Supplemental Financial and Operating Page
Table of Contents Third Quarter 2026 Supplemental Financial and Operating Page Data Income Statements 10 Volumes and Prices 11 Balance Sheets 12 Cash Flow Statements 13 Non-GAAP Financial Measures 14 Adjusted Net Income 15 Net Income Per Share 19 Adjusted Net Income Per Share 20 Cash Flow from Operations and Free Cash 21 Flow Net Debt-to-Total Capitalization Ratio 23 Revenues, Costs and Margins Per Barrel 24 of Oil Equivalent Additional Key Financial Information 28
(B) Crude oil and condensate volumes are from UAE and Bahrain operations. Natural gas volumes are from Bahrain operations; natural gas realized price represents contract price less partner's processing and distribution costs.
(C) Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity and other derivative instruments (see Note 9 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026).
(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. 11
(A) Effective January 1, 2026, EOG combined Price Risk Management Activities into the Other line item. This presentation has been conformed for all periods presented and had no impact on previously reported Total Assets and Total Liabilities and Stockholders’ Equity.
(B) See Note 5 to the Condensed Consolidated Financial Statements in EOG’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026. 12
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 earnings 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), Adjusted Cash Flow from Operations, Free Cash Flow, Net Debt and related statistics.
A reconciliation of each of these measures to their most directly comparable GAAP financial measure and related discussion is included in the tables on the following pages and can also be found in the “Reconciliations & Guidance” section of the “Investors” page of the EOG website at www.eogresources.com.
As further discussed in the tables on the following pages, EOG believes these measures may be useful to investors who follow the practice of some industry analysts who make certain adjustments to GAAP measures (for example, to exclude non-recurring items) to facilitate comparisons to others in EOG’s industry, and who utilize non-GAAP measures in their calculations of certain statistics (for example, return on capital employed and return on equity) used to evaluate EOG’s performance.
EOG believes that the non-GAAP measures presented, when viewed in combination with its financial results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the company’s performance. As is discussed in the tables on the following pages, EOG uses these non-GAAP measures for purposes of (i) comparing EOG’s financial performance with the financial performance of other companies in the industry and (ii) analyzing EOG’s financial performance across periods.
The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG’s reported Net Income (Loss), Long-Term Debt (including Current Portion of Long- Term Debt), Net Cash Provided by Operating Activities and other financial results calculated in accordance with GAAP. The non-GAAP measures presented should be read in conjunction with EOG's consolidated financial statements prepared in accordance with GAAP.
In addition, because not all companies use identical calculations, EOG’s presentation of non-GAAP measures may not be comparable to, and may be calculated differently from, similarly titled measures disclosed by other companies, including its peer companies. EOG may also change the calculation of one or more of its non-GAAP measures from time to time – for example, to account for changes in its business and operations or to more closely conform to peer company or industry analysts’ practices.
The calculation of EOG's direct after-tax rate of return (ATROR) is based on EOG’s net estimated recoverable reserves for a particular well(s) or play, the estimated net present value of the future net cash flows from such reserves (for which EOG utilizes certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring such well(s). As such, EOG's direct ATROR for a particular well(s) or play cannot be calculated from EOG’s consolidated financial statements. 14
Adjus… Net Income In milli… of USD, except share data (in milli… and per share data (Unau… The follo… tables adjust repor… Net Income (Loss) (GAAP) to refle… actual net cash recei… from (paym… for) settl… of finan… commo… deriv… contr… by elimi… the net unrea… mark-… (gain… losses from these and other deriv… trans… to elimi… the net (gain… losses on asset dispo… to add back impai… charg… relat… to certa… of EOG's assets (which are gener… (i) attri… to decli… in commo… price… (ii) relat… to sales of certa… oil and gas prope… or (iii) the result of certa… other events or decis… (e.g., a perio… review of EOG's oil and gas prope… or other asset… to add back costs assoc… with the Encino acqui… and to make certa… other adjus… to exclu… non-r… and certa… other items as furth… descr… below. EOG belie… this prese… may be useful to inves… who follow the pract… of some indus… analy… who adjust repor… compa… earni… to match hedge reali… to produ… settl… months and make certa… other adjus… to exclu… non-r… and certa… other items. EOG manag… uses this infor… for purpo… of compa… its finan… perfo… with the finan… perfo… of other compa… in the indus… 3Q 2026 Income Diluted Before Tax After Earnin… Tax Impact Tax per Share Repor… Net 3,564 -783 2,781 5.33 Income (GAAP) Adjus… Gains on Mark-… Finan… Commo… -105 23 -82 -0.15 and Other Deriv… Contr… Net Net Cash Recei… from Settl… 40 -8 32 0.06 of Finan… Commo… Deriv… Contr… Less: Gains on -242 51 -191 -0.37 Asset Dispo… Net Adjus… to Net -307 66 -241 -0.46 Income Adjus… Net 3,257 -717 2,540 4.87 Income (Non-… Avera… Number of Common Shares Basic 518 Dilut… 522
(1) Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended September 30, 2026, such amount was $40 million. 15
Adjus… Net Income (Cont… In milli… of USD, except share data (in milli… and per share data (Unau… 2Q 2026 Income Diluted Before Tax After Earnin… Tax Impact Tax per Share Repor… Net 3,499 -775 2,724 5.15 Income (GAAP) Adjus… Gains on Mark-… Finan… Commo… -40 9 -31 -0.06 and Other Deriv… Contr… Net Net Cash Recei… from Settl… 45 -9 36 0.07 of Finan… Commo… Deriv… Contr… Less: Gains on -58 12 -46 -0.09 Asset Dispo… Net Adjus… to Net -53 12 -41 -0.08 Income Adjus… Net 3,446 -763 2,683 5.07 Income (Non-… Avera… Number of Common Shares Basic 526 Dilut… 529
(1) Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended June 30, 2026, such amount was $45 million.
1Q 2026 Income Diluted Before Tax After Earnin… Tax Impact Tax per Share Repor… Net 2,555 -575 1,980 3.70 Income (GAAP) Adjus… Gains on Mark-… Finan… Commo… -113 24 -89 -0.17 and Other Deriv… Contr… Net Net Cash Payme… for Settl… -53 11 -42 -0.08 of Finan… Commo… Deriv… Contr… Less: Gains on -31 7 -24 -0.04 Asset Dispo… Net Adjus… to Net -197 42 -155 -0.29 Income Adjus… Net 2,358 -533 1,825 3.41 Income (Non-… Avera… Number of Common Shares Basic 532 Dilut… 535
(1) Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended March 31, 2026, such amount was $53 million. 16
Adjus… Net Income (Cont… In milli… of USD, except share data (in milli… and per share data (Unau… 4Q 2025 Income Diluted Before Tax After Earnin… Tax Impact Tax per Share Repor… Net 910 -209 701 1.30 Income (GAAP) Adjus… Losses on Mark-… Finan… Commo… 19 -4 15 0.03 and Other Deriv… Contr… Net Net Cash Payme… for Settl… -21 4 -17 -0.03 of Finan… Commo… Deriv… Contr… Add: Losses on 16 -4 12 0.02 Asset Dispo… Net Add: Certa… 646 -140 506 0.94 Impai… Add: Acqui… 8 -3 5 0.01 Costs… Adjus… to Net 668 -147 521 0.97 Income Adjus… Net 1,578 -356 1,222 2.27 Income (Non-… Avera… Number of Common Shares Basic 537 Dilut… 539
(1) Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended December 31, 2025, such amount was $21 million.
(2) Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation).
3Q 2025 Income Diluted Before Tax After Earnin… Tax Impact Tax per Share Repor… Net 1,824 -353 1,471 2.70 Income (GAAP) Adjus… Gains on Mark-… Finan… Commo… -116 25 -91 -0.16 and Other Deriv… Contr… Net Net Cash Recei… from Settl… 27 -5 22 0.04 of Finan… Commo… Deriv… Contr… Add: Losses on 18 -6 12 0.02 Asset Dispo… Net Add: Acqui… 68 -10 58 0.11 Costs… Adjus… to Net -3 4 1 0.01 Income Adjus… Net 1,821 -349 1,472 2.71 Income (Non-… Avera… Number of Common Shares Basic 541 Dilut… 544
(1) Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended September 30, 2025, such amount was $27 million.
Adjus… Net Income (Cont… In milli… of USD, except share data (in milli… and per share data (Unau… FY 2025 Income Dilut… Before Tax After Earni… Tax Impact Tax per Share Repor… Net 6,362 -1,382 4,980 9.12 Income (GAAP) Adjus… Gains on Mark-… Finan… Commo… -13 3 -10 -0.02 and Other Deriv… Contr… Net Net Cash Payme… for Settl… -56 12 -44 -0.08 of Finan… Commo… Deriv… Contr… Add: Losses on 35 -8 27 0.05 Asset Dispo… Net Add: Certa… 657 -140 517 0.95 Impai… Add: Acqui… 94 -16 78 0.14 Costs… Adjus… to Net 717 -149 568 1.04 Income Adjus… Net 7,079 -1,531 5,548 10.16 Income (Non-… Avera… Number of Common Shares Basic 543 Dilut… 546
(1) Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2025, such amount was $56 million.
(2) Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation).
(3) Consists of Encino acquisition-related G&A costs ($88 million) and financing commitment costs ($6 million).
FY 2024 Income Dilut… Before Tax After Earni… Tax Impact Tax per Share Repor… Net 8,218 -1,815 6,403 11.25 Income (GAAP) Adjus… Gains on Mark-… Finan… Commo… -204 44 -160 -0.28 and Other Deriv… Contr… Net Net Cash Recei… from Settl… 214 -46 168 0.30 of Finan… Commo… Deriv… Contr… Less: Gains on -16 3 -13 -0.02 Asset Dispo… Net Add: Certa… 291 -57 234 0.41 Impai… Less: Sever… -31 7 -24 -0.04 Tax Refund Add: Sever… Tax 10 -2 8 0.01 Consu… Fees Less: Inter… on -5 1 -4 -0.01 Sever… Tax Refund Adjus… to Net 259 -50 209 0.37 Income Adjus… Net 8,477 -1,865 6,612 11.62 Income (Non-… Avera… Number of Common Shares Basic 566 Dilut… 569
(1) Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2024, such amount was $214 million.
(2) Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Rocky Mountain area. 18
Net Income Per Share In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited) 2Q 2026 Net Income per Share (GAAP) - 5.15 Diluted Realized Prices 3Q 2026 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, 48.05 and Natural Gas per Boe Less: 2Q 2026 Composite Average Revenue from -50.52 Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe Subtotal -2.47 Multiplied by: 3Q 2026 Crude Oil 131.8 Equivalent Volumes (MMBoe) Total Change in Revenue -326 Add: Income Tax Benefit (Provision) 72 Imputed (based on 22%) Change in Net Income -254 Change in Diluted Earnings per Share -0.49 Volumes 3Q 2026 Crude Oil Equivalent Volumes 131.8 (MMBoe) Less: 2Q 2026 Crude Oil Equivalent -128.3 Volumes (MMBoe) Subtotal 3.5 Multiplied by: 3Q 2026 Composite Average Margin per Boe (GAAP) (Including Total 23.40 Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below) Change in Margin 82 Add: Income Tax Benefit (Provision) -18 Imputed (based on 22%) Change in Net Income 64 Change in Diluted Earnings per Share 0.12 Certain Operating Costs per Boe 2Q 2026 Total Cash Operating Costs 20.38 (GAAP) and Total DD&A per Boe Less: 3Q 2026 Total Cash Operating Costs -20.29 (GAAP) and Total DD&A per Boe Subtotal 0.09 Multiplied by: 3Q 2026 Crude Oil 131.8 Equivalent Volumes (MMBoe) Change in Before-Tax Net Income 12 Add: Income Tax Benefit (Provision) -3 Imputed (based on 22%) Change in Net Income 9 Change in Diluted Earnings per Share 0.02 Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net 3Q 2026 Net Gains (Losses) on Mark-to-Market Financial Commodity and 105 Other Derivative Contracts Add: Income Tax Benefit (Provision) -23 After Tax - (a) 82 Less: 2Q 2026 Net Gains (Losses) on Mark-to-Market Financial Commodity and 40 Other Derivative Contracts Less: Income Tax Benefit (Provision) -9 After Tax - (b) 31 Change in Net Income - (a) - (b) 51 Change in Diluted Earnings per Share 0.10 Other(1) 0.43 3Q 2026 Net Income per Share (GAAP) - 5.33 Diluted 3Q 2026 Average Number of Common Shares 522 - Diluted
(1) Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions (for GAAP earnings per share only), other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares. 19
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) 2Q 2026 Adjusted Net Income per Share 5.07 (Non-GAAP) - Diluted Realized Prices 3Q 2026 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, 48.05 and Natural Gas per Boe Less: 2Q 2026 Composite Average Revenue from -50.52 Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe Subtotal -2.47 Multiplied by: 3Q 2026 Crude Oil 131.8 Equivalent Volumes (MMBoe) Total Change in Revenue -326 Add: Income Tax Benefit (Provision) 72 Imputed (based on 22%) Change in Net Income -254 Change in Diluted Earnings per Share -0.49 Volumes 3Q 2026 Crude Oil Equivalent Volumes 131.8 (MMBoe) Less: 2Q 2026 Crude Oil Equivalent -128.3 Volumes (MMBoe) Subtotal 3.5 Multiplied by: 3Q 2026 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration 23.40 Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below) Change in Margin 82 Less: Income Tax Benefit (Provision) -18 Imputed (based on 22%) Change in Net Income 64 Change in Diluted Earnings per Share 0.12 Certain Operating Costs per Boe 2Q 2026 Total Cash Operating Costs 20.38 (Non-GAAP) and Total DD&A per Boe Less: 3Q 2026 Total Cash Operating Costs -20.29 (Non-GAAP) and Total DD&A per Boe Subtotal 0.09 Multiplied by: 3Q 2026 Crude Oil 131.8 Equivalent Volumes (MMBoe) Change in Before-Tax Net Income 12 Add: Income Tax Benefit (Provision) -3 Imputed (based on 22%) Change in Net Income 9 Change in Diluted Earnings per Share 0.02 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts 3Q 2026 Net Cash Received from (Payments for) Settlements of Financial Commodity 40 Derivative Contracts Less: Income Tax Benefit (Provision) -8 After Tax - (a) 32 Less: 2Q 2026 Net Cash Received from (Payments for) Settlements of Financial 45 Commodity Derivative Contracts Add: Income Tax Benefit (Provision) -9 After Tax - (b) 36 Change in Net Income - (a) - (b) -4 Change in Diluted Earnings per Share -0.01 Other(1) 0.16 3Q 2026 Adjusted Net Income per Share 4.87 (Non-GAAP) - Diluted 3Q 2026 Average Number of Common Shares 522 - Diluted
(1) Includes gathering, processing and marketing revenue, other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares. 20
(1) Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.
(2) EOG believes excluding the above-referenced items from General and Administrative Costs is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(3) EOG believes excluding the above-referenced items from Taxes Other Than Income is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(4) EOG believes excluding the above-referenced items from Interest Expense, Net is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(5) 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). 27
1) 2025 volumes are from Bahrain operations; natural gas realized price represents contract price less partner’s processing and distribution costs.
2) EOG bases United States, Trinidad and Other International crude oil and condensate price differentials upon the West Texas Intermediate crude oil price at Cushing, Oklahoma, using the simple average of the daily settlement prices for the prompt-month NYMEX futures contract for each of the applicable calendar months.
3) EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the NYMEX Last Day Settle price for each of the applicable months.
4) The full-year 2022 realized natural gas price for Trinidad includes a one- time pricing adjustment of $0.76/Mcf for prior-period production following a contract amendment with the National Gas Company of Trinidad and Tobago Limited.
5) Capital Expenditures include expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. Capital Expenditures exclude Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses.
6) Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.
7) Cash Operating Costs consist of LOE, GP&T and G&A. G&A (Non-GAAP) for fiscal year 2025 excludes costs related to the Encino acquisition, as reflected in the accompanying reconciliation schedules (see “Revenues, Costs and Margins Per Barrel of Oil Equivalent”). In addition, TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) (Non-GAAP) and G&A (Non-GAAP) for fiscal year 2024 and fiscal year 2022 exclude a state severance tax refund and related consulting fees, respectively, as reflected in the accompanying reconciliation schedules (see “Revenues, Costs and Margins Per Barrel of Oil Equivalent”). The per-Boe impact of such acquisition-related costs and consulting fees on G&A and total Cash Operating Costs for fiscal year 2025, 2024 and 2022 was $(0.19), $(0.02) and $(0.05), respectively.
8) 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 impairment 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). Impairments (Non-GAAP) for FY 2025 are adjusted from Impairments (GAAP) for FY 2025 by excluding $657 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation). Impairments (Non-GAAP) for FY 2024 are adjusted from Impairments (GAAP) for FY 2024 by excluding $291 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Rocky Mountain area.
9) Net Interest for fiscal year 2025 excludes financing commitment costs related to the Encino acquisition, as reflected in the accompanying reconciliation schedules (see “Revenues, Costs and Margins Per Barrel of Oil Equivalent”). The per-Boe impact of such cost for fiscal year 2025 is $(0.01). 29
Full text with the tables
EXHIBIT 99.1
Table of Contents
Third Quarter 2026
Supplemental Financial and Operating Page
Data
Income Statements 10
Volumes and Prices 11
Balance Sheets 12
Cash Flow Statements 13
Non-GAAP Financial Measures 14
Adjusted Net Income 15
Net Income Per Share 19
Adjusted Net Income Per Share 20
Cash Flow from Operations and Free Cash 21
Flow
Net Debt-to-Total Capitalization Ratio 23
Revenues, Costs and Margins Per Barrel 24
of Oil Equivalent
Additional Key Financial Information 28
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(A) Thousand barrels per day or million cubic feet per day, as applicable.
(B) Crude oil and condensate volumes are from UAE and Bahrain operations.
Natural gas volumes are from Bahrain operations; natural gas realized price
represents contract price less partner's processing and distribution costs.
(C) Dollars per barrel or per thousand cubic feet, as applicable. Excludes the
impact of financial commodity and other derivative instruments (see Note 9 to
the Condensed Consolidated Financial Statements in EOG's Quarterly Report on
Form 10-Q for the quarterly period ended September 30, 2026).
(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.
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(A) Effective January 1, 2026, EOG combined Price Risk Management Activities
into the Other line item. This presentation has been conformed for all periods
presented and had no impact on previously reported Total Assets and Total
Liabilities and Stockholders’ Equity.
(B) See Note 5 to the Condensed Consolidated Financial Statements in EOG’s
Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026.
12
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… … … … … … … … …
… … … … … … … …
… … … … … … … … …
… … … … … … … … …
… … … … … … … … …
… … … … … … … … …
… … … … … … … … …
1 — … … … … … … …
… … 2 3 … … 2 6 …
… … — 4 … … … … …
… … … … … … … … …
… … … … … … … … …
— — — … … — … … …
… … … … … … … … …
… … 4 … … … … … …
… … 5 … … … … … …
… … … … … … … … …
… … … … … … … … …
… … … … … … … … …
… … … … … … 6 5 …
… … … … … … … … …
— — … … … — — — —
… … … … … … … … …
… … … … … … … … …
… 4 5 3 … … 7 … …
… 8 … … … … … … …
… … … … … … … … …
— — … … … — — — —
— … … … … — — — —
… … … … … … … … …
… … … … … … … … …
— … — … … 1 … — …
— … … … … — — — —
… … … … … … … … …
… … … … … … … … …
— 1 … — — — — — —
… … … … … … … … …
… … … … … … … … …
… … … … … … … … …
13
Non-GAAP Financial Measures
To supplement the presentation of its financial results prepared in accordance
with generally accepted accounting principles in the United States of America
(GAAP), EOG’s quarterly earnings releases and related conference calls,
accompanying earnings 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), Adjusted Cash Flow
from Operations, Free Cash Flow, Net Debt and related statistics.
A reconciliation of each of these measures to their most directly comparable
GAAP financial measure and related discussion is included in the tables on the
following pages and can also be found in the “Reconciliations & Guidance”
section of the “Investors” page of the EOG website at www.eogresources.com.
As further discussed in the tables on the following pages, EOG believes these
measures may be useful to investors who follow the practice of some industry
analysts who make certain adjustments to GAAP measures (for example, to exclude
non-recurring items) to facilitate comparisons to others in EOG’s industry, and
who utilize non-GAAP measures in their calculations of certain statistics (for
example, return on capital employed and return on equity) used to evaluate EOG’s
performance.
EOG believes that the non-GAAP measures presented, when viewed in combination
with its financial results prepared in accordance with GAAP, provide a more
complete understanding of the factors and trends affecting the company’s
performance. As is discussed in the tables on the following pages, EOG uses
these non-GAAP measures for purposes of (i) comparing EOG’s financial
performance with the financial performance of other companies in the industry
and (ii) analyzing EOG’s financial performance across periods.
The non-GAAP measures presented should not be considered in isolation, and
should not be considered as a substitute for, or as an alternative to, EOG’s
reported Net Income (Loss), Long-Term Debt (including Current Portion of Long-
Term Debt), Net Cash Provided by Operating Activities and other financial
results calculated in accordance with GAAP. The non-GAAP measures presented
should be read in conjunction with EOG's consolidated financial statements
prepared in accordance with GAAP.
In addition, because not all companies use identical calculations, EOG’s
presentation of non-GAAP measures may not be comparable to, and may be
calculated differently from, similarly titled measures disclosed by other
companies, including its peer companies. EOG may also change the calculation of
one or more of its non-GAAP measures from time to time – for example, to account
for changes in its business and operations or to more closely conform to peer
company or industry analysts’ practices.
Direct ATROR
The calculation of EOG's direct after-tax rate of return (ATROR) is based on
EOG’s net estimated recoverable reserves for a particular well(s) or play, the
estimated net present value of the future net cash flows from such reserves (for
which EOG utilizes certain assumptions regarding future commodity prices and
operating costs) and EOG's direct net costs incurred in drilling or acquiring
such well(s). As such, EOG's direct ATROR for a particular well(s) or play
cannot be calculated from EOG’s consolidated financial statements.
14
Adjus…
Net
Income
In
milli…
of
USD,
except
share
data
(in
milli…
and
per
share
data
(Unau…
The
follo…
tables
adjust
repor…
Net
Income
(Loss)
(GAAP)
to
refle…
actual
net
cash
recei…
from
(paym…
for)
settl…
of
finan…
commo…
deriv…
contr…
by
elimi…
the
net
unrea…
mark-…
(gain…
losses
from
these
and
other
deriv…
trans…
to
elimi…
the
net
(gain…
losses
on
asset
dispo…
to
add
back
impai…
charg…
relat…
to
certa…
of
EOG's
assets
(which
are
gener…
(i)
attri…
to
decli…
in
commo…
price…
(ii)
relat…
to
sales
of
certa…
oil
and
gas
prope…
or
(iii)
the
result
of
certa…
other
events
or
decis…
(e.g.,
a
perio…
review
of
EOG's
oil
and
gas
prope…
or
other
asset…
to add
back
costs
assoc…
with
the
Encino
acqui…
and to
make
certa…
other
adjus…
to
exclu…
non-r…
and
certa…
other
items
as
furth…
descr…
below.
EOG
belie…
this
prese…
may be
useful
to
inves…
who
follow
the
pract…
of
some
indus…
analy…
who
adjust
repor…
compa…
earni…
to
match
hedge
reali…
to
produ…
settl…
months
and
make
certa…
other
adjus…
to
exclu…
non-r…
and
certa…
other
items.
EOG
manag…
uses
this
infor…
for
purpo…
of
compa…
its
finan…
perfo…
with
the
finan…
perfo…
of
other
compa…
in the
indus…
3Q 2026
Income Diluted
Before Tax After Earnin…
Tax Impact Tax per
Share
Repor…
Net 3,564 -783 2,781 5.33
Income
(GAAP)
Adjus…
Gains
on
Mark-…
Finan…
Commo… -105 23 -82 -0.15
and
Other
Deriv…
Contr…
Net
Net
Cash
Recei…
from
Settl… 40 -8 32 0.06
of
Finan…
Commo…
Deriv…
Contr…
Less:
Gains
on -242 51 -191 -0.37
Asset
Dispo…
Net
Adjus…
to Net -307 66 -241 -0.46
Income
Adjus…
Net 3,257 -717 2,540 4.87
Income
(Non-…
Avera…
Number
of
Common
Shares
Basic 518
Dilut… 522
(1) Consistent with its customary practice, in calculating Adjusted Net Income
(Non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received
from settlements of financial commodity derivative contracts during such period.
For the three months ended September 30, 2026, such amount was $40 million.
15
Adjus…
Net
Income
(Cont…
In
milli…
of
USD,
except
share
data
(in
milli…
and
per
share
data
(Unau…
2Q 2026
Income Diluted
Before Tax After Earnin…
Tax Impact Tax per
Share
Repor…
Net 3,499 -775 2,724 5.15
Income
(GAAP)
Adjus…
Gains
on
Mark-…
Finan…
Commo… -40 9 -31 -0.06
and
Other
Deriv…
Contr…
Net
Net
Cash
Recei…
from
Settl… 45 -9 36 0.07
of
Finan…
Commo…
Deriv…
Contr…
Less:
Gains
on -58 12 -46 -0.09
Asset
Dispo…
Net
Adjus…
to Net -53 12 -41 -0.08
Income
Adjus…
Net 3,446 -763 2,683 5.07
Income
(Non-…
Avera…
Number
of
Common
Shares
Basic 526
Dilut… 529
(1) Consistent with its customary practice, in calculating Adjusted Net Income
(Non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received
from settlements of financial commodity derivative contracts during such period.
For the three months ended June 30, 2026, such amount was $45 million.
1Q 2026
Income Diluted
Before Tax After Earnin…
Tax Impact Tax per
Share
Repor…
Net 2,555 -575 1,980 3.70
Income
(GAAP)
Adjus…
Gains
on
Mark-…
Finan…
Commo… -113 24 -89 -0.17
and
Other
Deriv…
Contr…
Net
Net
Cash
Payme…
for
Settl… -53 11 -42 -0.08
of
Finan…
Commo…
Deriv…
Contr…
Less:
Gains
on -31 7 -24 -0.04
Asset
Dispo…
Net
Adjus…
to Net -197 42 -155 -0.29
Income
Adjus…
Net 2,358 -533 1,825 3.41
Income
(Non-…
Avera…
Number
of
Common
Shares
Basic 532
Dilut… 535
(1) Consistent with its customary practice, in calculating Adjusted Net Income
(Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash
paid for settlements of financial commodity derivative contracts during such
period. For the three months ended March 31, 2026, such amount was $53 million.
16
Adjus…
Net
Income
(Cont…
In
milli…
of
USD,
except
share
data
(in
milli…
and
per
share
data
(Unau…
4Q 2025
Income Diluted
Before Tax After Earnin…
Tax Impact Tax per
Share
Repor…
Net 910 -209 701 1.30
Income
(GAAP)
Adjus…
Losses
on
Mark-…
Finan…
Commo… 19 -4 15 0.03
and
Other
Deriv…
Contr…
Net
Net
Cash
Payme…
for
Settl… -21 4 -17 -0.03
of
Finan…
Commo…
Deriv…
Contr…
Add:
Losses
on 16 -4 12 0.02
Asset
Dispo…
Net
Add:
Certa… 646 -140 506 0.94
Impai…
Add:
Acqui… 8 -3 5 0.01
Costs…
Adjus…
to Net 668 -147 521 0.97
Income
Adjus…
Net 1,578 -356 1,222 2.27
Income
(Non-…
Avera…
Number
of
Common
Shares
Basic 537
Dilut… 539
(1) Consistent with its customary practice, in calculating Adjusted Net Income
(Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash
paid for settlements of financial commodity derivative contracts during such
period. For the three months ended December 31, 2025, such amount was $21
million.
(2) Impairments primarily associated with the write-down to fair value of
natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window
(mainly driven by play-specific economics and resource allocation).
(3) Consists of Encino acquisition-related G&A costs ($8 million).
3Q 2025
Income Diluted
Before Tax After Earnin…
Tax Impact Tax per
Share
Repor…
Net 1,824 -353 1,471 2.70
Income
(GAAP)
Adjus…
Gains
on
Mark-…
Finan…
Commo… -116 25 -91 -0.16
and
Other
Deriv…
Contr…
Net
Net
Cash
Recei…
from
Settl… 27 -5 22 0.04
of
Finan…
Commo…
Deriv…
Contr…
Add:
Losses
on 18 -6 12 0.02
Asset
Dispo…
Net
Add:
Acqui… 68 -10 58 0.11
Costs…
Adjus…
to Net -3 4 1 0.01
Income
Adjus…
Net 1,821 -349 1,472 2.71
Income
(Non-…
Avera…
Number
of
Common
Shares
Basic 541
Dilut… 544
(1) Consistent with its customary practice, in calculating Adjusted Net Income
(Non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received
from settlements of financial commodity derivative contracts during such period.
For the three months ended September 30, 2025, such amount was $27 million.
(2) Consists of Encino acquisition-related G&A costs ($68 million).
17
Adjus…
Net
Income
(Cont…
In
milli…
of
USD,
except
share
data
(in
milli…
and
per
share
data
(Unau…
FY 2025
Income Dilut…
Before Tax After Earni…
Tax Impact Tax per
Share
Repor…
Net 6,362 -1,382 4,980 9.12
Income
(GAAP)
Adjus…
Gains
on
Mark-…
Finan…
Commo… -13 3 -10 -0.02
and
Other
Deriv…
Contr…
Net
Net
Cash
Payme…
for
Settl… -56 12 -44 -0.08
of
Finan…
Commo…
Deriv…
Contr…
Add:
Losses
on 35 -8 27 0.05
Asset
Dispo…
Net
Add:
Certa… 657 -140 517 0.95
Impai…
Add:
Acqui… 94 -16 78 0.14
Costs…
Adjus…
to Net 717 -149 568 1.04
Income
Adjus…
Net 7,079 -1,531 5,548 10.16
Income
(Non-…
Avera…
Number
of
Common
Shares
Basic 543
Dilut… 546
(1) Consistent with its customary practice, in calculating Adjusted Net Income
(Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash
paid for settlements of financial commodity derivative contracts during such
period. For the twelve months ended December 31, 2025, such amount was $56
million.
(2) Impairments primarily associated with the write-down to fair value of
natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window
(mainly driven by play-specific economics and resource allocation).
(3) Consists of Encino acquisition-related G&A costs ($88 million) and financing
commitment costs ($6 million).
FY 2024
Income Dilut…
Before Tax After Earni…
Tax Impact Tax per
Share
Repor…
Net 8,218 -1,815 6,403 11.25
Income
(GAAP)
Adjus…
Gains
on
Mark-…
Finan…
Commo… -204 44 -160 -0.28
and
Other
Deriv…
Contr…
Net
Net
Cash
Recei…
from
Settl… 214 -46 168 0.30
of
Finan…
Commo…
Deriv…
Contr…
Less:
Gains
on -16 3 -13 -0.02
Asset
Dispo…
Net
Add:
Certa… 291 -57 234 0.41
Impai…
Less:
Sever… -31 7 -24 -0.04
Tax
Refund
Add:
Sever…
Tax 10 -2 8 0.01
Consu…
Fees
Less:
Inter…
on -5 1 -4 -0.01
Sever…
Tax
Refund
Adjus…
to Net 259 -50 209 0.37
Income
Adjus…
Net 8,477 -1,865 6,612 11.62
Income
(Non-…
Avera…
Number
of
Common
Shares
Basic 566
Dilut… 569
(1) Consistent with its customary practice, in calculating Adjusted Net Income
(Non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received
from settlements of financial commodity derivative contracts during such period.
For the twelve months ended December 31, 2024, such amount was $214 million.
(2) Impairments primarily associated with the write-down to fair value of
natural gas and crude oil assets in the Rocky Mountain area.
18
Net Income Per Share
In millions of USD, except share data
(in millions), per share data,
production volume data and per Boe data
(Unaudited)
2Q 2026 Net Income per Share (GAAP) - 5.15
Diluted
Realized Prices
3Q 2026 Composite Average Revenue from
Sales of Crude Oil and Condensate, NGLs, 48.05
and Natural Gas per Boe
Less:
2Q 2026 Composite Average Revenue from -50.52
Sales of Crude Oil and Condensate, NGLs,
and Natural Gas per Boe
Subtotal -2.47
Multiplied by: 3Q 2026 Crude Oil 131.8
Equivalent Volumes (MMBoe)
Total Change in Revenue -326
Add: Income Tax Benefit (Provision) 72
Imputed (based on 22%)
Change in Net Income -254
Change in Diluted Earnings per Share -0.49
Volumes
3Q 2026 Crude Oil Equivalent Volumes 131.8
(MMBoe)
Less: 2Q 2026 Crude Oil Equivalent -128.3
Volumes (MMBoe)
Subtotal 3.5
Multiplied by: 3Q 2026 Composite Average Margin per Boe
(GAAP) (Including Total 23.40
Exploration Costs) (refer to "Revenues, Costs and Margins
Per Barrel of Oil Equivalent" schedule below)
Change in Margin 82
Add: Income Tax Benefit (Provision) -18
Imputed (based on 22%)
Change in Net Income 64
Change in Diluted Earnings per Share 0.12
Certain Operating Costs per Boe
2Q 2026 Total Cash Operating Costs 20.38
(GAAP) and Total DD&A per Boe
Less: 3Q 2026 Total Cash Operating Costs -20.29
(GAAP) and Total DD&A per Boe
Subtotal 0.09
Multiplied by: 3Q 2026 Crude Oil 131.8
Equivalent Volumes (MMBoe)
Change in Before-Tax Net Income 12
Add: Income Tax Benefit (Provision) -3
Imputed (based on 22%)
Change in Net Income 9
Change in Diluted Earnings per Share 0.02
Gains (Losses) on Mark-to-Market
Financial Commodity and Other Derivative
Contracts, Net
3Q 2026 Net Gains (Losses) on
Mark-to-Market Financial Commodity and 105
Other Derivative Contracts
Add: Income Tax Benefit (Provision) -23
After Tax - (a) 82
Less: 2Q 2026 Net Gains (Losses) on
Mark-to-Market Financial Commodity and 40
Other Derivative Contracts
Less: Income Tax Benefit (Provision) -9
After Tax - (b) 31
Change in Net Income - (a) - (b) 51
Change in Diluted Earnings per Share 0.10
Other(1) 0.43
3Q 2026 Net Income per Share (GAAP) - 5.33
Diluted
3Q 2026 Average Number of Common Shares 522
- Diluted
(1) Includes gathering, processing and marketing revenue, gains (losses) on
asset dispositions (for GAAP earnings per share only), other revenue,
exploration costs, dry hole costs, impairments, marketing costs, taxes other
than income, other income (expense), interest expense, the impact of changes in
the effective income tax rate and the impact of share repurchases on diluted
shares.
19
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)
2Q 2026 Adjusted Net Income per Share 5.07
(Non-GAAP) - Diluted
Realized Prices
3Q 2026 Composite Average Revenue from
Sales of Crude Oil and Condensate, NGLs, 48.05
and Natural Gas per Boe
Less:
2Q 2026 Composite Average Revenue from -50.52
Sales of Crude Oil and Condensate, NGLs,
and Natural Gas per Boe
Subtotal -2.47
Multiplied by: 3Q 2026 Crude Oil 131.8
Equivalent Volumes (MMBoe)
Total Change in Revenue -326
Add: Income Tax Benefit (Provision) 72
Imputed (based on 22%)
Change in Net Income -254
Change in Diluted Earnings per Share -0.49
Volumes
3Q 2026 Crude Oil Equivalent Volumes 131.8
(MMBoe)
Less: 2Q 2026 Crude Oil Equivalent -128.3
Volumes (MMBoe)
Subtotal 3.5
Multiplied by:
3Q 2026 Composite Average Margin per Boe
(Non-GAAP) (Including Total Exploration 23.40
Costs) (refer to "Revenues, Costs and
Margins Per Barrel of Oil Equivalent"
schedule below)
Change in Margin 82
Less: Income Tax Benefit (Provision) -18
Imputed (based on 22%)
Change in Net Income 64
Change in Diluted Earnings per Share 0.12
Certain Operating Costs per Boe
2Q 2026 Total Cash Operating Costs 20.38
(Non-GAAP) and Total DD&A per Boe
Less: 3Q 2026 Total Cash Operating Costs -20.29
(Non-GAAP) and Total DD&A per Boe
Subtotal 0.09
Multiplied by: 3Q 2026 Crude Oil 131.8
Equivalent Volumes (MMBoe)
Change in Before-Tax Net Income 12
Add: Income Tax Benefit (Provision) -3
Imputed (based on 22%)
Change in Net Income 9
Change in Diluted Earnings per Share 0.02
Net Cash Received from (Payments for)
Settlements of Financial Commodity
Derivative Contracts
3Q 2026 Net Cash Received from (Payments
for) Settlements of Financial Commodity 40
Derivative Contracts
Less: Income Tax Benefit (Provision) -8
After Tax - (a) 32
Less: 2Q 2026 Net Cash Received from
(Payments for) Settlements of Financial 45
Commodity Derivative Contracts
Add: Income Tax Benefit (Provision) -9
After Tax - (b) 36
Change in Net Income - (a) - (b) -4
Change in Diluted Earnings per Share -0.01
Other(1) 0.16
3Q 2026 Adjusted Net Income per Share 4.87
(Non-GAAP) - Diluted
3Q 2026 Average Number of Common Shares 522
- Diluted
(1) Includes gathering, processing and marketing revenue, other revenue,
exploration costs, dry hole costs, impairments, marketing costs, taxes other
than income, other income (expense), interest expense, the impact of changes in
the effective income tax rate and the impact of share repurchases on diluted
shares.
20
… …
… … … … … … … … …
… … … … … … … …
… … … … … … … … …
… … … 3 … … … … …
… … … … … … … … …
… … … … … … … … …
… … … … … … … … …
… … … … … … … … …
… … … … … … … … …
… 8 … … … … … … …
— … … 5 … — — — —
… … … … … … … … …
… … … … … … … … …
… … … … … … … … …
… …
… … … … … … … … …
… … … … … … … …
… … … … … … … … …
… … … … … … … … …
… … … … … … … … …
— — — — — — … — …
1 … … 2 … … … … …
… … … … … … … … …
… … … … … … … … …
21
Cash
Flow
from
Oper…
and
Free
Cash
Flow
(Con…
In
mill…
of
USD
(Una…
FY FY FY FY
2024 2023 2022 2021
Net
Cash
Prov…
by 12,143 11,340 11,093 8,791
Oper…
Acti…
(GAA…
Adju…
Chan…
in
Comp…
of
Work…
Capi…
and
Other
Asse…
and
Liab…
Acco… -101 38 347 821
Rece…
Inve… -259 231 534 13
Acco… 36 119 -90 -456
Paya…
Accr…
Taxes -541 -61 113 -312
Paya…
Other -44 -39 364 136
Asse…
Other -23 -184 266 116
Liab…
Chan…
in
Comp…
of
Work… 382 -295 -375 200
Capi…
Asso…
with
Inve…
Acti…
Adju…
Cash
Flow 11,593 11,149 12,252 9,309
from
Oper…
(Non…
Less:
Total
Capi… -6,226 -6,041 -4,607 -3,7…
Expe…
(Non…
Free
Cash 5,367 5,108 7,645 5,554
Flow
(Non…
(2)
See
below
reco…
of
Total
Expe…
(GAA…
to
Total
Capi…
Expe…
(Non…
Total
Expe… 6,653 6,818 5,610 4,255
(GAA…
Less:
Asset
Reti… 2 -257 -298 -127
Costs
Non-…
Deve… — -90 — —
Dril…
Non-…
Leas… -85 -99 -127 -45
Acqu…
Cost…
Non-…
Fina… — — — -74
Leas…
Acqu…
Costs -33 -16 -419 -100
of
Prop…
Acqu…
Costs
of
Other -137 -134 — —
Prop…
Plant
and
Equi…
Expl… -174 -181 -159 -154
Costs
Total
Capi… 6,226 6,041 4,607 3,755
Expe…
(Non…
(3) Line item descriptions revised (from descriptions shown in EOG's previously
published tables) to more accurately describe the costs reflected therein;
previously reported cost amounts not impacted by such changes in presentation.
22
N…
D…
C…
R…
In
m…
of
U…
e…
r…
d…
(…
T…
f…
t…
r…
C…
a…
L…
D…
(…
to
N…
D…
(…
a…
T…
C…
(…
to
T…
C…
(…
as
u…
in
t…
N…
D…
C…
r…
c…
A
p…
of
t…
c…
is
a…
w…
i…
s…
t…
c…
m…
i…
d…
p…
E…
b…
t…
p…
m…
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(1) Effective January 1, 2024, EOG combined Transportation Costs and Gathering
and Processing Costs into one line item titled Gathering, Processing and
Transportation Costs. This presentation has been conformed for all periods
presented and had no impact on previously reported Net Income.
(2) EOG believes excluding the above-referenced items from General and
Administrative Costs is appropriate and provides useful information to
investors, as EOG views such items as non-recurring.
(3) EOG believes excluding the above-referenced items from Taxes Other Than
Income is appropriate and provides useful information to investors, as EOG views
such items as non-recurring.
(4) EOG believes excluding the above-referenced items from Interest Expense, Net
is appropriate and provides useful information to investors, as EOG views such
items as non-recurring.
(5) 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).
27
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28
Additional Key Financial Information
(Continued)
Endnotes
1) 2025 volumes are from Bahrain operations; natural gas realized price
represents contract price less partner’s processing and distribution costs.
2) EOG bases United States, Trinidad and Other International crude oil and
condensate price differentials upon the West Texas Intermediate crude oil price
at Cushing, Oklahoma, using the simple average of the daily settlement prices
for the prompt-month NYMEX futures contract for each of the applicable calendar
months.
3) EOG bases United States natural gas price differentials upon the natural gas
price at Henry Hub, Louisiana, using the NYMEX Last Day Settle price for each of
the applicable months.
4) The full-year 2022 realized natural gas price for Trinidad includes a one-
time pricing adjustment of $0.76/Mcf for prior-period production following a
contract amendment with the National Gas Company of Trinidad and Tobago Limited.
5) Capital Expenditures include expenditures for Exploration and Development
Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole
Costs and Other Property, Plant and Equipment. Capital Expenditures exclude
Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and
Transactions and exploration costs incurred as operating expenses.
6) Effective January 1, 2024, EOG combined Transportation Costs and Gathering
and Processing Costs into one line item titled Gathering, Processing and
Transportation Costs. This presentation has been conformed for all periods
presented and had no impact on previously reported Net Income.
7) Cash Operating Costs consist of LOE, GP&T and G&A. G&A (Non-GAAP) for fiscal
year 2025 excludes costs related to the Encino acquisition, as reflected in the
accompanying reconciliation schedules (see “Revenues, Costs and Margins Per
Barrel of Oil Equivalent”). In addition, TOTI (% of revenues from sales of crude
oil and condensate, NGLs and natural gas) (Non-GAAP) and G&A (Non-GAAP) for
fiscal year 2024 and fiscal year 2022 exclude a state severance tax refund and
related consulting fees, respectively, as reflected in the accompanying
reconciliation schedules (see “Revenues, Costs and Margins Per Barrel of Oil
Equivalent”). The per-Boe impact of such acquisition-related costs and
consulting fees on G&A and total Cash Operating Costs for fiscal year 2025, 2024
and 2022 was $(0.19), $(0.02) and $(0.05), respectively.
8) 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 impairment 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).
Impairments (Non-GAAP) for FY 2025 are adjusted from Impairments (GAAP) for FY
2025 by excluding $657 million of impairments, primarily associated with the
write-down to fair value of natural gas and crude oil assets in the Barnett
Shale and Woodford Oil Window (mainly driven by play-specific economics and
resource allocation). Impairments (Non-GAAP) for FY 2024 are adjusted from
Impairments (GAAP) for FY 2024 by excluding $291 million of impairments,
primarily associated with the write-down to fair value of natural gas and crude
oil assets in the Rocky Mountain area.
9) Net Interest for fiscal year 2025 excludes financing commitment costs related
to the Encino acquisition, as reflected in the accompanying reconciliation
schedules (see “Revenues, Costs and Margins Per Barrel of Oil Equivalent”). The
per-Boe impact of such cost for fiscal year 2025 is $(0.01).
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