UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities

Exchange Act of 1934 (Amendment No.     )

Filed by the Registrant    ☑

Filed by a Party other than the Registrant    ☐

Check the appropriate box:

EOG Resources, Inc.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box)all boxes that apply):

Notice of 2022 Annual Meeting of

Stockholders and Proxy Statement

Wednesday, April 20, 2022

EOG RESOURCES, INC.

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

APRIL 30, 202020, 2022

TO OUR STOCKHOLDERS:

NOTICE IS HEREBY GIVEN that the 20202022 annual meeting of stockholders (“Annual Meeting”) of EOG Resources, Inc. will be held at Heritage Plaza, 1111 Bagby, Houston, Texas 77002,in a virtual-only format, via live webcast, on Wednesday, April 20, 2022 at 2:00 p.m., Central Time, on Thursday, April 30, 2020, for the following purposes:

1. To elect eightten directors to hold office until the 20212023 annual meeting of stockholders and until their respective successors are duly elected and qualified;

2.  To ratify the appointment by the Audit Committee of the Board of Directors of Deloitte & Touche LLP, independent registered public accounting firm, as our auditors for the year ending December 31, 2020;2022;

3. To hold anon-binding advisory vote on executive compensation; and

4. To transact such other business as may properly come before the Annual Meeting or any adjournment thereof.

Holders of record of our Common Stock at the close of business on March 6, 2020February 24, 2022 (the “Record Date”) will be entitled to notice of, and to vote at, the Annual Meeting and any adjournments thereof.

Beginning on or about March 20, 2020,10, 2022, the Companycompany is mailing a Notice Regarding the Availability of Proxy Materials (the “Notice”) to our stockholders of record as of the Record Date (but excluding those stockholders who have previously requested a printed copy of our proxy materials) containing instructions on how to access the proxy materials (including our 20192021 annual report) via the Internet, as well as instructions on voting shares via the Internet. The Notice also contains instructions on how to request a printed copy of the proxy materials by mail or an electronic copy of the proxy materials by email.

Stockholders who dowill not expectbe able to attend the Annual Meeting in person. The Annual Meeting will be held at www.virtualshareholdermeeting.com/EOG2022. To participate in, and vote at, the live webcast of the Annual Meeting, you must enter the 16-digit control number included in the Notice, on your proxy card or in the voting instruction form provided to you with the proxy statement.

Whether or not stockholders plan to participate in the live webcast of the Annual Meeting, stockholders are encouraged to vote and submit their proxies in advance of the Annual Meeting via the Internet at www.proxyvote.com, using the instructions on the Notice or, if you received a printed copy of the proxy materials (which includes the proxy card), by signing and returning the proxy card in thepre-paid envelope provided or by voting via the Internet or by phone using the instructions provided on the proxy card.

Houston, Texas

March 20, 202010, 2022

TABLE OF CONTENTS

i

EOG RESOURCES, INC.

PROXY STATEMENT

The accompanying form of proxy is solicited by the Board of Directors (“Board”) of EOG Resources, Inc. (“EOG,” “we,” “us,” “our” or “company”) to be used at our 20202022 annual meeting of stockholders (“Annual Meeting”) to be held at Heritage Plaza, 1111 Bagby, Houston, Texas 77002,in a virtual-only format, via live webcast, on Wednesday, April 20, 2022 at 2:00 p.m., Central Time, on Thursday, April 30, 2020.Time. The proxy materials, including this proxy statement, the accompanying notice of annual meeting of stockholders and form of proxy and our 20192021 annual report, are being first distributed and made available to our stockholders on or about March 20, 2020.10, 2022.

Any stockholder giving a proxy may revoke it at any time provided written notice of the revocation is received by our Corporate Secretary before the proxy is voted; otherwise, if received prior to or at the Annual Meeting, properly executed proxies will be voted at the Annual Meeting in accordance with the instructions specified on the proxy or, if no such instructions are given, in accordance with the recommendations of the Board described herein. Stockholders attendingparticipating in the live webcast of the Annual Meeting may revoke their proxies and vote in person. If you would likeduring the Annual Meeting via the meeting website.

You will not be able to attend the Annual Meeting you may contact our Corporate Secretary (Michael P. Donaldson) at (713)651-7000in person. We believe the live-webcast format for directions to the Annual Meeting. To vote in person at the Annual Meeting will provide stockholders with a consistent experience and will allow you must (1)to participate in the Annual Meeting regardless of your location. You will be able to submit questions during the Annual Meeting via the meeting website.

You are entitled to participate in, and vote at, the live webcast of the Annual Meeting if you were a holderstockholder of record of our Common Stock as of the close of business on March 6, 2020February 24, 2022 (the “Record Date”) or (2) obtain a valid proxy from the record holder of the shares if you were, as of the Record Date, a beneficial owner of our common stock. The Annual Meeting will be held at www.virtualshareholdermeeting.com/EOG2022. To participate in, street name; follow the instructions of your bank, broker or other nominee to obtain such a proxy.

Attendanceand vote at, the Annual Meeting is limited to holderslive webcast of record of our Common Stock as of the Record Date and EOG’s guests. Admission will be on a first-come, first-served basis. You will be asked to present valid government-issued picture identification, such as a driver’s license or passport, in order to be admitted into the Annual Meeting. If your shares are held in the name of a bank, broker or other nominee and you plan to attend the Annual Meeting, you must present proofenter the 16-digit control number included in the Notice Regarding the Availability of Proxy Materials, on your ownership of our Common Stock, such asproxy card or in the voting instruction form provided to you with this proxy statement. Further, to vote during the Annual Meeting, click the “Vote Now” button on the meeting website and follow the instructions provided. Guests without a bank or brokerage account statement indicating that you owned shares of our Common Stock as of the Record Date, in order to be admitted. For safety and security reasons, no cameras, recording equipment or other electronic devices will be permittedcontrol number may also participate in the Annual Meeting. A written agendaMeeting, but will not be permitted to vote or submit questions.

As part of the Annual Meeting, we will hold a live Q&A session during which we intend, time permitting, to answer questions submitted during the meeting that are pertinent to EOG’s business and meeting matters. As noted above, you will be able to submit questions during the Annual Meeting by following the instructions available on the meeting website. Questions and answers may be grouped by topic and substantially similar questions will be grouped and answered once. Further, we reserve the right to edit or reject questions we deem inappropriate.

Additional information regarding the rules of procedureand procedures for participating in the Annual Meeting will be distributedset forth in our meeting rules of conduct, which will be available at www.proxyvote.com during the 10 days prior to those personsthe Annual Meeting, and on the meeting website during the Annual Meeting.

You may log into the meeting website beginning at 1:30 p.m., Central Time, on April 20, 2022. The Annual Meeting will begin promptly at 2:00 p.m., Central Time, on April 20, 2022. If you experience any technical difficulties accessing the meeting website, a toll-free technical support number will be posted on the meeting website (on the meeting log-in page); you can dial such number to receive technical assistance. The meeting website is fully supported across browsers (Chrome, Firefox, Safari and Edge) and devices (desktops, laptops and cell phones) running the most updated version of applicable software and plug-ins. Participants should ensure that they have a strong Wi-Fi connection wherever they intend to participate in attendance.the Annual Meeting. Participants should also give themselves plenty of time to log in and ensure that they can hear streaming audio prior to the start of the Annual Meeting.

If you are not able to participate in the Annual Meeting, a webcast playback will be available at www.virtualshareholdermeeting.com/EOG2022 approximately 24 hours after the completion of the Annual Meeting and for a period of 30 days thereafter.

Whether or not you plan to participate in the live webcast of the Annual Meeting, it is important that your shares be represented and voted. We encourage you to vote and submit your proxy in advance of the meeting by one of the methods described in the proxy materials for the Annual Meeting further discussed below.

If you received a printed copy of the proxy materials, you also received a copy of our 20192021 annual report. However, the 20192021 annual report does not constitute a part of, and shall not be deemed incorporated by reference into, this proxy statement or the accompanying form of proxy.

In addition to solicitation by mail, certain of our officers and employees may solicit the return of proxies personally or by telephone, electronic mail or facsimile. The cost of any solicitation of proxies will be borne by us. Arrangements may also be made with brokerage firms and other custodians, nominees and fiduciaries for the forwarding of materialmaterials to, and solicitation of proxies from, the beneficial owners of our Common Stock held of record as of the Record Date by such persons. We will reimburse such brokerage firms, custodians, nominees and fiduciaries for the reasonableout-of-pocket expenses incurred by them in connection with any such activities.

In some cases, one paper copy of this proxy statement and the accompanying notice of annual meeting of stockholders and the 20192021 annual report is being delivered to multiple stockholders sharing an address, at the

request of such stockholders. We will deliver promptly, upon written or oral request, an additional paper copy of this proxy statement, the accompanying notice of annual meeting of stockholders and/or the 20192021 annual report to such a stockholder at a shared address to which a single paper copy of such document was delivered. Stockholders sharing an address who receive multiple printed copies of our proxy materials and who wish to receive a single printed copy of our proxy materials may also submit requests for delivery of a single paper copy of this proxy statement or the accompanying notice of annual meeting of stockholders or the 20192021 annual report, but, in such event, will still receive separate forms of proxy for each account. To request separate or single delivery of these materials now or in the future, a stockholder may submit a written request to our Corporate Secretary (Michael P. Donaldson) at our principal executive offices at 1111 Bagby, Sky Lobby 2, Houston, Texas 77002, or a stockholder may make a request by calling our Corporate Secretary at (713)651-7000.

A complete list of stockholders entitled to vote atduring the Annual Meeting will be available to such stockholders on the meeting website to view during the Annual Meeting. You may also inspect this list at our principal executive offices, for any purpose germane to the Annual Meeting, during ordinary business hours, for a period of 10 days prior to the Annual Meeting.

The mailing address of our principal executive offices is 1111 Bagby, Sky Lobby 2, Houston, Texas 77002.

Important Notice Regarding the Availability of Proxy Materials

for the Annual Meeting of Stockholders to be Held on April 30, 202020, 2022

This proxy statement, the accompanying notice of annual meeting of stockholders and form of proxy and our 20192021 annual report are available via the Internet at www.proxyvote.com. Pursuant to United States Securities and Exchange Commission (“SEC”) rules related to the Internet availability of proxy materials, we have elected to provide access to our proxy materials on the Internet instead of mailing a printed copy of the proxy materials to each stockholder of record.

Accordingly, beginning on or about March 20, 2020,10, 2022, we are mailing a Notice Regarding the Availability of Proxy Materials (the “Notice”) to our stockholders of record as of the Record Date (but excluding those stockholders who have previously requested a printed copy of our proxy materials) in lieu of mailing the printed proxy materials. Instructions on how to access the proxy materials via the Internet, on voting shares via the Internet and on how to request a printed or electronic copy of the proxy materials may be found in the Notice. All stockholders will have the option to access our proxy materials on the website referred to above.

Stockholders will not receive printed copies of the proxy materials unless they request (or have previously requested) such form of delivery. Printed copies will be provided upon request at no charge. In addition, stockholders may request to receive future proxy materials in printed form by mail or electronically by email on an ongoing basis. A request to receive proxy materials in printed form by mail or electronically by email will remain in effect until the stockholder terminates such request.

Stockholders who do not expect to attendparticipate in the live webcast of the Annual Meeting are encouraged to vote in advance of the Annual Meeting via the Internet using the instructions on the Notice or, if you received a printed copy of the proxy materials (which includes the proxy card), by signing and returning the proxy card in thepre-paid envelope provided or by voting via the Internet or by phone using the instructions provided on the proxy card.

VOTING RIGHTS AND PRINCIPAL STOCKHOLDERS

Holders of record of our Common Stock as of the Record Date will be entitled to one vote per share on all matters properly presented at the Annual Meeting. As of the Record Date, there were 582,054,955585,389,455 shares of our Common Stock outstanding. Other than our Common Stock, we have no other voting securities currently outstanding.

Our stockholders do not have dissenters’ rights or similar rights of appraisal with respect to the proposals described herein and do not have cumulative voting rights with respect to the election of directors.

Stock Ownership of Certain Beneficial Owners

The following table sets forth certain information regarding the beneficial ownership of our Common Stock by each person (including any “group” as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934 (as amended, “Exchange Act”)) whom we know beneficially owned more than 5% of our Common Stock as of December 31, 2019,2021, based on filings with the SEC as of February 29, 2020.28, 2022. We have prepared the table and the related notes below based on such filings with the SEC, and we have not sought to independently verify any of such information.

Stock Ownership of the Board and Management

The following table sets forth certain information regarding the ownership of our Common Stock by (1) each director and director nominee of EOG, (2) each “Named Officer” of EOG named in the “Summary Compensation Table” in the “Executive Compensation” section below and (3) all current directors and executive officers of EOG as a group, in each case as of February 29, 2020.15, 2022. Under Rule13d-3 under the Exchange Act, a person shall be deemed to be the beneficial owner of a security if that person has the right to acquire beneficial ownership of such security within 60 days. April 29, 202016, 2022 is the date 60 days from February 29, 2020,15, 2022, the date as of which ownership is reported in this table.

achieved performance multiple for grants for which the applicable performance period has been completed) held under the 2008 Stock Plan vesting after April 29, 202016, 2022 for which the participant has no voting or investment power until such units vest and are released as shares of our Common Stock in accordance with the provisions of the 2008 Stock Plan and RSUs with performance-based conditions (also referred to herein as “performance units”) (assuming a performance multiple of 100%) held under the 2021 Stock Plan vesting after April 16, 2022 for which the participant has no voting or investment power until such units vest and are released as shares of our Common Stock in accordance with the provisions of the 2021 Stock Plan; and (3) phantom shares held in the individual’s phantom stock account under the EOG Resources, Inc. 409A Deferred Compensation Plan (formerly known as the EOG Resources, Inc. 1996 Deferral Plan) (as amended, the “Deferral Plan”) for which the individual has no voting or investment power until such phantom shares are released as shares of our Common Stock in accordance with the provisions of the Deferral Plan and the individual’s deferral election. Because such units and shares will not vest or be released on or before April 29, 2020,16, 2022, the units and shares shown in this column are not “beneficially owned” under Rule13d-3 under the Exchange Act.

CORPORATE GOVERNANCE

Board of Directors

Director Independence

The Board has affirmatively determined that seveneight of our eightten current directors, namely Mses. Clark and Robertson and Messrs. Crisp, Daniels, Day, Gaut, Kerr and Textor, have no direct or indirect material relationship with EOG and thus meet the criteria for independence of Article III, Section 12 of our bylaws, which are available on our website atwww.eogresources.com/company/board-of-directors, as well as the independence requirements of the NYSE and the SEC.

In assessing director independence, the Board considered, among other matters, the nature and extent of any business relationships, including transactions conducted, between (i) EOG and each director, (ii) EOG and betweenan immediate family member of a director and (iii) EOG and any organization for which one of our directors or an immediate family member is a director or executive officer or with which one of our directors or an immediate family member is otherwise affiliated. Specifically, the Board considered, among other things, (1) various transactions in connection with the exploration and production of crude oil and natural gas, such as revenue distributions, joint interest billings, payments for midstream services (i.e., gathering, processing and transportation-related services) or oilfield services (including related equipment and supplies) and payments for crude oil and natural gas, between EOG and certain entities engaged in certain aspects of the oil and gas business for which one of our directors is a director or executive officer or is otherwise directly or indirectly affiliated, (2) payments of dues and contributions to certainnot-for-profit entities (such as trade associations) with which one of our directors or an immediate family member is affiliated and (3) any relationships (employment, contractual or otherwise) between EOG and immediate family members of directors.

Except with respect to Mr.Messrs. Thomas and Yacob, the Board has determined that all such relationships and transactions that it considered were not material relationships or transactions with EOG and did not impair the independence of our directors. The Board has determined that (i) Mr. Thomas is not independent because he is ourwas the Chief Executive Officer (“CEO”). of EOG from July 2013 until his retirement as an employee and the CEO of EOG, effective as of September 30, 2021, and (ii) Mr. Yacob is not independent because he was appointed as CEO of EOG, effective as of October 1, 2021.

Director Skills and Experience Matrix; Director IndependenceDiversity and DiversityTenure Charts

Please see “Item 1. Election of Directors” below for a description of certain key skills and areas of experience of our director nominees that we believe are relevant to our business, and an accompanying skills and experience matrix forsetting forth the number of our director nominees.nominees that possess each skill and area of experience. Also included in “Item 1. Election of Directors” below are charts regarding the independencediversity and gender diversitytenure of our director nominees.

Meetings

The Board held sixseven meetings during the year ended December 31, 2019.2021.

Each director attended at least 75% of the total number of meetings of the Board and Board committees on which the director served. Our directors are expected to attend our annual meeting of stockholders. All of our then-current directors attended our 20192021 annual meeting of stockholders.

Executive Sessions ofNon-Employee Directors

Ournon-employee directors held sixseven executive sessions during the year ended December 31, 2019. Each of ournon-employee directors during the year ended December 31, 2019 participated in2021. Mses. Clark and Robertson and Messrs. Crisp, Daniels, Day, Gaut, Kerr and Textor attended each of the sixseven executive sessions.

Mr. Textor (i) was appointed by thenon-employee directors as the presiding director for the executive sessions in 20192021, and (ii)Mr. Day has been appointed by thenon-employee directors as the presiding director for executive sessions in 2020 as well.2022. As discussed below, the presiding director is elected annually by and from thenon-employee directors of our Board.

Board Leadership Structure

The Board does not have a policy onas to whether or not the roles of Chairman of the Board and CEO should be separate or combined and, if they are to be separate, whether the Chairman of the Board should be selected from thenon-employee directors or be an employee. The directors serving on our Board possess considerable professional and industry experience, significant and diverse experience as directors of both public and private companies and a unique knowledge of the challenges and opportunities that EOG faces. As such, the Board believes that it is in the best position to evaluate the needs of EOG and to determine how best to organize EOG’s leadership structure to meet those needs. The Board believes that the most effective leadership structure for EOG at the present time is for Mr. Thomas to serve as both Chairman of the Board and CEO.

This model has succeeded because it makes clear that the Chairman of the Board and CEO is responsible for managing our business, under the oversight and review of our Board. This structure also enables our CEO to act as a bridge between management and the Board, helping both to act with a common purpose.

Mr. Thomas has been our Chairman of the Board and CEO since January 2014 and has been with EOG and its predecessor companies for over 41 years. Prior to becoming our Chairman of the Board and CEO, Mr. Thomas served as President and CEO of the company from July 2013 through December 2013, and as President of the company from September 2011 to July 2013. Prior to September 2011, Mr. Thomas served in various leadership positions at EOG, including leadership positions in our Houston, Texas headquarters office and leadership positions in our Fort Worth, Texas, Midland, Texas and Corpus Christi, Texas offices, where he was instrumental in EOG’s successful exploration, development and exploitation of various key resource plays.

Since becoming an independent public company in August 1999, our stock price performance has significantly exceeded the collective performance of our peer group companies as well as the performance of the Dow Jones Industrial Average, the Nasdaq Composite Index and the Standard & Poor’s 500 Index (measured(in each case, measured as of March 13, 2020)February 15, 2022), thus demonstrating,which we believe demonstrates the effectiveness of EOG’sour Board’s determinations from time to time of the appropriate leadership structure.structure for EOG.

Mr. Thomas served as our Chairman of the Board and CEO from January 2014 through September 2021 because, during that period, the Board believed that the most effective leadership structure for EOG was for Mr. Thomas to serve in both roles. Such model was successful, in part, because it made clear that the Chairman of the Board and CEO was responsible for managing our business, under the oversight and review of our Board. Such structure also enabled Mr. Thomas, in his role as CEO, to act as a bridge between management and the Board, helping both to act with a common purpose.

Effective October 1, 2021, we initiated the execution of our management succession plan, pursuant to which Mr. Thomas retired (effective September 30, 2021) from his role as CEO, after over 42 years with the company. Upon Mr. Thomas’ retirement, the Board promoted Mr. Yacob from the role of President to CEO, and Mr. Helms, our Chief Operating Officer, assumed the role of President and Chief Operating Officer. Also as of October 1, 2021, as part of the succession plan, Mr. Thomas transitioned to the role of non-executive Chairman of the Board.

The Board believes that the most effective leadership structure for EOG during the succession process is for Mr. Thomas to serve as non-executive Chairman of the Board and for Mr. Yacob to serve as CEO. As non-executive Chairman, Mr. Thomas has facilitated, and will continue to facilitate, interactions between our Board, Mr. Yacob and our other executive management. Mr. Yacob, in his role as CEO, has acted, and will continue to act, as a bridge between management and the Board, helping both to act with a common purpose.

Further, the Board believes that there iscontinues to be substantial independent oversight of EOG’s management and a strong counterbalancing governance structure in place, as demonstrated by the following:

non-employee directors. In addition, our presiding director is afforded direct and complete access to the Chairman of the Boardour CEO at any time as the presiding director deems necessary or appropriate, and he is available for direct communication with our stockholders as described under “Stockholder Communications with the Board” below.

•

Non-employee directors meet regularly.    Ournon-employee directors typically meet in executive session without our employee director (Mr. Thomas)Yacob) at each regularly scheduled Board meeting. Ournon-employee directors held sixseven executive sessions during the year ended December 31, 2019.2021. As noted above, such executive sessions are chaired by the independent presiding director.

Board’s Role in Risk Oversight

Our Board retains primary responsibility for risk oversight. To assist the Board in carrying out its oversight responsibilities, members of our senior management report to the Board on areas of risk to our company. For example, to assist our Board in carrying out its oversight responsibilities with respect to climate change-related risks, members of our senior management discuss climate change and environmental-related matters with our Board throughout the year and, at least annually, review with the Board our environmental performance as well as trends and industry comparisons.

In addition, our Board committees consider specific areas of risk inherent in their respective areas of oversight and report to the full Board regarding their activities. For example, our Audit Committee periodically discusses with management our major financial risk exposures and the steps management has taken to monitor and control such exposures. Further, cybersecurity is an integral part of our risk management and an area of increasing focus for our Board and management. Accordingly, our Audit Committee also (i) oversees, and receives regular reports from our senior management regarding, EOG’s policies, strategies and initiatives for mitigating cybersecurity and information technology risks and (ii) receives reports from, and discusses with, our senior management any cybersecurity incidents we may experience.

Our Compensation and Human Resources Committee incorporates risk considerations, including the risk of losing key personnel and any risks that may be presented by our compensation policies and practices, as it evaluates the performance of our CEO and other executive officers, determines our executive compensation and evaluates our compensation policies and practices. Our Nominating, Governance and Sustainability Committee focuses on issues relating to Board and Board committee composition and provides oversight with respect to environmental, social and governance (“ESG”) matters.

Further, to ensure that our Board has a broad view of our overall risk management process, the Board regularly reviews our long-term strategic plans and the principal issues and risks that we may face, as well as the processes through which we manage risks.

At this time, we believe that combining the roles of Chairman of the Board and CEO enhances the Board’s administration of its risk oversight function because, through his role as Chairman of the Board, and based on his experiences with the daily management of our business as our CEO and previously as our President and in other leadership positions, Mr. Thomas provides the Board with valuable insight into our risk profile and the options to mitigate and address those risks.

Committees of the Board

The charter for each committee of the Board identified below is available on our website atwww.eogresources.com/company/board-of-directors. Copies of the committee charters are also available upon written request to our Corporate Secretary.

Nominating, Governance and Sustainability Committee

The Nominating, Governance and Sustainability Committee, which is comprised exclusively of independent directors, is responsible for the following, in each case in consultation with the Board and each of the Board committees:

In considering individual director nominees and Board committee appointments, our Nominating, Governance and Sustainability Committee seeks to achieve a balance of knowledge, experience and capability on the Board and Board committees and to identify individuals who can effectively assist EOG in achieving our short-term and long-term goals, protecting our stockholders’ interests and creating and enhancing value for our stockholders. In so doing, the Nominating, Governance and Sustainability Committee considers a person’s diversity attributes (e.g., professional experiences, skills, background, race and gender) as a whole and does not necessarily attribute greater weight to any one attribute. Further, diversity in professional experience, skills and background, and diversity in race and gender, are just a few of the attributes that the Nominating, Governance and Sustainability Committee takes into account.

While there are no specific minimum requirements that the Nominating, Governance and Sustainability Committee believes must be met by a prospective director nominee (other than the general requirements of our Corporate Governance Guidelines discussed below with respect to director age, director independence and director service on the boards of directors of other public companies), in evaluating prospective candidates, the Nominating, Governance and Sustainability Committee also considers whether the individual has personal and professional integrity, good business judgment and relevant experience and skills as well as other credentials and qualifications, including, but not limited to, the credentials and qualifications set forth in our Corporate Governance Guidelines. In addition, the Nominating, Governance and Sustainability Committee will consider whether such individual is willing and able to commit the time necessary for Board and Board committee service.

Furthermore, the Nominating, Governance and Sustainability Committee evaluates each individual in the context of the Board as a whole, with the objective of recommending individuals who can best perpetuate the success of our business and represent stockholder interests through the exercise of sound business judgment using their diversity of experience in various areas. We believe our current directors possess diverse professional experiences, skills and backgrounds, in addition to (among other characteristics) high standards of personal and professional ethics, proven records of success in their respective fields and valuable knowledge of our business and of the oil and gas industry.

While our Board has no current plans to increase theits size, of the Board, if, in the future, the Board determines that it is appropriate to add a director, the Nominating, Governance and Sustainability Committee will, pursuant to its charter, take into account diversity in professional experience, skills and background, diversity in race and gender, the credentials and qualifications set forth in our Corporate Governance Guidelines and the other attributes and factors described above, in evaluating candidates for such directorship.

Our Corporate Governance Guidelines, which are available atwww.eogresources.com/company/board-of-directors, mandate that:

As an alternative to term limits for directors, the Nominating, Governance and Sustainability Committee annually reviews each director’s continuation on the Board and regularly assesses the appropriate size of the Board. Our Board and the Nominating, Governance and Sustainability Committee also regularly review the composition, performance and skill sets of the Board and Board committees. In deciding what the Board’s priorities should be for further refreshment, we take into account the results of the Board evaluations; the current composition of the Board; the areas of experience, skill sets and diversity of our directors; and the attributes of potential director candidates.

The Board and the Nominating, Governance and Sustainability Committee also actively seek to create a pipeline of individuals qualified to become Board members, including candidates with diverse ethnic and racial backgrounds and gender diversity.

The Nominating, Governance and Sustainability Committee uses a variety of methods for identifying and evaluating director nominees and considers, from time to time, various potential candidates for directorships. Candidates may come to the attention of the Nominating, Governance and Sustainability Committee through current or former directors, members of executive management, other sources of referral or EOG’s contacts in the business and other professional communities. These candidates may be evaluated at regular or special meetings of the Nominating, Governance and Sustainability Committee and may be considered at any point during the year.

When appropriate and at its discretion, the Nominating, Governance and Sustainability Committee may retain a search firm to assist in identifying candidates for the Board. In such instance, and consistent with the charter of the Nominating, Governance and Sustainability Committee and our Corporate Governance Guidelines, such search firm will be affirmatively instructed to include qualified women and minority candidates for consideration by the Board and the Nominating, Governance and Sustainability Committee.

In addition, the Nominating, Governance and Sustainability Committee will consider nominees recommended by stockholders in accordance with the procedures outlined under “Stockholder Proposals and Director Nominations — Nominations for 20212023 Annual Meeting of Stockholders and for Any Special Meetings of Stockholders” below. The Nominating, Governance and Sustainability Committee will evaluate such nominees according to the same criteria, and in the same manner, as any other director nominee.

The Nominating, Governance and Sustainability Committee held four meetings during the year ended December 31, 2019.2021. The Nominating, Governance and Sustainability Committee is currently comprised of Ms.Mses. Robertson (Chairperson), Ms. and Clark and Messrs. Crisp, Daniels, Day, Gaut, Kerr and Textor.

Audit Committee

The Audit Committee, which is comprised exclusively of independent directors, is responsible for the oversight of our accounting and financial reporting processes, and the audits and reviews of our financial statements.statements and the performance of our internal audit function and independent petroleum consultants.

The Board has selected the members of the Audit Committee based on the Board’s determination that the members are financially literate (as required by NYSE rules) and qualified to monitor the performance of management and the independent auditors and to monitor our disclosures so that our disclosures fairly present our business, financial condition and results of operations.

The Board has also determined that Ms. Clark, an independent director since January 2014 and the Chairperson of our Audit Committee since February 2015, Mr. Textor, an independent director since May 2001 and the Chairman of our Audit Committee from May 2001 until February 2015, and Mr. Gaut, an independent director since October 2017, each (1) have accounting or related financial management expertise in accordance with the requirements of the NYSE and (2) are each an “audit committee financial expert” (as defined in the SEC rules) because each has the following attributes: (1)(A) an understanding of generally accepted accounting principles in the United States of America (“GAAP”) and financial statements; (2)(B) the ability to assess the general application of such principles in connection with the accounting for estimates, accruals and reserves; (3)(C) experience analyzing and evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of accounting issues that can reasonably be expected to be raised by our financial statements; (4)(D) an understanding of internal controls over financial reporting; and (5)(E) an understanding of audit committee functions. Each of Ms. Clark and Messrs. Textor and Gaut has acquired these attributes by means of having held various positions that provided relevant experience, as described in each director’s biographical information under “Item 1. Election of Directors” below, and, in the case of Mr. Textor, by further having served as Chairman of our Audit Committee from May 2001 until February 2015.

The Audit Committee has sole and direct authority, at its discretion and at our expense, to appoint, compensate, oversee, evaluate and terminate our independent auditors and any other registered public accounting firms engaged to perform audit, review or attest services for EOG, and to review, as it deems appropriate, the scope of our annual audits, our accounting policies and reporting practices, our system of internal controls, our compliance with policies regarding business conduct and ethics and other matters. In addition, the Audit Committee has the authority, at its discretion and at our expense, to retain special legal, accounting or other advisors to advise the Audit Committee. The Audit Committee also reviews and approves the annual Report of the Audit Committee that is included in this proxy statement.

The Audit Committee held seven meetings during the year ended December 31, 20192021 and is currently comprised of Ms.Mses. Clark (Chairperson), Ms. and Robertson and Messrs. Crisp, Daniels, Day, Gaut, Kerr and Textor.

Compensation and Human Resources Committee

TheIn February 2022, the Board renamed our Compensation Committee as the “Compensation and Human Resources Committee” of the Board and assigned to it (in addition to its existing duties and responsibilities discussed further below) the responsibility to provide oversight and review of the company’s human capital management matters and related strategies, programs, policies and procedures.

In addition, the Compensation and Human Resources Committee, which is comprised exclusively of independent directors, is responsible for the administration of our stock compensation plans and for the evaluation and determination of the compensation arrangements for our executive officers and directors. The Compensation and Human Resources Committee is also responsible for reviewing the disclosures in our Compensation Discussion and Analysis and providing the annual Compensation and Human Resources Committee Report, both of which are included in this proxy statement. Please refer to “Compensation Discussion and Analysis — Compensation Process” and “Director Compensation and Stock Ownership Guidelines” below for a discussion of the Compensation and Human Resources Committee’s procedures and processes for making executive officer andnon-employee director compensation determinations. In addition, the Compensation and Human Resources Committee is responsible for reviewing the relationship between our risk management policies and compensation policies and practices and making a determination as to whether any of our compensation policies or practices expose us to risks.

The Compensation and Human Resources Committee is authorized, at its discretion and at our expense, to retain, oversee, obtain the advice of, compensate and terminate such compensation consultants and other advisors as the Compensation and Human Resources Committee deems necessary to assist with the execution of its duties and responsibilities, and is responsible for assessing the independence of any such consultants or advisors and whether any such consultant or advisor has a conflict of interest in respect of its engagement by the Compensation and Human Resources Committee. All of the members of the Compensation and Human Resources Committee qualify as“Non-Employee Directors” under Rule16b-3 under the Exchange Act.

The Compensation and Human Resources Committee held fivefour meetings during the year ended December 31, 20192021 and is currently comprised of Messrs. Daniels (Chairman), Crisp, Day, Gaut, Kerr and Textor and Mses. Clark and Robertson.

Compensation Committee Interlocks and Insider Participation

Messrs. Daniels (Chairman), Crisp, Day, Gaut, Kerr and Textor and Mses. Clark and Robertson serve as members of the Compensation and Human Resources Committee and none of them is a current or former officer or employee of EOG. During the

year ended December 31, 2019,2021, none of our executive officers served as a director or member of the compensation committee (or other committee of the board performing equivalent functions) of another entity where an executive officer of such entity served as a director of EOG or on our Compensation and Human Resources Committee.

Stockholder Communications with the Board

Pursuant to the process adopted by the Board, our stockholders and other interested parties may communicate with members of the Board by submitting such communications in writing to our Corporate Secretary (Michael P. Donaldson), who, upon receipt of any communication other than one that is clearly marked “Confidential,” will note the date the communication was received in a log established for that purpose, open the communication, make a copy of it for our files and promptly forward the communication to the director(s) to whom it is addressed. Upon receipt of any communication that is clearly marked “Confidential,” our Corporate Secretary will not open the communication, but will note the date the communication was received in a log established for that purpose and promptly forward the communication to the director(s) to whom it is addressed. Further information regarding this process can be found on our website atwww.eogresources.com/company/board-of-directors.

Our stockholders and other interested parties can also communicate directly with the presiding director for the executive sessions of thenon-employee directors, or thenon-employee directors as a group, using the same procedure outlined above for general communications with the Board, except any such communication should be addressed to the presiding director or to thenon-employee directors as a group, as appropriate.

Environmental, Social and Governance Matters

Engagement with Stockholders

As stated in our prior public disclosures, EOG is committed to open, collaborative communications with our stockholders; transparency; providing our stockholders with the ability to effectively voice their opinions; being accountable to our stockholders; and operating in an environmentally responsible and safe manner.

Pursuant to these commitments, we have, over the last several years, engaged in, and continue to engage in, substantial, collaborative discussions and correspondence with various EOG stockholders regarding a range of ESG matters. In addition, we have maintained a productive, ongoing dialogue with our investors regarding our public disclosures addressing a range of ESG topics. EOG intends to continue engaging in such discussions and correspondence with our stockholders and to periodically update and expand our related public disclosures.

20182020 Sustainability Report

As evidence of our continuing commitment, EOG published our 20182020 Sustainability Report in September 2019. Like our inaugural 2017 Sustainability Report, our 2018October 2021. Our 2020 Sustainability Report reflects the contributions of many employees across multiple functions throughout the company and, we believe, is a great example of EOG’s multi-disciplinary teamwork and culture and our commitment to sustainability.

In a continuing effort to improveenhance our ESG reporting, our 20182020 Sustainability Report expanded on theour ESG-related disclosures. New disclosures and subjects featured in our inaugural 20172020 Sustainability Report include:

Our 2020 Sustainability Report also included expanded workforce diversity metrics. Our 2020 Sustainability Report and introduced new disclosuresour 2021 EEO-1 report (which will be filed in a number2022) are each available in the “Sustainability” section of areas:

•

Methane Emissions Intensity Rate Calculation – Historically, we disclosed our methane emissions as an intensity rate relative to our total production of oil, natural gas and natural gas liquids because methane emissions result from all of our production activity. While we continue that practice, we added a new percentage metric that represents our methane emissions relative solely to our natural gas production to be consistent with an emerging energy industry standard.

Our Sustainability Report is available on our corporate website at www.eogresources.com/sustainability.website. Our next2021 Sustainability Report (to be published in the fall of 2020)2022) will contain updated and expanded narrative and quantitative disclosures regarding ourESG-related activities.

2019 Methane Emissions Intensity Rate Goal

As is disclosed in our 2018 Sustainability Report, we set a qualitative goal for 2019 to reduce our methane emissions intensity rate for 2019 below our rate for 2018. As will be further discussed in our next Sustainability Report, we achieved this goal, by lowering our methane intensity emissions rate for 2019 substantially below our 2018 rate.

20202022 ESG Goals for Executive Compensation

As further discussed in the “Compensation Discussion and Analysis” section below, as part of our compensation program, EOG’s executive officers are eligible to receive annual bonuses under an annual bonus planthe EOG Resources, Inc. Annual Bonus Plan (“Annual Bonus Plan”) based on the achievement of operational, financial, and strategic goals established by the Compensation and Human Resources Committee.

These performance goals have historically included ESG-related goals focused on improving our strong safety and environmental record, including reducing our total recordable incident rate and oil spill rates. In 2019, the Compensation and Human Resources Committee expanded the ESG-related goals to also include the reduction of EOG’s greenhouse gas (“GHG”)GHG emissions intensity rate and methane emissions intensity rate, in each case for 2019, below prior year levels.

Based on its review of our compensation program and stockholder feedback, in 2020, the Compensation and Human Resources Committee has established a separately weightedESG-related goal for 2020

performance – specifically, the reduction of each of our GHG, methane and flaring emissions intensity rates, total recordable incident rate and oil spill rates for 2020 below 2019 levels. In 2021, the Compensation and Human Resources Committee added a new performance metric to the separately weighted ESG-related goal, specifically the increase of our wellhead gas capture rate for 2021 above the 2020 level, and increased the weighting of the ESG-related goal for 2021 from 5% to 7.5%.

The Compensation and Human Resources Committee has again established a separately weighted ESG-related goal to evaluate our 2022 performance – specifically, the reduction of each of our GHG, methane and flaring emissions intensity rates for 2022 below 2021 levels, total recordable incident rate and oil spill rates for 2022 below the prior three-year averages and a wellhead gas capture rate for 2022 of 99.8% or higher. The Compensation and Human Resources Committee also again increased the weighting of the ESG-related goal for 2022 – from 7.5% to 10%.

Please see the “Glossary of Terms” included in Annex A for definitions of certain of the terms used above.

Codes of Conduct and Ethics and Corporate Governance Guidelines

Pursuant to NYSE and SEC rules, we have adopted a Code of Business Conduct and Ethics (“Code of Conduct”) that applies to all of our directors, officers and employees, and a Code of Ethics for Senior Financial Officers (“Code of Ethics”) that applies to our principal executive officer, principal financial officer, principal accounting officer and controllers.

You can access our Code of Conduct and Code of Ethics on our website at www.eogresources.com/company/board-of-directors, and any stockholder who so requests may obtain a copy of our Code of Conduct or Code of Ethics by submitting a written request to our Corporate Secretary (Michael P. Donaldson). We intend to disclose any amendments to our Code of Conduct or Code of Ethics and any waivers with respect to our Code of Conduct or Code of Ethics granted to our principal executive officer, our principal financial officer, our principal accounting officer, any of our controllers or any of our other employees performing similar functions on our website at www.eogresources.com within four business days after the amendment or waiver. In such case, the

disclosure regarding the amendment or waiver will remain available on our website for at least 12 months after the initial disclosure. There have been no waivers granted with respect to our Code of Conduct or our Code of Ethics to any such officers or employees or to any of our directors.

Further, we have adopted, pursuant to NYSE rules, Corporate Governance Guidelines, which may be accessed on our website atwww.eogresources.com/company/board-of-directors. Any stockholder may obtain a copy of our Corporate Governance Guidelines by submitting a written request to our Corporate Secretary (Michael P. Donaldson).

REPORT OF THE AUDIT COMMITTEE

In connection with the fiscal year 20192021 audited financial statements of EOG Resources, Inc. (“EOG”), the Audit Committee of the Board of Directors of EOG, during its February 20202022 meeting, (1) reviewed and discussed the audited financial statements with EOG’s management; (2) discussed with EOG’s independent auditors the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board (“PCAOB”) and the United States Securities and Exchange Commission; (3) received the written disclosures and the letter from the independent auditors required by the applicable requirements of the PCAOB regarding the independent auditors’ communications with the Audit Committee concerning independence; (4) discussed with the independent auditors the independent auditors’ independence; and (5) considered whether the provision ofnon-audit services by EOG’s principal auditors is compatible with maintaining auditor independence.

Based upon these reviews and discussions, the Audit Committee has recommended to the Board of Directors, and the Board of Directors has approved, that the audited financial statements for fiscal year 20192021 be included in EOG’s Annual Report on Form10-K for the fiscal year ended December 31, 20192021 for filing with the United States Securities and Exchange Commission.

COMPENSATION AND HUMAN RESOURCES COMMITTEE REPORT

The Compensation and Human Resources Committee, in connection with its February 20202022 meeting, has reviewed and discussed with management the Compensation Discussion and Analysis required by Item 402(b) of RegulationS-K promulgated under the Securities Exchange Act of 1934, as amended. Based on such review and discussions, the Compensation and Human Resources Committee has recommended to the Board of Directors, and the Board of Directors has approved, that the Compensation Discussion and Analysis be included in the proxy statement relating to the 20202022 Annual Meeting of Stockholders.

COMPENSATION DISCUSSION AND ANALYSIS

In this Compensation Discussion and Analysis section, in the executive compensation tables and notes thereto in the “Executive Compensation” section below and elsewhere in this proxy statement, (1) “Named Officers” refers to William R. Thomas, our Chairman of the Board and Chief Executive Officer; Lloyd W. Helms, Jr., our Chief Operating Officer; Timothy K. Driggers, our Executive Vice President and Chief Financial Officer; Michael P. Donaldson, our Executive Vice President, General Counsel and Corporate Secretary; and Ezra Y. Yacob, our Executive Vice President, Exploration and Production; (2)following individuals:

Additionally, (1) “peer group,” “peer companies,” “peer group companies” or similar phrases refers to the companies identified under “Compensation Process — Compensation Assessment Tools” below, except as otherwise specified or indicated herein; and (3)(2) certain of the measures referenced below and identified with an asterisk (*) arenon-GAAP measures, for which reconciliations to comparable GAAP measures and related definitions and discussion are included in Annex A. A glossary of certain terms is also included in Annex A.

Executive Summary

This Compensation Discussion and Analysis focuses on EOG’s 20192021 compensation programs, actions and outcomes relative to our 20192021 performance. The Compensation and Human Resources Committee (“Compensation Committee”) believes that our executive management team continues to foster a unique culture that has firmly established EOG as a leader in the exploration and production industry.industry and supports our strategy to maximize long-term stockholder value. Our decentralized structure and “pleased but not satisfied” culture encourage innovation and cross-play collaboration, which creates a cycle of continuous improvement and cost reduction. In particular,addition, our shift in focus to “premium”on “double premium” wells has further establishedpositions EOG as the industry leader in creating sustainable value through industry cycles. We are committed to being among the lowest-cost, highest-return and lowest-emissions producers. Our key strategic priorities include:

In 2021, we delivered on a sustainable business model, which will allow usour strategy to weather market volatilitymaximize long-term stockholder value with outstanding performance and thrive over the long term.significant free cash flow generation. The following are key highlights of our achievements in 2019:2021:

EOG’s financial, operational, safety and environmental performance in 2019 was among the bestlong-term energy solutions with a reduction in our company’s history. To appropriately rewardmethane emissions percentage and improvement in our management team’s accomplishments while reflectingwellhead gas capture rate (in each case, based on preliminary estimates of 2021 metrics).

The Compensation Committee viewed management’s 2021 performance as industry environment,leading. Overall, operational and financial results exceeded 2021 objectives and we delivered 2021 total stockholder return of 89%. As a result, our Compensation Committee took the following key actions in 2019,2021, discussed in more detail below:

Leadership Transition

Summary of Pay and Performance Alignment

Our compensation program is designed to align our executives’ long-term realizable pay with long-term performance, with a significant weighting on long-term incentives that are tied to the stock price returns our stockholders experience. The following graphic demonstrates this long-term alignment by showing the amount of target compensation awarded to our CEO over each of the last 5 years and the realizable value of that compensation as of December 31, 2019. The closing price of our Common Stock on the NYSE on December 31, 2019 was $83.76.

The following charts illustrate that the largest portion of target compensation for our Named Officers as of December 31, 2021 is in long-term equity compensation, consistent with our belief that our executive compensation program should be heavily influenced by our absolute stock price performance to further align the interests of our Named Officers with those of our stockholders. In the case of performance units, the largest single component of our program, compensation is further influenced by relative stock price performance compared to our peers.peers and the broader market. In addition, each of our Named Officers owns a substantial amount of our stock.

TOTAL TARGET COMPENSATION – CEO		TOTAL TARGET COMPENSATION – OTHER NAMED OFFICERS

Say-on-Pay Vote and Key Program Features

At our 20192021 annual meeting of stockholders, the vast majority of our stockholders voted to approve our executive compensation program, with approximately 95%96% approval among votes cast. Based on these voting results and the Committee’s periodicEven with this very strong support, our Compensation Committee regularly reviews of our executive compensation program to identify opportunities to strengthen the program and our executives’ alignment with our stockholders. In 2021, we did not make any significant changes toenhanced our executive compensation program to incorporate the S&P 500 index as a TSR peer for 2019. However, as discussed elsewhere in this Compensation Discussion and Analysis, we did change the weighting of our 2021 performance-based long-term incentive awardsawards. This enhancement diversifies our relative TSR performance measurement beyond the exploration and production (E&P) sector and reflects our broader competition for our Named Officers in September 2019 to further increase the tie between our long-term compensation and long-term stockholder returns and to align with the practices of our peers. investor capital.

Our program continues to reflect an alignment with current governance trends, while maintaining a competitive compensation design to appropriately reward our executive officers for their contribution to the achievement of our short-term and long-term business goals and the creation and enhancement of stockholder value. Certain best practice, stockholder-friendly elements of our compensation program with stockholder-friendly features such as:are described below.

Compensation Objectives

Our executive compensation program is designed to attract and retain a highly qualified and motivated management team and appropriately reward individual executive officers for their contributions to the achievement of EOG’sour key short-term and long-term goals. The Compensation Committee is guided by the following key principles in determining the compensation of our CEO and other Named Officers:

Each of the components of our executive compensation program plays a unique role in meeting our compensation objectives:

Compensation Process

During each year, the Compensation Committee periodically reviews our executive compensation program and determines whether each component continues to promote our compensation objectives.

The Compensation Committee’s Decision-Making Process

The Compensation Committee oversees a rigorous process to set performance goals, evaluate progress toward such goals, monitor external trends, measure competitiveness and determine compensation outcomes. The Compensation Committee meets at least once per calendar quarter, with standing agenda items that support a disciplined process and address the responsibilities outlined in the Compensation Committee’s charter.

At its first quarter meeting each year, the Committee approves our operational, financial and strategic goals for that year based on recommendations and input from management. These approved company performance goals become the individual performance goals for our CEO. As discussed further below, our CEO establishes the individual performance goals for each of our other executive officers.

At the Committee’s subsequent meetings during the year, our CEO provides the Committee a detailed progress update on the performance goals approved in the first quarter. The Committee also receives and reviews updates on governance trends, regulatory changes and industry compensation matters at its meetings.

At its third quarter meeting each year, the Committee considers certain compensation actions for our Named Officers, including salary adjustments and annual long-term incentive awards. The Committee reviews industry compensation data and relevant external trends, along with an assessment of our progress toward our operational, financial and strategic goals for that year and each Named Officer’s contributions toward our achievement of such goals, to determine the appropriate compensation actions.

At its meeting in the following first quarter, the Committee considers a range of information to determine whether the payment of annual bonuses to our CEO and other Named Officers would be appropriate, including:

Role of Chief Executive Officer and Other Officers

The Compensation Committee considers input from our CEO in making determinations regarding our executive compensation program and the individual compensation of each executive officer, other than our CEO. Our CEO meets with each executive officer at the beginning of the year to identify and discuss individual performance goals related to the executive officer’s expected contribution to the achievement of our performance goals for the upcoming year.

Our CEO provides performance feedback to each executive officer throughout the year. Our CEO and his officer team also provide information to the Compensation Committee regarding the performance of the company for the Compensation Committee’s determination of annual bonuses. The Compensation Committee makes the final determination of Named Officer compensation. Our CEO makes no recommendations regarding, and does not participate in discussions about, his own compensation.

Role of Independent Consultant

For 2019,2021, the Compensation Committee continued its engagement of Meridian Compensation Partners LLC (“Meridian”) as its independent compensation consultant. Meridian reports solely to the Compensation Committee, and the Compensation Committee determines the scope of Meridian’s engagement, which includes:

Meridian meets periodically with members of EOGour management in carrying out these duties. The Compensation Committee has evaluated the independence of Meridian based on the SEC’s factors affecting independence and has concluded that Meridian is independent and that there are no conflicts of interest associated with Meridian’s engagement.

Compensation Assessment Tools

In order to attract, motivate and retain talented executive officers, we must ensure that our executive compensation program remains competitive with the types and ranges of compensation paid by our peer companies who compete for the same executive talent. On an annual basis, the Compensation Committee reviews and discusses compensation data for our CEO and our other Named Officers as compared to compensation data for similarly situated executive officers at peer companies selected by the Compensation Committee.

The Compensation Committee selects peer companies with similar market capitalizations and similar lines of business to EOG (i.e., independent exploration and production companies). The peer group changes from time to time as a result of fluctuations in company size, changes in the business lines of our peers, acquisitions, developments in the oil and gas industry and other factors.

In February 2019,2021, the Compensation Committee evaluatedconducted its annual review of the peer group with the assistance of Meridian and addedMeridian. As a result of the acquisition of Concho Resources, Inc. as an additional peer company. Additionally,by ConocoPhillips, the Compensation Committee removed Anadarko Petroleum Corporation upon their acquisition by Occidental Petroleum Corporation in August 2019. As a result,approved removing Concho Resources, Inc. and using the following peer group used by the Committee in making 2019of eight companies to assess 2021 compensation decisions consisted of the following exploration and production companies:decisions:

As indicated above, as of August 2019,2021, EOG was above the 75th50th percentile of this peer group in terms of enterprise value and at or above the 75th percentile for market capitalization and total assets.

In September 2019,2021, Meridian provided the Compensation Committee with a Top Officer Benchmarking Study based on Meridian’s 20192021 North America Oil and Gas Exploration & Production (E&P) Compensation Survey. The report provided information on the amounts, opportunities and forms of compensation used across our peer group. TheAs a secondary reference, the Compensation Committee also reviewed data from a broader group of oil and gas exploration and production companies of varying sizes in addition to validate the peer groupgeneral industry compensation survey data.

Executive Compensation Program for 20192021

The following discussion describes the components of our executive compensation program and explains how we determined the amounts for our Named Officers.

Base Salary

The following table presents the base salaries for each of our Named Officers as of December 31, 2020 and 2021, respectively. In 2021, the Compensation Committee took the following actions in 2019. As noted above,regards to base salaries:

Annual Bonus

Our CEO and other Named Officers are eligible to receive annual bonuses under the EOG Resources, Inc. Annual Bonus Plan. The Compensation Committee believes that a subjective determination ofutilizing specific weighted metrics for bonus funding based on a retrospective evaluation of performance against specified goals yields the most appropriate bonus outcome. The Compensation Committee also believes that setting specific performance goals in advance helps establish important benchmarks and communicates EOG’sour top priorities to itsour Named Officers and employees. In addition to, or instead of, the categories of performance goals listed below, the Compensation Committee in the future may establish performance goals based on other financial measures as well as operational and strategic goals relevant to our annual operating plan.

In a commodity business like ours, certain performance goals can lose their relevance with material fluctuations in commodity prices. In addition, strict adherence to established performance goals may also prevent us from modifying our business strategy during the year as appropriate. Accordingly, the Compensation Committee has the discretion to revise or modify the performance goals during the year to address material fluctuations in commodity prices, changes to our operating plan or business strategy and other factors.

The Compensation Committee established the following goals and weightings to evaluate our 20192021 performance. The resulting assessment of performance against each goal is also provided below. If the Compensation Committee assessed a performance goal as exceeding the target objective, it resulted in a performance result above 100%.

a) 444 MBbld crude oil and condensate production

Effective for the 2021 bonus year, the Compensation Committee increased the bonus target percentage for Mr. Yacob to 100% of base salary upon his promotion to President, and then to 125% of base salary upon his promotion to CEO. The Compensation Committee also increased the bonus target percentage (as a percent of base salary) for Mr. Driggers and Mr. Donaldson from 80% of base salary to 90% of base salary to align their compensation closer to market.

Consistent with its determination of bonuses in prior years, the Compensation Committee applied the results above to the individual Named Officer 2019Officers’ 2021 bonus targets. These targets appropriatelytarget percentages. The performance factors reflect each Named Officer’s contribution to the company’s achievement of 20192021 performance goals and the officer’s achievement of his individual performance goals. The bonus targets were the same as 2018. Based on the results of the Compensation Committee’s assessment set forth above, the Compensation Committee awarded a bonus, paid entirely in cash, to each of the Named Officers for 20192021 performance as follows:

Long-Term Incentives

The long-term incentive component of our executive compensation program comprises a substantial majority of our Named OfficersOfficers’ compensation, tying a significant portion of Named Officers’ compensation to our stock price performance, both on an absolute and relative basis. The long-term incentive awards are granted under the terms of the 20082021 Stock Plan. In 2019,2021, our Named Officers’ long-term incentives consisted of three vehicles:

The table below summarizes the key features of each vehicle.

The long-term incentive awards granted to each Named Officer are generally determined at the Compensation Committee’s third quarter meeting each year (with grant dates established within one week of the date of Compensation Committee approval to allow time to administer the grants), based on the following factors:

In September 2020, the shares granted to our Named Officers were held flat to 2019, resulting in an approximately 50% reduction in grant values and positioning our Named Officers at the lower end of equity in place from previous years’ grants for each Named Officer, for retentioncompetitive market data. In September 2021, based on the improved market conditions and incentive purposes.

Based on the factors described above, the Compensation Committee determined to grant the same number of shares to our Named Officers in September 2021 as was granted in 2019 grantedand 2020 (excluding Mr. Yacob and Mr. Thomas due to eachthe CEO transition and Mr. Leitzell due to his promotion to Executive Vice President, Exploration and Production effective May 2021, as described above). The share price appreciation since the 2020 awards resulted in 2021 grant date award values slightly higher than the 2019 grant date award values for Messrs. Helms, Driggers and Donaldson.

Mr. Yacob’s 2021 long-term incentive awards

Upon his promotion to President in January 2021, the Compensation Committee approved a one-time, promotional long-term incentive award for Mr. Yacob with an aggregate target grant date value of $650,000 as of January 4, 2021 comprised of 60% performance units, 25% restricted stock and 15% SARs.

Mr. Yacob’s September 2021 annual long-term incentive award target value increased from his 2019 and 2020 award values to reflect his anticipated appointment to Chief Executive Officer effective October 1, 2021.

Mr. Thomas’ 2021 long-term incentive award

In anticipation of his retirement and consistent with our historical practice, Mr. Thomas only received the performance-based component of the annual long-term incentive award. Mr. Thomas’ long-term incentive award remains subject to performance risk for the full vesting period and requires a minimum of one year of Board service and compliance with restrictive covenants to achieve vesting.

Awards provided to our Named Officers the long-term incentive awards set forthin 2021 are summarized in the following table. These award values were held flat from 2018, reflecting the challenging industry conditions, except for grants to Messrs. Helms and Yacob, which were increased to reflect increased responsibilities.table below.

As noted in footnote (e) to the “Grants of Plan-Based Awards Table for 2021” below, the grant value per performance unit granted on January 4, 2021 used for accounting purposes, based on the Monte Carlo simulation, was $55.69 per unit. The grant value of performance units and restricted stock/RSUs granted on September 27, 2021 was based on the closing price of our Common Stock on the NYSE on September 26, 201927, 2021 of $75.09$81.81 per share. As noted in footnote (e) to the “Grants of Plan-Based Awards Table for 2019”2021” below, the grant value per performance unit used for accounting purposes, estimated usingbased on the Monte Carlo simulation, was $79.98$96.61 per unit.

The performance units granted on September 27, 2021 are subject to the performance multiple specified below based on our TSR relative to the TSR of our peer companies (as specified inand the governing grant agreements)S&P 500 index (“the Performance Peer Group”) over the first three full calendar years following the grant date, according to the following scale:scale (as specified in the respective grant agreement):

This payout scale requires EOG’s TSR to be above the median of the peersPerformance Peer Group in order to earn 100% of the targeted numberaward.

Effective February 8, 2022, the Compensation Committee certified a performance multiple of shares.50% as being applicable to the performance units granted on September 27, 2018 (which “cliff” vested on February 28, 2022) based on (1) our TSR over the applicable three-year performance period relative to the TSR of each of the applicable peer companies and (2) our “TSR Rank” (as defined in the grant agreements) of “7”.

Post-Termination Compensation and Benefits

The components of our post-termination compensation and benefits, and the events that trigger those benefits, are discussed under “Potential Payments Upon Termination of Employment or Change of Control” below. We do not have employment agreements with our Named Officers. Each Named Officer has a change of control agreement that provides benefits in the event of a change of control of EOG and subsequent qualified termination of their employment. The Compensation Committee believes that these change of control benefits,

which are a significant component of our executive compensation program, are an appropriate retention device in a competitive market and believes that our Named Officers should be compensated if they (1) are involuntarily terminated (other than for cause) after a change of control of EOG or (2) voluntarily terminate their employment with EOG after a change of control of EOG under circumstances that constitute “good reason” (as defined in the change of control agreements).

Other Compensation and Benefits

Savings and Retirement Plan. For fiscal year 2019,2021, we maintained the EOG Resources, Inc. Savings and Retirement Plan (as amended, the “Savings and Retirement Plan”), a defined contribution plan that qualified under Section 401(a) of the Code, under which we matched 100% of an employee’spre-tax contributions up to 6% of the employee’s annual base salary, overtime pay (if any) and annual cash bonus, subject to applicable statutory limits. Under this plan, we also contribute an additional 3% to 9% (depending on the employee’s age and years of EOG service) of the employee’s annual base salary, overtime pay (if any) and annual cash bonus, subject to applicable statutory limits. In 2019,2021, the contribution percentage for each of the Named Officers was 9%, except for Mr. YacobLeitzell for whom the contribution percentage was 7%. We have no supplemental retirement benefits for our executive officers, other than the Make-Whole Contributions described under “Deferral Plan” below.

Deferral Plan. To allow certain key employees, including the Named Officers, to reduce their current compensation, thereby reducing current taxable income, we maintain the Deferral Plan under which a percentage of annual base salary, annual cash bonus and Savings and Retirement Plan refunds resulting from excess deferrals into our Savings and Retirement Plan may be deferred to a later specified date.

The Deferral Plan paysat-market mutual fund investment returns or treats deferrals as if they were invested in our Common Stock, based upon participant elections, and does not credit above-market or preferential earnings.

We may make contributions to the Deferral Plan on behalf of the Named Officers in the event of a reduction in benefits under our Savings and Retirement Plan due to either applicable statutory and/or plan earnings limits or because the Named Officer elects to defer annual base salary and/or annual cash bonus into the Deferral Plan. These contributions (“Make-Whole Contributions”) are intended to provide the entire contribution amount to the Named Officer’s retirement accounts as if there were no statutory or other limitations.

Perquisite Allowances. In 2019,2021, the Named Officers each received an annual perquisite allowance of $2,600.$2,600 other than Mr. Thomas who received $1,900 due to his retirement effective September 30, 2021. The perquisite allowance is not “grossed up” to account for income taxes. We provide a perquisite allowance rather than pay for perquisites on an individual basis to lessen the administrative burden of documentation for individual items. Named Officers do not have to submit reimbursement requests for the enumerated items and are able to select among various perquisites as they believe appropriate.

Matching Gifts. To encourage charitable giving, we will match charitable contributions or gifts given by any employee or director, up to $75,000$100,000 annually. We also match 100% of any contributions made under our company-wide annual United Way campaign. Named Officers may participate in this program to the same extent as all other employees.

Employee Stock Purchase Plan. Each Named Officer has the opportunity to participate in the EOG Resources, Inc. Employee Stock Purchase Plan (as amended, the “ESPP”) to the same extent as all other employees.

The ESPP allows employees to purchase our Common Stock at a 15% discount to the closing price of our Common Stock as of certain dates, with no commission or fees, subject to certain limitations specified in the ESPP.applicable statutory limits.

Medical, Fitness/Wellness, Vacation, Life and Disability Plans. Each Named Officer participates in the same benefit plans available to all of our employees. We have no executive officer medical, fitness/wellness, vacation, life or disability plans.

Service Awards. Named Officers participate in our service award program that recognizes years of service provided to EOG to the same extent as all other employees.

Subsidized Parking. We offer subsidized parking to all of our employees in Houston, Texas. Income is imputed for the amount of the parking subsidy that exceeds the maximum allowable as a nontaxable fringe benefit under the Code. The imputed income does not include“gross-ups” to account for income taxes.

Other Compensation Matters

Tax and Accounting Considerations

In setting the components of our executive compensation program, the Compensation Committee considers the impact of the following tax and accounting provisions:

Code Section 162(m). Prior to January 1, 2018, Section 162(m) of the Code generally disallowed a tax deduction by public companies for compensation over $1 million paid individually to covered employees, as defined in the Code. Qualifying performance-based compensation was not subject to the deduction limit if certain requirements were met. The Tax Cuts and Jobs Act of 2017 (the “TCJA”) eliminated the qualified performance-based compensation exception to the $1 million annual deduction limit and made certain other changes that expand the pool of covered employees, in each case for tax years beginning on or after January 1, 2018. Tax deductibility is only one factor considered by the Compensation Committee in making compensation decisions that are in the best interest of EOG and our stockholders.

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718,“Stock “Stock Compensation” (“ASC Topic 718”). ASC Topic 718 requires a public company to measure the cost of employee services received in exchange for an award of equity based on the grant date fair value of the award. Our equitylong-term incentive awards to the Named Officers (and to our other employees) are structured to maintain the appropriate accounting treatment.

Code Section 409A. Section 409A of the Code provides that deferrals of compensation under a nonqualified deferred compensation plan or arrangement are to be included in an individual’s current gross income to the extent that such deferrals are not subject to a substantial risk of forfeiture and have not previously been included in the individual’s gross income, unless certain requirements are met. We structure our Deferral Plan, stock plans, change of control agreements, severance plans and agreements and other incentive plans and agreements, each to the extent they are subject to Section 409A, to be in compliance with Section 409A. We do not currently grant any discounted SARs to which Section 409A may apply.

Code Sections 280G and 4999. The change of control agreements in effect for our executive officers provide that, upon a change of control, we will either (i) reduce the amount of severance benefits otherwise payable to the executive officer so that such severance benefits will not be subject to excise tax for purposes of Code Sections 280G and 4999 or (ii) pay the full amount of severance benefits to the executive officer (but with no tax“gross-up”), whichever produces the betterafter-tax result for the executive officer (often referred to as the“best-of-net” approach).

Stock Ownership Guidelines

The Compensation Committee believes that it is in the best interests of our stockholders for all of our executive officers and senior management to maintain a significant ownership position in EOG to create

substantial alignment between our senior management and our stockholders. Therefore, the Compensation Committee has established stock ownership guidelines ranging from 40,000 shares to 160,000 shares for our Named Officers. Each Named Officer currently satisfies these guidelines, which are reviewed annually by the Compensation Committee.

Anti-Hedging Policy Statement and Insider Trading Policy

EOG’s Insider Trading Policy prohibits hedges or short sales of EOG stock by EOG directors and Section 16 officers (including the Named Officers). In addition to our Insider Trading Policy, all transactions involving EOG stock must comply with EOG’s Code of Conduct and applicable law, including the public reporting provisions of Section 16 of the Exchange Act. Under our Code of Conduct, officers and employees are prohibited from trading in EOG stock when in possession of material,non-public information about EOG.

Our Insider Trading Policy also provides that our directors and Section 16 officers shall not hold EOG securities in a margin account or pledge (with certain limited exceptions) EOG securities as collateral for a loan. The limited exception to this prohibition is in instances where a director or Section 16 officer wishes to pledge his or her EOG securities as collateral for a personal loan (other than a margin loan to purchase EOG securities) and clearly demonstrates the financial ability to repay the loan without resort to the pledged securities. Requests for such an exception must be submitted to our CEO or General Counsel prior to pledging any securities. In the limited circumstance where an exception ismay be granted, EOG’s stock ownership guidelines specifically provide that any pledged stock iswould not be counted in determining compliance with such ownership guidelines. However, none of our Section 16 officers or directors has pledged EOG securities as collateral for a loan pursuant to this exception under our Insider Trading Policy.

Clawback Policies

Other than legal requirements under the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”), we currently do not have any policies in place regarding the adjustment or recovery of compensation payments or awards in the event that we are required to restate our financial statements. We believe that our accounting practices are conservative and, further, we have not been required to restate our financial statements at any time since becoming an independent company in 1999. Under the Sarbanes-Oxley Act, our CEO and CFO may be subject to clawbacks in the event of a restatement. Thus, the Compensation Committee has not deemed any additional recoupment policies to be necessary. We will continue to monitor regulationsany SEC rulemaking and trends in this area.

Compensation Risk Assessment

The Compensation Committee has reviewed the relationship between our risk management policies and compensation policies and practices and concluded that we do not have any compensation policies or practices that expose us to risks that are reasonably likely to have a material adverse effect on EOG.

EXECUTIVE COMPENSATION

Summary Compensation Table

The following table summarizes certain information regarding compensation paid or accrued during 2019, 20182021, 2020 and 20172019 to the Named Officers.

paid to Mr. Thomas for 40 years of service to EOG; (5) relocationtrue-up for Mr. YacobLeitzell (including a“gross-up” for payment of taxes); (6) expenses for spouse travel for Messrs. Thomas, Helms, Donaldson and Yacob (including a“gross-up” for payment of taxes); (7) expenses for personal use of company tickets to sporting events for Messrs. Thomas, Helms, Driggers, Donaldson and Yacob; (8)(4) company contributions into the Named Officer’s health savings account or provided as taxable income to Named Officers age 65 or older due to IRS regulations; (9)(5) parking allowance for each of the Named Officers;Messrs. Yacob, Thomas, Helms, Driggers and (10)Donaldson; (6) a wellness incentive for Messrs. Yacob, Helms and Yacob.Driggers; (7) fair market value of gifts provided in recognition of his retirement of $70,103 for Mr. Thomas (plus a “gross-up” for payment of taxes of $28,316); (8) payment of $27,163 for earned, yet untaken vacation upon retirement for Mr. Thomas; (9) service award paid to Mr. Helms for 40 years of service to EOG; and (10) expenses for relocation of $91,124 for Mr. Leitzell in connection with his appointment as Executive Vice President, Exploration and Production in Houston, Texas (plus a “gross-up” for the payment of taxes of $33,062).

Grants of Plan-Based Awards Table for 20192021

The following table summarizes certain information regarding grants made to each of the Named Officers during 20192021 under the 2008 Stock Plan and the 2021 Stock Plan.