EOG Resources Reports Outstanding Second Quarter 2019 Results; Generates Significant Returns, Growth and Cash Flow at Lower Oil Prices

HOUSTON, Aug. 1, 2019 /PRNewswire/ --

    --  Crude Oil Production Increased 18 Percent YOY and Exceeded Target with
        Capital Expenditures Below Target
    --  Generated Significant Net Cash From Operating Activities and Free Cash
        Flow
    --  Reduced Unit Cash Operating Costs 7 Percent YOY and Lowered YTD Well
        Costs 4 Percent

EOG Resources, Inc. (EOG) today reported second quarter 2019 net income of $848 million, or $1.46 per share, compared with second quarter 2018 net income of $697 million, or $1.20 per share. Net cash provided by operating activities for the second quarter 2019 was $2.7 billion.

Adjusted non-GAAP net income for the second quarter 2019 was $762 million, or $1.31 per share, compared with adjusted non-GAAP net income of $795 million, or $1.37 per share, for the same prior year period.

EOG generated $2.1 billion of discretionary cash flow in the second quarter 2019, one percent more than the same prior year period despite a 12 percent decline in the NYMEX WTI benchmark price. Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP measures.

Second Quarter 2019 Operating Review
EOG delivered excellent operational and financial results in the second quarter 2019, extending its strong momentum from the first quarter. The company continues to benefit from operating a consistently-paced development program with meaningful scale across multiple basins. Innovations in drilling, completions and production, along with targeted infrastructure investments, are contributing to the capital productivity improvements realized through the second quarter.

For the second consecutive quarter, crude oil production volumes exceeded the target range while capital expenditures were below the target range. Second quarter 2019 total company crude oil volumes grew 18 percent year-over-year to 455,700 barrels of oil per day, a new company record. Compared to the second quarter 2018, natural gas liquids (NGL) production increased 16 percent, while natural gas volumes grew 10 percent, contributing to total company production growth of 16 percent.

Cash operating costs declined by seven percent during the second quarter 2019 on a per-unit basis compared to the same prior year period. Lower transportation and lease and well costs contributed to the overall cost reduction. EOG's marketing operations added to the strong second quarter financial performance, as the average price of U.S. crude oil sales was $1.18 per barrel higher than the average NYMEX WTI price. Weaker NGL and natural gas markets reduced price realizations for these products compared to the same prior year period.

EOG generated $2.1 billion of discretionary cash flow in the second quarter 2019 and incurred total expenditures of $1.7 billion, including $1.6 billion of cash capital expenditures before acquisitions. After considering dividend payments of $127 million, the company generated free cash flow of $352 million during the second quarter. Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP measures.

"Our goal remains to be one of the best companies in any industry in the S&P 500. EOG is positioned to generate significant shareholder value even in lower oil price environments. Today, EOG can generate double-digit returns, double-digit organic growth, free cash flow and grow the dividend to a market competitive yield. And we are poised to further improve our financial performance going forward," said William R. "Bill" Thomas, Chairman and Chief Executive Officer. "EOG is committed to disciplined, environmentally responsible operational execution. Every facet of the company is generating improved performance each quarter, from drilling and completions to production and marketing. To put it simply, EOG's business is stronger than ever."

Financial Review
EOG further strengthened its financial position during the second quarter 2019. The company repaid a $900 million bond that reached maturity in June 2019 with cash on hand. At June 30, 2019, EOG's total debt outstanding was $5.2 billion for a debt-to-total capitalization ratio of 20 percent. Considering cash on the balance sheet at the end of the second quarter, EOG's net debt was $4.0 billion for a net debt-to-total capitalization ratio of 16 percent. This is down significantly from 24 percent at the end of the same prior year period. For a reconciliation of non-GAAP measures to GAAP measures, please refer to the attached tables.

Second Quarter 2019 Results Webcast
Friday, August 2, 2019, 9:00 a.m. Central time (10:00 a.m. Eastern time)
Webcast will be available on EOG website for one year.
http://investors.eogresources.com/Investors

About EOG
EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States, Trinidad, and China. To learn more visit www.eogresources.com.

Investor Contacts
David Streit 713-571-4902
Neel Panchal 713-571-4884

Media and Investor Contact
Kimberly Ehmer 713-571-4676

This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG's future financial position, operations, performance, business strategy, returns, budgets, reserves, levels of production, capital expenditures, costs and asset sales, statements regarding future commodity prices and statements regarding the plans and objectives of EOG's management for future operations, are forward-looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "project," "strategy," "intend," "plan," "target," "aims," "goal," "may," "will," "should" and "believe" or the negative of those terms or other variations or comparable terminology to identify its forward-looking statements. In particular, statements, express or implied, concerning EOG's future operating results and returns or EOG's ability to replace or increase reserves, increase production, generate returns, replace or increase drilling locations, reduce or otherwise control operating costs and capital expenditures, generate cash flows, pay down or refinance indebtedness or pay and/or increase dividends are forward-looking statements. Forward-looking statements are not guarantees of performance. Although EOG believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, EOG's forward-looking statements may be affected by known, unknown or currently unforeseen risks, events or circumstances that may be outside EOG's control. Furthermore, this press release and any accompanying disclosures may include or reference certain forward-looking, non-GAAP financial measures, such as free cash flow or discretionary cash flow, and certain related estimates regarding future performance, results and financial position. Any such forward-looking measures and estimates are intended to be illustrative only and are not intended to reflect the results that EOG will necessarily achieve for the period(s) presented; EOG's actual results may differ materially from such measures and estimates. Important factors that could cause EOG's actual results to differ materially from the expectations reflected in EOG's forward-looking statements include, among others:

    --  the timing, extent and duration of changes in prices for, supplies of,
        and demand for, crude oil and condensate, natural gas liquids, natural
        gas and related commodities;
    --  the extent to which EOG is successful in its efforts to acquire or
        discover additional reserves;
    --  the extent to which EOG is successful in its efforts to economically
        develop its acreage in, produce reserves and achieve anticipated
        production levels from, and maximize reserve recovery from, its existing
        and future crude oil and natural gas exploration and development
        projects;
    --  the extent to which EOG is successful in its efforts to market its crude
        oil and condensate, natural gas liquids, natural gas and related
        commodity production;
    --  ­the availability, proximity and capacity of, and costs associated
        with, appropriate gathering, processing, compression, storage,
        transportation and refining facilities;
    --  ­the availability, cost, terms and timing of issuance or execution of,
        and competition for, mineral licenses and leases and governmental and
        other permits and rights-of-way, and EOG's ability to retain mineral
        licenses and leases;
    --  ­the impact of, and changes in, government policies, laws and
        regulations, including tax laws and regulations; climate change and
        other environmental, health and safety laws and regulations relating to
        air emissions, disposal of produced water, drilling fluids and other
        wastes, hydraulic fracturing and access to and use of water; laws and
        regulations imposing conditions or restrictions on drilling and
        completion operations and on the transportation of crude oil and natural
        gas; laws and regulations with respect to derivatives and hedging
        activities; and laws and regulations with respect to the import and
        export of crude oil, natural gas and related commodities;
    --  ­EOG's ability to effectively integrate acquired crude oil and natural
        gas properties into its operations, fully identify existing and
        potential problems with respect to such properties and accurately
        estimate reserves, production and costs with respect to such properties;
    --  ­the extent to which EOG's third-party-operated crude oil and natural
        gas properties are operated successfully and economically;
    --  ­competition in the oil and gas exploration and production industry for
        the acquisition of licenses, leases and properties, employees and other
        personnel, facilities, equipment, materials and services;
    --  ­the availability and cost of employees and other personnel,
        facilities, equipment, materials (such as water and tubulars) and
        services;
    --  ­the accuracy of reserve estimates, which by their nature involve the
        exercise of professional judgment and may therefore be imprecise;
    --  ­weather, including its impact on crude oil and natural gas demand, and
        weather-related delays in drilling and in the installation and operation
        (by EOG or third parties) of production, gathering, processing,
        refining, compression, storage and transportation facilities;
    --  ­the ability of EOG's customers and other contractual counterparties to
        satisfy their obligations to EOG and, related thereto, to access the
        credit and capital markets to obtain financing needed to satisfy their
        obligations to EOG;
    --  ­EOG's ability to access the commercial paper market and other credit
        and capital markets to obtain financing on terms it deems acceptable, if
        at all, and to otherwise satisfy its capital expenditure requirements;
    --  ­the extent to which EOG is successful in its completion of planned
        asset dispositions;
    --  ­the extent and effect of any hedging activities engaged in by EOG;
    --  ­the timing and extent of changes in foreign currency exchange rates,
        interest rates, inflation rates, global and domestic financial market
        conditions and global and domestic general economic conditions;
    --  ­geopolitical factors and political conditions and developments around
        the world (such as the imposition of tariffs or trade or other economic
        sanctions, political instability and armed conflict), including in the
        areas in which EOG operates;
    --  ­the use of competing energy sources and the development of alternative
        energy sources;
    --  ­the extent to which EOG incurs uninsured losses and liabilities or
        losses and liabilities in excess of its insurance coverage;
    --  ­acts of war and terrorism and responses to these acts;
    --  ­physical, electronic and cybersecurity breaches; and
    --  the other factors described under ITEM 1A, Risk Factors, on pages 13
        through 22 of EOG's Annual Report on Form 10-K for the fiscal year ended
        December 31, 2018 and any updates to those factors set forth in EOG's
        subsequent Quarterly Reports on Form 10-Q or Current Reports on Form
        8-K.

In light of these risks, uncertainties and assumptions, the events anticipated by EOG's forward-looking statements may not occur, and, if any of such events do, we may not have anticipated the timing of their occurrence or the duration or extent of their impact on our actual results. Accordingly, you should not place any undue reliance on any of EOG's forward-looking statements. EOG's forward-looking statements speak only as of the date made, and EOG undertakes no obligation, other than as required by applicable law, to update or revise its forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose not only "proved" reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also "probable" reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as "possible" reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). Statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve or resource estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include "potential" reserves, "resource potential" and/or other estimated reserves or estimated resources not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2018, available from EOG at P.O. Box 4362, Houston, Texas 77210-4362 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov. In addition, reconciliation and calculation schedules for non-GAAP financial measures can be found on the EOG website at www.eogresources.com.


                                                                                    
          
              EOG RESOURCES, INC.


                                                                                  
       
              
                Financial Report

                                                                                                    ---

                                                                              
       
         (Unaudited; in millions, except per share data)




                                                                                                                                          Three Months Ended                      Six Months Ended


                                                                                                                           
            
              June 30,           
            
              June 30,

                                                                                                                                                                               ---

                                                                                                                            2019                             2018                 2019               2018

                                                                                                                                                                                                   ---




     Operating Revenues and Other                                                                                                   $
            4,697.6              $
            4,238.1                       $
            8,756.3   $
            7,919.2




     Net Income                                                                                                                       $
            847.8                $
            696.7                       $
            1,483.3   $
            1,335.3




     Net Income Per Share



             Basic                                                                                                                     $
            1.47                 $
            1.21                          $
            2.57      $
            2.32




             Diluted                                                                                                                   $
            1.46                 $
            1.20                          $
            2.56      $
            2.30




     Average Number of Common Shares



             Basic                                                                                                                            577.5                          576.1                                   577.3               576.0




             Diluted                                                                                                                          580.2                          580.4                                   580.2               580.0







                                                                                
       
            
                Summary Income Statements

                                                                                                    ---

                                                                              
       
         (Unaudited; in thousands, except per share data)




                                                                                                                                          Three Months Ended                      Six Months Ended


                                                                                                                           
            
              June 30,           
            
              June 30,

                                                                                                                                                                               ---

                                                                                                                            2019                             2018                 2019               2018

                                                                                                                                                                                                   ---


     
              Operating Revenues and Other



             Crude Oil and Condensate                                                                                             $
            2,528,866            $
            2,377,528                     $
            4,729,269 $
            4,478,836



             Natural Gas Liquids                                                                                                            186,374                        286,354                                 405,012             507,769



             Natural Gas                                                                                                                    269,892                        300,845                                 604,864             600,611



             Gains (Losses) on Mark-to-Market Commodity Derivative Contracts                                                                177,300                      (185,883)                                156,720           (245,654)



             Gathering, Processing and Marketing                                                                                          1,501,386                      1,436,436                               2,787,040           2,538,258



             Gains (Losses) on Asset Dispositions, Net                                                                                        8,009                        (6,317)                                  4,173            (21,286)



             Other, Net                                                                                                                      25,803                         29,114                                  69,194              60,705



                    Total                                                                                                                 4,697,630                      4,238,077                               8,756,272           7,919,239




     
              Operating Expenses



             Lease and Well                                                                                                                 347,281                        314,604                                 683,572             614,668



             Transportation Costs                                                                                                           174,101                        177,797                                 350,623             354,754



             Gathering and Processing Costs                                                                                                 112,643                        109,169                                 223,938             210,514



             Exploration Costs                                                                                                               32,522                         47,478                                  68,846              82,314



             Dry Hole Costs                                                                                                                   3,769                          4,902                                   3,863               4,902



             Impairments                                                                                                                    112,130                         51,708                                 184,486             116,317



             Marketing Costs                                                                                                              1,500,915                      1,420,463                               2,770,972           2,526,853



             Depreciation, Depletion and Amortization                                                                                       957,304                        848,674                               1,836,899           1,597,265



             General and Administrative                                                                                                     121,780                        104,083                                 228,452             198,781



             Taxes Other Than Income                                                                                                        204,414                        194,268                                 397,320             373,352




                    Total                                                                                                                 3,566,859                      3,273,146                               6,748,971           6,079,720






     Operating Income                                                                                                                     1,130,771                        964,931                               2,007,301           1,839,519





     Other Income (Expense), Net                                                                                                              8,503                        (8,551)                                 14,115             (7,824)






     Income Before Interest Expense and Income Taxes                                                                                      1,139,274                        956,380                               2,021,416           1,831,695





     Interest Expense, Net                                                                                                                   49,908                         63,444                                 104,814             125,400






     Income Before Income Taxes                                                                                                           1,089,366                        892,936                               1,916,602           1,706,295





     Income Tax Provision                                                                                                                   241,525                        196,205                                 433,335             370,975






     
              Net Income                                                                                                          $
            847,841              $
            696,731                     $
            1,483,267 $
            1,335,320






     Dividends Declared per Common Share                                                                                             $
            0.2875               $
            0.1850                        $
            0.5075    $
            0.3700


                                                                         
             
                EOG RESOURCES, INC.


                                                                   
           
                
                  Operating Highlights

                                                                                            ---

                                                                            
              
                (Unaudited)




                                                                             Three Months Ended                                                          Six Months Ended


                                                                                  June 30,                                                                   June 30,



                                                                2019                           2018                                 % Change        2019                        2018              % Change

                                                                                                                                                                                             ---


       
                
                  Wellhead Volumes and Prices

    ---


       Crude Oil and Condensate Volumes (MBbld) (A)



             United States                                                   454.9                                         379.2             20%                         445.1                 369.5             20%



             Trinidad                                                          0.6                                           0.8            -25%                           0.7                   0.9            -22%



             Other International (B)                            0.2                                           4.6                    -96%                                           3.6                   -100%



                   Total                                                     455.7                                         384.6             18%                         445.8                 374.0             19%






       Average Crude Oil and Condensate Prices ($/Bbl) (C)



             United States                                          $
             61.01                                $
           67.91            -10%                 $
          58.63        $
           66.13            -11%



             Trinidad                                                        49.56                                         60.57            -18%                         46.62                 57.59            -19%



             Other International (B)                                         55.07                                         70.88            -22%                         57.78                 71.14            -19%



                   Composite                                                 60.99                                         67.93            -10%                         58.61                 66.16            -11%





       Natural Gas Liquids Volumes (MBbld) (A)



             United States                                                   131.1                                         112.9             16%                         125.4                 106.8             17%



             Other International (B)




                   Total                                                     131.1                                         112.9             16%                         125.4                 106.8             17%






       Average Natural Gas Liquids Prices ($/Bbl) (C)



             United States                                          $
             15.63                                $
           27.86            -44%                 $
          17.84        $
           26.27            -32%



             Other International (B)



                   Composite                                                 15.63                                         27.86            -44%                         17.84                 26.27            -32%





       Natural Gas Volumes (MMcfd) (A)



             United States                                                   1,047                                           914             15%                         1,025                   884             16%



             Trinidad                                                          273                                           282             -3%                           270                   288             -6%



             Other International (B)                                            36                                            32             13%                            37                    30             23%



                   Total                                                     1,356                                         1,228             10%                         1,332                 1,202             11%






       Average Natural Gas Prices ($/Mcf) (C)



             United States                                           $
             1.98                                 $
           2.56            -22%                  $
          2.37         $
           2.65            -11%



             Trinidad                                                         2.69                                          2.98            -10%                          2.80                  2.93             -4%



             Other International (B)                                          4.25                                          4.10              4%                          4.31                  4.22              2%



                   Composite                                                  2.19                                          2.69            -19%                          2.51                  2.76             -9%





       Crude Oil Equivalent Volumes (MBoed) (D)



             United States                                                   760.4                                         644.4             18%                         741.3                 623.6             19%



             Trinidad                                                         46.1                                          47.8             -4%                          45.6                  48.8             -7%



             Other International (B)                                           6.3                                          10.0            -37%                           6.4                   8.8            -27%



                   Total                                                     812.8                                         702.2             16%                         793.3                 681.2             16%






       Total MMBoe (D)                                                        74.0                                          63.9             16%                         143.6                 123.3             16%



               (A) Thousand barrels per day or
                million cubic feet per day, as
                applicable.


               (B) Other International includes
                EOG's United Kingdom, China and
                Canada operations.  The United
                Kingdom operations were sold in
                the fourth quarter of 2018.


               (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 fiscal quarter ended
                June 30, 2019).


               (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.


                                                                             
          
                EOG RESOURCES, INC.


                                                                         
         
            
                  Summary Balance Sheets

                                                                                             ---

                                                                       
        
            (Unaudited; in thousands, except share data)




                                                                                                                                  June 30,                    December 31,


                                                                                                                                      2019                             2018

                                                                                                                                                                       ---

                                                                                  
            
                ASSETS



     
             Current Assets



       Cash and Cash Equivalents                                                                                                           $
          1,160,485                $
           1,555,634



       Accounts Receivable, Net                                                                                                                  2,001,953                         1,915,215



       Inventories                                                                                                                                 853,128                           859,359



       Assets from Price Risk Management Activities                                                                                                134,951                            23,806



       Income Taxes Receivable                                                                                                                     121,364                           427,909



       Other                                                                                                                                       223,640                           275,467




              Total                                                                                                                              4,495,521                         5,057,390





     
             Property, Plant and Equipment



       Oil and Gas Properties (Successful Efforts Method)                                                                                       60,214,151                        57,330,016



       Other Property, Plant and Equipment                                                                                                       4,328,675                         4,220,665



              Total Property, Plant and Equipment                                                                                               64,542,826                        61,550,681



       Less:  Accumulated Depreciation, Depletion and Amortization                                                                            (34,818,395)                     (33,475,162)




              Total Property, Plant and Equipment, Net                                                                                          29,724,431                        28,075,519



     
             Deferred Income Taxes                                                                                                                 1,489                               777



     
             Other Assets                                                                                                                      1,530,060                           800,788



     
             Total Assets                                                                                                               $
          35,751,501               $
           33,934,474





                                                                          
         
            LIABILITIES AND STOCKHOLDERS' EQUITY



     
             Current Liabilities



       Accounts Payable                                                                                                                    $
          2,387,403                $
           2,239,850



       Accrued Taxes Payable                                                                                                                       268,837                           214,726



       Dividends Payable                                                                                                                           165,999                           126,971



       Current Portion of Long-Term Debt                                                                                                         1,013,876                           913,093



       Current Portion of Operating Lease Liabilities                                                                                              396,547



       Other                                                                                                                                       181,395                           233,724



              Total                                                                                                                              4,414,057                         3,728,364







     
             Long-Term Debt                                                                                                                    4,165,284                         5,170,169



     
             Other Liabilities                                                                                                                 1,803,475                         1,258,355



     
             Deferred Income Taxes                                                                                                             4,738,409                         4,413,398



     
             Commitments and Contingencies





     
             Stockholders' Equity



       Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and                                                                                205,809                           205,804


          580,931,822 Shares Issued at June 30, 2019 and 580,408,117


          Shares Issued at December 31, 2018



       Additional Paid in Capital                                                                                                                5,729,318                         5,658,794



       Accumulated Other Comprehensive Loss                                                                                                        (4,528)                          (1,358)



       Retained Earnings                                                                                                                        14,731,609                        13,543,130



       Common Stock Held in Treasury, 305,941 Shares at June 30, 2019                                                                             (31,932)                         (42,182)


          and 385,042 Shares at December 31, 2018



              Total Stockholders' Equity                                                                                                        20,630,276                        19,364,188




     
             Total Liabilities and Stockholders' Equity                                                                                 $
          35,751,501               $
           33,934,474


                                                                                             
        
         EOG RESOURCES, INC.


                                                                                         
     
         
           Summary Statements of Cash Flows

                                                                                                    ---

                                                                                           
       
         (Unaudited; in thousands)




                                                                                                                                                  Three Months Ended                        Six Months Ended


                                                                                                                                 
              
             June 30,          
            
                June 30,

                                                                                                                                                                                     ---

                                                                                                                                   2019                            2018                  2019                    2018

                                                                                                                                                                                                               ---


     
                Cash Flows from Operating Activities



     Reconciliation of Net Income to Net Cash Provided by Operating Activities:



          Net Income                                                                                                                       $
           847,841               $
            696,731                          $
           1,483,267 $
            1,335,320



          Items Not Requiring (Providing) Cash



                 Depreciation, Depletion and Amortization                                                                                         957,304                         848,674                                   1,836,899           1,597,265



                 Impairments                                                                                                                      112,130                          51,708                                     184,486             116,317



                 Stock-Based Compensation Expenses                                                                                                 38,566                          31,803                                      77,653              67,289



                 Deferred Income Taxes                                                                                                            217,970                         176,224                                     324,294             347,586



                 (Gains) Losses on Asset Dispositions, Net                                                                                        (8,009)                          6,317                                     (4,173)             21,286



                 Other, Net                                                                                                                         2,487                          11,494                                       5,439              13,507



          Dry Hole Costs                                                                                                                            3,769                           4,902                                       3,863               4,902



          Mark-to-Market Commodity Derivative Contracts



                 Total (Gains) Losses                                                                                                           (177,300)                        185,883                                   (156,720)            245,654



                 Net Cash Received from (Payments for) Settlements of Commodity                                                                    10,444                        (66,369)                                     31,290            (88,334)


                   Derivative Contracts



          Other, Net                                                                                                                                  663                             217                                       1,639               (261)



          Changes in Components of Working Capital and Other Assets and Liabilities



                 Accounts Receivable                                                                                                              239,250                       (200,097)                                   (69,746)          (309,751)



                 Inventories                                                                                                                        7,720                        (85,420)                                   (11,259)          (192,219)



                 Accounts Payable                                                                                                                (67,229)                        402,325                                     126,853             455,977



                 Accrued Taxes Payable                                                                                                           (61,718)                            585                                      53,280              22,535



                 Other Assets                                                                                                                     494,322                        (53,980)                                    487,387            (62,843)



                 Other Liabilities                                                                                                                (4,014)                       (24,113)                                   (58,106)           (53,168)



          Changes in Components of Working Capital Associated with Investing and                                                                   72,347                        (45,267)                                   (22,034)           (27,279)


             Financing Activities




     
                Net Cash Provided by Operating Activities                                                                                     2,686,543                       1,941,617                                   4,294,312           3,493,783





     
                Investing Cash Flows



          Additions to Oil and Gas Properties                                                                                                 (1,507,024)                    (1,615,175)                                (3,446,497)        (2,980,286)



          Additions to Other Property, Plant and Equipment                                                                                       (55,918)                       (68,758)                                  (116,881)          (144,858)



          Proceeds from Sales of Assets                                                                                                             2,593                           5,447                                      17,642               8,276



          Changes in Components of Working Capital Associated with Investing Activities                                                          (72,325)                         45,295                                      22,056              27,250




     
                Net Cash Used in Investing Activities                                                                                       (1,632,674)                    (1,633,191)                                (3,523,680)        (3,089,618)





     
                Financing Cash Flows



          Long-Term Debt Repayments                                                                                          (900,000)                                                                  (900,000)



          Dividends Paid                                                                                                                        (127,135)                      (106,584)                                  (254,681)          (203,610)



          Treasury Stock Purchased                                                                                                                (2,155)                       (15,247)                                    (8,403)           (32,023)



          Proceeds from Stock Options Exercised and Employee Stock Purchase Plan                                                                    8,292                           9,692                                       8,695              11,145



          Debt Issuance Costs                                                                                                  (4,902)                                                                    (4,902)



          Repayment of Capital Lease Obligation                                                                                                   (3,213)                        (1,683)                                    (6,403)            (3,354)



          Changes in Components of Working Capital Associated with Financing Activities                                                              (22)                           (28)                                       (22)                 29




     
                Net Cash Used in Financing Activities                                                                                       (1,029,135)                      (113,850)                                (1,165,716)          (227,813)





     
                Effect of Exchange Rate Changes on Cash                                                                                            (59)                        (2,455)                                       (65)            (2,365)






     
                Increase (Decrease) in Cash and Cash Equivalents                                                                                 24,675                         192,121                                   (395,149)            173,987



     
                Cash and Cash Equivalents at Beginning of Period                                                                              1,135,810                         816,094                                   1,555,634             834,228




     
                Cash and Cash Equivalents at End of Period                                                                             $
           1,160,485             $
            1,008,215                          $
           1,160,485 $
            1,008,215


                                                                   
          
            EOG RESOURCES, INC.


                                                           
     
             
            Second Quarter 2019 Well Results by Play

                                                                               ---

                                                                     
           
             (Unaudited)




                                             Wells On Line                                                       Initial Gross 30-Day Average Production Rate



                                         
     Gross              Net        
          Lateral                   
              Crude Oil and                     
          Natural Gas     
      Natural Gas     
           Crude Oil

                                                                          
          Length                    
              Condensate                         
          Liquids       
     (MMcfd) (A)        Equivalent(Boed) (B)

                                                                           
          (ft)                     
              (Bbld) (A)                        
          (Bbld) (A)




     Delaware Basin



     Wolfcamp                                          63      57                   6,500                                           1,950                                450                2.9                        2,900



     Bone Spring                                        5       5                   5,200                                           1,300                                300                1.6                        1,850



     Leonard                                            3       3                   4,700                                           1,200                                600                3.1                        2,300





     South Texas Eagle Ford                            86      78                   7,300                                           1,100                                150                0.6                        1,350





     South Texas Austin Chalk                           6       4                   4,300                                           1,450                                250                1.0                        1,850





     Powder River Basin



     Turner                                             6       5                   8,400                                             700                                150                2.7                        1,300



     Mowry                                              2       1                   9,500                                             700                                250                6.0                        1,950



     Niobrara                                           5       3                   9,800                                           1,000                                100                2.1                        1,450





     DJ Basin Codell                                   18      12                  11,400                                             800                                 50                0.3                          900





     Anadarko Basin Woodford Oil Window                11       9                   9,500                                             650                                 50                0.5                          800



     (A)  Barrels per day or million cubic feet per day, as applicable.


     (B)  Barrels of oil equivalent per day; includes crude oil and
      condensate, natural gas liquids and natural gas.  Crude oil
      equivalent volumes are determined using a ratio of 1.0 barrel of
      crude oil and condensate or natural gas liquids to 6.0 thousand
      cubic feet of natural gas.


                                                                                                                                                                                                                                                
              
                EOG RESOURCES, INC.


                                                                                                                                                                                                                                
              
                
                  Reconciliation of Adjusted Net Income

                                                                                                                                                                                                                                                                    ---

                                                                                                                                                                                                                                  
              
                (Unaudited; in thousands, except per share data)






      The following chart adjusts the three-month and six-month periods ended June 30, 2019 and 2018 reported Net Income (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 in 2019 and 2018, to add back impairment charges related to certain of EOG's assets in 2019 and 2018 and to eliminate
       certain adjustments in 2018 related to the 2017 U.S. tax reform.  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.




                                                                                                                                                  
              
                Three Months Ended                                                          
              
                Three Months Ended


                                                                                                                                                    
              
                June 30, 2019                                                               
              
                June 30, 2018

                                                                                                                                                                                                                                                                                                    ---



                                                                                                                                                                                                        
              
                Income                                                                        
              
                Diluted                                                                         
              
                Income                                                                   
       
       Diluted


                                                                                                                                                    
              
                Before                          
              
                Tax                         
              
                After                   
              
                Earnings                   
              
                Before                         
              
                Tax                          
              
                After             
       
       Earnings


                                                                                                                                                      
              
                Tax                         
              
                Impact                         
              
                Tax                                            per Share                    
              
                Tax                        
              
                Impact                          
              
                Tax                      per Share

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       ---


     
                Reported Net Income (GAAP)                                                                                                                                 $1,089,366                                            $(241,525)                                              $847,841                                          $1.46                                              $892,936                                            $(196,205)                                               $696,731                    $1.20

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       ---


     Adjustments:



     (Gains) Losses on Mark-to-Market Commodity Derivative Contracts                                                                                                          (177,300)                                               38,930                                              (138,370)                                        (0.24)                                              185,883                                              (40,944)                                                144,939                     0.25



     Net Cash Received from (Payments for Settlements of Commodity Derivative Contracts)                                                                                         10,444                                               (2,276)                                                 8,168                                           0.01                                              (66,369)                                               14,619                                                (51,750)                  (0.09)



     Add:  (Gains) Losses on Asset Dispositions                                                                                                                                 (8,009)                                                1,734                                                (6,275)                                        (0.01)                                                6,317                                               (1,375)                                                  4,942                     0.01



     Add:  Impairments                                                                                                                                                           65,289                                              (14,311)                                                50,978                                           0.09                                                                                                                                                                                         -



     Adjustments to Net Income                                                                                                                                                (109,576)                                               24,077                                               (85,499)                                        (0.15)                                              125,831                                              (27,700)                                                 98,131                     0.17






     
                Adjusted Net Income (Non-GAAP)                                                                                                                               $979,790                                            $(217,448)                                              $762,342                                          $1.31                                            $1,018,767                                            $(223,905)                                               $794,862                    $1.37

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       ===




     Average Number of Common Shares (GAAP)



            Basic                                                                                                                                                                                                                                                                                                                      577,460                                                                                                                                                                                   576,135




            Diluted                                                                                                                                                                                                                                                                                                                    580,247                                                                                                                                                                                   580,375







                                                                                                                                                   
              
                Six Months Ended                                                            
              
                Six Months Ended


                                                                                                                                                    
              
                June 30, 2019                                                               
              
                June 30, 2018

                                                                                                                                                                                                                                                                                                    ---



                                                                                                                                                                                                        
              
                Income                                                                        
              
                Diluted                                                                         
              
                Income                                                                   
       
       Diluted


                                                                                                                                                    
              
                Before                          
              
                Tax                         
              
                After                   
              
                Earnings                   
              
                Before                         
              
                Tax                          
              
                After             
       
       Earnings


                                                                                                                                                      
              
                Tax                         
              
                Impact                         
              
                Tax                                            per Share                    
              
                Tax                        
              
                Impact                          
              
                Tax                      per Share

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       ---


     
                Reported Net Income (GAAP)                                                                                                                                 $1,916,602                                            $(433,335)                                            $1,483,267                                          $2.56                                            $1,706,295                                            $(370,975)                                             $1,335,320                    $2.30

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       ---


     Adjustments:



     (Gains) Losses on Mark-to-Market Commodity Derivative Contracts                                                                                                          (156,720)                                               34,397                                              (122,323)                                        (0.21)                                              245,654                                              (54,110)                                                191,544                     0.33



     Net Cash Received from (Payments for Settlements of Commodity Derivative Contracts)                                                                                         31,290                                               (6,868)                                                24,422                                           0.04                                              (88,334)                                               19,457                                                (68,877)                  (0.12)



     Add:  (Gains) Losses on Asset Dispositions                                                                                                                                 (4,173)                                                  998                                                (3,175)                                        (0.01)                                               21,286                                               (4,699)                                                 16,587                     0.03



     Add:  Impairments                                                                                                                                                           89,034                                              (19,541)                                                69,493                                           0.12                                                20,876                                               (4,598)                                                 16,278                     0.03



     Less:  Tax Reform Impact                                                                                                                                                         -                                                                                                                                                                                                                                                            (6,524)                                                (6,524)                  (0.01)



     Adjustments to Net Income                                                                                                                                                 (40,569)                                                8,986                                               (31,583)                                        (0.06)                                              199,482                                              (50,474)                                                149,008                     0.26






     
                Adjusted Net Income (Non-GAAP)                                                                                                                             $1,876,033                                            $(424,349)                                            $1,451,684                                          $2.50                                            $1,905,777                                            $(421,449)                                             $1,484,328                    $2.56

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       ===




     Average Number of Common Shares (GAAP)



            Basic                                                                                                                                                                                                                                                                                                                      577,333                                                                                                                                                                                   575,953




            Diluted                                                                                                                                                                                                                                                                                                                    580,204                                                                                                                                                                                   580,007


                                                                                                                               
              
                EOG RESOURCES, INC.


                                                                                                            
              
                
                  Reconciliation of Discretionary Cash Flow

                                                                                                                                                   ---

                                                                                                                            
              
                (Unaudited; in thousands)




                                                                                                                  
              
                
                  Calculation of Free Cash Flow

                                                                                                                                                   ---

                                                                                                                    
              
                
                  (Unaudited; in thousands)

                                                                                                                                                   ---



      The following chart reconciles the three-month and six-month periods ended June 30, 2019 and 2018 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), Other Non-Current Income Taxes - Net Receivable, Changes in Components of Working Capital and Other Assets and Liabilities, and Changes in Components of Working Capital Associated with Investing and Financing Activities.  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 (excluding acquisitions) incurred (Non-GAAP) during such period and dividends paid (GAAP) during such period, as is illustrated below for the three months and six months ended June 30, 2019 and 2018.  EOG
       management uses this information for comparative purposes within the industry.




                                                                                                                                                                                    Three Months Ended                                              Six Months Ended


                                                                                                                                                                 
              
                June 30,                               
              
                June 30,

                                                                                                                                                                                                                                              ---

                                                                                                                                                                  2019                                  2018                                    2019                         2018

                                                                                                                                                                                                                                                                           ---




     Net Cash Provided by Operating Activities (GAAP)                                                                                                                   $
              2,686,543                                $
              1,941,617                                $
              4,294,312                                $
              3,493,783





     Adjustments:



     Exploration Costs (excluding Stock-Based Compensation Expenses)                                                                                                                 26,089                                               41,748                                               55,876                                               69,684



     Other Non-Current Income Taxes - Net Receivable                                                                                                                                 42,764                                               73,441                                              145,682                                              192,362



     Changes in Components of Working Capital and Other Assets



     and Liabilities



     Accounts Receivable                                                                                                                                                          (239,250)                                             200,097                                               69,746                                              309,751



     Inventories                                                                                                                                                                    (7,720)                                              85,420                                               11,259                                              192,219



     Accounts Payable                                                                                                                                                                67,229                                            (402,325)                                           (126,853)                                           (455,977)



     Accrued Taxes Payable                                                                                                                                                           61,718                                                (585)                                            (53,280)                                            (22,535)



     Other Assets                                                                                                                                                                 (494,322)                                              53,980                                            (487,387)                                              62,843



     Other Liabilities                                                                                                                                                                4,014                                               24,113                                               58,106                                               53,168



     Changes in Components of Working Capital Associated with



     Investing and Financing Activities                                                                                                                                            (72,347)                                              45,267                                               22,034                                               27,279






     Discretionary Cash Flow (Non-GAAP)                                                                                                                                 $
              2,074,718                                $
              2,062,773                                $
              3,989,495                                $
              3,922,577






     Discretionary Cash Flow (Non-GAAP) - Percentage Increase                                                                                                      1%                                                                                                      2%







     Discretionary Cash Flow (Non-GAAP)                                                                                                                                 $
              2,074,718                                $
              2,062,773                                $
              3,989,495                                $
              3,922,577



     Less:



     Total Cash Expenditures Excluding Acquisitions (Non-GAAP)(a)                                                                                                               (1,595,726)                                         (1,720,198)                                         (3,328,202)                                         (3,198,028)



     Dividends Paid (GAAP)                                                                                                                                                        (127,135)                                           (106,584)                                           (254,681)                                           (203,610)



     Free Cash Flow (Non-GAAP)                                                                                                                                            $
              351,857                                  $
              235,991                                  $
              406,612                                  $
              520,939








     (a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Expenditures Excluding Acquisitions (Non-GAAP) for the three-month and six-month periods ended June 30, 2019 and 2018:





     Total Expenditures (GAAP)                                                                                                                                          $
              1,663,127                                $
              1,826,932                                $
              3,765,046                                $
              3,373,573



     Less:



               Asset Retirement Costs                                                                                                                                              (55,425)                                            (18,856)                                            (60,581)                                            (30,956)



               Non-Cash Expenditures of Other Property, Plant and Equipment                                                                                                           (586)                                                (45)                                               (586)                                            (47,680)



               Non-Cash Acquisition Costs of Unproved Properties                                                                                                                   (10,240)                                            (51,193)                                            (53,721)                                            (60,002)



               Acquisition Costs of Proved Properties                                                                                                                               (1,150)                                            (36,640)                                           (321,956)                                            (36,907)




     Total Cash Expenditures Excluding Acquisitions (Non-GAAP)                                                                                                          $
              1,595,726                                $
              1,720,198                                $
              3,328,202                                $
              3,198,028


                                                                                                                            
              
                EOG RESOURCES, INC.


                                                                                                             
              
                
                  Reconciliation of Adjusted EBITDAX

                                                                                                                                                ---

                                                                                                                         
              
                (Unaudited; in thousands)




      The following chart adjusts the three-month and six-month periods ended June 30, 2019 and 2018 reported Net Income (GAAP) to Earnings Before Interest Expense (Net), Income Taxes (Income Tax Provision), 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 (GAAP) to add back Interest Expense (Net), Income Taxes (Income Tax Provision), 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.




                                                                                                                                                                              Three Months Ended                                              Six Months Ended


                                                                                                                                                           
              
                June 30,                               
              
                June 30,

                                                                                                                                                                                                                                         ---

                                                                                                                                                            2019                                  2018                                    2019                         2018

                                                                                                                                                                                                                                                                     ---




     Net Income (GAAP)                                                                                                                                              $
              847,841                                  $
              696,731                                $
              1,483,267                                $
              1,335,320





     Adjustments:



          Interest Expense, Net                                                                                                                                                49,908                                               63,444                                              104,814                                              125,400



          Income Tax Provision                                                                                                                                                241,525                                              196,205                                              433,335                                              370,975



          Depreciation, Depletion and Amortization                                                                                                                            957,304                                              848,674                                            1,836,899                                            1,597,265



          Exploration Costs                                                                                                                                                    32,522                                               47,478                                               68,846                                               82,314



          Dry Hole Costs                                                                                                                                                        3,769                                                4,902                                                3,863                                                4,902



          Impairments                                                                                                                                                         112,130                                               51,708                                              184,486                                              116,317




                  EBITDAX (Non-GAAP)                                                                                                                                        2,244,999                                            1,909,142                                            4,115,510                                            3,632,493



          Total (Gains) Losses on MTM Commodity Derivative Contracts                                                                                                        (177,300)                                             185,883                                            (156,720)                                             245,654



          Net Cash Received from (Payments for) Settlements of Commodity                                                                                                       10,444                                             (66,369)                                              31,290                                             (88,334)


             Derivative Contracts



          (Gains) Losses on Asset Dispositions, Net                                                                                                                           (8,009)                                               6,317                                              (4,173)                                              21,286






     Adjusted EBITDAX (Non-GAAP)                                                                                                                                  $
              2,070,134                                $
              2,034,973                                $
              3,985,907                                $
              3,811,099






     Adjusted EBITDAX (Non-GAAP) - Percentage Increase                                                                                                       2%                                                                                                      5%


                                                                                                                         
              
                EOG RESOURCES, INC.


                                                                                                  
              
                
                  Reconciliation of Net Debt and Total Capitalization

                                                                                                                                             ---

                                                                                                 
              
                
                  Calculation of Net Debt-to-Total Capitalization Ratio

                                                                                                                                             ---

                                                                                                             
              
                (Unaudited; in millions, except ratio data)




      The following chart reconciles 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.




                                                                                                                                                                 At                                                        At                                       At


                                                                                                                                                              June 30,                                                December 31,                               June 30,


                                                                                                                                                                  2019                                                         2018                                    2018

                                                                                                                                                                                                                                                                      ---




     Total Stockholders' Equity - (a)                                                                                                                                   $
              20,630                                                                  $
         19,364  $
          17,452






     Current and Long-Term Debt (GAAP) - (b)                                                                                                                                       5,179                                                                          6,083           6,435



     Less: Cash                                                                                                                                                                  (1,160)                                                                       (1,556)        (1,008)




     Net Debt (Non-GAAP) - (c)                                                                                                                                                     4,019                                                                          4,527           5,427






     Total Capitalization (GAAP) - (a) + (b)                                                                                                                            $
              25,809                                                                  $
         25,447  $
          23,887






     Total Capitalization (Non-GAAP) - (a) + (c)                                                                                                                        $
              24,649                                                                  $
         23,891  $
          22,879






     Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]                                                                                                                         20%                                                                           24%            27%






     
                Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]                                                                                                    16%                                                                           19%            24%


                                                                       
              
                EOG RESOURCES, INC.


                                                   
              
                
                  Crude Oil and Natural Gas Financial Commodity

                                                                                           ---

                                                               
              
                
                  Derivative Contracts

                                                                                           ---



        EOG accounts for financial commodity derivative contracts using the mark-to-market accounting method.  Prices received by EOG for its crude oil production generally
         vary from NYMEX West Texas Intermediate prices due to adjustments for delivery location (basis) and other factors.  EOG has entered into crude oil basis swap contracts
         in order to fix the differential between pricing in Midland, Texas, and Cushing, Oklahoma (Midland Differential).  Presented below is a comprehensive summary of EOG's
         Midland Differential basis swap contracts through July 29, 2019.  The weighted average price differential expressed in $/Bbl represents the amount of reduction to
         Cushing, Oklahoma, prices for the notional volumes expressed in Bbld covered by the basis swap contracts.






                                                            
              
                Midland Differential Basis Swap Contracts

                                                                                           ---

                                                                                                                                                               
              
              Weighted


                                                                                                                                                            
              
              Average Price


                                                                                                                                        Volume               
              
              Differential


                                                                                                                                        (Bbld)                  
              
              ($/Bbl)




       
                2019

    ---


       January 1, 2019 through August 31, 2019 (closed)                                                                                 20,000                                            $1.075



       September 1, 2019 through December 31, 2019                                                                                      20,000                                             1.075






        EOG has also entered into crude oil basis swap contracts in order to fix the differential between pricing in the U.S. Gulf Coast and Cushing, Oklahoma (Gulf Coast
         Differential).  Presented below is a comprehensive summary of EOG's Gulf Coast Differential basis swap contracts through July 29, 2019.  The weighted average price
         differential expressed in $/Bbl represents the amount of addition to Cushing, Oklahoma, prices for the notional volumes expressed in Bbld covered by the basis swap
         contracts.






                                                           
              
                Gulf Coast Differential Basis Swap Contracts

                                                                                           ---

                                                                                                                                                               
              
              Weighted


                                                                                                                                                            
              
              Average Price


                                                                                                                                        Volume               
              
              Differential


                                                                                                                                        (Bbld)                  
              
              ($/Bbl)




       
                2019

    ---


       January 1, 2019 through August 31, 2019 (closed)                                                                                 13,000                                            $5.572



       September 1, 2019 through December 31, 2019                                                                                      13,000                                             5.572






        Presented below is a comprehensive summary of EOG's crude oil price swap contracts through July 29, 2019, with notional volumes expressed in Bbld and prices expressed in
         $/Bbl.






                                                                  
              
                Crude Oil Price Swap Contracts

                                                                                           ---

                                                                                                                                                               
              
              Weighted


                                                                                                                                        Volume              
              
              Average Price


                                                                                                                                        (Bbld)                  
              
              ($/Bbl)




       
                2019

    ---


       April 2019 (closed)                                                                                                              25,000                                            $60.00



       May 1, 2019 through June 30, 2019 (closed)                                                                                      150,000                                             62.50



       July 1, 2019 through December 31, 2019                                                                                          150,000                                             62.50






        Presented below is a comprehensive summary of EOG's natural gas price swap contracts through July 29, 2019, with notional volumes expressed in MMBtud and prices
         expressed in $/MMBtu.






                                                                 
              
                Natural Gas Price Swap Contracts

                                                                                           ---

                                                                                                                                                               
              
              Weighted


                                                                                                                                        Volume              
              
              Average Price


                                                                                                                                       (MMBtud)                
              
              ($/MMBtu)




       
                2019

    ---


       April 1, 2019 through August 31, 2019 (closed)                                                                                  250,000                                             $2.90



       September 1, 2019 through October 31, 2019                                                                                      250,000                                              2.90




              Definitions

    ---


              Bbld                    
              Barrels per day


                   
              $/Bbl               Dollars per barrel



              MMBtud                             Million British thermal
                                                   units per day


                 
              $/MMBtu               Dollars per million British
                                                   thermal units



              NYMEX                              U.S. New York Mercantile
                                                   Exchange


                                                                    
              
                EOG RESOURCES, INC.


                                                  
              
                
                  Direct After-Tax Rate of Return (ATROR)

                                                                                        ---



        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 Facilities



         - Gathering and Processing



       Includes Legacy Gas Capital and Capital from Mature Wells


                                                                                                                                            
              
                EOG RESOURCES, INC.


                                                                                                           
              
                
                  Reconciliation of After-Tax Net Interest Expense, Adjusted Net Income,

                                                                                                                                                                ---

                                                                                                                              
              
                
                  Net Debt and Total Capitalization

                                                                                                                                                                ---

                                                                                                               
              
                
                  Calculations of Return on Capital Employed and Return on Equity

                                                                                                                                                                ---

                                                                                                                                
              
                (Unaudited; in millions, except ratio data)




        The following chart reconciles Net Interest Expense (GAAP), Net Income (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.




                                                                                                                                                                                                    2018                                                                                      2017




       
                
                  Return on Capital Employed (ROCE) (Non-GAAP)

    ---




       Net Interest Expense (GAAP)                                                                                                                                                        $
              245



       Tax Benefit Imputed (based on 21%)                                                                                                                                                          (51)



       After-Tax Net Interest Expense (Non-GAAP) - (a)                                                                                                                                    $
              194






       Net Income (GAAP) - (b)                                                                                                                                                          $
              3,419



       Adjustments to Net Income, Net of Tax (See Accompanying Schedule)                                                                                                                          (201)              (1)




       Adjusted Net Income (Non-GAAP) - (c)                                                                                                                                             $
              3,218






       Total Stockholders' Equity - (d)                                                                                                                                                $
              19,364                                                                            $
          16,283






       Average Total Stockholders' Equity * - (e)                                                                                                                                      $
              17,824






       Current and Long-Term Debt (GAAP) - (f)                                                                                                                                          $
              6,083                                                                             $
          6,387



       Less: Cash                                                                                                                                                                               (1,556)                                                                                    (834)



       Net Debt (Non-GAAP) - (g)                                                                                                                                                        $
              4,527                                                                             $
          5,553






       Total Capitalization (GAAP) - (d) + (f)                                                                                                                                         $
              25,447                                                                            $
          22,670






       Total Capitalization (Non-GAAP) - (d) + (g)                                                                                                                                     $
              23,891                                                                            $
          21,836






       Average Total Capitalization (Non-GAAP) * - (h)                                                                                                                                 $
              22,864






       
                ROCE (GAAP Net Income) - [(a) + (b)] / (h)                                                                                                                                    15.8%






       
                ROCE (Non-GAAP Adjusted Net Income) - [(a) + (c)] / (h)                                                                                                                       14.9%






       
                
                  Return on Equity (ROE)

    ---




       
                ROE (GAAP Net Income) - (b) / (e)                                                                                                                                             19.2%






       
                ROE (Non-GAAP Adjusted Net Income) - (c) / (e)                                                                                                                                18.1%






       * Average for the current and immediately preceding year







       
                
                  Adjustments to Net Income (GAAP)

    ---






       (1) See below schedule for detail of adjustments to Net Income (GAAP) in 2018:




                                                                                                                                                                                                                       Year Ended December 31, 2018

                                                                                                                                                                                                                       ---

                                                                                                                                                                               Before                                         
              
                 Income Tax                                    After


                                                                                                                                                                                 Tax                                            
              
                 Impact                                       Tax




       Adjustments:



           Add:   Mark-to-Market Commodity Derivative Contracts Impact                                                                                                                   $
              (93)                                                                               $
          20          $
        (73)



           Add:   Impairments of Certain Assets                                                                                                                                                     153                                                                                      (34)                119



           Less:   Net Gains on Asset Dispositions                                                                                                                                                (175)                                                                                       38               (137)



           Less:  Tax Reform Impact                                                                                                                                                                                                                        (110)                                    (110)



       Total                                                                                                                                                                            $
              (115)                                                                             $
          (86)        $
        (201)


                                                                                                                   
              
                EOG RESOURCES, INC.


                                                                                             
              
                
                  Reconciliation of After-Tax Net Interest Expense,

                                                                                                                                       ---

                                                                                                     
              
                
                  Net Debt and Total Capitalization

                                                                                                                                       ---

                                                                                                 
              
                
                  Calculation of Return on Capital Employed

                                                                                                                                       ---

                                                                                                       
              
                (Unaudited; in millions, except ratio data)




        The following chart reconciles Net Interest Expense (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) (Non-
         GAAP) calculation.  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.




                                                                                                                                                                   2017                                  2016                                  2015                                 2014                                 2013




       
                
                  Return on Capital Employed (ROCE) (Non-GAAP)

    ---


       
                
                  (Calculated Using GAAP Net Income)

    ---




       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






       
                ROCE (GAAP Net Income) - [(a) + (b)] / (h)                                                                                                   13.4%                                -4.8%                               -21.6%                               14.7%                               12.1%






       
                
                  Return on Equity (ROE) (GAAP)

    ---




       
                ROE (GAAP Net Income) - (b) / (e)                                                                                                            17.1%                                -8.1%                               -29.5%                               17.6%                               15.3%








       * Average for the current and immediately preceding year






                                                                                                                   
              
                EOG RESOURCES, INC.


                                                                                             
              
                
                  Reconciliation of After-Tax Net Interest Expense,

                                                                                                                                       ---

                                                                                                     
              
                
                  Net Debt and Total Capitalization

                                                                                                                                       ---

                                                                                                 
              
                
                  Calculation of Return on Capital Employed

                                                                                                                                       ---

                                                                                                       
              
                (Unaudited; in millions, except ratio data)




        The following chart reconciles Net Interest Expense (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) (Non-
         GAAP) calculation.  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.




                                                                                                                                                                   2012                                  2011                                  2010                                 2009                                 2008




       
                
                  Return on Capital Employed (ROCE) (Non-GAAP)

    ---


       
                
                  (Calculated Using GAAP Net Income)

    ---




       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 (Loss) (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






       
                ROCE (GAAP Net Income) - [(a) + (b)] / (h)                                                                                                    4.0%                                 7.7%                                 1.8%                                5.4%                               26.4%






       
                
                  Return on Equity (ROE) (GAAP)

    ---




       
                ROE (GAAP Net Income) - (b) / (e)                                                                                                             4.4%                                 9.5%                                 1.6%                                5.8%                               30.5%








       * Average for the current and immediately preceding year






                                                                                                                   
              
                EOG RESOURCES, INC.


                                                                                             
              
                
                  Reconciliation of After-Tax Net Interest Expense,

                                                                                                                                       ---

                                                                                                     
              
                
                  Net Debt and Total Capitalization

                                                                                                                                       ---

                                                                                                 
              
                
                  Calculation of Return on Capital Employed

                                                                                                                                       ---

                                                                                                       
              
                (Unaudited; in millions, except ratio data)




        The following chart reconciles Net Interest Expense (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) (Non-
         GAAP) calculation.  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.




                                                                                                                                                                   2007                                  2006                                  2005                                 2004                                 2003




       
                
                  Return on Capital Employed (ROCE) (Non-GAAP)

    ---


       
                
                  (Calculated Using GAAP Net Income)

    ---




       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 (Loss) (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






       
                ROCE (GAAP Net Income) - [(a) + (b)] / (h)                                                                                                   15.7%                                24.7%                                30.0%                               18.2%                               15.3%






       
                
                  Return on Equity (ROE) (GAAP)

    ---




       
                ROE (GAAP Net Income) - (b) / (e)                                                                                                            17.3%                                26.2%                                34.7%                               24.2%                               22.1%








       * Average for the current and immediately preceding year






                                                                                                                   
              
                EOG RESOURCES, INC.


                                                                                             
              
                
                  Reconciliation of After-Tax Net Interest Expense,

                                                                                                                                       ---

                                                                                                     
              
                
                  Net Debt and Total Capitalization

                                                                                                                                       ---

                                                                                                 
              
                
                  Calculation of Return on Capital Employed

                                                                                                                                       ---

                                                                                                       
              
                (Unaudited; in millions, except ratio data)




        The following chart reconciles Net Interest Expense (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) (Non-
         GAAP) calculation.  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.




                                                                                                                                                                   2002                                  2001                                  2000                                 1999                                 1998




       
                
                  Return on Capital Employed (ROCE) (Non-GAAP)

    ---


       
                
                  (Calculated Using GAAP Net Income)

    ---




       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 (Loss) (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






       
                ROCE (GAAP Net Income) - [(a) + (b)] / (h)                                                                                                    4.8%                                18.2%                                20.2%                               27.0%






       
                
                  Return on Equity (ROE) (GAAP)

    ---




       
                ROE (GAAP Net Income) - (b) / (e)                                                                                                             5.2%                                26.4%                                31.6%                               47.2%








       * Average for the current and immediately preceding year


                                                                                                                                          
              
                EOG RESOURCES, INC.


                                                                                                                        
            
          
                 Cash Operating Expenses per Barrel of Oil Equivalent (Boe)

                                                                                                                                                              ---

                                                                                                                                  
        
               (Unaudited; in thousands, except per Boe amounts)






                                                                                                              Three Months Ended                                                Six Months Ended


                                                                                                          
     
           June 30,                                 
              
                June 30,



                                                                                                                            2019                                                             2018                          2019            2018






       
                Cash Operating Expenses (GAAP)*

    ---


       Lease and Well                                                                                                  $347,281                                                         $314,604                      $683,572        $614,668



       Transportation Costs                                                                                             174,101                                                          177,797                       350,623         354,754



       General and Administrative                                                                                       121,780                                                          104,083                       228,452         198,781



            Cash Operating Expenses                                                                                     643,162                                                          596,484                     1,262,647       1,168,203



       Less:  Non-GAAP Adjustments



       
                     Adjusted Cash Operating Expenses (Non-GAAP) - (a)                                             $643,162                                                         $596,484                    $1,262,647      $1,168,203






       
                Volume - Thousand Barrels of Oil Equivalent - (b)                                                    73,964                                                           63,898                       143,587         123,291





       
                Adjusted Cash Operating Expenses Per Boe (Non-GAAP) - (a) / (b)                                       $8.70                   (c)                                      $9.33                (d)      $8.79 (e)       $9.48 (f)






       
                Adjusted Cash Operating Expenses Per Boe (Non-GAAP) -


         Percentage Decrease

    ---


       Three Months Ended June 30, 2019 compared to Three Months Ended June 30, 2018 - [(c) - (d)] / (d)                    -7%



       Six Months Ended June 30, 2019 compared to Six Months Ended                                                          -7%


       June 30, 2018 - [(e) - (f)] / (f)





       * Includes stock compensation expense and other non-cash items.






                                                                                                                                          
              
                EOG RESOURCES, INC.


                                                                                                                        
            
          
                 Cash Operating Expenses per Barrel of Oil Equivalent (Boe)

                                                                                                                                                              ---

                                                                                                                                  
        
               (Unaudited; in thousands, except per Boe amounts)






                                                                                                                             
           
          Year Ended


                                                                                                                            
           
          December 31,



                                                                                                                            2018                                                             2017                          2016            2015           2014






       
                Cash Operating Expenses (GAAP)*

    ---


       Lease and Well                                                                                                $1,282,678                                                       $1,044,847                      $927,452      $1,182,282     $1,416,413



       Transportation Costs                                                                                             746,876                                                          740,352                       764,106         849,319        972,176



       General and Administrative                                                                                       426,969                                                          434,467                       394,815         366,594        402,010



            Cash Operating Expenses                                                                                   2,456,523                                                        2,219,666                     2,086,373       2,398,195      2,790,599



       Less:  Legal Settlement - Early Leasehold Termination                                                                                                                           (10,202)                                    (19,355)



       Less:  Voluntary Retirement Expense                                                                                                                                                                          (42,054)



       Less:  Acquisition Costs - Yates Transaction                                                                                                                                                                  (5,100)



       Less:  Joint Venture Transaction Costs                                                                                                                                           (3,056)



       Less:  Joint Interest Billings Deemed Uncollectible                                                                                                                              (4,528)



       
                     Adjusted Cash Operating Expenses (Non-GAAP) - (a)                                           $2,456,523                                                       $2,201,880                    $2,039,219      $2,378,840     $2,790,599






       
                Volume - Thousand Barrels of Oil Equivalent - (b)                                                   262,516                                                          222,251                       204,929         208,862        217,073





       
                Adjusted Cash Operating Expenses Per Boe (Non-GAAP) - (a) / (b)                                       $9.36                   (c)                                      $9.91                (d)      $9.95 (e)      $11.39 (f)     $12.86 (g)






       
                Adjusted Cash Operating Expenses Per Boe (Non-GAAP) -


          Percentage Decrease

    ---


       2018 compared to 2017 - [(c) - (d)] / (d)                                                                            -6%



       2018 compared to 2016 - [(c) - (e)] / (e)                                                                            -6%



       2018 compared to 2015 - [(c) - (f)] / (f)                                                                           -18%



       2018 compared to 2014 - [(c) - (g)] / (g)                                                                           -27%







       * Includes stock compensation expense and other non-cash items.


                                                                                                      
           
                EOG RESOURCES, INC.


                                                                                             
        
           
                 Cost per Barrel of Oil Equivalent (Boe)

                                                                                                                       ---

                                                                                               
        
           (Unaudited; in thousands, except per Boe amounts)






                                                                                                              Three Months Ended                                Year-To-Date


                                                                                                 
          
              March 31,                   
              
           June 30,    
     
     June 30,



                                                                                                                            2019                                         2019            2019






     
                Volume - Thousand Barrels of Oil Equivalent - (a)                                                      69,623                                       73,964         143,587





          Crude Oil and Condensate                                                                                   $2,200,403                                   $2,528,866      $4,729,269



          Natural Gas Liquids                                                                                           218,638                                      186,374         405,012



          Natural Gas                                                                                                   334,972                                      269,892         604,864



     
                Total Wellhead Revenues - (b)                                                                      $2,754,013                                   $2,985,132      $5,739,145





     
                Operating Costs



          Lease and Well                                                                                               $336,291                                     $347,281        $683,572



          Transportation Costs                                                                                          176,522                                      174,101         350,623



          Gathering and Processing Costs                                                                                111,295                                      112,643         223,938



          General and Administrative                                                                                    106,672                                      121,780         228,452



          Taxes Other Than Income                                                                                       192,906                                      204,414         397,320



          Interest Expense, Net                                                                                          54,906                                       49,908         104,814



     
                Total Cash Operating Cost (excluding DD&A and                                                        $978,592                                   $1,010,127      $1,988,719


        Total Exploration Costs) - (c)





          Depreciation, Depletion and Amortization (DD&A)                                                               879,595                                      957,304       1,836,899



     
                Total Operating Cost (excluding Total Exploration Costs) - (d)                                     $1,858,187                                   $1,967,431      $3,825,618





          Exploration Costs                                                                                             $36,324                                      $32,522         $68,846



          Dry Hole Costs                                                                                                     94                                        3,769           3,863



          Impairments                                                                                                    72,356                                      112,130         184,486




          Total Exploration Costs                                                                                       108,774                                      148,421         257,195



               Less:  Impairments (Non-GAAP)                                                                           (23,745)                                    (65,289)       (89,034)



          Total Exploration Costs (Non-GAAP)                                                                            $85,029                                      $83,132        $168,161





     
                Total Operating Cost (Non-GAAP) (including Total                                                   $1,943,216                                   $2,050,563      $3,993,779


         Exploration Costs) - (e)






     
                Composite Average Wellhead Revenue per Boe - (b) / (a)                                                 $39.56                                       $40.36          $39.97






     
                Total Cash Operating Cost per Boe (excluding DD&A                                                      $14.06                                       $13.65          $13.85


        and Total Exploration Costs) - (c) / (a)






     
                Composite Average Margin per Boe (excluding DD&A                                                       $25.50                                       $26.71          $26.12


        and Total Exploration Costs) - [(b) / (a) - (c) / (a)]






     
                Total Operating Cost per Boe (excluding Total Exploration                                              $26.69                                       $26.59          $26.64


        Costs) - (d) / (a)






     
                Composite Average Margin per Boe (excluding Total                                                      $12.87                                       $13.77          $13.33


       Exploration Costs) - [(b) / (a) - (d) / (a)]






     
                Total Operating Cost per Boe (Non-GAAP) (including                                                     $27.91                                       $27.72          $27.81


       Total Exploration Costs) - (e) / (a)






     
                Composite Average Margin per Boe (Non-GAAP)                                                            $11.65                                       $12.64          $12.16


       (including Total Exploration Costs) - [(b) / (a) - (e) / (a)]







                                                                                                      
           
                EOG RESOURCES, INC.


                                                                                             
        
           
                 Cost per Barrel of Oil Equivalent (Boe)

                                                                                                                       ---

                                                                                               
        
           (Unaudited; in thousands, except per Boe amounts)






                                                                                                                 
              
                Year Ended


                                                                                                                
              
                December 31,



                                                                                                                            2018                                         2017            2016           2015          2014






     
                Volume - Thousand Barrels of Oil Equivalent - (a)                                                     262,516                                      222,251         204,929        208,862       217,073





          Crude Oil and Condensate                                                                                   $9,517,440                                   $6,256,396      $4,317,341     $4,934,562    $9,742,480



          Natural Gas Liquids                                                                                         1,127,510                                      729,561         437,250        407,658       934,051



          Natural Gas                                                                                                 1,301,537                                      921,934         742,152      1,061,038     1,916,386



     
                Total Wellhead Revenues - (b)                                                                     $11,946,487                                   $7,907,891      $5,496,743     $6,403,258   $12,592,917





     
                Operating Costs



          Lease and Well                                                                                             $1,282,678                                   $1,044,847        $927,452     $1,182,282    $1,416,413



          Transportation Costs                                                                                          746,876                                      740,352         764,106        849,319       972,176



          Gathering and Processing Costs                                                                                436,973                                      148,775         122,901        146,156       145,800





          General and Administrative                                                                                    426,969                                      434,467         394,815        366,594       402,010



               Less:  Voluntary Retirement Expense                                                                                                                                (42,054)



               Less:  Acquisition Costs                                                                                                                                            (5,100)



               Less:  Legal Settlement - Early Leasehold Termination                                                                                               (10,202)                     (19,355)



               Less:  Joint Venture Transaction Costs                                                                                                               (3,056)



               Less:  Joint Interest Billings Deemed Uncollectible                                                                                                  (4,528)



          General and Administrative (Non-GAAP)                                                                         426,969                                      416,681         347,661        347,239       402,010





          Taxes Other Than Income                                                                                       772,481                                      544,662         349,710        421,744       757,564



          Interest Expense, Net                                                                                         245,052                                      274,372         281,681        237,393       201,458



     
                Total Cash Operating Cost (Non-GAAP) (excluding DD&A                                               $3,911,029                                   $3,169,689      $2,793,511     $3,184,133    $3,895,421


       and Total Exploration Costs) - (c)





          Depreciation, Depletion and Amortization (DD&A)                                                             3,435,408                                    3,409,387       3,553,417      3,313,644     3,997,041



     
                Total Operating Cost (Non-GAAP) (excluding Total                                                   $7,346,437                                   $6,579,076      $6,346,928     $6,497,777    $7,892,462


       Exploration Costs) - (d)





          Exploration Costs                                                                                            $148,999                                     $145,342        $124,953       $149,494      $184,388



          Dry Hole Costs                                                                                                  5,405                                        4,609          10,657         14,746        48,490



          Impairments                                                                                                   347,021                                      479,240         620,267      6,613,546       743,575




          Total Exploration Costs                                                                                       501,425                                      629,191         755,877      6,777,786       976,453



               Less:  Impairments (Non-GAAP)                                                                          (152,671)                                   (261,452)      (320,617)   (6,307,593)    (824,312)



          Total Exploration Costs (Non-GAAP)                                                                           $348,754                                     $367,739        $435,260       $470,193      $152,141





     
                Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e)                          $7,695,191                                   $6,946,815      $6,782,188     $6,967,970    $8,044,603






     
                Composite Average Wellhead Revenue per Boe - (b) / (a)                                                 $45.51                                       $35.58          $26.82         $30.66        $58.01






     
                Total Cash Operating Cost per Boe (Non-GAAP)                                                           $14.90                                       $14.25          $13.64         $15.25        $17.95


        (excluding DD&A and Total Exploration Costs) - (c) / (a)






     
                Composite Average Margin per Boe (Non-GAAP) (excluding                                                 $30.61                                       $21.33          $13.18         $15.41        $40.06


        DD&A and Total Exploration Costs) - [(b) / (a) - (c) / (a)]






     
                Total Operating Cost per Boe (Non-GAAP) (excluding                                                     $27.99                                       $29.59          $30.98         $31.11        $36.38


        Total Exploration Costs) - (d) / (a)






     
                Composite Average Margin per Boe (Non-GAAP)                                                            $17.52                                        $5.99         $(4.16)       $(0.45)       $21.63


        (excluding Total Exploration Costs) - [(b) / (a) - (d) / (a)]






     
                Total Operating Cost per Boe (Non-GAAP) (including                                                     $29.32                                       $31.24          $33.10         $33.36        $37.08


        Total Exploration Costs) - (e) / (a)






     
                Composite Average Margin per Boe (Non-GAAP)                                                            $16.19                                        $4.34         $(6.28)       $(2.70)       $20.93


       (including Total Exploration Costs) - [(b) / (a) - (e) / (a)]


                                                                                                                                   
              
                EOG RESOURCES, INC.


                                                                                                 
              
                
                  Third Quarter and Full Year 2019 Forecast and Benchmark Commodity Pricing

                                                                                                                                                       ---




            (a)  Third Quarter and Full Year 2019 Forecast




        The forecast items for the third quarter and full year 2019 set forth below for EOG Resources, Inc. (EOG) are based on current available information and expectations as of the date of the accompanying press release.  EOG undertakes no obligation, other than as required by applicable
         law, to update or revise this forecast, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.  This forecast, which should be read in conjunction with the accompanying press release and EOG's related Current Report on Form
         8-K filing, replaces and supersedes any previously issued guidance or forecast.





            (b)  Capital Expenditures




        The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Exploration Costs, Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs and any
         Non-Cash Exchanges.





            (c)  Benchmark Commodity Pricing





       EOG bases United States and Trinidad crude oil and condensate price differentials upon the West Texas Intermediate crude oil price at Cushing, Oklahoma, using the simple average of the NYMEX settlement prices for each trading day within the applicable calendar month.





       EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the simple average of the NYMEX settlement prices for the last three trading days of the applicable month.




                                                                                                                                                                                                             
              
                
                  Estimated Ranges

                                                                                                                                                                                                                                      ---

                                                                                                                                                                                                                      
              
                (Unaudited)


                                                                                                                                                                                                               
              3Q 2019                                       
              Full Year 2019




       Daily Sales Volumes



            Crude Oil and Condensate Volumes (MBbld)



                 United States                                                                                         453.0                                                          463.0                                                      450.0                                                   455.0



                 Trinidad                                                                                                0.5                                                            0.7                                                        0.5                                                     0.7



                 Other International                                                                                     0.0                                                            0.2                                                        0.0                                                     0.2



                      Total                                                                                            453.5                                                          463.9                                                      450.5                                                   455.9





            Natural Gas Liquids Volumes (MBbld)



                      Total                                                                                            128.0                                                          138.0                                                      125.0                                                   135.0





            Natural Gas Volumes (MMcfd)



                 United States                                                                                         1,010                                                          1,070                                                      1,020                                                   1,070



                 Trinidad                                                                                                235                                                            265                                                        260                                                     280



                 Other International                                                                                      30                                                             40                                                         30                                                      40



                      Total                                                                                            1,275                                                          1,375                                                      1,310                                                   1,390





            Crude Oil Equivalent Volumes (MBoed)



                 United States                                                                                         749.3                                                          779.3                                                      745.0                                                   768.3



                 Trinidad                                                                                               39.7                                                           44.9                                                       43.8                                                    47.4



                 Other International                                                                                     5.0                                                            6.9                                                        5.0                                                     6.9



                      Total                                                                                            794.0                                                          831.1                                                      793.8                                                   822.6







       Capital Expenditures ($MM)                                                                                                $
              1,500                                             $
              1,700                                           $
              6,100                                      $
            6,500




                                                                                                                                                                                                             
              
                
                  Estimated Ranges

                                                                                                                                                                                                                                      ---

                                                                                                                                                                                                                      
              
                (Unaudited)


                                                                                                                                                                                                                    
              3Q 2019                                                               
     Full Year 2019

                                                                                                                                                                                                                                                                                                       ---


       Operating Costs



            Unit Costs ($/Boe)



                 Lease and Well                                                                                                   $
              4.70                                              $
              5.00                                            $
              4.50                                       $
            5.10



                 Transportation Costs                                                                                             $
              2.20                                              $
              2.70                                            $
              2.25                                       $
            2.75



                 Depreciation, Depletion and Amortization                                                                        $
              12.70                                             $
              13.10                                           $
              12.25                                      $
            13.25





       Expenses ($MM)



            Exploration and Dry Hole                                                                                                $
              45                                                $
              55                                             $
              140                                        $
            180



            Impairment                                                                                                              $
              75                                                $
              85                                             $
              250                                        $
            300



            General and Administrative                                                                                             $
              120                                               $
              130                                             $
              450                                        $
            490



            Gathering and Processing                                                                                               $
              120                                               $
              130                                             $
              440                                        $
            480



            Capitalized Interest                                                                                                     $
              9                                                $
              11                                              $
              30                                         $
            40



            Net Interest                                                                                                            $
              39                                                $
              41                                             $
              180                                        $
            190





       Taxes Other Than Income (% of Wellhead Revenue)                                                                  7.0%                                                          7.4%                                                      7.0%                                                   7.4%





       Income Taxes



            Effective Rate                                                                                               21%                                                           26%                                                       21%                                                    26%



            Current Tax (Benefit) / Expense ($MM)                                                                                 $
              (35)                                                $
              5                                            $
              (85)                                      $
            (45)





       Pricing - (Refer to Benchmark Commodity Pricing in text)



            Crude Oil and Condensate ($/Bbl)



                 Differentials



                      United States - above (below) WTI                                                                           $
              0.00                                              $
              0.60                                          $
              (0.50)                                      $
            1.50



                      Trinidad - above (below) WTI                                                                             $
              (11.00)                                           $
              (9.00)                                        $
              (11.50)                                    $
            (9.50)



                      Other International - above (below) WTI                                                                     $
              0.00                                              $
              4.00                                          $
              (0.50)                                      $
            1.50





            Natural Gas Liquids



                 Realizations as % of WTI                                                                                18%                                                           26%                                                       22%                                                    32%





            Natural Gas ($/Mcf)



                 Differentials



                      United States - above (below) NYMEX Henry Hub                                                             $
              (0.60)                                           $
              (0.20)                                         $
              (0.70)                                    $
            (0.20)





                 Realizations



                      Trinidad                                                                                                    $
              2.30                                              $
              2.70                                            $
              2.40                                       $
            3.10



                      Other International                                                                                         $
              4.00                                              $
              4.40                                            $
              3.75                                       $
            4.75





       
                Definitions

    ---

                                                    
              $/Bbl    
              U.S. Dollars per barrel


                                                    
              $/Boe    
              U.S. Dollars per barrel of oil equivalent


                                                    
              $/Mcf    
              U.S. Dollars per thousand cubic feet


                                                      
              $MM    
              U.S. Dollars in millions


        MBbld                                                           
              Thousand barrels per day


        MBoed                                                           
              Thousand barrels of oil equivalent per day


        MMcfd                                                           
              Million cubic feet per day


        NYMEX                                                           
              U.S. New York Mercantile Exchange


        WTI                                                             
              West Texas Intermediate

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SOURCE EOG Resources, Inc.