EX-99.1 2 exh99-1080422.htm PRESS RELEASE OF EOG RESOURCES, INC.
EXHIBIT 99.1

Table of Contents |
Second Quarter 2022 |
Supplemental Financial and Operating Data | Page
Income Statements | 13
Wellhead Volumes and Prices | 14
Balance Sheets | 15
Cash Flows Statements | 16
Non-GAAP Financial Measures | 17
Adjusted Net Income (Loss) | 18
Adjusted Net Income Per Share | 21
Cash Flow from Operations and Free Cash Flow | 23
Total Expenditures | 27
EBITDAX and Adjusted EBITDAX | 29
Net Debt-to-Total Capitalization Ratio | 30
Reserve Replacement Cost Data | 37
Financial Commodity Derivative Contracts | 39
Direct After-Tax Rate of Return | 42
ROCE & ROE | 43
Revenues, Costs and Margins Per Barrel of Oil Equivalent | 47

12

Income Statements |  |  |  |  |  |  |  |  |
In millions of USD, except share data (in millions) and per share data (Unaudited) |  |  |  |
| 2Q 2022 |  | 1Q 2022 |  | 2Q 2021 |  | YTD 2022 |  | YTD 2021
Operating Revenues and Other |  |  |  |  |  |  |  |  |
Crude Oil and Condensate | 4,699 |  |  | 3,889 |  |  | 2,699 |  |  | 8,588 |  |  | 4,950 |
Natural Gas Liquids | 777 |  |  | 681 |  |  | 367 |  |  | 1,458 |  |  | 681 |
Natural Gas | 1,000 |  |  | 716 |  |  | 404 |  |  | 1,716 |  |  | 1,029 |
Losses on Mark-to-Market Financial Commodity Derivative Contracts | (1,377) |  |  | (2,820) |  |  | (427) |  |  | (4,197) |  |  | (794) |
Gathering, Processing and Marketing | 2,169 |  |  | 1,469 |  |  | 1,022 |  |  | 3,638 |  |  | 1,870 |
Gains on Asset Dispositions, Net | 97 |  |  | 25 |  |  | 51 |  |  | 122 |  |  | 45 |
Other, Net | 42 |  |  | 23 |  |  | 23 |  |  | 65 |  |  | 52 |
Total | 7,407 |  |  | 3,983 |  |  | 4,139 |  |  | 11,390 |  |  | 7,833 |
Operating Expenses |  |  |  |  |  |  |  |  |
Lease and Well | 324 |  |  | 318 |  |  | 270 |  |  | 642 |  |  | 540 |
Transportation Costs | 244 |  |  | 228 |  |  | 214 |  |  | 472 |  |  | 416 |
Gathering and Processing Costs | 152 |  |  | 144 |  |  | 128 |  |  | 296 |  |  | 267 |
Exploration Costs | 35 |  |  | 45 |  |  | 35 |  |  | 80 |  |  | 68 |
Dry Hole Costs | 20 |  |  | 3 |  |  | 13 |  |  | 23 |  |  | 24 |
Impairments | 91 |  |  | 55 |  |  | 44 |  |  | 146 |  |  | 88 |
Marketing Costs | 2,127 |  |  | 1,283 |  |  | 991 |  |  | 3,410 |  |  | 1,829 |
Depreciation, Depletion and Amortization | 911 |  |  | 847 |  |  | 914 |  |  | 1,758 |  |  | 1,814 |
General and Administrative | 128 |  |  | 124 |  |  | 120 |  |  | 252 |  |  | 230 |
Taxes Other Than Income | 472 |  |  | 390 |  |  | 239 |  |  | 862 |  |  | 454 |
Total | 4,504 |  |  | 3,437 |  |  | 2,968 |  |  | 7,941 |  |  | 5,730 |
Operating Income | 2,903 |  |  | 546 |  |  | 1,171 |  |  | 3,449 |  |  | 2,103 |
Other Income (Expense), Net | 27 |  |  | (1) |  |  | (2) |  |  | 26 |  |  | (6) |
Income Before Interest Expense and Income Taxes | 2,930 |  |  | 545 |  |  | 1,169 |  |  | 3,475 |  |  | 2,097 |
Interest Expense, Net | 48 |  |  | 48 |  |  | 45 |  |  | 96 |  |  | 92 |
Income Before Income Taxes | 2,882 |  |  | 497 |  |  | 1,124 |  |  | 3,379 |  |  | 2,005 |
Income Tax Provision | 644 |  |  | 107 |  |  | 217 |  |  | 751 |  |  | 421 |
Net Income | 2,238 |  |  | 390 |  |  | 907 |  |  | 2,628 |  |  | 1,584 |
Dividends Declared per Common Share | 2.5500 |  |  | 1.7500 |  |  | 1.4125 |  |  | 4.3000 |  |  | 1.8250 |
Net Income Per Share |  |  |  |  |  |  |  |  |
Basic | 3.84 |  |  | 0.67 |  |  | 1.56 |  |  | 4.52 |  |  | 2.73 |
Diluted | 3.81 |  |  | 0.67 |  |  | 1.55 |  |  | 4.48 |  |  | 2.72 |
Average Number of Common Shares |  |  |  |  |  |  |  |  |
Basic | 583 |  |  | 582 |  |  | 580 |  |  | 582 |  |  | 580 |
Diluted | 588 |  |  | 586 |  |  | 584 |  |  | 587 |  |  | 583 |

13

Wellhead Volumes and Prices |  |  |  |  |  |  |  |  |  |
(Unaudited) |  |
| 2Q 2022 |  | 2Q 2021 |  | % Change |  |  |  |  |  |  |  | 1Q 2022 |  | YTD 2022 |  | YTD 2021 |  | % Change
Crude Oil and Condensate Volumes (MBbld) (A) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | 463.5 |  |  | 446.9 |  |  | 4 | % |  |  |  |  |  |  |  | 449.4 |  |  | 456.5 |  |  | 437.8 |  |  | 4 | %
Trinidad | 0.6 |  |  | 1.7 |  |  | -65 | % |  |  |  |  |  |  |  | 0.7 |  |  | 0.7 |  |  | 2.0 |  |  | -65 | %
Other International (B) | — |  |  | — |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  |
Total | 464.1 |  |  | 448.6 |  |  | 3 | % |  |  |  |  |  |  |  | 450.1 |  |  | 457.2 |  |  | 439.8 |  |  | 4 | %
Average Crude Oil and Condensate Prices ($/Bbl) (C) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | $ | 111.26 |  |  | 66.16 |  |  | 68 | % |  |  |  |  |  |  |  | $ | 96.02 |  |  | $ | 103.80 |  |  | $ | 62.22 |  |  | 67 | %
Trinidad | 98.29 |  |  | 56.26 |  |  | 75 | % |  |  |  |  |  |  |  | 83.82 |  |  | 90.33 |  |  | 52.57 |  |  | 72 | %
Other International (B) | — |  |  | 55.56 |  |  | -100 | % |  |  |  |  |  |  |  | — |  |  | — |  |  | 42.36 |  |  | -100 | %
Composite | 111.25 |  |  | 66.12 |  |  | 68 | % |  |  |  |  |  |  |  | 96.00 |  |  | 103.78 |  |  | 62.18 |  |  | 67 | %
|  |  | 58.02 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural Gas Liquids Volumes (MBbld) (A) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | 201.9 |  |  | 138.5 |  |  | 46 | % |  |  |  |  |  |  |  | 190.3 |  |  | 196.1 |  |  | 131.5 |  |  | 49 | %
Total | 201.9 |  |  | 138.5 |  |  | 46 | % |  |  |  |  |  |  |  | 190.3 |  |  | 196.1 |  |  | 131.5 |  |  | 49 | %
Average Natural Gas Liquids Prices ($/Bbl) (C) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | $ | 42.28 |  |  | $ | 29.15 |  |  | 45 | % |  |  |  |  |  |  |  | $ | 39.77 |  |  | $ | 41.07 |  |  | $ | 28.62 |  |  | 43 | %
Composite | 42.28 |  |  | 29.15 |  |  | 45 | % |  |  |  |  |  |  |  | 39.77 |  |  | 41.07 |  |  | 28.62 |  |  | 43 | %
Natural Gas Volumes (MMcfd) (A) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | 1,324 |  |  | 1,199 |  |  | 10 | % |  |  |  |  |  |  |  | 1,249 |  |  | 1,287 |  |  | 1,150 |  |  | 12 | %
Trinidad | 204 |  |  | 233 |  |  | -12 | % |  |  |  |  |  |  |  | 209 |  |  | 206 |  |  | 225 |  |  | -8 | %
Other International (B) | — |  |  | 13 |  |  | -100 | % |  |  |  |  |  |  |  | — |  |  | — |  |  | 19 |  |  | -100 | %
Total | 1,528 |  |  | 1,445 |  |  | 6 | % |  |  |  |  |  |  |  | 1,458 |  |  | 1,493 |  |  | 1,394 |  |  | 7 | %
Average Natural Gas Prices ($/Mcf) (C) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | $ | 7.77 |  |  | $ | 2.99 |  |  | 160 | % |  |  |  |  |  |  |  | $ | 5.81 |  |  | $ | 6.83 |  |  | $ | 4.19 |  |  | 63 | %
Trinidad | 3.42 |  |  | 3.37 |  |  | 2 | % |  |  |  |  |  |  |  | 3.36 |  |  | 3.39 |  |  | 3.37 |  |  | 0 | %
Other International (B) | — |  |  | 5.69 |  |  | -100 | % |  |  |  |  |  |  |  | — |  |  | — |  |  | 5.67 |  |  | -100 | %
Composite | 7.19 |  |  | 3.07 |  |  | 134 | % |  |  |  |  |  |  |  | 5.46 |  |  | 6.35 |  |  | 4.08 |  |  | 56 | %
Crude Oil Equivalent Volumes (MBoed) (D) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | 886.1 |  |  | 785.2 |  |  | 13 | % |  |  |  |  |  |  |  | 847.8 |  |  | 867.1 |  |  | 761.0 |  |  | 14 | %
Trinidad | 34.6 |  |  | 40.6 |  |  | -15 | % |  |  |  |  |  |  |  | 35.5 |  |  | 35.0 |  |  | 39.5 |  |  | -11 | %
Other International (B) | — |  |  | 2.2 |  |  | -100 | % |  |  |  |  |  |  |  | — |  |  | — |  |  | 3.1 |  |  | -100 | %
Total | 920.7 |  |  | 828.0 |  |  | 11 | % |  |  |  |  |  |  |  | 883.3 |  |  | 902.1 |  |  | 803.6 |  |  | 12 | %
Total MMBoe (D) | 83.8 |  |  | 75.3 |  |  | 11 | % |  |  |  |  |  |  |  | 79.5 |  |  | 163.3 |  |  | 145.4 |  |  | 12 | %
(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, 2022).
(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.

14

Balance Sheets |  |  |
In millions of USD, except share data (Unaudited)
| June 30, |  | December 31,
| 2022 |  | 2021
Current Assets |  |  |
Cash and Cash Equivalents | 3,073 |  |  | 5,209 |
Accounts Receivable, Net | 3,735 |  |  | 2,335 |
Inventories | 739 |  |  | 584 |
Assets from Price Risk Management Activities | 1 |  |  | — |
Other | 605 |  |  | 456 |
Total | 8,153 |  |  | 8,584 |
Property, Plant and Equipment |  |  |
Oil and Gas Properties (Successful Efforts Method) | 66,098 |  |  | 67,644 |
Other Property, Plant and Equipment | 4,862 |  |  | 4,753 |
Total Property, Plant and Equipment | 70,960 |  |  | 72,397 |
Less: Accumulated Depreciation, Depletion and Amortization | (42,113) |  |  | (43,971) |
Total Property, Plant and Equipment, Net | 28,847 |  |  | 28,426 |
Deferred Income Taxes | 12 |  |  | 11 |
Other Assets | 1,127 |  |  | 1,215 |
Total Assets | 38,139 |  |  | 38,236 |
Current Liabilities |  |  |
Accounts Payable | 2,896 |  |  | 2,242 |
Accrued Taxes Payable | 594 |  |  | 518 |
Dividends Payable | 437 |  |  | 436 |
Liabilities from Price Risk Management Activities | 79 |  |  | 269 |
Current Portion of Long-Term Debt | 1,282 |  |  | 37 |
Current Portion of Operating Lease Liabilities | 216 |  |  | 240 |
Other | 264 |  |  | 300 |
Total | 5,768 |  |  | 4,042 |
Long-Term Debt | 3,809 |  |  | 5,072 |
Other Liabilities | 2,067 |  |  | 2,193 |
Deferred Income Taxes | 4,183 |  |  | 4,749 |
Commitments and Contingencies |  |  |
Stockholders' Equity |  |  |
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 586,391,670 Shares Issued at June 30, 2022 and 585,521,512 Shares Issued at December 31, 2021 | 206 |  |  | 206 |
Additional Paid in Capital | 6,128 |  |  | 6,087 |
Accumulated Other Comprehensive Loss | (12) |  |  | (12) |
Retained Earnings | 16,028 |  |  | 15,919 |
Common Stock Held in Treasury, 344,705 Shares at June 30, 2022 and 257,268 Shares at December 31, 2021 | (38) |  |  | (20) |
Total Stockholders' Equity | 22,312 |  |  | 22,180 |
Total Liabilities and Stockholders' Equity | 38,139 |  |  | 38,236 |

15

Cash Flows Statements |  |  |  |  |  |  |  |  |
In millions of USD (Unaudited) |  |  |  |  |  |  |  |  |
| 2Q 2022 |  | 2Q 2021 |  | 1Q 2022 |  | YTD 2022 |  | YTD 2021
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Reconciliation of Net Income to Net Cash Provided by Operating Activities: |  |  |  |  |  |  |  |  |
Net Income | 2,238 |  |  | 907 |  |  | 390 |  |  | 2,628 |  |  | 1,584 |
Items Not Requiring (Providing) Cash |  |  |  |  |  |  |  |  |
Depreciation, Depletion and Amortization | 911 |  |  | 914 |  |  | 847 |  |  | 1,758 |  |  | 1,814 |
Impairments | 91 |  |  | 44 |  |  | 55 |  |  | 146 |  |  | 88 |
Stock-Based Compensation Expenses | 30 |  |  | 31 |  |  | 35 |  |  | 65 |  |  | 66 |
Deferred Income Taxes | (102) |  |  | (97) |  |  | (465) |  |  | (567) |  |  | (133) |
Gains on Asset Dispositions, Net | (97) |  |  | (51) |  |  | (25) |  |  | (122) |  |  | (45) |
Other, Net | (16) |  |  | 6 |  |  | 6 |  |  | (10) |  |  | 13 |
Dry Hole Costs | 20 |  |  | 13 |  |  | 3 |  |  | 23 |  |  | 24 |
Mark-to-Market Financial Commodity Derivative Contracts Total Losses | 1,377 |  |  | 427 |  |  | 2,820 |  |  | 4,197 |  |  | 794 |
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts | (2,114) |  |  | (193) |  |  | (296) |  |  | (2,410) |  |  | (223) |
Other, Net | 19 |  |  | — |  |  | 2 |  |  | 21 |  |  | 1 |
Changes in Components of Working Capital and Other Assets and Liabilities |  |  |  |  |  |  |  |  |
Accounts Receivable | (522) |  |  | (186) |  |  | (878) |  |  | (1,400) |  |  | (494) |
Inventories | (157) |  |  | 37 |  |  | (14) |  |  | (171) |  |  | 101 |
Accounts Payable | 259 |  |  | 11 |  |  | 130 |  |  | 389 |  |  | 183 |
Accrued Taxes Payable | (536) |  |  | (163) |  |  | 613 |  |  | 77 |  |  | 80 |
Other Assets | 71 |  |  | (119) |  |  | (213) |  |  | (142) |  |  | (222) |
Other Liabilities | 433 |  |  | 32 |  |  | (2,250) |  |  | (1,817) |  |  | (57) |
Changes in Components of Working Capital Associated with Investing Activities | 143 |  |  | (54) |  |  | 68 |  |  | 211 |  |  | (145) |
Net Cash Provided by Operating Activities | 2,048 |  |  | 1,559 |  |  | 828 |  |  | 2,876 |  |  | 3,429 |
Investing Cash Flows |  |  |  |  |  |  |  |  |
Additions to Oil and Gas Properties | (1,349) |  |  | (968) |  |  | (939) |  |  | (2,288) |  |  | (1,843) |
Additions to Other Property, Plant and Equipment | (75) |  |  | (55) |  |  | (70) |  |  | (145) |  |  | (97) |
Proceeds from Sales of Assets | 110 |  |  | 141 |  |  | 121 |  |  | 231 |  |  | 146 |
Other Investing Activities | (30) |  |  | — |  |  | — |  |  | (30) |  |  | — |
Changes in Components of Working Capital Associated with Investing Activities | (143) |  |  | 54 |  |  | (68) |  |  | (211) |  |  | 145 |
Net Cash Used in Investing Activities | (1,487) |  |  | (828) |  |  | (956) |  |  | (2,443) |  |  | (1,649) |
Financing Cash Flows |  |  |  |  |  |  |  |  |
Long-Term Debt Repayments | — |  |  | — |  |  | — |  |  | — |  |  | (750) |
Dividends Paid | (1,486) |  |  | (239) |  |  | (1,023) |  |  | (2,509) |  |  | (458) |
Treasury Stock Purchased | (15) |  |  | (2) |  |  | (43) |  |  | (58) |  |  | (12) |
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan | 13 |  |  | 9 |  |  | 4 |  |  | 17 |  |  | 9 |
Repayment of Finance Lease Liabilities | (9) |  |  | (9) |  |  | (10) |  |  | (19) |  |  | (18) |
Net Cash Used in Financing Activities | (1,497) |  |  | (241) |  |  | (1,072) |  |  | (2,569) |  |  | (1,229) |
Effect of Exchange Rate Changes on Cash | — |  |  | 2 |  |  | — |  |  | — |  |  | — |
Increase (Decrease) in Cash and Cash Equivalents | (936) |  |  | 492 |  |  | (1,200) |  |  | (2,136) |  |  | 551 |
Cash and Cash Equivalents at Beginning of Period | 4,009 |  |  | 3,388 |  |  | 5,209 |  |  | 5,209 |  |  | 3,329 |
Cash and Cash Equivalents at End of Period | 3,073 |  |  | 3,880 |  |  | 4,009 |  |  | 3,073 |  |  | 3,880 |

16

Non-GAAP Financial Measures |  |

To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), EOG’s quarterly earnings releases and related conference calls, accompanying investor presentation slides and presentation slides for investor conferences contain certain financial measures that are not prepared or presented in accordance with GAAP. These non-GAAP financial measures may include, but are not limited to, Adjusted Net Income (Loss), Cash Flow from Operations Before Working Capital, 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.
17

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 financial 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 2022
| Before Tax |  | Income Tax Impact |  | After Tax |  | Diluted Earnings per Share
Reported Net Income (GAAP) | 2,882 |  |  | (644) |  |  | 2,238 |  |  | 3.81 |
Adjustments: |  |  |  |  |  |  |
Losses on Mark-to-Market Financial Commodity Derivative Contracts | 1,377 |  |  | (299) |  |  | 1,078 |  |  | 1.82 |
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1) | (2,114) |  |  | 459 |  |  | (1,655) |  |  | (2.81) |
Less: Gains on Asset Dispositions, Net | (97) |  |  | 21 |  |  | (76) |  |  | (0.13) |
Add: Certain Impairments | 36 |  |  | (7) |  |  | 29 |  |  | 0.05 |
Adjustments to Net Income | (798) |  |  | 174 |  |  | (624) |  |  | (1.07) |
Adjusted Net Income (Non-GAAP) | 2,084 |  |  | (470) |  |  | 1,614 |  |  | 2.74 |
Average Number of Common Shares (Non-GAAP) |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 583 |
Diluted |  |  |  |  |  |  | 588 |

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG subtracts from reported Net Income (Loss) (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the second quarter of 2022, such amount was $2,114 million, of which $1,328 million was related to the early termination of certain contracts. See "Financial Commodity Derivative Contracts" below for further discussion.
18

Adjusted Net Income (Loss) (Continued) |  |  |  |  |  |
In millions of USD, except share data (in millions) and per share data (Unaudited) |  |  |  |  |  |  |
| 1Q 2022
| Before Tax |  | Income Tax Impact |  | After Tax |  | Diluted Earnings per Share
Reported Net Income (GAAP) | 497 |  |  | (107) |  |  | 390 |  |  | 0.67 |
Adjustments: |  |  |  |  |  |  |
Losses on Mark-to-Market Financial Commodity Derivative Contracts | 2,820 |  |  | (612) |  |  | 2,208 |  |  | 3.76 |
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts | (296) |  |  | 64 |  |  | (232) |  |  | (0.40) |
Less: Gains on Asset Dispositions, Net | (25) |  |  | 5 |  |  | (20) |  |  | (0.03) |
Adjustments to Net Income | 2,499 |  |  | (543) |  |  | 1,956 |  |  | 3.33 |
Adjusted Net Income (Non-GAAP) | 2,996 |  |  | (650) |  |  | 2,346 |  |  | 4.00 |
Average Number of Common Shares (Non-GAAP) |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 582 |
Diluted |  |  |  |  |  |  | 586 |

| 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 Financial Commodity Derivative Contracts | 427 |  |  | (93) |  |  | 334 |  |  | 0.58 |
Net Cash Payments for Settlements of Financial 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 (Non-GAAP) |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 580 |
Diluted |  |  |  |  |  |  | 584 |

19

Adjusted Net Income (Loss) (Continued) |  |  |  |  |  |
In millions of USD, except share data (in millions) and per share data (Unaudited) |  |  |  |  |  |  |
| YTD 2022
| Before Tax |  | Income Tax Impact |  | After Tax |  | Diluted Earnings per Share
Reported Net Income (GAAP) | 3,379 |  |  | (751) |  |  | 2,628 |  |  | 4.48 |
Adjustments: |  |  |  |  |  |  |
Losses on Mark-to-Market Commodity Derivative Contracts | 4,197 |  |  | (911) |  |  | 3,286 |  |  | 5.59 |
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1) | (2,410) |  |  | 523 |  |  | (1,887) |  |  | (3.21) |
Less: Gains on Asset Dispositions, Net | (122) |  |  | 26 |  |  | (96) |  |  | (0.16) |
Add: Certain Impairments | 36 |  |  | (7) |  |  | 29 |  |  | 0.05 |
Adjustments to Net Income | 1,701 |  |  | (369) |  |  | 1,332 |  |  | 2.27 |
Adjusted Net Income (Non-GAAP) | 5,080 |  |  | (1,120) |  |  | 3,960 |  |  | 6.75 |
Average Number of Common Shares (Non-GAAP) |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 582 |
Diluted |  |  |  |  |  |  | 587 |

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG subtracts from reported Net Income (Loss) (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the first six months of 2022, such amount was $2,410 million, of which $1,328 million was related to the early termination of certain contracts. See "Financial Commodity Derivative Contracts" below for further discussion.

| 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 from 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 (Non-GAAP) |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 580 |
Diluted |  |  |  |  |  |  | 583 |

20

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 2022 Adjusted Net Income per Share (Non-GAAP) |  |  | 4.00 |
Realized Price |  |  |
2Q 2022 Composite Average Wellhead Revenue per Boe | 77.29 |  |  |
Less: 1Q 2022 Composite Average Welhead Revenue per Boe | (66.50) |  |  |
Subtotal | 10.79 |  |  |
Multiplied by: 2Q 2022 Crude Oil Equivalent Volumes (MMBoe) | 83.8 |  |  |
Total Change in Revenue | 904 |  |  |
Less: Income Tax Benefit (Provision) Imputed (based on 23%) | (208) |  |  |
Change in Net Income | 696 |  |  |
Change in Diluted Earnings per Share |  |  | 1.18 |
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts |  |
2Q 2022 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts | (2,114) |  |  |
Less: Income Tax Benefit (Provision) | 459 |  |  |
After Tax - (a) | (1,655) |  |  |
1Q 2022 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts | (296) |  |  |
Less: Income Tax Benefit (Provision) | 64 |  |  |
After Tax - (b) | (232) |  |  |
Change in Net Income - (a) - (b) | (1,423) |  |  |
Change in Diluted Earnings per Share |  |  | (2.42) |
Wellhead Volumes |  |  |
2Q 2022 Crude Oil Equivalent Volumes (MMBoe) | 83.8 |  |  |
Less: 1Q 2022 Crude Oil Equivalent Volumes (MMBoe) | (79.5) |  |  |
Subtotal | 4.3 |  |  |
Multiplied by: 2Q 2022 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) | 48.79 |  |  |
Change in Revenue | 209 |  |  |
Less: Income Tax Benefit (Provision) Imputed (based on 23%) | (48) |  |  |
Change in Net Income | 161 |  |  |
Change in Diluted Earnings per Share |  |  | 0.27 |

21

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 |  |  |
1Q 2022 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) | 27.70 |  |  |
Less: 1Q 2022 Taxes Other Than Income | (4.91) |  |  |
Less: 2Q 2022 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) | (28.50) |  |  |
Add: 2Q 2022 Taxes Other Than Income | 5.63 |  |  |
Subtotal | (0.08) |  |  |
Multiplied by: 2Q 2022 Crude Oil Equivalent Volumes (MMBoe) | 83.8 |  |  |
Change in Before-Tax Net Income | (7) |  |  |
Less: Income Tax Benefit (Provision) Imputed (based on 23%) | 2 |  |  |
Change in Net Income | (5) |  |  |
Change in Diluted Earnings per Share |  |  | (0.01) |
Other (1) |  |  | (0.28) |
2Q 2022 Adjusted Net Income per Share (Non-GAAP) |  |  | 2.74 |
2Q 2022 Average Number of Common Shares (Non-GAAP) - Diluted | 588 |  |  |
(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.

22

Cash Flow from Operations and Free Cash Flow |
In millions of USD (Unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Cash Flow from Operations Before Working Capital (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing 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 Cash Flow from Operations Before Working Capital (Non-GAAP) (see below reconciliation) for such period less the total capital expenditures (Non-GAAP) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry. To further the comparability of EOG’s financial results with those of EOG’s peer companies and other companies in the industry, EOG now utilizes Cash Flow from Operations Before Working Capital (Non-GAAP), instead of Discretionary Cash Flow (Non-GAAP), in calculating its Free Cash Flow (Non-GAAP). Accordingly, Free Cash Flow (Non-GAAP) for the three-month and six-month periods ended June 30, 2022 have been calculated on such basis, and the calculations of Free Cash Flow (Non-GAAP) for each of the prior periods shown have been revised and conformed.
|  |  |  |  | 2Q 2022 |  | 1Q 2022 |  | 4Q 2021 |  | 3Q 2021 |  | 2Q 2021
Net Cash Provided by Operating Activities (GAAP) |  |  |  |  | 2,048 |  |  | 828 |  |  | 3,166 |  |  | 2,196 |  |  | 1,559 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in Components of Working Capital and Other Assets and Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable |  |  |  |  | 522 |  |  | 878 |  |  | 182 |  |  | 145 |  |  | 186 |
Inventories |  |  |  |  | 157 |  |  | 14 |  |  | 108 |  |  | 6 |  |  | (37) |
Accounts Payable |  |  |  |  | (259) |  |  | (130) |  |  | (341) |  |  | 68 |  |  | (11) |
Accrued Taxes Payable |  |  |  |  | 536 |  |  | (613) |  |  | (26) |  |  | (206) |  |  | 163 |
Other Assets |  |  |  |  | (71) |  |  | 213 |  |  | 81 |  |  | (167) |  |  | 119 |
Other Liabilities |  |  |  |  | (433) |  |  | 2,250 |  |  | (201) |  |  | 260 |  |  | (32) |
Changes in Components of Working Capital Associated with Investing Activities |  |  |  |  | (143) |  |  | (68) |  |  | 100 |  |  | (45) |  |  | 54 |
Cash Flow from Operations Before Working Capital (Non-GAAP) |  |  |  |  | 2,357 |  |  | 3,372 |  |  | 3,069 |  |  | 2,257 |  |  | 2,001 |
Cash Flow from Operations Before Working Capital (Non-GAAP) |  |  |  |  | 2,357 |  |  | 3,372 |  |  | 3,069 |  |  | 2,257 |  |  | 2,001 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Total Capital Expenditures (Non-GAAP) (a) |  |  |  |  | (1,071) |  |  | (1,009) |  |  | (1,015) |  |  | (891) |  |  | (937) |
Free Cash Flow (Non-GAAP) |  |  |  |  | 1,286 |  |  | 2,363 |  |  | 2,054 |  |  | 1,366 |  |  | 1,064 |
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
|  |  |  |  | 2Q 2022 |  | 1Q 2022 |  | 4Q 2021 |  | 3Q 2021 |  | 2Q 2021
Total Expenditures (GAAP) |  |  |  |  | 1,521 |  |  | 1,144 |  |  | 1,137 |  |  | 962 |  |  | 1,089 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Asset Retirement Costs |  |  |  |  | (43) |  |  | (27) |  |  | (71) |  |  | (8) |  |  | (31) |
Non-Cash Acquisition Costs of Unproved Properties |  |  |  |  | (21) |  |  | (58) |  |  | (8) |  |  | (15) |  |  | — |
Non-Cash Finance Leases |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Acquisition Costs of Proved Properties |  |  |  |  | (351) |  |  | (5) |  |  | (1) |  |  | (4) |  |  | (86) |
Exploration Costs |  |  |  |  | (35) |  |  | (45) |  |  | (42) |  |  | (44) |  |  | (35) |
Total Capital Expenditures (Non-GAAP) |  |  |  |  | 1,071 |  |  | 1,009 |  |  | 1,015 |  |  | 891 |  |  | 937 |

23

Cash Flow from Operations and Free Cash Flow (Continued) |
In millions of USD (Unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | YTD 2022 |  | YTD 2021
Net Cash Provided by Operating Activities (GAAP) |  |  |  |  |  |  |  |  |  |  | 2,876 |  |  | 3,429 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in Components of Working Capital and Other Assets and Liabilities |  |  |  |  |  |
Accounts Receivable |  |  |  |  |  |  |  |  |  |  | 1,400 |  |  | 494 |
Inventories |  |  |  |  |  |  |  |  |  |  | 171 |  |  | (101) |
Accounts Payable |  |  |  |  |  |  |  |  |  |  | (389) |  |  | (183) |
Accrued Taxes Payable |  |  |  |  |  |  |  |  |  |  | (77) |  |  | (80) |
Other Assets |  |  |  |  |  |  |  |  |  |  | 142 |  |  | 222 |
Other Liabilities |  |  |  |  |  |  |  |  |  |  | 1,817 |  |  | 57 |
Changes in Components of Working Capital Associated with Investing Activities |  |  |  | (211) |  |  | 145 |
Cash Flow from Operations Before Working Capital (Non-GAAP) |  |  |  | 5,729 |  |  | 3,983 |
Cash Flow from Operations Before Working Capital (Non-GAAP) |  |  |  | 5,729 |  |  | 3,983 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Total Capital Expenditures (Non-GAAP) (a) |  |  |  |  |  |  |  |  |  |  | (2,080) |  |  | (1,849) |
Free Cash Flow (Non-GAAP) |  |  |  |  |  |  |  |  |  |  | 3,649 |  |  | 2,134 |
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
|  |  |  |  |  |  |  |  |  |  | YTD 2022 |  | YTD 2021
Total Expenditures (GAAP) |  |  |  |  |  |  |  |  |  |  | 2,665 |  |  | 2,156 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Asset Retirement Costs |  |  |  |  |  |  |  |  |  |  | (70) |  |  | (48) |
Non-Cash Acquisition Costs of Unproved Properties |  |  |  | (79) |  |  | (22) |
Non-Cash Finance Leases |  |  |  |  |  |  |  |  |  |  | — |  |  | (74) |
Acquisition Costs of Proved Properties |  |  |  |  |  |  |  |  |  |  | (356) |  |  | (95) |
Exploration Costs |  |  |  |  |  |  |  |  |  |  | (80) |  |  | (68) |
Total Capital Expenditures (Non-GAAP) |  |  |  |  |  |  |  |  |  |  | 2,080 |  |  | 1,849 |

24

Cash Flow from Operations and Free Cash Flow (Continued) |  |  |  |  |  |
In millions of USD (Unaudited) |  |  |  |  |  |  |  |  |  |
| FY 2021 |  | FY 2020 |  | FY 2019 |  |  |  |  |
Net Cash Provided by Operating Activities (GAAP) | 8,791 |  |  | 5,008 |  |  | 8,163 |  |  |  |  |  |
Adjustments: |  |  |  |  |  |  |  |  |  |
Changes in Components of Working Capital and Other Assets and Liabilities |  |  |  |  |  |  |  |  |  |
Accounts Receivable | 821 |  |  | (467) |  |  | 92 |  |  |  |  |  |
Inventories | 13 |  |  | (123) |  |  | (90) |  |  |  |  |  |
Accounts Payable | (456) |  |  | 795 |  |  | (169) |  |  |  |  |  |
Accrued Taxes Payable | (312) |  |  | 49 |  |  | (40) |  |  |  |  |  |
Other Assets | 136 |  |  | (325) |  |  | (358) |  |  |  |  |  |
Other Liabilities | 116 |  |  | (8) |  |  | 57 |  |  |  |  |  |
Changes in Components of Working Capital Associated with Investing and Financing Activities | 200 |  |  | (75) |  |  | 115 |  |  |  |  |  |
Other Non-Current Income Taxes - Net Receivable | — |  |  | 113 |  |  | 239 |  |  |  |  |  |
Cash Flow from Operations Before Working Capital (Non-GAAP) | 9,309 |  |  | 4,967 |  |  | 8,009 |  |  |  |  |  |
Cash Flow from Operations Before Working Capital (Non-GAAP) | 9,309 |  |  | 4,967 |  |  | 8,009 |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |
Total Capital Expenditures (Non-GAAP) (a) | (3,755) |  |  | (3,344) |  |  | (6,094) |  |  |  |  |  |
Free Cash Flow (Non-GAAP) | 5,554 |  |  | 1,623 |  |  | 1,915 |  |  |  |  |  |
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP): |  |  |  |  |
Total Expenditures (GAAP) | 4,255 |  |  | 4,113 |  |  | 6,900 |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |
Asset Retirement Costs | (127) |  |  | (117) |  |  | (186) |  |  |  |  |  |
Non-Cash Expenditures of Other Property, Plant and Equipment | — |  |  | — |  |  | (2) |  |  |  |  |  |
Non-Cash Acquisition Costs of Unproved Properties | (45) |  |  | (197) |  |  | (98) |  |  |  |  |  |
Non-Cash Finance Leases | (74) |  |  | (174) |  |  | — |  |  |  |  |  |
Acquisition Costs of Proved Properties | (100) |  |  | (135) |  |  | (380) |  |  |  |  |  |
Exploration Costs | (154) |  |  | (146) |  |  | (140) |  |  |  |  |  |
Total Capital Expenditures (Non-GAAP) | 3,755 |  |  | 3,344 |  |  | 6,094 |  |  |  |  |  |

25

Cash Flow from Operations and Free Cash Flow (Continued) |  |  |  |  |  |
In millions of USD (Unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | FY 2018 |  | FY 2017 |  | FY 2016 |  |  |  |  |
Net Cash Provided by Operating Activities (GAAP) |  |  |  |  | 7,769 |  |  | 4,265 |  |  | 2,359 |  |  |  |  |  |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in Components of Working Capital and Other Assets and Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable |  |  |  |  | 368 |  |  | 392 |  |  | 233 |  |  |  |  |  |
Inventories |  |  |  |  | 395 |  |  | 175 |  |  | (171) |  |  |  |  |  |
Accounts Payable |  |  |  |  | (439) |  |  | (324) |  |  | 74 |  |  |  |  |  |
Accrued Taxes Payable |  |  |  |  | 92 |  |  | 64 |  |  | (93) |  |  |  |  |  |
Other Assets |  |  |  |  | 125 |  |  | 659 |  |  | 41 |  |  |  |  |  |
Other Liabilities |  |  |  |  | (11) |  |  | 90 |  |  | 16 |  |  |  |  |  |
Changes in Components of Working Capital Associated with Investing and Financing Activities |  |  |  |  | (301) |  |  | (90) |  |  | 156 |  |  |  |  |  |
Other Non-Current Income Taxes - Net (Payable) Receivable |  |  |  |  | 149 |  |  | (513) |  |  | — |  |  |  |  |  |
Excess Tax Benefits from Stock-Based Compensation |  |  |  |  | — |  |  | — |  |  | 30 |  |  |  |  |  |
Cash Flow from Operations Before Working Capital (Non-GAAP) |  |  |  |  | 8,147 |  |  | 4,718 |  |  | 2,645 |  |  |  |  |  |
Cash Flow from Operations Before Working Capital (Non-GAAP) |  |  |  |  | 8,147 |  |  | 4,718 |  |  | 2,645 |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Capital Expenditures (Non-GAAP) (a) |  |  |  |  | (6,023) |  |  | (4,083) |  |  | (2,581) |  |  |  |  |  |
Free Cash Flow (Non-GAAP) |  |  |  |  | 2,124 |  |  | 635 |  |  | 64 |  |  |  |  |  |
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP): |  |  |  |  |
Total Expenditures (GAAP) |  |  |  |  | 6,706 |  |  | 4,613 |  |  | 6,554 |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset Retirement Costs |  |  |  |  | (70) |  |  | (56) |  |  | 20 |  |  |  |  |  |
Non-Cash Expenditures of Other Property, Plant and Equipment |  |  |  |  | (1) |  |  | — |  |  | (17) |  |  |  |  |  |
Non-Cash Acquisition Costs of Unproved Properties |  |  |  |  | (291) |  |  | (256) |  |  | (3,102) |  |  |  |  |  |
Non-Cash Finance Leases |  |  |  |  | (48) |  |  | — |  |  | — |  |  |  |  |  |
Acquisition Costs of Proved Properties |  |  |  |  | (124) |  |  | (73) |  |  | (749) |  |  |  |  |  |
Exploration Costs |  |  |  |  | (149) |  |  | (145) |  |  | (125) |  |  |  |  |  |
Total Capital Expenditures (Non-GAAP) |  |  |  |  | 6,023 |  |  | 4,083 |  |  | 2,581 |  |  |  |  |  |

26

Total Expenditures |  |  |  |  |  |  |  |  |  |  |
In millions of USD (Unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |
| 2Q 2022 |  | 1Q 2022 |  | 4Q 2021 |  | 3Q 2021 |  | 2Q 2021 |  | YTD 2022 |  | YTD 2021
Exploration and Development Drilling | 866 |  |  | 813 |  |  | 767 |  |  | 653 |  |  | 711 |  |  | 1,679 |  |  | 1,444 |
Facilities | 90 |  |  | 109 |  |  | 118 |  |  | 100 |  |  | 105 |  |  | 199 |  |  | 187 |
Leasehold Acquisitions | 34 |  |  | 64 |  |  | 21 |  |  | 90 |  |  | 46 |  |  | 98 |  |  | 104 |
Property Acquisitions | 351 |  |  | 5 |  |  | 1 |  |  | 4 |  |  | 86 |  |  | 356 |  |  | 95 |
Capitalized Interest | 7 |  |  | 8 |  |  | 9 |  |  | 9 |  |  | 7 |  |  | 15 |  |  | 15 |
Subtotal | 1,348 |  |  | 999 |  |  | 916 |  |  | 856 |  |  | 955 |  |  | 2,347 |  |  | 1,845 |
Exploration Costs | 35 |  |  | 45 |  |  | 42 |  |  | 44 |  |  | 35 |  |  | 80 |  |  | 68 |
Dry Hole Costs | 20 |  |  | 3 |  |  | 43 |  |  | 4 |  |  | 13 |  |  | 23 |  |  | 24 |
Exploration and Development Expenditures | 1,403 |  |  | 1,047 |  |  | 1,001 |  |  | 904 |  |  | 1,003 |  |  | 2,450 |  |  | 1,937 |
Asset Retirement Costs | 43 |  |  | 27 |  |  | 71 |  |  | 8 |  |  | 31 |  |  | 70 |  |  | 48 |
Total Exploration and Development Expenditures | 1,446 |  |  | 1,074 |  |  | 1,072 |  |  | 912 |  |  | 1,034 |  |  | 2,520 |  |  | 1,985 |
Other Property, Plant and Equipment | 75 |  |  | 70 |  |  | 65 |  |  | 50 |  |  | 55 |  |  | 145 |  |  | 171 |
Total Expenditures | 1,521 |  |  | 1,144 |  |  | 1,137 |  |  | 962 |  |  | 1,089 |  |  | 2,665 |  |  | 2,156 |

27

Total Expenditures (Continued) |  |  |  |  |  |  |  |  |
In millions of USD (Unaudited) |  |  |  |  |  |  |  |  |  |  |
| FY 2021 |  | FY 2020 |  | FY 2019 |  | FY 2018 |  | FY 2017 |  | FY 2016
Exploration and Development Drilling | 2,864 |  |  | 2,664 |  |  | 4,951 |  |  | 4,935 |  |  | 3,132 |  |  | 1,957 |
Facilities | 405 |  |  | 347 |  |  | 629 |  |  | 625 |  |  | 575 |  |  | 375 |
Leasehold Acquisitions | 215 |  |  | 265 |  |  | 276 |  |  | 488 |  |  | 427 |  |  | 3,217 |
Property Acquisitions | 100 |  |  | 135 |  |  | 380 |  |  | 124 |  |  | 73 |  |  | 749 |
Capitalized Interest | 33 |  |  | 31 |  |  | 38 |  |  | 24 |  |  | 27 |  |  | 31 |
Subtotal | 3,617 |  |  | 3,442 |  |  | 6,274 |  |  | 6,196 |  |  | 4,234 |  |  | 6,329 |
Exploration Costs | 154 |  |  | 146 |  |  | 140 |  |  | 149 |  |  | 145 |  |  | 125 |
Dry Hole Costs | 71 |  |  | 13 |  |  | 28 |  |  | 5 |  |  | 5 |  |  | 11 |
Exploration and Development Expenditures | 3,842 |  |  | 3,601 |  |  | 6,442 |  |  | 6,350 |  |  | 4,384 |  |  | 6,465 |
Asset Retirement Costs | 127 |  |  | 117 |  |  | 186 |  |  | 70 |  |  | 56 |  |  | (20) |
Total Exploration and Development Expenditures | 3,969 |  |  | 3,718 |  |  | 6,628 |  |  | 6,420 |  |  | 4,440 |  |  | 6,445 |
Other Property, Plant and Equipment | 286 |  |  | 395 |  |  | 272 |  |  | 286 |  |  | 173 |  |  | 109 |
Total Expenditures | 4,255 |  |  | 4,113 |  |  | 6,900 |  |  | 6,706 |  |  | 4,613 |  |  | 6,554 |

28

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 Financial 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 2022 | 2Q 2021 | YTD 2022 | YTD 2021
Net Income (GAAP) | 2,238 |  | 907 |  | 2,628 |  | 1,584 |
Adjustments: |  |  |  |
Interest Expense, Net | 48 |  | 45 |  | 96 |  | 92 |
Income Tax Provision | 644 |  | 217 |  | 751 |  | 421 |
Depreciation, Depletion and Amortization | 911 |  | 914 |  | 1,758 |  | 1,814 |
Exploration Costs | 35 |  | 35 |  | 80 |  | 68 |
Dry Hole Costs | 20 |  | 13 |  | 23 |  | 24 |
Impairments | 91 |  | 44 |  | 146 |  | 88 |
EBITDAX (Non-GAAP) | 3,987 |  | 2,175 |  | 5,482 |  | 4,091 |
Losses on MTM Financial Commodity Derivative Contracts | 1,377 |  | 427 |  | 4,197 |  | 794 |
Net Cash Payments for Settlements of Commodity Derivative Contracts | (2,114) |  | (193) |  | (2,410) |  | (223) |
Gains on Asset Dispositions, Net | (97) |  | (51) |  | (122) |  | (45) |
Adjusted EBITDAX (Non-GAAP) | 3,153 |  | 2,358 |  | 7,147 |  | 4,617 |
Definitions |  |  |  |
EBITDAX - Earnings Before Interest Expense, Net; Income Tax Provision (Benefit); Depreciation, Depletion and Amortization; Exploration Costs; Dry Hole Costs; and Impairments

29

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, 2022 |  | March 31, 2022
Total Stockholders' Equity - (a) |  |  |  |  |  |  | 22,312 |  |  | 21,540 |
Current and Long-Term Debt (GAAP) - (b) |  |  |  |  |  |  | 5,091 |  |  | 5,099 |
Less: Cash |  |  |  |  |  |  | (3,073) |  |  | (4,009) |
Net Debt (Non-GAAP) - (c) |  |  |  |  |  |  | 2,018 |  |  | 1,090 |
Total Capitalization (GAAP) - (a) + (b) |  |  |  |  |  |  | 27,403 |  |  | 26,639 |
Total Capitalization (Non-GAAP) - (a) + (c) |  |  |  |  |  |  | 24,330 |  |  | 22,630 |
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] |  |  |  |  |  |  | 18.6 | % |  | 19.1 | %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] |  |  |  |  |  |  | 8.3 | % |  | 4.8 | %

30

Net Debt-to-Total Capitalization Ratio (Continued) |  |  |  |
In millions of USD, except ratio data (Unaudited) |  |  |  |  |  |  |
| 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 | %

31

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 | %

32

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 | %

33

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 | % |  |

34

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 | % |  |

35

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 |  |  | 6,656 |  |  |
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 |  |  | 19,599 |  |  |
Total Capitalization (Non-GAAP) - (a) + (c) | 19,368 |  |  | 17,735 |  |  | 18,263 |  |  | 18,723 |  |  | 18,880 |  |  |
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 | % |  | 31.4 | % |  |

36

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 |

37

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

38

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 period from January 1, 2022 to July 29, 2022 (closed) and outstanding as of July 29, 2022.

Crude Oil Financial Price Swap Contracts
|  |  |  | Contracts Sold |  | Contracts Purchased
Period |  | Settlement Index |  | Volume (MBbld) |  | Weighted Average Price ($/Bbl) |  | Volume (MBbld) |  | Weighted Average Price ($/Bbl)
January - March 2022 (closed) |  | NYMEX WTI |  | 140 |  |  | $ | 65.58 |  |  | — |  |  | $ | — |
April - June 2022 (closed) |  | NYMEX WTI |  | 140 |  |  | 65.62 |  |  | — |  |  | — |
July 2022 (closed) |  | NYMEX WTI |  | 140 |  |  | 65.59 |  |  | — |  |  | — |
August - September 2022 |  | NYMEX WTI |  | 140 |  |  | 65.59 |  |  | — |  |  | — |
October - December 2022 (closed) (1) |  | NYMEX WTI |  | 53 |  |  | 66.11 |  |  | — |  |  | — |
October - December 2022 |  | NYMEX WTI |  | 87 |  |  | 65.41 |  |  | 87 |  |  | 88.85 |
January - February 2023 (closed) (1) |  | NYMEX WTI |  | 7 |  |  | 69.51 |  |  | — |  |  | — |
January - February 2023 |  | NYMEX WTI |  | 143 |  |  | 67.84 |  |  | 6 |  |  | 102.26 |
March 2023 (closed) (1) |  | NYMEX WTI |  | 37 |  |  | 67.35 |  |  | — |  |  | — |
March 2023 |  | NYMEX WTI |  | 113 |  |  | 68.11 |  |  | 6 |  |  | 102.26 |
April - May 2023 (closed) (1) |  | NYMEX WTI |  | 29 |  |  | 68.28 |  |  | — |  |  | — |
April - May 2023 |  | NYMEX WTI |  | 91 |  |  | 67.63 |  |  | 2 |  |  | 98.15 |
June 2023 (closed) (1) |  | NYMEX WTI |  | 118 |  |  | 67.77 |  |  | — |  |  | — |
June 2023 |  | NYMEX WTI |  | 2 |  |  | 69.10 |  |  | 2 |  |  | 98.15 |
July - September 2023 (closed) (1) |  | NYMEX WTI |  | 100 |  |  | 70.15 |  |  | — |  |  | — |
October - December 2023 (closed) (1) |  | NYMEX WTI |  | 69 |  |  | 69.41 |  |  | — |  |  | — |

(1) In the second quarter of 2022, EOG executed the early termination provision granting EOG the right to terminate certain of its October 2022 - December 2023 crude oil financial price swap contracts which were open at that time. EOG paid net cash of $593 million for the settlement of these contracts.
39

Financial Commodity Derivative Contracts (Continued) |  |
Crude Oil Basis Swap Contracts |  |
|  |  |  | Contracts Sold
Period |  | Settlement Index |  | Volume (MBbld) |  | Weighted Average Price Differential ($/Bbl)
January - August 2022 (closed) |  | NYMEX WTI Roll Differential (1) |  | 125 |  |  | $ | 0.15 |
September - 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.

Natural Gas Financial Price Swap Contracts
|  |  |  | Contracts Sold
Period |  | Settlement Index |  | Volume (MMBtud in thousands) |  | Weighted Average Price ($/MMBtu)
January - August 2022 (closed) |  | NYMEX Henry Hub |  | 725 |  |  | $ | 3.57 |
September 2022 |  | NYMEX Henry Hub |  | 725 |  |  | 3.57 |
October - December 2022 (closed) (1) |  | NYMEX Henry Hub |  | 425 |  |  | 3.05 |
October - December 2022 |  | NYMEX Henry Hub |  | 300 |  |  | 4.32 |
January - December 2023 (closed) (1) |  | NYMEX Henry Hub |  | 425 |  |  | 3.05 |
January - December 2023 |  | NYMEX Henry Hub |  | 300 |  |  | 3.36 |
January - December 2024 |  | NYMEX Henry Hub |  | 725 |  |  | 3.07 |
January - December 2025 |  | NYMEX Henry Hub |  | 725 |  |  | 3.07 |

(1) In the second quarter of 2022, EOG executed the early termination provision granting EOG the right to terminate certain of its October 2022 - December 2023 natural gas financial price swap contracts which were open at that time. EOG paid net cash of $735 million for the settlement of these contracts.

Natural Gas Basis Swap Contracts
|  |  |  | Contracts Sold
Period |  | Settlement Index |  | Volume (MMBtud in thousands) |  | Weighted Average Price Differential ($/MMBtu)
January - July 2022 (closed) |  | NYMEX Henry Hub HSC Differential (1) |  | 210 |  |  | $ | (0.01) |
August - 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.
40

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
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

41

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, Powder River Basin and Dorado Facilities |
- Gathering and Processing |
Includes Legacy Gas Capital and Capital from Mature Wells |

42

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
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 |
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 |
Less: Cash | (5,209) |  |  | (3,329) |  |  | (2,028) |  |  | (1,556) |
Net Debt (Non-GAAP) - (g) | (100) |  |  | 2,487 |  |  | 3,147 |  |  | 4,527 |
Total Capitalization (GAAP) - (d) + (f) | 27,289 |  |  | 26,118 |  |  | 26,816 |  |  | 25,447 |
Total Capitalization (Non-GAAP) - (d) + (g) | 22,080 |  |  | 22,789 |  |  | 24,788 |  |  | 23,891 |
Average Total Capitalization (Non-GAAP) * - (h) | 22,435 |  |  | 23,789 |  |  | 24,340 |  |  | 22,864 |
Return on Capital Employed (ROCE) |  |  |  |  |  |  |
Calculated Using GAAP Net Income (Loss) - [(a) + (b)] / (h) (Non-GAAP) | 21.4 | % |  | -1.9 | % |  | 11.8 | % |  | 15.8 | %
Calculated Using Non-GAAP Adjusted Net Income - [(a) + (c)] / (h) (Non-GAAP) | 23.0 | % |  | 4.3 | % |  | 12.5 | % |  | 14.9 | %
Return on Equity (ROE) |  |  |  |  |  |  |
Calculated Using GAAP Net Income (Loss) - (b) / (e) (GAAP) | 22.0 | % |  | -2.9 | % |  | 13.3 | % |  | 19.2 | %
Calculated Using Non-GAAP Adjusted Net Income - (c) / (e) (Non-GAAP) | 23.7 | % |  | 4.1 | % |  | 14.1 | % |  | 18.1 | %
* Average for the current and immediately preceding year |  |  |  |  |  |  |

43

ROCE & ROE (Continued) |  |  |  |  |  |  |
(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 Financial 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 Financial 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 Financial 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 Financial 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) |

44

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) |  |  |  |  |  |  |  |  |
Calculated Using GAAP Net Income (Loss) - [(a) + (b)] / (h) (Non-GAAP) |  |  |  |  | 13.4 | % |  | -4.8 | % |  | -21.6 | %
Return on Equity (ROE) |  |  |  |  |  |  |  |  |
Calculated Using GAAP Net Income (Loss) - (b) / (e) (GAAP) |  |  |  |  | 17.1 | % |  | -8.1 | % |  | -29.5 | %
* Average for the current and immediately preceding year |  |  |  |  |  |  |  |

45

ROCE & ROE (Continued) |  |  |  |  |  |  |
In millions of USD, except ratio data (Unaudited) |  |  |  |  |  |  |  |  |
|  |  | 2014 |  | 2013 |  | 2012 |  | 2011
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 |  |  | 12,641 |
Average Total Stockholders' Equity* - (e) |  |  | 16,566 |  |  | 14,352 |  |  | 12,963 |  |  |
Current and Long-Term Debt (GAAP) - (f) |  |  | 5,906 |  |  | 5,909 |  |  | 6,312 |  |  | 5,009 |
Less: Cash |  |  | (2,087) |  |  | (1,318) |  |  | (876) |  |  | (616) |
Net Debt (Non-GAAP) - (g) |  |  | 3,819 |  |  | 4,591 |  |  | 5,436 |  |  | 4,393 |
Total Capitalization (GAAP) - (d) + (f) |  |  | 23,619 |  |  | 21,327 |  |  | 19,597 |  |  | 17,650 |
Total Capitalization (Non-GAAP) - (d) + (g) |  |  | 21,532 |  |  | 20,009 |  |  | 18,721 |  |  | 17,034 |
Average Total Capitalization (Non-GAAP)* - (h) |  |  | 20,771 |  |  | 19,365 |  |  | 17,878 |  |  |
Return on Capital Employed (ROCE) |  |  |  |  |  |  |  |  |
Calculated Using GAAP Net Income - [(a) + (b)] / (h) (Non-GAAP) |  |  | 14.7 | % |  | 12.1 | % |  | 4.0 | % |  |
Return on Equity (ROE) |  |  |  |  |  |  |  |  |
Calculated Using GAAP Net Income - (b) / (e) (GAAP) |  |  | 17.6 | % |  | 15.3 | % |  | 4.4 | % |  |
* Average for the current and immediately preceding year |  |  |  |  |  |  |  |

46

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 2022 |  | 1Q 2022 |  | 4Q 2021 |  | 3Q 2021 |  | 2Q 2021
Volume - Million Barrels of Oil Equivalent - (a) | 83.8 |  |  | 79.5 |  |  | 79.4 |  |  | 77.7 |  |  | 75.3 |
Total Operating Revenues and Other (b) | 7,407 |  |  | 3,983 |  |  | 6,044 |  |  | 4,765 |  |  | 4,139 |
Total Operating Expenses (c) | 4,504 |  |  | 3,437 |  |  | 3,516 |  |  | 3,294 |  |  | 2,968 |
Operating Income (d) | 2,903 |  |  | 546 |  |  | 2,528 |  |  | 1,471 |  |  | 1,171 |
Wellhead Revenues |  |  |  |  |  |  |  |  |
Crude Oil and Condensate | 4,699 |  |  | 3,889 |  |  | 3,246 |  |  | 2,929 |  |  | 2,699 |
Natural Gas Liquids | 777 |  |  | 681 |  |  | 583 |  |  | 548 |  |  | 367 |
Natural Gas | 1,000 |  |  | 716 |  |  | 847 |  |  | 568 |  |  | 404 |
Total Wellhead Revenues - (e) | 6,476 |  |  | 5,286 |  |  | 4,676 |  |  | 4,045 |  |  | 3,470 |
Operating Costs |  |  |  |  |  |  |  |  |
Lease and Well | 324 |  |  | 318 |  |  | 325 |  |  | 270 |  |  | 270 |
Transportation Costs | 244 |  |  | 228 |  |  | 228 |  |  | 219 |  |  | 214 |
Gathering and Processing Costs | 152 |  |  | 144 |  |  | 147 |  |  | 145 |  |  | 128 |
General and Administrative | 128 |  |  | 124 |  |  | 139 |  |  | 142 |  |  | 120 |
Taxes Other Than Income | 472 |  |  | 390 |  |  | 316 |  |  | 277 |  |  | 239 |
Interest Expense, Net | 48 |  |  | 48 |  |  | 38 |  |  | 48 |  |  | 45 |
Total Operating Cost (excluding DD&A and Total Exploration Costs) (f) | 1,368 |  |  | 1,252 |  |  | 1,193 |  |  | 1,101 |  |  | 1,016 |
Depreciation, Depletion and Amortization (DD&A) | 911 |  |  | 847 |  |  | 910 |  |  | 927 |  |  | 914 |
Total Operating Cost (excluding Total Exploration Costs) - (g) | 2,279 |  |  | 2,099 |  |  | 2,103 |  |  | 2,028 |  |  | 1,930 |
Exploration Costs | 35 |  |  | 45 |  |  | 42 |  |  | 44 |  |  | 35 |
Dry Hole Costs | 20 |  |  | 3 |  |  | 43 |  |  | 4 |  |  | 13 |
Impairments | 91 |  |  | 55 |  |  | 206 |  |  | 82 |  |  | 44 |
Total Exploration Costs (GAAP) | 146 |  |  | 103 |  |  | 291 |  |  | 130 |  |  | 92 |
Less: Certain Impairments (1) | (36) |  |  | — |  |  | — |  |  | (13) |  |  | (1) |
Total Exploration Costs (Non-GAAP) | 110 |  |  | 103 |  |  | 291 |  |  | 117 |  |  | 91 |
Total Operating Cost (including Total Exploration Costs (GAAP)) - (h) | 2,425 |  |  | 2,202 |  |  | 2,394 |  |  | 2,158 |  |  | 2,022 |
Total Operating Cost (including Total Exploration Costs (Non-GAAP)) - (i) | 2,389 |  |  | 2,202 |  |  | 2,394 |  |  | 2,145 |  |  | 2,021 |
Total Wellhead Revenues less Total Operating Cost (including Total Exploration Costs (GAAP)) | 4,051 |  |  | 3,084 |  |  | 2,282 |  |  | 1,887 |  |  | 1,448 |
Total Wellhead Revenues less Total Operating Cost (including Total Exploration Costs (Non-GAAP)) | 4,087 |  |  | 3,084 |  |  | 2,282 |  |  | 1,900 |  |  | 1,449 |

47

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued) |  |
In millions of USD, except Boe and per Boe amounts (Unaudited) |  |  |  |  |  |  |  |  |
| 2Q 2022 |  | 1Q 2022 |  | 4Q 2021 |  | 3Q 2021 |  | 2Q 2021
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP) |  |  |  |  |  |  |  |  |
Composite Average Operating Revenues and Other per Boe - (b) / (a) | 88.39 |  |  | 50.10 |  |  | 76.12 |  |  | 61.33 |  |  | 54.97 |
Composite Average Operating Expenses per Boe - (c) / (a) | 53.75 |  |  | 43.23 |  |  | 44.28 |  |  | 42.40 |  |  | 39.42 |
Composite Average Operating Income per Boe - (d) / (a) | 34.64 |  |  | 6.87 |  |  | 31.84 |  |  | 18.93 |  |  | 15.55 |
Composite Average Wellhead Revenue per Boe - (e) / (a) | 77.29 |  |  | 66.50 |  |  | 58.88 |  |  | 52.07 |  |  | 46.07 |
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) | 16.32 |  |  | 15.75 |  |  | 15.02 |  |  | 14.19 |  |  | 13.48 |
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] | 60.97 |  |  | 50.75 |  |  | 43.86 |  |  | 37.88 |  |  | 32.59 |
Total Operating Cost per Boe (excluding Total Exploration Costs) - (g) / (a) | 27.19 |  |  | 26.40 |  |  | 26.48 |  |  | 26.12 |  |  | 25.61 |
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (g) / (a)] | 50.10 |  |  | 40.10 |  |  | 32.40 |  |  | 25.95 |  |  | 20.46 |
Total Operating Cost per Boe (including Total Exploration Costs) - (h) / (a) | 28.94 |  |  | 27.70 |  |  | 30.15 |  |  | 27.79 |  |  | 26.85 |
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (h) / (a)] | 48.35 |  |  | 38.80 |  |  | 28.73 |  |  | 24.28 |  |  | 19.22 |
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP) |  |  |  |  |  |  |  |  |
Total Operating Cost per Boe (including Total Exploration Costs) - (i) / (a) | 28.50 |  |  | 27.70 |  |  | 30.14 |  |  | 27.62 |  |  | 26.82 |
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (i) / (a)] | 48.79 |  |  | 38.80 |  |  | 28.74 |  |  | 24.45 |  |  | 19.25 |
(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).

48

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 |

49

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).

50

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 |

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
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).

52