EOGEOG Resources

At the international level, in December 2015, the U.S. participated in the 21st Conference of the Parties of the United Nations Framework Convention on Climate Change in Paris, France. The Paris Agreement (adopted at the conference) calls for nations to undertake efforts with respect to global temperatures and GHG emissions. The Paris Agreement went into effect in November 2016 and to which the United States formally rejoined in February 2021. The United States has established an economy-wide target of reducing its net GHG emissions by 50-52 percent below 2005 levels by 2030 and achieving net zero GHG emissions economy-wide by no later than 2050. In December 2023, the first global stocktake, also known as the “UAE Consensus,” was issued at the United Nations Climate Change Conference. The UAE Consensus is an assessment of members’ collective efforts and achievements to reduce GHG emissions and adapt to the impacts of climate change. The UAE Consensus calls on parties, including the U.S., to contribute to the transitioning away from fossil fuels, reduce methane emissions, and increase renewable energy capacity, among other things, to achieve net zero emissions by 2050. In The U.S. withdrew from the Paris Agreement effective January 2025, 27, 2026 and, on January 7, 2026, it was announced that the United States submitted formal notification to U.S. will also withdraw from the United Nations that it intends to withdraw from the Paris Agreement. Pursuant to the terms of Framework Convention on Climate Change. For further discussion regarding the Paris Agreement, the withdrawal will take effect on January 27, 2026. Nevertheless, many state UAE Consensus and related matters, see ITEM 1, Business – Regulation – Climate Change – United States. State and local officials may may, however, continue efforts to uphold the commitments set forth in the international accord.

Exploration and development expenditures of $5,636 $13,078 million for 2024 2025 were $125 $7,442 million lower higher than the prior year primarily due to decreased increased property acquisitions (including Encino) ($6,970 million), increased development drilling expenditures ($249 ($405 million), increased exploration expenses ($62 million), increased capitalized interest ($41 million), increased dry hole costs ($35 million) and increased facility expenditures ($16 million), partially offset by increased facility decreased exploration drilling expenditures ($86 million), increased ($54 million) and decreased leasehold acquisitions ($23 million) ($33 million). The 2025 exploration and increased development expenditures of $13,078 million included $7,003 million in property acquisitions ($17 million). acquisitions, $5,365 million in development drilling and facilities, $624 million in exploration and $86 million in capitalized interest. The 2024 exploration and development expenditures of $5,636 million included $4,944 million in development drilling and facilities, $614 million in exploration, $45 million in capitalized interest and $33 million in property acquisitions. The 2023 exploration and development expenditures of $5,761 million included $5,101 million in development drilling and facilities, $611 million in exploration, $33 million in capitalized interest and $16 million in property acquisitions. The 2022 exploration and development expenditures of $4,931 million included $3,962 million in development drilling and facilities, $514 million in exploration, $419 million in property acquisitions and $36 million in capitalized interest.

In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. The rules amending Regulation S-X will require public entities to provide certain climate-related information in their annual reports and registration statements. The rules were scheduled to be effective for large accelerated filers commencing with the fiscal period beginning January 1, 2025. In April 2024, however, the SEC voluntarily issued an administrative stay stayed the rules pending judicial review. The rules have since been stayed in abeyance by the U.S. Court of Appeals for the Eighth Circuit until such time as the SEC reconsiders the challenged rules by notice-and-comment rulemaking or renews its defense of the implementation of the rules, pending judicial review, and, in February 2025, requested the court rules. EOG will continue to pause further judicial proceedings regarding the rules, pending the SEC's determination of the appropriate next steps. monitor these developments.

Delivery Commitments. EOG sells crude oil, natural gas and purity products from its producing operations under a variety of contractual arrangements. At December 31, 2024, 2025, EOG was committed to deliver to multiple parties aggregate fixed quantities of crude oil of 2 24 million barrels (MMBbls) in 2025. 2026, 11 MMBbls in 2027 and 4 MMBbls in 2028. At December 31, 2024, 2025, EOG was committed to deliver to multiple parties aggregate fixed quantities of natural gas of 342 573 billion cubic feet (Bcf) in 2025, 318 Bcf in 2026, 359 370 Bcf in 2027, 328 338 Bcf in 2028, 328 336 Bcf in 2029 2029, 331 Bcf in 2030 and 3,474 3,020 Bcf thereafter. Additionally at December 31, 2024, 2025, EOG was committed to deliver to multiple parties aggregate fixed quantities of purity products of 15 24 MMBbls in 2025. 2026. All delivery commitments are expected to be sourced from future production of available reserves.