EX-99.1 2 exh99-1080421.htm EX-99.1
EXHIBIT 99.1

Table of Contents |
Second Quarter 2021 |
Supplemental Financial and Operating Data | Page
Income Statements | 12
Wellhead Volumes and Prices | 13
Balance Sheets | 14
Cash Flows Statements | 15
Non-GAAP Financial Measures | 16
Adjusted Net Income (Loss) | 17
Adjusted Net Income Per Share | 22
Discretionary Cash Flow and Free Cash Flow | 23
Total Expenditures | 27
EBITDAX and Adjusted EBITDAX | 28
Net Debt-to-Total Capitalization Ratio | 29
Reserve Replacement Cost Data | 35
Financial Commodity Derivative Contracts | 37
Direct After-Tax Rate of Return | 39
ROCE & ROE | 40
Revenues, Costs and Margins Per Barrel of Oil Equivalent | 48

Income Statements |  |  |  |  |  |  |  |  |
In millions of USD, except share data (in millions) and per share data (Unaudited) |  |  |  |
| 2Q 2021 |  | 1Q 2021 |  | 2Q 2020 |  | YTD 2021 |  | YTD 2020
Operating Revenues and Other |  |  |  |  |  |  |  |
Crude Oil and Condensate | 2,699 |  |  | 2,251 |  |  | 615 |  |  | 4,950 |  |  | 2,680 |
Natural Gas Liquids | 367 |  |  | 314 |  |  | 93 |  |  | 681 |  |  | 254 |
Natural Gas | 404 |  |  | 625 |  |  | 141 |  |  | 1,029 |  |  | 351 |
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts | (427) |  |  | (367) |  |  | (127) |  |  | (794) |  |  | 1,079 |
Gathering, Processing and Marketing | 1,022 |  |  | 848 |  |  | 362 |  |  | 1,870 |  |  | 1,401 |
Gains (Losses) on Asset Dispositions, Net | 51 |  |  | (6) |  |  | 14 |  |  | 45 |  |  | 30 |
Other, Net | 23 |  |  | 29 |  |  | 5 |  |  | 52 |  |  | 26 |
Total | 4,139 |  |  | 3,694 |  |  | 1,103 |  |  | 7,833 |  |  | 5,821 |
Operating Expenses |  |  |  |  |  |  |  |  |
Lease and Well | 270 |  |  | 270 |  |  | 245 |  |  | 540 |  |  | 575 |
Transportation Costs | 214 |  |  | 202 |  |  | 152 |  |  | 416 |  |  | 360 |
Gathering and Processing Costs | 128 |  |  | 139 |  |  | 97 |  |  | 267 |  |  | 225 |
Exploration Costs | 35 |  |  | 33 |  |  | 27 |  |  | 68 |  |  | 67 |
Dry Hole Costs | 13 |  |  | 11 |  |  | — |  |  | 24 |  |  | — |
Impairments | 44 |  |  | 44 |  |  | 305 |  |  | 88 |  |  | 1,878 |
Marketing Costs | 991 |  |  | 838 |  |  | 444 |  |  | 1,829 |  |  | 1,554 |
Depreciation, Depletion and Amortization | 914 |  |  | 900 |  |  | 707 |  |  | 1,814 |  |  | 1,707 |
General and Administrative | 120 |  |  | 110 |  |  | 132 |  |  | 230 |  |  | 246 |
Taxes Other Than Income | 239 |  |  | 215 |  |  | 81 |  |  | 454 |  |  | 238 |
Total | 2,968 |  |  | 2,762 |  |  | 2,190 |  |  | 5,730 |  |  | 6,850 |
Operating Income (Loss) | 1,171 |  |  | 932 |  |  | (1,087) |  |  | 2,103 |  |  | (1,029) |
Other Income (Expense), Net | (2) |  |  | (4) |  |  | (4) |  |  | (6) |  |  | 14 |
Income (Loss) Before Interest Expense and Income Taxes | 1,169 |  |  | 928 |  |  | (1,091) |  |  | 2,097 |  |  | (1,015) |
Interest Expense, Net | 45 |  |  | 47 |  |  | 54 |  |  | 92 |  |  | 99 |
Income (Loss) Before Income Taxes | 1,124 |  |  | 881 |  |  | (1,145) |  |  | 2,005 |  |  | (1,114) |
Income Tax Provision (Benefit) | 217 |  |  | 204 |  |  | (235) |  |  | 421 |  |  | (214) |
Net Income (Loss) | 907 |  |  | 677 |  |  | (910) |  |  | 1,584 |  |  | (900) |
Dividends Declared per Common Share | 1.4125 |  |  | 0.4125 |  |  | 0.3750 |  |  | 1.8250 |  |  | 0.7500 |
Net Income (Loss) Per Share |  |  |  |  |  |  |  |  |
Basic | 1.56 |  |  | 1.17 |  |  | (1.57) |  |  | 2.73 |  |  | (1.55) |
Diluted | 1.55 |  |  | 1.16 |  |  | (1.57) |  |  | 2.72 |  |  | (1.55) |
Average Number of Common Shares |  |  |  |  |  |  |  |  |
Basic | 580 |  |  | 580 |  |  | 579 |  |  | 580 |  |  | 579 |
Diluted | 584 |  |  | 583 |  |  | 579 |  |  | 583 |  |  | 579 |

12

Wellhead Volumes and Prices |  |  |  |  |  |  |  |  |  |
(Unaudited) |  |
| 2Q 2021 |  | 2Q2020 |  | % Change |  | 1Q 2021 |  | YTD 2021 |  | YTD 2020 |  | % Change |  |  |  |  |  |
Crude Oil and Condensate Volumes (MBbld) (A) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | 446.9 |  |  | 330.9 |  |  | 35 | % |  | 428.7 |  |  | 437.8 |  |  | 406.8 |  |  | 8 | % |  |  |  |  |  |
Trinidad | 1.7 |  |  | 0.1 |  |  | 1,600 | % |  | 2.2 |  |  | 2.0 |  |  | 0.3 |  |  | 567 | % |  |  |  |  |  |
Other International (B) | — |  |  | 0.1 |  |  | -100 | % |  | 0.1 |  |  | — |  |  | 0.1 |  |  | -100 | % |  |  |  |  |  |
Total | 448.6 |  |  | 331.1 |  |  | 35 | % |  | 431.0 |  |  | 439.8 |  |  | 407.2 |  |  | 8 | % |  |  |  |  |  |
Average Crude Oil and Condensate Prices ($/Bbl) (C) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | 66.16 |  |  | 20.40 |  |  | 224 | % |  | 58.07 |  |  | 62.22 |  |  | 36.17 |  |  | 72 | % |  |  |  |  |  |
Trinidad | 56.26 |  |  | 0.60 |  |  | 9,290 | % |  | 49.77 |  |  | 52.57 |  |  | 27.75 |  |  | 89 | % |  |  |  |  |  |
Other International (B) | 55.56 |  |  | 48.78 |  |  | 14 | % |  | 38.61 |  |  | 42.36 |  |  | 53.41 |  |  | -21 | % |  |  |  |  |  |
Composite | 66.12 |  |  | 20.40 |  |  | 224 | % |  | 58.02 |  |  | 62.18 |  |  | 36.16 |  |  | 72 | % |  |  |  |  |  |
Natural Gas Liquids Volumes (MBbld) (A) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | 138.5 |  |  | 101.2 |  |  | 37 | % |  | 124.3 |  |  | 131.5 |  |  | 131.2 |  |  | 0 | % |  |  |  |  |  |
Total | 138.5 |  |  | 101.2 |  |  | 37 | % |  | 124.3 |  |  | 131.5 |  |  | 131.2 |  |  | 0 | % |  |  |  |  |  |
Average Natural Gas Liquids Prices ($/Bbl) (C) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | 29.15 |  |  | 10.20 |  |  | 186 | % |  | 28.03 |  |  | 28.62 |  |  | 10.65 |  |  | 169 | % |  |  |  |  |  |
Composite | 29.15 |  |  | 10.20 |  |  | 186 | % |  | 28.03 |  |  | 28.62 |  |  | 10.65 |  |  | 169 | % |  |  |  |  |  |
Natural Gas Volumes (MMcfd) (A) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | 1,199 |  |  | 939 |  |  | 28 | % |  | 1,100 |  |  | 1,150 |  |  | 1,039 |  |  | 11 | % |  |  |  |  |  |
Trinidad | 233 |  |  | 174 |  |  | 34 | % |  | 217 |  |  | 225 |  |  | 188 |  |  | 20 | % |  |  |  |  |  |
Other International (B) | 13 |  |  | 34 |  |  | -62 | % |  | 25 |  |  | 19 |  |  | 35 |  |  | -46 | % |  |  |  |  |  |
Total | 1,445 |  |  | 1,147 |  |  | 26 | % |  | 1,342 |  |  | 1,394 |  |  | 1,262 |  |  | 10 | % |  |  |  |  |  |
Average Natural Gas Prices ($/Mcf) (C) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | 2.99 |  |  | 1.11 |  |  | 170 | % |  | 5.52 |  |  | 4.19 |  |  | 1.32 |  |  | 217 | % |  |  |  |  |  |
Trinidad | 3.37 |  |  | 2.13 |  |  | 58 | % |  | 3.38 |  |  | 3.37 |  |  | 2.15 |  |  | 57 | % |  |  |  |  |  |
Other International (B) | 5.69 |  |  | 4.36 |  |  | 31 | % |  | 5.66 |  |  | 5.67 |  |  | 4.34 |  |  | 31 | % |  |  |  |  |  |
Composite | 3.07 |  |  | 1.36 |  |  | 126 | % |  | 5.17 |  |  | 4.08 |  |  | 1.53 |  |  | 167 | % |  |  |  |  |  |
Crude Oil Equivalent Volumes (MBoed) (D) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | 785.2 |  |  | 588.5 |  |  | 33 | % |  | 736.4 |  |  | 761.0 |  |  | 711.1 |  |  | 7 | % |  |  |  |  |  |
Trinidad | 40.6 |  |  | 29.2 |  |  | 39 | % |  | 38.5 |  |  | 39.5 |  |  | 31.6 |  |  | 25 | % |  |  |  |  |  |
Other International (B) | 2.2 |  |  | 5.7 |  |  | -61 | % |  | 4.0 |  |  | 3.1 |  |  | 6.1 |  |  | -49 | % |  |  |  |  |  |
Total | 828.0 |  |  | 623.4 |  |  | 33 | % |  | 778.9 |  |  | 803.6 |  |  | 748.8 |  |  | 7 | % |  |  |  |  |  |
Total MMBoe (D) | 75.3 |  |  | 56.7 |  |  | 33 | % |  | 70.1 |  |  | 145.4 |  |  | 136.3 |  |  | 7 | % |  |  |  |  |  |
(A) Thousand barrels per day or million cubic feet per day, as applicable. |  |  |  |  |  |
(B) Other International includes EOG's China and Canada operations. The China operations were sold in the second quarter of 2021. |  |  |  |  |  |
(C) Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity derivative instruments (see Note 12 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021). |  |  |  |  |  |
(D) Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand. |  |  |  |  |  |

13

Balance Sheets |  |  |
In millions of USD, except share data (Unaudited)
| June 30, |  | December 31,
| 2021 |  | 2020
Current Assets |  |  |
Cash and Cash Equivalents | 3,880 |  |  | 3,329 |
Accounts Receivable, Net | 2,015 |  |  | 1,522 |
Inventories | 516 |  |  | 629 |
Assets from Price Risk Management Activities | — |  |  | 65 |
Income Taxes Receivable | 11 |  |  | 23 |
Other | 513 |  |  | 294 |
Total | 6,935 |  |  | 5,862 |
Property, Plant and Equipment |  |  |
Oil and Gas Properties (Successful Efforts Method) | 66,299 |  |  | 64,793 |
Other Property, Plant and Equipment | 4,635 |  |  | 4,479 |
Total Property, Plant and Equipment | 70,934 |  |  | 69,272 |
Less: Accumulated Depreciation, Depletion and Amortization | (42,275) |  |  | (40,673) |
Total Property, Plant and Equipment, Net | 28,659 |  |  | 28,599 |
Deferred Income Taxes | 3 |  |  | 2 |
Other Assets | 1,288 |  |  | 1,342 |
Total Assets | 36,885 |  |  | 35,805 |
Current Liabilities |  |  |
Accounts Payable | 2,012 |  |  | 1,681 |
Accrued Taxes Payable | 286 |  |  | 206 |
Dividends Payable | 820 |  |  | 217 |
Liabilities from Price Risk Management Activities | 396 |  |  | — |
Current Portion of Long-Term Debt | 39 |  |  | 781 |
Current Portion of Operating Lease Liabilities | 253 |  |  | 295 |
Other | 196 |  |  | 280 |
Total | 4,002 |  |  | 3,460 |
Long-Term Debt | 5,086 |  |  | 5,035 |
Other Liabilities | 2,186 |  |  | 2,149 |
Deferred Income Taxes | 4,730 |  |  | 4,859 |
Commitments and Contingencies |  |  |
Stockholders' Equity |  |  |
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 584,102,233 Shares Issued at June 30, 2021 and 583,694,850 Shares Issued at December 31, 2020 | 206 |  |  | 206 |
Additional Paid in Capital | 6,017 |  |  | 5,945 |
Accumulated Other Comprehensive Loss | (15) |  |  | (12) |
Retained Earnings | 14,689 |  |  | 14,170 |
Common Stock Held in Treasury, 243,058 Shares at June 30, 2021 and 124,265 Shares at December 31, 2020 | (16) |  |  | (7) |
Total Stockholders' Equity | 20,881 |  |  | 20,302 |
Total Liabilities and Stockholders' Equity | 36,885 |  |  | 35,805 |

14

Cash Flows Statements |  |  |  |  |  |  |  |  |
In millions of USD (Unaudited) |  |  |  |  |  |  |  |  |
| 2Q 2021 |  | 2Q 2020 |  | 1Q 2021 |  | YTD 2021 |  | YTD 2020
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities: |  |  |  |  |  |  |  |  |
Net Income (Loss) | 907 |  |  | (910) |  |  | 677 |  |  | 1,584 |  |  | (900) |
Items Not Requiring (Providing) Cash |  |  |  |  |  |  |  |  |
Depreciation, Depletion and Amortization | 914 |  |  | 707 |  |  | 900 |  |  | 1,814 |  |  | 1,707 |
Impairments | 44 |  |  | 305 |  |  | 44 |  |  | 88 |  |  | 1,878 |
Stock-Based Compensation Expenses | 31 |  |  | 40 |  |  | 35 |  |  | 66 |  |  | 80 |
Deferred Income Taxes | (97) |  |  | (253) |  |  | (36) |  |  | (133) |  |  | (208) |
(Gains) Losses on Asset Dispositions, Net | (51) |  |  | (14) |  |  | 6 |  |  | (45) |  |  | (30) |
Other, Net | 6 |  |  | 9 |  |  | 7 |  |  | 13 |  |  | — |
Dry Hole Costs | 13 |  |  | — |  |  | 11 |  |  | 24 |  |  | — |
Mark-to-Market Commodity Derivative Contracts |  |  |  |  |  |  |  |  |
Total (Gains) Losses | 427 |  |  | 127 |  |  | 367 |  |  | 794 |  |  | (1,079) |
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts | (193) |  |  | 640 |  |  | (30) |  |  | (223) |  |  | 724 |
Other, Net | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |
Changes in Components of Working Capital and Other Assets and Liabilities |  |  |  |  |  |  |  |  |
Accounts Receivable | (186) |  |  | 469 |  |  | (308) |  |  | (494) |  |  | 1,191 |
Inventories | 37 |  |  | (18) |  |  | 64 |  |  | 101 |  |  | 85 |
Accounts Payable | 11 |  |  | (1,619) |  |  | 172 |  |  | 183 |  |  | (1,185) |
Accrued Taxes Payable | (163) |  |  | (6) |  |  | 243 |  |  | 80 |  |  | (61) |
Other Assets | (119) |  |  | 195 |  |  | (103) |  |  | (222) |  |  | 253 |
Other Liabilities | 32 |  |  | 2 |  |  | (89) |  |  | (57) |  |  | (64) |
Changes in Components of Working Capital Associated with Investing Activities | (54) |  |  | 414 |  |  | (91) |  |  | (145) |  |  | 282 |
Net Cash Provided by Operating Activities | 1,559 |  |  | 88 |  |  | 1,870 |  |  | 3,429 |  |  | 2,673 |
Investing Cash Flows |  |  |  |  |  |  |  |  |
Additions to Oil and Gas Properties | (968) |  |  | (424) |  |  | (875) |  |  | (1,843) |  |  | (1,990) |
Additions to Other Property, Plant and Equipment | (55) |  |  | (24) |  |  | (42) |  |  | (97) |  |  | (147) |
Proceeds from Sales of Assets | 141 |  |  | 17 |  |  | 5 |  |  | 146 |  |  | 43 |
Changes in Components of Working Capital Associated with Investing Activities | 54 |  |  | (414) |  |  | 91 |  |  | 145 |  |  | (282) |
Net Cash Used in Investing Activities | (828) |  |  | (845) |  |  | (821) |  |  | (1,649) |  |  | (2,376) |
Financing Cash Flows |  |  |  |  |  |  |  |  |
Long-Term Debt Borrowings | — |  |  | 1,484 |  |  | — |  |  | — |  |  | 1,484 |
Long-Term Debt Repayments | — |  |  | (1,000) |  |  | (750) |  |  | (750) |  |  | (1,000) |
Dividends Paid | (239) |  |  | (217) |  |  | (219) |  |  | (458) |  |  | (384) |
Treasury Stock Purchased | (2) |  |  | — |  |  | (10) |  |  | (12) |  |  | (5) |
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan | 9 |  |  | 8 |  |  | — |  |  | 9 |  |  | 8 |
Debt Issuance Costs | — |  |  | (3) |  |  | — |  |  | — |  |  | (3) |
Repayment of Finance Lease Liabilities | (9) |  |  | (5) |  |  | (9) |  |  | (18) |  |  | (8) |
Net Cash Provided by (Used in) Financing Activities | (241) |  |  | 267 |  |  | (988) |  |  | (1,229) |  |  | 92 |
Effect of Exchange Rate Changes on Cash | 2 |  |  | — |  |  | (2) |  |  | — |  |  | — |
Increase (Decrease) in Cash and Cash Equivalents | 492 |  |  | (490) |  |  | 59 |  |  | 551 |  |  | 389 |
Cash and Cash Equivalents at Beginning of Period | 3,388 |  |  | 2,907 |  |  | 3,329 |  |  | 3,329 |  |  | 2,028 |
Cash and Cash Equivalents at End of Period | 3,880 |  |  | 2,417 |  |  | 3,388 |  |  | 3,880 |  |  | 2,417 |

15

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), Discretionary Cash Flow, Free Cash Flow, Adjusted EBITDAX, Net Debt and related statistics.
A reconciliation of each of these measures to their most directly comparable GAAP financial measure and related discussion is included in the tables on the following pages and can also be found in the “Reconciliations & Guidance” section of the “Investors” page of the EOG website at www.eogresources.com.
As further discussed in the tables on the following pages, EOG believes these measures may be useful to investors who follow the practice of some industry analysts who make certain adjustments to GAAP measures (for example, to exclude non-recurring items) to facilitate comparisons to others in EOG’s industry, and who utilize non-GAAP measures in their calculations of certain statistics (for example, return on capital employed and return on equity) used to evaluate EOG’s performance.
EOG believes that the non-GAAP measures presented, when viewed in combination with its financial and operating results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the company’s performance. As is discussed in the tables on the following pages, EOG uses these non-GAAP measures for purposes of (i) comparing EOG’s financial and operating performance with the financial and operating performance of other companies in the industry and (ii) analyzing EOG’s financial and operating performance across periods.
The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG’s reported Net Income (Loss), Long-Term Debt (including Current Portion of Long-Term Debt), Net Cash Provided by Operating Activities and other financial results calculated in accordance with GAAP. The non-GAAP measures presented should be read in conjunction with EOG's consolidated financial statements prepared in accordance with GAAP.
In addition, because not all companies use identical calculations, EOG’s presentation of non-GAAP measures may not be comparable to, and may be calculated differently from, similarly titled measures disclosed by other companies, including its peer companies. EOG may also change the calculation of one or more of its non-GAAP measures from time to time – for example, to account for changes in its business and operations or to more closely conform to peer company or industry analysts’ practices.
16

Adjusted Net Income (Loss) |  |  |  |  |  |
In millions of USD, except share data (in millions) and per share data (Unaudited) |  |  |  |  |  |  |
The following tables adjust the reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of commodity derivative contracts by eliminating the unrealized mark-to-market (gains) losses from these transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets) - see "Revenues, Costs and Margins Per Barrel of Oil Equivalent" below for additional related discussion) and to make certain other adjustments to exclude non-recurring and certain other items as further described below. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
| 2Q 2021
| Before Tax |  | Income Tax Impact |  | After Tax |  | Diluted Earnings per Share
Reported Net Income (GAAP) | 1,124 |  |  | (217) |  |  | 907 |  |  | 1.55 |
Adjustments: |  |  |  |  |  |  |
Losses on Mark-to-Market Commodity Derivative Contracts | 427 |  |  | (93) |  |  | 334 |  |  | 0.58 |
Net Cash Payments for Settlements of Commodity Derivative Contracts | (193) |  |  | 42 |  |  | (151) |  |  | (0.26) |
Less: Gains on Asset Dispositions, Net | (51) |  |  | 17 |  |  | (34) |  |  | (0.06) |
Add: Certain Impairments | 1 |  |  | — |  |  | 1 |  |  | — |
Less: Tax Benefits Related to Exiting Canada Operations | — |  |  | (45) |  |  | (45) |  |  | (0.08) |
Adjustments to Net Income | 184 |  |  | (79) |  |  | 105 |  |  | 0.18 |
Adjusted Net Income (Non-GAAP) | 1,308 |  |  | (296) |  |  | 1,012 |  |  | 1.73 |
Average Number of Common Shares (GAAP) |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 580 |
Diluted |  |  |  |  |  |  | 584 |
Average Number of Common Shares (Non-GAAP) |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 580 |
Diluted |  |  |  |  |  |  | 584 |

17

Adjusted Net Income (Loss) (Continued) |  |  |  |  |  |
In millions of USD, except share data (in millions) and per share data (Unaudited) |  |  |  |  |  |  |
| 2Q 2020
| Before Tax |  | Income Tax Impact |  | After Tax |  | Diluted Earnings per Share
Reported Net Loss (GAAP) | (1,145) |  |  | 235 |  |  | (910) |  |  | (1.57) |
Adjustments: |  |  |  |  |  |  |
Losses on Mark-to-Market Commodity Derivative Contracts | 127 |  |  | (29) |  |  | 98 |  |  | 0.17 |
Net Cash Received from Settlements of Commodity Derivative Contracts | 640 |  |  | (141) |  |  | 499 |  |  | 0.86 |
Less: Gains on Asset Dispositions, Net | (14) |  |  | 4 |  |  | (10) |  |  | (0.02) |
Add: Certain Impairments | 239 |  |  | (47) |  |  | 192 |  |  | 0.33 |
Adjustments to Net Loss | 992 |  |  | (213) |  |  | 779 |  |  | 1.34 |
Adjusted Net Loss (Non-GAAP) | (153) |  |  | 22 |  |  | (131) |  |  | (0.23) |
Average Number of Common Shares (GAAP) |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 579 |
Diluted |  |  |  |  |  |  | 579 |
Average Number of Common Shares (Non-GAAP) |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 579 |
Diluted |  |  |  |  |  |  | 579 |

18

Adjusted Net Income (Loss) (Continued) |  |  |  |  |  |
In millions of USD, except share data (in millions) and per share data (Unaudited) |  |  |  |  |  |  |
| 1Q 2021
| Before Tax |  | Income Tax Impact |  | After Tax |  | Diluted Earnings per Share
Reported Net Income (GAAP) | 881 |  |  | (204) |  |  | 677 |  |  | 1.16 |
Adjustments: |  |  |  |  |  |  |
Losses on Mark-to-Market Commodity Derivative Contracts | 367 |  |  | (81) |  |  | 286 |  |  | 0.49 |
Net Cash Payments for Settlements of Commodity Derivative Contracts | (30) |  |  | 7 |  |  | (23) |  |  | (0.04) |
Add: Losses on Asset Dispositions, Net | 6 |  |  | (1) |  |  | 5 |  |  | 0.01 |
Add: Certain Impairments | 1 |  |  | — |  |  | 1 |  |  | — |
Adjustments to Net Income | 344 |  |  | (75) |  |  | 269 |  |  | 0.46 |
Adjusted Net Income (Non-GAAP) | 1,225 |  |  | (279) |  |  | 946 |  |  | 1.62 |
Average Number of Common Shares (GAAP) |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 580 |
Diluted |  |  |  |  |  |  | 583 |
Average Number of Common Shares (Non-GAAP) |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 580 |
Diluted |  |  |  |  |  |  | 583 |

19

Adjusted Net Income (Loss) (Continued) |  |  |  |  |  |
In millions of USD, except share data (in millions) and per share data (Unaudited) |  |  |  |  |  |  |
| YTD 2021
| Before Tax |  | Income Tax Impact |  | After Tax |  | Diluted Earnings per Share
Reported Net Income (GAAP) | 2,005 |  |  | (421) |  |  | 1,584 |  |  | 2.72 |
Adjustments: |  |  |  |  |  |  |
Losses on Mark-to-Market Commodity Derivative Contracts | 794 |  |  | (174) |  |  | 620 |  |  | 1.07 |
Net Cash Payments for Settlements of Commodity Derivative Contracts | (223) |  |  | 49 |  |  | (174) |  |  | (0.30) |
Less: Gains on Asset Dispositions, Net | (45) |  |  | 16 |  |  | (29) |  |  | (0.05) |
Add: Certain Impairments | 2 |  |  | — |  |  | 2 |  |  | — |
Less: Tax Benefits Related to Exiting Canada Operations | — |  |  | (45) |  |  | (45) |  |  | (0.08) |
Adjustments to Net Income | 528 |  |  | (154) |  |  | 374 |  |  | 0.64 |
Adjusted Net Income (Non-GAAP) | 2,533 |  |  | (575) |  |  | 1,958 |  |  | 3.36 |
Average Number of Common Shares (GAAP) |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 580 |
Diluted |  |  |  |  |  |  | 583 |
Average Number of Common Shares (Non-GAAP) |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 580 |
Diluted |  |  |  |  |  |  | 583 |

20

Adjusted Net Income (Loss) (Continued) |  |  |  |  |  |
In millions of USD, except share data (in millions) and per share data (Unaudited) |  |  |  |  |  |  |
| YTD 2020
| Before Tax |  | Income Tax Impact |  | After Tax |  | Diluted Earnings per Share
Reported Net Loss (GAAP) | (1,114) |  |  | 214 |  |  | (900) |  |  | (1.55) |
Adjustments: |  |  |  |  |  |  |
Gains on Mark-to-Market Commodity Derivative Contracts | (1,079) |  |  | 236 |  |  | (843) |  |  | (1.47) |
Net Cash Received from Settlements of Commodity Derivative Contracts | 724 |  |  | (159) |  |  | 565 |  |  | 0.98 |
Less: Gains on Asset Dispositions, Net | (30) |  |  | 7 |  |  | (23) |  |  | (0.04) |
Add: Certain Impairments | 1,755 |  |  | (367) |  |  | 1,388 |  |  | 2.40 |
Adjustments to Net Loss | 1,370 |  |  | (283) |  |  | 1,087 |  |  | 1.87 |
Adjusted Net Income (Non-GAAP) | 256 |  |  | (69) |  |  | 187 |  |  | 0.32 |
Average Number of Common Shares (GAAP) |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 579 |
Diluted |  |  |  |  |  |  | 579 |
Average Number of Common Shares (Non-GAAP) |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 579 |
Diluted |  |  |  |  |  |  | 580 |

21

Adjusted Net Income Per Share |  |  |
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
1Q 2021 Adjusted Net Income per Share (Non-GAAP) |  |  | 1.62 |
Realized Price |  |  |
2Q 2021 Composite Average Wellhead Revenue per Boe | 46.07 |  |  |
Less: 1Q 2021 Composite Average Welhead Revenue per Boe | (45.49) |  |  |
Subtotal | 0.58 |  |  |
Multiplied by: 2Q 2021 Crude Oil Equivalent Volumes (MMBoe) | 75.3 |  |  |
Total Change in Revenue | 44 |  |  |
Less: Income Tax Benefit (Cost) Imputed (based on 23%) | (10) |  |  |
Change in Net Income | 34 |  |  |
Change in Diluted Earnings per Share |  |  | 0.06 |
Net Cash Received (Paid) from Settlements of Commodity Derivative Contracts |  |  |
2Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts | (193) |  |  |
Less: Income Tax Benefit (Cost) | 42 |  |  |
After Tax - (a) | (151) |  |  |
1Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts | (30) |  |  |
Less: Income Tax Benefit (Cost) | 7 |  |  |
After Tax - (b) | (23) |  |  |
Change in Net Income - (a) - (b) | (128) |  |  |
Change in Diluted Earnings per Share |  |  | (0.22) |
Wellhead Volumes |  |  |
2Q 2021 Crude Oil Equivalent Volumes (MMBoe) | 75.3 |  |  |
Less: 1Q 2021 Crude Oil Equivalent Volumes (MMBoe) | (70.1) |  |  |
Subtotal | 5.2 |  |  |
Multiplied by: 2Q 2021 Composite Average Margin per Boe (Including Total Exploration Costs) (Non-GAAP) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) | 19.25 |  |  |
Change in Revenue | 101 |  |  |
Less: Income Tax Benefit (Cost) Imputed (based on 23%) | (23) |  |  |
Change in Net Income | 78 |  |  |
Change in Diluted Earnings per Share |  |  | 0.13 |
Operating Cost per Boe |  |  |
1Q 2021 Total Operating Cost per Boe (including Total Exploration Costs) (Non-GAAP) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) | 28.11 |  |  |
Less: 2Q 2021 Total Operating Cost per Boe (including Total Exploration Costs) (Non-GAAP) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) | (26.82) |  |  |
Subtotal | 1.29 |  |  |
Multiplied by: 2Q 2021 Crude Oil Equivalent Volumes (MMBoe) | 75.3 |  |  |
Change in Before-Tax Net Income | 97 |  |  |
Less: Income Tax Benefit (Cost) Imputed (based on 23%) | (22) |  |  |
Change in Net Income | 75 |  |  |
Change in Diluted Earnings per Share |  |  | 0.13 |
Other Items |  |  | 0.01 |
2Q 2021 Adjusted Net Income per Share (Non-GAAP) |  |  | 1.73 |
2Q 2021 Average Number of Common Shares (Non-GAAP) - Diluted | 584 |  |  |

22

Discretionary Cash Flow and Free Cash Flow |
In millions of USD (Unaudited) |  |  |  |  |  |  |  |  |
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Discretionary Cash Flow (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 Exploration Costs (excluding Stock-Based Compensation Expenses), Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing and Financing Activities and certain other adjustments to exclude non-recurring and certain other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Discretionary Cash Flow (Non-GAAP) (see below reconciliation) for such period less the total cash capital expenditures (before acquisitions) incurred (Non-GAAP) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry.
| 2Q 2021 |  | 1Q 2021 |  | 2Q 2020 |  | YTD 2021 |  | YTD 2020
Net Cash Provided by Operating Activities (GAAP) | 1,559 |  |  | 1,870 |  |  | 88 |  |  | 3,429 |  |  | 2,673 |
Adjustments: |  |  |  |  |  |  |  |  |
Exploration Costs (excluding Stock-Based Compensation Expenses) | 29 |  |  | 28 |  |  | 21 |  |  | 57 |  |  | 53 |
Changes in Components of Working Capital and Other Assets and Liabilities |  |  |  |  |  |  |  |  |
Accounts Receivable | 186 |  |  | 308 |  |  | (469) |  |  | 494 |  |  | (1,191) |
Inventories | (37) |  |  | (64) |  |  | 18 |  |  | (101) |  |  | (85) |
Accounts Payable | (11) |  |  | (172) |  |  | 1,619 |  |  | (183) |  |  | 1,185 |
Accrued Taxes Payable | 163 |  |  | (243) |  |  | 6 |  |  | (80) |  |  | 61 |
Other Assets | 119 |  |  | 103 |  |  | (195) |  |  | 222 |  |  | (253) |
Other Liabilities | (32) |  |  | 89 |  |  | (2) |  |  | 57 |  |  | 64 |
Changes in Components of Working Capital Associated with Investing Activities | 54 |  |  | 91 |  |  | (414) |  |  | 145 |  |  | (282) |
Other Non-Current Income Taxes - Net Receivable | — |  |  | — |  |  | — |  |  | — |  |  | 113 |
Discretionary Cash Flow (Non-GAAP) | 2,030 |  |  | 2,010 |  |  | 672 |  |  | 4,040 |  |  | 2,338 |
Discretionary Cash Flow (Non-GAAP) - Percentage Increase | 202 | % |  |  |  |  |  | 73 | % |  |
Discretionary Cash Flow (Non-GAAP) | 2,030 |  |  | 2,010 |  |  | 672 |  |  | 4,040 |  |  | 2,338 |
Less: |  |  |  |  |  |  |  |  |
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a) | (972) |  |  | (945) |  |  | (478) |  |  | (1,917) |  |  | (2,163) |
Free Cash Flow (Non-GAAP) | 1,058 |  |  | 1,065 |  |  | 194 |  |  | 2,123 |  |  | 175 |

23

(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP):
| 2Q 2021 |  | 1Q 2021 |  | 2Q 2020 |  | YTD 2021 |  | YTD 2020
Total Expenditures (GAAP) | 1,089 |  |  | 1,067 |  |  | 534 |  |  | 2,156 |  |  | 2,360 |
Less: |  |  |  |  |  |  |  |  |
Asset Retirement Costs | (31) |  |  | (17) |  |  | (5) |  |  | (48) |  |  | (25) |
Non-Cash Expenditures of Other Property, Plant and Equipment | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-Cash Acquisition Costs of Unproved Properties | — |  |  | (22) |  |  | (24) |  |  | (22) |  |  | (48) |
Non-Cash Finance Leases | — |  |  | (74) |  |  | (24) |  |  | (74) |  |  | (73) |
Acquisition Costs of Proved Properties | (86) |  |  | (9) |  |  | (3) |  |  | (95) |  |  | (51) |
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) | 972 |  |  | 945 |  |  | 478 |  |  | 1,917 |  |  | 2,163 |

24

Discretionary Cash Flow and Free Cash Flow (Continued) |  |  |  |  |  |
In millions of USD (Unaudited) |  |  |  |  |  |  |  |  |  |  |  |
| FY 2020 |  | FY 2019 |  | FY 2018 |  | FY 2017 |  |  |  |  |
Net Cash Provided by Operating Activities (GAAP) | 5,008 |  |  | 8,163 |  |  | 7,769 |  |  | 4,265 |  |  |  |  |  |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Exploration Costs (excluding Stock-Based Compensation Expenses) | 126 |  |  | 113 |  |  | 125 |  |  | 122 |  |  |  |  |  |
Changes in Components of Working Capital and Other Assets and Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable | (467) |  |  | 92 |  |  | 368 |  |  | 392 |  |  |  |  |  |
Inventories | (123) |  |  | (90) |  |  | 395 |  |  | 175 |  |  |  |  |  |
Accounts Payable | 795 |  |  | (169) |  |  | (439) |  |  | (324) |  |  |  |  |  |
Accrued Taxes Payable | 49 |  |  | (40) |  |  | 92 |  |  | 64 |  |  |  |  |  |
Other Assets | (325) |  |  | (358) |  |  | 125 |  |  | 659 |  |  |  |  |  |
Other Liabilities | (8) |  |  | 57 |  |  | (11) |  |  | 90 |  |  |  |  |  |
Changes in Components of Working Capital Associated with Investing and Financing Activities | (75) |  |  | 115 |  |  | (301) |  |  | (90) |  |  |  |  |  |
Other Non-Current Income Taxes - Net (Payable) Receivable | 113 |  |  | 239 |  |  | 149 |  |  | (513) |  |  |  |  |  |
Discretionary Cash Flow (Non-GAAP) | 5,093 |  |  | 8,122 |  |  | 8,272 |  |  | 4,840 |  |  |  |  |  |
Discretionary Cash Flow (Non-GAAP) - Percentage Increase (Decrease) | -37 | % |  | -2 | % |  | 71 | % |  | 76 | % |  |  |  |  |
Discretionary Cash Flow (Non-GAAP) | 5,093 |  |  | 8,122 |  |  | 8,272 |  |  | 4,840 |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a) | (3,490) |  |  | (6,234) |  |  | (6,172) |  |  | (4,228) |  |  |  |  |  |
Free Cash Flow (Non-GAAP) | 1,603 |  |  | 1,888 |  |  | 2,100 |  |  | 612 |  |  |  |  |  |
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP): |  |  |  |  |
Total Expenditures (GAAP) | 4,113 |  |  | 6,900 |  |  | 6,706 |  |  | 4,613 |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Asset Retirement Costs | (117) |  |  | (186) |  |  | (70) |  |  | (56) |  |  |  |  |  |
Non-Cash Expenditures of Other Property, Plant and Equipment | — |  |  | (2) |  |  | (1) |  |  | — |  |  |  |  |  |
Non-Cash Acquisition Costs of Unproved Properties | (197) |  |  | (98) |  |  | (291) |  |  | (256) |  |  |  |  |  |
Non-Cash Finance Leases | (174) |  |  | — |  |  | (48) |  |  | — |  |  |  |  |  |
Acquisition Costs of Proved Properties | (135) |  |  | (380) |  |  | (124) |  |  | (73) |  |  |  |  |  |
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) | 3,490 |  |  | 6,234 |  |  | 6,172 |  |  | 4,228 |  |  |  |  |  |

25

Discretionary Cash Flow and Free Cash Flow (Continued) |  |  |  |  |  |
In millions of USD (Unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| FY 2016 |  | FY 2015 |  | FY 2014 |  | FY 2013 |  | FY 2012 |  |  |  |  |
Net Cash Provided by Operating Activities (GAAP) | 2,359 |  |  | 3,595 |  |  | 8,649 |  |  | 7,329 |  |  | 5,237 |  |  |  |  |  |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exploration Costs (excluding Stock-Based Compensation Expenses) | 104 |  |  | 124 |  |  | 158 |  |  | 134 |  |  | 158 |  |  |  |  |  |
Changes in Components of Working Capital and Other Assets and Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable | 233 |  |  | (641) |  |  | (85) |  |  | 24 |  |  | 179 |  |  |  |  |  |
Inventories | (171) |  |  | (58) |  |  | 162 |  |  | (53) |  |  | 157 |  |  |  |  |  |
Accounts Payable | 74 |  |  | 1,409 |  |  | (544) |  |  | (179) |  |  | 17 |  |  |  |  |  |
Accrued Taxes Payable | (93) |  |  | (12) |  |  | (16) |  |  | (75) |  |  | (78) |  |  |  |  |  |
Other Assets | 41 |  |  | (118) |  |  | 14 |  |  | 110 |  |  | 119 |  |  |  |  |  |
Other Liabilities | 16 |  |  | 66 |  |  | (75) |  |  | 20 |  |  | (36) |  |  |  |  |  |
Changes in Components of Working Capital Associated with Investing and Financing Activities | 156 |  |  | (500) |  |  | 103 |  |  | 51 |  |  | (74) |  |  |  |  |  |
Excess Tax Benefits from Stock-Based Compensation | 30 |  |  | 26 |  |  | 99 |  |  | 56 |  |  | 67 |  |  |  |  |  |
Discretionary Cash Flow (Non-GAAP) | 2,749 |  |  | 3,891 |  |  | 8,465 |  |  | 7,417 |  |  | 5,746 |  |  |  |  |  |
Discretionary Cash Flow (Non-GAAP) - Percentage Increase (Decrease) | -29 | % |  | -54 | % |  | 14 | % |  | 29 | % |  |  |  |  |  |  |
Discretionary Cash Flow (Non-GAAP) | 2,749 |  |  | 3,891 |  |  | 8,465 |  |  | 7,417 |  |  | 5,746 |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a) | (2,706) |  |  | (4,682) |  |  | (8,292) |  |  | (7,102) |  |  | (7,540) |  |  |  |  |  |
Free Cash Flow (Non-GAAP) | 43 |  |  | (791) |  |  | 173 |  |  | 315 |  |  | (1,794) |  |  |  |  |  |
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP): |  |  |  |  |
Total Expenditures (GAAP) | 6,554 |  |  | 5,216 |  |  | 8,632 |  |  | 7,361 |  |  | 7,754 |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset Retirement Costs | 20 |  |  | (53) |  |  | (196) |  |  | (134) |  |  | (127) |  |  |  |  |  |
Non-Cash Expenditures of Other Property, Plant and Equipment | (17) |  |  | — |  |  | — |  |  | — |  |  | (66) |  |  |  |  |  |
Non-Cash Acquisition Costs of Unproved Properties | (3,102) |  |  | — |  |  | (5) |  |  | (5) |  |  | (20) |  |  |  |  |  |
Acquisition Costs of Proved Properties | (749) |  |  | (481) |  |  | (139) |  |  | (120) |  |  | (1) |  |  |  |  |  |
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) | 2,706 |  |  | 4,682 |  |  | 8,292 |  |  | 7,102 |  |  | 7,540 |  |  |  |  |  |

26

Total Expenditures |  |  |  |  |  |  |  |  |
In millions of USD (Unaudited) |  |  |  |  |  |  |  |  |  |  |
| 2Q 2021 |  | 2Q 2020 |  | FY 2020 |  | FY 2019 |  | FY 2018 |  | FY 2017
Exploration and Development Drilling | 711 |  |  | 381 |  |  | 2,664 |  |  | 4,951 |  |  | 4,935 |  |  | 3,132 |
Facilities | 105 |  |  | 31 |  |  | 347 |  |  | 629 |  |  | 625 |  |  | 575 |
Leasehold Acquisitions | 46 |  |  | 30 |  |  | 265 |  |  | 276 |  |  | 488 |  |  | 427 |
Property Acquisitions | 86 |  |  | 3 |  |  | 135 |  |  | 380 |  |  | 124 |  |  | 73 |
Capitalized Interest | 7 |  |  | 8 |  |  | 31 |  |  | 38 |  |  | 24 |  |  | 27 |
Subtotal | 955 |  |  | 453 |  |  | 3,442 |  |  | 6,274 |  |  | 6,196 |  |  | 4,234 |
Exploration Costs | 35 |  |  | 27 |  |  | 146 |  |  | 140 |  |  | 149 |  |  | 145 |
Dry Hole Costs | 13 |  |  | — |  |  | 13 |  |  | 28 |  |  | 5 |  |  | 5 |
Exploration and Development Expenditures | 1,003 |  |  | 480 |  |  | 3,601 |  |  | 6,442 |  |  | 6,350 |  |  | 4,384 |
Asset Retirement Costs | 31 |  |  | 5 |  |  | 117 |  |  | 186 |  |  | 70 |  |  | 56 |
Total Exploration and Development Expenditures | 1,034 |  |  | 485 |  |  | 3,718 |  |  | 6,628 |  |  | 6,420 |  |  | 4,440 |
Other Property, Plant and Equipment | 55 |  |  | 49 |  |  | 395 |  |  | 272 |  |  | 286 |  |  | 173 |
Total Expenditures | 1,089 |  |  | 534 |  |  | 4,113 |  |  | 6,900 |  |  | 6,706 |  |  | 4,613 |

27

EBITDAX and Adjusted EBITDAX |  |  |  |  |
In millions of USD (Unaudited) |  |  |  |  |  |
The following table adjusts the reported Net Income (Loss) (GAAP) to Earnings Before Interest Expense, Net, Income Taxes (Income Tax Provision (Benefit)), Depreciation, Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments (EBITDAX) (Non-GAAP) and further adjusts such amount to reflect actual Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts by eliminating the unrealized Mark-to-Market (MTM) (Gains) Losses from these transactions and to eliminate the (Gains) Losses on Asset Dispositions (Net). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported Net Income (Loss) (GAAP) to add back Interest Expense (Net), Income Taxes (Income Tax Provision (Benefit)), Depreciation, Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments and further adjust such amount to match realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
| 2Q 2021 | 2Q 2020 |  | YTD 2021 |  | YTD 2020
Net Income (Loss) (GAAP) | 907 |  | (910) |  |  | 1,584 |  |  | (900) |
Adjustments: |  |  |  |  |  |
Interest Expense, Net | 45 |  | 54 |  |  | 92 |  |  | 99 |
Income Tax Provision (Benefit) | 217 |  | (235) |  |  | 421 |  |  | (214) |
Depreciation, Depletion and Amortization | 914 |  | 707 |  |  | 1,814 |  |  | 1,707 |
Exploration Costs | 35 |  | 27 |  |  | 68 |  |  | 67 |
Dry Hole Costs | 13 |  | — |  |  | 24 |  |  | — |
Impairments | 44 |  | 305 |  |  | 88 |  |  | 1,878 |
EBITDAX (Non-GAAP) | 2,175 |  | (52) |  |  | 4,091 |  |  | 2,637 |
(Gains) Losses on MTM Commodity Derivative Contracts | 427 |  | 127 |  |  | 794 |  |  | (1,079) |
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts | (193) |  | 640 |  |  | (223) |  |  | 724 |
Gains on Asset Dispositions, Net | (51) |  | (14) |  |  | (45) |  |  | (30) |
Adjusted EBITDAX (Non-GAAP) | 2,358 |  | 701 |  |  | 4,617 |  |  | 2,252 |
Adjusted EBITDAX (Non-GAAP) - Percentage Increase | 236 | % |  |  | 105 | % |  |
Definitions |  |  |  |  |  |
EBITDAX - Earnings Before Interest Expense, Net; Income Tax Provision (Benefit); Depreciation, Depletion and Amortization; Exploration Costs; Dry Hole Costs; and Impairments

28

Net Debt-to-Total Capitalization Ratio |  |  |
In millions of USD, except ratio data (Unaudited) |  |  |
The following tables reconcile Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (Non-GAAP), as used in the Net Debt-to-Total Capitalization ratio calculation. A portion of the cash is associated with international subsidiaries; tax considerations may impact debt paydown. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize Net Debt and Total Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation. EOG management uses this information for comparative purposes within the industry.
| June 30, 2021 |  | March 31, 2021
Total Stockholders' Equity - (a) | 20,881 |  |  | 20,762 |
Current and Long-Term Debt (GAAP) - (b) | 5,125 |  |  | 5,133 |
Less: Cash | (3,880) |  |  | (3,388) |
Net Debt (Non-GAAP) - (c) | 1,245 |  |  | 1,745 |
Total Capitalization (GAAP) - (a) + (b) | 26,006 |  |  | 25,895 |
Total Capitalization (Non-GAAP) - (a) + (c) | 22,126 |  |  | 22,507 |
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] | 19.7 | % |  | 19.8 | %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | 5.6 | % |  | 7.8 | %

29

Net Debt-to-Total Capitalization Ratio (Continued) |  |  |  |
In millions of USD, except ratio data (Unaudited) |  |  |  |  |  |  |
| December 31, 2020 |  | September 30, 2020 |  | June 30, 2020 |  | March 31, 2020
Total Stockholders' Equity - (a) | 20,302 |  |  | 20,148 |  |  | 20,388 |  |  | 21,471 |
Current and Long-Term Debt (GAAP) - (b) | 5,816 |  |  | 5,721 |  |  | 5,724 |  |  | 5,222 |
Less: Cash | (3,329) |  |  | (3,066) |  |  | (2,417) |  |  | (2,907) |
Net Debt (Non-GAAP) - (c) | 2,487 |  |  | 2,655 |  |  | 3,307 |  |  | 2,315 |
Total Capitalization (GAAP) - (a) + (b) | 26,118 |  |  | 25,869 |  |  | 26,112 |  |  | 26,693 |
Total Capitalization (Non-GAAP) - (a) + (c) | 22,789 |  |  | 22,803 |  |  | 23,695 |  |  | 23,786 |
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] | 22.3 | % |  | 22.1 | % |  | 21.9 | % |  | 19.6 | %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | 10.9 | % |  | 11.6 | % |  | 14.0 | % |  | 9.7 | %

30

Net Debt-to-Total Capitalization Ratio (Continued) |  |  |  |
In millions of USD, except ratio data (Unaudited) |  |  |  |  |  |  |
| December 31, 2019 |  | September 30, 2019 |  | June 30, 2019 |  | March 31, 2019
Total Stockholders' Equity - (a) | 21,641 |  |  | 21,124 |  |  | 20,630 |  |  | 19,904 |
Current and Long-Term Debt (GAAP) - (b) | 5,175 |  |  | 5,177 |  |  | 5,179 |  |  | 6,081 |
Less: Cash | (2,028) |  |  | (1,583) |  |  | (1,160) |  |  | (1,136) |
Net Debt (Non-GAAP) - (c) | 3,147 |  |  | 3,594 |  |  | 4,019 |  |  | 4,945 |
Total Capitalization (GAAP) - (a) + (b) | 26,816 |  |  | 26,301 |  |  | 25,809 |  |  | 25,985 |
Total Capitalization (Non-GAAP) - (a) + (c) | 24,788 |  |  | 24,718 |  |  | 24,649 |  |  | 24,849 |
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] | 19.3 | % |  | 19.7 | % |  | 20.1 | % |  | 23.4 | %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | 12.7 | % |  | 14.5 | % |  | 16.3 | % |  | 19.9 | %

31

Net Debt-to-Total Capitalization Ratio (Continued) |  |  |  |  |  |
In millions of USD, except ratio data (Unaudited) |  |  |  |  |  |  |  |
| December 31, 2018 |  | September 30, 2018 |  | June 30, 2018 |  | March 31, 2018 |  |
Total Stockholders' Equity - (a) | 19,364 |  |  | 18,538 |  |  | 17,452 |  |  | 16,841 |  |  |
Current and Long-Term Debt (GAAP) - (b) | 6,083 |  |  | 6,435 |  |  | 6,435 |  |  | 6,435 |  |  |
Less: Cash | (1,556) |  |  | (1,274) |  |  | (1,008) |  |  | (816) |  |  |
Net Debt (Non-GAAP) - (c) | 4,527 |  |  | 5,161 |  |  | 5,427 |  |  | 5,619 |  |  |
Total Capitalization (GAAP) - (a) + (b) | 25,447 |  |  | 24,973 |  |  | 23,887 |  |  | 23,276 |  |  |
Total Capitalization (Non-GAAP) - (a) + (c) | 23,891 |  |  | 23,699 |  |  | 22,879 |  |  | 22,460 |  |  |
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] | 23.9 | % |  | 25.8 | % |  | 26.9 | % |  | 27.6 | % |  |
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | 18.9 | % |  | 21.8 | % |  | 23.7 | % |  | 25.0 | % |  |

32

Net Debt-to-Total Capitalization Ratio (Continued) |  |  |  |  |  |
In millions of USD, except ratio data (Unaudited) |  |  |  |  |  |  |  |
| December 31, 2017 |  | September 30, 2017 |  | June 30, 2017 |  | March 31, 2017 |  |
Total Stockholders' Equity - (a) | 16,283 |  |  | 13,922 |  |  | 13,902 |  |  | 13,928 |  |  |
Current and Long-Term Debt (GAAP) - (b) | 6,387 |  |  | 6,387 |  |  | 6,987 |  |  | 6,987 |  |  |
Less: Cash | (834) |  |  | (846) |  |  | (1,649) |  |  | (1,547) |  |  |
Net Debt (Non-GAAP) - (c) | 5,553 |  |  | 5,541 |  |  | 5,338 |  |  | 5,440 |  |  |
Total Capitalization (GAAP) - (a) + (b) | 22,670 |  |  | 20,309 |  |  | 20,889 |  |  | 20,915 |  |  |
Total Capitalization (Non-GAAP) - (a) + (c) | 21,836 |  |  | 19,463 |  |  | 19,240 |  |  | 19,368 |  |  |
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] | 28.2 | % |  | 31.4 | % |  | 33.4 | % |  | 33.4 | % |  |
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | 25.4 | % |  | 28.5 | % |  | 27.7 | % |  | 28.1 | % |  |

33

Net Debt-to-Total Capitalization Ratio (Continued) |  |  |  |
In millions of USD, except ratio data (Unaudited) |  |  |  |  |  |  |  |  |  |
| December 31, 2016 |  | September 30, 2016 |  | June 30, 2016 |  | March 31, 2016 |  | December 31, 2015 |  |
Total Stockholders' Equity - (a) | 13,982 |  |  | 11,798 |  |  | 12,057 |  |  | 12,405 |  |  | 12,943 |  |  |
Current and Long-Term Debt (GAAP) - (b) | 6,986 |  |  | 6,986 |  |  | 6,986 |  |  | 6,986 |  |  | 6,660 |  |  |
Less: Cash | (1,600) |  |  | (1,049) |  |  | (780) |  |  | (668) |  |  | (719) |  |  |
Net Debt (Non-GAAP) - (c) | 5,386 |  |  | 5,937 |  |  | 6,206 |  |  | 6,318 |  |  | 5,941 |  |  |
Total Capitalization (GAAP) - (a) + (b) | 20,968 |  |  | 18,784 |  |  | 19,043 |  |  | 19,391 |  |  | 19,603 |  |  |
Total Capitalization (Non-GAAP) - (a) + (c) | 19,368 |  |  | 17,735 |  |  | 18,263 |  |  | 18,723 |  |  | 18,884 |  |  |
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] | 33.3 | % |  | 37.2 | % |  | 36.7 | % |  | 36.0 | % |  | 34.0 | % |  |
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | 27.8 | % |  | 33.5 | % |  | 34.0 | % |  | 33.7 | % |  | 31.5 | % |  |

34

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.
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | 2015 |  | 2014
Total Costs Incurred in Exploration and Development Activities (GAAP) | 3,718 |  |  | 6,628 |  |  | 6,420 |  |  | 4,440 |  |  | 6,445 |  |  | 4,928 |  |  | 7,905 |
Less: Asset Retirement Costs | (117) |  |  | (186) |  |  | (70) |  |  | (56) |  |  | 20 |  |  | (53) |  |  | (196) |
Non-Cash Acquisition Costs of Unproved Properties | (197) |  |  | (98) |  |  | (291) |  |  | (256) |  |  | (3,102) |  |  | — |  |  | — |
Acquisition Costs of Proved Properties | (135) |  |  | (380) |  |  | (124) |  |  | (73) |  |  | (749) |  |  | (481) |  |  | (139) |
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a) | 3,269 |  |  | 5,964 |  |  | 5,935 |  |  | 4,055 |  |  | 2,614 |  |  | 4,394 |  |  | 7,570 |
Total Costs Incurred in Exploration and Development Activities (GAAP) | 3,718 |  |  | 6,628 |  |  | 6,420 |  |  | 4,440 |  |  | 6,445 |  |  | 4,928 |  |  | 7,905 |
Less: Asset Retirement Costs | (117) |  |  | (186) |  |  | (70) |  |  | (56) |  |  | 20 |  |  | (53) |  |  | (196) |
Non-Cash Acquisition Costs of Unproved Properties | (197) |  |  | (98) |  |  | (291) |  |  | (256) |  |  | (3,102) |  |  | — |  |  | — |
Non-Cash Acquisition Costs of Proved Properties | (15) |  |  | (52) |  |  | (71) |  |  | (26) |  |  | (732) |  |  | — |  |  | — |
Total Exploration and Development Expenditures (Non-GAAP) - (b) | 3,389 |  |  | 6,292 |  |  | 5,988 |  |  | 4,102 |  |  | 2,631 |  |  | 4,875 |  |  | 7,709 |
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe) |  |  |  |  |  |  |  |  |  |  |  |  |
Revisions Due to Price - (c) | (278) |  |  | (60) |  |  | 35 |  |  | 154 |  |  | (101) |  |  | (574) |  |  | 52 |
Revisions Other Than Price | (89) |  |  | — |  |  | (40) |  |  | 48 |  |  | 253 |  |  | 107 |  |  | 49 |
Purchases in Place | 10 |  |  | 17 |  |  | 12 |  |  | 2 |  |  | 42 |  |  | 56 |  |  | 14 |
Extensions, Discoveries and Other Additions - (d) | 564 |  |  | 750 |  |  | 670 |  |  | 421 |  |  | 209 |  |  | 246 |  |  | 519 |
Total Proved Reserve Additions - (e) | 207 |  |  | 707 |  |  | 677 |  |  | 625 |  |  | 403 |  |  | (165) |  |  | 634 |
Sales in Place | (31) |  |  | (5) |  |  | (11) |  |  | (21) |  |  | (168) |  |  | (4) |  |  | (36) |
Net Proved Reserve Additions From All Sources | 176 |  |  | 702 |  |  | 666 |  |  | 604 |  |  | 235 |  |  | (169) |  |  | 598 |
Production | 285 |  |  | 301 |  |  | 265 |  |  | 224 |  |  | 206 |  |  | 210 |  |  | 220 |

35

| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | 2015 |  | 2014
Reserve Replacement Costs ($ / Boe) |  |  |  |  |  |  |  |  |  |  |  |  |
Total Drilling, Before Revisions - (a / d) | 5.79 |  |  | 7.95 |  |  | 8.86 |  |  | 9.64 |  |  | 12.51 |  |  | 17.87 |  |  | 14.58 |
All-in Total, Net of Revisions - (b / e) | 16.32 |  |  | 8.90 |  |  | 8.85 |  |  | 6.56 |  |  | 6.52 |  |  | (29.63) |  |  | 12.16 |
All-in Total, Excluding Revisions Due to Price - (b / ( e - c)) | 6.98 |  |  | 8.21 |  |  | 9.33 |  |  | 8.71 |  |  | 5.22 |  |  | 11.91 |  |  | 13.25 |

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

36

Financial Commodity Derivative Contracts |

EOG accounts for financial commodity derivative contracts using the mark-to-market accounting method.
Presented below is a comprehensive summary of EOG's financial commodity derivative contracts as of July 30, 2021.

Crude Oil Financial Price Swap Contracts
|  |  |  | Contracts Sold
Period |  | Settlement Index |  | Volume (MBbld) |  | Weighted Average Price ($/Bbl)
January 2021 (closed) |  | NYMEX WTI |  | 151 |  |  | $ | 50.06 |
February - March 2021 (closed) |  | NYMEX WTI |  | 201 |  |  | 51.29 |
April - June 2021 (closed) |  | NYMEX WTI |  | 150 |  |  | 51.68 |
July 2021 (closed) |  | NYMEX WTI |  | 150 |  |  | 52.71 |
August - September 2021 |  | NYMEX WTI |  | 150 |  |  | 52.71 |
January - March 2022 |  | NYMEX WTI |  | 140 |  |  | 65.58 |
April - June 2022 |  | NYMEX WTI |  | 140 |  |  | 65.62 |
July - September 2022 |  | NYMEX WTI |  | 100 |  |  | 64.98 |
October - December 2022 |  | NYMEX WTI |  | 40 |  |  | 63.71 |

Crude Oil Basis Swap Contracts
|  |  |  | Contracts Sold
Period |  | Settlement Index |  | Volume (MBbld) |  | Weighted Average Price Differential ($/Bbl)
February 2021 (closed) |  | NYMEX WTI Roll Differential (1) |  | 30 |  |  | $ | 0.11 |
March - August 2021 (closed) |  | NYMEX WTI Roll Differential (1) |  | 125 |  |  | 0.17 |
September - December 2021 |  | NYMEX WTI Roll Differential (1) |  | 125 |  |  | 0.17 |
January - December 2022 |  | NYMEX WTI Roll Differential (1) |  | 125 |  |  | 0.15 |

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

NGL Financial Price Swap Contracts
|  |  |  | Contracts Sold
Period |  | Settlement Index |  | Volume (MBbld) |  | Weighted Average Price ($/Bbl)
January - July 2021 (closed) |  | Mont Belvieu Propane (non-Tet) |  | 15 |  |  | $ | 29.44 |
August - December 2021 |  | Mont Belvieu Propane (non-Tet) |  | 15 |  |  | 29.44 |

37

Natural Gas Financial Price Swap Contracts
|  |  |  | Contracts Sold |  | Contracts Purchased
Period |  | Settlement Index |  | Volume (MMBtud in thousands) |  | Weighted Average Price ($/MMBtu) |  | Volume (MMBtud in thousands) |  | Weighted Average Price ($/MMBtu)
January - March 2021 (closed) |  | NYMEX Henry Hub |  | 500 |  |  | $ | 2.99 |  |  | 500 |  |  | $ | 2.43 |
April - August 2021 (closed) |  | NYMEX Henry Hub |  | 500 |  |  | 2.99 |  |  | 570 |  |  | 2.81 |
September 2021 |  | NYMEX Henry Hub |  | 500 |  |  | 2.99 |  |  | 570 |  |  | 2.81 |
October - December 2021 |  | NYMEX Henry Hub |  | 500 |  |  | 2.99 |  |  | 500 |  |  | 2.83 |
January - December 2022 (closed) (1) |  | NYMEX Henry Hub |  | 20 |  |  | 2.75 |  |  | — |  |  | — |
January - December 2022 |  | NYMEX Henry Hub |  | 100 |  |  | 2.93 |  |  | — |  |  | — |
January - December 2023 |  | NYMEX Henry Hub |  | 100 |  |  | 2.93 |  |  | — |  |  | — |
January - December 2024 |  | NYMEX Henry Hub |  | 100 |  |  | 2.93 |  |  | — |  |  | — |
January - December 2025 |  | NYMEX Henry Hub |  | 100 |  |  | 2.93 |  |  | — |  |  | — |
April - August 2021 (closed) |  | JKM |  | 70 |  |  | 6.65 |  |  | — |  |  | — |
September 2021 |  | JKM |  | 70 |  |  | 6.65 |  |  | — |  |  | — |

(1) In January 2021, EOG executed the early termination provision granting EOG the right to terminate all of its 2022 natural gas price swap contracts which were open at that time. EOG received net cash of $0.6 million for the settlement of these contracts.

Glossary: |
$/Bbl | Dollars per barrel
$/MMBtu | Dollars per million British Thermal Units
Bbl | Barrel
EOG | EOG Resources, Inc.
JKM | Japan Korea Marker
MBbld | Thousand barrels per day
MMBtu | Million British Thermal Units
MMBtud | Million British Thermal Units per day
NGL | Natural Gas Liquids
NYMEX | New York Mercantile Exchange
WTI | West Texas Intermediate

38

Direct After-Tax Rate of Return |
The calculation of EOG's direct after-tax rate of return (ATROR) with respect to EOG's capital expenditure program for a particular play or well is based on the estimated recoverable reserves ("net" to EOG’s interest) for all wells in such play or such well (as the case may be), the estimated net present value (NPV) of the future net cash flows from such reserves (for which we utilize certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring (as the case may be) such wells or well (as the case may be). As such, EOG's direct ATROR with respect to our capital expenditures for a particular play or well cannot be calculated from our consolidated financial statements.
Direct ATROR |
Based on Cash Flow and Time Value of Money |
- Estimated future commodity prices and operating costs |
- Costs incurred to drill, complete and equip a well, including wellsite facilities and flowback |
Excludes Indirect Capital |
- Gathering and Processing and other Midstream |
- Land, Seismic, Geological and Geophysical |
- Offsite Production Facilities |
Payback ~12 Months on 100% Direct ATROR Wells |
First Five Years ~1/2 Estimated Ultimate Recovery Produced but ~3/4 of NPV Captured |
Return on Equity / Return on Capital Employed |
Based on GAAP Accrual Accounting |
Includes All Indirect Capital and Growth Capital for Infrastructure |
- Eagle Ford, Bakken, Permian and Powder River Basin Facilities |
- Gathering and Processing |
Includes Legacy Gas Capital and Capital from Mature Wells |

39

ROCE & ROE |  |  |  |  |  |  |  |  |  |
In millions of USD, except ratio data (Unaudited) |  |  |  |  |  |  |  |  |  |  |
The following tables reconcile Interest Expense, Net (GAAP), Net Income (Loss) (GAAP), Current and Long-Term Debt (GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest Expense (Non-GAAP), Adjusted Net Income (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization (Non-GAAP), respectively, as used in the Return on Capital Employed (ROCE) and Return on Equity (ROE) calculations. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize After-Tax Net Interest Expense, Adjusted Net Income, Net Debt and Total Capitalization (Non-GAAP) in their ROCE and ROE calculations. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
| Trailing 12 Months 2Q 2021 |  | 2Q 2021 |  | 1Q 2021 |  | 4Q 2020 |  | 3Q 2020 |  | 2Q 2020
Interest Expense, Net (GAAP) | 198 |  |  | 45 |  |  | 47 |  |  | 53 |  |  | 53 |  |  |
Tax Benefit Imputed (based on 21%) | (41) |  |  | (9) |  |  | (10) |  |  | (11) |  |  | (11) |  |  |
After-Tax Net Interest Expense (Non-GAAP) - (a) | 157 |  |  | 36 |  |  | 37 |  |  | 42 |  |  | 42 |  |  |
Net Income (Loss) (GAAP) - (b) | 1,879 |  |  | 907 |  |  | 677 |  |  | 337 |  |  | (42) |  |  |
Adjustments to Net Income (Loss), Net of Tax (See Below Detail) (1) | 742 |  |  | 105 |  |  | 269 |  |  | 74 |  |  | 294 |  |  |
Adjusted Net Income (Non-GAAP) - (c) | 2,621 |  |  | 1,012 |  |  | 946 |  |  | 411 |  |  | 252 |  |  |
Total Stockholders' Equity - (d) | 20,881 |  |  | 20,881 |  |  | 20,762 |  |  | 20,302 |  |  | 20,148 |  |  | 20,388 |
Average Total Stockholders' Equity * - (e) | 20,635 |  |  |  |  |  |  |  |  |  |  |
Current and Long-Term Debt (GAAP) - (f) | 5,125 |  |  | 5,125 |  |  | 5,133 |  |  | 5,816 |  |  | 5,721 |  |  | 5,724 |
Less: Cash | (3,880) |  |  | (3,880) |  |  | (3,388) |  |  | (3,329) |  |  | (3,066) |  |  | (2,417) |
Net Debt (Non-GAAP) - (g) | 1,245 |  |  | 1,245 |  |  | 1,745 |  |  | 2,487 |  |  | 2,655 |  |  | 3,307 |
Total Capitalization (GAAP) - (d) + (f) | 26,006 |  |  | 26,006 |  |  | 25,895 |  |  | 26,118 |  |  | 25,869 |  |  | 26,112 |
Total Capitalization (Non-GAAP) - (d) + (g) | 22,126 |  |  | 22,126 |  |  | 22,507 |  |  | 22,789 |  |  | 22,803 |  |  | 23,695 |
Average Total Capitalization (Non-GAAP) * - (h) | 22,911 |  |  |  |  |  |  |  |  |  |  |
Return on Capital Employed (ROCE) |  |  |  |  |  |  |  |  |  |  |
GAAP Net Income (Loss) - [(a) + (b)] / (h) | 8.9 | % |  |  |  |  |  |  |  |  |  |
Non-GAAP Adjusted Net Income - [(a) + (c)] / (h) | 12.1 | % |  |  |  |  |  |  |  |  |  |
Return on Equity (ROE) |  |  |  |  |  |  |  |  |  |  |
GAAP Net Income (Loss) - (b) / (e) | 9.1 | % |  |  |  |  |  |  |  |  |  |
Non-GAAP Adjusted Net Income - (c) / (e) | 12.7 | % |  |  |  |  |  |  |  |  |  |
* Average for the beginning and ending trailing 12 month period. |  |  |  |  |  |  |  |

40

(1) Detail of adjustments to Net Income (Loss) (GAAP): |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Before Tax |  | Income Tax Impact |  | After Tax
Q2 2021 |  |  |  |  |  |  |  |  |  |  |
Adjustments: |  |  |  |  |  |  |  |  |  |  |
Add: Mark-to-Market Commodity Derivative Contracts Impact |  |  |  |  |  |  | 234 |  |  | (51) |  |  | 183 |
Add: Impairments of Certain Assets |  |  |  |  |  |  | 1 |  |  | — |  |  | 1 |
Less: Net Gains on Asset Dispositions |  |  |  |  |  |  | (51) |  |  | 17 |  |  | (34) |
Less: Tax Benefits Related to Exiting Canada Operations |  |  |  |  |  |  | — |  |  | (45) |  |  | (45) |
Total |  |  |  |  |  |  | 184 |  |  | (79) |  |  | 105 |
Q1 2021 |  |  |  |  |  |  |  |  |  |  |
Adjustments: |  |  |  |  |  |  |  |  |  |  |
Add: Mark-to-Market Commodity Derivative Contracts Impact |  |  |  |  |  |  | 337 |  |  | (74) |  |  | 263 |
Add: Impairments of Certain Assets |  |  |  |  |  |  | 1 |  |  | — |  |  | 1 |
Add: Net Losses on Asset Dispositions |  |  |  |  |  |  | 6 |  |  | (1) |  |  | 5 |
Total |  |  |  |  |  |  | 344 |  |  | (75) |  |  | 269 |
Q4 2020 |  |  |  |  |  |  |  |  |  |  |
Adjustments: |  |  |  |  |  |  |  |  |  |  |
Add: Mark-to-Market Commodity Derivative Contracts Impact |  |  |  |  |  |  | 2 |  |  | (1) |  |  | 1 |
Add: Impairments of Certain Assets |  |  |  |  |  |  | 86 |  |  | (18) |  |  | 68 |
Add: Net Losses on Asset Dispositions |  |  |  |  |  |  | 6 |  |  | (1) |  |  | 5 |
Total |  |  |  |  |  |  | 94 |  |  | (20) |  |  | 74 |
Q3 2020 |  |  |  |  |  |  |  |  |  |  |
Adjustments: |  |  |  |  |  |  |  |  |  |  |
Add: Mark-to-Market Commodity Derivative Contracts Impact |  |  |  |  |  |  | 279 |  |  | (60) |  |  | 219 |
Add: Impairments of Certain Assets |  |  |  |  |  |  | 27 |  |  | (7) |  |  | 20 |
Add: Net Losses on Asset Dispositions |  |  |  |  |  |  | 71 |  |  | (16) |  |  | 55 |
Total |  |  |  |  |  |  | 377 |  |  | (83) |  |  | 294 |

41

ROCE & ROE (Continued) |  |  |  |  |  |
In millions of USD, except ratio data (Unaudited) |  |  |  |  |  |  |
| 2020 |  | 2019 |  | 2018 |  | 2017
Interest Expense, Net (GAAP) | 205 |  |  | 185 |  |  | 245 |  |  |
Tax Benefit Imputed (based on 21%) | (43) |  |  | (39) |  |  | (51) |  |  |
After-Tax Net Interest Expense (Non-GAAP) - (a) | 162 |  |  | 146 |  |  | 194 |  |  |
Net Income (Loss) (GAAP) - (b) | (605) |  |  | 2,735 |  |  | 3,419 |  |  |
Adjustments to Net Income (Loss), Net of Tax (See Below Detail) (1) | 1,455 |  |  | 158 |  |  | (201) |  |  |
Adjusted Net Income (Non-GAAP) - (c) | 850 |  |  | 2,893 |  |  | 3,218 |  |  |
Total Stockholders' Equity - (d) | 20,302 |  |  | 21,641 |  |  | 19,364 |  |  | 16,283 |
Average Total Stockholders' Equity * - (e) | 20,972 |  |  | 20,503 |  |  | 17,824 |  |  |
Current and Long-Term Debt (GAAP) - (f) | 5,816 |  |  | 5,175 |  |  | 6,083 |  |  | 6,387 |
Less: Cash | (3,329) |  |  | (2,028) |  |  | (1,556) |  |  | (834) |
Net Debt (Non-GAAP) - (g) | 2,487 |  |  | 3,147 |  |  | 4,527 |  |  | 5,553 |
Total Capitalization (GAAP) - (d) + (f) | 26,118 |  |  | 26,816 |  |  | 25,447 |  |  | 22,670 |
Total Capitalization (Non-GAAP) - (d) + (g) | 22,789 |  |  | 24,788 |  |  | 23,891 |  |  | 21,836 |
Average Total Capitalization (Non-GAAP) * - (h) | 23,789 |  |  | 24,340 |  |  | 22,864 |  |  |
Return on Capital Employed (ROCE) |  |  |  |  |  |  |
GAAP Net Income (Loss) - [(a) + (b)] / (h) | (1.9) | % |  | 11.8 | % |  | 15.8 | % |  |
Non-GAAP Adjusted Net Income - [(a) + (c)] / (h) | 4.3 | % |  | 12.5 | % |  | 14.9 | % |  |
Return on Equity (ROE) |  |  |  |  |  |  |
GAAP Net Income (Loss) - (b) / (e) | (2.9) | % |  | 13.3 | % |  | 19.2 | % |  |
Non-GAAP Adjusted Net Income - (c) / (e) | 4.1 | % |  | 14.1 | % |  | 18.1 | % |  |
* Average for the current and immediately preceding year |  |  |  |  |  |  |

42

(1) Detail of adjustments to Net Income (Loss) (GAAP): |  |  |  |  |  |  |
|  |  | Before Tax |  | Income Tax Impact |  | After Tax
Year Ended December 31, 2020 |  |  |  |  |  |  |
Adjustments: |  |  |  |  |  |  |
Add: Mark-to-Market Commodity Derivative Contracts Impact |  |  | (74) |  |  | 16 |  |  | (58) |
Add: Impairments of Certain Assets |  |  | 1,868 |  |  | (392) |  |  | 1,476 |
Add: Net Losses on Asset Dispositions |  |  | 47 |  |  | (10) |  |  | 37 |
Total |  |  | 1,841 |  |  | (386) |  |  | 1,455 |
Year Ended December 31, 2019 |  |  |  |  |  |  |
Adjustments: |  |  |  |  |  |  |
Add: Mark-to-Market Commodity Derivative Contracts Impact |  |  | 51 |  |  | (11) |  |  | 40 |
Add: Impairments of Certain Assets |  |  | 275 |  |  | (60) |  |  | 215 |
Less: Net Gains on Asset Dispositions |  |  | (124) |  |  | 27 |  |  | (97) |
Total |  |  | 202 |  |  | (44) |  |  | 158 |
Year Ended December 31, 2018 |  |  |  |  |  |  |
Adjustments: |  |  |  |  |  |  |
Add: Mark-to-Market Commodity Derivative Contracts Impact |  |  | (93) |  |  | 20 |  |  | (73) |
Add: Impairments of Certain Assets |  |  | 153 |  |  | (34) |  |  | 119 |
Less: Net Gains on Asset Dispositions |  |  | (175) |  |  | 38 |  |  | (137) |
Less: Tax Reform Impact |  |  | — |  |  | (110) |  |  | (110) |
Total |  |  | (115) |  |  | (86) |  |  | (201) |

43

ROCE & ROE |  |  |  |  |  |  |
In millions of USD, except ratio data (Unaudited) |  |  |  |  |  |  |  |  |
The following tables reconcile Interest Expense, Net (GAAP), Current and Long-Term Debt (GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest Expense (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization (Non-GAAP), respectively, as used in the Return on Capital Employed (ROCE) and Return on Equity (ROE) calculations. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize After-Tax Net Interest Expense, Net Debt and Total Capitalization (Non-GAAP) in their ROCE calculation. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
| 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Interest Expense, Net (GAAP) | 274 |  |  | 282 |  |  | 237 |  |  | 201 |  |  | 235 |
Tax Benefit Imputed (based on 35%) | (96) |  |  | (99) |  |  | (83) |  |  | (70) |  |  | (82) |
After-Tax Net Interest Expense (Non-GAAP) - (a) | 178 |  |  | 183 |  |  | 154 |  |  | 131 |  |  | 153 |
Net Income (Loss) (GAAP) - (b) | 2,583 |  |  | (1,097) |  |  | (4,525) |  |  | 2,915 |  |  | 2,197 |
Total Stockholders' Equity - (d) | 16,283 |  |  | 13,982 |  |  | 12,943 |  |  | 17,713 |  |  | 15,418 |
Average Total Stockholders' Equity* - (e) | 15,133 |  |  | 13,463 |  |  | 15,328 |  |  | 16,566 |  |  | 14,352 |
Current and Long-Term Debt (GAAP) - (f) | 6,387 |  |  | 6,986 |  |  | 6,655 |  |  | 5,906 |  |  | 5,909 |
Less: Cash | (834) |  |  | (1,600) |  |  | (719) |  |  | (2,087) |  |  | (1,318) |
Net Debt (Non-GAAP) - (g) | 5,553 |  |  | 5,386 |  |  | 5,936 |  |  | 3,819 |  |  | 4,591 |
Total Capitalization (GAAP) - (d) + (f) | 22,670 |  |  | 20,968 |  |  | 19,598 |  |  | 23,619 |  |  | 21,327 |
Total Capitalization (Non-GAAP) - (d) + (g) | 21,836 |  |  | 19,368 |  |  | 18,879 |  |  | 21,532 |  |  | 20,009 |
Average Total Capitalization (Non-GAAP)* - (h) | 20,602 |  |  | 19,124 |  |  | 20,206 |  |  | 20,771 |  |  | 19,365 |
Return on Capital Employed (ROCE) |  |  |  |  |  |  |  |  |
GAAP Net Income (Loss) - [(a) + (b)] / (h) | 13.4 | % |  | -4.8 | % |  | -21.6 | % |  | 14.7 | % |  | 12.1 | %
Return on Equity (ROE) |  |  |  |  |  |  |  |  |
GAAP Net Income (Loss) - (b) / (e) | 17.1 | % |  | -8.1 | % |  | -29.5 | % |  | 17.6 | % |  | 15.3 | %
* Average for the current and immediately preceding year |  |  |  |  |  |  |  |  |

44

ROCE & ROE (Continued) |  |  |  |  |  |  |
In millions of USD, except ratio data (Unaudited) |  |  |  |  |  |  |  |  |
| 2012 |  | 2011 |  | 2010 |  | 2009 |  | 2008
Interest Expense, Net (GAAP) | 214 |  |  | 210 |  |  | 130 |  |  | 101 |  |  | 52 |
Tax Benefit Imputed (based on 35%) | (75) |  |  | (74) |  |  | (46) |  |  | (35) |  |  | (18) |
After-Tax Net Interest Expense (Non-GAAP) - (a) | 139 |  |  | 136 |  |  | 84 |  |  | 66 |  |  | 34 |
Net Income (GAAP) - (b) | 570 |  |  | 1,091 |  |  | 161 |  |  | 547 |  |  | 2,437 |
Total Stockholders' Equity - (d) | 13,285 |  |  | 12,641 |  |  | 10,232 |  |  | 9,998 |  |  | 9,015 |
Average Total Stockholders' Equity* - (e) | 12,963 |  |  | 11,437 |  |  | 10,115 |  |  | 9,507 |  |  | 8,003 |
Current and Long-Term Debt (GAAP) - (f) | 6,312 |  |  | 5,009 |  |  | 5,223 |  |  | 2,797 |  |  | 1,897 |
Less: Cash | (876) |  |  | (616) |  |  | (789) |  |  | (686) |  |  | (331) |
Net Debt (Non-GAAP) - (g) | 5,436 |  |  | 4,393 |  |  | 4,434 |  |  | 2,111 |  |  | 1,566 |
Total Capitalization (GAAP) - (d) + (f) | 19,597 |  |  | 17,650 |  |  | 15,455 |  |  | 12,795 |  |  | 10,912 |
Total Capitalization (Non-GAAP) - (d) + (g) | 18,721 |  |  | 17,034 |  |  | 14,666 |  |  | 12,109 |  |  | 10,581 |
Average Total Capitalization (Non-GAAP)* - (h) | 17,878 |  |  | 15,850 |  |  | 13,388 |  |  | 11,345 |  |  | 9,351 |
Return on Capital Employed (ROCE) |  |  |  |  |  |  |  |  |
GAAP Net Income - [(a) + (b)] / (h) | 4.0 | % |  | 7.7 | % |  | 1.8 | % |  | 5.4 | % |  | 26.4 | %
Return on Equity (ROE) |  |  |  |  |  |  |  |  |
GAAP Net Income - (b) / (e) | 4.4 | % |  | 9.5 | % |  | 1.6 | % |  | 5.8 | % |  | 30.5 | %
* Average for the current and immediately preceding year |  |  |  |  |  |  |  |  |

45

ROCE & ROE (Continued) |  |  |  |  |  |  |
In millions of USD, except ratio data (Unaudited) |  |  |  |  |  |  |  |  |
| 2007 |  | 2006 |  | 2005 |  | 2004 |  | 2003
Interest Expense, Net (GAAP) | 47 |  |  | 43 |  |  | 63 |  |  | 63 |  |  | 59 |
Tax Benefit Imputed (based on 35%) | (16) |  |  | (15) |  |  | (22) |  |  | (22) |  |  | (21) |
After-Tax Net Interest Expense (Non-GAAP) - (a) | 31 |  |  | 28 |  |  | 41 |  |  | 41 |  |  | 38 |
Net Income (GAAP) - (b) | 1,090 |  |  | 1,300 |  |  | 1,260 |  |  | 625 |  |  | 430 |
Total Stockholders' Equity - (d) | 6,990 |  |  | 5,600 |  |  | 4,316 |  |  | 2,945 |  |  | 2,223 |
Average Total Stockholders' Equity* - (e) | 6,295 |  |  | 4,958 |  |  | 3,631 |  |  | 2,584 |  |  | 1,948 |
Current and Long-Term Debt (GAAP) - (f) | 1,185 |  |  | 733 |  |  | 985 |  |  | 1,078 |  |  | 1,109 |
Less: Cash | (54) |  |  | (218) |  |  | (644) |  |  | (21) |  |  | (4) |
Net Debt (Non-GAAP) - (g) | 1,131 |  |  | 515 |  |  | 341 |  |  | 1,057 |  |  | 1,105 |
Total Capitalization (GAAP) - (d) + (f) | 8,175 |  |  | 6,333 |  |  | 5,301 |  |  | 4,023 |  |  | 3,332 |
Total Capitalization (Non-GAAP) - (d) + (g) | 8,121 |  |  | 6,115 |  |  | 4,657 |  |  | 4,002 |  |  | 3,328 |
Average Total Capitalization (Non-GAAP)* - (h) | 7,118 |  |  | 5,386 |  |  | 4,330 |  |  | 3,665 |  |  | 3,068 |
Return on Capital Employed (ROCE) |  |  |  |  |  |  |  |  |
GAAP Net Income - [(a) + (b)] / (h) | 15.7 | % |  | 24.7 | % |  | 30.0 | % |  | 18.2 | % |  | 15.3 | %
Return on Equity (ROE) |  |  |  |  |  |  |  |  |
GAAP Net Income - (b) / (e) | 17.3 | % |  | 26.2 | % |  | 34.7 | % |  | 24.2 | % |  | 22.1 | %
* Average for the current and immediately preceding year |  |  |  |  |  |  |  |  |

46

ROCE & ROE (Continued) |  |  |  |  |  |  |
In millions of USD, except ratio data (Unaudited) |  |  |  |  |  |  |  |  |
| 2002 |  | 2001 |  | 2000 |  | 1999 |  | 1998
Interest Expense, Net (GAAP) | 60 |  |  | 45 |  |  | 61 |  |  | 62 |  |  |
Tax Benefit Imputed (based on 35%) | (21) |  |  | (16) |  |  | (21) |  |  | (22) |  |  |
After-Tax Net Interest Expense (Non-GAAP) - (a) | 39 |  |  | 29 |  |  | 40 |  |  | 40 |  |  |
Net Income (GAAP) - (b) | 87 |  |  | 399 |  |  | 397 |  |  | 569 |  |  |
Total Stockholders' Equity - (d) | 1,672 |  |  | 1,643 |  |  | 1,381 |  |  | 1,130 |  |  | 1,280 |
Average Total Stockholders' Equity* - (e) | 1,658 |  |  | 1,512 |  |  | 1,256 |  |  | 1,205 |  |  |
Current and Long-Term Debt (GAAP) - (f) | 1,145 |  |  | 856 |  |  | 859 |  |  | 990 |  |  | 1,143 |
Less: Cash | (10) |  |  | (3) |  |  | (20) |  |  | (25) |  |  | (6) |
Net Debt (Non-GAAP) - (g) | 1,135 |  |  | 853 |  |  | 839 |  |  | 965 |  |  | 1,137 |
Total Capitalization (GAAP) - (d) + (f) | 2,817 |  |  | 2,499 |  |  | 2,240 |  |  | 2,120 |  |  | 2,423 |
Total Capitalization (Non-GAAP) - (d) + (g) | 2,807 |  |  | 2,496 |  |  | 2,220 |  |  | 2,095 |  |  | 2,417 |
Average Total Capitalization (Non-GAAP)* - (h) | 2,652 |  |  | 2,358 |  |  | 2,158 |  |  | 2,256 |  |  |
Return on Capital Employed (ROCE) |  |  |  |  |  |  |  |  |
GAAP Net Income - [(a) + (b)] / (h) | 4.8 | % |  | 18.2 | % |  | 20.2 | % |  | 27.0 | % |  |
Return on Equity (ROE) |  |  |  |  |  |  |  |  |
GAAP Net Income - (b) / (e) | 5.2 | % |  | 26.4 | % |  | 31.6 | % |  | 47.2 | % |  |
* Average for the current and immediately preceding year |  |  |  |  |  |  |  |  |

47

Revenues, Costs and Margins Per Barrel of Oil Equivalent |  |
In millions of USD, except Boe and per Boe amounts (Unaudited)
EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or margin per barrel of oil equivalent (Boe). Certain of these components are adjusted for non-recurring and certain other items, as further discussed below. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
| 2Q 2021 |  | 1Q 2021 |  | 4Q 2020 |  | 3Q 2020 |  | 2Q 2020
Volume - Million Barrels of Oil Equivalent - (a) | 75.3 |  |  | 70.1 |  |  | 73.7 |  |  | 65.9 |  |  | 56.7 |
Total Operating Revenues and Other (b) | 4,139 |  |  | 3,694 |  |  | 2,965 |  |  | 2,246 |  |  | 1,103 |
Total Operating Expenses (c) | 2,968 |  |  | 2,762 |  |  | 2,477 |  |  | 2,249 |  |  | 2,190 |
Operating Income (Loss) (d) | 1,171 |  |  | 932 |  |  | 488 |  |  | (3) |  |  | (1,087) |
Wellhead Revenues |  |  |  |  |  |  |  |  |
Crude Oil and Condensate | 2,699 |  |  | 2,251 |  |  | 1,711 |  |  | 1,395 |  |  | 615 |
Natural Gas Liquids | 367 |  |  | 314 |  |  | 229 |  |  | 185 |  |  | 93 |
Natural Gas | 404 |  |  | 625 |  |  | 302 |  |  | 184 |  |  | 141 |
Total Wellhead Revenues - (e) | 3,470 |  |  | 3,190 |  |  | 2,242 |  |  | 1,764 |  |  | 849 |
Operating Costs |  |  |  |  |  |  |  |  |
Lease and Well | 270 |  |  | 270 |  |  | 261 |  |  | 227 |  |  | 245 |
Transportation Costs | 214 |  |  | 202 |  |  | 195 |  |  | 180 |  |  | 152 |
Gathering and Processing Costs | 128 |  |  | 139 |  |  | 119 |  |  | 115 |  |  | 97 |
General and Administrative | 120 |  |  | 110 |  |  | 113 |  |  | 125 |  |  | 132 |
Taxes Other Than Income | 239 |  |  | 215 |  |  | 114 |  |  | 126 |  |  | 81 |
Interest Expense, Net | 45 |  |  | 47 |  |  | 53 |  |  | 53 |  |  | 54 |
Total Operating Cost (excluding DD&A and Total Exploration Costs) (f) | 1,016 |  |  | 983 |  |  | 855 |  |  | 826 |  |  | 761 |
Depreciation, Depletion and Amortization (DD&A) | 914 |  |  | 900 |  |  | 870 |  |  | 823 |  |  | 707 |
Total Operating Cost (excluding Total Exploration Costs) - (g) | 1,930 |  |  | 1,883 |  |  | 1,725 |  |  | 1,649 |  |  | 1,468 |
Exploration Costs | 35 |  |  | 33 |  |  | 41 |  |  | 38 |  |  | 27 |
Dry Hole Costs | 13 |  |  | 11 |  |  | — |  |  | 13 |  |  | — |
Impairments | 44 |  |  | 44 |  |  | 143 |  |  | 79 |  |  | 305 |
Total Exploration Costs (GAAP) | 92 |  |  | 88 |  |  | 184 |  |  | 130 |  |  | 332 |
Less: Certain Impairments (1) | (1) |  |  | (1) |  |  | (86) |  |  | (27) |  |  | (239) |
Total Exploration Costs (Non-GAAP) | 91 |  |  | 87 |  |  | 98 |  |  | 103 |  |  | 93 |
Total Operating Cost (including Total Exploration Costs (GAAP)) - (h) | 2,022 |  |  | 1,971 |  |  | 1,909 |  |  | 1,779 |  |  | 1,800 |
Total Operating Cost (including Total Exploration Costs (Non-GAAP)) - (i) | 2,021 |  |  | 1,970 |  |  | 1,823 |  |  | 1,752 |  |  | 1,561 |
Total Wellhead Revenues less Total Operating Cost (including Total Exploration Costs (GAAP)) | 1,448 |  |  | 1,219 |  |  | 333 |  |  | (15) |  |  | (951) |
Total Wellhead Revenues less Total Operating Cost (including Total Exploration Costs (Non-GAAP)) | 1,449 |  |  | 1,220 |  |  | 419 |  |  | 12 |  |  | (712) |

48

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued) |  |
In millions of USD, except Boe and per Boe amounts (Unaudited) |  |  |  |  |  |  |  |  |
| 2Q 2021 |  | 1Q 2021 |  | 4Q 2020 |  | 3Q 2020 |  | 2Q 2020
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP) |  |  |  |  |  |  |  |  |
Composite Average Operating Revenues and Other per Boe - (b) / (a) | 54.97 |  |  | 52.70 |  |  | 40.23 |  |  | 34.08 |  |  | 19.45 |
Composite Average Operating Expenses per Boe - (c) / (a) | 39.42 |  |  | 39.40 |  |  | 33.61 |  |  | 34.13 |  |  | 38.62 |
Composite Average Operating Income (Loss) per Boe - (d) / (a) | 15.55 |  |  | 13.30 |  |  | 6.62 |  |  | (0.05) |  |  | (19.17) |
Composite Average Wellhead Revenue per Boe - (e) / (a) | 46.07 |  |  | 45.49 |  |  | 30.39 |  |  | 26.77 |  |  | 14.99 |
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) | 13.48 |  |  | 14.02 |  |  | 11.60 |  |  | 12.56 |  |  | 13.40 |
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] | 32.59 |  |  | 31.47 |  |  | 18.79 |  |  | 14.21 |  |  | 1.59 |
Total Operating Cost per Boe (excluding Total Exploration Costs) - (g) / (a) | 25.61 |  |  | 26.86 |  |  | 23.41 |  |  | 25.05 |  |  | 25.86 |
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (g) / (a)] | 20.46 |  |  | 18.63 |  |  | 6.98 |  |  | 1.72 |  |  | (10.87) |
Total Operating Cost per Boe (including Total Exploration Costs) - (h) / (a) | 26.85 |  |  | 28.12 |  |  | 25.90 |  |  | 27.00 |  |  | 31.75 |
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (h) / (a)] | 19.22 |  |  | 17.37 |  |  | 4.49 |  |  | (0.23) |  |  | (16.76) |
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP) |  |  |  |  |  |  |  |  |
Total Operating Cost per Boe (including Total Exploration Costs) - (i) / (a) | 26.82 |  |  | 28.11 |  |  | 24.72 |  |  | 26.62 |  |  | 27.51 |
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (i) / (a)] | 19.25 |  |  | 17.38 |  |  | 5.67 |  |  | 0.15 |  |  | (12.52) |
(1) In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG’s control (versus, for example, impairments that are due to EOG’s proved oil and gas properties not being as productive as it originally estimated).

49

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued) |  |
In millions of USD, except Boe and per Boe amounts (Unaudited)
| 2020 |  | 2019 |  | 2018 |  | 2017
Volume - Million Barrels of Oil Equivalent - (a) | 275.9 |  |  | 298.6 |  |  | 262.5 |  |  | 222.3 |
Total Operating Revenues and Other (b) | 11,032 |  |  | 17,380 |  |  | 17,275 |  |  | 11,208 |
Total Operating Expenses (c) | 11,576 |  |  | 13,681 |  |  | 12,806 |  |  | 10,282 |
Operating Income (Loss) (d) | (544) |  |  | 3,699 |  |  | 4,469 |  |  | 926 |
Wellhead Revenues |  |  |  |  |  |  |
Crude Oil and Condensate | 5,786 |  |  | 9,613 |  |  | 9,517 |  |  | 6,256 |
Natural Gas Liquids | 668 |  |  | 785 |  |  | 1,128 |  |  | 730 |
Natural Gas | 837 |  |  | 1,184 |  |  | 1,302 |  |  | 922 |
Total Wellhead Revenues - (e) | 7,291 |  |  | 11,582 |  |  | 11,947 |  |  | 7,908 |
Operating Costs |  |  |  |  |  |  |
Lease and Well | 1,063 |  |  | 1,367 |  |  | 1,283 |  |  | 1,045 |
Transportation Costs | 735 |  |  | 758 |  |  | 747 |  |  | 740 |
Gathering and Processing Costs | 459 |  |  | 479 |  |  | 437 |  |  | 149 |
General and Administrative (GAAP) | 484 |  |  | 489 |  |  | 427 |  |  | 434 |
Less: Legal Settlement - Early Leasehold Termination | — |  |  | — |  |  | — |  |  | (10) |
Less: Joint Venture Transaction Costs | — |  |  | — |  |  | — |  |  | (3) |
Less: Joint Interest Billings Deemed Uncollectible | — |  |  | — |  |  | — |  |  | (5) |
General and Administrative (Non-GAAP) (1) | 484 |  |  | 489 |  |  | 427 |  |  | 416 |
Taxes Other Than Income | 478 |  |  | 800 |  |  | 772 |  |  | 545 |
Interest Expense, Net | 205 |  |  | 185 |  |  | 245 |  |  | 274 |
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f) | 3,424 |  |  | 4,078 |  |  | 3,911 |  |  | 3,187 |
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g) | 3,424 |  |  | 4,078 |  |  | 3,911 |  |  | 3,169 |
Depreciation, Depletion and Amortization (DD&A) | 3,400 |  |  | 3,750 |  |  | 3,435 |  |  | 3,409 |
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h) | 6,824 |  |  | 7,828 |  |  | 7,346 |  |  | 6,596 |
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i) | 6,824 |  |  | 7,828 |  |  | 7,346 |  |  | 6,578 |
Exploration Costs | 146 |  |  | 140 |  |  | 149 |  |  | 145 |
Dry Hole Costs | 13 |  |  | 28 |  |  | 5 |  |  | 5 |
Impairments | 2,100 |  |  | 518 |  |  | 347 |  |  | 479 |
Total Exploration Costs (GAAP) | 2,259 |  |  | 686 |  |  | 501 |  |  | 629 |
Less: Certain Impairments (2) | (1,868) |  |  | (275) |  |  | (153) |  |  | (261) |
Total Exploration Costs (Non-GAAP) | 391 |  |  | 411 |  |  | 348 |  |  | 368 |
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j) | 9,083 |  |  | 8,514 |  |  | 7,847 |  |  | 7,225 |
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k) | 7,215 |  |  | 8,239 |  |  | 7,694 |  |  | 6,946 |
Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) | (1,792) |  |  | 3,068 |  |  | 4,100 |  |  | 683 |
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) | 76 |  |  | 3,343 |  |  | 4,253 |  |  | 962 |

50

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued) |  |
In millions of USD, except Boe and per Boe amounts (Unaudited) |  |  |  |  |  |  |
| 2020 |  | 2019 |  | 2018 |  | 2017
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP) |  |  |  |  |  |  |
Composite Average Operating Revenues and Other per Boe - (b) / (a) | 39.99 |  |  | 58.20 |  |  | 65.81 |  |  | 50.42 |
Composite Average Operating Expenses per Boe - (c) / (a) | 41.96 |  |  | 45.81 |  |  | 48.79 |  |  | 46.25 |
Composite Average Operating Income (Loss) per Boe - (d) / (a) | (1.97) |  |  | 12.39 |  |  | 17.02 |  |  | 4.17 |
Composite Average Wellhead Revenue per Boe - (e) / (a) | 26.42 |  |  | 38.79 |  |  | 45.51 |  |  | 35.58 |
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) | 12.39 |  |  | 13.66 |  |  | 14.90 |  |  | 14.34 |
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] | 14.03 |  |  | 25.13 |  |  | 30.61 |  |  | 21.24 |
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a) | 24.71 |  |  | 26.22 |  |  | 27.99 |  |  | 29.67 |
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)] | 1.71 |  |  | 12.57 |  |  | 17.52 |  |  | 5.91 |
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a) | 32.92 |  |  | 28.51 |  |  | 29.89 |  |  | 32.50 |
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)] | (6.50) |  |  | 10.28 |  |  | 15.62 |  |  | 3.08 |
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP) |  |  |  |  |  |  |
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a) | 12.39 |  |  | 13.66 |  |  | 14.90 |  |  | 14.25 |
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)] | 14.03 |  |  | 25.13 |  |  | 30.61 |  |  | 21.33 |
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a) | 24.71 |  |  | 26.22 |  |  | 27.99 |  |  | 29.59 |
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)] | 1.71 |  |  | 12.57 |  |  | 17.52 |  |  | 5.99 |
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a) | 26.13 |  |  | 27.60 |  |  | 29.32 |  |  | 31.24 |
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)] | 0.29 |  |  | 11.19 |  |  | 16.19 |  |  | 4.34 |
(1) EOG believes excluding the above-referenced items from general and administrative expense is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(2) In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG’s control (versus, for example, impairments that are due to EOG’s proved oil and gas properties not being as productive as it originally estimated).

51

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued) |  |
In millions of USD, except Boe and per Boe amounts (Unaudited)
|  | 2016 |  | 2015 |  | 2014
Volume - Million Barrels of Oil Equivalent - (a) |  | 205.0 |  |  | 208.9 |  |  | 217.1 |
Total Operating Revenues and Other (b) |  | 7,651 |  |  | 8,757 |  |  | 18,035 |
Total Operating Expenses (c) |  | 8,876 |  |  | 15,443 |  |  | 12,793 |
Operating Income (Loss) (d) |  | (1,225) |  |  | (6,686) |  |  | 5,242 |
Wellhead Revenues |  |  |  |  |  |
Crude Oil and Condensate |  | 4,317 |  |  | 4,935 |  |  | 9,742 |
Natural Gas Liquids |  | 437 |  |  | 408 |  |  | 934 |
Natural Gas |  | 742 |  |  | 1,061 |  |  | 1,916 |
Total Wellhead Revenues - (e) |  | 5,496 |  |  | 6,404 |  |  | 12,592 |
Operating Costs |  |  |  |  |  |
Lease and Well |  | 927 |  |  | 1,182 |  |  | 1,416 |
Transportation Costs |  | 764 |  |  | 849 |  |  | 972 |
Gathering and Processing Costs |  | 123 |  |  | 146 |  |  | 146 |
General and Administrative (GAAP) |  | 395 |  |  | 367 |  |  | 402 |
Less: Voluntary Retirement Expense |  | (42) |  |  | — |  |  | — |
Less: Acquisition Costs |  | (5) |  |  | — |  |  | — |
Less: Legal Settlement - Early Leasehold Termination |  | — |  |  | (19) |  |  | — |
General and Administrative (Non-GAAP) (1) |  | 348 |  |  | 348 |  |  | 402 |
Taxes Other Than Income |  | 350 |  |  | 422 |  |  | 758 |
Interest Expense, Net |  | 282 |  |  | 237 |  |  | 201 |
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f) |  | 2,841 |  |  | 3,203 |  |  | 3,895 |
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g) |  | 2,794 |  |  | 3,184 |  |  | 3,895 |
Depreciation, Depletion and Amortization (DD&A) |  | 3,553 |  |  | 3,314 |  |  | 3,997 |
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h) |  | 6,394 |  |  | 6,517 |  |  | 7,892 |
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i) |  | 6,347 |  |  | 6,498 |  |  | 7,892 |
Exploration Costs |  | 125 |  |  | 149 |  |  | 184 |
Dry Hole Costs |  | 11 |  |  | 15 |  |  | 48 |
Impairments |  | 620 |  |  | 6,614 |  |  | 744 |
Total Exploration Costs (GAAP) |  | 756 |  |  | 6,778 |  |  | 976 |
Less: Certain Impairments (2) |  | (321) |  |  | (6,308) |  |  | (824) |
Total Exploration Costs (Non-GAAP) |  | 435 |  |  | 470 |  |  | 152 |
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j) |  | 7,150 |  |  | 13,295 |  |  | 8,868 |
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k) |  | 6,782 |  |  | 6,968 |  |  | 8,044 |
Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) |  | (1,654) |  |  | (6,891) |  |  | 3,724 |
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) |  | (1,286) |  |  | (564) |  |  | 4,548 |

52

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued) |  |
In millions of USD, except Boe and per Boe amounts (Unaudited) |  |  |  |  |  |
|  | 2016 |  | 2015 |  | 2014
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP) |  |  |  |  |  |
Composite Average Operating Revenues and Other per Boe - (b) / (a) |  | 37.32 |  |  | 41.92 |  |  | 83.07 |
Composite Average Operating Expenses per Boe - (c) / (a) |  | 43.30 |  |  | 73.93 |  |  | 58.92 |
Composite Average Operating Income (Loss) per Boe - (d) / (a) |  | (5.98) |  |  | (32.01) |  |  | 24.15 |
Composite Average Wellhead Revenue per Boe - (e) / (a) |  | 26.82 |  |  | 30.66 |  |  | 58.01 |
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) |  | 13.86 |  |  | 15.33 |  |  | 17.95 |
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] |  | 12.96 |  |  | 15.33 |  |  | 40.06 |
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a) |  | 31.19 |  |  | 31.20 |  |  | 36.38 |
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)] |  | (4.37) |  |  | (0.54) |  |  | 21.63 |
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a) |  | 34.88 |  |  | 63.64 |  |  | 40.85 |
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)] |  | (8.06) |  |  | (32.98) |  |  | 17.16 |
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP) |  |  |  |  |  |
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a) |  | 13.64 |  |  | 15.25 |  |  | 17.95 |
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)] |  | 13.18 |  |  | 15.41 |  |  | 40.06 |
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a) |  | 30.98 |  |  | 31.11 |  |  | 36.38 |
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)] |  | (4.16) |  |  | (0.45) |  |  | 21.63 |
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a) |  | 33.10 |  |  | 33.36 |  |  | 37.08 |
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)] |  | (6.28) |  |  | (2.70) |  |  | 20.93 |
(1) EOG believes excluding the above-referenced items from general and administrative expense is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(2) In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG’s control (versus, for example, impairments that are due to EOG’s proved oil and gas properties not being as productive as it originally estimated).

53