EX-99.1 2 exh99-1050125.htm PRESS RELEASE OF EOG RESOURCES, INC.
EXHIBIT 99.1

Table of Contents |
First Quarter 2025 |
Supplemental Financial and Operating Data | Page
Income Statements | 13
Volumes and Prices | 14
Balance Sheets | 15
Cash Flow Statements | 16
Non-GAAP Financial Measures | 17
Adjusted Net Income | 18
Net Income Per Share | 25
Adjusted Net Income Per Share | 27
Cash Flow from Operations and Free Cash Flow | 29
Net Debt-to-Total Capitalization Ratio | 31
Revenues, Costs and Margins Per Barrel of Oil Equivalent | 32

12

Income Statements |  |  |  |  |  |  |  |  |  |
In millions of USD, except share data (in millions) and per share data (Unaudited) |  |
| 2024 |  | 2025
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year |  | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year
Operating Revenues and Other |  |  |  |  |  |  |  |  |  |  |
Crude Oil and Condensate | 3,480 |  | 3,692 |  | 3,488 |  | 3,261 |  | 13,921 |  |  | 3,293 |  |  |  |  | 3,293 |
Natural Gas Liquids | 513 |  | 515 |  | 524 |  | 554 |  | 2,106 |  |  | 572 |  |  |  |  | 572 |
Natural Gas | 382 |  | 303 |  | 372 |  | 494 |  | 1,551 |  |  | 637 |  |  |  |  | 637 |
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net | 237 |  | (47) |  | 79 |  | (65) |  | 204 |  |  | (191) |  |  |  |  | (191) |
Gathering, Processing and Marketing | 1,459 |  | 1,519 |  | 1,481 |  | 1,341 |  | 5,800 |  |  | 1,340 |  |  |  |  | 1,340 |
Gains (Losses) on Asset Dispositions, Net | 26 |  | 20 |  | (7) |  | (23) |  | 16 |  |  | (1) |  |  |  |  | (1) |
Other, Net | 26 |  | 23 |  | 28 |  | 23 |  | 100 |  |  | 19 |  |  |  |  | 19 |
Total | 6,123 |  | 6,025 |  | 5,965 |  | 5,585 |  | 23,698 |  |  | 5,669 |  |  |  |  | 5,669 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |
Lease and Well | 396 |  | 390 |  | 392 |  | 394 |  | 1,572 |  |  | 401 |  |  |  |  | 401 |
Gathering, Processing and Transportation Costs | 413 |  | 423 |  | 445 |  | 441 |  | 1,722 |  |  | 440 |  |  |  |  | 440 |
Exploration Costs | 45 |  | 34 |  | 43 |  | 52 |  | 174 |  |  | 41 |  |  |  |  | 41 |
Dry Hole Costs | 1 |  | 5 |  | — |  | 8 |  | 14 |  |  | 34 |  |  |  |  | 34 |
Impairments | 19 |  | 81 |  | 15 |  | 276 |  | 391 |  |  | 44 |  |  |  |  | 44 |
Marketing Costs | 1,404 |  | 1,490 |  | 1,500 |  | 1,323 |  | 5,717 |  |  | 1,325 |  |  |  |  | 1,325 |
Depreciation, Depletion and Amortization | 1,074 |  | 984 |  | 1,031 |  | 1,019 |  | 4,108 |  |  | 1,013 |  |  |  |  | 1,013 |
General and Administrative | 162 |  | 151 |  | 167 |  | 189 |  | 669 |  |  | 171 |  |  |  |  | 171 |
Taxes Other Than Income | 338 |  | 337 |  | 283 |  | 291 |  | 1,249 |  |  | 341 |  |  |  |  | 341 |
Total | 3,852 |  | 3,895 |  | 3,876 |  | 3,993 |  | 15,616 |  |  | 3,810 |  |  |  |  | 3,810 |
Operating Income | 2,271 |  | 2,130 |  | 2,089 |  | 1,592 |  | 8,082 |  |  | 1,859 |  |  |  |  | 1,859 |
Other Income, Net | 62 |  | 66 |  | 76 |  | 70 |  | 274 |  |  | 65 |  |  |  |  | 65 |
Income Before Interest Expense and Income Taxes | 2,333 |  | 2,196 |  | 2,165 |  | 1,662 |  | 8,356 |  |  | 1,924 |  |  |  |  | 1,924 |
Interest Expense, Net | 33 |  | 36 |  | 31 |  | 38 |  | 138 |  |  | 47 |  |  |  |  | 47 |
Income Before Income Taxes | 2,300 |  | 2,160 |  | 2,134 |  | 1,624 |  | 8,218 |  |  | 1,877 |  |  |  |  | 1,877 |
Income Tax Provision | 511 |  | 470 |  | 461 |  | 373 |  | 1,815 |  |  | 414 |  |  |  |  | 414 |
Net Income | 1,789 |  | 1,690 |  | 1,673 |  | 1,251 |  | 6,403 |  |  | 1,463 |  |  |  |  | 1,463 |
Dividends Declared per Common Share | 0.9100 |  | 0.9100 |  | 0.9100 |  | 0.9750 |  | 3.7050 |  |  | 0.9750 |  |  |  |  | 0.9750 |
Net Income Per Share |  |  |  |  |  |  |  |  |  |  |
Basic | 3.11 |  | 2.97 |  | 2.97 |  | 2.25 |  | 11.31 |  |  | 2.66 |  |  |  |  | 2.66 |
Diluted | 3.10 |  | 2.95 |  | 2.95 |  | 2.23 |  | 11.25 |  |  | 2.65 |  |  |  |  | 2.65 |
Average Number of Common Shares |  |  |  |  |  |  |  |  |  |  |
Basic | 575 |  | 569 |  | 564 |  | 557 |  | 566 |  |  | 550 |  |  |  |  | 550 |
Diluted | 577 |  | 572 |  | 568 |  | 561 |  | 569 |  |  | 553 |  |  |  |  | 553 |

13

Volumes and Prices |  |  |  |  |  |  |  |  |  |  |
(Unaudited) |  |
| 2024 |  |  |  |  |  |  |  | 2025
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year |  |  |  |  |  |  |  | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year
Crude Oil and Condensate Volumes (MBbld) (A) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | 486.8 |  | 490.1 |  | 491.8 |  | 493.5 | 490.6 |  |  |  |  |  |  |  |  | 500.9 |  |  |  |  | 500.9 |
Trinidad | 0.6 |  | 0.6 |  | 1.2 |  | 1.1 | 0.8 |  |  |  |  |  |  |  |  | 1.2 |  |  |  |  | 1.2 |
Total | 487.4 |  | 490.7 |  | 493.0 |  | 494.6 |  | 491.4 |  |  |  |  |  |  |  |  | 502.1 |  |  |  |  |  |  |  | 502.1 |
Average Crude Oil and Condensate Prices ($/Bbl) (B) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | $ | 78.46 |  | $ | 82.71 |  | $ | 76.95 |  | $ | 71.68 |  | $ | 77.42 |  |  |  |  |  |  |  |  | $ | 72.90 |  |  |  |  | $ | 72.90 |
Trinidad | 67.50 |  | 70.75 |  | 63.15 |  | 60.47 | 64.43 |  |  |  |  |  |  |  |  | 61.12 |  |  |  |  | 61.12 |
Composite | 78.45 |  | 82.69 |  | 76.92 |  | 71.66 | 77.40 |  |  |  |  |  |  |  |  | 72.87 |  |  |  |  | 72.87 |
Natural Gas Liquids Volumes (MBbld) (A) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | 231.7 |  | 244.8 |  | 254.3 |  | 252.5 | 245.9 |  |  |  |  |  |  |  |  | 241.7 |  |  |  |  | 241.7 |
Total | 231.7 |  | 244.8 |  | 254.3 |  | 252.5 |  | 245.9 |  |  |  |  |  |  |  |  | 241.7 |  |  |  |  |  |  |  | 241.7 |
Average Natural Gas Liquids Prices ($/Bbl) (B) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | $ | 24.32 |  | $ | 23.11 |  | $ | 22.42 |  | $ | 23.85 |  | $ | 23.40 |  |  |  |  |  |  |  |  | $ | 26.29 |  |  |  |  | $ | 26.29 |
Composite | 24.32 |  | 23.11 |  | 22.42 |  | 23.85 | 23.40 |  |  |  |  |  |  |  |  | 26.29 |  |  |  |  | 26.29 |
Natural Gas Volumes (MMcfd) (A) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | 1,658 |  | 1,668 |  | 1,745 |  | 1,840 |  | 1,728 |  |  |  |  |  |  |  |  | 1,834 |  |  |  |  | 1,834 |
Trinidad | 200 |  | 204 |  | 225 |  | 252 |  | 220 |  |  |  |  |  |  |  |  | 246 |  |  |  |  | 246 |
Total | 1,858 |  | 1,872 |  | 1,970 |  | 2,092 |  | 1,948 |  |  |  |  |  |  |  |  | 2,080 |  |  |  |  |  |  |  | 2,080 |
Average Natural Gas Prices ($/Mcf) (B) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | $ | 2.10 |  | $ | 1.57 |  | $ | 1.84 |  | $ | 2.39 |  | $ | 1.99 |  |  |  |  |  |  |  |  | $ | 3.36 |  |  |  |  | $ | 3.36 |
Trinidad | 3.54 |  | 3.48 |  | 3.68 |  | 3.86 | 3.65 |  |  |  |  |  |  |  |  | 3.78 |  |  |  |  | 3.78 |
Composite | 2.26 |  | 1.78 |  | 2.05 |  | 2.57 | 2.17 |  |  |  |  |  |  |  |  | 3.41 |  |  |  |  | 3.41 |
Crude Oil Equivalent Volumes (MBoed) (C) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | 994.7 |  | 1,013.0 |  | 1,037.1 |  | 1,052.7 |  | 1,024.5 |  |  |  |  |  |  |  |  | 1,048.3 |  |  |  |  | 1,048.3 |
Trinidad | 34.1 |  | 34.5 |  | 38.6 |  | 43.0 |  | 37.6 |  |  |  |  |  |  |  |  | 42.1 |  |  |  |  | 42.1 |
Total | 1,028.8 |  | 1,047.5 |  | 1,075.7 |  | 1,095.7 |  | 1,062.1 |  |  |  |  |  |  |  |  | 1,090.4 |  |  |  |  |  |  |  | 1,090.4 |
Total MMBoe (C) | 93.6 |  | 95.3 |  | 99.0 |  | 100.8 | 388.7 |  |  |  |  |  |  |  |  | 98.1 |  |  |  |  | 98.1 |

(A)Thousand barrels per day or million cubic feet per day, as applicable.
(B)Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity and other derivative instruments (see Note 10 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025).
(C)Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.
14

Balance Sheets |  |  |  |  |  |  |  |  |
In millions of USD (Unaudited)
| 2024 |  | 2025
| MAR | JUN | SEP | DEC |  | MAR | JUN | SEP | DEC
Current Assets |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents | 5,292 |  | 5,431 |  | 6,122 |  | 7,092 |  |  | 6,599 |  |  |  |
Accounts Receivable, Net | 2,688 |  | 2,657 |  | 2,545 |  | 2,650 |  |  | 2,621 |  |  |  |
Inventories | 1,154 |  | 1,069 |  | 1,038 |  | 985 |  |  | 897 |  |  |  |
Assets from Price Risk Management Activities | 110 |  | 4 |  | — |  | — |  |  | — |  |  |  |
Other (A) | 684 |  | 642 |  | 460 |  | 503 |  |  | 563 |  |  |  |
Total | 9,928 |  | 9,803 |  | 10,165 |  | 11,230 |  |  | 10,680 |  |  |  |  |  |  |
Property, Plant and Equipment |  |  |  |  |  |  |  |  |
Oil and Gas Properties (Successful Efforts Method) | 73,356 |  | 74,615 |  | 75,887 |  | 77,091 |  |  | 78,432 |  |  |  |
Other Property, Plant and Equipment | 5,768 |  | 6,078 |  | 6,314 |  | 6,418 |  |  | 6,510 |  |  |  |
Total Property, Plant and Equipment | 79,124 |  | 80,693 |  | 82,201 |  | 83,509 |  |  | 84,942 |  |  |  |  |  |  |
Less: Accumulated Depreciation, Depletion and Amortization | (46,047) |  | (47,049) |  | (48,075) |  | (49,297) |  |  | (50,310) |  |  |  |
Total Property, Plant and Equipment, Net | 33,077 |  | 33,644 |  | 34,126 |  | 34,212 |  |  | 34,632 |  |  |  |  |  |  |
Deferred Income Taxes | 38 |  | 44 |  | 42 |  | 39 |  |  | 44 |  |  |  |
Other Assets | 1,753 |  | 1,733 |  | 1,818 |  | 1,705 |  |  | 1,626 |  |  |  |
Total Assets | 44,796 |  | 45,224 |  | 46,151 |  | 47,186 |  |  | 46,982 |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |
Accounts Payable | 2,389 |  | 2,436 |  | 2,290 |  | 2,464 |  |  | 2,353 |  |  |  |
Accrued Taxes Payable | 786 |  | 600 |  | 855 |  | 1,007 |  |  | 668 |  |  |  |
Dividends Payable | 523 |  | 516 |  | 513 |  | 539 |  |  | 534 |  |  |  |
Liabilities from Price Risk Management Activities | — |  | 8 |  | 32 |  | 116 |  |  | 276 |  |  |  |
Current Portion of Long-Term Debt | 34 |  | 534 |  | 34 |  | 532 |  |  | 1,280 |  |  |  |
Current Portion of Operating Lease Liabilities | 318 |  | 303 |  | 338 |  | 315 |  |  | 318 |  |  |  |
Other | 223 |  | 231 |  | 344 |  | 381 |  |  | 290 |  |  |  |
Total | 4,273 |  | 4,628 |  | 4,406 |  | 5,354 |  |  | 5,719 |  |  |  |  |  |  |
Long-Term Debt | 3,757 |  | 3,250 |  | 3,742 |  | 4,220 |  |  | 3,464 |  |  |  |
Other Liabilities | 2,533 |  | 2,456 |  | 2,480 |  | 2,395 |  |  | 2,368 |  |  |  |
Deferred Income Taxes | 5,597 |  | 5,731 |  | 5,949 |  | 5,866 |  |  | 5,915 |  |  |  |
Commitments and Contingencies |  |  |  |  |  |  |  |  |
Stockholders' Equity |  |  |  |  |  |  |  |  |
Common Stock, $0.01 Par | 206 |  | 206 |  | 206 |  | 206 |  |  | 206 |  |  |  |
Additional Paid in Capital | 6,188 |  | 6,219 |  | 6,058 |  | 6,090 |  |  | 6,095 |  |  |  |
Accumulated Other Comprehensive Loss | (8) |  | (8) |  | (9) |  | (4) |  |  | (4) |  |  |  |
Retained Earnings | 23,897 |  | 25,071 |  | 26,231 |  | 26,941 |  |  | 27,869 |  |  |  |
Common Stock Held in Treasury | (1,647) |  | (2,329) |  | (2,912) |  | (3,882) |  |  | (4,650) |  |  |  |
Total Stockholders' Equity | 28,636 |  | 29,159 |  | 29,574 |  | 29,351 |  |  | 29,516 |  |  |  |  |  |  |
Total Liabilities and Stockholders' Equity | 44,796 |  | 45,224 |  | 46,151 |  | 47,186 |  |  | 46,982 |  |  |  |  |  |  |

(A) Effective October 1, 2024, EOG combined Income Taxes Receivable into the Other line item. This presentation has been conformed for all periods presented and had no impact on previously reported Total Assets.
15

Cash Flow Statements |  |  |  |  |  |  |
In millions of USD (Unaudited) |  |  |  |  |  |  |  |  |  |  |
| 2024 |  | 2025
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year |  | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |  |  |
Reconciliation of Net Income to Net Cash Provided by Operating Activities: |  |  |  |  |  |  |  |  |  |  |
Net Income | 1,789 |  | 1,690 |  | 1,673 |  | 1,251 |  | 6,403 |  |  | 1,463 |  |  |  |  | 1,463 |
Items Not Requiring (Providing) Cash |  |  |  |  |  |  |  |  |  |  |
Depreciation, Depletion and Amortization | 1,074 |  | 984 |  | 1,031 |  | 1,019 |  | 4,108 |  |  | 1,013 |  |  |  |  | 1,013 |
Impairments | 19 |  | 81 |  | 15 |  | 276 |  | 391 |  |  | 44 |  |  |  |  | 44 |
Stock-Based Compensation Expenses | 45 |  | 45 |  | 58 |  | 51 |  | 199 |  |  | 50 |  |  |  |  | 50 |
Deferred Income Taxes | 199 |  | 128 |  | 220 |  | (80) |  | 467 |  |  | 44 |  |  |  |  | 44 |
(Gains) Losses on Asset Dispositions, Net | (26) |  | (20) |  | 7 |  | 23 |  | (16) |  |  | 1 |  |  |  |  | 1 |
Other, Net | 9 |  | 3 |  | 2 |  | 3 |  | 17 |  |  | 11 |  |  |  |  | 11 |
Dry Hole Costs | 1 |  | 5 |  | — |  | 8 |  | 14 |  |  | 34 |  |  |  |  | 34 |
Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net | (237) |  | 47 |  | (79) |  | 65 |  | (204) |  |  | 191 |  |  |  |  | 191 |
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts | 55 |  | 79 |  | 61 |  | 19 |  | 214 |  |  | (38) |  |  |  |  | (38) |
Changes in Components of Working Capital and Other Assets and Liabilities |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable | 58 |  | 33 |  | 109 |  | (99) |  | 101 |  |  | 48 |  |  |  |  | 48 |
Inventories | 117 |  | 75 |  | 30 |  | 37 |  | 259 |  |  | 76 |  |  |  |  | 76 |
Accounts Payable | (58) |  | 29 |  | (159) |  | 152 |  | (36) |  |  | (129) |  |  |  |  | (129) |
Accrued Taxes Payable | 319 |  | (185) |  | 256 |  | 151 |  | 541 |  |  | (339) |  |  |  |  | (339) |
Other Assets | (161) |  | 42 |  | 197 |  | (34) |  | 44 |  |  | (43) |  |  |  |  | (43) |
Other Liabilities | (71) |  | (20) |  | 108 |  | 6 |  | 23 |  |  | (96) |  |  |  |  | (96) |
Changes in Components of Working Capital Associated with Investing Activities | (229) |  | (127) |  | 59 |  | (85) |  | (382) |  |  | (41) |  |  |  |  | (41) |
Net Cash Provided by Operating Activities | 2,903 |  | 2,889 |  | 3,588 |  | 2,763 |  | 12,143 |  |  | 2,289 |  |  |  |  |  |  |  | 2,289 |
Investing Cash Flows |  |  |  |  |  |  |  |  |  |  |
Additions to Oil and Gas Properties | (1,485) |  | (1,357) |  | (1,263) |  | (1,248) |  | (5,353) |  |  | (1,381) |  |  |  |  | (1,381) |
Additions to Other Property, Plant and Equipment | (350) |  | (313) |  | (239) |  | (117) |  | (1,019) |  |  | (102) |  |  |  |  | (102) |
Proceeds from Sales of Assets | 9 |  | 10 |  | — |  | 4 |  | 23 |  |  | 12 |  |  |  |  | 12 |
Changes in Components of Working Capital Associated with Investing Activities | 229 |  | 127 |  | (59) |  | 85 |  | 382 |  |  | 41 |  |  |  |  | 41 |
Net Cash Used in Investing Activities | (1,597) |  | (1,533) |  | (1,561) |  | (1,276) |  | (5,967) |  |  | (1,430) |  |  |  |  |  |  |  | (1,430) |
Financing Cash Flows |  |  |  |  |  |  |  |  |  |  |
Long-Term Debt Borrowings | — |  | — |  | — |  | 985 |  | 985 |  |  | — |  |  |  |  | — |
Dividends Paid | (525) |  | (520) |  | (533) |  | (509) |  | (2,087) |  |  | (538) |  |  |  |  | (538) |
Treasury Stock Purchased | (759) |  | (699) |  | (795) |  | (993) |  | (3,246) |  |  | (806) |  |  |  |  | (806) |
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan | — |  | 11 |  | — |  | 11 |  | 22 |  |  | — |  |  |  |  | — |
Debt Issuance Costs | — |  | — |  | — |  | (2) |  | (2) |  |  | — |  |  |  |  | — |
Repayment of Finance Lease Liabilities | (8) |  | (9) |  | (8) |  | (8) |  | (33) |  |  | (8) |  |  |  |  | (8) |
Net Cash Used in Financing Activities | (1,292) |  | (1,217) |  | (1,336) |  | (516) |  | (4,361) |  |  | (1,352) |  |  |  |  |  |  |  | (1,352) |
Effect of Exchange Rate Changes on Cash | — |  | – |  | – |  | (1) |  | (1) |  |  | — |  |  |  |  | — |
Increase (Decrease) in Cash and Cash Equivalents | 14 |  | 139 |  | 691 |  | 970 |  | 1,814 |  |  | (493) |  |  |  |  |  |  | (493) |
Cash and Cash Equivalents at Beginning of Period | 5,278 |  | 5,292 |  | 5,431 |  | 6,122 |  | 5,278 |  |  | 7,092 |  |  |  |  | 7,092 |
Cash and Cash Equivalents at End of Period | 5,292 |  | 5,431 |  | 6,122 |  | 7,092 |  | 7,092 |  |  | 6,599 |  |  |  |  |  |  |  | 6,599 |

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 Changes in Working Capital, Free Cash Flow, Net Debt and related statistics.
A reconciliation of each of these measures to their most directly comparable GAAP financial measure and related discussion is included in the tables on the following pages and can also be found in the “Reconciliations & Guidance” section of the “Investors” page of the EOG website at www.eogresources.com.
As further discussed in the tables on the following pages, EOG believes these measures may be useful to investors who follow the practice of some industry analysts who make certain adjustments to GAAP measures (for example, to exclude non-recurring items) to facilitate comparisons to others in EOG’s industry, and who utilize non-GAAP measures in their calculations of certain statistics (for example, return on capital employed and return on equity) used to evaluate EOG’s performance.
EOG believes that the non-GAAP measures presented, when viewed in combination with its financial results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the company’s performance. As is discussed in the tables on the following pages, EOG uses these non-GAAP measures for purposes of (i) comparing EOG’s financial performance with the financial performance of other companies in the industry and (ii) analyzing EOG’s financial performance across periods.
The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG’s reported Net Income (Loss), Long-Term Debt (including Current Portion of Long-Term Debt), Net Cash Provided by Operating Activities and other financial results calculated in accordance with GAAP. The non-GAAP measures presented should be read in conjunction with EOG's consolidated financial statements prepared in accordance with GAAP.
In addition, because not all companies use identical calculations, EOG’s presentation of non-GAAP measures may not be comparable to, and may be calculated differently from, similarly titled measures disclosed by other companies, including its peer companies. EOG may also change the calculation of one or more of its non-GAAP measures from time to time – for example, to account for changes in its business and operations or to more closely conform to peer company or industry analysts’ practices.
Direct ATROR
The calculation of EOG's direct after-tax rate of return (ATROR) is based on EOG’s net estimated recoverable reserves for a particular well(s) or play, the estimated net present value of the future net cash flows from such reserves (for which EOG utilizes certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring such well(s). As such, EOG's direct ATROR for a particular well(s) or play cannot be calculated from EOG’s consolidated financial statements.
17

Adjusted Net Income |  |  |  |  |  |
In millions of USD, except share data (in millions) and per share data (Unaudited) |  |  |  |  |  |  |
The following tables adjust reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of financial commodity derivative contracts by eliminating the net unrealized mark-to-market (gains) losses from these and other derivative transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets)), and to make certain other adjustments to exclude non-recurring and certain other items as further described below. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
| 1Q 2025
| Before Tax |  | Income Tax Impact |  | After Tax |  | Diluted Earnings per Share
Reported Net Income (GAAP) | 1,877 |  |  | (414) |  |  | 1,463 |  |  | 2.65 |
Adjustments: |  |  |  |  |  |  |
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net | 191 |  |  | (41) |  |  | 150 |  |  | 0.26 |
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1) | (38) |  |  | 8 |  |  | (30) |  |  | (0.05) |
Add: Losses on Asset Dispositions, Net | 1 |  |  | 2 |  |  | 3 |  |  | 0.01 |
Adjustments to Net Income | 154 |  |  | (31) |  |  | 123 |  |  | 0.22 |
Adjusted Net Income (Non-GAAP) | 2,031 |  |  | (445) |  |  | 1,586 |  |  | 2.87 |
Average Number of Common Shares |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 550 |
Diluted |  |  |  |  |  |  | 553 |

(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended March 31, 2025, such amount was $38 million.
18

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

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

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

(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended September 30, 2024, such amount was $61 million.
20

Adjusted Net Income (Continued) |  |  |  |  |  |
In millions of USD, except share data (in millions) and per share data (Unaudited) |  |  |  |  |  |  |
| 2Q 2024
| Before Tax |  | Income Tax Impact |  | After Tax |  | Diluted Earnings per Share
Reported Net Income (GAAP) | 2,160 |  |  | (470) |  |  | 1,690 |  |  | 2.95 |
Adjustments: |  |  |  |  |  |  |
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net | 47 |  |  | (10) |  |  | 37 |  |  | 0.07 |
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1) | 79 |  |  | (17) |  |  | 62 |  |  | 0.11 |
Less: Gains on Asset Dispositions, Net | (20) |  |  | 5 |  |  | (15) |  |  | (0.03) |
Add: Certain Impairments | 35 |  |  | (2) |  |  | 33 |  |  | 0.06 |
Adjustments to Net Income | 141 |  |  | (24) |  |  | 117 |  |  | 0.21 |
Adjusted Net Income (Non-GAAP) | 2,301 |  |  | (494) |  |  | 1,807 |  |  | 3.16 |
Average Number of Common Shares |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 569 |
Diluted |  |  |  |  |  |  | 572 |

(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended June 30, 2024, such amount was $79 million.
21

Adjusted Net Income (Continued) |  |  |  |  |  |
In millions of USD, except share data (in millions) and per share data (Unaudited) |  |  |  |  |  |  |
| 1Q 2024
| Before Tax |  | Income Tax Impact |  | After Tax |  | Diluted Earnings per Share
Reported Net Income (GAAP) | 2,300 |  |  | (511) |  |  | 1,789 |  |  | 3.10 |
Adjustments: |  |  |  |  |  |  |
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net | (237) |  |  | 51 |  |  | (186) |  |  | (0.31) |
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1) | 55 |  |  | (12) |  |  | 43 |  |  | 0.07 |
Less: Gains on Asset Dispositions, Net | (26) |  |  | 4 |  |  | (22) |  |  | (0.04) |
Add: Certain Impairments | 2 |  |  | — |  |  | 2 |  |  | — |
Adjustments to Net Income | (206) |  |  | 43 |  |  | (163) |  |  | (0.28) |
Adjusted Net Income (Non-GAAP) | 2,094 |  |  | (468) |  |  | 1,626 |  |  | 2.82 |
Average Number of Common Shares |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 575 |
Diluted |  |  |  |  |  |  | 577 |

(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended March 31, 2024, such amount was $55 million.
22

Adjusted Net Income (Continued) |  |  |  |  |  |
In millions of USD, except share data (in millions) and per share data (Unaudited) |  |  |  |  |  |  |
| FY 2024
| Before Tax |  | Income Tax Impact |  | After Tax |  | Diluted Earnings per Share
Reported Net Income (GAAP) | 8,218 |  |  | (1,815) |  |  | 6,403 |  |  | 11.25 |
Adjustments: |  |  |  |  |  |  |
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net | (204) |  |  | 44 |  |  | (160) |  |  | (0.28) |
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1) | 214 |  |  | (46) |  |  | 168 |  |  | 0.30 |
Less: Gains on Asset Dispositions, Net | (16) |  |  | 3 |  |  | (13) |  |  | (0.02) |
Add: Certain Impairments | 291 |  |  | (57) |  |  | 234 |  |  | 0.41 |
Less: Severance Tax Refund | (31) |  |  | 7 |  |  | (24) |  |  | (0.04) |
Add: Severance Tax Consulting Fees | 10 |  |  | (2) |  |  | 8 |  |  | 0.01 |
Less: Interest on Severance Tax Refund | (5) |  |  | 1 |  |  | (4) |  |  | (0.01) |
Adjustments to Net Income | 259 |  |  | (50) |  |  | 209 |  |  | 0.37 |
Adjusted Net Income (Non-GAAP) | 8,477 |  |  | (1,865) |  |  | 6,612 |  |  | 11.62 |
Average Number of Common Shares |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 566 |
Diluted |  |  |  |  |  |  | 569 |

(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2024, such amount was $214 million.
23

Adjusted Net Income (Continued) |  |  |  |  |  |
In millions of USD, except share data (in millions) and per share data (Unaudited) |  |  |  |  |  |  |
| FY 2023
| Before Tax |  | Income Tax Impact |  | After Tax |  | Diluted Earnings per Share
Reported Net Income (GAAP) | 9,689 |  |  | (2,095) |  |  | 7,594 |  |  | 13.00 |
Adjustments: |  |  |  |  |  |  |
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net | (818) |  |  | 176 |  |  | (642) |  |  | (1.09) |
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1) | (112) |  |  | 24 |  |  | (88) |  |  | (0.15) |
Less: Gains on Asset Dispositions, Net | (95) |  |  | 20 |  |  | (75) |  |  | (0.13) |
Add: Certain Impairments | 42 |  |  | (6) |  |  | 36 |  |  | 0.06 |
Adjustments to Net Income | (983) |  |  | 214 |  |  | (769) |  |  | (1.31) |
Adjusted Net Income (Non-GAAP) | 8,706 |  |  | (1,881) |  |  | 6,825 |  |  | 11.69 |
Average Number of Common Shares |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | 581 |
Diluted |  |  |  |  |  |  | 584 |

(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2023, such amount was $112 million.
24

Net Income per Share |  |  |
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
4Q 2024 Net Income per Share (GAAP) - Diluted |  |  | 2.23 |
Realized Prices |  |  |
1Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe | 45.88 |  |  |
Less: 4Q 2024 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe | (42.74) |  |  |
Subtotal | 3.14 |  |  |
Multiplied by: 1Q 2025 Crude Oil Equivalent Volumes (MMBoe) | 98.1 |  |  |
Total Change in Revenue | 308 |  |  |
Add: Income Tax Benefit (Provision) Imputed (based on 22%) | (68) |  |  |
Change in Net Income | 240 |  |  |
Change in Diluted Earnings per Share |  |  | 0.43 |
Volumes |  |  |
1Q 2025 Crude Oil Equivalent Volumes (MMBoe) | 98.1 |  |  |
Less: 4Q 2024 Crude Oil Equivalent Volumes (MMBoe) | (100.8) |  |  |
Subtotal | (2.7) |  |  |
Multiplied by: 1Q 2025 Composite Average Margin per Boe (GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below) | 20.09 |  |  |
Change in Margin | (54) |  |  |
Less: Income Tax Benefit (Provision) Imputed (based on 22%) | 12 |  |  |
Change in Net Income | (42) |  |  |
Change in Diluted Earnings per Share |  |  | (0.08) |
Certain Operating Costs per Boe |  |  |
4Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe | 20.26 |  |  |
Less: 1Q 2025 Total Cash Operating Costs (GAAP) and Total DD&A per Boe | (20.63) |  |  |
Subtotal | (0.37) |  |  |
Multiplied by: 1Q 2025 Crude Oil Equivalent Volumes (MMBoe) | 98.1 |  |  |
Change in Before-Tax Net Income | (36) |  |  |
Less: Income Tax Benefit (Provision) Imputed (based on 22%) | 8 |  |  |
Change in Net Income | (28) |  |  |
Change in Diluted Earnings per Share |  |  | (0.05) |

25

Net Income Per Share (Continued) |  |  |
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net |  |
1Q 2025 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts | (191) |  |  |
Less: Income Tax Benefit (Provision) | 41 |  |  |
After Tax - (a) | (150) |  |  |
Less: 4Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts | (65) |  |  |
Less: Income Tax Benefit (Provision) | 14 |  |  |
After Tax - (b) | (51) |  |  |
Change in Net Income - (a) - (b) | (99) |  |  |
Change in Diluted Earnings per Share |  |  | (0.18) |
Other (1) |  |  | 0.30 |
1Q 2025 Net Income per Share (GAAP) - Diluted |  |  | 2.65 |
1Q 2025 Average Number of Common Shares - Diluted | 553 |  |  |

(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.
26

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)
4Q 2024 Adjusted Net Income per Share (Non-GAAP) - Diluted |  |  | 2.74 |
Realized Prices |  |  |
1Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe | 45.88 |  |  |
Less: 4Q 2024 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe | (42.74) |  |  |
Subtotal | 3.14 |  |  |
Multiplied by: 1Q 2025 Crude Oil Equivalent Volumes (MMBoe) | 98.1 |  |  |
Total Change in Revenue | 308 |  |  |
Add: Income Tax Benefit (Provision) Imputed (based on 22%) | (68) |  |  |
Change in Net Income | 240 |  |  |
Change in Diluted Earnings per Share |  |  | 0.43 |
Volumes |  |  |
1Q 2025 Crude Oil Equivalent Volumes (MMBoe) | 98.1 |  |  |
Less: 4Q 2024 Crude Oil Equivalent Volumes (MMBoe) | (100.8) |  |  |
Subtotal | (2.7) |  |  |
Multiplied by: 1Q 2025 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below) | 20.09 |  |  |
Change in Margin | (54) |  |  |
Add: Income Tax Benefit (Provision) Imputed (based on 22%) | 12 |  |  |
Change in Net Income | (42) |  |  |
Change in Diluted Earnings per Share |  |  | (0.08) |
Certain Operating Costs per Boe |  |  |
4Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe | 20.26 |  |  |
Less: 1Q 2025 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe | (20.63) |  |  |
Subtotal | (0.37) |  |  |
Multiplied by: 1Q 2025 Crude Oil Equivalent Volumes (MMBoe) | 98.1 |  |  |
Change in Before-Tax Net Income | (36) |  |  |
Add: Income Tax Benefit (Provision) Imputed (based on 22%) | 8 |  |  |
Change in Net Income | (28) |  |  |
Change in Diluted Earnings per Share |  |  | (0.05) |

27

Adjusted Net Income Per Share (Continued) |  |  |
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts |  |
1Q 2025 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts | (38) |  |  |
Less: Income Tax Benefit (Provision) | 8 |  |  |
After Tax - (a) | (30) |  |  |
4Q 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts | 19 |  |  |
Less: Income Tax Benefit (Provision) | (4) |  |  |
After Tax - (b) | 15 |  |  |
Change in Net Income - (a) - (b) | (45) |  |  |
Change in Diluted Earnings per Share |  |  | (0.08) |
Other (1) |  |  | (0.09) |
1Q 2025 Adjusted Net Income per Share (Non-GAAP) |  |  | 2.87 |
1Q 2025 Average Number of Common Shares - Diluted | 553 |  |  |

(1)Includes gathering, processing and marketing revenue, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.
28

Cash Flow from Operations and Free Cash Flow |  |  |  |
In millions of USD (Unaudited) |  |  |  |  |  |  |  |
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Cash Flow from Operations Before Changes in Working Capital (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing Activities and certain other adjustments to exclude non-recurring and certain other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Cash Flow from Operations Before Changes in Working Capital (Non-GAAP) (see below reconciliation) for such period less the Total Capital Expenditures (Non-GAAP) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry.
|  |  |  |  | 2024 |  | 2025
|  |  |  |  | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year |  | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year
Net Cash Provided by Operating Activities (GAAP) |  |  |  |  | 2,903 |  | 2,889 |  | 3,588 |  | 2,763 |  | 12,143 |  |  | 2,289 |  |  |  |  | 2,289 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in Components of Working Capital and Other Assets and Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable |  |  |  |  | (58) |  | (33) |  | (109) |  | 99 |  | (101) |  |  | (48) |  |  |  |  | (48) |
Inventories |  |  |  |  | (117) |  | (75) |  | (30) |  | (37) |  | (259) |  |  | (76) |  |  |  |  | (76) |
Accounts Payable |  |  |  |  | 58 |  | (29) |  | 159 |  | (152) |  | 36 |  |  | 129 |  |  |  |  | 129 |
Accrued Taxes Payable |  |  |  |  | (319) |  | 185 |  | (256) |  | (151) |  | (541) |  |  | 339 |  |  |  |  | 339 |
Other Assets |  |  |  |  | 161 |  | (42) |  | (197) |  | 34 |  | (44) |  |  | 43 |  |  |  |  | 43 |
Other Liabilities |  |  |  |  | 71 |  | 20 |  | (108) |  | (6) |  | (23) |  |  | 96 |  |  |  |  | 96 |
Changes in Components of Working Capital Associated with Investing Activities |  |  |  |  | 229 |  | 127 |  | (59) |  | 85 |  | 382 |  |  | 41 |  |  |  |  | 41 |
Cash Flow from Operations Before Changes in Working Capital (Non-GAAP) |  |  |  |  | 2,928 |  | 3,042 |  | 2,988 |  | 2,635 |  | 11,593 |  |  | 2,813 |  |  |  |  |  |  |  | 2,813 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Capital Expenditures (Non-GAAP) (a) |  |  |  |  | (1,703) |  | (1,668) |  | (1,497) |  | (1,358) |  | (6,226) |  |  | (1,484) |  |  |  |  |  |  |  | (1,484) |
Free Cash Flow (Non-GAAP) |  |  |  |  | 1,225 |  | 1,374 |  | 1,491 |  | 1,277 |  | 5,367 |  |  | 1,329 |  |  |  |  | 1,329 |
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
|  |  |  |  | 2024 |  | 2025
|  |  |  |  | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year |  | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year
Total Expenditures (GAAP) |  |  |  |  | 1,952 |  | 1,682 |  | 1,573 |  | 1,446 |  | 6,653 |  |  | 1,546 |  |  |  |  | 1,546 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset Retirement Costs |  |  |  |  | (21) |  | 60 |  | (11) |  | (26) |  | 2 |  |  | (13) |  |  |  |  | (13) |
Non-Cash Acquisition Costs of Unproved Properties |  |  |  |  | (31) |  | (34) |  | (17) |  | (3) |  | (85) |  |  | (9) |  |  |  |  | (9) |
Acquisition Costs of Proved Properties |  |  |  |  | (21) |  | (5) |  | — |  | (7) |  | (33) |  |  | 1 |  |  |  |  | 1 |
Acquisition Costs of Other Property, Plant and Equipment |  |  |  |  | (131) |  | (1) |  | (5) |  | — |  | (137) |  |  | — |  |  |  |  | — |
Exploration Costs |  |  |  |  | (45) |  | (34) |  | (43) |  | (52) |  | (174) |  |  | (41) |  |  |  |  | (41) |
Total Capital Expenditures (Non-GAAP) |  |  |  |  | 1,703 |  | 1,668 |  | 1,497 |  | 1,358 |  | 6,226 |  |  | 1,484 |  |  |  |  |  |  |  | 1,484 |

29

Cash Flow from Operations and Free Cash Flow (Continued) |  |  |
In millions of USD (Unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | FY 2023 |  | FY 2022
Net Cash Provided by Operating Activities (GAAP) |  |  |  |  |  |  |  |  |  |  | 11,340 |  |  | 11,093 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in Components of Working Capital and Other Assets and Liabilities |  |  |  |  |  |  |  |
Accounts Receivable |  |  |  |  |  |  |  |  |  |  | 38 |  |  | 347 |
Inventories |  |  |  |  |  |  |  |  |  |  | 231 |  |  | 534 |
Accounts Payable |  |  |  |  |  |  |  |  |  |  | 119 |  |  | (90) |
Accrued Taxes Payable |  |  |  |  |  |  |  |  |  |  | (61) |  |  | 113 |
Other Assets |  |  |  |  |  |  |  |  |  |  | (39) |  |  | 364 |
Other Liabilities |  |  |  |  |  |  |  |  |  |  | (184) |  |  | 266 |
Changes in Components of Working Capital Associated with Investing Activities |  |  |  |  |  | (295) |  |  | (375) |
Cash Flow from Operations Before Changes in Working Capital (Non-GAAP) |  |  |  |  |  | 11,149 |  |  | 12,252 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Total Capital Expenditures (Non-GAAP) (a) |  |  |  |  |  |  |  |  |  |  | (6,041) |  |  | (4,607) |
Free Cash Flow (Non-GAAP) |  |  |  |  |  |  |  |  |  |  | 5,108 |  |  | 7,645 |
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
Total Expenditures (GAAP) |  |  |  |  |  |  |  |  |  |  | 6,818 |  |  | 5,610 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Asset Retirement Costs |  |  |  |  |  |  |  |  |  |  | (257) |  |  | (298) |
Non-Cash Development Drilling |  |  |  |  |  |  |  |  |  |  | (90) |  |  | — |
Non-Cash Acquisition Costs of Unproved Properties |  |  |  |  |  |  |  |  |  |  | (99) |  |  | (127) |
Acquisition Costs of Proved Properties |  |  |  |  |  |  |  |  |  |  | (16) |  |  | (419) |
Acquisition Costs of Other Property, Plant and Equipment |  |  |  |  |  |  |  |  |  |  | (134) |  |  | — |
Exploration Costs |  |  |  |  |  |  |  |  |  |  | (181) |  |  | (159) |
Total Capital Expenditures (Non-GAAP) |  |  |  |  |  |  |  |  |  |  | 6,041 |  |  | 4,607 |

30

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.
|  |  |  |  |  |  | March 31, 2025 |  | December 31, 2024 |  | September 30, 2024 |  | June 30, 2024 |  | March 31, 2024
Total Stockholders' Equity - (a) |  |  |  |  |  |  | 29,516 |  |  | 29,351 |  |  | 29,574 |  |  | 29,159 |  |  | 28,636 |
Current and Long-Term Debt (GAAP) - (b) |  |  |  |  |  |  | 4,744 |  |  | 4,752 |  |  | 3,776 |  |  | 3,784 |  |  | 3,791 |
Less: Cash |  |  |  |  |  |  | (6,599) |  |  | (7,092) |  |  | (6,122) |  |  | (5,431) |  |  | (5,292) |
Net Debt (Non-GAAP) - (c) |  |  |  |  |  |  | (1,855) |  |  | (2,340) |  |  | (2,346) |  |  | (1,647) |  |  | (1,501) |
Total Capitalization (GAAP) - (a) + (b) |  |  |  |  |  |  | 34,260 |  |  | 34,103 |  |  | 33,350 |  |  | 32,943 |  |  | 32,427 |
Total Capitalization (Non-GAAP) - (a) + (c) |  |  |  |  |  |  | 27,661 |  |  | 27,011 |  |  | 27,228 |  |  | 27,512 |  |  | 27,135 |
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] |  |  |  |  |  |  | 13.8 | % |  | 13.9 | % |  | 11.3 | % |  | 11.5 | % |  | 11.7 | %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] |  |  |  |  |  |  | -6.7 | % |  | -8.7 | % |  | -8.6 | % |  | -6.0 | % |  | -5.5 | %

31

Revenues, Costs and Margins Per Barrel of Oil Equivalent |  |
In millions of USD, except Boe and per Boe amounts (Unaudited)
EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or margins per barrel of oil equivalent (Boe). Certain of these components are adjusted for non-recurring and certain other items, as further discussed below. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
| 1Q 2025 |  | 4Q 2024 |  | 3Q 2024 |  | 2Q 2024 |  | 1Q 2024
Volume - Million Barrels of Oil Equivalent - (a) | 98.1 |  |  | 100.8 |  |  | 99.0 |  |  | 95.3 |  |  | 93.6 |
Total Operating Revenues and Other - (b) | 5,669 |  |  | 5,585 |  |  | 5,965 |  |  | 6,025 |  |  | 6,123 |
Total Operating Expenses - (c) | 3,810 |  |  | 3,993 |  |  | 3,876 |  |  | 3,895 |  |  | 3,852 |
Operating Income - (d) | 1,859 |  |  | 1,592 |  |  | 2,089 |  |  | 2,130 |  |  | 2,271 |
Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas |  |  |  |  |  |  |  |  |
Crude Oil and Condensate | 3,293 |  |  | 3,261 |  |  | 3,488 |  |  | 3,692 |  |  | 3,480 |
Natural Gas Liquids | 572 |  |  | 554 |  |  | 524 |  |  | 515 |  |  | 513 |
Natural Gas | 637 |  |  | 494 |  |  | 372 |  |  | 303 |  |  | 382 |
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e) | 4,502 |  |  | 4,309 |  |  | 4,384 |  |  | 4,510 |  |  | 4,375 |
Operating Costs |  |  |  |  |  |  |  |  |
Lease and Well | 401 |  |  | 394 |  |  | 392 |  |  | 390 |  |  | 396 |
Gathering, Processing and Transportation Costs (1) | 440 |  |  | 441 |  |  | 445 |  |  | 423 |  |  | 413 |
General and Administrative (GAAP) | 171 |  |  | 189 |  |  | 167 |  |  | 151 |  |  | 162 |
Less: Severance Tax Consulting Fees | — |  |  | — |  |  | (10) |  |  | — |  |  | — |
General and Administrative (Non-GAAP) (3) | 171 |  |  | 189 |  |  | 157 |  |  | 151 |  |  | 162 |
Taxes Other Than Income (GAAP) | 341 |  |  | 291 |  |  | 283 |  |  | 337 |  |  | 338 |
Add: Severance Tax Refund | — |  |  | — |  |  | 31 |  |  | — |  |  | — |
Taxes Other Than Income (Non-GAAP) (4) | 341 |  |  | 291 |  |  | 314 |  |  | 337 |  |  | 338 |
Interest Expense, Net | 47 |  |  | 38 |  |  | 31 |  |  | 36 |  |  | 33 |
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f) | 1,400 |  |  | 1,353 |  |  | 1,318 |  |  | 1,337 |  |  | 1,342 |
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g) | 1,400 |  |  | 1,353 |  |  | 1,339 |  |  | 1,337 |  |  | 1,342 |
Depreciation, Depletion and Amortization (DD&A) | 1,013 |  |  | 1,019 |  |  | 1,031 |  |  | 984 |  |  | 1,074 |
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h) | 2,413 |  |  | 2,372 |  |  | 2,349 |  |  | 2,321 |  |  | 2,416 |
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i) | 2,413 |  |  | 2,372 |  |  | 2,370 |  |  | 2,321 |  |  | 2,416 |
Exploration Costs | 41 |  |  | 52 |  |  | 43 |  |  | 34 |  |  | 45 |
Dry Hole Costs | 34 |  |  | 8 |  |  | — |  |  | 5 |  |  | 1 |
Impairments | 44 |  |  | 276 |  |  | 15 |  |  | 81 |  |  | 19 |
Total Exploration Costs (GAAP) | 119 |  |  | 336 |  |  | 58 |  |  | 120 |  |  | 65 |
Less: Certain Impairments (2) | — |  |  | (254) |  |  | — |  |  | (35) |  |  | (2) |
Total Exploration Costs (Non-GAAP) | 119 |  |  | 82 |  |  | 58 |  |  | 85 |  |  | 63 |
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j) | 2,532 |  |  | 2,708 |  |  | 2,407 |  |  | 2,441 |  |  | 2,481 |
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k) | 2,532 |  |  | 2,454 |  |  | 2,428 |  |  | 2,406 |  |  | 2,479 |
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) | 1,970 |  |  | 1,601 |  |  | 1,977 |  |  | 2,069 |  |  | 1,894 |
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) | 1,970 |  |  | 1,855 |  |  | 1,956 |  |  | 2,104 |  |  | 1,896 |

32

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued) |  |
In millions of USD, except Boe and per Boe amounts (Unaudited) |  |  |  |  |  |  |  |  |
| 1Q 2025 |  | 4Q 2024 |  | 3Q 2024 |  | 2Q 2024 |  | 1Q 2024
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP) |  |  |  |  |  |  |  |  |
Composite Average Operating Revenues and Other per Boe - (b) / (a) | 57.79 |  |  | 55.41 |  |  | 60.25 |  |  | 63.22 |  |  | 65.42 |
Composite Average Operating Expenses per Boe - (c) / (a) | 38.84 |  |  | 39.62 |  |  | 39.15 |  |  | 40.87 |  |  | 41.16 |
Composite Average Operating Income per Boe - (d) / (a) | 18.95 |  |  | 15.79 |  |  | 21.10 |  |  | 22.35 |  |  | 24.26 |
Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe - (e) / (a) | 45.88 |  |  | 42.74 |  |  | 44.31 |  |  | 47.31 |  |  | 46.73 |
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) | 14.26 |  |  | 13.42 |  |  | 13.32 |  |  | 14.03 |  |  | 14.33 |
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] | 31.62 |  |  | 29.32 |  |  | 30.99 |  |  | 33.28 |  |  | 32.40 |
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a) | 24.58 |  |  | 23.53 |  |  | 23.74 |  |  | 24.35 |  |  | 25.80 |
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)] | 21.30 |  |  | 19.21 |  |  | 20.57 |  |  | 22.96 |  |  | 20.93 |
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a) | 25.79 |  |  | 26.86 |  |  | 24.33 |  |  | 25.61 |  |  | 26.49 |
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)] | 20.09 |  |  | 15.88 |  |  | 19.98 |  |  | 21.70 |  |  | 20.24 |
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP) |  |  |  |  |  |  |  |  |
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a) | 14.26 |  |  | 13.42 |  |  | 13.53 |  |  | 14.03 |  |  | 14.33 |
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)] | 31.62 |  |  | 29.32 |  |  | 30.78 |  |  | 33.28 |  |  | 32.40 |
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a) | 24.58 |  |  | 23.53 |  |  | 23.95 |  |  | 24.35 |  |  | 25.80 |
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)] | 21.30 |  |  | 19.21 |  |  | 20.36 |  |  | 22.96 |  |  | 20.93 |
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a) | 25.79 |  |  | 24.34 |  |  | 24.54 |  |  | 25.24 |  |  | 26.47 |
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)] | 20.09 |  |  | 18.40 |  |  | 19.77 |  |  | 22.07 |  |  | 20.26 |

33

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

34

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued) |  |
In millions of USD, except Boe and per Boe amounts (Unaudited) |  |  |  |  |  |  |  |  |
|  |  |  |  | 2024 |  | 2023 |  | 2022
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP) |  |  |  |  |  |  |  |  |
Composite Average Operating Revenues and Other per Boe - (b) / (a) |  |  |  |  | 60.97 |  |  | 67.30 |  |  | 77.53 |
Composite Average Operating Expenses per Boe - (c) / (a) |  |  |  |  | 40.18 |  |  | 40.58 |  |  | 47.47 |
Composite Average Operating Income (Loss) per Boe - (d) / (a) |  |  |  |  | 20.79 |  |  | 26.72 |  |  | 30.06 |
Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe - (e) / (a) |  |  |  |  | 45.22 |  |  | 48.34 |  |  | 68.77 |
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) |  |  |  |  | 13.76 |  |  | 14.31 |  |  | 15.84 |
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] |  |  |  |  | 31.46 |  |  | 34.03 |  |  | 52.93 |
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a) |  |  |  |  | 24.33 |  |  | 24.03 |  |  | 26.53 |
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)] |  |  |  |  | 20.89 |  |  | 24.31 |  |  | 42.24 |
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a) |  |  |  |  | 25.82 |  |  | 25.10 |  |  | 28.30 |
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)] |  |  |  |  | 19.40 |  |  | 23.24 |  |  | 40.47 |
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP) |  |  |  |  |  |  |  |  |
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a) |  |  |  |  | 13.82 |  |  | 14.31 |  |  | 16.14 |
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)] |  |  |  |  | 31.40 |  |  | 34.03 |  |  | 52.63 |
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a) |  |  |  |  | 24.39 |  |  | 24.03 |  |  | 26.83 |
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)] |  |  |  |  | 20.83 |  |  | 24.31 |  |  | 41.94 |
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a) |  |  |  |  | 25.13 |  |  | 24.98 |  |  | 28.26 |
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)] |  |  |  |  | 20.09 |  |  | 23.36 |  |  | 40.51 |

(1)Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.
(2)In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG’s control (versus, for example, impairments that are due to EOG’s proved oil and gas properties not being as productive as it originally estimated).
(3)EOG believes excluding the above-referenced items from General and Administrative Costs is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(4)EOG believes excluding the above-referenced items from Taxes Other Than Income is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
35