Form 8-K

8-K — EOG RESOURCES INC

Accession: 0000821189-26-000102

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0000821189

SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — eog-20260505.htm (Primary)

EX-99.1 — PRESS RELEASE OF EOG RESOURCES, INC. (exh99-1050526.htm)

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8-K

8-K (Primary)

Filename: eog-20260505.htm · Sequence: 1

eog-20260505

0000821189FALSE00008211892026-05-052026-05-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): May 5, 2026

_______________

EOG RESOURCES, INC.

(Exact name of registrant as specified in its charter)

Delaware 1-9743 47-0684736

(State or other jurisdiction

of incorporation) (Commission File

Number) (I.R.S. Employer

Identification No.)

1111 Bagby, Sky Lobby 2

Houston, Texas 77002

(Address of principal executive offices) (Zip Code)

713-651-7000

(Registrant's telephone number, including area code)

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

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share EOG New York Stock Exchange

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

Emerging growth company ☐

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

EOG RESOURCES, INC.

Item 2.02 Results of Operations and Financial Condition.

On May 5, 2026, EOG Resources, Inc. issued a press release announcing first quarter 2026 financial and operational results and second quarter and full year 2026 forecast and benchmark commodity pricing information (see Item 7.01 below). A copy of this release is attached as Exhibit 99.1 to this filing and is incorporated herein by reference. This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.

Item 7.01 Regulation FD Disclosure.

Accompanying the press release announcing first quarter 2026 financial and operational results attached hereto as Exhibit 99.1 is second quarter and full year 2026 forecast and benchmark commodity pricing information for EOG Resources, Inc., which information is incorporated herein by reference. This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release of EOG Resources, Inc. dated May 5, 2026 (including the accompanying second quarter and full year 2026 forecast and benchmark commodity pricing information).

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EOG RESOURCES, INC.

(Registrant)

Date: May 5, 2026 By:

/s/ ANN D. JANSSEN

Ann D. Janssen

Executive Vice President and Chief Financial Officer

(Principal Financial Officer and Duly Authorized Officer)

EX-99.1 — PRESS RELEASE OF EOG RESOURCES, INC.

EX-99.1

Filename: exh99-1050526.htm · Sequence: 2

Document

EXHIBIT 99.1

Table of Contents

First Quarter 2026

Supplemental Financial and Operating Data Page

Income Statements

Volumes and Prices

Balance Sheets

Cash Flow Statements

Non-GAAP Financial Measures

Adjusted Net Income

Net Income Per Share

Adjusted Net Income Per Share

Cash Flow from Operations and Free Cash Flow

Net Debt-to-Total Capitalization Ratio

Revenues, Costs and Margins Per Barrel of Oil Equivalent

Additional Key Financial Information

Income Statements

In millions of USD, except share data (in millions) and per share data (Unaudited)

2025 2026

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year

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

Volumes and Prices

(Unaudited)

2025 2026

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year

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.

Balance Sheets

In millions of USD (Unaudited)

2025 2026

MAR JUN SEP DEC MAR JUN SEP DEC

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.

Cash Flow Statements

In millions of USD (Unaudited)

2025 2026

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year

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.

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.

1Q 2026

Before

Tax Income Tax Impact After

Tax Diluted Earnings per Share

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 (1)

(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.

Adjusted Net Income

(Continued)

In millions of USD, except share data (in millions) and per share data (Unaudited)

4Q 2025

Before

Tax Income Tax Impact After

Tax Diluted Earnings per Share

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 (1)

(21) 4 (17) (0.03)

Add: Losses on Asset Dispositions, Net 16 (4) 12 0.02

Add: Certain Impairments (2)

646 (140) 506 0.94

Add: Acquisition-Related Costs (3)

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 (1)

27 (5) 22 0.04

Add: Losses on Asset Dispositions, Net 18 (6) 12 0.02

Add: Acquisition-Related Costs (2)

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).

Adjusted Net Income

(Continued)

In millions of USD, except share data (in millions) and per share data (Unaudited)

2Q 2025

Before

Tax Income Tax Impact After

Tax Diluted Earnings per Share

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 (1)

(24) 5 (19) (0.03)

Add: Certain Impairments 11 — 11 0.02

Add: Acquisition-Related Costs (2)

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 (1)

(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.

Adjusted Net Income

(Continued)

In millions of USD, except share data (in millions) and per share data (Unaudited)

FY 2025

Before

Tax Income Tax Impact After

Tax Diluted Earnings per Share

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 (1)

(56) 12 (44) (0.08)

Add: Losses on Asset Dispositions, Net 35 (8) 27 0.05

Add: Certain Impairments (2)

657 (140) 517 0.95

Add: Acquisition-Related Costs (3)

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 (1)

214 (46) 168 0.30

Less: Gains on Asset Dispositions, Net (16) 3 (13) (0.02)

Add: Certain Impairments (2)

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)

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 (1)

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.

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.

2025 2026

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year

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 (1), 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) (2)

(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 (3)

(9) (2) (3) (10) (24) (52) (52)

Acquisition Costs of Properties (3)

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

Cash Flow from Operations and Free Cash Flow

(Continued)

In millions of USD (Unaudited)

FY 2024 FY 2023 FY 2022 FY 2021

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) (2)

(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 (3)

(85) (99) (127) (45)

Non-Cash Finance Leases — — — (74)

Acquisition Costs of Properties (3)

(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.

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.

March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

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 %

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.

1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025

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 (1)

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) (2)

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) (3)

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) (4)

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 (5)

— (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

Revenues, Costs and Margins Per Barrel of Oil Equivalent

(Continued)

In millions of USD, except Boe and per Boe amounts (Unaudited)

1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025

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

Revenues, Costs and Margins Per Barrel of Oil Equivalent

(Continued)

In millions of USD, except Boe and per Boe amounts (Unaudited)

2025 2024 2023 2022 2021

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 (1)

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) (2)

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) (3)

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) (4)

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 (5)

(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

Revenues, Costs and Margins Per Barrel of Oil Equivalent

(Continued)

In millions of USD, except Boe and per Boe amounts (Unaudited)

2025 2024 2023 2022 2021

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 International1

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 International1

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) WTI2 ($/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 International1

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 Hub3 ($/Mcf)

United States (0.49) (0.28) (0.04) 0.63 1.03

Natural Gas Realizations4 ($/Mcf)

Trinidad 3.78 3.65 3.65 4.43 3.40

Other International1

3.28 — — — —

Total Expenditures (GAAP) ($MM) 13,703 6,653 6,818 5,610 4,255

Capital Expenditures5 (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 Costs6

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)7

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)7

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))8

186 100 160 269 361

Capitalized Interest 86 45 33 36 33

Net Interest 235 138 148 179 178

Net Interest (Non-GAAP)9

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

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).

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