EX-99 2 exh99_1.htm PRESS RELEASE OF EOG RESOURCES, INC.

		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 2009 RESULTS

Increases 2009 Liquids Production Growth Target from 22 to 25 Percent and Maintains 2010 Liquids Production Growth Target of 20 Percent
Increases Acreage Position in the Fort Worth Barnett Combo Play
Announces Strong Results from Fort Worth Barnett Combo, North Dakota Bakken and Manitoba Waskada Liquids Plays
Reports High Rate Haynesville Natural Gas Wells

FOR IMMEDIATE RELEASE: Thursday, August 6, 2009

HOUSTON - EOG Resources, Inc. (EOG) today reported its second quarter 2009 operating and financial results. For the second quarter, EOG reported a net loss available to common stockholders of $16.7 million, or $0.07 per share. This compares to second quarter 2008 net income available to common stockholders of $178.2 million, or $0.71 per share.

The results for the second quarter 2009 included a previously disclosed $33.6 million ($21.6 million after tax, or $0.09 per share) net gain on the mark-to-market of financial commodity transactions. During the quarter, the net cash inflow related to financial commodity contracts was $344.8 million ($221.9 million after tax, or $0.89 per share). Consistent with some analysts' practice of matching realizations to settlement months, adjusted non-GAAP net income available to common stockholders for the quarter was $183.6 million, or $0.73 per share. Adjusted non-GAAP net income available to common stockholders for the second quarter 2008 was $631.7 million, or $2.52 per share. (Please refer to the attached tables for the reconciliation of adjusted non-GAAP net income available to common stockholders to GAAP net income (loss) available to common stockholders.)

Operational Highlights and Targets

EOG continues to adapt and apply its horizontal gas drilling and completion expertise to develop unconventional crude oil and liquids rich reservoirs. Positive drilling results were reported recently from its three primary areas of focus in North America - the Fort Worth Barnett Combo, North Dakota Bakken and Manitoba Waskada.

In the Fort Worth Barnett Combo Play where drilling operations are planned in multi-well packages to maximize resource potential, three Bowen wells, the A#1H, A#2H and B#1H, began sales at individual production rates ranging from 150 to 400 barrels of oil per day (Bopd) with 1.2 to 1.6 million cubic feet per day (MMcfd) of liquids rich natural gas. EOG has 100 percent working interest in the wells. The Seibold Unit #3H and #4H wells were completed at gross rates of 500 Bopd with 1.8 MMcfd and 550 Bopd with 1.2 MMcfd, respectively. EOG has 96 percent working interest in the wells. The Tunnicliff B#1H and B#2H were also brought to sales at 400 Bopd each with 3.0 and 1.8 MMcfd, respectively. EOG has 100 percent working interest in the wells. While EOG is currently operating a four-rig drilling program, it plans to increase its activity level to seven rigs later in the year. Subsequent to the second quarter, EOG completed the acquisition of 25,000 net unproved acres and approximately 2,000 net barrels of oil equivalents per day of production in Montague and Cooke Counties for $134 million, comprised of cash and shares of EOG common stock. EOG currently holds approximately 194,000 net acres in Montague and Cooke Counties.

With six rigs operating across its 500,000 total net acreage position in the North Dakota Bakken, EOG is drilling in both the Core and Lite areas. With initial production rates of 1,700 and 1,600 Bopd, respectively, the Austin #17-20H and #20-29H are characteristic of previously completed Bakken Core wells. EOG has 63 and 75 percent working interest in the wells, respectively. EOG further extended the productive limits of its acreage beyond the Core area with the Ross #7-17H and Sidonia #1-06H. Drilled in the Bakken Lite, the wells began initial production at 500 and 700 Bopd, respectively. EOG has 100 and 44 percent working interest in these wells, respectively. In total, EOG plans to drill 17 gross wells in the Bakken Lite area during 2009 and an additional 58 gross wells in the Bakken Core.

In Manitoba, EOG reported excellent well results from the development of its Waskada Oil Field. Thirteen wells were completed with average peak month production rates of approximately 200 Bopd per well. EOG has 100 percent working interest in the wells.

"Through our application of horizontal drilling and completion technology, EOG has developed a solid early mover position in economic crude oil and liquids rich resource plays," said Mark G. Papa, Chairman and CEO. "The results from our exploration efforts in these types of reservoirs clearly position EOG as the dominant player in both the Core and Lite areas of the North Dakota Bakken, as well as in the Fort Worth Barnett Combo and Manitoba's Waskada Field."

Reflecting ongoing success from its portfolio of crude oil and liquids rich plays, EOG increased its full year 2009 total company liquids production growth target from 22 to 25 percent and maintained its 20 percent growth target for 2010.

EOG has a deep inventory of natural gas prospects and reported excellent drilling results in the United States. With four rigs operating in the Haynesville, EOG reported notable initial production rates from five wells recently completed in DeSoto Parish. The Johnson 6#1 and DN Bell #1 flowed at initial gross production rates of 14.3 and 14.4 MMcfd of natural gas, respectively. EOG has 64 and 100 percent working interest in the wells, respectively. The Thompson 11#1 was completed at a gross rate of 14.9 MMcfd. EOG has 70 percent working interest in the well. The Lafitte 34 #1 and Billingsley 35 #1 began sales at gross rates of 15.7 and 14.6 MMcfd, respectively. EOG has 65 and 63 percent working interest in the wells, respectively.

EOG also announced the Conwy crude oil discovery in Block 110/12 off the western coast of the United Kingdom in the East Irish Sea. Drilled to approximately 2,900 feet in June, the well has estimated net recoverable reserves of 11 million barrels of oil that can be developed at attractive economic rates of return. Beginning later this year, EOG plans to drill two additional exploration wells with initial production targeted for early 2012. EOG is the operator and has 100 percent working interest in the block.

"Our strong operational results from the quarter are consistent with EOG's corporate strategy - add more crude oil and liquids assets to complement our already strong natural gas portfolio, lead the industry in horizontal completions and maintain a focus on returns," said Papa.

Third Quarter and Full Year 2009 Forecast

Based on current data, forecast and benchmark commodity pricing information for the third quarter and full year 2009 are included in the accompanying table. EOG continues to target 5.5 percent total company organic production growth in 2009 over 2008, contingent on storage limitations in the North American natural gas market and the impact on natural gas prices.

Conference Call Scheduled for August 7, 2009

EOG's second quarter 2009 results conference call will be available via live audio webcast at 8 a.m. Central Daylight Time (9 a.m. Eastern Daylight Time) on Friday, August 7, 2009. To listen, log on to www.eogresources.com. The webcast will be archived on EOG's website through Friday, August 21, 2009.

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, Trinidad, the United Kingdom and China. EOG Resources, Inc. is listed on the New York Stock Exchange and is traded under the ticker symbol "EOG."

This press release (including the accompanying forecast and benchmark commodity pricing information) includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG's future financial position, operations, performance, business strategy, budgets, reserve information, levels of production and costs and statements regarding the plans and objectives of EOG's management for future operations, are forward-looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "project," "strategy," "intend," "plan," "target," "goal," "may," "will" 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 EOG's future operating results and returns or EOG's ability to replace or increase reserves, increase production or 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 reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that these expectations will be achieved or will prove to have been correct. Moreover, EOG's forward-looking statements may be affected by known and unknown risks, events or circumstances that may be outside EOG's control. Important factors that could cause EOG's 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 prices for natural gas, crude oil and related commodities;
changes in demand for natural gas, crude oil and related commodities, including ammonia and methanol;
the extent to which EOG is successful in its efforts to discover, develop, market and produce reserves and to acquire natural gas and crude oil properties;
the extent to which EOG can optimize reserve recovery and economically develop its plays utilizing horizontal and vertical drilling and advanced completion technologies;
the extent to which EOG is successful in its efforts to economically develop its acreage in the Barnett Shale, the Bakken Formation, its Horn River Basin and Haynesville plays and its other exploration and development areas;
EOG's ability to achieve anticipated production levels from existing and future natural gas and crude oil development projects, given the risks and uncertainties inherent in drilling, completing and operating natural gas and crude oil wells and the potential for interruptions of production, whether involuntary or intentional as a result of market or other conditions;
the availability, proximity and capacity of, and costs associated with, gathering, processing, compression and transportation facilities;
the availability, cost, terms and timing of issuance or execution of, and competition for, mineral licenses and leases and governmental and other permits and rights of way;
competition in the oil and gas exploration and production industry for employees and other personnel, equipment, materials and services and, related thereto, the availability and cost of employees and other personnel, equipment, materials and services;
EOG's ability to obtain access to surface locations for drilling and production facilities;
the extent to which EOG's third-party-operated natural gas and crude oil properties are operated successfully and economically;
EOG's ability to effectively integrate acquired natural gas and crude oil properties into its operations, fully identify existing and potential problems with respect to such properties and accurately estimate reserves, production and costs with respect to such properties;
weather, including its impact on natural gas and crude oil demand, and weather-related delays in drilling and in the installation and operation of gathering and production facilities;
the ability of EOG's customers and other contractual counterparties to satisfy their obligations to EOG and, related thereto, to access the credit and capital markets to obtain financing needed to satisfy their obligations to EOG;
EOG's ability to access the commercial paper market and other credit and capital markets to obtain financing on terms it deems acceptable, if at all;
the accuracy of reserve estimates, which by their nature involve the exercise of professional judgment and may therefore be imprecise;
the timing and extent of changes in foreign currency exchange rates, interest rates, inflation rates, global and domestic financial market conditions and global and domestic general economic conditions;
the extent and effect of any hedging activities engaged in by EOG;
the timing and impact of liquefied natural gas imports;
the use of competing energy sources and the development of alternative energy sources;
political developments around the world, including in the areas in which EOG operates;
changes in government policies, legislation and regulations, including environmental regulations;
the extent to which EOG incurs uninsured losses and liabilities;
acts of war and terrorism and responses to these acts; and
the other factors described under Item 1A, "Risk Factors," on pages 13 through 19 of EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and any updates to those factors set forth in EOG's subsequent Quarterly Reports on Form 10-Q.

In light of these risks, uncertainties and assumptions, the events anticipated by EOG's forward-looking statements may not occur, and you should not place any undue reliance on any of EOG's forward-looking statements. 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) currently 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 the fiscal year ended December 31, 2008, 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)


			Three Months Ended				Six Months Ended
			June 30,				June 30,
			2009		2008		2009		2008
Net Operating Revenues			$	861.0	$	1,095.5	$	2,019.2	$	2,229.5
Net Income (Loss) Available to Common Stockholders			$	(16.7)	$	178.2	$	142.0	$	418.7
Net Income (Loss) Per Share Available to Common Stockholders
	Basic		$	(0.07)	$	0.72	$	0.57	$	1.70
	Diluted		$	(0.07)	$	0.71	$	0.57	$	1.67
Average Number of Shares Outstanding
	Basic			248.2		246.5		248.1		246.0
	Diluted			248.2		251.1		250.5		250.6


SUMMARY INCOME STATEMENTS
(Unaudited; in thousands, except per share data)


			Three Months Ended				Six Months Ended
			June 30,				June 30,
			2009		2008		2009		2008
Net Operating Revenues
	Natural Gas		$	460,044	$	1,340,557	$	1,027,622	$	2,378,195
	Crude Oil, Condensate and Natural Gas Liquids			287,134		524,793		487,462		919,641
	Gains (Losses) on Mark-to-Market Commodity Derivative Contracts			33,570		(842,822)		384,953		(1,312,666)
	Gathering, Processing and Marketing			77,284		63,777		115,126		99,762
	Other, Net			3,007		9,207		4,085		144,598
		Total		861,039		1,095,512		2,019,248		2,229,530
Operating Expenses
	Lease and Well			134,599		129,949		280,105		254,056
	Transportation Costs			66,011		63,102		134,873		125,069
	Gathering and Processing Costs			13,521		8,922		31,234		17,281
	Exploration Costs			34,307		59,511		83,930		107,454
	Dry Hole Costs			33,643		6,785		36,637		15,213
	Impairments			47,046		48,875		112,517		81,449
	Marketing Costs			74,050		62,986		106,003		96,031
	Depreciation, Depletion and Amortization			375,592		315,294		764,921		612,493
	General and Administrative			58,760		61,640		116,706		114,566
	Taxes Other Than Income			23,492		95,345		70,892		182,095
		Total		861,021		852,409		1,737,818		1,605,707

Operating Income				18		243,103		281,430		623,823

Other Income, Net				1,237		13,309		2,976		14,892

Income Before Interest Expense and Income Taxes				1,255		256,412		284,406		638,715

Interest Expense, Net				24,811		9,029		43,187		21,220

Income (Loss) Before Income Taxes				(23,556)		247,383		241,219		617,495

Income Tax Provision (Benefit)				(6,850)		69,177		99,215		198,333

Net Income (Loss)				(16,706)		178,206		142,004		419,162

Preferred Stock Dividends				-		-		-		443

Net Income (Loss) Available to Common Stockholders			$	(16,706)	$	178,206	$	142,004	$	418,719

Dividends Declared per Common Share			$	0.145	$	0.120	$	0.290	$	0.240

EOG RESOURCES, INC.
OPERATING HIGHLIGHTS
(Unaudited)

			Three Months Ended				Six Months Ended
			June 30,				June 30,
			2009		2008		2009		2008
Wellhead Volumes and Prices
Natural Gas Volumes (MMcfd) ^(A)
	United States			1,139		1,139		1,167		1,112
	Canada			225		215		227		215
	Trinidad			266		217		264		224
	Other International ^(B)			15		12		15		15
		Total		1,645		1,583		1,673		1,566

Average Natural Gas Prices ($/Mcf) ^(C)
	United States		$	3.37	$	10.36	$	3.72	$	9.23
	Canada			3.40		9.42		3.92		8.42
	Trinidad			1.51		3.64		1.42		3.76
	Other International ^(B)			3.55		9.95		4.84		9.89
		Composite		3.07		9.31		3.39		8.34

Crude Oil and Condensate Volumes (MBbld) ^(A)
	United States			42.9		35.4		43.8		33.0
	Canada			2.9		2.6		3.1		2.5
	Trinidad			3.0		3.2		3.0		3.4
	Other International ^(B)			0.1		-		0.1		-
		Total		48.9		41.2		50.0		38.9

Average Crude Oil and Condensate Prices ($/Bbl) ^(C)
	United States		$	52.82	$	117.60	$	42.85	$	105.78
	Canada			52.52		112.55		44.53		101.41
	Trinidad			47.50		113.29		40.49		99.92
	Other International ^(B)			46.75		114.40		46.73		96.84
		Composite		52.47		116.94		42.82		104.97

Natural Gas Liquids Volumes (MBbld) ^(A)
	United States			22.1		14.2		21.9		15.5
	Canada			1.0		0.9		1.1		0.9
		Total		23.1		15.1		23.0		16.4

Average Natural Gas Liquids Prices ($/Bbl) ^(C)
	United States		$	25.60	$	63.62	$	23.88	$	60.19
	Canada			25.60		66.39		25.56		61.52
		Composite		25.60		63.78		23.96		60.26

Natural Gas Equivalent Volumes (MMcfed) ^(D)
	United States			1,529		1,437		1,561		1,403
	Canada			249		236		252		236
	Trinidad			284		236		282		244
	Other International ^(B)			15		12		16		15
		Total		2,077		1,921		2,111		1,898

Total Bcfe ^(D)				189.0		174.8		382.1		345.4

(A) Million cubic feet per day or thousand barrels per day, as applicable.
(B) Other International includes EOG's United Kingdom operations and, effective July 1, 2008, EOG's China operations.
(C) Dollars per thousand cubic feet or per barrel, as applicable.
(D) Million cubic feet equivalent per day or billion cubic feet equivalent, as applicable; includes natural gas, crude oil and condensate and
	natural gas liquids. Natural gas equivalents are determined using the ratio of 6.0 thousand cubic feet of natural gas to 1.0 barrel of crude oil and condensate or natural gas liquids.

	EOG RESOURCES, INC.
	SUMMARY BALANCE SHEETS
	(Unaudited; in thousands, except share data)


				June 30,		December 31,
				2009		2008

	ASSETS
Current Assets
	Cash and Cash Equivalents		$	706,964	$	331,311
	Accounts Receivable, Net			570,262		722,695
	Inventories			243,614		187,970
	Assets from Price Risk Management Activities			606,595		779,483
	Income Taxes Receivable			19,078		27,053
	Other			63,763		59,939
	Total			2,210,276		2,108,451

Property, Plant and Equipment
	Oil and Gas Properties (Successful Efforts Method)			22,292,107		20,803,629
	Other Property, Plant and Equipment			1,172,546		1,057,888
	Total Property, Plant and Equipment			23,464,653		21,861,517
	Less: Accumulated Depreciation, Depletion and Amortization			(9,018,974)		(8,204,215)
	Total Property, Plant and Equipment, Net			14,445,679		13,657,302
Other Assets				136,797		185,473
Total Assets			$	16,792,752	$	15,951,226

	LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
	Accounts Payable		$	720,053	$	1,122,209
	Accrued Taxes Payable			78,470		86,265
	Dividends Payable			35,983		33,461
	Liabilities from Price Risk Management Activities			11,758		4,429
	Deferred Income Taxes			213,413		368,231
	Current Portion of Long-Term Debt			37,000		37,000
	Other			92,943		113,321
	Total			1,189,620		1,764,916


Long-Term Debt				2,760,000		1,860,000
Other Liabilities				550,339		498,291
Deferred Income Taxes				3,033,271		2,813,522
Commitments and Contingencies

Stockholders' Equity
	Common Stock, $0.01 Par, 640,000,000 Shares Authorized and
		250,528,510 Shares Issued at June 30, 2009 and 249,758,577
		Shares Issued at December 31, 2008		202,505		202,498
	Additional Paid In Capital			395,128		323,805
	Accumulated Other Comprehensive Income			130,503		27,787
	Retained Earnings			8,535,559		8,466,143
	Common Stock Held in Treasury, 76,279 Shares at June 30, 2009
		and 126,911 Shares at December 31, 2008		(4,173)		(5,736)
		Total Stockholders' Equity		9,259,522		9,014,497
Total Liabilities and Stockholders' Equity			$	16,792,752	$	15,951,226

	EOG RESOURCES, INC.
	SUMMARY STATEMENTS OF CASH FLOWS
	(Unaudited; in thousands)

			Six Months Ended
			June 30,
			2009		2008
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
	Net Income		$	142,004	$	419,162
	Items Not Requiring (Providing) Cash
		Depreciation, Depletion and Amortization		764,921		612,493
		Impairments		112,517		81,449
		Stock-Based Compensation Expenses		48,479		44,566
		Deferred Income Taxes		62,161		123,330
		Other, Net		1,689		(127,693)
	Dry Hole Costs			36,637		15,213
	Mark-to-Market Commodity Derivative Contracts
		Total (Gains) Losses		(384,953)		1,312,666
		Realized Gains (Losses)		655,740		(114,859)
	Other, Net			6,865		9,077
	Changes in Components of Working Capital and Other Assets and Liabilities
		Accounts Receivable		149,021		(395,526)
		Inventories		(22,151)		(9,176)
		Accounts Payable		(414,823)		255,495
		Accrued Taxes Payable		(17,743)		(92,738)
		Other Assets		(7,487)		(61,623)
		Other Liabilities		(24,842)		(8,440)
	Changes in Components of Working Capital Associated with
	Investing and Financing Activities			169,183		(775)
Net Cash Provided by Operating Activities				1,277,218		2,062,621

Investing Cash Flows
	Additions to Oil and Gas Properties			(1,433,591)		(2,144,769)
	Additions to Other Property, Plant and Equipment			(151,845)		(196,353)
	Proceeds from Sales of Assets			828		354,413
	Changes in Components of Working Capital Associated with
	Investing Activities			(169,101)		648
	Other, Net			1,384		(20,429)
Net Cash Used in Investing Activities				(1,752,325)		(2,006,490)

Financing Cash Flows
	Long-Term Debt Borrowing			900,000		-
	Long-Term Debt Repayments			-		(38,000)
	Dividends Paid			(69,516)		(51,647)
	Redemption of Preferred Stock			-		(5,395)
	Excess Tax Benefits from Stock-Based Compensation			21,874		55,552
	Treasury Stock Purchased			(6,125)		(6,865)
	Proceeds from Stock Options Exercised and Employee Stock Purchase Plan			8,026		48,509
	Debt Issuance Costs			(8,741)		-
	Other, Net			(82)		127
Net Cash Provided by Financing Activities				845,436		2,281

Effect of Exchange Rate Changes on Cash				5,324		(4,542)

Increase in Cash and Cash Equivalents				375,653		53,870
Cash and Cash Equivalents at Beginning of Period				331,311		54,231
Cash and Cash Equivalents at End of Period			$	706,964	$	108,101

EOG RESOURCES, INC.
QUANTITATIVE RECONCILIATION OF ADJUSTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS (Non-GAAP)
TO NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS (GAAP)
(Unaudited; in thousands, except per share data)


The following chart adjusts three-month and six-month periods ended June 30, 2009 and 2008 reported Net Income (Loss) Available to Common Stockholders (GAAP) to reflect actual net cash realized from financial commodity price transactions by eliminating the unrealized mark-to-market (gains) losses from these transactions and to eliminate the gain on the sale of EOG's Appalachian assets in the first quarter of 2008. 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.


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2009		2008		2009		2008

Reported Net Income (Loss) Available to Common Stockholders (GAAP)		$	(16,706)	$	178,206	$	142,004	$	418,719

Mark-to-Market (MTM) Commodity Derivative Contracts Impact
	Total (Gains) Losses		(33,570)		842,822		(384,953)		1,312,666
	Realized Gains (Losses)		344,776		(138,069)		655,740		(114,859)
	Subtotal		311,206		704,753		270,787		1,197,807

	After Tax MTM Impact		200,261		453,509		174,251		770,789

Less: Gain on Sale of Appalachian Assets, Net of Tax			-		-		-		(84,748)


Adjusted Net Income Available to Common Stockholders (Non-GAAP)		$	183,555	$	631,715	$	316,255	$	1,104,760

Net Income (Loss) Per Share Available to Common Stockholders (GAAP)
	Basic	$	(0.07)	$	0.72	$	0.57	$	1.70
	Diluted	$	(0.07)	$	0.71	$	0.57	$	1.67

Adjusted Net Income Per Share Available to Common Stockholders (Non-GAAP)
	Basic	$	0.74	$	2.56	$	1.27	$	4.49
	Diluted	$	0.73	$	2.52	$	1.26	$	4.41

Average Number of Shares (GAAP)
	Basic		248,207		246,536		248,095		245,950
	Diluted		248,207		251,135		250,499		250,553

Average Number of Shares (Non-GAAP)
	Basic		248,207		246,536		248,095		245,950
	Diluted		250,703		251,135		250,499		250,553

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 six-month periods ended June 30, 2009 and 2008 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 and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing and Financing Activities and Preferred Stock Dividends. EOG management uses this information for comparative purposes within the industry.

			Three Months				Six Months
			Ended June 30,				Ended June 30,
			2009		2008		2009		2008
Net Cash Provided by Operating Activities (GAAP)			$	671,379	$	1,135,536	$	1,277,218	$	2,062,621

Adjustments
	Exploration Costs (excluding Stock-Based Compensation Expenses)			29,359		55,168		73,830		99,091
	Changes in Components of Working Capital and Other Assets and Liabilities
		Accounts Receivable		7,905		217,842		(149,021)		395,526
		Inventories		(745)		12,461		22,151		9,176
		Accounts Payable		62,201		(162,043)		414,823		(255,495)
		Accrued Taxes Payable		32,221		63,473		17,743		92,738
		Other Assets		8,917		59,878		7,487		61,623
		Other Liabilities		6,772		(13,725)		24,842		8,440
	Changes in Components of Working Capital Associated
		with Investing and Financing Activities		(30,585)		5,967		(169,183)		775
	Preferred Stock Dividends			-		-		-		(443)

Discretionary Cash Flow Available to Common Stockholders (Non-GAAP)			$	787,424	$	1,374,557	$	1,519,890	$	2,474,052

EOG RESOURCES, INC.
THIRD QUARTER AND FULL YEAR 2009 FORECAST AND BENCHMARK COMMODITY PRICING

(a) Third Quarter and Full Year 2009 Forecast The forecast items for the third quarter and full year 2009 set forth below for EOG Resources, Inc. (EOG) are based on current available information and expectations as of the date of the accompanying press release. This forecast replaces and supersedes any previously issued guidance or forecast. (b) Benchmark Commodity Pricing EOG bases United States and Canada natural gas price differentials upon the natural gas price at Henry Hub, Louisiana using the simple average of the NYMEX settlement prices for the last three trading days of the applicable month. EOG bases United States, Canada and Trinidad crude oil and condensate price differentials upon the West Texas Intermediate crude oil price at Cushing, Oklahoma using the simple average of the NYMEX settlement prices for each trading day within the applicable calendar month.
						ESTIMATED RANGES
						(Unaudited)
				3Q 2009				Full Year 2009
Daily Production
	Natural Gas (MMcfd)
			United States	1,110	-	1,135		1,130	-	1,160
			Canada	200	-	220		215	-	227
			Trinidad	230	-	255		250	-	265
			Other International	8	-	13		12	-	15
			Total	1,548	-	1,623		1,607	-	1,667

	Crude Oil and Condensate (MBbld)
			United States	46.8	-	49.0		45.5	-	47.5
			Canada	3.5	-	5.0		3.5	-	4.3
			Trinidad	2.3	-	3.3		2.8	-	3.2
			Total	52.6	-	57.3		51.8	-	55.0

	Natural Gas Liquids (MBbld)
			United States	20.0	-	24.4		21.2	-	23.7
			Canada	0.6	-	1.0		0.9	-	1.0
			Total	20.6	-	25.4		22.1	-	24.7

	Natural Gas Equivalent Volumes (MMcfed)
			United States	1,511	-	1,575		1,530	-	1,587
			Canada	224	-	256		241	-	259
			Trinidad	244	-	275		267	-	284
			Other International	8	-	13		12	-	15
			Total	1,987	-	2,119		2,050	-	2,145


						ESTIMATED RANGES
						(Unaudited)
				3Q 2009				Full Year 2009
Operating Costs
	Unit Costs ($/Mcfe)
			Lease and Well	$ 0.73	-	$ 0.77		$ 0.72	-	$ 0.76
			Transportation Costs	$ 0.33	-	$ 0.36		$ 0.34	-	$ 0.36
			Depreciation, Depletion and Amortization	$ 2.03	-	$ 2.09		$ 2.01	-	$ 2.06

Expenses ($MM)
	Exploration, Dry Hole and Impairment			$ 125.0	-	$ 135.0		$ 480.0	-	$ 500.0
	General and Administrative			$ 64.0		$ 68.0		$ 240.0		$ 248.0
	Gathering and Processing			$ 13.0	-	$ 16.0		$ 58.0	-	$ 64.0
	Capitalized Interest			$ 12.5	-	$ 16.0		$ 50.5	-	$ 58.0
	Net Interest			$ 28.0	-	$ 32.0		$ 95.0	-	$ 105.0

Taxes Other Than Income (% of Revenue)				7.0%	-	7.5%		5.0%	-	6.5%

Income Taxes
	Effective Rate			30%	-	40%				> 35%
	Current Taxes ($MM)			$ 5	-	$ 10		$ 50	-	$ 70

Capital Expenditures ($MM) - FY 2009
	Exploration and Development, excluding Acquisitions						Approximately			$ 2,900
	Gathering, Processing and Other						Approximately			$ 280
	Acquisitions						Approximately			$ 140

Pricing - (Refer to Benchmark Commodity Pricing in text)
	Natural Gas ($/Mcf)
		Differentials (include the effect of physical contracts)
			United States - below NYMEX Henry Hub	$ 0.25	-	$ 0.50		$ 0.35	-	$ 0.55
			Canada - below NYMEX Henry Hub	$ 0.60	-	$ 1.00		$ 0.40	-	$ 0.80

		Realizations
			Trinidad	$ 1.25	-	$ 1.60		$ 1.37	-	$ 1.57
			Other International	$ 3.40	-	$ 4.00		$ 4.10	-	$ 4.60

	Crude Oil and Condensate ($/Bbl)
		Differentials
			United States - below WTI	$ 8.00	-	$ 12.00		$ 8.50	-	$ 10.50
			Canada - below WTI	$ 4.35	-	$ 7.50		$ 4.50	-	$ 6.50
			Trinidad - below WTI	$ 8.50	-	$ 12.50		$ 9.75	-	$ 11.75

Definitions
	$/Bbl		U.S. Dollars per barrel
	$/Mcf		U.S. Dollars per thousand cubic feet
	$/Mcfe		U.S. Dollars per thousand cubic feet equivalent
	$MM		U.S. Dollars in millions
	MBbld		Thousand barrels per day
	MMcfd		Million cubic feet per day
	MMcfed		Million cubic feet equivalent per day
	NYMEX		New York Mercantile Exchange
	WTI		West Texas Intermediate