Table of Contents
First Quarter 2021
Supplemental Financial and Operating Data Page
Income Statements
Wellhead Volumes and Prices
Balance Sheets
Cash Flows Statements
Non-GAAP Financial Measures
Adjusted Net Income (Loss)
Adjusted Net Income per Share
Discretionary Cash Flow and Free Cash Flow
Total Expenditures
EBITDAX and Adjusted EBITDAX
Net Debt-to-Total Capitalization Ratio
Reserve Replacement Cost Data
Financial Commodity Derivative Contracts
Direct After-Tax Rate of Return
ROCE & ROE
Cost per Barrel of Oil Equivalent




Income Statements
In millions of USD, except per share data (Unaudited)
1Q 2021 4Q 2020 1Q 2020
Operating Revenues and Other
Crude Oil and Condensate 2,251 1,711 2,065
Natural Gas Liquids 314 229 161
Natural Gas 625 302 210
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts (367) 70 1,206
Gathering, Processing and Marketing 848 643 1,039
Gains (Losses) on Asset Dispositions, Net (6) (6) 16
Other, Net 29 16 21
Total 3,694 2,965 4,718
Operating Expenses
Lease and Well 270 261 330
Transportation Costs 202 195 208
Gathering and Processing Costs 139 119 128
Exploration Costs 33 41 40
Dry Hole Costs 11 - -
Impairments 44 143 1,573
Marketing Costs 838 621 1,110
Depreciation, Depletion and Amortization 900 870 1,000
General and Administrative 110 113 114
Taxes Other Than Income 215 114 157
Total 2,762 2,477 4,660
Operating Income 932 488 58
Other Income (Expense), Net (4) (7) 18
Income Before Interest Expense and Income Taxes 928 481 76
Interest Expense, Net 47 53 45
Income Before Income Taxes 881 428 31
Income Tax Provision 204 91 21
Net Income 677 337 10
Dividends Declared per Common Share 0.4125 0.3750 0.3750
Net Income Per Share
Basic 1.17 0.58 0.02
Diluted 1.16 0.58 0.02
Average Number of Common Shares
Basic 580 580 578
Diluted 583 581 580
12

Wellhead Volumes and Prices
(Unaudited)
1Q 2021 1Q 2020 % Change 4Q 2020
Crude Oil and Condensate Volumes (MBbld) (1)
United States 428.7 482.7 -11 % 442.4
Trinidad 2.2 0.5 340 % 2.3
Other International (2)
0.1 0.1 0 % 0.1
Total 431.0 483.3 -11 % 444.8
Average Crude Oil and Condensate Prices ($/Bbl) (3)
United States 58.07 46.97 24 % 41.86
Trinidad 49.77 34.93 43 % 32.91
Other International (2)
38.61 57.51 -33 % 35.9
Composite 58.02 46.96 24 % 41.81
Natural Gas Liquids Volumes (MBbld) (1)
United States 124.3 161.3 -23 % 141.4
Total 124.3 161.3 -23 % 141.4
Average Natural Gas Liquids Prices ($/Bbl) (3)
United States 28.03 10.94 156 % 17.54
Composite 28.03 10.94 156 % 17.54
Natural Gas Volumes (MMcfd) (1)
United States 1,100 1,139 -3 % 1,075
Trinidad 217 201 8 % 192
Other International (2)
25 38 -34 % 25
Total 1,342 1,378 -3 % 1,292
Average Natural Gas Prices ($/Mcf) (3)
United States 5.52 1.50 268 % 2.29
Trinidad 3.38 2.17 56 % 3.57
Other International (2)
5.66 4.32 31 % 5.47
Composite 5.17 1.67 209 % 2.54
Crude Oil Equivalent Volumes (MBoed) (4)
United States 736.4 833.8 -12 % 763.0
Trinidad 38.5 34.0 13 % 34.2
Other International (2)
4.0 6.3 -37 % 4.3
Total 778.9 874.1 11 % 801.5
Total MMBoe (4)
70.1 79.5 -12 % 73.7
(1) Thousand barrels per day or million cubic feet per day, as applicable.
(2) Other International includes EOG's China and Canada operations.
(3) Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity derivative instruments (see Note 12 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021).
(4) 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.
13

Balance Sheets
In millions of USD, except share data (Unaudited)
March 31, December 31,
2021 2020
Current Assets
Cash and Cash Equivalents 3,388 3,329
Accounts Receivable, Net 1,828 1,522
Inventories 562 629
Assets from Price Risk Management Activities - 65
Income Taxes Receivable - 23
Other 413 294
Total 6,191 5,862
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method) 65,645 64,793
Other Property, Plant and Equipment 4,590 4,479
Total Property, Plant and Equipment 70,235 69,272
Less: Accumulated Depreciation, Depletion and Amortization (41,569) (40,673)
Total Property, Plant and Equipment, Net 28,666 28,599
Deferred Income Taxes 4 2
Other Assets 1,310 1,342
Total Assets 36,171 35,805
Current Liabilities
Accounts Payable 1,945 1,681
Accrued Taxes Payable 449 206
Dividends Payable 239 217
Liabilities from Price Risk Management Activities 188 -
Current Portion of Long-Term Debt 39 781
Current Portion of Operating Lease Liabilities 269 295
Other 183 280
Total 3,312 3,460
Long-Term Debt 5,094 5,035
Other Liabilities 2,178 2,149
Deferred Income Taxes 4,825 4,859
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 583,843,561 Shares Issued at March 31, 2021 and 583,694,850 Shares Issued at December 31, 2020 206 206
Additional Paid in Capital 5,979 5,945
Accumulated Other Comprehensive Loss (14) (12)
Retained Earnings 14,606 14,170
Common Stock Held in Treasury, 232,249 Shares at March 31, 2021 and 124,265 Shares at December 31, 2020 (15) (7)
Total Stockholders' Equity 20,762 20,302
Total Liabilities and Stockholders' Equity 36,171 35,805

14

Cash Flows Statements
In millions of USD (Unaudited)
1Q 2021 4Q 2020 1Q 2020
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
Net Income 677 337 10
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization 900 870 1,000
Impairments 44 143 1,573
Stock-Based Compensation Expenses 35 33 40
Deferred Income Taxes (36) 55 45
(Gains) Losses on Asset Dispositions, Net 6 6 (16)
Other, Net 7 10 (9)
Dry Hole Costs 11 - -
Mark-to-Market Commodity Derivative Contracts
Total (Gains) Losses 367 (70) (1,206)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts (30) 72 84
Other, Net 1 2 -
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable (308) (464) 722
Inventories 64 31 103
Accounts Payable 172 427 434
Accrued Taxes Payable 243 (61) (55)
Other Assets (103) (90) 58
Other Liabilities (89) 21 (66)
Changes in Components of Working Capital Associated with Investing Activities (91) (201) (132)
Net Cash Provided by Operating Activities 1,870 1,121 2,585
Investing Cash Flows
Additions to Oil and Gas Properties (875) (785) (1,566)
Additions to Other Property, Plant and Equipment (42) (56) (123)
Proceeds from Sales of Assets 5 3 26
Changes in Components of Working Capital Associated with Investing Activities
91 201 132
Net Cash Used in Investing Activities (821) (637) (1,531)
Financing Cash Flows
Long-Term Debt Repayments (750) - -
Dividends Paid (219) (220) (167)
Treasury Stock Purchased (10) (1) (5)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan - 8 -
Repayment of Finance Lease Liabilities (9) (6) (3)
Net Cash Used in Financing Activities (988) (219) (175)
Effect of Exchange Rate Changes on Cash (2) (2) -
Increase in Cash and Cash Equivalents 59 263 879
Cash and Cash Equivalents at Beginning of Period 3,329 3,066 2,028
Cash and Cash Equivalents at End of Period 3,388 3,329 2,907
15

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

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

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

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

The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG's reported Net Income (Loss), Total 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.
16

Adjusted Net Income (Loss)
In millions of USD, except per share data (Unaudited)
1Q 2021
Before
Tax
Income Tax Impact After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP) 881 (204) 677 1.16
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts 367 (81) 286 0.49
Net Cash Payments for Settlements of Commodity Derivative Contracts (30) 7 (23) (0.04)
Add: Losses on Asset Dispositions, Net 6 (1) 5 0.01
Add: Certain Impairments
1 - 1 -
Adjustments to Net Income 344 (75) 269 0.46
Adjusted Net Income (Non-GAAP) 1,225 (279) 946 1.62
Average Number of Common Shares (GAAP)
Basic 580
Diluted 583

4Q 2020
Before
Tax
Income Tax Impact After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP) 428 (91) 337 0.58
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts (70) 15 (55) (0.10)
Net Cash Received from Settlements of Commodity Derivative Contracts 72 (16) 56 0.10
Add: Losses on Asset Dispositions, Net 6 (1) 5 0.01
Add: Certain Impairments 86 (18) 68 0.12
Adjustments to Net Income 94 (20) 74 0.13
Adjusted Net Income (Non-GAAP) 522 (111) 411 0.71
Average Number of Common Shares (GAAP)
Basic 580
Diluted 581

17

Adjusted Net Income (Loss)
In millions of USD, except per share data (Unaudited)
1Q 2020
Before
Tax
Income Tax Impact After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP) 31 (21) 10 0.02
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts (1,206) 265 (941) (1.62)
Net Cash Received from Settlements of Commodity Derivative Contracts 84 (18) 66 0.11
Less: Gains on Asset Dispositions, Net (16) 3 (13) (0.02)
Add: Certain Impairments 1,516 (320) 1,196 2.06
Adjustments to Net Income 378 (70) 308 0.53
Adjusted Net Income (Non-GAAP) 409 (91) 318 0.55
Average Number of Common Shares (GAAP)
Basic 578
Diluted 580

18

Adjusted Net Income per Share
In millions of USD, except share and per Boe data (Unaudited)
4Q 2020 Adjusted Net Income per Share (Non-GAAP) 0.71
Realized Price
1Q 2021 Composite Average Wellhead Revenue per Boe 45.49
Less: 4Q 2020 Composite Average Welhead Revenue per Boe (30.39)
Subtotal 15.10
Multiplied by: 1Q 2021 Crude Oil Equivalent Volumes (MMBoe) 70.1
Total Change in Revenue 1,059
Less: Income Tax Benefit (Cost) Imputed (based on 23%) (243)
Change in Net Income 815
Change in Diluted Earnings per Share 1.40
Net Cash Received (Paid) from Settlements of Commodity Derivative Contracts
1Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts (30)
Less: Income Tax Benefit (Cost) 7
After Tax - (a) (23)
4Q 2020 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts 72
Less: Income Tax Benefit (Cost) (16)
After Tax - (b) 56
Change in Net Income - (a) - (b) (79)
Change in Diluted Earnings per Share (0.14)
Wellhead Volumes
1Q 2021 Crude Oil Equivalent Volumes (MMBoe) 70.1
Less: 4Q 2020 Crude Oil Equivalent Volumes (MMBoe) (73.7)
Subtotal (3.6)
Times: 1Q 2021 Composite Average Margin per Boe (Non-GAAP)
(Including Total Exploration Costs) (refer to 'Costs per Barrel of Oil Equivalent' schedule)
17.38
Change in Revenue (63)
Less: Income Tax Benefit (Cost) Imputed (based on 23%) 14
Change in Net Income (48)
Change in Diluted Earnings per Share (0.08)
Operating Cost per Boe
4Q 2020 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to 'Costs per Barrel of Oil Equivalent' schedule) 24.72
Less: 1Q 2021 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to 'Costs per Barrel of Oil Equivalent' schedule) (28.11)
Subtotal (3.39)
Times: 1Q 2021 Crude Oil Equivalent Volumes (MMBoe) 70.1
Change in Before-Tax Net Income (238)
Less: Income Tax Benefit (Cost) Imputed (based on 23%) 55
Change in Net Income (183)
Change in Diluted Earnings per Share (0.31)
Other Items 0.04
1Q 2021 Adjusted Net Income per Share (Non-GAAP) 1.62
1Q 2021 Average Number of Common Shares (Non-GAAP) - Diluted 583
19

Discretionary Cash Flow and Free Cash Flow
In millions of USD (Unaudited)
1Q 2021 4Q 2020 1Q 2020
Net Cash Provided by Operating Activities (GAAP)
1,870 1,121 2,585
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)
28 36 32
Other Non-Current Income Taxes - Net Receivable
- - 113
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
308 464 (722)
Inventories
(64) (31) (103)
Accounts Payable
(172) (427) (434)
Accrued Taxes Payable
(243) 61 55
Other Assets
103 90 (58)
Other Liabilities
89 (21) 66
Changes in Components of Working Capital Associated with Investing Activities 91 201 132
Discretionary Cash Flow (Non-GAAP) 2,010 1,494 1,666
Discretionary Cash Flow (Non-GAAP) - Percentage Increase 35 %
Discretionary Cash Flow (Non-GAAP)
2,010 1,494 1,666
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)
(945) (828) (1,685)
Free Cash Flow (Non-GAAP) 1,065 666 (19)
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) for the three-month periods ended December 31, 2020 and March 31, 2021 and 2020:
Total Expenditures (GAAP)
1,067 1,107 1,826
Less:
Asset Retirement Costs
(17) (48) (20)
Non-Cash Expenditures of Other Property, Plant and Equipment
- - -
Non-Cash Acquisition Costs of Unproved Properties
(22) (69) (24)
Non-Cash Finance Leases (74) (101) (49)
Acquisition Costs of Proved Properties
(9) (61) (48)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)
945 828 1,685
20

Discretionary Cash Flow and Free Cash Flow
In millions of USD (Unaudited)
FY 2020 FY 2019 FY 2018 FY 2017
Net Cash Provided by Operating Activities (GAAP)
5,008 8,163 7,769 4,265
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)
126 113 125 122
Other Non-Current Income Taxes - Net (Payable) Receivable
113 239 149 (513)
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
(467) 92 368 392
Inventories
(123) (90) 395 175
Accounts Payable
795 (169) (439) (324)
Accrued Taxes Payable
49 (40) 92 64
Other Assets
(325) (358) 125 659
Other Liabilities
(8) 57 (11) 90
Changes in Components of Working Capital Associated with Investing and Financing Activities
(75) 115 (301) (90)
Discretionary Cash Flow (Non-GAAP) 5,093 8,122 8,272 4,840
Discretionary Cash Flow (Non-GAAP) - Percentage Increase (Decrease)
-37 % -2 % 71 % 76 %
Discretionary Cash Flow (Non-GAAP)
5,093 8,122 8,272 4,840
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)
(3,490) (6,234) (6,172) (4,228)
Free Cash Flow (Non-GAAP) 1,603 1,888 2,100 612
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) for the twelve-month periods ended December 31, 2020, 2019, 2018 and 2017:
Total Expenditures (GAAP)
4,113 6,900 6,706 4,613
Less:
Asset Retirement Costs
(117) (186) (70) (56)
Non-Cash Expenditures of Other Property, Plant and Equipment
- (2) (1) -
Non-Cash Acquisition Costs of Unproved Properties
(197) (98) (291) (256)
Non-Cash Finance Leases (174) - (48) -
Acquisition Costs of Proved Properties
(135) (380) (124) (73)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)
3,490 6,234 6,172 4,228

21

Discretionary Cash Flow and Free Cash Flow
In millions of USD (Unaudited)
FY 2016 FY 2015 FY 2014 FY 2013 FY 2012
Net Cash Provided by Operating Activities (GAAP)
2,359 3,595 8,649 7,329 5,237
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)
104 124 158 134 158
Excess Tax Benefits from Stock-Based Compensation
30 26 99 56 67
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
233 (641) (85) 24 179
Inventories
(171) (58) 162 (53) 157
Accounts Payable
74 1,409 (544) (179) 17
Accrued Taxes Payable
(93) (12) (16) (75) (78)
Other Assets
41 (118) 14 110 119
Other Liabilities
16 66 (75) 20 (36)
Changes in Components of Working Capital Associated with Investing and Financing Activities
156 (500) 103 51 (74)
Discretionary Cash Flow (Non-GAAP) 2,749 3,891 8,465 7,417 5,746
Discretionary Cash Flow (Non-GAAP) - Percentage Increase (Decrease) -29 % -54 % 14 % 29 %
Discretionary Cash Flow (Non-GAAP)
2,749 3,891 8,465 7,417 5,746
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)
(2,706) (4,682) (8,292) (7,102) (7,540)
Free Cash Flow (Non-GAAP) 43 (791) 173 315 (1,794)
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) for the twelve-month periods ended December 31, 2016, 2015, 2014, 2013 and 2012:
Total Expenditures (GAAP)
6,554 5,216 8,632 7,361 7,754
Less:
Asset Retirement Costs
20 (53) (196) (134) (127)
Non-Cash Expenditures of Other Property, Plant and Equipment
(17) - - - (66)
Non-Cash Acquisition Costs of Unproved Properties
(3,102) - (5) (5) (20)
Acquisition Costs of Proved Properties
(749) (481) (139) (120) (1)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)
2,706 4,682 8,292 7,102 7,540

22

Total Expenditures
In millions of USD (Unaudited)
1Q 2021 1Q 2020 FY 2020 FY 2019 FY 2018 FY 2017
Exploration and Development Drilling 733 1,313 2,664 4,951 4,935 3,132
Facilities 82 179 347 629 625 575
Leasehold Acquisitions 58 45 265 276 488 427
Property Acquisitions 9 48 135 380 124 73
Capitalized Interest 8 9 31 38 24 27
Subtotal 890 1,594 3,442 6,274 6,196 4,234
Exploration Costs 33 40 146 140 149 145
Dry Hole Costs 11 - 13 28 5 5
Exploration and Development Expenditures
934 1,634 3,601 6,442 6,350 4,384
Asset Retirement Costs 17 20 117 186 70 56
Total Exploration and Development Expenditures
951 1,654 3,718 6,628 6,420 4,440
Other Property, Plant and Equipment 116 172 395 272 286 173
Total Expenditures 1,067 1,826 4,113 6,900 6,706 4,613

23

EBITDAX and Adjusted EBITDAX
In millions of USD (Unaudited)
1Q 2021 1Q 2020
Net Income (GAAP) 677 10
Adjustments:
Interest Expense, Net 47 45
Income Tax Provision (Benefit) 204 21
Depreciation, Depletion and Amortization 900 1,000
Exploration Costs 33 40
Dry Hole Costs 11 -
Impairments 44 1,573
EBITDAX (Non-GAAP) 1,916 2,689
(Gains) Losses on MTM Commodity Derivative Contracts
367 (1,206)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts (30) 84
(Gains) Losses on Asset Dispositions, Net 6 (16)
Adjusted EBITDAX (Non-GAAP) 2,259 1,551
Adjusted EBITDAX (Non-GAAP) - Percentage Increase 46 %
Definitions
EBITDAX - Earnings Before Interest Expense, Net; Income Tax Provision (Benefit); Depreciation, Depletion and Amortization; Exploration Costs; Dry Hole Costs; and Impairments

24

Net Debt-to-Total Capitalization Ratio
In millions of USD, except ratio data (Unaudited)
March 31, 2021 December 31,
2020
September 30,
2020
June 30,
2020
March 31,
2020
Total Stockholders' Equity - (a) 20,762 20,302 20,148 20,388 21,471
Current and Long-Term Debt (GAAP) - (b) 5,133 5,816 5,721 5,724 5,222
Less: Cash (3,388) (3,329) (3,066) (2,417) (2,907)
Net Debt (Non-GAAP) - (c) 1,745 2,487 2,655 3,307 2,315
Total Capitalization (GAAP) - (a) + (b) 25,895 26,118 25,869 26,112 26,693
Total Capitalization (Non-GAAP) - (a) + (c) 22,507 22,789 22,803 23,695 23,786
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]
19.8 % 22.3 % 22.1 % 21.9 % 19.6 %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]
7.8 % 10.9 % 11.6 % 14.0 % 9.7 %

25

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

26

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

27

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

28

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

29

Reserve Replacement Cost Data
In millions of USD, except reserves and ratio data (Unaudited)
2020 2019 2018 2017 2016 2015 2014
Total Costs Incurred in Exploration and Development Activities (GAAP)
3,718 6,628 6,420 4,440 6,445 4,928 7,905
Less: Asset Retirement Costs (117) (186) (70) (56) 20 (53) (196)
Non-Cash Acquisition Costs of Unproved Properties
(197) (98) (291) (256) (3,102) - -
Acquisition Costs of Proved Properties (135) (380) (124) (73) (749) (481) (139)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)
3,269 5,964 5,935 4,055 2,614 4,394 7,570
Total Costs Incurred in Exploration and Development Activities (GAAP)
3,718 6,628 6,420 4,440 6,445 4,928 7,905
Less: Asset Retirement Costs (117) (186) (70) (56) 20 (53) (196)
Non-Cash Acquisition Costs of Unproved Properties
(197) (98) (291) (256) (3,102) - -
Non-Cash Acquisition Costs of Proved Properties
(15) (52) (71) (26) (732) - -
Total Exploration and Development Expenditures (Non-GAAP) - (b)
3,389 6,292 5,988 4,102 2,631 4,875 7,709
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c) (278) (60) 35 154 (101) (574) 52
Revisions Other Than Price (89) - (40) 48 253 107 49
Purchases in Place 10 17 12 2 42 56 14
Extensions, Discoveries and Other Additions - (d) 564 750 670 421 209 246 519
Total Proved Reserve Additions - (e) 207 707 677 625 403 (165) 634
Sales in Place (31) (5) (11) (21) (168) (4) (36)
Net Proved Reserve Additions From All Sources 176 702 666 604 235 (169) 598
Production 285 301 265 224 206 210 220
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d) 5.79 7.95 8.86 9.64 12.51 17.87 14.58
All-in Total, Net of Revisions - (b / e) 16.32 8.90 8.85 6.56 6.52 (29.63) 12.16
All-in Total, Excluding Revisions Due to Price - (b / ( e - c)) 6.98 8.21 9.33 8.71 5.22 11.91 13.25

Definitions
$/Boe U.S. Dollars per barrel of oil equivalent
MMBoe Million barrels of oil equivalent
30

Financial Commodity Derivative Contracts
EOG accounts for financial commodity derivative contracts using the mark-to-market accounting method.
Presented below is a comprehensive summary of EOG's financial commodity derivative contracts as of April 29, 2021.

Crude Oil Financial Price Swap Contracts
Contracts Sold
Period Settlement Index Volume
(MBbld)
Weighted Average Price
($/Bbl)
January 2021 (closed) NYMEX WTI 151 $ 50.06
February - March 2021 (closed) NYMEX WTI 201 51.29
April - June 2021 NYMEX WTI 150 51.68
July - September 2021 NYMEX WTI 150 52.71

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

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

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

31

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

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

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

32

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

33

ROCE & ROE
In millions of USD, except ratio data (Unaudited)
2020 2019 2018 2017
Net Interest Expense (GAAP) 205 185 245
Tax Benefit Imputed (based on 21%)
(43) (39) (51)
After-Tax Net Interest Expense (Non-GAAP) - (a) 162 146 194
Net Income (Loss) (GAAP) - (b) (605) 2,735 3,419
Adjustments to Net Income (Loss), Net of Tax (See Below Detail) (1)
1,455 158 (201)
Adjusted Net Income (Non-GAAP) - (c) 850 2,893 3,218
Total Stockholders' Equity - (d)
20,302 21,641 19,364 16,283
Average Total Stockholders' Equity * - (e) 20,972 20,503 17,824
Current and Long-Term Debt (GAAP) - (f) 5,816 5,175 6,083 6,387
Less: Cash (3,329) (2,028) (1,556) (834)
Net Debt (Non-GAAP) - (g) 2,487 3,147 4,527 5,553
Total Capitalization (GAAP) - (d) + (f) 26,118 26,816 25,447 22,670
Total Capitalization (Non-GAAP) - (d) + (g) 22,789 24,788 23,891 21,836
Average Total Capitalization (Non-GAAP) * - (h) 23,789 24,340 22,864
Return on Capital Employed (ROCE)
GAAP Net Income (Loss) - [(a) + (b)] / (h) (1.9) % 11.8 % 15.8 %
Non-GAAP Adjusted Net Income - [(a) + (c)] / (h)
4.3 % 12.5 % 14.9 %
Return on Equity (ROE)
GAAP Net Income (Loss) - (b) / (e) (2.9) % 13.3 % 19.2 %
Non-GAAP Adjusted Net Income - (c) / (e)
4.1 % 14.1 % 18.1 %
* Average for the current and immediately preceding year
34

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

35

ROCE & ROE
In millions of USD, except ratio data (Unaudited)
2017 2016 2015 2014 2013
Net Interest Expense (GAAP) 274 282 237 201 235
Tax Benefit Imputed (based on 35%) (96) (99) (83) (70) (82)
After-Tax Net Interest Expense (Non-GAAP) - (a) 178 183 154 131 153
Net Income (Loss) (GAAP) - (b) 2,583 (1,097) (4,525) 2,915 2,197
Total Stockholders' Equity - (d) 16,283 13,982 12,943 17,713 15,418
Average Total Stockholders' Equity* - (e) 15,133 13,463 15,328 16,566 14,352
Current and Long-Term Debt (GAAP) - (f) 6,387 6,986 6,655 5,906 5,909
Less: Cash (834) (1,600) (719) (2,087) (1,318)
Net Debt (Non-GAAP) - (g) 5,553 5,386 5,936 3,819 4,591
Total Capitalization (GAAP) - (d) + (f) 22,670 20,968 19,598 23,619 21,327
Total Capitalization (Non-GAAP) - (d) + (g) 21,836 19,368 18,879 21,532 20,009
Average Total Capitalization (Non-GAAP)* - (h) 20,602 19,124 20,206 20,771 19,365
Return on Capital Employed (ROCE)
GAAP Net Income (Loss) - [(a) + (b)] / (h) 13.4 % -4.8 % -21.6 % 14.7 % 12.1 %
Return on Equity (ROE)
GAAP Net Income (Loss) - (b) / (e) 17.1 % -8.1 % -29.5 % 17.6 % 15.3 %
* Average for the current and immediately preceding year

36

ROCE & ROE
In millions of USD, except ratio data (Unaudited)
2012 2011 2010 2009 2008
Net Interest Expense (GAAP) 214 210 130 101 52
Tax Benefit Imputed (based on 35%) (75) (74) (46) (35) (18)
After-Tax Net Interest Expense (Non-GAAP) - (a) 139 136 84 66 34
Net Income (GAAP) - (b) 570 1,091 161 547 2,437
Total Stockholders' Equity - (d) 13,285 12,641 10,232 9,998 9,015
Average Total Stockholders' Equity* - (e) 12,963 11,437 10,115 9,507 8,003
Current and Long-Term Debt (GAAP) - (f) 6,312 5,009 5,223 2,797 1,897
Less: Cash (876) (616) (789) (686) (331)
Net Debt (Non-GAAP) - (g) 5,436 4,393 4,434 2,111 1,566
Total Capitalization (GAAP) - (d) + (f) 19,597 17,650 15,455 12,795 10,912
Total Capitalization (Non-GAAP) - (d) + (g) 18,721 17,034 14,666 12,109 10,581
Average Total Capitalization (Non-GAAP)* - (h) 17,878 15,850 13,388 11,345 9,351
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h) 4.0 % 7.7 % 1.8 % 5.4 % 26.4 %
Return on Equity (ROE)
GAAP Net Income - (b) / (e) 4.4 % 9.5 % 1.6 % 5.8 % 30.5 %
* Average for the current and immediately preceding year

37

ROCE & ROE
In millions of USD, except ratio data (Unaudited)
2007 2006 2005 2004 2003
Net Interest Expense (GAAP) 47 43 63 63 59
Tax Benefit Imputed (based on 35%) (16) (15) (22) (22) (21)
After-Tax Net Interest Expense (Non-GAAP) - (a) 31 28 41 41 38
Net Income (GAAP) - (b) 1,090 1,300 1,260 625 430
Total Stockholders' Equity - (d) 6,990 5,600 4,316 2,945 2,223
Average Total Stockholders' Equity* - (e) 6,295 4,958 3,631 2,584 1,948
Current and Long-Term Debt (GAAP) - (f) 1,185 733 985 1,078 1,109
Less: Cash (54) (218) (644) (21) (4)
Net Debt (Non-GAAP) - (g) 1,131 515 341 1,057 1,105
Total Capitalization (GAAP) - (d) + (f) 8,175 6,333 5,301 4,023 3,332
Total Capitalization (Non-GAAP) - (d) + (g) 8,121 6,115 4,657 4,002 3,328
Average Total Capitalization (Non-GAAP)* - (h) 7,118 5,386 4,330 3,665 3,068
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h) 15.7 % 24.7 % 30.0 % 18.2 % 15.3 %
Return on Equity (ROE)
GAAP Net Income - (b) / (e) 17.3 % 26.2 % 34.7 % 24.2 % 22.1 %
* Average for the current and immediately preceding year
38

ROCE & ROE
In millions of USD, except ratio data (Unaudited)
2002 2001 2000 1999 1998
Net Interest Expense (GAAP) 60 45 61 62
Tax Benefit Imputed (based on 35%) (21) (16) (21) (22)
After-Tax Net Interest Expense (Non-GAAP) - (a) 39 29 40 40
Net Income (GAAP) - (b) 87 399 397 569
Total Stockholders' Equity - (d) 1,672 1,643 1,381 1,130 1,280
Average Total Stockholders' Equity* - (e) 1,658 1,512 1,256 1,205
Current and Long-Term Debt (GAAP) - (f) 1,145 856 859 990 1,143
Less: Cash (10) (3) (20) (25) (6)
Net Debt (Non-GAAP) - (g) 1,135 853 839 965 1,137
Total Capitalization (GAAP) - (d) + (f) 2,817 2,499 2,240 2,120 2,423
Total Capitalization (Non-GAAP) - (d) + (g) 2,807 2,496 2,220 2,095 2,417
Average Total Capitalization (Non-GAAP)* - (h) 2,652 2,358 2,158 2,256
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h) 4.8 % 18.2 % 20.2 % 27.0 %
Return on Equity (ROE)
GAAP Net Income - (b) / (e) 5.2 % 26.4 % 31.6 % 47.2 %
* Average for the current and immediately preceding year

39


Costs per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
1Q 2021 4Q 2020 3Q 2020 2Q 2020 1Q 2020
Cost per Barrel of Oil Equivalent (Boe) Calculation
Volume - Million Barrels of Oil Equivalent - (a) 70.1 73.7 65.9 56.7 79.5
Crude Oil and Condensate
2,251 1,711 1,395 615 2,065
Natural Gas Liquids
314 229 185 93 161
Natural Gas
625 302 184 141 210
Total Wellhead Revenues - (b) 3,190 2,242 1,764 849 2,436
Operating Costs
Lease and Well 270 261 227 245 330
Transportation Costs 202 195 180 152 208
Gathering and Processing Costs 139 119 115 97 128
General and Administrative 110 113 125 132 114
Taxes Other Than Income 215 114 126 81 157
Interest Expense, Net 47 53 53 54 45
Total Operating Cost (excluding DD&A and Total Exploration Costs) - (c) 983 855 826 761 982
Depreciation, Depletion and Amortization (DD&A) 900 870 823 707 1,000
Total Operating Cost (excluding Total Exploration Costs) - (d)
1,883 1,725 1,649 1,468 1,982
Exploration Costs 33 41 38 27 40
Dry Hole Costs 11 - 13 - -
Impairments 44 143 79 305 1,573
Total Exploration Costs 88 184 130 332 1,613
Less: Certain Impairments (Non-GAAP) (1) (86) (27) (239) (1,516)
Total Exploration Costs (Non-GAAP) 87 98 103 93 97
Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e)
1,970 1,823 1,752 1,561 2,079
40

Costs per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
1Q 2021 4Q 2020 3Q 2020 2Q 2020 1Q 2020
Composite Average Wellhead Revenue per Boe - (b) / (a)
45.49 30.39 26.77 14.99 30.62
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (c) / (a) 14.02 11.60 12.56 13.40 12.36
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(b) / (a) - (c) / (a)]
31.47 18.79 14.21 1.59 18.26
Total Operating Cost per Boe (excluding Total Exploration Costs) - (d) / (a)
26.86 23.41 25.05 25.86 24.93
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(b) / (a) - (d) / (a)]
18.63 6.98 1.72 (10.87) 5.69
Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) - (e) / (a)
28.11 24.72 26.62 27.51 26.15
Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs) - [(b) / (a) - (e) / (a)]
17.38 5.67 0.15 (12.52) 4.47

41

Costs per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
2020 2019 2018 2017
Cost per Barrel of Oil Equivalent (Boe) Calculation
Volume - Million Barrels of Oil Equivalent - (a) 275.9 298.6 262.5 222.3
Crude Oil and Condensate 5,786 9,613 9,517 6,256
Natural Gas Liquids 668 785 1,128 730
Natural Gas 837 1,184 1,302 922
Total Wellhead Revenues - (b) 7,291 11,582 11,947 7,908
Operating Costs
Lease and Well 1,063 1,367 1,283 1,045
Transportation Costs 735 758 747 740
Gathering and Processing Costs 459 479 437 149
General and Administrative 484 489 427 434
Less: Legal Settlement - Early Leasehold Termination - - - (10)
Less: Joint Venture Transaction Costs - - - (3)
Less: Joint Interest Billings Deemed Uncollectible - - - (5)
Taxes Other Than Income 478 800 772 545
Interest Expense, Net 205 185 245 274
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c) 3,424 4,078 3,911 3,169
Depreciation, Depletion and Amortization (DD&A) 3,400 3,750 3,435 3,409
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (d)
6,824 7,828 7,346 6,578
Exploration Costs 146 140 149 145
Dry Hole Costs 13 28 5 5
Impairments 2,100 518 347 479
Total Exploration Costs 2,259 686 501 629
Less: Certain Impairments (Non-GAAP) (1,868) (275) (153) (261)
Total Exploration Costs (Non-GAAP) 391 411 348 368
Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e)
7,215 8,239 7,694 6,946
42

Cost per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
2020 2019 2018 2017
Composite Average Wellhead Revenue per Boe - (b) / (a)
26.42 38.79 45.51 35.58
Total Operating Cost per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c) / (a) 12.39 13.66 14.90 14.25
Composite Average Margin per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) - [(b) / (a) - (c) / (a)]
14.03 25.13 30.61 21.33
Total Operating Cost per Boe (Non-GAAP) (excluding Total Exploration Costs) -
(d) / (a)
24.71 26.22 27.99 29.59
Composite Average Margin per Boe (Non-GAAP) (excluding Total Exploration Costs) - [(b) / (a) - (d) / (a)]
1.71 12.57 17.52 5.99
Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) -
(e) / (a)
26.13 27.60 29.32 31.24
Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs) - [(b) / (a) - (e) / (a)]
0.29 11.19 16.19 4.34
43

Cost per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
2016 2015 2014
Cost per Barrel of Oil Equivalent (Boe) Calculation
Volume - Million Barrels of Oil Equivalent - (a) 205.0 208.9 217.1
Crude Oil and Condensate 4,317 4,935 9,742
Natural Gas Liquids 437 408 934
Natural Gas 742 1,061 1,916
Total Wellhead Revenues - (b) 5,496 6,404 12,592
Operating Costs
Lease and Well 927 1,182 1,416
Transportation Costs 764 849 972
Gathering and Processing Costs 123 146 146
General and Administrative 395 367 402
Less: Voluntary Retirement Expense (42) - -
Less: Acquisition Costs
(5) - -
Less: Legal Settlement - Early Leasehold Termination
- (19) -
General and Administrative (Non-GAAP) 348 348 402
Taxes Other Than Income 350 422 758
Interest Expense, Net 282 237 201
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c) 2,794 3,184 3,895
Depreciation, Depletion and Amortization (DD&A) 3,553 3,314 3,997
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (d)
6,347 6,498 7,892
Exploration Costs 125 149 184
Dry Hole Costs 11 15 48
Impairments 620 6,614 744
Total Exploration Costs 756 6,778 976
Less: Certain Impairments (Non-GAAP) (321) (6,308) (824)
Total Exploration Costs (Non-GAAP) 435 470 152
Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e)
6,782 6,968 8,044
44

Cost per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
2016 2015 2014
Composite Average Wellhead Revenue per Boe - (b) / (a)
26.82 30.66 58.01
Total Operating Cost per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c) / (a) 13.64 15.25 17.95
Composite Average Margin per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) - [(b) / (a) - (c) / (a)]
13.18 15.41 40.06
Total Operating Cost per Boe (Non-GAAP) (excluding Total Exploration Costs) -
(d) / (a)
30.98 31.11 36.38
Composite Average Margin per Boe (Non-GAAP) (excluding Total Exploration Costs) - [(b) / (a) - (d) / (a)]
(4.16) (0.45) 21.63
Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) -
(e) / (a)
33.10 33.36 37.08
Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs) - [(b) / (a) - (e) / (a)]
(6.28) (2.70) 20.93

45

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EOG Resources Inc. published this content on 06 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2021 09:06:10 UTC.