8-K - EOG - Equibles

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): May 5, 2026

_______________

EOG RESOURCES, INC.

(Exact name of registrant as specified in its charter)

Delaware	1-9743	47-0684736
(State or other jurisdiction<br> of incorporation)	(Commission File<br> Number)	(I.R.S. Employer<br>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 May 5, 2026, EOG Resources, Inc. issued a press release announcing first quarter 2026 financial and operational results and second quarter and full year 2026 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 first quarter 2026 financial and operational results attached hereto as Exhibit 99.1 is second quarter and full year 2026 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 May 5, 2026 (including the accompanying second quarter and full year 2026 forecast and benchmark commodity pricing information).

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

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.<br>(Registrant)
Date: May 5, 2026	By:	/s/ ANN D. JANSSEN<br><br>Ann D. Janssen<br><br>Executive Vice President and Chief Financial Officer<br><br>(Principal Financial Officer and Duly Authorized Officer)

Document

EXHIBIT 99.1

Table of Contents
First Quarter 2026
Supplemental Financial and Operating Data	Page
Income Statements	10
Volumes and Prices	11
Balance Sheets	12
Cash Flow Statements	13
Non-GAAP Financial Measures	14
Adjusted Net Income	15
Net Income Per Share	19
Adjusted Net Income Per Share	20
Cash Flow from Operations and Free Cash Flow	21
Net Debt-to-Total Capitalization Ratio	23
Revenues, Costs and Margins Per Barrel of Oil Equivalent	24
Additional Key Financial Information	28
Income Statements
---	---	---	---	---	---	---	---	---	---
In millions of , except share data (in millions) and per share data (Unaudited)
					2026
	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
Operating Revenues and Other
Crude Oil and Condensate	2,974	3,243	2,991	12,501	3,577				3,577
Natural Gas Liquids	534	604	666	2,376	664				664
Natural Gas	600	707	847	2,791	1,021				1,021
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	107	116	(19)	13	113				113
Gathering, Processing and Marketing	1,247	1,178	1,149	4,914	1,496				1,496
Gains (Losses) on Asset Dispositions, Net	—	(18)	(16)	(35)	31				31
Other, Net	16	17	20	72	19				19
Total	5,478	5,847	5,638	22,632	6,921				6,921
Operating Expenses
Lease and Well	396	431	447	1,675	462				462
Gathering, Processing and Transportation Costs	455	587	652	2,134	654				654
Exploration Costs	74	71	50	236	45				45
Dry Hole Costs	11	—	4	49	23				23
Impairments	39	71	689	843	39				39
Marketing Costs	1,216	1,134	1,120	4,795	1,384				1,384
Depreciation, Depletion and Amortization	1,053	1,169	1,226	4,461	1,193				1,193
General and Administrative	186	239	224	820	185				185
Taxes Other Than Income	301	309	283	1,234	338				338
Total	3,731	4,011	4,695	16,247	4,323				4,323
Operating Income	1,747	1,836	943	6,385	2,598				2,598
Other Income, Net	55	59	33	212	23				23
Income Before Interest Expense and Income Taxes	1,802	1,895	976	6,597	2,621				2,621
Interest Expense, Net	51	71	66	235	66				66
Income Before Income Taxes	1,751	1,824	910	6,362	2,555				2,555
Income Tax Provision	406	353	209	1,382	575				575
Net Income	1,345	1,471	701	4,980	1,980				1,980
Dividends Declared per Common Share	1.9950	—	1.0200	3.9900	1.0200				1.0200
Net Income Per Share
Basic	2.48	2.72	1.31	9.17	3.72				3.72
Diluted	2.46	2.70	1.30	9.12	3.70				3.70
Average Number of Common Shares
Basic	543	541	537	543	532				532
Diluted	546	544	539	546	535				535

All values are in US Dollars.

Volumes and Prices
(Unaudited)
										2026
		2nd Qtr		3rd Qtr		4th Qtr		Year		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	Year
Crude Oil and Condensate Volumes (MBbld) (A)
United States		503.1		532.9		544.5		520.5		546.5					546.5
Trinidad		1.1		1.6		1.5		1.4		1.9					1.9
Other International (B)		—		—		0.1		—		0.1					0.1
Total		504.2		534.5		546.1		521.9		548.5					548.5
Average Crude Oil and Condensate Prices(/Bbl) (C)
United States	72.90	$	64.84	$	65.97	$	59.54	$	65.65	$	72.48				$	72.48
Trinidad		54.50		57.74		57.07		57.59		68.91					68.91
Other International (B)		—		—		63.98		—		89.12					89.12
Composite		64.82		65.95		59.54		65.63		72.47					72.47
Natural Gas Liquids Volumes (MBbld) (A)
United States		258.4		309.3		342.1		288.2		332.1					332.1
Total		258.4		309.3		342.1		288.2		332.1					332.1
Average Natural Gas Liquids Prices (/Bbl) (C)
United States	26.29	$	22.70	$	21.25	$	21.15	$	22.58	$	22.20				$	22.20
Composite		22.70		21.25		21.15		22.58		22.20					22.20
Natural Gas Volumes (MMcfd) (A)
United States		1,977		2,511		2,859		2,299		2,769					2,769
Trinidad		252		230		195		230		239					239
Other International (B)		—		4		11		4		12					12
Total		2,229		2,745		3,065		2,533		3,020					3,020
Average Natural Gas Prices (/Mcf) (C)
United States	3.36	$	2.87	$	2.71	$	2.94	$	2.94	$	3.75				$	3.75
Trinidad		3.65		3.80		3.94		3.78		3.91					3.91
Other International (B)		—		3.27		3.29		3.28		3.26					3.26
Composite		2.96		2.80		3.00		3.02		3.76					3.76
Crude Oil Equivalent Volumes (MBoed) (D)
United States		1,090.9		1,260.7		1,363.0		1,191.8		1,340.1					1,340.1
Trinidad		43.2		39.8		34.2		39.8		41.7					41.7
Other International (B)		—		0.7		1.8		0.6		2.0					2.0
Total		1,134.1		1,301.2		1,399.0		1,232.2		1,383.8					1,383.8
Total MMBoe (D)		103.2		119.7		128.7		449.8		124.5					124.5

All values are in US Dollars.

(A)Thousand barrels per day or million cubic feet per day, as applicable.

(B)Production volumes from Bahrain operations; natural gas realized price represents contract price less partner’s processing and distribution costs.

(C)Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity and other derivative instruments (see Note 9 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026).

(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.

Balance Sheets
In millions of (Unaudited)
				2026
	JUN	SEP	DEC	MAR	JUN	SEP	DEC
Current Assets
Cash and Cash Equivalents	5,216	3,530	3,396	3,849
Accounts Receivable, Net	2,504	2,680	2,681	3,597
Inventories	934	945	1,014	955
Other (A)	591	665	565	562
Total	9,245	7,820	7,656	8,963
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	80,139	88,301	89,857	90,786
Other Property, Plant and Equipment	6,616	6,772	6,832	6,942
Total Property, Plant and Equipment	86,755	95,073	96,689	97,728
Less: Accumulated Depreciation, Depletion and Amortization	(51,394)	(52,488)	(54,348)	(55,054)
Total Property, Plant and Equipment, Net	35,361	42,585	42,341	42,674
Deferred Income Taxes	39	37	39	30
Other Assets	1,639	1,757	1,763	1,711
Total Assets	46,284	52,199	51,799	53,378
Current Liabilities
Accounts Payable	2,266	2,944	2,904	3,186
Accrued Taxes Payable	348	392	299	766
Dividends Payable	1,081	550	544	541
Current Portion of Long-Term Debt	778	27	27	27
Current Portion of Operating Lease Liabilities	360	433	472	375
Other (A)	342	469	445	329
Total	5,175	4,815	4,691	5,224
Long-Term Debt	3,458	7,667	7,909	7,904
Other Liabilities	2,398	2,496	2,512	2,476
Deferred Income Taxes	6,015	6,936	6,854	6,866
Commitments and Contingencies (B)
Stockholders' Equity
Common Stock, 0.01 Par	206	206	206	206
Additional Paid in Capital	6,153	5,978	6,027	6,026
Accumulated Other Comprehensive Loss	(7)	(5)	(7)	(6)
Retained Earnings	28,131	29,603	29,765	31,200
Common Stock Held in Treasury	(5,245)	(5,497)	(6,158)	(6,518)
Total Stockholders' Equity	29,238	30,285	29,833	30,908
Total Liabilities and Stockholders' Equity	46,284	52,199	51,799	53,378

All values are in US Dollars.

(A) Effective January 1, 2026, EOG combined Price Risk Management Activities into the Other line item. This presentation has been conformed for all periods presented and had no impact on previously reported Total Assets and Total Liabilities and Stockholders’s Equity.

(B) See Note 5 to the Condensed Consolidated Financial Statements in EOG’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026.

Cash Flow Statements
In millions of (Unaudited)
					2026
	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
Net Income	1,345	1,471	701	4,980	1,980				1,980
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	1,053	1,169	1,226	4,461	1,193				1,193
Impairments	39	71	689	843	39				39
Stock-Based Compensation Expenses	53	53	60	216	58				58
Deferred Income Taxes	105	278	(84)	343	18				18
(Gains) Losses on Asset Dispositions, Net	—	18	16	35	(31)				(31)
Other, Net	11	2	3	27	15				15
Dry Hole Costs	11	—	4	49	23				23
Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net	(107)	(116)	19	(13)	(113)				(113)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts	(24)	27	(21)	(56)	(53)				(53)
Other, Net	—	—	(1)	(1)	—				—
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	122	133	(3)	300	(907)				(907)
Inventories	(45)	4	(84)	(49)	21				21
Accounts Payable	(107)	5	(40)	(271)	279				279
Accrued Taxes Payable	(321)	28	(103)	(735)	467				467
Other Assets	(43)	(28)	97	(17)	55				55
Other Liabilities	(52)	155	10	17	(123)				(123)
Changes in Components of Working Capital Associated with Investing Activities	(8)	(159)	123	(85)	45				45
Net Cash Provided by Operating Activities	2,032	3,111	2,612	10,044	2,966				2,966
Investing Cash Flows
Acquisition of Encino Acquisition Partners, LLC, Net of Cash Acquired	—	(4,464)	13	(4,451)	—				—
Additions to Oil and Gas Properties	(1,699)	(1,492)	(1,543)	(6,115)	(1,491)				(1,491)
Additions to Other Property, Plant and Equipment	(94)	(171)	(112)	(479)	(153)				(153)
Proceeds from Sales of Assets	4	5	3	24	144				144
Changes in Components of Working Capital Associated with Investing Activities	8	159	(123)	85	(45)				(45)
Net Cash Used in Investing Activities	(1,781)	(5,963)	(1,762)	(10,936)	(1,545)				(1,545)
Financing Cash Flows
Long-Term Debt Borrowings	—	3,472	999	4,471	—				—
Long-Term Debt Repayments	(500)	(1,266)	(750)	(2,516)	—				—
Dividends Paid	(528)	(545)	(550)	(2,161)	(544)				(544)
Treasury Stock Purchased	(602)	(479)	(677)	(2,564)	(418)				(418)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan	11	—	12	23	1				1
Debt Issuance and Other Financing Costs	(7)	(7)	(11)	(25)	—				—
Repayment of Finance Lease Liabilities	(9)	(8)	(7)	(32)	(7)				(7)
Net Cash Used in Financing Activities	(1,635)	1,167	(984)	(2,804)	(968)				(968)
Effect of Exchange Rate Changes on Cash	1	(1)	–	—	—				—
Increase (Decrease) in Cash and Cash Equivalents	(1,383)	(1,686)	(134)	(3,696)	453				453
Cash and Cash Equivalents at Beginning of Period	6,599	5,216	3,530	7,092	3,396				3,396
Cash and Cash Equivalents at End of Period	5,216	3,530	3,396	3,396	3,849				3,849

All values are in US Dollars.

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 earnings 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), Adjusted Cash Flow from Operations, Free Cash Flow, 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 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 performance with the financial performance of other companies in the industry and (ii) analyzing EOG’s financial 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.

Direct ATROR

The calculation of EOG's direct after-tax rate of return (ATROR) is based on EOG’s net estimated recoverable reserves for a particular well(s) or play, the estimated net present value of the future net cash flows from such reserves (for which EOG utilizes certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring such well(s). As such, EOG's direct ATROR for a particular well(s) or play cannot be calculated from EOG’s consolidated financial statements.

Adjusted Net Income
In millions of , except share data (in millions) and per share data (Unaudited)
The following tables adjust reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of financial commodity derivative contracts by eliminating the net unrealized mark-to-market (gains) losses from these and other derivative 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)), to add back costs associated with the Encino acquisition 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.

	Income Tax Impact	After<br>Tax	Diluted Earnings per Share
Reported Net Income (GAAP)	(575)	1,980	3.70
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	24	(89)	(0.17)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)	11	(42)	(0.08)
Less: Gains on Asset Dispositions, Net	7	(24)	(0.04)
Adjustments to Net Income	42	(155)	(0.29)
Adjusted Net Income (Non-GAAP)	(533)	1,825	3.41
Average Number of Common Shares
Basic			532
Diluted			535

All values are in US Dollars.

(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended March 31, 2026, such amount was $53 million.

Adjusted Net Income(Continued)
In millions of , except share data (in millions) and per share data (Unaudited)

	Income Tax Impact	After<br>Tax	Diluted Earnings per Share
Reported Net Income (GAAP)	(209)	701	1.30
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	(4)	15	0.03
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)	4	(17)	(0.03)
Add: Losses on Asset Dispositions, Net	(4)	12	0.02
Add: Certain Impairments (2)	(140)	506	0.94
Add: Acquisition-Related Costs (3)	(3)	5	0.01
Adjustments to Net Income	(147)	521	0.97
Adjusted Net Income (Non-GAAP)	(356)	1,222	2.27
Average Number of Common Shares
Basic			537
Diluted			539

All values are in US Dollars.

(2)Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation).

(3)Consists of Encino acquisition-related G&A costs ($8 million).

	3Q 2025
	Before<br>Tax	Income Tax Impact	After<br>Tax	Diluted Earnings per Share
Reported Net Income (GAAP)	1,824	(353)	1,471	2.70
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	(116)	25	(91)	(0.16)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)	27	(5)	22	0.04
Add: Losses on Asset Dispositions, Net	18	(6)	12	0.02
Add: Acquisition-Related Costs (2)	68	(10)	58	0.11
Adjustments to Net Income	(3)	4	1	0.01
Adjusted Net Income (Non-GAAP)	1,821	(349)	1,472	2.71
Average Number of Common Shares
Basic				541
Diluted				544

(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended September 30, 2025, such amount was $27 million.

(2)Consists of Encino acquisition-related G&A costs ($68 million).

Adjusted Net Income(Continued)
In millions of , except share data (in millions) and per share data (Unaudited)

	Income Tax Impact	After<br>Tax	Diluted Earnings per Share
Reported Net Income (GAAP)	(406)	1,345	2.46
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	23	(84)	(0.16)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)	5	(19)	(0.03)
Add: Certain Impairments	—	11	0.02
Add: Acquisition-Related Costs (2)	(3)	15	0.03
Adjustments to Net Income	25	(77)	(0.14)
Adjusted Net Income (Non-GAAP)	(381)	1,268	2.32
Average Number of Common Shares
Basic			543
Diluted			546

All values are in US Dollars.

(2)Consists of Encino acquisition-related G&A costs ($12 million) and financing commitment costs ($6 million).

	1Q 2025
	Before<br>Tax	Income Tax Impact	After<br>Tax	Diluted Earnings per Share
Reported Net Income (GAAP)	1,877	(414)	1,463	2.65
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	191	(41)	150	0.26
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)	(38)	8	(30)	(0.05)
Add: Losses on Asset Dispositions, Net	1	2	3	0.01
Adjustments to Net Income	154	(31)	123	0.22
Adjusted Net Income (Non-GAAP)	2,031	(445)	1,586	2.87
Average Number of Common Shares
Basic				550
Diluted				553

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended March 31, 2025, such amount was $38 million.

Adjusted Net Income(Continued)
In millions of , except share data (in millions) and per share data (Unaudited)

	Income Tax Impact	After<br>Tax	Diluted Earnings per Share
Reported Net Income (GAAP)	(1,382)	4,980	9.12
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	3	(10)	(0.02)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)	12	(44)	(0.08)
Add: Losses on Asset Dispositions, Net	(8)	27	0.05
Add: Certain Impairments (2)	(140)	517	0.95
Add: Acquisition-Related Costs (3)	(16)	78	0.14
Adjustments to Net Income	(149)	568	1.04
Adjusted Net Income (Non-GAAP)	(1,531)	5,548	10.16
Average Number of Common Shares
Basic			543
Diluted			546

All values are in US Dollars.

(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2025, such amount was $56 million.

(3)Consists of Encino acquisition-related G&A costs ($88 million) and financing commitment costs ($6 million).

	FY 2024
	Before<br>Tax	Income Tax Impact	After<br>Tax	Diluted Earnings per Share
Reported Net Income (GAAP)	8,218	(1,815)	6,403	11.25
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	(204)	44	(160)	(0.28)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)	214	(46)	168	0.30
Less: Gains on Asset Dispositions, Net	(16)	3	(13)	(0.02)
Add: Certain Impairments (2)	291	(57)	234	0.41
Less: Severance Tax Refund	(31)	7	(24)	(0.04)
Add: Severance Tax Consulting Fees	10	(2)	8	0.01
Less: Interest on Severance Tax Refund	(5)	1	(4)	(0.01)
Adjustments to Net Income	259	(50)	209	0.37
Adjusted Net Income (Non-GAAP)	8,477	(1,865)	6,612	11.62
Average Number of Common Shares
Basic				566
Diluted				569

(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2024, such amount was $214 million.

(2)Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Rocky Mountain area.

Net Income Per Share
In millions of , except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
4Q 2025 Net Income per Share (GAAP) - Diluted	1.30
Realized Prices
1Q 2026 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe
Less: 4Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe
Subtotal
Multiplied by: 1Q 2026 Crude Oil Equivalent Volumes (MMBoe)
Total Change in Revenue
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
Change in Net Income
Change in Diluted Earnings per Share	1.32
Volumes
1Q 2026 Crude Oil Equivalent Volumes (MMBoe)
Less: 4Q 2025 Crude Oil Equivalent Volumes (MMBoe)
Subtotal
Multiplied by: 1Q 2026 Composite Average Margin per Boe (GAAP) (Including TotalExploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)
Change in Margin
Less: Income Tax Benefit (Provision) Imputed (based on 22%)
Change in Net Income
Change in Diluted Earnings per Share	(0.11)
Certain Operating Costs per Boe
4Q 2025 Total Cash Operating Costs (GAAP) and Total DD&A per Boe
Less: 1Q 2026 Total Cash Operating Costs (GAAP) and Total DD&A per Boe
Subtotal
Multiplied by: 1Q 2026 Crude Oil Equivalent Volumes (MMBoe)
Change in Before-Tax Net Income
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
Change in Net Income
Change in Diluted Earnings per Share	(0.04)
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
1Q 2026 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts
Less: Income Tax Benefit (Provision)
After Tax - (a)
Less: 4Q 2025 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts
Less: Income Tax Benefit (Provision)
After Tax - (b)
Change in Net Income - (a) - (b)
Change in Diluted Earnings per Share	0.19
Other (1)	1.04
1Q 2026 Net Income per Share (GAAP) - Diluted	3.70
1Q 2026 Average Number of Common Shares - Diluted

All values are in US Dollars.

(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions (for GAAP earnings per share only), other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares.

Adjusted Net Income Per Share
In millions of , except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
4Q 2025 Adjusted Net Income per Share (Non-GAAP) - Diluted	2.27
Realized Prices
1Q 2026 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe
Less: 4Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe
Subtotal
Multiplied by: 1Q 2026 Crude Oil Equivalent Volumes (MMBoe)
Total Change in Revenue
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
Change in Net Income
Change in Diluted Earnings per Share	1.32
Volumes
1Q 2026 Crude Oil Equivalent Volumes (MMBoe)
Less: 4Q 2025 Crude Oil Equivalent Volumes (MMBoe)
Subtotal
Multiplied by: 1Q 2026 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)
Change in Margin
Less: Income Tax Benefit (Provision) Imputed (based on 22%)
Change in Net Income
Change in Diluted Earnings per Share	(0.11)
Certain Operating Costs per Boe
4Q 2025 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe
Less: 1Q 2026 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe
Subtotal
Multiplied by: 1Q 2026 Crude Oil Equivalent Volumes (MMBoe)
Change in Before-Tax Net Income
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
Change in Net Income
Change in Diluted Earnings per Share	(0.05)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
1Q 2026 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
Less: Income Tax Benefit (Provision)
After Tax - (a)
Less: 4Q 2025 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
Less: Income Tax Benefit (Provision)
After Tax - (b)
Change in Net Income - (a) - (b)
Change in Diluted Earnings per Share	(0.05)
Other (1)	0.03
1Q 2026 Adjusted Net Income per Share (Non-GAAP)	3.41
1Q 2026 Average Number of Common Shares - Diluted

All values are in US Dollars.

(1)Includes gathering, processing and marketing revenue, other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares.

Cash Flow from Operations and Free Cash Flow
In millions of (Unaudited)
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Adjusted Cash Flow from Operations (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 Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing Activities (or Investing and Financing Activities, as applicable) and certain other adjustments to exclude certain non-recurring items and other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Adjusted Cash Flow from Operations (Non-GAAP) (see below reconciliation) for such period less the Total Capital Expenditures (Non-GAAP) (see below reconciliation) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry. As indicated in the tables below, EOG is (1) in addition to its customary working capital-related adjustments, adjusting Net Cash Provided by Operating Activities (GAAP) to add back certain non-recurring acquisition-related costs incurred during the second, third and fourth quarters of 2025 and (2) now presenting such adjusted measure as “Adjusted Cash Flow from Operations (Non-GAAP)” (instead of “Cash Flow from Operations Before Changes in Working Capital (Non-GAAP)” as reported in prior periods); the presentation below with respect to the second, third and fourth quarters of 2025 and the prior periods shown has been conformed.
					2026
	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
Net Cash Provided by Operating Activities (GAAP)	2,032	3,111	2,612	10,044	2,966				2,966
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(122)	(133)	3	(300)	907				907
Inventories	45	(4)	84	49	(21)				(21)
Accounts Payable	107	(5)	40	271	(279)				(279)
Accrued Taxes Payable	321	(28)	103	735	(467)				(467)
Other Assets	43	28	(97)	17	(55)				(55)
Other Liabilities	52	(155)	(10)	(17)	123				123
Changes in Components of Working Capital Associated with Investing Activities	8	159	(123)	85	(45)				(45)
Add:
Acquisition-Related Costs (1), Net of Tax	10	58	5	73	—				—
Adjusted Cash Flow from Operations (Non-GAAP)	2,496	3,031	2,617	10,957	3,129				3,129
Less:
Total Capital Expenditures (Non-GAAP) (2)	(1,523)	(1,648)	(1,639)	(6,294)	(1,636)				(1,636)
Free Cash Flow (Non-GAAP)	973	1,383	978	4,663	1,493				1,493
(1) Consists of Encino acquisition-related G&A costs of 12 million, 68 million and 8 million (each before tax) for the three months ended June 30, 2025, three months ended September 30, 2025 and three months ended December 31, 2025, respectively.
(2) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
					2026
	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
Total Expenditures (GAAP)	1,883	8,544	1,730	13,703	1,768				1,768
Less:
Asset Retirement Costs	(14)	(86)	(33)	(146)	(12)				(12)
Non-Cash Leasehold Acquisition Costs (3)	(2)	(3)	(10)	(24)	(52)				(52)
Acquisition Costs of Properties (3)	(270)	(6,736)	2	(7,003)	(23)				(23)
Exploration Costs	(74)	(71)	(50)	(236)	(45)				(45)
Total Capital Expenditures (Non-GAAP)	1,523	1,648	1,639	6,294	1,636				1,636

All values are in US Dollars.

Cash Flow from Operations and Free Cash Flow(Continued)
In millions of (Unaudited)
	FY 2023	FY 2022	FY 2021
Net Cash Provided by Operating Activities (GAAP)	11,340	11,093	8,791
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	38	347	821
Inventories	231	534	13
Accounts Payable	119	(90)	(456)
Accrued Taxes Payable	(61)	113	(312)
Other Assets	(39)	364	136
Other Liabilities	(184)	266	116
Changes in Components of Working Capital Associated with Investing Activities	(295)	(375)	200
Adjusted Cash Flow from Operations (Non-GAAP)	11,149	12,252	9,309
Less:
Total Capital Expenditures (Non-GAAP) (2)	(6,041)	(4,607)	(3,755)
Free Cash Flow (Non-GAAP)	5,108	7,645	5,554
(2) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
Total Expenditures (GAAP)	6,818	5,610	4,255
Less:
Asset Retirement Costs	(257)	(298)	(127)
Non-Cash Development Drilling	(90)	—	—
Non-Cash Leasehold Acquisition Costs (3)	(99)	(127)	(45)
Non-Cash Finance Leases	—	—	(74)
Acquisition Costs of Properties (3)	(16)	(419)	(100)
Acquisition Costs of Other Property, Plant and Equipment	(134)	—	—
Exploration Costs	(181)	(159)	(154)
Total Capital Expenditures (Non-GAAP)	6,041	4,607	3,755

All values are in US Dollars.

(3)Line item descriptions revised (from descriptions shown in EOG's previously published tables) to more accurately describe the costs reflected therein; previously reported cost amounts not impacted by such changes in presentation.

Net Debt-to-Total Capitalization Ratio
In millions of , 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.
		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Total Stockholders' Equity - (a)		29,833		30,285		29,238		29,516
Current and Long-Term Debt (GAAP) - (b)		7,936		7,694		4,236		4,744
Less: Cash		(3,396)		(3,530)		(5,216)		(6,599)
Net Debt (Non-GAAP) - (c)		4,540		4,164		(980)		(1,855)
Total Capitalization (GAAP) - (a) + (b)		37,769		37,979		33,474		34,260
Total Capitalization (Non-GAAP) - (a) + (c)		34,373		34,449		28,258		27,661
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	%	21.0	%	20.3	%	12.7	%	13.8	%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	%	13.2	%	12.1	%	-3.5	%	-6.7	%

All values are in US Dollars.

Revenues, Costs and Margins Per Barrel of Oil Equivalent
In millions of , 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 margins 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.
	4Q 2025	3Q 2025	2Q 2025	1Q 2025
Volume - Million Barrels of Oil Equivalent - (a)	128.7	119.7	103.2	98.1
Total Operating Revenues and Other - (b)	5,638	5,847	5,478	5,669
Total Operating Expenses - (c)	4,695	4,011	3,731	3,810
Operating Income - (d)	943	1,836	1,747	1,859
Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas
Crude Oil and Condensate	2,991	3,243	2,974	3,293
Natural Gas Liquids	666	604	534	572
Natural Gas	847	707	600	637
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e)	4,504	4,554	4,108	4,502
Operating Costs
Lease and Well	447	431	396	401
Gathering, Processing and Transportation Costs (1)	652	587	455	440
General and Administrative (GAAP)	224	239	186	171
Less: Certain Items (see Endnote 2 to 1Q 2026 earnings release)	(8)	(68)	(12)	—
General and Administrative (Non-GAAP) (2)	216	171	174	171
Taxes Other Than Income (GAAP)	283	309	301	341
Add: Severance Tax Refund	—	—	—	—
Taxes Other Than Income (Non-GAAP) (3)	283	309	301	341
Interest Expense, Net	66	71	51	47
Less: Acquisition-Related Financing Commitment Costs	—	—	(6)	—
Interest Expense, Net (Non-GAAP) (4)	66	71	45	47
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)	1,672	1,637	1,389	1,400
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)	1,664	1,569	1,371	1,400
Depreciation, Depletion and Amortization (DD&A)	1,226	1,169	1,053	1,013
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)	2,898	2,806	2,442	2,413
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)	2,890	2,738	2,424	2,413
Exploration Costs	50	71	74	41
Dry Hole Costs	4	—	11	34
Impairments	689	71	39	44
Total Exploration Costs (GAAP)	743	142	124	119
Less: Certain Impairments (5)	(646)	—	(11)	—
Total Exploration Costs (Non-GAAP)	97	142	113	119
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)	3,641	2,948	2,566	2,532
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)	2,987	2,880	2,537	2,532
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))	863	1,606	1,542	1,970
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))	1,517	1,674	1,571	1,970

All values are in US Dollars.

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of , except Boe and per Boe amounts (Unaudited)
	4Q 2025	3Q 2025	2Q 2025	1Q 2025
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)	43.81	48.85	53.08	57.79
Composite Average Operating Expenses per Boe - (c) / (a)	36.48	33.51	36.15	38.84
Composite Average Operating Income per Boe - (d) / (a)	7.33	15.34	16.93	18.95
Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe - (e) / (a)	34.99	38.05	39.80	45.88
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	12.99	13.67	13.46	14.26
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	22.00	24.38	26.34	31.62
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)	22.52	23.44	23.66	24.58
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]	12.47	14.61	16.14	21.30
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)	28.29	24.63	24.86	25.79
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]	6.70	13.42	14.94	20.09
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)	12.93	13.10	13.30	14.26
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]	22.06	24.95	26.50	31.62
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)	22.46	22.87	23.50	24.58
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]	12.53	15.18	16.30	21.30
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)	23.21	24.06	24.59	25.79
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]	11.78	13.99	15.21	20.09

All values are in US Dollars.

Revenues, Costs and Margins Per Barrel of Oil Equivalent(Continued)
In millions of , except Boe and per Boe amounts (Unaudited)
	2024	2023	2022	2021
Volume - Million Barrels of Oil Equivalent - (a)	388.7	359.4	331.5	302.5
Total Operating Revenues and Other - (b)	23,698	24,186	25,702	18,642
Total Operating Expenses - (c)	15,616	14,583	15,736	12,540
Operating Income (Loss) - (d)	8,082	9,603	9,966	6,102
Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas
Crude Oil and Condensate	13,921	13,748	16,367	11,125
Natural Gas Liquids	2,106	1,884	2,648	1,812
Natural Gas	1,551	1,744	3,781	2,444
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e)	17,578	17,376	22,796	15,381
Operating Costs
Lease and Well	1,572	1,454	1,331	1,135
Gathering, Processing and Transportation Costs (1)	1,722	1,620	1,587	1,422
General and Administrative (GAAP)	669	640	570	511
Less: Certain Items (see Endnote 7 to Additional Key Financial Information below)	(10)	—	(16)	—
General and Administrative (Non-GAAP) (2)	659	640	554	511
Taxes Other Than Income (GAAP)	1,249	1,284	1,585	1,047
Add: Severance Tax Refund	31	—	115	—
Taxes Other Than Income (Non-GAAP) (3)	1,280	1,284	1,700	1,047
Interest Expense, Net	138	148	179	178
Less: Acquisition-Related Financing Commitment Costs	—	—	—	—
Interest Expense, Net (Non-GAAP) (4)	138	148	179	178
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)	5,350	5,146	5,252	4,293
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)	5,371	5,146	5,351	4,293
Depreciation, Depletion and Amortization (DD&A)	4,108	3,492	3,542	3,651
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)	9,458	8,638	8,794	7,944
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)	9,479	8,638	8,893	7,944
Exploration Costs	174	181	159	154
Dry Hole Costs	14	1	45	71
Impairments	391	202	382	376
Total Exploration Costs (GAAP)	579	384	586	601
Less: Certain Impairments (5)	(291)	(42)	(113)	(15)
Total Exploration Costs (Non-GAAP)	288	342	473	586
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)	10,037	9,022	9,380	8,545
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)	9,767	8,980	9,366	8,530
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))	7,541	8,354	13,416	6,836
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))	7,811	8,396	13,430	6,851

All values are in US Dollars.

Revenues, Costs and Margins Per Barrel of Oil Equivalent(Continued)
In millions of , except Boe and per Boe amounts (Unaudited)
	2024	2023	2022	2021
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)	60.97	67.30	77.53	61.63
Composite Average Operating Expenses per Boe - (c) / (a)	40.18	40.58	47.47	41.46
Composite Average Operating Income (Loss) per Boe - (d) / (a)	20.79	26.72	30.06	20.17
Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe - (e) / (a)	45.22	48.34	68.77	50.84
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	13.76	14.31	15.84	14.19
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	31.46	34.03	52.93	36.65
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)	24.33	24.03	26.53	26.26
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]	20.89	24.31	42.24	24.58
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)	25.82	25.10	28.30	28.25
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]	19.40	23.24	40.47	22.59
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)	13.82	14.31	16.14	14.19
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]	31.40	34.03	52.63	36.65
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)	24.39	24.03	26.83	26.26
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]	20.83	24.31	41.94	24.58
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)	25.13	24.98	28.26	28.20
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]	20.09	23.36	40.51	22.64

All values are in US Dollars.

(1)Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.

(2)EOG believes excluding the above-referenced items from General and Administrative Costs is appropriate and provides useful information to investors, as EOG views such items as non-recurring.

(3)EOG believes excluding the above-referenced items from Taxes Other Than Income is appropriate and provides useful information to investors, as EOG views such items as non-recurring.

(4)EOG believes excluding the above-referenced items from Interest Expense, Net is appropriate and provides useful information to investors, as EOG views such items as non-recurring.

(5)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).

Additional Key Financial Information
(Unaudited)
See “Endnotes” below for related discussion and definitions.		2024 Actual		2023 Actual		2022 Actual		2021 Actual
Crude Oil and Condensate Volumes (MBod)
United States		490.6		475.2		460.7		443.4
Trinidad		0.8		0.6		0.6		1.5
Other International		—		—		—		0.1
Total		491.4		475.8		461.3		445.0
Natural Gas Liquids Volumes (MBbld)
Total		245.9		223.8		197.7		144.5
Natural Gas Volumes (MMcfd)
United States		1,728		1,551		1,315		1,210
Trinidad		220		160		180		217
Other International1		—		—		—		9
Total		1,948		1,711		1,495		1,436
Crude Oil Equivalent Volumes (MBoed)
United States		1,024.5		957.5		877.5		789.6
Trinidad		37.6		27.3		30.7		37.7
Other International1		—		—		—		1.6
Total		1,062.1		984.8		908.2		828.9
Benchmark Price
Oil (WTI) (/Bbl)		75.72		77.61		94.23		67.96
Natural Gas (HH) (/Mcf)		2.27		2.74		6.64		3.85
Crude Oil and Condensate - above (below) WTI2 (/Bbl)
United States		1.70		1.57		2.99		0.58
Trinidad		(11.29)		(9.03)		(8.07)		(11.70)
Other International1		—		—		—		—
Natural Gas Liquids - Realizations as % of WTI
Total	%	30.9	%	29.7	%	39.0	%	50.5	%
Natural Gas - above (below) NYMEX Henry Hub3 (/Mcf)
United States		(0.28)		(0.04)		0.63		1.03
Natural Gas Realizations4 (/Mcf)
Trinidad		3.65		3.65		4.43		3.40
Other International1		—		—		—		—
Total Expenditures (GAAP) (MM)		6,653		6,818		5,610		4,255
Capital Expenditures5 (Non-GAAP) (MM)		6,226		6,041		4,607		3,755
Operating Unit Costs (/Boe)
Lease and Well		4.04		4.05		4.02		3.75
Gathering, Processing and Transportation Costs6		4.43		4.50		4.78		4.70
General and Administrative (GAAP)		1.72		1.78		1.72		1.69
General and Administrative (Non-GAAP)7		1.70		1.78		1.67		1.69
Cash Operating Costs (GAAP)		10.19		10.33		10.52		10.14
Cash Operating Costs (Non-GAAP)7		10.17		10.33		10.47		10.14
Depreciation, Depletion and Amortization		10.57		9.72		10.69		12.07
Expenses (MM)
Exploration and Dry Hole		188		182		204		225
Impairment (GAAP)		391		202		382		376
Impairment (excluding certain impairments (Non-GAAP))8		100		160		269		361
Capitalized Interest		45		33		36		33
Net Interest		138		148		179		178
Net Interest (Non-GAAP)9		—		—		—		—
TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas)
(GAAP)	%	7.1	%	7.4	%	7.0	%	6.8	%
(Non-GAAP)7	%	7.3	%	7.4	%	7.5	%	6.8	%
Income Taxes
Effective Rate	%	22.1	%	21.6	%	21.7	%	21.4	%
Current Tax Expense (MM)		1,348		1,415		2,208		1,393

All values are in US Dollars.

Additional Key Financial Information<br><br>(Continued)

Endnotes

1)2025 production volumes are from Bahrain operations; natural gas realized price represents contract price less partner’s processing and distribution costs.

2)EOG bases United States 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 daily settlement prices for the prompt-month NYMEX futures contract for each of the applicable calendar months.

3)EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the NYMEX Last Day Settle price for each of the applicable months.

4)The full-year 2022 realized natural gas price for Trinidad includes a one-time pricing adjustment of $0.76/Mcf for prior-period production following a contract amendment with the National Gas Company of Trinidad and Tobago Limited.

5)Capital Expenditures includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. Capital Expenditures excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses.

6)Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.

7)Cash Operating Costs consist of LOE, GP&T and G&A. G&A (Non-GAAP) for fiscal year 2025 excludes costs related to the Encino acquisition, as reflected in the accompanying reconciliation schedules (see “Revenues, Costs and Margins Per Barrel of Oil Equivalent”). In addition, TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) (Non-GAAP) and G&A (Non-GAAP) for fiscal year 2024 and fiscal year 2022 exclude a state severance tax refund and related consulting fees, respectively, as reflected in the accompanying reconciliation schedules (see “Revenues, Costs and Margins Per Barrel of Oil Equivalent”). The per-Boe impact of such acquisition-related costs and consulting fees on G&A and total Cash Operating Costs for fiscal year 2025, 2024 and 2022 was $(0.19), $(0.02) and $(0.05), respectively.

8)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 impairment 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). Impairments (Non-GAAP) for FY 2025 are adjusted from Impairments (GAAP) for FY 2025 by excluding $657 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation). Impairments (Non-GAAP) for FY 2024 are adjusted from Impairments (GAAP) for FY 2024 by excluding $291 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Rocky Mountain area.

9)Net Interest for fiscal year 2025 excludes financing commitment costs related to the Encino acquisition, as reflected in the accompanying reconciliation schedules (see “Revenues, Costs and Margins Per Barrel of Oil Equivalent”). The per-Boe impact of such cost for fiscal year 2025 is $(0.01).