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): November 4, 2021

_______________

EOG RESOURCES, INC.

(Exact name of registrant as specified in its charter)

Delaware	1-9743	47-0684736
(State or other jurisdiction  of incorporation)	(Commission File  Number)	(I.R.S. Employer Identification No.)

1111 Bagby, Sky Lobby 2

Houston, Texas  77002

(Address of principal executive offices) (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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	EOG	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

EOG RESOURCES, INC.

Item 2.02     Results of Operations and Financial Condition.

On November 4, 2021, EOG Resources, Inc. issued a press release announcing third quarter 2021 financial and operational results and fourth quarter and full year 2021 forecast and benchmark commodity pricing information (see Item 7.01 below).  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, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.

Item 7.01     Regulation FD Disclosure.

Accompanying the press release announcing third quarter 2021 financial and operational results attached hereto as Exhibit 99.1 is fourth quarter and full year 2021 forecast and benchmark commodity pricing information for EOG Resources, Inc., which information 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, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.

Item 9.01     Financial Statements and Exhibits.

    (d)    Exhibits

          99.1    Press Release of EOG Resources, Inc. dated November 4, 2021 (including the accompanying fourth quarter and full year 2021 forecast and benchmark commodity pricing information).

        104    Cover Page Interactive Data File (formatted as Inline XBRL).

2

SIGNATURES

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

		EOG RESOURCES, INC. (Registrant)
Date: November 4, 2021	By:	/s/ TIMOTHY K. DRIGGERS Timothy K. Driggers Executive Vice President and Chief Financial Officer (Principal Financial Officer and Duly Authorized Officer)

3

EX-99.1

EXHIBIT 99.1

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5

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7

8

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10

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Table of Contents
Third Quarter 2021
Supplemental Financial and Operating Data	Page
Income Statements	13
Wellhead Volumes and Prices	14
Balance Sheets	15
Cash Flows Statements	16
Non-GAAP Financial Measures	17
Adjusted Net Income (Loss)	18
Adjusted Net Income Per Share	24
Discretionary Cash Flow and Free Cash Flow	25
Total Expenditures	29
EBITDAX and Adjusted EBITDAX	30
Net Debt-to-Total Capitalization Ratio	31
Reserve Replacement Cost Data	37
Financial Commodity Derivative Contracts	39
Direct After-Tax Rate of Return	42
ROCE & ROE	43
Revenues, Costs and Margins Per Barrel of Oil Equivalent	47

12

Income Statements
In millions of USD, except share data (in millions) and per share data (Unaudited)
	3Q 2021	2Q 2021	3Q 2020	YTD 2021	YTD 2020
Operating Revenues and Other
Crude Oil and Condensate	2,929	2,699	1,395	7,879	4,075
Natural Gas Liquids	548	367	185	1,229	439
Natural Gas	568	404	184	1,597	535
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts	(494)	(427)	(4)	(1,288)	1,075
Gathering, Processing and Marketing	1,186	1,022	539	3,056	1,940
Gains (Losses) on Asset Dispositions, Net	1	51	(71)	46	(41)
Other, Net	27	23	18	79	44
Total	4,765	4,139	2,246	12,598	8,067
Operating Expenses
Lease and Well	270	270	227	810	802
Transportation Costs	219	214	180	635	540
Gathering and Processing Costs	145	128	115	412	340
Exploration Costs	44	35	38	112	105
Dry Hole Costs	4	13	13	28	13
Impairments	82	44	79	170	1,957
Marketing Costs	1,184	991	523	3,013	2,077
Depreciation, Depletion and Amortization	927	914	823	2,741	2,530
General and Administrative	142	120	125	372	371
Taxes Other Than Income	277	239	126	731	364
Total	3,294	2,968	2,249	9,024	9,099
Operating Income (Loss)	1,471	1,171	(3)	3,574	(1,032)
Other Income (Expense), Net	6	(2)	3	—	17
Income (Loss) Before Interest Expense and Income Taxes	1,477	1,169	—	3,574	(1,015)
Interest Expense, Net	48	45	53	140	152
Income (Loss) Before Income Taxes	1,429	1,124	(53)	3,434	(1,167)
Income Tax Provision (Benefit)	334	217	(11)	755	(225)
Net Income (Loss)	1,095	907	(42)	2,679	(942)
Dividends Declared per Common Share	0.4125	1.4125	0.3750	2.2375	1.1250
Net Income (Loss) Per Share
Basic	1.88	1.56	(0.07)	4.62	(1.63)
Diluted	1.88	1.55	(0.07)	4.59	(1.63)
Average Number of Common Shares
Basic	581	580	579	580	579
Diluted	584	584	579	584	579

13

Wellhead Volumes and Prices
(Unaudited)
	3Q 2021	3Q2020	% Change		2Q 2021	YTD 2021	YTD 2020	% Change
Crude Oil and Condensate Volumes (MBbld) (A)
United States	448.3	376.6	19	%	446.9	441.3	396.6	11	%
Trinidad	1.2	1.0	20	%	1.7	1.7	0.5	240	%
Other International (B)	—	—			—	0.1	0.2	-50	%
Total	449.5	377.6	19	%	448.6	443.1	397.3	12	%
Average Crude Oil and Condensate Prices ($/Bbl) (C)
United States	70.88	40.19	76	%	66.16	65.18	37.45	74	%
Trinidad	60.19	25.41	137	%	56.26	54.33	26.35	106	%
Other International (B)	—	25.29	-100	%	55.56	42.36	45.09	-6	%
Composite	70.85	40.15	76	%	66.12	65.14	37.44	74	%
Natural Gas Liquids Volumes (MBbld) (A)
United States	157.9	140.1	13	%	138.5	140.4	134.2	5	%
Total	157.9	140.1	13	%	138.5	140.4	134.2	5	%
Average Natural Gas Liquids Prices ($/Bbl) (C)
United States	37.72	14.34	163	%	29.15	32.07	11.95	168	%
Composite	37.72	14.34	163	%	29.15	32.07	11.95	168	%
Natural Gas Volumes (MMcfd) (A)
United States	1,210	1,008	20	%	1,199	1,170	1,029	14	%
Trinidad	212	151	40	%	233	221	175	26	%
Other International (B)	—	31	-100	%	13	12	34	-65	%
Total	1,422	1,190	19	%	1,445	1,403	1,238	13	%
Average Natural Gas Prices ($/Mcf) (C)
United States	4.50	1.49	203	%	2.99	4.30	1.38	213	%
Trinidad	3.39	2.35	44	%	3.37	3.38	2.20	53	%
Other International (B)	—	4.73	-100	%	5.69	5.67	4.45	27	%
Composite	4.34	1.68	158	%	3.07	4.17	1.58	164	%
Crude Oil Equivalent Volumes (MBoed) (D)
United States	807.9	684.7	18	%	785.2	776.8	702.3	11	%
Trinidad	36.5	26.2	39	%	40.6	38.5	29.8	29	%
Other International (B)	—	5.1	-100	%	2.2	2.0	5.7	-65	%
Total	844.4	716.0	18	%	828.0	817.3	737.8	11	%
Total MMBoe (D)	77.7	65.9	18	%	75.3	223.1	202.2	10	%
(A) Thousand barrels per day or million cubic feet per day, as applicable.
(B) Other International includes EOG's China and Canada operations. The China operations were sold in the second quarter of 2021.
(C) Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity derivative instruments (see Note 12 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021).
(D) Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.

14

Balance Sheets
In millions of USD, except share data (Unaudited)
	September 30,	December 31,
	2021	2020
Current Assets
Cash and Cash Equivalents	4,293	3,329
Accounts Receivable, Net	2,154	1,522
Inventories	521	629
Assets from Price Risk Management Activities	18	65
Income Taxes Receivable	—	23
Other	363	294
Total	7,349	5,862
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	67,024	64,793
Other Property, Plant and Equipment	4,694	4,479
Total Property, Plant and Equipment	71,718	69,272
Less: Accumulated Depreciation, Depletion and Amortization	(43,173)	(40,673)
Total Property, Plant and Equipment, Net	28,545	28,599
Deferred Income Taxes	14	2
Other Assets	1,264	1,342
Total Assets	37,172	35,805
Current Liabilities
Accounts Payable	1,972	1,681
Accrued Taxes Payable	492	206
Dividends Payable	240	217
Liabilities from Price Risk Management Activities	238	—
Current Portion of Long-Term Debt	38	781
Current Portion of Operating Lease Liabilities	250	295
Other	254	280
Total	3,484	3,460
Long-Term Debt	5,079	5,035
Other Liabilities	2,214	2,149
Deferred Income Taxes	4,630	4,859
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 585,361,866 Shares Issued at September 30, 2021 and 583,694,850 Shares Issued at December 31, 2020	206	206
Additional Paid in Capital	6,058	5,945
Accumulated Other Comprehensive Loss	(13)	(12)
Retained Earnings	15,542	14,170
Common Stock Held in Treasury, 371,249 Shares at September 30, 2021 and 124,265 Shares at December 31, 2020	(28)	(7)
Total Stockholders' Equity	21,765	20,302
Total Liabilities and Stockholders' Equity	37,172	35,805

15

Cash Flows Statements
In millions of USD (Unaudited)
	3Q 2021	3Q 2020	2Q 2021	YTD 2021	YTD 2020
Cash Flows from Operating Activities
Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities:
Net Income (Loss)	1,095	(42)	907	2,679	(942)
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	927	823	914	2,741	2,530
Impairments	82	79	44	170	1,957
Stock-Based Compensation Expenses	51	33	31	117	113
Deferred Income Taxes	(111)	(33)	(97)	(244)	(241)
(Gains) Losses on Asset Dispositions, Net	(1)	71	(51)	(46)	41
Other, Net	2	2	6	15	2
Dry Hole Costs	4	13	13	28	13
Mark-to-Market Commodity Derivative Contracts
Total (Gains) Losses	494	4	427	1,288	(1,075)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts	(293)	275	(193)	(516)	999
Other, Net	7	(1)	—	8	(1)
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(145)	(260)	(186)	(639)	931
Inventories	(6)	7	37	95	92
Accounts Payable	(68)	(37)	11	115	(1,222)
Accrued Taxes Payable	206	73	(163)	286	12
Other Assets	167	162	(119)	(55)	415
Other Liabilities	(260)	51	32	(317)	(13)
Changes in Components of Working Capital Associated with Investing Activities	45	(6)	(54)	(100)	276
Net Cash Provided by Operating Activities	2,196	1,214	1,559	5,625	3,887
Investing Cash Flows
Additions to Oil and Gas Properties	(846)	(469)	(968)	(2,689)	(2,459)
Additions to Other Property, Plant and Equipment	(50)	(18)	(55)	(147)	(165)
Proceeds from Sales of Assets	8	146	141	154	189
Changes in Components of Working Capital Associated with Investing Activities	(45)	6	54	100	(276)
Net Cash Used in Investing Activities	(933)	(335)	(828)	(2,582)	(2,711)
Financing Cash Flows
Long-Term Debt Borrowings	—	—	—	—	1,484
Long-Term Debt Repayments	—	—	—	(750)	(1,000)
Dividends Paid	(820)	(217)	(239)	(1,278)	(601)
Treasury Stock Purchased	(21)	(10)	(2)	(33)	(15)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan	—	—	9	9	8
Debt Issuance Costs	—	—	—	—	(3)
Repayment of Finance Lease Liabilities	(9)	(5)	(9)	(27)	(13)
Net Cash Used in Financing Activities	(850)	(232)	(241)	(2,079)	(140)
Effect of Exchange Rate Changes on Cash	—	2	2	—	2
Increase in Cash and Cash Equivalents	413	649	492	964	1,038
Cash and Cash Equivalents at Beginning of Period	3,880	2,417	3,388	3,329	2,028
Cash and Cash Equivalents at End of Period	4,293	3,066	3,880	4,293	3,066

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Non-GAAP Financial Measures

To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), EOG’s quarterly earnings releases and related conference calls, accompanying investor presentation slides and presentation slides for investor conferences contain certain financial measures that are not prepared or presented in accordance with GAAP.These non-GAAP financial measures may include, but are not limited to, Adjusted Net Income (Loss), Discretionary Cash Flow, Free Cash Flow, Adjusted EBITDAX, Net Debt and related statistics.

A reconciliation of each of these measures to their most directly comparable GAAP financial measure and related discussion is included in the tables on the following pages and can also be found in the “Reconciliations & Guidance” section of the “Investors” page of the EOG website at www.eogresources.com.

As further discussed in the tables on the following pages, EOG believes these measures may be useful to investors who follow the practice of some industry analysts who make certain adjustments to GAAP measures (for example, to exclude non-recurring items) to facilitate comparisons to others in EOG’s industry, and who utilize non-GAAP measures in their calculations of certain statistics (for example, return on capital employed and return on equity) used to evaluate EOG’s performance.

EOG believes that the non-GAAP measures presented, when viewed in combination with its financial and operating results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the company’s performance. As is discussed in the tables on the following pages, EOG uses these non-GAAP measures for purposes of (i) comparing EOG’s financial and operating performance with the financial and operating performance of other companies in the industry and (ii) analyzing EOG’s financial and operating performance across periods.

The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG’s reported Net Income (Loss), Long-Term Debt (including Current Portion of Long-Term Debt), Net Cash Provided by Operating Activities and other financial results calculated in accordance with GAAP. The non-GAAP measures presented should be read in conjunction with EOG's consolidated financial statements prepared in accordance with GAAP.

In addition, because not all companies use identical calculations, EOG’s presentation of non-GAAP measures may not be comparable to, and may be calculated differently from, similarly titled measures disclosed by other companies, including its peer companies. EOG may also change the calculation of one or more of its non-GAAP measures from time to time – for example, to account for changes in its business and operations or to more closely conform to peer company or industry analysts’ practices.

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Adjusted Net Income (Loss)
In millions of USD, except share data (in millions) and per share data (Unaudited)
The following tables adjust the reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of commodity derivative contracts by eliminating the unrealized mark-to-market (gains) losses from these transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets) - see "Revenues, Costs and Margins Per Barrel of Oil Equivalent" below for additional related discussion) and to make certain other adjustments to exclude non-recurring and certain other items as further described below. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
	3Q 2021
	Before Tax	Income Tax Impact	After Tax		Diluted Earnings per Share
Reported Net Income (GAAP)	1,429	(334)	1,095		1.88
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts	494	(108)	386		0.65
Net Cash Payments for Settlements of Commodity Derivative Contracts	(293)	64	(229)		(0.39)
Less: Gains on Asset Dispositions, Net	(1)	—	(1)		—
Add: Certain Impairments	13	—	13		0.02
Adjustments to Net Income	213	(44)	169		0.28
Adjusted Net Income (Non-GAAP)	1,642	(378)	1,264		2.16
Average Number of Common Shares (GAAP)
Basic					581
Diluted					584
Average Number of Common Shares (Non-GAAP)
Basic					581
Diluted					584

18

Adjusted Net Income (Loss) (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
	3Q 2020
	Before Tax	Income Tax Impact	After Tax		Diluted Earnings per Share
Reported Net Loss (GAAP)	(53)	11	(42)		(0.07)
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts	4	—	4		0.01
Net Cash Received from Settlements of Commodity Derivative Contracts	275	(60)	215		0.37
Add: Losses on Asset Dispositions, Net	71	(16)	55		0.09
Add: Certain Impairments	27	(7)	20		0.03
Adjustments to Net Loss	377	(83)	294		0.50
Adjusted Net Income (Non-GAAP)	324	(72)	252		0.43
Average Number of Common Shares (GAAP)
Basic					579
Diluted					579
Average Number of Common Shares (Non-GAAP)
Basic					579
Diluted					581

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Adjusted Net Income (Loss) (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
	2Q 2021
	Before Tax	Income Tax Impact	After Tax		Diluted Earnings per Share
Reported Net Income (GAAP)	1,124	(217)	907		1.55
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts	427	(93)	334		0.58
Net Cash Payments for Settlements of Commodity Derivative Contracts	(193)	42	(151)		(0.26)
Less: Gains on Asset Dispositions, Net	(51)	17	(34)		(0.06)
Add: Certain Impairments	1	—	1		—
Less: Tax Benefits Related to Exiting Canada Operations	—	(45)	(45)		(0.08)
Adjustments to Net Income	184	(79)	105		0.18
Adjusted Net Income (Non-GAAP)	1,308	(296)	1,012		1.73
Average Number of Common Shares (GAAP)
Basic					580
Diluted					584
Average Number of Common Shares (Non-GAAP)
Basic					580
Diluted					584

20

Adjusted Net Income (Loss) (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
	YTD 2021
	Before Tax	Income Tax Impact	After Tax		Diluted Earnings per Share
Reported Net Income (GAAP)	3,434	(755)	2,679		4.59
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts	1,288	(282)	1,006		1.72
Net Cash Payments for Settlements of Commodity Derivative Contracts	(516)	113	(403)		(0.69)
Less: Gains on Asset Dispositions, Net	(46)	16	(30)		(0.05)
Add: Certain Impairments	15	—	15		0.03
Less: Tax Benefits Related to Exiting Canada Operations	—	(45)	(45)		(0.08)
Adjustments to Net Income	741	(198)	543		0.93
Adjusted Net Income (Non-GAAP)	4,175	(953)	3,222		5.52
Average Number of Common Shares (GAAP)
Basic					580
Diluted					584
Average Number of Common Shares (Non-GAAP)
Basic					580
Diluted					584

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Adjusted Net Income (Loss) (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
	YTD 2020
	Before Tax	Income Tax Impact	After Tax		Diluted Earnings per Share
Reported Net Loss (GAAP)	(1,167)	225	(942)		(1.63)
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts	(1,075)	236	(839)		(1.45)
Net Cash Received from Settlements of Commodity Derivative Contracts	999	(219)	780		1.35
Add: Losses on Asset Dispositions, Net	41	(9)	32		0.06
Add: Certain Impairments	1,782	(374)	1,408		2.43
Adjustments to Net Loss	1,747	(366)	1,381		2.39
Adjusted Net Income (Non-GAAP)	580	(141)	439		0.76
Average Number of Common Shares (GAAP)
Basic					579
Diluted					579
Average Number of Common Shares (Non-GAAP)
Basic					579
Diluted					580

22

Adjusted Net Income (Loss) (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
	FY 2020
	Before Tax	Income Tax Impact	After Tax		Diluted Earnings per Share
Reported Net Loss (GAAP)	(739)	134	(605)		(1.04)
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts	(1,145)	251	(894)		(1.55)
Net Cash Received from Settlements of Commodity Derivative Contracts	1,071	(235)	836		1.44
Add: Losses on Asset Dispositions, Net	47	(10)	37		0.06
Add: Certain Impairments	1,868	(392)	1,476		2.55
Adjustments to Net Loss	1,841	(386)	1,455		2.50
Adjusted Net Income (Non-GAAP)	1,102	(252)	850		1.46
Average Number of Common Shares (GAAP)
Basic					579
Diluted					579
Average Number of Common Shares (Non-GAAP)
Basic					579
Diluted					581

23

Adjusted Net Income Per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
2Q 2021 Adjusted Net Income per Share (Non-GAAP)		1.73
Realized Price
3Q 2021 Composite Average Wellhead Revenue per Boe	52.07
Less: 2Q 2021 Composite Average Welhead Revenue per Boe	(46.07)
Subtotal	6.00
Multiplied by: 3Q 2021 Crude Oil Equivalent Volumes (MMBoe)	77.7
Total Change in Revenue	466
Less: Income Tax Benefit (Cost) Imputed (based on 23%)	(107)
Change in Net Income	359
Change in Diluted Earnings per Share		0.61
Net Cash Received (Paid) from Settlements of Commodity Derivative Contracts
3Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts	(293)
Less: Income Tax Benefit (Cost)	64
After Tax - (a)	(229)
2Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts	(193)
Less: Income Tax Benefit (Cost)	42
After Tax - (b)	(151)
Change in Net Income - (a) - (b)	(78)
Change in Diluted Earnings per Share		(0.13)
Wellhead Volumes
3Q 2021 Crude Oil Equivalent Volumes (MMBoe)	77.7
Less: 2Q 2021 Crude Oil Equivalent Volumes (MMBoe)	(75.3)
Subtotal	2.3
Multiplied by: 3Q 2021 Composite Average Margin per Boe (Including Total Exploration Costs) (Non-GAAP) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)	24.45
Change in Revenue	57
Less: Income Tax Benefit (Cost) Imputed (based on 23%)	(13)
Change in Net Income	44
Change in Diluted Earnings per Share		0.08
Operating Cost per Boe
2Q 2021 Total Operating Cost per Boe (including Total Exploration Costs) (Non-GAAP) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)	26.82
Less: 3Q 2021 Total Operating Cost per Boe (including Total Exploration Costs) (Non-GAAP) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)	(27.62)
Subtotal	(0.8)
Multiplied by: 3Q 2021 Crude Oil Equivalent Volumes (MMBoe)	77.7
Change in Before-Tax Net Income	(62)
Less: Income Tax Benefit (Cost) Imputed (based on 23%)	14
Change in Net Income	(48)
Change in Diluted Earnings per Share		(0.08)
Other Items		(0.05)
3Q 2021 Adjusted Net Income per Share (Non-GAAP)		2.16
3Q 2021 Average Number of Common Shares (Non-GAAP) - Diluted	584

24

Discretionary Cash Flow and Free Cash Flow
In millions of USD (Unaudited)
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Discretionary Cash Flow (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 certain other adjustments to exclude non-recurring and certain other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Discretionary Cash Flow (Non-GAAP) (see below reconciliation) for such period less the total cash capital expenditures (before acquisitions) incurred (Non-GAAP) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry.
	3Q 2021		2Q 2021	3Q 2020	YTD 2021			YTD 2020
Net Cash Provided by Operating Activities (GAAP)	2,196		1,559	1,214	5,625			3,887
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)	39		29	37	96			90
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	145		186	260	639			(931)
Inventories	6		(37)	(7)	(95)			(92)
Accounts Payable	68		(11)	37	(115)			1,222
Accrued Taxes Payable	(206)		163	(73)	(286)			(12)
Other Assets	(167)		119	(162)	55			(415)
Other Liabilities	260		(32)	(51)	317			13
Changes in Components of Working Capital Associated with Investing Activities	(45)		54	6	100			(276)
Other Non-Current Income Taxes - Net Receivable	—		—	—	—			113
Discretionary Cash Flow (Non-GAAP)	2,296		2,030	1,261	6,336			3,599
Discretionary Cash Flow (Non-GAAP) - Percentage Increase	82	%			76	%
Discretionary Cash Flow (Non-GAAP)	2,296		2,030	1,261	6,336			3,599
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)	(935)		(972)	(499)	(2,852)			(2,662)
Free Cash Flow (Non-GAAP)	1,361		1,058	762	3,484			937

25

(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP):
	3Q 2021	2Q 2021	3Q 2020	YTD 2021	YTD 2020
Total Expenditures (GAAP)	962	1,089	646	3,118	3,006
Less:
Asset Retirement Costs	(8)	(31)	(44)	(56)	(69)
Non-Cash Expenditures of Other Property, Plant and Equipment	—	—	—	—	—
Non-Cash Acquisition Costs of Unproved Properties	(15)	—	(80)	(37)	(128)
Non-Cash Finance Leases	—	—	—	(74)	(73)
Acquisition Costs of Proved Properties	(4)	(86)	(23)	(99)	(74)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)	935	972	499	2,852	2,662

26

Discretionary Cash Flow and Free Cash Flow (Continued)
In millions of USD (Unaudited)
	FY 2020		FY 2019		FY 2018			FY 2017
Net Cash Provided by Operating Activities (GAAP)	5,008		8,163		7,769			4,265
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)	126		113		125			122
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(467)		92		368			392
Inventories	(123)		(90)		395			175
Accounts Payable	795		(169)		(439)			(324)
Accrued Taxes Payable	49		(40)		92			64
Other Assets	(325)		(358)		125			659
Other Liabilities	(8)		57		(11)			90
Changes in Components of Working Capital Associated with Investing and Financing Activities	(75)		115		(301)			(90)
Other Non-Current Income Taxes - Net (Payable) Receivable	113		239		149			(513)
Discretionary Cash Flow (Non-GAAP)	5,093		8,122		8,272			4,840
Discretionary Cash Flow (Non-GAAP) - Percentage Increase (Decrease)	-37	%	-2	%	71	%		76	%
Discretionary Cash Flow (Non-GAAP)	5,093		8,122		8,272			4,840
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)	(3,490)		(6,234)		(6,172)			(4,228)
Free Cash Flow (Non-GAAP)	1,603		1,888		2,100			612
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP):
Total Expenditures (GAAP)	4,113		6,900		6,706			4,613
Less:
Asset Retirement Costs	(117)		(186)		(70)			(56)
Non-Cash Expenditures of Other Property, Plant and Equipment	—		(2)		(1)			—
Non-Cash Acquisition Costs of Unproved Properties	(197)		(98)		(291)			(256)
Non-Cash Finance Leases	(174)		—		(48)			—
Acquisition Costs of Proved Properties	(135)		(380)		(124)			(73)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)	3,490		6,234		6,172			4,228

27

Discretionary Cash Flow and Free Cash Flow (Continued)
In millions of USD (Unaudited)
	FY 2016		FY 2015		FY 2014		FY 2013			FY 2012
Net Cash Provided by Operating Activities (GAAP)	2,359		3,595		8,649		7,329			5,237
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)	104		124		158		134			158
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	233		(641)		(85)		24			179
Inventories	(171)		(58)		162		(53)			157
Accounts Payable	74		1,409		(544)		(179)			17
Accrued Taxes Payable	(93)		(12)		(16)		(75)			(78)
Other Assets	41		(118)		14		110			119
Other Liabilities	16		66		(75)		20			(36)
Changes in Components of Working Capital Associated with Investing and Financing Activities	156		(500)		103		51			(74)
Excess Tax Benefits from Stock-Based Compensation	30		26		99		56			67
Discretionary Cash Flow (Non-GAAP)	2,749		3,891		8,465		7,417			5,746
Discretionary Cash Flow (Non-GAAP) - Percentage Increase (Decrease)	-29	%	-54	%	14	%	29	%
Discretionary Cash Flow (Non-GAAP)	2,749		3,891		8,465		7,417			5,746
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)	(2,706)		(4,682)		(8,292)		(7,102)			(7,540)
Free Cash Flow (Non-GAAP)	43		(791)		173		315			(1,794)
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP):
Total Expenditures (GAAP)	6,554		5,216		8,632		7,361			7,754
Less:
Asset Retirement Costs	20		(53)		(196)		(134)			(127)
Non-Cash Expenditures of Other Property, Plant and Equipment	(17)		—		—		—			(66)
Non-Cash Acquisition Costs of Unproved Properties	(3,102)		—		(5)		(5)			(20)
Acquisition Costs of Proved Properties	(749)		(481)		(139)		(120)			(1)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)	2,706		4,682		8,292		7,102			7,540

28

Total Expenditures
In millions of USD (Unaudited)
	3Q 2021	3Q 2020	FY 2020	FY 2019	FY 2018	FY 2017
Exploration and Development Drilling	653	378	2,664	4,951	4,935	3,132
Facilities	100	38	347	629	625	575
Leasehold Acquisitions	90	88	265	276	488	427
Property Acquisitions	4	23	135	380	124	73
Capitalized Interest	9	7	31	38	24	27
Subtotal	856	534	3,442	6,274	6,196	4,234
Exploration Costs	44	38	146	140	149	145
Dry Hole Costs	4	13	13	28	5	5
Exploration and Development Expenditures	904	585	3,601	6,442	6,350	4,384
Asset Retirement Costs	8	44	117	186	70	56
Total Exploration and Development Expenditures	912	629	3,718	6,628	6,420	4,440
Other Property, Plant and Equipment	50	17	395	272	286	173
Total Expenditures	962	646	4,113	6,900	6,706	4,613

29

EBITDAX and Adjusted EBITDAX
In millions of USD (Unaudited)
The following table adjusts the reported Net Income (Loss) (GAAP) to Earnings Before Interest Expense, Net, Income Taxes (Income Tax Provision (Benefit)), Depreciation, Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments (EBITDAX) (Non-GAAP) and further adjusts such amount to reflect actual Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts by eliminating the unrealized Mark-to-Market (MTM) (Gains) Losses from these transactions and to eliminate the (Gains) Losses on Asset Dispositions (Net). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported Net Income (Loss) (GAAP) to add back Interest Expense, Net, Income Taxes (Income Tax Provision (Benefit)), Depreciation, Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments and further adjust such amount to match realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
	3Q 2021		3Q 2020	YTD 2021		YTD 2020
Net Income (Loss) (GAAP)	1,095		(42)	2,679		(942)
Adjustments:
Interest Expense, Net	48		53	140		152
Income Tax Provision (Benefit)	334		(11)	755		(225)
Depreciation, Depletion and Amortization	927		823	2,741		2,530
Exploration Costs	44		38	112		105
Dry Hole Costs	4		13	28		13
Impairments	82		79	170		1,957
EBITDAX (Non-GAAP)	2,534		953	6,625		3,590
(Gains) Losses on MTM Commodity Derivative Contracts	494		4	1,288		(1,075)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts	(293)		275	(516)		999
(Gains) Losses on Asset Dispositions, Net	(1)		71	(46)		41
Adjusted EBITDAX (Non-GAAP)	2,734		1,303	7,351		3,555
Adjusted EBITDAX (Non-GAAP) - Percentage Increase	110	%		107	%
Definitions
EBITDAX - Earnings Before Interest Expense, Net; Income Tax Provision (Benefit); Depreciation, Depletion and Amortization; Exploration Costs; Dry Hole Costs; and Impairments

30

Net Debt-to-Total Capitalization Ratio
In millions of USD, except ratio data (Unaudited)
The following tables reconcile Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (Non-GAAP), as used in the Net Debt-to-Total Capitalization ratio calculation. A portion of the cash is associated with international subsidiaries; tax considerations may impact debt paydown. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize Net Debt and Total Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation. EOG management uses this information for comparative purposes within the industry.
	September 30, 2021		June 30, 2021		March 31, 2021
Total Stockholders' Equity - (a)	21,765		20,881		20,762
Current and Long-Term Debt (GAAP) - (b)	5,117		5,125		5,133
Less: Cash	(4,293)		(3,880)		(3,388)
Net Debt (Non-GAAP) - (c)	824		1,245		1,745
Total Capitalization (GAAP) - (a) + (b)	26,882		26,006		25,895
Total Capitalization (Non-GAAP) - (a) + (c)	22,589		22,126		22,507
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	19.0	%	19.7	%	19.8	%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	3.6	%	5.6	%	7.8	%

31

Net Debt-to-Total Capitalization Ratio (Continued)
In millions of USD, except ratio data (Unaudited)
	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Total Stockholders' Equity - (a)	20,302		20,148		20,388		21,471
Current and Long-Term Debt (GAAP) - (b)	5,816		5,721		5,724		5,222
Less: Cash	(3,329)		(3,066)		(2,417)		(2,907)
Net Debt (Non-GAAP) - (c)	2,487		2,655		3,307		2,315
Total Capitalization (GAAP) - (a) + (b)	26,118		25,869		26,112		26,693
Total Capitalization (Non-GAAP) - (a) + (c)	22,789		22,803		23,695		23,786
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	22.3	%	22.1	%	21.9	%	19.6	%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	10.9	%	11.6	%	14.0	%	9.7	%

32

Net Debt-to-Total Capitalization Ratio (Continued)
In millions of USD, except ratio data (Unaudited)
	December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019
Total Stockholders' Equity - (a)	21,641		21,124		20,630		19,904
Current and Long-Term Debt (GAAP) - (b)	5,175		5,177		5,179		6,081
Less: Cash	(2,028)		(1,583)		(1,160)		(1,136)
Net Debt (Non-GAAP) - (c)	3,147		3,594		4,019		4,945
Total Capitalization (GAAP) - (a) + (b)	26,816		26,301		25,809		25,985
Total Capitalization (Non-GAAP) - (a) + (c)	24,788		24,718		24,649		24,849
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	19.3	%	19.7	%	20.1	%	23.4	%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	12.7	%	14.5	%	16.3	%	19.9	%

33

Net Debt-to-Total Capitalization Ratio (Continued)
In millions of USD, except ratio data (Unaudited)
	December 31, 2018		September 30, 2018		June 30, 2018		March 31, 2018
Total Stockholders' Equity - (a)	19,364		18,538		17,452		16,841
Current and Long-Term Debt (GAAP) - (b)	6,083		6,435		6,435		6,435
Less: Cash	(1,556)		(1,274)		(1,008)		(816)
Net Debt (Non-GAAP) - (c)	4,527		5,161		5,427		5,619
Total Capitalization (GAAP) - (a) + (b)	25,447		24,973		23,887		23,276
Total Capitalization (Non-GAAP) - (a) + (c)	23,891		23,699		22,879		22,460
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	23.9	%	25.8	%	26.9	%	27.6	%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	18.9	%	21.8	%	23.7	%	25.0	%

34

Net Debt-to-Total Capitalization Ratio (Continued)
In millions of USD, except ratio data (Unaudited)
	December 31, 2017		September 30, 2017		June 30, 2017		March 31, 2017
Total Stockholders' Equity - (a)	16,283		13,922		13,902		13,928
Current and Long-Term Debt (GAAP) - (b)	6,387		6,387		6,987		6,987
Less: Cash	(834)		(846)		(1,649)		(1,547)
Net Debt (Non-GAAP) - (c)	5,553		5,541		5,338		5,440
Total Capitalization (GAAP) - (a) + (b)	22,670		20,309		20,889		20,915
Total Capitalization (Non-GAAP) - (a) + (c)	21,836		19,463		19,240		19,368
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	28.2	%	31.4	%	33.4	%	33.4	%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	25.4	%	28.5	%	27.7	%	28.1	%

35

Net Debt-to-Total Capitalization Ratio (Continued)
In millions of USD, except ratio data (Unaudited)
	December 31, 2016		September 30, 2016		June 30, 2016		March 31, 2016		December 31, 2015
Total Stockholders' Equity - (a)	13,982		11,798		12,057		12,405		12,943
Current and Long-Term Debt (GAAP) - (b)	6,986		6,986		6,986		6,986		6,660
Less: Cash	(1,600)		(1,049)		(780)		(668)		(719)
Net Debt (Non-GAAP) - (c)	5,386		5,937		6,206		6,318		5,941
Total Capitalization (GAAP) - (a) + (b)	20,968		18,784		19,043		19,391		19,603
Total Capitalization (Non-GAAP) - (a) + (c)	19,368		17,735		18,263		18,723		18,884
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	33.3	%	37.2	%	36.7	%	36.0	%	34.0	%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	27.8	%	33.5	%	34.0	%	33.7	%	31.5	%

36

Reserve Replacement Cost Data
In millions of USD, except reserves and ratio data (Unaudited)
The following table 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 Boe. 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 proved reserve additions from extensions and discoveries only, or from all sources. Combined with Reserve Replacement, these statistics (and the non-GAAP measures used in calculating such statistics) provide management and investors with an indication of the results of the current year capital investment program. Reserve Replacement Cost statistics (and the non-GAAP measures used in calculating such 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 exploration and development expenditures.
	2020	2019	2018	2017	2016	2015		2014
Total Costs Incurred in Exploration and Development Activities (GAAP)	3,718	6,628	6,420	4,440	6,445	4,928		7,905
Less: Asset Retirement Costs	(117)	(186)	(70)	(56)	20	(53)		(196)
Non-Cash Acquisition Costs of Unproved Properties	(197)	(98)	(291)	(256)	(3,102)	—		—
Acquisition Costs of Proved Properties	(135)	(380)	(124)	(73)	(749)	(481)		(139)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)	3,269	5,964	5,935	4,055	2,614	4,394		7,570
Total Costs Incurred in Exploration and Development Activities (GAAP)	3,718	6,628	6,420	4,440	6,445	4,928		7,905
Less: Asset Retirement Costs	(117)	(186)	(70)	(56)	20	(53)		(196)
Non-Cash Acquisition Costs of Unproved Properties	(197)	(98)	(291)	(256)	(3,102)	—		—
Non-Cash Acquisition Costs of Proved Properties	(15)	(52)	(71)	(26)	(732)	—		—
Total Exploration and Development Expenditures (Non-GAAP) - (b)	3,389	6,292	5,988	4,102	2,631	4,875		7,709
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)	(278)	(60)	35	154	(101)	(574)		52
Revisions Other Than Price	(89)	—	(40)	48	253	107		49
Purchases in Place	10	17	12	2	42	56		14
Extensions, Discoveries and Other Additions - (d)	564	750	670	421	209	246		519
Total Proved Reserve Additions - (e)	207	707	677	625	403	(165)		634
Sales in Place	(31)	(5)	(11)	(21)	(168)	(4)		(36)
Net Proved Reserve Additions From All Sources	176	702	666	604	235	(169)		598
Production	285	301	265	224	206	210		220

37

	2020	2019	2018	2017	2016	2015	2014
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)	5.79	7.95	8.86	9.64	12.51	17.87	14.58
All-in Total, Net of Revisions - (b / e)	16.32	8.90	8.85	6.56	6.52	(29.63)	12.16
All-in Total, Excluding Revisions Due to Price - (b / ( e - c))	6.98	8.21	9.33	8.71	5.22	11.91	13.25

Definitions
$/Boe	U.S. Dollars per barrel of oil equivalent
MMBoe	Million barrels of oil equivalent

38

Financial Commodity Derivative Contracts

EOG accounts for financial commodity derivative contracts using the mark-to-market accounting method.

Presented below is a comprehensive summary of EOG's financial commodity derivative contracts as of October 29, 2021.

Crude Oil Financial Price Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MBbld)	Weighted Average Price ($/Bbl)
January 2021 (closed)	NYMEX WTI	151	$	50.06
February - March 2021 (closed)	NYMEX WTI	201	51.29
April - June 2021 (closed)	NYMEX WTI	150	51.68
July - September 2021 (closed)	NYMEX WTI	150	52.71
January - March 2022	NYMEX WTI	140	65.58
April - June 2022	NYMEX WTI	140	65.62
July - September 2022	NYMEX WTI	140	65.59
October - December 2022	NYMEX WTI	140	65.68
January - March 2023	NYMEX WTI	150	67.92
April - June 2023	NYMEX WTI	120	67.79
July - September 2023	NYMEX WTI	9	68.00

Crude Oil Basis Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MBbld)	Weighted Average Price Differential ($/Bbl)
February 2021 (closed)	NYMEX WTI Roll Differential (1)	30	$	0.11
March - November 2021 (closed)	NYMEX WTI Roll Differential (1)	125	0.17
December 2021	NYMEX WTI Roll Differential (1)	125	0.17
January - December 2022	NYMEX WTI Roll Differential (1)	125	0.15

(1)    This settlement index is used to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month.

NGL Financial Price Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MBbld)	Weighted Average Price ($/Bbl)
January - October 2021 (closed)	Mont Belvieu Propane (non-Tet)	15	$	29.44
November - December 2021	Mont Belvieu Propane (non-Tet)	15	29.44

39

Natural Gas Financial Price Swap Contracts
		Contracts Sold			Contracts Purchased
Period	Settlement Index	Volume (MMBtud in thousands)	Weighted Average Price ($/MMBtu)		Volume (MMBtud in thousands)	Weighted Average Price ($/MMBtu)
January - March 2021 (closed)	NYMEX Henry Hub	500	$	2.99	500	$	2.43
April - September 2021 (closed)	NYMEX Henry Hub	500	2.99		570	2.81
October - November 2021 (closed)	NYMEX Henry Hub	500	2.99		500	2.83
December 2021	NYMEX Henry Hub	500	2.99		500	2.83
January - December 2022 (closed) (1)	NYMEX Henry Hub	20	2.75		—	—
January - December 2022	NYMEX Henry Hub	725	3.57		—	—
January - December 2023	NYMEX Henry Hub	725	3.18		—	—
January - December 2024	NYMEX Henry Hub	725	3.07		—	—
January - December 2025	NYMEX Henry Hub	725	3.07		—	—
April - September 2021 (closed)	JKM	70	6.65		—	—

(1)    In January 2021, EOG executed the early termination provision granting EOG the right to terminate all of its 2022 natural gas price swap contracts which were open at that time. EOG received net cash of $0.6 million for the settlement of these contracts.

Natural Gas Basis Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MMBtud in thousands)	Weighted Average Price ($/MMBtu)
January - December 2022	NYMEX Henry Hub HSC Differential (1)	140	$	0.01
January - December 2023	NYMEX Henry Hub HSC Differential (1)	65	0.00
January - December 2024	NYMEX Henry Hub HSC Differential (1)	10	0.00
January - December 2025	NYMEX Henry Hub HSC Differential (1)	10	0.00

(1)    This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices.

40

Glossary:
$/Bbl	Dollars per barrel
$/MMBtu	Dollars per million British Thermal Units
Bbl	Barrel
EOG	EOG Resources, Inc.
HSC	Houston Ship Channel
JKM	Japan Korea Marker
MBbld	Thousand barrels per day
MMBtu	Million British Thermal Units
MMBtud	Million British Thermal Units per day
NGL	Natural Gas Liquids
NYMEX	New York Mercantile Exchange
WTI	West Texas Intermediate

41

Direct After-Tax Rate of Return
The calculation of EOG's direct after-tax rate of return (ATROR) with respect to EOG's capital expenditure program for a particular play or well is based on the estimated recoverable reserves ("net" to EOG’s interest) for all wells in such play or such well (as the case may be), the estimated net present value (NPV) of the future net cash flows from such reserves (for which we utilize certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring (as the case may be) such wells or well (as the case may be). As such, EOG's direct ATROR with respect to our capital expenditures for a particular play or well cannot be calculated from our consolidated financial statements.
Direct ATROR
Based on Cash Flow and Time Value of Money
- Estimated future commodity prices and operating costs
- Costs incurred to drill, complete and equip a well, including wellsite facilities and flowback
Excludes Indirect Capital
- Gathering and Processing and other Midstream
- Land, Seismic, Geological and Geophysical
- Offsite Production Facilities
Payback ~12 Months on 100% Direct ATROR Wells
First Five Years ~1/2 Estimated Ultimate Recovery Produced but ~3/4 of NPV Captured
Return on Equity / Return on Capital Employed
Based on GAAP Accrual Accounting
Includes All Indirect Capital and Growth Capital for Infrastructure
- Eagle Ford, Bakken, Permian and Powder River Basin Facilities
- Gathering and Processing
Includes Legacy Gas Capital and Capital from Mature Wells

42

ROCE & ROE
In millions of USD, except ratio data (Unaudited)
The following tables reconcile Interest Expense, Net (GAAP), Net Income (Loss) (GAAP), Current and Long-Term Debt (GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest Expense (Non-GAAP), Adjusted Net Income (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization (Non-GAAP), respectively, as used in the Return on Capital Employed (ROCE) and Return on Equity (ROE) calculations. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize After-Tax Net Interest Expense, Adjusted Net Income, Net Debt and Total Capitalization (Non-GAAP) in their ROCE and ROE calculations. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
	2020		2019		2018			2017
Interest Expense, Net (GAAP)	205		185		245
Tax Benefit Imputed (based on 21%)	(43)		(39)		(51)
After-Tax Net Interest Expense (Non-GAAP) - (a)	162		146		194
Net Income (Loss) (GAAP) - (b)	(605)		2,735		3,419
Adjustments to Net Income (Loss), Net of Tax (See Below Detail) (1)	1,455		158		(201)
Adjusted Net Income (Non-GAAP) - (c)	850		2,893		3,218
Total Stockholders' Equity - (d)	20,302		21,641		19,364			16,283
Average Total Stockholders' Equity * - (e)	20,972		20,503		17,824
Current and Long-Term Debt (GAAP) - (f)	5,816		5,175		6,083			6,387
Less: Cash	(3,329)		(2,028)		(1,556)			(834)
Net Debt (Non-GAAP) - (g)	2,487		3,147		4,527			5,553
Total Capitalization (GAAP) - (d) + (f)	26,118		26,816		25,447			22,670
Total Capitalization (Non-GAAP) - (d) + (g)	22,789		24,788		23,891			21,836
Average Total Capitalization (Non-GAAP) * - (h)	23,789		24,340		22,864
Return on Capital Employed (ROCE)
GAAP Net Income (Loss) - [(a) + (b)] / (h)	(1.9)	%	11.8	%	15.8	%
Non-GAAP Adjusted Net Income - [(a) + (c)] / (h)	4.3	%	12.5	%	14.9	%
Return on Equity (ROE)
GAAP Net Income (Loss) - (b) / (e)	(2.9)	%	13.3	%	19.2	%
Non-GAAP Adjusted Net Income - (c) / (e)	4.1	%	14.1	%	18.1	%
* Average for the current and immediately preceding year

43

(1) Detail of adjustments to Net Income (Loss) (GAAP):
	Before Tax	Income Tax Impact	After Tax
Year Ended December 31, 2020
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact	(74)	16	(58)
Add: Impairments of Certain Assets	1,868	(392)	1,476
Add: Net Losses on Asset Dispositions	47	(10)	37
Total	1,841	(386)	1,455
Year Ended December 31, 2019
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact	51	(11)	40
Add: Impairments of Certain Assets	275	(60)	215
Less: Net Gains on Asset Dispositions	(124)	27	(97)
Total	202	(44)	158
Year Ended December 31, 2018
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact	(93)	20	(73)
Add: Impairments of Certain Assets	153	(34)	119
Less: Net Gains on Asset Dispositions	(175)	38	(137)
Less: Tax Reform Impact	—	(110)	(110)
Total	(115)	(86)	(201)

44

ROCE & ROE
In millions of USD, except ratio data (Unaudited)
The following tables reconcile Interest Expense, Net (GAAP), Current and Long-Term Debt (GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest Expense (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization (Non-GAAP), respectively, as used in the Return on Capital Employed (ROCE) and Return on Equity (ROE) calculations. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize After-Tax Net Interest Expense, Net Debt and Total Capitalization (Non-GAAP) in their ROCE calculation. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
	2017		2016		2015
Interest Expense, Net (GAAP)	274		282		237
Tax Benefit Imputed (based on 35%)	(96)		(99)		(83)
After-Tax Net Interest Expense (Non-GAAP) - (a)	178		183		154
Net Income (Loss) (GAAP) - (b)	2,583		(1,097)		(4,525)
Total Stockholders' Equity - (d)	16,283		13,982		12,943
Average Total Stockholders' Equity* - (e)	15,133		13,463		15,328
Current and Long-Term Debt (GAAP) - (f)	6,387		6,986		6,655
Less: Cash	(834)		(1,600)		(719)
Net Debt (Non-GAAP) - (g)	5,553		5,386		5,936
Total Capitalization (GAAP) - (d) + (f)	22,670		20,968		19,598
Total Capitalization (Non-GAAP) - (d) + (g)	21,836		19,368		18,879
Average Total Capitalization (Non-GAAP)* - (h)	20,602		19,124		20,206
Return on Capital Employed (ROCE)
GAAP Net Income (Loss) - [(a) + (b)] / (h)	13.4	%	-4.8	%	-21.6	%
Return on Equity (ROE)
GAAP Net Income (Loss) - (b) / (e)	17.1	%	-8.1	%	-29.5	%
* Average for the current and immediately preceding year

45

ROCE & ROE (Continued)
In millions of USD, except ratio data (Unaudited)
	2014		2013		2012
Interest Expense, Net (GAAP)	201		235		214
Tax Benefit Imputed (based on 35%)	(70)		(82)		(75)
After-Tax Net Interest Expense (Non-GAAP) - (a)	131		153		139
Net Income (GAAP) - (b)	2,915		2,197		570
Total Stockholders' Equity - (d)	17,713		15,418		13,285
Average Total Stockholders' Equity* - (e)	16,566		14,352		12,963
Current and Long-Term Debt (GAAP) - (f)	5,906		5,909		6,312
Less: Cash	(2,087)		(1,318)		(876)
Net Debt (Non-GAAP) - (g)	3,819		4,591		5,436
Total Capitalization (GAAP) - (d) + (f)	23,619		21,327		19,597
Total Capitalization (Non-GAAP) - (d) + (g)	21,532		20,009		18,721
Average Total Capitalization (Non-GAAP)* - (h)	20,771		19,365		17,878
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h)	14.7	%	12.1	%	4.0	%
Return on Equity (ROE)
GAAP Net Income - (b) / (e)	17.6	%	15.3	%	4.4	%
* Average for the current and immediately preceding year

46

Revenues, Costs and Margins Per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or margin per barrel of oil equivalent (Boe). Certain of these components are adjusted for non-recurring and certain other items, as further discussed below.   EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
	3Q 2021	2Q 2021	1Q 2021	4Q 2020	3Q 2020
Volume - Million Barrels of Oil Equivalent - (a)	77.7	75.3	70.1	73.7	65.9
Total Operating Revenues and Other (b)	4,765	4,139	3,694	2,965	2,246
Total Operating Expenses (c)	3,294	2,968	2,762	2,477	2,249
Operating Income (Loss) (d)	1,471	1,171	932	488	(3)
Wellhead Revenues
Crude Oil and Condensate	2,929	2,699	2,251	1,711	1,395
Natural Gas Liquids	548	367	314	229	185
Natural Gas	568	404	625	302	184
Total Wellhead Revenues - (e)	4,045	3,470	3,190	2,242	1,764
Operating Costs
Lease and Well	270	270	270	261	227
Transportation Costs	219	214	202	195	180
Gathering and Processing Costs	145	128	139	119	115
General and Administrative	142	120	110	113	125
Taxes Other Than Income	277	239	215	114	126
Interest Expense, Net	48	45	47	53	53
Total Operating Cost (excluding DD&A and Total Exploration Costs) (f)	1,101	1,016	983	855	826
Depreciation, Depletion and Amortization (DD&A)	927	914	900	870	823
Total Operating Cost (excluding Total Exploration Costs) - (g)	2,028	1,930	1,883	1,725	1,649
Exploration Costs	44	35	33	41	38
Dry Hole Costs	4	13	11	—	13
Impairments	82	44	44	143	79
Total Exploration Costs (GAAP)	130	92	88	184	130
Less: Certain Impairments (1)	(13)	(1)	(1)	(86)	(27)
Total Exploration Costs (Non-GAAP)	117	91	87	98	103
Total Operating Cost (including Total Exploration Costs (GAAP)) - (h)	2,158	2,022	1,971	1,909	1,779
Total Operating Cost (including Total Exploration Costs (Non-GAAP)) - (i)	2,145	2,021	1,970	1,823	1,752
Total Wellhead Revenues less Total Operating Cost      (including Total Exploration Costs (GAAP))	1,887	1,448	1,219	333	(15)
Total Wellhead Revenues less Total Operating Cost      (including Total Exploration Costs (Non-GAAP))	1,900	1,449	1,220	419	12

47

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
	3Q 2021	2Q 2021	1Q 2021	4Q 2020	3Q 2020
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe     - (b) / (a)	61.33	54.97	52.70	40.23	34.08
Composite Average Operating Expenses per Boe - (c) / (a)	42.40	39.42	39.40	33.61	34.13
Composite Average Operating Income (Loss) per Boe     - (d) / (a)	18.93	15.55	13.30	6.62	(0.05)
Composite Average Wellhead Revenue per Boe - (e) / (a)	52.07	46.07	45.49	30.39	26.77
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	14.19	13.48	14.02	11.60	12.56
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	37.88	32.59	31.47	18.79	14.21
Total Operating Cost per Boe (excluding Total Exploration      Costs) - (g) / (a)	26.12	25.61	26.86	23.41	25.05
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (g) / (a)]	25.95	20.46	18.63	6.98	1.72
Total Operating Cost per Boe (including Total Exploration     Costs) - (h) / (a)	27.79	26.85	28.12	25.90	27.00
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (h) / (a)]	24.28	19.22	17.37	4.49	(0.23)
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (including Total Exploration      Costs) - (i) / (a)	27.62	26.85	28.11	24.72	26.62
Composite Average Margin per Boe (including Total      Exploration Costs) - [(e) / (a) - (i) / (a)]	24.45	19.25	17.38	5.67	0.15
(1) In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG’s control (versus, for example, impairments that are due to EOG’s proved oil and gas properties not being as productive as it originally estimated).

48

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
	2020	2019	2018	2017
Volume - Million Barrels of Oil Equivalent - (a)	275.9	298.6	262.5	222.3
Total Operating Revenues and Other (b)	11,032	17,380	17,275	11,208
Total Operating Expenses (c)	11,576	13,681	12,806	10,282
Operating Income (Loss) (d)	(544)	3,699	4,469	926
Wellhead Revenues
Crude Oil and Condensate	5,786	9,613	9,517	6,256
Natural Gas Liquids	668	785	1,128	730
Natural Gas	837	1,184	1,302	922
Total Wellhead Revenues - (e)	7,291	11,582	11,947	7,908
Operating Costs
Lease and Well	1,063	1,367	1,283	1,045
Transportation Costs	735	758	747	740
Gathering and Processing Costs	459	479	437	149
General and Administrative (GAAP)	484	489	427	434
Less: Legal Settlement - Early Leasehold Termination	—	—	—	(10)
Less: Joint Venture Transaction Costs	—	—	—	(3)
Less: Joint Interest Billings Deemed Uncollectible	—	—	—	(5)
General and Administrative (Non-GAAP) (1)	484	489	427	416
Taxes Other Than Income	478	800	772	545
Interest Expense, Net	205	185	245	274
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)	3,424	4,078	3,911	3,187
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)	3,424	4,078	3,911	3,169
Depreciation, Depletion and Amortization (DD&A)	3,400	3,750	3,435	3,409
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)	6,824	7,828	7,346	6,596
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)	6,824	7,828	7,346	6,578
Exploration Costs	146	140	149	145
Dry Hole Costs	13	28	5	5
Impairments	2,100	518	347	479
Total Exploration Costs (GAAP)	2,259	686	501	629
Less: Certain Impairments (2)	(1,868)	(275)	(153)	(261)
Total Exploration Costs (Non-GAAP)	391	411	348	368
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)	9,083	8,514	7,847	7,225
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)	7,215	8,239	7,694	6,946
Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total     Exploration Costs (GAAP))	(1,792)	3,068	4,100	683
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total     Exploration Costs (Non-GAAP))	76	3,343	4,253	962

49

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
	2020	2019	2018	2017
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)	39.99	58.20	65.81	50.42
Composite Average Operating Expenses per Boe - (c) / (a)	41.96	45.81	48.79	46.25
Composite Average Operating Income (Loss) per Boe - (d) / (a)	(1.97)	12.39	17.02	4.17
Composite Average Wellhead Revenue per Boe - (e) / (a)	26.42	38.79	45.51	35.58
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	12.39	13.66	14.90	14.34
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	14.03	25.13	30.61	21.24
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)	24.71	26.22	27.99	29.67
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]	1.71	12.57	17.52	5.91
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)	32.92	28.51	29.89	32.50
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]	(6.50)	10.28	15.62	3.08
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)	12.39	13.66	14.90	14.25
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]	14.03	25.13	30.61	21.33
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)	24.71	26.22	27.99	29.59
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]	1.71	12.57	17.52	5.99
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)	26.13	27.60	29.32	31.24
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]	0.29	11.19	16.19	4.34
(1) EOG believes excluding the above-referenced items from general and administrative expense is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(2) In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG’s control (versus, for example, impairments that are due to EOG’s proved oil and gas properties not being as productive as it originally estimated).

50

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
	2016	2015	2014
Volume - Million Barrels of Oil Equivalent - (a)	205.0	208.9	217.1
Total Operating Revenues and Other (b)	7,651	8,757	18,035
Total Operating Expenses (c)	8,876	15,443	12,793
Operating Income (Loss) (d)	(1,225)	(6,686)	5,242
Wellhead Revenues
Crude Oil and Condensate	4,317	4,935	9,742
Natural Gas Liquids	437	408	934
Natural Gas	742	1,061	1,916
Total Wellhead Revenues - (e)	5,496	6,404	12,592
Operating Costs
Lease and Well	927	1,182	1,416
Transportation Costs	764	849	972
Gathering and Processing Costs	123	146	146
General and Administrative (GAAP)	395	367	402
Less: Voluntary Retirement Expense	(42)	—	—
Less: Acquisition Costs	(5)	—	—
Less: Legal Settlement - Early Leasehold Termination	—	(19)	—
General and Administrative (Non-GAAP) (1)	348	348	402
Taxes Other Than Income	350	422	758
Interest Expense, Net	282	237	201
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)	2,841	3,203	3,895
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)	2,794	3,184	3,895
Depreciation, Depletion and Amortization (DD&A)	3,553	3,314	3,997
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)	6,394	6,517	7,892
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)	6,347	6,498	7,892
Exploration Costs	125	149	184
Dry Hole Costs	11	15	48
Impairments	620	6,614	744
Total Exploration Costs (GAAP)	756	6,778	976
Less: Certain Impairments (2)	(321)	(6,308)	(824)
Total Exploration Costs (Non-GAAP)	435	470	152
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)	7,150	13,295	8,868
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)	6,782	6,968	8,044
Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total     Exploration Costs (GAAP))	(1,654)	(6,891)	3,724
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total     Exploration Costs (Non-GAAP))	(1,286)	(564)	4,548

51

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
	2016	2015	2014
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)	37.32	41.92	83.07
Composite Average Operating Expenses per Boe - (c) / (a)	43.30	73.93	58.92
Composite Average Operating Income (Loss) per Boe - (d) / (a)	(5.98)	(32.01)	24.15
Composite Average Wellhead Revenue per Boe - (e) / (a)	26.82	30.66	58.01
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	13.86	15.33	17.95
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	12.96	15.33	40.06
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)	31.19	31.20	36.38
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]	(4.37)	(0.54)	21.63
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)	34.88	63.64	40.85
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]	(8.06)	(32.98)	17.16
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)	13.64	15.25	17.95
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]	13.18	15.41	40.06
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)	30.98	31.11	36.38
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]	(4.16)	(0.45)	21.63
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)	33.10	33.36	37.08
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]	(6.28)	(2.70)	20.93
(1) EOG believes excluding the above-referenced items from general and administrative expense is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(2) In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG’s control (versus, for example, impairments that are due to EOG’s proved oil and gas properties not being as productive as it originally estimated).

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