eog-20210804
0000821189false00008211892021-08-042021-08-04


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): August 4, 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 August 4, 2021, EOG Resources, Inc. issued a press release announcing second quarter 2021 financial and operational results and third 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 second quarter 2021 financial and operational results attached hereto as Exhibit 99.1 is third 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: August 4, 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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Second 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
Revenues, Costs and Margins Per Barrel of Oil Equivalent






Income Statements
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In millions of USD, except share data (in millions) and per share data (Unaudited)
2Q 20211Q 20212Q 2020YTD 2021YTD 2020
Operating Revenues and Other
Crude Oil and Condensate2,699 2,251 615 4,950 2,680 
Natural Gas Liquids367 314 93 681 254 
Natural Gas404 625 141 1,029 351 
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts(427)(367)(127)(794)1,079 
Gathering, Processing and Marketing1,022 848 362 1,870 1,401 
Gains (Losses) on Asset Dispositions, Net51 (6)14 45 30 
Other, Net23 29 52 26 
Total4,139 3,694 1,103 7,833 5,821 
Operating Expenses
Lease and Well270 270 245 540 575 
Transportation Costs214 202 152 416 360 
Gathering and Processing Costs128 139 97 267 225 
Exploration Costs35 33 27 68 67 
Dry Hole Costs13 11 — 24 — 
Impairments44 44 305 88 1,878 
Marketing Costs991 838 444 1,829 1,554 
Depreciation, Depletion and Amortization914 900 707 1,814 1,707 
General and Administrative120 110 132 230 246 
Taxes Other Than Income239 215 81 454 238 
Total2,968 2,762 2,190 5,730 6,850 
Operating Income (Loss)1,171 932 (1,087)2,103 (1,029)
Other Income (Expense), Net(2)(4)(4)(6)14 
Income (Loss) Before Interest Expense and Income Taxes1,169 928 (1,091)2,097 (1,015)
Interest Expense, Net45 47 54 92 99 
Income (Loss) Before Income Taxes1,124 881 (1,145)2,005 (1,114)
Income Tax Provision (Benefit)217 204 (235)421 (214)
Net Income (Loss)907 677 (910)1,584 (900)
Dividends Declared per Common Share1.4125 0.4125 0.3750 1.8250 0.7500 
Net Income (Loss) Per Share
Basic1.56 1.17 (1.57)2.73 (1.55)
Diluted1.55 1.16 (1.57)2.72 (1.55)
Average Number of Common Shares
Basic580 580 579 580 579 
Diluted584 583 579 583 579 
12


Wellhead Volumes and Prices
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(Unaudited)
2Q 20212Q2020% Change1Q 2021YTD 2021YTD 2020% Change
Crude Oil and Condensate Volumes (MBbld) (A)
United States446.9 330.9 35 %428.7 437.8 406.8 %
Trinidad1.7 0.1 1,600 %2.2 2.0 0.3 567 %
Other International (B)
— 0.1 -100 %0.1 — 0.1 -100 %
Total448.6 331.1 35 %431.0 439.8 407.2 8 %
Average Crude Oil and Condensate Prices ($/Bbl) (C)
United States66.16 20.40 224 %58.07 62.22 36.17 72 %
Trinidad56.26 0.60 9,290 %49.77 52.57 27.75 89 %
Other International (B)
55.56 48.78 14 %38.61 42.36 53.41 -21 %
Composite66.12 20.40 224 %58.02 62.18 36.16 72 %
Natural Gas Liquids Volumes (MBbld) (A)
United States138.5 101.2 37 %124.3 131.5 131.2 %
Total138.5 101.2 37 %124.3 131.5 131.2 0 %
Average Natural Gas Liquids Prices ($/Bbl) (C)
United States29.15 10.20 186 %28.03 28.62 10.65 169 %
Composite29.15 10.20 186 %28.03 28.62 10.65 169 %
Natural Gas Volumes (MMcfd) (A)
United States1,199 939 28 %1,100 1,150 1,039 11 %
Trinidad233 174 34 %217 225 188 20 %
Other International (B)
13 34 -62 %25 19 35 -46 %
Total1,445 1,147 26 %1,342 1,394 1,262 10 %
Average Natural Gas Prices ($/Mcf) (C)
United States2.99 1.11 170 %5.52 4.19 1.32 217 %
Trinidad3.37 2.13 58 %3.38 3.37 2.15 57 %
Other International (B)
5.69 4.36 31 %5.66 5.67 4.34 31 %
Composite3.07 1.36 126 %5.17 4.08 1.53 167 %
Crude Oil Equivalent Volumes (MBoed) (D)
United States785.2 588.5 33 %736.4 761.0 711.1 %
Trinidad40.6 29.2 39 %38.5 39.5 31.6 25 %
Other International (B)
2.2 5.7 -61 %4.0 3.1 6.1 -49 %
Total828.0 623.4 33 %778.9 803.6 748.8 7 %
Total MMBoe (D)
75.3 56.7 33 %70.1 145.4 136.3 7 %
(A) Thousand barrels per day or million cubic feet per day, as applicable.
(B) Other International includes EOG's China and Canada operations. The China operations were sold in the second quarter of 2021.
(C) 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 June 30, 2021).
(D) 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)
June 30,December 31,
20212020
Current Assets
Cash and Cash Equivalents3,880 3,329 
Accounts Receivable, Net2,015 1,522 
Inventories516 629 
Assets from Price Risk Management Activities— 65 
Income Taxes Receivable11 23 
Other513 294 
Total6,935 5,862 
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)66,299 64,793 
Other Property, Plant and Equipment4,635 4,479 
Total Property, Plant and Equipment70,934 69,272 
Less: Accumulated Depreciation, Depletion and Amortization(42,275)(40,673)
Total Property, Plant and Equipment, Net28,659 28,599 
Deferred Income Taxes3 2 
Other Assets1,288 1,342 
Total Assets36,885 35,805 
Current Liabilities
Accounts Payable2,012 1,681 
Accrued Taxes Payable286 206 
Dividends Payable820 217 
Liabilities from Price Risk Management Activities396 — 
Current Portion of Long-Term Debt39 781 
Current Portion of Operating Lease Liabilities253 295 
Other196 280 
Total4,002 3,460 
Long-Term Debt5,086 5,035 
Other Liabilities2,186 2,149 
Deferred Income Taxes4,730 4,859 
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 584,102,233 Shares Issued at June 30, 2021 and 583,694,850 Shares Issued at December 31, 2020206 206 
Additional Paid in Capital6,017 5,945 
Accumulated Other Comprehensive Loss(15)(12)
Retained Earnings14,689 14,170 
Common Stock Held in Treasury, 243,058 Shares at June 30, 2021 and 124,265 Shares at December 31, 2020(16)(7)
Total Stockholders' Equity20,881 20,302 
Total Liabilities and Stockholders' Equity36,885 35,805 


14


Cash Flows Statements
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In millions of USD (Unaudited)
2Q 20212Q 20201Q 2021YTD 2021YTD 2020
Cash Flows from Operating Activities
Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities:
Net Income (Loss)907 (910)677 1,584 (900)
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization914 707 900 1,814 1,707 
Impairments44 305 44 88 1,878 
Stock-Based Compensation Expenses31 40 35 66 80 
Deferred Income Taxes(97)(253)(36)(133)(208)
(Gains) Losses on Asset Dispositions, Net(51)(14)(45)(30)
Other, Net13 — 
Dry Hole Costs13 — 11 24 — 
Mark-to-Market Commodity Derivative Contracts
Total (Gains) Losses427 127 367 794 (1,079)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts(193)640 (30)(223)724 
Other, Net— — — 
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable(186)469 (308)(494)1,191 
Inventories37 (18)64 101 85 
Accounts Payable11 (1,619)172 183 (1,185)
Accrued Taxes Payable(163)(6)243 80 (61)
Other Assets(119)195 (103)(222)253 
Other Liabilities32 (89)(57)(64)
Changes in Components of Working Capital Associated with Investing Activities(54)414 (91)(145)282 
Net Cash Provided by Operating Activities1,559 88 1,870 3,429 2,673 
Investing Cash Flows
Additions to Oil and Gas Properties(968)(424)(875)(1,843)(1,990)
Additions to Other Property, Plant and Equipment(55)(24)(42)(97)(147)
Proceeds from Sales of Assets141 17 146 43 
Changes in Components of Working Capital Associated with Investing Activities54 (414)91 145 (282)
Net Cash Used in Investing Activities(828)(845)(821)(1,649)(2,376)
Financing Cash Flows
Long-Term Debt Borrowings — 1,484 — — 1,484 
Long-Term Debt Repayments— (1,000)(750)(750)(1,000)
Dividends Paid(239)(217)(219)(458)(384)
Treasury Stock Purchased(2)— (10)(12)(5)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan— 
Debt Issuance Costs— (3)— — (3)
Repayment of Finance Lease Liabilities(9)(5)(9)(18)(8)
Net Cash Provided by (Used in) Financing Activities(241)267 (988)(1,229)92 
Effect of Exchange Rate Changes on Cash2  (2)  
Increase (Decrease) in Cash and Cash Equivalents492 (490)59 551 389 
Cash and Cash Equivalents at Beginning of Period3,388 2,907 3,329 3,329 2,028 
Cash and Cash Equivalents at End of Period3,880 2,417 3,388 3,880 2,417 
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 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 and operating 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 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), 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.
16


Adjusted Net Income (Loss)
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In millions of USD, except share data (in millions) and per share data (Unaudited)
The following tables adjust the reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of commodity derivative contracts by eliminating the unrealized mark-to-market (gains) losses from these 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) - see "Revenues, Costs and Margins Per Barrel of Oil Equivalent" below for additional related discussion) 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.
2Q 2021
Before
Tax
Income Tax ImpactAfter
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)1,124 (217)907 1.55 
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts427 (93)334 0.58 
Net Cash Payments for Settlements of Commodity Derivative Contracts(193)42 (151)(0.26)
Less: Gains on Asset Dispositions, Net(51)17 (34)(0.06)
Add: Certain Impairments— — 
Less: Tax Benefits Related to Exiting Canada Operations— (45)(45)(0.08)
Adjustments to Net Income184 (79)105 0.18 
Adjusted Net Income (Non-GAAP)1,308 (296)1,012 1.73 
Average Number of Common Shares (GAAP)
Basic580 
Diluted584 
Average Number of Common Shares (Non-GAAP)
Basic580 
Diluted584 



17


Adjusted Net Income (Loss)
(Continued)
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In millions of USD, except share data (in millions) and per share data (Unaudited)
2Q 2020
Before
Tax
Income Tax ImpactAfter
Tax
Diluted Earnings per Share
Reported Net Loss (GAAP)(1,145)235 (910)(1.57)
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts127 (29)98 0.17 
Net Cash Received from Settlements of Commodity Derivative Contracts640 (141)499 0.86 
Less: Gains on Asset Dispositions, Net(14)(10)(0.02)
Add: Certain Impairments239 (47)192 0.33 
Adjustments to Net Loss992 (213)779 1.34 
Adjusted Net Loss (Non-GAAP)(153)22 (131)(0.23)
Average Number of Common Shares (GAAP)
Basic579 
Diluted579 
Average Number of Common Shares (Non-GAAP)
Basic579 
Diluted579 

18



Adjusted Net Income (Loss)
(Continued)
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In millions of USD, except share data (in millions) and 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 
Average Number of Common Shares (Non-GAAP)
Basic580 
Diluted583 


19



Adjusted Net Income (Loss)
(Continued)
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In millions of USD, except share data (in millions) and per share data (Unaudited)
YTD 2021
Before
Tax
Income Tax ImpactAfter
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)2,005 (421)1,584 2.72 
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts794 (174)620 1.07 
Net Cash Payments for Settlements of Commodity Derivative Contracts(223)49 (174)(0.30)
Less: Gains on Asset Dispositions, Net(45)16 (29)(0.05)
Add: Certain Impairments— — 
Less: Tax Benefits Related to Exiting Canada Operations— (45)(45)(0.08)
Adjustments to Net Income528 (154)374 0.64 
Adjusted Net Income (Non-GAAP)2,533 (575)1,958 3.36 
Average Number of Common Shares (GAAP)
Basic580 
Diluted583 
Average Number of Common Shares (Non-GAAP)
Basic580 
Diluted583 


20


Adjusted Net Income (Loss)
(Continued)
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In millions of USD, except share data (in millions) and per share data (Unaudited)
YTD 2020
Before
Tax
Income Tax ImpactAfter
Tax
Diluted Earnings per Share
Reported Net Loss (GAAP)(1,114)214 (900)(1.55)
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts(1,079)236 (843)(1.47)
Net Cash Received from Settlements of Commodity Derivative Contracts724 (159)565 0.98 
Less: Gains on Asset Dispositions, Net(30)(23)(0.04)
Add: Certain Impairments1,755 (367)1,388 2.40 
Adjustments to Net Loss1,370 (283)1,087 1.87 
Adjusted Net Income (Non-GAAP)256 (69)187 0.32 
Average Number of Common Shares (GAAP)
Basic579 
Diluted579 
Average Number of Common Shares (Non-GAAP)
Basic579 
Diluted580 
21


Adjusted Net Income Per Share
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In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
1Q 2021 Adjusted Net Income per Share (Non-GAAP)1.62 
Realized Price
2Q 2021 Composite Average Wellhead Revenue per Boe46.07 
Less: 1Q 2021 Composite Average Welhead Revenue per Boe(45.49)
Subtotal0.58 
Multiplied by: 2Q 2021 Crude Oil Equivalent Volumes (MMBoe)75.3 
Total Change in Revenue44 
Less: Income Tax Benefit (Cost) Imputed (based on 23%)(10)
Change in Net Income34 
Change in Diluted Earnings per Share0.06 
Net Cash Received (Paid) from Settlements of Commodity Derivative Contracts
2Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts(193)
Less: Income Tax Benefit (Cost)42 
After Tax - (a)(151)
1Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts(30)
Less: Income Tax Benefit (Cost)
After Tax - (b)(23)
Change in Net Income - (a) - (b)(128)
Change in Diluted Earnings per Share(0.22)
Wellhead Volumes
2Q 2021 Crude Oil Equivalent Volumes (MMBoe)75.3 
Less: 1Q 2021 Crude Oil Equivalent Volumes (MMBoe)(70.1)
Subtotal5.2 
Multiplied by: 2Q 2021 Composite Average Margin per Boe (Including Total
Exploration Costs) (Non-GAAP) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)
19.25 
Change in Revenue101 
Less: Income Tax Benefit (Cost) Imputed (based on 23%)(23)
Change in Net Income78 
Change in Diluted Earnings per Share0.13 
Operating Cost per Boe
1Q 2021 Total Operating Cost per Boe (including Total Exploration Costs) (Non-GAAP) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)28.11 
Less: 2Q 2021 Total Operating Cost per Boe (including Total Exploration Costs) (Non-GAAP) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)(26.82)
Subtotal1.29 
Multiplied by: 2Q 2021 Crude Oil Equivalent Volumes (MMBoe)75.3 
Change in Before-Tax Net Income97 
Less: Income Tax Benefit (Cost) Imputed (based on 23%)(22)
Change in Net Income75 
Change in Diluted Earnings per Share0.13 
Other Items0.01 
2Q 2021 Adjusted Net Income per Share (Non-GAAP)1.73 
2Q 2021 Average Number of Common Shares (Non-GAAP) - Diluted584 
22


Discretionary Cash Flow and Free Cash Flow
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
In millions of USD (Unaudited)
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Discretionary Cash Flow (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 Exploration Costs (excluding Stock-Based Compensation Expenses), Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing and Financing 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 Discretionary Cash Flow (Non-GAAP) (see below reconciliation) for such period less the total cash capital expenditures (before acquisitions) incurred (Non-GAAP) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry.
2Q 20211Q 20212Q 2020YTD 2021YTD 2020
Net Cash Provided by Operating Activities (GAAP)
1,559 1,870 88 3,429 2,673 
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)
29 28 21 57 53 
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
186 308 (469)494 (1,191)
Inventories
(37)(64)18 (101)(85)
Accounts Payable
(11)(172)1,619 (183)1,185 
Accrued Taxes Payable
163 (243)(80)61 
Other Assets
119 103 (195)222 (253)
Other Liabilities
(32)89 (2)57 64 
Changes in Components of Working Capital Associated with Investing Activities54 91 (414)145 (282)
Other Non-Current Income Taxes - Net Receivable
— — — — 113 
Discretionary Cash Flow (Non-GAAP)2,030 2,010 672 4,040 2,338 
Discretionary Cash Flow (Non-GAAP) - Percentage Increase202 %73 %
Discretionary Cash Flow (Non-GAAP)
2,030 2,010 672 4,040 2,338 
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)
(972)(945)(478)(1,917)(2,163)
Free Cash Flow (Non-GAAP) 1,058 1,065 194 2,123 175 
23


(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP):
2Q 20211Q 20212Q 2020YTD 2021YTD 2020
Total Expenditures (GAAP)
1,089 1,067 534 2,156 2,360 
Less:
Asset Retirement Costs
(31)(17)(5)(48)(25)
Non-Cash Expenditures of Other Property, Plant and Equipment
— — — — — 
Non-Cash Acquisition Costs of Unproved Properties
— (22)(24)(22)(48)
Non-Cash Finance Leases— (74)(24)(74)(73)
Acquisition Costs of Proved Properties
(86)(9)(3)(95)(51)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)
972 945 478 1,917 2,163 

24



Discretionary Cash Flow and Free Cash Flow
(Continued)
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
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 
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)
Other Non-Current Income Taxes - Net (Payable) Receivable
113 239 149 (513)
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):
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 


25


Discretionary Cash Flow and Free Cash Flow
(Continued)
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
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 
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)
Excess Tax Benefits from Stock-Based Compensation
30 26 99 56 67 
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):
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 


26


Total Expenditures
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
In millions of USD (Unaudited)
2Q 20212Q 2020FY 2020FY 2019FY 2018FY 2017
Exploration and Development Drilling711 381 2,664 4,951 4,935 3,132 
Facilities105 31 347 629 625 575 
Leasehold Acquisitions46 30 265 276 488 427 
Property Acquisitions86 135 380 124 73 
Capitalized Interest31 38 24 27 
Subtotal955 453 3,442 6,274 6,196 4,234 
Exploration Costs35 27 146 140 149 145 
Dry Hole Costs13 — 13 28 
Exploration and Development Expenditures
1,003 480 3,601 6,442 6,350 4,384 
Asset Retirement Costs31 117 186 70 56 
Total Exploration and Development Expenditures
1,034 485 3,718 6,628 6,420 4,440 
Other Property, Plant and Equipment55 49 395 272 286 173 
Total Expenditures1,089 534 4,113 6,900 6,706 4,613 

27


EBITDAX and Adjusted EBITDAX
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
In millions of USD (Unaudited)
The following table adjusts the reported Net Income (Loss) (GAAP) to Earnings Before Interest Expense, Net, Income Taxes (Income Tax Provision (Benefit)), Depreciation, Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments (EBITDAX) (Non-GAAP) and further adjusts such amount to reflect actual Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts by eliminating the unrealized Mark-to-Market (MTM) (Gains) Losses from these transactions and to eliminate the (Gains) Losses on Asset Dispositions (Net). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported Net Income (Loss) (GAAP) to add back Interest Expense (Net), Income Taxes (Income Tax Provision (Benefit)), Depreciation, Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments and further adjust such amount to match 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.
2Q 20212Q 2020YTD 2021YTD 2020
Net Income (Loss) (GAAP)907 (910)1,584 (900)
Adjustments:
Interest Expense, Net45 54 92 99 
Income Tax Provision (Benefit)217 (235)421 (214)
Depreciation, Depletion and Amortization914 707 1,814 1,707 
Exploration Costs35 27 68 67 
Dry Hole Costs13 — 24 — 
Impairments44 305 88 1,878 
EBITDAX (Non-GAAP)2,175 (52)4,091 2,637 
(Gains) Losses on MTM Commodity Derivative Contracts
427 127 794 (1,079)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts(193)640 (223)724 
Gains on Asset Dispositions, Net(51)(14)(45)(30)
Adjusted EBITDAX (Non-GAAP)2,358 701 4,617 2,252 
Adjusted EBITDAX (Non-GAAP) - Percentage Increase236 %105 %
Definitions
EBITDAX - Earnings Before Interest Expense, Net; Income Tax Provision (Benefit); Depreciation, Depletion and Amortization; Exploration Costs; Dry Hole Costs; and Impairments



28


Net Debt-to-Total Capitalization Ratio
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
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.
June 30,
2021
March 31,
2021
Total Stockholders' Equity - (a)20,881 20,762 
Current and Long-Term Debt (GAAP) - (b)5,125 5,133 
Less: Cash (3,880)(3,388)
Net Debt (Non-GAAP) - (c)1,245 1,745 
Total Capitalization (GAAP) - (a) + (b)26,006 25,895 
Total Capitalization (Non-GAAP) - (a) + (c)22,126 22,507 
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]
19.7 %19.8 %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]
5.6 %7.8 %


29


Net Debt-to-Total Capitalization Ratio
(Continued)
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
In millions of USD, except ratio data (Unaudited)
December 31,
2020
September 30,
2020
June 30,
2020
March 31,
2020
Total Stockholders' Equity - (a)20,302 20,148 20,388 21,471 
Current and Long-Term Debt (GAAP) - (b)5,816 5,721 5,724 5,222 
Less: Cash (3,329)(3,066)(2,417)(2,907)
Net Debt (Non-GAAP) - (c)2,487 2,655 3,307 2,315 
Total Capitalization (GAAP) - (a) + (b)26,118 25,869 26,112 26,693 
Total Capitalization (Non-GAAP) - (a) + (c)22,789 22,803 23,695 23,786 
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]
22.3 %22.1 %21.9 %19.6 %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]
10.9 %11.6 %14.0 %9.7 %


30


Net Debt-to-Total Capitalization Ratio
(Continued)
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.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 %


31


Net Debt-to-Total Capitalization Ratio
(Continued)
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.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 %

32


Net Debt-to-Total Capitalization Ratio
(Continued)
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.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 %

33


Net Debt-to-Total Capitalization Ratio
(Continued)
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.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 %

34


Reserve Replacement Cost Data
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
In millions of USD, except reserves and ratio data (Unaudited)
The following table reconciles Total Costs Incurred in Exploration and Development Activities (GAAP) to Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) and Total Exploration and Development Expenditures (Non-GAAP), as used in the calculation of Reserve Replacement Costs per Boe. There are numerous ways that industry participants present Reserve Replacement Costs, including “Drilling Only” and “All-In”, which reflect total exploration and development expenditures divided by total net proved reserve additions from extensions and discoveries only, or from all sources. Combined with Reserve Replacement, these statistics (and the non-GAAP measures used in calculating such statistics) provide management and investors with an indication of the results of the current year capital investment program. Reserve Replacement Cost statistics (and the non-GAAP measures used in calculating such statistics) are widely recognized and reported by industry participants and are used by EOG management and other third parties for comparative purposes within the industry. Please note that the actual cost of adding reserves will vary from the reported statistics due to timing differences in reserve bookings and capital expenditures. Accordingly, some analysts use three or five year averages of reported statistics, while others prefer to estimate future costs. EOG has not included future capital costs to develop proved undeveloped reserves in exploration and development expenditures.
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 
35


2020201920182017201620152014
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
36


Financial Commodity Derivative Contracts
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.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 July 30, 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 2021 (closed)NYMEX WTI150 51.68 
July 2021 (closed)NYMEX WTI150 52.71 
August - September 2021NYMEX WTI150 52.71 
January - March 2022NYMEX WTI140 65.58 
April - June 2022NYMEX WTI140 65.62 
July - September 2022NYMEX WTI100 64.98 
October - December 2022NYMEX WTI40 63.71 


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 - August 2021 (closed)
NYMEX WTI Roll Differential (1)
125 0.17 
September - 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 - July 2021 (closed)Mont Belvieu Propane (non-Tet)15 $29.44 
August - December 2021Mont Belvieu Propane (non-Tet)15 29.44 







37



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 - August 2021 (closed)NYMEX Henry Hub500 2.99 570 2.81 
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 — — 
January - December 2022NYMEX Henry Hub100 2.93 — — 
January - December 2023NYMEX Henry Hub100 2.93 — — 
January - December 2024NYMEX Henry Hub100 2.93 — — 
January - December 2025NYMEX Henry Hub100 2.93 — — 
April - August 2021 (closed)JKM70 6.65 — — 
September 2021JKM70 6.65 — — 

(1)    In January 2021, EOG executed the early termination provision granting EOG the right to terminate all of its 2022 natural gas price swap contracts which were open at that time. 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


38


Direct After-Tax Rate of Return
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
The calculation of EOG's direct after-tax rate of return (ATROR) with respect to EOG's 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 EOG's direct net costs incurred in drilling or acquiring (as the case may be) such wells or well (as the case may be). As such, EOG's 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 wellsite facilities and flowback
Excludes Indirect Capital
  - Gathering and Processing and other Midstream
  - Land, Seismic, Geological and Geophysical
  - Offsite Production Facilities
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

39


ROCE & ROE
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
In millions of USD, except ratio data (Unaudited)
The following tables reconcile Interest Expense, Net (GAAP), Net Income (Loss) (GAAP), Current and Long-Term Debt (GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest Expense (Non-GAAP), Adjusted Net Income (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization (Non-GAAP), respectively, as used in the Return on Capital Employed (ROCE) and Return on Equity (ROE) calculations. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize After-Tax Net Interest Expense, Adjusted Net Income, Net Debt and Total Capitalization (Non-GAAP) in their ROCE and ROE calculations. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
Trailing 12 Months
2Q 2021
2Q 20211Q 20214Q 20203Q 20202Q 2020
Interest Expense, Net (GAAP)198 45 47 53 53 
Tax Benefit Imputed (based on 21%)
(41)(9)(10)(11)(11)
After-Tax Net Interest Expense (Non-GAAP) - (a)157 36 37 42 42 
Net Income (Loss) (GAAP) - (b)1,879 907 677 337 (42)
Adjustments to Net Income (Loss), Net of Tax (See Below Detail) (1)
742 105 269 74 294 
Adjusted Net Income (Non-GAAP) - (c)2,621 1,012 946 411 252 
Total Stockholders' Equity - (d)
20,881 20,881 20,762 20,302 20,148 20,388 
Average Total Stockholders' Equity * - (e)20,635 
Current and Long-Term Debt (GAAP) - (f)5,125 5,125 5,133 5,816 5,721 5,724 
Less: Cash(3,880)(3,880)(3,388)(3,329)(3,066)(2,417)
Net Debt (Non-GAAP) - (g)1,245 1,245 1,745 2,487 2,655 3,307 
Total Capitalization (GAAP) - (d) + (f)26,006 26,006 25,895 26,118 25,869 26,112 
Total Capitalization (Non-GAAP) - (d) + (g)22,126 22,126 22,507 22,789 22,803 23,695 
Average Total Capitalization (Non-GAAP) * - (h)22,911 
Return on Capital Employed (ROCE)
GAAP Net Income (Loss) - [(a) + (b)] / (h)8.9 %
Non-GAAP Adjusted Net Income - [(a) + (c)] / (h)
12.1 %
Return on Equity (ROE)
GAAP Net Income (Loss) - (b) / (e)9.1 %
Non-GAAP Adjusted Net Income - (c) / (e)
12.7 %
* Average for the beginning and ending trailing 12 month period.
40


(1) Detail of adjustments to Net Income (Loss) (GAAP):
Before
Tax
Income Tax ImpactAfter
Tax
Q2 2021
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact234 (51)183 
Add: Impairments of Certain Assets— 
Less: Net Gains on Asset Dispositions(51)17 (34)
Less: Tax Benefits Related to Exiting Canada Operations (45)(45)
Total184 (79)105 
Q1 2021
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact337 (74)263 
Add: Impairments of Certain Assets— 
Add: Net Losses on Asset Dispositions(1)
Total344 (75)269 
Q4 2020
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact(1)
Add: Impairments of Certain Assets86 (18)68 
Add: Net Losses on Asset Dispositions(1)
Total94 (20)74 
Q3 2020
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact279 (60)219 
Add: Impairments of Certain Assets27 (7)20 
Add: Net Losses on Asset Dispositions71 (16)55 
Total377 (83)294 

41


ROCE & ROE
(Continued)
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
In millions of USD, except ratio data (Unaudited)
2020201920182017
Interest Expense, Net (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
42


(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)

43


ROCE & ROE
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
In millions of USD, except ratio data (Unaudited)
The following tables reconcile Interest Expense, Net (GAAP), Current and Long-Term Debt (GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest Expense (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization (Non-GAAP), respectively, as used in the Return on Capital Employed (ROCE) and Return on Equity (ROE) calculations. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize After-Tax Net Interest Expense, Net Debt and Total Capitalization (Non-GAAP) in their ROCE calculation. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
20172016201520142013
Interest Expense, Net (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

44


ROCE & ROE
(Continued)
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
In millions of USD, except ratio data (Unaudited)
20122011201020092008
Interest Expense, Net (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

45


ROCE & ROE
(Continued)
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
In millions of USD, except ratio data (Unaudited)
20072006200520042003
Interest Expense, Net (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
46


ROCE & ROE
(Continued)
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
In millions of USD, except ratio data (Unaudited)
20022001200019991998
Interest Expense, Net (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

47


Revenues, Costs and Margins Per Barrel of Oil Equivalent
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
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 margin 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.
2Q 20211Q 20214Q 20203Q 20202Q 2020
Volume - Million Barrels of Oil Equivalent - (a)75.3 70.1 73.7 65.9 56.7 
Total Operating Revenues and Other (b)4,139 3,694 2,965 2,246 1,103 
Total Operating Expenses (c) 2,968 2,762 2,477 2,249 2,190 
Operating Income (Loss) (d)1,171 932 488 (3)(1,087)
Wellhead Revenues
Crude Oil and Condensate2,699 2,251 1,711 1,395 615 
Natural Gas Liquids367 314 229 185 93 
Natural Gas404 625 302 184 141 
Total Wellhead Revenues - (e)3,470 3,190 2,242 1,764 849 
Operating Costs
Lease and Well270 270 261 227 245 
Transportation Costs214 202 195 180 152 
Gathering and Processing Costs128 139 119 115 97 
General and Administrative120 110 113 125 132 
Taxes Other Than Income239 215 114 126 81 
Interest Expense, Net45 47 53 53 54 
Total Operating Cost (excluding DD&A and Total Exploration Costs) (f)1,016 983 855 826 761 
Depreciation, Depletion and Amortization (DD&A)914 900 870 823 707 
Total Operating Cost (excluding Total Exploration Costs) - (g)1,930 1,883 1,725 1,649 1,468 
Exploration Costs35 33 41 38 27 
Dry Hole Costs13 11 — 13 — 
Impairments44 44 143 79 305 
Total Exploration Costs (GAAP)92 88 184 130 332 
Less: Certain Impairments (1)
(1)(1)(86)(27)(239)
Total Exploration Costs (Non-GAAP)91 87 98 103 93 
Total Operating Cost (including Total Exploration Costs (GAAP)) - (h)2,022 1,971 1,909 1,779 1,800 
Total Operating Cost (including Total Exploration Costs (Non-GAAP)) - (i)2,021 1,970 1,823 1,752 1,561 
Total Wellhead Revenues less Total Operating Cost
     (including Total Exploration Costs (GAAP))
1,448 1,219 333 (15)(951)
Total Wellhead Revenues less Total Operating Cost
     (including Total Exploration Costs (Non-GAAP))
1,449 1,220 419 12 (712)
48


Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
In millions of USD, except Boe and per Boe amounts (Unaudited)
2Q 20211Q 20214Q 20203Q 20202Q 2020
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe
    - (b) / (a)
54.97 52.70 40.23 34.08 19.45 
Composite Average Operating Expenses per Boe - (c) / (a)39.42 39.40 33.61 34.13 38.62 
Composite Average Operating Income (Loss) per Boe
    - (d) / (a)
15.55 13.30 6.62 (0.05)(19.17)
Composite Average Wellhead Revenue per Boe - (e) / (a)46.07 45.49 30.39 26.77 14.99 
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)13.48 14.02 11.60 12.56 13.40 
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]32.59 31.47 18.79 14.21 1.59 
Total Operating Cost per Boe (excluding Total Exploration
     Costs) - (g) / (a)
25.61 26.86 23.41 25.05 25.86 
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (g) / (a)]20.46 18.63 6.98 1.72 (10.87)
Total Operating Cost per Boe (including Total Exploration
    Costs) - (h) / (a)
26.85 28.12 25.90 27.00 31.75 
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (h) / (a)]19.22 17.37 4.49 (0.23)(16.76)
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (including Total Exploration
     Costs) - (i) / (a)
26.82 28.11 24.72 26.62 27.51 
Composite Average Margin per Boe (including Total
     Exploration Costs) - [(e) / (a) - (i) / (a)]
19.25 17.38 5.67 0.15 (12.52)
(1) 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).
49


Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
https://cdn.kscope.io/bf26566c13abe46a41a298b7b37462ec-eoglogostacked.jpg
In millions of USD, except Boe and per Boe amounts (Unaudited)
2020201920182017
Volume - Million Barrels of Oil Equivalent - (a)275.9 298.6 262.5 222.3 
Total Operating Revenues and Other (b)11,032 17,380 17,275 11,208 
Total Operating Expenses (c) 11,576 13,681 12,806 10,282 
Operating Income (Loss) (d)(544)3,699 4,469 926 
Wellhead Revenues
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 - (e)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 Administrative (GAAP)484 489 427 434 
Less: Legal Settlement - Early Leasehold Termination— — — (10)
Less: Joint Venture Transaction Costs— — — (3)
Less: Joint Interest Billings Deemed Uncollectible— — — (5)
General and Administrative (Non-GAAP) (1)
484 489