EOG Resources Reports Third Quarter 2026 Results and Raises Regular Dividend 8%

, /PRNewswire/ -- EOG Resources, Inc. (EOG) today reported third quarter 2026 results. The attached schedules for the reconciliation of non-GAAP measures to GAAP measures, along with a related presentation, are also available on EOG's website at http://investors.eogresources.com/investors. Third Quarter Highlights Net income of $2.8 billion, or $5.33 per share, and adjusted net income of $2.5 billion, or $4.87 per share Net cash provided by operating activities of $3.8 billion and adjusted CFO 1 of $3.8 billion Generated $2.2 billion of free cash flow Paid $544 million in regular dividends and repurchased $1.0 billion of shares Record oil, NGL, and natural gas volumes, all better than guidance midpoints Total per-unit cash operating costs and DD&A better than guidance midpoints Increased regular quarterly dividend by 8 percent to $1.10 per share, a $4.40 per share indicated annual rate Entered new long-term gas sales agreement linked to JKM pricing starting by 2030 CEO Commentary "EOG delivered an outstanding third quarter, achieving record oil, NGL, and natural gas production while maintaining cost discipline as total per-unit cash operating costs and DD&A came in below guidance midpoints. Combined with strong price realizations, these results translated into robust financial performance. Our focus remains on strengthening our business for the long term, and two recent developments illustrate this commitment. First, we signed a new long-term gas sales agreement expanding our access to premium markets. Linked to JKM pricing, this agreement lifts our premium-priced exposure across LNG feedgas contracts to more than 1 billion cubic feet per day by 2030. Second, we approved the expansion of our Janus gas processing plant in the Delaware Basin. The expansion will provide incremental processing capacity supporting strong netbacks, returns, and long-term value creation. EOG's business and the outlook for the company have never been stronger. We are pleased to announce an 8% increase in our regular dividend. The increase reflects both the confidence in our business and our ability to support the higher dividend through commodity price cycles. EOG has paid a regular dividend for 28 straight years, a track record that reflects our enduring commitment to returning cash to shareholders. Underpinning our consistent success is the EOG culture, our core competitive advantage, which empowers our employees to innovate and operate at a high level, supporting efficient operations and high-return investments. We are performing exceptionally well in 2026 and look to finish the year strong and carry significant momentum into 2027." Return of Capital The Board of Directors today declared a regular dividend of $1.10 per share on EOG's common stock. The regular dividend will be payable January 29, 2027, to stockholders of record as of January 15, 2027. The indicated annual rate is $4.40 per share. During the third quarter, the company repurchased 7.0 million shares for $1.0 billion under its share repurchase authorization, at an average purchase price of $143 per share. As of September 30, 2026, EOG had $10.6 billion remaining on its current repurchase authorization. Key Financial Results In millions of USD, except per-share, per-Boe and ratio data GAAP 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Total Revenue 8,549 8,620 6,921 5,638 5,847 Net Income 2,781 2,724 1,980 701 1,471 Net Income Per Share 5.33 5.15 3.70 1.30 2.70 Net Cash Provided by Operating Activities 3,813 4,669 2,966 2,612 3,111 Total Expenditures 1,871 1,919 1,768 1,730 8,544 Current and Long-Term Debt 7,922 7,926 7,931 7,936 7,694 Cash and Cash Equivalents 5,747 4,907 3,849 3,396 3,530 Debt-to-Total Capitalization 19.3 % 19.9 % 20.4 % 21.0 % 20.3 % Cash Operating Costs ($/Boe) 10.49 10.57 10.45 10.28 10.50 Non–GAAP Adjusted Net Income 2,540 2,683 1,825 1,222 1,472 Adjusted Net Income Per Share 4.87 5.07 3.41 2.27 2.71 Adjusted CFO 1 3,773 4,386 3,129 2,617 3,031 Capital Expenditures 1,597 1,587 1,636 1,639 1,648 Free Cash Flow 2,176 2,799 1,493 978 1,383 Net Debt 2,175 3,019 4,082 4,540 4,164 Net Debt-to-Total Capitalization 6.2 % 8.7 % 11.7 % 13.2 % 12.1 % Cash Operating Costs ($/Boe) 2 10.49 10.57 10.45 10.22 9.93 Key Operational Results Volumes 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Crude Oil and Condensate (MBod) 550.4 548.8 548.5 546.1 534.5 Natural Gas Liquids (MBbld) 357.1 346.8 332.1 342.1 309.3 Natural Gas (MMcfd) 3,153 3,089 3,020 3,065 2,745 Total Crude Oil Equivalent (MBoed) 1,433.1 1,410.4 1,383.8 1,399.0 1,301.2 Cash Operating Costs ($/Boe) Lease & Well 3.74 3.64 3.71 3.47 3.60 Gathering, Processing & Transportation Costs 5.26 5.27 5.25 5.07 4.90 General & Administrative (GAAP) 1.49 1.66 1.49 1.74 2.00 General & Administrative (Non-GAAP) 2 1.49 1.66 1.49 1.68 1.43 Cash Operating Costs (GAAP) 10.49 10.57 10.45 10.28 10.50 Cash Operating Costs (Non-GAAP) 2 10.49 10.57 10.45 10.22 9.93 Depreciation, Depletion & Amortization ($/Boe) 9.80 9.81 9.58 9.53 9.77 Third Quarter 2026 Results vs Guidance (Unaudited) 3Q 2026 3Q 2026 Guidance Midpoint 4 Variance 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Crude Oil and Condensate Volumes (MBod) United States 547.7 546.8 0.9 546.2 546.5 544.5 532.9 Trinidad 2.0 1.7 0.3 2.1 1.9 1.5 1.6 Other International 5 0.7 0.5 0.1 0.1 0.0 Total 550.4 548.5 1.9 548.8 548.5 546.1 534.5 Natural Gas Liquids Volumes (MBbld) Total 357.1 347.0 10.1 346.8 332.1 342.1 309.3 Natural Gas Volumes (MMcfd) United States 2,882 2,850 32 2,784 2,769 2,859 2,511 Trinidad 260 250 10 293 239 195 230 Other International 5 11 12 12 11 4 Total 3,153 3,100 53 3,089 3,020 3,065 2,745 Total Crude Oil Equivalent Volumes (MBoed) 1,433.1 1,412.2 20.9 1,410.4 1,383.8 1,399.0 1,301.2 Total MMBoe 131.8 129.9 1.9 128.3 124.5 128.7 119.7 Benchmark Price Oil (WTI) ($/Bbl) 85.68 92.85 72.17 59.17 64.95 Natural Gas (HH) ($/Mcf) 2.95 2.89 4.96 3.55 3.07 Crude Oil and Condensate - above (below) WTI 6 ($/Bbl) United States 1.05 1.65 (0.60) 5.33 0.31 0.37 1.02 Trinidad (1.06) (2.60) 1.54 (3.98) (3.26) (2.10) (7.21) Other International 2.28 10.55 16.95 4.81 0.00 Natural Gas Liquids - Realizations as % of WTI Total 30.5 % 28.0 % 2.5 % 26.3 % 30.8 % 35.7 % 32.7 % Natural Gas - above (below) NYMEX Henry Hub 7 ($/Mcf) United States 0.78 0.50 0.28 (0.12) (1.21) (0.61) (0.36) Natural Gas Realizations ($/Mcf) Trinidad 3.92 3.80 0.12 3.99 3.91 3.94 3.80 Other International 5 3.30 3.27 3.26 3.29 3.27 Total Expenditures (GAAP) ($MM) 1,871 1,919 1,768 1,730 8,544 Capital Expenditures (Non-GAAP) ($MM) 1,597 1,650 (53) 1,587 1,636 1,639 1,648 Operating Unit Costs ($/Boe) Lease and Well 3.74 3.80 (0.06) 3.64 3.71 3.47 3.60 Gathering, Processing and Transportation Costs 5.26 5.40 (0.14) 5.27 5.25 5.07 4.90 General & Administrative (GAAP) 1.49 1.66 1.49 1.74 2.00 General & Administrative (Non-GAAP) 2 1.49 1.50 (0.01) 1.66 1.49 1.68 1.43 Cash Operating Costs (GAAP) 10.49 10.57 10.45 10.28 10.50 Cash Operating Costs (Non-GAAP) 2 10.49 10.70 (0.21) 10.57 10.45 10.22 9.93 Depreciation, Depletion and Amortization 9.80 10.00 (0.20) 9.81 9.58 9.53 9.77 Expenses ($MM) Exploration and Dry Hole 83 65 18 77 68 54 71 Impairment (GAAP) 24 19 39 689 71 Impairment (excluding certain impairments (Non-GAAP)) 8 24 110 (86) 19 39 43 71 Capitalized Interest 38 38 38 37 36 27 Net Interest (GAAP) 67 67 66 66 71 Net Interest (Non-GAAP) 67 66 1 67 66 66 71 TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) (GAAP) 6.3 % 6.6 % 6.4 % 6.3 % 6.8 % (Non-GAAP) 6.3 % 6.8 % (0.5 %) 6.6 % 6.4 % 6.3 % 6.8 % Income Taxes Effective Rate 22.0 % 22.5 % (0.5 %) 22.1 % 22.5 % 22.8 % 19.4 % Current Tax Expense ($MM) 889 885 4 429 557 293 75 Fourth Quarter and Full-Year 2026 Guidance 9 (Unaudited) 4Q 2026 Guidance Range 4Q 2026 Midpoint FY 2026 Guidance Range FY 2026 Midpoint Crude Oil and Condensate Volumes (MBod) United States 545.4 - 550.0 547.7 545.1 - 548.9 547.0 Trinidad 1.8 - 2.2 2.0 1.8 - 2.2 2.0 Other International 0.5 - 0.9 0.7 0.4 - 0.6 0.5 Total 547.7 - 553.1 550.4 547.3 - 551.7 549.5 Natural Gas Liquids Volumes (MBbld) Total 340.0 - 360.0 350.0 341.6 - 351.6 346.6 Natural Gas Volumes (MMcfd) United States 2,780 - 2,880 2,830 2,777 - 2,857 2,817 Trinidad 200 - 220 210 240 - 260 250 Other International 7 - 13 10 9 - 13 11 Total 2,987 - 3,113 3,050 3,026 - 3,130 3,078 Crude Oil Equivalent Volumes (MBoed) United States 1,348.7 - 1,390.0 1,369.4 1,349.5 - 1,376.7 1,363.1 Trinidad 35.1 - 38.9 37.0 41.8 - 45.5 43.7 Other International 1.7 - 3.1 2.4 1.9 - 2.8 2.4 Total 1,385.5 - 1,432.0 1,408.8 1,393.2 - 1,425.0 1,409.2 Crude Oil and Condensate - above (below) WTI 6 ($/Bbl) United States 2.25 - 3.75 3.00 1.90 - 2.90 2.40 Trinidad 1.25 - 2.75 2.00 (2.20) - (0.70) (1.45) Natural Gas Liquids - Realizations as % of WTI Total 30.0 % - 40.0 % 35.0 % 28.0 % - 33.0 % 30.5 % Natural Gas - above (below) NYMEX Henry Hub 7 ($/Mcf) United States 1.10 - 1.80 1.45 (0.30) - 0.70 0.20 Natural Gas Realizations ($/Mcf) Trinidad 3.30 - 4.00 3.65 3.60 - 4.10 3.85 Capital Expenditures 10 ($MM) 1,630 - 1,730 1,680 6,300 - 6,700 6,500 Operating Unit Costs ($/Boe) Lease and Well 3.70 - 4.20 3.95 3.60 - 3.90 3.75 Gathering, Processing and Transportation Costs 5.25 - 5.75 5.50 5.25 - 5.45 5.35 General & Administrative 1.45 - 1.75 1.60 1.45 - 1.65 1.55 Cash Operating Costs 10.40 - 11.70 11.05 10.30 - 11.00 10.65 Depreciation, Depletion and Amortization 9.80 - 10.80 10.30 9.50 - 10.30 9.90 Expenses ($MM) Exploration and Dry Hole 50 - 90 70 278 - 318 298 Impairment (excluding certain impairments) 8 55 - 135 95 87 - 267 177 Capitalized Interest 36 - 40 38 149 - 153 151 Net Interest 65 - 69 67 266 - 270 268 TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) 5.5 % - 7.5 % 6.5 % 5.5 % - 7.5 % 6.5 % Income Taxes Effective Rate 18.0 % - 24.0 % 21.0 % 19.0 % - 25.0 % 22.0 % Current Tax Expense ($MM) 650 - 750 700 2,525 - 2,625 2,575 Third Quarter 2026 Results Webcast Friday, November 6, 2026, 9:00 a.m. Central time (10:00 a.m. Eastern time) Webcast will be available on EOG's website for one year. https://investors.eogresources.com/Investors About EOG EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States and Trinidad. To learn more visit https://www.eogresources.com/ Investor Contacts Pearce Hammond 713-571-4684 Neel Panchal 713-571-4884 Shelby O'Connor 713-571-4560 Cameron Hughes 713-571-3724 Media Contact Kimberly Ehmer 713-571-4676 Endnotes 1) Cash flow from operations before changes in working capital and certain acquisition-related costs. 2) Cash Operating Costs consist of LOE, GP&T and G&A. Non-GAAP G&A excludes Encino acquisition-related G&A costs of $8 million for 4Q 2025 and $68 million for 3Q 2025, as reflected in the accompanying reconciliation schedules (see "Revenues, Costs and Margins Per Barrel of Oil Equivalent"). The per-Boe impact of such Encino acquisition–related costs on G&A and total Cash Operating Costs for 4Q 2025 was ($0.06) and for 3Q 2025 was ($0.57) as set forth in "Third Quarter 2026 Results vs Guidance" above. 3) Other 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. 4) GAAP and non-GAAP distinctions apply solely to actual results and do not pertain to EOG's third quarter 2026 guidance midpoint disclosures. 5) Crude oil and condensate volumes are from UAE and Bahrain operations. Natural gas volumes are from Bahrain operations; natural gas realized price represents contract price less partner's processing and distribution costs. 6) EOG bases United States, Trinidad, and Other International 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. 7) 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. 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 4Q 2025 are adjusted from Impairments (GAAP) for 4Q 2025 by excluding $646 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). 9) The forecast items for the fourth quarter and full year 2026 set forth above for EOG are based on currently available information and expectations as of the date of this press release. EOG undertakes no obligation, other than as required by applicable law, to update or revise this forecast, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise. This forecast, which should be read in conjunction with this press release and EOG's related Current Report on Form 8-K filing, replaces and supersedes any previously issued guidance or forecast. 10) The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses. Cautionary Notice This press release and any accompanying disclosures may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG's future financial position, operations, performance, business strategy, goals, returns and rates of return, budgets, reserves, levels of production, capital expenditures, operating costs and asset sales, statements regarding future commodity prices, statements regarding the plans and objectives of EOG's management for future operations and statements and projections regarding the strategic rationale for, and anticipated benefits of, EOG's acquisition of Encino Acquisition Partners, LLC (Encino) are forward-looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "project," "strategy," "intend," "plan," "target," "aims," "ambition," "initiative," "goal," "may," "will," "focused on," "should" and "believe" or the negative of those terms or other variations or comparable terminology to identify its forward-looking statements. In particular, statements, express or implied, concerning (i) EOG's future financial or operating results and returns, (ii) EOG's ability to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control drilling, completion and operating costs and capital expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, other environmental matters or safety matters, pay and/or increase regular and/or special dividends or repurchase shares or (iii) the successful integration of Encino's assets and operations or the strategic rationale for, or anticipated benefits of, EOG's acquisition of Encino, in each case are forward-looking statements. Forward-looking statements are not guarantees of performance. Although EOG believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that such assumptions are accurate or will prove to have been correct or that any of such expectations will be achieved (in full or at all) or will be achieved on the expected or anticipated timelines. Moreover, EOG's forward-looking statements may be affected by known, unknown or currently unforeseen risks, events or circumstances that may be outside EOG's control. Important factors that could cause EOG's actual results to differ materially from the expectations reflected in EOG's forward-looking statements include, among others: the timing, magnitude and duration of changes in prices for, supplies of, and demand for, crude oil and condensate, natural gas liquids (NGLs), natural gas and related commodities; the extent to which EOG is successful in its efforts to acquire or discover additional reserves; the extent to which EOG is successful in its efforts to (i) economically develop its acreage in, (ii) produce reserves and achieve anticipated production levels and rates of return from, (iii) decrease or otherwise control its drilling, completion and operating costs and capital expenditures related to, and (iv) maximize reserve recoveries from, its existing and future crude oil and natural gas exploration and development projects and associated potential and existing drilling locations; the success of EOG's cost-mitigation initiatives and actions in offsetting the impact of any inflationary or other pressures on EOG's operating costs and capital expenditures; the extent to which EOG is successful in its efforts to market its production of crude oil and condensate, NGLs and natural gas; security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, physical breaches of our facilities and other infrastructure or breaches of the information technology systems, facilities and infrastructure of third parties with which we transact business, and enhanced regulatory focus on the prevention of, and disclosure requirements relating to, cyber incidents; the availability, proximity and capacity of, and costs associated with, appropriate gathering, processing, compression, storage, transportation, refining, liquefaction and export facilities and equipment; the availability, cost, terms and timing of issuance or execution of mineral licenses, concessions and leases and governmental and other permits and rights-of-way, and EOG's ability to retain mineral licenses, concessions and leases; the impact of, and changes in, government policies, laws and regulations, including climate change-related regulations, policies and initiatives (for example, with respect to air emissions); tax laws and regulations (including, but not limited to, carbon tax or other emissions-related legislation); environmental, health and safety laws and regulations relating to disposal of produced water, drilling fluids and other wastes, hydraulic fracturing and access to and use of water; laws and regulations affecting the leasing of acreage and permitting for oil and gas drilling and the calculation of royalty payments in respect of oil and gas production; laws and regulations imposing additional permitting and disclosure requirements, additional operating restrictions and conditions or restrictions on drilling and completion operations and on the transportation of crude oil, NGLs and natural gas; laws and regulations with respect to financial commodity and other derivative instruments and hedging activities; laws and regulations with respect to the import and export of crude oil, natural gas and related commodities; and trade policies, tariffs, trade agreements and other trade restrictions; the impact of climate change-related legislation, policies and initiatives; climate change-related political, social and shareholder activism; and physical, transition and reputational risks and other potential developments related to climate change; the extent to which EOG is able to successfully and economically develop, implement and carry out its emissions and other environmental or safety-related initiatives and achieve its related targets, goals, ambitions and initiatives; EOG's failure to realize, in full or at all, the anticipated benefits of its acquisition of Encino and/or business disruptions resulting from the acquisition (e.g., relating to the integration of Encino's assets and operations into EOG's operations) that could harm EOG's business operations (including current plans and operations and the diversion of management's attention from EOG's ongoing business operations); EOG's ability to effectively integrate acquired crude oil and natural gas properties into its operations, identify and resolve existing and potential issues with respect to such properties and accurately estimate reserves, production, drilling, completion and operating costs and capital expenditures with respect to such properties; the extent to which EOG's third-party-operated crude oil and natural gas properties are operated successfully, economically and in compliance with applicable laws and regulations; competition in the oil and gas exploration and production industry for the acquisition of licenses, concessions, leases and properties; the availability and cost of, EOG's ability to retain, and competition in the oil and gas exploration and production industry for, employees, labor and other personnel, facilities, equipment, materials (such as water, sand, fuel and tubulars) and services; the accuracy of reserve estimates, which by their nature involve the exercise of professional judgment and may therefore be imprecise; weather and natural disasters, including its impact on crude oil and natural gas demand, and related delays in drilling and in the installation and operation (by EOG or third parties) of production, gathering, processing, refining, liquefaction, compression, storage, transportation, and export facilities; the ability of EOG's customers and other contractual counterparties to satisfy their obligations to EOG and, related thereto, to access the credit and capital markets to obtain financing needed to satisfy their obligations to EOG; EOG's ability to access the commercial paper market and other credit and capital markets to obtain financing on terms it deems acceptable, if at all, and to otherwise satisfy its capital expenditure requirements; the extent to which EOG is successful in its completion of planned asset dispositions; the extent and effect of any hedging activities engaged in by EOG; the timing and extent of changes in foreign currency exchange rates, interest rates, inflation rates, global and domestic financial market conditions and global and domestic general economic conditions; geopolitical factors and political conditions and developments around the world (such as the imposition of tariffs or trade or other economic sanctions, political instability and armed conflicts), including in the areas in which EOG operates; the extent to which EOG incurs uninsured losses and liabilities or losses and liabilities in excess of its insurance coverage; and the other factors described under ITEM 1A, Risk Factors of EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and any updates to those factors set forth in EOG's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. In light of these risks, uncertainties and assumptions, the events anticipated by EOG's forward-looking statements may not occur and, if any of such events do, we may not have anticipated the timing of their occurrence or the duration or extent of their impact on our actual results. Accordingly, you should not place any undue reliance on any of EOG's forward-looking statements. EOG's forward-looking statements speak only as of the date made, and EOG undertakes no obligation, other than as required by applicable law, to update or revise its forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise. Historical Non-GAAP Financial Measures: Reconciliation schedules and definitions for the historical non-GAAP financial measures included or referenced herein as well as related discussion can be found on the EOG website at www.eogresources.com. Cautionary Notice Regarding Forward-Looking Non-GAAP Financial Measures: In addition, this press release and any accompanying disclosures may include or reference certain forward-looking, non-GAAP financial measures, such as free cash flow, adjusted cash flow from operations and return on capital employed, and certain related estimates regarding future performance, commodity prices and operating and financial results. Because we provide these measures on a forward-looking basis, we cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future changes in working capital and future impairments. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking, non-GAAP financial measures to the respective most directly comparable forward-looking GAAP financial measures without unreasonable efforts. The unavailable information could have a significant impact on our ultimate results. However, management believes these forward-looking, Non-GAAP measures may be a useful tool for the investment community in comparing EOG's forecasted financial performance to the forecasted financial performance of other companies in the industry. Any such forward-looking measures and estimates are intended to be illustrative only and are not intended to reflect the results that EOG will necessarily achieve for the period(s) presented; EOG's actual results may differ materially from such measures and estimates. Oil and Gas Reserves: The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose not only "proved" reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also "probable" reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as "possible" reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). Statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve or resource estimates provided in this press release or any accompanying disclosures that are not specifically designated as being estimates of proved reserves may include "potential" reserves, "resource potential" and/or other estimated reserves or estimated resources not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (and any updates to such disclosure set forth in EOG's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K), available from EOG at P.O. Box 4362, Houston, Texas 77210-4362 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov. Income Statements In millions of USD, except share data (in millions) and per share data (Unaudited) 2025 2026 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Operating Revenues and Other Crude Oil and Condensate 3,293 2,974 3,243 2,991 12,501 3,577 4,901 4,392 12,870 Natural Gas Liquids 572 534 604 666 2,376 664 770 858 2,292 Natural Gas 637 600 707 847 2,791 1,021 812 1,085 2,918 Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net (191) 107 116 (19) 13 113 40 105 258 Gathering, Processing and Marketing 1,340 1,247 1,178 1,149 4,914 1,496 2,011 1,846 5,353 Gains (Losses) on Asset Dispositions, Net (1) — (18) (16) (35) 31 58 242 331 Other, Net 19 16 17 20 72 19 28 21 68 Total 5,669 5,478 5,847 5,638 22,632 6,921 8,620 8,549 24,090 Operating Expenses Lease and Well 401 396 431 447 1,675 462 467 493 1,422 Gathering, Processing and Transportation Costs 440 455 587 652 2,134 654 676 693 2,023 Exploration Costs 41 74 71 50 236 45 47 54 146 Dry Hole Costs 34 11 — 4 49 23 30 29 82 Impairments 44 39 71 689 843 39 19 24 82 Marketing Costs 1,325 1,216 1,134 1,120 4,795 1,384 1,950 1,781 5,115 Depreciation, Depletion and Amortization 1,013 1,053 1,169 1,226 4,461 1,193 1,259 1,292 3,744 General and Administrative 171 186 239 224 820 185 213 196 594 Taxes Other Than Income 341 301 309 283 1,234 338 431 401 1,170 Total 3,810 3,731 4,011 4,695 16,247 4,323 5,092 4,963 14,378 Operating Income 1,859 1,747 1,836 943 6,385 2,598 3,528 3,586 9,712 Other Income, Net 65 55 59 33 212 23 38 45 106 Income Before Interest Expense and Income Taxes 1,924 1,802 1,895 976 6,597 2,621 3,566 3,631 9,818 Interest Expense, Net 47 51 71 66 235 66 67 67 200 Income Before Income Taxes 1,877 1,751 1,824 910 6,362 2,555 3,499 3,564 9,618 Income Tax Provision 414 406 353 209 1,382 575 775 783 2,133 Net Income 1,463 1,345 1,471 701 4,980 1,980 2,724 2,781 7,485 Dividends Declared per Common Share 0.9750 1.9950 — 1.0200 3.9900 1.0200 1.0200 1.0200 3.0600 Net Income Per Share Basic 2.66 2.48 2.72 1.31 9.17 3.72 5.18 5.37 14.26 Diluted 2.65 2.46 2.70 1.30 9.12 3.70 5.15 5.33 14.18 Average Number of Common Shares Basic 550 543 541 537 543 532 526 518 525 Diluted 553 546 544 539 546 535 529 522 528 Volumes and Prices (Unaudited) 2025 2026 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Crude Oil and Condensate Volumes (MBod) (A) United States 500.9 503.1 532.9 544.5 520.5 546.5 546.2 547.7 546.8 Trinidad 1.2 1.1 1.6 1.5 1.4 1.9 2.1 2.0 2.0 Other International (B) — — — 0.1 — 0.1 0.5 0.7 0.4 Total 502.1 504.2 534.5 546.1 521.9 548.5 548.8 550.4 549.2 Average Crude Oil and Condensate Prices ($/Bbl) (C) United States $ 72.90 $ 64.84 $ 65.97 $ 59.54 $ 65.65 $ 72.48 $ 98.18 $ 86.73 $ 85.85 Trinidad 61.12 54.50 57.74 57.07 57.59 68.91 88.87 84.62 81.07 Other International — — — 63.98 — 89.12 103.40 87.96 94.53 Composite 72.87 64.82 65.95 59.54 65.63 72.47 98.15 86.72 85.83 Natural Gas Liquids Volumes (MBbld) (A) United States 241.7 258.4 309.3 342.1 288.2 332.1 346.8 357.1 345.4 Total 241.7 258.4 309.3 342.1 288.2 332.1 346.8 357.1 345.4 Average Natural Gas Liquids Prices ($/Bbl) (C) United States $ 26.29 $ 22.70 $ 21.25 $ 21.15 $ 22.58 $ 22.20 $ 24.41 $ 26.13 $ 24.31 Composite 26.29 22.70 21.25 21.15 22.58 22.20 24.41 26.13 24.31 Natural Gas Volumes (MMcfd) (A) United States 1,834 1,977 2,511 2,859 2,299 2,769 2,784 2,882 2,812 Trinidad 246 252 230 195 230 239 293 260 265 Other International (B) — — 4 11 4 12 12 11 11 Total 2,080 2,229 2,745 3,065 2,533 3,020 3,089 3,153 3,088 Average Natural Gas Prices ($/Mcf) (C) United States $ 3.36 $ 2.87 $ 2.71 $ 2.94 $ 2.94 $ 3.75 $ 2.77 $ 3.73 $ 3.42 Trinidad 3.78 3.65 3.80 3.94 3.78 3.91 3.99 3.92 3.94 Other International (B) — — 3.27 3.29 3.28 3.26 3.27 3.30 3.28 Composite 3.41 2.96 2.80 3.00 3.02 3.76 2.89 3.74 3.46 Crude Oil Equivalent Volumes (MBoed) (D) United States 1,048.3 1,090.9 1,260.7 1,363.0 1,191.8 1,340.1 1,357.1 1,385.1 1,360.9 Trinidad 42.1 43.2 39.8 34.2 39.8 41.7 50.9 45.6 46.1 Other International — — 0.7 1.8 0.6 2.0 2.4 2.4 2.3 Total 1,090.4 1,134.1 1,301.2 1,399.0 1,232.2 1,383.8 1,410.4 1,433.1 1,409.3 Total MMBoe (D) 98.1 103.2 119.7 128.7 449.8 124.5 128.3 131.8 384.7 (A) Thousand barrels per day or million cubic feet per day, as applicable. (B) Crude oil and condensate volumes are from UAE and Bahrain operations. Natural gas volumes are 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 September 30, 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 USD (Unaudited) 2025 2026 MAR JUN SEP DEC MAR JUN SEP DEC Current Assets Cash and Cash Equivalents 6,599 5,216 3,530 3,396 3,849 4,907 5,747 Accounts Receivable, Net 2,621 2,504 2,680 2,681 3,597 3,529 3,955 Inventories 897 934 945 1,014 955 930 938 Other (A) 563 591 665 565 562 511 607 Total 10,680 9,245 7,820 7,656 8,963 9,877 11,247 Property, Plant and Equipment Oil and Gas Properties (Successful Efforts Method) 78,432 80,139 88,301 89,857 90,786 92,454 88,943 Other Property, Plant and Equipment 6,510 6,616 6,772 6,832 6,942 7,064 6,757 Total Property, Plant and Equipment 84,942 86,755 95,073 96,689 97,728 99,518 95,700 Less: Accumulated Depreciation, Depletion and Amortization (50,310) (51,394) (52,488) (54,348) (55,054) (56,278) (52,212) Total Property, Plant and Equipment, Net 34,632 35,361 42,585 42,341 42,674 43,240 43,488 Deferred Income Taxes 44 39 37 39 30 35 31 Other Assets 1,626 1,639 1,757 1,763 1,711 1,631 1,702 Total Assets 46,982 46,284 52,199 51,799 53,378 54,783 56,468 Current Liabilities Accounts Payable 2,353 2,266 2,944 2,904 3,186 3,374 3,364 Accrued Taxes Payable 668 348 392 299 766 697 1,234 Dividends Payable 534 1,081 550 544 541 531 525 Current Portion of Long-Term Debt 1,280 778 27 27 27 27 28 Current Portion of Operating Lease Liabilities 318 360 433 472 375 324 340 Other (A) 566 342 469 445 329 382 433 Total 5,719 5,175 4,815 4,691 5,224 5,335 5,924 Long-Term Debt 3,464 3,458 7,667 7,909 7,904 7,899 7,894 Other Liabilities 2,368 2,398 2,496 2,512 2,476 2,468 2,441 Deferred Income Taxes 5,915 6,015 6,936 6,854 6,866 7,217 7,108 Commitments and Contingencies (B) Stockholders' Equity Common Stock, $0.01 Par 206 206 206 206 206 206 206 Additional Paid-In Capital 6,095 6,153 5,978 6,027 6,026 6,072 5,899 Accumulated Other Comprehensive Loss (4) (7) (5) (7) (6) (5) (5) Retained Earnings 27,869 28,131 29,603 29,765 31,200 33,390 35,642 Common Stock Held in Treasury (4,650) (5,245) (5,497) (6,158) (6,518) (7,799) (8,641) Total Stockholders' Equity 29,516 29,238 30,285 29,833 30,908 31,864 33,101 Total Liabilities and Stockholders' Equity 46,982 46,284 52,199 51,799 53,378 54,783 56,468 (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' 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 September 30, 2026. Cash Flow Statements In millions of USD (Unaudited) 2025 2026 1st Qtr 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 1,463 1,345 1,471 701 4,980 1,980 2,724 2,781 7,485 Items Not Requiring (Providing) Cash Depreciation, Depletion and Amortization 1,013 1,053 1,169 1,226 4,461 1,193 1,259 1,292 3,744 Impairments 44 39 71 689 843 39 19 24 82 Stock-Based Compensation Expenses 50 53 53 60 216 58 60 55 173 Deferred Income Taxes 44 105 278 (84) 343 18 346 (106) 258 (Gains) Losses on Asset Dispositions, Net 1 — 18 16 35 (31) (58) (242) (331) Other, Net 11 11 2 3 27 15 2 6 23 Dry Hole Costs 34 11 — 4 49 23 30 29 82 Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net 191 (107) (116) 19 (13) (113) (40) (105) (258) Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts (38) (24) 27 (21) (56) (53) 45 40 32 Other, Net — — — (1) (1) — (1) (1) (2) Changes in Components of Working Capital and Other Assets and Liabilities Accounts Receivable 48 122 133 (3) 300 (907) 60 (414) (1,261) Inventories 76 (45) 4 (84) (49) 21 26 (27) 20 Accounts Payable (129) (107) 5 (40) (271) 279 176 (44) 411 Accrued Taxes Payable (339) (321) 28 (103) (735) 467 (69) 536 934 Other Assets (43) (43) (28) 97 (17) 55 47 (63) 39 Other Liabilities (96) (52) 155 10 17 (123) 37 47 (39) Changes in Components of Working Capital Associated with Investing Activities (41) (8) (159) 123 (85) 45 6 5 56 Net Cash Provided by Operating Activities 2,289 2,032 3,111 2,612 10,044 2,966 4,669 3,813 11,448 Investing Cash Flows Acquisition of Encino Acquisition Partners, LLC, Net of Cash Acquired — — (4,464) 13 (4,451) — — — — Additions to Oil and Gas Properties (1,381) (1,699) (1,492) (1,543) (6,115) (1,491) (1,638) (1,476) (4,605) Additions to Other Property, Plant and Equipment (102) (94) (171) (112) (479) (153) (144) (121) (418) Proceeds from Sales of Assets 12 4 5 3 24 144 7 243 394 Changes in Components of Working Capital Associated with Investing Activities 41 8 159 (123) 85 (45) (6) (5) (56) Net Cash Used in Investing Activities (1,430) (1,781) (5,963) (1,762) (10,936) (1,545) (1,781) (1,359) (4,685) Financing Cash Flows Long-Term Debt Borrowings — — 3,472 999 4,471 — — — — Long-Term Debt Repayments — (500) (1,266) (750) (2,516) — — — — Dividends Paid (538) (528) (545) (550) (2,161) (544) (540) (544) (1,628) Treasury Stock Purchased (806) (602) (479) (677) (2,564) (418) (1,299) (1,063) (2,780) Proceeds from Stock Options Exercised and Employee Stock Purchase Plan — 11 — 12 23 1 15 — 16 Debt Issuance and Other Financing Costs — (7) (7) (11) (25) — — — — Repayment of Finance Lease Liabilities (8) (9) (8) (7) (32) (7) (6) (7) (20) Net Cash Provided by (Used in) Financing Activities (1,352) (1,635) 1,167 (984) (2,804) (968) (1,830) (1,614) (4,412) Effect of Exchange Rate Changes on Cash — 1 (1) — — — — — — Increase (Decrease) in Cash and Cash Equivalents (493) (1,383) (1,686) (134) (3,696) 453 1,058 840 2,351 Cash and Cash Equivalents at Beginning of Period 7,092 6,599 5,216 3,530 7,092 3,396 3,849 4,907 3,396 Cash and Cash Equivalents at End of Period 6,599 5,216 3,530 3,396 3,396 3,849 4,907 5,747 5,747 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 USD, 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. 3Q 2026 Before Tax Income Tax Impact After Tax Diluted Earnings per Share Reported Net Income (GAAP) 3,564 (783) 2,781 5.33 Adjustments: Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net (105) 23 (82) (0.15) Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1) 40 (8) 32 0.06 Less: Gains on Asset Dispositions, Net (242) 51 (191) (0.37) Adjustments to Net Income (307) 66 (241) (0.46) Adjusted Net Income (Non-GAAP) 3,257 (717) 2,540 4.87 Average Number of Common Shares Basic 518 Diluted 522 (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, 2026, such amount was $40 million. Adjusted Net Income (Continued) In millions of USD, except share data (in millions) and per share data (Unaudited) 2Q 2026 Before Tax IncomeTax Impact After Tax Diluted Earnings per Share Reported Net Income (GAAP) 3,499 (775) 2,724 5.15 Adjustments: Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net (40) 9 (31) (0.06) Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1) 45 (9) 36 0.07 Less: Gains on Asset Dispositions, Net (58) 12 (46) (0.09) Adjustments to Net Income (53) 12 (41) (0.08) Adjusted Net Income (Non-GAAP) 3,446 (763) 2,683 5.07 Average Number of Common Shares Basic 526 Diluted 529 (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 June 30, 2026, such amount was $45 million. 1Q 2026 Before Tax Income Tax Impact After Tax Diluted Earnings per Share Reported Net Income (GAAP) 2,555 (575) 1,980 3.70 Adjustments: Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net (113) 24 (89) (0.17) Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1) (53) 11 (42) (0.08) Less: Gains on Asset Dispositions, Net (31) 7 (24) (0.04) Adjustments to Net Income (197) 42 (155) (0.29) Adjusted Net Income (Non-GAAP) 2,358 (533) 1,825 3.41 Average Number of Common Shares Basic 532 Diluted 535 (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 USD, except share data (in millions) and per share data (Unaudited) 4Q 2025 Before Tax Income Tax Impact After Tax Diluted Earnings per Share Reported Net Income (GAAP) 910 (209) 701 1.30 Adjustments: Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net 19 (4) 15 0.03 Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1) (21) 4 (17) (0.03) Add: Losses on Asset Dispositions, Net 16 (4) 12 0.02 Add: Certain Impairments (2) 646 (140) 506 0.94 Add: Acquisition-Related Costs (3) 8 (3) 5 0.01 Adjustments to Net Income 668 (147) 521 0.97 Adjusted Net Income (Non-GAAP) 1,578 (356) 1,222 2.27 Average Number of Common Shares Basic 537 Diluted 539 (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 December 31, 2025, such amount was $21 million. (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 Tax Income Tax Impact After 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 USD, except share data (in millions) and per share data (Unaudited) FY 2025 Before Tax Income Tax Impact After Tax Diluted Earnings per Share Reported Net Income (GAAP) 6,362 (1,382) 4,980 9.12 Adjustments: Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net (13) 3 (10) (0.02) Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1) (56) 12 (44) (0.08) Add: Losses on Asset Dispositions, Net 35 (8) 27 0.05 Add: Certain Impairments (2) 657 (140) 517 0.95 Add: Acquisition-Related Costs (3) 94 (16) 78 0.14 Adjustments to Net Income 717 (149) 568 1.04 Adjusted Net Income (Non-GAAP) 7,079 (1,531) 5,548 10.16 Average Number of Common Shares Basic 543 Diluted 546 (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. (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 ($88 million) and financing commitment costs ($6 million). FY 2024 Before Tax Income Tax Impact After 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 USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited) 2Q 2026 Net Income per Share (GAAP) - Diluted 5.15 Realized Prices 3Q 2026 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe 48.05 Less: 2Q 2026 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe (50.52) Subtotal (2.47) Multiplied by: 3Q 2026 Crude Oil Equivalent Volumes (MMBoe) 131.8 Total Change in Revenue (326) Add: Income Tax Benefit (Provision) Imputed (based on 22%) 72 Change in Net Income (254) Change in Diluted Earnings per Share (0.49) Volumes 3Q 2026 Crude Oil Equivalent Volumes (MMBoe) 131.8 Less: 2Q 2026 Crude Oil Equivalent Volumes (MMBoe) (128.3) Subtotal 3.5 Multiplied by: 3Q 2026 Composite Average Margin per Boe (GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below) 23.40 Change in Margin 82 Add: Income Tax Benefit (Provision) Imputed (based on 22%) (18) Change in Net Income 64 Change in Diluted Earnings per Share 0.12 Certain Operating Costs per Boe 2Q 2026 Total Cash Operating Costs (GAAP) and Total DD&A per Boe 20.38 Less: 3Q 2026 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (20.29) Subtotal 0.09 Multiplied by: 3Q 2026 Crude Oil Equivalent Volumes (MMBoe) 131.8 Change in Before-Tax Net Income 12 Add: Income Tax Benefit (Provision) Imputed (based on 22%) (3) Change in Net Income 9 Change in Diluted Earnings per Share 0.02 Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net 3Q 2026 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts 105 Add: Income Tax Benefit (Provision) (23) After Tax - (a) 82 Less: 2Q 2026 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts 40 Less: Income Tax Benefit (Provision) (9) After Tax - (b) 31 Change in Net Income - (a) - (b) 51 Change in Diluted Earnings per Share 0.10 Other (1) 0.43 3Q 2026 Net Income per Share (GAAP) - Diluted 5.33 3Q 2026 Average Number of Common Shares - Diluted 522 (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 USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited) 2Q 2026 Adjusted Net Income per Share (Non-GAAP) - Diluted 5.07 Realized Prices 3Q 2026 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe 48.05 Less: 2Q 2026 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe (50.52) Subtotal (2.47) Multiplied by: 3Q 2026 Crude Oil Equivalent Volumes (MMBoe) 131.8 Total Change in Revenue (326) Add: Income Tax Benefit (Provision) Imputed (based on 22%) 72 Change in Net Income (254) Change in Diluted Earnings per Share (0.49) Volumes 3Q 2026 Crude Oil Equivalent Volumes (MMBoe) 131.8 Less: 2Q 2026 Crude Oil Equivalent Volumes (MMBoe) (128.3) Subtotal 3.5 Multiplied by: 3Q 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) 23.40 Change in Margin 82 Less: Income Tax Benefit (Provision) Imputed (based on 22%) (18) Change in Net Income 64 Change in Diluted Earnings per Share 0.12 Certain Operating Costs per Boe 2Q 2026 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe 20.38 Less: 3Q 2026 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe (20.29) Subtotal 0.09 Multiplied by: 3Q 2026 Crude Oil Equivalent Volumes (MMBoe) 131.8 Change in Before-Tax Net Income 12 Add: Income Tax Benefit (Provision) Imputed (based on 22%) (3) Change in Net Income 9 Change in Diluted Earnings per Share 0.02 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts 3Q 2026 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts 40 Less: Income Tax Benefit (Provision) (8) After Tax - (a) 32 Less: 2Q 2026 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts 45 Add: Income Tax Benefit (Provision) (9) After Tax - (b) 36 Change in Net Income - (a) - (b) (4) Change in Diluted Earnings per Share (0.01) Other (1) 0.16 3Q 2026 Adjusted Net Income per Share (Non-GAAP) - Diluted 4.87 3Q 2026 Average Number of Common Shares - Diluted 522 (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 USD (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. 2025 2026 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Net Cash Provided by Operating Activities (GAAP) 2,289 2,032 3,111 2,612 10,044 2,966 4,669 3,813 11,448 Adjustments: Changes in Components of Working Capital and Other Assets and Liabilities Accounts Receivable (48) (122) (133) 3 (300) 907 (60) 414 1,261 Inventories (76) 45 (4) 84 49 (21) (26) 27 (20) Accounts Payable 129 107 (5) 40 271 (279) (176) 44 (411) Accrued Taxes Payable 339 321 (28) 103 735 (467) 69 (536) (934) Other Assets 43 43 28 (97) 17 (55) (47) 63 (39) Other Liabilities 96 52 (155) (10) (17) 123 (37) (47) 39 Changes in Components of Working Capital Associated with Investing Activities 41 8 159 (123) 85 (45) (6) (5) (56) Add: Acquisition-Related Costs (1) , Net of Tax — 10 58 5 73 — — — — Adjusted Cash Flow from Operations (Non- GAAP) 2,813 2,496 3,031 2,617 10,957 3,129 4,386 3,773 11,288 Less: Total Capital Expenditures (Non-GAAP) (2) (1,484) (1,523) (1,648) (1,639) (6,294) (1,636) (1,587) (1,597) (4,820) Free Cash Flow (Non-GAAP) 1,329 973 1,383 978 4,663 1,493 2,799 2,176 6,468 (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): 2025 2026 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Total Expenditures (GAAP) 1,546 1,883 8,544 1,730 13,703 1,768 1,919 1,871 5,558 Less: Asset Retirement Costs (13) (14) (86) (33) (146) (12) (37) (12) (61) Non-Cash Leasehold Acquisition Costs (3) (9) (2) (3) (10) (24) (52) (53) (206) (311) Non-Cash Property Acquisition Costs — — — — — — (2) — (2) Acquisition Costs of Properties (3) 1 (270) (6,736) 2 (7,003) (23) (193) (2) (218) Exploration Costs (41) (74) (71) (50) (236) (45) (47) (54) (146) Total Capital Expenditures (Non-GAAP) 1,484 1,523 1,648 1,639 6,294 1,636 1,587 1,597 4,820 Cash Flow from Operations and Free Cash Flow (Continued) In millions of USD (Unaudited) FY 2024 FY 2023 FY 2022 FY 2021 Net Cash Provided by Operating Activities (GAAP) 12,143 11,340 11,093 8,791 Adjustments: Changes in Components of Working Capital and Other Assets and Liabilities Accounts Receivable (101) 38 347 821 Inventories (259) 231 534 13 Accounts Payable 36 119 (90) (456) Accrued Taxes Payable (541) (61) 113 (312) Other Assets (44) (39) 364 136 Other Liabilities (23) (184) 266 116 Changes in Components of Working Capital Associated with Investing Activities 382 (295) (375) 200 Adjusted Cash Flow from Operations (Non-GAAP) 11,593 11,149 12,252 9,309 Less: Total Capital Expenditures (Non-GAAP) (2) (6,226) (6,041) (4,607) (3,755) Free Cash Flow (Non-GAAP) 5,367 5,108 7,645 5,554 (2) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP): Total Expenditures (GAAP) 6,653 6,818 5,610 4,255 Less: Asset Retirement Costs 2 (257) (298) (127) Non-Cash Development Drilling — (90) — — Non-Cash Leasehold Acquisition Costs (3) (85) (99) (127) (45) Non-Cash Finance Leases — — — (74) Acquisition Costs of Properties (3) (33) (16) (419) (100) Acquisition Costs of Other Property, Plant and Equipment (137) (134) — — Exploration Costs (174) (181) (159) (154) Total Capital Expenditures (Non-GAAP) 6,226 6,041 4,607 3,755 (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 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, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Total Stockholders' Equity - (a) 33,101 31,864 30,908 29,833 30,285 Current and Long-Term Debt (GAAP) - (b) 7,922 7,926 7,931 7,936 7,694 Less: Cash (5,747) (4,907) (3,849) (3,396) (3,530) Net Debt (Non-GAAP) - (c) 2,175 3,019 4,082 4,540 4,164 Total Capitalization (GAAP) - (a) + (b) 41,023 39,790 38,839 37,769 37,979 Total Capitalization (Non-GAAP) - (a) + (c) 35,276 34,883 34,990 34,373 34,449 Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] 19.3 % 19.9 % 20.4 % 21.0 % 20.3 % Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] 6.2 % 8.7 % 11.7 % 13.2 % 12.1 % 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 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. 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Volume - Million Barrels of Oil Equivalent - (a) 131.8 128.3 124.5 128.7 119.7 Total Operating Revenues and Other - (b) 8,549 8,620 6,921 5,638 5,847 Total Operating Expenses - (c) 4,963 5,092 4,323 4,695 4,011 Operating Income - (d) 3,586 3,528 2,598 943 1,836 Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas Crude Oil and Condensate 4,392 4,901 3,577 2,991 3,243 Natural Gas Liquids 858 770 664 666 604 Natural Gas 1,085 812 1,021 847 707 Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e) 6,335 6,483 5,262 4,504 4,554 Operating Costs Lease and Well 493 467 462 447 431 Gathering, Processing and Transportation Costs (1) 693 676 654 652 587 General and Administrative (GAAP) 196 213 185 224 239 Less: Certain Items (see Endnote 2 to 3Q 2026 earnings release) — — — (8) (68) General and Administrative (Non-GAAP) (2) 196 213 185 216 171 Taxes Other Than Income (GAAP) 401 431 338 283 309 Add: Severance Tax Refund — — — — — Taxes Other Than Income (Non-GAAP) (3) 401 431 338 283 309 Interest Expense, Net 67 67 66 66 71 Less: Acquisition-Related Financing Commitment Costs — — — — — Interest Expense, Net (Non-GAAP) (4) 67 67 66 66 71 Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f) 1,850 1,854 1,705 1,672 1,637 Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g) 1,850 1,854 1,705 1,664 1,569 Depreciation, Depletion and Amortization (DD&A) 1,292 1,259 1,193 1,226 1,169 Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h) 3,142 3,113 2,898 2,898 2,806 Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i) 3,142 3,113 2,898 2,890 2,738 Exploration Costs 54 47 45 50 71 Dry Hole Costs 29 30 23 4 — Impairments 24 19 39 689 71 Total Exploration Costs (GAAP) 107 96 107 743 142 Less: Certain Impairments (5) — — — (646) — Total Exploration Costs (Non-GAAP) 107 96 107 97 142 Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j) 3,249 3,209 3,005 3,641 2,948 Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non- GAAP)) - (k) 3,249 3,209 3,005 2,987 2,880 Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) 3,086 3,274 2,257 863 1,606 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)) 3,086 3,274 2,257 1,517 1,674 Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued) In millions of USD, except Boe and per Boe amounts (Unaudited) 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Per Barrel of Oil Equivalent (Boe) Calculations (GAAP) Composite Average Operating Revenues and Other per Boe - (b) / (a) 64.86 67.19 55.59 43.81 48.85 Composite Average Operating Expenses per Boe - (c) / (a) 37.65 39.69 34.72 36.48 33.51 Composite Average Operating Income per Boe - (d) / (a) 27.21 27.50 20.87 7.33 15.34 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe - (e) / (a) 48.05 50.52 42.24 34.99 38.05 Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) 14.04 14.45 13.69 12.99 13.67 Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] 34.01 36.07 28.55 22.00 24.38 Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a) 23.84 24.26 23.27 22.52 23.44 Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)] 24.21 26.26 18.97 12.47 14.61 Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a) 24.65 25.01 24.13 28.29 24.63 Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)] 23.40 25.51 18.11 6.70 13.42 Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP) Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a) 14.04 14.45 13.69 12.93 13.10 Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)] 34.01 36.07 28.55 22.06 24.95 Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a) 23.84 24.26 23.27 22.46 22.87 Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)] 24.21 26.26 18.97 12.53 15.18 Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a) 24.65 25.01 24.13 23.21 24.06 Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)] 23.40 25.51 18.11 11.78 13.99 Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued) In millions of USD, except Boe and per Boe amounts (Unaudited) 2025 2024 2023 2022 2021 Volume - Million Barrels of Oil Equivalent - (a) 449.8 388.7 359.4 331.5 302.5 Total Operating Revenues and Other - (b) 22,632 23,698 24,186 25,702 18,642 Total Operating Expenses - (c) 16,247 15,616 14,583 15,736 12,540 Operating Income (Loss) - (d) 6,385 8,082 9,603 9,966 6,102 Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas Crude Oil and Condensate 12,501 13,921 13,748 16,367 11,125 Natural Gas Liquids 2,376 2,106 1,884 2,648 1,812 Natural Gas 2,791 1,551 1,744 3,781 2,444 Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e) 17,668 17,578 17,376 22,796 15,381 Operating Costs Lease and Well 1,675 1,572 1,454 1,331 1,135 Gathering, Processing and Transportation Costs (1) 2,134 1,722 1,620 1,587 1,422 General and Administrative (GAAP) 820 669 640 570 511 Less: Certain Items (see Endnote 7 to Additional Key Financial Information below) (88) (10) — (16) — General and Administrative (Non-GAAP) (2) 732 659 640 554 511 Taxes Other Than Income (GAAP) 1,234 1,249 1,284 1,585 1,047 Add: Severance Tax Refund — 31 — 115 — Taxes Other Than Income (Non-GAAP) (3) 1,234 1,280 1,284 1,700 1,047 Interest Expense, Net 235 138 148 179 178 Less: Acquisition-Related Financing Commitment Costs (6) — — — — Interest Expense, Net (Non-GAAP) (4) 229 138 148 179 178 Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f) 6,098 5,350 5,146 5,252 4,293 Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g) 6,004 5,371 5,146 5,351 4,293 Depreciation, Depletion and Amortization (DD&A) 4,461 4,108 3,492 3,542 3,651 Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h) 10,559 9,458 8,638 8,794 7,944 Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i) 10,465 9,479 8,638 8,893 7,944 Exploration Costs 236 174 181 159 154 Dry Hole Costs 49 14 1 45 71 Impairments 843 391 202 382 376 Total Exploration Costs (GAAP) 1,128 579 384 586 601 Less: Certain Impairments (5) (657) (291) (42) (113) (15) Total Exploration Costs (Non-GAAP) 471 288 342 473 586 Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j) 11,687 10,037 9,022 9,380 8,545 Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non- GAAP)) - (k) 10,936 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)) 5,981 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)) 6,732 7,811 8,396 13,430 6,851 Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued) In millions of USD, except Boe and per Boe amounts (Unaudited) 2025 2024 2023 2022 2021 Per Barrel of Oil Equivalent (Boe) Calculations (GAAP) Composite Average Operating Revenues and Other per Boe - (b) / (a) 50.32 60.97 67.30 77.53 61.63 Composite Average Operating Expenses per Boe - (c) / (a) 36.12 40.18 40.58 47.47 41.46 Composite Average Operating Income (Loss) per Boe - (d) / (a) 14.20 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) 39.28 45.22 48.34 68.77 50.84 Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) 13.54 13.76 14.31 15.84 14.19 Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] 25.74 31.46 34.03 52.93 36.65 Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a) 23.46 24.33 24.03 26.53 26.26 Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)] 15.82 20.89 24.31 42.24 24.58 Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a) 25.97 25.82 25.10 28.30 28.25 Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)] 13.31 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) 13.34 13.82 14.31 16.14 14.19 Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)] 25.94 31.40 34.03 52.63 36.65 Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a) 23.26 24.39 24.03 26.83 26.26 Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)] 16.02 20.83 24.31 41.94 24.58 Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a) 24.31 25.13 24.98 28.26 28.20 Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)] 14.97 20.09 23.36 40.51 22.64 (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. 2025 Actual 2024 Actual 2023 Actual 2022 Actual 2021 Actual Crude Oil and Condensate Volumes (MBod) United States 520.5 490.6 475.2 460.7 443.4 Trinidad 1.4 0.8 0.6 0.6 1.5 Other International — — — — 0.1 Total 521.9 491.4 475.8 461.3 445.0 Natural Gas Liquids Volumes (MBbld) Total 288.2 245.9 223.8 197.7 144.5 Natural Gas Volumes (MMcfd) United States 2,299 1,728 1,551 1,315 1,210 Trinidad 230 220 160 180 217 Other International 1 4 — — — 9 Total 2,533 1,948 1,711 1,495 1,436 Crude Oil Equivalent Volumes (MBoed) United States 1,191.8 1,024.5 957.5 877.5 789.6 Trinidad 39.8 37.6 27.3 30.7 37.7 Other International 0.6 — — — 1.6 Total 1,232.2 1,062.1 984.8 908.2 828.9 Benchmark Price Oil (WTI) ($/Bbl) 64.78 75.72 77.61 94.23 67.96 Natural Gas (HH) ($/Mcf) 3.43 2.27 2.74 6.64 3.85 Crude Oil and Condensate - above (below) WTI 2 ($/Bbl) United States 0.87 1.70 1.57 2.99 0.58 Trinidad (7.19) (11.29) (9.03) (8.07) (11.70) Other International 0.36 — — — — Natural Gas Liquids - Realizations as % of WTI Total 34.9 % 30.9 % 29.7 % 39.0 % 50.5 % Natural Gas - above (below) NYMEX Henry Hub 3 ($/Mcf) United States (0.49) (0.28) (0.04) 0.63 1.03 Natural Gas Realizations 4 ($/Mcf) Trinidad 3.78 3.65 3.65 4.43 3.40 Other International 1 3.28 — — — — Total Expenditures (GAAP) ($MM) 13,703 6,653 6,818 5,610 4,255 Capital Expenditures 5 (Non-GAAP) ($MM) 6,294 6,226 6,041 4,607 3,755 Operating Unit Costs ($/Boe) Lease and Well 3.72 4.04 4.05 4.02 3.75 Gathering, Processing and Transportation Costs 6 4.74 4.43 4.50 4.78 4.70 General and Administrative (GAAP) 1.82 1.72 1.78 1.72 1.69 General and Administrative (Non-GAAP) 7 1.63 1.70 1.78 1.67 1.69 Cash Operating Costs (GAAP) 10.28 10.19 10.33 10.52 10.14 Cash Operating Costs (Non-GAAP) 7 10.09 10.17 10.33 10.47 10.14 Depreciation, Depletion and Amortization 9.92 10.57 9.72 10.69 12.07 Expenses ($MM) Exploration and Dry Hole 285 188 182 204 225 Impairment (GAAP) 843 391 202 382 376 Impairment (excluding certain impairments (Non-GAAP)) 8 186 100 160 269 361 Capitalized Interest 86 45 33 36 33 Net Interest 235 138 148 179 178 Net Interest (Non-GAAP) 9 229 — — — — TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) (GAAP) 7.0 % 7.1 % 7.4 % 7.0 % 6.8 % (Non-GAAP) 7 7.0 % 7.3 % 7.4 % 7.5 % 6.8 % Income Taxes Effective Rate 21.7 % 22.1 % 21.6 % 21.7 % 21.4 % Current Tax Expense ($MM) 1,039 1,348 1,415 2,208 1,393 Additional Key Financial Information (Continued) Endnotes (1) 2025 volumes are from Bahrain operations; natural gas realized price represents contract price less partner's processing and distribution costs. (2) EOG bases United States, Trinidad and Other International 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 include expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. Capital Expenditures exclude 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). SOURCE EOG Resources, Inc.