EOG Resources, Inc.

$EOG

$104.52

Капитализция: $73.9B

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EOG Resources, Inc. осуществляет разведку, разработку нефтегазовых месторождений, добычу и реализацию природного газа и нефти. EOG Resources, Inc. ведет свою деятельность в США, Канаде, Тринидаде и Тобаго, Соединенном Королевстве, Китае, показать больше

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EOG Resources Reports First Quarter 2022 Results; Adds Quantitative Guidance to Cash Return Framework and Declares $1.80 per Share Special Dividend

EOG Resources сообщает о результатах за первый квартал 2022 года; Добавляет количественное руководство к системе возврата денежных средств и объявляет специальный дивиденд в размере 1,80 доллара США на акцию

5 мая 2022 г.

HOUSTON, May 5, 2022 /PRNewswire/ -- EOG Resources, Inc. (EOG) today reported first quarter 2022 results. The attached supplemental financial tables and schedules for the reconciliation of non-GAAP measures to GAAP measures and related definitions, along with a related presentation, are also available on EOG's website at http://investors.eogresources.com/investors.

Key Financial Results

In millions of USD, except per-share and ratio data
		1Q 2022	4Q 2021	1Q 2021
GAAP	Total Revenue	3,983	6,044	3,694
	Net Income	390	1,985	677
	Net Income Per Share	0.67	3.39	1.16
	Net Cash Provided by Operating Activities	828	3,166	1,870
	Total Expenditures	1,144	1,137	1,067
	Current and Long-Term Debt	5,099	5,109	5,133
	Cash and Cash Equivalents	4,009	5,209	3,388
	Debt-to-Total Capitalization	19.1%	18.7%	19.8%

Non- GAAP	Adjusted Net Income	2,346	1,806	946
	Adjusted Net Income Per Share	4.00	3.09	1.62
	CFO before Changes in Working Capital	3,372	3,069	1,982
	Capital Expenditures	1,009	1,015	912
	Free Cash Flow	2,363	2,054	1,070
	Net Debt	1,090	(100)	1,745
	Net Debt-to-Total Capitalization	4.8%	(0.5)%	7.8%

(Unaudited)

Crude Oil and Condensate Volumes (MBod)	1Q 2022	1Q 2022 Guidance Midpoint	Variance	4Q 2021	3Q 2021	2Q 2021	1Q 2021
United States	449.4	447.0	2.4	449.7	448.3	446.9	428.7
Trinidad	0.7	0.8	(0.1)	0.9	1.2	1.7	2.2
Other International	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Total	450.1	447.8	2.3	450.6	449.5	448.6	431.0
Natural Gas Liquids Volumes (MBbld)
Total	190.3	187.0	3.3	156.9	157.9	138.5	124.3
Natural Gas Volumes (MMcfd)
United States	1,249	1,235	14	1,328	1,210	1,199	1,100
Trinidad	209	200	9	206	212	233	217
Other International	0	0	0	0	0	13	25
Total	1,458	1,435	23	1,534	1,422	1,445	1,342

Total Crude Oil Equivalent Volumes (MBoed)	883.3	874.0	9.3	863.1	844.4	828.0	778.9
Total MMBoe	79.5	78.7	0.8	79.4	77.7	75.3	70.1

Benchmark Price
Oil (WTI) ($/Bbl)	94.38			77.17	70.55	66.06	57.80
Natural Gas (HH) ($/Mcf)	4.91			5.83	4.01	2.83	2.69

Crude Oil and Condensate - above (below) WTI ($/Bbl)
United States	1.64	1.50	0.14	1.14	0.33	0.10	0.27
Trinidad	(10.56)	(11.00)	0.44	(10.31)	(10.36)	(9.80)	(8.03)

Natural Gas Liquids - Realizations as % of WTI	42.1%	42.0%	0.1%	52.4%	53.5%	44.1%	48.5%

Natural Gas - above (below) NYMEX Henry Hub ($/Mcf)
United States	0.90	0.90	0.00	0.57	0.49	0.16	2.83
Natural Gas Realizations ($/Mcf)
Trinidad	3.36	3.35	0.01	3.48	3.39	3.37	3.38

Total Expenditures (GAAP) ($MM)	1,144			1,137	962	1,089	1,067
Capital Expenditures (non-GAAP) ($MM)	1,009	1,100	(91)	1,015	891	937	912

Operating Unit Costs ($/Boe)
Lease and Well	4.00	3.90	0.10	4.09	3.48	3.58	3.85
Transportation Costs	2.87	2.85	0.02	2.87	2.82	2.84	2.88
Gathering and Processing	1.81	1.85	(0.04)	1.85	1.87	1.70	1.98
General and Administrative	1.56	1.65	(0.09)	1.75	1.83	1.59	1.57
Cash Operating Costs	10.24	10.25	(0.01)	10.56	10.00	9.71	10.28
Depreciation, Depletion and Amortization	10.65	10.75	(0.10)	11.46	11.93	12.13	12.84

Expenses ($MM)
Exploration and Dry Hole	48	45	3	85	48	49	44
Impairment (GAAP)	55			206	82	44	44
Impairment (excluding certain impairments (non-GAAP))³	55	80	(25)	206	69	43	43
Capitalized Interest	8	8	0	9	8	8	8
Net Interest	48	43	5	38	48	45	47

Taxes Other Than Income (% of Wellhead Revenue)	7.4%	7.5%	(0.1%)	6.8%	6.8%	6.9%	6.7%
Income Taxes
Effective Rate	21.7%	22.5%	(0.8%)	20.5%	23.4%	19.3%	23.2%
Current Tax (Benefit) / Expense ($MM)	573	490	83	393	446	313	240

(Unaudited)

See "Endnotes" below for related discussion and definitions.	2Q 2022 Guidance Range			FY 2022 Guidance Range			2021 Actual	2020 Actual
Crude Oil and Condensate Volumes (MBod)
United States	453.0	-	463.0	454.5	-	466.5	443.4	408.1
Trinidad	0.0	-	1.0	0.4	-	0.6	1.5	1.0
Other International	0.0	-	0.0	0.0	-	0.0	0.1	0.1
Total	453.0	-	464.0	454.9	-	467.1	445.0	409.2
Natural Gas Liquids Volumes (MBbld)
Total	178.0	-	208.0	170.0	-	210.0	144.5	136.0
Natural Gas Volumes (MMcfd)
United States	1,230	-	1,330	1,240	-	1,340	1,210	1,040
Trinidad	170	-	200	160	-	200	217	180
Other International	0	-	0	0	-	0	9	32
Total	1,400	-	1,530	1,400	-	1,540	1,436	1,252
Crude Oil Equivalent Volumes (MBoed)
United States	836.0	-	892.7	831.2	-	899.8	789.6	717.5
Trinidad	28.3	-	34.3	27.1	-	33.9	37.7	30.9
Other International	0.0	-	0.0	0.0	-	0.0	1.6	5.4
Total	864.3	-	927.0	858.3	-	933.7	828.9	753.8

Benchmark Price
Oil (WTI) ($/Bbl)							67.96	39.40
Natural Gas (HH) ($/Mcf)							3.85	2.08

Crude Oil and Condensate Differentials - above (below) WTI5 ($/Bbl)
United States	2.30	-	3.30	1.00	-	3.00	0.58	(0.75)
Trinidad	(9.50)	-	(7.50)	(11.00)	-	(9.00)	(11.70)	(9.20)
Natural Gas Liquids - Realizations as % of WTI
Total	35.0%	-	45.0%	34.0%	-	49.0%	50.5%	34.0%
Natural Gas Differentials - above (below) NYMEX Henry Hub6 ($/Mcf)
United States	0.25	-	1.25	(0.35)	-	1.65	1.03	(0.47)
Natural Gas Realizations ($/Mcf)
Trinidad	3.15	-	3.65	2.90	-	3.90	3.40	2.57

Total Expenditures (GAAP) ($MM)							4,255	4,113
Capital Expenditures7 (non-GAAP) ($MM)	1,100	-	1,300	4,300	-	4,700	3,755	3,344

Operating Unit Costs ($/Boe)
Lease and Well	3.45	-	4.15	3.55	-	4.15	3.75	3.85
Transportation Costs	2.75	-	3.15	2.65	-	3.15	2.85	2.66
Gathering and Processing	1.80	-	2.00	1.70	-	2.00	1.85	1.66
General and Administrative	1.70	-	2.00	1.70	-	1.80	1.69	1.75
Cash Operating Costs	9.70	-	11.30	9.60	-	11.10	10.14	9.92
Depreciation, Depletion and Amortization	10.50	-	11.10	10.15	-	11.15	12.07	12.32

Expenses ($MM)
Exploration and Dry Hole	35	-	45	150	-	190	225	159
Impairment (GAAP)							376	2,100
Impairment (excluding certain impairments (non-GAAP))²	60	-	110	300	-	340	361	232
Capitalized Interest	5	-	10	25	-	35	33	31
Net Interest	45	-	50	180	-	190	178	205

Taxes Other Than Income (% of Wellhead Revenue)	6.0%	-	8.0%	7.0%	-	8.0%	6.8%	6.6%
Income Taxes
Effective Rate	20.0%	-	25.0%	20.0%	-	25.0%	21.4%	18.2%
Current Tax (Benefit) / Expense ($MM)	630	-	730	2,350	-	2,650	1,393	(61)

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

2)	Based on full-year 2022 guidance, as of May 5, 2022. Assumes $3.25 Henry Hub natural gas price for 2022. Includes ~$1.3 Bn cash paid for settlement of derivative contracts.

3)	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).

4)	The forecast items for the second quarter and full year 2022 set forth above for EOG Resources, Inc. (EOG) are based on current available information and expectations as of the date of the accompanying press release. EOG undertakes no obligation, other than as required by applicable law, to update or revise this forecast, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise. This forecast, which should be read in conjunction with the accompanying press release and EOG's related Current Report on Form 8-K filing, replaces and supersedes any previously issued guidance or forecast.

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

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

7)	The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses.

This press release may include forward‐looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG's future financial position, operations, performance, business strategy, goals, returns and rates of return, budgets, reserves, levels of production, capital expenditures, costs and asset sales, statements regarding future commodity prices and statements regarding the plans and objectives of EOG's management for future operations, are forward-looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "project," "strategy," "intend," "plan," "target," "aims," "ambition," "initiative," "goal," "may," "will," "focused on," "should" and "believe" or the negative of those terms or other variations or comparable terminology to identify its forward-looking statements. In particular, statements, express or implied, concerning EOG's future operating results and returns or EOG's ability to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and capital expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, other environmental matters, safety matters or other ESG (environmental/social/governance) matters, or pay and/or increase dividends are forward-looking statements.Forward‐looking statements are not guarantees of performance. Although EOG believes the expectations reflected in its forward‐looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, EOG's forward‐looking statements may be affected by known, unknown or currently unforeseen risks, events or circumstances that may be outside EOG's control. Furthermore, this press release and any accompanying disclosures may include or reference certain forward‐looking, non‐GAAP financial measures, such as free cash flow and cash flow from operations before changes in working capital, and certain related estimates regarding future performance, results and financial position. Because we provide these measures on a forward‐looking basis, we cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward‐looking GAAP measures, such as future changes in working capital. Accordingly, we are unable to present a quantitative reconciliation of such forward‐looking, non‐GAAP financial measures to the respective most directly comparable forward‐looking GAAP financial measures. Management believes these forward‐looking, non‐GAAP measures may be a useful tool for the investment community in comparing EOG's forecasted financial performance to the forecasted financial performance of other companies in the industry. Any such forward‐looking measures and estimates are intended to be illustrative only and are not intended to reflect the results that EOG will necessarily achieve for the period(s) presented; EOG's actual results may differ materially from such measures and estimates. Important factors that could cause EOG's actual results to differ materially from the expectations reflected in EOG's forward‐looking statements include, among others:

the timing, extent and duration of changes in prices for, supplies of, and demand for, crude oil and condensate, natural gas liquids (NGLs), natural gasand related commodities;
the extent to which EOG is successful in its efforts to acquire or discover additional reserves;
the extent to which EOG is successful in its efforts to (i) economically develop its acreage in, (ii) produce reserves and achieve anticipated production levels and rates of return from, (iii) decrease or otherwise control its drilling, completion, operating and capital costs related to, and (iv) maximize reserve recovery from, its existing and future crude oil and natural gas exploration and development projects and associated potential and existing drilling locations;
the extent to which EOG is successful in its efforts to market its production of crude oil and condensate, NGLs and natural gas;
security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, physical breaches of our facilities and other infrastructure or breaches of the information technology systems, facilities and infrastructure of third parties with which we transact business;
the availability, proximity and capacity of, and costs associated with, appropriate gathering, processing, compression, storage, transportation, refining, and export facilities;
the availability, cost, terms and timing of issuance or execution of mineral licenses and leases and governmental and other permits and rights-of-way, and EOG's ability to retain mineral licenses and leases;
the impact of, and changes in, government policies, laws and regulations, including climate change-related regulations, policies and initiatives (for example, with respect to air emissions); tax laws and regulations (including, but not limited to, carbon tax legislation); environmental, health and safety laws and regulations relating to disposal of produced water, drilling fluids and other wastes, hydraulic fracturing and access to and use of water; laws and regulations affecting the leasing of acreage and permitting for oil and gas drilling and the calculation of royalty payments in respect of oil and gas production; laws and regulations imposing additional permitting and disclosure requirements, additional operating restrictions and conditions or restrictions on drilling and completion operations and on the transportation of crude oil and natural gas; laws and regulations with respect to derivatives and hedging activities; and laws and regulations with respect to the import and export of crude oil, natural gas and related commodities;
the impact of climate change-related policies and initiatives at the corporate and/or investor community levels and other potential developments related to climate change, such as (but not limited to) changes in consumer and industrial/commercial behavior, preferences and attitudes with respect to the generation and consumption of energy; increased availability of, and increased consumer and industrial/commercial demand for, competing energy sources (including alternative energy sources); technological advances with respect to the generation, transmission, storage and consumption of energy; alternative fuel requirements; energy conservation measures; decreased demand for, and availability of, services and facilities related to the exploration for, and production of, crude oil, NGLs and natural gas; and negative perceptions of the oil and gas industry and, in turn, reputational risks associated with the exploration for, and production of, crude oil, NGLs and natural gas;
EOG's ability to effectively integrate acquired crude oil and natural gas properties into its operations, fully identify existing and potential problems with respect to such properties and accurately estimate reserves, production and drilling, completing and operating costs with respect to such properties;
the extent to which EOG's third-party-operated crude oil and natural gas properties are operated successfully, economically and in compliance withapplicable laws and regulations;
competition in the oil and gas exploration and production industry for the acquisition of licenses, leases and properties;
the availability and cost of, and competition in the oil and gas exploration and production industry for, employees and other personnel, facilities, equipment, materials (such as water, sand and tubulars) and services;
the accuracy of reserve estimates, which by their nature involve the exercise of professional judgment and may therefore be imprecise;
weather, including its impact on crude oil and natural gas demand, and weather-related delays in drilling and in the installation and operation (by EOG or third parties) of production, gathering, processing, refining, compression, storage, transportation, and export facilities;
the ability of EOG's customers and other contractual counterparties to satisfy their obligations to EOG and, related thereto, to access the credit and capital markets to obtain financing needed to satisfy their obligations to EOG;
EOG's ability to access the commercial paper market and other credit and capital markets to obtain financing on terms it deems acceptable, if at all, and to otherwise satisfy its capital expenditure requirements;
the extent to which EOG is successful in its completion of planned asset dispositions;
the extent and effect of any hedging activities engaged in by EOG;
the timing and extent of changes in foreign currency exchange rates, interest rates, inflation rates, global and domestic financial market conditions and global and domestic general economic conditions;
the duration and economic and financial impact of epidemics, pandemics or other public health issues, including the COVID-19 pandemic;
geopolitical factors and political conditions and developments around the world (such as the imposition of tariffs or trade or other economic sanctions, political instability and armed conflict), including in the areas in which EOG operates;
the extent to which EOG incurs uninsured losses and liabilities or losses and liabilities in excess of its insurance coverage;
acts of war and terrorism and responses to these acts; and
the other factors described under ITEM 1A, Risk Factors of EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and any updates to those factors set forth in EOG's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

In millions of USD (Unaudited)
	1Q 2022	4Q 2021	1Q 2021
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
Net Income	390	1,985	677
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	847	910	900
Impairments	55	206	44
Stock-Based Compensation Expenses	35	35	35
Deferred Income Taxes	(465)	122	(36)
(Gains) Losses on Asset Dispositions, Net	(25)	29	6
Other, Net	6	(2)	7
Dry Hole Costs	3	43	11
Mark-to-Market Financial Commodity Derivative Contracts Total (Gains) Losses	2,820	(136)	367
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts	(296)	(122)	(30)
Other, Net	2	(1)	1
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(878)	(182)	(308)
Inventories	(14)	(108)	64
Accounts Payable	130	341	172
Accrued Taxes Payable	613	26	243
Other Assets	(213)	(81)	(103)
Other Liabilities	(2,250)	201	(89)
Changes in Components of Working Capital Associated with Investing Activities	68	(100)	(91)
Net Cash Provided by Operating Activities	828	3,166	1,870
Investing Cash Flows
Additions to Oil and Gas Properties	(939)	(949)	(875)
Additions to Other Property, Plant and Equipment	(70)	(65)	(42)
Proceeds from Sales of Assets	121	77	5
Changes in Components of Working Capital Associated with Investing Activities	(68)	100	91
Net Cash Used in Investing Activities	(956)	(837)	(821)
Financing Cash Flows
Long-Term Debt Repayments	—	—	(750)
Dividends Paid	(1,023)	(1,406)	(219)
Treasury Stock Purchased	(43)	(8)	(10)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan	4	10	—
Repayment of Finance Lease Liabilities	(10)	(10)	(9)
Net Cash Used in Financing Activities	(1,072)	(1,414)	(988)
Effect of Exchange Rate Changes on Cash	—	1	(2)
Increase (Decrease) in Cash and Cash Equivalents	(1,200)	916	59
Cash and Cash Equivalents at Beginning of Period	5,209	4,293	3,329
Cash and Cash Equivalents at End of Period	4,009	5,209	3,388

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), Cash Flow from Operations Before Working Capital, 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.

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 financial 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.

	1Q 2022
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	497	(107)	390	0.67
Adjustments:
Losses on Mark-to-Market Financial Commodity Derivative Contracts	2,820	(612)	2,208	3.76
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts	(296)	64	(232)	(0.40)
Add: Gains on Asset Dispositions, Net	(25)	5	(20)	(0.03)
Adjustments to Net Income	2,499	(543)	1,956	3.33

Adjusted Net Income (Non-GAAP)	2,996	(650)	2,346	4.00

Average Number of Common Shares (Non-GAAP)
Basic				582
Diluted				586

In millions of USD (Unaudited)

The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Cash Flow from Operations Before 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 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 Cash Flow from Operations Before 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. To further the comparability of EOG's financial results with those of EOG's peer companies and other companies in the industry, EOG now utilizes Cash Flow from Operations Before Working Capital (Non-GAAP), instead of Discretionary Cash Flow (Non-GAAP), in calculating its Free Cash Flow (Non-GAAP). Accordingly, Free Cash Flow (Non-GAAP) for the three-month period ended March 31, 2022 has been calculated on such basis, and the calculations of Free Cash Flow (Non-GAAP) for each of the prior periods shown have been revised and conformed.

	1Q 2022	4Q 2021	3Q 2021	2Q 2021	1Q 2021

Net Cash Provided by Operating Activities (GAAP)	828	3,166	2,196	1,559	1,870

Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	878	182	145	186	308
Inventories	14	108	6	(37)	(64)
Accounts Payable	(130)	(341)	68	(11)	(172)
Accrued Taxes Payable	(613)	(26)	(206)	163	(243)
Other Assets	213	81	(167)	119	103
Other Liabilities	2,250	(201)	260	(32)	89
Changes in Components of Working Capital Associated with Investing Activities	(68)	100	(45)	54	91
Cash Flow from Operations Before Working Capital (Non-GAAP)	3,372	3,069	2,257	2,001	1,982

Cash Flow from Operations Before Working Capital (Non-GAAP)	3,372	3,069	2,257	2,001	1,982
Less:
Total Capital Expenditures (Non-GAAP) ^(a)	(1,009)	(1,015)	(891)	(937)	(912)
Free Cash Flow (Non-GAAP)	2,363	2,054	1,366	1,064	1,070

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

	1Q 2022	4Q 2021	3Q 2021	2Q 2021	1Q 2021

Total Expenditures (GAAP)	1,144	1,137	962	1,089	1,067
Less:
Asset Retirement Costs	(27)	(71)	(8)	(31)	(17)
Non-Cash Acquisition Costs of Unproved Properties	(58)	(8)	(15)	—	(22)
Non-Cash Finance Leases	—	—	—	—	(74)
Acquisition Costs of Proved Properties	(5)	(1)	(4)	(86)	(9)
Exploration Costs	(45)	(42)	(44)	(35)	(33)
Total Capital Expenditures (Non-GAAP)	1,009	1,015	891	937	912

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 Financial 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.

	1Q 2022	1Q 2021

Net Income (GAAP)	390	677

Adjustments:
Interest Expense, Net	48	47
Income Tax Provision	107	204
Depreciation, Depletion and Amortization	847	900
Exploration Costs	45	33
Dry Hole Costs	3	11
Impairments	55	44
EBITDAX (Non-GAAP)	1,495	1,916
Losses on MTM Financial Commodity Derivative Contracts	2,820	367
Net Cash Payments for Settlements of Commodity Derivative Contracts	(296)	(30)
(Gains) Losses on Asset Dispositions, Net	(25)	6

Adjusted EBITDAX (Non-GAAP)	3,994	2,259

Definitions
EBITDAX - Earnings Before Interest Expense, Net; Income Tax Provision (Benefit); Depreciation, Depletion and Amortization; Exploration Costs; Dry Hole Costs; and Impairments

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.

	2021	2020	2019	2018

Total Costs Incurred in Exploration and Development Activities (GAAP)	3,969	3,718	6,628	6,420
Less: Asset Retirement Costs	(127)	(117)	(186)	(70)
Non-Cash Acquisition Costs of Unproved Properties	(45)	(197)	(98)	(291)
Acquisition Costs of Proved Properties	(100)	(135)	(380)	(124)
Total Exploration and Development Expenditures for Drilling Only (Non- GAAP) - (a)	3,697	3,269	5,964	5,935

Total Costs Incurred in Exploration and Development Activities (GAAP)	3,969	3,718	6,628	6,420
Less: Asset Retirement Costs	(127)	(117)	(186)	(70)
Non-Cash Acquisition Costs of Unproved Properties	(45)	(197)	(98)	(291)
Non-Cash Acquisition Costs of Proved Properties	(5)	(15)	(52)	(71)
Total Exploration and Development Expenditures (Non-GAAP) - (b)	3,792	3,389	6,292	5,988

Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)	194	(278)	(60)	35
Revisions Other Than Price	(308)	(89)	—	(40)
Purchases in Place	9	10	17	12
Extensions, Discoveries and Other Additions - (d)	952	564	750	670
Total Proved Reserve Additions - (e)	847	207	707	677
Sales in Place	(11)	(31)	(5)	(11)
Net Proved Reserve Additions From All Sources	836	176	702	666

Production	309	285	301	265

Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)	3.88	5.79	7.95	8.86
All-in Total, Net of Revisions - (b / e)	4.48	16.32	8.90	8.85
All-in Total, Excluding Revisions Due to Price - (b / ( e - c))	5.81	6.98	8.21	9.33

Reserve Replacement Cost Data (Continued)
In millions of USD, except reserves and ratio data (Unaudited)

	2017	2016	2015	2014

Total Costs Incurred in Exploration and Development Activities (GAAP)	4,440	6,445	4,928	7,905
Less: Asset Retirement Costs	(56)	20	(53)	(196)
Non-Cash Acquisition Costs of Unproved Properties	(256)	(3,102)	—	—
Acquisition Costs of Proved Properties	(73)	(749)	(481)	(139)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)	4,055	2,614	4,394	7,570

Total Costs Incurred in Exploration and Development Activities (GAAP)	4,440	6,445	4,928	7,905
Less: Asset Retirement Costs	(56)	20	(53)	(196)
Non-Cash Acquisition Costs of Unproved Properties	(256)	(3,102)	—	—
Non-Cash Acquisition Costs of Proved Properties	(26)	(732)	—	—
Total Exploration and Development Expenditures (Non-GAAP) - (b)	4,102	2,631	4,875	7,709

Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)	154	(101)	(574)	52
Revisions Other Than Price	48	253	107	49
Purchases in Place	2	42	56	14
Extensions, Discoveries and Other Additions - (d)	421	209	246	519
Total Proved Reserve Additions - (e)	625	403	(165)	634
Sales in Place	(21)	(168)	(4)	(36)
Net Proved Reserve Additions From All Sources	604	235	(169)	598

Production	224	206	210	220

Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)	9.64	12.51	17.87	14.58
All-in Total, Net of Revisions - (b / e)	6.56	6.52	(29.63)	12.16
All-in Total, Excluding Revisions Due to Price - (b / ( e - c))	8.71	5.22	11.91	13.25

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.

	2021	2020	2019	2018

Interest Expense, Net (GAAP)	178	205	185	245
Tax Benefit Imputed (based on 21%)	(37)	(43)	(39)	(51)
After-Tax Net Interest Expense (Non-GAAP) - (a)	141	162	146	194

Net Income (Loss) (GAAP) - (b)	4,664	(605)	2,735	3,419
Adjustments to Net Income (Loss), Net of Tax (See Below Detail) ⁽¹⁾	364	1,455	158	(201)
Adjusted Net Income (Non-GAAP) - (c)	5,028	850	2,893	3,218

Total Stockholders' Equity - (d)	22,180	20,302	21,641	19,364

Average Total Stockholders' Equity * - (e)	21,241	20,972	20,503	17,824

Current and Long-Term Debt (GAAP) - (f)	5,109	5,816	5,175	6,083
Less: Cash	(5,209)	(3,329)	(2,028)	(1,556)
Net Debt (Non-GAAP) - (g)	(100)	2,487	3,147	4,527

Total Capitalization (GAAP) - (d) + (f)	27,289	26,118	26,816	25,447

Total Capitalization (Non-GAAP) - (d) + (g)	22,080	22,789	24,788	23,891

Average Total Capitalization (Non-GAAP) * - (h)	22,435	23,789	24,340	22,864

Return on Capital Employed (ROCE)
Calculated Using GAAP Net Income (Loss) - [(a) + (b)] / (h) (Non- GAAP)	21.4%	-1.9%	11.8%	15.8%
Calculated Using Non-GAAP Adjusted Net Income - [(a) + (c)] / (h) (Non-GAAP)	23.0%	4.3%	12.5%	14.9%

Return on Equity (ROE)
Calculated Using GAAP Net Income (Loss) - (b) / (e) (GAAP)	22.0%	-2.9%	13.3%	19.2%
Calculated Using Non-GAAP Adjusted Net Income - (c) / (e) (Non- GAAP)	23.7%	4.1%	14.1%	18.1%

* Average for the current and immediately preceding year

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

Interest Expense, Net (GAAP)	274	282	237
Tax Benefit Imputed (based on 35%)	(96)	(99)	(83)
After-Tax Net Interest Expense (Non-GAAP) - (a)	178	183	154

Net Income (Loss) (GAAP) - (b)	2,583	(1,097)	(4,525)

Total Stockholders' Equity - (d)	16,283	13,982	12,943

Average Total Stockholders' Equity* - (e)	15,133	13,463	15,328

Current and Long-Term Debt (GAAP) - (f)	6,387	6,986	6,655
Less: Cash	(834)	(1,600)	(719)
Net Debt (Non-GAAP) - (g)	5,553	5,386	5,936

Total Capitalization (GAAP) - (d) + (f)	22,670	20,968	19,598

Total Capitalization (Non-GAAP) - (d) + (g)	21,836	19,368	18,879

Average Total Capitalization (Non-GAAP)* - (h)	20,602	19,124	20,206

Return on Capital Employed (ROCE)
Calculated Using GAAP Net Income (Loss) - [(a) + (b)] / (h) (Non-GAAP)	13.4 %	-4.8 %	-21.6 %

Return on Equity (ROE)
Calculated Using GAAP Net Income (Loss) - (b) / (e) (GAAP)	17.1 %	-8.1 %	-29.5 %

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.

	1Q 2022	4Q 2021	3Q 2021	2Q 2021	1Q 2021

Volume - Million Barrels of Oil Equivalent - (a)	79.5	79.4	77.7	75.3	70.1

Total Operating Revenues and Other (b)	3,983	6,044	4,765	4,139	3,694
Total Operating Expenses (c)	3,437	3,516	3,294	2,968	2,762
Operating Income (d)	546	2,528	1,471	1,171	932

Wellhead Revenues
Crude Oil and Condensate	3,889	3,246	2,929	2,699	2,251
Natural Gas Liquids	681	583	548	367	314
Natural Gas	716	847	568	404	625
Total Wellhead Revenues - (e)	5,286	4,676	4,045	3,470	3,190

Operating Costs
Lease and Well	318	325	270	270	270
Transportation Costs	228	228	219	214	202
Gathering and Processing Costs	144	147	145	128	139
General and Administrative	124	139	142	120	110
Taxes Other Than Income	390	316	277	239	215
Interest Expense, Net	48	38	48	45	47
Total Operating Cost (excluding DD&A and Total Exploration Costs) (f)	1,252	1,193	1,101	1,016	983

Depreciation, Depletion and Amortization (DD&A)	847	910	927	914	900

Total Operating Cost (excluding Total Exploration Costs) - (g)	2,099	2,103	2,028	1,930	1,883

Exploration Costs	45	42	44	35	33
Dry Hole Costs	3	43	4	13	11
Impairments	55	206	82	44	44
Total Exploration Costs (GAAP)	103	291	130	92	88
Less: Certain Impairments ⁽¹⁾	—	—	(13)	(1)	(1)
Total Exploration Costs (Non-GAAP)	103	291	117	91	87

Total Operating Cost (including Total Exploration Costs (GAAP)) - (h)	2,202	2,394	2,158	2,022	1,971
Total Operating Cost (including Total Exploration Costs (Non-GAAP)) - (i)	2,202	2,394	2,145	2,021	1,970

Total Wellhead Revenues less Total Operating Cost (including Total Exploration Costs (GAAP))	3,084	2,282	1,887	1,448	1,219
Total Wellhead Revenues less Total Operating Cost (including Total Exploration Costs (Non-GAAP))	3,084	2,282	1,900	1,449	1,220

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)

	1Q 2022	4Q 2021	3Q 2021	2Q 2021	1Q 2021

Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)

Composite Average Operating Revenues and Other per Boe - (b) / (a)	50.10	76.12	61.33	54.97	52.70
Composite Average Operating Expenses per Boe - (c) / (a)	43.23	44.28	42.40	39.42	39.40
Composite Average Operating Income per Boe - (d) / (a)	6.87	31.84	18.93	15.55	13.30

Composite Average Wellhead Revenue per Boe - (e) / (a)	66.50	58.88	52.07	46.07	45.49

Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	15.75	15.02	14.19	13.48	14.02

Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	50.75	43.86	37.88	32.59	31.47

Total Operating Cost per Boe (excluding Total Exploration Costs) - (g) / (a)	26.40	26.48	26.12	25.61	26.86

Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (g) / (a)]	40.10	32.40	25.95	20.46	18.63

Total Operating Cost per Boe (including Total Exploration Costs) - (h) / (a)	27.70	30.15	27.79	26.85	28.12

Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (h) / (a)]	38.80	28.73	24.28	19.22	17.37

Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)

Total Operating Cost per Boe (including Total Exploration Costs) - (i) / (a)	27.70	30.14	27.62	26.82	28.11

Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (i) / (a)]	38.80	28.74	24.45	19.25	17.38

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)

	2021		2020	2019	2018	2017

Volume - Million Barrels of Oil Equivalent - (a)	302.5		275.9	298.6	262.5	222.3

Total Operating Revenues and Other (b)	18,642		11,032	17,380	17,275	11,208
Total Operating Expenses (c)	12,540		11,576	13,681	12,806	10,282
Operating Income (Loss) (d)	6,102		(544)	3,699	4,469	926

Wellhead Revenues
Crude Oil and Condensate	11,125		5,786	9,613	9,517	6,256
Natural Gas Liquids	1,812		668	785	1,128	730
Natural Gas	2,444		837	1,184	1,302	922
Total Wellhead Revenues - (e)	15,381		7,291	11,582	11,947	7,908

Operating Costs
Lease and Well	1,135		1,063	1,367	1,283	1,045
Transportation Costs	863		735	758	747	740
Gathering and Processing Costs	559		459	479	437	149
General and Administrative (GAAP)	511		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⁾	511		484	489	427	416
Taxes Other Than Income	1,047		478	800	772	545
Interest Expense, Net	178		205	185	245	274
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)	4,293		3,424	4,078	3,911	3,187
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)	4,293		3,424	4,078	3,911	3,169

Depreciation, Depletion and Amortization (DD&A)	3,651		3,400	3,750	3,435	3,409

Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)	7,944		6,824	7,828	7,346	6,596
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)	7,944		6,824	7,828	7,346	6,578

Exploration Costs	154		146	140	149	145
Dry Hole Costs	71		13	28	5	5
Impairments	376		2,100	518	347	479
Total Exploration Costs (GAAP)	601	601	2,259	686	501	629
Less: Certain Impairments ⁽²⁾	(15)		(1,868)	(275)	(153)	(261)
Total Exploration Costs (Non-GAAP)	586		391	411	348	368

Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)	8,545		9,083	8,514	7,847	7,225
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non- GAAP)) - (k)	8,530		7,215	8,239	7,694	6,946

Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))	6,836		(1,792)	3,068	4,100	683
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))	6,851		76	3,343	4,253	962

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
	2021	2020	2019	2018	2017

Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)

Composite Average Operating Revenues and Other per Boe - (b) / (a)	61.63	39.99	58.20	65.81	50.42
Composite Average Operating Expenses per Boe - (c) / (a)	41.46	41.96	45.81	48.79	46.25
Composite Average Operating Income (Loss) per Boe - (d) / (a)	20.17	(1.97)	12.39	17.02	4.17

Composite Average Wellhead Revenue per Boe - (e) / (a)	50.84	26.42	38.79	45.51	35.58

Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	14.19	12.39	13.66	14.90	14.34

Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	36.65	14.03	25.13	30.61	21.24

Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)	26.26	24.71	26.22	27.99	29.67

Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]	24.58	1.71	12.57	17.52	5.91

Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)	28.25	32.92	28.51	29.89	32.50

Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]	22.59	(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)	14.19	12.39	13.66	14.90	14.25

Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]	36.65	14.03	25.13	30.61	21.33

Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)	26.26	24.71	26.22	27.99	29.59

Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]	24.58	1.71	12.57	17.52	5.99

Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)	28.20	26.13	27.60	29.32	31.24

Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]	22.64	0.29	11.19	16.19	4.34

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

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

ХЬЮСТОН, 5 мая 2022 года /PRNewswire/ -- EOG Resources, Inc. (EOG) сегодня сообщила о результатах за первый квартал 2022 года. Прилагаемые дополнительные финансовые таблицы и графики для сверки показателей, не относящихся к GAAP, с показателями GAAP и соответствующими определениями, а также соответствующая презентация также доступны на веб-сайте EOG по адресу http://investors.eogresources.com/investors .

Основные Финансовые Результаты

In millions of USD, except per-share and ratio data
		1Q 2022	4Q 2021	1Q 2021
GAAP	Total Revenue	3,983	6,044	3,694
	Net Income	390	1,985	677
	Net Income Per Share	0.67	3.39	1.16
	Net Cash Provided by Operating Activities	828	3,166	1,870
	Total Expenditures	1,144	1,137	1,067
	Current and Long-Term Debt	5,099	5,109	5,133
	Cash and Cash Equivalents	4,009	5,209	3,388
	Debt-to-Total Capitalization	19.1%	18.7%	19.8%

Non- GAAP	Adjusted Net Income	2,346	1,806	946
	Adjusted Net Income Per Share	4.00	3.09	1.62
	CFO before Changes in Working Capital	3,372	3,069	1,982
	Capital Expenditures	1,009	1,015	912
	Free Cash Flow	2,363	2,054	1,070
	Net Debt	1,090	(100)	1,745
	Net Debt-to-Total Capitalization	4.8%	(0.5)%	7.8%

(Unaudited)

Crude Oil and Condensate Volumes (MBod)	1Q 2022	1Q 2022 Guidance Midpoint	Variance	4Q 2021	3Q 2021	2Q 2021	1Q 2021
United States	449.4	447.0	2.4	449.7	448.3	446.9	428.7
Trinidad	0.7	0.8	(0.1)	0.9	1.2	1.7	2.2
Other International	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Total	450.1	447.8	2.3	450.6	449.5	448.6	431.0
Natural Gas Liquids Volumes (MBbld)
Total	190.3	187.0	3.3	156.9	157.9	138.5	124.3
Natural Gas Volumes (MMcfd)
United States	1,249	1,235	14	1,328	1,210	1,199	1,100
Trinidad	209	200	9	206	212	233	217
Other International	0	0	0	0	0	13	25
Total	1,458	1,435	23	1,534	1,422	1,445	1,342

Total Crude Oil Equivalent Volumes (MBoed)	883.3	874.0	9.3	863.1	844.4	828.0	778.9
Total MMBoe	79.5	78.7	0.8	79.4	77.7	75.3	70.1

Benchmark Price
Oil (WTI) ($/Bbl)	94.38			77.17	70.55	66.06	57.80
Natural Gas (HH) ($/Mcf)	4.91			5.83	4.01	2.83	2.69

Crude Oil and Condensate - above (below) WTI ($/Bbl)
United States	1.64	1.50	0.14	1.14	0.33	0.10	0.27
Trinidad	(10.56)	(11.00)	0.44	(10.31)	(10.36)	(9.80)	(8.03)

Natural Gas Liquids - Realizations as % of WTI	42.1%	42.0%	0.1%	52.4%	53.5%	44.1%	48.5%

Natural Gas - above (below) NYMEX Henry Hub ($/Mcf)
United States	0.90	0.90	0.00	0.57	0.49	0.16	2.83
Natural Gas Realizations ($/Mcf)
Trinidad	3.36	3.35	0.01	3.48	3.39	3.37	3.38

Total Expenditures (GAAP) ($MM)	1,144			1,137	962	1,089	1,067
Capital Expenditures (non-GAAP) ($MM)	1,009	1,100	(91)	1,015	891	937	912

Operating Unit Costs ($/Boe)
Lease and Well	4.00	3.90	0.10	4.09	3.48	3.58	3.85
Transportation Costs	2.87	2.85	0.02	2.87	2.82	2.84	2.88
Gathering and Processing	1.81	1.85	(0.04)	1.85	1.87	1.70	1.98
General and Administrative	1.56	1.65	(0.09)	1.75	1.83	1.59	1.57
Cash Operating Costs	10.24	10.25	(0.01)	10.56	10.00	9.71	10.28
Depreciation, Depletion and Amortization	10.65	10.75	(0.10)	11.46	11.93	12.13	12.84

Expenses ($MM)
Exploration and Dry Hole	48	45	3	85	48	49	44
Impairment (GAAP)	55			206	82	44	44
Impairment (excluding certain impairments (non-GAAP))³	55	80	(25)	206	69	43	43
Capitalized Interest	8	8	0	9	8	8	8
Net Interest	48	43	5	38	48	45	47

Taxes Other Than Income (% of Wellhead Revenue)	7.4%	7.5%	(0.1%)	6.8%	6.8%	6.9%	6.7%
Income Taxes
Effective Rate	21.7%	22.5%	(0.8%)	20.5%	23.4%	19.3%	23.2%
Current Tax (Benefit) / Expense ($MM)	573	490	83	393	446	313	240

(Unaudited)

See "Endnotes" below for related discussion and definitions.	2Q 2022 Guidance Range			FY 2022 Guidance Range			2021 Actual	2020 Actual
Crude Oil and Condensate Volumes (MBod)
United States	453.0	-	463.0	454.5	-	466.5	443.4	408.1
Trinidad	0.0	-	1.0	0.4	-	0.6	1.5	1.0
Other International	0.0	-	0.0	0.0	-	0.0	0.1	0.1
Total	453.0	-	464.0	454.9	-	467.1	445.0	409.2
Natural Gas Liquids Volumes (MBbld)
Total	178.0	-	208.0	170.0	-	210.0	144.5	136.0
Natural Gas Volumes (MMcfd)
United States	1,230	-	1,330	1,240	-	1,340	1,210	1,040
Trinidad	170	-	200	160	-	200	217	180
Other International	0	-	0	0	-	0	9	32
Total	1,400	-	1,530	1,400	-	1,540	1,436	1,252
Crude Oil Equivalent Volumes (MBoed)
United States	836.0	-	892.7	831.2	-	899.8	789.6	717.5
Trinidad	28.3	-	34.3	27.1	-	33.9	37.7	30.9
Other International	0.0	-	0.0	0.0	-	0.0	1.6	5.4
Total	864.3	-	927.0	858.3	-	933.7	828.9	753.8

Benchmark Price
Oil (WTI) ($/Bbl)							67.96	39.40
Natural Gas (HH) ($/Mcf)							3.85	2.08

Crude Oil and Condensate Differentials - above (below) WTI5 ($/Bbl)
United States	2.30	-	3.30	1.00	-	3.00	0.58	(0.75)
Trinidad	(9.50)	-	(7.50)	(11.00)	-	(9.00)	(11.70)	(9.20)
Natural Gas Liquids - Realizations as % of WTI
Total	35.0%	-	45.0%	34.0%	-	49.0%	50.5%	34.0%
Natural Gas Differentials - above (below) NYMEX Henry Hub6 ($/Mcf)
United States	0.25	-	1.25	(0.35)	-	1.65	1.03	(0.47)
Natural Gas Realizations ($/Mcf)
Trinidad	3.15	-	3.65	2.90	-	3.90	3.40	2.57

Total Expenditures (GAAP) ($MM)							4,255	4,113
Capital Expenditures7 (non-GAAP) ($MM)	1,100	-	1,300	4,300	-	4,700	3,755	3,344

Operating Unit Costs ($/Boe)
Lease and Well	3.45	-	4.15	3.55	-	4.15	3.75	3.85
Transportation Costs	2.75	-	3.15	2.65	-	3.15	2.85	2.66
Gathering and Processing	1.80	-	2.00	1.70	-	2.00	1.85	1.66
General and Administrative	1.70	-	2.00	1.70	-	1.80	1.69	1.75
Cash Operating Costs	9.70	-	11.30	9.60	-	11.10	10.14	9.92
Depreciation, Depletion and Amortization	10.50	-	11.10	10.15	-	11.15	12.07	12.32

Expenses ($MM)
Exploration and Dry Hole	35	-	45	150	-	190	225	159
Impairment (GAAP)							376	2,100
Impairment (excluding certain impairments (non-GAAP))²	60	-	110	300	-	340	361	232
Capitalized Interest	5	-	10	25	-	35	33	31
Net Interest	45	-	50	180	-	190	178	205

Taxes Other Than Income (% of Wellhead Revenue)	6.0%	-	8.0%	7.0%	-	8.0%	6.8%	6.6%
Income Taxes
Effective Rate	20.0%	-	25.0%	20.0%	-	25.0%	21.4%	18.2%
Current Tax (Benefit) / Expense ($MM)	630	-	730	2,350	-	2,650	1,393	(61)

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

2)	Based on full-year 2022 guidance, as of May 5, 2022. Assumes $3.25 Henry Hub natural gas price for 2022. Includes ~$1.3 Bn cash paid for settlement of derivative contracts.

3)	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).

4)	The forecast items for the second quarter and full year 2022 set forth above for EOG Resources, Inc. (EOG) are based on current available information and expectations as of the date of the accompanying press release. EOG undertakes no obligation, other than as required by applicable law, to update or revise this forecast, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise. This forecast, which should be read in conjunction with the accompanying press release and EOG's related Current Report on Form 8-K filing, replaces and supersedes any previously issued guidance or forecast.

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

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

7)	The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses.

Настоящий пресс‐релиз может содержать заявления прогнозного характера по смыслу раздела 27A Закона о ценных бумагах 1933 года с внесенными в него поправками и Раздела 21E Закона о ценных бумагах и биржах 1934 года с внесенными в него поправками. Все заявления, кроме заявлений об исторических фактах, включая, среди прочего, заявления и прогнозы относительно будущего финансового положения EOG, операций, результатов деятельности, бизнес-стратегии, целей, доходности и нормы прибыли, бюджетов, резервов, уровней производства, капитальных затрат, затрат и продаж активов, заявления относительно будущих товарных цены и заявления, касающиеся планов и целей руководства EOG в отношении будущих операций, являются прогнозными заявлениями. EOG обычно использует такие слова, как "ожидать", "предвидеть", "оценивать", "проект", "стратегия", "намереваться", "планировать", "цель", "цели", "амбиции", "инициатива", "цель", "возможно", "будет, "сосредоточен на", "должен" и "верю" или отрицательное значение этих терминов или других вариантов или сопоставимой терминологии для определения его прогнозных заявлений. В частности, заявления, явные или подразумеваемые, касающиеся будущих операционных результатов и прибыли EOG или способности EOG восполнять или увеличивать запасы, увеличивать добычу, генерировать доходность и нормы прибыли, заменять или увеличивать места бурения, сокращать или иным образом контролировать операционные расходы и капитальные затраты, генерировать денежные потоки, выплачивать или рефинансирование задолженности, достижение, достижение или иное выполнение инициатив, планов, целей, амбиций или целевых показателей в отношении выбросов, других экологических вопросов, вопросов безопасности или других вопросов ESG (экологических / социальных / управленческих), или выплата и / или увеличение дивидендов являются прогнозными заявлениями.Прогнозные заявления не являются гарантией эффективности. Хотя EOG считает, что ожидания, отраженные в ее прогнозных заявлениях, являются разумными и основаны на разумных предположениях, нельзя дать никаких гарантий в том, что эти предположения точны или что какие‐либо из этих ожиданий будут достигнуты (полностью или вообще) или окажутся правильными. Кроме того, на прогнозные заявления EOG могут повлиять известные, неизвестные или непредвиденные в настоящее время риски, события или обстоятельства, которые могут находиться вне контроля EOG. Кроме того, этот пресс‐релиз и любая сопутствующая информация могут включать или ссылаться на определенные прогнозные финансовые показатели, не относящиеся к GAAP, такие как свободный денежный поток и денежный поток от операций до изменения оборотного капитала, а также некоторые соответствующие оценки будущих результатов, результатов и финансового положения. Поскольку мы предоставляем эти меры на основе прогнозов, мы не можем надежно или разумно предсказать некоторые из необходимых компонентов наиболее непосредственно сопоставимых прогнозов Показатели GAAP, такие как будущие изменения в оборотном капитале. Соответственно, мы не можем представить количественную сверку таких прогнозных финансовых показателей, не относящихся к GAAP, с соответствующими наиболее непосредственно сопоставимыми прогнозными финансовыми показателями GAAP. Руководство считает, что эти прогнозные показатели, не относящиеся к GAAP, могут быть полезным инструментом для инвестиционного сообщества при сравнении прогнозируемых финансовых показателей EOG с прогнозируемыми финансовыми показателями других компаний отрасли. Любые такие прогнозные показатели и оценки предназначены только для иллюстрации и не предназначены для отражения результатов, которых EOG обязательно достигнет за представленный период (периоды); фактические результаты EOG могут существенно отличаться от таких показателей и оценок. Важные факторы, которые могут привести к тому, что фактические результаты EOG будут существенно отличаться от ожиданий, отраженных в прогнозных заявлениях EOG, включают, среди прочего:

сроки, масштабы и продолжительность изменений цен, поставок и спроса на сырую нефть и конденсат, сжиженный природный газ (ШФЛУ), природный газ и связанные с ними товары;
степень успеха EOG в ее усилиях по приобретению или обнаружению дополнительных запасов;
степень, в которой EOG успешна в своих усилиях по (i) экономическому освоению своих площадей, (ii) добыче запасов и достижению ожидаемых уровней добычи и норм прибыли, (iii) снижению или иному контролю связанных с бурением, завершением работ, эксплуатационными и капитальными затратами и (iv) максимизации извлечение запасов из существующих и будущих проектов по разведке и разработке сырой нефти и природного газа, а также связанных с ними потенциальных и существующих мест бурения;
степень успеха EOG в ее усилиях по продвижению на рынок своей добычи сырой нефти и конденсата, ШФЛУ и природного газа;
угрозы безопасности, включая угрозы кибербезопасности и сбои в нашем бизнесе и операциях в результате взломов наших систем информационных технологий, физических взломов наших объектов и другой инфраструктуры или взломов систем информационных технологий, объектов и инфраструктуры третьих сторон, с которыми мы ведем бизнес;
наличие, близость и мощность, а также связанные с ними затраты на соответствующие объекты по сбору, переработке, сжатию, хранению, транспортировке, переработке и экспорту;
доступность, стоимость, условия и сроки выдачи или оформления лицензий и договоров аренды на добычу полезных ископаемых, а также правительственных и других разрешений и разрешений на проезд, а также способность EOG сохранять лицензии и договоры аренды на добычу полезных ископаемых;
влияние и изменения в государственной политике, законах и нормативных актах, включая связанные с изменением климата нормативные акты, политику и инициативы (например, в отношении выбросов в атмосферу); налоговые законы и нормативные акты (включая, но не ограничиваясь, законодательством о налоге на выбросы углерода); законы об охране окружающей среды, здоровья и безопасности и правила, касающиеся удаления добытой воды, буровых растворов и других отходов, гидроразрыва пласта и доступа к воде и ее использования; законы и правила, касающиеся аренды площадей и выдачи разрешений на бурение нефтяных и газовых скважин и расчета лицензионных платежей в отношении добычи нефти и газа; законы и правила, устанавливающие дополнительные разрешения и требования к раскрытию информации, дополнительные эксплуатационные ограничения и условия или ограничения на операции по бурению и завершению работ, а также на транспортировку сырой нефти и природного газа; законы и правила в отношении производных финансовых инструментов и деятельности по хеджированию; а также законы и правила в отношении импорта и экспорта сырой нефти, природного газа и связанных с ними товаров;
влияние политики и инициатив, связанных с изменением климата, на уровне корпораций и/или сообщества инвесторов и другие потенциальные изменения, связанные с изменением климата, такие как (но не ограничиваясь ими) изменения в потребительском и промышленном/коммерческом поведении, предпочтениях и взглядах в отношении производства и потребления энергии; повышение доступности и увеличение потребительского и промышленного/коммерческого спроса на конкурирующие источники энергии (включая альтернативные источники энергии); технологические достижения в области производства, передачи, хранения и потребления энергии; потребности в альтернативном топливе; меры по энергосбережению; снижение спроса и доступности услуг и объектов, связанных с разведка и добыча сырой нефти, ШФЛУ и природного газа; и негативное восприятие нефтегазовой отрасли и, в свою очередь, репутационные риски, связанные с разведкой и добычей сырой нефти, ШФЛУ и природного газа;
Способность EOG эффективно интегрировать приобретенные свойства сырой нефти и природного газа в свою деятельность, полностью выявлять существующие и потенциальные проблемы в отношении таких свойств и точно оценивать запасы, добычу и затраты на бурение, завершение и эксплуатацию в отношении таких свойств;
степень, в которой эксплуатируемые третьими сторонами объекты EOG по добыче сырой нефти и природного газа эксплуатируются успешно, экономично и в соответствии с применимыми законами и правилами;
конкуренция в отрасли разведки и добычи нефти и газа за приобретение лицензий, договоров аренды и недвижимости;
доступность и стоимость, а также конкуренция в отрасли разведки и добычи нефти и газа для сотрудников и другого персонала, объектов, оборудования, материалов (таких как вода, песок и трубы) и услуг;
точность оценок резервов, которые по своей природе требуют профессионального суждения и поэтому могут быть неточными;
погода, включая ее влияние на спрос на сырую нефть и природный газ, и связанные с погодой задержки в бурении, а также в установке и эксплуатации (EOG или третьими сторонами) объектов добычи, сбора, переработки, переработки, сжатия, хранения, транспортировки и экспорта;
способность клиентов EOG и других контрагентов по контракту выполнять свои обязательства перед EOG и, в связи с этим, получать доступ к рынкам кредитов и капитала для получения финансирования, необходимого для выполнения их обязательств перед EOG;
Способность EOG получить доступ к рынку коммерческих ценных бумаг и другим рынкам кредитования и капитала для получения финансирования на условиях, которые она считает приемлемыми, если таковые вообще имеются, и иным образом удовлетворить свои требования к капитальным затратам;
степень, в которой EOG успешно завершает запланированную утилизацию активов;
масштабы и последствия любых действий по хеджированию, осуществляемых EOG;
сроки и масштабы изменений обменных курсов иностранных валют, процентных ставок, темпов инфляции, условий на мировых и внутренних финансовых рынках, а также глобальных и внутренних общих экономических условий;
продолжительность и экономические и финансовые последствия эпидемий, пандемий или других проблем общественного здравоохранения, включая пандемию COVID-19;
геополитические факторы и политические условия и события по всему миру (такие как введение тарифов или торговых или других экономических санкций, политическая нестабильность и вооруженные конфликты), в том числе в областях, в которых работает EOG;
степень, в которой EOG несет незастрахованные убытки и обязательства или убытки и обязательства, превышающие ее страховое покрытие;
акты войны и терроризма и меры реагирования на эти акты; и
другие факторы, описанные в ПУНКТЕ 1A, Факторы риска Годового отчета EOG по форме 10-K за финансовый год, закончившийся 31 декабря 2021 года, и любые обновления этих факторов, изложенные в последующих квартальных отчетах EOG по форме 10-Q или Текущих отчетах по форме 8-K.

Комиссия по ценным бумагам и биржам США (SEC) разрешает нефтегазовым компаниям в своих заявках в SEC раскрывать не только "доказанные" запасы (т.е. количества нефти и газа, которые, по оценкам, могут быть извлечены с высокой степенью достоверности), но и "вероятные" запасы (т.е. количества нефти и газа, которые с такой же вероятностью могут быть извлечены, как и не будут извлечены), а также "возможные" запасы (т.е. дополнительные количества нефти и газа, которые могут быть извлечены, но с меньшей вероятностью, чем вероятные запасы). Данные о запасах являются лишь оценочными и могут не соответствовать конечным объемам добытых нефти и газа. Любые оценки запасов или ресурсов, представленные в этом пресс-релизе, которые специально не обозначены как оценки доказанных запасов, могут включать "потенциальные" запасы, "ресурсный потенциал" и/или другие оценочные запасы или оценочные ресурсы, не обязательно рассчитанные в соответствии с последними руководящими принципами SEC по отчетности о запасах или предусмотренные ими. Инвесторам настоятельно рекомендуется внимательно ознакомиться с информацией, содержащейся в Годовом отчете EOG по форме 10‐K за финансовый год, закончившийся 31 декабря 2021 года, который можно получить в EOG по адресу: Почтовый ящик 4362, Хьюстон, Техас 77210-4362 (Attn: Отношения с инвесторами). Вы также можете получить этот отчет от SEC, позвонив по телефону 1-800‐SEC‐0330 или с веб-сайта SEC по адресу www.sec.gov . Кроме того, графики сверки и определения финансовых показателей, не относящихся к GAAP, можно найти на веб‐сайте EOG по адресу www.eogresources.com .

In millions of USD (Unaudited)
	1Q 2022	4Q 2021	1Q 2021
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
Net Income	390	1,985	677
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	847	910	900
Impairments	55	206	44
Stock-Based Compensation Expenses	35	35	35
Deferred Income Taxes	(465)	122	(36)
(Gains) Losses on Asset Dispositions, Net	(25)	29	6
Other, Net	6	(2)	7
Dry Hole Costs	3	43	11
Mark-to-Market Financial Commodity Derivative Contracts Total (Gains) Losses	2,820	(136)	367
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts	(296)	(122)	(30)
Other, Net	2	(1)	1
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(878)	(182)	(308)
Inventories	(14)	(108)	64
Accounts Payable	130	341	172
Accrued Taxes Payable	613	26	243
Other Assets	(213)	(81)	(103)
Other Liabilities	(2,250)	201	(89)
Changes in Components of Working Capital Associated with Investing Activities	68	(100)	(91)
Net Cash Provided by Operating Activities	828	3,166	1,870
Investing Cash Flows
Additions to Oil and Gas Properties	(939)	(949)	(875)
Additions to Other Property, Plant and Equipment	(70)	(65)	(42)
Proceeds from Sales of Assets	121	77	5
Changes in Components of Working Capital Associated with Investing Activities	(68)	100	91
Net Cash Used in Investing Activities	(956)	(837)	(821)
Financing Cash Flows
Long-Term Debt Repayments	—	—	(750)
Dividends Paid	(1,023)	(1,406)	(219)
Treasury Stock Purchased	(43)	(8)	(10)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan	4	10	—
Repayment of Finance Lease Liabilities	(10)	(10)	(9)
Net Cash Used in Financing Activities	(1,072)	(1,414)	(988)
Effect of Exchange Rate Changes on Cash	—	1	(2)
Increase (Decrease) in Cash and Cash Equivalents	(1,200)	916	59
Cash and Cash Equivalents at Beginning of Period	5,209	4,293	3,329
Cash and Cash Equivalents at End of Period	4,009	5,209	3,388

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 financial 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.

	1Q 2022
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share

Reported Net Income (GAAP)	497	(107)	390	0.67
Adjustments:
Losses on Mark-to-Market Financial Commodity Derivative Contracts	2,820	(612)	2,208	3.76
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts	(296)	64	(232)	(0.40)
Add: Gains on Asset Dispositions, Net	(25)	5	(20)	(0.03)
Adjustments to Net Income	2,499	(543)	1,956	3.33

Adjusted Net Income (Non-GAAP)	2,996	(650)	2,346	4.00

Average Number of Common Shares (Non-GAAP)
Basic				582
Diluted				586

In millions of USD (Unaudited)

The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Cash Flow from Operations Before 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 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 Cash Flow from Operations Before 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. To further the comparability of EOG's financial results with those of EOG's peer companies and other companies in the industry, EOG now utilizes Cash Flow from Operations Before Working Capital (Non-GAAP), instead of Discretionary Cash Flow (Non-GAAP), in calculating its Free Cash Flow (Non-GAAP). Accordingly, Free Cash Flow (Non-GAAP) for the three-month period ended March 31, 2022 has been calculated on such basis, and the calculations of Free Cash Flow (Non-GAAP) for each of the prior periods shown have been revised and conformed.

	1Q 2022	4Q 2021	3Q 2021	2Q 2021	1Q 2021

Net Cash Provided by Operating Activities (GAAP)	828	3,166	2,196	1,559	1,870

Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	878	182	145	186	308
Inventories	14	108	6	(37)	(64)
Accounts Payable	(130)	(341)	68	(11)	(172)
Accrued Taxes Payable	(613)	(26)	(206)	163	(243)
Other Assets	213	81	(167)	119	103
Other Liabilities	2,250	(201)	260	(32)	89
Changes in Components of Working Capital Associated with Investing Activities	(68)	100	(45)	54	91
Cash Flow from Operations Before Working Capital (Non-GAAP)	3,372	3,069	2,257	2,001	1,982

Cash Flow from Operations Before Working Capital (Non-GAAP)	3,372	3,069	2,257	2,001	1,982
Less:
Total Capital Expenditures (Non-GAAP) ^(a)	(1,009)	(1,015)	(891)	(937)	(912)
Free Cash Flow (Non-GAAP)	2,363	2,054	1,366	1,064	1,070

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

	1Q 2022	4Q 2021	3Q 2021	2Q 2021	1Q 2021

Total Expenditures (GAAP)	1,144	1,137	962	1,089	1,067
Less:
Asset Retirement Costs	(27)	(71)	(8)	(31)	(17)
Non-Cash Acquisition Costs of Unproved Properties	(58)	(8)	(15)	—	(22)
Non-Cash Finance Leases	—	—	—	—	(74)
Acquisition Costs of Proved Properties	(5)	(1)	(4)	(86)	(9)
Exploration Costs	(45)	(42)	(44)	(35)	(33)
Total Capital Expenditures (Non-GAAP)	1,009	1,015	891	937	912

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 Financial 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.

	1Q 2022	1Q 2021

Net Income (GAAP)	390	677

Adjustments:
Interest Expense, Net	48	47
Income Tax Provision	107	204
Depreciation, Depletion and Amortization	847	900
Exploration Costs	45	33
Dry Hole Costs	3	11
Impairments	55	44
EBITDAX (Non-GAAP)	1,495	1,916
Losses on MTM Financial Commodity Derivative Contracts	2,820	367
Net Cash Payments for Settlements of Commodity Derivative Contracts	(296)	(30)
(Gains) Losses on Asset Dispositions, Net	(25)	6

Adjusted EBITDAX (Non-GAAP)	3,994	2,259

Definitions
EBITDAX - Earnings Before Interest Expense, Net; Income Tax Provision (Benefit); Depreciation, Depletion and Amortization; Exploration Costs; Dry Hole Costs; and Impairments

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.

	2021	2020	2019	2018

Total Costs Incurred in Exploration and Development Activities (GAAP)	3,969	3,718	6,628	6,420
Less: Asset Retirement Costs	(127)	(117)	(186)	(70)
Non-Cash Acquisition Costs of Unproved Properties	(45)	(197)	(98)	(291)
Acquisition Costs of Proved Properties	(100)	(135)	(380)	(124)
Total Exploration and Development Expenditures for Drilling Only (Non- GAAP) - (a)	3,697	3,269	5,964	5,935

Total Costs Incurred in Exploration and Development Activities (GAAP)	3,969	3,718	6,628	6,420
Less: Asset Retirement Costs	(127)	(117)	(186)	(70)
Non-Cash Acquisition Costs of Unproved Properties	(45)	(197)	(98)	(291)
Non-Cash Acquisition Costs of Proved Properties	(5)	(15)	(52)	(71)
Total Exploration and Development Expenditures (Non-GAAP) - (b)	3,792	3,389	6,292	5,988

Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)	194	(278)	(60)	35
Revisions Other Than Price	(308)	(89)	—	(40)
Purchases in Place	9	10	17	12
Extensions, Discoveries and Other Additions - (d)	952	564	750	670
Total Proved Reserve Additions - (e)	847	207	707	677
Sales in Place	(11)	(31)	(5)	(11)
Net Proved Reserve Additions From All Sources	836	176	702	666

Production	309	285	301	265

Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)	3.88	5.79	7.95	8.86
All-in Total, Net of Revisions - (b / e)	4.48	16.32	8.90	8.85
All-in Total, Excluding Revisions Due to Price - (b / ( e - c))	5.81	6.98	8.21	9.33

Reserve Replacement Cost Data (Continued)
In millions of USD, except reserves and ratio data (Unaudited)

	2017	2016	2015	2014

Total Costs Incurred in Exploration and Development Activities (GAAP)	4,440	6,445	4,928	7,905
Less: Asset Retirement Costs	(56)	20	(53)	(196)
Non-Cash Acquisition Costs of Unproved Properties	(256)	(3,102)	—	—
Acquisition Costs of Proved Properties	(73)	(749)	(481)	(139)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)	4,055	2,614	4,394	7,570

Total Costs Incurred in Exploration and Development Activities (GAAP)	4,440	6,445	4,928	7,905
Less: Asset Retirement Costs	(56)	20	(53)	(196)
Non-Cash Acquisition Costs of Unproved Properties	(256)	(3,102)	—	—
Non-Cash Acquisition Costs of Proved Properties	(26)	(732)	—	—
Total Exploration and Development Expenditures (Non-GAAP) - (b)	4,102	2,631	4,875	7,709

Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)	154	(101)	(574)	52
Revisions Other Than Price	48	253	107	49
Purchases in Place	2	42	56	14
Extensions, Discoveries and Other Additions - (d)	421	209	246	519
Total Proved Reserve Additions - (e)	625	403	(165)	634
Sales in Place	(21)	(168)	(4)	(36)
Net Proved Reserve Additions From All Sources	604	235	(169)	598

Production	224	206	210	220

Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)	9.64	12.51	17.87	14.58
All-in Total, Net of Revisions - (b / e)	6.56	6.52	(29.63)	12.16
All-in Total, Excluding Revisions Due to Price - (b / ( e - c))	8.71	5.22	11.91	13.25

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.

	2021	2020	2019	2018

Interest Expense, Net (GAAP)	178	205	185	245
Tax Benefit Imputed (based on 21%)	(37)	(43)	(39)	(51)
After-Tax Net Interest Expense (Non-GAAP) - (a)	141	162	146	194

Net Income (Loss) (GAAP) - (b)	4,664	(605)	2,735	3,419
Adjustments to Net Income (Loss), Net of Tax (See Below Detail) ⁽¹⁾	364	1,455	158	(201)
Adjusted Net Income (Non-GAAP) - (c)	5,028	850	2,893	3,218

Total Stockholders' Equity - (d)	22,180	20,302	21,641	19,364

Average Total Stockholders' Equity * - (e)	21,241	20,972	20,503	17,824

Current and Long-Term Debt (GAAP) - (f)	5,109	5,816	5,175	6,083
Less: Cash	(5,209)	(3,329)	(2,028)	(1,556)
Net Debt (Non-GAAP) - (g)	(100)	2,487	3,147	4,527

Total Capitalization (GAAP) - (d) + (f)	27,289	26,118	26,816	25,447

Total Capitalization (Non-GAAP) - (d) + (g)	22,080	22,789	24,788	23,891

Average Total Capitalization (Non-GAAP) * - (h)	22,435	23,789	24,340	22,864

Return on Capital Employed (ROCE)
Calculated Using GAAP Net Income (Loss) - [(a) + (b)] / (h) (Non- GAAP)	21.4%	-1.9%	11.8%	15.8%
Calculated Using Non-GAAP Adjusted Net Income - [(a) + (c)] / (h) (Non-GAAP)	23.0%	4.3%	12.5%	14.9%

Return on Equity (ROE)
Calculated Using GAAP Net Income (Loss) - (b) / (e) (GAAP)	22.0%	-2.9%	13.3%	19.2%
Calculated Using Non-GAAP Adjusted Net Income - (c) / (e) (Non- GAAP)	23.7%	4.1%	14.1%	18.1%

* Average for the current and immediately preceding year

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

Interest Expense, Net (GAAP)	274	282	237
Tax Benefit Imputed (based on 35%)	(96)	(99)	(83)
After-Tax Net Interest Expense (Non-GAAP) - (a)	178	183	154

Net Income (Loss) (GAAP) - (b)	2,583	(1,097)	(4,525)

Total Stockholders' Equity - (d)	16,283	13,982	12,943

Average Total Stockholders' Equity* - (e)	15,133	13,463	15,328

Current and Long-Term Debt (GAAP) - (f)	6,387	6,986	6,655
Less: Cash	(834)	(1,600)	(719)
Net Debt (Non-GAAP) - (g)	5,553	5,386	5,936

Total Capitalization (GAAP) - (d) + (f)	22,670	20,968	19,598

Total Capitalization (Non-GAAP) - (d) + (g)	21,836	19,368	18,879

Average Total Capitalization (Non-GAAP)* - (h)	20,602	19,124	20,206

Return on Capital Employed (ROCE)
Calculated Using GAAP Net Income (Loss) - [(a) + (b)] / (h) (Non-GAAP)	13.4 %	-4.8 %	-21.6 %

Return on Equity (ROE)
Calculated Using GAAP Net Income (Loss) - (b) / (e) (GAAP)	17.1 %	-8.1 %	-29.5 %

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.

	1Q 2022	4Q 2021	3Q 2021	2Q 2021	1Q 2021

Volume - Million Barrels of Oil Equivalent - (a)	79.5	79.4	77.7	75.3	70.1

Total Operating Revenues and Other (b)	3,983	6,044	4,765	4,139	3,694
Total Operating Expenses (c)	3,437	3,516	3,294	2,968	2,762
Operating Income (d)	546	2,528	1,471	1,171	932

Wellhead Revenues
Crude Oil and Condensate	3,889	3,246	2,929	2,699	2,251
Natural Gas Liquids	681	583	548	367	314
Natural Gas	716	847	568	404	625
Total Wellhead Revenues - (e)	5,286	4,676	4,045	3,470	3,190

Operating Costs
Lease and Well	318	325	270	270	270
Transportation Costs	228	228	219	214	202
Gathering and Processing Costs	144	147	145	128	139
General and Administrative	124	139	142	120	110
Taxes Other Than Income	390	316	277	239	215
Interest Expense, Net	48	38	48	45	47
Total Operating Cost (excluding DD&A and Total Exploration Costs) (f)	1,252	1,193	1,101	1,016	983

Depreciation, Depletion and Amortization (DD&A)	847	910	927	914	900

Total Operating Cost (excluding Total Exploration Costs) - (g)	2,099	2,103	2,028	1,930	1,883

Exploration Costs	45	42	44	35	33
Dry Hole Costs	3	43	4	13	11
Impairments	55	206	82	44	44
Total Exploration Costs (GAAP)	103	291	130	92	88
Less: Certain Impairments ⁽¹⁾	—	—	(13)	(1)	(1)
Total Exploration Costs (Non-GAAP)	103	291	117	91	87

Total Operating Cost (including Total Exploration Costs (GAAP)) - (h)	2,202	2,394	2,158	2,022	1,971
Total Operating Cost (including Total Exploration Costs (Non-GAAP)) - (i)	2,202	2,394	2,145	2,021	1,970

Total Wellhead Revenues less Total Operating Cost (including Total Exploration Costs (GAAP))	3,084	2,282	1,887	1,448	1,219
Total Wellhead Revenues less Total Operating Cost (including Total Exploration Costs (Non-GAAP))	3,084	2,282	1,900	1,449	1,220

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)

	1Q 2022	4Q 2021	3Q 2021	2Q 2021	1Q 2021

Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)

Composite Average Operating Revenues and Other per Boe - (b) / (a)	50.10	76.12	61.33	54.97	52.70
Composite Average Operating Expenses per Boe - (c) / (a)	43.23	44.28	42.40	39.42	39.40
Composite Average Operating Income per Boe - (d) / (a)	6.87	31.84	18.93	15.55	13.30

Composite Average Wellhead Revenue per Boe - (e) / (a)	66.50	58.88	52.07	46.07	45.49

Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	15.75	15.02	14.19	13.48	14.02

Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	50.75	43.86	37.88	32.59	31.47

Total Operating Cost per Boe (excluding Total Exploration Costs) - (g) / (a)	26.40	26.48	26.12	25.61	26.86

Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (g) / (a)]	40.10	32.40	25.95	20.46	18.63

Total Operating Cost per Boe (including Total Exploration Costs) - (h) / (a)	27.70	30.15	27.79	26.85	28.12

Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (h) / (a)]	38.80	28.73	24.28	19.22	17.37

Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)

Total Operating Cost per Boe (including Total Exploration Costs) - (i) / (a)	27.70	30.14	27.62	26.82	28.11

Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (i) / (a)]	38.80	28.74	24.45	19.25	17.38

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)

	2021		2020	2019	2018	2017

Volume - Million Barrels of Oil Equivalent - (a)	302.5		275.9	298.6	262.5	222.3

Total Operating Revenues and Other (b)	18,642		11,032	17,380	17,275	11,208
Total Operating Expenses (c)	12,540		11,576	13,681	12,806	10,282
Operating Income (Loss) (d)	6,102		(544)	3,699	4,469	926

Wellhead Revenues
Crude Oil and Condensate	11,125		5,786	9,613	9,517	6,256
Natural Gas Liquids	1,812		668	785	1,128	730
Natural Gas	2,444		837	1,184	1,302	922
Total Wellhead Revenues - (e)	15,381		7,291	11,582	11,947	7,908

Operating Costs
Lease and Well	1,135		1,063	1,367	1,283	1,045
Transportation Costs	863		735	758	747	740
Gathering and Processing Costs	559		459	479	437	149
General and Administrative (GAAP)	511		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⁾	511		484	489	427	416
Taxes Other Than Income	1,047		478	800	772	545
Interest Expense, Net	178		205	185	245	274
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)	4,293		3,424	4,078	3,911	3,187
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)	4,293		3,424	4,078	3,911	3,169

Depreciation, Depletion and Amortization (DD&A)	3,651		3,400	3,750	3,435	3,409

Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)	7,944		6,824	7,828	7,346	6,596
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)	7,944		6,824	7,828	7,346	6,578

Exploration Costs	154		146	140	149	145
Dry Hole Costs	71		13	28	5	5
Impairments	376		2,100	518	347	479
Total Exploration Costs (GAAP)	601	601	2,259	686	501	629
Less: Certain Impairments ⁽²⁾	(15)		(1,868)	(275)	(153)	(261)
Total Exploration Costs (Non-GAAP)	586		391	411	348	368

Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)	8,545		9,083	8,514	7,847	7,225
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non- GAAP)) - (k)	8,530		7,215	8,239	7,694	6,946

Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))	6,836		(1,792)	3,068	4,100	683
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))	6,851		76	3,343	4,253	962

Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
	2021	2020	2019	2018	2017

Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)

Composite Average Operating Revenues and Other per Boe - (b) / (a)	61.63	39.99	58.20	65.81	50.42
Composite Average Operating Expenses per Boe - (c) / (a)	41.46	41.96	45.81	48.79	46.25
Composite Average Operating Income (Loss) per Boe - (d) / (a)	20.17	(1.97)	12.39	17.02	4.17

Composite Average Wellhead Revenue per Boe - (e) / (a)	50.84	26.42	38.79	45.51	35.58

Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	14.19	12.39	13.66	14.90	14.34

Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	36.65	14.03	25.13	30.61	21.24

Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)	26.26	24.71	26.22	27.99	29.67

Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]	24.58	1.71	12.57	17.52	5.91

Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)	28.25	32.92	28.51	29.89	32.50

Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]	22.59	(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)	14.19	12.39	13.66	14.90	14.25

Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]	36.65	14.03	25.13	30.61	21.33

Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)	26.26	24.71	26.22	27.99	29.59

Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]	24.58	1.71	12.57	17.52	5.99

Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)	28.20	26.13	27.60	29.32	31.24

Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]	22.64	0.29	11.19	16.19	4.34

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

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

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Glossary
Acq	Acquisitions
ATROR	After-tax rate of return
Bbl	Barrel
Bn	Billion
Boe	Barrels of oil equivalent
Bopd	Barrels of oil per day
CAGR	Compound annual growth rate
Capex	Capital expenditures
CFO	Cash flow provided by operating activities before changes in working capital
CO2e	Carbon dioxide equivalent
DD&A	Depreciation, Depletion and Amortization
Disc	Discoveries
Divest	Divestitures
EPS	Earnings per share
Ext	Extensions
G&A	General and administrative expense
G&P	Gathering and processing expense
GHG	Greenhouse gas
HH	Henry Hub
LOE	Lease operating expense, or lease and well expense
MBbld	Thousand barrels of liquids per day
MBod	Thousand barrels of oil per day
MBoe	Thousand barrels of oil equivalent
MBoed	Thousand barrels of oil equivalent per day
Mcf	Thousand cubic feet of natural gas
MMBoe	Million barrels of oil equivalent
MMcfd	Million cubic feet of natural gas per day
NGLs	Natural gas liquids
OTP	Other than price
NYMEX	U.S. New York Mercantile Exchange
QoQ	Quarter over quarter
Trans	Transportation expense
USD	United States dollar
WTI	West Texas Intermediate
YoY	Year over year
$MM	Million United States dollars
$/Bbl	U.S. Dollars per barrel
$/Boe	U.S. Dollars per barrel of oil equivalent
$/Mcf	U.S. Dollars per thousand cubic feet

(Unaudited)
	1Q 2022	1Q 2021	% Change	4Q 2021

Crude Oil and Condensate Volumes (MBbld) ^(A)
United States	449.4	428.7	5 %	449.7
Trinidad	0.7	2.2	-68 %	0.9
Other International ^(B)	—	0.1	-100 %	—
Total	450.1	431.0	4 %	450.6

Average Crude Oil and Condensate Prices ($/Bbl) ^(C)
United States	96.02	58.07	65 %	78.31
Trinidad	83.82	49.77	68 %	66.86
Other International ^(B)	—	38.61	-100 %	—
Composite	96.00	58.02	65 %	78.29
		58.02
Natural Gas Liquids Volumes (MBbld) ^(A)
United States	190.3	124.3	53 %	156.9
Total	190.3	124.3	53 %	156.9

Average Natural Gas Liquids Prices ($/Bbl) ^(C)
United States	39.77	28.03	42 %	40.40
Composite	39.77	28.03	42 %	40.40

Natural Gas Volumes (MMcfd) ^(A)
United States	1,249	1,100	14 %	1,328
Trinidad	209	217	-4 %	206
Other International ^(B)	—	25	-100 %	—
Total	1,458	1,342	9 %	1,534

Average Natural Gas Prices ($/Mcf) ^(C)
United States	5.81	5.52	5 %	6.40
Trinidad	3.36	3.38	-1 %	3.48
Other International ^(B)	—	5.66	-100 %	—
Composite	5.46	5.17	6 %	6.00

Crude Oil Equivalent Volumes (MBoed) ^(D)
United States	847.8	736.4	15 %	827.8
Trinidad	35.5	38.5	-8 %	35.3
Other International ^(B)	—	4.0	-100 %	—
Total	883.3	778.9	13 %	863.1

Total MMBoe ^(D)	79.5	70.1	13 %	79.4


(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 March 31, 2022).
(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.

In millions of USD, except share data (Unaudited)
	March 31,	December 31,
	2022	2021
Current Assets
Cash and Cash Equivalents	4,009	5,209
Accounts Receivable, Net	3,213	2,335
Inventories	586	584
Other	671	456
Total	8,479	8,584

Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	65,408	67,644
Other Property, Plant and Equipment	4,801	4,753
Total Property, Plant and Equipment	70,209	72,397
Less: Accumulated Depreciation, Depletion and Amortization	(41,747)	(43,971)
Total Property, Plant and Equipment, Net	28,462	28,426
Deferred Income Taxes	13	11
Other Assets	1,143	1,215
Total Assets	38,097	38,236

Current Liabilities
Accounts Payable	2,660	2,242
Accrued Taxes Payable	1,130	518
Dividends Payable	436	436
Liabilities from Price Risk Management Activities	260	269
Current Portion of Long-Term Debt	1,283	37
Current Portion of Operating Lease Liabilities	223	240
Other	272	300
Total	6,264	4,042

Long-Term Debt	3,816	5,072
Other Liabilities	2,191	2,193
Deferred Income Taxes	4,286	4,749
Commitments and Contingencies

Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 585,944,344 Shares Issued at March 31, 2022 and 585,521,512 Shares Issued at December 31, 2021	206	206
Additional Paid in Capital	6,095	6,087
Accumulated Other Comprehensive Loss	(13)	(12)
Retained Earnings	15,283	15,919
Common Stock Held in Treasury, 290,472 Shares at March 31, 2022 and 257,268 Shares at December 31, 2021	(31)	(20)
Total Stockholders' Equity	21,540	22,180
Total Liabilities and Stockholders' Equity	38,097	38,236

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 2021 Adjusted Net Income per Share (Non-GAAP)		3.09

Realized Price
1Q 2022 Composite Average Wellhead Revenue per Boe	66.50
Less: 4Q 2021 Composite Average Welhead Revenue per Boe	(58.88)
Subtotal	7.62
Multiplied by: 1Q 2022 Crude Oil Equivalent Volumes (MMBoe)	79.5
Total Change in Revenue	606
Less: Income Tax Benefit (Provision) Imputed (based on 23%)	(139)
Change in Net Income	467
Change in Diluted Earnings per Share		0.80

Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
1Q 2022 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts	(296)
Less: Income Tax Benefit (Provision)	64
After Tax - (a)	(232)
4Q 2021 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts	(122)
Less: Income Tax Benefit (Provision)	25
After Tax - (b)	(97)
Change in Net Income - (a) - (b)	(135)
Change in Diluted Earnings per Share		(0.23)

Wellhead Volumes
1Q 2022 Crude Oil Equivalent Volumes (MMBoe)	79.5
Less: 4Q 2021 Crude Oil Equivalent Volumes (MMBoe)	(79.4)
Subtotal	0.1
Multiplied by: 1Q 2022 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)	38.80
Change in Revenue	4
Less: Income Tax Benefit (Provision) Imputed (based on 23%)	(1)
Change in Net Income	3
Change in Diluted Earnings per Share		—

Crude Oil Basis Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MBbld)	Weighted Average Price Differential ($/Bbl)
January - May 2022 (closed)	NYMEX WTI Roll Differential⁽¹⁾	125	$ 0.15
June - December 2022	NYMEX WTI Roll Differential⁽¹⁾	125	0.15

Natural Gas Basis Swap Contracts
		Contracts Sold
Period	Settlement Index	Volume (MMBtud in thousands)	Weighted Average Price Differential ($/MMBtu)
January - May 2022 (closed)	NYMEX Henry Hub HSC Differential⁽¹⁾	210	$ (0.01)
June - December 2022	NYMEX Henry Hub HSC Differential⁽¹⁾	210	(0.01)
January - December 2023	NYMEX Henry Hub HSC Differential⁽¹⁾	135	(0.01)
January - December 2024	NYMEX Henry Hub HSC Differential⁽¹⁾	10	0.00
January - December 2025	NYMEX Henry Hub HSC Differential⁽¹⁾	10	0.00