HighGravityDataEOG Resources — Feb 27, 2025 release
Fiscal 2024 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000821189-25-000010
No extracted guidance in this release.
All guidance in this release · 0
Exhibit 99.1 · the passage around this item
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 14 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. 15 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. 16 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. 17 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 18 Non-GAAP Financial Measures To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), EOG’s quarterly earnings releases and related conference calls, accompanying investor presentation slides and presentation slides for investor conferences contain certain financial measures that are not prepared or presented in accordance with GAAP. These non-GAAP financial measures may include, but are not limited to, Adjusted Net Income (Loss), 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. 19 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. 20 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. 21 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. 22 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. 23 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 (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, 2023, such amount was $18 million. 24 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. 25 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. 26 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 27 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. 28 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) 29 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 (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. 30 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 31 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. 32 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) 33 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 (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. 34 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 35 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 % 36 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 37 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 % 38 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 % 39 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 40 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 41 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 42 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 43 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 44 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 45 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. 46
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.