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

EXHIBIT 99.1

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Table of Contents
Fourth Quarter 2021
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	27
Total Expenditures	31
EBITDAX and Adjusted EBITDAX	32
Net Debt-to-Total Capitalization Ratio	33
Proved Reserves and Reserve Replacement Data	39
Reserve Replacement Cost Data	40
Financial Commodity Derivative Contracts	44
Direct After-Tax Rate of Return	47
ROCE & ROE	48
Revenues, Costs and Margins Per Barrel of Oil Equivalent	52

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Income Statements
In millions of USD, except share data (in millions) and per share data (Unaudited)
	4Q 2021	3Q 2021	4Q 2020	FY 2021	FY 2020
Operating Revenues and Other
Crude Oil and Condensate	3,246	2,929	1,711	11,125	5,786
Natural Gas Liquids	583	548	229	1,812	668
Natural Gas	847	568	302	2,444	837
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts	136	(494)	70	(1,152)	1,145
Gathering, Processing and Marketing	1,232	1,186	643	4,288	2,583
Gains (Losses) on Asset Dispositions, Net	(29)	1	(6)	17	(47)
Other, Net	29	27	16	108	60
Total	6,044	4,765	2,965	18,642	11,032
Operating Expenses
Lease and Well	325	270	261	1,135	1,063
Transportation Costs	228	219	195	863	735
Gathering and Processing Costs	147	145	119	559	459
Exploration Costs	42	44	41	154	146
Dry Hole Costs	43	4	—	71	13
Impairments	206	82	143	376	2,100
Marketing Costs	1,160	1,184	621	4,173	2,698
Depreciation, Depletion and Amortization	910	927	870	3,651	3,400
General and Administrative	139	142	113	511	484
Taxes Other Than Income	316	277	114	1,047	478
Total	3,516	3,294	2,477	12,540	11,576
Operating Income (Loss)	2,528	1,471	488	6,102	(544)
Other Income (Expense), Net	9	6	(7)	9	10
Income (Loss) Before Interest Expense and Income Taxes	2,537	1,477	481	6,111	(534)
Interest Expense, Net	38	48	53	178	205
Income (Loss) Before Income Taxes	2,499	1,429	428	5,933	(739)
Income Tax Provision (Benefit)	514	334	91	1,269	(134)
Net Income (Loss)	1,985	1,095	337	4,664	(605)
Dividends Declared per Common Share	2.7500	0.4125	0.3750	4.9875	1.5000
Net Income (Loss) Per Share
Basic	3.42	1.88	0.58	8.03	(1.04)
Diluted	3.39	1.88	0.58	7.99	(1.04)
Average Number of Common Shares
Basic	581	581	580	581	579
Diluted	585	584	581	584	579

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Wellhead Volumes and Prices
(Unaudited)
	4Q 2021	4Q 2020	% Change		3Q 2021	FY 2021	FY 2020	% Change
Crude Oil and Condensate Volumes (MBbld) (A)
United States	449.7	442.4	2	%	448.3	443.4	408.1	9	%
Trinidad	0.9	2.3	-61	%	1.2	1.5	1.0	50	%
Other International (B)	—	0.1	-100	%	—	0.1	0.1	0	%
Total	450.6	444.8	1	%	449.5	445.0	409.2	9	%
Average Crude Oil and Condensate Prices ($/Bbl) (C)
United States	78.31	41.86	87	%	70.88	68.54	38.65	77	%
Trinidad	66.86	32.91	103	%	60.19	56.26	30.20	86	%
Other International (B)	—	35.90	-100	%	—	42.36	43.08	-2	%
Composite	78.29	41.81	87	%	70.85	68.50	38.63	77	%
Natural Gas Liquids Volumes (MBbld) (A)
United States	156.9	141.4	11	%	157.9	144.5	136.0	6	%
Total	156.9	141.4	11	%	157.9	144.5	136.0	6	%
Average Natural Gas Liquids Prices ($/Bbl) (C)
United States	40.40	17.54	130	%	37.72	34.35	13.41	156	%
Composite	40.40	17.54	130	%	37.72	34.35	13.41	156	%
Natural Gas Volumes (MMcfd) (A)
United States	1,328	1,075	24	%	1,210	1,210	1,040	16	%
Trinidad	206	192	7	%	212	217	180	21	%
Other International (B)	—	25	-100	%	—	9	32	-72	%
Total	1,534	1,292	19	%	1,422	1,436	1,252	15	%
Average Natural Gas Prices ($/Mcf) (C)
United States	6.40	2.29	180	%	4.50	4.88	1.61	203	%
Trinidad	3.48	3.57	-3	%	3.39	3.40	2.57	32	%
Other International (B)	—	5.47	-100	%	—	5.67	4.66	22	%
Composite	6.00	2.54	136	%	4.34	4.66	1.83	155	%
Crude Oil Equivalent Volumes (MBoed) (D)
United States	827.8	763.0	8	%	807.9	789.6	717.5	10	%
Trinidad	35.3	34.2	3	%	36.5	37.7	30.9	22	%
Other International (B)	—	4.3	-100	%	—	1.6	5.4	-70	%
Total	863.1	801.5	8	%	844.4	828.9	753.8	10	%
Total MMBoe (D)	79.4	73.7	8	%	77.7	302.5	275.9	10	%
(A) Thousand barrels per day or million cubic feet per day, as applicable.
(B) Other International includes EOG's China and Canada operations. The China operations were sold in the second quarter of 2021.
(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, 2021).
(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.

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Balance Sheets
In millions of USD, except share data (Unaudited)
	December 31,	December 31,
	2021	2020
Current Assets
Cash and Cash Equivalents	5,209	3,329
Accounts Receivable, Net	2,335	1,522
Inventories	584	629
Assets from Price Risk Management Activities	—	65
Income Taxes Receivable	—	23
Other	456	294
Total	8,584	5,862
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	67,644	64,793
Other Property, Plant and Equipment	4,753	4,479
Total Property, Plant and Equipment	72,397	69,272
Less: Accumulated Depreciation, Depletion and Amortization	(43,971)	(40,673)
Total Property, Plant and Equipment, Net	28,426	28,599
Deferred Income Taxes	11	2
Other Assets	1,215	1,342
Total Assets	38,236	35,805
Current Liabilities
Accounts Payable	2,242	1,681
Accrued Taxes Payable	518	206
Dividends Payable	436	217
Liabilities from Price Risk Management Activities	269	—
Current Portion of Long-Term Debt	37	781
Current Portion of Operating Lease Liabilities	240	295
Other	300	280
Total	4,042	3,460
Long-Term Debt	5,072	5,035
Other Liabilities	2,193	2,149
Deferred Income Taxes	4,749	4,859
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 585,521,512 Shares and 583,694,850 Shares Issued at December 31, 2021 and 2020, respectively	206	206
Additional Paid in Capital	6,087	5,945
Accumulated Other Comprehensive Loss	(12)	(12)
Retained Earnings	15,919	14,170
Common Stock Held in Treasury, 257,268 Shares and 124,265 Shares at December 31, 2021 and 2020, respectively	(20)	(7)
Total Stockholders' Equity	22,180	20,302
Total Liabilities and Stockholders' Equity	38,236	35,805

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Cash Flows Statements
In millions of USD (Unaudited)
	4Q 2021	4Q 2020	3Q 2021	FY 2021	FY 2020
Cash Flows from Operating Activities
Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities:
Net Income (Loss)	1,985	337	1,095	4,664	(605)
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	910	870	927	3,651	3,400
Impairments	206	143	82	376	2,100
Stock-Based Compensation Expenses	35	33	51	152	146
Deferred Income Taxes	122	55	(111)	(122)	(186)
(Gains) Losses on Asset Dispositions, Net	29	6	(1)	(17)	47
Other, Net	(2)	10	2	13	12
Dry Hole Costs	43	—	4	71	13
Mark-to-Market Commodity Derivative Contracts
Total (Gains) Losses	(136)	(70)	494	1,152	(1,145)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts	(122)	72	(293)	(638)	1,071
Other, Net	(1)	2	7	7	1
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(182)	(464)	(145)	(821)	467
Inventories	(108)	31	(6)	(13)	123
Accounts Payable	341	427	(68)	456	(795)
Accrued Taxes Payable	26	(61)	206	312	(49)
Other Assets	(81)	(90)	167	(136)	325
Other Liabilities	201	21	(260)	(116)	8
Changes in Components of Working Capital Associated with Investing Activities	(100)	(201)	45	(200)	75
Net Cash Provided by Operating Activities	3,166	1,121	2,196	8,791	5,008
Investing Cash Flows
Additions to Oil and Gas Properties	(949)	(785)	(846)	(3,638)	(3,244)
Additions to Other Property, Plant and Equipment	(65)	(56)	(50)	(212)	(221)
Proceeds from Sales of Assets	77	3	8	231	192
Changes in Components of Working Capital Associated with Investing Activities	100	201	(45)	200	(75)
Net Cash Used in Investing Activities	(837)	(637)	(933)	(3,419)	(3,348)
Financing Cash Flows
Long-Term Debt Borrowings	—	—	—	—	1,484
Long-Term Debt Repayments	—	—	—	(750)	(1,000)
Dividends Paid	(1,406)	(220)	(820)	(2,684)	(821)
Treasury Stock Purchased	(8)	(1)	(21)	(41)	(16)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan	10	8	—	19	16
Debt Issuance Costs	—	—	—	—	(3)
Repayment of Finance Lease Liabilities	(10)	(6)	(9)	(37)	(19)
Net Cash Used in Financing Activities	(1,414)	(219)	(850)	(3,493)	(359)
Effect of Exchange Rate Changes on Cash	1	(2)	—	1	—
Increase in Cash and Cash Equivalents	916	263	413	1,880	1,301
Cash and Cash Equivalents at Beginning of Period	4,293	3,066	3,880	3,329	2,028
Cash and Cash Equivalents at End of Period	5,209	3,329	4,293	5,209	3,329

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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 and related discussion is included in the tables on the following pages and can also be found in the “Reconciliations & Guidance” section of the “Investors” page of the EOG website at www.eogresources.com.

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

EOG believes that the non-GAAP measures presented, when viewed in combination with its financial and operating results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the company’s performance. As is discussed in the tables on the following pages, EOG uses these non-GAAP measures for purposes of (i) comparing EOG’s financial 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), Long-Term Debt (including Current Portion of Long-Term Debt), Net Cash Provided by Operating Activities and other financial results calculated in accordance with GAAP. The non-GAAP measures presented should be read in conjunction with EOG's consolidated financial statements prepared in accordance with GAAP.

In addition, because not all companies use identical calculations, EOG’s presentation of non-GAAP measures may not be comparable to, and may be calculated differently from, similarly titled measures disclosed by other companies, including its peer companies. EOG may also change the calculation of one or more of its non-GAAP measures from time to time – for example, to account for changes in its business and operations or to more closely conform to peer company or industry analysts’ practices.

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Adjusted Net Income (Loss)
In millions of USD, except share data (in millions) and per share data (Unaudited)
The following tables adjust the reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of commodity derivative contracts by eliminating the unrealized mark-to-market (gains) losses from these transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets) - see "Revenues, Costs and Margins Per Barrel of Oil Equivalent" below for additional related discussion) and to make certain other adjustments to exclude non-recurring and certain other items as further described below. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
	4Q 2021
	Before Tax	Income Tax Impact	After Tax		Diluted Earnings per Share
Reported Net Income (GAAP)	2,499	(514)	1,985		3.39
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts	(136)	32	(104)		(0.17)
Net Cash Payments for Settlements of Commodity Derivative Contracts	(122)	25	(97)		(0.17)
Add: Losses on Asset Dispositions, Net	29	(7)	22		0.04
Add: Certain Impairments	—	—	—		—
Adjustments to Net Income	(229)	50	(179)		(0.30)
Adjusted Net Income (Non-GAAP)	2,270	(464)	1,806		3.09
Average Number of Common Shares (GAAP)
Basic					581
Diluted					585
Average Number of Common Shares (Non-GAAP)
Basic					581
Diluted					585

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

	3Q 2021
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share
Reported Net Income (GAAP)	1,429	(334)	1,095	1.88
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts	494	(108)	386	0.65
Net Cash Payments for Settlements of Commodity Derivative Contracts	(293)	64	(229)	(0.39)
Less: Gains on Asset Dispositions, Net	(1)	—	(1)	—
Add: Certain Impairments	13	—	13	0.02
Adjustments to Net Income	213	(44)	169	0.28
Adjusted Net Income (Non-GAAP)	1,642	(378)	1,264	2.16
Average Number of Common Shares (GAAP)
Basic				581
Diluted				584
Average Number of Common Shares (Non-GAAP)
Basic				581
Diluted				584

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Adjusted Net Income (Loss) (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
	FY 2021
	Before Tax	Income Tax Impact	After Tax		Diluted Earnings per Share
Reported Net Income (GAAP)	5,933	(1,269)	4,664		7.99
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts	1,152	(250)	902		1.54
Net Cash Payments for Settlements of Commodity Derivative Contracts	(638)	138	(500)		(0.86)
Less: Gains on Asset Dispositions, Net	(17)	9	(8)		(0.01)
Add: Certain Impairments	15	—	15		0.03
Less: Tax Benefits Related to Exiting Canada Operations	—	(45)	(45)		(0.08)
Adjustments to Net Income	512	(148)	364		0.62
Adjusted Net Income (Non-GAAP)	6,445	(1,417)	5,028		8.61
Average Number of Common Shares (GAAP)
Basic					581
Diluted					584
Average Number of Common Shares (Non-GAAP)
Basic					581
Diluted					584

	FY 2020
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share
Reported Net Loss (GAAP)	(739)	134	(605)	(1.04)
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts	(1,145)	251	(894)	(1.55)
Net Cash Received from Settlements of Commodity Derivative Contracts	1,071	(235)	836	1.44
Add: Losses on Asset Dispositions, Net	47	(10)	37	0.06
Add: Certain Impairments	1,868	(392)	1,476	2.55
Adjustments to Net Loss	1,841	(386)	1,455	2.50
Adjusted Net Income (Non-GAAP)	1,102	(252)	850	1.46
Average Number of Common Shares (GAAP)
Basic				579
Diluted				579
Average Number of Common Shares (Non-GAAP)
Basic				579
Diluted				581

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Adjusted Net Income Per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
3Q 2021 Adjusted Net Income per Share (Non-GAAP)		2.16
Realized Price
4Q 2021 Composite Average Wellhead Revenue per Boe	58.88
Less: 3Q 2021 Composite Average Welhead Revenue per Boe	(52.07)
Subtotal	6.81
Multiplied by: 4Q 2021 Crude Oil Equivalent Volumes (MMBoe)	79.4
Total Change in Revenue	541
Less: Income Tax Benefit (Cost) Imputed (based on 23%)	(124)
Change in Net Income	416
Change in Diluted Earnings per Share		0.71
Net Cash Received (Paid) from Settlements of Commodity Derivative Contracts
4Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts	(122)
Less: Income Tax Benefit (Cost)	25
After Tax - (a)	(97)
3Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts	(293)
Less: Income Tax Benefit (Cost)	64
After Tax - (b)	(229)
Change in Net Income - (a) - (b)	132
Change in Diluted Earnings per Share		0.23
Wellhead Volumes
4Q 2021 Crude Oil Equivalent Volumes (MMBoe)	79.4
Less: 3Q 2021 Crude Oil Equivalent Volumes (MMBoe)	(77.7)
Subtotal	1.7
Multiplied by: 4Q 2021 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)	28.74
Change in Revenue	49
Less: Income Tax Benefit (Cost) Imputed (based on 23%)	(11)
Change in Net Income	38
Change in Diluted Earnings per Share		0.07

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Adjusted Net Income Per Share (Continued)
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)

Operating Cost per Boe
3Q 2021 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)	27.62
Less: 3Q 2021 Taxes Other Than Income	(3.57)
Less: 4Q 2021 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)	(30.14)
Add: 4Q 2021 Taxes Other Than Income	3.98
Subtotal	(2.11)
Multiplied by: 4Q 2021 Crude Oil Equivalent Volumes (MMBoe)	79.4
Change in Before-Tax Net Income	(168)
Less: Income Tax Benefit (Cost) Imputed (based on 23%)	39
Change in Net Income	(129)
Change in Diluted Earnings per Share		(0.22)
Other (1)		0.14
4Q 2021 Adjusted Net Income per Share (Non-GAAP)		3.09
4Q 2021 Average Number of Common Shares (Non-GAAP) - Diluted	585
(1) Includes gathering, processing and marketing revenue, other revenue, marketing costs, taxes other than income, other income (expense), interest expense and the effect of changes in the effective income tax rate.

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Adjusted Net Income per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
FY 2020 Adjusted Net Income per Share (Non-GAAP)		1.46
Realized Price
FY 2021 Composite Average Wellhead Revenue per Boe	50.84
Less: FY 2020 Composite Average Wellhead Revenue per Boe	(26.42)
Subtotal	24.42
Multiplied by: FY 2021 Crude Oil Equivalent Volumes (MMBoe)	302.5
Total Change in Revenue	7,388
Less: Income Tax Benefit (Cost) Imputed (based on 23%)	(1,699)
Change in Net Income	5,689
Change in Diluted Earnings per Share		9.74
Net Cash Received (Paid) from Settlements of Commodity Derivative Contracts
FY 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts	(638)
Less: Income Tax Benefit (Cost)	138
After Tax - (a)	(500)
FY 2020 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts	1,071
Less: Income Tax Benefit (Cost)	(235)
After Tax - (b)	836
Change in Net Income - (a) - (b)	(1,336)
Change in Diluted Earnings per Share		(2.29)
Wellhead Volumes
FY 2021 Crude Oil Equivalent Volumes (MMBoe)	302.5
Less: FY 2020 Crude Oil Equivalent Volumes (MMBoe)	(275.9)
Subtotal	26.7
Multiplied by: FY 2021 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)	22.64
Change in Revenue	604
Less: Income Tax Benefit (Cost) Imputed (based on 23%)	(139)
Change in Net Income	465
Change in Diluted Earnings per Share		0.80

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Adjusted Net Income per Share (Continued)
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)

Operating Cost per Boe
FY 2020 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)	26.13
Less: 3Q 2021 Taxes Other Than Income	(1.73)
Less: FY 2021 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Costs per Barrel of Oil Equivalent" schedule)	(28.20)
Add: 4Q 2021 Taxes Other Than Income	3.46
Subtotal	(0.34)
Multiplied by: FY 2021 Crude Oil Equivalent Volumes (MMBoe)	302.5
Change in Before-Tax Net Income	(103)
Less: Income Tax Benefit (Cost) Imputed (based on 23%)	24
Change in Net Income	(79)
Change in Diluted Earnings per Share		(0.14)
Other (1)		(0.96)
FY 2021 Adjusted Net Income per Share (Non-GAAP)		8.61
FY 2021 Average Number of Common Shares (Non-GAAP) - Diluted	584
(1) Includes gathering, processing and marketing revenue, other revenue, marketing costs, taxes other than income, other income (expense), interest expense and the effect of changes in the effective income tax rate.

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Discretionary Cash Flow and Free Cash Flow
In millions of USD (Unaudited)
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Discretionary Cash Flow (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Exploration Costs (excluding Stock-Based Compensation Expenses), Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing and Financing Activities and certain other adjustments to exclude non-recurring and certain other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Discretionary Cash Flow (Non-GAAP) (see below reconciliation) for such period less the total cash capital expenditures (before acquisitions) incurred (Non-GAAP) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry.
	4Q 2021		3Q 2021	4Q 2020	FY 2021			FY 2020
Net Cash Provided by Operating Activities (GAAP)	3,166		2,196	1,121	8,791			5,008
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)	37		39	36	133			126
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	182		145	464	821			(467)
Inventories	108		6	(31)	13			(123)
Accounts Payable	(341)		68	(427)	(456)			795
Accrued Taxes Payable	(26)		(206)	61	(312)			49
Other Assets	81		(167)	90	136			(325)
Other Liabilities	(201)		260	(21)	116			(8)
Changes in Components of Working Capital Associated with Investing Activities	100		(45)	201	200			(75)
Other Non-Current Income Taxes - Net Receivable	—		—	—	—			113
Discretionary Cash Flow (Non-GAAP)	3,106		2,296	1,494	9,442			5,093
Discretionary Cash Flow (Non-GAAP) - Percentage Increase	108	%			85	%
Discretionary Cash Flow (Non-GAAP)	3,106		2,296	1,494	9,442			5,093
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)	(1,057)		(935)	(828)	(3,909)			(3,490)
Free Cash Flow (Non-GAAP)	2,049		1,361	666	5,533			1,603

27

(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP):
	4Q 2021	3Q 2021	4Q 2020	FY 2021	FY 2020
Total Expenditures (GAAP)	1,137	962	1,107	4,255	4,113
Less:
Asset Retirement Costs	(71)	(8)	(48)	(127)	(117)
Non-Cash Acquisition Costs of Unproved Properties	(8)	(15)	(69)	(45)	(197)
Non-Cash Finance Leases	—	—	(101)	(74)	(174)
Acquisition Costs of Proved Properties	(1)	(4)	(61)	(100)	(135)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)	1,057	935	828	3,909	3,490

28

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

29

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

30

Total Expenditures
In millions of USD (Unaudited)
	4Q 2021	4Q 2020	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Exploration and Development Drilling	767	592	2,864	2,664	4,951	4,935	3,132
Facilities	118	99	405	347	629	625	575
Leasehold Acquisitions	21	102	215	265	276	488	427
Property Acquisitions	1	61	100	135	380	124	73
Capitalized Interest	9	7	33	31	38	24	27
Subtotal	916	861	3,617	3,442	6,274	6,196	4,234
Exploration Costs	42	41	154	146	140	149	145
Dry Hole Costs	43	—	71	13	28	5	5
Exploration and Development Expenditures	1,001	902	3,842	3,601	6,442	6,350	4,384
Asset Retirement Costs	71	48	127	117	186	70	56
Total Exploration and Development Expenditures	1,072	950	3,969	3,718	6,628	6,420	4,440
Other Property, Plant and Equipment	65	157	286	395	272	286	173
Total Expenditures	1,137	1,107	4,255	4,113	6,900	6,706	4,613

31

EBITDAX and Adjusted EBITDAX
In millions of USD (Unaudited)
The following table adjusts the reported Net Income (Loss) (GAAP) to Earnings Before Interest Expense, Net, Income Taxes (Income Tax Provision (Benefit)), Depreciation, Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments (EBITDAX) (Non-GAAP) and further adjusts such amount to reflect actual Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts by eliminating the unrealized Mark-to-Market (MTM) (Gains) Losses from these transactions and to eliminate the (Gains) Losses on Asset Dispositions (Net). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported Net Income (Loss) (GAAP) to add back Interest Expense, Net, Income Taxes (Income Tax Provision (Benefit)), Depreciation, Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments and further adjust such amount to match realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
	4Q 2021	4Q 2020	FY 2021	FY 2020
Net Income (Loss) (GAAP)	1,985	337	4,664	(605)
Adjustments:
Interest Expense, Net	38	53	178	205
Income Tax Provision (Benefit)	514	91	1,269	(134)
Depreciation, Depletion and Amortization	910	870	3,651	3,400
Exploration Costs	42	41	154	146
Dry Hole Costs	43	—	71	13
Impairments	206	143	376	2,100
EBITDAX (Non-GAAP)	3,738	1,535	10,363	5,125
(Gains) Losses on MTM Commodity Derivative Contracts	(136)	(70)	1,152	(1,145)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts	(122)	72	(638)	1,071
(Gains) Losses on Asset Dispositions, Net	29	6	(17)	47
Adjusted EBITDAX (Non-GAAP)	3,509	1,543	10,860	5,098
Definitions
EBITDAX - Earnings Before Interest Expense, Net; Income Tax Provision (Benefit); Depreciation, Depletion and Amortization; Exploration Costs; Dry Hole Costs; and Impairments

32

Net Debt-to-Total Capitalization Ratio
In millions of USD, except ratio data (Unaudited)
The following tables reconcile Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (Non-GAAP), as used in the Net Debt-to-Total Capitalization ratio calculation. A portion of the cash is associated with international subsidiaries; tax considerations may impact debt paydown. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize Net Debt and Total Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation. EOG management uses this information for comparative purposes within the industry.
	December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021
Total Stockholders' Equity - (a)	22,180		21,765		20,881		20,762
Current and Long-Term Debt (GAAP) - (b)	5,109		5,117		5,125		5,133
Less: Cash	(5,209)		(4,293)		(3,880)		(3,388)
Net Debt (Non-GAAP) - (c)	(100)		824		1,245		1,745
Total Capitalization (GAAP) - (a) + (b)	27,289		26,882		26,006		25,895
Total Capitalization (Non-GAAP) - (a) + (c)	22,080		22,589		22,126		22,507
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	18.7	%	19.0	%	19.7	%	19.8	%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	-0.5	%	3.6	%	5.6	%	7.8	%

33

Net Debt-to-Total Capitalization Ratio (Continued)
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	%

34

Net Debt-to-Total Capitalization Ratio (Continued)
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	%

35

Net Debt-to-Total Capitalization Ratio (Continued)
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	%

36

Net Debt-to-Total Capitalization Ratio (Continued)
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	%

37

Net Debt-to-Total Capitalization Ratio (Continued)
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		12,956
Current and Long-Term Debt (GAAP) - (b)	6,986		6,986		6,986		6,986		6,656
Less: Cash	(1,600)		(1,049)		(780)		(668)		(719)
Net Debt (Non-GAAP) - (c)	5,386		5,937		6,206		6,318		5,937
Total Capitalization (GAAP) - (a) + (b)	20,968		18,784		19,043		19,391		19,612
Total Capitalization (Non-GAAP) - (a) + (c)	19,368		17,735		18,263		18,723		18,893
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	33.3	%	37.2	%	36.7	%	36.0	%	33.9	%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	27.8	%	33.5	%	34.0	%	33.7	%	31.4	%

38

Proved Reserves and Reserve Replacement Data
(Unaudited)
2021 Net Proved Reserves Reconciliation Summary	United States		Trinidad		Other International		Total
Crude Oil and Condensate (MMBbl)
Beginning Reserves	1,513		1		—		1,514
Revisions	(116)		—		—		(116)
Purchases in Place	2		—		—		2
Extensions, Discoveries and Other Additions	311		1		—		312
Sales in Place	(2)		—		—		(2)
Production	(162)		—		—		(162)
Ending Reserves	1,546		2		—		1,548
Natural Gas Liquids (MMBbl)
Beginning Reserves	813		—		—		813
Revisions	(128)		—		—		(128)
Purchases in Place	3		—		—		3
Extensions, Discoveries and Other Additions	194		—		—		194
Sales in Place	—		—		—		—
Production	(53)		—		—		(53)
Ending Reserves	829		—		—		829
Natural Gas (Bcf)
Beginning Reserves	5,043		269		48		5,360
Revisions	754		26		3		783
Purchases in Place	23		—		—		23
Extensions, Discoveries and Other Additions	2,574		100		—		2,674
Sales in Place	(4)		—		(48)		(52)
Production	(483)		(80)		(3)		(566)
Ending Reserves	7,907		315		—		8,222
Oil Equivalents (MMBoe)
Beginning Reserves	3,166		46		8		3,220
Revisions	(118)		4		—		(114)
Purchases in Place	9		—		—		9
Extensions, Discoveries and Other Additions	934		18		—		952
Sales in Place	(3)		—		(8)		(11)
Production	(295)		(14)		—		(309)
Ending Reserves	3,693		54		—		3,747
Net Proved Developed Reserves (MMBoe)
At December 31, 2020	1,614		30		5		1,649
At December 31, 2021	1,926		22		—		1,948
2021 Exploration and Development Expenditures ($ Millions)
Acquisition Cost of Unproved Properties	207		—		8		215
Exploration Costs	296		7		51		354
Development Costs	3,120		53		—		3,173
Total Drilling	3,623		60		59		3,742
Acquisition Cost of Proved Properties	100		—		—		100
Asset Retirement Costs	86		24		17		127
Total Exploration and Development Expenditures	3,809		84		76		3,969
Gathering, Processing and Other	283		—		3		286
Total Expenditures	4,092		84		79		4,255
Proceeds from Sales in Place	(102)		—		(129)		(231)
Net Expenditures	3,990		84		(50)		4,024
Reserve Replacement Costs ($ / Boe) *
All-in Total, Net of Revisions	4.45		2.73		—		4.48
All-in Total, Excluding Revisions Due to Price	5.82		2.73		—		5.81
Reserve Replacement *
Drilling Only	317	%	129	%	0	%	308	%
All-in Total, Net of Revisions and Dispositions	279	%	157	%	0	%	271	%
All-in Total, Excluding Revisions Due to Price	213	%	157	%	0	%	208	%
All-in Total, Liquids	123	%	0	%	0	%	123	%
* See following reconciliation schedule for calculation methodology

39

Reserve Replacement Cost Data
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2021	United States		Trinidad		Other International		Total
Total Costs Incurred in Exploration and Development Activities (GAAP)	3,809		84		76		3,969
Less: Asset Retirement Costs	(86)		(24)		(17)		(127)
Non-Cash Acquisition Costs of Unproved Properties	(45)		—		—		(45)
Total Acquisition Costs of Proved Properties	(100)		—		—		(100)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)	3,578		60		59		3,697
Total Costs Incurred in Exploration and Development Activities (GAAP)	3,809		84		76		3,969
Less: Asset Retirement Costs	(86)		(24)		(17)		(127)
Non-Cash Acquisition Costs of Unproved Properties	(45)		—		—		(45)
Non-Cash Acquisition Costs of Proved Properties	(5)		—		—		(5)
Total Exploration and Development Expenditures (Non-GAAP) - (b)	3,673		60		59		3,792
Total Expenditures (GAAP)	4,092		84		79		4,255
Less: Asset Retirement Costs	(86)		(24)		(17)		(127)
Non-Cash Acquisition Costs of Unproved Properties	(45)		—		—		(45)
Non-Cash Acquisition Costs of Proved Properties	(5)		—		—		(5)
Non-Cash Capital - Other Miscellaneous	(74)		—		—		(74)
Total Cash Expenditures (Non-GAAP)	3,882		60		62		4,004
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)	194		—		—		194
Revisions Other Than Price	(312)		4		—		(308)
Purchases in Place	9		—		—		9
Extensions, Discoveries and Other Additions - (d)	934		18		—		952
Total Proved Reserve Additions - (e)	825		22		—		847
Sales in Place	(3)		—		(8)		(11)
Net Proved Reserve Additions From All Sources - (f)	822		22		(8)		836
Production - (g)	295		14		—		309
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)	3.83		3.33		—		3.88
All-in Total, Net of Revisions - (b / e)	4.45		2.73		—		4.48
All-in Total, Excluding Revisions Due to Price - (b / (e - c))	5.82		2.73		—		5.81
Reserve Replacement
Drilling Only - (d / g)	317	%	129	%	0	%	308	%
All-in Total, Net of Revisions and Dispositions - (f / g)	279	%	157	%	0	%	271	%
All-in Total, Excluding Revisions Due to Price - ((f - c) / g)	213	%	157	%	0	%	208	%
Net Proved Reserve Additions From All Sources - Liquids (MMBbl)
Revisions	(244)		—		—		(244)
Purchases in Place	5		—		—		5
Extensions, Discoveries and Other Additions - (h)	505		1		—		506
Total Proved Reserve Additions	266		1		—		267
Sales in Place	(2)		—		—		(2)
Net Proved Reserve Additions From All Sources - (i)	264		1		—		265
Production - (j)	215		—		—		215
Reserve Replacement - Liquids
Drilling Only - (h / j)	235	%	0	%	0	%	235	%
All-in Total, Net of Revisions and Dispositions - (i / j)	123	%	0	%	0	%	123	%

40

Reserve Replacement Cost Data
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2021
Proved Developed Reserve Replacement Costs ($ / Boe)	Total
Total Costs Incurred in Exploration and Development Activities (GAAP)	3,969
Less: Asset Retirement Costs	(127)
Acquisition Costs of Unproved Properties	(215)
Acquisition Costs of Proved Properties	(100)
Drillbit Exploration and Development Expenditures (Non-GAAP) - (k)	3,527
Total Proved Reserves - Extensions, Discoveries and Other Additions (MMBoe)	952
Add: Conversion of Proved Undeveloped Reserves to Proved Developed	243
Less: Proved Undeveloped Extensions and Discoveries	(779)
Proved Developed Reserves - Extensions and Discoveries (MMBoe)	416
Total Proved Reserves - Revisions (MMBoe)	(114)
Less: Proved Undeveloped Reserves - Revisions	305
Proved Developed - Revisions Due to Price	(165)
Proved Developed Reserves - Revisions Other Than Price (MMBoe)	26
Proved Developed Reserves - Extensions and Discoveries Plus Revisions Other Than Price (MMBoe) - (l)	442
Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) - (k / l)	7.98

41

Reserve Replacement Cost Data
In millions of USD, except reserves and ratio data (Unaudited)
The following table reconciles Total Costs Incurred in Exploration and Development Activities (GAAP) to Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) and Total Exploration and Development Expenditures (Non-GAAP), as used in the calculation of Reserve Replacement Costs per Boe. There are numerous ways that industry participants present Reserve Replacement Costs, including “Drilling Only” and “All-In”, which reflect total exploration and development expenditures divided by total net proved reserve additions from extensions and discoveries only, or from all sources. Combined with Reserve Replacement, these statistics (and the non-GAAP measures used in calculating such statistics) provide management and investors with an indication of the results of the current year capital investment program. Reserve Replacement Cost statistics (and the non-GAAP measures used in calculating such statistics) are widely recognized and reported by industry participants and are used by EOG management and other third parties for comparative purposes within the industry. Please note that the actual cost of adding reserves will vary from the reported statistics due to timing differences in reserve bookings and capital expenditures. Accordingly, some analysts use three or five year averages of reported statistics, while others prefer to estimate future costs. EOG has not included future capital costs to develop proved undeveloped reserves in exploration and development expenditures.
	2021	2020	2019		2018
Total Costs Incurred in Exploration and Development Activities (GAAP)	3,969	3,718	6,628		6,420
Less: Asset Retirement Costs	(127)	(117)	(186)		(70)
Non-Cash Acquisition Costs of Unproved Properties	(45)	(197)	(98)		(291)
Acquisition Costs of Proved Properties	(100)	(135)	(380)		(124)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)	3,697	3,269	5,964		5,935
Total Costs Incurred in Exploration and Development Activities (GAAP)	3,969	3,718	6,628		6,420
Less: Asset Retirement Costs	(127)	(117)	(186)		(70)
Non-Cash Acquisition Costs of Unproved Properties	(45)	(197)	(98)		(291)
Non-Cash Acquisition Costs of Proved Properties	(5)	(15)	(52)		(71)
Total Exploration and Development Expenditures (Non-GAAP) - (b)	3,792	3,389	6,292		5,988
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)	194	(278)	(60)		35
Revisions Other Than Price	(308)	(89)	—		(40)
Purchases in Place	9	10	17		12
Extensions, Discoveries and Other Additions - (d)	952	564	750		670
Total Proved Reserve Additions - (e)	847	207	707		677
Sales in Place	(11)	(31)	(5)		(11)
Net Proved Reserve Additions From All Sources	836	176	702		666
Production	309	285	301		265
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)	3.88	5.79	7.95		8.86
All-in Total, Net of Revisions - (b / e)	4.48	16.32	8.90		8.85
All-in Total, Excluding Revisions Due to Price - (b / ( e - c))	5.81	6.98	8.21		9.33

42

Reserve Replacement Cost Data (Continued)
In millions of USD, except reserves and ratio data (Unaudited)
	2017	2016	2015		2014
Total Costs Incurred in Exploration and Development Activities (GAAP)	4,440	6,445	4,928		7,905
Less: Asset Retirement Costs	(56)	20	(53)		(196)
Non-Cash Acquisition Costs of Unproved Properties	(256)	(3,102)	—		—
Acquisition Costs of Proved Properties	(73)	(749)	(481)		(139)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)	4,055	2,614	4,394		7,570
Total Costs Incurred in Exploration and Development Activities (GAAP)	4,440	6,445	4,928		7,905
Less: Asset Retirement Costs	(56)	20	(53)		(196)
Non-Cash Acquisition Costs of Unproved Properties	(256)	(3,102)	—		—
Non-Cash Acquisition Costs of Proved Properties	(26)	(732)	—		—
Total Exploration and Development Expenditures (Non-GAAP) - (b)	4,102	2,631	4,875		7,709
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)	154	(101)	(574)		52
Revisions Other Than Price	48	253	107		49
Purchases in Place	2	42	56		14
Extensions, Discoveries and Other Additions - (d)	421	209	246		519
Total Proved Reserve Additions - (e)	625	403	(165)		634
Sales in Place	(21)	(168)	(4)		(36)
Net Proved Reserve Additions From All Sources	604	235	(169)		598
Production	224	206	210		220
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)	9.64	12.51	17.87		14.58
All-in Total, Net of Revisions - (b / e)	6.56	6.52	(29.63)		12.16
All-in Total, Excluding Revisions Due to Price - (b / ( e - c))	8.71	5.22	11.91		13.25

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

43

Financial Commodity Derivative Contracts

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

Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the year ended December 31, 2021 (closed) and remaining for 2022 and thereafter, as of February 18, 2022.

Crude Oil Financial Price Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MBbld)	Weighted Average Price ($/Bbl)
January 2021 (closed)	NYMEX WTI	151	$	50.06
February - March 2021 (closed)	NYMEX WTI	201	51.29
April - June 2021 (closed)	NYMEX WTI	150	51.68
July - September 2021 (closed)	NYMEX WTI	150	52.71
January 2022 (closed)	NYMEX WTI	140	65.58
February - March 2022	NYMEX WTI	140	65.58
April - June 2022	NYMEX WTI	140	65.62
July - September 2022	NYMEX WTI	140	65.59
October - December 2022	NYMEX WTI	140	65.68
January - March 2023	NYMEX WTI	150	67.92
April - June 2023	NYMEX WTI	120	67.79
July - September 2023	NYMEX WTI	100	70.15
October - December 2023	NYMEX WTI	69	69.41

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

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

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

44

Financial Commodity Derivative Contracts (Continued)

Natural Gas Financial Price Swap Contracts
		Contracts Sold			Contracts Purchased
Period	Settlement Index	Volume (MMBtud in thousands)	Weighted Average Price ($/MMBtu)		Volume (MMBtud in thousands)	Weighted Average Price ($/MMBtu)
January - March 2021 (closed)	NYMEX Henry Hub	500	$	2.99	500	$	2.43
April - September 2021 (closed)	NYMEX Henry Hub	500	2.99		570	2.81
October - December 2021 (closed)	NYMEX Henry Hub	500	2.99		500	2.83
January - December 2022 (closed) (1)	NYMEX Henry Hub	20	2.75		—	—
January - February 2022 (closed)	NYMEX Henry Hub	725	3.57		—	—
March - December 2022	NYMEX Henry Hub	725	3.57		—	—
January - December 2023	NYMEX Henry Hub	725	3.18		—	—
January - December 2024	NYMEX Henry Hub	725	3.07		—	—
January - December 2025	NYMEX Henry Hub	725	3.07		—	—
April - September 2021 (closed)	JKM	70	6.65		—	—

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

Natural Gas Basis Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MMBtud in thousands)	Weighted Average Price ($/MMBtu)
January - February 2022 (closed)	NYMEX Henry Hub HSC Differential (1)	210	$	(0.01)
March - December 2022	NYMEX Henry Hub HSC Differential (1)	210	(0.01)
January - December 2023	NYMEX Henry Hub HSC Differential (1)	135	(0.01)
January - December 2024	NYMEX Henry Hub HSC Differential (1)	10	0.00
January - December 2025	NYMEX Henry Hub HSC Differential (1)	10	0.00

(1)    This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices.

45

Financial Commodity Derivative Contracts (Continued)

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

46

Direct After-Tax Rate of Return
The calculation of EOG's direct after-tax rate of return (ATROR) with respect to EOG's 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 EOG's direct net costs incurred in drilling or acquiring (as the case may be) such wells or well (as the case may be). As such, EOG's 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 wellsite facilities and flowback
Excludes Indirect Capital
- Gathering and Processing and other Midstream
- Land, Seismic, Geological and Geophysical
- Offsite Production Facilities
Payback ~12 Months on 100% Direct ATROR Wells
First Five Years ~1/2 Estimated Ultimate Recovery Produced but ~3/4 of NPV Captured
Return on Equity / Return on Capital Employed
Based on GAAP Accrual Accounting
Includes All Indirect Capital and Growth Capital for Infrastructure
- Eagle Ford, Bakken, Permian and Powder River Basin Facilities
- Gathering and Processing
Includes Legacy Gas Capital and Capital from Mature Wells

47

ROCE & ROE
In millions of USD, except ratio data (Unaudited)
The following tables reconcile Interest Expense, Net (GAAP), Net Income (Loss) (GAAP), Current and Long-Term Debt (GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest Expense (Non-GAAP), Adjusted Net Income (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization (Non-GAAP), respectively, as used in the Return on Capital Employed (ROCE) and Return on Equity (ROE) calculations. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize After-Tax Net Interest Expense, Adjusted Net Income, Net Debt and Total Capitalization (Non-GAAP) in their ROCE and ROE calculations. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
	2021		2020		2019		2018			2017
Interest Expense, Net (GAAP)	178		205		185		245
Tax Benefit Imputed (based on 21%)	(37)		(43)		(39)		(51)
After-Tax Net Interest Expense (Non-GAAP) - (a)	141		162		146		194
Net Income (Loss) (GAAP) - (b)	4,664		(605)		2,735		3,419
Adjustments to Net Income (Loss), Net of Tax (See Below Detail) (1)	364		1,455		158		(201)
Adjusted Net Income (Non-GAAP) - (c)	5,028		850		2,893		3,218
Total Stockholders' Equity - (d)	22,180		20,302		21,641		19,364			16,283
Average Total Stockholders' Equity * - (e)	21,241		20,972		20,503		17,824
Current and Long-Term Debt (GAAP) - (f)	5,109		5,816		5,175		6,083			6,387
Less: Cash	(5,209)		(3,329)		(2,028)		(1,556)			(834)
Net Debt (Non-GAAP) - (g)	(100)		2,487		3,147		4,527			5,553
Total Capitalization (GAAP) - (d) + (f)	27,289		26,118		26,816		25,447			22,670
Total Capitalization (Non-GAAP) - (d) + (g)	22,080		22,789		24,788		23,891			21,836
Average Total Capitalization (Non-GAAP) * - (h)	22,435		23,789		24,340		22,864
Return on Capital Employed (ROCE)
GAAP Net Income (Loss) - [(a) + (b)] / (h)	21.4	%	-1.9	%	11.8	%	15.8	%
Non-GAAP Adjusted Net Income - [(a) + (c)] / (h)	23.0	%	4.3	%	12.5	%	14.9	%
Return on Equity (ROE)
GAAP Net Income (Loss) - (b) / (e)	22.0	%	-2.9	%	13.3	%	19.2	%
Non-GAAP Adjusted Net Income - (c) / (e)	23.7	%	4.1	%	14.1	%	18.1	%
* Average for the current and immediately preceding year

48

(1) Detail of adjustments to Net Income (Loss) (GAAP):
	Before Tax	Income Tax Impact	After Tax
Year Ended December 31, 2021
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact	514	(112)	402
Add: Certain Impairments	15	—	15
Less: Gains on Asset Dispositions, Net	(17)	9	(8)
Less: Tax Benefits Related to Exiting Canada Operations	—	(45)	(45)
Total	512	(148)	364
Year Ended December 31, 2020
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact	(74)	16	(58)
Add: Certain Impairments	1,868	(392)	1,476
Add: Losses on Asset Dispositions, Net	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: Certain Impairments	275	(60)	215
Less: Gains on Asset Dispositions, Net	(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: Certain Impairments	153	(34)	119
Less: Gains on Asset Dispositions, Net	(175)	38	(137)
Less: Tax Reform Impact	—	(110)	(110)
Total	(115)	(86)	(201)

49

ROCE & ROE
In millions of USD, except ratio data (Unaudited)
The following tables reconcile Interest Expense, Net (GAAP), Current and Long-Term Debt (GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest Expense (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization (Non-GAAP), respectively, as used in the Return on Capital Employed (ROCE) and Return on Equity (ROE) calculations. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize After-Tax Net Interest Expense, Net Debt and Total Capitalization (Non-GAAP) in their ROCE calculation. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
	2017		2016		2015
Interest Expense, Net (GAAP)	274		282		237
Tax Benefit Imputed (based on 35%)	(96)		(99)		(83)
After-Tax Net Interest Expense (Non-GAAP) - (a)	178		183		154
Net Income (Loss) (GAAP) - (b)	2,583		(1,097)		(4,525)
Total Stockholders' Equity - (d)	16,283		13,982		12,943
Average Total Stockholders' Equity* - (e)	15,133		13,463		15,328
Current and Long-Term Debt (GAAP) - (f)	6,387		6,986		6,655
Less: Cash	(834)		(1,600)		(719)
Net Debt (Non-GAAP) - (g)	5,553		5,386		5,936
Total Capitalization (GAAP) - (d) + (f)	22,670		20,968		19,598
Total Capitalization (Non-GAAP) - (d) + (g)	21,836		19,368		18,879
Average Total Capitalization (Non-GAAP)* - (h)	20,602		19,124		20,206
Return on Capital Employed (ROCE)
GAAP Net Income (Loss) - [(a) + (b)] / (h)	13.4	%	-4.8	%	-21.6	%
Return on Equity (ROE)
GAAP Net Income (Loss) - (b) / (e)	17.1	%	-8.1	%	-29.5	%
* Average for the current and immediately preceding year

50

ROCE & ROE (Continued)
In millions of USD, except ratio data (Unaudited)
	2014		2013		2012
Interest Expense, Net (GAAP)	201		235		214
Tax Benefit Imputed (based on 35%)	(70)		(82)		(75)
After-Tax Net Interest Expense (Non-GAAP) - (a)	131		153		139
Net Income (GAAP) - (b)	2,915		2,197		570
Total Stockholders' Equity - (d)	17,713		15,418		13,285
Average Total Stockholders' Equity* - (e)	16,566		14,352		12,963
Current and Long-Term Debt (GAAP) - (f)	5,906		5,909		6,312
Less: Cash	(2,087)		(1,318)		(876)
Net Debt (Non-GAAP) - (g)	3,819		4,591		5,436
Total Capitalization (GAAP) - (d) + (f)	23,619		21,327		19,597
Total Capitalization (Non-GAAP) - (d) + (g)	21,532		20,009		18,721
Average Total Capitalization (Non-GAAP)* - (h)	20,771		19,365		17,878
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h)	14.7	%	12.1	%	4.0	%
Return on Equity (ROE)
GAAP Net Income - (b) / (e)	17.6	%	15.3	%	4.4	%
* Average for the current and immediately preceding year

51

Revenues, Costs and Margins Per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or margin per barrel of oil equivalent (Boe). Certain of these components are adjusted for non-recurring and certain other items, as further discussed below.   EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
	4Q 2021	3Q 2021	2Q 2021	1Q 2021	4Q 2020
Volume - Million Barrels of Oil Equivalent - (a)	79.4	77.7	75.3	70.1	73.7
Total Operating Revenues and Other (b)	6,044	4,765	4,139	3,694	2,965
Total Operating Expenses (c)	3,516	3,294	2,968	2,762	2,477
Operating Income (Loss) (d)	2,528	1,471	1,171	932	488
Wellhead Revenues
Crude Oil and Condensate	3,246	2,929	2,699	2,251	1,711
Natural Gas Liquids	583	548	367	314	229
Natural Gas	847	568	404	625	302
Total Wellhead Revenues - (e)	4,676	4,045	3,470	3,190	2,242
Operating Costs
Lease and Well	325	270	270	270	261
Transportation Costs	228	219	214	202	195
Gathering and Processing Costs	147	145	128	139	119
General and Administrative	139	142	120	110	113
Taxes Other Than Income	316	277	239	215	114
Interest Expense, Net	38	48	45	47	53
Total Operating Cost (excluding DD&A and Total Exploration Costs) (f)	1,193	1,101	1,016	983	855
Depreciation, Depletion and Amortization (DD&A)	910	927	914	900	870
Total Operating Cost (excluding Total Exploration Costs) - (g)	2,103	2,028	1,930	1,883	1,725
Exploration Costs	42	44	35	33	41
Dry Hole Costs	43	4	13	11	—
Impairments	206	82	44	44	143
Total Exploration Costs (GAAP)	291	130	92	88	184
Less: Certain Impairments (1)	—	(13)	(1)	(1)	(86)
Total Exploration Costs (Non-GAAP)	291	117	91	87	98
Total Operating Cost (including Total Exploration Costs (GAAP)) - (h)	2,394	2,158	2,022	1,971	1,909
Total Operating Cost (including Total Exploration Costs (Non-GAAP)) - (i)	2,394	2,145	2,021	1,970	1,823
Total Wellhead Revenues less Total Operating Cost      (including Total Exploration Costs (GAAP))	2,282	1,887	1,448	1,219	333
Total Wellhead Revenues less Total Operating Cost      (including Total Exploration Costs (Non-GAAP))	2,282	1,900	1,449	1,220	419

52

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
	4Q 2021	3Q 2021	2Q 2021	1Q 2021	4Q 2020
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe     - (b) / (a)	76.12	61.33	54.97	52.70	40.23
Composite Average Operating Expenses per Boe - (c) / (a)	44.28	42.40	39.42	39.40	33.61
Composite Average Operating Income (Loss) per Boe     - (d) / (a)	31.84	18.93	15.55	13.30	6.62
Composite Average Wellhead Revenue per Boe - (e) / (a)	58.88	52.07	46.07	45.49	30.39
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	15.02	14.19	13.48	14.02	11.60
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	43.86	37.88	32.59	31.47	18.79
Total Operating Cost per Boe (excluding Total Exploration      Costs) - (g) / (a)	26.48	26.12	25.61	26.86	23.41
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (g) / (a)]	32.40	25.95	20.46	18.63	6.98
Total Operating Cost per Boe (including Total Exploration     Costs) - (h) / (a)	30.15	27.79	26.85	28.12	25.90
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (h) / (a)]	28.73	24.28	19.22	17.37	4.49
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (including Total Exploration      Costs) - (i) / (a)	30.14	27.62	26.85	28.11	24.72
Composite Average Margin per Boe (including Total      Exploration Costs) - [(e) / (a) - (i) / (a)]	28.74	24.45	19.25	17.38	5.67
(1) In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG’s control (versus, for example, impairments that are due to EOG’s proved oil and gas properties not being as productive as it originally estimated).

53

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
	2021		2020	2019	2018	2017
Volume - Million Barrels of Oil Equivalent - (a)	302.5		275.9	298.6	262.5	222.3
Total Operating Revenues and Other (b)	18,642		11,032	17,380	17,275	11,208
Total Operating Expenses (c)	12,540		11,576	13,681	12,806	10,282
Operating Income (Loss) (d)	6,102		(544)	3,699	4,469	926
Wellhead Revenues
Crude Oil and Condensate	11,125		5,786	9,613	9,517	6,256
Natural Gas Liquids	1,812		668	785	1,128	730
Natural Gas	2,444		837	1,184	1,302	922
Total Wellhead Revenues - (e)	15,381		7,291	11,582	11,947	7,908
Operating Costs
Lease and Well	1,135		1,063	1,367	1,283	1,045
Transportation Costs	863		735	758	747	740
Gathering and Processing Costs	559		459	479	437	149
General and Administrative (GAAP)	511		484	489	427	434
Less: Legal Settlement - Early Leasehold Termination	—		—	—	—	(10)
Less: Joint Venture Transaction Costs	—		—	—	—	(3)
Less: Joint Interest Billings Deemed Uncollectible	—		—	—	—	(5)
General and Administrative (Non-GAAP) (1)	511		484	489	427	416
Taxes Other Than Income	1,047		478	800	772	545
Interest Expense, Net	178		205	185	245	274
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)	4,293		3,424	4,078	3,911	3,187
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)	4,293		3,424	4,078	3,911	3,169
Depreciation, Depletion and Amortization (DD&A)	3,651		3,400	3,750	3,435	3,409
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)	7,944		6,824	7,828	7,346	6,596
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)	7,944		6,824	7,828	7,346	6,578
Exploration Costs	154		146	140	149	145
Dry Hole Costs	71		13	28	5	5
Impairments	376		2,100	518	347	479
Total Exploration Costs (GAAP)	601	601	2,259	686	501	629
Less: Certain Impairments (2)	(15)		(1,868)	(275)	(153)	(261)
Total Exploration Costs (Non-GAAP)	586		391	411	348	368
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)	8,545		9,083	8,514	7,847	7,225
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)	8,530		7,215	8,239	7,694	6,946
Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))	6,836		(1,792)	3,068	4,100	683
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))	6,851		76	3,343	4,253	962

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Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
	2021	2020	2019	2018	2017
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)	61.63	39.99	58.20	65.81	50.42
Composite Average Operating Expenses per Boe - (c) / (a)	41.46	41.96	45.81	48.79	46.25
Composite Average Operating Income (Loss) per Boe - (d) / (a)	20.17	(1.97)	12.39	17.02	4.17
Composite Average Wellhead Revenue per Boe - (e) / (a)	50.84	26.42	38.79	45.51	35.58
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	14.19	12.39	13.66	14.90	14.34
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	36.65	14.03	25.13	30.61	21.24
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)	26.26	24.71	26.22	27.99	29.67
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]	24.58	1.71	12.57	17.52	5.91
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)	28.25	32.92	28.51	29.89	32.50
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]	22.59	(6.50)	10.28	15.62	3.08
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)	14.19	12.39	13.66	14.90	14.25
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]	36.65	14.03	25.13	30.61	21.33
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)	26.26	24.71	26.22	27.99	29.59
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]	24.58	1.71	12.57	17.52	5.99
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)	28.20	26.13	27.60	29.32	31.24
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]	22.64	0.29	11.19	16.19	4.34
(1) EOG believes excluding the above-referenced items from general and administrative expense is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(2) In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG’s control (versus, for example, impairments that are due to EOG’s proved oil and gas properties not being as productive as it originally estimated).

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Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
	2016	2015	2014
Volume - Million Barrels of Oil Equivalent - (a)	205.0	208.9	217.1
Total Operating Revenues and Other (b)	7,651	8,757	18,035
Total Operating Expenses (c)	8,876	15,443	12,793
Operating Income (Loss) (d)	(1,225)	(6,686)	5,242
Wellhead Revenues
Crude Oil and Condensate	4,317	4,935	9,742
Natural Gas Liquids	437	408	934
Natural Gas	742	1,061	1,916
Total Wellhead Revenues - (e)	5,496	6,404	12,592
Operating Costs
Lease and Well	927	1,182	1,416
Transportation Costs	764	849	972
Gathering and Processing Costs	123	146	146
General and Administrative (GAAP)	395	367	402
Less: Voluntary Retirement Expense	(42)	—	—
Less: Acquisition Costs	(5)	—	—
Less: Legal Settlement - Early Leasehold Termination	—	(19)	—
General and Administrative (Non-GAAP) (1)	348	348	402
Taxes Other Than Income	350	422	758
Interest Expense, Net	282	237	201
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)	2,841	3,203	3,895
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)	2,794	3,184	3,895
Depreciation, Depletion and Amortization (DD&A)	3,553	3,314	3,997
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)	6,394	6,517	7,892
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)	6,347	6,498	7,892
Exploration Costs	125	149	184
Dry Hole Costs	11	15	48
Impairments	620	6,614	744
Total Exploration Costs (GAAP)	756	6,778	976
Less: Certain Impairments (2)	(321)	(6,308)	(824)
Total Exploration Costs (Non-GAAP)	435	470	152
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)	7,150	13,295	8,868
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)	6,782	6,968	8,044
Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total     Exploration Costs (GAAP))	(1,654)	(6,891)	3,724
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total     Exploration Costs (Non-GAAP))	(1,286)	(564)	4,548

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Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
	2016	2015	2014
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)	37.32	41.92	83.07
Composite Average Operating Expenses per Boe - (c) / (a)	43.30	73.93	58.92
Composite Average Operating Income (Loss) per Boe - (d) / (a)	(5.98)	(32.01)	24.15
Composite Average Wellhead Revenue per Boe - (e) / (a)	26.82	30.66	58.01
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	13.86	15.33	17.95
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	12.96	15.33	40.06
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)	31.19	31.20	36.38
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]	(4.37)	(0.54)	21.63
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)	34.88	63.64	40.85
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]	(8.06)	(32.98)	17.16
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)	13.64	15.25	17.95
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]	13.18	15.41	40.06
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)	30.98	31.11	36.38
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]	(4.16)	(0.45)	21.63
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)	33.10	33.36	37.08
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]	(6.28)	(2.70)	20.93
(1) EOG believes excluding the above-referenced items from general and administrative expense is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(2) In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG’s control (versus, for example, impairments that are due to EOG’s proved oil and gas properties not being as productive as it originally estimated).

57