Document

EX-99 2 exh99-1050224.htm EX-99 Document

EXHIBIT 99.1


Table of Contents

First Quarter 2024
Supplemental Financial and Operating Data			Page

Income Statements			12
Wellhead Volumes and Prices			13
Balance Sheets			14
Cash Flow Statements			15
Non-GAAP Financial Measures			16
Adjusted Net Income			17
Net Income Per Share			24
Adjusted Net Income Per Share			26
Cash Flow from Operations and Free Cash Flow			28
Net Debt-to-Total Capitalization Ratio			29


Income Statements
In millions of USD, except share data (in millions) and per share data (Unaudited)
	2023					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
Operating Revenues and Other
Crude Oil and Condensate	3,182	3,252	3,717	3,597	13,748	3,480				3,480
Natural Gas Liquids	490	409	501	484	1,884	513				513
Natural Gas	517	334	417	476	1,744	382				382
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	376	101	43	298	818	237				237
Gathering, Processing and Marketing	1,390	1,465	1,478	1,473	5,806	1,459				1,459
Gains (Losses) on Asset Dispositions, Net	69	(9)	35	—	95	26				26
Other, Net	20	21	21	29	91	26				26
Total	6,044	5,573	6,212	6,357	24,186	6,123				6,123

Operating Expenses
Lease and Well	359	348	369	378	1,454	396				396
Gathering, Processing and Transportation Costs (A)	395	396	406	423	1,620	413				413
Exploration Costs	50	47	43	41	181	45				45
Dry Hole Costs	1	—	—	—	1	1				1
Impairments	34	35	54	79	202	19				19
Marketing Costs	1,361	1,456	1,383	1,509	5,709	1,404				1,404
Depreciation, Depletion and Amortization	798	866	898	930	3,492	1,074				1,074
General and Administrative	145	142	161	192	640	162				162
Taxes Other Than Income	329	313	341	301	1,284	338				338
Total	3,472	3,603	3,655	3,853	14,583	3,852				3,852

Operating Income	2,572	1,970	2,557	2,504	9,603	2,271				2,271
Other Income, Net	65	51	52	66	234	62				62
Income Before Interest Expense and Income Taxes	2,637	2,021	2,609	2,570	9,837	2,333				2,333
Interest Expense, Net	42	35	36	35	148	33				33
Income Before Income Taxes	2,595	1,986	2,573	2,535	9,689	2,300				2,300
Income Tax Provision	572	433	543	547	2,095	511				511
Net Income	2,023	1,553	2,030	1,988	7,594	1,789				1,789

Dividends Declared per Common Share	1.8250	0.8250	0.8250	2.4100	5.8850	0.9100				0.9100
Net Income Per Share
Basic	3.46	2.68	3.51	3.43	13.07	3.11				3.11
Diluted	3.45	2.66	3.48	3.42	13.00	3.10				3.10
Average Number of Common Shares
Basic	584	580	579	579	581	575				575
Diluted	587	584	583	581	584	577				577

(A) Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.


Wellhead Volumes and Prices
(Unaudited)
	2023										2024
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	Year
Crude Oil and Condensate Volumes (MBbld) (A)
United States	457.1		476.0		482.8		484.6		475.2		486.8					486.8
Trinidad	0.6		0.6		0.5		0.6		0.6		0.6					0.6
Total	457.7		476.6		483.3		485.2		475.8		487.4					487.4

Average Crude Oil and Condensate Prices ($/Bbl) (B)
United States	$	77.27	$	74.98	$	83.61	$	80.61	$	79.18	$	78.46				$	78.46
Trinidad	68.98		64.88		71.38		69.21		65.58		67.50					67.50
Composite	77.26		74.97		83.60		80.60		79.17		78.45					78.45

Natural Gas Liquids Volumes (MBbld) (A)
United States	212.2		215.7		231.1		235.8		223.8		231.7					231.7
Total	212.2		215.7		231.1		235.8		223.8		231.7					231.7

Average Natural Gas Liquids Prices ($/Bbl) (B)
United States	$	25.67	$	20.85	$	23.56	$	22.29	$	23.07	$	24.32				$	24.32
Composite	25.67		20.85		23.56		22.29		23.07		24.32					24.32

Natural Gas Volumes (MMcfd) (A)
United States	1,475		1,513		1,562		1,653		1,551		1,658					1,658
Trinidad	164		155		142		178		160		200					200
Total	1,639		1,668		1,704		1,831		1,711		1,858					1,858

Average Natural Gas Prices ($/Mcf) (B)
United States	$	3.47	$	2.07	$	2.59	$	2.72	$	2.70	$	2.10				$	2.10
Trinidad	3.87		3.45		3.41		3.81		3.65		3.54					3.54
Composite	3.51		2.20		2.66		2.82		2.79		2.26					2.26

Crude Oil Equivalent Volumes (MBoed) (C)
United States	915.0		943.8		974.2		995.8		957.5		994.7					994.7
Trinidad	28.0		26.5		24.3		30.4		27.3		34.1					34.1
Total	943.0		970.3		998.5		1,026.2		984.8		1,028.8					1,028.8

Total MMBoe (C)	84.9		88.3		91.9		94.4		359.4		93.6					93.6

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

(B)Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity derivative instruments (see Note 12 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024).

(C)Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.


Balance Sheets
In millions of USD (Unaudited)
	2023				2024
	MAR	JUN	SEP	DEC	MAR	JUN	SEP	DEC
Current Assets
Cash and Cash Equivalents	5,018	4,764	5,326	5,278	5,292
Accounts Receivable, Net	2,455	2,263	2,927	2,716	2,688
Inventories	1,131	1,355	1,379	1,275	1,154
Assets from Price Risk Management Activities	—	—	—	106	110
Income Taxes Receivable	—	1	—	—	—
Other	580	523	626	560	684
Total	9,184	8,906	10,258	9,935	9,928

Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	67,907	69,178	70,730	72,090	73,356
Other Property, Plant and Equipment	5,101	5,282	5,355	5,497	5,768
Total Property, Plant and Equipment	73,008	74,460	76,085	77,587	79,124
Less: Accumulated Depreciation, Depletion and Amortization	(42,785)	(43,550)	(44,362)	(45,290)	(46,047)
Total Property, Plant and Equipment, Net	30,223	30,910	31,723	32,297	33,077
Deferred Income Taxes	31	33	33	42	38
Other Assets	1,587	1,638	1,633	1,583	1,753
Total Assets	41,025	41,487	43,647	43,857	44,796

Current Liabilities
Accounts Payable	2,438	2,205	2,464	2,437	2,389
Accrued Taxes Payable	637	425	605	466	786
Dividends Payable	482	478	478	526	523
Liabilities from Price Risk Management Activities	31	22	22	—	—
Current Portion of Long-Term Debt	33	34	34	34	34
Current Portion of Operating Lease Liabilities	354	335	337	325	318
Other	253	232	285	286	223
Total	4,228	3,731	4,225	4,074	4,273

Long-Term Debt	3,787	3,780	3,772	3,765	3,757
Other Liabilities	2,620	2,581	2,698	2,526	2,533
Deferred Income Taxes	4,943	5,138	5,194	5,402	5,597
Commitments and Contingencies

Stockholders' Equity
Common Stock, $0.01 Par	206	206	206	206	206
Additional Paid in Capital	6,219	6,257	6,133	6,166	6,188
Accumulated Other Comprehensive Loss	(8)	(9)	(7)	(9)	(8)
Retained Earnings	19,423	20,497	22,047	22,634	23,897
Common Stock Held in Treasury	(393)	(694)	(621)	(907)	(1,647)
Total Stockholders' Equity	25,447	26,257	27,758	28,090	28,636
Total Liabilities and Stockholders' Equity	41,025	41,487	43,647	43,857	44,796


Cash Flow Statements
In millions of USD (Unaudited)
	2023					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
Net Income	2,023	1,553	2,030	1,988	7,594	1,789				1,789
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	798	866	898	930	3,492	1,074				1,074
Impairments	34	35	54	79	202	19				19
Stock-Based Compensation Expenses	34	35	57	51	177	45				45
Deferred Income Taxes	234	194	56	199	683	199				199
(Gains) Losses on Asset Dispositions, Net	(69)	9	(35)	—	(95)	(26)				(26)
Other, Net	4	2	(1)	22	27	9				9
Dry Hole Costs	1	—	—	—	1	1				1
Mark-to-Market Financial Commodity and Other Derivative Contracts Gains, Net	(376)	(101)	(43)	(298)	(818)	(237)				(237)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts	(123)	(30)	23	18	(112)	55				55
Other, Net	(1)	—	(1)	—	(2)	—				—
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	338	137	(714)	201	(38)	58				58
Inventories	(77)	(226)	(28)	100	(231)	117				117
Accounts Payable	(77)	(231)	238	(49)	(119)	(58)				(58)
Accrued Taxes Payable	232	(212)	180	(139)	61	319				319
Other Assets	52	43	(92)	36	39	(161)				(161)
Other Liabilities	193	(47)	54	(16)	184	(71)				(71)
Changes in Components of Working Capital Associated with Investing Activities	35	250	28	(18)	295	(229)				(229)
Net Cash Provided by Operating Activities	3,255	2,277	2,704	3,104	11,340	2,903				2,903
Investing Cash Flows
Additions to Oil and Gas Properties	(1,305)	(1,341)	(1,379)	(1,360)	(5,385)	(1,485)				(1,485)
Additions to Other Property, Plant and Equipment	(319)	(180)	(139)	(162)	(800)	(350)				(350)
Proceeds from Sales of Assets	92	29	14	5	140	9				9
Changes in Components of Working Capital Associated with Investing Activities	(35)	(250)	(28)	18	(295)	229				229
Net Cash Used in Investing Activities	(1,567)	(1,742)	(1,532)	(1,499)	(6,340)	(1,597)				(1,597)
Financing Cash Flows
Long-Term Debt Repayments	(1,250)	—	—	—	(1,250)	—				—
Dividends Paid	(1,067)	(480)	(494)	(1,345)	(3,386)	(525)				(525)
Treasury Stock Purchased	(317)	(302)	(109)	(310)	(1,038)	(759)				(759)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan	—	9	1	10	20	—				—
Debt Issuance Costs	—	(8)	—	—	(8)	—				—
Repayment of Finance Lease Liabilities	(8)	(8)	(8)	(8)	(32)	(8)				(8)
Net Cash Used in Financing Activities	(2,642)	(789)	(610)	(1,653)	(5,694)	(1,292)				(1,292)
Effect of Exchange Rate Changes on Cash	—	—	—	—	—	—				—
Increase (Decrease) in Cash and Cash Equivalents	(954)	(254)	562	(48)	(694)	14				14
Cash and Cash Equivalents at Beginning of Period	5,972	5,018	4,764	5,326	5,972	5,278				5,278
Cash and Cash Equivalents at End of Period	5,018	4,764	5,326	5,278	5,278	5,292				5,292

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, Cash Flow from Operations Before Changes in Working Capital, Free Cash Flow, Net Debt and related statistics.

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

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

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

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

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

Direct ATROR

The calculation of EOG's direct after-tax rate of return (ATROR) is based on EOG’s net estimated recoverable reserves for a particular well(s) or play, the estimated net present value of the future net cash flows from such reserves (for which EOG utilizes certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring such well(s). As such, EOG's direct ATROR for a particular well(s) or play cannot be calculated from EOG’s consolidated financial statements.


Adjusted Net Income
In millions of USD, except share data (in millions) and per share data (Unaudited)

The following tables adjust reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of financial commodity derivative contracts by eliminating the unrealized mark-to-market (gains) losses from these and other derivative transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets)), and to make certain other adjustments to exclude non-recurring and certain other items as further described below. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.

	1Q 2024
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	2,300	(511)	1,789	3.10
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	(237)	51	(186)	(0.31)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)	55	(12)	43	0.07
Less: Gains on Asset Dispositions, Net	(26)	4	(22)	(0.04)
Add: Certain Impairments	2	—	2	—
Adjustments to Net Income	(206)	43	(163)	(0.28)

Adjusted Net Income (Non-GAAP)	2,094	(468)	1,626	2.82

Average Number of Common Shares (Non-GAAP)
Basic				575
Diluted				577

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended March 31, 2024, such amount was $55 million.


Adjusted Net Income (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)

	4Q 2023
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	2,535	(547)	1,988	3.42
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net	(298)	64	(234)	(0.40)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)	18	(4)	14	0.02
Add: Certain Impairments	19	(4)	15	0.03
Adjustments to Net Income	(261)	56	(205)	(0.35)

Adjusted Net Income (Non-GAAP)	2,274	(491)	1,783	3.07

Average Number of Common Shares (Non-GAAP)
Basic				579
Diluted				581


Adjusted Net Income (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)

	3Q 2023
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	2,573	(543)	2,030	3.48
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net	(43)	9	(34)	(0.06)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)	23	(5)	18	0.03
Less: Gains on Asset Dispositions, Net	(35)	7	(28)	(0.05)
Add: Certain Impairments	23	(2)	21	0.04
Adjustments to Net Income	(32)	9	(23)	(0.04)

Adjusted Net Income (Non-GAAP)	2,541	(534)	2,007	3.44

Average Number of Common Shares (Non-GAAP)
Basic				579
Diluted				583


Adjusted Net Income (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
	2Q 2023
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	1,986	(433)	1,553	2.66
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net	(101)	22	(79)	(0.14)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)	(30)	6	(24)	(0.04)
Add: Losses on Asset Dispositions, Net	9	(2)	7	0.01
Adjustments to Net Income	(122)	26	(96)	(0.17)

Adjusted Net Income (Non-GAAP)	1,864	(407)	1,457	2.49

Average Number of Common Shares (Non-GAAP)
Basic				580
Diluted				584

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


Adjusted Net Income (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
	1Q 2023
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	2,595	(572)	2,023	3.45
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net	(376)	81	(295)	(0.51)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)	(123)	27	(96)	(0.16)
Less: Gains on Asset Dispositions, Net	(69)	15	(54)	(0.09)
Adjustments to Net Income	(568)	123	(445)	(0.76)

Adjusted Net Income (Non-GAAP)	2,027	(449)	1,578	2.69

Average Number of Common Shares (Non-GAAP)
Basic				584
Diluted				587


Adjusted Net Income (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
	FY 2023
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	9,689	(2,095)	7,594	13.00
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net	(818)	176	(642)	(1.09)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)	(112)	24	(88)	(0.15)
Less: Gains on Asset Dispositions, Net	(95)	20	(75)	(0.13)
Add: Certain Impairments	42	(6)	36	0.06
Adjustments to Net Income	(983)	214	(769)	(1.31)

Adjusted Net Income (Non-GAAP)	8,706	(1,881)	6,825	11.69

Average Number of Common Shares (Non-GAAP)
Basic				581
Diluted				584

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG subtracts from reported Net Income (Loss) (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2023, such amount was $112 million.


Adjusted Net Income (Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
	FY 2022
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	9,901	(2,142)	7,759	13.22
Adjustments:
Losses on Mark-to-Market Financial Commodity Derivative Contracts, Net	3,982	(858)	3,124	5.32
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)	(3,501)	755	(2,746)	(4.68)
Less: Gains on Asset Dispositions, Net	(74)	17	(57)	(0.10)
Add: Certain Impairments	113	(31)	82	0.14
Less: Severance Tax Refund	(115)	25	(90)	(0.15)
Add: Severance Tax Consulting Fees	16	(3)	13	0.02
Less: Interest on Severance Tax Refund	(7)	2	(5)	(0.01)
Adjustments to Net Income	414	(93)	321	0.54

Adjusted Net Income (Non-GAAP)	10,315	(2,235)	8,080	13.76

Average Number of Common Shares (Non-GAAP)
Basic				583
Diluted				587

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG subtracts from reported Net Income (Loss) (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2022, such amount was $3,501 million, of which $1,391 million was related to the early termination of certain contracts.


Net Income per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)

4Q 2023 Net Income per Share (GAAP) - Diluted		3.42

Realized Price
1Q 2024 Composite Average Wellhead Revenue per Boe	46.73
Less: 4Q 2023 Composite Average Wellhead Revenue per Boe	(48.27)
Subtotal	(1.54)
Multiplied by: 1Q 2024 Crude Oil Equivalent Volumes (MMBoe)	93.6
Total Change in Revenue	(144)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	32
Change in Net Income	(112)
Change in Diluted Earnings per Share		(0.19)

Wellhead Volumes
1Q 2024 Crude Oil Equivalent Volumes (MMBoe)	93.6
Less: 4Q 2023 Crude Oil Equivalent Volumes (MMBoe)	(94.4)
Subtotal	(0.8)
Multiplied by: 1Q 2024 Composite Average Margin per Boe (GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule located in the "Reconciliations & Guidance" section of the "Investors" page of the EOG website)	20.24
Change in Margin	(16)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	4
Change in Net Income	(12)
Change in Diluted Earnings per Share		(0.02)

Certain Operating Costs per Boe
4Q 2023 Total Cash Operating Costs (GAAP) and Total DD&A per Boe	20.37
Less: 1Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe	(21.84)
Subtotal	(1.47)
Multiplied by: 1Q 2024 Crude Oil Equivalent Volumes (MMBoe)	93.6
Change in Before-Tax Net Income	(138)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	30
Change in Net Income	(108)
Change in Diluted Earnings per Share		(0.19)


Net Income Per Share (Continued)
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)

Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
1Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts	237
Less: Income Tax Benefit (Provision)	(51)
After Tax - (a)	186
Less: 4Q 2023 Net Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts	298
Less: Income Tax Benefit (Provision)	(64)
After Tax - (b)	234
Change in Net Income - (a) - (b)	(48)
Change in Diluted Earnings per Share		(0.08)

Other (1)		0.16

1Q 2024 Net Income per Share (GAAP) - Diluted		3.10

1Q 2024 Average Number of Common Shares (GAAP) - Diluted	577

(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.


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)

4Q 2023 Adjusted Net Income per Share (Non-GAAP) - Diluted		3.07

Realized Price
1Q 2024 Composite Average Wellhead Revenue per Boe	46.73
Less: 4Q 2023 Composite Average Wellhead Revenue per Boe	(48.27)
Subtotal	(1.54)
Multiplied by: 1Q 2024 Crude Oil Equivalent Volumes (MMBoe)	93.6
Total Change in Revenue	(144)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	32
Change in Net Income	(112)
Change in Diluted Earnings per Share		(0.19)

Wellhead Volumes
1Q 2024 Crude Oil Equivalent Volumes (MMBoe)	93.6
Less: 4Q 2023 Crude Oil Equivalent Volumes (MMBoe)	(94.4)
Subtotal	(0.8)
Multiplied by: 1Q 2024 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule located in the "Reconciliations & Guidance" section of the "Investors" page of the EOG website)	20.26
Change in Margin	(16)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	4
Change in Net Income	(12)
Change in Diluted Earnings per Share		(0.02)

Certain Operating Costs per Boe
4Q 2023 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe	20.37
Less: 1Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe	(21.84)
Subtotal	(1.47)
Multiplied by: 1Q 2024 Crude Oil Equivalent Volumes (MMBoe)	93.6
Change in Before-Tax Net Income	(138)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	30
Change in Net Income	(108)
Change in Diluted Earnings per Share		(0.19)


Adjusted Net Income Per Share (Continued)
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)

Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
1Q 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts	55
Less: Income Tax Benefit (Provision)	(12)
After Tax - (a)	43
4Q 2023 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts	18
Less: Income Tax Benefit (Provision)	(4)
After Tax - (b)	14
Change in Net Income - (a) - (b)	29
Change in Diluted Earnings per Share		0.05

Other (1)		0.10

1Q 2024 Adjusted Net Income per Share (Non-GAAP)		2.82

1Q 2024 Average Number of Common Shares (Non-GAAP) - Diluted	577

(1)Includes gathering, processing and marketing revenue, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.


Cash Flow from Operations and Free Cash Flow
In millions of USD (Unaudited)

The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Cash Flow from Operations Before Changes in Working Capital (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing Activities and certain other adjustments to exclude non-recurring and certain other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Cash Flow from Operations Before Changes in Working Capital (Non-GAAP) (see below reconciliation) for such period less the Total Capital Expenditures (Non-GAAP) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry.

	2023					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year

Net Cash Provided by Operating Activities (GAAP)	3,255	2,277	2,704	3,104	11,340	2,903				2,903

Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(338)	(137)	714	(201)	38	(58)				(58)
Inventories	77	226	28	(100)	231	(117)				(117)
Accounts Payable	77	231	(238)	49	119	58				58
Accrued Taxes Payable	(232)	212	(180)	139	(61)	(319)				(319)
Other Assets	(52)	(43)	92	(36)	(39)	161				161
Other Liabilities	(193)	47	(54)	16	(184)	71				71
Changes in Components of Working Capital Associated with Investing Activities	(35)	(250)	(28)	18	(295)	229				229
Cash Flow from Operations Before Changes in Working Capital (Non-GAAP)	2,559	2,563	3,038	2,989	11,149	2,928				2,928
Less:
Total Capital Expenditures (Non-GAAP) (a)	(1,489)	(1,521)	(1,519)	(1,512)	(6,041)	(1,703)				(1,703)
Free Cash Flow (Non-GAAP)	1,070	1,042	1,519	1,477	5,108	1,225				1,225

(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):

	2023					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year

Total Expenditures (GAAP)	1,717	1,664	1,803	1,634	6,818	1,952				1,952
Less:
Asset Retirement Costs	(10)	(26)	(191)	(30)	(257)	(21)				(21)
Non-Cash Development Drilling	—	(35)	(50)	(5)	(90)	—				—
Non-Cash Acquisition Costs of Unproved Properties	(31)	(28)	(1)	(39)	(99)	(31)				(31)
Acquisition Costs of Proved Properties	(4)	(6)	1	(7)	(16)	(21)				(21)
Acquisition Costs of Other Property, Plant and Equipment	(133)	(1)	—	—	(134)	(131)				(131)
Exploration Costs	(50)	(47)	(43)	(41)	(181)	(45)				(45)
Total Capital Expenditures (Non-GAAP)	1,489	1,521	1,519	1,512	6,041	1,703				1,703


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.

	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023

Total Stockholders' Equity - (a)	28,636		28,090		27,758		26,257		25,447

Current and Long-Term Debt (GAAP) - (b)	3,791		3,799		3,806		3,814		3,820
Less: Cash	(5,292)		(5,278)		(5,326)		(4,764)		(5,018)
Net Debt (Non-GAAP) - (c)	(1,501)		(1,479)		(1,520)		(950)		(1,198)

Total Capitalization (GAAP) - (a) + (b)	32,427		31,889		31,564		30,071		29,267

Total Capitalization (Non-GAAP) - (a) + (c)	27,135		26,611		26,238		25,307		24,249

Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	11.7	%	11.9	%	12.1	%	12.7	%	13.1	%

Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	-5.5	%	-5.6	%	-5.8	%	-3.8	%	-4.9	%