (44.31)
Subtotal (1.57)
Multiplied by: 4Q 2024 Crude Oil Equivalent Volumes (MMBoe) 100.8 
Total Change in Revenue (158)
Add: Income Tax Benefit (Provision) Imputed (based on 22%) 35 
Change in Net Income (123)
Change in Diluted Earnings per Share (0.22)
Volumes
4Q 2024 Crude Oil Equivalent Volumes (MMBoe) 100.8 
Less: 3Q 2024 Crude Oil Equivalent Volumes (MMBoe) (99.0)
Subtotal 1.8 
Multiplied by: 4Q 2024 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below) 18.40 
Change in Margin 33 
Add: Income Tax Benefit (Provision) Imputed (based on 22%) (7)
Change in Net Income 26 
Change in Diluted Earnings per Share 0.05 
Certain Operating Costs per Boe
3Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe 20.47 
Less: 4Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe (20.26)
Subtotal 0.21 
Multiplied by: 4Q 2024 Crude Oil Equivalent Volumes (MMBoe) 100.8 
Change in Before-Tax Net Income 21 
Add: Income Tax Benefit (Provision) Imputed (based on 22%) (5)
Change in Net Income 16 
Change in Diluted Earnings per Share 0.03 

31

Adjusted Net Income Per Share
(Continued)
eoglogostackeda.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 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts 19 
Less: Income Tax Benefit (Provision) (4)
After Tax - (a) 15 
3Q 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts 61 
Less: Income Tax Benefit (Provision) (13)
After Tax - (b) 48 
Change in Net Income - (a) - (b) (33)
Change in Diluted Earnings per Share (0.06)
Other (1)
 0.05 
4Q 2024 Adjusted Net Income per Share (Non-GAAP) 2.74 
4Q 2024 Average Number of Common Shares - Diluted 561 
(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.
32

Adjusted Net Income per Share
eoglogostackeda.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
FY 2023 Adjusted Net Income per Share (Non-GAAP) 11.69 
Realized Price
FY 2024 Composite Average Wellhead Revenue per Boe 45.22 
Less: FY 2023 Composite Average Wellhead Revenue per Boe (48.34)
Subtotal (3.12)
Multiplied by: FY 2024 Crude Oil Equivalent Volumes (MMBoe) 388.7 
Total Change in Revenue (1,213)
Add: Income Tax Benefit (Provision) Imputed (based on 22%) 267 
Change in Net Income (946)
Change in Diluted Earnings per Share (1.66)
Volumes
FY 2024 Crude Oil Equivalent Volumes (MMBoe) 388.7 
Less: FY 2023 Crude Oil Equivalent Volumes (MMBoe) (359.4)
Subtotal 29.3 
Multiplied by: FY 2024 Composite Average Margin per Boe (Non-GAAP)
(Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)		 20.09 
Change in Margin 589 
Less: Income Tax Benefit (Provision) Imputed (based on 22%) (130)
Change in Net Income 459 
Change in Diluted Earnings per Share 0.81 
Certain Operating Costs per Boe
FY 2023 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe 20.05 
Less: FY 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe (20.74)
Subtotal (0.69)
Multiplied by: FY 2024 Crude Oil Equivalent Volumes (MMBoe) 388.7 
Change in Before-Tax Net Income (268)
Add: Income Tax Benefit (Provision) Imputed (based on 22%) 59 
Change in Net Income (209)
Change in Diluted Earnings per Share (0.37)

33

Adjusted Net Income Per Share
(Continued)
eoglogostackeda.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 2024 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts 214 
Less: Income Tax Benefit (Provision) (46)
After Tax - (a) 168 
FY 2023 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts (112)
Less: Income Tax Benefit (Provision) 24 
After Tax - (b) (88)
Change in Net Income - (a) - (b) 256 
Change in Diluted Earnings per Share 0.45 
Other (1)
 0.70 
FY 2024 Adjusted Net Income per Share (Non-GAAP) 11.62 
FY 2024 Average Number of Common Shares (Non-GAAP) - Diluted 569 
(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.
34

Cash Flow from Operations and Free Cash Flow
eoglogostackeda.jpg
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  3,588  2,763  12,143 
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable (338) (137) 714  (201) 38  (58) (33) (109) 99  (101)
Inventories 77  226  28  (100) 231  (117) (75) (30) (37) (259)
Accounts Payable 77  231  (238) 49  119  58  (29) 159  (152) 36 
Accrued Taxes Payable (232) 212  (180) 139  (61) (319) 185  (256) (151) (541)
Other Assets (52) (43) 92  (36) (39) 161  (42) (197) 34  (44)
Other Liabilities (193) 47  (54) 16  (184) 71  20  (108) (6) (23)
Changes in Components of Working Capital Associated with Investing Activities (35) (250) (28) 18  (295) 229  127  (59) 85  382 
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  2,988  2,635  11,593 
Less:
Total Capital Expenditures (Non-GAAP) (a)
 (1,489) (1,521) (1,519) (1,512) (6,041) (1,703) (1,668) (1,497) (1,358) (6,226)
Free Cash Flow (Non-GAAP) 1,070  1,042  1,519  1,477  5,108  1,225  1,374  1,491  1,277  5,367 
(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  1,573  1,446  6,653 
Less:
Asset Retirement Costs (10) (26) (191) (30) (257) (21) 60  (11) (26) 2 
Non-Cash Development Drilling —  (35) (50) (5) (90) —  —  —  —  — 
Non-Cash Acquisition Costs of Unproved Properties (31) (28) (1) (39) (99) (31) (34) (17) (3) (85)
Acquisition Costs of Proved Properties (4) (6) 1  (7) (16) (21) (5) —  (7) (33)
Acquisition Costs of Other Property, Plant and Equipment (133) (1) —  —  (134) (131) (1) (5) —  (137)
Exploration Costs (50) (47) (43) (41) (181) (45) (34) (43) (52) (174)
Total Capital Expenditures (Non-GAAP) 1,489  1,521  1,519  1,512  6,041  1,703  1,668  1,497  1,358  6,226 
35

Net Debt-to-Total Capitalization Ratio
eoglogostackeda.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, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023
Total Stockholders' Equity - (a) 29,351  29,574  29,159  28,636  28,090 
Current and Long-Term Debt (GAAP) - (b) 4,752  3,776  3,784  3,791  3,799 
Less: Cash (7,092) (6,122) (5,431) (5,292) (5,278)
Net Debt (Non-GAAP) - (c) (2,340) (2,346) (1,647) (1,501) (1,479)
Total Capitalization (GAAP) - (a) + (b) 34,103  33,350  32,943  32,427  31,889 
Total Capitalization (Non-GAAP) - (a) + (c) 27,011  27,228  27,512  27,135  26,611 
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]
 13.9  % 11.3  % 11.5  % 11.7  % 11.9  %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] -8.7  % -8.6  % -6.0  % -5.5  % -5.6  %


36

Proved Reserves and Reserve Replacement Data
eoglogostackeda.jpg
(Unaudited)
2024 Net Proved Reserves Reconciliation Summary United
States		 Trinidad Other
International		 Total
Crude Oil and Condensate (MMBbl)
Beginning Reserves 1,754  2  —  1,756 
Revisions 71  —  —  71 
Purchases in Place 3  —  —  3 
Extensions, Discoveries and Other Additions 228  —  —  228 
Sales in Place (8) —  —  (8)
Production (180) —  —  (180)
Ending Reserves 1,868  2  —  1,870 
Natural Gas Liquids (MMBbl)
Beginning Reserves 1,254  —  —  1,254 
Revisions 31  —  —  31 
Purchases in Place 2  —  —  2 
Extensions, Discoveries and Other Additions 164  —  —  164 
Sales in Place (3) —  —  (3)
Production (90) —  —  (90)
Ending Reserves 1,358  —  —  1,358 
Natural Gas (Bcf)
Beginning Reserves 8,630  300  —  8,930 
Revisions (202) 2  —  (200)
Purchases in Place 10  —  —  10 
Extensions, Discoveries and Other Additions 1,098  23  —  1,121 
Sales in Place (14) —  —  (14)
Production (644) (81) —  (725)
Ending Reserves 8,878  244  —  9,122 
Oil Equivalents (MMBoe)
Beginning Reserves 4,447  51  —  4,498 
Revisions 68  1  —  69 
Purchases in Place 6  —  —  6 
Extensions, Discoveries and Other Additions 576  4  —  580 
Sales in Place (14) —  —  (14)
Production (377) (14) —  (391)
Ending Reserves 4,706  42  —  4,748 
Net Proved Developed Reserves (MMBoe)
At December 31, 2023 2,322  27  —  2,349 
At December 31, 2024 2,542  24  —  2,566 
2024 Exploration and Development Expenditures ($ Millions)
Acquisition Cost of Unproved Properties 229  —  1  230 
Exploration Costs 286  115  28  429 
Development Costs 4,820  124  —  4,944 
Total Drilling 5,335  239  29  5,603 
Acquisition Cost of Proved Properties 33  —  —  33 
Asset Retirement Costs (37) 8  27  (2)
Total Exploration and Development Expenditures 5,331  247  56  5,634 
Gathering, Processing and Other 1,017  2  —  1,019 
Total Expenditures 6,348  249  56  6,653 
Proceeds from Sales in Place (23) —  —  (23)
Net Expenditures 6,325  249  56  6,630 
Reserve Replacement Costs ($ / Boe) *
All-in Total, Net of Revisions 7.85  47.00  —  8.17 
All-in Total, Excluding Revisions Due to Price 6.41  47.00  —  6.68 
Reserve Replacement *
Drilling Only 153  % 29  % 0  % 148  %
All-in Total, Net of Revisions and Dispositions 169  % 36  % 0  % 164  %
All-in Total, Excluding Revisions Due to Price 207  % 36  % 0  % 201  %
All-in Total, Liquids 181  % 0  % 0  % 181  %
* See following reconciliation schedule for calculation methodology
37


Reserve Replacement Cost Data
eoglogostackeda.jpg
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2024 United
States		 Trinidad Other
International		 Total
Total Costs Incurred in Exploration and Development Activities (GAAP) 5,331  247  56  5,634 
Less: Asset Retirement Costs 37  (8) (27) 2 
Non-Cash Acquisition Costs of Unproved Properties (85) —  —  (85)
Total Acquisition Costs of Proved Properties (33) —  —  (33)
Exploration Expenses (154) (4) (16) (174)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a) 5,096  235  13  5,344 
Total Costs Incurred in Exploration and Development Activities (GAAP) 5,331  247  56  5,634 
Less: Asset Retirement Costs 37  (8) (27) 2 
Non-Cash Acquisition Costs of Unproved Properties (85) —  —  (85)
Non-Cash Acquisition Costs of Proved Properties (24) —  —  (24)
Exploration Expenses (154) (4) (16) (174)
Total Exploration and Development Expenditures (Non-GAAP) - (b) 5,105  235  13  5,353 
Total Expenditures (GAAP) 6,348  249  56  6,653 
Less: Asset Retirement Costs 37  (8) (27) 2 
Non-Cash Acquisition Costs of Unproved Properties (85) —  —  (85)
Non-Cash Acquisition Costs of Proved Properties (24) —  —  (24)
Exploration Expenses (154) (4) (16) (174)
Total Cash Expenditures (Non-GAAP) 6,122  237  13  6,372 
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c) (146) —  —  (146)
Revisions Other Than Price 214  1  —  215 
Purchases in Place 6  —  —  6 
Extensions, Discoveries and Other Additions - (d) 576  4  —  580 
Total Proved Reserve Additions - (e) 650  5  —  655 
Sales in Place (14) —  —  (14)
Net Proved Reserve Additions From All Sources - (f) 636  5  —  641 
Production - (g) 377  14  —  391 
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d) 8.85  58.75  —  9.21 
All-in Total, Net of Revisions - (b / e) 7.85  47.00  —  8.17 
All-in Total, Excluding Revisions Due to Price - (b / (e - c)) 6.41  47.00  —  6.68 
Reserve Replacement
Drilling Only - (d / g) 153  % 29  % 0  % 148  %
All-in Total, Net of Revisions and Dispositions - (f / g) 169  % 36  % 0  % 164  %
All-in Total, Excluding Revisions Due to Price - ((f - c) / g) 207  % 36  % 0  % 201  %
38

Reserve Replacement Cost Data
(Continued)
eoglogostackeda.jpg
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2024 United
States		 Trinidad Other
International		 Total
Net Proved Reserve Additions From All Sources - Liquids (MMBbl)
Revisions 102  —  —  102 
Purchases in Place 5  —  —  5 
Extensions, Discoveries and Other Additions - (h) 392  —  —  392 
Total Proved Reserve Additions 499  —  —  499 
Sales in Place (11) —  —  (11)
Net Proved Reserve Additions From All Sources - (i) 488  —  —  488 
Production - (j) 270  —  —  270 
Reserve Replacement - Liquids
Drilling Only - (h / j) 145  % 0  % 0  % 145  %
All-in Total, Net of Revisions and Dispositions - (i / j) 181  % 0  % 0  % 181  %
39

Reserve Replacement Cost Data
(Continued)
eoglogostackeda.jpg
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2024
Proved Developed Reserve Replacement Costs ($ / Boe) Total
Total Costs Incurred in Exploration and Development Activities (GAAP) - (k) 5,634 
Less: Asset Retirement Costs 2 
Acquisition Costs of Unproved Properties (230)
Acquisition Costs of Proved Properties (33)
Exploration Expenses (174)
Drillbit Exploration and Development Expenditures (Non-GAAP) - (l) 5,199 
Total Proved Reserves - Extensions, Discoveries and Other Additions (MMBoe) 580 
Add: Conversion of Proved Undeveloped Reserves to Proved Developed 370 
Less: Proved Undeveloped Extensions and Discoveries (479)
Proved Developed Reserves - Extensions and Discoveries (MMBoe) 471 
Total Proved Reserves - Revisions (MMBoe) 69 
Less: Proved Undeveloped Reserves - Revisions 66 
           Proved Developed - Revisions Due to Price 41 
Proved Developed Reserves - Revisions Other Than Price (MMBoe) 176 
Proved Developed Reserves - Extensions and Discoveries Plus Revisions Other Than Price (MMBoe) - (m) 647 
Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) (GAAP) - (k / m) 8.71 
Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) (Non-GAAP) - (l / m) 8.04 
40

Reserve Replacement Cost Data
eoglogostackeda.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.
2024 2023 2022 2021
Total Costs Incurred in Exploration and Development Activities (GAAP) 5,634  6,018  5,229  3,969 
Less: Asset Retirement Costs 2  (257) (298) (127)
Non-Cash Acquisition Costs of Unproved Properties (85) (99) (127) (45)
Total Acquisition Costs of Proved Properties (33) (16) (419) (100)
Non-Cash Development Drilling —  (90) —  — 
Exploration Expenses (174) (181) (159) (154)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a) 5,344  5,375  4,226  3,543 
Total Costs Incurred in Exploration and Development Activities (GAAP) - (b) 5,634  6,018  5,229  3,969 
Less: Asset Retirement Costs 2  (257) (298) (127)
Non-Cash Acquisition Costs of Unproved Properties (85) (99) (127) (45)
Non-Cash Acquisition Costs of Proved Properties (24) (6) (26) (5)
Non-Cash Development Drilling —  (90) —  — 
Exploration Expenses (174) (181) (159) (154)
Total Exploration and Development Expenditures (Non-GAAP) - (c) 5,353  5,385  4,619  3,638 
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (d) (146) (110) 11  194 
Revisions Other Than Price 215  139  325  (308)
Purchases in Place 6  2  16  9 
Extensions, Discoveries and Other Additions - (e) 580  607  560  952 
Total Proved Reserve Additions - (f) 655  638  912  847 
Sales in Place (14) (17) (88) (11)
Net Proved Reserve Additions From All Sources 641  621  824  836 
Production 391  361  333  309 
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / e) 9.21  8.86  7.55  3.72 
All-in Total, Net of Revisions - (c / f) 8.17  8.44  5.06  4.30 
All-in Total, Excluding Revisions Due to Price (GAAP) - (b / ( f - d)) 7.03  8.05  5.80  6.08 
All-in Total, Excluding Revisions Due to Price (Non-GAAP) - (c / ( f - d)) 6.68  7.20  5.13  5.57 
41

Reserve Replacement Cost Data
(Continued)
eoglogostackeda.jpg
In millions of USD, except reserves and ratio data (Unaudited)
2020 2019 2018
Total Costs Incurred in Exploration and Development Activities (GAAP)
 3,718  6,628  6,420 
Less: Asset Retirement Costs (117) (186) (70)
Non-Cash Acquisition Costs of Unproved Properties
 (197) (98) (291)
Total Acquisition Costs of Proved Properties (135) (380) (124)
Exploration Expenses (146) (140) (149)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)
 3,123  5,824  5,786 
Total Costs Incurred in Exploration and Development Activities (GAAP) - (b) 3,718  6,628  6,420 
Less: Asset Retirement Costs (117) (186) (70)
Non-Cash Acquisition Costs of Unproved Properties
 (197) (98) (291)
Non-Cash Acquisition Costs of Proved Properties
 (15) (52) (71)
Exploration Expenses (146) (140) (149)
Total Exploration and Development Expenditures (Non-GAAP) - (c) 3,243  6,152  5,839 
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (d) (278) (60) 35 
Revisions Other Than Price (89) —  (40)
Purchases in Place 10  17  12 
Extensions, Discoveries and Other Additions - (e) 564  750  670 
Total Proved Reserve Additions - (f) 207  707  677 
Sales in Place (31) (5) (11)
Net Proved Reserve Additions From All Sources 176  702  666 
Production 285  301  265 
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / e) 5.54  7.77  8.64 
All-in Total, Net of Revisions - (c / f) 15.67  8.70  8.62 
All-in Total, Excluding Revisions Due to Price (GAAP) - (b / ( f - d)) 7.67  8.64  10.00 
All-in Total, Excluding Revisions Due to Price (Non-GAAP) - (c / ( f - d)) 6.69  8.02  9.10 

Definitions
$/Boe U.S. Dollars per barrel of oil equivalent
MMBoe Million barrels of oil equivalent
42

Revenues, Costs and Margins Per Barrel of Oil Equivalent
eoglogostackeda.jpg
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 margins 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.
4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023
Volume - Million Barrels of Oil Equivalent - (a) 100.8  99.0  95.3  93.6  94.4 
Total Operating Revenues and Other (b) 5,585  5,965  6,025  6,123  6,357 
Total Operating Expenses (c) 3,993  3,876  3,895  3,852  3,853 
Operating Income (d) 1,592  2,089  2,130  2,271  2,504 
Wellhead Revenues
Crude Oil and Condensate 3,261  3,488  3,692  3,480  3,597 
Natural Gas Liquids 554  524  515  513  484 
Natural Gas 494  372  303  382  476 
Total Wellhead Revenues - (e) 4,309  4,384  4,510  4,375  4,557 
Operating Costs
Lease and Well 394  392  390  396  378 
Gathering, Processing and Transportation Costs (1)
 441  445  423  413  423 
General and Administrative (GAAP) 189  167  151  162  192 
Less: Severance Tax Consulting Fees —  (10) —  —  — 
General and Administrative (Non-GAAP) (3)
 189  157  151  162  192 
Taxes Other Than Income (GAAP) 291  283  337  338  301 
Add: Severance Tax Refund —  31  —  —  — 
Taxes Other Than Income (Non-GAAP) (4)
 291  314  337  338  301 
Interest Expense, Net 38  31  36  33  35 
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) (f) 1,353  1,318  1,337  1,342  1,329 
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) (g) 1,353  1,339  1,337  1,342  1,329 
Depreciation, Depletion and Amortization (DD&A) 1,019  1,031  984  1,074  930 
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h) 2,372  2,349  2,321  2,416  2,259 
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i) 2,372  2,370  2,321  2,416  2,259 
Exploration Costs 52  43  34  45  41 
Dry Hole Costs 8  —  5  1  — 
Impairments 276  15  81  19  79 
Total Exploration Costs (GAAP) 336  58  120  65  120 
Less: Certain Impairments (2)
 (254) —  (35) (2) (19)
Total Exploration Costs (Non-GAAP) 82  58  85  63  101 
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j) 2,708  2,407  2,441  2,481  2,379 
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k) 2,454  2,428  2,406  2,479  2,360 
Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) 1,601  1,977  2,069  1,894  2,178 
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) 1,855  1,956  2,104  1,896  2,197 
43

Revenues, Costs and Margins Per Barrel of Oil Equivalent
(Continued)
eoglogostackeda.jpg
In millions of USD, except Boe and per Boe amounts (Unaudited)
4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a) 55.41  60.25  63.22  65.42  67.34 
Composite Average Operating Expenses per Boe - (c) / (a) 39.62  39.15  40.87  41.16  40.81 
Composite Average Operating Income per Boe - (d) / (a) 15.79  21.10  22.35  24.26  26.53 
Composite Average Wellhead Revenue per Boe - (e) / (a) 42.74  44.31  47.31  46.73  48.27 
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) 13.42  13.32  14.03  14.33  14.08 
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] 29.32  30.99  33.28  32.40  34.19 
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a) 23.53  23.74  24.35  25.80  23.93 
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)] 19.21  20.57  22.96  20.93  24.34 
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a) 26.86  24.33  25.61  26.49  25.20 
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)] 15.88  19.98  21.70  20.24  23.07 
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a) 13.42  13.53  14.03  14.33  14.08 
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)] 29.32  30.78  33.28  32.40  34.19 
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a) 23.53  23.95  24.35  25.80  23.93 
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)] 19.21  20.36  22.96  20.93  24.34 
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a) 24.34  24.54  25.24  26.47  25.00 
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)] 18.40  19.77  22.07  20.26  23.27 


44

Revenues, Costs and Margins Per Barrel of Oil Equivalent
(Continued)
eoglogostackeda.jpg
In millions of USD, except Boe and per Boe amounts (Unaudited)
2024 2023 2022 2021
Volume - Million Barrels of Oil Equivalent - (a) 388.7  359.4  331.5  302.5 
Total Operating Revenues and Other (b) 23,698  24,186  25,702  18,642 
Total Operating Expenses (c) 15,616  14,583  15,736  12,540 
Operating Income (Loss) (d) 8,082  9,603  9,966  6,102 
Wellhead Revenues
Crude Oil and Condensate 13,921  13,748  16,367  11,125 
Natural Gas Liquids 2,106  1,884  2,648  1,812 
Natural Gas 1,551  1,744  3,781  2,444 
Total Wellhead Revenues - (e) 17,578  17,376  22,796  15,381 
Operating Costs
Lease and Well 1,572  1,454  1,331  1,135 
Gathering, Processing and Transportation Costs (1)
 1,722  1,620  1,587  1,422 
General and Administrative (GAAP) 669  640  570  511 
Less: Severance Tax Consulting Fees (10) —  (16) — 
General and Administrative (Non-GAAP) (3)
 659  640  554  511 
Taxes Other Than Income (GAAP) 1,249  1,284  1,585  1,047 
Add: Severance Tax Refund 31  —  115  — 
Taxes Other Than Income (Non-GAAP) (4)
 1,280  1,284  1,700  1,047 
Interest Expense, Net 138  148  179  178 
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f) 5,350  5,146  5,252  4,293 
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g) 5,371  5,146  5,351  4,293 
Depreciation, Depletion and Amortization (DD&A) 4,108  3,492  3,542  3,651 
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h) 9,458  8,638  8,794  7,944 
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i) 9,479  8,638  8,893  7,944 
Exploration Costs 174  181  159  154 
Dry Hole Costs 14  1  45  71 
Impairments 391  202  382  376 
Total Exploration Costs (GAAP) 579  384  586  601 
Less: Certain Impairments (2)
 (291) (42) (113) (15)
Total Exploration Costs (Non-GAAP) 288  342  473  586 
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j) 10,037  9,022  9,380  8,545 
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k) 9,767  8,980  9,366  8,530 
Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) 7,541  8,354  13,416  6,836 
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) 7,811  8,396  13,430  6,851 
45

Revenues, Costs and Margins Per Barrel of Oil Equivalent
(Continued)
eoglogostackeda.jpg
In millions of USD, except Boe and per Boe amounts (Unaudited)
2024 2023 2022 2021
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a) 60.97  67.30  77.53  61.63 
Composite Average Operating Expenses per Boe - (c) / (a) 40.18  40.58  47.47  41.46 
Composite Average Operating Income (Loss) per Boe - (d) / (a) 20.79  26.72  30.06  20.17 
Composite Average Wellhead Revenue per Boe - (e) / (a) 45.22  48.34  68.77  50.84 
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) 13.76  14.31  15.84  14.19 
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] 31.46  34.03  52.93  36.65 
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a) 24.33  24.03  26.53  26.26 
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)] 20.89  24.31  42.24  24.58 
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a) 25.82  25.10  28.30  28.25 
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)] 19.40  23.24  40.47  22.59 
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a) 13.82  14.31  16.14  14.19 
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)] 31.40  34.03  52.63  36.65 
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a) 24.39  24.03  26.83  26.26 
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)] 20.83  24.31  41.94  24.58 
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a) 25.13  24.98  28.26  28.20 
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]
 20.09  23.36  40.51  22.64 
(1)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.
(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).
(3)EOG believes excluding the above-referenced items from General and Administrative Costs is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(4)EOG believes excluding the above-referenced items from Taxes Other Than Income is appropriate and provides useful information to investors, as EOG views such items as non-recurring.

46