8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 7, 2008

_______________

EOG RESOURCES, INC.
(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation)	1-9743 (Commission File Number)	47-0684736 (I.R.S. Employer Identification No.)
1111 Bagby, Sky Lobby 2 Houston, Texas (Address of principal executive offices)		77002 (Zip code)

713-651-7000
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

EOG RESOURCES, INC.

Item 2.02 Results of Operations and Financial Condition.

On February 7, 2008, EOG Resources, Inc. issued a press release announcing fourth quarter 2007 financial and operational results. A copy of this release is attached as Exhibit 99.1 to this filing and is incorporated herein by reference. This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934.

Item 9.01 Financial Statements and Exhibits.

        (d) Exhibits

                99.1         Press Release of EOG Resources, Inc. dated February 7, 2008

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		EOG RESOURCES, INC. (Registrant)
Date: February 7, 2008	By:	/s/ TIMOTHY K. DRIGGERS Timothy K. Driggers Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

EXHIBIT INDEX

Exhibit No.                                                    Description

      99.1                        Press Release of EOG Resources, Inc. dated February 7, 2008

EX-99

	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 2007 RESULTS AND INCREASES DIVIDEND

• Overall Organic Year-Over-Year Production Increased 11 Percent
• Total Reserve Replacement of 248 Percent Achieved
• Strong Year-End Debt-to-Total Capitalization Ratio Reported
• Robust Company Performance Projected for 2008
• Repurchase of Outstanding Preferred Stock Completed
• Common Stock Dividend Increased by 33 Percent

FOR IMMEDIATE RELEASE: Thursday, February 7, 2008

HOUSTON - EOG Resources, Inc. (EOG) today reported fourth quarter 2007 net income available to common stockholders of $358.0 million, or $1.44 per share. This compares to fourth quarter 2006 net income available to common stockholders of $237.2 million, or $0.96 per share. For the full year 2007, EOG reported net income available to common stockholders of $1,083.3 million or $4.37 per share as compared to $1,288.9 million, or $5.24 per share, for the full year 2006.

The results for the fourth quarter 2007 included a tax benefit of $30.3 million ($0.12 per share) related to a Canadian federal tax rate reduction, a $2.3 million ($0.01 per share) charge related to the premium and fees on the repurchase of $38 million of EOG's Series B preferred stock and a previously disclosed $45.2 million ($29.1 million after tax, or $0.12 per share) net gain on the mark-to-market of financial commodity price transactions. During the quarter, the net cash realized related to financial commodity contracts was $28.8 million ($18.5 million after tax, or $0.08 per share). Consistent with some analysts' practice of matching realizations to settlement months and making certain other adjustments to exclude one-time items, adjusted non-GAAP net income available to common stockholders for the quarter was $319.4 million, or $1.29 per share. Adjusted non-GAAP net income available to common stockholders for the fourth quarter 2006 was $252.0 million, or $1.02 per share. On a similar basis , eliminating the items detailed in the attached table, adjusted non-GAAP net income available to common stockholders for the full year 2007 was $1,074.2 million, or $4.34 per share, and for the full year 2006 was $1,189.4 million, or $4.83 per share. (Please refer to the attached tables for the reconciliation of adjusted non-GAAP net income available to common stockholders to net income available to common stockholders.)

"Despite volatile natural gas prices, 2007 was an excellent year for EOG. Total company production grew 11 percent and total reserves increased 14 percent at an attractive replacement cost. We were able to accomplish these goals while maintaining a sound balance sheet," said Mark G. Papa, Chairman and Chief Executive Officer. "These positive results are a reflection of our consistent game plan - to grow organically through the drillbit with a focus on high returns supported by a very conservative capital structure."

Operational Highlights

EOG posted outstanding total company operational results during 2007:

• Production increased 11 percent over 2006, driven by the Fort Worth and Rocky Mountain operating areas.
• Natural gas production rose 19 percent in the United States and 10 percent overall primarily due to strong performance from operations in the Fort Worth, East Texas and Rocky Mountain areas.
• Crude oil and condensate production grew by 19 percent in the United States and 11 percent overall versus the prior year with the most significant increase recorded in the North Dakota Bakken.
• Natural gas liquids volumes increased 31 percent over 2006 with excellent results from the Fort Worth, South Texas and Rocky Mountain operating areas.

Reserves

At December 31, 2007, total company reserves were approximately 7.7 trillion cubic feet equivalent, an increase of 944 billion cubic feet equivalent (Bcfe), or 14 percent higher than year-end 2006. In 2007:

• Total reserve replacement from all sources - the ratio of net reserve additions from drilling, acquisitions, revisions and dispositions to total production - was 248 percent at a total reserve replacement cost of $2.24 per thousand cubic feet equivalent (Mcfe), excluding gathering systems, processing plant and other expenditures.
• From drilling alone, EOG added 1,534 Bcfe of reserves with drilling capital expenditures of $3,548 million, excluding gathering systems, processing plant and other expenditures, at a reserve replacement cost of $2.31 per Mcfe prior to revisions, replacing 241 percent of production,
• In the United States, EOG added 1,580 Bcfe of reserves from drilling and acquisitions, net of revisions with capital expenditures of $3,010 million, excluding gathering systems, processing plant and other expenditures, at a reserve replacement cost of $1.90 per Mcfe. (Please see attached tables for supporting data for the reconciliation of non-GAAP drilling capital expenditures to GAAP total costs incurred in exploration and development activities and for the calculation of reserve replacement percentages and reserve replacement costs.)

For the 20^th consecutive year, internal reserve estimates were within 5 percent of those prepared by the independent reserve engineering firm of DeGolyer and MacNaughton. The firm prepared a complete independent engineering analysis of properties containing 79 percent of EOG's proved reserves on a Bcfe basis.

Capital Structure

At December 31, 2007, EOG's total debt outstanding was $1,185 million, and cash on the balance sheet was $54 million, for net debt of $1,131 million. (Please refer to the attached tables for the reconciliation of non-GAAP net debt to long-term debt.) EOG's debt-to-total capitalization ratio was 14 percent at December 31, 2007. Further simplifying its capital structure, EOG repurchased the remaining $43 million outstanding Series B preferred stock in December 2007 and January 2008.

Outlook for 2008

Consistent with EOG's strategy of adding new reserves at high rates of return through organic growth, the company plans to continue expansion of its North American drilling program. The company expects significant production gains from two high rate of return plays, the Fort Worth Barnett Shale and North Dakota Bakken.

EOG has increased its total crude oil and condensate production growth target from the previously stated 33 percent to 36 percent, primarily as a result of expanded drilling operations in the North Dakota Bakken. Natural gas liquids volumes are expected to rise by 40 percent over 2007 as EOG increases drilling activity in the western extension counties of the Fort Worth Barnett Shale and processes more of its rich natural gas.

EOG's 2008 planned exploration and development capital program is approximately $4.1 billion, which excludes acquisitions, gathering systems, processing plant and other expenditures of approximately $280 million. Considering the anticipated proceeds from the previously announced divestiture of its Appalachian shallow natural gas assets, EOG is targeting net debt at year-end 2008 to be relatively flat with December 31, 2007.

"Based on the current North American natural gas market in which we expect 2008 Henry Hub gas prices will average at least $7.50, we are targeting approximately 15 percent total company production growth in 2008, the mid-point of our previously stated range. Essentially all of our projected production growth will emanate from our U.S. operations, since we expect production from Canada, Trinidad and the United Kingdom to be relatively flat with 2007 levels," said Papa. "Although we have a strong hedge position in place, by closely monitoring natural gas fundamentals and staying flexible, we are positioned to adjust our 2008 drilling activity in response to a higher or lower gas price environment while maintaining a conservative balance sheet."

Dividend Increase

Following a 50 percent increase in 2007, EOG's Board of Directors again increased the cash dividend on the common stock. Effective with the dividend payable on April 30, 2008 to holders of record as of April 16, 2008, the quarterly dividend on the common stock will be $0.12 per share. The indicated annual rate of $0.48 per share reflects a 33 percent increase from 2007, the eighth increase in nine years.

Conference Call Scheduled for February 8, 2008

EOG's fourth quarter and full year 2007 results conference call will be available via live audio webcast at 8 a.m. Central Standard Time (9 a.m. Eastern Standard Time) on Friday, February 8, 2008. To listen, log on to www.eogresources.com. The webcast will be archived on EOG's website through Friday, February 22, 2008.

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, including environmental 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 report 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				Twelve Months
			Ended December 31,				Ended December 31,
				2007	2006		2007		2006
Net Operating Revenues			$	1,250.8	$	931.4	$	4,190.8	$	3,912.5
Net Income Available to Common Stockholders			$	358.0	$	237.2	$	1,083.3	$	1,288.9
Net Income Per Share Available to Common Stockholders
	Basic		$	1.46	$	0.98	$	4.45	$	5.33
	Diluted		$	1.44	$	0.96	$	4.37	$	5.24
Average Number of Common Shares
	Basic			244.4		242.5		243.5		241.8
	Diluted			248.5		246.5		247.6		246.1
SUMMARY INCOME STATEMENTS
(Unaudited; in thousands)
			Quarter				Twelve Months
			Ended December 31,				Ended December 31,
			2007		2006		2007		2006
Net Operating Revenues
	Wellhead Natural Gas		$	840,583	$	709,295	$	3,050,973	$	2,803,245
	Wellhead Crude Oil, Condensate and Natural Gas Liquids			335,690		191,102		987,523		761,580
	Gains on Mark-to-Market Commodity Derivative Contracts			45,215		31,518		93,108		334,260
	Other, Net			29,316		(542)		59,187		13,457
		Total		1,250,804		931,373		4,190,791		3,912,542
Operating Expenses
	Lease and Well			132,215		104,431		479,819		372,895
	Transportation Costs			46,852		29,687		170,404		110,328
	Exploration Costs			44,005		45,129		150,445		155,008
	Dry Hole Costs			40,710		37,817		115,382		79,567
	Impairments			60,657		40,699		147,517		108,258
	Depreciation, Depletion and Amortization			282,234		230,438		1,065,545		817,089
	General and Administrative			66,047		47,721		205,210		164,981
	Taxes Other Than Income			58,267		46,245		208,073		200,863
		Total		730,987		582,167		2,542,395		2,008,989
Operating Income				519,817		349,206		1,648,396		1,903,553
Other Income, Net				7,014		10,833		29,250		52,246
Income Before Interest Expense and Income Taxes				526,831		360,039		1,677,646		1,955,799
Interest Expense, Net				15,751		7,519		46,778		43,158
Income Before Income Taxes				511,080		352,520		1,630,868		1,912,641
Income Tax Provision				149,885		109,895		540,950		612,756
Net Income				361,195		242,625		1,089,918		1,299,885
Preferred Stock Dividends				3,161		5,421		6,663		10,995
Net Income Available to Common Stockholders			$	358,034	$	237,204	$	1,083,255	$	1,288,890

EOG RESOURCES, INC.
OPERATING HIGHLIGHTS
(Unaudited)
			Quarter				Twelve Months
			Ended December 31,				Ended December 31,
			2007		2006		2007		2006
Wellhead Volumes and Prices
Natural Gas Volumes (MMcfd)
	United States			1,010		894		971		817
	Canada			225		227		224		226
		United States & Canada		1,235		1,121		1,195		1,043
	Trinidad			241		254		252		264
	United Kingdom			20		32		23		30
		Total		1,496		1,407		1,470		1,337
Average Natural Gas Prices ($/Mcf)
	United States		$	6.52	$	6.09	$	6.32	$	6.56
	Canada			6.36		5.85		6.25		6.41
		United States & Canada Composite		6.49		6.04		6.31		6.53
	Trinidad			3.84		2.92		2.71		2.44
	United Kingdom			9.45		6.13		6.19		7.69
		Composite		6.11		5.48		5.69		5.74
Crude Oil and Condensate Volumes (MBbld)
	United States			27.6		21.8		24.6		20.7
	Canada			2.3		2.4		2.4		2.5
		United States & Canada		29.9		24.2		27.0		23.2
	Trinidad			3.8		4.4		4.1		4.8
	United Kingdom			0.1		0.1		0.1		0.1
		Total		33.8		28.7		31.2		28.1
Average Crude Oil and Condensate Prices ($/Bbl)
	United States		$	84.83	$	56.49	$	68.85	$	62.68
	Canada			79.98		50.59		65.27		57.32
		United States & Canada Composite		84.45		55.91		68.53		62.09
	Trinidad			78.37		58.41		69.84		63.87
	United Kingdom			86.70		49.57		66.84		57.74
		Composite		83.77		56.39		68.69		62.38
Natural Gas Liquids Volumes (MBbld)
	United States			13.7		9.1		11.1		8.5
	Canada			1.1		1.0		1.1		0.8
		Total		14.8		10.1		12.2		9.3
Average Natural Gas Liquids Prices ($/Bbl)
	United States		$	56.27	$	36.80	$	47.63	$	39.95
	Canada			53.18		36.56		44.54		43.69
		Composite		56.04		36.78		47.36		40.25
Natural Gas Equivalent Volumes (MMcfed)
	United States			1,257		1,079		1,184		992
	Canada			246		247		245		246
		United States & Canada		1,503		1,326		1,429		1,238
	Trinidad			264		281		276		292
	United Kingdom			20		33		24		31
		Total		1,787		1,640		1,729		1,561
Total Bcfe				164.4		150.8		631.3		569.9

	EOG RESOURCES, INC.
	SUMMARY BALANCE SHEETS
	(Unaudited; in thousands, except share data)
				December 31,		December 31,
				2007		2006
	ASSETS
Current Assets
	Cash and Cash Equivalents			$	54,231	$	218,255
	Accounts Receivable, Net				835,670		754,134
	Inventories				103,613		113,591
	Assets from Price Risk Management Activities				100,912		130,612
	Income Taxes Receivable				110,370		94,311
	Deferred Income Taxes				33,533		-
	Other				55,001		39,177
		Total			1,293,330		1,350,080
Property, Plant and Equipment
	Oil and Gas Properties (Successful Efforts Method)				16,991,687		13,575,528
	Other Property, Plant and Equipment				584,876		318,323
					17,576,563		13,893,851
	Less: Accumulated Depreciation, Depletion and Amortization				(7,138,974)		(5,949,804)
		Total Property, Plant and Equipment, Net			10,437,589		7,944,047
Long-Term Assets Held for Sale					244,750		-
Other Assets					113,238		108,033
Total Assets				$	12,088,907	$	9,402,160
	LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
	Accounts Payable			$	1,152,140	$	896,572
	Accrued Taxes Payable				104,647		130,984
	Dividends Payable				22,045		14,718
	Liabilities from Price Risk Management Activities				3,404		-
	Deferred Income Taxes				108,980		144,615
	Other				82,954		68,123
		Total			1,474,170		1,255,012
Long-Term Debt					1,185,000		733,442
Other Liabilities					368,336		300,907
Deferred Income Taxes					2,071,307		1,513,128
Stockholders' Equity
	Preferred Stock, $0.01 Par, 10,000,000 Shares Authorized:
		Series B, Cumulative, $1,000 Liquidation Preference Per Share,
			5,000 Shares Outstanding at December 31, 2007 and
			53,260 Shares Outstanding at December 31, 2006		4,977		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				221,102		129,986
	Accumulated Other Comprehensive Income				466,702		176,704
	Retained Earnings				6,156,721		5,151,034
	Common Stock Held in Treasury, 2,935,313 Shares at
		December 31, 2007 and 5,724,959 Shares at December 31, 2006			(61,903)		(113,435)
			Total Stockholders' Equity		6,990,094		5,599,671
Total Liabilities and Stockholders' Equity				$	12,088,907	$	9,402,160

	EOG RESOURCES, INC.
	SUMMARY STATEMENTS OF CASH FLOWS
	(Unaudited; in thousands)
			Twelve Months
			Ended December 31,
			2007		2006
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
	Net Income		$	1,089,918	$	1,299,885
	Items Not Requiring (Providing) Cash
		Depreciation, Depletion and Amortization		1,065,545		817,089
		Impairments		147,517		108,258
		Stock-Based Compensation Expenses		67,253		49,875
		Deferred Income Taxes		426,827		385,842
		Other, Net		(44,138)		(18,404)
	Dry Hole Costs			115,382		79,567
	Mark-to-Market Commodity Derivative Contracts
		Total Gains		(93,108)		(334,260)
		Realized Gains		127,969		215,063
	Other, Net			24,268		20,670
	Changes in Components of Working Capital and Other Assets and Liabilities
		Accounts Receivable		(85,024)		9,905
		Inventories		9,638		(50,370)
		Accounts Payable		228,354		222,012
		Accrued Taxes Payable		(40,002)		(106,324)
		Other Assets		(8,416)		13,060
		Other Liabilities		4,976		(9,477)
	Changes in Components of Working Capital Associated with
	Investing and Financing Activities			(104,094)		(123,838)
Net Cash Provided by Operating Activities				2,932,865		2,578,553
Investing Cash Flows
	Additions to Oil and Gas Properties			(3,401,986)		(2,750,262)
	Additions to Other Property, Plant and Equipment			(277,076)		(99,861)
	Proceeds from Sales of Assets			83,295		20,041
	Changes in Components of Working Capital Associated with
	Investing Activities			104,168		123,890
	Other, Net			(3,675)		(4,181)
Net Cash Used in Investing Activities				(3,495,274)		(2,710,373)
Financing Cash Flows
	Net Commercial Paper and Revolving Credit Facility Borrowings			10,000		65,000
	Long-Term Debt Borrowings			600,000		-
	Long-Term Debt Repayments			(158,442)		(316,625)
	Dividends Paid			(84,020)		(60,443)
	Excess Tax Benefits from Stock-Based Compensation			27,339		28,188
	Redemption of Preferred Stock			(51,197)		(50,199)
	Proceeds from Stock Options Exercised and Employee Stock Purchase Plans			55,320		36,033
	Debt Issuance Costs			(5,206)		(615)
	Other, Net			(71)		(221)
Net Cash Provided by (Used in) Financing Activities				393,723		(298,882)
Effect of Exchange Rate Changes on Cash				4,662		5,146
Decrease in Cash and Cash Equivalents				(164,024)		(425,556)
Cash and Cash Equivalents at Beginning of Period				218,255		643,811
Cash and Cash Equivalents at End of Period			$	54,231	$	218,255

EOG RESOURCES, INC.
QUANTITATIVE RECONCILIATION OF ADJUSTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS (Non-GAAP)
TO NET INCOME AVAILABLE TO COMMON STOCKHOLDERS (GAAP)
(Unaudited; in thousands, except per share data)
The following chart adjusts three-month and twelve-month periods ended December 31 reported Net Income Available to Common Stockholders (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 premium and fees for preferred stock redemptions in the third and fourth quarters of 2007 and the fourth quarter of 2006, to add the one-time tax expense related to Texas (US) franchise tax law revision in the second quarter of 2006, and to eliminate the effect of the income tax rate reductions enacted by Alberta (Canada) in the second quarter of 2006 and by the Canadian federal government in the second and fourth quarters of 2007 and 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 mon ths and make certain other adjustments to exclude one-time items.  EOG management uses this information for comparative purposes within the industry.
		Quarter				Twelve Months
		Ended December 31,				Ended December 31,
		2007		2006		2007		2006
Reported Net Income Available to Common Stockholders (GAAP)		$	358,034	$	237,204	$	1,083,255	$	1,288,890
Mark-to-Market (MTM) Commodity Derivative Contracts Impact
	Total Gains		(45,215)		(31,518)		(93,108)		(334,260)
	Realized Gains		28,782		48,171		127,969		215,063
	Subtotal		(16,433)		16,653		34,861		(119,197)
	After Tax MTM Impact		(10,575)		10,716		22,433		(76,703)
Add: Premium and Fees for Preferred Stock Redemption			2,296		4,049		2,937		4,049
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			(30,338)		-		(34,419)		(18,593)
Adjusted Net Income Available to Common Stockholders (Non-GAAP)		$	319,417	$	251,969	$	1,074,206	$	1,189,415
Adjusted Net Income Per Share Available to Common Stockholders    (Non-GAAP)
	Basic	$	1.31	$	1.04	$	4.41	$	4.92
	Diluted	$	1.29	$	1.02	$	4.34	$	4.83
Average Number of Common Shares
	Basic		244,440		242,515		243,469		241,782
	Diluted		248,537		246,477		247,637		246,100

EOG RESOURCES, INC.
QUANTITATIVE RECONCILIATION OF DISCRETIONARY CASH FLOW AVAILABLE TO COMMON STOCKHOLDERS (Non-GAAP)
TO NET CASH PROVIDED BY OPERATING ACTIVITIES (GAAP)
(Unaudited; in thousands)
The following chart reconciles three-month and twelve-month periods ended December 31 Net Cash Provided by Operating Activities (GAAP) to Discretionary Cash Flow Available to Common Stockholders (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					Twelve Months
			Ended December,				Ended December,
			2007		2006			2007		2006
Net Cash Provided by Operating Activities (GAAP)			$	786,917	$	599,005	$	2,932,865	$	2,578,553
Adjustments
	Exploration Costs (excluding Stock-Based Compensation Expenses)			40,275		42,634		137,117		144,147
	Changes in Components of Working Capital and Other Assets and    Liabilities
		Accounts Receivable		163,307		100,612		85,024		(9,905)
		Inventories		(5,406)		(3,651)		(9,638)		50,370
		Accounts Payable		(185,524)		(117,420)		(228,354)		(222,012)
		Accrued Taxes Payable		17,168		57,241		40,002		106,324
		Other Assets		636		14,563		8,416		(13,060)
		Other Liabilities		(8,741)		2,573		(4,976)		9,477
	Changes in Components of Working Capital Associated
	with Investing and Financing Activities			59,780		57,842		104,094		123,838
	Preferred Stock Dividends			(3,161)		(5,421)		(6,663)		(10,995)
Discretionary Cash Flow Available to Common Stockholders (Non-GAAP)			$	865,251	$	747,978	$	3,057,887	$	2,756,737

EOG RESOURCES, INC.
RESERVES SUPPLEMENTAL DATA
(Unaudited)
2007 NET PROVED RESERVES RECONCILIATION SUMMARY
	United		North		United	Other	Total
NATURAL GAS (Bcf)	States	Canada	America	Trinidad	Kingdom	Int'l	Int'l	Total
Beginning Reserves	3,470.9	1,309.6	4,780.5	1,295.4	19.0	-	1,314.4	6,094.9
Revisions	(63.2)	(64.3)	(127.5)	(16.9)	2.5	-	(14.4)	(141.9)
Purchases in place	1.2	1.2	2.4	29.6	-	-	29.6	32.0
Extensions, discoveries and other additions	1,177.5	54.9	1,232.4	-	-	-	-	1,232.4
Sales in place	(5.7)	-	(5.7)	-	-	-	-	(5.7)
Production	(360.6)	(81.6)	(442.2)	(91.8)	(8.6)	-	(100.4)	(542.6)
Ending Reserves	4,220.1	1,219.8	5,439.9	1,216.3	12.9	-	1,229.2	6,669.1
LIQUIDS (MMBbls ) (a)
Beginning Reserves	96.6	9.6	106.2	11.5	0.1	-	11.6	117.8
Revisions	27.9	1.2	29.1	(1.2)	-	-	(1.2)	27.9
Purchases in place	-	-	-	0.1	-	-	0.1	0.1
Extensions, discoveries and other additions	49.4	0.9	50.3	-	-	-	-	50.3
Sales in place	(0.9)	-	(0.9)	-	-	-	-	(0.9)
Production	(13.0)	(1.3)	(14.3)	(1.5)	(0.1)	-	(1.6)	(15.9)
Ending Reserves	160.0	10.4	170.4	8.9	-	-	8.9	179.3
NATURAL GAS EQUIVALENTS (Bcfe)
Beginning Reserves	4,050.6	1,367.1	5,417.7	1,364.4	19.4	-	1,383.8	6,801.5
Revisions	104.4	(57.3)	47.1	(23.9)	2.6	-	(21.3)	25.8
Purchases in place	1.5	1.2	2.7	30.0	-	-	30.0	32.7
Extensions, discoveries and other additions	1,474.0	60.2	1,534.2	-	-	-	-	1,534.2
Sales in place	(11.4)	-	(11.4)	-	-	-	-	(11.4)
Production	(438.9)	(89.2)	(528.1)	(100.8)	(8.8)	-	(109.6)	(637.7)
Ending Reserves	5,180.2	1,282.0	6,462.2	1,269.7	13.2	-	1,282.9	7,745.1
Net Proved Developed Reserves (Bcfe)
At December 31, 2006	2,893.5	1,218.8	4,112.3	646.7	19.4	-	666.1	4,778.4
At December 31, 2007	3,861.5	1,140.3	5,001.8	960.0	13.2	-	973.2	5,975.0
(a) Includes crude oil, condensate and natural gas liquids.
2007 EXPLORATION AND DEVELOPMENT EXPENDITURES ($ Million)
Acquisition Cost of Unproved Properties	$    233.3	$  45.8	$   279.1	$       -	$ (1.2)	$    -	$  (1.2)	$   277.9
Exploration Costs	435.9	75.5	511.4	45.2	27.8	5.3	78.3	589.7
Development Costs	2,336.5	254.3	2,590.8	91.0	(1.4)	-	89.6	2,680.4
Total Drilling	3,005.7	375.6	3,381.3	136.2	25.2	5.3	166.7	3,548.0
Acquisition Cost of Proved Properties	3.9	0.7	4.6	15.4	-	-	15.4	20.0
Total Exploration & Development Expenditures	3,009.6	376.3	3,385.9	151.6	25.2	5.3	182.1	3,568.0
Gathering, Processing and Other	275.1	1.5	276.6	0.4	0.1	-	0.5	277.1
Asset Retirement Costs	21.8	9.3	31.1	0.3	-	-	0.3	31.4
Total Expenditures	3,306.5	387.1	3,693.6	152.3	25.3	5.3	182.9	3,876.5
Proceeds from Sales in Place	(77.9)	(5.4)	(83.3)	-	-	-	-	(83.3)
Net Expenditures	$ 3,228.6	$ 381.7	$ 3,610.3	$ 152.3	$ 25.3	$ 5.3	$ 182.9	$ 3,793.2
RESERVE REPLACEMENT COSTS ($ / Mcfe ) *
Total Drilling, Before Revisions	$     2.04	$   6.24	$     2.20	$        -	$      -	$    -	$        -	$    2.31
All-in Total, Net of Revisions	$     1.90	$ 91.78	$     2.14	$ 24.85	$ 9.69	$    -	$ 20.93	$    2.24
RESERVE REPLACEMENT *
Drilling Only	336%	67%	291%	0%	0%	-	0%	241%
All-in Total, Net of Revisions & Dispositions	357%	5%	298%	6%	30%	-	8%	248%
* See attached reconciliation schedule for calculation methodology

EOG RESOURCES, INC.
Quantitative Reconciliation of Total Exploration and Development Expenditures for Drilling Only (Non-GAAP)
and Total Exploration and Development Expenditures (Non-GAAP)
as Used In the Calculation of Reserve Replacement Costs ($ / Mcfe)
to Total Costs Incurred in Exploration and Development Activities (GAAP)
(Unaudited; In Millions, Except Ratio Information)
The following chart reconciles Total Costs Incurred in Exploration and Development Activities (GAAP) to Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) and Total Exploration and Development Expenditures (Non-GAAP), as used in the calculation of Reserve Replacement Costs per Mcfe. There are numerous ways that industry participants present Reserve Replacement Costs, including "Drilling Only" and "All-In", which reflect total exploration and development expenditures divided by total net reserve additions from extensions and discoveries only, or from all sources. Combined with Reserve Replacement, these statistics provide management and investors with an indication of the results of the current year capital investment program. Reserve Replacement Cost statistics are widely recognized and reported by industry participants and are used by EOG management and other third parties for comparative purposes within the industry. Please note that the actual cost of adding reserves will vary from the reported statistics due to timing differences in reserve bookings and capital expenditures.  Accordingly, some analysts use three or five year averages of reported statistics, while others prefer to estimate future costs.  EOG has not included future capital costs to develop proved undeveloped reserves in Total Exploration and Development Expenditures.
	United		North		United	Other	Total
	States	Canada	America	Trinidad	Kingdom	Int'l	Int'l	Total
Total Costs Incurred in Exploration and
Development Activities (GAAP)	3,031.4	385.6	3,417.0	151.9	25.2	5.3	182.4	3,599.4
Less: Asset Retirement Costs	(21.8)	(9.3)	(31.1)	(0.3)	-	-	(0.3)	(31.4)
Less: Acquisition Cost of Proved Properties	(3.9)	(0.7)	(4.6)	(15.4)	-	-	(15.4)	(20.0)
Total Exploration & Development Expenditures
for Drilling Only (Non-GAAP) (a)	3,005.7	375.6	3,381.3	136.2	25.2	5.3	166.7	3,548.0
Total Costs Incurred in Exploration and
Development Activities (GAAP)	3,031.4	385.6	3,417.0	151.9	25.2	5.3	182.4	3,599.4
Less: Asset Retirement Costs	(21.8)	(9.3)	(31.1)	(0.3)	-	-	(0.3)	(31.4)
Total Exploration & Development Expenditures    (Non-GAAP) (b)	3,009.6	376.3	3,385.9	151.6	25.2	5.3	182.1	3,568.0
Net Reserve Additions From All Sources
- Natural Gas Equivalents (Bcfe)
Revisions	104.4	(57.3)	47.1	(23.9)	2.6	-	(21.3)	25.8
Purchases in place	1.5	1.2	2.7	30.0	-	-	30.0	32.7
Extensions, discoveries and other additions (c)	1,474.0	60.2	1,534.2	-	-	-	-	1,534.2
Total Reserve Additions (d)	1,579.9	4.1	1,584.0	6.1	2.6	-	8.7	1,592.7
Sales in place	(11.4)	-	(11.4)	-	-	-	-	(11.4)
Net Reserve Additions From All Sources (e)	1,568.5	4.1	1,572.6	6.1	2.6	-	8.7	1,581.3
Production (f)	438.9	89.2	528.1	100.8	8.8	-	109.6	637.7
RESERVE REPLACEMENT COSTS ($ / Mcfe)
Total Drilling, Before Revisions (a / c )	$  2.04	$   6.24	$  2.20	-	-	-	-	$  2.31
All-in Total, Net of Revisions (b / d )	$  1.90	$ 91.78	$  2.14	$ 24.85	$ 9.69	-	$ 20.93	$  2.24
RESERVE REPLACEMENT
Drilling Only (c / f )	336%	67%	291%	-	-	-	-	241%
All-in Total, Net of Revisions & Dispositions (e / f )	357%	5%	298%	6%	30%	-	8%	248%

EOG RESOURCES, INC.
Quantitative Reconciliation of Net Debt (Non-GAAP)
to Long-Term Debt (GAAP)
(Unaudited; in millions)
The following chart reconciles 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.
			12/31/2007
	Long-Term Debt (GAAP)	$	1,185
	Less: Cash		(54)
	Net Debt (Non-GAAP)	$	1,131