EOG Resources Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 5 May 2026: press release. The quarter’s numbers.

Key takeaways

Net income and diluted EPS rose: Net income was $1,980 million and diluted net income per share was $3.70, against $701 million and $1.30 in fourth quarter 2025. Source
Adjusted diluted EPS was $3.41: Adjusted net income, a non-GAAP measure, was $1,825 million, or $3.41 per diluted share, compared with reported net income of $1,980 million. Source
Total volumes were 1,383.8 MBoed: Total crude oil equivalent volumes were 1,383.8 MBoed, against 1,399.0 MBoed in fourth quarter 2025; total volume was 124.5 MMBoe, against 128.7. Source
Crude realized price rose to $72.47: Composite crude oil and condensate price was $72.47 per barrel, against $59.54 in fourth quarter 2025. Source
Margin per Boe rose to $18.11: Composite margin per Boe including total exploration costs was $18.11, against $6.70 in fourth quarter 2025. Source
Free cash flow rose to 1,493 million: Free cash flow, non-GAAP, was 1,493 million, against 978 million in fourth quarter 2025, after capital expenditures of 1,636 million. Source
Share repurchases were 418 million: Treasury stock purchases were 418 million, against 677 million in fourth quarter 2025. Source

What changed from last quarter

New: Price risk management activities were combined into the Other line item, with all periods conformed. Source
New: The cash flow measure is now presented as Adjusted Cash Flow from Operations (Non-GAAP), in place of the earlier Cash Flow from Operations Before Changes in Working Capital (Non-GAAP). Source

Earnings and net income

Operating revenues rose to $6,921 million: Total operating revenues and other were $6,921 million, against $5,638 million in fourth quarter 2025 and $5,669 million in first quarter 2025. Source
Net income and diluted EPS rose: Net income was $1,980 million and diluted net income per share was $3.70, against $701 million and $1.30 in fourth quarter 2025. Source
Adjusted diluted EPS was $3.41: Adjusted net income, a non-GAAP measure, was $1,825 million, or $3.41 per diluted share, compared with reported net income of $1,980 million. Source

Production volumes and regions

Total volumes were 1,383.8 MBoed: Total crude oil equivalent volumes were 1,383.8 MBoed, against 1,399.0 MBoed in fourth quarter 2025; total volume was 124.5 MMBoe, against 128.7. Source
United States volumes were 1,340.1 MBoed: United States crude oil equivalent volumes were 1,340.1 MBoed, against 1,363.0 MBoed in fourth quarter 2025, the largest share of total volume. Source
Trinidad volumes rose: Trinidad crude oil equivalent volumes were 41.7 MBoed, against 34.2 MBoed in fourth quarter 2025. Source
Bahrain volumes reported separately: Other international volumes were 2.0 MBoed, against 1.8 MBoed in fourth quarter 2025, and come from Bahrain operations. Source
Natural gas volumes eased: Total natural gas volumes were 3,020 MMcfd, against 3,065 MMcfd in fourth quarter 2025, with United States at 2,769 MMcfd. Source

Realized prices and products

Crude realized price rose to $72.47: Composite crude oil and condensate price was $72.47 per barrel, against $59.54 in fourth quarter 2025. Source
Crude volumes reached 548.5 MBbld: Total crude oil and condensate volumes were 548.5 MBbld, against 546.1 MBbld in fourth quarter 2025. Source
NGL realized price rose: Composite NGL price was $22.20 per barrel, against $21.15 in fourth quarter 2025. Source
Natural gas realized price rose: Composite natural gas price was $3.76 per Mcf, against $3.00 in fourth quarter 2025. Source
Realized prices exclude derivatives: Realized prices exclude the impact of financial commodity and other derivative instruments, which are covered in Note 9 of the Form 10-Q. Source

Revenue, cost and margin per Boe

Revenue per Boe rose to $42.24: Composite revenue from crude oil and condensate, NGLs and natural gas was $42.24 per Boe, against $34.99 in fourth quarter 2025. Source
Operating cost per Boe was $13.69: Total operating cost per Boe, excluding DD&A and total exploration costs, was $13.69, against $12.99 in fourth quarter 2025. Source
Margin per Boe rose to $18.11: Composite margin per Boe including total exploration costs was $18.11, against $6.70 in fourth quarter 2025. Source
Lease and well costs rose to 462 million: Lease and well costs were 462 million, against 447 million in fourth quarter 2025; gathering, processing and transportation costs were 654 million. Source
Impairments fell to 39 million: Impairments were 39 million, against 689 million in fourth quarter 2025. Source
Income tax provision rose to 575 million: Income tax provision was 575 million, against 209 million in fourth quarter 2025. Source

Cash flow and capital spending

Operating cash flow rose to 2,966 million: Net cash provided by operating activities was 2,966 million, against 2,612 million in fourth quarter 2025. Source
Adjusted cash flow was 3,129 million: Adjusted cash flow from operations, non-GAAP, was 3,129 million, against 2,617 million in fourth quarter 2025. Source
Capital spending was 1,636 million: Total capital expenditures, non-GAAP, were 1,636 million, against 1,639 million in fourth quarter 2025. Source
Free cash flow rose to 1,493 million: Free cash flow, non-GAAP, was 1,493 million, against 978 million in fourth quarter 2025, after capital expenditures of 1,636 million. Source
Receivables reversed in adjusted cash flow: The accounts receivable working-capital item of 907 million was added back to reach adjusted cash flow from operations. Source

Shareholder returns and balance sheet

Share repurchases were 418 million: Treasury stock purchases were 418 million, against 677 million in fourth quarter 2025. Source
Dividends paid were 544 million: Dividends paid were 544 million, against 550 million in fourth quarter 2025. Source
Dividend declared at $1.02 per share: Dividends declared per common share were $1.02, the same as in fourth quarter 2025. Source
Cash rose to 3,849 million: Cash and cash equivalents were 3,849 million at March 31, 2026, against 3,396 million at December 31, 2025. Source
Net debt-to-capitalization was 11.7%: Net debt was 4,082 million; net debt-to-total capitalization, non-GAAP, was 11.7 percent, against 13.2 percent at December 31, 2025. Source
Asset sale proceeds rose to 144 million: Proceeds from sales of assets were 144 million, against 3 million in fourth quarter 2025. Source

Non-GAAP adjustments to earnings

Mark-to-market gains excluded: Mark-to-market gains of 113 million before tax were removed, reducing net income by 89 million after tax, or 0.17 per diluted share. Source
Cash derivative settlements subtracted: Net cash payments on derivative settlements of 53 million before tax were subtracted, 42 million after tax, or 0.08 per diluted share. Source
Asset disposition gains excluded: Gains on asset dispositions of 31 million before tax were excluded, 24 million after tax, or 0.04 per diluted share. Source

Figures management reported

Figure	Reported
Crude oil and condensate production Source	548.5 MBbld
NGL production Source	332.1 MBbld
Natural gas production Source	3,020 MMcfd
Total crude oil equivalent production Source	1,383.8 MBoed
Crude oil composite realized price Source	$72.47 per Bbl
NGL composite realized price Source	$22.20 per Bbl
Natural gas composite realized price Source	$3.76 per Mcf
Total operating cost per Boe excluding DD&A and exploration Source	$13.69 per Boe
Total capital expenditures, non-GAAP Source	$1,636 million
Total expenditures, GAAP Source	$1,768 million
Treasury stock purchased Source	$418 million
Dividends paid Source	$544 million
Dividends declared per common share Source	$1.02

Risks management discussed

Financial: Part of the cash sits with international subsidiaries, and tax considerations may affect debt repayment. Source
External: Impairment add-backs are generally tied to commodity price declines, sales of certain properties, or periodic reviews of assets. Source

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
First Quarter 2026
Supplemental Financial and Operating Data	Page
Income Statements	10
Volumes and Prices	11
Balance Sheets	12
Cash Flow Statements	13
Non-GAAP Financial Measures	14
Adjusted Net Income	15
Net Income Per Share	19
Adjusted Net Income Per Share	20
Cash Flow from Operations and Free Cash Flow	21
Net Debt-to-Total Capitalization Ratio	23
Revenues, Costs and Margins Per Barrel of Oil Equivalent	24
Additional Key Financial Information	28

	2025					2026
	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	3,293	2,974	3,243	2,991	12,501	3,577				3,577
Natural Gas Liquids	572	534	604	666	2,376	664				664
Natural Gas	637	600	707	847	2,791	1,021				1,021
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	(191)	107	116	(19)	13	113				113
Gathering, Processing and Marketing	1,340	1,247	1,178	1,149	4,914	1,496				1,496
Gains (Losses) on Asset Dispositions, Net	(1)	-	(18)	(16)	(35)	31				31
Other, Net	19	16	17	20	72	19				19
Total	5,669	5,478	5,847	5,638	22,632	6,921				6,921
Operating Expenses
Lease and Well	401	396	431	447	1,675	462				462
Gathering, Processing and Transportation Costs	440	455	587	652	2,134	654				654
Exploration Costs	41	74	71	50	236	45				45
Dry Hole Costs	34	11	-	4	49	23				23
Impairments	44	39	71	689	843	39				39
Marketing Costs	1,325	1,216	1,134	1,120	4,795	1,384				1,384
Depreciation, Depletion and Amortization	1,013	1,053	1,169	1,226	4,461	1,193				1,193
General and Administrative	171	186	239	224	820	185				185
Taxes Other Than Income	341	301	309	283	1,234	338				338
Total	3,810	3,731	4,011	4,695	16,247	4,323				4,323
Operating Income	1,859	1,747	1,836	943	6,385	2,598				2,598
Other Income, Net	65	55	59	33	212	23				23
Income Before Interest Expense and Income Taxes	1,924	1,802	1,895	976	6,597	2,621				2,621
Interest Expense, Net	47	51	71	66	235	66				66
Income Before Income Taxes	1,877	1,751	1,824	910	6,362	2,555				2,555
Income Tax Provision	414	406	353	209	1,382	575				575
Net Income	1,463	1,345	1,471	701	4,980	1,980				1,980
Dividends Declared per Common Share	0.9750	1.9950	-	1.0200	3.9900	1.0200				1.0200
Net Income Per Share
Basic	2.66	2.48	2.72	1.31	9.17	3.72				3.72
Diluted	2.65	2.46	2.70	1.30	9.12	3.70				3.70
Average Number of Common Shares
Basic	550	543	541	537	543	532				532
Diluted	553	546	544	539	546	535				535

	2025						2026
	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	500.9	503.1	532.9		544.5	520.5	546.5				546.5
Trinidad	1.2	1.1	1.6		1.5	1.4	1.9				1.9
Other International (B)	-	-	-	0.1		-	0.1				0.1
Total	502.1	504.2	534.5	546.1		521.9	548.5				548.5
Average Crude Oil and Condensate Prices($/Bbl) (C)
United States	$72.90	$64.84	$65.97	$59.54		$65.65	$72.48				$72.48
Trinidad	61.12	54.50	57.74		57.07	57.59	68.91				68.91
Other International (B)	-	-	-	63.98		-	89.12				89.12
Composite	72.87	64.82	65.95		59.54	65.63	72.47				72.47
Natural Gas Liquids Volumes (MBbld) (A)
United States	241.7	258.4	309.3		342.1	288.2	332.1				332.1
Total	241.7	258.4	309.3	342.1		288.2	332.1				332.1
Average Natural Gas Liquids Prices ($/Bbl) (C)
United States	$26.29	$22.70	$21.25	$21.15		$22.58	$22.20				$22.20
Composite	26.29	22.70	21.25		21.15	22.58	22.20				22.20
Natural Gas Volumes (MMcfd) (A)
United States	1,834	1,977	2,511	2,859		2,299	2,769				2,769
Trinidad	246	252	230	195		230	239				239
Other International (B)	-	-	4	11		4	12				12
Total	2,080	2,229	2,745	3,065		2,533	3,020				3,020
Average Natural Gas Prices ($/Mcf) (C)
United States	$3.36	$2.87	$2.71	$2.94		$2.94	$3.75				$3.75
Trinidad	3.78	3.65	3.80		3.94	3.78	3.91				3.91
Other International (B)	-	-	3.27	3.29		3.28	3.26				3.26
Composite	3.41	2.96	2.80		3.00	3.02	3.76				3.76
Crude Oil Equivalent Volumes (MBoed) (D)
United States	1,048.3	1,090.9	1,260.7	1,363.0		1,191.8	1,340.1				1,340.1
Trinidad	42.1	43.2	39.8	34.2		39.8	41.7				41.7
Other International (B)	-	-	0.7	1.8		0.6	2.0				2.0
Total	1,090.4	1,134.1	1,301.2	1,399.0		1,232.2	1,383.8				1,383.8
Total MMBoe (D)	98.1	103.2	119.7		128.7	449.8	124.5				124.5

(A)Thousand barrels per day or million cubic feet per day, as applicable.

(B)Production volumes from Bahrain operations; natural gas realized price represents contract price less partner’s processing and distribution costs.

(C)Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity and other derivative instruments (see Note 9 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026).

(D)Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.

	2025				2026
	MAR	JUN	SEP	DEC	MAR	JUN	SEP	DEC
Balance Sheets
In millions of USD (Unaudited)
Current Assets
Cash and Cash Equivalents	6,599	5,216	3,530	3,396	3,849
Accounts Receivable, Net	2,621	2,504	2,680	2,681	3,597
Inventories	897	934	945	1,014	955
Other (A)	563	591	665	565	562
Total	10,680	9,245	7,820	7,656	8,963
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	78,432	80,139	88,301	89,857	90,786
Other Property, Plant and Equipment	6,510	6,616	6,772	6,832	6,942
Total Property, Plant and Equipment	84,942	86,755	95,073	96,689	97,728
Less: Accumulated Depreciation, Depletion and Amortization	(50,310)	(51,394)	(52,488)	(54,348)	(55,054)
Total Property, Plant and Equipment, Net	34,632	35,361	42,585	42,341	42,674
Deferred Income Taxes	44	39	37	39	30
Other Assets	1,626	1,639	1,757	1,763	1,711
Total Assets	46,982	46,284	52,199	51,799	53,378
Current Liabilities
Accounts Payable	2,353	2,266	2,944	2,904	3,186
Accrued Taxes Payable	668	348	392	299	766
Dividends Payable	534	1,081	550	544	541
Current Portion of Long-Term Debt	1,280	778	27	27	27
Current Portion of Operating Lease Liabilities	318	360	433	472	375
Other (A)	566	342	469	445	329
Total	5,719	5,175	4,815	4,691	5,224
Long-Term Debt	3,464	3,458	7,667	7,909	7,904
Other Liabilities	2,368	2,398	2,496	2,512	2,476
Deferred Income Taxes	5,915	6,015	6,936	6,854	6,866
Commitments and Contingencies (B)
Stockholders' Equity
Common Stock, $0.01 Par	206	206	206	206	206
Additional Paid in Capital	6,095	6,153	5,978	6,027	6,026
Accumulated Other Comprehensive Loss	(4)	(7)	(5)	(7)	(6)
Retained Earnings	27,869	28,131	29,603	29,765	31,200
Common Stock Held in Treasury	(4,650)	(5,245)	(5,497)	(6,158)	(6,518)
Total Stockholders' Equity	29,516	29,238	30,285	29,833	30,908
Total Liabilities and Stockholders' Equity	46,982	46,284	52,199	51,799	53,378

(A) Effective January 1, 2026, EOG combined Price Risk Management Activities into the Other line item. This presentation has been conformed for all periods presented and had no impact on previously reported Total Assets and Total Liabilities and Stockholders’s Equity.

(B) See Note 5 to the Condensed Consolidated Financial Statements in EOG’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026.

	2025					2026
	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	1,463	1,345	1,471	701	4,980	1,980				1,980
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	1,013	1,053	1,169	1,226	4,461	1,193				1,193
Impairments	44	39	71	689	843	39				39
Stock-Based Compensation Expenses	50	53	53	60	216	58				58
Deferred Income Taxes	44	105	278	(84)	343	18				18
(Gains) Losses on Asset Dispositions, Net	1	-	18	16	35	(31)				(31)
Other, Net	11	11	2	3	27	15				15
Dry Hole Costs	34	11	-	4	49	23				23
Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net	191	(107)	(116)	19	(13)	(113)				(113)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts	(38)	(24)	27	(21)	(56)	(53)				(53)
Other, Net	-	-	-	(1)	(1)	-				-
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	48	122	133	(3)	300	(907)				(907)
Inventories	76	(45)	4	(84)	(49)	21				21
Accounts Payable	(129)	(107)	5	(40)	(271)	279				279
Accrued Taxes Payable	(339)	(321)	28	(103)	(735)	467				467
Other Assets	(43)	(43)	(28)	97	(17)	55				55
Other Liabilities	(96)	(52)	155	10	17	(123)				(123)
Changes in Components of Working Capital Associated with Investing Activities	(41)	(8)	(159)	123	(85)	45				45
Net Cash Provided by Operating Activities	2,289	2,032	3,111	2,612	10,044	2,966				2,966
Investing Cash Flows
Acquisition of Encino Acquisition Partners, LLC, Net of Cash Acquired	-	-	(4,464)	13	(4,451)	-				-
Additions to Oil and Gas Properties	(1,381)	(1,699)	(1,492)	(1,543)	(6,115)	(1,491)				(1,491)
Additions to Other Property, Plant and Equipment	(102)	(94)	(171)	(112)	(479)	(153)				(153)
Proceeds from Sales of Assets	12	4	5	3	24	144				144
Changes in Components of Working Capital Associated with Investing Activities	41	8	159	(123)	85	(45)				(45)
Net Cash Used in Investing Activities	(1,430)	(1,781)	(5,963)	(1,762)	(10,936)	(1,545)				(1,545)
Financing Cash Flows
Long-Term Debt Borrowings	-	-	3,472	999	4,471	-				-
Long-Term Debt Repayments	-	(500)	(1,266)	(750)	(2,516)	-				-
Dividends Paid	(538)	(528)	(545)	(550)	(2,161)	(544)				(544)
Treasury Stock Purchased	(806)	(602)	(479)	(677)	(2,564)	(418)				(418)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan	-	11	-	12	23	1				1
Debt Issuance and Other Financing Costs	-	(7)	(7)	(11)	(25)	-				-
Repayment of Finance Lease Liabilities	(8)	(9)	(8)	(7)	(32)	(7)				(7)
Net Cash Used in Financing Activities	(1,352)	(1,635)	1,167	(984)	(2,804)	(968)				(968)
Effect of Exchange Rate Changes on Cash	-	1	(1)	-	-	-				-
Increase (Decrease) in Cash and Cash Equivalents	(493)	(1,383)	(1,686)	(134)	(3,696)	453				453
Cash and Cash Equivalents at Beginning of Period	7,092	6,599	5,216	3,530	7,092	3,396				3,396
Cash and Cash Equivalents at End of Period	6,599	5,216	3,530	3,396	3,396	3,849				3,849

Non-GAAP Financial Measures

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

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

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

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

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

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

Direct ATROR

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

	1Q 2026
	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)	2,555	(575)	1,980	3.70
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	(113)	24	(89)	(0.17)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts	(53)	11	(42)	(0.08)
Less: Gains on Asset Dispositions, Net	(31)	7	(24)	(0.04)
Adjustments to Net Income	(197)	42	(155)	(0.29)
Adjusted Net Income (Non-GAAP)	2,358	(533)	1,825	3.41
Average Number of Common Shares
Basic				532
Diluted				535

(1)Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended March 31, 2026, such amount was $53 million.

	4Q 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)	910	(209)	701	1.30
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	19	(4)	15	0.03
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts	(21)	4	(17)	(0.03)
Add: Losses on Asset Dispositions, Net	16	(4)	12	0.02
Add: Certain Impairments	646	(140)	506	0.94
Add: Acquisition-Related Costs	8	(3)	5	0.01
Adjustments to Net Income	668	(147)	521	0.97
Adjusted Net Income (Non-GAAP)	1,578	(356)	1,222	2.27
Average Number of Common Shares
Basic				537
Diluted				539

(2)Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation).

(3)Consists of Encino acquisition-related G&A costs ($8 million).

	3Q 2025
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share
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

(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
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

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended March 31, 2025, such amount was $38 million.

	FY 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)	6,362	(1,382)	4,980	9.12
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net	(13)	3	(10)	(0.02)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts	(56)	12	(44)	(0.08)
Add: Losses on Asset Dispositions, Net	35	(8)	27	0.05
Add: Certain Impairments	657	(140)	517	0.95
Add: Acquisition-Related Costs	94	(16)	78	0.14
Adjustments to Net Income	717	(149)	568	1.04
Adjusted Net Income (Non-GAAP)	7,079	(1,531)	5,548	10.16
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 twelve months ended December 31, 2025, such amount was $56 million.

(3)Consists of Encino acquisition-related G&A costs ($88 million) and financing commitment costs ($6 million).

	FY 2024
	Before Tax	Income Tax Impact	After Tax	Diluted Earnings per Share
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.

(2)Impairments primarily associated with the write-down to fair value of natural gas and crude oil assets in the Rocky Mountain area.

Net Income Per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
4Q 2025 Net Income per Share (GAAP) - Diluted		1.30
Realized Prices
1Q 2026 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe	42.24
Less: 4Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe	(34.99)
Subtotal	7.25
Multiplied by: 1Q 2026 Crude Oil Equivalent Volumes (MMBoe)	124.5
Total Change in Revenue	903
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	(199)
Change in Net Income	704
Change in Diluted Earnings per Share		1.32
Volumes
1Q 2026 Crude Oil Equivalent Volumes (MMBoe)	124.5
Less: 4Q 2025 Crude Oil Equivalent Volumes (MMBoe)	(128.7)
Subtotal	(4.2)
Multiplied by: 1Q 2026 Composite Average Margin per Boe (GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)	18.11
Change in Margin	(76)
Less: Income Tax Benefit (Provision) Imputed (based on 22%)	17
Change in Net Income	(59)
Change in Diluted Earnings per Share		(0.11)
Certain Operating Costs per Boe
4Q 2025 Total Cash Operating Costs (GAAP) and Total DD&A per Boe	19.81
Less: 1Q 2026 Total Cash Operating Costs (GAAP) and Total DD&A per Boe	(20.03)
Subtotal	(0.22)
Multiplied by: 1Q 2026 Crude Oil Equivalent Volumes (MMBoe)	124.5
Change in Before-Tax Net Income	(27)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	6
Change in Net Income	(21)
Change in Diluted Earnings per Share		(0.04)
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
1Q 2026 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts	113
Less: Income Tax Benefit (Provision)	(24)
After Tax - (a)	89
Less: 4Q 2025 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts	(19)
Less: Income Tax Benefit (Provision)	4
After Tax - (b)	(15)
Change in Net Income - (a) - (b)	104
Change in Diluted Earnings per Share		0.19
Other		1.04
1Q 2026 Net Income per Share (GAAP) - Diluted		3.70
1Q 2026 Average Number of Common Shares - Diluted	535

(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)
4Q 2025 Adjusted Net Income per Share (Non-GAAP) - Diluted		2.27
Realized Prices
1Q 2026 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe	42.24
Less: 4Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe	(34.99)
Subtotal	7.25
Multiplied by: 1Q 2026 Crude Oil Equivalent Volumes (MMBoe)	124.5
Total Change in Revenue	903
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	(199)
Change in Net Income	704
Change in Diluted Earnings per Share		1.32
Volumes
1Q 2026 Crude Oil Equivalent Volumes (MMBoe)	124.5
Less: 4Q 2025 Crude Oil Equivalent Volumes (MMBoe)	(128.7)
Subtotal	(4.2)
Multiplied by: 1Q 2026 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)	18.11
Change in Margin	(76)
Less: Income Tax Benefit (Provision) Imputed (based on 22%)	17
Change in Net Income	(59)
Change in Diluted Earnings per Share		(0.11)
Certain Operating Costs per Boe
4Q 2025 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe	19.75
Less: 1Q 2026 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe	(20.03)
Subtotal	(0.28)
Multiplied by: 1Q 2026 Crude Oil Equivalent Volumes (MMBoe)	124.5
Change in Before-Tax Net Income	(35)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)	8
Change in Net Income	(27)
Change in Diluted Earnings per Share		(0.05)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
1Q 2026 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts	(53)
Less: Income Tax Benefit (Provision)	11
After Tax - (a)	(42)
Less: 4Q 2025 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts	(21)
Less: Income Tax Benefit (Provision)	4
After Tax - (b)	(17)
Change in Net Income - (a) - (b)	(25)
Change in Diluted Earnings per Share		(0.05)
Other		0.03
1Q 2026 Adjusted Net Income per Share (Non-GAAP)		3.41
1Q 2026 Average Number of Common Shares - Diluted	535

(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.

	2025						2026
	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, third and fourth 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, third and fourth quarters of 2025 and the prior periods shown has been conformed.
Net Cash Provided by Operating Activities (GAAP)	2,289	2,032	3,111	2,612	10,044		2,966				2,966
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(48)	(122)	(133)	3	(300)		907				907
Inventories	(76)	45	(4)	84	49		(21)				(21)
Accounts Payable	129	107	(5)	40	271		(279)				(279)
Accrued Taxes Payable	339	321	(28)	103	735		(467)				(467)
Other Assets	43	43	28	(97)	17		(55)				(55)
Other Liabilities	96	52	(155)	(10)	(17)		123				123
Changes in Components of Working Capital Associated with Investing Activities	41	8	159	(123)	85		(45)				(45)
Add:
Acquisition-Related Costs , Net of Tax	-	10	58	5	73		-				-
Adjusted Cash Flow from Operations (Non-GAAP)	2,813	2,496	3,031	2,617	10,957		3,129				3,129
Less:
Total Capital Expenditures (Non-GAAP)	(1,484)	(1,523)	(1,648)	(1,639)	(6,294)		(1,636)				(1,636)
Free Cash Flow (Non-GAAP)	1,329	973	1,383	978	4,663		1,493				1,493
(1) Consists of Encino acquisition-related G&A costs of $12 million, $68 million and $8 million (each before tax) for the three months ended June 30, 2025, three months ended September 30, 2025 and three months ended December 31, 2025, respectively.
(2) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
						2025						2026
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
Total Expenditures (GAAP)	1,546	1,883	8,544	1,730	13,703		1,768				1,768
Less:
Asset Retirement Costs	(13)	(14)	(86)	(33)	(146)		(12)				(12)
Non-Cash Leasehold Acquisition Costs	(9)	(2)	(3)	(10)	(24)		(52)				(52)
Acquisition Costs of Properties	1	(270)	(6,736)	2	(7,003)		(23)				(23)
Exploration Costs	(41)	(74)	(71)	(50)	(236)		(45)				(45)
Total Capital Expenditures (Non-GAAP)	1,484	1,523	1,648	1,639	6,294		1,636				1,636

	FY 2024	FY 2023	FY 2022	FY 2021
Cash Flow from Operations and Free Cash Flow(Continued)
In millions of USD (Unaudited)
Net Cash Provided by Operating Activities (GAAP)	12,143	11,340	11,093	8,791
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(101)	38	347	821
Inventories	(259)	231	534	13
Accounts Payable	36	119	(90)	(456)
Accrued Taxes Payable	(541)	(61)	113	(312)
Other Assets	(44)	(39)	364	136
Other Liabilities	(23)	(184)	266	116
Changes in Components of Working Capital Associated with Investing Activities	382	(295)	(375)	200
Adjusted Cash Flow from Operations (Non-GAAP)	11,593	11,149	12,252	9,309
Less:
Total Capital Expenditures (Non-GAAP)	(6,226)	(6,041)	(4,607)	(3,755)
Free Cash Flow (Non-GAAP)	5,367	5,108	7,645	5,554
(2) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
Total Expenditures (GAAP)	6,653	6,818	5,610	4,255
Less:
Asset Retirement Costs	2	(257)	(298)	(127)
Non-Cash Development Drilling	-	(90)	-	-
Non-Cash Leasehold Acquisition Costs	(85)	(99)	(127)	(45)
Non-Cash Finance Leases	-	-	-	(74)
Acquisition Costs of Properties	(33)	(16)	(419)	(100)
Acquisition Costs of Other Property, Plant and Equipment	(137)	(134)	-	-
Exploration Costs	(174)	(181)	(159)	(154)
Total Capital Expenditures (Non-GAAP)	6,226	6,041	4,607	3,755

(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.

	March 31, 2026	December 31, 2025	September 30, 2025	June 30, 2025	March 31, 2025
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)	30,908	29,833	30,285	29,238	29,516
Current and Long-Term Debt (GAAP) - (b)	7,931	7,936	7,694	4,236	4,744
Less: Cash	(3,849)	(3,396)	(3,530)	(5,216)	(6,599)
Net Debt (Non-GAAP) - (c)	4,082	4,540	4,164	(980)	(1,855)
Total Capitalization (GAAP) - (a) + (b)	38,839	37,769	37,979	33,474	34,260
Total Capitalization (Non-GAAP) - (a) + (c)	34,990	34,373	34,449	28,258	27,661
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	20.4%	21.0%	20.3%	12.7%	13.8%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	11.7%	13.2%	12.1%	-3.5%	-6.7%

	1Q 2026	4Q 2025	3Q 2025	2Q 2025	1Q 2025
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)	124.5	128.7	119.7	103.2	98.1
Total Operating Revenues and Other - (b)	6,921	5,638	5,847	5,478	5,669
Total Operating Expenses - (c)	4,323	4,695	4,011	3,731	3,810
Operating Income - (d)	2,598	943	1,836	1,747	1,859
Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas
Crude Oil and Condensate	3,577	2,991	3,243	2,974	3,293
Natural Gas Liquids	664	666	604	534	572
Natural Gas	1,021	847	707	600	637
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e)	5,262	4,504	4,554	4,108	4,502
Operating Costs
Lease and Well	462	447	431	396	401
Gathering, Processing and Transportation Costs	654	652	587	455	440
General and Administrative (GAAP)	185	224	239	186	171
Less: Certain Items (see Endnote 2 to 1Q 2026 earnings release)	-	(8)	(68)	(12)	-
General and Administrative (Non-GAAP)	185	216	171	174	171
Taxes Other Than Income (GAAP)	338	283	309	301	341
Add: Severance Tax Refund	-	-	-	-	-
Taxes Other Than Income (Non-GAAP)	338	283	309	301	341
Interest Expense, Net	66	66	71	51	47
Less: Acquisition-Related Financing Commitment Costs	-	-	-	(6)	-
Interest Expense, Net (Non-GAAP)	66	66	71	45	47
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)	1,705	1,672	1,637	1,389	1,400
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)	1,705	1,664	1,569	1,371	1,400
Depreciation, Depletion and Amortization (DD&A)	1,193	1,226	1,169	1,053	1,013
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)	2,898	2,898	2,806	2,442	2,413
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)	2,898	2,890	2,738	2,424	2,413
Exploration Costs	45	50	71	74	41
Dry Hole Costs	23	4	-	11	34
Impairments	39	689	71	39	44
Total Exploration Costs (GAAP)	107	743	142	124	119
Less: Certain Impairments	-	(646)	-	(11)	-
Total Exploration Costs (Non-GAAP)	107	97	142	113	119
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)	3,005	3,641	2,948	2,566	2,532
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)	3,005	2,987	2,880	2,537	2,532
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))	2,257	863	1,606	1,542	1,970
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))	2,257	1,517	1,674	1,571	1,970

	1Q 2026	4Q 2025	3Q 2025	2Q 2025	1Q 2025
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)	55.59	43.81	48.85	53.08	57.79
Composite Average Operating Expenses per Boe - (c) / (a)	34.72	36.48	33.51	36.15	38.84
Composite Average Operating Income per Boe - (d) / (a)	20.87	7.33	15.34	16.93	18.95
Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe - (e) / (a)	42.24	34.99	38.05	39.80	45.88
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	13.69	12.99	13.67	13.46	14.26
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	28.55	22.00	24.38	26.34	31.62
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)	23.27	22.52	23.44	23.66	24.58
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]	18.97	12.47	14.61	16.14	21.30
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)	24.13	28.29	24.63	24.86	25.79
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]	18.11	6.70	13.42	14.94	20.09
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)	13.69	12.93	13.10	13.30	14.26
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]	28.55	22.06	24.95	26.50	31.62
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)	23.27	22.46	22.87	23.50	24.58
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]	18.97	12.53	15.18	16.30	21.30
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)	24.13	23.21	24.06	24.59	25.79
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]	18.11	11.78	13.99	15.21	20.09

	2025	2024	2023	2022	2021
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)	449.8	388.7	359.4	331.5	302.5
Total Operating Revenues and Other - (b)	22,632	23,698	24,186	25,702	18,642
Total Operating Expenses - (c)	16,247	15,616	14,583	15,736	12,540
Operating Income (Loss) - (d)	6,385	8,082	9,603	9,966	6,102
Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas
Crude Oil and Condensate	12,501	13,921	13,748	16,367	11,125
Natural Gas Liquids	2,376	2,106	1,884	2,648	1,812
Natural Gas	2,791	1,551	1,744	3,781	2,444
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e)	17,668	17,578	17,376	22,796	15,381
Operating Costs
Lease and Well	1,675	1,572	1,454	1,331	1,135
Gathering, Processing and Transportation Costs	2,134	1,722	1,620	1,587	1,422
General and Administrative (GAAP)	820	669	640	570	511
Less: Certain Items (see Endnote 7 to Additional Key Financial Information below)	(88)	(10)	-	(16)	-
General and Administrative (Non-GAAP)	732	659	640	554	511
Taxes Other Than Income (GAAP)	1,234	1,249	1,284	1,585	1,047
Add: Severance Tax Refund	-	31	-	115	-
Taxes Other Than Income (Non-GAAP)	1,234	1,280	1,284	1,700	1,047
Interest Expense, Net	235	138	148	179	178
Less: Acquisition-Related Financing Commitment Costs	(6)	-	-	-	-
Interest Expense, Net (Non-GAAP)	229	138	148	179	178
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)	6,098	5,350	5,146	5,252	4,293
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)	6,004	5,371	5,146	5,351	4,293
Depreciation, Depletion and Amortization (DD&A)	4,461	4,108	3,492	3,542	3,651
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)	10,559	9,458	8,638	8,794	7,944
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)	10,465	9,479	8,638	8,893	7,944
Exploration Costs	236	174	181	159	154
Dry Hole Costs	49	14	1	45	71
Impairments	843	391	202	382	376
Total Exploration Costs (GAAP)	1,128	579	384	586	601
Less: Certain Impairments	(657)	(291)	(42)	(113)	(15)
Total Exploration Costs (Non-GAAP)	471	288	342	473	586
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)	11,687	10,037	9,022	9,380	8,545
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)	10,936	9,767	8,980	9,366	8,530
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))	5,981	7,541	8,354	13,416	6,836
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))	6,732	7,811	8,396	13,430	6,851

	2025	2024	2023	2022	2021
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)	50.32	60.97	67.30	77.53	61.63
Composite Average Operating Expenses per Boe - (c) / (a)	36.12	40.18	40.58	47.47	41.46
Composite Average Operating Income (Loss) per Boe - (d) / (a)	14.20	20.79	26.72	30.06	20.17
Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe - (e) / (a)	39.28	45.22	48.34	68.77	50.84
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)	13.54	13.76	14.31	15.84	14.19
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]	25.74	31.46	34.03	52.93	36.65
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)	23.46	24.33	24.03	26.53	26.26
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]	15.82	20.89	24.31	42.24	24.58
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)	25.97	25.82	25.10	28.30	28.25
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]	13.31	19.40	23.24	40.47	22.59
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)	13.34	13.82	14.31	16.14	14.19
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]	25.94	31.40	34.03	52.63	36.65
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)	23.26	24.39	24.03	26.83	26.26
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]	16.02	20.83	24.31	41.94	24.58
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)	24.31	25.13	24.98	28.26	28.20
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]	14.97	20.09	23.36	40.51	22.64

(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.	2025 Actual	2024 Actual	2023 Actual	2022 Actual	2021 Actual
Crude Oil and Condensate Volumes (MBod)
United States	520.5	490.6	475.2	460.7	443.4
Trinidad	1.4	0.8	0.6	0.6	1.5
Other International	-	-	-	-	0.1
Total	521.9	491.4	475.8	461.3	445.0
Natural Gas Liquids Volumes (MBbld)
Total	288.2	245.9	223.8	197.7	144.5
Natural Gas Volumes (MMcfd)
United States	2,299	1,728	1,551	1,315	1,210
Trinidad	230	220	160	180	217
Other International	4	-	-	-	9
Total	2,533	1,948	1,711	1,495	1,436
Crude Oil Equivalent Volumes (MBoed)
United States	1,191.8	1,024.5	957.5	877.5	789.6
Trinidad	39.8	37.6	27.3	30.7	37.7
Other International	0.6	-	-	-	1.6
Total	1,232.2	1,062.1	984.8	908.2	828.9
Benchmark Price
Oil (WTI) ($/Bbl)	64.78	75.72	77.61	94.23	67.96
Natural Gas (HH) ($/Mcf)	3.43	2.27	2.74	6.64	3.85
Crude Oil and Condensate - above (below) WTI ($/Bbl)
United States	0.87	1.70	1.57	2.99	0.58
Trinidad	(7.19)	(11.29)	(9.03)	(8.07)	(11.70)
Other International	0.36	-	-	-	-
Natural Gas Liquids - Realizations as % of WTI
Total	34.9%	30.9%	29.7%	39.0%	50.5%
Natural Gas - above (below) NYMEX Henry Hub ($/Mcf)
United States	(0.49)	(0.28)	(0.04)	0.63	1.03
Natural Gas Realizations($/Mcf)
Trinidad	3.78	3.65	3.65	4.43	3.40
Other International	3.28	-	-	-	-
Total Expenditures (GAAP) ($MM)	13,703	6,653	6,818	5,610	4,255
Capital Expenditures (Non-GAAP) ($MM)	6,294	6,226	6,041	4,607	3,755
Operating Unit Costs ($/Boe)
Lease and Well	3.72	4.04	4.05	4.02	3.75
Gathering, Processing and Transportation Costs	4.74	4.43	4.50	4.78	4.70
General and Administrative (GAAP)	1.82	1.72	1.78	1.72	1.69
General and Administrative (Non-GAAP)	1.63	1.70	1.78	1.67	1.69
Cash Operating Costs (GAAP)	10.28	10.19	10.33	10.52	10.14
Cash Operating Costs (Non-GAAP)	10.09	10.17	10.33	10.47	10.14
Depreciation, Depletion and Amortization	9.92	10.57	9.72	10.69	12.07
Expenses ($MM)
Exploration and Dry Hole	285	188	182	204	225
Impairment (GAAP)	843	391	202	382	376
Impairment (excluding certain impairments (Non-GAAP))	186	100	160	269	361
Capitalized Interest	86	45	33	36	33
Net Interest	235	138	148	179	178
Net Interest (Non-GAAP)	229	-	-	-	-
TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas)
(GAAP)	7.0%	7.1%	7.4%	7.0%	6.8%
(Non-GAAP)	7.0%	7.3%	7.4%	7.5%	6.8%
Income Taxes
Effective Rate	21.7%	22.1%	21.6%	21.7%	21.4%
Current Tax Expense ($MM)	1,039	1,348	1,415	2,208	1,393

Additional Key Financial Information(Continued)

Endnotes

1)2025 production volumes are from Bahrain operations; natural gas realized price represents contract price less partner’s processing and distribution costs.

2)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 daily settlement prices for the prompt-month NYMEX futures contract for each of the applicable calendar months.

3)EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the NYMEX Last Day Settle price for each of the applicable months.

4)The full-year 2022 realized natural gas price for Trinidad includes a one-time pricing adjustment of $0.76/Mcf for prior-period production following a contract amendment with the National Gas Company of Trinidad and Tobago Limited.

5)Capital Expenditures 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.

6)Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.

7)Cash Operating Costs consist of LOE, GP&T and G&A. G&A (Non-GAAP) for fiscal year 2025 excludes costs related to the Encino acquisition, as reflected in the accompanying reconciliation schedules (see “Revenues, Costs and Margins Per Barrel of Oil Equivalent”). In addition, TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) (Non-GAAP) and G&A (Non-GAAP) for fiscal year 2024 and fiscal year 2022 exclude a state severance tax refund and related consulting fees, respectively, as reflected in the accompanying reconciliation schedules (see “Revenues, Costs and Margins Per Barrel of Oil Equivalent”). The per-Boe impact of such acquisition-related costs and consulting fees on G&A and total Cash Operating Costs for fiscal year 2025, 2024 and 2022 was $(0.19), $(0.02) and $(0.05), respectively.

8)In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG’s oil and gas properties or other assets). EOG believes excluding these impairments from total impairment costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG’s control (versus, for example, impairments that are due to EOG’s proved oil and gas properties not being as productive as it originally estimated). Impairments (Non-GAAP) for FY 2025 are adjusted from Impairments (GAAP) for FY 2025 by excluding $657 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation). Impairments (Non-GAAP) for FY 2024 are adjusted from Impairments (GAAP) for FY 2024 by excluding $291 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Rocky Mountain area.

9)Net Interest for fiscal year 2025 excludes financing commitment costs related to the Encino acquisition, as reflected in the accompanying reconciliation schedules (see “Revenues, Costs and Margins Per Barrel of Oil Equivalent”). The per-Boe impact of such cost for fiscal year 2025 is $(0.01).