EOG Resources Inc.

08/04/2021 | Press release | Distributed by Public on 08/04/2021 15:47

Consolidated Financial Statements (Form 8-K)


























Table of Contents
Second Quarter 2021
Supplemental Financial and Operating Data Page
Income Statements
12
Wellhead Volumes and Prices
13
Balance Sheets
14
Cash Flows Statements
15
Non-GAAP Financial Measures
16
Adjusted Net Income (Loss)
17
Adjusted Net Income Per Share
22
Discretionary Cash Flow and Free Cash Flow
23
Total Expenditures
27
EBITDAX and Adjusted EBITDAX
28
Net Debt-to-Total Capitalization Ratio
29
Reserve Replacement Cost Data
35
Financial Commodity Derivative Contracts
37
Direct After-Tax Rate of Return
39
ROCE & ROE
40
Revenues, Costs and Margins Per Barrel of Oil Equivalent
48




Income Statements
In millions of USD, except share data (in millions) and per share data (Unaudited)
2Q 2021 1Q 2021 2Q 2020 YTD 2021 YTD 2020
Operating Revenues and Other
Crude Oil and Condensate 2,699 2,251 615 4,950 2,680
Natural Gas Liquids 367 314 93 681 254
Natural Gas 404 625 141 1,029 351
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts (427) (367) (127) (794) 1,079
Gathering, Processing and Marketing 1,022 848 362 1,870 1,401
Gains (Losses) on Asset Dispositions, Net 51 (6) 14 45 30
Other, Net 23 29 5 52 26
Total 4,139 3,694 1,103 7,833 5,821
Operating Expenses
Lease and Well 270 270 245 540 575
Transportation Costs 214 202 152 416 360
Gathering and Processing Costs 128 139 97 267 225
Exploration Costs 35 33 27 68 67
Dry Hole Costs 13 11 - 24 -
Impairments 44 44 305 88 1,878
Marketing Costs 991 838 444 1,829 1,554
Depreciation, Depletion and Amortization 914 900 707 1,814 1,707
General and Administrative 120 110 132 230 246
Taxes Other Than Income 239 215 81 454 238
Total 2,968 2,762 2,190 5,730 6,850
Operating Income (Loss) 1,171 932 (1,087) 2,103 (1,029)
Other Income (Expense), Net (2) (4) (4) (6) 14
Income (Loss) Before Interest Expense and Income Taxes 1,169 928 (1,091) 2,097 (1,015)
Interest Expense, Net 45 47 54 92 99
Income (Loss) Before Income Taxes 1,124 881 (1,145) 2,005 (1,114)
Income Tax Provision (Benefit) 217 204 (235) 421 (214)
Net Income (Loss) 907 677 (910) 1,584 (900)
Dividends Declared per Common Share 1.4125 0.4125 0.3750 1.8250 0.7500
Net Income (Loss) Per Share
Basic 1.56 1.17 (1.57) 2.73 (1.55)
Diluted 1.55 1.16 (1.57) 2.72 (1.55)
Average Number of Common Shares
Basic 580 580 579 580 579
Diluted 584 583 579 583 579
12

Wellhead Volumes and Prices
(Unaudited)
2Q 2021 2Q2020 % Change 1Q 2021 YTD 2021 YTD 2020 % Change
Crude Oil and Condensate Volumes (MBbld) (A)
United States 446.9 330.9 35 % 428.7 437.8 406.8 8 %
Trinidad 1.7 0.1 1,600 % 2.2 2.0 0.3 567 %
Other International (B)
- 0.1 -100 % 0.1 - 0.1 -100 %
Total 448.6 331.1 35 % 431.0 439.8 407.2 8 %
Average Crude Oil and Condensate Prices ($/Bbl) (C)
United States 66.16 20.40 224 % 58.07 62.22 36.17 72 %
Trinidad 56.26 0.60 9,290 % 49.77 52.57 27.75 89 %
Other International (B)
55.56 48.78 14 % 38.61 42.36 53.41 -21 %
Composite 66.12 20.40 224 % 58.02 62.18 36.16 72 %
Natural Gas Liquids Volumes (MBbld) (A)
United States 138.5 101.2 37 % 124.3 131.5 131.2 0 %
Total 138.5 101.2 37 % 124.3 131.5 131.2 0 %
Average Natural Gas Liquids Prices ($/Bbl) (C)
United States 29.15 10.20 186 % 28.03 28.62 10.65 169 %
Composite 29.15 10.20 186 % 28.03 28.62 10.65 169 %
Natural Gas Volumes (MMcfd) (A)
United States 1,199 939 28 % 1,100 1,150 1,039 11 %
Trinidad 233 174 34 % 217 225 188 20 %
Other International (B)
13 34 -62 % 25 19 35 -46 %
Total 1,445 1,147 26 % 1,342 1,394 1,262 10 %
Average Natural Gas Prices ($/Mcf) (C)
United States 2.99 1.11 170 % 5.52 4.19 1.32 217 %
Trinidad 3.37 2.13 58 % 3.38 3.37 2.15 57 %
Other International (B)
5.69 4.36 31 % 5.66 5.67 4.34 31 %
Composite 3.07 1.36 126 % 5.17 4.08 1.53 167 %
Crude Oil Equivalent Volumes (MBoed) (D)
United States 785.2 588.5 33 % 736.4 761.0 711.1 7 %
Trinidad 40.6 29.2 39 % 38.5 39.5 31.6 25 %
Other International (B)
2.2 5.7 -61 % 4.0 3.1 6.1 -49 %
Total 828.0 623.4 33 % 778.9 803.6 748.8 7 %
Total MMBoe (D)
75.3 56.7 33 % 70.1 145.4 136.3 7 %
(A) Thousand barrels per day or million cubic feet per day, as applicable.
(B) Other International includes EOG's China and Canada operations. The China operations were sold in the second quarter of 2021.
(C) Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity derivative instruments (see Note 12 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021).
(D) Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.
13

Balance Sheets
In millions of USD, except share data (Unaudited)
June 30, December 31,
2021 2020
Current Assets
Cash and Cash Equivalents 3,880 3,329
Accounts Receivable, Net 2,015 1,522
Inventories 516 629
Assets from Price Risk Management Activities - 65
Income Taxes Receivable 11 23
Other 513 294
Total 6,935 5,862
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method) 66,299 64,793
Other Property, Plant and Equipment 4,635 4,479
Total Property, Plant and Equipment 70,934 69,272
Less: Accumulated Depreciation, Depletion and Amortization (42,275) (40,673)
Total Property, Plant and Equipment, Net 28,659 28,599
Deferred Income Taxes 3 2
Other Assets 1,288 1,342
Total Assets 36,885 35,805
Current Liabilities
Accounts Payable 2,012 1,681
Accrued Taxes Payable 286 206
Dividends Payable 820 217
Liabilities from Price Risk Management Activities 396 -
Current Portion of Long-Term Debt 39 781
Current Portion of Operating Lease Liabilities 253 295
Other 196 280
Total 4,002 3,460
Long-Term Debt 5,086 5,035
Other Liabilities 2,186 2,149
Deferred Income Taxes 4,730 4,859
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 584,102,233 Shares Issued at June 30, 2021 and 583,694,850 Shares Issued at December 31, 2020 206 206
Additional Paid in Capital 6,017 5,945
Accumulated Other Comprehensive Loss (15) (12)
Retained Earnings 14,689 14,170
Common Stock Held in Treasury, 243,058 Shares at June 30, 2021 and 124,265 Shares at December 31, 2020 (16) (7)
Total Stockholders' Equity 20,881 20,302
Total Liabilities and Stockholders' Equity 36,885 35,805

14

Cash Flows Statements
In millions of USD (Unaudited)
2Q 2021 2Q 2020 1Q 2021 YTD 2021 YTD 2020
Cash Flows from Operating Activities
Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities:
Net Income (Loss) 907 (910) 677 1,584 (900)
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization 914 707 900 1,814 1,707
Impairments 44 305 44 88 1,878
Stock-Based Compensation Expenses 31 40 35 66 80
Deferred Income Taxes (97) (253) (36) (133) (208)
(Gains) Losses on Asset Dispositions, Net (51) (14) 6 (45) (30)
Other, Net 6 9 7 13 -
Dry Hole Costs 13 - 11 24 -
Mark-to-Market Commodity Derivative Contracts
Total (Gains) Losses 427 127 367 794 (1,079)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts (193) 640 (30) (223) 724
Other, Net - - 1 1 -
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable (186) 469 (308) (494) 1,191
Inventories 37 (18) 64 101 85
Accounts Payable 11 (1,619) 172 183 (1,185)
Accrued Taxes Payable (163) (6) 243 80 (61)
Other Assets (119) 195 (103) (222) 253
Other Liabilities 32 2 (89) (57) (64)
Changes in Components of Working Capital Associated with Investing Activities (54) 414 (91) (145) 282
Net Cash Provided by Operating Activities 1,559 88 1,870 3,429 2,673
Investing Cash Flows
Additions to Oil and Gas Properties (968) (424) (875) (1,843) (1,990)
Additions to Other Property, Plant and Equipment (55) (24) (42) (97) (147)
Proceeds from Sales of Assets 141 17 5 146 43
Changes in Components of Working Capital Associated with Investing Activities 54 (414) 91 145 (282)
Net Cash Used in Investing Activities (828) (845) (821) (1,649) (2,376)
Financing Cash Flows
Long-Term Debt Borrowings - 1,484 - - 1,484
Long-Term Debt Repayments - (1,000) (750) (750) (1,000)
Dividends Paid (239) (217) (219) (458) (384)
Treasury Stock Purchased (2) - (10) (12) (5)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan 9 8 - 9 8
Debt Issuance Costs - (3) - - (3)
Repayment of Finance Lease Liabilities (9) (5) (9) (18) (8)
Net Cash Provided by (Used in) Financing Activities (241) 267 (988) (1,229) 92
Effect of Exchange Rate Changes on Cash 2 - (2) - -
Increase (Decrease) in Cash and Cash Equivalents 492 (490) 59 551 389
Cash and Cash Equivalents at Beginning of Period 3,388 2,907 3,329 3,329 2,028
Cash and Cash Equivalents at End of Period 3,880 2,417 3,388 3,880 2,417
15

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

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

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

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

The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG's reported Net Income (Loss), Long-Term Debt (including Current Portion of Long-Term Debt), Net Cash Provided by Operating Activities and other financial results calculated in accordance with GAAP. The non-GAAP measures presented should be read in conjunction with EOG's consolidated financial statements prepared in accordance with GAAP.

In addition, because not all companies use identical calculations, EOG's presentation of non-GAAP measures may not be comparable to, and may be calculated differently from, similarly titled measures disclosed by other companies, including its peer companies. EOG may also change the calculation of one or more of its non-GAAP measures from time to time - for example, to account for changes in its business and operations or to more closely conform to peer company or industry analysts' practices.
16

Adjusted Net Income (Loss)
In millions of USD, except share data (in millions) and per share data (Unaudited)
The following tables adjust the reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of commodity derivative contracts by eliminating the unrealized mark-to-market (gains) losses from these transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets) - see 'Revenues, Costs and Margins Per Barrel of Oil Equivalent' below for additional related discussion) and to make certain other adjustments to exclude non-recurring and certain other items as further described below. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
2Q 2021
Before
Tax 		Income Tax Impact After
Tax 		Diluted Earnings per Share
Reported Net Income (GAAP) 1,124 (217) 907 1.55
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts 427 (93) 334 0.58
Net Cash Payments for Settlements of Commodity Derivative Contracts (193) 42 (151) (0.26)
Less: Gains on Asset Dispositions, Net (51) 17 (34) (0.06)
Add: Certain Impairments 1 - 1 -
Less: Tax Benefits Related to Exiting Canada Operations - (45) (45) (0.08)
Adjustments to Net Income 184 (79) 105 0.18
Adjusted Net Income (Non-GAAP) 1,308 (296) 1,012 1.73
Average Number of Common Shares (GAAP)
Basic 580
Diluted 584
Average Number of Common Shares (Non-GAAP)
Basic 580
Diluted 584

17

Adjusted Net Income (Loss)
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
2Q 2020
Before
Tax 		Income Tax Impact After
Tax 		Diluted Earnings per Share
Reported Net Loss (GAAP) (1,145) 235 (910) (1.57)
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts 127 (29) 98 0.17
Net Cash Received from Settlements of Commodity Derivative Contracts 640 (141) 499 0.86
Less: Gains on Asset Dispositions, Net (14) 4 (10) (0.02)
Add: Certain Impairments 239 (47) 192 0.33
Adjustments to Net Loss 992 (213) 779 1.34
Adjusted Net Loss (Non-GAAP) (153) 22 (131) (0.23)
Average Number of Common Shares (GAAP)
Basic 579
Diluted 579
Average Number of Common Shares (Non-GAAP)
Basic 579
Diluted 579

18


Adjusted Net Income (Loss)
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
1Q 2021
Before
Tax 		Income Tax Impact After
Tax 		Diluted Earnings per Share
Reported Net Income (GAAP) 881 (204) 677 1.16
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts 367 (81) 286 0.49
Net Cash Payments for Settlements of Commodity Derivative Contracts (30) 7 (23) (0.04)
Add: Losses on Asset Dispositions, Net 6 (1) 5 0.01
Add: Certain Impairments 1 - 1 -
Adjustments to Net Income 344 (75) 269 0.46
Adjusted Net Income (Non-GAAP) 1,225 (279) 946 1.62
Average Number of Common Shares (GAAP)
Basic 580
Diluted 583
Average Number of Common Shares (Non-GAAP)
Basic 580
Diluted 583

19


Adjusted Net Income (Loss)
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
YTD 2021
Before
Tax 		Income Tax Impact After
Tax 		Diluted Earnings per Share
Reported Net Income (GAAP) 2,005 (421) 1,584 2.72
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts 794 (174) 620 1.07
Net Cash Payments for Settlements of Commodity Derivative Contracts (223) 49 (174) (0.30)
Less: Gains on Asset Dispositions, Net (45) 16 (29) (0.05)
Add: Certain Impairments 2 - 2 -
Less: Tax Benefits Related to Exiting Canada Operations - (45) (45) (0.08)
Adjustments to Net Income 528 (154) 374 0.64
Adjusted Net Income (Non-GAAP) 2,533 (575) 1,958 3.36
Average Number of Common Shares (GAAP)
Basic 580
Diluted 583
Average Number of Common Shares (Non-GAAP)
Basic 580
Diluted 583

20

Adjusted Net Income (Loss)
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
YTD 2020
Before
Tax 		Income Tax Impact After
Tax 		Diluted Earnings per Share
Reported Net Loss (GAAP) (1,114) 214 (900) (1.55)
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts (1,079) 236 (843) (1.47)
Net Cash Received from Settlements of Commodity Derivative Contracts 724 (159) 565 0.98
Less: Gains on Asset Dispositions, Net (30) 7 (23) (0.04)
Add: Certain Impairments 1,755 (367) 1,388 2.40
Adjustments to Net Loss 1,370 (283) 1,087 1.87
Adjusted Net Income (Non-GAAP) 256 (69) 187 0.32
Average Number of Common Shares (GAAP)
Basic 579
Diluted 579
Average Number of Common Shares (Non-GAAP)
Basic 579
Diluted 580
21

Adjusted Net Income Per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
1Q 2021 Adjusted Net Income per Share (Non-GAAP) 1.62
Realized Price
2Q 2021 Composite Average Wellhead Revenue per Boe 46.07
Less: 1Q 2021 Composite Average Welhead Revenue per Boe (45.49)
Subtotal 0.58
Multiplied by: 2Q 2021 Crude Oil Equivalent Volumes (MMBoe) 75.3
Total Change in Revenue 44
Less: Income Tax Benefit (Cost) Imputed (based on 23%) (10)
Change in Net Income 34
Change in Diluted Earnings per Share 0.06
Net Cash Received (Paid) from Settlements of Commodity Derivative Contracts
2Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts (193)
Less: Income Tax Benefit (Cost) 42
After Tax - (a) (151)
1Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts (30)
Less: Income Tax Benefit (Cost) 7
After Tax - (b) (23)
Change in Net Income - (a) - (b) (128)
Change in Diluted Earnings per Share (0.22)
Wellhead Volumes
2Q 2021 Crude Oil Equivalent Volumes (MMBoe) 75.3
Less: 1Q 2021 Crude Oil Equivalent Volumes (MMBoe) (70.1)
Subtotal 5.2
Multiplied by: 2Q 2021 Composite Average Margin per Boe (Including Total
Exploration Costs) (Non-GAAP) (refer to 'Revenues, Costs and Margins Per Barrel of Oil Equivalent' schedule) 		19.25
Change in Revenue 101
Less: Income Tax Benefit (Cost) Imputed (based on 23%) (23)
Change in Net Income 78
Change in Diluted Earnings per Share 0.13
Operating Cost per Boe
1Q 2021 Total Operating Cost per Boe (including Total Exploration Costs) (Non-GAAP) (refer to 'Revenues, Costs and Margins Per Barrel of Oil Equivalent' schedule) 28.11
Less: 2Q 2021 Total Operating Cost per Boe (including Total Exploration Costs) (Non-GAAP) (refer to 'Revenues, Costs and Margins Per Barrel of Oil Equivalent' schedule) (26.82)
Subtotal 1.29
Multiplied by: 2Q 2021 Crude Oil Equivalent Volumes (MMBoe) 75.3
Change in Before-Tax Net Income 97
Less: Income Tax Benefit (Cost) Imputed (based on 23%) (22)
Change in Net Income 75
Change in Diluted Earnings per Share 0.13
Other Items 0.01
2Q 2021 Adjusted Net Income per Share (Non-GAAP) 1.73
2Q 2021 Average Number of Common Shares (Non-GAAP) - Diluted 584
22

Discretionary Cash Flow and Free Cash Flow
In millions of USD (Unaudited)
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Discretionary Cash Flow (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Exploration Costs (excluding Stock-Based Compensation Expenses), Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing and Financing Activities and certain other adjustments to exclude non-recurring and certain other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Discretionary Cash Flow (Non-GAAP) (see below reconciliation) for such period less the total cash capital expenditures (before acquisitions) incurred (Non-GAAP) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry.
2Q 2021 1Q 2021 2Q 2020 YTD 2021 YTD 2020
Net Cash Provided by Operating Activities (GAAP)
1,559 1,870 88 3,429 2,673
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)
29 28 21 57 53
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
186 308 (469) 494 (1,191)
Inventories
(37) (64) 18 (101) (85)
Accounts Payable
(11) (172) 1,619 (183) 1,185
Accrued Taxes Payable
163 (243) 6 (80) 61
Other Assets
119 103 (195) 222 (253)
Other Liabilities
(32) 89 (2) 57 64
Changes in Components of Working Capital Associated with Investing Activities 54 91 (414) 145 (282)
Other Non-Current Income Taxes - Net Receivable
- - - - 113
Discretionary Cash Flow (Non-GAAP) 2,030 2,010 672 4,040 2,338
Discretionary Cash Flow (Non-GAAP) - Percentage Increase 202 % 73 %
Discretionary Cash Flow (Non-GAAP)
2,030 2,010 672 4,040 2,338
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)
(972) (945) (478) (1,917) (2,163)
Free Cash Flow (Non-GAAP) 1,058 1,065 194 2,123 175
23

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

24


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

25

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

26

Total Expenditures
In millions of USD (Unaudited)
2Q 2021 2Q 2020 FY 2020 FY 2019 FY 2018 FY 2017
Exploration and Development Drilling 711 381 2,664 4,951 4,935 3,132
Facilities 105 31 347 629 625 575
Leasehold Acquisitions 46 30 265 276 488 427
Property Acquisitions 86 3 135 380 124 73
Capitalized Interest 7 8 31 38 24 27
Subtotal 955 453 3,442 6,274 6,196 4,234
Exploration Costs 35 27 146 140 149 145
Dry Hole Costs 13 - 13 28 5 5
Exploration and Development Expenditures
1,003 480 3,601 6,442 6,350 4,384
Asset Retirement Costs 31 5 117 186 70 56
Total Exploration and Development Expenditures
1,034 485 3,718 6,628 6,420 4,440
Other Property, Plant and Equipment 55 49 395 272 286 173
Total Expenditures 1,089 534 4,113 6,900 6,706 4,613

27

EBITDAX and Adjusted EBITDAX
In millions of USD (Unaudited)
The following table adjusts the reported Net Income (Loss) (GAAP) to Earnings Before Interest Expense, Net, Income Taxes (Income Tax Provision (Benefit)), Depreciation, Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments (EBITDAX) (Non-GAAP) and further adjusts such amount to reflect actual Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts by eliminating the unrealized Mark-to-Market (MTM) (Gains) Losses from these transactions and to eliminate the (Gains) Losses on Asset Dispositions (Net). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported Net Income (Loss) (GAAP) to add back Interest Expense (Net), Income Taxes (Income Tax Provision (Benefit)), Depreciation, Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments and further adjust such amount to match realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
2Q 2021 2Q 2020 YTD 2021 YTD 2020
Net Income (Loss) (GAAP) 907 (910) 1,584 (900)
Adjustments:
Interest Expense, Net 45 54 92 99
Income Tax Provision (Benefit) 217 (235) 421 (214)
Depreciation, Depletion and Amortization 914 707 1,814 1,707
Exploration Costs 35 27 68 67
Dry Hole Costs 13 - 24 -
Impairments 44 305 88 1,878
EBITDAX (Non-GAAP) 2,175 (52) 4,091 2,637
(Gains) Losses on MTM Commodity Derivative Contracts
427 127 794 (1,079)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts (193) 640 (223) 724
Gains on Asset Dispositions, Net (51) (14) (45) (30)
Adjusted EBITDAX (Non-GAAP) 2,358 701 4,617 2,252
Adjusted EBITDAX (Non-GAAP) - Percentage Increase 236 % 105 %
Definitions
EBITDAX - Earnings Before Interest Expense, Net; Income Tax Provision (Benefit); Depreciation, Depletion and Amortization; Exploration Costs; Dry Hole Costs; and Impairments

28

Net Debt-to-Total Capitalization Ratio
In millions of USD, except ratio data (Unaudited)
The following tables reconcile Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (Non-GAAP), as used in the Net Debt-to-Total Capitalization ratio calculation. A portion of the cash is associated with international subsidiaries; tax considerations may impact debt paydown. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize Net Debt and Total Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation. EOG management uses this information for comparative purposes within the industry.
June 30,
2021 		March 31,
2021
Total Stockholders' Equity - (a) 20,881 20,762
Current and Long-Term Debt (GAAP) - (b) 5,125 5,133
Less: Cash (3,880) (3,388)
Net Debt (Non-GAAP) - (c) 1,245 1,745
Total Capitalization (GAAP) - (a) + (b) 26,006 25,895
Total Capitalization (Non-GAAP) - (a) + (c) 22,126 22,507
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]
19.7 % 19.8 %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]
5.6 % 7.8 %

29

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

30

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

31

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

32

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

33

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

34

Reserve Replacement Cost Data
In millions of USD, except reserves and ratio data (Unaudited)
The following table reconciles Total Costs Incurred in Exploration and Development Activities (GAAP) to Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) and Total Exploration and Development Expenditures (Non-GAAP), as used in the calculation of Reserve Replacement Costs per Boe. There are numerous ways that industry participants present Reserve Replacement Costs, including 'Drilling Only' and 'All-In', which reflect total exploration and development expenditures divided by total net proved reserve additions from extensions and discoveries only, or from all sources. Combined with Reserve Replacement, these statistics (and the non-GAAP measures used in calculating such statistics) provide management and investors with an indication of the results of the current year capital investment program. Reserve Replacement Cost statistics (and the non-GAAP measures used in calculating such statistics) are widely recognized and reported by industry participants and are used by EOG management and other third parties for comparative purposes within the industry. Please note that the actual cost of adding reserves will vary from the reported statistics due to timing differences in reserve bookings and capital expenditures. Accordingly, some analysts use three or five year averages of reported statistics, while others prefer to estimate future costs. EOG has not included future capital costs to develop proved undeveloped reserves in exploration and development expenditures.
2020 2019 2018 2017 2016 2015 2014
Total Costs Incurred in Exploration and Development Activities (GAAP)
3,718 6,628 6,420 4,440 6,445 4,928 7,905
Less: Asset Retirement Costs (117) (186) (70) (56) 20 (53) (196)
Non-Cash Acquisition Costs of Unproved Properties
(197) (98) (291) (256) (3,102) - -
Acquisition Costs of Proved Properties (135) (380) (124) (73) (749) (481) (139)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)
3,269 5,964 5,935 4,055 2,614 4,394 7,570
Total Costs Incurred in Exploration and Development Activities (GAAP)
3,718 6,628 6,420 4,440 6,445 4,928 7,905
Less: Asset Retirement Costs (117) (186) (70) (56) 20 (53) (196)
Non-Cash Acquisition Costs of Unproved Properties
(197) (98) (291) (256) (3,102) - -
Non-Cash Acquisition Costs of Proved Properties
(15) (52) (71) (26) (732) - -
Total Exploration and Development Expenditures (Non-GAAP) - (b)
3,389 6,292 5,988 4,102 2,631 4,875 7,709
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c) (278) (60) 35 154 (101) (574) 52
Revisions Other Than Price (89) - (40) 48 253 107 49
Purchases in Place 10 17 12 2 42 56 14
Extensions, Discoveries and Other Additions - (d) 564 750 670 421 209 246 519
Total Proved Reserve Additions - (e) 207 707 677 625 403 (165) 634
Sales in Place (31) (5) (11) (21) (168) (4) (36)
Net Proved Reserve Additions From All Sources 176 702 666 604 235 (169) 598
Production 285 301 265 224 206 210 220
35

2020 2019 2018 2017 2016 2015 2014
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d) 5.79 7.95 8.86 9.64 12.51 17.87 14.58
All-in Total, Net of Revisions - (b / e) 16.32 8.90 8.85 6.56 6.52 (29.63) 12.16
All-in Total, Excluding Revisions Due to Price - (b / ( e - c)) 6.98 8.21 9.33 8.71 5.22 11.91 13.25

Definitions
$/Boe U.S. Dollars per barrel of oil equivalent
MMBoe Million barrels of oil equivalent
36

Financial Commodity Derivative Contracts
EOG accounts for financial commodity derivative contracts using the mark-to-market accounting method.

Presented below is a comprehensive summary of EOG's financial commodity derivative contracts as of July 30, 2021.

Crude Oil Financial Price Swap Contracts
Contracts Sold
Period Settlement Index Volume
(MBbld) 		Weighted Average Price
($/Bbl)
January 2021 (closed) NYMEX WTI 151 $ 50.06
February - March 2021 (closed) NYMEX WTI 201 51.29
April - June 2021 (closed) NYMEX WTI 150 51.68
July 2021 (closed) NYMEX WTI 150 52.71
August - September 2021 NYMEX WTI 150 52.71
January - March 2022 NYMEX WTI 140 65.58
April - June 2022 NYMEX WTI 140 65.62
July - September 2022 NYMEX WTI 100 64.98
October - December 2022 NYMEX WTI 40 63.71

Crude Oil Basis Swap Contracts
Contracts Sold
Period Settlement Index Volume
(MBbld) 		Weighted Average Price Differential
($/Bbl)
February 2021 (closed)
NYMEX WTI Roll Differential (1)
30 $ 0.11
March - August 2021 (closed)
NYMEX WTI Roll Differential (1)
125 0.17
September - December 2021
NYMEX WTI Roll Differential (1)
125 0.17
January - December 2022
NYMEX WTI Roll Differential (1)
125 0.15

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

NGL Financial Price Swap Contracts
Contracts Sold
Period Settlement Index Volume
(MBbld) 		Weighted Average Price
($/Bbl)
January - July 2021 (closed) Mont Belvieu Propane (non-Tet) 15 $ 29.44
August - December 2021 Mont Belvieu Propane (non-Tet) 15 29.44

37


Natural Gas Financial Price Swap Contracts
Contracts Sold Contracts Purchased
Period Settlement Index Volume
(MMBtud in thousands) 		Weighted Average Price ($/MMBtu) Volume (MMBtud in thousands) Weighted Average Price ($/MMBtu)
January - March 2021 (closed) NYMEX Henry Hub 500 $ 2.99 500 $ 2.43
April - August 2021 (closed) NYMEX Henry Hub 500 2.99 570 2.81
September 2021 NYMEX Henry Hub 500 2.99 570 2.81
October - December 2021 NYMEX Henry Hub 500 2.99 500 2.83
January - December 2022 (closed) (1)
NYMEX Henry Hub 20 2.75 - -
January - December 2022 NYMEX Henry Hub 100 2.93 - -
January - December 2023 NYMEX Henry Hub 100 2.93 - -
January - December 2024 NYMEX Henry Hub 100 2.93 - -
January - December 2025 NYMEX Henry Hub 100 2.93 - -
April - August 2021 (closed) JKM 70 6.65 - -
September 2021 JKM 70 6.65 - -

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

Glossary:
$/Bbl Dollars per barrel
$/MMBtu Dollars per million British Thermal Units
Bbl Barrel
EOG EOG Resources, Inc.
JKM Japan Korea Marker
MBbld Thousand barrels per day
MMBtu Million British Thermal Units
MMBtud Million British Thermal Units per day
NGL Natural Gas Liquids
NYMEX New York Mercantile Exchange
WTI West Texas Intermediate

38

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

39

ROCE & ROE
In millions of USD, except ratio data (Unaudited)
The following tables reconcile Interest Expense, Net (GAAP), Net Income (Loss) (GAAP), Current and Long-Term Debt (GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest Expense (Non-GAAP), Adjusted Net Income (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization (Non-GAAP), respectively, as used in the Return on Capital Employed (ROCE) and Return on Equity (ROE) calculations. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize After-Tax Net Interest Expense, Adjusted Net Income, Net Debt and Total Capitalization (Non-GAAP) in their ROCE and ROE calculations. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
Trailing 12 Months
2Q 2021 		2Q 2021 1Q 2021 4Q 2020 3Q 2020 2Q 2020
Interest Expense, Net (GAAP) 198 45 47 53 53
Tax Benefit Imputed (based on 21%)
(41) (9) (10) (11) (11)
After-Tax Net Interest Expense (Non-GAAP) - (a) 157 36 37 42 42
Net Income (Loss) (GAAP) - (b) 1,879 907 677 337 (42)
Adjustments to Net Income (Loss), Net of Tax (See Below Detail) (1)
742 105 269 74 294
Adjusted Net Income (Non-GAAP) - (c) 2,621 1,012 946 411 252
Total Stockholders' Equity - (d)
20,881 20,881 20,762 20,302 20,148 20,388
Average Total Stockholders' Equity * - (e) 20,635
Current and Long-Term Debt (GAAP) - (f) 5,125 5,125 5,133 5,816 5,721 5,724
Less: Cash (3,880) (3,880) (3,388) (3,329) (3,066) (2,417)
Net Debt (Non-GAAP) - (g) 1,245 1,245 1,745 2,487 2,655 3,307
Total Capitalization (GAAP) - (d) + (f) 26,006 26,006 25,895 26,118 25,869 26,112
Total Capitalization (Non-GAAP) - (d) + (g) 22,126 22,126 22,507 22,789 22,803 23,695
Average Total Capitalization (Non-GAAP) * - (h) 22,911
Return on Capital Employed (ROCE)
GAAP Net Income (Loss) - [(a) + (b)] / (h) 8.9 %
Non-GAAP Adjusted Net Income - [(a) + (c)] / (h)
12.1 %
Return on Equity (ROE)
GAAP Net Income (Loss) - (b) / (e) 9.1 %
Non-GAAP Adjusted Net Income - (c) / (e)
12.7 %
* Average for the beginning and ending trailing 12 month period.
40

(1) Detail of adjustments to Net Income (Loss) (GAAP):
Before
Tax 		Income Tax Impact After
Tax
Q2 2021
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact 234 (51) 183
Add: Impairments of Certain Assets 1 - 1
Less: Net Gains on Asset Dispositions (51) 17 (34)
Less: Tax Benefits Related to Exiting Canada Operations - (45) (45)
Total 184 (79) 105
Q1 2021
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact 337 (74) 263
Add: Impairments of Certain Assets 1 - 1
Add: Net Losses on Asset Dispositions 6 (1) 5
Total 344 (75) 269
Q4 2020
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact 2 (1) 1
Add: Impairments of Certain Assets 86 (18) 68
Add: Net Losses on Asset Dispositions 6 (1) 5
Total 94 (20) 74
Q3 2020
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact 279 (60) 219
Add: Impairments of Certain Assets 27 (7) 20
Add: Net Losses on Asset Dispositions 71 (16) 55
Total 377 (83) 294

41

ROCE & ROE
(Continued)
In millions of USD, except ratio data (Unaudited)
2020 2019 2018 2017
Interest Expense, Net (GAAP) 205 185 245
Tax Benefit Imputed (based on 21%)
(43) (39) (51)
After-Tax Net Interest Expense (Non-GAAP) - (a) 162 146 194
Net Income (Loss) (GAAP) - (b) (605) 2,735 3,419
Adjustments to Net Income (Loss), Net of Tax (See Below Detail) (1)
1,455 158 (201)
Adjusted Net Income (Non-GAAP) - (c) 850 2,893 3,218
Total Stockholders' Equity - (d)
20,302 21,641 19,364 16,283
Average Total Stockholders' Equity * - (e) 20,972 20,503 17,824
Current and Long-Term Debt (GAAP) - (f) 5,816 5,175 6,083 6,387
Less: Cash (3,329) (2,028) (1,556) (834)
Net Debt (Non-GAAP) - (g) 2,487 3,147 4,527 5,553
Total Capitalization (GAAP) - (d) + (f) 26,118 26,816 25,447 22,670
Total Capitalization (Non-GAAP) - (d) + (g) 22,789 24,788 23,891 21,836
Average Total Capitalization (Non-GAAP) * - (h) 23,789 24,340 22,864
Return on Capital Employed (ROCE)
GAAP Net Income (Loss) - [(a) + (b)] / (h) (1.9) % 11.8 % 15.8 %
Non-GAAP Adjusted Net Income - [(a) + (c)] / (h)
4.3 % 12.5 % 14.9 %
Return on Equity (ROE)
GAAP Net Income (Loss) - (b) / (e) (2.9) % 13.3 % 19.2 %
Non-GAAP Adjusted Net Income - (c) / (e)
4.1 % 14.1 % 18.1 %
* Average for the current and immediately preceding year
42

(1) Detail of adjustments to Net Income (Loss) (GAAP):
Before
Tax 		Income Tax Impact After
Tax
Year Ended December 31, 2020
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact (74) 16 (58)
Add: Impairments of Certain Assets 1,868 (392) 1,476
Add: Net Losses on Asset Dispositions 47 (10) 37
Total 1,841 (386) 1,455
Year Ended December 31, 2019
Adjustments:
Add: Mark-to-Market Commodity Derivative Contracts Impact 51 (11) 40
Add: Impairments of Certain Assets 275 (60) 215
Less: Net Gains on Asset Dispositions (124) 27 (97)
Total 202 (44) 158
Year Ended December 31, 2018
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)

43

ROCE & ROE
In millions of USD, except ratio data (Unaudited)
The following tables reconcile Interest Expense, Net (GAAP), Current and Long-Term Debt (GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest Expense (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization (Non-GAAP), respectively, as used in the Return on Capital Employed (ROCE) and Return on Equity (ROE) calculations. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize After-Tax Net Interest Expense, Net Debt and Total Capitalization (Non-GAAP) in their ROCE calculation. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
2017 2016 2015 2014 2013
Interest Expense, Net (GAAP) 274 282 237 201 235
Tax Benefit Imputed (based on 35%) (96) (99) (83) (70) (82)
After-Tax Net Interest Expense (Non-GAAP) - (a) 178 183 154 131 153
Net Income (Loss) (GAAP) - (b) 2,583 (1,097) (4,525) 2,915 2,197
Total Stockholders' Equity - (d) 16,283 13,982 12,943 17,713 15,418
Average Total Stockholders' Equity* - (e) 15,133 13,463 15,328 16,566 14,352
Current and Long-Term Debt (GAAP) - (f) 6,387 6,986 6,655 5,906 5,909
Less: Cash (834) (1,600) (719) (2,087) (1,318)
Net Debt (Non-GAAP) - (g) 5,553 5,386 5,936 3,819 4,591
Total Capitalization (GAAP) - (d) + (f) 22,670 20,968 19,598 23,619 21,327
Total Capitalization (Non-GAAP) - (d) + (g) 21,836 19,368 18,879 21,532 20,009
Average Total Capitalization (Non-GAAP)* - (h) 20,602 19,124 20,206 20,771 19,365
Return on Capital Employed (ROCE)
GAAP Net Income (Loss) - [(a) + (b)] / (h) 13.4 % -4.8 % -21.6 % 14.7 % 12.1 %
Return on Equity (ROE)
GAAP Net Income (Loss) - (b) / (e) 17.1 % -8.1 % -29.5 % 17.6 % 15.3 %
* Average for the current and immediately preceding year

44

ROCE & ROE
(Continued)
In millions of USD, except ratio data (Unaudited)
2012 2011 2010 2009 2008
Interest Expense, Net (GAAP) 214 210 130 101 52
Tax Benefit Imputed (based on 35%) (75) (74) (46) (35) (18)
After-Tax Net Interest Expense (Non-GAAP) - (a) 139 136 84 66 34
Net Income (GAAP) - (b) 570 1,091 161 547 2,437
Total Stockholders' Equity - (d) 13,285 12,641 10,232 9,998 9,015
Average Total Stockholders' Equity* - (e) 12,963 11,437 10,115 9,507 8,003
Current and Long-Term Debt (GAAP) - (f) 6,312 5,009 5,223 2,797 1,897
Less: Cash (876) (616) (789) (686) (331)
Net Debt (Non-GAAP) - (g) 5,436 4,393 4,434 2,111 1,566
Total Capitalization (GAAP) - (d) + (f) 19,597 17,650 15,455 12,795 10,912
Total Capitalization (Non-GAAP) - (d) + (g) 18,721 17,034 14,666 12,109 10,581
Average Total Capitalization (Non-GAAP)* - (h) 17,878 15,850 13,388 11,345 9,351
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h) 4.0 % 7.7 % 1.8 % 5.4 % 26.4 %
Return on Equity (ROE)
GAAP Net Income - (b) / (e) 4.4 % 9.5 % 1.6 % 5.8 % 30.5 %
* Average for the current and immediately preceding year

45

ROCE & ROE
(Continued)
In millions of USD, except ratio data (Unaudited)
2007 2006 2005 2004 2003
Interest Expense, Net (GAAP) 47 43 63 63 59
Tax Benefit Imputed (based on 35%) (16) (15) (22) (22) (21)
After-Tax Net Interest Expense (Non-GAAP) - (a) 31 28 41 41 38
Net Income (GAAP) - (b) 1,090 1,300 1,260 625 430
Total Stockholders' Equity - (d) 6,990 5,600 4,316 2,945 2,223
Average Total Stockholders' Equity* - (e) 6,295 4,958 3,631 2,584 1,948
Current and Long-Term Debt (GAAP) - (f) 1,185 733 985 1,078 1,109
Less: Cash (54) (218) (644) (21) (4)
Net Debt (Non-GAAP) - (g) 1,131 515 341 1,057 1,105
Total Capitalization (GAAP) - (d) + (f) 8,175 6,333 5,301 4,023 3,332
Total Capitalization (Non-GAAP) - (d) + (g) 8,121 6,115 4,657 4,002 3,328
Average Total Capitalization (Non-GAAP)* - (h) 7,118 5,386 4,330 3,665 3,068
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h) 15.7 % 24.7 % 30.0 % 18.2 % 15.3 %
Return on Equity (ROE)
GAAP Net Income - (b) / (e) 17.3 % 26.2 % 34.7 % 24.2 % 22.1 %
* Average for the current and immediately preceding year
46

ROCE & ROE
(Continued)
In millions of USD, except ratio data (Unaudited)
2002 2001 2000 1999 1998
Interest Expense, Net (GAAP) 60 45 61 62
Tax Benefit Imputed (based on 35%) (21) (16) (21) (22)
After-Tax Net Interest Expense (Non-GAAP) - (a) 39 29 40 40
Net Income (GAAP) - (b) 87 399 397 569
Total Stockholders' Equity - (d) 1,672 1,643 1,381 1,130 1,280
Average Total Stockholders' Equity* - (e) 1,658 1,512 1,256 1,205
Current and Long-Term Debt (GAAP) - (f) 1,145 856 859 990 1,143
Less: Cash (10) (3) (20) (25) (6)
Net Debt (Non-GAAP) - (g) 1,135 853 839 965 1,137
Total Capitalization (GAAP) - (d) + (f) 2,817 2,499 2,240 2,120 2,423
Total Capitalization (Non-GAAP) - (d) + (g) 2,807 2,496 2,220 2,095 2,417
Average Total Capitalization (Non-GAAP)* - (h) 2,652 2,358 2,158 2,256
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h) 4.8 % 18.2 % 20.2 % 27.0 %
Return on Equity (ROE)
GAAP Net Income - (b) / (e) 5.2 % 26.4 % 31.6 % 47.2 %
* Average for the current and immediately preceding year

47

Revenues, Costs and Margins Per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or margin per barrel of oil equivalent (Boe). Certain of these components are adjusted for non-recurring and certain other items, as further discussed below.

EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
2Q 2021 1Q 2021 4Q 2020 3Q 2020 2Q 2020
Volume - Million Barrels of Oil Equivalent - (a) 75.3 70.1 73.7 65.9 56.7
Total Operating Revenues and Other (b) 4,139 3,694 2,965 2,246 1,103
Total Operating Expenses (c) 2,968 2,762 2,477 2,249 2,190
Operating Income (Loss) (d) 1,171 932 488 (3) (1,087)
Wellhead Revenues
Crude Oil and Condensate 2,699 2,251 1,711 1,395 615
Natural Gas Liquids 367 314 229 185 93
Natural Gas 404 625 302 184 141
Total Wellhead Revenues - (e) 3,470 3,190 2,242 1,764 849
Operating Costs
Lease and Well 270 270 261 227 245
Transportation Costs 214 202 195 180 152
Gathering and Processing Costs 128 139 119 115 97
General and Administrative 120 110 113 125 132
Taxes Other Than Income 239 215 114 126 81
Interest Expense, Net 45 47 53 53 54
Total Operating Cost (excluding DD&A and Total Exploration Costs) (f) 1,016 983 855 826 761
Depreciation, Depletion and Amortization (DD&A) 914 900 870 823 707
Total Operating Cost (excluding Total Exploration Costs) - (g) 1,930 1,883 1,725 1,649 1,468
Exploration Costs 35 33 41 38 27
Dry Hole Costs 13 11 - 13 -
Impairments 44 44 143 79 305
Total Exploration Costs (GAAP) 92 88 184 130 332
Less: Certain Impairments (1)
(1) (1) (86) (27) (239)
Total Exploration Costs (Non-GAAP) 91 87 98 103 93
Total Operating Cost (including Total Exploration Costs (GAAP)) - (h) 2,022 1,971 1,909 1,779 1,800
Total Operating Cost (including Total Exploration Costs (Non-GAAP)) - (i) 2,021 1,970 1,823 1,752 1,561
Total Wellhead Revenues less Total Operating Cost
(including Total Exploration Costs (GAAP)) 		1,448 1,219 333 (15) (951)
Total Wellhead Revenues less Total Operating Cost
(including Total Exploration Costs (Non-GAAP)) 		1,449 1,220 419 12 (712)
48

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
2Q 2021 1Q 2021 4Q 2020 3Q 2020 2Q 2020
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe
- (b) / (a) 		54.97 52.70 40.23 34.08 19.45
Composite Average Operating Expenses per Boe - (c) / (a) 39.42 39.40 33.61 34.13 38.62
Composite Average Operating Income (Loss) per Boe
- (d) / (a)
15.55 13.30 6.62 (0.05) (19.17)
Composite Average Wellhead Revenue per Boe - (e) / (a) 46.07 45.49 30.39 26.77 14.99
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) 13.48 14.02 11.60 12.56 13.40
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] 32.59 31.47 18.79 14.21 1.59
Total Operating Cost per Boe (excluding Total Exploration
Costs) - (g) / (a) 		25.61 26.86 23.41 25.05 25.86
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (g) / (a)] 20.46 18.63 6.98 1.72 (10.87)
Total Operating Cost per Boe (including Total Exploration
Costs) - (h) / (a) 		26.85 28.12 25.90 27.00 31.75
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (h) / (a)] 19.22 17.37 4.49 (0.23) (16.76)
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (including Total Exploration
Costs) - (i) / (a) 		26.82 28.11 24.72 26.62 27.51
Composite Average Margin per Boe (including Total
Exploration Costs) - [(e) / (a) - (i) / (a)]
19.25 17.38 5.67 0.15 (12.52)
(1) In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG's control (versus, for example, impairments that are due to EOG's proved oil and gas properties not being as productive as it originally estimated).
49

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
2020 2019 2018 2017
Volume - Million Barrels of Oil Equivalent - (a) 275.9 298.6 262.5 222.3
Total Operating Revenues and Other (b) 11,032 17,380 17,275 11,208
Total Operating Expenses (c) 11,576 13,681 12,806 10,282
Operating Income (Loss) (d) (544) 3,699 4,469 926
Wellhead Revenues
Crude Oil and Condensate 5,786 9,613 9,517 6,256
Natural Gas Liquids 668 785 1,128 730
Natural Gas 837 1,184 1,302 922
Total Wellhead Revenues - (e) 7,291 11,582 11,947 7,908
Operating Costs
Lease and Well 1,063 1,367 1,283 1,045
Transportation Costs 735 758 747 740
Gathering and Processing Costs 459 479 437 149
General and Administrative (GAAP) 484 489 427 434
Less: Legal Settlement - Early Leasehold Termination - - - (10)
Less: Joint Venture Transaction Costs - - - (3)
Less: Joint Interest Billings Deemed Uncollectible - - - (5)
General and Administrative (Non-GAAP) (1)
484 489 427 416
Taxes Other Than Income 478 800 772 545
Interest Expense, Net 205 185 245 274
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f) 3,424 4,078 3,911 3,187
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g) 3,424 4,078 3,911 3,169
Depreciation, Depletion and Amortization (DD&A) 3,400 3,750 3,435 3,409
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h) 6,824 7,828 7,346 6,596
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i) 6,824 7,828 7,346 6,578
Exploration Costs 146 140 149 145
Dry Hole Costs 13 28 5 5
Impairments 2,100 518 347 479
Total Exploration Costs (GAAP) 2,259 686 501 629
Less: Certain Impairments (2)
(1,868) (275) (153) (261)
Total Exploration Costs (Non-GAAP) 391 411 348 368
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j) 9,083 8,514 7,847 7,225
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k) 7,215 8,239 7,694 6,946
Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total
Exploration Costs (GAAP)) 		(1,792) 3,068 4,100 683
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total
Exploration Costs (Non-GAAP)) 		76 3,343 4,253 962
50

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
2020 2019 2018 2017
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a) 39.99 58.20 65.81 50.42
Composite Average Operating Expenses per Boe - (c) / (a) 41.96 45.81 48.79 46.25
Composite Average Operating Income (Loss) per Boe - (d) / (a) (1.97) 12.39 17.02 4.17
Composite Average Wellhead Revenue per Boe - (e) / (a) 26.42 38.79 45.51 35.58
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) 12.39 13.66 14.90 14.34
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] 14.03 25.13 30.61 21.24
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a) 24.71 26.22 27.99 29.67
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)] 1.71 12.57 17.52 5.91
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a) 32.92 28.51 29.89 32.50
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)] (6.50) 10.28 15.62 3.08
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a) 12.39 13.66 14.90 14.25
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)] 14.03 25.13 30.61 21.33
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a) 24.71 26.22 27.99 29.59
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)] 1.71 12.57 17.52 5.99
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a) 26.13 27.60 29.32 31.24
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]
0.29 11.19 16.19 4.34
(1) EOG believes excluding the above-referenced items from general and administrative expense is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(2) In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG's control (versus, for example, impairments that are due to EOG's proved oil and gas properties not being as productive as it originally estimated).
51

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
2016 2015 2014
Volume - Million Barrels of Oil Equivalent - (a) 205.0 208.9 217.1
Total Operating Revenues and Other (b) 7,651 8,757 18,035
Total Operating Expenses (c) 8,876 15,443 12,793
Operating Income (Loss) (d) (1,225) (6,686) 5,242
Wellhead Revenues
Crude Oil and Condensate 4,317 4,935 9,742
Natural Gas Liquids 437 408 934
Natural Gas 742 1,061 1,916
Total Wellhead Revenues - (e) 5,496 6,404 12,592
Operating Costs
Lease and Well 927 1,182 1,416
Transportation Costs 764 849 972
Gathering and Processing Costs 123 146 146
General and Administrative (GAAP) 395 367 402
Less: Voluntary Retirement Expense (42) - -
Less: Acquisition Costs (5) - -
Less: Legal Settlement - Early Leasehold Termination - (19) -
General and Administrative (Non-GAAP) (1)
348 348 402
Taxes Other Than Income 350 422 758
Interest Expense, Net 282 237 201
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f) 2,841 3,203 3,895
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g) 2,794 3,184 3,895
Depreciation, Depletion and Amortization (DD&A) 3,553 3,314 3,997
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h) 6,394 6,517 7,892
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i) 6,347 6,498 7,892
Exploration Costs 125 149 184
Dry Hole Costs 11 15 48
Impairments 620 6,614 744
Total Exploration Costs (GAAP) 756 6,778 976
Less: Certain Impairments (2)
(321) (6,308) (824)
Total Exploration Costs (Non-GAAP) 435 470 152
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j) 7,150 13,295 8,868
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k) 6,782 6,968 8,044
Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total
Exploration Costs (GAAP)) 		(1,654) (6,891) 3,724
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total
Exploration Costs (Non-GAAP)) 		(1,286) (564) 4,548
52

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
2016 2015 2014
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a) 37.32 41.92 83.07
Composite Average Operating Expenses per Boe - (c) / (a) 43.30 73.93 58.92
Composite Average Operating Income (Loss) per Boe - (d) / (a) (5.98) (32.01) 24.15
Composite Average Wellhead Revenue per Boe - (e) / (a) 26.82 30.66 58.01
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) 13.86 15.33 17.95
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] 12.96 15.33 40.06
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a) 31.19 31.20 36.38
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)] (4.37) (0.54) 21.63
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a) 34.88 63.64 40.85
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)] (8.06) (32.98) 17.16
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a) 13.64 15.25 17.95
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)] 13.18 15.41 40.06
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a) 30.98 31.11 36.38
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)] (4.16) (0.45) 21.63
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a) 33.10 33.36 37.08
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]
(6.28) (2.70) 20.93
(1) EOG believes excluding the above-referenced items from general and administrative expense is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(2) In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG's control (versus, for example, impairments that are due to EOG's proved oil and gas properties not being as productive as it originally estimated).
53