EX-99.1 2 exh99-1022725.htm EX-99.1

EXHIBIT 99.1

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Table of Contents
Fourth Quarter 2024
Supplemental Financial and Operating Data			Page
Income Statements			15
Volumes and Prices			16
Balance Sheets			17
Cash Flow Statements			18
Non-GAAP Financial Measures			19
Adjusted Net Income			20
Net Income Per Share			27
Adjusted Net Income Per Share			31
Cash Flow from Operations and Free Cash Flow			35
Net Debt-to-Total Capitalization Ratio			36
Proved Reserves and Reserve Replacement Data			37
Reserve Replacement Cost Data			38
Revenues, Costs and Margins Per Barrel of Oil Equivalent			43

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Income Statements
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.

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Volumes and Prices
(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.

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Balance Sheets
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.

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Cash Flow Statements
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

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Non-GAAP Financial Measures

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

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Adjusted Net Income
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

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Adjusted Net Income (Continued)
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

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Adjusted Net Income (Continued)
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

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Adjusted Net Income (Continued)
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

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Adjusted Net Income (Continued)
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

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Adjusted Net Income (Continued)
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

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Adjusted Net Income (Continued)
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

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Net Income per Share
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

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

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Net Income per Share
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

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

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

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

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

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

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Cash Flow from Operations and Free Cash Flow
In millions of USD (Unaudited)
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Cash Flow from Operations Before 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

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

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Proved Reserves and Reserve Replacement Data
(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

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Reserve Replacement Cost Data
(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

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Reserve Replacement Cost Data (Continued)
(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

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Reserve Replacement Cost Data (Continued)
(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

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

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Reserve Replacement Cost Data (Continued)
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

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Revenues, Costs and Margins Per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or 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

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Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
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

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Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
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

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Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
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.

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