EX-99.1 2 exh99-1110724.htm EX-99.1

EXHIBIT 99.1

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Table of Contents
Third Quarter 2024
Supplemental Financial and Operating Data			Page
Income Statements			13
Wellhead Volumes and Prices			14
Balance Sheets			15
Cash Flow Statements			16
Non-GAAP Financial Measures			17
Adjusted Net Income			18
Net Income Per Share			23
Adjusted Net Income Per Share			25
Cash Flow from Operations and Free Cash Flow			27
Net Debt-to-Total Capitalization Ratio			28
Revenues, Costs and Margins Per Barrel of Oil Equivalent			29

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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						10,660
Natural Gas Liquids			490			409			501			484			1,884						513			515			524						1,552
Natural Gas			517			334			417			476			1,744						382			303			372						1,057
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net			376			101			43			298			818						237			(47)			79						269
Gathering, Processing and Marketing			1,390			1,465			1,478			1,473			5,806						1,459			1,519			1,481						4,459
Gains (Losses) on Asset Dispositions, Net			69			(9)			35			—			95						26			20			(7)						39
Other, Net			20			21			21			29			91						26			23			28						77
Total			6,044			5,573			6,212			6,357			24,186						6,123			6,025			5,965						18,113
Operating Expenses
Lease and Well			359			348			369			378			1,454						396			390			392						1,178
Gathering, Processing and Transportation Costs (A)			395			396			406			423			1,620						413			423			445						1,281
Exploration Costs			50			47			43			41			181						45			34			43						122
Dry Hole Costs			1			—			—			—			1						1			5			—						6
Impairments			34			35			54			79			202						19			81			15						115
Marketing Costs			1,361			1,456			1,383			1,509			5,709						1,404			1,490			1,500						4,394
Depreciation, Depletion and Amortization			798			866			898			930			3,492						1,074			984			1,031						3,089
General and Administrative			145			142			161			192			640						162			151			167						480
Taxes Other Than Income			329			313			341			301			1,284						338			337			283						958
Total			3,472			3,603			3,655			3,853			14,583						3,852			3,895			3,876						11,623
Operating Income			2,572			1,970			2,557			2,504			9,603						2,271			2,130			2,089						6,490
Other Income, Net			65			51			52			66			234						62			66			76						204
Income Before Interest Expense and Income Taxes			2,637			2,021			2,609			2,570			9,837						2,333			2,196			2,165						6,694
Interest Expense, Net			42			35			36			35			148						33			36			31						100
Income Before Income Taxes			2,595			1,986			2,573			2,535			9,689						2,300			2,160			2,134						6,594
Income Tax Provision			572			433			543			547			2,095						511			470			461						1,442
Net Income			2,023			1,553			2,030			1,988			7,594						1,789			1,690			1,673						5,152
Dividends Declared per Common Share			1.8250			0.8250			0.8250			2.4100			5.8850						0.9100			0.9100			0.9100						2.7300
Net Income Per Share
Basic			3.46			2.68			3.51			3.43			13.07						3.11			2.97			2.97						9.05
Diluted			3.45			2.66			3.48			3.42			13.00						3.10			2.95			2.95						8.99
Average Number of Common Shares
Basic			584			580			579			579			581						575			569			564						569
Diluted			587			584			583			581			584						577			572			568						573

(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.

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Wellhead 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						489.6
Trinidad			0.6			0.6			0.5			0.6			0.6																								0.6			0.6			1.2						0.8
Total			457.7			476.6			483.3			485.2			475.8																								487.4			490.7			493.0						490.4
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					$	79.36
Trinidad			68.98			64.88			71.38			69.21			65.58																								67.50			70.75			63.15						66.22
Composite			77.26			74.97			83.60			80.60			79.17																								78.45			82.69			76.92						79.34
Natural Gas Liquids Volumes (MBbld) (A)
United States			212.2			215.7			231.1			235.8			223.8																								231.7			244.8			254.3						243.7
Total			212.2			215.7			231.1			235.8			223.8																								231.7			244.8			254.3						243.7
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					$	23.25
Composite			25.67			20.85			23.56			22.29			23.07																								24.32			23.11			22.42						23.25
Natural Gas Volumes (MMcfd) (A)
United States			1,475			1,513			1,562			1,653			1,551																								1,658			1,668			1,745						1,691
Trinidad			164			155			142			178			160																								200			204			225						209
Total			1,639			1,668			1,704			1,831			1,711																								1,858			1,872			1,970						1,900
Average Natural Gas Prices ($/Mcf) (B)
United States			$	3.47		$	2.07		$	2.59		$	2.72		$	2.70																							$	2.10		$	1.57		$	1.84					$	1.84
Trinidad			3.87			3.45			3.41			3.81			3.65																								3.54			3.48			3.68						3.57
Composite			3.51			2.20			2.66			2.82			2.79																								2.26			1.78			2.05						2.03
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						1,015.0
Trinidad			28.0			26.5			24.3			30.4			27.3																								34.1			34.5			38.6						35.8
Total			943.0			970.3			998.5			1,026.2			984.8																								1,028.8			1,047.5			1,075.7						1,050.8
Total MMBoe (C)			84.9			88.3			91.9			94.4			359.4																								93.6			95.3			99.0						287.9

(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 derivative instruments (see Note 12 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 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.

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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
Accounts Receivable, Net			2,455			2,263			2,927			2,716						2,688			2,657			2,545
Inventories			1,131			1,355			1,379			1,275						1,154			1,069			1,038
Assets from Price Risk Management Activities			—			—			—			106						110			4			—
Income Taxes Receivable			—			1			—			—						—			2			2
Other			580			523			626			560						684			640			458
Total			9,184			8,906			10,258			9,935						9,928			9,803			10,165
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
Other Property, Plant and Equipment			5,101			5,282			5,355			5,497						5,768			6,078			6,314
Total Property, Plant and Equipment			73,008			74,460			76,085			77,587						79,124			80,693			82,201
Less: Accumulated Depreciation, Depletion and Amortization			(42,785)			(43,550)			(44,362)			(45,290)						(46,047)			(47,049)			(48,075)
Total Property, Plant and Equipment, Net			30,223			30,910			31,723			32,297						33,077			33,644			34,126
Deferred Income Taxes			31			33			33			42						38			44			42
Other Assets			1,587			1,638			1,633			1,583						1,753			1,733			1,818
Total Assets			41,025			41,487			43,647			43,857						44,796			45,224			46,151
Current Liabilities
Accounts Payable			2,438			2,205			2,464			2,437						2,389			2,436			2,290
Accrued Taxes Payable			637			425			605			466						786			600			855
Dividends Payable			482			478			478			526						523			516			513
Liabilities from Price Risk Management Activities			31			22			22			—						—			8			32
Current Portion of Long-Term Debt			33			34			34			34						34			534			34
Current Portion of Operating Lease Liabilities			354			335			337			325						318			303			338
Other			253			232			285			286						223			231			344
Total			4,228			3,731			4,225			4,074						4,273			4,628			4,406
Long-Term Debt			3,787			3,780			3,772			3,765						3,757			3,250			3,742
Other Liabilities			2,620			2,581			2,698			2,526						2,533			2,456			2,480
Deferred Income Taxes			4,943			5,138			5,194			5,402						5,597			5,731			5,949
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par			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
Accumulated Other Comprehensive Loss			(8)			(9)			(7)			(9)						(8)			(8)			(9)
Retained Earnings			19,423			20,497			22,047			22,634						23,897			25,071			26,231
Common Stock Held in Treasury			(393)			(694)			(621)			(907)						(1,647)			(2,329)			(2,912)
Total Stockholders' Equity			25,447			26,257			27,758			28,090						28,636			29,159			29,574
Total Liabilities and Stockholders' Equity			41,025			41,487			43,647			43,857						44,796			45,224			46,151

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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						5,152
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization			798			866			898			930			3,492						1,074			984			1,031						3,089
Impairments			34			35			54			79			202						19			81			15						115
Stock-Based Compensation Expenses			34			35			57			51			177						45			45			58						148
Deferred Income Taxes			234			194			56			199			683						199			128			220						547
(Gains) Losses on Asset Dispositions, Net			(69)			9			(35)			—			(95)						(26)			(20)			7						(39)
Other, Net			4			2			(1)			22			27						9			3			2						14
Dry Hole Costs			1			—			—			—			1						1			5			—						6
Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net			(376)			(101)			(43)			(298)			(818)						(237)			47			(79)						(269)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts			(123)			(30)			23			18			(112)						55			79			61						195
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						200
Inventories			(77)			(226)			(28)			100			(231)						117			75			30						222
Accounts Payable			(77)			(231)			238			(49)			(119)						(58)			29			(159)						(188)
Accrued Taxes Payable			232			(212)			180			(139)			61						319			(185)			256						390
Other Assets			52			43			(92)			36			39						(161)			42			197						78
Other Liabilities			193			(47)			54			(16)			184						(71)			(20)			108						17
Changes in Components of Working Capital Associated with Investing Activities			35			250			28			(18)			295						(229)			(127)			59						(297)
Net Cash Provided by Operating Activities			3,255			2,277			2,704			3,104			11,340						2,903			2,889			3,588						9,380
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)						(4,105)
Additions to Other Property, Plant and Equipment			(319)			(180)			(139)			(162)			(800)						(350)			(313)			(239)						(902)
Proceeds from Sales of Assets			92			29			14			5			140						9			10			—						19
Changes in Components of Working Capital Associated with Investing Activities			(35)			(250)			(28)			18			(295)						229			127			(59)						297
Net Cash Used in Investing Activities			(1,567)			(1,742)			(1,532)			(1,499)			(6,340)						(1,597)			(1,533)			(1,561)						(4,691)
Financing Cash Flows
Long-Term Debt Repayments			(1,250)			—			—			—			(1,250)						—			—			—						—
Dividends Paid			(1,067)			(480)			(494)			(1,345)			(3,386)						(525)			(520)			(533)						(1,578)
Treasury Stock Purchased			(317)			(302)			(109)			(310)			(1,038)						(759)			(699)			(795)						(2,253)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan			—			9			1			10			20						—			11			—						11
Debt Issuance Costs			—			(8)			—			—			(8)						—			—			—						—
Repayment of Finance Lease Liabilities			(8)			(8)			(8)			(8)			(32)						(8)			(9)			(8)						(25)
Net Cash Used in Financing Activities			(2,642)			(789)			(610)			(1,653)			(5,694)						(1,292)			(1,217)			(1,336)						(3,845)
Effect of Exchange Rate Changes on Cash			—			—			—			—			—						—			–			–						—
Increase (Decrease) in Cash and Cash Equivalents			(954)			(254)			562			(48)			(694)						14			139			691						844
Cash and Cash Equivalents at Beginning of Period			5,972			5,018			4,764			5,326			5,972						5,278			5,292			5,431						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						6,122

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Non-GAAP Financial Measures

To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), EOG’s quarterly earnings releases and related conference calls, accompanying investor presentation slides and presentation slides for investor conferences contain certain financial measures that are not prepared or presented in accordance with GAAP. These non-GAAP financial measures may include, but are not limited to, Adjusted Net Income (Loss), 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.

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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.
			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 (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (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.

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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 (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (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.

19

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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 (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (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.

20

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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 (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (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.

21

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Adjusted Net Income (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
			3Q 2023
			Before Tax						Income Tax Impact						After Tax						Diluted Earnings per Share
Reported Net Income (GAAP)			2,573						(543)						2,030						3.48
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net			(43)						9						(34)						(0.06)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)			23						(5)						18						0.03
Less: Gains on Asset Dispositions, Net			(35)						7						(28)						(0.05)
Add: Certain Impairments			23						(2)						21						0.04
Adjustments to Net Income			(32)						9						(23)						(0.04)
Adjusted Net Income (Non-GAAP)			2,541						(534)						2,007						3.44
Average Number of Common Shares
Basic																					579
Diluted																					583

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended September 30, 2023, such amount was $23 million.

22

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Net Income per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
2Q 2024 Net Income per Share (GAAP) - Diluted									2.95
Realized Price
3Q 2024 Composite Average Wellhead Revenue per Boe			44.31
Less: 2Q 2024 Composite Average Wellhead Revenue per Boe			(47.31)
Subtotal			(3.00)
Multiplied by: 3Q 2024 Crude Oil Equivalent Volumes (MMBoe)			99.0
Total Change in Revenue			(297)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)			65
Change in Net Income			(232)
Change in Diluted Earnings per Share									(0.41)
Wellhead Volumes
3Q 2024 Crude Oil Equivalent Volumes (MMBoe)			99.0
Less: 2Q 2024 Crude Oil Equivalent Volumes (MMBoe)			(95.3)
Subtotal			3.7
Multiplied by: 3Q 2024 Composite Average Margin per Boe (GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)			19.98
Change in Margin			74
Add: Income Tax Benefit (Provision) Imputed (based on 22%)			(16)
Change in Net Income			58
Change in Diluted Earnings per Share									0.10
Certain Operating Costs per Boe
2Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe			20.43
Less: 3Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe			(20.57)
Subtotal			(0.14)
Multiplied by: 3Q 2024 Crude Oil Equivalent Volumes (MMBoe)			99.0
Change in Before-Tax Net Income			(14)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)			3
Change in Net Income			(11)
Change in Diluted Earnings per Share									(0.02)

23

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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
3Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts			79
Less: Income Tax Benefit (Provision)			(17)
After Tax - (a)			62
Less: 2Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts			(47)
Less: Income Tax Benefit (Provision)			10
After Tax - (b)			(37)
Change in Net Income - (a) - (b)			99
Change in Diluted Earnings per Share									0.17
Other (1)									0.16
3Q 2024 Net Income per Share (GAAP) - Diluted									2.95
3Q 2024 Average Number of Common Shares - Diluted			568

(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.

24

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Adjusted Net Income Per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
2Q 2024 Adjusted Net Income per Share (Non-GAAP) - Diluted									3.16
Realized Price
3Q 2024 Composite Average Wellhead Revenue per Boe			44.31
Less: 2Q 2024 Composite Average Wellhead Revenue per Boe			(47.31)
Subtotal			(3.00)
Multiplied by: 3Q 2024 Crude Oil Equivalent Volumes (MMBoe)			99.0
Total Change in Revenue			(297)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)			65
Change in Net Income			(232)
Change in Diluted Earnings per Share									(0.41)
Wellhead Volumes
3Q 2024 Crude Oil Equivalent Volumes (MMBoe)			99.0
Less: 2Q 2024 Crude Oil Equivalent Volumes (MMBoe)			(95.3)
Subtotal			3.7
Multiplied by: 3Q 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)			19.77
Change in Margin			73
Add: Income Tax Benefit (Provision) Imputed (based on 22%)			(16)
Change in Net Income			57
Change in Diluted Earnings per Share									0.10
Certain Operating Costs per Boe
2Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe			20.43
Less: 3Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe			(20.47)
Subtotal			(0.04)
Multiplied by: 3Q 2024 Crude Oil Equivalent Volumes (MMBoe)			99.0
Change in Before-Tax Net Income			(4)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)			1
Change in Net Income			(3)
Change in Diluted Earnings per Share									(0.01)

25

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Adjusted Net Income Per Share (Continued)
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
3Q 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts			61
Less: Income Tax Benefit (Provision)			(13)
After Tax - (a)			48
2Q 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts			79
Less: Income Tax Benefit (Provision)			(17)
After Tax - (b)			62
Change in Net Income - (a) - (b)			(14)
Change in Diluted Earnings per Share									(0.02)
Other (1)									0.07
3Q 2024 Adjusted Net Income per Share (Non-GAAP)									2.89
3Q 2024 Average Number of Common Shares - Diluted			568

(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.

26

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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						9,380
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable															(338)			(137)			714			(201)			38						(58)			(33)			(109)						(200)
Inventories															77			226			28			(100)			231						(117)			(75)			(30)						(222)
Accounts Payable															77			231			(238)			49			119						58			(29)			159						188
Accrued Taxes Payable															(232)			212			(180)			139			(61)						(319)			185			(256)						(390)
Other Assets															(52)			(43)			92			(36)			(39)						161			(42)			(197)						(78)
Other Liabilities															(193)			47			(54)			16			(184)						71			20			(108)						(17)
Changes in Components of Working Capital Associated with Investing Activities															(35)			(250)			(28)			18			(295)						229			127			(59)						297
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						8,958
Less:
Total Capital Expenditures (Non-GAAP) (a)															(1,489)			(1,521)			(1,519)			(1,512)			(6,041)						(1,703)			(1,668)			(1,497)						(4,868)
Free Cash Flow (Non-GAAP)															1,070			1,042			1,519			1,477			5,108						1,225			1,374			1,491						4,090
(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						5,207
Less:
Asset Retirement Costs															(10)			(26)			(191)			(30)			(257)						(21)			60			(11)						28
Non-Cash Development Drilling															—			(35)			(50)			(5)			(90)						—			—			—						—
Non-Cash Acquisition Costs of Unproved Properties															(31)			(28)			(1)			(39)			(99)						(31)			(34)			(17)						(82)
Acquisition Costs of Proved Properties															(4)			(6)			1			(7)			(16)						(21)			(5)			—						(26)
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)						(122)
Total Capital Expenditures (Non-GAAP)															1,489			1,521			1,519			1,512			6,041						1,703			1,668			1,497						4,868

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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.
																					September 30, 2024						June 30, 2024						March 31, 2024						December 31, 2023						September 30, 2023
Total Stockholders' Equity - (a)																					29,574						29,159						28,636						28,090						27,758
Current and Long-Term Debt (GAAP) - (b)																					3,776						3,784						3,791						3,799						3,806
Less: Cash																					(6,122)						(5,431)						(5,292)						(5,278)						(5,326)
Net Debt (Non-GAAP) - (c)																					(2,346)						(1,647)						(1,501)						(1,479)						(1,520)
Total Capitalization (GAAP) - (a) + (b)																					33,350						32,943						32,427						31,889						31,564
Total Capitalization (Non-GAAP) - (a) + (c)																					27,228						27,512						27,135						26,611						26,238
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]																					11.3		%				11.5		%				11.7		%				11.9		%				12.1		%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]																					-8.6		%				-6.0		%				-5.5		%				-5.6		%				-5.8		%

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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.
			3Q 2024						2Q 2024						1Q 2024						4Q 2023						3Q 2023
Volume - Million Barrels of Oil Equivalent - (a)			99.0						95.3						93.6						94.4						91.9
Total Operating Revenues and Other (b)			5,965						6,025						6,123						6,357						6,212
Total Operating Expenses (c)			3,876						3,895						3,852						3,853						3,655
Operating Income (d)			2,089						2,130						2,271						2,504						2,557
Wellhead Revenues
Crude Oil and Condensate			3,488						3,692						3,480						3,597						3,717
Natural Gas Liquids			524						515						513						484						501
Natural Gas			372						303						382						476						417
Total Wellhead Revenues - (e)			4,384						4,510						4,375						4,557						4,635
Operating Costs
Lease and Well			392						390						396						378						369
Gathering, Processing and Transportation Costs (1)			445						423						413						423						406
General and Administrative (GAAP)			167						151						162						192						161
Less: Severance Tax Consulting Fees			(10)						—						—						—						—
General and Administrative (Non-GAAP) (3)			157						151						162						192						161
Taxes Other Than Income (GAAP)			283						337						338						301						341
Add: Severance Tax Refund			31						—						—						—						—
Taxes Other Than Income (Non-GAAP) (4)			314						337						338						301						341
Interest Expense, Net			31						36						33						35						36
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) (f)			1,318						1,337						1,342						1,329						1,313
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) (g)			1,339						1,337						1,342						1,329						1,313
Depreciation, Depletion and Amortization (DD&A)			1,031						984						1,074						930						898
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)			2,349						2,321						2,416						2,259						2,211
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)			2,370						2,321						2,416						2,259						2,211
Exploration Costs			43						34						45						41						43
Dry Hole Costs			—						5						1						—						—
Impairments			15						81						19						79						54
Total Exploration Costs (GAAP)			58						120						65						120						97
Less: Certain Impairments (2)			—						(35)						(2)						(19)						(23)
Total Exploration Costs (Non-GAAP)			58						85						63						101						74
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)			2,407						2,441						2,481						2,379						2,308
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)			2,428						2,406						2,479						2,360						2,285
Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))			1,977						2,069						1,894						2,178						2,327
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))			1,956						2,104						1,896						2,197						2,350

29

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Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
			3Q 2024						2Q 2024						1Q 2024						4Q 2023						3Q 2023
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)			60.25						63.22						65.42						67.34						67.59
Composite Average Operating Expenses per Boe - (c) / (a)			39.15						40.87						41.16						40.81						39.77
Composite Average Operating Income per Boe - (d) / (a)			21.10						22.35						24.26						26.53						27.82
Composite Average Wellhead Revenue per Boe - (e) / (a)			44.31						47.31						46.73						48.27						50.46
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)			13.32						14.03						14.33						14.08						14.29
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]			30.99						33.28						32.40						34.19						36.17
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)			23.74						24.35						25.80						23.93						24.07
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]			20.57						22.96						20.93						24.34						26.39
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)			24.33						25.61						26.49						25.20						25.13
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]			19.98						21.70						20.24						23.07						25.33
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)			13.53						14.03						14.33						14.08						14.29
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]			30.78						33.28						32.40						34.19						36.17
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)			23.95						24.35						25.80						23.93						24.07
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]			20.36						22.96						20.93						24.34						26.39
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)			24.54						25.24						26.47						25.00						24.88
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]			19.77						22.07						20.26						23.27						25.58

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Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
															2023						2022						2021
Volume - Million Barrels of Oil Equivalent - (a)															359.4						331.5						302.5
Total Operating Revenues and Other (b)															24,186						25,702						18,642
Total Operating Expenses (c)															14,583						15,736						12,540
Operating Income (Loss) (d)															9,603						9,966						6,102
Wellhead Revenues
Crude Oil and Condensate															13,748						16,367						11,125
Natural Gas Liquids															1,884						2,648						1,812
Natural Gas															1,744						3,781						2,444
Total Wellhead Revenues - (e)															17,376						22,796						15,381
Operating Costs
Lease and Well															1,454						1,331						1,135
Gathering, Processing and Transportation Costs (1)															1,620						1,587						1,422
General and Administrative (GAAP)															640						570						511
Less: Severance Tax Consulting Fees															—						(16)						—
General and Administrative (Non-GAAP) (3)															640						554						511
Taxes Other Than Income (GAAP)															1,284						1,585						1,047
Add: Severance Tax Refund															—						115						—
Taxes Other Than Income (Non-GAAP) (4)															1,284						1,700						1,047
Interest Expense, Net															148						179						178
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)															5,146						5,252						4,293
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)															5,146						5,351						4,293
Depreciation, Depletion and Amortization (DD&A)															3,492						3,542						3,651
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)															8,638						8,794						7,944
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)															8,638						8,893						7,944
Exploration Costs															181						159						154
Dry Hole Costs															1						45						71
Impairments															202						382						376
Total Exploration Costs (GAAP)															384						586						601
Less: Certain Impairments (2)															(42)						(113)						(15)
Total Exploration Costs (Non-GAAP)															342						473						586
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)															9,022						9,380						8,545
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)															8,980						9,366						8,530
Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))															8,354						13,416						6,836
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))															8,396						13,430						6,851

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Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
															2023						2022						2021
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)															67.30						77.53						61.63
Composite Average Operating Expenses per Boe - (c) / (a)															40.58						47.47						41.46
Composite Average Operating Income (Loss) per Boe - (d) / (a)															26.72						30.06						20.17
Composite Average Wellhead Revenue per Boe - (e) / (a)															48.34						68.77						50.84
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)															14.31						15.84						14.19
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]															34.03						52.93						36.65
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)															24.03						26.53						26.26
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]															24.31						42.24						24.58
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)															25.10						28.30						28.25
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]															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)															14.31						16.14						14.19
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]															34.03						52.63						36.65
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)															24.03						26.83						26.26
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]															24.31						41.94						24.58
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)															24.98						28.26						28.20
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]															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.

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