EX-99.1 2 exh99-1022422.htm PRESS RELEASE OF EOG RESOURCES, INC.

Document

EXHIBIT 99.1

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Table of Contents
Fourth Quarter 2021
Supplemental Financial and Operating Data			Page
Income Statements			15
Wellhead Volumes and Prices			16
Balance Sheets			17
Cash Flows Statements			18
Non-GAAP Financial Measures			19
Adjusted Net Income (Loss)			20
Adjusted Net Income Per Share			23
Discretionary Cash Flow and Free Cash Flow			27
Total Expenditures			31
EBITDAX and Adjusted EBITDAX			32
Net Debt-to-Total Capitalization Ratio			33
Proved Reserves and Reserve Replacement Data			39
Reserve Replacement Cost Data			40
Financial Commodity Derivative Contracts			44
Direct After-Tax Rate of Return			47
ROCE & ROE			48
Revenues, Costs and Margins Per Barrel of Oil Equivalent			52

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Income Statements
In millions of USD, except share data (in millions) and per share data (Unaudited)
			4Q 2021						3Q 2021						4Q 2020						FY 2021						FY 2020
Operating Revenues and Other
Crude Oil and Condensate			3,246						2,929						1,711						11,125						5,786
Natural Gas Liquids			583						548						229						1,812						668
Natural Gas			847						568						302						2,444						837
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts			136						(494)						70						(1,152)						1,145
Gathering, Processing and Marketing			1,232						1,186						643						4,288						2,583
Gains (Losses) on Asset Dispositions, Net			(29)						1						(6)						17						(47)
Other, Net			29						27						16						108						60
Total			6,044						4,765						2,965						18,642						11,032
Operating Expenses
Lease and Well			325						270						261						1,135						1,063
Transportation Costs			228						219						195						863						735
Gathering and Processing Costs			147						145						119						559						459
Exploration Costs			42						44						41						154						146
Dry Hole Costs			43						4						—						71						13
Impairments			206						82						143						376						2,100
Marketing Costs			1,160						1,184						621						4,173						2,698
Depreciation, Depletion and Amortization			910						927						870						3,651						3,400
General and Administrative			139						142						113						511						484
Taxes Other Than Income			316						277						114						1,047						478
Total			3,516						3,294						2,477						12,540						11,576
Operating Income (Loss)			2,528						1,471						488						6,102						(544)
Other Income (Expense), Net			9						6						(7)						9						10
Income (Loss) Before Interest Expense and Income Taxes			2,537						1,477						481						6,111						(534)
Interest Expense, Net			38						48						53						178						205
Income (Loss) Before Income Taxes			2,499						1,429						428						5,933						(739)
Income Tax Provision (Benefit)			514						334						91						1,269						(134)
Net Income (Loss)			1,985						1,095						337						4,664						(605)
Dividends Declared per Common Share			2.7500						0.4125						0.3750						4.9875						1.5000
Net Income (Loss) Per Share
Basic			3.42						1.88						0.58						8.03						(1.04)
Diluted			3.39						1.88						0.58						7.99						(1.04)
Average Number of Common Shares
Basic			581						581						580						581						579
Diluted			585						584						581						584						579

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Wellhead Volumes and Prices
(Unaudited)
			4Q 2021						4Q 2020						% Change						3Q 2021						FY 2021						FY 2020						% Change
Crude Oil and Condensate Volumes (MBbld) (A)
United States			449.7						442.4						2		%				448.3						443.4						408.1						9		%
Trinidad			0.9						2.3						-61		%				1.2						1.5						1.0						50		%
Other International (B)			—						0.1						-100		%				—						0.1						0.1						0		%
Total			450.6						444.8						1		%				449.5						445.0						409.2						9		%
Average Crude Oil and Condensate Prices ($/Bbl) (C)
United States			78.31						41.86						87		%				70.88						68.54						38.65						77		%
Trinidad			66.86						32.91						103		%				60.19						56.26						30.20						86		%
Other International (B)			—						35.90						-100		%				—						42.36						43.08						-2		%
Composite			78.29						41.81						87		%				70.85						68.50						38.63						77		%
Natural Gas Liquids Volumes (MBbld) (A)
United States			156.9						141.4						11		%				157.9						144.5						136.0						6		%
Total			156.9						141.4						11		%				157.9						144.5						136.0						6		%
Average Natural Gas Liquids Prices ($/Bbl) (C)
United States			40.40						17.54						130		%				37.72						34.35						13.41						156		%
Composite			40.40						17.54						130		%				37.72						34.35						13.41						156		%
Natural Gas Volumes (MMcfd) (A)
United States			1,328						1,075						24		%				1,210						1,210						1,040						16		%
Trinidad			206						192						7		%				212						217						180						21		%
Other International (B)			—						25						-100		%				—						9						32						-72		%
Total			1,534						1,292						19		%				1,422						1,436						1,252						15		%
Average Natural Gas Prices ($/Mcf) (C)
United States			6.40						2.29						180		%				4.50						4.88						1.61						203		%
Trinidad			3.48						3.57						-3		%				3.39						3.40						2.57						32		%
Other International (B)			—						5.47						-100		%				—						5.67						4.66						22		%
Composite			6.00						2.54						136		%				4.34						4.66						1.83						155		%
Crude Oil Equivalent Volumes (MBoed) (D)
United States			827.8						763.0						8		%				807.9						789.6						717.5						10		%
Trinidad			35.3						34.2						3		%				36.5						37.7						30.9						22		%
Other International (B)			—						4.3						-100		%				—						1.6						5.4						-70		%
Total			863.1						801.5						8		%				844.4						828.9						753.8						10		%
Total MMBoe (D)			79.4						73.7						8		%				77.7						302.5						275.9						10		%
(A) Thousand barrels per day or million cubic feet per day, as applicable.
(B) Other International includes EOG's China and Canada operations. The China operations were sold in the second quarter of 2021.
(C) Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity derivative instruments (see Note 12 to the Consolidated Financial Statements in EOG's Annual Report on Form 10-K for the year ended December 31, 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.

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Balance Sheets
In millions of USD, except share data (Unaudited)
			December 31,						December 31,
			2021						2020
Current Assets
Cash and Cash Equivalents			5,209						3,329
Accounts Receivable, Net			2,335						1,522
Inventories			584						629
Assets from Price Risk Management Activities			—						65
Income Taxes Receivable			—						23
Other			456						294
Total			8,584						5,862
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)			67,644						64,793
Other Property, Plant and Equipment			4,753						4,479
Total Property, Plant and Equipment			72,397						69,272
Less: Accumulated Depreciation, Depletion and Amortization			(43,971)						(40,673)
Total Property, Plant and Equipment, Net			28,426						28,599
Deferred Income Taxes			11						2
Other Assets			1,215						1,342
Total Assets			38,236						35,805
Current Liabilities
Accounts Payable			2,242						1,681
Accrued Taxes Payable			518						206
Dividends Payable			436						217
Liabilities from Price Risk Management Activities			269						—
Current Portion of Long-Term Debt			37						781
Current Portion of Operating Lease Liabilities			240						295
Other			300						280
Total			4,042						3,460
Long-Term Debt			5,072						5,035
Other Liabilities			2,193						2,149
Deferred Income Taxes			4,749						4,859
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 585,521,512 Shares and 583,694,850 Shares Issued at December 31, 2021 and 2020, respectively			206						206
Additional Paid in Capital			6,087						5,945
Accumulated Other Comprehensive Loss			(12)						(12)
Retained Earnings			15,919						14,170
Common Stock Held in Treasury, 257,268 Shares and 124,265 Shares at December 31, 2021 and 2020, respectively			(20)						(7)
Total Stockholders' Equity			22,180						20,302
Total Liabilities and Stockholders' Equity			38,236						35,805

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Cash Flows Statements
In millions of USD (Unaudited)
			4Q 2021						4Q 2020						3Q 2021						FY 2021						FY 2020
Cash Flows from Operating Activities
Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities:
Net Income (Loss)			1,985						337						1,095						4,664						(605)
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization			910						870						927						3,651						3,400
Impairments			206						143						82						376						2,100
Stock-Based Compensation Expenses			35						33						51						152						146
Deferred Income Taxes			122						55						(111)						(122)						(186)
(Gains) Losses on Asset Dispositions, Net			29						6						(1)						(17)						47
Other, Net			(2)						10						2						13						12
Dry Hole Costs			43						—						4						71						13
Mark-to-Market Commodity Derivative Contracts
Total (Gains) Losses			(136)						(70)						494						1,152						(1,145)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts			(122)						72						(293)						(638)						1,071
Other, Net			(1)						2						7						7						1
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable			(182)						(464)						(145)						(821)						467
Inventories			(108)						31						(6)						(13)						123
Accounts Payable			341						427						(68)						456						(795)
Accrued Taxes Payable			26						(61)						206						312						(49)
Other Assets			(81)						(90)						167						(136)						325
Other Liabilities			201						21						(260)						(116)						8
Changes in Components of Working Capital Associated with Investing Activities			(100)						(201)						45						(200)						75
Net Cash Provided by Operating Activities			3,166						1,121						2,196						8,791						5,008
Investing Cash Flows
Additions to Oil and Gas Properties			(949)						(785)						(846)						(3,638)						(3,244)
Additions to Other Property, Plant and Equipment			(65)						(56)						(50)						(212)						(221)
Proceeds from Sales of Assets			77						3						8						231						192
Changes in Components of Working Capital Associated with Investing Activities			100						201						(45)						200						(75)
Net Cash Used in Investing Activities			(837)						(637)						(933)						(3,419)						(3,348)
Financing Cash Flows
Long-Term Debt Borrowings			—						—						—						—						1,484
Long-Term Debt Repayments			—						—						—						(750)						(1,000)
Dividends Paid			(1,406)						(220)						(820)						(2,684)						(821)
Treasury Stock Purchased			(8)						(1)						(21)						(41)						(16)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan			10						8						—						19						16
Debt Issuance Costs			—						—						—						—						(3)
Repayment of Finance Lease Liabilities			(10)						(6)						(9)						(37)						(19)
Net Cash Used in Financing Activities			(1,414)						(219)						(850)						(3,493)						(359)
Effect of Exchange Rate Changes on Cash			1						(2)						—						1						—
Increase in Cash and Cash Equivalents			916						263						413						1,880						1,301
Cash and Cash Equivalents at Beginning of Period			4,293						3,066						3,880						3,329						2,028
Cash and Cash Equivalents at End of Period			5,209						3,329						4,293						5,209						3,329

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Non-GAAP Financial Measures

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

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

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Adjusted Net Income (Loss) (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
			4Q 2020
			Before Tax						Income Tax Impact						After Tax						Diluted Earnings per Share
Reported Net Income (GAAP)			428						(91)						337						0.58
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts			(70)						15						(55)						(0.10)
Net Cash Received from Settlements of Commodity Derivative Contracts			72						(16)						56						0.10
Add: Losses on Asset Dispositions, Net			6						(1)						5						0.01
Add: Certain Impairments			86						(18)						68						0.12
Adjustments to Net Income			94						(20)						74						0.13
Adjusted Net Income (Non-GAAP)			522						(111)						411						0.71
Average Number of Common Shares (GAAP)
Basic																					580
Diluted																					581
Average Number of Common Shares (Non-GAAP)
Basic																					580
Diluted																					581

			3Q 2021
			Before Tax						Income Tax Impact						After Tax						Diluted Earnings per Share
Reported Net Income (GAAP)			1,429						(334)						1,095						1.88
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts			494						(108)						386						0.65
Net Cash Payments for Settlements of Commodity Derivative Contracts			(293)						64						(229)						(0.39)
Less: Gains on Asset Dispositions, Net			(1)						—						(1)						—
Add: Certain Impairments			13						—						13						0.02
Adjustments to Net Income			213						(44)						169						0.28
Adjusted Net Income (Non-GAAP)			1,642						(378)						1,264						2.16
Average Number of Common Shares (GAAP)
Basic																					581
Diluted																					584
Average Number of Common Shares (Non-GAAP)
Basic																					581
Diluted																					584

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

			FY 2020
			Before Tax						Income Tax Impact						After Tax						Diluted Earnings per Share
Reported Net Loss (GAAP)			(739)						134						(605)						(1.04)
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts			(1,145)						251						(894)						(1.55)
Net Cash Received from Settlements of Commodity Derivative Contracts			1,071						(235)						836						1.44
Add: Losses on Asset Dispositions, Net			47						(10)						37						0.06
Add: Certain Impairments			1,868						(392)						1,476						2.55
Adjustments to Net Loss			1,841						(386)						1,455						2.50
Adjusted Net Income (Non-GAAP)			1,102						(252)						850						1.46
Average Number of Common Shares (GAAP)
Basic																					579
Diluted																					579
Average Number of Common Shares (Non-GAAP)
Basic																					579
Diluted																					581

22

Adjusted Net Income Per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
3Q 2021 Adjusted Net Income per Share (Non-GAAP)									2.16
Realized Price
4Q 2021 Composite Average Wellhead Revenue per Boe			58.88
Less: 3Q 2021 Composite Average Welhead Revenue per Boe			(52.07)
Subtotal			6.81
Multiplied by: 4Q 2021 Crude Oil Equivalent Volumes (MMBoe)			79.4
Total Change in Revenue			541
Less: Income Tax Benefit (Cost) Imputed (based on 23%)			(124)
Change in Net Income			416
Change in Diluted Earnings per Share									0.71
Net Cash Received (Paid) from Settlements of Commodity Derivative Contracts
4Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts			(122)
Less: Income Tax Benefit (Cost)			25
After Tax - (a)			(97)
3Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts			(293)
Less: Income Tax Benefit (Cost)			64
After Tax - (b)			(229)
Change in Net Income - (a) - (b)			132
Change in Diluted Earnings per Share									0.23
Wellhead Volumes
4Q 2021 Crude Oil Equivalent Volumes (MMBoe)			79.4
Less: 3Q 2021 Crude Oil Equivalent Volumes (MMBoe)			(77.7)
Subtotal			1.7
Multiplied by: 4Q 2021 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)			28.74
Change in Revenue			49
Less: Income Tax Benefit (Cost) Imputed (based on 23%)			(11)
Change in Net Income			38
Change in Diluted Earnings per Share									0.07

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

Operating Cost per Boe
3Q 2021 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)			27.62
Less: 3Q 2021 Taxes Other Than Income			(3.57)
Less: 4Q 2021 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)			(30.14)
Add: 4Q 2021 Taxes Other Than Income			3.98
Subtotal			(2.11)
Multiplied by: 4Q 2021 Crude Oil Equivalent Volumes (MMBoe)			79.4
Change in Before-Tax Net Income			(168)
Less: Income Tax Benefit (Cost) Imputed (based on 23%)			39
Change in Net Income			(129)
Change in Diluted Earnings per Share									(0.22)
Other (1)									0.14
4Q 2021 Adjusted Net Income per Share (Non-GAAP)									3.09
4Q 2021 Average Number of Common Shares (Non-GAAP) - Diluted			585
(1) Includes gathering, processing and marketing revenue, other revenue, marketing costs, taxes other than income, other income (expense), interest expense and the effect of changes in the effective income tax rate.

24

Adjusted Net Income per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
FY 2020 Adjusted Net Income per Share (Non-GAAP)									1.46
Realized Price
FY 2021 Composite Average Wellhead Revenue per Boe			50.84
Less: FY 2020 Composite Average Wellhead Revenue per Boe			(26.42)
Subtotal			24.42
Multiplied by: FY 2021 Crude Oil Equivalent Volumes (MMBoe)			302.5
Total Change in Revenue			7,388
Less: Income Tax Benefit (Cost) Imputed (based on 23%)			(1,699)
Change in Net Income			5,689
Change in Diluted Earnings per Share									9.74
Net Cash Received (Paid) from Settlements of Commodity Derivative Contracts
FY 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts			(638)
Less: Income Tax Benefit (Cost)			138
After Tax - (a)			(500)
FY 2020 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts			1,071
Less: Income Tax Benefit (Cost)			(235)
After Tax - (b)			836
Change in Net Income - (a) - (b)			(1,336)
Change in Diluted Earnings per Share									(2.29)
Wellhead Volumes
FY 2021 Crude Oil Equivalent Volumes (MMBoe)			302.5
Less: FY 2020 Crude Oil Equivalent Volumes (MMBoe)			(275.9)
Subtotal			26.7
Multiplied by: FY 2021 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)			22.64
Change in Revenue			604
Less: Income Tax Benefit (Cost) Imputed (based on 23%)			(139)
Change in Net Income			465
Change in Diluted Earnings per Share									0.80

25

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

Operating Cost per Boe
FY 2020 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)			26.13
Less: 3Q 2021 Taxes Other Than Income			(1.73)
Less: FY 2021 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Costs per Barrel of Oil Equivalent" schedule)			(28.20)
Add: 4Q 2021 Taxes Other Than Income			3.46
Subtotal			(0.34)
Multiplied by: FY 2021 Crude Oil Equivalent Volumes (MMBoe)			302.5
Change in Before-Tax Net Income			(103)
Less: Income Tax Benefit (Cost) Imputed (based on 23%)			24
Change in Net Income			(79)
Change in Diluted Earnings per Share									(0.14)
Other (1)									(0.96)
FY 2021 Adjusted Net Income per Share (Non-GAAP)									8.61
FY 2021 Average Number of Common Shares (Non-GAAP) - Diluted			584
(1) Includes gathering, processing and marketing revenue, other revenue, marketing costs, taxes other than income, other income (expense), interest expense and the effect of changes in the effective income tax rate.

26

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.
			4Q 2021						3Q 2021						4Q 2020						FY 2021						FY 2020
Net Cash Provided by Operating Activities (GAAP)			3,166						2,196						1,121						8,791						5,008
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)			37						39						36						133						126
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable			182						145						464						821						(467)
Inventories			108						6						(31)						13						(123)
Accounts Payable			(341)						68						(427)						(456)						795
Accrued Taxes Payable			(26)						(206)						61						(312)						49
Other Assets			81						(167)						90						136						(325)
Other Liabilities			(201)						260						(21)						116						(8)
Changes in Components of Working Capital Associated with Investing Activities			100						(45)						201						200						(75)
Other Non-Current Income Taxes - Net Receivable			—						—						—						—						113
Discretionary Cash Flow (Non-GAAP)			3,106						2,296						1,494						9,442						5,093
Discretionary Cash Flow (Non-GAAP) - Percentage Increase			108		%																85		%
Discretionary Cash Flow (Non-GAAP)			3,106						2,296						1,494						9,442						5,093
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)			(1,057)						(935)						(828)						(3,909)						(3,490)
Free Cash Flow (Non-GAAP)			2,049						1,361						666						5,533						1,603

27

(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP):
			4Q 2021						3Q 2021						4Q 2020						FY 2021						FY 2020
Total Expenditures (GAAP)			1,137						962						1,107						4,255						4,113
Less:
Asset Retirement Costs			(71)						(8)						(48)						(127)						(117)
Non-Cash Acquisition Costs of Unproved Properties			(8)						(15)						(69)						(45)						(197)
Non-Cash Finance Leases			—						—						(101)						(74)						(174)
Acquisition Costs of Proved Properties			(1)						(4)						(61)						(100)						(135)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)			1,057						935						828						3,909						3,490

28

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

29

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

30

Total Expenditures
In millions of USD (Unaudited)
			4Q 2021						4Q 2020						FY 2021						FY 2020						FY 2019						FY 2018						FY 2017
Exploration and Development Drilling			767						592						2,864						2,664						4,951						4,935						3,132
Facilities			118						99						405						347						629						625						575
Leasehold Acquisitions			21						102						215						265						276						488						427
Property Acquisitions			1						61						100						135						380						124						73
Capitalized Interest			9						7						33						31						38						24						27
Subtotal			916						861						3,617						3,442						6,274						6,196						4,234
Exploration Costs			42						41						154						146						140						149						145
Dry Hole Costs			43						—						71						13						28						5						5
Exploration and Development Expenditures			1,001						902						3,842						3,601						6,442						6,350						4,384
Asset Retirement Costs			71						48						127						117						186						70						56
Total Exploration and Development Expenditures			1,072						950						3,969						3,718						6,628						6,420						4,440
Other Property, Plant and Equipment			65						157						286						395						272						286						173
Total Expenditures			1,137						1,107						4,255						4,113						6,900						6,706						4,613

31

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.
			4Q 2021			4Q 2020						FY 2021						FY 2020
Net Income (Loss) (GAAP)			1,985			337						4,664						(605)
Adjustments:
Interest Expense, Net			38			53						178						205
Income Tax Provision (Benefit)			514			91						1,269						(134)
Depreciation, Depletion and Amortization			910			870						3,651						3,400
Exploration Costs			42			41						154						146
Dry Hole Costs			43			—						71						13
Impairments			206			143						376						2,100
EBITDAX (Non-GAAP)			3,738			1,535						10,363						5,125
(Gains) Losses on MTM Commodity Derivative Contracts			(136)			(70)						1,152						(1,145)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts			(122)			72						(638)						1,071
(Gains) Losses on Asset Dispositions, Net			29			6						(17)						47
Adjusted EBITDAX (Non-GAAP)			3,509			1,543						10,860						5,098
Definitions
EBITDAX - Earnings Before Interest Expense, Net; Income Tax Provision (Benefit); Depreciation, Depletion and Amortization; Exploration Costs; Dry Hole Costs; and Impairments

32

Net Debt-to-Total Capitalization Ratio
In millions of USD, except ratio data (Unaudited)
The following tables reconcile Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (Non-GAAP), as used in the Net Debt-to-Total Capitalization ratio calculation. A portion of the cash is associated with international subsidiaries; tax considerations may impact debt paydown. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize Net Debt and Total Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation. EOG management uses this information for comparative purposes within the industry.
			December 31, 2021						September 30, 2021						June 30, 2021						March 31, 2021
Total Stockholders' Equity - (a)			22,180						21,765						20,881						20,762
Current and Long-Term Debt (GAAP) - (b)			5,109						5,117						5,125						5,133
Less: Cash			(5,209)						(4,293)						(3,880)						(3,388)
Net Debt (Non-GAAP) - (c)			(100)						824						1,245						1,745
Total Capitalization (GAAP) - (a) + (b)			27,289						26,882						26,006						25,895
Total Capitalization (Non-GAAP) - (a) + (c)			22,080						22,589						22,126						22,507
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]			18.7		%				19.0		%				19.7		%				19.8		%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]			-0.5		%				3.6		%				5.6		%				7.8		%

33

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		%

34

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		%

35

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		%

36

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		%

37

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						12,956
Current and Long-Term Debt (GAAP) - (b)			6,986						6,986						6,986						6,986						6,656
Less: Cash			(1,600)						(1,049)						(780)						(668)						(719)
Net Debt (Non-GAAP) - (c)			5,386						5,937						6,206						6,318						5,937
Total Capitalization (GAAP) - (a) + (b)			20,968						18,784						19,043						19,391						19,612
Total Capitalization (Non-GAAP) - (a) + (c)			19,368						17,735						18,263						18,723						18,893
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]			33.3		%				37.2		%				36.7		%				36.0		%				33.9		%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]			27.8		%				33.5		%				34.0		%				33.7		%				31.4		%

38

Proved Reserves and Reserve Replacement Data
(Unaudited)
2021 Net Proved Reserves Reconciliation Summary			United States						Trinidad						Other International						Total
Crude Oil and Condensate (MMBbl)
Beginning Reserves			1,513						1						—						1,514
Revisions			(116)						—						—						(116)
Purchases in Place			2						—						—						2
Extensions, Discoveries and Other Additions			311						1						—						312
Sales in Place			(2)						—						—						(2)
Production			(162)						—						—						(162)
Ending Reserves			1,546						2						—						1,548
Natural Gas Liquids (MMBbl)
Beginning Reserves			813						—						—						813
Revisions			(128)						—						—						(128)
Purchases in Place			3						—						—						3
Extensions, Discoveries and Other Additions			194						—						—						194
Sales in Place			—						—						—						—
Production			(53)						—						—						(53)
Ending Reserves			829						—						—						829
Natural Gas (Bcf)
Beginning Reserves			5,043						269						48						5,360
Revisions			754						26						3						783
Purchases in Place			23						—						—						23
Extensions, Discoveries and Other Additions			2,574						100						—						2,674
Sales in Place			(4)						—						(48)						(52)
Production			(483)						(80)						(3)						(566)
Ending Reserves			7,907						315						—						8,222
Oil Equivalents (MMBoe)
Beginning Reserves			3,166						46						8						3,220
Revisions			(118)						4						—						(114)
Purchases in Place			9						—						—						9
Extensions, Discoveries and Other Additions			934						18						—						952
Sales in Place			(3)						—						(8)						(11)
Production			(295)						(14)						—						(309)
Ending Reserves			3,693						54						—						3,747
Net Proved Developed Reserves (MMBoe)
At December 31, 2020			1,614						30						5						1,649
At December 31, 2021			1,926						22						—						1,948
2021 Exploration and Development Expenditures ($ Millions)
Acquisition Cost of Unproved Properties			207						—						8						215
Exploration Costs			296						7						51						354
Development Costs			3,120						53						—						3,173
Total Drilling			3,623						60						59						3,742
Acquisition Cost of Proved Properties			100						—						—						100
Asset Retirement Costs			86						24						17						127
Total Exploration and Development Expenditures			3,809						84						76						3,969
Gathering, Processing and Other			283						—						3						286
Total Expenditures			4,092						84						79						4,255
Proceeds from Sales in Place			(102)						—						(129)						(231)
Net Expenditures			3,990						84						(50)						4,024
Reserve Replacement Costs ($ / Boe) *
All-in Total, Net of Revisions			4.45						2.73						—						4.48
All-in Total, Excluding Revisions Due to Price			5.82						2.73						—						5.81
Reserve Replacement *
Drilling Only			317		%				129		%				0		%				308		%
All-in Total, Net of Revisions and Dispositions			279		%				157		%				0		%				271		%
All-in Total, Excluding Revisions Due to Price			213		%				157		%				0		%				208		%
All-in Total, Liquids			123		%				0		%				0		%				123		%
* See following reconciliation schedule for calculation methodology

39

Reserve Replacement Cost Data
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2021			United States						Trinidad						Other International						Total
Total Costs Incurred in Exploration and Development Activities (GAAP)			3,809						84						76						3,969
Less: Asset Retirement Costs			(86)						(24)						(17)						(127)
Non-Cash Acquisition Costs of Unproved Properties			(45)						—						—						(45)
Total Acquisition Costs of Proved Properties			(100)						—						—						(100)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)			3,578						60						59						3,697
Total Costs Incurred in Exploration and Development Activities (GAAP)			3,809						84						76						3,969
Less: Asset Retirement Costs			(86)						(24)						(17)						(127)
Non-Cash Acquisition Costs of Unproved Properties			(45)						—						—						(45)
Non-Cash Acquisition Costs of Proved Properties			(5)						—						—						(5)
Total Exploration and Development Expenditures (Non-GAAP) - (b)			3,673						60						59						3,792
Total Expenditures (GAAP)			4,092						84						79						4,255
Less: Asset Retirement Costs			(86)						(24)						(17)						(127)
Non-Cash Acquisition Costs of Unproved Properties			(45)						—						—						(45)
Non-Cash Acquisition Costs of Proved Properties			(5)						—						—						(5)
Non-Cash Capital - Other Miscellaneous			(74)						—						—						(74)
Total Cash Expenditures (Non-GAAP)			3,882						60						62						4,004
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)			194						—						—						194
Revisions Other Than Price			(312)						4						—						(308)
Purchases in Place			9						—						—						9
Extensions, Discoveries and Other Additions - (d)			934						18						—						952
Total Proved Reserve Additions - (e)			825						22						—						847
Sales in Place			(3)						—						(8)						(11)
Net Proved Reserve Additions From All Sources - (f)			822						22						(8)						836
Production - (g)			295						14						—						309
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)			3.83						3.33						—						3.88
All-in Total, Net of Revisions - (b / e)			4.45						2.73						—						4.48
All-in Total, Excluding Revisions Due to Price - (b / (e - c))			5.82						2.73						—						5.81
Reserve Replacement
Drilling Only - (d / g)			317		%				129		%				0		%				308		%
All-in Total, Net of Revisions and Dispositions - (f / g)			279		%				157		%				0		%				271		%
All-in Total, Excluding Revisions Due to Price - ((f - c) / g)			213		%				157		%				0		%				208		%
Net Proved Reserve Additions From All Sources - Liquids (MMBbl)
Revisions			(244)						—						—						(244)
Purchases in Place			5						—						—						5
Extensions, Discoveries and Other Additions - (h)			505						1						—						506
Total Proved Reserve Additions			266						1						—						267
Sales in Place			(2)						—						—						(2)
Net Proved Reserve Additions From All Sources - (i)			264						1						—						265
Production - (j)			215						—						—						215
Reserve Replacement - Liquids
Drilling Only - (h / j)			235		%				0		%				0		%				235		%
All-in Total, Net of Revisions and Dispositions - (i / j)			123		%				0		%				0		%				123		%

40

Reserve Replacement Cost Data
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2021
Proved Developed Reserve Replacement Costs ($ / Boe)			Total
Total Costs Incurred in Exploration and Development Activities (GAAP)			3,969
Less: Asset Retirement Costs			(127)
Acquisition Costs of Unproved Properties			(215)
Acquisition Costs of Proved Properties			(100)
Drillbit Exploration and Development Expenditures (Non-GAAP) - (k)			3,527
Total Proved Reserves - Extensions, Discoveries and Other Additions (MMBoe)			952
Add: Conversion of Proved Undeveloped Reserves to Proved Developed			243
Less: Proved Undeveloped Extensions and Discoveries			(779)
Proved Developed Reserves - Extensions and Discoveries (MMBoe)			416
Total Proved Reserves - Revisions (MMBoe)			(114)
Less: Proved Undeveloped Reserves - Revisions			305
Proved Developed - Revisions Due to Price			(165)
Proved Developed Reserves - Revisions Other Than Price (MMBoe)			26
Proved Developed Reserves - Extensions and Discoveries Plus Revisions Other Than Price (MMBoe) - (l)			442
Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) - (k / l)			7.98

41

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.
			2021						2020						2019						2018
Total Costs Incurred in Exploration and Development Activities (GAAP)			3,969						3,718						6,628						6,420
Less: Asset Retirement Costs			(127)						(117)						(186)						(70)
Non-Cash Acquisition Costs of Unproved Properties			(45)						(197)						(98)						(291)
Acquisition Costs of Proved Properties			(100)						(135)						(380)						(124)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)			3,697						3,269						5,964						5,935
Total Costs Incurred in Exploration and Development Activities (GAAP)			3,969						3,718						6,628						6,420
Less: Asset Retirement Costs			(127)						(117)						(186)						(70)
Non-Cash Acquisition Costs of Unproved Properties			(45)						(197)						(98)						(291)
Non-Cash Acquisition Costs of Proved Properties			(5)						(15)						(52)						(71)
Total Exploration and Development Expenditures (Non-GAAP) - (b)			3,792						3,389						6,292						5,988
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)			194						(278)						(60)						35
Revisions Other Than Price			(308)						(89)						—						(40)
Purchases in Place			9						10						17						12
Extensions, Discoveries and Other Additions - (d)			952						564						750						670
Total Proved Reserve Additions - (e)			847						207						707						677
Sales in Place			(11)						(31)						(5)						(11)
Net Proved Reserve Additions From All Sources			836						176						702						666
Production			309						285						301						265
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)			3.88						5.79						7.95						8.86
All-in Total, Net of Revisions - (b / e)			4.48						16.32						8.90						8.85
All-in Total, Excluding Revisions Due to Price - (b / ( e - c))			5.81						6.98						8.21						9.33

42

Reserve Replacement Cost Data (Continued)
In millions of USD, except reserves and ratio data (Unaudited)
			2017						2016						2015						2014
Total Costs Incurred in Exploration and Development Activities (GAAP)			4,440						6,445						4,928						7,905
Less: Asset Retirement Costs			(56)						20						(53)						(196)
Non-Cash Acquisition Costs of Unproved Properties			(256)						(3,102)						—						—
Acquisition Costs of Proved Properties			(73)						(749)						(481)						(139)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)			4,055						2,614						4,394						7,570
Total Costs Incurred in Exploration and Development Activities (GAAP)			4,440						6,445						4,928						7,905
Less: Asset Retirement Costs			(56)						20						(53)						(196)
Non-Cash Acquisition Costs of Unproved Properties			(256)						(3,102)						—						—
Non-Cash Acquisition Costs of Proved Properties			(26)						(732)						—						—
Total Exploration and Development Expenditures (Non-GAAP) - (b)			4,102						2,631						4,875						7,709
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)			154						(101)						(574)						52
Revisions Other Than Price			48						253						107						49
Purchases in Place			2						42						56						14
Extensions, Discoveries and Other Additions - (d)			421						209						246						519
Total Proved Reserve Additions - (e)			625						403						(165)						634
Sales in Place			(21)						(168)						(4)						(36)
Net Proved Reserve Additions From All Sources			604						235						(169)						598
Production			224						206						210						220
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)			9.64						12.51						17.87						14.58
All-in Total, Net of Revisions - (b / e)			6.56						6.52						(29.63)						12.16
All-in Total, Excluding Revisions Due to Price - (b / ( e - c))			8.71						5.22						11.91						13.25

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

43

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 settled during the year ended December 31, 2021 (closed) and remaining for 2022 and thereafter, as of February 18, 2022.

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 - September 2021 (closed)						NYMEX WTI						150						52.71
January 2022 (closed)						NYMEX WTI						140						65.58
February - March 2022						NYMEX WTI						140						65.58
April - June 2022						NYMEX WTI						140						65.62
July - September 2022						NYMEX WTI						140						65.59
October - December 2022						NYMEX WTI						140						65.68
January - March 2023						NYMEX WTI						150						67.92
April - June 2023						NYMEX WTI						120						67.79
July - September 2023						NYMEX WTI						100						70.15
October - December 2023						NYMEX WTI						69						69.41

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 - December 2021 (closed)

NYMEX WTI Roll Differential (1)

125

0.17

January - February 2022 (closed)

NYMEX WTI Roll Differential (1)

125

0.15

March - 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 - December 2021 (closed)

Mont Belvieu Propane (non-Tet)

15

$

29.44

44

Financial Commodity Derivative Contracts (Continued)

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 - September 2021 (closed)						NYMEX Henry Hub						500						2.99						570						2.81
October - December 2021 (closed)						NYMEX Henry Hub						500						2.99						500						2.83
January - December 2022 (closed) (1)						NYMEX Henry Hub						20						2.75						—						—
January - February 2022 (closed)						NYMEX Henry Hub						725						3.57						—						—
March - December 2022						NYMEX Henry Hub						725						3.57						—						—
January - December 2023						NYMEX Henry Hub						725						3.18						—						—
January - December 2024						NYMEX Henry Hub						725						3.07						—						—
January - December 2025						NYMEX Henry Hub						725						3.07						—						—
April - September 2021 (closed)						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.

Natural Gas Basis Swap Contracts
												Contracts Sold
Period						Settlement Index						Volume (MMBtud in thousands)						Weighted Average Price ($/MMBtu)
January - February 2022 (closed)						NYMEX Henry Hub HSC Differential (1)						210						$	(0.01)
March - December 2022						NYMEX Henry Hub HSC Differential (1)						210						(0.01)
January - December 2023						NYMEX Henry Hub HSC Differential (1)						135						(0.01)
January - December 2024						NYMEX Henry Hub HSC Differential (1)						10						0.00
January - December 2025						NYMEX Henry Hub HSC Differential (1)						10						0.00

(1)    This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices.

45

Financial Commodity Derivative Contracts (Continued)

Glossary:
$/Bbl			Dollars per barrel
$/MMBtu			Dollars per million British Thermal Units
Bbl			Barrel
EOG			EOG Resources, Inc.
HSC			Houston Ship Channel
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

46

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

47

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.
			2021						2020						2019						2018						2017
Interest Expense, Net (GAAP)			178						205						185						245
Tax Benefit Imputed (based on 21%)			(37)						(43)						(39)						(51)
After-Tax Net Interest Expense (Non-GAAP) - (a)			141						162						146						194
Net Income (Loss) (GAAP) - (b)			4,664						(605)						2,735						3,419
Adjustments to Net Income (Loss), Net of Tax (See Below Detail) (1)			364						1,455						158						(201)
Adjusted Net Income (Non-GAAP) - (c)			5,028						850						2,893						3,218
Total Stockholders' Equity - (d)			22,180						20,302						21,641						19,364						16,283
Average Total Stockholders' Equity * - (e)			21,241						20,972						20,503						17,824
Current and Long-Term Debt (GAAP) - (f)			5,109						5,816						5,175						6,083						6,387
Less: Cash			(5,209)						(3,329)						(2,028)						(1,556)						(834)
Net Debt (Non-GAAP) - (g)			(100)						2,487						3,147						4,527						5,553
Total Capitalization (GAAP) - (d) + (f)			27,289						26,118						26,816						25,447						22,670
Total Capitalization (Non-GAAP) - (d) + (g)			22,080						22,789						24,788						23,891						21,836
Average Total Capitalization (Non-GAAP) * - (h)			22,435						23,789						24,340						22,864
Return on Capital Employed (ROCE)
GAAP Net Income (Loss) - [(a) + (b)] / (h)			21.4		%				-1.9		%				11.8		%				15.8		%
Non-GAAP Adjusted Net Income - [(a) + (c)] / (h)			23.0		%				4.3		%				12.5		%				14.9		%
Return on Equity (ROE)
GAAP Net Income (Loss) - (b) / (e)			22.0		%				-2.9		%				13.3		%				19.2		%
Non-GAAP Adjusted Net Income - (c) / (e)			23.7		%				4.1		%				14.1		%				18.1		%
* Average for the current and immediately preceding year

48

(1) Detail of adjustments to Net Income (Loss) (GAAP):
															Before Tax						Income Tax Impact						After Tax
Year Ended December 31, 2021
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact															514						(112)						402
Add: Certain Impairments															15						—						15
Less: Gains on Asset Dispositions, Net															(17)						9						(8)
Less: Tax Benefits Related to Exiting Canada Operations															—						(45)						(45)
Total															512						(148)						364
Year Ended December 31, 2020
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact															(74)						16						(58)
Add: Certain Impairments															1,868						(392)						1,476
Add: Losses on Asset Dispositions, Net															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: Certain Impairments															275						(60)						215
Less: Gains on Asset Dispositions, Net															(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: Certain Impairments															153						(34)						119
Less: Gains on Asset Dispositions, Net															(175)						38						(137)
Less: Tax Reform Impact															—						(110)						(110)
Total															(115)						(86)						(201)

49

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
Interest Expense, Net (GAAP)															274						282						237
Tax Benefit Imputed (based on 35%)															(96)						(99)						(83)
After-Tax Net Interest Expense (Non-GAAP) - (a)															178						183						154
Net Income (Loss) (GAAP) - (b)															2,583						(1,097)						(4,525)
Total Stockholders' Equity - (d)															16,283						13,982						12,943
Average Total Stockholders' Equity* - (e)															15,133						13,463						15,328
Current and Long-Term Debt (GAAP) - (f)															6,387						6,986						6,655
Less: Cash															(834)						(1,600)						(719)
Net Debt (Non-GAAP) - (g)															5,553						5,386						5,936
Total Capitalization (GAAP) - (d) + (f)															22,670						20,968						19,598
Total Capitalization (Non-GAAP) - (d) + (g)															21,836						19,368						18,879
Average Total Capitalization (Non-GAAP)* - (h)															20,602						19,124						20,206
Return on Capital Employed (ROCE)
GAAP Net Income (Loss) - [(a) + (b)] / (h)															13.4		%				-4.8		%				-21.6		%
Return on Equity (ROE)
GAAP Net Income (Loss) - (b) / (e)															17.1		%				-8.1		%				-29.5		%
* Average for the current and immediately preceding year

50

ROCE & ROE (Continued)
In millions of USD, except ratio data (Unaudited)
															2014						2013						2012
Interest Expense, Net (GAAP)															201						235						214
Tax Benefit Imputed (based on 35%)															(70)						(82)						(75)
After-Tax Net Interest Expense (Non-GAAP) - (a)															131						153						139
Net Income (GAAP) - (b)															2,915						2,197						570
Total Stockholders' Equity - (d)															17,713						15,418						13,285
Average Total Stockholders' Equity* - (e)															16,566						14,352						12,963
Current and Long-Term Debt (GAAP) - (f)															5,906						5,909						6,312
Less: Cash															(2,087)						(1,318)						(876)
Net Debt (Non-GAAP) - (g)															3,819						4,591						5,436
Total Capitalization (GAAP) - (d) + (f)															23,619						21,327						19,597
Total Capitalization (Non-GAAP) - (d) + (g)															21,532						20,009						18,721
Average Total Capitalization (Non-GAAP)* - (h)															20,771						19,365						17,878
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h)															14.7		%				12.1		%				4.0		%
Return on Equity (ROE)
GAAP Net Income - (b) / (e)															17.6		%				15.3		%				4.4		%
* Average for the current and immediately preceding year

51

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.
			4Q 2021						3Q 2021						2Q 2021						1Q 2021						4Q 2020
Volume - Million Barrels of Oil Equivalent - (a)			79.4						77.7						75.3						70.1						73.7
Total Operating Revenues and Other (b)			6,044						4,765						4,139						3,694						2,965
Total Operating Expenses (c)			3,516						3,294						2,968						2,762						2,477
Operating Income (Loss) (d)			2,528						1,471						1,171						932						488
Wellhead Revenues
Crude Oil and Condensate			3,246						2,929						2,699						2,251						1,711
Natural Gas Liquids			583						548						367						314						229
Natural Gas			847						568						404						625						302
Total Wellhead Revenues - (e)			4,676						4,045						3,470						3,190						2,242
Operating Costs
Lease and Well			325						270						270						270						261
Transportation Costs			228						219						214						202						195
Gathering and Processing Costs			147						145						128						139						119
General and Administrative			139						142						120						110						113
Taxes Other Than Income			316						277						239						215						114
Interest Expense, Net			38						48						45						47						53
Total Operating Cost (excluding DD&A and Total Exploration Costs) (f)			1,193						1,101						1,016						983						855
Depreciation, Depletion and Amortization (DD&A)			910						927						914						900						870
Total Operating Cost (excluding Total Exploration Costs) - (g)			2,103						2,028						1,930						1,883						1,725
Exploration Costs			42						44						35						33						41
Dry Hole Costs			43						4						13						11						—
Impairments			206						82						44						44						143
Total Exploration Costs (GAAP)			291						130						92						88						184
Less: Certain Impairments (1)			—						(13)						(1)						(1)						(86)
Total Exploration Costs (Non-GAAP)			291						117						91						87						98
Total Operating Cost (including Total Exploration Costs (GAAP)) - (h)			2,394						2,158						2,022						1,971						1,909
Total Operating Cost (including Total Exploration Costs (Non-GAAP)) - (i)			2,394						2,145						2,021						1,970						1,823
Total Wellhead Revenues less Total Operating Cost      (including Total Exploration Costs (GAAP))			2,282						1,887						1,448						1,219						333
Total Wellhead Revenues less Total Operating Cost      (including Total Exploration Costs (Non-GAAP))			2,282						1,900						1,449						1,220						419

52

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
			4Q 2021						3Q 2021						2Q 2021						1Q 2021						4Q 2020
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe     - (b) / (a)			76.12						61.33						54.97						52.70						40.23
Composite Average Operating Expenses per Boe - (c) / (a)			44.28						42.40						39.42						39.40						33.61
Composite Average Operating Income (Loss) per Boe     - (d) / (a)			31.84						18.93						15.55						13.30						6.62
Composite Average Wellhead Revenue per Boe - (e) / (a)			58.88						52.07						46.07						45.49						30.39
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)			15.02						14.19						13.48						14.02						11.60
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]			43.86						37.88						32.59						31.47						18.79
Total Operating Cost per Boe (excluding Total Exploration      Costs) - (g) / (a)			26.48						26.12						25.61						26.86						23.41
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (g) / (a)]			32.40						25.95						20.46						18.63						6.98
Total Operating Cost per Boe (including Total Exploration     Costs) - (h) / (a)			30.15						27.79						26.85						28.12						25.90
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (h) / (a)]			28.73						24.28						19.22						17.37						4.49
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (including Total Exploration      Costs) - (i) / (a)			30.14						27.62						26.85						28.11						24.72
Composite Average Margin per Boe (including Total      Exploration Costs) - [(e) / (a) - (i) / (a)]			28.74						24.45						19.25						17.38						5.67
(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).

53

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
			2021						2020						2019						2018						2017
Volume - Million Barrels of Oil Equivalent - (a)			302.5						275.9						298.6						262.5						222.3
Total Operating Revenues and Other (b)			18,642						11,032						17,380						17,275						11,208
Total Operating Expenses (c)			12,540						11,576						13,681						12,806						10,282
Operating Income (Loss) (d)			6,102						(544)						3,699						4,469						926
Wellhead Revenues
Crude Oil and Condensate			11,125						5,786						9,613						9,517						6,256
Natural Gas Liquids			1,812						668						785						1,128						730
Natural Gas			2,444						837						1,184						1,302						922
Total Wellhead Revenues - (e)			15,381						7,291						11,582						11,947						7,908
Operating Costs
Lease and Well			1,135						1,063						1,367						1,283						1,045
Transportation Costs			863						735						758						747						740
Gathering and Processing Costs			559						459						479						437						149
General and Administrative (GAAP)			511						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)			511						484						489						427						416
Taxes Other Than Income			1,047						478						800						772						545
Interest Expense, Net			178						205						185						245						274
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)			4,293						3,424						4,078						3,911						3,187
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)			4,293						3,424						4,078						3,911						3,169
Depreciation, Depletion and Amortization (DD&A)			3,651						3,400						3,750						3,435						3,409
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)			7,944						6,824						7,828						7,346						6,596
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)			7,944						6,824						7,828						7,346						6,578
Exploration Costs			154						146						140						149						145
Dry Hole Costs			71						13						28						5						5
Impairments			376						2,100						518						347						479
Total Exploration Costs (GAAP)			601			601			2,259						686						501						629
Less: Certain Impairments (2)			(15)						(1,868)						(275)						(153)						(261)
Total Exploration Costs (Non-GAAP)			586						391						411						348						368
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)			8,545						9,083						8,514						7,847						7,225
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)			8,530						7,215						8,239						7,694						6,946
Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))			6,836						(1,792)						3,068						4,100						683
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))			6,851						76						3,343						4,253						962

54

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
			2021						2020						2019						2018						2017
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)			61.63						39.99						58.20						65.81						50.42
Composite Average Operating Expenses per Boe - (c) / (a)			41.46						41.96						45.81						48.79						46.25
Composite Average Operating Income (Loss) per Boe - (d) / (a)			20.17						(1.97)						12.39						17.02						4.17
Composite Average Wellhead Revenue per Boe - (e) / (a)			50.84						26.42						38.79						45.51						35.58
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)			14.19						12.39						13.66						14.90						14.34
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]			36.65						14.03						25.13						30.61						21.24
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)			26.26						24.71						26.22						27.99						29.67
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]			24.58						1.71						12.57						17.52						5.91
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)			28.25						32.92						28.51						29.89						32.50
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]			22.59						(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)			14.19						12.39						13.66						14.90						14.25
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]			36.65						14.03						25.13						30.61						21.33
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)			26.26						24.71						26.22						27.99						29.59
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]			24.58						1.71						12.57						17.52						5.99
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)			28.20						26.13						27.60						29.32						31.24
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]			22.64						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).

55

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

56

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).

57