EX-99.1 2 exh99-1050125.htm PRESS RELEASE OF EOG RESOURCES, INC.

EXHIBIT 99.1

---

---

---

---

---

---

---

---

---

---

---

Table of Contents
First Quarter 2025
Supplemental Financial and Operating Data			Page
Income Statements			13
Volumes and Prices			14
Balance Sheets			15
Cash Flow Statements			16
Non-GAAP Financial Measures			17
Adjusted Net Income			18
Net Income Per Share			25
Adjusted Net Income Per Share			27
Cash Flow from Operations and Free Cash Flow			29
Net Debt-to-Total Capitalization Ratio			31
Revenues, Costs and Margins Per Barrel of Oil Equivalent			32

12

---

Income Statements
In millions of USD, except share data (in millions) and per share data (Unaudited)
			2024																		2025
			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			3,480			3,692			3,488			3,261			13,921						3,293												3,293
Natural Gas Liquids			513			515			524			554			2,106						572												572
Natural Gas			382			303			372			494			1,551						637												637
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net			237			(47)			79			(65)			204						(191)												(191)
Gathering, Processing and Marketing			1,459			1,519			1,481			1,341			5,800						1,340												1,340
Gains (Losses) on Asset Dispositions, Net			26			20			(7)			(23)			16						(1)												(1)
Other, Net			26			23			28			23			100						19												19
Total			6,123			6,025			5,965			5,585			23,698						5,669												5,669
Operating Expenses
Lease and Well			396			390			392			394			1,572						401												401
Gathering, Processing and Transportation Costs			413			423			445			441			1,722						440												440
Exploration Costs			45			34			43			52			174						41												41
Dry Hole Costs			1			5			—			8			14						34												34
Impairments			19			81			15			276			391						44												44
Marketing Costs			1,404			1,490			1,500			1,323			5,717						1,325												1,325
Depreciation, Depletion and Amortization			1,074			984			1,031			1,019			4,108						1,013												1,013
General and Administrative			162			151			167			189			669						171												171
Taxes Other Than Income			338			337			283			291			1,249						341												341
Total			3,852			3,895			3,876			3,993			15,616						3,810												3,810
Operating Income			2,271			2,130			2,089			1,592			8,082						1,859												1,859
Other Income, Net			62			66			76			70			274						65												65
Income Before Interest Expense and Income Taxes			2,333			2,196			2,165			1,662			8,356						1,924												1,924
Interest Expense, Net			33			36			31			38			138						47												47
Income Before Income Taxes			2,300			2,160			2,134			1,624			8,218						1,877												1,877
Income Tax Provision			511			470			461			373			1,815						414												414
Net Income			1,789			1,690			1,673			1,251			6,403						1,463												1,463
Dividends Declared per Common Share			0.9100			0.9100			0.9100			0.9750			3.7050						0.9750												0.9750
Net Income Per Share
Basic			3.11			2.97			2.97			2.25			11.31						2.66												2.66
Diluted			3.10			2.95			2.95			2.23			11.25						2.65												2.65
Average Number of Common Shares
Basic			575			569			564			557			566						550												550
Diluted			577			572			568			561			569						553												553

13

---

Volumes and Prices
(Unaudited)
			2024																																				2025
			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			486.8			490.1			491.8			493.5			490.6																								500.9												500.9
Trinidad			0.6			0.6			1.2			1.1			0.8																								1.2												1.2
Total			487.4			490.7			493.0			494.6			491.4																								502.1												502.1
Average Crude Oil and Condensate Prices ($/Bbl) (B)
United States			$	78.46		$	82.71		$	76.95		$	71.68		$	77.42																							$	72.90											$	72.90
Trinidad			67.50			70.75			63.15			60.47			64.43																								61.12												61.12
Composite			78.45			82.69			76.92			71.66			77.40																								72.87												72.87
Natural Gas Liquids Volumes (MBbld) (A)
United States			231.7			244.8			254.3			252.5			245.9																								241.7												241.7
Total			231.7			244.8			254.3			252.5			245.9																								241.7												241.7
Average Natural Gas Liquids Prices ($/Bbl) (B)
United States			$	24.32		$	23.11		$	22.42		$	23.85		$	23.40																							$	26.29											$	26.29
Composite			24.32			23.11			22.42			23.85			23.40																								26.29												26.29
Natural Gas Volumes (MMcfd) (A)
United States			1,658			1,668			1,745			1,840			1,728																								1,834												1,834
Trinidad			200			204			225			252			220																								246												246
Total			1,858			1,872			1,970			2,092			1,948																								2,080												2,080
Average Natural Gas Prices ($/Mcf) (B)
United States			$	2.10		$	1.57		$	1.84		$	2.39		$	1.99																							$	3.36											$	3.36
Trinidad			3.54			3.48			3.68			3.86			3.65																								3.78												3.78
Composite			2.26			1.78			2.05			2.57			2.17																								3.41												3.41
Crude Oil Equivalent Volumes (MBoed) (C)
United States			994.7			1,013.0			1,037.1			1,052.7			1,024.5																								1,048.3												1,048.3
Trinidad			34.1			34.5			38.6			43.0			37.6																								42.1												42.1
Total			1,028.8			1,047.5			1,075.7			1,095.7			1,062.1																								1,090.4												1,090.4
Total MMBoe (C)			93.6			95.3			99.0			100.8			388.7																								98.1												98.1

(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 10 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025).

(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.

14

---

Balance Sheets
In millions of USD (Unaudited)
			2024															2025
			MAR			JUN			SEP			DEC						MAR			JUN			SEP			DEC
Current Assets
Cash and Cash Equivalents			5,292			5,431			6,122			7,092						6,599
Accounts Receivable, Net			2,688			2,657			2,545			2,650						2,621
Inventories			1,154			1,069			1,038			985						897
Assets from Price Risk Management Activities			110			4			—			—						—
Other (A)			684			642			460			503						563
Total			9,928			9,803			10,165			11,230						10,680
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)			73,356			74,615			75,887			77,091						78,432
Other Property, Plant and Equipment			5,768			6,078			6,314			6,418						6,510
Total Property, Plant and Equipment			79,124			80,693			82,201			83,509						84,942
Less: Accumulated Depreciation, Depletion and Amortization			(46,047)			(47,049)			(48,075)			(49,297)						(50,310)
Total Property, Plant and Equipment, Net			33,077			33,644			34,126			34,212						34,632
Deferred Income Taxes			38			44			42			39						44
Other Assets			1,753			1,733			1,818			1,705						1,626
Total Assets			44,796			45,224			46,151			47,186						46,982
Current Liabilities
Accounts Payable			2,389			2,436			2,290			2,464						2,353
Accrued Taxes Payable			786			600			855			1,007						668
Dividends Payable			523			516			513			539						534
Liabilities from Price Risk Management Activities			—			8			32			116						276
Current Portion of Long-Term Debt			34			534			34			532						1,280
Current Portion of Operating Lease Liabilities			318			303			338			315						318
Other			223			231			344			381						290
Total			4,273			4,628			4,406			5,354						5,719
Long-Term Debt			3,757			3,250			3,742			4,220						3,464
Other Liabilities			2,533			2,456			2,480			2,395						2,368
Deferred Income Taxes			5,597			5,731			5,949			5,866						5,915
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par			206			206			206			206						206
Additional Paid in Capital			6,188			6,219			6,058			6,090						6,095
Accumulated Other Comprehensive Loss			(8)			(8)			(9)			(4)						(4)
Retained Earnings			23,897			25,071			26,231			26,941						27,869
Common Stock Held in Treasury			(1,647)			(2,329)			(2,912)			(3,882)						(4,650)
Total Stockholders' Equity			28,636			29,159			29,574			29,351						29,516
Total Liabilities and Stockholders' Equity			44,796			45,224			46,151			47,186						46,982

(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.

15

---

Cash Flow Statements
In millions of USD (Unaudited)
			2024																		2025
			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			1,789			1,690			1,673			1,251			6,403						1,463												1,463
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization			1,074			984			1,031			1,019			4,108						1,013												1,013
Impairments			19			81			15			276			391						44												44
Stock-Based Compensation Expenses			45			45			58			51			199						50												50
Deferred Income Taxes			199			128			220			(80)			467						44												44
(Gains) Losses on Asset Dispositions, Net			(26)			(20)			7			23			(16)						1												1
Other, Net			9			3			2			3			17						11												11
Dry Hole Costs			1			5			—			8			14						34												34
Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net			(237)			47			(79)			65			(204)						191												191
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts			55			79			61			19			214						(38)												(38)
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable			58			33			109			(99)			101						48												48
Inventories			117			75			30			37			259						76												76
Accounts Payable			(58)			29			(159)			152			(36)						(129)												(129)
Accrued Taxes Payable			319			(185)			256			151			541						(339)												(339)
Other Assets			(161)			42			197			(34)			44						(43)												(43)
Other Liabilities			(71)			(20)			108			6			23						(96)												(96)
Changes in Components of Working Capital Associated with Investing Activities			(229)			(127)			59			(85)			(382)						(41)												(41)
Net Cash Provided by Operating Activities			2,903			2,889			3,588			2,763			12,143						2,289												2,289
Investing Cash Flows
Additions to Oil and Gas Properties			(1,485)			(1,357)			(1,263)			(1,248)			(5,353)						(1,381)												(1,381)
Additions to Other Property, Plant and Equipment			(350)			(313)			(239)			(117)			(1,019)						(102)												(102)
Proceeds from Sales of Assets			9			10			—			4			23						12												12
Changes in Components of Working Capital Associated with Investing Activities			229			127			(59)			85			382						41												41
Net Cash Used in Investing Activities			(1,597)			(1,533)			(1,561)			(1,276)			(5,967)						(1,430)												(1,430)
Financing Cash Flows
Long-Term Debt Borrowings			—			—			—			985			985						—												—
Dividends Paid			(525)			(520)			(533)			(509)			(2,087)						(538)												(538)
Treasury Stock Purchased			(759)			(699)			(795)			(993)			(3,246)						(806)												(806)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan			—			11			—			11			22						—												—
Debt Issuance Costs			—			—			—			(2)			(2)						—												—
Repayment of Finance Lease Liabilities			(8)			(9)			(8)			(8)			(33)						(8)												(8)
Net Cash Used in Financing Activities			(1,292)			(1,217)			(1,336)			(516)			(4,361)						(1,352)												(1,352)
Effect of Exchange Rate Changes on Cash			—			–			–			(1)			(1)						—												—
Increase (Decrease) in Cash and Cash Equivalents			14			139			691			970			1,814						(493)												(493)
Cash and Cash Equivalents at Beginning of Period			5,278			5,292			5,431			6,122			5,278						7,092												7,092
Cash and Cash Equivalents at End of Period			5,292			5,431			6,122			7,092			7,092						6,599												6,599

16

---

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.

17

---

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.
			1Q 2025
			Before Tax						Income Tax Impact						After Tax						Diluted Earnings per Share
Reported Net Income (GAAP)			1,877						(414)						1,463						2.65
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net			191						(41)						150						0.26
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)			(38)						8						(30)						(0.05)
Add: Losses on Asset Dispositions, Net			1						2						3						0.01
Adjustments to Net Income			154						(31)						123						0.22
Adjusted Net Income (Non-GAAP)			2,031						(445)						1,586						2.87
Average Number of Common Shares
Basic																					550
Diluted																					553

(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 three months ended March 31, 2025, such amount was $38 million.

18

---

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

19

---

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

(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 September 30, 2024, such amount was $61 million.

20

---

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

(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 June 30, 2024, such amount was $79 million.

21

---

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

(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 March 31, 2024, such amount was $55 million.

22

---

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.

23

---

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.

24

---

Net Income per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
4Q 2024 Net Income per Share (GAAP) - Diluted									2.23
Realized Prices
1Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe			45.88
Less: 4Q 2024 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe			(42.74)
Subtotal			3.14
Multiplied by: 1Q 2025 Crude Oil Equivalent Volumes (MMBoe)			98.1
Total Change in Revenue			308
Add: Income Tax Benefit (Provision) Imputed (based on 22%)			(68)
Change in Net Income			240
Change in Diluted Earnings per Share									0.43
Volumes
1Q 2025 Crude Oil Equivalent Volumes (MMBoe)			98.1
Less: 4Q 2024 Crude Oil Equivalent Volumes (MMBoe)			(100.8)
Subtotal			(2.7)
Multiplied by: 1Q 2025 Composite Average Margin per Boe (GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)			20.09
Change in Margin			(54)
Less: Income Tax Benefit (Provision) Imputed (based on 22%)			12
Change in Net Income			(42)
Change in Diluted Earnings per Share									(0.08)
Certain Operating Costs per Boe
4Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe			20.26
Less: 1Q 2025 Total Cash Operating Costs (GAAP) and Total DD&A per Boe			(20.63)
Subtotal			(0.37)
Multiplied by: 1Q 2025 Crude Oil Equivalent Volumes (MMBoe)			98.1
Change in Before-Tax Net Income			(36)
Less: Income Tax Benefit (Provision) Imputed (based on 22%)			8
Change in Net Income			(28)
Change in Diluted Earnings per Share									(0.05)

25

---

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
1Q 2025 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts			(191)
Less: Income Tax Benefit (Provision)			41
After Tax - (a)			(150)
Less: 4Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts			(65)
Less: Income Tax Benefit (Provision)			14
After Tax - (b)			(51)
Change in Net Income - (a) - (b)			(99)
Change in Diluted Earnings per Share									(0.18)
Other (1)									0.30
1Q 2025 Net Income per Share (GAAP) - Diluted									2.65
1Q 2025 Average Number of Common Shares - Diluted			553

(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.

26

---

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)
4Q 2024 Adjusted Net Income per Share (Non-GAAP) - Diluted									2.74
Realized Prices
1Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe			45.88
Less: 4Q 2024 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe			(42.74)
Subtotal			3.14
Multiplied by: 1Q 2025 Crude Oil Equivalent Volumes (MMBoe)			98.1
Total Change in Revenue			308
Add: Income Tax Benefit (Provision) Imputed (based on 22%)			(68)
Change in Net Income			240
Change in Diluted Earnings per Share									0.43
Volumes
1Q 2025 Crude Oil Equivalent Volumes (MMBoe)			98.1
Less: 4Q 2024 Crude Oil Equivalent Volumes (MMBoe)			(100.8)
Subtotal			(2.7)
Multiplied by: 1Q 2025 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			(54)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)			12
Change in Net Income			(42)
Change in Diluted Earnings per Share									(0.08)
Certain Operating Costs per Boe
4Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe			20.26
Less: 1Q 2025 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe			(20.63)
Subtotal			(0.37)
Multiplied by: 1Q 2025 Crude Oil Equivalent Volumes (MMBoe)			98.1
Change in Before-Tax Net Income			(36)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)			8
Change in Net Income			(28)
Change in Diluted Earnings per Share									(0.05)

27

---

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
1Q 2025 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts			(38)
Less: Income Tax Benefit (Provision)			8
After Tax - (a)			(30)
4Q 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts			19
Less: Income Tax Benefit (Provision)			(4)
After Tax - (b)			15
Change in Net Income - (a) - (b)			(45)
Change in Diluted Earnings per Share									(0.08)
Other (1)									(0.09)
1Q 2025 Adjusted Net Income per Share (Non-GAAP)									2.87
1Q 2025 Average Number of Common Shares - Diluted			553

(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.

28

---

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.
															2024																		2025
															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)															2,903			2,889			3,588			2,763			12,143						2,289												2,289
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable															(58)			(33)			(109)			99			(101)						(48)												(48)
Inventories															(117)			(75)			(30)			(37)			(259)						(76)												(76)
Accounts Payable															58			(29)			159			(152)			36						129												129
Accrued Taxes Payable															(319)			185			(256)			(151)			(541)						339												339
Other Assets															161			(42)			(197)			34			(44)						43												43
Other Liabilities															71			20			(108)			(6)			(23)						96												96
Changes in Components of Working Capital Associated with Investing Activities															229			127			(59)			85			382						41												41
Cash Flow from Operations Before Changes in Working Capital (Non-GAAP)															2,928			3,042			2,988			2,635			11,593						2,813												2,813
Less:
Total Capital Expenditures (Non-GAAP) (a)															(1,703)			(1,668)			(1,497)			(1,358)			(6,226)						(1,484)												(1,484)
Free Cash Flow (Non-GAAP)															1,225			1,374			1,491			1,277			5,367						1,329												1,329
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
															2024																		2025
															1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year
Total Expenditures (GAAP)															1,952			1,682			1,573			1,446			6,653						1,546												1,546
Less:
Asset Retirement Costs															(21)			60			(11)			(26)			2						(13)												(13)
Non-Cash Acquisition Costs of Unproved Properties															(31)			(34)			(17)			(3)			(85)						(9)												(9)
Acquisition Costs of Proved Properties															(21)			(5)			—			(7)			(33)						1												1
Acquisition Costs of Other Property, Plant and Equipment															(131)			(1)			(5)			—			(137)						—												—
Exploration Costs															(45)			(34)			(43)			(52)			(174)						(41)												(41)
Total Capital Expenditures (Non-GAAP)															1,703			1,668			1,497			1,358			6,226						1,484												1,484

29

---

Cash Flow from Operations and Free Cash Flow (Continued)
In millions of USD (Unaudited)
																																	FY 2023						FY 2022
Net Cash Provided by Operating Activities (GAAP)																																	11,340						11,093
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable																																	38						347
Inventories																																	231						534
Accounts Payable																																	119						(90)
Accrued Taxes Payable																																	(61)						113
Other Assets																																	(39)						364
Other Liabilities																																	(184)						266
Changes in Components of Working Capital Associated with Investing Activities																					(295)						(375)
Cash Flow from Operations Before Changes in Working Capital (Non-GAAP)																					11,149						12,252
Less:
Total Capital Expenditures (Non-GAAP) (a)																																	(6,041)						(4,607)
Free Cash Flow (Non-GAAP)																																	5,108						7,645
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
Total Expenditures (GAAP)																																	6,818						5,610
Less:
Asset Retirement Costs																																	(257)						(298)
Non-Cash Development Drilling																																	(90)						—
Non-Cash Acquisition Costs of Unproved Properties																																	(99)						(127)
Acquisition Costs of Proved Properties																																	(16)						(419)
Acquisition Costs of Other Property, Plant and Equipment																																	(134)						—
Exploration Costs																																	(181)						(159)
Total Capital Expenditures (Non-GAAP)																																	6,041						4,607

30

---

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.
																					March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
Total Stockholders' Equity - (a)																					29,516						29,351						29,574						29,159						28,636
Current and Long-Term Debt (GAAP) - (b)																					4,744						4,752						3,776						3,784						3,791
Less: Cash																					(6,599)						(7,092)						(6,122)						(5,431)						(5,292)
Net Debt (Non-GAAP) - (c)																					(1,855)						(2,340)						(2,346)						(1,647)						(1,501)
Total Capitalization (GAAP) - (a) + (b)																					34,260						34,103						33,350						32,943						32,427
Total Capitalization (Non-GAAP) - (a) + (c)																					27,661						27,011						27,228						27,512						27,135
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]																					13.8		%				13.9		%				11.3		%				11.5		%				11.7		%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]																					-6.7		%				-8.7		%				-8.6		%				-6.0		%				-5.5		%

31

---

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.
			1Q 2025						4Q 2024						3Q 2024						2Q 2024						1Q 2024
Volume - Million Barrels of Oil Equivalent - (a)			98.1						100.8						99.0						95.3						93.6
Total Operating Revenues and Other - (b)			5,669						5,585						5,965						6,025						6,123
Total Operating Expenses - (c)			3,810						3,993						3,876						3,895						3,852
Operating Income - (d)			1,859						1,592						2,089						2,130						2,271
Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas
Crude Oil and Condensate			3,293						3,261						3,488						3,692						3,480
Natural Gas Liquids			572						554						524						515						513
Natural Gas			637						494						372						303						382
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e)			4,502						4,309						4,384						4,510						4,375
Operating Costs
Lease and Well			401						394						392						390						396
Gathering, Processing and Transportation Costs (1)			440						441						445						423						413
General and Administrative (GAAP)			171						189						167						151						162
Less: Severance Tax Consulting Fees			—						—						(10)						—						—
General and Administrative (Non-GAAP) (3)			171						189						157						151						162
Taxes Other Than Income (GAAP)			341						291						283						337						338
Add: Severance Tax Refund			—						—						31						—						—
Taxes Other Than Income (Non-GAAP) (4)			341						291						314						337						338
Interest Expense, Net			47						38						31						36						33
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)			1,400						1,353						1,318						1,337						1,342
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)			1,400						1,353						1,339						1,337						1,342
Depreciation, Depletion and Amortization (DD&A)			1,013						1,019						1,031						984						1,074
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)			2,413						2,372						2,349						2,321						2,416
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)			2,413						2,372						2,370						2,321						2,416
Exploration Costs			41						52						43						34						45
Dry Hole Costs			34						8						—						5						1
Impairments			44						276						15						81						19
Total Exploration Costs (GAAP)			119						336						58						120						65
Less: Certain Impairments (2)			—						(254)						—						(35)						(2)
Total Exploration Costs (Non-GAAP)			119						82						58						85						63
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)			2,532						2,708						2,407						2,441						2,481
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)			2,532						2,454						2,428						2,406						2,479
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))			1,970						1,601						1,977						2,069						1,894
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))			1,970						1,855						1,956						2,104						1,896

32

---

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
			1Q 2025						4Q 2024						3Q 2024						2Q 2024						1Q 2024
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)			57.79						55.41						60.25						63.22						65.42
Composite Average Operating Expenses per Boe - (c) / (a)			38.84						39.62						39.15						40.87						41.16
Composite Average Operating Income per Boe - (d) / (a)			18.95						15.79						21.10						22.35						24.26
Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe - (e) / (a)			45.88						42.74						44.31						47.31						46.73
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)			14.26						13.42						13.32						14.03						14.33
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]			31.62						29.32						30.99						33.28						32.40
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)			24.58						23.53						23.74						24.35						25.80
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]			21.30						19.21						20.57						22.96						20.93
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)			25.79						26.86						24.33						25.61						26.49
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]			20.09						15.88						19.98						21.70						20.24
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)			14.26						13.42						13.53						14.03						14.33
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]			31.62						29.32						30.78						33.28						32.40
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)			24.58						23.53						23.95						24.35						25.80
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]			21.30						19.21						20.36						22.96						20.93
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)			25.79						24.34						24.54						25.24						26.47
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]			20.09						18.40						19.77						22.07						20.26

33

---

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
															2024						2023						2022
Volume - Million Barrels of Oil Equivalent - (a)															388.7						359.4						331.5
Total Operating Revenues and Other - (b)															23,698						24,186						25,702
Total Operating Expenses - (c)															15,616						14,583						15,736
Operating Income (Loss) - (d)															8,082						9,603						9,966
Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas
Crude Oil and Condensate															13,921						13,748						16,367
Natural Gas Liquids															2,106						1,884						2,648
Natural Gas															1,551						1,744						3,781
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e)															17,578						17,376						22,796
Operating Costs
Lease and Well															1,572						1,454						1,331
Gathering, Processing and Transportation Costs (1)															1,722						1,620						1,587
General and Administrative (GAAP)															669						640						570
Less: Severance Tax Consulting Fees															(10)						—						(16)
General and Administrative (Non-GAAP) (3)															659						640						554
Taxes Other Than Income (GAAP)															1,249						1,284						1,585
Add: Severance Tax Refund															31						—						115
Taxes Other Than Income (Non-GAAP) (4)															1,280						1,284						1,700
Interest Expense, Net															138						148						179
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)															5,350						5,146						5,252
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)															5,371						5,146						5,351
Depreciation, Depletion and Amortization (DD&A)															4,108						3,492						3,542
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)															9,458						8,638						8,794
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)															9,479						8,638						8,893
Exploration Costs															174						181						159
Dry Hole Costs															14						1						45
Impairments															391						202						382
Total Exploration Costs (GAAP)															579						384						586
Less: Certain Impairments (2)															(291)						(42)						(113)
Total Exploration Costs (Non-GAAP)															288						342						473
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)															10,037						9,022						9,380
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)															9,767						8,980						9,366
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))															7,541						8,354						13,416
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))															7,811						8,396						13,430

34

---

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
															2024						2023						2022
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)															60.97						67.30						77.53
Composite Average Operating Expenses per Boe - (c) / (a)															40.18						40.58						47.47
Composite Average Operating Income (Loss) per Boe - (d) / (a)															20.79						26.72						30.06
Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe - (e) / (a)															45.22						48.34						68.77
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)															13.76						14.31						15.84
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]															31.46						34.03						52.93
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)															24.33						24.03						26.53
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]															20.89						24.31						42.24
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)															25.82						25.10						28.30
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]															19.40						23.24						40.47
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
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]															31.40						34.03						52.63
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)															24.39						24.03						26.83
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]															20.83						24.31						41.94
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)															25.13						24.98						28.26
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]															20.09						23.36						40.51

(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.

35