0000821189FALSE00008211892024-02-222024-02-22


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  February 22, 2024

_______________

EOG RESOURCES, INC.
(Exact name of registrant as specified in its charter)
Delaware1-974347-0684736
(State or other jurisdiction
 of incorporation)		(Commission File
 Number)		(I.R.S. Employer
Identification No.)

1111 Bagby, Sky Lobby 2
Houston, Texas  77002
(Address of principal executive offices) (Zip Code)

713-651-7000
(Registrant's telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per shareEOGNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



EOG RESOURCES, INC.

Item 2.02     Results of Operations and Financial Condition.

On February 22, 2024, EOG Resources, Inc. issued a press release announcing fourth quarter 2023 financial and operational results and first quarter and full year 2024 forecast and benchmark commodity pricing information (see Item 7.01 below).  A copy of this release is attached as Exhibit 99.1 to this filing and is incorporated herein by reference.  This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.

Item 7.01     Regulation FD Disclosure.

Accompanying the press release announcing fourth quarter 2023 financial and operational results attached hereto as Exhibit 99.1 is first quarter and full year 2024 forecast and benchmark commodity pricing information for EOG Resources, Inc., which information is incorporated herein by reference.  This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.

Item 9.01     Financial Statements and Exhibits.

    (d)    Exhibits


    104    Cover Page Interactive Data File (formatted as Inline XBRL).


2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  EOG RESOURCES, INC.
(Registrant)
   
   
   
Date: February 22, 2024By:
/s/ ANN D. JANSSEN
Ann D. Janssen
Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Duly Authorized Officer)

3

EXHIBIT 99.1
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Table of Contents
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Fourth Quarter 2023
Supplemental Financial and Operating DataPage
Income Statements
Wellhead Volumes and Prices
Balance Sheets
Cash Flow Statements
Non-GAAP Financial Measures
Adjusted Net Income (Loss)
Net Income Per Share
Adjusted Net Income Per Share
Cash Flow from Operations and Free Cash Flow
Net Debt-to-Total Capitalization Ratio
Proved Reserves and Reserve Replacement Data
Reserve Replacement Cost Data
14

Income Statements
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In millions of USD, except share data (in millions) and per share data (Unaudited)
20222023
1st Qtr2nd Qtr3rd Qtr4th QtrYear1st Qtr2nd Qtr3rd Qtr4th QtrYear
Operating Revenues and Other
Crude Oil and Condensate3,889 4,699 4,109 3,670 16,367 3,182 3,252 3,717 3,597 13,748 
Natural Gas Liquids681 777 693 497 2,648 490 409 501 484 1,884 
Natural Gas716 1,000 1,235 830 3,781 517 334 417 476 1,744 
Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts, Net(2,820)(1,377)(18)233 (3,982)376 101 43 298 818 
Gathering, Processing and Marketing1,469 2,169 1,561 1,497 6,696 1,390 1,465 1,478 1,473 5,806 
Gains (Losses) on Asset Dispositions, Net25 97 (21)(27)74 69 (9)35 — 95 
Other, Net23 42 34 19 118 20 21 21 29 91 
Total3,983 7,407 7,593 6,719 25,702 6,044 5,573 6,212 6,357 24,186 
Operating Expenses
Lease and Well318 324 335 354 1,331 359 348 369 378 1,454 
Transportation Costs228 244 257 237 966 236 236 240 245 957 
Gathering and Processing Costs144 152 167 158 621 159 160 166 178 663 
Exploration Costs45 35 35 44 159 50 47 43 41 181 
Dry Hole Costs3 20 18 4 45 1 — — — 1 
Impairments55 91 94 142 382 34 35 54 79 202 
Marketing Costs1,283 2,127 1,621 1,504 6,535 1,361 1,456 1,383 1,509 5,709 
Depreciation, Depletion and Amortization847 911 906 878 3,542 798 866 898 930 3,492 
General and Administrative124 128 162 156 570 145 142 161 192 640 
Taxes Other Than Income390 472 334 389 1,585 329 313 341 301 1,284 
Total3,437 4,504 3,929 3,866 15,736 3,472 3,603 3,655 3,853 14,583 
Operating Income 546 2,903 3,664 2,853 9,966 2,572 1,970 2,557 2,504 9,603 
Other Income (Expense), Net(1)27 40 48 114 65 51 52 66 234 
Income Before Interest Expense and Income Taxes545 2,930 3,704 2,901 10,080 2,637 2,021 2,609 2,570 9,837 
Interest Expense, Net48 48 41 42 179 42 35 36 35 148 
Income Before Income Taxes497 2,882 3,663 2,859 9,901 2,595 1,986 2,573 2,535 9,689 
Income Tax Provision107 644 809 582 2,142 572 433 543 547 2,095 
Net Income390 2,238 2,854 2,277 7,759 2,023 1,553 2,030 1,988 7,594 
Dividends Declared per Common Share1.7500 2.5500 2.2500 2.3250 8.8750 1.8250 0.8250 0.8250 2.4100 5.8850 
Net Income Per Share
Basic0.67 3.84 4.90 3.90 13.31 3.46 2.68 3.51 3.43 13.07 
Diluted0.67 3.81 4.86 3.87 13.22 3.45 2.66 3.48 3.42 13.00 
Average Number of Common Shares
Basic582 583 583 584 583 584 580 579 579 581 
Diluted586 588 587 588 587 587 584 583 581 584 


15

Wellhead Volumes and Prices
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(Unaudited)
20222023
1st Qtr2nd Qtr3rd Qtr4th QtrYear1st Qtr2nd Qtr3rd Qtr4th QtrYear
Crude Oil and Condensate Volumes (MBbld) (A)
United States449.4 463.5 464.6 465.1 460.7 457.1 476.0 482.8 484.6475.2 
Trinidad0.7 0.6 0.5 0.5 0.6 0.6 0.6 0.5 0.60.6 
Total450.1 464.1 465.1 465.6 461.3 457.7 476.6 483.3 485.2475.8 
Average Crude Oil and Condensate Prices ($/Bbl) (B)
United States$96.02 $111.26 $96.05 $85.68 $97.22 $77.27 $74.98 $83.61 80.61$79.18 
Trinidad83.82 98.29 84.98 75.21 86.16 68.98 64.88 71.38 69.2168.58 
Composite96.00 111.25 96.04 85.67 97.21 77.26 74.97 83.60 80.6079.17 
Natural Gas Liquids Volumes (MBbld) (A)
United States190.3 201.9 209.3 189.0 197.7 212.2 215.7 231.1 235.8223.8 
Total190.3 201.9 209.3 189.0 197.7 212.2 215.7 231.1 235.8223.8 
Average Natural Gas Liquids Prices ($/Bbl) (B)
United States$39.77 $42.28 $36.02 $28.55 $36.70 $25.67 $20.85 $23.56 22.29$23.07 
Composite39.77 42.28 36.02 28.55 36.70 25.67 20.85 23.56 22.2923.07 
Natural Gas Volumes (MMcfd) (A)
United States1,249 1,324 1,306 1,378 1,315 1,475 1,513 1,562 1,653 1,551 
Trinidad209 204 163 149 180 164 155 142 178 160 
Total1,458 1,528 1,469 1,527 1,495 1,639 1,668 1,704 1,831 1,711 
Average Natural Gas Prices ($/Mcf) (B)
United States$5.81 $7.77 $9.35 $6.12 $7.27 $3.47 $2.07 $2.59 2.72$2.70 
Trinidad (D)
3.36 3.42 7.45 3.97 4.43 3.87 3.45 3.41 3.813.65 
Composite5.46 7.19 9.14 5.91 6.93 3.51 2.20 2.66 2.822.79 
Crude Oil Equivalent Volumes (MBoed) (C)
United States847.8 886.1 891.6 883.8 877.5 915.0 943.8 974.2 995.8 957.5 
Trinidad35.5 34.6 27.6 25.3 30.7 28.0 26.5 24.3 30.4 27.3 
Total883.3 920.7 919.2 909.1 908.2 943.0 970.3 998.5 1,026.2 984.8 
Total MMBoe (C)
79.5 83.8 84.6 83.6 331.5 84.9 88.3 91.9 94.4359.4 
(A)Thousand barrels per day or million cubic feet per day, as applicable.
(B)Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity derivative instruments (see Note 12 to the Consolidated Financial Statements in EOG's Annual Report on Form 10-K for the year ended December 31, 2023).
(C)Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.
(D)Includes positive revenue adjustment of $0.76 per Mcf ($0.09 per Mcf of EOG's composite wellhead natural gas price) for the twelve months ended December 31, 2022, related to a price adjustment per a provision of the natural gas sales contract with the National Gas Company of Trinidad and Tobago Limited and its subsidiary amended in July 2022 for natural gas sales during the period from September 2020 through June 2022.

16

Balance Sheets
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In millions of USD (Unaudited)
20222023
MARJUNSEPDECMARJUNSEPDEC
Current Assets
Cash and Cash Equivalents4,009 3,073 5,272 5,972 5,018 4,764 5,326 5,278 
Accounts Receivable, Net3,213 3,735 3,343 2,774 2,455 2,263 2,927 2,716 
Inventories586 739 872 1,058 1,131 1,355 1,379 1,275 
Assets from Price Risk Management Activities— 1 — — — — — 106 
Income Taxes Receivable— — 93 97 — 1 — — 
Other671 605 621 574 580 523 626 560 
Total8,479 8,153 10,201 10,475 9,184 8,906 10,258 9,935 
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)65,408 66,098 67,065 67,322 67,907 69,178 70,730 72,090 
Other Property, Plant and Equipment4,801 4,862 4,659 4,786 5,101 5,282 5,355 5,497 
Total Property, Plant and Equipment70,209 70,960 71,724 72,108 73,008 74,460 76,085 77,587 
Less: Accumulated Depreciation, Depletion and Amortization(41,747)(42,113)(42,623)(42,679)(42,785)(43,550)(44,362)(45,290)
Total Property, Plant and Equipment, Net28,462 28,847 29,101 29,429 30,223 30,910 31,723 32,297 
Deferred Income Taxes13 12 18 33 31 33 33 42 
Other Assets1,143 1,127 1,167 1,434 1,587 1,638 1,633 1,583 
Total Assets38,097 38,139 40,487 41,371 41,025 41,487 43,647 43,857 
Current Liabilities
Accounts Payable2,660 2,896 2,718 2,532 2,438 2,205 2,464 2,437 
Accrued Taxes Payable1,130 594 542 405 637 425 605 466 
Dividends Payable436 437 437 482 482 478 478 526 
Liabilities from Price Risk Management Activities260 79 243 169 31 22 22 — 
Current Portion of Long-Term Debt1,283 1,282 1,282 1,283 33 34 34 34 
Current Portion of Operating Lease Liabilities223 216 235 296 354 335 337 325 
Other272 264 289 346 253 232 285 286 
Total6,264 5,768 5,746 5,513 4,228 3,731 4,225 4,074 
Long-Term Debt3,816 3,809 3,802 3,795 3,787 3,780 3,772 3,765 
Other Liabilities2,191 2,067 2,573 2,574 2,620 2,581 2,698 2,526 
Deferred Income Taxes4,286 4,183 4,517 4,710 4,943 5,138 5,194 5,402 
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par206 206 206 206 206 206 206 206 
Additional Paid in Capital6,095 6,128 6,155 6,187 6,219 6,257 6,133 6,166 
Accumulated Other Comprehensive Loss(13)(12)(6)(8)(8)(9)(7)(9)
Retained Earnings15,283 16,028 17,563 18,472 19,423 20,497 22,047 22,634 
Common Stock Held in Treasury(31)(38)(69)(78)(393)(694)(621)(907)
Total Stockholders' Equity21,540 22,312 23,849 24,779 25,447 26,257 27,758 28,090 
Total Liabilities and Stockholders' Equity38,097 38,139 40,487 41,371 41,025 41,487 43,647 43,857 
17

Cash Flow Statements
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In millions of USD (Unaudited)
20222023
1st Qtr2nd Qtr3rd Qtr4th QtrYear1st Qtr2nd Qtr3rd Qtr4th QtrYear
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
Net Income 390 2,238 2,854 2,277 7,759 2,023 1,553 2,030 1,988 7,594 
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization847 911 906 878 3,542 798 866 898 930 3,492 
Impairments55 91 94 142 382 34 35 54 79 202 
Stock-Based Compensation Expenses35 30 34 34 133 34 35 57 51 177 
Deferred Income Taxes(465)(102)327 179 (61)234 194 56 199 683 
(Gains) Losses on Asset Dispositions, Net(25)(97)21 27 (74)(69)9 (35)— (95)
Other, Net6 (16)(5)15 — 4 2 (1)22 27 
Dry Hole Costs3 20 18 4 45 1 — — — 1 
Mark-to-Market Financial Commodity Derivative Contracts (Gains) Losses, Net2,820 1,377 18 (233)3,982 (376)(101)(43)(298)(818)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts(296)(2,114)(847)(244)(3,501)(123)(30)23 18 (112)
Other, Net2 19 12 12 45 (1)— (1)— (2)
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable(878)(522)392 661 (347)338 137 (714)201 (38)
Inventories(14)(157)(140)(223)(534)(77)(226)(28)100 (231)
Accounts Payable130 259 (88)(211)90 (77)(231)238 (49)(119)
Accrued Taxes Payable613 (536)(53)(137)(113)232 (212)180 (139)61 
Other Assets(213)71 (129)(93)(364)52 43 (92)36 39 
Other Liabilities(2,250)433 1,269 282 (266)193 (47)54 (16)184 
Changes in Components of Working Capital Associated with Investing Activities68 143 90 74 375 35 250 28 (18)295 
Net Cash Provided by Operating Activities828 2,048 4,773 3,444 11,093 3,255 2,277 2,704 3,104 11,340 
Investing Cash Flows
Additions to Oil and Gas Properties(939)(1,349)(1,102)(1,229)(4,619)(1,305)(1,341)(1,379)(1,360)(5,385)
Additions to Other Property, Plant and Equipment(70)(75)(103)(133)(381)(319)(180)(139)(162)(800)
Proceeds from Sales of Assets121 110 79 39 349 92 29 14 5 140 
Other Investing Activities— (30)— — (30)— — — — — 
Changes in Components of Working Capital Associated with Investing Activities(68)(143)(90)(74)(375)(35)(250)(28)18 (295)
Net Cash Used in Investing Activities(956)(1,487)(1,216)(1,397)(5,056)(1,567)(1,742)(1,532)(1,499)(6,340)
Financing Cash Flows
Long-Term Debt Repayments— — — — — (1,250)— — — (1,250)
Dividends Paid(1,023)(1,486)(1,312)(1,327)(5,148)(1,067)(480)(494)(1,345)(3,386)
Treasury Stock Purchased(43)(15)(37)(23)(118)(317)(302)(109)(310)(1,038)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan4 13 — 11 28 — 9 1 10 20 
Debt Issuance Costs— — — — — — (8)— — (8)
Repayment of Finance Lease Liabilities(10)(9)(8)(8)(35)(8)(8)(8)(8)(32)
Net Cash Used in Financing Activities(1,072)(1,497)(1,357)(1,347)(5,273)(2,642)(789)(610)(1,653)(5,694)
Effect of Exchange Rate Changes on Cash— — (1)— (1)— — — — — 
Increase (Decrease) in Cash and Cash Equivalents(1,200)(936)2,199 700 763 (954)(254)562 (48)(694)
Cash and Cash Equivalents at Beginning of Period5,209 4,009 3,073 5,272 5,209 5,972 5,018 4,764 5,326 5,972 
Cash and Cash Equivalents at End of Period4,009 3,073 5,272 5,972 5,972 5,018 4,764 5,326 5,278 5,278 
18

Non-GAAP Financial Measures
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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 Changes in Working Capital, Free Cash Flow, Net Debt and related statistics.

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

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

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

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

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

Direct ATROR

The calculation of EOG's direct after-tax rate of return (ATROR) is based on EOG’s net estimated recoverable reserves for a particular well(s) or play, the estimated net present value of the future net cash flows from such reserves (for which EOG utilizes certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring such well(s). As such, EOG's direct ATROR for a particular well(s) or play cannot be calculated from EOG’s consolidated financial statements.
19

Adjusted Net Income (Loss)
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In millions of USD, except share data (in millions) and per share data (Unaudited)
The following tables adjust reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of financial commodity derivative contracts by eliminating the unrealized mark-to-market (gains) losses from these transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets)), and to make certain other adjustments to exclude non-recurring and certain other items as further described below. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
4Q 2023
Before
Tax		Income Tax ImpactAfter
Tax		Diluted Earnings per Share
Reported Net Income (GAAP)2,535 (547)1,988 3.42 
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net(298)64 (234)(0.40)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
18 (4)14 0.02 
Less: Losses on Asset Dispositions, Net— — — — 
Add: Certain Impairments19 (4)15 0.03 
Adjustments to Net Income(261)56 (205)(0.35)
Adjusted Net Income (Non-GAAP)2,274 (491)1,783 3.07 
Average Number of Common Shares (Non-GAAP)
Basic579 
Diluted581 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended December 31, 2023, such amount was $18 million.

20

Adjusted Net Income (Loss)
(Continued)
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In millions of USD, except share data (in millions) and per share data (Unaudited)
3Q 2023
Before
Tax		Income Tax ImpactAfter
Tax		Diluted Earnings per Share
Reported Net Income (GAAP)2,573 (543)2,030 3.48 
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net(43)9 (34)(0.06)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
23 (5)18 0.03 
Less: Gains on Asset Dispositions, Net(35)7 (28)(0.05)
Add: Certain Impairments23 (2)21 0.04 
Adjustments to Net Income(32)9 (23)(0.04)
Adjusted Net Income (Non-GAAP)2,541 (534)2,007 3.44 
Average Number of Common Shares (Non-GAAP)
Basic579 
Diluted583 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended September 30, 2023, such amount was $23 million.


21

Adjusted Net Income (Loss)
(Continued)
eoglogostackeda.jpg
In millions of USD, except share data (in millions) and per share data (Unaudited)
2Q 2023
Before
Tax		Income Tax ImpactAfter
Tax		Diluted Earnings per Share
Reported Net Income (GAAP)1,986 (433)1,553 2.66 
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net(101)22 (79)(0.14)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
(30)6 (24)(0.04)
Add: Losses on Asset Dispositions, Net9 (2)7 0.01 
Adjustments to Net Income(122)26 (96)(0.17)
Adjusted Net Income (Non-GAAP)1,864 (407)1,457 2.49 
Average Number of Common Shares (Non-GAAP)
Basic580 
Diluted584 

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

22


Adjusted Net Income (Loss)
(Continued)
eoglogostackeda.jpg
In millions of USD, except share data (in millions) and per share data (Unaudited)
1Q 2023
Before
Tax		Income Tax ImpactAfter
Tax		Diluted Earnings per Share
Reported Net Income (GAAP)2,595 (572)2,023 3.45 
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net(376)81 (295)(0.51)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
(123)27 (96)(0.16)
Less: Gains on Asset Dispositions, Net(69)15 (54)(0.09)
Adjustments to Net Income(568)123 (445)(0.76)
Adjusted Net Income (Non-GAAP)2,027 (449)1,578 2.69 
Average Number of Common Shares (Non-GAAP)
Basic584 
Diluted587 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG subtracts from reported Net Income (Loss) (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended March 31, 2023, such amount was $123 million.

23

Adjusted Net Income (Loss)
(Continued)
eoglogostackeda.jpg
In millions of USD, except share data (in millions) and per share data (Unaudited)
4Q 2022
Before
Tax		Income Tax ImpactAfter
Tax		Diluted Earnings per Share
Reported Net Income (GAAP)2,859 (582)2,277 3.87 
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net(233)57 (176)(0.31)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
(244)48 (196)(0.33)
Add: Losses on Asset Dispositions, Net27 (6)21 0.04 
Add: Certain Impairments31 (16)15 0.03 
Adjustments to Net Income(419)83 (336)(0.57)
Adjusted Net Income (Non-GAAP)2,440 (499)1,941 3.30 
Average Number of Common Shares (Non-GAAP)
Basic584 
Diluted588 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG subtracts from reported Net Income (Loss) (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended December 31, 2022, such amount was $244 million.




24

Adjusted Net Income (Loss)
(Continued)
eoglogostackeda.jpg
In millions of USD, except share data (in millions) and per share data (Unaudited)
FY 2023
Before
Tax		Income Tax ImpactAfter
Tax		Diluted Earnings per Share
Reported Net Income (GAAP)9,689 (2,095)7,594 13.00 
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net(818)176 (642)(1.09)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
(112)24 (88)(0.15)
Less: Gains on Asset Dispositions, Net(95)20 (75)(0.13)
Add: Certain Impairments42 (6)36 0.06 
Adjustments to Net Income(983)214 (769)(1.31)
Adjusted Net Income (Non-GAAP)8,706 (1,881)6,825 11.69 
Average Number of Common Shares (Non-GAAP)
Basic581 
Diluted584 
(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG subtracts from reported Net Income (Loss) (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2023, such amount was $112 million.


25

Adjusted Net Income (Loss)
(Continued)
eoglogostackeda.jpg
In millions of USD, except share data (in millions) and per share data (Unaudited)
FY 2022
Before
Tax		Income Tax ImpactAfter
Tax		Diluted Earnings per Share
Reported Net Income (GAAP)9,901 (2,142)7,759 13.22 
Adjustments:
Losses on Mark-to-Market Financial Commodity Derivative Contracts, Net3,982 (858)3,124 5.32 
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
(3,501)755 (2,746)(4.68)
Less: Gains on Asset Dispositions, Net(74)17 (57)(0.10)
Add: Certain Impairments113 (31)82 0.14 
Less: Severance Tax Refund(115)25 (90)(0.15)
Add: Severance Tax Consulting Fees16 (3)13 0.02 
Less: Interest on Severance Tax Refund(7)2 (5)(0.01)
Adjustments to Net Income414 (93)321 0.54 
Adjusted Net Income (Non-GAAP)10,315 (2,235)8,080 13.76 
Average Number of Common Shares (Non-GAAP)
Basic583 
Diluted587 
(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG subtracts from reported Net Income (Loss) (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2022, such amount was $3,501 million, of which $1,391 million was related to the early termination of certain contracts.

26

Net Income per Share
eoglogostackeda.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
3Q 2023 Net Income per Share (GAAP)3.48 
Realized Price
4Q 2023 Composite Average Wellhead Revenue per Boe48.27 
Less: 3Q 2023 Composite Average Wellhead Revenue per Boe(50.46)
Subtotal(2.19)
Multiplied by: 4Q 2023 Crude Oil Equivalent Volumes (MMBoe)94.4 
Total Change in Revenue(207)
Less: Income Tax Benefit (Provision) Imputed (based on 22%)46 
Change in Net Income(161)
Change in Diluted Earnings per Share(0.28)
Wellhead Volumes
4Q 2023 Crude Oil Equivalent Volumes (MMBoe)94.4 
Less: 3Q 2023 Crude Oil Equivalent Volumes (MMBoe)(91.9)
Subtotal2.5 
Multiplied by: 4Q 2023 Composite Average Margin per Boe (GAAP) (Including Total
Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)		23.07 
Change in Margin58 
Less: Income Tax Benefit (Provision) Imputed (based on 22%)(13)
Change in Net Income45 
Change in Diluted Earnings per Share0.08 
Certain Operating Costs per Boe
3Q 2023 Total Cash Operating Costs (GAAP) and Total DD&A per Boe 19.97 
Less: 4Q 2023 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (20.37)
Subtotal(0.40)
Multiplied by: 4Q 2023 Crude Oil Equivalent Volumes (MMBoe)94.4 
Change in Before-Tax Net Income(38)
Less: Income Tax Benefit (Provision) Imputed (based on 22%)8 
Change in Net Income(30)
Change in Diluted Earnings per Share(0.05)
27

Net Income Per Share
(Continued)
eoglogostackeda.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts, Net
4Q 2023 Net Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts298 
Less: Income Tax Benefit (Provision)(64)
After Tax - (a)234 
Less: 3Q 2023 Net Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts43 
Less: Income Tax Benefit (Provision)(9)
After Tax - (b)34 
Change in Net Income - (a) - (b)200 
Change in Diluted Earnings per Share0.34 
Other (1)
(0.15)
4Q 2023 Net Income per Share (GAAP)3.42 
4Q 2023 Average Number of Common Shares (GAAP) - Diluted581 
(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.

28

Net Income per Share
eoglogostackeda.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
FY 2022 Net Income per Share (GAAP)13.22 
Realized Price
FY 2023 Composite Average Wellhead Revenue per Boe48.34 
Less: FY 2022 Composite Average Wellhead Revenue per Boe(68.77)
Subtotal(20.43)
Multiplied by: FY 2023 Crude Oil Equivalent Volumes (MMBoe)359.4 
Total Change in Revenue(7,343)
Less: Income Tax Benefit (Provision) Imputed (based on 22%)1,615 
Change in Net Income(5,728)
Change in Diluted Earnings per Share(9.81)
Wellhead Volumes
FY 2023 Crude Oil Equivalent Volumes (MMBoe)359.4 
Less: FY 2022 Crude Oil Equivalent Volumes (MMBoe)(331.5)
Subtotal27.9 
Multiplied by: FY 2023 Composite Average Margin per Boe (GAAP) (Including Total
Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)		23.24 
Change in Margin648 
Less: Income Tax Benefit (Provision) Imputed (based on 22%)(143)
Change in Net Income505 
Change in Diluted Earnings per Share0.86 
Certain Operating Costs per Boe
FY 2022 Total Cash Operating Costs (GAAP) and Total DD&A per Boe 21.21 
Less: FY 2023 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (20.05)
Subtotal1.16 
Multiplied by: FY 2023 Crude Oil Equivalent Volumes (MMBoe)359.4 
Change in Before-Tax Net Income417 
Less: Income Tax Benefit (Provision) Imputed (based on 22%)(92)
Change in Net Income325 
Change in Diluted Earnings per Share0.56 

29

Net Income Per Share
(Continued)
eoglogostackeda.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts, Net
FY 2023 Net Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts818 
Less: Income Tax Benefit (Provision)(176)
After Tax - (a)642 
Less: FY 2022 Net Gains (Losses) on Mark-to-Market Commodity Derivative Contracts(3,982)
Less: Income Tax Benefit (Provision)858 
After Tax - (b)(3,124)
Change in Net Income - (a) - (b)3,766 
Change in Diluted Earnings per Share6.45 
Other (1)
1.72 
FY 2023 Net Income per Share (GAAP)13.00 
FY 2023 Average Number of Common Shares (GAAP) - Diluted584 
(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.
30

Adjusted Net Income Per Share
eoglogostackeda.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
3Q 2023 Adjusted Net Income per Share (Non-GAAP)3.44 
Realized Price
4Q 2023 Composite Average Wellhead Revenue per Boe48.27 
Less: 3Q 2023 Composite Average Wellhead Revenue per Boe(50.46)
Subtotal(2.19)
Multiplied by: 4Q 2023 Crude Oil Equivalent Volumes (MMBoe)94.4 
Total Change in Revenue(207)
Less: Income Tax Benefit (Provision) Imputed (based on 22%)46 
Change in Net Income(161)
Change in Diluted Earnings per Share(0.28)
Wellhead Volumes
4Q 2023 Crude Oil Equivalent Volumes (MMBoe)94.4 
Less: 3Q 2023 Crude Oil Equivalent Volumes (MMBoe)(91.9)
Subtotal2.5 
Multiplied by: 4Q 2023 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)23.27 
Change in Margin58 
Less: Income Tax Benefit (Provision) Imputed (based on 22%)(13)
Change in Net Income45 
Change in Diluted Earnings per Share0.08 
Certain Operating Costs per Boe
3Q 2023 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe 19.97 
Less: 4Q 2023 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe(20.37)
Subtotal(0.40)
Multiplied by: 4Q 2023 Crude Oil Equivalent Volumes (MMBoe)94.4 
Change in Before-Tax Net Income(38)
Less: Income Tax Benefit (Provision) Imputed (based on 22%)8 
Change in Net Income(30)
Change in Diluted Earnings per Share(0.05)

31

Adjusted Net Income Per Share
(Continued)
eoglogostackeda.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
4Q 2023 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts18 
Less: Income Tax Benefit (Provision)(4)
After Tax - (a)14 
3Q 2023 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts23 
Less: Income Tax Benefit (Provision)(5)
After Tax - (b)18 
Change in Net Income - (a) - (b)(4)
Change in Diluted Earnings per Share(0.01)
Other (1)
(0.11)
4Q 2023 Adjusted Net Income per Share (Non-GAAP)3.07 
4Q 2023 Average Number of Common Shares (Non-GAAP) - Diluted581 
(1)Includes gathering, processing and marketing revenue, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.
32

Adjusted Net Income per Share
eoglogostackeda.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
FY 2022 Adjusted Net Income per Share (Non-GAAP)13.76 
Realized Price
FY 2023 Composite Average Wellhead Revenue per Boe48.34 
Less: FY 2022 Composite Average Wellhead Revenue per Boe(68.77)
Subtotal(20.43)
Multiplied by: FY 2023 Crude Oil Equivalent Volumes (MMBoe)359.4 
Total Change in Revenue(7,343)
Less: Income Tax Benefit (Provision) Imputed (based on 22%)1,615 
Change in Net Income(5,728)
Change in Diluted Earnings per Share(9.81)
Wellhead Volumes
FY 2023 Crude Oil Equivalent Volumes (MMBoe)359.4 
Less: FY 2022 Crude Oil Equivalent Volumes (MMBoe)(331.5)
Subtotal27.9 
Multiplied by: FY 2023 Composite Average Margin per Boe (Non-GAAP)
(Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule)		23.36 
Change in Margin652 
Less: Income Tax Benefit (Provision) Imputed (based on 22%)(143)
Change in Net Income509 
Change in Diluted Earnings per Share0.87 
Certain Operating Costs per Boe
FY 2022 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe 21.16 
Less: FY 2023 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe (20.05)
Subtotal1.11 
Multiplied by: FY 2023 Crude Oil Equivalent Volumes (MMBoe)359.4 
Change in Before-Tax Net Income399 
Less: Income Tax Benefit (Provision) Imputed (based on 22%)(88)
Change in Net Income311 
Change in Diluted Earnings per Share0.53 

33

Adjusted Net Income Per Share
(Continued)
eoglogostackeda.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
FY 2023 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts(112)
Less: Income Tax Benefit (Provision)24 
After Tax - (a)(88)
FY 2022 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts(3,501)
Less: Income Tax Benefit (Provision)755 
After Tax - (b)(2,746)
Change in Net Income - (a) - (b)2,658 
Change in Diluted Earnings per Share4.55 
Other (1)
1.79 
FY 2023 Adjusted Net Income per Share (Non-GAAP)11.69 
FY 2023 Average Number of Common Shares (Non-GAAP) - Diluted584 
(1)Includes gathering, processing and marketing revenue, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.
34

Cash Flow from Operations and Free Cash Flow
eoglogostackeda.jpg
In millions of USD (Unaudited)
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Cash Flow from Operations Before Changes in Working Capital (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing Activities and certain other adjustments to exclude non-recurring and certain other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Cash Flow from Operations Before Changes in Working Capital (Non-GAAP) (see below reconciliation) for such period less the total capital expenditures (Non-GAAP) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry.
20222023
1st Qtr2nd Qtr3rd Qtr4th QtrYear1st Qtr2nd Qtr3rd Qtr4th QtrYear
Net Cash Provided by Operating Activities (GAAP)828 2,048 4,773 3,444 11,093 3,255 2,277 2,704 3,104 11,340 
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable878 522 (392)(661)347 (338)(137)714 (201)38 
Inventories14 157 140 223 534 77 226 28 (100)231 
Accounts Payable(130)(259)88 211 (90)77 231 (238)49 119 
Accrued Taxes Payable(613)536 53 137 113 (232)212 (180)139 (61)
Other Assets213 (71)129 93 364 (52)(43)92 (36)(39)
Other Liabilities2,250 (433)(1,269)(282)266 (193)47 (54)16 (184)
Changes in Components of Working Capital Associated with Investing Activities(68)(143)(90)(74)(375)(35)(250)(28)18 (295)
Cash Flow from Operations Before Changes in Working Capital (Non-GAAP)3,372 2,357 3,432 3,091 12,252 2,559 2,563 3,038 2,989 11,149 
Cash Flow from Operations Before Changes in Working Capital (Non-GAAP)3,372 2,357 3,432 3,091 12,252 2,559 2,563 3,038 2,989 11,149 
Less:
Total Capital Expenditures (Non-GAAP) (a)
(1,009)(1,071)(1,166)(1,361)(4,607)(1,489)(1,521)(1,519)(1,512)(6,041)
Free Cash Flow (Non-GAAP) 2,363 1,286 2,266 1,730 7,645 1,070 1,042 1,519 1,477 5,108 
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
20222023
1st Qtr2nd Qtr3rd Qtr4th QtrYear1st Qtr2nd Qtr3rd Qtr4th QtrYear
Total Expenditures (GAAP)1,144 1,521 1,410 1,535 5,610 1,717 1,664 1,803 1,634 6,818 
Less:
Asset Retirement Costs(27)(43)(139)(89)(298)(10)(26)(191)(30)(257)
Non-Cash Acquisition Costs of Unproved Properties(58)(21)(28)(20)(127)(31)(28)(1)(39)(99)
Non-Cash Development Drilling— — — — — — (35)(50)(5)(90)
Acquisition Costs of Proved Properties(5)(351)(42)(21)(419)(4)(6)1 (7)(16)
Acquisition Costs of Other Property, Plant and Equipment— — — — — (133)(1)— — (134)
Exploration Costs(45)(35)(35)(44)(159)(50)(47)(43)(41)(181)
Total Capital Expenditures (Non-GAAP)1,009 1,071 1,166 1,361 4,607 1,489 1,521 1,519 1,512 6,041 

35

Net Debt-to-Total Capitalization Ratio
eoglogostackeda.jpg
In millions of USD, except ratio data (Unaudited)
The following tables reconcile Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (Non-GAAP), as used in the Net Debt-to-Total Capitalization ratio calculation. A portion of the cash is associated with international subsidiaries; tax considerations may impact debt paydown. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize Net Debt and Total Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation. EOG management uses this information for comparative purposes within the industry.
December 31, 2023September 30, 2023June 30, 2023March 31, 2023December 31, 2022
Total Stockholders' Equity - (a)28,090 27,758 26,257 25,447 24,779 
Current and Long-Term Debt (GAAP) - (b)3,799 3,806 3,814 3,820 5,078 
Less: Cash (5,278)(5,326)(4,764)(5,018)(5,972)
Net Debt (Non-GAAP) - (c)(1,479)(1,520)(950)(1,198)(894)
Total Capitalization (GAAP) - (a) + (b)31,889 31,564 30,071 29,267 29,857 
Total Capitalization (Non-GAAP) - (a) + (c)26,611 26,238 25,307 24,249 23,885 
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]
11.9 %12.1 %12.7 %13.1 %17.0 %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]-5.6 %-5.8 %-3.8 %-4.9 %-3.7 %


36

Proved Reserves and Reserve Replacement Data
eoglogostackeda.jpg
(Unaudited)
2023 Net Proved Reserves Reconciliation SummaryUnited
States		TrinidadOther
International		Total
Crude Oil and Condensate (MMBbl)
Beginning Reserves1,659 2 — 1,661 
Revisions56 — — 56 
Purchases in Place1 — — 1 
Extensions, Discoveries and Other Additions219 — — 219 
Sales in Place(7)— — (7)
Production(174)— — (174)
Ending Reserves1,754 2 — 1,756 
Natural Gas Liquids (MMBbl)
Beginning Reserves1,145 — — 1,145 
Revisions26 — — 26 
Purchases in Place1 — — 1 
Extensions, Discoveries and Other Additions169 — — 169 
Sales in Place(5)— — (5)
Production(82)— — (82)
Ending Reserves1,254 — — 1,254 
Natural Gas (Bcf)
Beginning Reserves8,273 318 — 8,591 
Revisions(327)12 — (315)
Purchases in Place3 — — 3 
Extensions, Discoveries and Other Additions1,287 29 — 1,316 
Sales in Place(28)— — (28)
Production(578)(59)— (637)
Ending Reserves8,630 300 — 8,930 
Oil Equivalents (MMBoe)
Beginning Reserves4,183 55 — 4,238 
Revisions28 1 — 29 
Purchases in Place2 — — 2 
Extensions, Discoveries and Other Additions602 5 — 607 
Sales in Place(17)— — (17)
Production(351)(10)— (361)
Ending Reserves4,447 51 — 4,498 
Net Proved Developed Reserves (MMBoe)
At December 31, 20222,162 23 — 2,185 
At December 31, 20232,322 27 — 2,349 
2023 Exploration and Development Expenditures ($ Millions)
Acquisition Cost of Unproved Properties207 — — 207 
Exploration Costs370 53 14 437 
Development Costs4,987 114 — 5,101 
Total Drilling5,564 167 14 5,745 
Acquisition Cost of Proved Properties16 — — 16 
Asset Retirement Costs241 3 13 257 
Total Exploration and Development Expenditures 5,821 170 27 6,018 
Gathering, Processing and Other799 1 — 800 
Total Expenditures6,620 171 27 6,818 
Proceeds from Sales in Place(70)(70)— (140)
Net Expenditures6,550 101 27 6,678 
Reserve Replacement Costs ($ / Boe) *
All-in Total, Net of Revisions 8.26 27.17 — 8.44 
All-in Total, Excluding Revisions Due to Price7.03 27.17 — 7.20 
Reserve Replacement *
Drilling Only172 %50 %0 %168 %
All-in Total, Net of Revisions and Dispositions 175 %60 %0 %172 %
All-in Total, Excluding Revisions Due to Price207 %60 %0 %202 %
All-in Total, Liquids180 %0 %0 %180 %
* See following reconciliation schedule for calculation methodology
37


Reserve Replacement Cost Data
eoglogostackeda.jpg
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2023United
States		TrinidadOther
International		Total
Total Costs Incurred in Exploration and Development Activities (GAAP)5,821 170 27 6,018 
Less: Asset Retirement Costs(241)(3)(13)(257)
Non-Cash Acquisition Costs of Unproved Properties(99)— — (99)
Total Acquisition Costs of Proved Properties(16)— — (16)
Non-Cash Development Drilling(90)— — (90)
Exploration Expenses(166)(4)(11)(181)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)5,209 163 3 5,375 
Total Costs Incurred in Exploration and Development Activities (GAAP)5,821 170 27 6,018 
Less: Asset Retirement Costs(241)(3)(13)(257)
Non-Cash Acquisition Costs of Unproved Properties(99)— — (99)
Non-Cash Acquisition Costs of Proved Properties(6)— — (6)
Non-Cash Development Drilling(90)— — (90)
Exploration Expenses(166)(4)(11)(181)
Total Exploration and Development Expenditures (Non-GAAP) - (b)5,219 163 3 5,385 
Total Expenditures (GAAP)6,620 171 27 6,818 
Less: Asset Retirement Costs(241)(3)(13)(257)
Non-Cash Acquisition Costs of Unproved Properties(99)— — (99)
Non-Cash Acquisition Costs of Proved Properties(6)— — (6)
Non-Cash Development Drilling(90)— — (90)
Exploration Expenses(166)(4)(11)(181)
Total Cash Expenditures (Non-GAAP)6,018 164 3 6,185 
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)(110)— — (110)
Revisions Other Than Price138 1 — 139 
Purchases in Place2 — — 2 
Extensions, Discoveries and Other Additions - (d)602 5 — 607 
Total Proved Reserve Additions - (e)632 6 — 638 
Sales in Place(17)— — (17)
Net Proved Reserve Additions From All Sources - (f)615 6 — 621 
Production - (g)351 10 — 361 
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)8.65 32.60 — 8.86 
All-in Total, Net of Revisions - (b / e)8.26 27.17 — 8.44 
All-in Total, Excluding Revisions Due to Price - (b / (e - c))7.03 27.17 — 7.20 
Reserve Replacement
Drilling Only - (d / g)172 %50 %0 %168 %
All-in Total, Net of Revisions and Dispositions - (f / g)175 %60 %0 %172 %
All-in Total, Excluding Revisions Due to Price - ((f - c) / g)207 %60 %0 %202 %
38

Reserve Replacement Cost Data
(Continued)
eoglogostackeda.jpg
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2023United
States		TrinidadOther
International		Total
Net Proved Reserve Additions From All Sources - Liquids (MMBbl)
Revisions82 — — 82 
Purchases in Place2 — — 2 
Extensions, Discoveries and Other Additions - (h)388 — — 388 
Total Proved Reserve Additions472 — — 472 
Sales in Place(12)— — (12)
Net Proved Reserve Additions From All Sources - (i)460 — — 460 
Production - (j)256 — — 256 
Reserve Replacement - Liquids
Drilling Only - (h / j)152 %0 %0 %152 %
All-in Total, Net of Revisions and Dispositions - (i / j)180 %0 %0 %180 %
39

Reserve Replacement Cost Data
(Continued)
eoglogostackeda.jpg
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2023
Proved Developed Reserve Replacement Costs ($ / Boe)Total
Total Costs Incurred in Exploration and Development Activities (GAAP) - (k)6,018 
Less: Asset Retirement Costs(257)
Acquisition Costs of Unproved Properties(207)
Acquisition Costs of Proved Properties(16)
Exploration Expenses(181)
Drillbit Exploration and Development Expenditures (Non-GAAP) - (l)5,357 
Total Proved Reserves - Extensions, Discoveries and Other Additions (MMBoe)607 
Add: Conversion of Proved Undeveloped Reserves to Proved Developed360 
Less: Proved Undeveloped Extensions and Discoveries(516)
Proved Developed Reserves - Extensions and Discoveries (MMBoe)451 
Total Proved Reserves - Revisions (MMBoe)29 
Less: Proved Undeveloped Reserves - Revisions51 
           Proved Developed - Revisions Due to Price42 
Proved Developed Reserves - Revisions Other Than Price (MMBoe)122 
Proved Developed Reserves - Extensions and Discoveries Plus Revisions Other Than Price (MMBoe) - (m)573 
Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) (GAAP) - (k / m)10.50 
Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) (Non-GAAP) - (l / m)9.35 
40

Reserve Replacement Cost Data
eoglogostackeda.jpg
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. In addition, to further the comparability of the results of EOG’s current-year capital investment program with those of EOG’s peer companies and other companies in the industry, EOG now deducts Exploration Expenses, as illustrated below, in calculating Total Exploration and Development Expenditures for Drilling Only (Non-GAAP), Total Exploration and Development Expenditures (Non-GAAP), Total Cash Expenditures (Non-GAAP), Drillbit Exploration and Development Expenditures (Non-GAAP) and the related Reserve Replacement Costs metrics. Accordingly, Total Exploration and Development Expenditures for Drilling Only (Non-GAAP), Total Exploration and Development Expenditures (Non-GAAP), Total Cash Expenditures (Non-GAAP), Drillbit Exploration and Development Expenditures (Non-GAAP) and the related Reserve Replacement Costs metrics, in each case for fiscal year 2023 and 2022, have been calculated on such basis, and the calculations for each of the prior periods shown have been revised and conformed.
202320222021
Total Costs Incurred in Exploration and Development Activities (GAAP)6,018 5,229 3,969 
Less: Asset Retirement Costs(257)(298)(127)
Non-Cash Acquisition Costs of Unproved Properties(99)(127)(45)
Total Acquisition Costs of Proved Properties(16)(419)(100)
Non-Cash Development Drilling(90)— — 
Exploration Expenses(181)(159)(154)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)5,375 4,226 3,543 
Total Costs Incurred in Exploration and Development Activities (GAAP) - (b)6,018 5,229 3,969 
Less: Asset Retirement Costs(257)(298)(127)
Non-Cash Acquisition Costs of Unproved Properties(99)(127)(45)
Non-Cash Acquisition Costs of Proved Properties(6)(26)(5)
Non-Cash Development Drilling(90)— — 
Exploration Expenses(181)(159)(154)
Total Exploration and Development Expenditures (Non-GAAP) - (c)5,385 4,619 3,638 
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (d)(110)11 194 
Revisions Other Than Price139 325 (308)
Purchases in Place2 16 9 
Extensions, Discoveries and Other Additions - (e)607 560 952 
Total Proved Reserve Additions - (f)638 912 847 
Sales in Place(17)(88)(11)
Net Proved Reserve Additions From All Sources621 824 836 
Production361 333 309 
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / e)8.86 7.55 3.72 
All-in Total, Net of Revisions - (c / f)8.44 5.06 4.30 
All-in Total, Excluding Revisions Due to Price (GAAP) - (b / ( f - d))8.05 5.80 6.08 
All-in Total, Excluding Revisions Due to Price (Non-GAAP) - (c / ( f - d))7.20 5.13 5.57 
41

Reserve Replacement Cost Data
(Continued)
eoglogostackeda.jpg
In millions of USD, except reserves and ratio data (Unaudited)
202020192018
Total Costs Incurred in Exploration and Development Activities (GAAP)
3,718 6,628 6,420 
Less: Asset Retirement Costs(117)(186)(70)
Non-Cash Acquisition Costs of Unproved Properties
(197)(98)(291)
Total Acquisition Costs of Proved Properties(135)(380)(124)
Exploration Expenses(146)(140)(149)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)
3,123 5,824 5,786 
Total Costs Incurred in Exploration and Development Activities (GAAP) - (b)3,718 6,628 6,420 
Less: Asset Retirement Costs(117)(186)(70)
Non-Cash Acquisition Costs of Unproved Properties
(197)(98)(291)
Non-Cash Acquisition Costs of Proved Properties
(15)(52)(71)
Exploration Expenses(146)(140)(149)
Total Exploration and Development Expenditures (Non-GAAP) - (c)3,243 6,152 5,839 
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (d)(278)(60)35 
Revisions Other Than Price(89)— (40)
Purchases in Place10 17 12 
Extensions, Discoveries and Other Additions - (e)564 750 670 
Total Proved Reserve Additions - (f)207 707 677 
Sales in Place(31)(5)(11)
Net Proved Reserve Additions From All Sources176 702 666 
Production285 301 265 
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / e)5.54 7.77 8.64 
All-in Total, Net of Revisions - (c / f)15.67 8.70 8.62 
All-in Total, Excluding Revisions Due to Price (GAAP) - (b / ( f - d))7.67 8.64 10.00 
All-in Total, Excluding Revisions Due to Price (Non-GAAP) - (c / ( f - d))6.69 8.02 9.10 

Definitions
$/BoeU.S. Dollars per barrel of oil equivalent
MMBoeMillion barrels of oil equivalent
42
v3.24.0.1
DEI Document and Entity Information
Feb. 22, 2024
Cover [Abstract]  
City Area Code 713
Local Phone Number 651-7000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000821189
Title of 12(b) Security Common Stock, par value $0.01 per share
Entity Incorporation, State or Country Code DE
Document Type 8-K
Document Period End Date Feb. 22, 2024
Entity File Number 1-9743
Entity Tax Identification Number 47-0684736
Trading Symbol EOG
Security Exchange Name NYSE
Amendment Flag false
Entity Registrant Name EOG RESOURCES, INC.
Entity Address, Address Line One 1111 Bagby
Entity Address, Address Line Two Sky Lobby 2
Entity Address, City or Town Houston
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77002
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