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 THIRD QUARTER 2007 RESULTS

• Extends North Dakota Bakken Crude Oil Play
• Continues Positive Results from Barnett Shale With Increased 2007 Exit Rate
• Sets Target for 2008 Total Company Organic Production Growth of 13 to 17 Percent
• Projects 33 Percent Total Company Crude Oil and Condensate Production Growth for 2008

FOR IMMEDIATE RELEASE: Monday, October 29, 2007

HOUSTON - EOG Resources, Inc. (EOG) today reported third quarter 2007 net income available to common of $202.4 million, or $0.82 per share. This compares to third quarter 2006 net income available to common of $297.3 million, or $1.21 per share.

The results for the third quarter 2007 included a previously disclosed $43.6 million ($28.1 million after tax, or $0.11 per share) net gain on the mark-to-market of financial commodity transactions. During the quarter, the net cash realized related to financial commodity contracts was $33.3 million ($21.4 million after tax, or $0.08 per share). Consistent with some analysts' practice of matching realizations to settlement months, adjusted non-GAAP net income available to common for the quarter was $195.7 million, or $0.79 per share. Adjusted non-GAAP net income available to common for the third quarter 2006 was $276.9 million, or $1.12 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, EOG's total crude oil and condensate production increased 23 percent compared to the same quarter a year ago, driven by continued drilling success in North Dakota and the Mid Continent.

In Mountrail County, North Dakota, EOG has reported successful drilling from the Bakken Formation. The Wenco #1-30H, in which EOG has a 52 percent working interest, was completed to sales at the end of September at an initial production rate of 1,930 barrels of oil per day (Bopd), gross. Also in Mountrail County, the Austin #1-02H was completed to sales in October at an initial production rate of 2,000 Bopd. EOG has a 100 percent working interest in the well, which is located nine miles north of existing production. This is the northernmost location that EOG has drilled to date. To further confirm the northern extension of the field, following completion of the Austin #1-02H, EOG drilled an offset well, the Austin #2-03H that will be completed in November. Based on shows during drilling, EOG expects the well to produce at a rate similar to that of the Austin #1-02H. EOG has an 81 percent working interest in the Austin #2-03H. In the North Dakota Bakken Play, where it has accumulated over 175,000 net acres, EOG plans to increase drilling activity from six to eight rigs in early 2008.

"The results from the two Austin wells have given us the confidence to increase estimated reserves in the Bakken Play from the previously announced 60 million barrels of oil to approximately 80 million barrels, net to EOG. By extending the perimeter of the field, we have also increased our inventory of firm drilling locations. Therefore, we expect this area to have a significant impact on EOG's oil production in 2008 and beyond. The Bakken is currently the highest rate of return play in our drilling program," said Mark G. Papa, Chairman and Chief Executive Officer.

EOG's natural gas and natural gas liquids production in the United States increased 19 percent versus the same quarter in 2006, with the largest increase coming from the Fort Worth Basin Barnett Shale. In Johnson County, refinements in well completion processes are resulting in higher well production rates. Reflecting a more efficient drilling program and improved well results, overall natural gas production from the Barnett Shale has exceeded internal estimates. Therefore, EOG is increasing its net year-end exit rate from the Barnett Shale from 300 to approximately 350 million cubic feet per day.

Outside of the Barnett Shale, EOG's total production in the United States and Canada increased approximately 6 percent for the first nine months of 2007 as compared to the same period a year ago. Increases were driven by East Texas and Rocky Mountain natural gas activity and crude oil production in North Dakota.

2008 Operational Plans and Targets

EOG announced 2008 total company production growth targets, ranging from 13 to 17 percent, depending upon drilling economics and North American natural gas prices. Production growth next year will be driven by United States operations, particularly the Fort Worth Basin Barnett Shale natural gas and the North Dakota Bakken crude oil plays, both very high rate of return programs. Production from Canada, Trinidad and the United Kingdom North Sea in 2008 is expected to be relatively flat with 2007 production levels.

"While the economics of onshore drilling in North America remain strong, EOG is approaching its 2008 natural gas drilling and capital expenditure program with a measure of caution based on the uncertainty of natural gas pricing," said Papa. "We have set two alternate production growth targets, one more aggressive than the other. Our initial case assumes a more robust natural gas price environment with Henry Hub gas prices averaging $8 or higher. In this scenario, we are targeting 17 percent total company production growth. However, after the first quarter, if it appears that the industry is in a $7 natural gas price environment for the year, we will reset the total company production growth target to 13 percent. In either case, we expect total company crude oil and condensate production to increase 33 percent in 2008 over 2007.

"In anticipation of our 2008 activity level and our robust prospect inventory, we are enthusiastic about achieving EOG's double-digit organic growth targets even taking into consideration that we plan to divest our Appalachian shallow assets during the first quarter. In either gas price environment, our goal is the same - to pursue a high rate of return drilling program while maintaining flat net debt year over year," said Papa.

Conference Call Scheduled for October 30, 2007

EOG's third quarter 2007 results conference call will be available via live audio webcast at 9 a.m. Central Daylight Time (10 a.m. Eastern Daylight Time) Tuesday, October 30, 2007. To listen, log on to www.eogresources.com. The webcast will be archived on EOG's website through Tuesday, November 13, 2007.

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 or 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 the expectations reflected in its 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 EOG's 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, interest rates and financial market conditions;

• the extent and effect of any hedging activities engaged in by EOG;

• the timing and impact of liquefied natural gas imports;

• changes in demand or prices for ammonia or methanol;

• 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 ability to achieve production levels from existing and future oil and gas development projects due to operating hazards, drilling risks and the inherent uncertainties in predicting oil and gas reservoir performance;

• the availability and cost of drilling rigs, experienced drilling crews, tubular steel and other materials, equipment and services used in drilling and well completions;

• the availability, terms and timing of mineral licenses and leases and governmental and other permits and rights of way;

• access to surface locations for drilling and production facilities;

• the availability and capacity of gathering, processing and pipeline transportation facilities;

• 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 and the enactment of new government policies, legislation and regulations;

• acts of war and terrorism and responses to these acts; and

• weather, including weather-related delays in the installation of gathering and production facilities.

In light of these risks, uncertainties and assumptions, the events anticipated by EOG's forward-looking statements may not occur. EOG's 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 (SEC) 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, 2006, 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				Nine Months
			Ended September 30,				Ended September 30,
				2007	2006		2007		2006
Net Operating Revenues			$	990.5	$	968.7	$	2,940.0	$	2,981.2
Net Income Available to Common			$	202.4	$	297.3	$	725.2	$	1,051.7
Net Income Per Share Available to Common
	Basic		$	0.83	$	1.23	$	2.98	$	4.35
	Diluted		$	0.82	$	1.21	$	2.93	$	4.28
Average Number of Common Shares
	Basic			243.5		241.9		243.1		241.5
	Diluted			247.4		246.1		247.3		246.0
SUMMARY INCOME STATEMENTS
(Unaudited; in thousands)
			Quarter				Nine Months
			Ended September 30,				Ended September 30,
			2007		2006		2007		2006
Net Operating Revenues
	Wellhead Natural Gas		$	684,292	$	661,920	$	2,210,390	$	2,093,950
	Wellhead Crude Oil, Condensate and Natural Gas Liquids			258,273		200,724		651,833		570,478
	Gains on Mark-to-Market Commodity Derivative Contracts			43,591		104,696		47,893		302,742
	Other, Net			4,307		1,386		29,871		13,999
		Total		990,463		968,726		2,939,987		2,981,169
Operating Expenses
	Lease and Well			120,091		93,693		347,604		268,464
	Transportation Costs			44,213		26,632		123,552		80,641
	Exploration Costs			38,840		35,174		106,440		109,879
	Dry Hole Costs			46,046		16,356		74,672		41,750
	Impairments			42,014		22,106		86,860		67,559
	Depreciation, Depletion and Amortization			279,189		216,071		783,311		586,651
	General and Administrative			48,101		42,362		139,163		117,260
	Taxes Other Than Income			47,111		54,066		149,806		154,618
		Total		665,605		506,460		1,811,408		1,426,822
Operating Income				324,858		462,266		1,128,579		1,554,347
Other Income, Net				6,311		13,832		22,236		41,413
Income Before Interest Expense and Income Taxes				331,169		476,098		1,150,815		1,595,760
Interest Expense, Net				12,571		10,102		31,027		35,639
Income Before Income Taxes				318,598		465,996		1,119,788		1,560,121
Income Tax Provision				114,595		166,860		391,065		502,861
Net Income				204,003		299,136		728,723		1,057,260
Preferred Stock Dividends				1,637		1,858		3,502		5,574
Net Income Available to Common			$	202,366	$	297,278	$	725,221	$	1,051,686

EOG RESOURCES, INC.
OPERATING HIGHLIGHTS
(Unaudited)
			Quarter				Nine Months
			Ended September 30,				Ended September 30,
			2007		2006		2007		2006
Wellhead Volumes and Prices
Natural Gas Volumes (MMcfd)
	United States			997		837		958		791
	Canada			216		224		223		226
		United States & Canada		1,213		1,061		1,181		1,017
	Trinidad			262		255		255		267
	United Kingdom			22		28		25		29
		Total		1,497		1,344		1,461		1,313
Average Natural Gas Prices ($/Mcf)
	United States		$	5.56	$	6.21	$	6.24	$	6.74
	Canada			5.49		5.65		6.22		6.60
		United States & Canada Composite		5.55		6.09		6.24		6.71
	Trinidad			2.20		2.21		2.35		2.28
	United Kingdom			5.89		6.09		5.29		8.27
		Composite		4.97		5.35		5.54		5.84
Crude Oil and Condensate Volumes (MBbld)
	United States			25.3		20.6		23.6		20.4
	Canada			2.4		2.6		2.4		2.5
		United States & Canada		27.7		23.2		26.0		22.9
	Trinidad			4.2		4.4		4.2		4.9
	United Kingdom			0.1		0.1		0.1		0.1
		Total		32.0		27.7		30.3		27.9
Average Crude Oil and Condensate Prices ($/Bbl)
	United States		$	70.86	$	67.35	$	62.52	$	65.00
	Canada			69.99		63.87		60.54		59.42
		United States & Canada Composite		70.78		66.96		62.33		64.35
	Trinidad			67.03		74.26		67.22		66.50
	United Kingdom			66.96		59.09		61.57		60.49
		Composite		70.27		67.68		63.01		64.68
Natural Gas Liquids Volumes (MBbld)
	United States			10.8		8.8		10.3		8.4
	Canada			0.9		0.7		1.0		0.7
		Total		11.7		9.5		11.3		9.1
Average Natural Gas Liquids Prices ($/Bbl)
	United States		$	47.94	$	44.33	$	43.73	$	41.10
	Canada			46.71		52.21		41.52		47.15
		Composite		47.84		44.89		43.52		41.55
Natural Gas Equivalent Volumes (MMcfed)
	United States			1,213		1,015		1,161		964
	Canada			236		243		244		245
		United States & Canada		1,449		1,258		1,405		1,209
	Trinidad			288		281		280		296
	United Kingdom			22		29		25		30
		Total		1,759		1,568		1,710		1,535
Total Bcfe				161.9		144.2		466.8		419.1

	EOG RESOURCES, INC.
	SUMMARY BALANCE SHEETS
	(Unaudited; in thousands, except share data)
				September 30,		December 31,
				2007		2006
	ASSETS
Current Assets
	Cash and Cash Equivalents			$	301,944	$	218,255
	Accounts Receivable, Net				678,762		754,134
	Inventories				109,838		113,591
	Assets from Price Risk Management Activities				68,354		130,612
	Income Taxes Receivable				92,569		94,311
	Other				58,758		39,177
	Total				1,310,225		1,350,080
Oil and Gas Properties (Successful Efforts Method)					16,955,361		13,893,851
	Less: Accumulated Depreciation, Depletion and Amortization				(6,921,155)		(5,949,804)
	Net Oil and Gas Properties				10,034,206		7,944,047
Other Assets					123,276		108,033
Total Assets				$	11,467,707	$	9,402,160
	LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
	Accounts Payable			$	964,515	$	896,572
	Accrued Taxes Payable				102,518		130,984
	Dividends Payable				22,095		14,718
	Deferred Income Taxes				84,499		144,615
	Current Portion of Long-Term Debt				98,442		-
	Other				69,484		68,123
	Total				1,341,553		1,255,012
Long-Term Debt					1,185,000		733,442
Other Liabilities					353,331		300,907
Deferred Income Taxes					1,960,675		1,513,128
Shareholders' Equity
	Preferred Stock, $0.01 Par, 10,000,000 Shares Authorized:
		Series B, Cumulative, $1,000 Liquidation Preference Per Share,
		43,260 Shares Outstanding at September 30, 2007 and
			53,260 Shares Outstanding at December 31, 2006		43,035		52,887
	Common Stock, $0.01 Par, 640,000,000 Shares Authorized and
		249,460,000 Shares Issued			202,495		202,495
	Additional Paid In Capital				186,256		129,986
	Accumulated Other Comprehensive Income				450,500		176,704
	Retained Earnings				5,820,884		5,151,034
	Common Stock Held in Treasury, 3,647,754 Shares at
		September 30, 2007 and 5,724,959 Shares at December 31, 2006			(76,022)		(113,435)
		Total Shareholders' Equity			6,627,148		5,599,671
Total Liabilities and Shareholders' Equity				$	11,467,707	$	9,402,160

	EOG RESOURCES, INC.
	SUMMARY STATEMENTS OF CASH FLOWS
	(Unaudited; in thousands)
			Nine Months
			Ended September 30,
			2007		2006
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
	Net Income		$	728,723	$	1,057,260
	Items Not Requiring (Providing) Cash
		Depreciation, Depletion and Amortization		783,311		586,651
		Impairments		86,860		67,559
		Stock-Based Compensation Expenses		46,732		38,407
		Deferred Income Taxes		328,005		258,465
		Other, Net		(21,080)		(19,271)
	Dry Hole Costs			74,672		41,750
	Mark-to-Market Commodity Derivative Contracts
		Total Gains		(47,893)		(302,742)
		Realized Gains		99,188		166,892
	Other, Net			20,778		17,849
	Changes in Components of Working Capital and Other Assets and Liabilities
		Accounts Receivable		78,283		110,517
		Inventories		4,232		(54,021)
		Accounts Payable		42,830		104,592
		Accrued Taxes Payable		(22,834)		(49,083)
		Other Assets		(7,780)		27,623
		Other Liabilities		(3,765)		(6,904)
	Changes in Components of Working Capital Associated with
	Investing and Financing Activities			(44,314)		(65,996)
Net Cash Provided by Operating Activities				2,145,948		1,979,548
Investing Cash Flows
	Additions to Oil and Gas Properties			(2,641,871)		(1,953,209)
	Proceeds from Sales of Assets			43,972		15,655
	Changes in Components of Working Capital Associated with
	Investing Activities			44,325		66,054
	Other, Net			(38,997)		(20,474)
Net Cash Used in Investing Activities				(2,592,571)		(1,891,974)
Financing Cash Flows
	Net Commercial Paper and Revolving Credit Facility Borrowings			10,000		-
	Long-Term Debt Borrowings			600,000		37,000
	Long-Term Debt Repayments			(60,000)		(192,550)
	Dividends Paid			(61,253)		(44,015)
	Excess Tax Benefits from Stock-Based Compensation			17,422		27,139
	Preferred Stock Redemptions			(10,641)		-
	Proceeds from Stock Options Exercised and Employee Stock Purchase Plans			32,747		29,284
	Debt Issuance Costs			(4,752)		-
	Other, Net			(11)		(448)
Net Cash Provided by (Used in) Financing Activities				523,512		(143,590)
Effect of Exchange Rate Changes on Cash				6,800		8,136
Increase / (Decrease) in Cash and Cash Equivalents				83,689		(47,880)
Cash and Cash Equivalents at Beginning of Period				218,255		643,811
Cash and Cash Equivalents at End of Period			$	301,944	$	595,931

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 nine-month periods ended September 30 reported Net Income Available to Common (GAAP) to reflect actual cash realized from financial commodity price transactions by eliminating the unrealized mark-to-market gains from these transactions, to add the one-time tax expense related to Texas (US) franchise tax law revision in the second quarter of 2006 and 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. 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				Nine Months
		Ended September 30,				Ended September 30,
		2007		2006		2007		2006
Reported Net Income Available to Common (GAAP)		$	202,366	$	297,278	$	725,221	$	1,051,686
Mark-to-Market (MTM) Commodity Derivative Contracts Impact
	Total Gains		(43,591)		(104,696)		(47,893)		(302,742)
	Realized Gains		33,308		72,978		99,188		166,892
	Subtotal		(10,283)		(31,718)		51,295		(135,850)
	After Tax MTM Impact		(6,617)		(20,411)		33,008		(87,419)
Add: Tax Expense Related to Texas (US) Franchise Tax Law Revision			-		-		-		5,221
Less: Tax Benefit Related to Alberta (Canada) Provincial Tax
	Rate Reduction		-		-		-		(13,449)
Less: Tax Benefit Related to Canadian Federal Tax Rate Reduction			-		-		-		(18,593)
Adjusted Net Income Available to Common (Non-GAAP)		$	195,749	$	276,867	$	758,229	$	937,446
Adjusted Net Income Per Share Available to Common (Non-GAAP)
	Basic	$	0.80	$	1.14	$	3.12	$	3.88
	Diluted	$	0.79	$	1.12	$	3.07	$	3.81
Average Number of Common Shares
	Basic		243,486		241,911		243,140		241,550
	Diluted		247,425		246,136		247,275		245,990

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 nine-month periods ended September 30 Net Cash Provided by Operating Activities (GAAP) to Discretionary Cash Flow Available to Common (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Exploration Costs (excluding Stock-Based Compensation Expenses), Changes in Components of Working Capital, Other Assets and Liabilities and Preferred Stock Dividends. EOG management uses this information for comparative purposes within the industry.
			Quarter					Nine Months
			Ended September 30,				Ended September 30,
			2007		2006			2007		2006
Net Cash Provided by Operating Activities (GAAP)			$	724,260	$	603,116	$	2,145,948	$	1,979,548
Adjustments
	Exploration Costs (excluding Stock-Based Compensation Expenses)			35,268		30,853		96,842		101,513
	Changes in Components of Working Capital and Other Assets and Liabilities
		Accounts Receivable		(57,549)		58,833		(78,283)		(110,517)
		Inventories		(6,708)		18,955		(4,232)		54,021
		Accounts Payable		(28,179)		(109,817)		(42,830)		(104,592)
		Accrued Taxes Payable		49,025		37,613		22,834		49,083
		Other Assets		3,097		537		7,780		(27,623)
		Other Liabilities		(16,655)		(18,518)		3,765		6,904
	Changes in Components of Working Capital Associated
		with Investing and Financing Activities		23,843		56,288		44,314		65,996
	Preferred Stock Dividends			(1,637)		(1,858)		(3,502)		(5,574)
Discretionary Cash Flow Available to Common (Non-GAAP)			$	724,765	$	676,002	$	2,192,636	$	2,008,759