EOG Resources (EOG) 8-K Results of Operations and Financial Condition

EXHIBIT 99.1

Table of Contents
Fourth Quarter 2020
Supplemental Financial and Operating Data	Page
Income Statements	15
Wellhead Volumes and Prices	16
Balance Sheets	17
Cash Flows Statements	18
Non-GAAP Financial Measures	19
Adjusted Net Income (Loss)	20
Adjusted Net Income per Share	23
Discretionary Cash Flow and Free Cash Flow	25
Total Expenditures	28
EBITDAX and Adjusted EBITDAX	29
Net Debt-to-Total Capitalization Ratio	30
Proved Reserves and Reserve Replacement Data	35
Reserve Replacement Cost Data	36
Financial Commodity Derivative Contracts	39
Direct After-Tax Rate of Return	44
ROCE & ROE	45
Cost per Barrel of Oil Equivalent	51
Quarter and Full Year Guidance	56

Income Statements
In thousands of USD, except per share data (Unaudited)
	4Q 2020	3Q 2020	4Q 2019	FY 2020	FY 2019
Operating Revenues and Other
Crude Oil and Condensate	1,710,862	1,394,622	2,464,274	5,785,609	9,612,532
Natural Gas Liquids	228,299	184,771	215,070	667,514	784,818
Natural Gas	301,883	183,790	309,606	837,133	1,184,095
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts	69,304	(3,978)	(62,347)	1,144,737	180,275
Gathering, Processing and Marketing	642,597	538,955	1,238,792	2,582,984	5,360,282
Gains (Losses) on Asset Dispositions, Net	(5,600)	(70,976)	119,963	(46,883)	123,613
Other, Net	18,153	18,300	34,888	60,954	134,358
Total	2,965,498	2,245,484	4,320,246	11,032,048	17,379,973
Operating Expenses
Lease and Well	260,896	227,473	334,538	1,063,374	1,366,993
Transportation Costs	194,708	180,257	208,312	734,989	758,300
Gathering and Processing Costs	119,172	114,790	127,615	459,211	479,102
Exploration Costs	40,415	38,413	36,495	145,788	139,881
Dry Hole Costs	20	12,604	—	13,083	28,001
Impairments	142,440	78,990	228,135	2,099,780	517,896
Marketing Costs	622,941	521,351	1,237,259	2,697,729	5,351,524
Depreciation, Depletion and Amortization	870,564	823,050	959,208	3,400,353	3,749,704
General and Administrative	113,235	124,460	125,187	483,823	489,397
Taxes Other Than Income	113,445	126,810	199,746	477,934	800,164
Total	2,477,836	2,248,198	3,456,495	11,576,064	13,680,962
Operating Income (Loss)	487,662	(2,714)	863,751	(544,016)	3,699,011
Other Income (Expense), Net	(6,781)	3,401	8,152	10,228	31,385
Income (Loss) Before Interest Expense and Income Taxes	480,881	687	871,903	(533,788)	3,730,396
Interest Expense, Net	53,121	53,242	40,695	205,266	185,129
Income (Loss) Before Income Taxes	427,760	(52,555)	831,208	(739,054)	3,545,267
Income Tax Provision (Benefit)	90,294	(10,088)	194,687	(134,482)	810,357
Net Income (Loss)	337,466	(42,467)	636,521	(604,572)	2,734,910
Dividends Declared per Common Share	0.3750	0.3750	0.2875	1.5000	1.0825
Net Income (Loss) Per Share
Basic	0.58	(0.07)	1.10	(1.04)	4.73
Diluted	0.58	(0.07)	1.10	(1.04)	4.71
Average Number of Common Shares
Basic	579,624	579,055	578,219	578,949	577,670
Diluted	580,885	579,055	580,849	578,949	580,777

15

Wellhead Volumes and Prices
(Unaudited)
	4Q 2020	4Q 2019	% Change		3Q 2020	FY 2020	FY 2019		% Change
Crude Oil and Condensate Volumes (MBbld) (A)
United States	442.4	468.3	-6	%	376.6	408.1	455.5		-10	%
Trinidad	2.3	0.5	360	%	1.0	1.0	0.6		67	%
Other International (B)	0.1	0.1	0	%	—	0.1	0.1		0	%
Total	444.8	468.9	-5	%	377.6	409.2	456.2		-10	%
Average Crude Oil and Condensate Prices ($/Bbl) (C)
United States	41.86	57.14	-27	%	40.19	38.65	57.74		-33	%
Trinidad	32.91	46.43	-30	%	25.41	30.20	47.16		-36	%
Other International (B)	35.90	53.76	-33	%	25.29	43.08	57.40		-25	%
Composite	41.81	57.13	-27	%	40.15	38.63	57.72		-33	%
Natural Gas Liquids Volumes (MBbld) (A)
United States	141.4	144.0	-2	%	140.1	136.0	134.1		1	%
Other International (B)	—	—			—	—	—
Total	141.4	144.0	-2	%	140.1	136.0	134.1		1	%
Average Natural Gas Liquids Prices ($/Bbl) (C)
United States	17.54	16.23	8	%	14.34	13.41	16.03		-16	%
Other International (B)	—	—			—	—	—
Composite	17.54	16.23	8	%	14.34	13.41	16.03		-16	%
Natural Gas Volumes (MMcfd) (A)
United States	1,075	1,148	-6	%	1,008	1,040	1,069		-3	%
Trinidad	192	242	-21	%	151	180	260		-31	%
Other International (B)	25	35	-29	%	31	32	37		-14	%
Total	1,292	1,425	-9	%	1,190	1,252	1,366		-8	%
Average Natural Gas Prices ($/Mcf) (C)
United States	2.29	2.20	4	%	1.49	1.61	2.22		-27	%
Trinidad	3.57	2.78	28	%	2.35	2.57	2.72		-6	%
Other International (B)	5.47	4.88	12	%	4.73	4.66	4.44		5	%
Composite	2.54	2.36	8	%	1.68	1.83	2.38		-23	%
Crude Oil Equivalent Volumes (MBoed) (D)
United States	763.0	803.6	-5	%	684.7	717.5	767.8		-7	%
Trinidad	34.2	40.9	-16	%	26.2	30.9	44.0		-30	%
Other International (B)	4.3	5.8	-26	%	5.1	5.4	6.2		-13	%
Total	801.5	850.3	-6	%	716.0	753.8	818.0		-8	%
Total MMBoe (D)	73.7	78.2	-6	%	65.9	275.9	298.6		-8	%
(A) Thousand barrels per day or million cubic feet per day, as applicable.
(B) Other International includes EOG's China and Canada operations.
(C) Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity derivative instruments (see Note 12 to the Consolidated Financial Statements in EOG's Annual Report on Form 10-K for the year ended December 31, 2020).
(D) Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.

16

Balance Sheets
In thousands of USD, except share data (Unaudited)
	December 31,	December 31,
	2020	2019
Current Assets
Cash and Cash Equivalents	3,328,928	2,027,972
Accounts Receivable, Net	1,522,256	2,001,658
Inventories	629,401	767,297
Assets from Price Risk Management Activities	64,559	1,299
Income Taxes Receivable	23,037	151,665
Other	293,987	323,448
Total	5,862,168	5,273,339
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	64,792,798	62,830,415
Other Property, Plant and Equipment	4,478,976	4,472,246
Total Property, Plant and Equipment	69,271,774	67,302,661
Less: Accumulated Depreciation, Depletion and Amortization	(40,673,147)	(36,938,066)
Total Property, Plant and Equipment, Net	28,598,627	30,364,595
Deferred Income Taxes	2,127	2,363
Other Assets	1,341,679	1,484,311
Total Assets	35,804,601	37,124,608
Current Liabilities
Accounts Payable	1,681,193	2,429,127
Accrued Taxes Payable	205,754	254,850
Dividends Payable	217,419	166,273
Liabilities from Price Risk Management Activities	—	20,194
Current Portion of Long-Term Debt	781,054	1,014,524
Current Portion of Operating Lease Liabilities	295,089	369,365
Other	279,595	232,655
Total	3,460,104	4,486,988
Long-Term Debt	5,035,351	4,160,919
Other Liabilities	2,147,932	1,789,884
Deferred Income Taxes	4,859,327	5,046,101
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 583,694,850 Shares and 582,213,016 Shares Issued at December 31, 2020 and 2019, respectively	205,837	205,822
Additional Paid in Capital	5,945,024	5,817,475
Accumulated Other Comprehensive Loss	(12,328)	(4,652)
Retained Earnings	14,169,969	15,648,604
Common Stock Held in Treasury, 124,265 Shares and 298,820 Shares at December 31, 2020 and 2019, respectively	(6,615)	(26,533)
Total Stockholders' Equity	20,301,887	21,640,716
Total Liabilities and Stockholders' Equity	35,804,601	37,124,608

17

Cash Flows Statements
In thousands of USD (Unaudited)
	4Q 2020	4Q 2019	FY 2020	FY 2019
Cash Flows from Operating Activities
Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities:
Net Income (Loss)	337,466	636,521	(604,572)	2,734,910
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	870,564	959,208	3,400,353	3,749,704
Impairments	142,440	228,135	2,099,780	517,896
Stock-Based Compensation Expenses	32,942	42,415	146,396	174,738
Deferred Income Taxes	54,613	123,082	(186,390)	631,658
(Gains) Losses on Asset Dispositions, Net	5,600	(119,963)	46,883	(123,613)
Other, Net	11,190	341	12,826	4,496
Dry Hole Costs	20	—	13,083	28,001
Mark-to-Market Commodity Derivative Contracts
Total (Gains) Losses	(69,304)	62,347	(1,144,737)	(180,275)
Net Cash Received from Settlements of Commodity Derivative Contracts	71,753	91,521	1,070,647	231,229
Other, Net	2,539	(253)	1,354	962
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(464,105)	(85,937)	466,523	(91,792)
Inventories	30,633	34,686	122,647	90,284
Accounts Payable	427,206	34,286	(795,267)	168,539
Accrued Taxes Payable	(61,491)	(47,925)	(49,096)	40,122
Other Assets	(90,336)	(36,572)	324,521	358,001
Other Liabilities	20,837	(38,304)	8,098	(56,619)
Changes in Components of Working Capital Associated with Investing Activities	(201,329)	(76,384)	74,734	(115,061)
Net Cash Provided by Operating Activities	1,121,238	1,807,204	5,007,783	8,163,180
Investing Cash Flows
Additions to Oil and Gas Properties	(784,954)	(1,285,003)	(3,243,474)	(6,151,885)
Additions to Other Property, Plant and Equipment	(56,208)	(83,291)	(221,226)	(270,641)
Proceeds from Sales of Assets	2,985	104,883	191,928	140,292
Other Investing Activities	—	(10,000)	—	(10,000)
Changes in Components of Working Capital Associated with Investing Activities	201,329	76,384	(74,734)	115,061
Net Cash Used in Investing Activities	(636,848)	(1,197,027)	(3,347,506)	(6,177,173)
Financing Cash Flows
Long-Term Debt Borrowings	—	—	1,483,852	—
Long-Term Debt Repayments	—	—	(1,000,000)	(900,000)
Dividends Paid	(219,581)	(167,349)	(820,823)	(588,200)
Treasury Stock Purchased	(1,309)	(2,914)	(16,130)	(25,152)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan	7,555	8,388	16,169	17,946
Debt Issuance Costs	(14)	—	(2,649)	(5,016)
Repayment of Finance Lease Liabilities	(6,135)	(3,261)	(19,444)	(12,899)
Net Cash Used in Financing Activities	(219,484)	(165,136)	(359,025)	(1,513,321)
Effect of Exchange Rate Changes on Cash	(1,534)	(174)	(296)	(348)
Increase in Cash and Cash Equivalents	263,372	444,867	1,300,956	472,338
Cash and Cash Equivalents at Beginning of Period	3,065,556	1,583,105	2,027,972	1,555,634
Cash and Cash Equivalents at End of Period	3,328,928	2,027,972	3,328,928	2,027,972

18

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.

19

Adjusted Net Income (Loss)
In thousands of USD, except per share data (Unaudited)
	4Q 2020
	Before Tax	Income Tax Impact	After Tax		Diluted Earnings per Share
Reported Net Income (GAAP)	427,760	(90,294)	337,466		0.58
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts	(69,304)	15,211	(54,093)		(0.10)
Net Cash Received from Settlements of Commodity Derivative Contracts	71,753	(15,749)	56,004		0.10
Add: Losses on Asset Dispositions, Net	5,600	(1,248)	4,352		0.01
Add: Certain Impairments	86,451	(18,692)	67,759		0.12
Adjustments to Net Income	94,500	(20,478)	74,022		0.13
Adjusted Net Income (Non-GAAP)	522,260	(110,772)	411,488		0.71
Average Number of Common Shares (GAAP)
Basic					579,624
Diluted					580,885
Average Number of Common Shares (Non-GAAP)
Basic					579,624
Diluted					580,885

	3Q 2020
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share
Reported Net Loss (GAAP)	(52,555)	10,088	(42,467)	(0.07)
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts	3,978	(873)	3,105	(0.01)
Net Cash Received from Settlements of Commodity Derivative Contracts	275,133	(60,386)	214,747	0.37
Add: Losses on Asset Dispositions, Net	70,976	(15,600)	55,376	0.10
Add: Certain Impairments	26,531	(5,636)	20,895	0.04
Adjustments to Net Loss	376,618	(82,495)	294,123	0.50
Adjusted Net Income (Non-GAAP)	324,063	(72,407)	251,656	0.43
Average Number of Common Shares (GAAP)
Basic				579,055
Diluted				579,055
Average Number of Common Shares (Non-GAAP)				579,055
Basic				580,609
Diluted

20

Adjusted Net Income (Loss)
In thousands of USD, except per share data (Unaudited)
	4Q 2019
	Before Tax	Income Tax Impact	After Tax		Diluted Earnings per Share
Reported Net Income (GAAP)	831,208	(194,687)	636,521		1.10
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts	62,347	(13,684)	48,663		0.08
Net Cash Received from Settlements of Commodity Derivative Contracts	91,521	(20,087)	71,434		0.12
Less: Gains on Asset Dispositions, Net	(119,963)	26,342	(93,621)		(0.16)
Add: Certain Impairments	158,725	(34,837)	123,888		0.21
Adjustments to Net Income	192,630	(42,266)	150,364		0.25
Adjusted Net Income (Non-GAAP)	1,023,838	(236,953)	786,885		1.35
Average Number of Common Shares (GAAP)
Basic					578,219
Diluted					580,849
Average Number of Common Shares (Non-GAAP)					578,219
Basic					580,849
Diluted

21

Adjusted Net Income (Loss)
In thousands of USD, except per share data (Unaudited)
	FY 2020
	Before Tax	Income Tax Impact	After Tax		Diluted Earnings per Share
Reported Net Loss (GAAP)	(739,054)	134,482	(604,572)		(1.04)
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts	(1,144,737)	251,247	(893,490)		(1.55)
Net Cash Received from Settlements of Commodity Derivative Contracts	1,070,647	(234,986)	835,661		1.44
Add: Losses on Asset Dispositions, Net	46,883	(10,305)	36,578		0.06
Add: Certain Impairments	1,868,465	(392,652)	1,475,813		2.55
Adjustments to Net Loss	1,841,258	(386,696)	1,454,562		2.50
Adjusted Net Income (Non-GAAP)	1,102,204	(252,214)	849,990		1.46
Average Number of Common Shares (GAAP)
Basic					578,949
Diluted					578,949
Average Number of Common Shares (Non-GAAP)
Basic					578,949
Diluted					580,595

	FY 2019
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share
Reported Net Income (GAAP)	3,545,267	(810,357)	2,734,910	4.71
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts	(180,275)	39,567	(140,708)	(0.24)
Net Cash Received from Settlements of Commodity Derivative Contracts	231,229	(50,750)	180,479	0.31
Less: Gains on Asset Dispositions, Net	(123,613)	27,252	(96,361)	(0.17)
Add: Certain Impairments	274,974	(60,351)	214,623	0.37
Adjustments to Net Income	202,315	(44,282)	158,033	0.27
Adjusted Net Income (Non-GAAP)	3,747,582	(854,639)	2,892,943	4.98
Average Number of Common Shares (GAAP)
Basic				577,670
Diluted				580,777
Average Number of Common Shares (Non-GAAP)
Basic				577,670
Diluted				580,777

22

Adjusted Net Income per Share
In thousands of USD, except share and per Boe data (Unaudited)
3Q 2020 Adjusted Net Income per Share (Non-GAAP)		0.43
Realized Price
4Q 2020 Composite Average Wellhead Revenue per Boe	30.39
Less: 3Q 2020 Composite Average Welhead Revenue per Boe	(26.77)
Subtotal	3.62
Multiplied by: 4Q 2020 Crude Oil Equivalent Volumes (MMBoe)	73.7
Total Change in Revenue	266,794
Less: Taxes Other Than Income Benefit (Cost) Imputed (based on 6.5%)	(17,342)
Net Change in Revenue	249,452
Less: Tax Benefit Imputed (based on 21%)	(52,385)
Change in Net Income	197,067
Change in Diluted Earnings per Share		0.34
Net Cash Received (Paid) from Settlements of Commodity Derivative Contracts
4Q 2020 Net Cash Received from Settlement of Commodity Derivative Contracts	71,753
Less: Income Tax Impact	(15,749)
After Tax - (a)	56,004
3Q 2020 Net Cash Received from Settlement of Commodity Derivative Contracts	275,133
Less: Income Tax Impact	(60,386)
After Tax - (b)	214,747
Change in Net Income - (a) - (b)	(158,743)
Change in Diluted Earnings per Share		(0.27)
Wellhead Volumes
4Q 2020 Crude Oil Equivalent Volumes (MMBoe)	73.7
Less: 3Q 2020 Crude Oil Equivalent Volumes (MMBoe)	(65.9)
Subtotal	7.8
Times: 4Q 2020 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Costs per Barrel of Oil Equivalent" schedule)	5.67
Change in Revenue	44,226
Less: Taxes Other Than Income Benefit (Cost) Imputed (based on 6.5%)	(2,875)
Net Change in Reveue	41,351
Less: Tax Benefit Imputed (based on 21%)	(8,684)
Change in Net Income	32,668
Change in Diluted Earnings per Share		0.06
Operating Cost per Boe
3Q 2020 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Costs per Barrel of Oil Equivalent" schedule)	26.62
Less: 4Q 2020 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Costs per Barrel of Oil Equivalent" schedule)	(24.72)
Subtotal	1.9
Times: 4Q 2020 Crude Oil Equivalent Volumes (MMBoe)	73.7
Change in Before-Tax Net Income	140,030
Less: Tax Benefit Imputed (based on 21%)	(29,406)
Change in Net Income	110,624
Change in Diluted Earnings per Share		0.19
Other Items		(0.04)
4Q 2020 Adjusted Net Income per Share (Non-GAAP)		0.71
4Q 2020 Average Number of Common Shares (Non-GAAP) - Diluted	580,885

23

Adjusted Net Income per Share
In thousands of USD, except share and per Boe data (Unaudited)
FY 2019 Adjusted Net Income per Share (Non-GAAP)		4.98
Realized Price
FY 2020 Composite Average Wellhead Revenue per Boe	26.42
Less: FY 2019 Composite Average Welhead Revenue per Boe	(38.79)
Subtotal	(12.37)
Multiplied by: FY 2020 Crude Oil Equivalent volumes (MMBoe)	275.9
Total Change in Revenue	(3,412,883)
Less: Taxes Other Than Income Benefit (Cost) Imputed (based on 6.5%)	221,837
Net Change in Revenue	(3,191,046)
Less: Tax Benefit Imputed (based on 21%)	670,120
Change in Net Income	(2,520,926)
Change in Diluted Earnings per Share		(4.34)
Net Cash Received (Paid) from Settlements of Commodity Derivative Contracts
FY 2020 Net Cash Received from Settlement of Commodity Derivative Contracts	1,070,647
Less: Income Tax Impact	(234,986)
After Tax - (a)	835,661
FY 2019 Net Cash Received from Settlement of Commodity Derivative Contracts	231,229
Less: Income Tax Impact	(50,750)
After Tax - (b)	180,479
Change in Net Income - (a) - (b)	655,182
Change in Diluted Earnings per Share		1.13
Wellhead Volumes
FY 2020 Crude Oil Equivalent Volumes (MMBoe)	275.9
Less: FY 2019 Crude Oil Equivalent Volumes (MMBoe)	(298.6)
Subtotal	(22.7)
Times: FY 2020 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Costs per Barrel of Oil Equivalent" schedule)	0.29
Change in Revenue	(6,583)
Less: Taxes Other Than Income Benefit (Cost) Imputed (based on 6.5%)	428
Net Change in Reveue	(6,155)
Less: Tax Benefit Imputed (based on 21%)	1,293
Change in Net Income	(4,863)
Change in Diluted Earnings per Share		(0.01)
Operating Cost per Boe
FY 2019 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Costs per Barrel of Oil Equivalent" schedule)	27.6
Less: FY 2020 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Costs per Barrel of Oil Equivalent" schedule)	(26.13)
Subtotal	1.47
Times: FY 2020 Crude Oil Equivalent Volumes (MMBoe)	275.9
Change in Before-Tax Net Income	405,573
Less: Tax Benefit Imputed (based on 21%)	(85,170)
Change in Net Income	320,403
Change in Diluted Earnings per Share		0.55
Other Items		(0.85)
FY 2020 Adjusted Net Income per Share (Non-GAAP)		1.46
FY 2020 Average Number of Common Shares (Non-GAAP) - Diluted	580,595

24

Discretionary Cash Flow and Free Cash Flow
In thousands of USD (Unaudited)
	4Q 2020		3Q 2020	4Q 2019	FY 2020			FY 2019
Net Cash Provided by Operating Activities (GAAP)	1,121,238		1,213,553	1,807,204	5,007,783			8,163,180
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)	34,295		37,380	28,483	124,641			113,733
Other Non-Current Income Taxes - Net Receivable	—		—	59,174	112,704			238,711
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	464,105		260,829	85,937	(466,523)			91,792
Inventories	(30,633)		(7,439)	(34,686)	(122,647)			(90,284)
Accounts Payable	(427,206)		37,755	(34,286)	795,267			(168,539)
Accrued Taxes Payable	61,491		(73,482)	47,925	49,096			(40,122)
Other Assets	90,336		(161,879)	36,572	(324,521)			(358,001)
Other Liabilities	(20,837)		(51,664)	38,304	(8,098)			56,619
Changes in Components of Working Capital Associated with Investing and Financing Activities	201,329		6,091	76,384	(74,734)			115,061
Discretionary Cash Flow (Non-GAAP)	1,494,118		1,261,144	2,111,011	5,092,968			8,122,150
Discretionary Cash Flow (Non-GAAP) - Percentage Decrease	-29	%			-37	%
Discretionary Cash Flow (Non-GAAP)	1,494,118		1,261,144	2,111,011	5,092,968			8,122,150
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)	(828,507)		(499,305)	(1,388,233)	(3,490,148)			(6,234,454)
Free Cash Flow (Non-GAAP) (b)	665,611		761,839	722,778	1,602,820			1,887,696
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) for the three-month periods ended September 30, 2020 and December 31, 2020 and 2019 and twelve-month periods ended December 31, 2020 and 2019:
Total Expenditures (GAAP)	1,107,557		645,534	1,506,061	4,113,280			6,900,450
Less:
Asset Retirement Costs	(49,109)		(42,650)	(34,537)	(117,322)			(186,088)
Non-Cash Expenditures of Other Property, Plant and Equipment	(1)		—	(1,680)	(61)			(2,266)
Non-Cash Acquisition Costs of Unproved Properties	(68,337)		(80,757)	(33,317)	(196,825)			(97,704)
Non-Cash Finance Leases	(100,485)		—	—	(173,762)			—
Acquisition Costs of Proved Properties	(61,118)		(22,822)	(48,294)	(135,162)			(379,938)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)	828,507		499,305	1,388,233	3,490,148			6,234,454
(b) To better align the presentation of free cash flow for comparative purposes within the industry, free cash flow excludes dividends paid (GAAP) as a reconciling item for the three-month periods ending September 30, 2020 and December 31, 2020 and twelve-month periods ending December 31, 2020. The comparative prior periods shown have been revised to conform to this presentation.
Maintenance Capital Expenditures
The capital expenditures required to fund drilling and infrastructure requirements to keep U.S. oil production in 2021 flat relative to 4Q 2020 U.S. oil production.

25

Discretionary Cash Flow and Free Cash Flow
In thousands of USD (Unaudited)
	FY 2019		FY 2018			FY 2017
Net Cash Provided by Operating Activities (GAAP)	8,163,180		7,768,608			4,265,336
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)	113,733		123,986			122,688
Other Non-Current Income Taxes - Net (Payable) Receivable	238,711		148,993			(513,404)
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	91,792		368,180			392,131
Inventories	(90,284)		395,408			174,548
Accounts Payable	(168,539)		(439,347)			(324,192)
Accrued Taxes Payable	(40,122)		92,461			63,937
Other Assets	(358,001)		125,435			658,609
Other Liabilities	56,619		(10,949)			89,871
Changes in Components of Working Capital Associated with Investing and Financing Activities	115,061		(301,083)			(89,992)
Discretionary Cash Flow (Non-GAAP)	8,122,150		8,271,692			4,839,532
Discretionary Cash Flow (Non-GAAP) - Percentage Increase (Decrease)	-2	%	71	%		76	%
Discretionary Cash Flow (Non-GAAP)	8,122,150		8,271,692			4,839,532
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)	(6,234,454)		(6,172,950)			(4,228,859)
Free Cash Flow (Non-GAAP) (b)	1,887,696		2,098,742			610,673
(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, 2019, 2018 and 2017:
Total Expenditures (GAAP)	6,900,450		6,706,359			4,612,746
Less:
Asset Retirement Costs	(186,088)		(69,699)			(55,592)
Non-Cash Expenditures of Other Property, Plant and Equipment	(2,266)		(49,484)			—
Non-Cash Acquisition Costs of Unproved Properties	(97,704)		(290,542)			(255,711)
Acquisition Costs of Proved Properties	(379,938)		(123,684)			(72,584)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)	6,234,454		6,172,950			4,228,859
(b) To better align the presentation of free cash flow for comparative purposes within the industry, free cash flow excludes dividends paid (GAAP) as a reconciling item for the twelve-month period ending December 31, 2019. The comparative prior periods shown have been revised to conform to this presentation.

26

Discretionary Cash Flow and Free Cash Flow
In thousands of USD (Unaudited)
	FY 2016		FY 2015		FY 2014		FY 2013			FY 2012
Net Cash Provided by Operating Activities (GAAP)	2,359,063		3,595,165		8,649,155		7,329,414			5,236,777
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)	104,199		124,011		157,453		134,531			159,182
Excess Tax Benefits from Stock-Based Compensation	29,357		26,058		99,459		55,831			67,035
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	232,799		(641,412)		(84,982)		23,613			178,683
Inventories	(170,694)		(58,450)		161,958		(53,402)			156,762
Accounts Payable	74,048		1,409,197		(543,630)		(178,701)			17,150
Accrued Taxes Payable	(92,782)		(11,798)		(16,486)		(75,142)			(78,094)
Other Assets	40,636		(118,143)		14,448		109,567			118,520
Other Liabilities	16,225		66,257		(75,420)		20,382			(36,114)
Changes in Components of Working Capital Associated with Investing and Financing Activities	156,102		(499,767)		103,414		51,361			(74,158)
Discretionary Cash Flow (Non-GAAP)	2,748,953		3,891,118		8,465,369		7,417,454			5,745,743
Discretionary Cash Flow (Non-GAAP) - Percentage Increase (Decrease)	-29	%	-54	%	14	%	29	%
Discretionary Cash Flow (Non-GAAP)	2,748,953		3,891,118		8,465,369		7,417,454			5,745,743
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)	(2,706,397)		(4,682,326)		(8,292,090)		(7,101,791)			(7,539,994)
Free Cash Flow (Non-GAAP) (b)	42,556		(791,208)		173,279		315,663			(1,794,251)
(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)	6,554,053		5,216,413		8,631,906		7,361,457			7,753,828
Less:
Asset Retirement Costs	19,865		(53,470)		(195,630)		(134,445)			(126,987)
Non-Cash Expenditures of Other Property, Plant and Equipment	(16,585)		—		—		—			(65,791)
Non-Cash Acquisition Costs of Unproved Properties	(3,101,913)		—		(5,085)		(5,007)			(20,317)
Acquisition Costs of Proved Properties	(749,023)		(480,617)		(139,101)		(120,214)			(739)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)	2,706,397		4,682,326		8,292,090		7,101,791			7,539,994
(b) To better align the presentation of free cash flow for comparative purposes within the industry, the presentation of free cash flow for the comparative prior periods shown has been revised to exclude dividends paid (GAAP) as a reconciling item.

27

Total Expenditures
In millions of USD (Unaudited)
	4Q 2020	4Q 2019	FY 2020	FY 2019	FY 2018	FY 2017
Exploration and Development Drilling	592	1,086	2,664	4,951	4,935	3,132
Facilities	99	130	347	629	625	575
Leasehold Acquisitions	102	75	265	276	488	427
Property Acquisitions	61	48	135	380	124	73
Capitalized Interest	7	10	31	38	24	27
Subtotal	861	1,349	3,442	6,274	6,196	4,234
Exploration Costs	41	37	146	140	149	145
Dry Hole Costs	—	—	13	28	5	5
Exploration and Development Expenditures	902	1,386	3,601	6,442	6,350	4,384
Asset Retirement Costs	48	35	117	186	70	56
Total Exploration and Development Expenditures	950	1,421	3,718	6,628	6,420	4,440
Other Property, Plant and Equipment	157	85	395	272	286	173
Total Expenditures	1,107	1,506	4,113	6,900	6,706	4,613

28

EBITDAX and Adjusted EBITDAX
In thousands of USD (Unaudited)
	4Q 2020		4Q 2019	FY 2020			FY 2019
Net Income (Loss) (GAAP)	337,466		636,521	(604,572)			2,734,910
Adjustments:
Interest Expense, Net	53,121		40,695	205,266			185,129
Income Tax Provision (Benefit)	90,294		194,687	(134,482)			810,357
Depreciation, Depletion and Amortization	870,564		959,208	3,400,353			3,749,704
Exploration Costs	40,415		36,495	145,788			139,881
Dry Hole Costs	20		—	13,083			28,001
Impairments	142,440		228,135	2,099,780			517,896
EBITDAX (Non-GAAP)	1,534,320		2,095,741	5,125,216			8,165,878
(Gains) Losses on MTM Commodity Derivative Contracts	(69,304)		62,347	(1,144,737)			(180,275)
Net Cash Received from Settlements of Commodity Derivative Contracts	71,753		91,521	1,070,647			231,229
(Gains) Losses on Asset Dispositions, Net	5,600		(119,963)	46,883			(123,613)
Adjusted EBITDAX (Non-GAAP)	1,542,369		2,129,646	5,098,009			8,093,219
Adjusted EBITDAX (Non-GAAP) - Percentage Decrease	-28	%		-37	%
Definitions
EBITDAX - Earnings Before Interest Expense, Net; Income Tax Provision (Benefit); Depreciation, Depletion and Amortization; Exploration Costs; Dry Hole Costs; and Impairments

29

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

30

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	%

31

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	%

32

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	%

33

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	%

34

Proved Reserves and Reserve Replacement Data
(Unaudited)
2020 Net Proved Reserves Reconciliation Summary	United States		Trinidad		Other International		Total
Crude Oil and Condensate (MMBbl)
Beginning Reserves	1,694.0		0.3		0.1		1,694.4
Revisions	(225.4)		—		—		(225.4)
Purchases in Place	2.2		—		—		2.2
Extensions, Discoveries and Other Additions	194.7		0.9		—		195.6
Sales in Place	(3.2)		—		—		(3.2)
Production	(149.4)		(0.4)		—		(149.8)
Ending Reserves	1,512.9		0.8		0.1		1,513.8
Natural Gas Liquids (MMBbl)
Beginning Reserves	739.7		—		—		739.7
Revisions	(59.8)		—		—		(59.8)
Purchases in Place	3.8		—		—		3.8
Extensions, Discoveries and Other Additions	180.2		—		—		180.2
Sales in Place	(1.4)		—		—		(1.4)
Production	(49.8)		—		—		(49.8)
Ending Reserves	812.7		—		—		812.7
Natural Gas (Bcf)
Beginning Reserves	5,034.8		276.1		58.8		5,369.7
Revisions	(497.7)		4.8		1.6		(491.3)
Purchases in Place	26.3		—		—		26.3
Extensions, Discoveries and Other Additions	1,077.9		53.9		—		1,131.8
Sales in Place	(157.3)		—		—		(157.3)
Production	(441.4)		(65.9)		(11.6)		(518.9)
Ending Reserves	5,042.6		268.9		48.8		5,360.3
Oil Equivalents (MMBoe)
Beginning Reserves	3,272.8		46.3		10.0		3,329.1
Revisions	(368.1)		0.8		0.2		(367.1)
Purchases in Place	10.4		—		—		10.4
Extensions, Discoveries and Other Additions	554.6		9.8		—		564.4
Sales in Place	(30.8)		—		—		(30.8)
Production	(272.8)		(11.3)		(2.0)		(286.1)
Ending Reserves	3,166.1		45.6		8.2		3,219.9
Net Proved Developed Reserves (MMBoe)
At December 31, 2019	1,684.2		29.9		7.1		1,721.2
At December 31, 2020	1,614.4		29.3		5.4		1,649.1
2020 Exploration and Development Expenditures ($ Millions)
Acquisition Cost of Unproved Properties	264.8		—		—		264.8
Exploration Costs	203.4		81.2		11.4		296.0
Development Costs	2,901.0		3.9		—		2,904.9
Total Drilling	3,369.2		85.1		11.4		3,465.7
Acquisition Cost of Proved Properties	97.0		—		38.2		135.2
Asset Retirement Costs	97.2		0.2		19.9		117.3
Total Exploration and Development Expenditures	3,563.4		85.3		69.5		3,718.2
Gathering, Processing and Other	394.9		0.1		0.1		395.1
Total Expenditures	3,958.3		85.4		69.6		4,113.3
Proceeds from Sales in Place	(191.9)		—		—		(191.9)
Net Expenditures	3,766.4		85.4		69.6		3,921.4
Reserve Replacement Costs ($ / Boe) *
All-in Total, Net of Revisions	16.53		8.03		248.00		16.32
All-in Total, Excluding Revisions Due to Price	6.85		8.03		248.00		6.98
Reserve Replacement *
Drilling Only	203	%	87	%	0	%	197	%
All-in Total, Net of Revisions and Dispositions	61	%	94	%	10	%	62	%
All-in Total, Excluding Revisions Due to Price	163	%	94	%	10	%	159	%
All-in Total, Liquids	46	%	225	%	0	%	46	%
* See following reconciliation schedule for calculation methodology

35

Reserve Replacement Cost Data
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2020	United States		Trinidad		Other International		Total
Total Costs Incurred in Exploration and Development Activities (GAAP)	3,563.4		85.3		69.5		3,718.2
Less: Asset Retirement Costs	(97.2)		(0.2)		(19.9)		(117.3)
Non-Cash Acquisition Costs of Unproved Properties	(196.8)		—		—		(196.8)
Total Acquisition Costs of Proved Properties	(97.0)		—		(38.2)		(135.2)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)	3,172.4		85.1		11.4		3,268.9
Total Costs Incurred in Exploration and Development Activities (GAAP)	3,563.4		85.3		69.5		3,718.2
Less: Asset Retirement Costs	(97.2)		(0.2)		(19.9)		(117.3)
Non-Cash Acquisition Costs of Unproved Properties	(196.8)		—		—		(196.8)
Non-Cash Acquisition Costs of Proved Properties	(14.6)		—		—		(14.6)
Total Exploration and Development Expenditures (Non-GAAP) - (b)	3,254.8		85.1		49.6		3,389.5
Total Expenditures (GAAP)	3,958.3		85.4		69.6		4,113.3
Less: Asset Retirement Costs	(97.2)		(0.2)		(19.9)		(117.3)
Non-Cash Acquisition Costs of Unproved Properties	(196.8)		—		—		(196.8)
Non-Cash Acquisition Costs of Proved Properties	(14.6)		—		—		(14.6)
Non-Cash Capital - Other Miscellaneous	(173.9)		—		—		(173.9)
Total Cash Expenditures (Non-GAAP)	3,475.8		85.2		49.7		3,610.7
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)	(278.2)		—		—		(278.2)
Revisions Other Than Price	(89.9)		0.8		0.2		(88.9)
Purchases in Place	10.4		—		—		10.4
Extensions, Discoveries and Other Additions - (d)	554.6		9.8		—		564.4
Total Proved Reserve Additions - (e)	196.9		10.6		0.2		207.7
Sales in Place	(30.8)		—		—		(30.8)
Net Proved Reserve Additions From All Sources - (f)	166.1		10.6		0.2		176.9
Production - (g)	272.8		11.3		2.0		286.1
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)	5.72		8.68		—		5.79
All-in Total, Net of Revisions - (b / e)	16.53		8.03		248.00		16.32
All-in Total, Excluding Revisions Due to Price - (b / (e - c))	6.85		8.03		248.00		6.98
Reserve Replacement
Drilling Only - (d / g)	203	%	87	%	0	%	197	%
All-in Total, Net of Revisions and Dispositions - (f / g)	61	%	94	%	10	%	62	%
All-in Total, Excluding Revisions Due to Price - ((f - c) / g)	163	%	94	%	10	%	159	%
Net Proved Reserve Additions From All Sources - Liquids (MMBbl)
Revisions	(285.2)		—		—		(285.2)
Purchases in Place	6.0		—		—		6.0
Extensions, Discoveries and Other Additions - (h)	374.9		0.9		—		375.8
Total Proved Reserve Additions	95.7		0.9		—		96.6
Sales in Place	(4.6)		—		—		(4.6)
Net Proved Reserve Additions From All Sources - (i)	91.1		0.9		—		92.0
Production - (j)	199.2		0.4		—		199.6
Reserve Replacement - Liquids
Drilling Only - (h / j)	188	%	225	%	0	%	188	%
All-in Total, Net of Revisions and Dispositions - (i / j)	46	%	225	%	0	%	46	%

36

Reserve Replacement Cost Data
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2020
Proved Developed Reserve Replacement Costs ($ / Boe)	Total
Total Costs Incurred in Exploration and Development Activities (GAAP)	3,718.2
Less: Asset Retirement Costs	(117.3)
Acquisition Costs of Unproved Properties	(264.8)
Acquisition Costs of Proved Properties	(135.2)
Drillbit Exploration and Development Expenditures (Non-GAAP) - (k)	3,200.9
Total Proved Reserves - Extensions, Discoveries and Other Additions (MMBoe)	564.4
Add: Conversion of Proved Undeveloped Reserves to Proved Developed	212.2
Less: Proved Undeveloped Extensions and Discoveries	(456.1)
Proved Developed Reserves - Extensions and Discoveries (MMBoe)	320.5
Total Proved Reserves - Revisions (MMBoe)	(367.1)
Less: Proved Undeveloped Reserves - Revisions	277.3
Proved Developed - Revisions Due to Price	201.0
Proved Developed Reserves - Revisions Other Than Price (MMBoe)	111.2
Proved Developed Reserves - Extensions and Discoveries Plus Revisions Other Than Price (MMBoe) - (l)	431.7
Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) - (k / l)	7.41

37

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)	3,718.2	6,628.2	6,419.7	4,439.4	6,445.2	4,928.3		7,904.8
Less: Asset Retirement Costs	(117.3)	(186.1)	(69.7)	(55.6)	19.9	(53.5)		(195.6)
Non-Cash Acquisition Costs of Unproved Properties	(196.8)	(97.7)	(290.5)	(255.7)	(3,101.8)	—		—
Acquisition Costs of Proved Properties	(135.2)	(379.9)	(123.7)	(72.6)	(749.0)	(480.6)		(139.1)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)	3,268.9	5,964.5	5,935.8	4,055.5	2,614.3	4,394.2		7,570.1
Total Costs Incurred in Exploration and Development Activities (GAAP)	3,718.2	6,628.2	6,419.7	4,439.4	6,445.2	4,928.3		7,904.8
Less: Asset Retirement Costs	(117.3)	(186.1)	(69.7)	(55.6)	19.9	(53.5)		(195.6)
Non-Cash Acquisition Costs of Unproved Properties	(196.8)	(97.7)	(290.5)	(255.7)	(3,101.8)	—		—
Non-Cash Acquisition Costs of Proved Properties	(14.6)	(52.3)	(70.9)	(26.2)	(732.3)	—		—
Total Exploration and Development Expenditures (Non-GAAP) - (b)	3,389.5	6,292.1	5,988.6	4,101.9	2,631.0	4,874.8		7,709.2
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)	(278.2)	(59.7)	34.8	154.0	(100.7)	(573.8)		52.2
Revisions Other Than Price	(88.9)	(0.3)	(39.5)	48.0	252.9	107.2		48.4
Purchases in Place	10.4	16.8	11.6	2.3	42.3	56.2		14.4
Extensions, Discoveries and Other Additions - (d)	564.4	750.0	669.7	420.8	209.0	245.9		519.2
Total Proved Reserve Additions - (e)	207.7	706.8	676.6	625.1	403.5	(164.5)		634.2
Sales in Place	(30.8)	(4.6)	(10.8)	(20.7)	(167.6)	(3.5)		(36.3)
Net Proved Reserve Additions From All Sources	176.9	702.2	665.8	604.4	235.9	(168.0)		597.9
Production	286.1	300.9	265.0	224.4	207.1	211.2		219.1
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)	5.79	7.95	8.86	9.64	12.51	17.87		14.58
All-in Total, Net of Revisions - (b / e)	16.32	8.90	8.85	6.56	6.52	(29.63)		12.16
All-in Total, Excluding Revisions Due to Price - (b / ( e - c))	6.98	8.21	9.33	8.71	5.22	11.91		13.25

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

38

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

ICE Brent Differential Basis Swap Contracts
Prices received by EOG for its crude oil production generally vary from NYMEX WTI prices due to adjustments for delivery location (basis) and other factors. EOG has entered into crude oil basis swap contracts in order to fix the differential between ICE Brent pricing and pricing in Cushing, Oklahoma (ICE Brent Differential). Presented below is a comprehensive summary of EOG's ICE Brent Differential basis swap contracts through February 18, 2021. The weighted average price differential expressed in $/Bbl represents the amount of addition to Cushing, Oklahoma, prices for the notional volumes expressed in Bbld covered by the basis swap contracts.
2020	Volume (Bbld)	Weighted Average Price Differential ($/Bbl)
May 2020 (CLOSED)	10,000	4.92

Houston Differential Basis Swap Contracts
EOG has also entered into crude oil basis swap contracts in order to fix the differential between pricing in Houston, Texas, and Cushing, Oklahoma (Houston Differential). Presented below is a comprehensive summary of EOG's Houston Differential basis swap contracts through February 18, 2021. The weighted average price differential expressed in $/Bbl represents the amount of addition to Cushing, Oklahoma, prices for the notional volumes expressed in Bbld covered by the basis swap contracts.
2020	Volume (Bbld)	Weighted Average Price Differential ($/Bbl)
May 2020 (CLOSED)	10,000	1.55

Roll Differential Basis Swap Contracts
EOG has also entered into crude oil swaps in order to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month (Roll Differential). Presented below is a comprehensive summary of EOG's Roll Differential basis swap contracts through February 18, 2021. The weighted average price differential expressed in $/Bbl represents the amount of net addition (reduction) to delivery month prices for the notional volumes expressed in Bbld covered by the swap contracts.
2020	Volume (Bbld)	Weighted Average Price Differential ($/Bbl)
February 1, 2020 through June 30, 2020 (CLOSED)	10,000	0.70
July 1, 2020 through September 30, 2020 (CLOSED)	88,000	(1.16)
October 1, 2020 through December 31, 2020 (CLOSED)	66,000	(1.16)
2021
February 2021 (CLOSED)	30,000	0.11
March 1, 2021 through December 31, 2021	125,000	0.17
2022
January 1, 2022 through December 31, 2022	125,000	0.15

39

In May 2020, EOG entered into crude oil Roll Differential basis swap contracts for the period from July 1, 2020 through September 30, 2020, with notional volumes of 22,000 Bbld at a weighted average price differential of $(0.43) per Bbl, and for the period from October 1, 2020 through December 31, 2020, with notional volumes of 44,000 Bbld at a weighted average price differential of $(0.73) per Bbl. These contracts partially offset certain outstanding Roll Differential basis swap contracts for the same time periods and volumes at a weighted average price differential of $(1.16) per Bbl. EOG paid net cash of $3.2 million for the settlement of these contracts. The offsetting contracts were excluded from the above table.

Crude Oil NYMEX WTI Price Swap Contracts
Presented below is a comprehensive summary of EOG's crude oil NYMEX WTI price swap contracts through February 18, 2021, with notional volumes expressed in Bbld and prices expressed in $/Bbl.
2020	Volume (Bbld)	Weighted Average Price ($/Bbl)
January 1, 2020 through March 31, 2020 (CLOSED)	200,000	59.33
April 1, 2020 through May 31, 2020 (CLOSED)	265,000	51.36
2021
January 2021 (CLOSED)	151,000	50.06
February 1, 2021 through March 31, 2021	201,000	51.29
April 1, 2021 through June 30, 2021	150,000	51.68
July 1, 2021 through September 30, 2021	150,000	52.71
In April and May 2020, EOG entered into crude oil NYMEX WTI price swap contracts for the period from June 1, 2020 through June 30, 2020, with notional volumes of 265,000 Bbld at a weighted average price of $33.80 per Bbl, for the period from July 1, 2020 through July 31, 2020, with notional volumes of 254,000 Bbld at a weighted average price of $33.75 per Bbl, for the period from August 1, 2020 through September 30, 2020, with notional volumes of 154,000 Bbld at a weighted average price of $34.18 per Bbl and for the period from October 1, 2020 through December 31, 2020, with notional volumes of 47,000 Bbld at a weighted average price of $30.04 per Bbl. These contracts offset the remaining crude oil NYMEX WTI price swap contracts for the same time periods and volumes at a weighted average price of $51.36 per Bbl for the period from June 1, 2020 through June 30, 2020, $42.36 per Bbl for the period from July 1, 2020 through July 31, 2020, $50.42 per Bbl for the period from August 1, 2020 through September 30, 2020 and $31.00 per Bbl for the period from October 1, 2020 through December 31, 2020. EOG received net cash of $364.0 million for the settlement of these contracts. The offsetting contracts were excluded from the above table.

Crude Oil ICE Brent Price Swap Contracts
Presented below is a comprehensive summary of EOG's crude oil ICE Brent price swap contracts through February 18, 2021, with notional volumes expressed in Bbld and prices expressed in $/Bbl.
2020	Volume (Bbld)	Weighted Average Price ($/Bbl)
April 2020 (CLOSED)	75,000	25.66
May 2020 (CLOSED)	35,000	26.53

40

Mont Belvieu Propane Price Swap Contracts
Presented below is a comprehensive summary of EOG's Mont Belvieu propane (non-TET) financial price swap contracts (Mont Belvieu Propane Price Swap Contracts) through February 18, 2021, with notional volumes expressed in Bbld and prices expressed in $/Bbl.
2020	Volume (Bbld)	Weighted Average Price ($/Bbl)
January 1, 2020 through February 29, 2020 (CLOSED)	4,000	21.34
March 1, 2020 through April 30, 2020 (CLOSED)	25,000	17.92
2021
January 2021 (CLOSED)	15,000	29.44
February 1, 2021 through December 31, 2020 (CLOSED)	15,000	29.44
In April and May 2020, EOG entered into Mont Belvieu propane price swap contracts for the period from May 1, 2020 through December 31, 2020, with notional volumes of 25,000 Bbld at a weighted average price of $16.41 per Bbl. These contracts offset the remaining Mont Belvieu propane price swap contracts for the same time period with notional volumes of 25,000 Bbld at a weighted average price of $17.92 per Bbl. EOG received net cash of $9.2 million for the settlement of these contracts. The offsetting contracts were excluded from the above table.

Natural Gas NYMEX Henry Hub Price Swap Contracts
Presented below is a comprehensive summary of EOG's natural gas NYMEX Henry Hub price swap contracts through February 18, 2021, with notional volumes sold (purchased) expressed in MMBtud and prices expressed in $/MMBtu. In January 2021, EOG executed the early termination provision granting EOG the right to terminate certain 2022 natural gas NYMEX Henry Hub price swap contracts with notional volumes of 20,000 MMBtud at a weighted average price of $2.75 per MMBtu for the period from January 1, 2022 though December 31, 2022. EOG received net cash of $0.6 million for the settlement of these contracts.
2021	Volume (MMBtud)	Weighted Average Price ($/MMBtu)
April 1, 2021 through September 30, 2021	(70,000)	2.64
2022
January 1, 2022 through December 31, 2022 (CLOSED)	20,000	2.75
In December 2020 and January 2021, EOG entered into natural gas NYMEX Henry Hub price swap contracts for the period from January 1, 2021 through March 31, 2021, with notional volumes of 500,000 MMBtud at a weighted average price of $2.43 per MMBtu and for the period from April 1, 2021 through December 31, 2021, with notional volumes of 500,000 MMBtud at a weighted average price of $2.83 per MMBtu. These contracts offset the remaining natural gas NYMEX Henry Hub price swap contracts for the same time periods with notional volumes of 500,000 MMBtud at a weighted average price of $2.99 per MMBtu. EOG received net cash of $16.5 million through February 18, 2021, for the settlement of certain of these contracts, and expects to receive net cash of $30.3 million during the remainder of 2021 for the settlement of the remaining contracts. The offsetting contracts were excluded from the above table.

Natural Gas JKM Price Swap Contracts
Presented below is a comprehensive summary of EOG's natural gas JKM price swap contracts through February 18, 2021, with notional volumes expressed in MMBtud and prices expressed in $/MMBtu.
2021	Volume (MMBtud)	Weighted Average Price ($/MMBtu)
April 1, 2021 through September 30, 2021	70,000	6.65

41

Natural Gas Collar Contracts
EOG has entered into natural gas collar contracts, which establish ceiling and floor prices for the sale of notional volumes of natural gas as specified in the collar contracts. The collars require that EOG pay the difference between the ceiling price and the Henry Hub Index Price in the event the Henry Hub Index Price is above the ceiling price. The collars grant EOG the right to receive the difference between the floor price and the Henry Hub Index Price in the event the Henry Hub Index Price is below the floor price. In March 2020, EOG executed the early termination provision granting EOG the right to terminate certain 2020 natural gas collar contracts with notional volumes of 250,000 MMBtud at a weighted average ceiling price of $2.50 per MMBtu and a weighted average floor price of $2.00 per MMBtu for the period from April 1, 2020 through July 31, 2020. EOG received net cash of $7.8 million for the settlement of these contracts. Presented below is a comprehensive summary of EOG's natural gas collar contracts through February 18, 2021, with notional volumes expressed in MMBtud and prices expressed in $/MMBtu.
2020	Volume (MMBtud)	Weighted Average Ceiling Price ($/MMBtu)	Weighted Average Floor Price ($/MMBtu)
April 1, 2020 through July 31, 2020 (CLOSED)	250,000	2.50	2.00
In April 2020, EOG entered into natural gas collar contracts for the period from August 1, 2020 through October 31, 2020, with notional volumes of 250,000 MMBtud at a ceiling price of $2.50 per MMBtu and a floor price of $2.00 per MMBtu. These contracts offset the remaining natural gas collar contracts for the same time period with notional volumes of 250,000 MMBtud at a ceiling price of $2.50 per MMBtu and a floor price of $2.00 per MMBtu. EOG received net cash of $1.1 million for the settlement of these contracts. The offsetting contracts were excluded from the above table.

Rockies Differential Basis Swap Contracts
Prices received by EOG for its natural gas production generally vary from NYMEX Henry Hub prices due to adjustments for delivery location (basis) and other factors. EOG has entered into natural gas basis swap contracts in order to fix the differential between pricing in the Rocky Mountain area and NYMEX Henry Hub prices (Rockies Differential). Presented below is a comprehensive summary of EOG's Rockies Differential basis swap contracts through February 18, 2021. The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts.
2020	Volume (MMBtud)	Weighted Average Price Differential ($/MMBtu)
January 1, 2020 through December 31, 2020 (CLOSED)	30,000	0.55

HSC Differential Basis Swap Contracts
EOG has also entered into natural gas basis swap contracts in order to fix the differential between pricing at the Houston Ship Channel (HSC) and NYMEX Henry Hub prices (HSC Differential). In March 2020, EOG executed the early termination provision granting EOG the right to terminate certain 2020 HSC Differential basis swaps with notional volumes of 60,000 MMBtud at a weighted average price differential of $0.05 per MMBtu for the period from April 1, 2020 through December 31, 2020. EOG paid net cash of $0.4 million for the settlement of these contracts. Presented below is a comprehensive summary of EOG's HSC Differential basis swap contracts through February 18, 2021. The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts.
2020	Volume (MMBtud)	Weighted Average Price Differential ($/MMBtu)
January 1, 2020 through December 31, 2020 (CLOSED)	60,000	0.05

42

Waha Differential Basis Swap Contracts
EOG has also entered into natural gas basis swap contracts in order to fix the differential between pricing at the Waha Hub in West Texas and NYMEX Henry Hub prices (Waha Differential). Presented below is a comprehensive summary of EOG's Waha Differential basis swap contracts through February 18, 2021. The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts.
2020	Volume (MMBtud)	Weighted Average Price Differential ($/MMBtu)
January 1, 2020 through April 30, 2020 (CLOSED)	50,000	1.40
In April 2020, EOG entered into Waha Differential basis swap contracts for the period from May 1, 2020 through December 31, 2020, with notional volumes of 50,000 MMBtud at a weighted average price differential of $0.43 per MMBtu. These contracts offset the remaining Waha Differential basis swap contracts for the same time period with notional volumes of 50,000 MMBtud at a weighted average price differential of $1.40 per MMBtu. EOG paid net cash of 11.9 million for the settlement of these contracts. The offsetting contracts were excluded from the above table.

Definitions
Bbld	Barrels per day
$/Bbl	Dollars per barrel
ICE	Intercontinental Exchange
MMBtud	Million British thermal units per day
$/MMBtu	Dollars per million British thermal units
NYMEX	U.S. New York Mercantile Exchange
WTI	West Texas Intermediate

43

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 Facilities
- Gathering and Processing
Includes Legacy Gas Capital and Capital from Mature Wells

44

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

45

(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)

46

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

47

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

48

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

49

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

50

Costs per Barrel of Oil Equivalent
In thousands of USD, except Boe and per Boe amounts (Unaudited)
	1Q 2020	2Q 2020	3Q 2020	4Q 2020
Cost per Barrel of Oil Equivalent (Boe) Calculation
Volume - Thousand Barrels of Oil Equivalent - (a)	79,548	56,733	65,873	73,740
Crude Oil and Condensate	2,065,498	614,627	1,394,622	1,710,862
Natural Gas Liquids	160,535	93,909	184,771	228,299
Natural Gas	209,764	141,696	183,790	301,883
Total Wellhead Revenues - (b)	2,435,797	850,232	1,763,183	2,241,044
Operating Costs
Lease and Well	329,659	245,346	227,473	260,896
Transportation Costs	208,296	151,728	180,257	194,708
Gathering and Processing Costs	128,482	96,767	114,790	119,172
General and Administrative	114,273	131,855	124,460	113,235
Taxes Other Than Income	157,360	80,319	126,810	113,445
Interest Expense, Net	44,690	54,213	53,242	53,121
Total Cash Cost (excluding DD&A and Total Exploration Costs) - (c)	982,760	760,228	827,032	854,577
Depreciation, Depletion and Amortization (DD&A)	1,000,060	706,679	823,050	870,564
Total Operating Cost (excluding Total Exploration Costs) - (d)	1,982,820	1,466,907	1,650,082	1,725,141
Exploration Costs	39,677	27,283	38,413	40,415
Dry Hole Costs	372	87	12,604	20
Impairments	1,572,935	305,415	78,990	142,440
Total Exploration Costs	1,612,984	332,785	130,007	182,875
Less: Certain Impairments (Non-GAAP)	(1,516,316)	(239,167)	(26,531)	(86,451)
Total Exploration Costs (Non-GAAP)	96,668	93,618	103,476	96,424
Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e)	2,079,488	1,560,525	1,753,558	1,821,565
Composite Average Wellhead Revenue per Boe - (b) / (a)	30.62	14.99	26.77	30.39
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (c) / (a)	12.36	13.40	12.56	11.60
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(b) / (a) - (c) / (a)]	18.26	1.59	14.21	18.79
Total Operating Cost per Boe (excluding Total Exploration Costs) - (d) / (a)	24.93	25.86	25.05	23.41
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(b) / (a) - (d) / (a)]	5.69	(10.87)	1.72	6.98
Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) - (e) / (a)	26.15	27.51	26.62	24.72
Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs) - [(b) / (a) - (e) / (a)]	4.47	(12.52)	0.15	5.67

51

Costs per Barrel of Oil Equivalent
In thousands of USD, except Boe and per Boe amounts (Unaudited)
	2020	2019	2018	2017
Cost per Barrel of Oil Equivalent (Boe) Calculation
Volume - Thousand Barrels of Oil Equivalent - (a)	275,893	298,565	262,516	222,251
Crude Oil and Condensate	5,785,609	9,612,532	9,517,440	6,256,396
Natural Gas Liquids	667,514	784,818	1,127,510	729,561
Natural Gas	837,133	1,184,095	1,301,537	921,934
Total Wellhead Revenues - (b)	7,290,256	11,581,445	11,946,487	7,907,891
Operating Costs
Lease and Well	1,063,374	1,366,993	1,282,678	1,044,847
Transportation Costs	734,989	758,300	746,876	740,352
Gathering and Processing Costs	459,211	479,102	436,973	148,775
General and Administrative	483,823	489,397	426,969	434,467
Less: Legal Settlement - Early Leasehold Termination	—	—	—	(10,202)
Less: Joint Venture Transaction Costs	—	—	—	(3,056)
Less: Joint Interest Billings Deemed Uncollectible	—	—	—	(4,528)
General and Administrative (Non-GAAP)	483,823	489,397	426,969	416,681
Taxes Other Than Income	477,934	800,164	772,481	544,662
Interest Expense, Net	205,266	185,129	245,052	274,372
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c)	3,424,597	4,079,085	3,911,029	3,169,689
Depreciation, Depletion and Amortization (DD&A)	3,400,353	3,749,704	3,435,408	3,409,387
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (d)	6,824,950	7,828,789	7,346,437	6,579,076
Exploration Costs	145,788	139,881	148,999	145,342
Dry Hole Costs	13,083	28,001	5,405	4,609
Impairments	2,099,780	517,896	347,021	479,240
Total Exploration Costs	2,258,651	685,778	501,425	629,191
Less: Certain Impairments (Non-GAAP)	(1,868,465)	(274,974)	(152,671)	(261,452)
Total Exploration Costs (Non-GAAP)	390,186	410,804	348,754	367,739
Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e)	7,215,136	8,239,593	7,695,191	6,946,815

52

Cost per Barrel of Oil Equivalent
In thousands 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

53

Cost per Barrel of Oil Equivalent
In thousands of USD, except Boe and per Boe amounts (Unaudited)
	2016	2015	2014
Cost per Barrel of Oil Equivalent (Boe) Calculation
Volume - Thousand Barrels of Oil Equivalent - (a)	204,929	208,862	217,073
Crude Oil and Condensate	4,317,341	4,934,562	9,742,480
Natural Gas Liquids	437,250	407,658	934,051
Natural Gas	742,152	1,061,038	1,916,386
Total Wellhead Revenues - (b)	5,496,743	6,403,258	12,592,917
Operating Costs
Lease and Well	927,452	1,182,282	1,416,413
Transportation Costs	764,106	849,319	972,176
Gathering and Processing Costs	122,901	146,156	145,800
General and Administrative	394,815	366,594	402,010
Less: Voluntary Retirement Expense	(42,054)	—	—
Less: Acquisition Costs	(5,100)	—	—
Less: Legal Settlement - Early Leasehold Termination	—	(19,355)	—
General and Administrative (Non-GAAP)	347,661	347,239	402,010
Taxes Other Than Income	349,710	421,744	757,564
Interest Expense, Net	281,681	237,393	201,458
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c)	2,793,511	3,184,133	3,895,421
Depreciation, Depletion and Amortization (DD&A)	3,553,417	3,313,644	3,997,041
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (d)	6,346,928	6,497,777	7,892,462
Exploration Costs	124,953	149,494	184,388
Dry Hole Costs	10,657	14,746	48,490
Impairments	620,267	6,613,546	743,575
Total Exploration Costs	755,877	6,777,786	976,453
Less: Certain Impairments (Non-GAAP)	(320,617)	(6,307,593)	(824,312)
Total Exploration Costs (Non-GAAP)	435,260	470,193	152,141
Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e)	6,782,188	6,967,970	8,044,603

54

Cost per Barrel of Oil Equivalent
In thousands 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

55

Quarter and Full Year Guidance
(Unaudited)
(a) First Quarter and Full Year 2021 Forecast
The forecast items for the first quarter and full year 2021 set forth below for EOG Resources, Inc. (EOG) are based on current available information and expectations as of the date of the accompanying press release. EOG undertakes no obligation, other than as required by applicable law, to update or revise this forecast, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise. This forecast, which should be read in conjunction with the accompanying press release and EOG’s related Current Report on Form 8-K filing, replaces and supersedes any previously issued guidance or forecast.
(b) Capital Expenditures
The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Exploration Costs, Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs and any Non-Cash Transactions.
(c) Benchmark Commodity Pricing
EOG bases United States and Trinidad crude oil and condensate price differentials upon the West Texas Intermediate crude oil price at Cushing, Oklahoma, using the simple average of the NYMEX settlement prices for each trading day within the applicable calendar month.
EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the simple average of the NYMEX settlement prices for the last three trading days of the applicable month.
Estimated Ranges for First Quarter and Full Year 2021	1Q 2021			FY 2021
Daily Sales Volumes
Crude Oil and Condensate Volumes (MBbld)
United States	418.0	-	428.0	433.0	-	444.0
Trinidad	1.6	-	2.4	1.0	-	1.8
Other International	0.0	-	0.2	0.0	-	0.2
Total	419.6	-	430.6	434.0	-	446.0
Natural Gas Liquids Volumes (MBbld)
Total	125.0	-	135.0	130.0	-	170.0
Natural Gas Volumes (MMcfd)
United States	1,095	-	1,155	1,100	-	1,200
Trinidad	200	-	230	180	-	220
Other International	15	-	25	15	-	25
Total	1,310	-	1,410	1,295	-	1,445
Crude Oil Equivalent Volumes (MBoed)
United States	725.5	-	755.5	746.3	-	814.0
Trinidad	34.9	-	40.7	31.0	-	38.5
Other International	2.5	-	4.4	2.5	-	4.4
Total	762.9	-	800.6	779.8	-	856.9
Capital Expenditures ($MM)	900	-	1,100	3,700	-	4,100

56

Quarter and Full Year Guidance
(Unaudited)
Estimated Ranges for First Quarter and Full Year 2021	1Q 2021					FY 2021
Operating Costs
Unit Costs ($/Boe)
Lease and Well	3.60		-	4.30		3.50		-	4.20
Transportation Costs	2.60		-	3.00		2.65		-	3.05
Gathering and Processing	1.75		-	1.85		1.65		-	1.85
Depreciation, Depletion and Amortization	12.60		-	13.10		11.70		-	12.70
General and Administrative	1.60		-	1.70		1.50		-	1.60
Expenses ($MM)
Exploration and Dry Hole	35		-	45		140		-	180
Impairment	45		-	95		255		-	295
Capitalized Interest	5		-	10		25		-	30
Net Interest	45		-	50		180		-	185
Taxes Other Than Income (% of Wellhead Revenue)	6.0	%	-	8.0	%	6.5	%	-	7.5	%
Income Taxes
Effective Rate	21	%	-	26	%	21	%	-	26	%
Deferred Ratio	(5)	%	-	5	%	0	%	-	15	%
Pricing - (Refer to Benchmark Commodity Pricing in text)
Crude Oil and Condensate ($/Bbl)
Differentials
United States - above (below) WTI	(0.80)		-	1.20		(0.55)		-	1.45
Trinidad - above (below) WTI	(11.50)		-	(9.50)		(12.40)		-	(10.40)
Other International - above (below) WTI	(21.00)		-	(15.00)		(19.20)		-	(17.20)
Natural Gas Liquids
Realizations as % of WTI	43	%	-	55	%	38	%	-	50	%
Natural Gas ($/Mcf)
Differentials
United States - above (below) NYMEX Henry Hub	1.75		-	4.25		(0.25)		-	1.25
Realizations
Trinidad	3.10		-	3.60		3.10		-	3.60
Other International	5.45		-	5.95		5.20		-	6.20

Definitions
$/Bbl	U.S. Dollars per barrel
$/Boe	U.S. Dollars per barrel of oil equivalent
$/Mcf	U.S. Dollars per thousand cubic feet
$MM	U.S. Dollars in millions
MBbld	Thousand barrels per day
MBoed	Thousand barrels of oil equivalent per day
MMcfd	Million cubic feet per day
NYMEX	U.S. New York Mercantile Exchange
WTI	West Texas Intermediate

57