EOG Resources 8K Results of Operations and Financial Condition | EOG 27 Feb 25

EXHIBIT 99.1


Table of Contents

Fourth Quarter 2024
Supplemental Financial and Operating Data			Page

Income Statements			15
Volumes and Prices			16
Balance Sheets			17
Cash Flow Statements			18
Non-GAAP Financial Measures			19
Adjusted Net Income			20
Net Income Per Share			27
Adjusted Net Income Per Share			31
Cash Flow from Operations and Free Cash Flow			35
Net Debt-to-Total Capitalization Ratio			36
Proved Reserves and Reserve Replacement Data			37
Reserve Replacement Cost Data			38
Revenues, Costs and Margins Per Barrel of Oil Equivalent			43


Income Statements
In millions of USD, except share data (in millions) and per share data (Unaudited)
	2023					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
Operating Revenues and Other
Crude Oil and Condensate	3,182	3,252	3,717	3,597	13,748	3,480	3,692	3,488	3,261	13,921
Natural Gas Liquids	490	409	501	484	1,884	513	515	524	554	2,106
Natural Gas	517	334	417	476	1,744	382	303	372	494	1,551
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	376	101	43	298	818	237	(47)	79	(65)	204
Gathering, Processing and Marketing	1,390	1,465	1,478	1,473	5,806	1,459	1,519	1,481	1,341	5,800
Gains (Losses) on Asset Dispositions, Net	69	(9)	35	—	95	26	20	(7)	(23)	16
Other, Net	20	21	21	29	91	26	23	28	23	100
Total	6,044	5,573	6,212	6,357	24,186	6,123	6,025	5,965	5,585	23,698

Operating Expenses
Lease and Well	359	348	369	378	1,454	396	390	392	394	1,572
Gathering, Processing and Transportation Costs (A)	395	396	406	423	1,620	413	423	445	441	1,722
Exploration Costs	50	47	43	41	181	45	34	43	52	174
Dry Hole Costs	1	—	—	—	1	1	5	—	8	14
Impairments	34	35	54	79	202	19	81	15	276	391
Marketing Costs	1,361	1,456	1,383	1,509	5,709	1,404	1,490	1,500	1,323	5,717
Depreciation, Depletion and Amortization	798	866	898	930	3,492	1,074	984	1,031	1,019	4,108
General and Administrative	145	142	161	192	640	162	151	167	189	669
Taxes Other Than Income	329	313	341	301	1,284	338	337	283	291	1,249
Total	3,472	3,603	3,655	3,853	14,583	3,852	3,895	3,876	3,993	15,616

Operating Income	2,572	1,970	2,557	2,504	9,603	2,271	2,130	2,089	1,592	8,082
Other Income, Net	65	51	52	66	234	62	66	76	70	274
Income Before Interest Expense and Income Taxes	2,637	2,021	2,609	2,570	9,837	2,333	2,196	2,165	1,662	8,356
Interest Expense, Net	42	35	36	35	148	33	36	31	38	138
Income Before Income Taxes	2,595	1,986	2,573	2,535	9,689	2,300	2,160	2,134	1,624	8,218
Income Tax Provision	572	433	543	547	2,095	511	470	461	373	1,815
Net Income	2,023	1,553	2,030	1,988	7,594	1,789	1,690	1,673	1,251	6,403

Dividends Declared per Common Share	1.8250	0.8250	0.8250	2.4100	5.8850	0.9100	0.9100	0.9100	0.9750	3.7050
Net Income Per Share
Basic	3.46	2.68	3.51	3.43	13.07	3.11	2.97	2.97	2.25	11.31
Diluted	3.45	2.66	3.48	3.42	13.00	3.10	2.95	2.95	2.23	11.25
Average Number of Common Shares
Basic	584	580	579	579	581	575	569	564	557	566
Diluted	587	584	583	581	584	577	572	568	561	569

(A) Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.


Volumes and Prices
(Unaudited)
	2023										2024
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year
Crude Oil and Condensate Volumes (MBbld) (A)
United States	457.1		476.0		482.8		484.6		475.2		486.8		490.1		491.8		493.5		490.6
Trinidad	0.6		0.6		0.5		0.6		0.6		0.6		0.6		1.2		1.1		0.8
Total	457.7		476.6		483.3		485.2		475.8		487.4		490.7		493.0		494.6		491.4

Average Crude Oil and Condensate Prices ($/Bbl) (B)
United States	$	77.27	$	74.98	$	83.61	$	80.61	$	79.18	$	78.46	$	82.71	$	76.95	$	71.68	$	77.42
Trinidad	68.98		64.88		71.38		69.21		65.58		67.50		70.75		63.15		60.47		64.43
Composite	77.26		74.97		83.60		80.60		79.17		78.45		82.69		76.92		71.66		77.40

Natural Gas Liquids Volumes (MBbld) (A)
United States	212.2		215.7		231.1		235.8		223.8		231.7		244.8		254.3		252.5		245.9
Total	212.2		215.7		231.1		235.8		223.8		231.7		244.8		254.3		252.5		245.9

Average Natural Gas Liquids Prices ($/Bbl) (B)
United States	$	25.67	$	20.85	$	23.56	$	22.29	$	23.07	$	24.32	$	23.11	$	22.42	$	23.85	$	23.40
Composite	25.67		20.85		23.56		22.29		23.07		24.32		23.11		22.42		23.85		23.40

Natural Gas Volumes (MMcfd) (A)
United States	1,475		1,513		1,562		1,653		1,551		1,658		1,668		1,745		1,840		1,728
Trinidad	164		155		142		178		160		200		204		225		252		220
Total	1,639		1,668		1,704		1,831		1,711		1,858		1,872		1,970		2,092		1,948

Average Natural Gas Prices ($/Mcf) (B)
United States	$	3.47	$	2.07	$	2.59	$	2.72	$	2.70	$	2.10	$	1.57	$	1.84	$	2.39	$	1.99
Trinidad	3.87		3.45		3.41		3.81		3.65		3.54		3.48		3.68		3.86		3.65
Composite	3.51		2.20		2.66		2.82		2.79		2.26		1.78		2.05		2.57		2.17

Crude Oil Equivalent Volumes (MBoed) (C)
United States	915.0		943.8		974.2		995.8		957.5		994.7		1,013.0		1,037.1		1,052.7		1,024.5
Trinidad	28.0		26.5		24.3		30.4		27.3		34.1		34.5		38.6		43.0		37.6
Total	943.0		970.3		998.5		1,026.2		984.8		1,028.8		1,047.5		1,075.7		1,095.7		1,062.1

Total MMBoe (C)	84.9		88.3		91.9		94.4		359.4		93.6		95.3		99.0		100.8		388.7

(A)Thousand barrels per day or million cubic feet per day, as applicable.

(B)Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity and other 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, 2024).

(C)Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.


Balance Sheets
In millions of USD (Unaudited)
	2023				2024
	MAR	JUN	SEP	DEC	MAR	JUN	SEP	DEC
Current Assets
Cash and Cash Equivalents	5,018	4,764	5,326	5,278	5,292	5,431	6,122	7,092
Accounts Receivable, Net	2,455	2,263	2,927	2,716	2,688	2,657	2,545	2,650
Inventories	1,131	1,355	1,379	1,275	1,154	1,069	1,038	985
Assets from Price Risk Management Activities	—	—	—	106	110	4	—	—
Other (A)	580	524	626	560	684	642	460	503
Total	9,184	8,906	10,258	9,935	9,928	9,803	10,165	11,230

Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	67,907	69,178	70,730	72,090	73,356	74,615	75,887	77,091
Other Property, Plant and Equipment	5,101	5,282	5,355	5,497	5,768	6,078	6,314	6,418
Total Property, Plant and Equipment	73,008	74,460	76,085	77,587	79,124	80,693	82,201	83,509
Less: Accumulated Depreciation, Depletion and Amortization	(42,785)	(43,550)	(44,362)	(45,290)	(46,047)	(47,049)	(48,075)	(49,297)
Total Property, Plant and Equipment, Net	30,223	30,910	31,723	32,297	33,077	33,644	34,126	34,212
Deferred Income Taxes	31	33	33	42	38	44	42	39
Other Assets	1,587	1,638	1,633	1,583	1,753	1,733	1,818	1,705
Total Assets	41,025	41,487	43,647	43,857	44,796	45,224	46,151	47,186

Current Liabilities
Accounts Payable	2,438	2,205	2,464	2,437	2,389	2,436	2,290	2,464
Accrued Taxes Payable	637	425	605	466	786	600	855	1,007
Dividends Payable	482	478	478	526	523	516	513	539
Liabilities from Price Risk Management Activities	31	22	22	—	—	8	32	116
Current Portion of Long-Term Debt	33	34	34	34	34	534	34	532
Current Portion of Operating Lease Liabilities	354	335	337	325	318	303	338	315
Other	253	232	285	286	223	231	344	381
Total	4,228	3,731	4,225	4,074	4,273	4,628	4,406	5,354

Long-Term Debt	3,787	3,780	3,772	3,765	3,757	3,250	3,742	4,220
Other Liabilities	2,620	2,581	2,698	2,526	2,533	2,456	2,480	2,395
Deferred Income Taxes	4,943	5,138	5,194	5,402	5,597	5,731	5,949	5,866
Commitments and Contingencies

Stockholders' Equity
Common Stock, $0.01 Par	206	206	206	206	206	206	206	206
Additional Paid in Capital	6,219	6,257	6,133	6,166	6,188	6,219	6,058	6,090
Accumulated Other Comprehensive Loss	(8)	(9)	(7)	(9)	(8)	(8)	(9)	(4)
Retained Earnings	19,423	20,497	22,047	22,634	23,897	25,071	26,231	26,941
Common Stock Held in Treasury	(393)	(694)	(621)	(907)	(1,647)	(2,329)	(2,912)	(3,882)
Total Stockholders' Equity	25,447	26,257	27,758	28,090	28,636	29,159	29,574	29,351
Total Liabilities and Stockholders' Equity	41,025	41,487	43,647	43,857	44,796	45,224	46,151	47,186

(A) Effective October 1, 2024, EOG combined Income Taxes Receivable into the Other line item. This presentation has been conformed for all periods presented and had no impact on previously reported Total Assets.


Cash Flow Statements
In millions of USD (Unaudited)
	2023					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
Net Income	2,023	1,553	2,030	1,988	7,594	1,789	1,690	1,673	1,251	6,403
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	798	866	898	930	3,492	1,074	984	1,031	1,019	4,108
Impairments	34	35	54	79	202	19	81	15	276	391
Stock-Based Compensation Expenses	34	35	57	51	177	45	45	58	51	199
Deferred Income Taxes	234	194	56	199	683	199	128	220	(80)	467
(Gains) Losses on Asset Dispositions, Net	(69)	9	(35)	—	(95)	(26)	(20)	7	23	(16)
Other, Net	4	2	(1)	22	27	9	3	2	3	17
Dry Hole Costs	1	—	—	—	1	1	5	—	8	14
Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net	(376)	(101)	(43)	(298)	(818)	(237)	47	(79)	65	(204)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts	(123)	(30)	23	18	(112)	55	79	61	19	214
Other, Net	(1)	—	(1)	—	(2)	—	—	—	—	—
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	338	137	(714)	201	(38)	58	33	109	(99)	101
Inventories	(77)	(226)	(28)	100	(231)	117	75	30	37	259
Accounts Payable	(77)	(231)	238	(49)	(119)	(58)	29	(159)	152	(36)
Accrued Taxes Payable	232	(212)	180	(139)	61	319	(185)	256	151	541
Other Assets	52	43	(92)	36	39	(161)	42	197	(34)	44
Other Liabilities	193	(47)	54	(16)	184	(71)	(20)	108	6	23
Changes in Components of Working Capital Associated with Investing Activities	35	250	28	(18)	295	(229)	(127)	59	(85)	(382)
Net Cash Provided by Operating Activities	3,255	2,277	2,704	3,104	11,340	2,903	2,889	3,588	2,763	12,143
Investing Cash Flows
Additions to Oil and Gas Properties	(1,305)	(1,341)	(1,379)	(1,360)	(5,385)	(1,485)	(1,357)	(1,263)	(1,248)	(5,353)
Additions to Other Property, Plant and Equipment	(319)	(180)	(139)	(162)	(800)	(350)	(313)	(239)	(117)	(1,019)
Proceeds from Sales of Assets	92	29	14	5	140	9	10	—	4	23
Changes in Components of Working Capital Associated with Investing Activities	(35)	(250)	(28)	18	(295)	229	127	(59)	85	382
Net Cash Used in Investing Activities	(1,567)	(1,742)	(1,532)	(1,499)	(6,340)	(1,597)	(1,533)	(1,561)	(1,276)	(5,967)
Financing Cash Flows
Long-Term Debt Borrowings	—	—	—	—	—	—	—	—	985	985
Long-Term Debt Repayments	(1,250)	—	—	—	(1,250)	—	—	—	—	—
Dividends Paid	(1,067)	(480)	(494)	(1,345)	(3,386)	(525)	(520)	(533)	(509)	(2,087)
Treasury Stock Purchased	(317)	(302)	(109)	(310)	(1,038)	(759)	(699)	(795)	(993)	(3,246)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan	—	9	1	10	20	—	11	—	11	22
Debt Issuance Costs	—	(8)	—	—	(8)	—	—	—	(2)	(2)
Repayment of Finance Lease Liabilities	(8)	(8)	(8)	(8)	(32)	(8)	(9)	(8)	(8)	(33)
Net Cash Used in Financing Activities	(2,642)	(789)	(610)	(1,653)	(5,694)	(1,292)	(1,217)	(1,336)	(516)	(4,361)
Effect of Exchange Rate Changes on Cash	—	—	—	—	—	—	–	–	(1)	(1)
Increase (Decrease) in Cash and Cash Equivalents	(954)	(254)	562	(48)	(694)	14	139	691	970	1,814
Cash and Cash Equivalents at Beginning of Period	5,972	5,018	4,764	5,326	5,972	5,278	5,292	5,431	6,122	5,278
Cash and Cash Equivalents at End of Period	5,018	4,764	5,326	5,278	5,278	5,292	5,431	6,122	7,092	7,092

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), Cash Flow from Operations Before Changes in Working Capital, Free Cash Flow, Net Debt and related statistics.

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

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

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

The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG’s reported Net Income (Loss), Long-Term Debt (including Current Portion of Long-Term Debt), Net Cash Provided by Operating Activities and other financial results calculated in accordance with GAAP. The non-GAAP measures presented should be read in conjunction with EOG's consolidated financial statements prepared in accordance with GAAP.

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

Direct ATROR

The calculation of EOG's direct after-tax rate of return (ATROR) is based on EOG’s net estimated recoverable reserves for a particular well(s) or play, the estimated net present value of the future net cash flows from such reserves (for which EOG utilizes certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring such well(s). As such, EOG's direct ATROR for a particular well(s) or play cannot be calculated from EOG’s consolidated financial statements.


Adjusted Net Income
In millions of USD, except share data (in millions) and per share data (Unaudited)

The following tables adjust reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of financial commodity derivative contracts by eliminating the net unrealized mark-to-market (gains) losses from these and other derivative transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets)), 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 2024
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	1,624	(373)	1,251	2.23
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	65	(14)	51	0.10
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)	19	(4)	15	0.03
Add: Losses on Asset Dispositions, Net	23	(4)	19	0.03
Add: Certain Impairments	254	(55)	199	0.35
Adjustments to Net Income	361	(77)	284	0.51

Adjusted Net Income (Non-GAAP)	1,985	(450)	1,535	2.74

Average Number of Common Shares
Basic				557
Diluted				561

(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended December 31, 2024, such amount was $19 million.


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

	3Q 2024
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	2,134	(461)	1,673	2.95
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	(79)	17	(62)	(0.11)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)	61	(13)	48	0.08
Add: Losses on Asset Dispositions, Net	7	(2)	5	0.01
Less: Severance Tax Refund	(31)	7	(24)	(0.04)
Add: Severance Tax Consulting Fees	10	(2)	8	0.01
Less: Interest on Severance Tax Refund	(5)	1	(4)	(0.01)
Adjustments to Net Income	(37)	8	(29)	(0.06)

Adjusted Net Income (Non-GAAP)	2,097	(453)	1,644	2.89

Average Number of Common Shares
Basic				564
Diluted				568


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

	2Q 2024
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	2,160	(470)	1,690	2.95
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	47	(10)	37	0.07
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)	79	(17)	62	0.11
Less: Gains on Asset Dispositions, Net	(20)	5	(15)	(0.03)
Add: Certain Impairments	35	(2)	33	0.06
Adjustments to Net Income	141	(24)	117	0.21

Adjusted Net Income (Non-GAAP)	2,301	(494)	1,807	3.16

Average Number of Common Shares
Basic				569
Diluted				572


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

	1Q 2024
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	2,300	(511)	1,789	3.10
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	(237)	51	(186)	(0.31)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)	55	(12)	43	0.07
Less: Gains on Asset Dispositions, Net	(26)	4	(22)	(0.04)
Add: Certain Impairments	2	—	2	—
Adjustments to Net Income	(206)	43	(163)	(0.28)

Adjusted Net Income (Non-GAAP)	2,094	(468)	1,626	2.82

Average Number of Common Shares
Basic				575
Diluted				577


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

	4Q 2023
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	2,535	(547)	1,988	3.42
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net	(298)	64	(234)	(0.40)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)	18	(4)	14	0.02
Add: Certain Impairments	19	(4)	15	0.03
Adjustments to Net Income	(261)	56	(205)	(0.35)

Adjusted Net Income (Non-GAAP)	2,274	(491)	1,783	3.07

Average Number of Common Shares
Basic				579
Diluted				581


Adjusted Net Income (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
	FY 2024
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	8,218	(1,815)	6,403	11.25
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	(204)	44	(160)	(0.28)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)	214	(46)	168	0.30
Less: Gains on Asset Dispositions, Net	(16)	3	(13)	(0.02)
Add: Certain Impairments	291	(57)	234	0.41
Less: Severance Tax Refund	(31)	7	(24)	(0.04)
Add: Severance Tax Consulting Fees	10	(2)	8	0.01
Less: Interest on Severance Tax Refund	(5)	1	(4)	(0.01)
Adjustments to Net Income	259	(50)	209	0.37

Adjusted Net Income (Non-GAAP)	8,477	(1,865)	6,612	11.62

Average Number of Common Shares
Basic				566
Diluted				569

(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2024, such amount was $214 million.


Adjusted Net Income (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
	FY 2023
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	9,689	(2,095)	7,594	13.00
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net	(818)	176	(642)	(1.09)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)	(112)	24	(88)	(0.15)
Less: Gains on Asset Dispositions, Net	(95)	20	(75)	(0.13)
Add: Certain Impairments	42	(6)	36	0.06
Adjustments to Net Income	(983)	214	(769)	(1.31)

Adjusted Net Income (Non-GAAP)	8,706	(1,881)	6,825	11.69

Average Number of Common Shares
Basic				581
Diluted				584

(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2023, such amount was $112 million.


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 2024 Net Income per Share (GAAP) - Diluted		2.95

Realized Price
4Q 2024 Composite Average Wellhead Revenue per Boe	42.74
Less: 3Q 2024 Composite Average Wellhead Revenue per Boe	(44.31)
Subtotal	(1.57)
Multiplied by: 4Q 2024 Crude Oil Equivalent Volumes (MMBoe)	100.8
Total Change in Revenue	(158)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	35
Change in Net Income	(123)
Change in Diluted Earnings per Share		(0.22)

Volumes
4Q 2024 Crude Oil Equivalent Volumes (MMBoe)	100.8
Less: 3Q 2024 Crude Oil Equivalent Volumes (MMBoe)	(99.0)
Subtotal	1.8
Multiplied by: 4Q 2024 Composite Average Margin per Boe (GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)	15.88
Change in Margin	29
Less: Income Tax Benefit (Provision) Imputed (based on 22%)	(6)
Change in Net Income	23
Change in Diluted Earnings per Share		0.04

Certain Operating Costs per Boe
3Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe	20.57
Less: 4Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe	(20.26)
Subtotal	0.31
Multiplied by: 4Q 2024 Crude Oil Equivalent Volumes (MMBoe)	100.8
Change in Before-Tax Net Income	31
Less: Income Tax Benefit (Provision) Imputed (based on 22%)	(7)
Change in Net Income	24
Change in Diluted Earnings per Share		0.04


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)

Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
4Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts	(65)
Less: Income Tax Benefit (Provision)	14
After Tax - (a)	(51)
Less: 3Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts	79
Less: Income Tax Benefit (Provision)	(17)
After Tax - (b)	62
Change in Net Income - (a) - (b)	(113)
Change in Diluted Earnings per Share		(0.20)

Other (1)		(0.38)

4Q 2024 Net Income per Share (GAAP) - Diluted		2.23

4Q 2024 Average Number of Common Shares - Diluted	561

(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.


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 2023 Net Income per Share (GAAP)		13.00

Realized Price
FY 2024 Composite Average Wellhead Revenue per Boe	45.22
Less: FY 2023 Composite Average Wellhead Revenue per Boe	(48.34)
Subtotal	(3.12)
Multiplied by: FY 2024 Crude Oil Equivalent Volumes (MMBoe)	388.7
Total Change in Revenue	(1,213)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	267
Change in Net Income	(946)
Change in Diluted Earnings per Share		(1.66)

Volumes
FY 2024 Crude Oil Equivalent Volumes (MMBoe)	388.7
Less: FY 2023 Crude Oil Equivalent Volumes (MMBoe)	(359.4)
Subtotal	29.3
Multiplied by: FY 2024 Composite Average Margin per Boe (GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)	19.40
Change in Margin	568
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	(125)
Change in Net Income	443
Change in Diluted Earnings per Share		0.78

Certain Operating Costs per Boe
FY 2023 Total Cash Operating Costs (GAAP) and Total DD&A per Boe	20.05
Less: FY 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe	(20.76)
Subtotal	(0.71)
Multiplied by: FY 2024 Crude Oil Equivalent Volumes (MMBoe)	388.7
Change in Before-Tax Net Income	(276)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	61
Change in Net Income	(215)
Change in Diluted Earnings per Share		(0.38)


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)

Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
FY 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts	204
Less: Income Tax Benefit (Provision)	(44)
After Tax - (a)	160
Less: FY 2023 Net Gains (Losses) on Mark-to-Market Commodity and Other Derivative Contracts	818
Less: Income Tax Benefit (Provision)	(176)
After Tax - (b)	642
Change in Net Income - (a) - (b)	(482)
Change in Diluted Earnings per Share		(0.85)

Other (1)		0.36

FY 2024 Net Income per Share (GAAP) - Diluted		11.25

FY 2024 Average Number of Common Shares - Diluted	569


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 2024 Adjusted Net Income per Share (Non-GAAP) - Diluted		2.89

Realized Price
4Q 2024 Composite Average Wellhead Revenue per Boe	42.74
Less: 3Q 2024 Composite Average Wellhead Revenue per Boe	(44.31)
Subtotal	(1.57)
Multiplied by: 4Q 2024 Crude Oil Equivalent Volumes (MMBoe)	100.8
Total Change in Revenue	(158)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	35
Change in Net Income	(123)
Change in Diluted Earnings per Share		(0.22)

Volumes
4Q 2024 Crude Oil Equivalent Volumes (MMBoe)	100.8
Less: 3Q 2024 Crude Oil Equivalent Volumes (MMBoe)	(99.0)
Subtotal	1.8
Multiplied by: 4Q 2024 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)	18.40
Change in Margin	33
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	(7)
Change in Net Income	26
Change in Diluted Earnings per Share		0.05

Certain Operating Costs per Boe
3Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe	20.47
Less: 4Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe	(20.26)
Subtotal	0.21
Multiplied by: 4Q 2024 Crude Oil Equivalent Volumes (MMBoe)	100.8
Change in Before-Tax Net Income	21
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	(5)
Change in Net Income	16
Change in Diluted Earnings per Share		0.03


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)

Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
4Q 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts	19
Less: Income Tax Benefit (Provision)	(4)
After Tax - (a)	15
3Q 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts	61
Less: Income Tax Benefit (Provision)	(13)
After Tax - (b)	48
Change in Net Income - (a) - (b)	(33)
Change in Diluted Earnings per Share		(0.06)

Other (1)		0.05

4Q 2024 Adjusted Net Income per Share (Non-GAAP)		2.74

4Q 2024 Average Number of Common Shares - Diluted	561

(1)Includes gathering, processing and marketing revenue, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.


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 2023 Adjusted Net Income per Share (Non-GAAP)		11.69

Realized Price
FY 2024 Composite Average Wellhead Revenue per Boe	45.22
Less: FY 2023 Composite Average Wellhead Revenue per Boe	(48.34)
Subtotal	(3.12)
Multiplied by: FY 2024 Crude Oil Equivalent Volumes (MMBoe)	388.7
Total Change in Revenue	(1,213)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	267
Change in Net Income	(946)
Change in Diluted Earnings per Share		(1.66)

Volumes
FY 2024 Crude Oil Equivalent Volumes (MMBoe)	388.7
Less: FY 2023 Crude Oil Equivalent Volumes (MMBoe)	(359.4)
Subtotal	29.3
Multiplied by: FY 2024 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)	20.09
Change in Margin	589
Less: Income Tax Benefit (Provision) Imputed (based on 22%)	(130)
Change in Net Income	459
Change in Diluted Earnings per Share		0.81

Certain Operating Costs per Boe
FY 2023 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe	20.05
Less: FY 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe	(20.74)
Subtotal	(0.69)
Multiplied by: FY 2024 Crude Oil Equivalent Volumes (MMBoe)	388.7
Change in Before-Tax Net Income	(268)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	59
Change in Net Income	(209)
Change in Diluted Earnings per Share		(0.37)


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)

Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
FY 2024 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts	214
Less: Income Tax Benefit (Provision)	(46)
After Tax - (a)	168
FY 2023 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts	(112)
Less: Income Tax Benefit (Provision)	24
After Tax - (b)	(88)
Change in Net Income - (a) - (b)	256
Change in Diluted Earnings per Share		0.45

Other (1)		0.70

FY 2024 Adjusted Net Income per Share (Non-GAAP)		11.62

FY 2024 Average Number of Common Shares (Non-GAAP) - Diluted	569


Cash Flow from Operations and Free Cash Flow
In millions of USD (Unaudited)

The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Cash Flow from Operations Before Changes in Working Capital (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing Activities 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 Cash Flow from Operations Before Changes in Working Capital (Non-GAAP) (see below reconciliation) for such period less the Total Capital Expenditures (Non-GAAP) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry.
	2023					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year

Net Cash Provided by Operating Activities (GAAP)	3,255	2,277	2,704	3,104	11,340	2,903	2,889	3,588	2,763	12,143

Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(338)	(137)	714	(201)	38	(58)	(33)	(109)	99	(101)
Inventories	77	226	28	(100)	231	(117)	(75)	(30)	(37)	(259)
Accounts Payable	77	231	(238)	49	119	58	(29)	159	(152)	36
Accrued Taxes Payable	(232)	212	(180)	139	(61)	(319)	185	(256)	(151)	(541)
Other Assets	(52)	(43)	92	(36)	(39)	161	(42)	(197)	34	(44)
Other Liabilities	(193)	47	(54)	16	(184)	71	20	(108)	(6)	(23)
Changes in Components of Working Capital Associated with Investing Activities	(35)	(250)	(28)	18	(295)	229	127	(59)	85	382
Cash Flow from Operations Before Changes in Working Capital (Non-GAAP)	2,559	2,563	3,038	2,989	11,149	2,928	3,042	2,988	2,635	11,593
Less:
Total Capital Expenditures (Non-GAAP) (a)	(1,489)	(1,521)	(1,519)	(1,512)	(6,041)	(1,703)	(1,668)	(1,497)	(1,358)	(6,226)
Free Cash Flow (Non-GAAP)	1,070	1,042	1,519	1,477	5,108	1,225	1,374	1,491	1,277	5,367

(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):

	2023					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year

Total Expenditures (GAAP)	1,717	1,664	1,803	1,634	6,818	1,952	1,682	1,573	1,446	6,653
Less:
Asset Retirement Costs	(10)	(26)	(191)	(30)	(257)	(21)	60	(11)	(26)	2
Non-Cash Development Drilling	—	(35)	(50)	(5)	(90)	—	—	—	—	—
Non-Cash Acquisition Costs of Unproved Properties	(31)	(28)	(1)	(39)	(99)	(31)	(34)	(17)	(3)	(85)
Acquisition Costs of Proved Properties	(4)	(6)	1	(7)	(16)	(21)	(5)	—	(7)	(33)
Acquisition Costs of Other Property, Plant and Equipment	(133)	(1)	—	—	(134)	(131)	(1)	(5)	—	(137)
Exploration Costs	(50)	(47)	(43)	(41)	(181)	(45)	(34)	(43)	(52)	(174)
Total Capital Expenditures (Non-GAAP)	1,489	1,521	1,519	1,512	6,041	1,703	1,668	1,497	1,358	6,226


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, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023

Total Stockholders' Equity - (a)	29,351		29,574		29,159		28,636		28,090

Current and Long-Term Debt (GAAP) - (b)	4,752		3,776		3,784		3,791		3,799
Less: Cash	(7,092)		(6,122)		(5,431)		(5,292)		(5,278)
Net Debt (Non-GAAP) - (c)	(2,340)		(2,346)		(1,647)		(1,501)		(1,479)

Total Capitalization (GAAP) - (a) + (b)	34,103		33,350		32,943		32,427		31,889

Total Capitalization (Non-GAAP) - (a) + (c)	27,011		27,228		27,512		27,135		26,611

Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	13.9	%	11.3	%	11.5	%	11.7	%	11.9	%

Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	-8.7	%	-8.6	%	-6.0	%	-5.5	%	-5.6	%


Proved Reserves and Reserve Replacement Data
(Unaudited)

2024 Net Proved Reserves Reconciliation Summary	United States		Trinidad		Other International		Total
Crude Oil and Condensate (MMBbl)
Beginning Reserves	1,754		2		—		1,756
Revisions	71		—		—		71
Purchases in Place	3		—		—		3
Extensions, Discoveries and Other Additions	228		—		—		228
Sales in Place	(8)		—		—		(8)
Production	(180)		—		—		(180)
Ending Reserves	1,868		2		—		1,870

Natural Gas Liquids (MMBbl)
Beginning Reserves	1,254		—		—		1,254
Revisions	31		—		—		31
Purchases in Place	2		—		—		2
Extensions, Discoveries and Other Additions	164		—		—		164
Sales in Place	(3)		—		—		(3)
Production	(90)		—		—		(90)
Ending Reserves	1,358		—		—		1,358

Natural Gas (Bcf)
Beginning Reserves	8,630		300		—		8,930
Revisions	(202)		2		—		(200)
Purchases in Place	10		—		—		10
Extensions, Discoveries and Other Additions	1,098		23		—		1,121
Sales in Place	(14)		—		—		(14)
Production	(644)		(81)		—		(725)
Ending Reserves	8,878		244		—		9,122

Oil Equivalents (MMBoe)
Beginning Reserves	4,447		51		—		4,498
Revisions	68		1		—		69
Purchases in Place	6		—		—		6
Extensions, Discoveries and Other Additions	576		4		—		580
Sales in Place	(14)		—		—		(14)
Production	(377)		(14)		—		(391)
Ending Reserves	4,706		42		—		4,748

Net Proved Developed Reserves (MMBoe)
At December 31, 2023	2,322		27		—		2,349
At December 31, 2024	2,542		24		—		2,566

2024 Exploration and Development Expenditures ($ Millions)

Acquisition Cost of Unproved Properties	229		—		1		230
Exploration Costs	286		115		28		429
Development Costs	4,820		124		—		4,944
Total Drilling	5,335		239		29		5,603
Acquisition Cost of Proved Properties	33		—		—		33
Asset Retirement Costs	(37)		8		27		(2)
Total Exploration and Development Expenditures	5,331		247		56		5,634
Gathering, Processing and Other	1,017		2		—		1,019
Total Expenditures	6,348		249		56		6,653
Proceeds from Sales in Place	(23)		—		—		(23)
Net Expenditures	6,325		249		56		6,630

Reserve Replacement Costs ($ / Boe) *
All-in Total, Net of Revisions	7.85		47.00		—		8.17
All-in Total, Excluding Revisions Due to Price	6.41		47.00		—		6.68

Reserve Replacement *
Drilling Only	153	%	29	%	0	%	148	%
All-in Total, Net of Revisions and Dispositions	169	%	36	%	0	%	164	%
All-in Total, Excluding Revisions Due to Price	207	%	36	%	0	%	201	%
All-in Total, Liquids	181	%	0	%	0	%	181	%

* See following reconciliation schedule for calculation methodology


Reserve Replacement Cost Data
(Unaudited; in millions, except ratio data)

For the Twelve Months Ended December 31, 2024	United States		Trinidad		Other International		Total

Total Costs Incurred in Exploration and Development Activities (GAAP)	5,331		247		56		5,634
Less: Asset Retirement Costs	37		(8)		(27)		2
Non-Cash Acquisition Costs of Unproved Properties	(85)		—		—		(85)
Total Acquisition Costs of Proved Properties	(33)		—		—		(33)
Exploration Expenses	(154)		(4)		(16)		(174)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)	5,096		235		13		5,344

Total Costs Incurred in Exploration and Development Activities (GAAP)	5,331		247		56		5,634
Less: Asset Retirement Costs	37		(8)		(27)		2
Non-Cash Acquisition Costs of Unproved Properties	(85)		—		—		(85)
Non-Cash Acquisition Costs of Proved Properties	(24)		—		—		(24)
Exploration Expenses	(154)		(4)		(16)		(174)
Total Exploration and Development Expenditures (Non-GAAP) - (b)	5,105		235		13		5,353

Total Expenditures (GAAP)	6,348		249		56		6,653
Less: Asset Retirement Costs	37		(8)		(27)		2
Non-Cash Acquisition Costs of Unproved Properties	(85)		—		—		(85)
Non-Cash Acquisition Costs of Proved Properties	(24)		—		—		(24)
Exploration Expenses	(154)		(4)		(16)		(174)
Total Cash Expenditures (Non-GAAP)	6,122		237		13		6,372

Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)	(146)		—		—		(146)
Revisions Other Than Price	214		1		—		215
Purchases in Place	6		—		—		6
Extensions, Discoveries and Other Additions - (d)	576		4		—		580
Total Proved Reserve Additions - (e)	650		5		—		655
Sales in Place	(14)		—		—		(14)
Net Proved Reserve Additions From All Sources - (f)	636		5		—		641

Production - (g)	377		14		—		391

Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)	8.85		58.75		—		9.21
All-in Total, Net of Revisions - (b / e)	7.85		47.00		—		8.17
All-in Total, Excluding Revisions Due to Price - (b / (e - c))	6.41		47.00		—		6.68

Reserve Replacement
Drilling Only - (d / g)	153	%	29	%	0	%	148	%
All-in Total, Net of Revisions and Dispositions - (f / g)	169	%	36	%	0	%	164	%
All-in Total, Excluding Revisions Due to Price - ((f - c) / g)	207	%	36	%	0	%	201	%


Reserve Replacement Cost Data (Continued)
(Unaudited; in millions, except ratio data)

For the Twelve Months Ended December 31, 2024	United States		Trinidad		Other International		Total

Net Proved Reserve Additions From All Sources - Liquids (MMBbl)
Revisions	102		—		—		102
Purchases in Place	5		—		—		5
Extensions, Discoveries and Other Additions - (h)	392		—		—		392
Total Proved Reserve Additions	499		—		—		499
Sales in Place	(11)		—		—		(11)
Net Proved Reserve Additions From All Sources - (i)	488		—		—		488

Production - (j)	270		—		—		270

Reserve Replacement - Liquids
Drilling Only - (h / j)	145	%	0	%	0	%	145	%
All-in Total, Net of Revisions and Dispositions - (i / j)	181	%	0	%	0	%	181	%


Reserve Replacement Cost Data (Continued)
(Unaudited; in millions, except ratio data)

For the Twelve Months Ended December 31, 2024

Proved Developed Reserve Replacement Costs ($ / Boe)			Total
Total Costs Incurred in Exploration and Development Activities (GAAP) - (k)			5,634
Less: Asset Retirement Costs			2
Acquisition Costs of Unproved Properties			(230)
Acquisition Costs of Proved Properties			(33)
Exploration Expenses			(174)
Drillbit Exploration and Development Expenditures (Non-GAAP) - (l)			5,199

Total Proved Reserves - Extensions, Discoveries and Other Additions (MMBoe)			580
Add: Conversion of Proved Undeveloped Reserves to Proved Developed			370
Less: Proved Undeveloped Extensions and Discoveries			(479)
Proved Developed Reserves - Extensions and Discoveries (MMBoe)			471

Total Proved Reserves - Revisions (MMBoe)			69
Less: Proved Undeveloped Reserves - Revisions			66
Proved Developed - Revisions Due to Price			41
Proved Developed Reserves - Revisions Other Than Price (MMBoe)			176

Proved Developed Reserves - Extensions and Discoveries Plus Revisions Other Than Price (MMBoe) - (m)			647

Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) (GAAP) - (k / m)			8.71

Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) (Non-GAAP) - (l / m)			8.04


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.

	2024	2023	2022	2021

Total Costs Incurred in Exploration and Development Activities (GAAP)	5,634	6,018	5,229	3,969
Less: Asset Retirement Costs	2	(257)	(298)	(127)
Non-Cash Acquisition Costs of Unproved Properties	(85)	(99)	(127)	(45)
Total Acquisition Costs of Proved Properties	(33)	(16)	(419)	(100)
Non-Cash Development Drilling	—	(90)	—	—
Exploration Expenses	(174)	(181)	(159)	(154)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)	5,344	5,375	4,226	3,543

Total Costs Incurred in Exploration and Development Activities (GAAP) - (b)	5,634	6,018	5,229	3,969
Less: Asset Retirement Costs	2	(257)	(298)	(127)
Non-Cash Acquisition Costs of Unproved Properties	(85)	(99)	(127)	(45)
Non-Cash Acquisition Costs of Proved Properties	(24)	(6)	(26)	(5)
Non-Cash Development Drilling	—	(90)	—	—
Exploration Expenses	(174)	(181)	(159)	(154)
Total Exploration and Development Expenditures (Non-GAAP) - (c)	5,353	5,385	4,619	3,638

Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (d)	(146)	(110)	11	194
Revisions Other Than Price	215	139	325	(308)
Purchases in Place	6	2	16	9
Extensions, Discoveries and Other Additions - (e)	580	607	560	952
Total Proved Reserve Additions - (f)	655	638	912	847
Sales in Place	(14)	(17)	(88)	(11)
Net Proved Reserve Additions From All Sources	641	621	824	836

Production	391	361	333	309

Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / e)	9.21	8.86	7.55	3.72
All-in Total, Net of Revisions - (c / f)	8.17	8.44	5.06	4.30
All-in Total, Excluding Revisions Due to Price (GAAP) - (b / ( f - d))	7.03	8.05	5.80	6.08
All-in Total, Excluding Revisions Due to Price (Non-GAAP) - (c / ( f - d))	6.68	7.20	5.13	5.57


Reserve Replacement Cost Data (Continued)
In millions of USD, except reserves and ratio data (Unaudited)

	2020	2019	2018

Total Costs Incurred in Exploration and Development Activities (GAAP)	3,718	6,628	6,420
Less: Asset Retirement Costs	(117)	(186)	(70)
Non-Cash Acquisition Costs of Unproved Properties	(197)	(98)	(291)
Total Acquisition Costs of Proved Properties	(135)	(380)	(124)
Exploration Expenses	(146)	(140)	(149)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)	3,123	5,824	5,786

Total Costs Incurred in Exploration and Development Activities (GAAP) - (b)	3,718	6,628	6,420
Less: Asset Retirement Costs	(117)	(186)	(70)
Non-Cash Acquisition Costs of Unproved Properties	(197)	(98)	(291)
Non-Cash Acquisition Costs of Proved Properties	(15)	(52)	(71)
Exploration Expenses	(146)	(140)	(149)
Total Exploration and Development Expenditures (Non-GAAP) - (c)	3,243	6,152	5,839

Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (d)	(278)	(60)	35
Revisions Other Than Price	(89)	—	(40)
Purchases in Place	10	17	12
Extensions, Discoveries and Other Additions - (e)	564	750	670
Total Proved Reserve Additions - (f)	207	707	677
Sales in Place	(31)	(5)	(11)
Net Proved Reserve Additions From All Sources	176	702	666

Production	285	301	265

Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / e)	5.54	7.77	8.64
All-in Total, Net of Revisions - (c / f)	15.67	8.70	8.62
All-in Total, Excluding Revisions Due to Price (GAAP) - (b / ( f - d))	7.67	8.64	10.00
All-in Total, Excluding Revisions Due to Price (Non-GAAP) - (c / ( f - d))	6.69	8.02	9.10


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


Revenues, Costs and Margins Per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)

EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or margins per barrel of oil equivalent (Boe). Certain of these components are adjusted for non-recurring and certain other items, as further discussed below. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.

	4Q 2024	3Q 2024	2Q 2024	1Q 2024	4Q 2023

Volume - Million Barrels of Oil Equivalent - (a)	100.8	99.0	95.3	93.6	94.4

Total Operating Revenues and Other (b)	5,585	5,965	6,025	6,123	6,357
Total Operating Expenses (c)	3,993	3,876	3,895	3,852	3,853
Operating Income (d)	1,592	2,089	2,130	2,271	2,504

Wellhead Revenues
Crude Oil and Condensate	3,261	3,488	3,692	3,480	3,597
Natural Gas Liquids	554	524	515	513	484
Natural Gas	494	372	303	382	476
Total Wellhead Revenues - (e)	4,309	4,384	4,510	4,375	4,557

Operating Costs
Lease and Well	394	392	390	396	378
Gathering, Processing and Transportation Costs (1)	441	445	423	413	423
General and Administrative (GAAP)	189	167	151	162	192
Less: Severance Tax Consulting Fees	—	(10)	—	—	—
General and Administrative (Non-GAAP) (3)	189	157	151	162	192
Taxes Other Than Income (GAAP)	291	283	337	338	301
Add: Severance Tax Refund	—	31	—	—	—
Taxes Other Than Income (Non-GAAP) (4)	291	314	337	338	301
Interest Expense, Net	38	31	36	33	35
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) (f)	1,353	1,318	1,337	1,342	1,329
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) (g)	1,353	1,339	1,337	1,342	1,329

Depreciation, Depletion and Amortization (DD&A)	1,019	1,031	984	1,074	930

Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)	2,372	2,349	2,321	2,416	2,259
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)	2,372	2,370	2,321	2,416	2,259

Exploration Costs	52	43	34	45	41
Dry Hole Costs	8	—	5	1	—
Impairments	276	15	81	19	79
Total Exploration Costs (GAAP)	336	58	120	65	120
Less: Certain Impairments (2)	(254)	—	(35)	(2)	(19)
Total Exploration Costs (Non-GAAP)	82	58	85	63	101

Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)	2,708	2,407	2,441	2,481	2,379
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)	2,454	2,428	2,406	2,479	2,360

Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))	1,601	1,977	2,069	1,894	2,178
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))	1,855	1,956	2,104	1,896	2,197


Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)

	4Q 2024	3Q 2024	2Q 2024	1Q 2024	4Q 2023
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)

Composite Average Operating Revenues and Other per Boe - (b) / (a)	55.41	60.25	63.22	65.42	67.34
Composite Average Operating Expenses per Boe - (c) / (a)	39.62	39.15	40.87	41.16	40.81
Composite Average Operating Income per Boe - (d) / (a)	15.79	21.10	22.35	24.26	26.53

Composite Average Wellhead Revenue per Boe - (e) / (a)	42.74	44.31	47.31	46.73	48.27

Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	13.42	13.32	14.03	14.33	14.08

Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	29.32	30.99	33.28	32.40	34.19

Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)	23.53	23.74	24.35	25.80	23.93

Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]	19.21	20.57	22.96	20.93	24.34

Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)	26.86	24.33	25.61	26.49	25.20

Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]	15.88	19.98	21.70	20.24	23.07

Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)

Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)	13.42	13.53	14.03	14.33	14.08

Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]	29.32	30.78	33.28	32.40	34.19

Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)	23.53	23.95	24.35	25.80	23.93

Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]	19.21	20.36	22.96	20.93	24.34

Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)	24.34	24.54	25.24	26.47	25.00

Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]	18.40	19.77	22.07	20.26	23.27


Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)

	2024	2023	2022	2021

Volume - Million Barrels of Oil Equivalent - (a)	388.7	359.4	331.5	302.5

Total Operating Revenues and Other (b)	23,698	24,186	25,702	18,642
Total Operating Expenses (c)	15,616	14,583	15,736	12,540
Operating Income (Loss) (d)	8,082	9,603	9,966	6,102

Wellhead Revenues
Crude Oil and Condensate	13,921	13,748	16,367	11,125
Natural Gas Liquids	2,106	1,884	2,648	1,812
Natural Gas	1,551	1,744	3,781	2,444
Total Wellhead Revenues - (e)	17,578	17,376	22,796	15,381

Operating Costs
Lease and Well	1,572	1,454	1,331	1,135
Gathering, Processing and Transportation Costs (1)	1,722	1,620	1,587	1,422
General and Administrative (GAAP)	669	640	570	511
Less: Severance Tax Consulting Fees	(10)	—	(16)	—
General and Administrative (Non-GAAP) (3)	659	640	554	511
Taxes Other Than Income (GAAP)	1,249	1,284	1,585	1,047
Add: Severance Tax Refund	31	—	115	—
Taxes Other Than Income (Non-GAAP) (4)	1,280	1,284	1,700	1,047
Interest Expense, Net	138	148	179	178
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)	5,350	5,146	5,252	4,293
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)	5,371	5,146	5,351	4,293

Depreciation, Depletion and Amortization (DD&A)	4,108	3,492	3,542	3,651

Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)	9,458	8,638	8,794	7,944
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)	9,479	8,638	8,893	7,944

Exploration Costs	174	181	159	154
Dry Hole Costs	14	1	45	71
Impairments	391	202	382	376
Total Exploration Costs (GAAP)	579	384	586	601
Less: Certain Impairments (2)	(291)	(42)	(113)	(15)
Total Exploration Costs (Non-GAAP)	288	342	473	586

Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)	10,037	9,022	9,380	8,545
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)	9,767	8,980	9,366	8,530

Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))	7,541	8,354	13,416	6,836
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))	7,811	8,396	13,430	6,851


Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
	2024	2023	2022	2021

Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)

Composite Average Operating Revenues and Other per Boe - (b) / (a)	60.97	67.30	77.53	61.63
Composite Average Operating Expenses per Boe - (c) / (a)	40.18	40.58	47.47	41.46
Composite Average Operating Income (Loss) per Boe - (d) / (a)	20.79	26.72	30.06	20.17

Composite Average Wellhead Revenue per Boe - (e) / (a)	45.22	48.34	68.77	50.84

Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	13.76	14.31	15.84	14.19

Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	31.46	34.03	52.93	36.65

Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)	24.33	24.03	26.53	26.26

Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]	20.89	24.31	42.24	24.58

Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)	25.82	25.10	28.30	28.25

Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]	19.40	23.24	40.47	22.59

Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)

Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)	13.82	14.31	16.14	14.19

Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]	31.40	34.03	52.63	36.65

Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)	24.39	24.03	26.83	26.26

Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]	20.83	24.31	41.94	24.58

Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)	25.13	24.98	28.26	28.20

Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]	20.09	23.36	40.51	22.64

(1)Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.

(2)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).

(3)EOG believes excluding the above-referenced items from General and Administrative Costs is appropriate and provides useful information to investors, as EOG views such items as non-recurring.

(4)EOG believes excluding the above-referenced items from Taxes Other Than Income is appropriate and provides useful information to investors, as EOG views such items as non-recurring.

EOG Resources (EOG) 8-KResults of Operations and Financial Condition