eog-20210506
0000821189false00008211892021-05-062021-05-06


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2021

_______________

EOG RESOURCES, INC.
(Exact name of registrant as specified in its charter)
Delaware1-974347-0684736
(State or other jurisdiction
 of incorporation)
(Commission File
 Number)
(I.R.S. Employer
Identification No.)

1111 Bagby, Sky Lobby 2
Houston, Texas  77002
(Address of principal executive offices) (Zip Code)

713-651-7000
(Registrant's telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per shareEOGNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




EOG RESOURCES, INC.

Item 2.02     Results of Operations and Financial Condition.

On May 6, 2021, EOG Resources, Inc. issued a press release announcing first quarter 2021 financial and operational results and second quarter and full year 2021 forecast and benchmark commodity pricing information (see Item 7.01 below).  A copy of this release is attached as Exhibit 99.1 to this filing and is incorporated herein by reference.  This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.

Item 7.01     Regulation FD Disclosure.

Accompanying the press release announcing first quarter 2021 financial and operational results attached hereto as Exhibit 99.1 is second quarter and full year 2021 forecast and benchmark commodity pricing information for EOG Resources, Inc., which information is incorporated herein by reference.  This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.

Item 9.01     Financial Statements and Exhibits.

    (d)    Exhibits


        104    Cover Page Interactive Data File (formatted as Inline XBRL).


2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  EOG RESOURCES, INC.
(Registrant)
   
   
   
Date: May 6, 2021By:
/s/ TIMOTHY K. DRIGGERS
Timothy K. Driggers
Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Duly Authorized Officer)

3
Document

EXHIBIT 99.1

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Table of Contents
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First Quarter 2021
Supplemental Financial and Operating DataPage
Income Statements
Wellhead Volumes and Prices
Balance Sheets
Cash Flows Statements
Non-GAAP Financial Measures
Adjusted Net Income (Loss)
Adjusted Net Income per Share
Discretionary Cash Flow and Free Cash Flow
Total Expenditures
EBITDAX and Adjusted EBITDAX
Net Debt-to-Total Capitalization Ratio
Reserve Replacement Cost Data
Financial Commodity Derivative Contracts
Direct After-Tax Rate of Return
ROCE & ROE
Cost per Barrel of Oil Equivalent






Income Statements
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In millions of USD, except per share data (Unaudited)
1Q 20214Q 20201Q 2020
Operating Revenues and Other
Crude Oil and Condensate2,251 1,711 2,065 
Natural Gas Liquids314 229 161 
Natural Gas625 302 210 
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts(367)70 1,206 
Gathering, Processing and Marketing848 643 1,039 
Gains (Losses) on Asset Dispositions, Net(6)(6)16 
Other, Net29 16 21 
Total3,694 2,965 4,718 
Operating Expenses
Lease and Well270 261 330 
Transportation Costs202 195 208 
Gathering and Processing Costs139 119 128 
Exploration Costs33 41 40 
Dry Hole Costs11 — — 
Impairments44 143 1,573 
Marketing Costs838 621 1,110 
Depreciation, Depletion and Amortization900 870 1,000 
General and Administrative110 113 114 
Taxes Other Than Income215 114 157 
Total2,762 2,477 4,660 
Operating Income932 488 58 
Other Income (Expense), Net(4)(7)18 
Income Before Interest Expense and Income Taxes928 481 76 
Interest Expense, Net47 53 45 
Income Before Income Taxes881 428 31 
Income Tax Provision 204 91 21 
Net Income 677 337 10 
Dividends Declared per Common Share0.4125 0.3750 0.3750 
Net Income Per Share
Basic1.17 0.58 0.02 
Diluted1.16 0.58 0.02 
Average Number of Common Shares
Basic580 580 578 
Diluted583 581 580 
12


Wellhead Volumes and Prices
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(Unaudited)
1Q 20211Q 2020% Change4Q 2020
Crude Oil and Condensate Volumes (MBbld) (1)
United States428.7 482.7 -11 %442.4 
Trinidad2.2 0.5 340 %2.3 
Other International (2)
0.1 0.1 %0.1 
Total431.0 483.3 -11 %444.8 
Average Crude Oil and Condensate Prices ($/Bbl) (3)
United States58.07 46.97 24 %41.86 
Trinidad49.77 34.93 43 %32.91 
Other International (2)
38.61 57.51 -33 %35.9 
Composite58.02 46.96 24 %41.81 
Natural Gas Liquids Volumes (MBbld) (1)
United States124.3 161.3 -23 %141.4 
Total124.3 161.3 -23 %141.4 
Average Natural Gas Liquids Prices ($/Bbl) (3)
United States28.03 10.94 156 %17.54 
Composite28.03 10.94 156 %17.54 
Natural Gas Volumes (MMcfd) (1)
United States1,100 1,139 -3 %1,075 
Trinidad217 201 %192 
Other International (2)
25 38 -34 %25 
Total1,342 1,378 -3 %1,292 
Average Natural Gas Prices ($/Mcf) (3)
United States5.52 1.50 268 %2.29 
Trinidad3.38 2.17 56 %3.57 
Other International (2)
5.66 4.32 31 %5.47 
Composite5.17 1.67 209 %2.54 
Crude Oil Equivalent Volumes (MBoed) (4)
United States736.4 833.8 -12 %763.0 
Trinidad38.5 34.0 13 %34.2 
Other International (2)
4.0 6.3 -37 %4.3 
Total778.9 874.1 11 %801.5 
Total MMBoe (4)
70.1 79.5 -12 %73.7 
(1) Thousand barrels per day or million cubic feet per day, as applicable.
(2) Other International includes EOG's China and Canada operations.
(3) 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 fiscal quarter ended March 31, 2021).
(4) 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.
13


Balance Sheets
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In millions of USD, except share data (Unaudited)
March 31,December 31,
20212020
Current Assets
Cash and Cash Equivalents3,388 3,329 
Accounts Receivable, Net1,828 1,522 
Inventories562 629 
Assets from Price Risk Management Activities— 65 
Income Taxes Receivable— 23 
Other413 294 
Total6,191 5,862 
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)65,645 64,793 
Other Property, Plant and Equipment4,590 4,479 
Total Property, Plant and Equipment70,235 69,272 
Less: Accumulated Depreciation, Depletion and Amortization(41,569)(40,673)
Total Property, Plant and Equipment, Net28,666 28,599 
Deferred Income Taxes4 2 
Other Assets1,310 1,342 
Total Assets36,171 35,805 
Current Liabilities
Accounts Payable1,945 1,681 
Accrued Taxes Payable449 206 
Dividends Payable239 217 
Liabilities from Price Risk Management Activities188 — 
Current Portion of Long-Term Debt39 781 
Current Portion of Operating Lease Liabilities269 295 
Other183 280 
Total3,312 3,460 
Long-Term Debt5,094 5,035 
Other Liabilities2,178 2,149 
Deferred Income Taxes4,825 4,859 
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 583,843,561 Shares Issued at March 31, 2021 and 583,694,850 Shares Issued at December 31, 2020206 206 
Additional Paid in Capital5,979 5,945 
Accumulated Other Comprehensive Loss(14)(12)
Retained Earnings14,606 14,170 
Common Stock Held in Treasury, 232,249 Shares at March 31, 2021 and 124,265 Shares at December 31, 2020(15)(7)
Total Stockholders' Equity20,762 20,302 
Total Liabilities and Stockholders' Equity36,171 35,805 


14


Cash Flows Statements
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In millions of USD (Unaudited)
1Q 20214Q 20201Q 2020
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
Net Income677 337 10 
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization900 870 1,000 
Impairments44 143 1,573 
Stock-Based Compensation Expenses35 33 40 
Deferred Income Taxes(36)55 45 
(Gains) Losses on Asset Dispositions, Net(16)
Other, Net10 (9)
Dry Hole Costs11 — — 
Mark-to-Market Commodity Derivative Contracts
Total (Gains) Losses367 (70)(1,206)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts(30)72 84 
Other, Net— 
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable(308)(464)722 
Inventories64 31 103 
Accounts Payable172 427 434 
Accrued Taxes Payable243 (61)(55)
Other Assets(103)(90)58 
Other Liabilities(89)21 (66)
Changes in Components of Working Capital Associated with Investing Activities(91)(201)(132)
Net Cash Provided by Operating Activities1,870 1,121 2,585 
Investing Cash Flows
Additions to Oil and Gas Properties(875)(785)(1,566)
Additions to Other Property, Plant and Equipment(42)(56)(123)
Proceeds from Sales of Assets26 
Changes in Components of Working Capital Associated with Investing Activities
91 201 132 
Net Cash Used in Investing Activities(821)(637)(1,531)
Financing Cash Flows
Long-Term Debt Repayments(750)— — 
Dividends Paid(219)(220)(167)
Treasury Stock Purchased(10)(1)(5)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan— — 
Repayment of Finance Lease Liabilities(9)(6)(3)
Net Cash Used in Financing Activities(988)(219)(175)
Effect of Exchange Rate Changes on Cash(2)(2) 
Increase in Cash and Cash Equivalents59 263 879 
Cash and Cash Equivalents at Beginning of Period3,329 3,066 2,028 
Cash and Cash Equivalents at End of Period3,388 3,329 2,907 
15


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

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

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

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

The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG’s reported Net Income (Loss), Total 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.
16


Adjusted Net Income (Loss)
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In millions of USD, except per share data (Unaudited)
1Q 2021
Before
Tax
Income Tax ImpactAfter
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)881 (204)677 1.16 
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts367 (81)286 0.49 
Net Cash Payments for Settlements of Commodity Derivative Contracts(30)(23)(0.04)
Add: Losses on Asset Dispositions, Net(1)0.01 
Add: Certain Impairments
— — 
Adjustments to Net Income344 (75)269 0.46 
Adjusted Net Income (Non-GAAP)1,225 (279)946 1.62 
Average Number of Common Shares (GAAP)
Basic580 
Diluted583 

4Q 2020
Before
Tax
Income Tax ImpactAfter
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)428 (91)337 0.58 
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts(70)15 (55)(0.10)
Net Cash Received from Settlements of Commodity Derivative Contracts72 (16)56 0.10 
Add: Losses on Asset Dispositions, Net(1)0.01 
Add: Certain Impairments86 (18)68 0.12 
Adjustments to Net Income94 (20)74 0.13 
Adjusted Net Income (Non-GAAP)522 (111)411 0.71 
Average Number of Common Shares (GAAP)
Basic580 
Diluted581 

17


Adjusted Net Income (Loss)
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In millions of USD, except per share data (Unaudited)
1Q 2020
Before
Tax
Income Tax ImpactAfter
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)31 (21)10 0.02 
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts(1,206)265 (941)(1.62)
Net Cash Received from Settlements of Commodity Derivative Contracts84 (18)66 0.11 
Less: Gains on Asset Dispositions, Net(16)(13)(0.02)
Add: Certain Impairments1,516 (320)1,196 2.06 
Adjustments to Net Income378 (70)308 0.53 
Adjusted Net Income (Non-GAAP)409 (91)318 0.55 
Average Number of Common Shares (GAAP)
Basic578 
Diluted580 


18


Adjusted Net Income per Share
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In millions of USD, except share and per Boe data (Unaudited)
4Q 2020 Adjusted Net Income per Share (Non-GAAP)0.71 
Realized Price
1Q 2021 Composite Average Wellhead Revenue per Boe45.49 
Less: 4Q 2020 Composite Average Welhead Revenue per Boe(30.39)
Subtotal15.10 
Multiplied by: 1Q 2021 Crude Oil Equivalent Volumes (MMBoe)70.1 
Total Change in Revenue1,059 
Less: Income Tax Benefit (Cost) Imputed (based on 23%)(243)
Change in Net Income815 
Change in Diluted Earnings per Share1.40 
Net Cash Received (Paid) from Settlements of Commodity Derivative Contracts
1Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts(30)
Less: Income Tax Benefit (Cost)
After Tax - (a)(23)
4Q 2020 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts72 
Less: Income Tax Benefit (Cost)(16)
After Tax - (b)56 
Change in Net Income - (a) - (b)(79)
Change in Diluted Earnings per Share(0.14)
Wellhead Volumes
1Q 2021 Crude Oil Equivalent Volumes (MMBoe)70.1 
Less: 4Q 2020 Crude Oil Equivalent Volumes (MMBoe)(73.7)
Subtotal(3.6)
Times: 1Q 2021 Composite Average Margin per Boe (Non-GAAP)
(Including Total Exploration Costs) (refer to "Costs per Barrel of Oil Equivalent" schedule)
17.38 
Change in Revenue(63)
Less: Income Tax Benefit (Cost) Imputed (based on 23%)14 
Change in Net Income(48)
Change in Diluted Earnings per Share(0.08)
Operating Cost per Boe
4Q 2020 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Costs per Barrel of Oil Equivalent" schedule)24.72 
Less: 1Q 2021 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Costs per Barrel of Oil Equivalent" schedule)(28.11)
Subtotal(3.39)
Times: 1Q 2021 Crude Oil Equivalent Volumes (MMBoe)70.1 
Change in Before-Tax Net Income(238)
Less: Income Tax Benefit (Cost) Imputed (based on 23%)55 
Change in Net Income(183)
Change in Diluted Earnings per Share(0.31)
Other Items0.04 
1Q 2021 Adjusted Net Income per Share (Non-GAAP)1.62 
1Q 2021 Average Number of Common Shares (Non-GAAP) - Diluted583 
19


Discretionary Cash Flow and Free Cash Flow
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In millions of USD (Unaudited)
1Q 20214Q 20201Q 2020
Net Cash Provided by Operating Activities (GAAP)
1,870 1,121 2,585 
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)
28 36 32 
Other Non-Current Income Taxes - Net Receivable
— — 113 
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
308 464 (722)
Inventories
(64)(31)(103)
Accounts Payable
(172)(427)(434)
Accrued Taxes Payable
(243)61 55 
Other Assets
103 90 (58)
Other Liabilities
89 (21)66 
Changes in Components of Working Capital Associated with Investing Activities91 201 132 
Discretionary Cash Flow (Non-GAAP)2,010 1,494 1,666 
Discretionary Cash Flow (Non-GAAP) - Percentage Increase35 %
Discretionary Cash Flow (Non-GAAP)
2,010 1,494 1,666 
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)
(945)(828)(1,685)
Free Cash Flow (Non-GAAP) 1,065 666 (19)
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) for the three-month periods ended December 31, 2020 and March 31, 2021 and 2020:
Total Expenditures (GAAP)
1,067 1,107 1,826 
Less:
Asset Retirement Costs
(17)(48)(20)
Non-Cash Expenditures of Other Property, Plant and Equipment
— — — 
Non-Cash Acquisition Costs of Unproved Properties
(22)(69)(24)
Non-Cash Finance Leases(74)(101)(49)
Acquisition Costs of Proved Properties
(9)(61)(48)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)
945 828 1,685 
20


Discretionary Cash Flow and Free Cash Flow
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In millions of USD (Unaudited)
FY 2020FY 2019FY 2018FY 2017
Net Cash Provided by Operating Activities (GAAP)
5,008 8,163 7,769 4,265 
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)
126 113 125 122 
Other Non-Current Income Taxes - Net (Payable) Receivable
113 239 149 (513)
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
(467)92 368 392 
Inventories
(123)(90)395 175 
Accounts Payable
795 (169)(439)(324)
Accrued Taxes Payable
49 (40)92 64 
Other Assets
(325)(358)125 659 
Other Liabilities
(8)57 (11)90 
Changes in Components of Working Capital Associated with Investing and Financing Activities
(75)115 (301)(90)
Discretionary Cash Flow (Non-GAAP)5,093 8,122 8,272 4,840 
Discretionary Cash Flow (Non-GAAP) - Percentage Increase (Decrease)
-37 %-2 %71 %76 %
Discretionary Cash Flow (Non-GAAP)
5,093 8,122 8,272 4,840 
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)
(3,490)(6,234)(6,172)(4,228)
Free Cash Flow (Non-GAAP) 1,603 1,888 2,100 612 
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) for the twelve-month periods ended December 31, 2020, 2019, 2018 and 2017:
Total Expenditures (GAAP)
4,113 6,900 6,706 4,613 
Less:
Asset Retirement Costs
(117)(186)(70)(56)
Non-Cash Expenditures of Other Property, Plant and Equipment
— (2)(1)— 
Non-Cash Acquisition Costs of Unproved Properties
(197)(98)(291)(256)
Non-Cash Finance Leases(174)— (48)— 
Acquisition Costs of Proved Properties
(135)(380)(124)(73)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)
3,490 6,234 6,172 4,228 


21


Discretionary Cash Flow and Free Cash Flow
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In millions of USD (Unaudited)
FY 2016FY 2015FY 2014FY 2013FY 2012
Net Cash Provided by Operating Activities (GAAP)
2,359 3,595 8,649 7,329 5,237 
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)
104 124 158 134 158 
Excess Tax Benefits from Stock-Based Compensation
30 26 99 56 67 
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
233 (641)(85)24 179 
Inventories
(171)(58)162 (53)157 
Accounts Payable
74 1,409 (544)(179)17 
Accrued Taxes Payable
(93)(12)(16)(75)(78)
Other Assets
41 (118)14 110 119 
Other Liabilities
16 66 (75)20 (36)
Changes in Components of Working Capital Associated with Investing and Financing Activities
156 (500)103 51 (74)
Discretionary Cash Flow (Non-GAAP)2,749 3,891 8,465 7,417 5,746 
Discretionary Cash Flow (Non-GAAP) - Percentage Increase (Decrease)-29 %-54 %14 %29 %
Discretionary Cash Flow (Non-GAAP)
2,749 3,891 8,465 7,417 5,746 
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)
(2,706)(4,682)(8,292)(7,102)(7,540)
Free Cash Flow (Non-GAAP) 43 (791)173 315 (1,794)
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) for the twelve-month periods ended December 31, 2016, 2015, 2014, 2013 and 2012:
Total Expenditures (GAAP)
6,554 5,216 8,632 7,361 7,754 
Less:
Asset Retirement Costs
20 (53)(196)(134)(127)
Non-Cash Expenditures of Other Property, Plant and Equipment
(17)— — — (66)
Non-Cash Acquisition Costs of Unproved Properties
(3,102)— (5)(5)(20)
Acquisition Costs of Proved Properties
(749)(481)(139)(120)(1)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)
2,706 4,682 8,292 7,102 7,540 


22


Total Expenditures
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD (Unaudited)
1Q 20211Q 2020FY 2020FY 2019FY 2018FY 2017
Exploration and Development Drilling733 1,313 2,664 4,951 4,935 3,132 
Facilities82 179 347 629 625 575 
Leasehold Acquisitions58 45 265 276 488 427 
Property Acquisitions48 135 380 124 73 
Capitalized Interest31 38 24 27 
Subtotal890 1,594 3,442 6,274 6,196 4,234 
Exploration Costs33 40 146 140 149 145 
Dry Hole Costs11 — 13 28 
Exploration and Development Expenditures
934 1,634 3,601 6,442 6,350 4,384 
Asset Retirement Costs17 20 117 186 70 56 
Total Exploration and Development Expenditures
951 1,654 3,718 6,628 6,420 4,440 
Other Property, Plant and Equipment116 172 395 272 286 173 
Total Expenditures1,067 1,826 4,113 6,900 6,706 4,613 

23


EBITDAX and Adjusted EBITDAX
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD (Unaudited)
1Q 20211Q 2020
Net Income (GAAP)677 10 
Adjustments:
Interest Expense, Net47 45 
Income Tax Provision (Benefit)204 21 
Depreciation, Depletion and Amortization900 1,000 
Exploration Costs33 40 
Dry Hole Costs11 — 
Impairments44 1,573 
EBITDAX (Non-GAAP)1,916 2,689 
(Gains) Losses on MTM Commodity Derivative Contracts
367 (1,206)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts(30)84 
(Gains) Losses on Asset Dispositions, Net(16)
Adjusted EBITDAX (Non-GAAP)2,259 1,551 
Adjusted EBITDAX (Non-GAAP) - Percentage Increase46 %
Definitions
EBITDAX - Earnings Before Interest Expense, Net; Income Tax Provision (Benefit); Depreciation, Depletion and Amortization; Exploration Costs; Dry Hole Costs; and Impairments



24


Net Debt-to-Total Capitalization Ratio
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD, except ratio data (Unaudited)
March 31, 2021December 31,
2020
September 30,
2020
June 30,
2020
March 31,
2020
Total Stockholders' Equity - (a)20,762 20,302 20,148 20,388 21,471 
Current and Long-Term Debt (GAAP) - (b)5,133 5,816 5,721 5,724 5,222 
Less: Cash (3,388)(3,329)(3,066)(2,417)(2,907)
Net Debt (Non-GAAP) - (c)1,745 2,487 2,655 3,307 2,315 
Total Capitalization (GAAP) - (a) + (b)25,895 26,118 25,869 26,112 26,693 
Total Capitalization (Non-GAAP) - (a) + (c)22,507 22,789 22,803 23,695 23,786 
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]
19.8 %22.3 %22.1 %21.9 %19.6 %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]
7.8 %10.9 %11.6 %14.0 %9.7 %

25


Net Debt-to-Total Capitalization Ratio
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD, except ratio data (Unaudited)
December 31, 2019September 30, 2019June 30,
2019
March 31,
2019
Total Stockholders' Equity - (a)21,641 21,124 20,630 19,904 
Current and Long-Term Debt (GAAP) - (b)5,175 5,177 5,179 6,081 
Less: Cash (2,028)(1,583)(1,160)(1,136)
Net Debt (Non-GAAP) - (c)3,147 3,594 4,019 4,945 
Total Capitalization (GAAP) - (a) + (b)26,816 26,301 25,809 25,985 
Total Capitalization (Non-GAAP) - (a) + (c)24,788 24,718 24,649 24,849 
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]
19.3 %19.7 %20.1 %23.4 %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]
12.7 %14.5 %16.3 %19.9 %


26


Net Debt-to-Total Capitalization Ratio
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD, except ratio data (Unaudited)
December 31,
2018
September 30,
2018
June 30,
2018
March 31,
2018
Total Stockholders' Equity - (a)19,364 18,538 17,452 16,841 
Current and Long-Term Debt (GAAP) - (b)6,083 6,435 6,435 6,435 
Less: Cash(1,556)(1,274)(1,008)(816)
Net Debt (Non-GAAP) - (c)4,527 5,161 5,427 5,619 
Total Capitalization (GAAP) - (a) + (b)25,447 24,973 23,887 23,276 
Total Capitalization (Non-GAAP) - (a) + (c)23,891 23,699 22,879 22,460 
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]23.9 %25.8 %26.9 %27.6 %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]18.9 %21.8 %23.7 %25.0 %

27


Net Debt-to-Total Capitalization Ratio
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD, except ratio data (Unaudited)
December 31,
2017
September 30,
2017
June 30,
2017
March 31,
2017
Total Stockholders' Equity - (a)16,283 13,922 13,902 13,928 
Current and Long-Term Debt (GAAP) - (b)6,387 6,387 6,987 6,987 
Less: Cash(834)(846)(1,649)(1,547)
Net Debt (Non-GAAP) - (c)5,553 5,541 5,338 5,440 
Total Capitalization (GAAP) - (a) + (b)22,670 20,309 20,889 20,915 
Total Capitalization (Non-GAAP) - (a) + (c)21,836 19,463 19,240 19,368 
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]28.2 %31.4 %33.4 %33.4 %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]25.4 %28.5 %27.7 %28.1 %

28


Net Debt-to-Total Capitalization Ratio
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD, except ratio data (Unaudited)
December 31, 2016September 30, 2016June 30,
2016
March 31,
2016
December 31,
2015
Total Stockholders' Equity - (a)13,982 11,798 12,057 12,405 12,943 
Current and Long-Term Debt (GAAP) - (b)6,986 6,986 6,986 6,986 6,660 
Less: Cash (1,600)(1,049)(780)(668)(719)
Net Debt (Non-GAAP) - (c)5,386 5,937 6,206 6,318 5,941 
Total Capitalization (GAAP) - (a) + (b)20,968 18,784 19,043 19,391 19,603 
Total Capitalization (Non-GAAP) - (a) + (c)19,368 17,735 18,263 18,723 18,884 
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]
33.3 %37.2 %36.7 %36.0 %34.0 %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]
27.8 %33.5 %34.0 %33.7 %31.5 %

29


Reserve Replacement Cost Data
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD, except reserves and ratio data (Unaudited)
2020201920182017201620152014
Total Costs Incurred in Exploration and Development Activities (GAAP)
3,718 6,628 6,420 4,440 6,445 4,928 7,905 
Less: Asset Retirement Costs(117)(186)(70)(56)20 (53)(196)
Non-Cash Acquisition Costs of Unproved Properties
(197)(98)(291)(256)(3,102)— — 
Acquisition Costs of Proved Properties(135)(380)(124)(73)(749)(481)(139)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)
3,269 5,964 5,935 4,055 2,614 4,394 7,570 
Total Costs Incurred in Exploration and Development Activities (GAAP)
3,718 6,628 6,420 4,440 6,445 4,928 7,905 
Less: Asset Retirement Costs(117)(186)(70)(56)20 (53)(196)
Non-Cash Acquisition Costs of Unproved Properties
(197)(98)(291)(256)(3,102)— — 
Non-Cash Acquisition Costs of Proved Properties
(15)(52)(71)(26)(732)— — 
Total Exploration and Development Expenditures (Non-GAAP) - (b)
3,389 6,292 5,988 4,102 2,631 4,875 7,709 
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)(278)(60)35 154 (101)(574)52 
Revisions Other Than Price(89)— (40)48 253 107 49 
Purchases in Place10 17 12 42 56 14 
Extensions, Discoveries and Other Additions - (d)564 750 670 421 209 246 519 
Total Proved Reserve Additions - (e)207 707 677 625 403 (165)634 
Sales in Place(31)(5)(11)(21)(168)(4)(36)
Net Proved Reserve Additions From All Sources176 702 666 604 235 (169)598 
Production285 301 265 224 206 210 220 
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)5.79 7.95 8.86 9.64 12.51 17.87 14.58 
All-in Total, Net of Revisions - (b / e)16.32 8.90 8.85 6.56 6.52 (29.63)12.16 
All-in Total, Excluding Revisions Due to Price - (b / ( e - c))6.98 8.21 9.33 8.71 5.22 11.91 13.25 

Definitions
$/BoeU.S. Dollars per barrel of oil equivalent
MMBoeMillion barrels of oil equivalent
30


Financial Commodity Derivative Contracts
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
EOG accounts for financial commodity derivative contracts using the mark-to-market accounting method.
Presented below is a comprehensive summary of EOG's financial commodity derivative contracts as of April 29, 2021.

Crude Oil Financial Price Swap Contracts
Contracts Sold
PeriodSettlement IndexVolume
(MBbld)
Weighted Average Price
($/Bbl)
January 2021 (closed)NYMEX WTI151 $50.06 
February - March 2021 (closed)NYMEX WTI201 51.29 
April - June 2021NYMEX WTI150 51.68 
July - September 2021NYMEX WTI150 52.71 


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

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


NGL Financial Price Swap Contracts
Contracts Sold
PeriodSettlement IndexVolume
(MBbld)
Weighted Average Price
($/Bbl)
January - March 2021 (closed)Mont Belvieu Propane (non-Tet)15 $29.44 
April - December 2021Mont Belvieu Propane (non-Tet)15 29.44 

31


Natural Gas Financial Price Swap Contracts
Contracts SoldContracts Purchased
PeriodSettlement IndexVolume
(MMBtud in thousands)
Weighted Average Price ($/MMBtu)Volume (MMBtud in thousands)Weighted Average Price ($/MMBtu)
January - March 2021 (closed)NYMEX Henry Hub500 $2.99 500 $2.43 
April - May 2021 (closed)NYMEX Henry Hub500 2.99 570 2.81 
June - September 2021NYMEX Henry Hub500 2.99 570 2.81 
October - December 2021NYMEX Henry Hub500 2.99 500 2.83 
January - December 2022 (closed) (1)
NYMEX Henry Hub20 2.75 — — 
April - May 2021 (closed)JKM70 6.65 — — 
June - September 2021JKM70 6.65 — — 

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


Glossary:
$/BblDollars per barrel
$/MMBtuDollars per million British Thermal Units
BblBarrel
EOGEOG Resources, Inc.
JKMJapan Korea Marker
MBbldThousand barrels per day
MMBtuMillion British Thermal Units
MMBtudMillion British Thermal Units per day
NGLNatural Gas Liquids
NYMEXNew York Mercantile Exchange
WTIWest Texas Intermediate


32


Direct After-Tax Rate of Return
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
The calculation of our direct after-tax rate of return (ATROR) with respect to our capital expenditure program for a particular play or well is based on the estimated recoverable reserves ("net" to EOG’s interest) for all wells in such play or such well (as the case may be), the estimated net present value (NPV) of the future net cash flows from such reserves (for which we utilize certain assumptions regarding future commodity prices and operating costs) and our direct net costs incurred in drilling or acquiring (as the case may be) such wells or well (as the case may be). As such, our direct ATROR with respect to our capital expenditures for a particular play or well cannot be calculated from our consolidated financial statements.
Direct ATROR
Based on Cash Flow and Time Value of Money
  - Estimated future commodity prices and operating costs
  - Costs incurred to drill, complete and equip a well, including facilities
Excludes Indirect Capital
  - Gathering and Processing and other Midstream
  - Land, Seismic, Geological and Geophysical
Payback ~12 Months on 100% Direct ATROR Wells
First Five Years ~1/2 Estimated Ultimate Recovery Produced but ~3/4 of NPV Captured
Return on Equity / Return on Capital Employed
Based on GAAP Accrual Accounting
Includes All Indirect Capital and Growth Capital for Infrastructure
  - Eagle Ford, Bakken, Permian and Powder River Basin Facilities
  - Gathering and Processing
Includes Legacy Gas Capital and Capital from Mature Wells

33


ROCE & ROE
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD, except ratio data (Unaudited)
2020201920182017
Net Interest Expense (GAAP)205 185 245 
Tax Benefit Imputed (based on 21%)
(43)(39)(51)
After-Tax Net Interest Expense (Non-GAAP) - (a)162 146 194 
Net Income (Loss) (GAAP) - (b)(605)2,735 3,419 
Adjustments to Net Income (Loss), Net of Tax (See Below Detail) (1)
1,455 158 (201)
Adjusted Net Income (Non-GAAP) - (c)850 2,893 3,218 
Total Stockholders' Equity - (d)
20,302 21,641 19,364 16,283 
Average Total Stockholders' Equity * - (e)20,972 20,503 17,824 
Current and Long-Term Debt (GAAP) - (f)5,816 5,175 6,083 6,387 
Less: Cash(3,329)(2,028)(1,556)(834)
Net Debt (Non-GAAP) - (g)2,487 3,147 4,527 5,553 
Total Capitalization (GAAP) - (d) + (f)26,118 26,816 25,447 22,670 
Total Capitalization (Non-GAAP) - (d) + (g)22,789 24,788 23,891 21,836 
Average Total Capitalization (Non-GAAP) * - (h)23,789 24,340 22,864 
Return on Capital Employed (ROCE)
GAAP Net Income (Loss) - [(a) + (b)] / (h)(1.9)%11.8 %15.8 %
Non-GAAP Adjusted Net Income - [(a) + (c)] / (h)
4.3 %12.5 %14.9 %
Return on Equity (ROE)
GAAP Net Income (Loss) - (b) / (e)(2.9)%13.3 %19.2 %
Non-GAAP Adjusted Net Income - (c) / (e)
4.1 %14.1 %18.1 %
* Average for the current and immediately preceding year
34


(1) Detail of adjustments to Net Income (Loss) (GAAP):
Before
Tax
Income Tax ImpactAfter
Tax
Year Ended December 31, 2020
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact(74)16 (58)
Add: Impairments of Certain Assets1,868 (392)1,476 
Add: Net Losses on Asset Dispositions47 (10)37 
Total1,841 (386)1,455 
Year Ended December 31, 2019
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact51 (11)40 
Add: Impairments of Certain Assets275 (60)215 
Less: Net Gains on Asset Dispositions(124)27 (97)
Total202 (44)158 
Year Ended December 31, 2018
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact(93)20 (73)
Add: Impairments of Certain Assets153 (34)119 
Less: Net Gains on Asset Dispositions(175)38 (137)
Less: Tax Reform Impact— (110)(110)
Total(115)(86)(201)

35


ROCE & ROE
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD, except ratio data (Unaudited)
20172016201520142013
Net Interest Expense (GAAP)274 282 237 201 235 
Tax Benefit Imputed (based on 35%)(96)(99)(83)(70)(82)
After-Tax Net Interest Expense (Non-GAAP) - (a)178 183 154 131 153 
Net Income (Loss) (GAAP) - (b)2,583 (1,097)(4,525)2,915 2,197 
Total Stockholders' Equity - (d)16,283 13,982 12,943 17,713 15,418 
Average Total Stockholders' Equity* - (e)15,133 13,463 15,328 16,566 14,352 
Current and Long-Term Debt (GAAP) - (f)6,387 6,986 6,655 5,906 5,909 
Less: Cash(834)(1,600)(719)(2,087)(1,318)
Net Debt (Non-GAAP) - (g)5,553 5,386 5,936 3,819 4,591 
Total Capitalization (GAAP) - (d) + (f)22,670 20,968 19,598 23,619 21,327 
Total Capitalization (Non-GAAP) - (d) + (g)21,836 19,368 18,879 21,532 20,009 
Average Total Capitalization (Non-GAAP)* - (h)20,602 19,124 20,206 20,771 19,365 
Return on Capital Employed (ROCE)
GAAP Net Income (Loss) - [(a) + (b)] / (h)13.4 %-4.8 %-21.6 %14.7 %12.1 %
Return on Equity (ROE)
GAAP Net Income (Loss) - (b) / (e)17.1 %-8.1 %-29.5 %17.6 %15.3 %
* Average for the current and immediately preceding year

36


ROCE & ROE
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD, except ratio data (Unaudited)
20122011201020092008
Net Interest Expense (GAAP)214 210 130 101 52 
Tax Benefit Imputed (based on 35%)(75)(74)(46)(35)(18)
After-Tax Net Interest Expense (Non-GAAP) - (a)139 136 84 66 34 
Net Income (GAAP) - (b)570 1,091 161 547 2,437 
Total Stockholders' Equity - (d)13,285 12,641 10,232 9,998 9,015 
Average Total Stockholders' Equity* - (e)12,963 11,437 10,115 9,507 8,003 
Current and Long-Term Debt (GAAP) - (f)6,312 5,009 5,223 2,797 1,897 
Less: Cash(876)(616)(789)(686)(331)
Net Debt (Non-GAAP) - (g)5,436 4,393 4,434 2,111 1,566 
Total Capitalization (GAAP) - (d) + (f)19,597 17,650 15,455 12,795 10,912 
Total Capitalization (Non-GAAP) - (d) + (g)18,721 17,034 14,666 12,109 10,581 
Average Total Capitalization (Non-GAAP)* - (h)17,878 15,850 13,388 11,345 9,351 
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h)4.0 %7.7 %1.8 %5.4 %26.4 %
Return on Equity (ROE)
GAAP Net Income - (b) / (e)4.4 %9.5 %1.6 %5.8 %30.5 %
* Average for the current and immediately preceding year

37


ROCE & ROE
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD, except ratio data (Unaudited)
20072006200520042003
Net Interest Expense (GAAP)47 43 63 63 59 
Tax Benefit Imputed (based on 35%)(16)(15)(22)(22)(21)
After-Tax Net Interest Expense (Non-GAAP) - (a)31 28 41 41 38 
Net Income (GAAP) - (b)1,090 1,300 1,260 625 430 
Total Stockholders' Equity - (d)6,990 5,600 4,316 2,945 2,223 
Average Total Stockholders' Equity* - (e)6,295 4,958 3,631 2,584 1,948 
Current and Long-Term Debt (GAAP) - (f)1,185 733 985 1,078 1,109 
Less: Cash(54)(218)(644)(21)(4)
Net Debt (Non-GAAP) - (g)1,131 515 341 1,057 1,105 
Total Capitalization (GAAP) - (d) + (f)8,175 6,333 5,301 4,023 3,332 
Total Capitalization (Non-GAAP) - (d) + (g)8,121 6,115 4,657 4,002 3,328 
Average Total Capitalization (Non-GAAP)* - (h)7,118 5,386 4,330 3,665 3,068 
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h)15.7 %24.7 %30.0 %18.2 %15.3 %
Return on Equity (ROE)
GAAP Net Income - (b) / (e)17.3 %26.2 %34.7 %24.2 %22.1 %
* Average for the current and immediately preceding year
38


ROCE & ROE
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD, except ratio data (Unaudited)
20022001200019991998
Net Interest Expense (GAAP)60 45 61 62 
Tax Benefit Imputed (based on 35%)(21)(16)(21)(22)
After-Tax Net Interest Expense (Non-GAAP) - (a)39 29 40 40 
Net Income (GAAP) - (b)87 399 397 569 
Total Stockholders' Equity - (d)1,672 1,643 1,381 1,130 1,280 
Average Total Stockholders' Equity* - (e)1,658 1,512 1,256 1,205 
Current and Long-Term Debt (GAAP) - (f)1,145 856 859 990 1,143 
Less: Cash(10)(3)(20)(25)(6)
Net Debt (Non-GAAP) - (g)1,135 853 839 965 1,137 
Total Capitalization (GAAP) - (d) + (f)2,817 2,499 2,240 2,120 2,423 
Total Capitalization (Non-GAAP) - (d) + (g)2,807 2,496 2,220 2,095 2,417 
Average Total Capitalization (Non-GAAP)* - (h)2,652 2,358 2,158 2,256 
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h)4.8 %18.2 %20.2 %27.0 %
Return on Equity (ROE)
GAAP Net Income - (b) / (e)5.2 %26.4 %31.6 %47.2 %
* Average for the current and immediately preceding year

39



Costs per Barrel of Oil Equivalent
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD, except Boe and per Boe amounts (Unaudited)
1Q 20214Q 20203Q 20202Q 20201Q 2020
Cost per Barrel of Oil Equivalent (Boe) Calculation
Volume - Million Barrels of Oil Equivalent - (a)70.1 73.7 65.9 56.7 79.5 
Crude Oil and Condensate
2,251 1,711 1,395 615 2,065 
Natural Gas Liquids
314 229 185 93 161 
Natural Gas
625 302 184 141 210 
Total Wellhead Revenues - (b)3,190 2,242 1,764 849 2,436 
Operating Costs
Lease and Well270 261 227 245 330 
Transportation Costs202 195 180 152 208 
Gathering and Processing Costs139 119 115 97 128 
General and Administrative110 113 125 132 114 
Taxes Other Than Income215 114 126 81 157 
Interest Expense, Net47 53 53 54 45 
Total Operating Cost (excluding DD&A and Total Exploration Costs) - (c)983 855 826 761 982 
Depreciation, Depletion and Amortization (DD&A)900 870 823 707 1,000 
Total Operating Cost (excluding Total Exploration Costs) - (d)
1,883 1,725 1,649 1,468 1,982 
Exploration Costs33 41 38 27 40 
Dry Hole Costs11 — 13 — — 
Impairments44 143 79 305 1,573 
Total Exploration Costs88 184 130 332 1,613 
Less: Certain Impairments (Non-GAAP)(1)(86)(27)(239)(1,516)
Total Exploration Costs (Non-GAAP)87 98 103 93 97 
Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e)
1,970 1,823 1,752 1,561 2,079 
40


Costs per Barrel of Oil Equivalent
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD, except Boe and per Boe amounts (Unaudited)
1Q 20214Q 20203Q 20202Q 20201Q 2020
Composite Average Wellhead Revenue per Boe - (b) / (a)
45.49 30.39 26.77 14.99 30.62 
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (c) / (a)14.02 11.60 12.56 13.40 12.36 
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(b) / (a) - (c) / (a)]
31.47 18.79 14.21 1.59 18.26 
Total Operating Cost per Boe (excluding Total Exploration Costs) - (d) / (a)
26.86 23.41 25.05 25.86 24.93 
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(b) / (a) - (d) / (a)]
18.63 6.98 1.72 (10.87)5.69 
Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) - (e) / (a)
28.11 24.72 26.62 27.51 26.15 
Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs) - [(b) / (a) - (e) / (a)]
17.38 5.67 0.15 (12.52)4.47 

41


Costs per Barrel of Oil Equivalent
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD, except Boe and per Boe amounts (Unaudited)
2020201920182017
Cost per Barrel of Oil Equivalent (Boe) Calculation
Volume - Million Barrels of Oil Equivalent - (a)275.9 298.6 262.5 222.3 
Crude Oil and Condensate5,786 9,613 9,517 6,256 
Natural Gas Liquids668 785 1,128 730 
Natural Gas837 1,184 1,302 922 
Total Wellhead Revenues - (b)7,291 11,582 11,947 7,908 
Operating Costs
Lease and Well1,063 1,367 1,283 1,045 
Transportation Costs735 758 747 740 
Gathering and Processing Costs459 479 437 149 
General and Administrative484 489 427 434 
Less: Legal Settlement - Early Leasehold Termination— — — (10)
Less: Joint Venture Transaction Costs— — — (3)
Less: Joint Interest Billings Deemed Uncollectible— — — (5)
Taxes Other Than Income478 800 772 545 
Interest Expense, Net205 185 245 274 
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c)3,424 4,078 3,911 3,169 
Depreciation, Depletion and Amortization (DD&A)3,400 3,750 3,435 3,409 
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (d)
6,824 7,828 7,346 6,578 
Exploration Costs146 140 149 145 
Dry Hole Costs13 28 
Impairments2,100 518 347 479 
Total Exploration Costs2,259 686 501 629 
Less: Certain Impairments (Non-GAAP)(1,868)(275)(153)(261)
Total Exploration Costs (Non-GAAP)391 411 348 368 
Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e)
7,215 8,239 7,694 6,946 
42


Cost per Barrel of Oil Equivalent
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD, except Boe and per Boe amounts (Unaudited)
2020201920182017
Composite Average Wellhead Revenue per Boe - (b) / (a)
26.42 38.79 45.51 35.58 
Total Operating Cost per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c) / (a)12.39 13.66 14.90 14.25 
Composite Average Margin per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) - [(b) / (a) - (c) / (a)]
14.03 25.13 30.61 21.33 
Total Operating Cost per Boe (Non-GAAP) (excluding Total Exploration Costs) -
   (d) / (a)
24.71 26.22 27.99 29.59 
Composite Average Margin per Boe (Non-GAAP) (excluding Total Exploration Costs) - [(b) / (a) - (d) / (a)]
1.71 12.57 17.52 5.99 
Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) -
   (e) / (a)
26.13 27.60 29.32 31.24 
Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs) - [(b) / (a) - (e) / (a)]
0.29 11.19 16.19 4.34 
43


Cost per Barrel of Oil Equivalent
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD, except Boe and per Boe amounts (Unaudited)
201620152014
Cost per Barrel of Oil Equivalent (Boe) Calculation
Volume - Million Barrels of Oil Equivalent - (a)205.0 208.9 217.1 
Crude Oil and Condensate4,317 4,935 9,742 
Natural Gas Liquids437 408 934 
Natural Gas742 1,061 1,916 
Total Wellhead Revenues - (b)5,496 6,404 12,592 
Operating Costs
Lease and Well927 1,182 1,416 
Transportation Costs764 849 972 
Gathering and Processing Costs123 146 146 
General and Administrative395 367 402 
Less: Voluntary Retirement Expense(42)— — 
Less: Acquisition Costs
(5)— — 
Less: Legal Settlement - Early Leasehold Termination
— (19)— 
General and Administrative (Non-GAAP)348 348 402 
Taxes Other Than Income350 422 758 
Interest Expense, Net282 237 201 
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c)2,794 3,184 3,895 
Depreciation, Depletion and Amortization (DD&A)3,553 3,314 3,997 
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (d)
6,347 6,498 7,892 
Exploration Costs125 149 184 
Dry Hole Costs11 15 48 
Impairments620 6,614 744 
Total Exploration Costs756 6,778 976 
Less: Certain Impairments (Non-GAAP)(321)(6,308)(824)
Total Exploration Costs (Non-GAAP)435 470 152 
Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e)
6,782 6,968 8,044 
44


Cost per Barrel of Oil Equivalent
https://cdn.kscope.io/250e8c1260165091b067b357c33950ad-eoglogostacked33.jpg
In millions of USD, except Boe and per Boe amounts (Unaudited)
201620152014
Composite Average Wellhead Revenue per Boe - (b) / (a)
26.82 30.66 58.01 
Total Operating Cost per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c) / (a)13.64 15.25 17.95 
Composite Average Margin per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) - [(b) / (a) - (c) / (a)]
13.18 15.41 40.06 
Total Operating Cost per Boe (Non-GAAP) (excluding Total Exploration Costs) -
(d) / (a)
30.98 31.11 36.38 
Composite Average Margin per Boe (Non-GAAP) (excluding Total Exploration Costs) - [(b) / (a) - (d) / (a)]
(4.16)(0.45)21.63 
Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) -
(e) / (a)
33.10 33.36 37.08 
Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs) - [(b) / (a) - (e) / (a)]
(6.28)(2.70)20.93 

45
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