EXHIBIT 99.1

EOG Resources, Inc.
News Release
For Further Information Contact:

                                                                                                                                            Investors
                                                                                                                                            Maire A. Baldwin
                                                                                                                                            (713) 651-6EOG (651-6364)

                                                                                                                                            Media and Investors
                                                                                                                                            Elizabeth M. Ivers
                                                                                                                                            (713) 651-7132

EOG RESOURCES REPORTS SECOND QUARTER 2006 RESULTS

• 10.6 Percent Organic Increase in United States Natural Gas and Natural Gas Liquids Production Over First Six Months of 2005
• Continued Drilling Success in Johnson County

FOR IMMEDIATE RELEASE: Monday, July 31, 2006

HOUSTON - EOG Resources, Inc. (EOG) today reported second quarter 2006 net income available to common of $329.6 million, or $1.34 per share. This compares to second quarter 2005 net income available to common of $247.6 million, or $1.02 per share.

The results for the second quarter 2006 included a tax benefit of $18.6 million ($0.08 per share) related to a Canadian federal tax rate reduction, a tax benefit of $13.4 million ($0.05 per share) related to a provincial tax rate reduction in Alberta, Canada, a tax expense of $5.2 million ($0.02 per share) related to a revision of the Texas franchise tax law and a previously disclosed $91.0 million ($58.6 million after tax, or $0.24 per share) gain on the mark-to-market of financial commodity price transactions. During the quarter, the net cash realized related to financial commodity contracts was $63.9 million ($41.1 million after tax, or $0.17 per share). Reflecting these items, second quarter 2006 adjusted non-GAAP net income available to common was $285.3 million, or $1.16 per share. Last year's second quarter results included a positive adjustment to revenue of $19.3 million ($8.7 million after tax, or $0.04 per share) related to an amended gas sales agreement. Reflecting this item, second quarter 2005 adjusted non-GAAP net income available to common was $238.9 million, or $0.98 per share. (Please refer to the attached tables for the reconciliation of adjusted non-GAAP net income available to common to net income available to common.)

Operational Highlights

In the United States for the first six months of 2006, EOG's natural gas and natural gas liquids production increased 10.6 percent over the same period last year driven in part by success from the Barnett Shale Play in Central Texas. Favorable results from EOG's Rocky Mountain, East Texas and North Louisiana drilling programs also bolstered EOG's solid performance.

"Production from the Barnett Shale continues to surpass our internal forecast. We recently achieved net natural gas production of over 140 million cubic feet per day, which exceeds our original plan and is also approaching our original year-end target," said Mark G. Papa, Chairman and Chief Executive Officer. "The organic growth rate and operational success of the Barnett have been tremendous considering that this time last year, we were producing about 36 million a day from the play."

Another area recording strong performance during the second quarter was South Texas. EOG reported successful drilling results from the Frio Formation in San Patricio County. The Kirk Gas Unit #4, in which EOG has an 87 percent working interest, was drilled to a depth of over 12,000 feet. After fracture stimulation, the well tested at a gross rate of 13 million cubic feet per day (MMcfd) of natural gas and approximately 800 barrels of condensate per day. Several offset well locations are planned for later in the year. Also in South Texas, EOG reported success from the Lobo formation. EOG has an 88 percent working interest in both the Slator Ranch V#1 and the Slator Ranch W#1 that were each drilled to depths of approximately 11,000 feet. The V#1 is producing at a gross rate of 13 MMcfd and the W#1 at 18 MMcfd of natural gas.

Capital Structure

In keeping with EOG's long-term strategy, in the second quarter EOG further reduced long-term debt outstanding to $893 million at June 30, 2006. At quarter end, cash on the balance sheet was $759 million for non-GAAP net debt of $134 million. (Please refer to the attached tables for the reconciliation of non-GAAP net debt to current and long-term debt.) The company's debt-to-total capitalization ratio was 15 percent at June 30, 2006, down from 19 percent at December 31, 2005.

"With the second quarter results now in, EOG continues to be positioned to meet its 2006 goals of achieving strong organic production growth, maintaining low net debt and achieving high rates of return on equity and return on capital employed," said Papa.

Conference Call Scheduled for August 1, 2006

An updated investor presentation and reconciliation schedules will be posted to the EOG website prior to the conference call.

EOG's second quarter 2006 conference call will be available via live audio webcast at 9 a.m. Central Daylight Time (10 a.m. Eastern Daylight Time) Tuesday, August 1, 2006. To listen, log on to www.eogresources.com. The webcast will be archived on EOG's website through Tuesday, August 15, 2006.

EOG Resources, Inc. is one of the largest independent (non-integrated) oil and natural gas companies in the United States with proved reserves in the United States, Canada, offshore Trinidad and the United Kingdom North Sea. EOG Resources, Inc. is listed on the New York Stock Exchange and is traded under the ticker symbol "EOG."

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts, including, among others, statements regarding EOG's future financial position, business strategy, budgets, reserve information, projected levels of production, projected costs and plans and objectives of management for future operations, are forward-looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "strategy," "intend," "plan," "target" and "believe" or the negative of those terms or other variations of them or by comparable terminology to identify its forward-looking statements. In particular, statements, express or implied, concerning future operating results, the ability to replace or increase reserves or to increase production, or the ability to generate income or cash flows are forward-looking statements. Forward-looking statements are not guarantees of performance. Although EOG believes its expectations reflected in forward-looking statements are based on reasonable assumptions, no assurance can be given that these expectations will be achieved. Important factors that could cause actual results to differ materially from the expectations reflected in the forward-looking statements include, among others: the timing and extent of changes in commodity prices for crude oil, natural gas and related products, foreign currency exchange rates and interest rates; the timing and impact of liquefied natural gas imports and changes in demand or prices for ammonia or methanol; the extent and effect of any hedging activities engaged in by EOG; the extent of EOG's success in discovering, developing, marketing and producing reserves and in acquiring oil and gas properties; the accuracy of reserve estimates, which by their nature involve the exercise of professional judgment and may therefore be imprecise; the availability and cost of drilling rigs, experienced drilling crews, materials and equipment used in well completions, and tubular steel; the availability, terms and timing of governmental and other permits and rights of way; the availability of pipeline transportation capacity; the availability of compression uplift capacity; the extent to which EOG can economically develop its Barnett Shale acreage outside of Johnson County, Texas; whether EOG is successful in its efforts to more densely develop its acreage in the Barnett Shale and other production areas; political developments around the world; acts of war and terrorism and responses to these acts; weather; and financial market conditions. In light of these risks, uncertainties and assumptions, the events anticipated by EOG's forward-looking statements might not occur. Forward-looking statements speak only as of the date made and EOG undertakes no obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. As noted above, statements of proved reserves are only estimates and may be imprecise. Any reserve estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include not only proved reserves, but also other categories of reserves that the SEC's guidelines strictly prohibit EOG from including in filings with the SEC. Investors are urged to consider closely the disclosure in EOG's Annual Report on Form 10-K for fiscal year ended December 31, 2005, available from EOG at P.O. Box 4362, Houston, Texas 77210-4362 (Attn: Investor Relations). You can also obtain this form from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.

EOG RESOURCES, INC.
FINANCIAL REPORT
(Unaudited; in millions, except per share data)
			Quarter				Six Months
			Ended June 30				Ended June 30
				2006	2005		2006		2005
Net Operating Revenues			$	919.1	$	783.9	$	2,003.6	$	1,472.1
Net Income Available to Common			$	329.6	$	247.6	$	754.4	$	448.4
Net Income Per Share Available to Common
	Basic		$	1.36	$	1.04	$	3.13	$	1.89
	Diluted		$	1.34	$	1.02	$	3.07	$	1.85
Average Number of Shares Outstanding
	Basic			241.6		238.3		241.4		237.8
	Diluted			245.9		243.4		245.8		242.8
SUMMARY INCOME STATEMENTS
(Unaudited; in thousands)
			Quarter				Six Months
			Ended June 30				Ended June 30
			2006		2005		2006		2005
Net Operating Revenues
	Wellhead Natural Gas		$	642,969	$	625,564	$	1,432,030	$	1,168,670
	Wellhead Crude Oil, Condensate and Natural Gas Liquids			185,036		157,307		369,754		301,843
	Gains (Losses) on Mark-to-Market Commodity Derivative Contracts			91,022		-		198,046		(940)
	Other, Net			61		1,053		3,794		2,507
		Total		919,088		783,924		2,003,624		1,472,080
Operating Expenses
	Lease and Well			87,287		66,558		174,771		132,326
	Transportation Costs			25,913		20,293		54,009		37,400
	Exploration Costs			35,313		27,994		74,705		62,810
	Dry Hole Costs			14,668		22,537		25,394		37,119
	Impairments			22,680		24,231		45,453		36,403
	Depreciation, Depletion and Amortization			192,928		159,896		370,580		312,912
	General and Administrative			38,607		30,113		74,898		58,800
	Taxes Other Than Income			46,858		37,613		100,552		79,526
		Total		464,254		389,235		920,362		757,296
Operating Income				454,834		394,689		1,083,262		714,784
Other Income, Net				21,844		6,874		36,400		12,339
Income Before Interest Expense and Income Taxes				476,678		401,563		1,119,662		727,123
Interest Expense, Net				12,384		14,687		25,537		28,644
Income Before Income Taxes				464,294		386,876		1,094,125		698,479
Income Tax Provision				132,877		137,420		336,001		246,320
Net Income				331,417		249,456		758,124		452,159
Preferred Stock Dividends				1,858		1,858		3,716		3,716
Net Income Available to Common			$	329,559	$	247,598	$	754,408	$	448,443

EOG RESOURCES, INC.
OPERATING HIGHLIGHTS
(Unaudited)
			Quarter					Six Months
			Ended June 30					Ended June 30
			2006		2005			2006		2005
Wellhead Volumes and Prices
Natural Gas Volumes (MMcfd)
	United States			776		706			767		698
	Canada			225		228			227		231
		United States & Canada		1,001		934			994		929
	Trinidad			265		214			274		209
	United Kingdom			25		34			30		34
		Total		1,291		1,182			1,298		1,172
Average Natural Gas Prices ($/Mcf)
	United States		$	6.33	$	6.64		$	7.04	$	6.31
	Canada			6.28		6.02			7.08		5.85
		United States & Canada Composite		6.32		6.49			7.04		6.20
	Trinidad			2.18		2.92	(A)		2.31		2.35	(B)
	United Kingdom			6.34		5.54			9.32		6.10
		Composite		5.47		5.82			6.10		5.51
Crude Oil and Condensate Volumes (MBbld)
	United States			19.5		21.7			20.2		22.1
	Canada			2.4		2.5			2.5		2.5
		United States & Canada		21.9		24.2			22.7		24.6
	Trinidad			4.8		4.2			5.2		4.1
	United Kingdom			0.1		0.1			0.1		0.2
		Total		26.8		28.5			28.0		28.9
Average Crude Oil and Condensate Prices ($/Bbl)
	United States		$	67.69	$	51.03		$	63.70	$	49.90
	Canada			62.62		46.58			57.12		45.68
		United States & Canada Composite		67.06		50.58			62.92		49.47
	Trinidad			67.47		53.05			64.45		49.22
	United Kingdom			65.80		49.10			61.04		43.93
		Composite		67.13		50.93			63.21		49.41
Natural Gas Liquids Volumes (MBbld)
	United States			9.0		7.9			8.1		6.7
	Canada			0.6		1.2			0.7		1.3
		Total		9.6		9.1			8.8		8.0
Average Natural Gas Liquids Prices ($/Bbl)
	United States		$	41.02	$	30.51		$	39.32	$	30.01
	Canada			46.55		30.52			44.56		28.80
		Composite		41.38		30.51			39.72		29.81
Natural Gas Equivalent Volumes (MMcfed)
	United States			947		885			937		870
	Canada			244		249			246		254
		United States & Canada		1,191		1,134			1,183		1,124
	Trinidad			293		238			305		235
	United Kingdom			26		35			30		35
		Total		1,510		1,407			1,518		1,394
Total Bcfe				137.4		128.1			274.8		252.3
(A) Includes $0.99 per Mcf as a result of a revenue adjustment related to an amended Trinidad take-or-pay contract.
(B) Includes $0.51 per Mcf as a result of a revenue adjustment related to an amended Trinidad take-or-pay contract.

	EOG RESOURCES, INC.
	SUMMARY BALANCE SHEETS
	(Unaudited; in thousands, except share data)
				June 30,		December 31,
				2006		2005
	ASSETS
Current Assets
	Cash and Cash Equivalents		$	759,108	$	643,811
	Accounts Receivable, Net			597,564		762,207
	Inventories			98,430		63,215
	Assets from Price Risk Management Activities			108,344		11,415
	Deferred Income Taxes			-		24,376
	Other			35,264		58,214
	Total			1,598,710		1,563,238
Oil and Gas Properties (Successful Efforts Method)				12,446,522		11,173,389
	Less: Accumulated Depreciation, Depletion and Amortization			(5,512,505)		(5,086,210)
	Net Oil and Gas Properties			6,934,017		6,087,179
Other Assets				109,430		102,903
Total Assets			$	8,642,157	$	7,753,320
	LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
	Accounts Payable		$	680,575	$	679,548
	Accrued Taxes Payable			131,150		140,902
	Dividends Payable			14,799		9,912
	Deferred Income Taxes			83,672		164,659
	Current Portion of Long-Term Debt			124,075		126,075
	Other			48,246		50,945
	Total			1,082,517		1,172,041
Long-Term Debt				768,442		858,992
Other Liabilities				296,407		283,407
Deferred Income Taxes				1,346,395		1,122,588
Shareholders' Equity
	Preferred Stock, $0.01 Par, 10,000,000 Shares Authorized:
		Series B, 100,000 Shares Issued, Cumulative,
		$100,000,000 Liquidation Preference		99,181		99,062
	Common Stock, $0.01 Par, 640,000,000 Shares Authorized and
		249,460,000 Shares Issued		202,495		202,495
	Additional Paid In Capital			91,852		84,705
	Unearned Compensation			-		(36,246)
	Accumulated Other Comprehensive Income			242,827		177,137
	Retained Earnings			4,645,763		3,920,483
	Common Stock Held in Treasury, 6,861,919 Shares at
		June 30, 2006 and 7,385,862 Shares at December 31, 2005		(133,722)		(131,344)
		Total Shareholders' Equity		5,148,396		4,316,292
Total Liabilities and Shareholders' Equity			$	8,642,157	$	7,753,320

	EOG RESOURCES, INC.
	SUMMARY STATEMENTS OF CASH FLOWS
	(Unaudited; in thousands)
				Six Months
				Ended June 30
				2006		2005
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
	Net Income		$	758,124	$	452,159
	Items Not Requiring Cash
		Depreciation, Depletion and Amortization		370,580		312,912
		Impairments		45,453		36,403
		Stock-Based Compensation Expenses		19,618		5,699
		Deferred Income Taxes		153,552		109,278
		Other, Net		(7,485)		(366)
	Dry Hole Costs			25,394		37,119
	Mark-to-Market Commodity Derivative Contracts
		Total (Gains) Losses		(198,046)		940
		Realized Gains		93,913		9,807
	Tax Benefits From Stock Options Exercised			-		18,309
	Other, Net			4,710		(5,323)
	Changes in Components of Working Capital and Other Liabilities
		Accounts Receivable		169,350		(5,081)
		Inventories		(35,066)		(12,185)
		Accounts Payable		(5,225)		16,934
		Accrued Taxes Payable		(11,470)		5,200
		Other Liabilities		(936)		(5,325)
		Other, Net		3,674		(10,917)
	Changes in Components of Working Capital Associated with
	Investing and Financing Activities			(9,708)		19,842
Net Cash Provided by Operating Activities				1,376,432		985,405
Investing Cash Flows
	Additions to Oil and Gas Properties			(1,189,927)		(762,347)
	Proceeds from Sales of Assets			14,553		31,578
	Changes in Components of Working Capital Associated with
	Investing Activities			9,742		(19,950)
	Other, Net			(14,256)		(16,111)
Net Cash Used in Investing Activities				(1,179,888)		(766,830)
Financing Cash Flows
	Net Commercial Paper and Line of Credit Borrowings			-		39,475
	Long-Term Debt Borrowing			10,000		-
	Long-Term Debt Repayments			(102,550)		-
	Dividends Paid			(27,712)		(20,220)
	Excess Tax Benefits from Stock-Based Compensation Expenses			20,841		-
	Proceeds from Stock Options Exercised and Employee Stock Purchase Plan			11,143		24,372
	Other, Net			(214)		108
Net Cash (Used in) Provided by Financing Activities				(88,492)		43,735
Effect of Exchange Rate Changes on Cash				7,245		(589)
Increase in Cash and Cash Equivalents				115,297		261,721
Cash and Cash Equivalents at Beginning of Period				643,811		20,980
Cash and Cash Equivalents at End of Period			$	759,108	$	282,701

EOG RESOURCES, INC.
QUANTITATIVE RECONCILIATION OF ADJUSTED NET INCOME AVAILABLE TO COMMON (Non-GAAP)
TO NET INCOME AVAILABLE TO COMMON (GAAP)
(Unaudited; in thousands, except per share data)
The following chart adjusts three-month and six-month periods ended June 30 reported Net Income Available to Common to reflect actual cash realized from oil and gas hedges by eliminating the unrealized mark-to-market gains or losses from these transactions, to add the one-time tax expense related to Texas (US) franchise tax law revision in the second quarter of 2006, to eliminate tax benefits related to the Alberta (Canada) provincial tax rate reduction and Canadian federal tax rate reduction in the second quarter of 2006 and to eliminate the upward revenue adjustment for an amended Trinidad gas sales agreement recorded in the second quarter of 2005. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match realizations to production settlement months and make certain other adjustments to exclude one-time items. EOG management uses this information for comparative purposes within the industry.
		Quarter				Six Months
		Ended June 30				Ended June 30
		2006		2005		2006		2005
Reported Net Income Available to Common (GAAP)		$	329,559	$	247,598	$	754,408	$	448,443
Mark-to-Market (MTM) Commodity Derivative Contracts Impact
	Total (Gains) Losses		(91,022)		-		(198,046)		940
	Realized Gains		63,859		-		93,913		9,807
	Subtotal		(27,163)		-		(104,133)		10,747
	After Tax MTM Impact		(17,479)		-		(67,010)		6,916
Add: Tax Expense Related to Texas (US) Franchise Tax Law Revision			5,221		-		5,221		-
Less:  Tax Benefit Related to Alberta (Canada) Provincial Tax
	Rate Reduction		(13,449)		-		(13,449)		-
Less: Tax Benefit Related to Canadian Federal Tax Rate Reduction			(18,593)		-		(18,593)		-
Less: Revenue Adjustment for an Amended Trinidad Gas Sales
	Agreement, Net of Tax		-		(8,672)		-		(8,672)
Adjusted Net Income Available to Common (Non-GAAP)		$	285,259	$	238,926	$	660,577	$	446,687
Adjusted Net Income Per Share Available to Common (Non-GAAP)
	Basic	$	1.18	$	1.00	$	2.74	$	1.88
	Diluted	$	1.16	$	0.98	$	2.69	$	1.84
Average Number of Shares Outstanding
	Basic		241,613		238,252		241,370		237,752
	Diluted		245,887		243,414		245,827		242,771

EOG RESOURCES, INC.
QUANTITATIVE RECONCILIATION OF DISCRETIONARY CASH FLOW AVAILABLE TO COMMON (Non-GAAP)
TO NET CASH PROVIDED BY OPERATING ACTIVITIES (GAAP)
(Unaudited; in thousands)
The following chart reconciles three-month and six-month periods ended June 30 Net Cash Provided by Operating Activities to Discretionary Cash Flow Available to Common. 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, Other Liabilities and Preferred Stock Dividends. EOG management uses this information for comparative purposes within the industry.
			Quarter					Six Months
			Ended June 30					Ended June 30
			2006		2005			2006		2005
Net Cash Provided by Operating Activities (GAAP)			$	589,665	$	503,566	$	1,376,432	$	985,405
Adjustments
	Exploration Costs			35,313		27,994		74,705		62,810
	Changes in Components of Working Capital and Other Liabilities
		Accounts Receivable		(34,200)		10,599		(169,350)		5,081
		Inventories		21,696		3,484		35,066		12,185
		Accounts Payable		(4,310)		(43,286)		5,225		(16,934)
		Accrued Taxes Payable		40,768		36,606		11,470		(5,200)
		Other Liabilities		6,364		8,992		936		5,325
		Other, Net		(6,764)		4,458		(3,674)		10,917
	Changes in Components of Working Capital Associated
		with Investing and Financing Activities		(23,479)		5,878		9,708		(19,842)
	Preferred Dividends			(1,858)		(1,858)		(3,716)		(3,716)
Discretionary Cash Flow Available to Common (Non-GAAP)			$	623,195	$	556,433	$	1,336,802	$	1,036,031

EOG RESOURCES, INC.
QUANTITATIVE RECONCILIATION OF NET DEBT (NON-GAAP)
TO CURRENT AND LONG-TERM DEBT (GAAP)
(Unaudited; in millions)
The following chart reconciles Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP). 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 in their calculation. EOG management uses this information for comparative purposes within the industry.
			June 30,
			2006
	Current and Long-Term Debt (GAAP)	$	893
	Less: Cash		(759)
	Net Debt (Non-GAAP)	$	134