EOG Resources Inc.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 6 November 2025: press release. The quarter’s numbers.

Key takeaways

Diluted EPS was 2.70: Net income per share on a diluted GAAP basis was 2.70 dollars in the third quarter, against 2.46 in the second quarter, on 544 million average diluted shares. Source
Adjusted diluted EPS was 2.71: Adjusted net income (non-GAAP) was 1,472 million dollars, or 2.71 dollars per diluted share, against 2.32 in the second quarter. The adjustments are listed in the company's reconciliation. Source
Total output reached 1,301.2 MBoed: Total crude oil equivalent volumes were 1,301.2 MBoed (119.7 MMBoe) in the third quarter, against 1,134.1 MBoed in the second quarter. Source
Capital spending rose to 1,648 million: Total capital expenditures (non-GAAP) were 1,648 million dollars in the third quarter, against 1,523 million in the second quarter. Free cash flow (non-GAAP) was 1,383 million, against 973 million. Source
Encino properties cost 6,736 million: Acquisition costs of properties in total expenditures (GAAP) were 6,736 million dollars in the third quarter. Total expenditures (GAAP) were 8,544 million dollars for the quarter. Source
Debt rose to 7,694 million: Current and long-term debt (GAAP) was 7,694 million dollars at September 30, 2025, against 4,236 million at June 30. Long-term debt borrowings in the third quarter were 3,472 million. Source

What changed from last quarter

New: The third-quarter cash flow statement records a net cash payment for the Encino acquisition of 4,464 million dollars. Source
New: The company now presents Adjusted Cash Flow from Operations (Non-GAAP) in place of Cash Flow from Operations Before Changes in Working Capital (Non-GAAP), and adds back acquisition-related costs. Source

Earnings and per-share results

Net income rose to 1,471 million: Net income was 1,471 million dollars in the third quarter, against 1,345 million in the second quarter. Income tax provision was 353 million. Source
Diluted EPS was 2.70: Net income per share on a diluted GAAP basis was 2.70 dollars in the third quarter, against 2.46 in the second quarter, on 544 million average diluted shares. Source
Adjusted diluted EPS was 2.71: Adjusted net income (non-GAAP) was 1,472 million dollars, or 2.71 dollars per diluted share, against 2.32 in the second quarter. The adjustments are listed in the company's reconciliation. Source
Total revenues rose to 5,847 million: Total operating revenues and other were 5,847 million dollars in the third quarter, against 5,478 million in the second quarter. Operating income was 1,836 million, against 1,747 million. Source

Production and realized prices

Total output reached 1,301.2 MBoed: Total crude oil equivalent volumes were 1,301.2 MBoed (119.7 MMBoe) in the third quarter, against 1,134.1 MBoed in the second quarter. Source
Crude oil volumes rose to 534.5 MBbld: Crude oil and condensate volumes were 534.5 MBbld, against 504.2 MBbld in the second quarter. United States volumes were 532.9 MBbld and Trinidad volumes 1.6 MBbld. Source
Gas and NGL volumes both increased: Natural gas volumes were 2,745 MMcfd, against 2,229 MMcfd. Natural gas liquids volumes were 309.3 MBbld, against 258.4 MBbld in the second quarter. Source
Composite crude price was 65.95 per barrel: The composite average crude oil and condensate price was 65.95 dollars per barrel, against 64.82 in the second quarter. The composite natural gas price was 2.80 dollars per Mcf, against 2.96. Source

Segments and regions

United States made up most volumes: United States crude oil equivalent volumes were 1,260.7 MBoed in the third quarter, against 1,090.9 MBoed in the second quarter, out of a total of 1,301.2 MBoed. Source
Trinidad volumes eased to 39.8 MBoed: Trinidad crude oil equivalent volumes were 39.8 MBoed, against 43.2 MBoed in the second quarter. The Trinidad natural gas price was 3.80 dollars per Mcf. Source
Bahrain operations are reported separately: Other International is reported as the Kingdom of Bahrain operations. Its third-quarter natural gas volume was 4 MMcfd, and its realized price is contract price less Bapco's processing and distribution costs. Source

Costs, margins and expenses

Cash costs plus DD&A was 20.27 per Boe: Total cash operating costs and DD&A were 20.27 dollars per Boe on a GAAP basis, against 20.25 in the second quarter. On a non-GAAP basis the figure was 19.70, against 20.14. Source
Composite margin was 13.42 per Boe: Composite average margin per Boe including total exploration costs was 13.42 dollars on a GAAP basis, against 14.94 in the second quarter. Composite revenue per Boe was 38.05 dollars, against 39.80. Source
Gathering and transport costs rose to 587 million: Gathering, processing and transportation costs were 587 million dollars in the third quarter, against 455 million in the second quarter. Depreciation, depletion and amortization was 1,169 million, against 1,053 million. Source
Acquisition-related costs of 68 million: Acquisition-related costs were 68 million dollars before tax in the third quarter, against 18 million in the second quarter. The company describes the third-quarter amount as Encino acquisition-related G&A costs. Source

Cash flow, capital and shareholder returns

Operating cash flow was 3,111 million: Net cash provided by operating activities was 3,111 million dollars in the third quarter, against 2,032 million in the second quarter. Adjusted cash flow from operations (non-GAAP) was 3,031 million, against 2,496 million. Source
Capital spending rose to 1,648 million: Total capital expenditures (non-GAAP) were 1,648 million dollars in the third quarter, against 1,523 million in the second quarter. Free cash flow (non-GAAP) was 1,383 million, against 973 million. Source
Share repurchases were 479 million: Treasury stock purchases were 479 million dollars in the third quarter, against 602 million in the second quarter. Year-to-date purchases were 1,887 million dollars. Source
Dividends paid were 545 million: Dividends paid were 545 million dollars in the third quarter, against 528 million in the second quarter. Year-to-date dividends paid were 1,611 million dollars. Source

Encino acquisition, debt and reporting changes

Encino properties cost 6,736 million: Acquisition costs of properties in total expenditures (GAAP) were 6,736 million dollars in the third quarter. Total expenditures (GAAP) were 8,544 million dollars for the quarter. Source
Debt rose to 7,694 million: Current and long-term debt (GAAP) was 7,694 million dollars at September 30, 2025, against 4,236 million at June 30. Long-term debt borrowings in the third quarter were 3,472 million. Source
Net debt position moved to 4,164 million: Net debt (non-GAAP) was 4,164 million dollars at September 30, 2025, against net cash of 980 million at June 30. Debt-to-total capitalization (GAAP) was 20.3 percent, against 12.7 percent. Source
Cash balance fell to 3,530 million: Cash and cash equivalents were 3,530 million dollars at the end of the third quarter, against 5,216 million at the end of the second quarter. Net property, plant and equipment rose to 42,585 million. Source

Figures management reported

Figure	Reported
Crude oil and condensate volumes (MBbld), total, 3Q 2025 Source	534.5
Crude oil equivalent volumes (MBoed), total, 3Q 2025 Source	1,301.2
Composite crude oil price ($/Bbl), 3Q 2025 Source	65.95
Composite natural gas price ($/Mcf), 3Q 2025 Source	2.80
Total capital expenditures, non-GAAP ($MM), 3Q 2025 Source	1,648
Total operating cost per Boe excl. DD&A and exploration (GAAP), 3Q 2025 Source	13.67
Total cash operating costs and DD&A per Boe (GAAP), 3Q 2025 Source	20.27
Treasury stock purchased ($MM), 3Q 2025 Source	479
Dividends paid ($MM), 3Q 2025 Source	545

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Table of Contents
Third Quarter 2025
Supplemental Financial and Operating Data	Page
Income Statements	12
Volumes and Prices	13
Balance Sheets	14
Cash Flow Statements	15
Non-GAAP Financial Measures	16
Adjusted Net Income	17
Net Income Per Share	24
Adjusted Net Income Per Share	26
Cash Flow from Operations and Free Cash Flow	28
Net Debt-to-Total Capitalization Ratio	30
Revenues, Costs and Margins Per Barrel of Oil Equivalent	31
Additional Key Financial Information	35

	2024					2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
Income Statements
In millions of USD, except share data (in millions) and per share data (Unaudited)
Operating Revenues and Other
Crude Oil and Condensate	3,480	3,692	3,488	3,261	13,921	3,293	2,974	3,243		9,510
Natural Gas Liquids	513	515	524	554	2,106	572	534	604		1,710
Natural Gas	382	303	372	494	1,551	637	600	707		1,944
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	237	(47)	79	(65)	204	(191)	107	116		32
Gathering, Processing and Marketing	1,459	1,519	1,481	1,341	5,800	1,340	1,247	1,178		3,765
Gains (Losses) on Asset Dispositions, Net	26	20	(7)	(23)	16	(1)	-	(18)		(19)
Other, Net	26	23	28	23	100	19	16	17		52
Total	6,123	6,025	5,965	5,585	23,698	5,669	5,478	5,847		16,994
Operating Expenses
Lease and Well	396	390	392	394	1,572	401	396	431		1,228
Gathering, Processing and Transportation Costs	413	423	445	441	1,722	440	455	587		1,482
Exploration Costs	45	34	43	52	174	41	74	71		186
Dry Hole Costs	1	5	-	8	14	34	11	-		45
Impairments	19	81	15	276	391	44	39	71		154
Marketing Costs	1,404	1,490	1,500	1,323	5,717	1,325	1,216	1,134		3,675
Depreciation, Depletion and Amortization	1,074	984	1,031	1,019	4,108	1,013	1,053	1,169		3,235
General and Administrative	162	151	167	189	669	171	186	239		596
Taxes Other Than Income	338	337	283	291	1,249	341	301	309		951
Total	3,852	3,895	3,876	3,993	15,616	3,810	3,731	4,011		11,552
Operating Income	2,271	2,130	2,089	1,592	8,082	1,859	1,747	1,836		5,442
Other Income, Net	62	66	76	70	274	65	55	59		179
Income Before Interest Expense and Income Taxes	2,333	2,196	2,165	1,662	8,356	1,924	1,802	1,895		5,621
Interest Expense, Net	33	36	31	38	138	47	51	71		169
Income Before Income Taxes	2,300	2,160	2,134	1,624	8,218	1,877	1,751	1,824		5,452
Income Tax Provision	511	470	461	373	1,815	414	406	353		1,173
Net Income	1,789	1,690	1,673	1,251	6,403	1,463	1,345	1,471		4,279
Dividends Declared per Common Share	0.9100	0.9100	0.9100	0.9750	3.7050	0.9750	1.9950	-		2.9700
Net Income Per Share
Basic	3.11	2.97	2.97	2.25	11.31	2.66	2.48	2.72		7.85
Diluted	3.10	2.95	2.95	2.23	11.25	2.65	2.46	2.70		7.81
Average Number of Common Shares
Basic	575	569	564	557	566	550	543	541		545
Diluted	577	572	568	561	569	553	546	544		548

	2024						2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr		Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
Volumes and Prices
(Unaudited)
Crude Oil and Condensate Volumes (MBbld) (A)
United States	486.8	490.1	491.8		493.5	490.6	500.9	503.1	532.9		512.4
Trinidad	0.6	0.6	1.2		1.1	0.8	1.2	1.1	1.6		1.3
Total	487.4	490.7	493.0	494.6		491.4	502.1	504.2	534.5		513.7
Average Crude Oil and Condensate Prices($/Bbl) (B)
United States	$78.46	$82.71	$76.95	$71.68		$77.42	$72.90	$64.84	$65.97		$67.83
Trinidad	67.50	70.75	63.15		60.47	64.43	61.12	54.50	57.74		57.80
Composite	78.45	82.69	76.92		71.66	77.40	72.87	64.82	65.95		67.81
Natural Gas Liquids Volumes (MBbld) (A)
United States	231.7	244.8	254.3		252.5	245.9	241.7	258.4	309.3		270.0
Total	231.7	244.8	254.3	252.5		245.9	241.7	258.4	309.3		270.0
Average Natural Gas Liquids Prices ($/Bbl) (B)
United States	$24.32	$23.11	$22.42	$23.85		$23.40	$26.29	$22.70	$21.25		$23.20
Composite	24.32	23.11	22.42		23.85	23.40	26.29	22.70	21.25		23.20
Natural Gas Volumes (MMcfd) (A)
United States	1,658	1,668	1,745	1,840		1,728	1,834	1,977	2,511		2,110
Trinidad	200	204	225	252		220	246	252	230		243
Other International (C)	-	-	-	-		-	-	-	4		1
Total	1,858	1,872	1,970	2,092		1,948	2,080	2,229	2,745		2,354
Average Natural Gas Prices ($/Mcf) (B)
United States	$2.10	$1.57	$1.84	$2.39		$1.99	$3.36	$2.87	$2.71		$2.94
Trinidad	3.54	3.48	3.68		3.86	3.65	3.78	3.65	3.80		3.74
Other International (C)	-	-	-	-		-	-	-	3.27		3.27
Composite	2.26	1.78	2.05		2.57	2.17	3.41	2.96	2.80		3.03
Crude Oil Equivalent Volumes (MBoed) (D)
United States	994.7	1,013.0	1,037.1	1,052.7		1,024.5	1,048.3	1,090.9	1,260.7		1,134.1
Trinidad	34.1	34.5	38.6	43.0		37.6	42.1	43.2	39.8		41.7
Other International	-	-	-	-		-	-	-	0.7		0.2
Total	1,028.8	1,047.5	1,075.7	1,095.7		1,062.1	1,090.4	1,134.1	1,301.2		1,176.0
Total MMBoe (D)	93.6	95.3	99.0		100.8	388.7	98.1	103.2	119.7		321.0

(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 and other derivative instruments (see Note 10 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025).

(C)Other International represents EOG’s Kingdom of Bahrain operations. Realized price represents contract price less Bapco’s processing and distribution costs.

(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.

	2024				2025
	MAR	JUN	SEP	DEC	MAR	JUN	SEP	DEC
Balance Sheets
In millions of USD (Unaudited)
Current Assets
Cash and Cash Equivalents	5,292	5,431	6,122	7,092	6,599	5,216	3,530
Accounts Receivable, Net	2,688	2,657	2,545	2,650	2,621	2,504	2,680
Inventories	1,154	1,069	1,038	985	897	934	945
Assets from Price Risk Management Activities	110	4	-	-	-	-	19
Other (A)	684	642	460	503	563	591	646
Total	9,928	9,803	10,165	11,230	10,680	9,245	7,820
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	73,356	74,615	75,887	77,091	78,432	80,139	88,301
Other Property, Plant and Equipment	5,768	6,078	6,314	6,418	6,510	6,616	6,772
Total Property, Plant and Equipment	79,124	80,693	82,201	83,509	84,942	86,755	95,073
Less: Accumulated Depreciation, Depletion and Amortization	(46,047)	(47,049)	(48,075)	(49,297)	(50,310)	(51,394)	(52,488)
Total Property, Plant and Equipment, Net	33,077	33,644	34,126	34,212	34,632	35,361	42,585
Deferred Income Taxes	38	44	42	39	44	39	37
Other Assets	1,753	1,733	1,818	1,705	1,626	1,639	1,757
Total Assets	44,796	45,224	46,151	47,186	46,982	46,284	52,199
Current Liabilities
Accounts Payable	2,389	2,436	2,290	2,464	2,353	2,266	2,944
Accrued Taxes Payable	786	600	855	1,007	668	348	392
Dividends Payable	523	516	513	539	534	1,081	550
Liabilities from Price Risk Management Activities	-	8	32	116	276	85	17
Current Portion of Long-Term Debt	34	534	34	532	1,280	778	27
Current Portion of Operating Lease Liabilities	318	303	338	315	318	360	433
Other	223	231	344	381	290	257	452
Total	4,273	4,628	4,406	5,354	5,719	5,175	4,815
Long-Term Debt	3,757	3,250	3,742	4,220	3,464	3,458	7,667
Other Liabilities	2,533	2,456	2,480	2,395	2,368	2,398	2,496
Deferred Income Taxes	5,597	5,731	5,949	5,866	5,915	6,015	6,936
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par	206	206	206	206	206	206	206
Additional Paid in Capital	6,188	6,219	6,058	6,090	6,095	6,153	5,978
Accumulated Other Comprehensive Loss	(8)	(8)	(9)	(4)	(4)	(7)	(5)
Retained Earnings	23,897	25,071	26,231	26,941	27,869	28,131	29,603
Common Stock Held in Treasury	(1,647)	(2,329)	(2,912)	(3,882)	(4,650)	(5,245)	(5,497)
Total Stockholders' Equity	28,636	29,159	29,574	29,351	29,516	29,238	30,285
Total Liabilities and Stockholders' Equity	44,796	45,224	46,151	47,186	46,982	46,284	52,199

(A) Effective October 1, 2024, EOG combined Income Taxes Receivable into the Other line item. This presentation has been conformed for all periods presented and had no impact on previously reported Total Assets.

	2024					2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
Cash Flow Statements
In millions of USD (Unaudited)
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
Net Income	1,789	1,690	1,673	1,251	6,403	1,463	1,345	1,471		4,279
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	1,074	984	1,031	1,019	4,108	1,013	1,053	1,169		3,235
Impairments	19	81	15	276	391	44	39	71		154
Stock-Based Compensation Expenses	45	45	58	51	199	50	53	53		156
Deferred Income Taxes	199	128	220	(80)	467	44	105	278		427
(Gains) Losses on Asset Dispositions, Net	(26)	(20)	7	23	(16)	1	-	18		19
Other, Net	9	3	2	3	17	11	11	2		24
Dry Hole Costs	1	5	-	8	14	34	11	-		45
Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net	(237)	47	(79)	65	(204)	191	(107)	(116)		(32)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts	55	79	61	19	214	(38)	(24)	27		(35)
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	58	33	109	(99)	101	48	122	133		303
Inventories	117	75	30	37	259	76	(45)	4		35
Accounts Payable	(58)	29	(159)	152	(36)	(129)	(107)	5		(231)
Accrued Taxes Payable	319	(185)	256	151	541	(339)	(321)	28		(632)
Other Assets	(161)	42	197	(34)	44	(43)	(43)	(28)		(114)
Other Liabilities	(71)	(20)	108	6	23	(96)	(52)	155		7
Changes in Components of Working Capital Associated with Investing Activities	(229)	(127)	59	(85)	(382)	(41)	(8)	(159)		(208)
Net Cash Provided by Operating Activities	2,903	2,889	3,588	2,763	12,143	2,289	2,032	3,111		7,432
Investing Cash Flows
Acquisition of Encino Acquisition Partners, LLC, Net of Cash Acquired	-	-	-	-	-	-	-	(4,464)		(4,464)
Additions to Oil and Gas Properties	(1,485)	(1,357)	(1,263)	(1,248)	(5,353)	(1,381)	(1,699)	(1,492)		(4,572)
Additions to Other Property, Plant and Equipment	(350)	(313)	(239)	(117)	(1,019)	(102)	(94)	(171)		(367)
Proceeds from Sales of Assets	9	10	-	4	23	12	4	5		21
Changes in Components of Working Capital Associated with Investing Activities	229	127	(59)	85	382	41	8	159		208
Net Cash Used in Investing Activities	(1,597)	(1,533)	(1,561)	(1,276)	(5,967)	(1,430)	(1,781)	(5,963)		(9,174)
Financing Cash Flows
Long-Term Debt Borrowings	-	-	-	985	985	-	-	3,472		3,472
Long-Term Debt Repayments	-	-	-	-	-	-	(500)	(1,266)		(1,766)
Dividends Paid	(525)	(520)	(533)	(509)	(2,087)	(538)	(528)	(545)		(1,611)
Treasury Stock Purchased	(759)	(699)	(795)	(993)	(3,246)	(806)	(602)	(479)		(1,887)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan	-	11	-	11	22	-	11	-		11
Debt Issuance and Other Financing Costs	-	-	-	(2)	(2)	-	(7)	(7)		(14)
Repayment of Finance Lease Liabilities	(8)	(9)	(8)	(8)	(33)	(8)	(9)	(8)		(25)
Net Cash Used in Financing Activities	(1,292)	(1,217)	(1,336)	(516)	(4,361)	(1,352)	(1,635)	1,167		(1,820)
Effect of Exchange Rate Changes on Cash	-	-	-	(1)	(1)	-	1	(1)		-
Increase (Decrease) in Cash and Cash Equivalents	14	139	691	970	1,814	(493)	(1,383)	(1,686)		(3,562)
Cash and Cash Equivalents at Beginning of Period	5,278	5,292	5,431	6,122	5,278	7,092	6,599	5,216		7,092
Cash and Cash Equivalents at End of Period	5,292	5,431	6,122	7,092	7,092	6,599	5,216	3,530		3,530

Non-GAAP Financial Measures

To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), EOG’s quarterly earnings releases and related conference calls, accompanying investor presentation slides and presentation slides for investor conferences contain certain financial measures that are not prepared or presented in accordance with GAAP. These non-GAAP financial measures may include, but are not limited to, Adjusted Net Income (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.

	3Q 2025
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share
Adjusted Net Income
In millions of USD, except share data (in millions) and per share data (Unaudited)
The following tables adjust reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of financial commodity derivative contracts by eliminating the net unrealized mark-to-market (gains) losses from these and other derivative transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets)), to add back costs associated with the Encino acquisition 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.
Reported Net Income (GAAP)	1,824	(353)	1,471	2.70
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	(116)	25	(91)	(0.16)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts	27	(5)	22	0.04
Add: Losses on Asset Dispositions, Net	18	(6)	12	0.02
Add: Acquisition-related costs	68	(10)	58	0.11
Adjustments to Net Income	(3)	4	1	0.01
Adjusted Net Income (Non-GAAP)	1,821	(349)	1,472	2.71
Average Number of Common Shares
Basic				541
Diluted				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).

	2Q 2025
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share
Adjusted Net Income(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
Reported Net Income (GAAP)	1,751	(406)	1,345	2.46
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	(107)	23	(84)	(0.16)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts	(24)	5	(19)	(0.03)
Add: Certain Impairments	11	-	11	0.02
Add: Acquisition-related costs	18	(3)	15	0.03
Adjustments to Net Income	(102)	25	(77)	(0.14)
Adjusted Net Income (Non-GAAP)	1,649	(381)	1,268	2.32
Average Number of Common Shares
Basic				543
Diluted				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 three months ended June 30, 2025, such amount was $24 million.

(2) Consists of Encino acquisition-related G&A costs ($12 million) and financing commitment costs ($6 million).

	1Q 2025
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share
Adjusted Net Income(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
Reported Net Income (GAAP)	1,877	(414)	1,463	2.65
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	191	(41)	150	0.26
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts	(38)	8	(30)	(0.05)
Add: Losses on Asset Dispositions, Net	1	2	3	0.01
Adjustments to Net Income	154	(31)	123	0.22
Adjusted Net Income (Non-GAAP)	2,031	(445)	1,586	2.87
Average Number of Common Shares
Basic				550
Diluted				553

	4Q 2024
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share
Adjusted Net Income(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
Reported Net Income (GAAP)	1,624	(373)	1,251	2.23
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	65	(14)	51	0.10
Net Cash Received from Settlements of Financial Commodity Derivative Contracts	19	(4)	15	0.03
Add: Losses on Asset Dispositions, Net	23	(4)	19	0.03
Add: Certain Impairments	254	(55)	199	0.35
Adjustments to Net Income	361	(77)	284	0.51
Adjusted Net Income (Non-GAAP)	1,985	(450)	1,535	2.74
Average Number of Common Shares
Basic				557
Diluted				561

	3Q 2024
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share
Adjusted Net Income(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
Reported Net Income (GAAP)	2,134	(461)	1,673	2.95
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	(79)	17	(62)	(0.11)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts	61	(13)	48	0.08
Add: Losses on Asset Dispositions, Net	7	(2)	5	0.01
Less: Severance Tax Refund	(31)	7	(24)	(0.04)
Add: Severance Tax Consulting Fees	10	(2)	8	0.01
Less: Interest on Severance Tax Refund	(5)	1	(4)	(0.01)
Adjustments to Net Income	(37)	8	(29)	(0.06)
Adjusted Net Income (Non-GAAP)	2,097	(453)	1,644	2.89
Average Number of Common Shares
Basic				564
Diluted				568

	FY 2024
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share
Adjusted Net Income(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
Reported Net Income (GAAP)	8,218	(1,815)	6,403	11.25
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	(204)	44	(160)	(0.28)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts	214	(46)	168	0.30
Less: Gains on Asset Dispositions, Net	(16)	3	(13)	(0.02)
Add: Certain Impairments	291	(57)	234	0.41
Less: Severance Tax Refund	(31)	7	(24)	(0.04)
Add: Severance Tax Consulting Fees	10	(2)	8	0.01
Less: Interest on Severance Tax Refund	(5)	1	(4)	(0.01)
Adjustments to Net Income	259	(50)	209	0.37
Adjusted Net Income (Non-GAAP)	8,477	(1,865)	6,612	11.62
Average Number of Common Shares
Basic				566
Diluted				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.

	FY 2023
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share
Adjusted Net Income(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
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	(112)	24	(88)	(0.15)
Less: Gains on Asset Dispositions, Net	(95)	20	(75)	(0.13)
Add: Certain Impairments	42	(6)	36	0.06
Adjustments to Net Income	(983)	214	(769)	(1.31)
Adjusted Net Income (Non-GAAP)	8,706	(1,881)	6,825	11.69
Average Number of Common Shares
Basic				581
Diluted				584

(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, 2023, such amount was $112 million.

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 2025 Net Income per Share (GAAP) - Diluted		2.46
Realized Prices
3Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe	38.05
Less: 2Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe	(39.80)
Subtotal	(1.75)
Multiplied by: 3Q 2025 Crude Oil Equivalent Volumes (MMBoe)	119.7
Total Change in Revenue	(209)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	46
Change in Net Income	(163)
Change in Diluted Earnings per Share		(0.30)
Volumes
3Q 2025 Crude Oil Equivalent Volumes (MMBoe)	119.7
Less: 2Q 2025 Crude Oil Equivalent Volumes (MMBoe)	(103.2)
Subtotal	16.5
Multiplied by: 3Q 2025 Composite Average Margin per Boe (GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)	13.42
Change in Margin	221
Less: Income Tax Benefit (Provision) Imputed (based on 22%)	(49)
Change in Net Income	172
Change in Diluted Earnings per Share		0.32
Certain Operating Costs per Boe
2Q 2025 Total Cash Operating Costs (GAAP) and Total DD&A per Boe	20.25
Less: 3Q 2025 Total Cash Operating Costs (GAAP) and Total DD&A per Boe	(20.27)
Subtotal	(0.02)
Multiplied by: 3Q 2025 Crude Oil Equivalent Volumes (MMBoe)	119.7
Change in Before-Tax Net Income	(2)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	1
Change in Net Income	(1)
Change in Diluted Earnings per Share		0.00

Net Income Per Share(Continued)
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
3Q 2025 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts	116
Less: Income Tax Benefit (Provision)	(25)
After Tax - (a)	91
Less: 2Q 2025 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts	107
Less: Income Tax Benefit (Provision)	(23)
After Tax - (b)	84
Change in Net Income - (a) - (b)	7
Change in Diluted Earnings per Share		0.01
Other		0.21
3Q 2025 Net Income per Share (GAAP) - Diluted		2.70
3Q 2025 Average Number of Common Shares - Diluted	544

(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.

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 2025 Adjusted Net Income per Share (Non-GAAP) - Diluted		2.32
Realized Prices
3Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe	38.05
Less: 2Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe	(39.80)
Subtotal	(1.75)
Multiplied by: 3Q 2025 Crude Oil Equivalent Volumes (MMBoe)	119.7
Total Change in Revenue	(209)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	46
Change in Net Income	(163)
Change in Diluted Earnings per Share		(0.30)
Volumes
3Q 2025 Crude Oil Equivalent Volumes (MMBoe)	119.7
Less: 2Q 2025 Crude Oil Equivalent Volumes (MMBoe)	(103.2)
Subtotal	16.5
Multiplied by: 3Q 2025 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)	13.99
Change in Margin	231
Less: Income Tax Benefit (Provision) Imputed (based on 22%)	(51)
Change in Net Income	180
Change in Diluted Earnings per Share		0.33
Certain Operating Costs per Boe
2Q 2025 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe	20.14
Less: 3Q 2025 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe	(19.70)
Subtotal	0.44
Multiplied by: 3Q 2025 Crude Oil Equivalent Volumes (MMBoe)	119.7
Change in Before-Tax Net Income	53
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	(12)
Change in Net Income	41
Change in Diluted Earnings per Share		0.08

Adjusted Net Income Per Share(Continued)
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
3Q 2025 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts	27
Less: Income Tax Benefit (Provision)	(5)
After Tax - (a)	22
Less: 2Q 2025 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts	(24)
Less: Income Tax Benefit (Provision)	5
After Tax - (b)	(19)
Change in Net Income - (a) - (b)	41
Change in Diluted Earnings per Share		0.08
Other		0.20
3Q 2025 Adjusted Net Income per Share (Non-GAAP)		2.71
3Q 2025 Average Number of Common Shares - Diluted	544

(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.

	2024						2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
Cash Flow from Operations and Free Cash Flow
In millions of USD (Unaudited)
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Adjusted Cash Flow from Operations (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 (or Investing and Financing Activities, as applicable) and certain other adjustments to exclude certain non-recurring items and other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Adjusted Cash Flow from Operations (Non-GAAP) (see below reconciliation) for such period less the Total Capital Expenditures (Non-GAAP) (see below reconciliation) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry. As indicated in the tables below, EOG is (1) in addition to its customary working capital-related adjustments, adjusting Net Cash Provided by Operating Activities (GAAP) to add back certain non-recurring acquisition-related costs incurred during the second and third quarters of 2025 and (2) now presenting such adjusted measure as “Adjusted Cash Flow from Operations (Non-GAAP)” (instead of “Cash Flow from Operations Before Changes in Working Capital (Non-GAAP)” as reported in prior periods); the presentation below with respect to the second and third quarters of 2025 and the prior periods shown has been conformed.
Net Cash Provided by Operating Activities (GAAP)	2,903	2,889	3,588	2,763	12,143		2,289	2,032	3,111		7,432
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(58)	(33)	(109)	99	(101)		(48)	(122)	(133)		(303)
Inventories	(117)	(75)	(30)	(37)	(259)		(76)	45	(4)		(35)
Accounts Payable	58	(29)	159	(152)	36		129	107	(5)		231
Accrued Taxes Payable	(319)	185	(256)	(151)	(541)		339	321	(28)		632
Other Assets	161	(42)	(197)	34	(44)		43	43	28		114
Other Liabilities	71	20	(108)	(6)	(23)		96	52	(155)		(7)
Changes in Components of Working Capital Associated with Investing Activities	229	127	(59)	85	382		41	8	159		208
Add:
Acquisition-Related Costs , Net of Tax	-	-	-	-	-		-	10	58		68
Adjusted Cash Flow from Operations (Non-GAAP)	2,928	3,042	2,988	2,635	11,593		2,813	2,496	3,031		8,340
Less:
Total Capital Expenditures (Non-GAAP)	(1,703)	(1,668)	(1,497)	(1,358)	(6,226)		(1,484)	(1,523)	(1,648)		(4,655)
Free Cash Flow (Non-GAAP)	1,225	1,374	1,491	1,277	5,367		1,329	973	1,383		3,685
(1) Consists of Encino acquisition-related G&A costs of $12 million and $68 million (each before tax) for the three months ended June 30, 2025 and three months ended September 30, 2025, respectively.
(2) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
						2024						2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
Total Expenditures (GAAP)	1,952	1,682	1,573	1,446	6,653		1,546	1,883	8,544		11,973
Less:
Asset Retirement Costs	(21)	60	(11)	(26)	2		(13)	(14)	(86)		(113)
Non-Cash Leasehold Acquisition Costs	(31)	(34)	(17)	(3)	(85)		(9)	(2)	(3)		(14)
Acquisition Costs of Properties	(21)	(5)	-	(7)	(33)		1	(270)	(6,736)		(7,005)
Acquisition Costs of Other Property, Plant and Equipment	(131)	(1)	(5)	-	(137)		-	-	-		-
Exploration Costs	(45)	(34)	(43)	(52)	(174)		(41)	(74)	(71)		(186)
Total Capital Expenditures (Non-GAAP)	1,703	1,668	1,497	1,358	6,226		1,484	1,523	1,648		4,655

			FY 2023	FY 2022
Cash Flow from Operations and Free Cash Flow(Continued)
In millions of USD (Unaudited)
Net Cash Provided by Operating Activities (GAAP)			11,340	11,093
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable			38	347
Inventories			231	534
Accounts Payable			119	(90)
Accrued Taxes Payable			(61)	113
Other Assets			(39)	364
Other Liabilities			(184)	266
Changes in Components of Working Capital Associated with Investing Activities	(295)	(375)
Adjusted Cash Flow from Operations (Non-GAAP)	11,149	12,252
Less:
Total Capital Expenditures (Non-GAAP)			(6,041)	(4,607)
Free Cash Flow (Non-GAAP)			5,108	7,645
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
Total Expenditures (GAAP)			6,818	5,610
Less:
Asset Retirement Costs			(257)	(298)
Non-Cash Development Drilling			(90)	-
Non-Cash Leasehold Acquisition Costs			(99)	(127)
Acquisition Costs of Properties			(16)	(419)
Acquisition Costs of Other Property, Plant and Equipment			(134)	-
Exploration Costs			(181)	(159)
Total Capital Expenditures (Non-GAAP)			6,041	4,607

(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.

	September 30, 2025	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2024
Net Debt-to-Total Capitalization Ratio
In millions of USD, except ratio data (Unaudited)
The following tables reconcile Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (Non-GAAP), as used in the Net Debt-to-Total Capitalization ratio calculation. A portion of the cash is associated with international subsidiaries; tax considerations may impact debt paydown. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize Net Debt and Total Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation. EOG management uses this information for comparative purposes within the industry.
Total Stockholders' Equity - (a)	30,285	29,238	29,516	29,351	29,574
Current and Long-Term Debt (GAAP) - (b)	7,694	4,236	4,744	4,752	3,776
Less: Cash	(3,530)	(5,216)	(6,599)	(7,092)	(6,122)
Net Debt (Non-GAAP) - (c)	4,164	(980)	(1,855)	(2,340)	(2,346)
Total Capitalization (GAAP) - (a) + (b)	37,979	33,474	34,260	34,103	33,350
Total Capitalization (Non-GAAP) - (a) + (c)	34,449	28,258	27,661	27,011	27,228
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	20.3%	12.7%	13.8%	13.9%	11.3%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	12.1%	-3.5%	-6.7%	-8.7%	-8.6%

	3Q 2025	2Q 2025	1Q 2025	4Q 2024	3Q 2024
Revenues, Costs and Margins Per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or margins per barrel of oil equivalent (Boe). Certain of these components are adjusted for non-recurring and certain other items, as further discussed below. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
Volume - Million Barrels of Oil Equivalent - (a)	119.7	103.2	98.1	100.8	99.0
Total Operating Revenues and Other - (b)	5,847	5,478	5,669	5,585	5,965
Total Operating Expenses - (c)	4,011	3,731	3,810	3,993	3,876
Operating Income - (d)	1,836	1,747	1,859	1,592	2,089
Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas
Crude Oil and Condensate	3,243	2,974	3,293	3,261	3,488
Natural Gas Liquids	604	534	572	554	524
Natural Gas	707	600	637	494	372
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e)	4,554	4,108	4,502	4,309	4,384
Operating Costs
Lease and Well	431	396	401	394	392
Gathering, Processing and Transportation Costs	587	455	440	441	445
General and Administrative (GAAP)	239	186	171	189	167
Less: Certain Items (see Endnotes 2 & 3 to 3Q 2025 earnings release)	(68)	(12)	-	-	(10)
General and Administrative (Non-GAAP)	171	174	171	189	157
Taxes Other Than Income (GAAP)	309	301	341	291	283
Add: Severance Tax Refund	-	-	-	-	31
Taxes Other Than Income (Non-GAAP)	309	301	341	291	314
Interest Expense, Net	71	51	47	38	31
Less: Acquisition-Related Financing Commitment Costs	-	(6)	-	-	-
Interest Expense, Net (Non-GAAP)	71	45	47	38	31
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)	1,637	1,389	1,400	1,353	1,318
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)	1,569	1,371	1,400	1,353	1,339
Depreciation, Depletion and Amortization (DD&A)	1,169	1,053	1,013	1,019	1,031
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)	2,806	2,442	2,413	2,372	2,349
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)	2,738	2,424	2,413	2,372	2,370
Exploration Costs	71	74	41	52	43
Dry Hole Costs	-	11	34	8	-
Impairments	71	39	44	276	15
Total Exploration Costs (GAAP)	142	124	119	336	58
Less: Certain Impairments	-	(11)	-	(254)	-
Total Exploration Costs (Non-GAAP)	142	113	119	82	58
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)	2,948	2,566	2,532	2,708	2,407
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)	2,880	2,537	2,532	2,454	2,428
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))	1,606	1,542	1,970	1,601	1,977
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))	1,674	1,571	1,970	1,855	1,956

	3Q 2025	2Q 2025	1Q 2025	4Q 2024	3Q 2024
Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)	48.85	53.08	57.79	55.41	60.25
Composite Average Operating Expenses per Boe - (c) / (a)	33.51	36.15	38.84	39.62	39.15
Composite Average Operating Income per Boe - (d) / (a)	15.34	16.93	18.95	15.79	21.10
Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe - (e) / (a)	38.05	39.80	45.88	42.74	44.31
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	13.67	13.46	14.26	13.42	13.32
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	24.38	26.34	31.62	29.32	30.99
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)	23.44	23.66	24.58	23.53	23.74
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]	14.61	16.14	21.30	19.21	20.57
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)	24.63	24.86	25.79	26.86	24.33
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]	13.42	14.94	20.09	15.88	19.98
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)	13.10	13.30	14.26	13.42	13.53
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]	24.95	26.50	31.62	29.32	30.78
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)	22.87	23.50	24.58	23.53	23.95
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]	15.18	16.30	21.30	19.21	20.36
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)	24.06	24.59	25.79	24.34	24.54
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]	13.99	15.21	20.09	18.40	19.77

	2024	2023	2022
Revenues, Costs and Margins Per Barrel of Oil Equivalent(Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
Volume - Million Barrels of Oil Equivalent - (a)	388.7	359.4	331.5
Total Operating Revenues and Other - (b)	23,698	24,186	25,702
Total Operating Expenses - (c)	15,616	14,583	15,736
Operating Income (Loss) - (d)	8,082	9,603	9,966
Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas
Crude Oil and Condensate	13,921	13,748	16,367
Natural Gas Liquids	2,106	1,884	2,648
Natural Gas	1,551	1,744	3,781
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e)	17,578	17,376	22,796
Operating Costs
Lease and Well	1,572	1,454	1,331
Gathering, Processing and Transportation Costs	1,722	1,620	1,587
General and Administrative (GAAP)	669	640	570
Less: Severance Tax Consulting Fees	(10)	-	(16)
General and Administrative (Non-GAAP)	659	640	554
Taxes Other Than Income (GAAP)	1,249	1,284	1,585
Add: Severance Tax Refund	31	-	115
Taxes Other Than Income (Non-GAAP)	1,280	1,284	1,700
Interest Expense, Net	138	148	179
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)	5,350	5,146	5,252
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)	5,371	5,146	5,351
Depreciation, Depletion and Amortization (DD&A)	4,108	3,492	3,542
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)	9,458	8,638	8,794
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)	9,479	8,638	8,893
Exploration Costs	174	181	159
Dry Hole Costs	14	1	45
Impairments	391	202	382
Total Exploration Costs (GAAP)	579	384	586
Less: Certain Impairments	(291)	(42)	(113)
Total Exploration Costs (Non-GAAP)	288	342	473
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)	10,037	9,022	9,380
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)	9,767	8,980	9,366
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))	7,541	8,354	13,416
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))	7,811	8,396	13,430

	2024	2023	2022
Revenues, Costs and Margins Per Barrel of Oil Equivalent(Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)	60.97	67.30	77.53
Composite Average Operating Expenses per Boe - (c) / (a)	40.18	40.58	47.47
Composite Average Operating Income (Loss) per Boe - (d) / (a)	20.79	26.72	30.06
Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe - (e) / (a)	45.22	48.34	68.77
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	13.76	14.31	15.84
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	31.46	34.03	52.93
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)	24.33	24.03	26.53
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]	20.89	24.31	42.24
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)	25.82	25.10	28.30
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]	19.40	23.24	40.47
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)	13.82	14.31	16.14
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]	31.40	34.03	52.63
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)	24.39	24.03	26.83
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]	20.83	24.31	41.94
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)	25.13	24.98	28.26
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]	20.09	23.36	40.51

(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).

Additional Key Financial Information
(Unaudited)
See “Endnotes” below for related discussion and definitions.	2024 Actual	2023 Actual	2022 Actual
Crude Oil and Condensate Volumes (MBod)
United States	490.6	475.2	460.7
Trinidad	0.8	0.6	0.6
Total	491.4	475.8	461.3
Natural Gas Liquids Volumes (MBbld)
Total	245.9	223.8	197.7
Natural Gas Volumes (MMcfd)
United States	1,728	1,551	1,315
Trinidad	220	160	180
Total	1,948	1,711	1,495
Crude Oil Equivalent Volumes (MBoed)
United States	1,024.5	957.5	877.5
Trinidad	37.6	27.3	30.7
Total	1,062.1	984.8	908.2
Benchmark Price
Oil (WTI) ($/Bbl)	75.72	77.61	94.23
Natural Gas (HH) ($/Mcf)	2.27	2.74	6.64
Crude Oil and Condensate - above (below) WTI ($/Bbl)
United States	1.70	1.57	2.99
Trinidad	(11.29)	(9.03)	(8.07)
Natural Gas Liquids - Realizations as % of WTI
Total	30.9%	29.7%	39.0%
Natural Gas - above (below) NYMEX Henry Hub ($/Mcf)
United States	(0.28)	(0.04)	0.63
Natural Gas Realizations($/Mcf)
Trinidad	3.65	3.65	4.43
Total Expenditures (GAAP) ($MM)	6,653	6,818	5,610
Capital Expenditures (non-GAAP) ($MM)	6,226	6,041	4,607
Operating Unit Costs ($/Boe)
Lease and Well	4.04	4.05	4.02
Gathering, Processing and Transportation Costs	4.43	4.50	4.78
General and Administrative (GAAP)	1.72	1.78	1.72
General and Administrative (non-GAAP)	1.70	1.78	1.67
Cash Operating Costs (GAAP)	10.19	10.33	10.52
Cash Operating Costs (non-GAAP)	10.17	10.33	10.47
Depreciation, Depletion and Amortization	10.57	9.72	10.69
Expenses ($MM)
Exploration and Dry Hole	188	182	204
Impairment (GAAP)	391	202	382
Impairment (excluding certain impairments (non-GAAP))	100	160	269
Capitalized Interest	45	33	36
Net Interest	138	148	179
TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas)
(GAAP)	7.1%	7.4%	7.0%
(non-GAAP)	7.3%	7.4%	7.5%
Income Taxes
Effective Rate	22.1%	21.6%	21.7%
Current Tax Expense ($MM)	1,348	1,415	2,208

Additional Key Information(Continued)

Endnotes

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

2)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.

3)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.

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

5)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.

6)Cash Operating Costs consist of LOE, GP&T and G&A. 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 consulting fees on G&A and total Cash Operating Costs for fiscal year 2024 and fiscal year 2022 was $(0.02) and $(0.05), respectively.

7)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).