EOG Resources Reports Excellent First Quarter 2021 Results; Declares $1.00 per Share Special Dividend

Rhea-AI Summary

EOG Resources reported a strong first quarter of 2021, achieving total revenue of $3.694 billion, up from $2.965 billion in the previous quarter. Net income surged to $677 million, or $1.16 per share, compared to $337 million in 4Q 2020. A special dividend of $1.00 and a regular dividend of $0.4125 were announced, totaling an expected cash return of $1.5 billion for shareholders. The company generated a record $1.1 billion in free cash flow while reducing debt to $5.133 billion, leading to a debt-to-capitalization ratio of 19.8%. EOG expects continued operational improvements and financial discipline.

Positive

• Declared special dividend of $1.00 per share, adding to regular dividend of $0.4125
• Generated a record $1.1 billion in free cash flow
• Net income increased to $677 million from $337 million in the previous quarter
• Adjusted net income per share reached $1.62, the second-highest in EOG's history
• Reduced total debt to $5.133 billion, achieving a debt-to-cap ratio of 19.8%

Negative

• Natural Gas Liquids production decreased by 12% compared to 4Q 2020
• Total crude oil equivalent volumes decreased by 3% from the prior quarter

HOUSTON, May 6, 2021 /PRNewswire/ -- EOG Resources, Inc. (EOG) today reported first quarter 2021 results. The attached supplemental financial tables and schedules for the reconciliation of non-GAAP measures to GAAP measures and related definitions, along with a related presentation, are also available on EOG's website at http://investors.eogresources.com/investors.

Key Financial Results
In millions of USD, except per-share and ratio data

		1Q 2021		4Q 2020		1Q 2020
	Total Revenue	3,694		2,965		4,718
	Net Income	677		337		10
	Net Income Per Share	1.16		0.58		0.02
GAAP	Net Cash Provided by Operating Activities	1,870		1,121		2,585
	Total Expenditures	1,067		1,107		1,826
	Current and Long-Term Debt	5,133		5,816		5,222
	Cash and Cash Equivalents	3,388		3,329		2,907
	Debt-to-Total Capitalization	19.8%		22.3%		19.6%
	Adjusted Net Income	946		411		318
	Adjusted Net Income Per Share	1.62		0.71		0.55
	Discretionary Cash Flow	2,010		1,494		1,666
Non- GAAP	Cash Capital Expenditures before Acquisitions	945		828		1,685
	Free Cash Flow	1,065		666		(19)
	Net Debt	1,745		2,487		2,315
	Net Debt-to-Total Capitalization	7.8%		10.9%		9.7%

 

First Quarter 2021 Highlights

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• Declared special dividend of $1.00 per share and regular quarterly dividend of $0.4125 per share, an indicated annual total cash return to shareholders of $1.5 billion
• Earned an adjusted $1.62 per share, second-highest quarterly EPS in EOG history
• Generated $1.1 billion of free cash flow, a quarterly record
• Capital expenditures 6% below guidance midpoint driven by sustainable efficiency improvements
• Oil production above high-end of guidance range
• Made significant progress toward 5% well cost reduction goal in 2021
• Reached agreement to divest China assets

 

Volumes and Capital Expenditures

Wellhead Volumes	1Q 2021		1Q 2021 Guidance Midpoint		4Q 2020		1Q 2020
Crude Oil and Condensate (MBod)	431.0		425.1		444.8		483.3
Natural Gas Liquids (MBbld)	124.3		130.0		141.4		161.3
Natural Gas (MMcfd)	1,342		1,360		1,292		1,378
Total Crude Oil Equivalent (MBoed)	778.9		781.8		801.5		874.1
Cash Capital Expenditures before Acquisitions ($MM)	945		1,000		828		1,685

 

From William R. "Bill" Thomas, Chairman and Chief Executive Officer
"Our outstanding first quarter results and special dividend announcement reflect the power of EOG's returns-focused strategy. True to the EOG culture, our employees have embraced the higher hurdle rate with the shift to double-premium, which drove record returns in the first quarter. EOG continues to deliver sustainable improvements in operating performance, once again exceeding expectations.

"Our robust operating performance translates into financial results that allow us to deliver on our cash flow priorities. Earlier this year we raised the regular dividend and reduced debt outstanding. Our long-standing financial discipline now positions EOG to return additional cash to shareholders through a special dividend, bringing total expected return of cash to shareholders in 2021 to $1.5 billion.

"EOG is off to a great start in 2021 and I am confident that we will continue to get better going forward."

 

 

First Quarter 2021 Financial Performance 

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Adjusted Earnings per Share 1Q 2021 vs 4Q 2020

Prices and Hedges
Higher prices for crude oil, natural gas and natural gas liquids all contributed to higher earnings. Average crude oil prices increased to $58.02 per barrel in the 1Q from $41.81 per barrel in the 4Q, contributing about 60% of the $1.40 earnings per share increase attributable to higher prices. EOG also realized higher prices for a portion of natural gas sold on a spot basis during periods of strong demand related to winter storms and for natural gas sold at prices tied to LNG export markets. Price gains were partially offset by a decrease in hedge settlement value, to $30 million cash paid in 1Q from $72 million cash received in 4Q.

Volume
Overcoming downtime from Winter Storm Uri, which reduced 1Q production by approximately 3%, total company crude oil production of 431,000 Bopd was above the high end of the guidance range and just 3% lower than 4Q. NGL production was 12% lower, partially offset by a 4% increase in natural gas production, driven by the market-based decision to reduce ethane extraction. Total company equivalent volumes decreased 3%.

Per-Unit Costs
Total per-unit costs in 1Q were slightly above the mid-point of the guidance range, due to higher prices for fuel and power during the winter storm. Compared with 4Q, higher taxes other than income related to increased product prices accounted for about half the increase in per-unit costs. Higher fuel and power, DD&A and production-related costs also contributed to the increase.

 

Change in Cash 1Q 2021 vs 4Q 2020

Free Cash Flow
EOG generated discretionary cash flow (net cash provided by operating activities before exploration expense and changes in working capital) of $2.0 billion in 1Q. The company incurred $945 million of cash capital expenditures before acquisitions, resulting in $1.1 billion of free cash flow.

Capital Expenditures
Cash capital expenditures before acquisitions were below the midpoint of the guidance range due to lower well costs from sustainable efficiency improvements. Faster drilling times, more efficient completion operations and lower-cost sand and water sourcing contributed to lower overall well costs. EOG is well on track to meet or exceed its 5% well cost reduction goal for 2021.

Debt
On February 1, 2021, EOG repaid, with cash on hand, the $750 million aggregate principal amount of its 4.100% Senior Notes due 2021 that matured on that date.

 

First Quarter 2021 Operating Performance 

Lease and Well
Per-unit LOE costs declined 7% compared with the prior‐year period due to lower water handling costs, workover costs and overall efficiency improvements. Per-unit LOE also was $0.10 below the 1Q 2021 guidance midpoint. Compared with the 4Q 2020, per-unit LOE costs increased slightly due to higher fuel and power prices during the winter storm and seasonal factors.

Transportation, Gathering and Processing
Per-unit transportation costs increased in 1Q as EOG expanded its transportation and storage capacity to provide greater flexibility and support higher price realizations. Higher fuel and power prices during the winter storm also contributed to increased transportation and gathering and processing costs.

General and Administrative
G&A costs on a per-unit basis were in-line with the 4Q 2020 and slightly below the guidance midpoint.

Depreciation, Depletion and Amortization
Per-unit DD&A costs in the 1Q were in-line with the target, which was higher compared with the 4Q due to negative price- related reserve revisions.

 

Special Dividend and China Divestiture

Declared $1.00 per Share Special Dividend
The Board of Directors declared a regular dividend of $0.4125 per share on EOG's Common Stock. The indicated annual rate is $1.65. The Board also declared a special dividend of $1.00 per share on EOG's Common Stock. Both dividends are payable July 30, 2021 to stockholders of record as of July 16, 2021.

China Divestiture
EOG reached an agreement to divest all of its assets in China for proceeds of approximately $140 million. Closing, subject to customary conditions, is expected in the second quarter of 2021. Current net production from the divested assets is approximately 25 MMcfd of natural gas.

 

First Quarter 2021 Results vs Guidance

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Crude Oil and Condensate (MBod)	1Q 2021		1Q 2021 Guidance Midpoint		Variance		4Q 2020		3Q 2020		2Q 2020		1Q 2020
United States	428.7		423.0		5.7		442.4		376.6		330.9		482.7
Trinidad	2.2		2.0		0.2		2.3		1.0		0.1		0.5
Other International	0.1		0.1		0.0		0.1		0.0		0.1		0.1
Total	431.0		425.1		5.9		444.8		377.6		331.1		483.3
NGLs (MBbld)
Total	124.3		130.0		(5.7)		141.4		140.1		101.2		161.3
Natural Gas (MMcfd)
United States	1,100		1,125		(25)		1,075		1,008		939		1,139
Trinidad	217		215		2		192		151		174		201
Other International	25		20		5		25		31		34		38
Total	1,342		1,360		(18)		1,292		1,190		1,147		1,378
Total Crude Oil Equivalent Volumes (MBoed)	778.9		781.8		(2.9)		801.5		716.0		623.4		874.1
Total MMBoe	70.1		70.4		0.3		73.7		65.9		56.7		79.5
Capital Expenditures ($MM)	945		1,000		(55)		828		499		478		1,685
Benchmark Price
Oil (WTI) ($/Bbl)	57.80						42.67		40.94		27.85		46.08
Natural Gas (HH) ($/Mcf)	2.69						2.65		1.94		1.73		1.98
Crude Oil and Condensate ($/Bbl) - above (below) WTI
United States	0.27		0.20		0.07		(0.81)		(0.75)		(7.45)		0.89
Trinidad	(8.03)		(10.50)		2.47		(9.76)		(15.53)		(27.25)		(11.15)
Other International	(19.19)		(18.00)		(1.19)		(6.77)		(15.65)		20.93		11.43
NGLs - Realizations (% of WTI)	48.5%		49.0%		(0.5%)		41.1%		35.0%		36.6%		23.7%
Nat Gas ($/Mcf) - above (below) HH
United States	2.83		3.00		(0.17)		(0.36)		(0.45)		(0.62)		(0.48)
Natural Gas Realizations ($/Mcf)
Trinidad	3.38		3.35		0.03		3.57		2.35		2.13		2.17
Other International	5.66		5.70		(0.04)		5.47		4.73		4.36		4.32
Unit Costs ($/Boe)
Lease and Well	3.85		3.95		(0.10)		3.54		3.45		4.32		4.14
Transportation Costs	2.88		2.80		0.08		2.64		2.74		2.67		2.62
General and Administrative	1.57		1.65		(0.08)		1.54		1.89		2.32		1.44
Gathering and Processing	1.98		1.80		0.18		1.62		1.74		1.71		1.62
Cash Operating Costs	10.28		10.20		0.08		9.34		9.82		11.02		9.82
Depreciation, Depletion and Amortization	12.84		12.85		(0.01)		11.81		12.49		12.46		12.57
Expenses ($MM)
Exploration and Dry Hole	44		40		4		40		51		27		40
Impairment (GAAP)	44						143		79		305		1,573
Impairment (excluding certain impairments (non-GAAP))	43		70		(27)		57		52		66		57
Capitalized Interest	8		8		0		7		7		8		9
Net Interest	47		48		(1)		53		53		54		45
Taxes Other Than Income (% of Wellhead Revenue)	6.7%		7.0%		(0.3%)		5.1%		7.2%		9.4%		6.5%
Income Taxes
Effective Rate	23.2%		23.5%		(0.3%)		21.1%		19.2%		20.6%		68.4%
Deferred Ratio	(18%)		0%		(18%)		60%		330%		107%		743%

 

Second Quarter and Full-Year 2021 Guidance¹

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(Unaudited)
See "Endnotes" below for related discussion and definitions.	2Q 2021 Guidance Range				FY 2021 Guidance Range				2020 Actual		2019 Actual
Crude Oil and Condensate Volumes (MBod)
United States	436.0	-	446.0		433.0	-	444.0		408.1		455.5
Trinidad	1.5	-	2.3		1.0	-	1.8		1.0		0.6
Other International	0.0	-	0.2		0.0	-	0.2		0.1		0.1
Total	437.5	-	448.5		434.0	-	446.0		409.2		456.2
Natural Gas Liquids Volumes (MBbld)
Total	125.0	-	140.0		125.0	-	145.0		136.0		134.1
Natural Gas Volumes (MMcfd)
United States	1,110	-	1,210		1,110	-	1,210		1,040		1,069
Trinidad	195	-	225		180	-	220		180		260
Other International	10	-	22		5	-	15		32		37
Total	1,315	-	1,457		1,295	-	1,445		1,252		1,366
Crude Oil Equivalent Volumes (MBoed)
United States	746.0	-	787.7		743.0	-	790.7		717.5		767.8
Trinidad	34.0	-	39.8		31.0	-	38.5		30.9		44.0
Other International	1.7	-	3.9		0.8	-	2.7		5.4		6.2
Total	781.7	-	831.4		774.8	-	831.9		753.8		818.0
Benchmark Price
Oil (WTI) ($/Bbl)									39.40		57.04
Natural Gas (HH) ($/Mcf)									2.08		2.62
Crude Oil and Condensate Differentials - above (below) WTI2 ($/Bbl)
United States	(0.25)	-	0.75		(0.55)	-	1.45		(0.75)		0.70
Trinidad	(12.50)	-	(10.50)		(12.40)	-	(10.40)		(9.20)		(9.88)
Other International	(10.50)	-	(6.50)		(16.20)	-	(13.20)		3.68		0.36
Natural Gas Liquids - Realizations as % of WTI
Total	35%	-	45%		36%	-	48%		34.0%		28.1%
Natural Gas Differentials - above (below) NYMEX Henry Hub3 ($/Mcf)
United States	(0.40)	-	0.00		(0.25)	-	1.25		(0.47)		(0.40)
Natural Gas Realizations ($/Mcf)
Trinidad	3.10	-	3.60		3.10	-	3.60		2.57		2.72
Other International	5.40	-	5.90		5.20	-	6.20		4.66		4.44
Capital Expenditures4 ($MM)	1,000	-	1,200		3,700	-	4,100		3,490		6,234
Operating Unit Costs ($/Boe)
Lease and Well	3.45	-	4.15		3.50	-	4.20		3.85		4.58
Transport Costs	2.60	-	3.00		2.65	-	3.05		2.66		2.54
General and Administrative	1.50	-	1.60		1.50	-	1.60		1.75		1.64
Gathering and Processing	1.75	-	1.95		1.75	-	1.95		1.66		1.60
Cash Operating Costs	9.30	-	10.70		9.40	-	10.80		9.92		10.36
Depreciation, Depletion and Amortization	12.00	-	12.60		11.70	-	12.70		12.32		12.56
Expenses ($MM)
Exploration and Dry Hole	40	-	50		140	-	180		159		168
Impairment (GAAP)									2,100		518
Impairment (excluding certain impairments (non-GAAP))	45	-	95		255	-	295		232		243
Capitalized Interest	5	-	10		25	-	30		31		38
Net Interest	45	-	50		180	-	185		205		185
Taxes Other Than Income (% of Wellhead Revenue)	6.0%	-	8.0%		6.5%	-	7.5%		6.6%		6.9%
Income Taxes
Effective Rate	20%	-	25%		21%	-	26%		18.2%		22.9%
Deferred Ratio	0%	-	15%		0%	-	15%		54.8%		107.4%

 

 

First Quarter 2021 Results Webcast
Friday, May 7, 2021, 9:00 a.m. Central time (10:00 a.m. Eastern time)
Webcast will be available on EOG's website for one year.
http://investors.eogresources.com/Investors

About EOG
EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States, Trinidad, and China. To learn more visit www.eogresources.com.

Investor Contacts
David Streit 713‐571‐4902
Neel Panchal 713‐571‐4884

Media and Investor Contact
Kimberly Ehmer 713‐571‐4676

Endnotes
1)	The forecast items for the second quarter and full year 2021 set forth above for EOG Resources, Inc. (EOG) are based on current available information and expectations as of the date of the accompanying press release. EOG undertakes no obligation, other than as required by applicable law, to update or revise this forecast, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise. This forecast, which should be read in conjunction with the accompanying press release and EOG's related Current Report on Form 8-K filing, replaces and supersedes any previously issued guidance or forecast.
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 NYMEX settlement prices for each trading day within the applicable calendar month.
3)	EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the simple average of the NYMEX settlement prices for the last three trading days of the applicable month.
4)	The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Exploration Costs, Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs and any Non-Cash Transactions.

 

Glossary
Acq	Acquisitions
ATROR	After-tax rate of return
Bbl	Barrel
Bn	Billion
Boe	Barrels of oil equivalent
Bopd	Barrels of oil per day
Capex	Capital expenditures
CO2e	Carbon dioxide equivalent
DCF	Discretionary cash flow
DD&A	Depreciation, Depletion and Amortization
Disc	Discoveries
Divest	Divestitures
EPS	Earnings per share
Ext	Extensions
G&A	General and administrative expense
G&P	Gathering and processing expense
GHG	Greenhouse gas
HH	Henry Hub
LOE	Lease operating expense, or lease and well expense
MBbld	Thousand barrels of liquids per day
MBod	Thousand barrels of oil per day
MBoe	Thousand barrels of oil equivalent
MBoed	Thousand barrels of oil equivalent per day
Mcf	Thousand cubic feet of natural gas
MMBoe	Million barrels of oil equivalent
MMcfd	Million cubic feet of natural gas per day
NGLs	Natural gas liquids
OTP	Other than price
NYMEX	U.S. New York Mercantile Exchange
QoQ	Quarter over quarter
Trans	Transportation expense
USD	United States dollar
WTI	West Texas Intermediate
YoY	Year over year
$MM	Million United States dollars
$/Bbl	U.S. Dollars per barrel
$/Boe	U.S. Dollars per barrel of oil equivalent
$/Mcf	U.S. Dollars per thousand cubic feet

This press release may include forward‐looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG's future financial position, operations, performance, business strategy, goals, returns and rates of return, budgets, reserves, levels of production, capital expenditures, costs and asset sales, statements regarding future commodity prices and statements regarding the plans and objectives of EOG's management for future operations, are forward‐looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "project," "strategy," "intend," "plan," "target," "aims," "goal," "may," "will," "focused on," "should" and "believe" or the negative of those terms or other variations or comparable terminology to identify its forward‐looking statements. In particular, statements, express or implied, concerning EOG's future operating results and returns or EOG's ability to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and capital expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet goals or ambitions with respect to emissions, other environmental matters, safety matters or other ESG (environmental/social/governance) matters, or pay and/or increase dividends are forward‐looking statements. Forward‐looking statements are not guarantees of performance. Although EOG believes the expectations reflected in its forward‐looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, EOG's forward‐looking statements may be affected by known, unknown or currently unforeseen risks, events or circumstances that may be outside EOG's control. Furthermore, this press release and any accompanying disclosures may include or reference certain forward‐looking, non‐GAAP financial measures, such as free cash flow or discretionary cash flow, and certain related estimates regarding future performance, results and financial position. Because we provide these measures on a forward‐looking basis, we cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward‐looking GAAP measures, such as future impairments and future changes in working capital. Accordingly, we are unable to present a quantitative reconciliation of such forward‐looking, non‐GAAP financial measures to the respective most directly comparable forward‐looking GAAP financial measures. Management believes these forward‐looking, non‐GAAP measures may be a useful   tool for the investment community in comparing EOG's forecasted financial performance to the forecasted financial performance of other companies in the industry. Any such forward‐looking measures and estimates are intended to be illustrative only and are not intended to reflect the results that EOG will necessarily achieve for the period(s) presented; EOG's actual results may differ materially from such measures and estimates. Important factors that could cause EOG's actual results to differ materially from the expectations reflected in EOG's forward‐looking statements include, among others:

• the timing, extent and duration of changes in prices for, supplies of, and demand for, crude oil and condensate, natural gas liquids, natural gas and related commodities;
• the extent to which EOG is successful in its efforts to acquire or discover additional reserves;
• the extent to which EOG is successful in its efforts to (i) economically develop its acreage in, (ii) produce reserves and achieve anticipated production levels and rates of return from, (iii) decrease or otherwise control its drilling, completion, operating and capital costs related to, and (iv) maximize reserve recovery from, its existing and future crude oil and natural gas exploration and development projects and associated potential and existing drilling locations;
• the extent to which EOG is successful in its efforts to market its production of crude oil and condensate, natural gas liquids, and natural gas;
• security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, physical breaches of our facilities and other infrastructure or breaches of the information technology systems, facilities and infrastructure of third parties with which we transact business;
• the availability, proximity and capacity of, and costs associated with, appropriate gathering, processing, compression, storage, transportation, refining, and export facilities;
• the availability, cost, terms and timing of issuance or execution of, and competition for, mineral licenses and leases and governmental and other permits and rights-of-way, and EOG's ability to retain mineral licenses and leases;
• the impact of, and changes in, government policies, laws and regulations, including any changes or other actions which may result from the recent U.S. elections and change in U.S. administration and including tax laws and regulations; climate change and other environmental, health and safety laws and regulations relating to air emissions, disposal of produced water, drilling fluids and other wastes, hydraulic fracturing and access to and use of water; laws and regulations affecting the leasing of acreage and permitting for oil and gas drilling and the calculation of royalty payments in respect of oil and gas production; laws and regulations imposing additional permitting and disclosure requirements, additional operating restrictions and conditions or restrictions on drilling and completion operations and on the transportation of crude oil and natural gas; laws and regulations with respect to derivatives and hedging activities; and laws and regulations with respect to the import and export of crude oil, natural gas and related commodities;
• EOG's ability to effectively integrate acquired crude oil and natural gas properties into its operations, fully identify existing and potential problems with respect to such properties and accurately estimate reserves, production and drilling, completing and operating costs with respect to such properties;
• the extent to which EOG's third-party-operated crude oil and natural gas properties are operated successfully and economically;
• competition in the oil and gas exploration and production industry for the acquisition of licenses, leases and properties, employees and other personnel, facilities, equipment, materials and services;
• the availability and cost of employees and other personnel, facilities, equipment, materials (such as water and tubulars) and services;
• the accuracy of reserve estimates, which by their nature involve the exercise of professional judgment and may therefore be imprecise;
• weather, including its impact on crude oil and natural gas demand, and weather-related delays in drilling and in the installation and operation (by EOG or third parties) of production, gathering, processing, refining, compression, storage, transportation, and export facilities;
• the ability of EOG's customers and other contractual counterparties to satisfy their obligations to EOG and, related thereto, to access the credit and capital markets to obtain financing needed to satisfy their obligations to EOG;
• EOG's ability to access the commercial paper market and other credit and capital markets to obtain financing on terms it deems acceptable, if at all, and
• to otherwise satisfy its capital expenditure requirements;
• the extent to which EOG is successful in its completion of planned asset dispositions;
• the extent and effect of any hedging activities engaged in by EOG;
• the timing and extent of changes in foreign currency exchange rates, interest rates, inflation rates, global and domestic financial market conditions and global and domestic general economic conditions;
• the duration and economic and financial impact of epidemics, pandemics or other public health issues, including the COVID-19 pandemic;
• geopolitical factors and political conditions and developments around the world (such as the imposition of tariffs or trade or other economic sanctions, political instability and armed conflict), including in the areas in which EOG operates;
• the use of competing energy sources and the development of alternative energy sources;
• the extent to which EOG incurs uninsured losses and liabilities or losses and liabilities in excess of its insurance coverage;
• acts of war and terrorism and responses to these acts; and
• the other factors described under ITEM 1A, Risk Factors, of EOG's Annual Report on Form 10‐K for the fiscal year ended December 31, 2020 and any updates to those factors set forth in EOG's subsequent Quarterly Reports on Form 10‐Q or Current Reports on Form 8‐K.

In light of these risks, uncertainties and assumptions, the events anticipated by EOG's forward-looking statements may not occur, and, if any of such events do, we may not have anticipated the timing of their occurrence or the duration or extent of their impact on our actual results. Accordingly, you should not place any undue reliance on any of EOG's forward-looking statements. EOG's forward-looking statements speak only as of the date made, and EOG undertakes no obligation, other than as required by applicable law, to update or revise its forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose not only "proved" reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also "probable" reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as "possible" reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). Statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve or resource estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include "potential" reserves, "resource potential" and/or other estimated reserves or estimated resources not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in EOG's Annual Report on  Form 10‐K for the fiscal year ended December 31, 2020, available from EOG at P.O. Box 4362, Houston, Texas 77210‐4362 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1‐800‐SEC‐0330 or from the SEC's website at www.sec.gov. In addition, reconciliation and calculation schedules for non‐GAAP financial measures can be found on the EOG website at www.eogresources.com. 

Income Statements
In millions of USD, except per share data (Unaudited)
	1Q 2021			4Q 2020			1Q 2020
Operating Revenues and Other
Crude Oil and Condensate	2,251			1,711			2,065
Natural Gas Liquids	314			229			161
Natural Gas	625			302			210
Gains (Losses) on Mark-to-Market Commodity Derivative     Contracts	(367)			70			1,206
Gathering, Processing and Marketing	848			643			1,039
Gains (Losses) on Asset Dispositions, Net	(6)			(6)			16
Other, Net	29			16			21
Total	3,694			2,965			4,718
Operating Expenses
Lease and Well	270			261			330
Transportation Costs	202			195			208
Gathering and Processing Costs	139			119			128
Exploration Costs	33			41			40
Dry Hole Costs	11			—			—
Impairments	44			143			1,573
Marketing Costs	838			621			1,110
Depreciation, Depletion and Amortization	900			870			1,000
General and Administrative	110			113			114
Taxes Other Than Income	215			114			157
Total	2,762			2,477			4,660
Operating Income	932			488			58
Other Income (Expense), Net	(4)			(7)			18
Income Before Interest Expense and Income Taxes	928			481			76
Interest Expense, Net	47			53			45
Income Before Income Taxes	881			428			31
Income Tax Provision	204			91			21
Net Income	677			337			10
Dividends Declared per Common Share	0.4125			0.3750			0.3750
Net Income Per Share
Basic	1.17			0.58			0.02
Diluted	1.16			0.58			0.02
Average Number of Common Shares
Basic	580			580			578
Diluted	583			581			580

 

Wellhead Volumes and Prices
(Unaudited)
	1Q 2021			1Q 2020			% Change			4Q 2020
Crude Oil and Condensate Volumes (MBbld) (1)
United States	428.7			482.7			-11%			442.4
Trinidad	2.2			0.5			340%			2.3
Other International (2)	0.1			0.1			0%			0.1
Total	431.0			483.3			-11%			444.8
Average Crude Oil and Condensate Prices ($/Bbl) (3)
United States	58.07			46.97			24%			41.86
Trinidad	49.77			34.93			43%			32.91
Other International (2)	38.61			57.51			-33%			35.9
Composite	58.02			46.96			24%			41.81
Natural Gas Liquids Volumes (MBbld) (1)
United States	124.3			161.3			-23%			141.4
Total	124.3			161.3			-23%			141.4
Average Natural Gas Liquids Prices ($/Bbl) (3)
United States	28.03			10.94			156%			17.54
Composite	28.03			10.94			156%			17.54
Natural Gas Volumes (MMcfd) (1)
United States	1,100			1,139			-3%			1,075
Trinidad	217			201			8%			192
Other International (2)	25			38			-34%			25
Total	1,342			1,378			-3%			1,292
Average Natural Gas Prices ($/Mcf) (3)
United States	5.52			1.50			268%			2.29
Trinidad	3.38			2.17			56%			3.57
Other International (2)	5.66			4.32			31%			5.47
Composite	5.17			1.67			209%			2.54
Crude Oil Equivalent Volumes (MBoed) (4)
United States	736.4			833.8			-12%			763.0
Trinidad	38.5			34.0			13%			34.2
Other International (2)	4.0			6.3			-37%			4.3
Total	778.9			874.1			11%			801.5
Total MMBoe (4)	70.1			79.5			-12%			73.7

(1)	Thousand barrels per day or million cubic feet per day, as applicable.
(2)	Other International includes EOG's China and Canada operations.
(3)	Dollars per barrel or per thousand cubic feet, as applicable.  Excludes the impact of financial commodity derivative instruments (see Note 12 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021).
(4)	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, except share data (Unaudited)
	March 31,			December 31,
	2021			2020
Current Assets
Cash and Cash Equivalents	3,388			3,329
Accounts Receivable, Net	1,828			1,522
Inventories	562			629
Assets from Price Risk Management Activities	—			65
Income Taxes Receivable	—			23
Other	413			294
Total	6,191			5,862
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	65,645			64,793
Other Property, Plant and Equipment	4,590			4,479
Total Property, Plant and Equipment	70,235			69,272
Less:  Accumulated Depreciation, Depletion and Amortization	(41,569)			(40,673)
Total Property, Plant and Equipment, Net	28,666			28,599
Deferred Income Taxes	4			2
Other Assets	1,310			1,342
Total Assets	36,171			35,805
Current Liabilities
Accounts Payable	1,945			1,681
Accrued Taxes Payable	449			206
Dividends Payable	239			217
Liabilities from Price Risk Management Activities	188			—
Current Portion of Long-Term Debt	39			781
Current Portion of Operating Lease Liabilities	269			295
Other	183			280
Total	3,312			3,460
Long-Term Debt	5,094			5,035
Other Liabilities	2,178			2,149
Deferred Income Taxes	4,825			4,859
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 583,843,561    Shares Issued at March 31, 2021 and 583,694,850 Shares Issued at December    31, 2020	206			206
Additional Paid in Capital	5,979			5,945
Accumulated Other Comprehensive Loss	(14)			(12)
Retained Earnings	14,606			14,170
Common Stock Held in Treasury, 232,249 Shares at March 31, 2021 and 124,265    Shares at December 31, 2020	(15)			(7)
Total Stockholders' Equity	20,762			20,302
Total Liabilities and Stockholders' Equity	36,171			35,805

 

Cash Flows Statements
In millions of USD (Unaudited)
	1Q 2021		4Q 2020		1Q 2020
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating    Activities:
Net Income	677		337		10
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	900		870		1,000
Impairments	44		143		1,573
Stock-Based Compensation Expenses	35		33		40
Deferred Income Taxes	(36)		55		45
(Gains) Losses on Asset Dispositions, Net	6		6		(16)
Other, Net	7		10		(9)
Dry Hole Costs	11		—		—
Mark-to-Market Commodity Derivative Contracts
Total (Gains) Losses	367		(70)		(1,206)
Net Cash Received from (Payments for) Settlements of     Commodity Derivative Contracts	(30)		72		84
Other, Net	1		2		—
Changes in Components of Working Capital and Other Assets and     Liabilities
Accounts Receivable	(308)		(464)		722
Inventories	64		31		103
Accounts Payable	172		427		434
Accrued Taxes Payable	243		(61)		(55)
Other Assets	(103)		(90)		58
Other Liabilities	(89)		21		(66)
Changes in Components of Working Capital Associated with Investing     Activities	(91)		(201)		(132)
Net Cash Provided by Operating Activities	1,870		1,121		2,585
Investing Cash Flows
Additions to Oil and Gas Properties	(875)		(785)		(1,566)
Additions to Other Property, Plant and Equipment	(42)		(56)		(123)
Proceeds from Sales of Assets	5		3		26
Changes in Components of Working Capital Associated with Investing     Activities	91		201		132
Net Cash Used in Investing Activities	(821)		(637)		(1,531)
Financing Cash Flows
Long-Term Debt Repayments	(750)		—		—
Dividends Paid	(219)		(220)		(167)
Treasury Stock Purchased	(10)		(1)		(5)
Proceeds from Stock Options Exercised and Employee Stock Purchase     Plan	—		8		—
Repayment of Finance Lease Liabilities	(9)		(6)		(3)
Net Cash Used in Financing Activities	(988)		(219)		(175)
Effect of Exchange Rate Changes on Cash	(2)		(2)		—
Increase in Cash and Cash Equivalents	59		263		879
Cash and Cash Equivalents at Beginning of Period	3,329		3,066		2,028
Cash and Cash Equivalents at End of Period	3,388		3,329		2,907

 

Non-GAAP Financial Measures
To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), EOG's quarterly earnings releases and related conference calls, accompanying investor presentation slides and presentation slides for investor conferences contain certain financial measures that are not prepared or presented in accordance with GAAP.   These non-GAAP financial measures may include, but are not limited to, Adjusted Net Income (Loss), Discretionary Cash Flow, Free Cash Flow, Adjusted EBITDAX, Net Debt and related statistics.
A reconciliation of each of these measures to their most directly comparable GAAP financial measure is included in the tables below and can also be found in the "Reconciliations & Guidance" section of the "Investors" page of the EOG website at www.eogresources.com.
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 and operating results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the company's performance. EOG uses these non-GAAP measures for purposes of (i) comparing EOG's financial and operating performance with the financial and operating performance of other companies in the industry and (ii) analyzing EOG's financial and operating 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), Total 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.

 

Adjusted Net Income (Loss)
In millions of USD, except per share data (Unaudited)
	1Q 2021
	Before Tax			Income Tax Impact			After Tax			Diluted Earnings per Share
Reported Net Income (GAAP)	881			(204)			677			1.16
Adjustments:
Losses on Mark-to-Market Commodity Derivative Contracts	367			(81)			286			0.49
Net Cash Payments for Settlements of Commodity Derivative Contracts	(30)			7			(23)			(0.04)
Add: Losses on Asset Dispositions, Net	6			(1)			5			0.01
Add: Certain Impairments	1			—			1			—
Adjustments to Net Income	344			(75)			269			0.46
Adjusted Net Income (Non-GAAP)	1,225			(279)			946			1.62
Average Number of Common Shares (GAAP)
Basic										580
Diluted										583
	4Q 2020
	Before Tax			Income Tax Impact			After Tax			Diluted Earnings per Share
Reported Net Income (GAAP)	428			(91)			337			0.58
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts	(70)			15			(55)			(0.10)
Net Cash Received from Settlements of Commodity Derivative Contracts	72			(16)			56			0.10
Add: Losses on Asset Dispositions, Net	6			(1)			5			0.01
Add: Certain Impairments	86			(18)			68			0.12
Adjustments to Net Income	94			(20)			74			0.13
Adjusted Net Income (Non-GAAP)	522			(111)			411			0.71
Average Number of Common Shares (GAAP)
Basic										580
Diluted										581
Adjusted Net Income (Loss)
In millions of USD, except per share data (Unaudited)
	1Q 2020
	Before Tax			Income Tax Impact			After Tax			Diluted Earnings per Share
Reported Net Income (GAAP)	31			(21)			10			0.02
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts	(1,206)			265			(941)			(1.62)
Net Cash Received from Settlements of Commodity Derivative Contracts	84			(18)			66			0.11
Less: Gains on Asset Dispositions, Net	(16)			3			(13)			(0.02)
Add: Certain Impairments	1,516			(320)			1,196			2.06
Adjustments to Net Income	378			(70)			308			0.53
Adjusted Net Income (Non-GAAP)	409			(91)			318			0.55
Average Number of Common Shares (GAAP)
Basic										578
Diluted										580

 

Adjusted Net Income per Share
In millions of USD, except share and per Boe data (Unaudited)
4Q 2020 Adjusted Net Income per Share (Non-GAAP)				0.71
Realized Price
1Q 2021 Composite Average Wellhead Revenue per Boe	45.49
Less:  4Q 2020 Composite Average Wellhead Revenue per Boe	(30.39)
Subtotal	15.10
Multiplied by: 1Q 2021 Crude Oil Equivalent Volumes (MMBoe)	70.1
Total Change in Revenue	1,059
Less: Income Tax Benefit (Cost) Imputed (based on 23%)	(243)
Change in Net Income	815
Change in Diluted Earnings per Share				1.40
Net Cash Received (Paid) from Settlements of Commodity Derivative Contracts
1Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative     Contracts	(30)
Less:  Income Tax Benefit (Cost)	7
After Tax - (a)	(23)
4Q 2020 Net Cash Received (Paid) from Settlement of Commodity Derivative     Contracts	72
Less:  Income Tax Benefit (Cost)	(16)
After Tax - (b)	56
Change in Net Income - (a) - (b)	(79)
Change in Diluted Earnings per Share				(0.14)
Wellhead Volumes
1Q 2021 Crude Oil Equivalent Volumes (MMBoe)	70.1
Less:  4Q 2020 Crude Oil Equivalent Volumes (MMBoe)	(73.7)
Subtotal	(3.6)
Times:  1Q 2021 Composite Average Margin per Boe (Non-GAAP)     (Including Total Exploration Costs) (refer to "Costs per Barrel of Oil Equivalent"     schedule)	17.38
Change in Revenue	(63)
Less:  Income Tax Benefit (Cost) Imputed (based on 23%)	14
Change in Net Income	(48)
Change in Diluted Earnings per Share				(0.08)
Operating Cost per Boe
4Q 2020 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration     Costs) (refer to "Costs per Barrel of Oil Equivalent" schedule)	24.72
Less:  1Q 2021 Total Operating Cost per Boe (Non-GAAP) (including Total     Exploration Costs) (refer to "Costs per Barrel of Oil Equivalent" schedule)	(28.11)
Subtotal	(3.39)
Times:  1Q 2021 Crude Oil Equivalent Volumes (MMBoe)	70.1
Change in Before-Tax Net Income	(238)
Less:  Income Tax Benefit (Cost) Imputed (based on 23%)	55
Change in Net Income	(183)
Change in Diluted Earnings per Share				(0.31)
Other Items				0.04
1Q 2021 Adjusted Net Income per Share (Non-GAAP)				1.62
1Q 2021 Average Number of Common Shares (Non-GAAP) - Diluted	583

 

Discretionary Cash Flow and Free Cash Flow
In millions of USD (Unaudited)
	1Q 2021			4Q 2020			1Q 2020
Net Cash Provided by Operating Activities (GAAP)	1,870			1,121			2,585
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)	28			36			32
Other Non-Current Income Taxes - Net Receivable	—			—			113
Changes in Components of Working Capital and Other Assets and     Liabilities
Accounts Receivable	308			464			(722)
Inventories	(64)			(31)			(103)
Accounts Payable	(172)			(427)			(434)
Accrued Taxes Payable	(243)			61			55
Other Assets	103			90			(58)
Other Liabilities	89			(21)			66
Changes in Components of Working Capital Associated with Investing     Activities	91			201			132
Discretionary Cash Flow (Non-GAAP)	2,010			1,494			1,666
Discretionary Cash Flow (Non-GAAP) - Percentage Increase	35%
Discretionary Cash Flow (Non-GAAP)	2,010			1,494			1,666
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)	(945)			(828)			(1,685)
Free Cash Flow (Non-GAAP)	1,065			666			(19)
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)       for the three-month periods ended December 31, 2020 and March 31, 2021 and 2020:
Total Expenditures (GAAP)	1,067			1,107			1,826
Less:
Asset Retirement Costs	(17)			(48)			(20)
Non-Cash Expenditures of Other Property, Plant and Equipment	—			—			—
Non-Cash Acquisition Costs of Unproved Properties	(22)			(69)			(24)
Non-Cash Finance Leases	(74)			(101)			(49)
Acquisition Costs of Proved Properties	(9)			(61)			(48)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)	945			828			1,685

 

Discretionary Cash Flow and Free Cash Flow
In millions of USD (Unaudited)
	FY 2020			FY 2019			FY 2018			FY 2017
Net Cash Provided by Operating Activities (GAAP)	5,008			8,163			7,769			4,265
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)	126			113			125			122
Other Non-Current Income Taxes - Net (Payable) Receivable	113			239			149			(513)
Changes in Components of Working Capital and Other Assets and     Liabilities
Accounts Receivable	(467)			92			368			392
Inventories	(123)			(90)			395			175
Accounts Payable	795			(169)			(439)			(324)
Accrued Taxes Payable	49			(40)			92			64
Other Assets	(325)			(358)			125			659
Other Liabilities	(8)			57			(11)			90
Changes in Components of Working Capital Associated with     Investing and Financing Activities	(75)			115			(301)			(90)
Discretionary Cash Flow (Non-GAAP)	5,093			8,122			8,272			4,840
Discretionary Cash Flow (Non-GAAP) - Percentage Increase (Decrease)	-37%			-2%			71%			76%
Discretionary Cash Flow (Non-GAAP)	5,093			8,122			8,272			4,840
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)	(3,490)			(6,234)			(6,172)			(4,228)
Free Cash Flow (Non-GAAP)	1,603			1,888			2,100			612
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) for       the twelve-month periods ended December 31, 2020, 2019, 2018 and 2017:
Total Expenditures (GAAP)	4,113			6,900			6,706			4,613
Less:
Asset Retirement Costs	(117)			(186)			(70)			(56)
Non-Cash Expenditures of Other Property, Plant and Equipment	—			(2)			(1)			—
Non-Cash Acquisition Costs of Unproved Properties	(197)			(98)			(291)			(256)
Non-Cash Finance Leases	(174)			—			(48)			—
Acquisition Costs of Proved Properties	(135)			(380)			(124)			(73)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)	3,490			6,234			6,172			4,228

 

Discretionary Cash Flow and Free Cash Flow
In millions of USD (Unaudited)
	FY 2016			FY 2015			FY 2014			FY 2013			FY 2012
Net Cash Provided by Operating Activities (GAAP)	2,359			3,595			8,649			7,329			5,237
Adjustments:
Exploration Costs (excluding Stock-Based Compensation     Expenses)	104			124			158			134			158
Excess Tax Benefits from Stock-Based Compensation	30			26			99			56			67
Changes in Components of Working Capital and Other     Assets and Liabilities
Accounts Receivable	233			(641)			(85)			24			179
Inventories	(171)			(58)			162			(53)			157
Accounts Payable	74			1,409			(544)			(179)			17
Accrued Taxes Payable	(93)			(12)			(16)			(75)			(78)
Other Assets	41			(118)			14			110			119
Other Liabilities	16			66			(75)			20			(36)
Changes in Components of Working Capital Associated     with Investing and Financing Activities	156			(500)			103			51			(74)
Discretionary Cash Flow (Non-GAAP)	2,749			3,891			8,465			7,417			5,746
Discretionary Cash Flow (Non-GAAP) - Percentage Increase     (Decrease)	-29%			-54%			14%			29%
Discretionary Cash Flow (Non-GAAP)	2,749			3,891			8,465			7,417			5,746
Less:
Total Cash Capital Expenditures Before Acquisitions     (Non-GAAP) (a)	(2,706)			(4,682)			(8,292)			(7,102)			(7,540)
Free Cash Flow (Non-GAAP)	43			(791)			173			315			(1,794)
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) for       the twelve-month periods ended December 31, 2016, 2015, 2014, 2013 and 2012:
Total Expenditures (GAAP)	6,554			5,216			8,632			7,361			7,754
Less:
Asset Retirement Costs	20			(53)			(196)			(134)			(127)
Non-Cash Expenditures of Other Property, Plant and     Equipment	(17)			—			—			—			(66)
Non-Cash Acquisition Costs of Unproved Properties	(3,102)			—			(5)			(5)			(20)
Acquisition Costs of Proved Properties	(749)			(481)			(139)			(120)			(1)
Total Cash Capital Expenditures Before Acquisitions (Non-     GAAP)	2,706			4,682			8,292			7,102			7,540

 

Total Expenditures
In millions of USD (Unaudited)
	1Q 2021			1Q 2020			FY 2020			FY 2019			FY 2018			FY 2017
Exploration and Development Drilling	733			1,313			2,664			4,951			4,935			3,132
Facilities	82			179			347			629			625			575
Leasehold Acquisitions	58			45			265			276			488			427
Property Acquisitions	9			48			135			380			124			73
Capitalized Interest	8			9			31			38			24			27
Subtotal	890			1,594			3,442			6,274			6,196			4,234
Exploration Costs	33			40			146			140			149			145
Dry Hole Costs	11			—			13			28			5			5
Exploration and Development Expenditures	934			1,634			3,601			6,442			6,350			4,384
Asset Retirement Costs	17			20			117			186			70			56
Total Exploration and Development Expenditures	951			1,654			3,718			6,628			6,420			4,440
Other Property, Plant and Equipment	116			172			395			272			286			173
Total Expenditures	1,067			1,826			4,113			6,900			6,706			4,613

 

EBITDAX and Adjusted EBITDAX
In millions of USD (Unaudited)
		1Q 2021			1Q 2020
Net Income (GAAP)		677			10
Adjustments:
Interest Expense, Net		47			45
Income Tax Provision (Benefit)		204			21
Depreciation, Depletion and Amortization		900			1,000
Exploration Costs		33			40
Dry Hole Costs		11			—
Impairments		44			1,573
EBITDAX (Non-GAAP)		1,916			2,689
(Gains) Losses on MTM Commodity Derivative Contracts		367			(1,206)
Net Cash Received from (Payments for) Settlements of Commodity     Derivative Contracts		(30)			84
(Gains) Losses on Asset Dispositions, Net		6			(16)
Adjusted EBITDAX (Non-GAAP)		2,259			1,551
Adjusted EBITDAX (Non-GAAP) - Percentage Increase		46%
Definitions
EBITDAX - Earnings Before Interest Expense, Net; Income Tax Provision (Benefit); Depreciation, Depletion and Amortization; Exploration Costs; Dry Hole Costs; and Impairments

 

Net Debt-to-Total Capitalization Ratio
In millions of USD, except ratio data (Unaudited)
	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Total Stockholders' Equity - (a)	20,762			20,302			20,148			20,388			21,471
Current and Long-Term Debt (GAAP) - (b)	5,133			5,816			5,721			5,724			5,222
Less: Cash	(3,388)			(3,329)			(3,066)			(2,417)			(2,907)
Net Debt (Non-GAAP) - (c)	1,745			2,487			2,655			3,307			2,315
Total Capitalization (GAAP) - (a) + (b)	25,895			26,118			25,869			26,112			26,693
Total Capitalization (Non-GAAP) - (a) + (c)	22,507			22,789			22,803			23,695			23,786
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	19.8%			22.3%			22.1%			21.9%			19.6%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) /     [(a) + (c)]	7.8%			10.9%			11.6%			14.0%			9.7%

 

Net Debt-to-Total Capitalization Ratio
In millions of USD, except ratio data (Unaudited)
	December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Total Stockholders' Equity - (a)	21,641			21,124			20,630			19,904
Current and Long-Term Debt (GAAP) - (b)	5,175			5,177			5,179			6,081
Less: Cash	(2,028)			(1,583)			(1,160)			(1,136)
Net Debt (Non-GAAP) - (c)	3,147			3,594			4,019			4,945
Total Capitalization (GAAP) - (a) + (b)	26,816			26,301			25,809			25,985
Total Capitalization (Non-GAAP) - (a) + (c)	24,788			24,718			24,649			24,849
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	19.3%			19.7%			20.1%			23.4%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	12.7%			14.5%			16.3%			19.9%
Net Debt-to-Total Capitalization Ratio
In millions of USD, except ratio data (Unaudited)
	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Total Stockholders' Equity - (a)	19,364			18,538			17,452			16,841
Current and Long-Term Debt (GAAP) - (b)	6,083			6,435			6,435			6,435
Less: Cash	(1,556)			(1,274)			(1,008)			(816)
Net Debt (Non-GAAP) - (c)	4,527			5,161			5,427			5,619
Total Capitalization (GAAP) - (a) + (b)	25,447			24,973			23,887			23,276
Total Capitalization (Non-GAAP) - (a) + (c)	23,891			23,699			22,879			22,460
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	23.9%			25.8%			26.9%			27.6%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	18.9%			21.8%			23.7%			25.0%
Net Debt-to-Total Capitalization Ratio
In millions of USD, except ratio data (Unaudited)
	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017
Total Stockholders' Equity - (a)	16,283			13,922			13,902			13,928
Current and Long-Term Debt (GAAP) - (b)	6,387			6,387			6,987			6,987
Less: Cash	(834)			(846)			(1,649)			(1,547)
Net Debt (Non-GAAP) - (c)	5,553			5,541			5,338			5,440
Total Capitalization (GAAP) - (a) + (b)	22,670			20,309			20,889			20,915
Total Capitalization (Non-GAAP) - (a) + (c)	21,836			19,463			19,240			19,368
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	28.2%			31.4%			33.4%			33.4%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	25.4%			28.5%			27.7%			28.1%
Net Debt-to-Total Capitalization Ratio
In millions of USD, except ratio data (Unaudited)
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015
Total Stockholders' Equity - (a)	13,982			11,798			12,057			12,405			12,943
Current and Long-Term Debt (GAAP) - (b)	6,986			6,986			6,986			6,986			6,660
Less: Cash	(1,600)			(1,049)			(780)			(668)			(719)
Net Debt (Non-GAAP) - (c)	5,386			5,937			6,206			6,318			5,941
Total Capitalization (GAAP) - (a) + (b)	20,968			18,784			19,043			19,391			19,603
Total Capitalization (Non-GAAP) - (a) + (c)	19,368			17,735			18,263			18,723			18,884
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]	33.3%			37.2%			36.7%			36.0%			34.0%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]	27.8%			33.5%			34.0%			33.7%			31.5%

 

Reserve Replacement Cost Data
In millions of USD, except reserves and ratio data (Unaudited)
	2020			2019			2018			2017			2016			2015			2014
Total Costs Incurred in Exploration and     Development Activities (GAAP)	3,718			6,628			6,420			4,440			6,445			4,928			7,905
Less:  Asset Retirement Costs	(117)			(186)			(70)			(56)			20			(53)			(196)
Non-Cash Acquisition Costs of     Unproved Properties	(197)			(98)			(291)			(256)			(3,102)			—			—
Acquisition Costs of Proved Properties	(135)			(380)			(124)			(73)			(749)			(481)			(139)
Total Exploration and Development     Expenditures for Drilling Only (Non-     GAAP) - (a)	3,269			5,964			5,935			4,055			2,614			4,394			7,570
Total Costs Incurred in Exploration and     Development Activities (GAAP)	3,718			6,628			6,420			4,440			6,445			4,928			7,905
Less:  Asset Retirement Costs	(117)			(186)			(70)			(56)			20			(53)			(196)
Non-Cash Acquisition Costs of     Unproved Properties	(197)			(98)			(291)			(256)			(3,102)			—			—
Non-Cash Acquisition Costs of     Proved Properties	(15)			(52)			(71)			(26)			(732)			—			—
Total Exploration and Development     Expenditures (Non-GAAP) - (b)	3,389			6,292			5,988			4,102			2,631			4,875			7,709
Net Proved Reserve Additions From All     Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)	(278)			(60)			35			154			(101)			(574)			52
Revisions Other Than Price	(89)			—			(40)			48			253			107			49
Purchases in Place	10			17			12			2			42			56			14
Extensions, Discoveries and Other Additions - (d)	564			750			670			421			209			246			519
Total Proved Reserve Additions - (e)	207			707			677			625			403			(165)			634
Sales in Place	(31)			(5)			(11)			(21)			(168)			(4)			(36)
Net Proved Reserve Additions From All Sources	176			702			666			604			235			(169)			598
Production	285			301			265			224			206			210			220
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)	5.79			7.95			8.86			9.64			12.51			17.87			14.58
All-in Total, Net of Revisions - (b / e)	16.32			8.90			8.85			6.56			6.52			(29.63)			12.16
All-in Total, Excluding Revisions Due to Price -  (b / ( e - c))	6.98			8.21			9.33			8.71			5.22			11.91			13.25

 

Definitions
$/Boe	U.S. Dollars per barrel of oil equivalent
MMBoe	Million barrels of oil equivalent

 

Financial Commodity Derivative Contracts

EOG accounts for financial commodity derivative contracts using the mark-to-market accounting method.

Presented below is a comprehensive summary of EOG's financial commodity derivative contracts as of April 29, 2021.

 

Crude Oil Financial Price Swap Contracts
				Contracts Sold
Period		Settlement Index		Volume (MBbld)			Weighted Average Price ($/Bbl)
January 2021 (closed)		NYMEX WTI		151			$	50.06
February - March 2021 (closed)		NYMEX WTI		201			51.29
April - June 2021		NYMEX WTI		150			51.68
July - September 2021		NYMEX WTI		150			52.71
Crude Oil Basis Swap Contracts
				Contracts Sold
Period		Settlement Index		Volume (MBbld)			Weighted Average Price Differential ($/Bbl)
February 2021 (closed)		NYMEX WTI Roll Differential (1)		30			$	0.11
March - May 2021 (closed)		NYMEX WTI Roll Differential (1)		125			0.17
June - December 2021		NYMEX WTI Roll Differential (1)		125			0.17
January - December 2022		NYMEX WTI Roll Differential (1)		125			0.15
(1)   This settlement index is used to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil          delivery month.
NGL Financial Price Swap Contracts
				Contracts Sold
Period		Settlement Index		Volume (MBbld)			Weighted Average Price ($/Bbl)
January - March 2021 (closed)		Mont Belvieu Propane (non-Tet)		15			$	29.44
April - December 2021		Mont Belvieu Propane (non-Tet)		15			29.44

 

Natural Gas Financial Price Swap Contracts
				Contracts Sold							Contracts Purchased
Period		Settlement Index		Volume (MMBtud in thousands)			Weighted Average Price ($/MMBtu)				Volume (MMBtud in thousands)			Weighted Average Price ($/MMBtu)
January - March 2021 (closed)		NYMEX Henry Hub		500			$	2.99			500			$	2.43
April - May 2021 (closed)		NYMEX Henry Hub		500			2.99				570			2.81
June - September 2021		NYMEX Henry Hub		500			2.99				570			2.81
October - December 2021		NYMEX Henry Hub		500			2.99				500			2.83
January - December 2022     (closed) (1)		NYMEX Henry Hub		20			2.75				—			—
April - May 2021 (closed)		JKM		70			6.65				—			—
June - September 2021		JKM		70			6.65				—			—

(1)	In January 2021, EOG executed the early termination provision granting EOG the right to terminate all of its open 2022 natural gas price swap contracts.  EOG received net cash of $0.6 million for the settlement of these contracts.

 

Glossary:
$/Bbl	Dollars per barrel
$/MMBtu	Dollars per million British Thermal Units
Bbl	Barrel
EOG	EOG Resources, Inc.
JKM	Japan Korea Marker
MBbld	Thousand barrels per day
MMBtu	Million British Thermal Units
MMBtud	Million British Thermal Units per day
NGL	Natural Gas Liquids
NYMEX	New York Mercantile Exchange
WTI	West Texas Intermediate

 

Direct After-Tax Rate of Return
The calculation of our direct after-tax rate of return (ATROR) with respect to our capital expenditure program for a particular play or well is based on the estimated recoverable reserves ("net" to EOG's interest) for all wells in such play or such well (as the case may be), the estimated net present value (NPV) of the future net cash flows from such reserves (for which we utilize certain assumptions regarding future commodity prices and operating costs) and our direct net costs incurred in drilling or acquiring (as the case may be) such wells or well (as the case may be).  As such, our direct ATROR with respect to our capital expenditures for a particular play or well cannot be calculated from our consolidated financial statements.
Direct ATROR
Based on Cash Flow and Time Value of Money
- Estimated future commodity prices and operating costs
- Costs incurred to drill, complete and equip a well, including facilities
Excludes Indirect Capital
- Gathering and Processing and other Midstream
- Land, Seismic, Geological and Geophysical
Payback ~12 Months on 100% Direct ATROR Wells
First Five Years ~1/2 Estimated Ultimate Recovery Produced but ~3/4 of NPV Captured
Return on Equity / Return on Capital Employed
Based on GAAP Accrual Accounting
Includes All Indirect Capital and Growth Capital for Infrastructure
- Eagle Ford, Bakken, Permian and Powder River Basin Facilities
- Gathering and Processing
Includes Legacy Gas Capital and Capital from Mature Wells

 

ROCE & ROE
In millions of USD, except ratio data (Unaudited)
	2020			2019			2018			2017
Net Interest Expense (GAAP)	205			185			245
Tax Benefit Imputed (based on 21%)	(43)			(39)			(51)
After-Tax Net Interest Expense (Non-GAAP) - (a)	162			146			194
Net Income (Loss) (GAAP) - (b)	(605)			2,735			3,419
Adjustments to Net Income (Loss), Net of Tax (See Below Detail) (1)	1,455			158			(201)
Adjusted Net Income (Non-GAAP) - (c)	850			2,893			3,218
Total Stockholders' Equity - (d)	20,302			21,641			19,364			16,283
Average Total Stockholders' Equity * - (e)	20,972			20,503			17,824
Current and Long-Term Debt (GAAP) - (f)	5,816			5,175			6,083			6,387
Less:  Cash	(3,329)			(2,028)			(1,556)			(834)
Net Debt (Non-GAAP) - (g)	2,487			3,147			4,527			5,553
Total Capitalization (GAAP) - (d) + (f)	26,118			26,816			25,447			22,670
Total Capitalization (Non-GAAP) - (d) + (g)	22,789			24,788			23,891			21,836
Average Total Capitalization (Non-GAAP) * - (h)	23,789			24,340			22,864
Return on Capital Employed (ROCE)
GAAP Net Income (Loss) - [(a) + (b)] / (h)	(1.9)%			11.8%			15.8%
Non-GAAP Adjusted Net Income - [(a) + (c)] / (h)	4.3%			12.5%			14.9%
Return on Equity (ROE)
GAAP Net Income (Loss) - (b) / (e)	(2.9)%			13.3%			19.2%
Non-GAAP Adjusted Net Income - (c) / (e)	4.1%			14.1%			18.1%
* Average for the current and immediately preceding year
(1) Detail of adjustments to Net Income (Loss) (GAAP):
				Before Tax			Income Tax Impact			After Tax
Year Ended December 31, 2020
Adjustments:
Add:  Mark-to-Market Commodity Derivative Contracts Impact				(74)			16			(58)
Add:  Impairments of Certain Assets				1,868			(392)			1,476
Add:  Net Losses on Asset Dispositions				47			(10)			37
Total				1,841			(386)			1,455
Year Ended December 31, 2019
Adjustments:
Add:  Mark-to-Market Commodity Derivative Contracts Impact				51			(11)			40
Add:  Impairments of Certain Assets				275			(60)			215
Less:  Net Gains on Asset Dispositions				(124)			27			(97)
Total				202			(44)			158
Year Ended December 31, 2018
Adjustments:
Add:  Mark-to-Market Commodity Derivative Contracts Impact				(93)			20			(73)
Add:  Impairments of Certain Assets				153			(34)			119
Less:  Net Gains on Asset Dispositions				(175)			38			(137)
Less:  Tax Reform Impact				—			(110)			(110)
Total				(115)			(86)			(201)

 

ROCE & ROE
In millions of USD, except ratio data (Unaudited)
	2017			2016			2015			2014			2013
Net Interest Expense (GAAP)	274			282			237			201			235
Tax Benefit Imputed (based on 35%)	(96)			(99)			(83)			(70)			(82)
After-Tax Net Interest Expense (Non-GAAP) - (a)	178			183			154			131			153
Net Income (Loss) (GAAP) - (b)	2,583			(1,097)			(4,525)			2,915			2,197
Total Stockholders' Equity - (d)	16,283			13,982			12,943			17,713			15,418
Average Total Stockholders' Equity* - (e)	15,133			13,463			15,328			16,566			14,352
Current and Long-Term Debt (GAAP) - (f)	6,387			6,986			6,655			5,906			5,909
Less:  Cash	(834)			(1,600)			(719)			(2,087)			(1,318)
Net Debt (Non-GAAP) - (g)	5,553			5,386			5,936			3,819			4,591
Total Capitalization (GAAP) - (d) + (f)	22,670			20,968			19,598			23,619			21,327
Total Capitalization (Non-GAAP) - (d) + (g)	21,836			19,368			18,879			21,532			20,009
Average Total Capitalization (Non-GAAP)* - (h)	20,602			19,124			20,206			20,771			19,365
Return on Capital Employed (ROCE)
GAAP Net Income (Loss) - [(a) + (b)] / (h)	13.4%			-4.8%			-21.6%			14.7%			12.1%
Return on Equity (ROE)
GAAP Net Income (Loss) - (b) / (e)	17.1%			-8.1%			-29.5%			17.6%			15.3%
* Average for the current and immediately preceding year
ROCE & ROE
In millions of USD, except ratio data (Unaudited)
	2012			2011			2010			2009			2008
Net Interest Expense (GAAP)	214			210			130			101			52
Tax Benefit Imputed (based on 35%)	(75)			(74)			(46)			(35)			(18)
After-Tax Net Interest Expense (Non-GAAP) - (a)	139			136			84			66			34
Net Income (GAAP) - (b)	570			1,091			161			547			2,437
Total Stockholders' Equity - (d)	13,285			12,641			10,232			9,998			9,015
Average Total Stockholders' Equity* - (e)	12,963			11,437			10,115			9,507			8,003
Current and Long-Term Debt (GAAP) - (f)	6,312			5,009			5,223			2,797			1,897
Less:  Cash	(876)			(616)			(789)			(686)			(331)
Net Debt (Non-GAAP) - (g)	5,436			4,393			4,434			2,111			1,566
Total Capitalization (GAAP) - (d) + (f)	19,597			17,650			15,455			12,795			10,912
Total Capitalization (Non-GAAP) - (d) + (g)	18,721			17,034			14,666			12,109			10,581
Average Total Capitalization (Non-GAAP)* - (h)	17,878			15,850			13,388			11,345			9,351
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h)	4.0%			7.7%			1.8%			5.4%			26.4%
Return on Equity (ROE)
GAAP Net Income - (b) / (e)	4.4%			9.5%			1.6%			5.8%			30.5%
* Average for the current and immediately preceding year
ROCE & ROE
In millions of USD, except ratio data (Unaudited)
	2007			2006			2005			2004			2003
Net Interest Expense (GAAP)	47			43			63			63			59
Tax Benefit Imputed (based on 35%)	(16)			(15)			(22)			(22)			(21)
After-Tax Net Interest Expense (Non-GAAP) - (a)	31			28			41			41			38
Net Income (GAAP) - (b)	1,090			1,300			1,260			625			430
Total Stockholders' Equity - (d)	6,990			5,600			4,316			2,945			2,223
Average Total Stockholders' Equity* - (e)	6,295			4,958			3,631			2,584			1,948
Current and Long-Term Debt (GAAP) - (f)	1,185			733			985			1,078			1,109
Less:  Cash	(54)			(218)			(644)			(21)			(4)
Net Debt (Non-GAAP) - (g)	1,131			515			341			1,057			1,105
Total Capitalization (GAAP) - (d) + (f)	8,175			6,333			5,301			4,023			3,332
Total Capitalization (Non-GAAP) - (d) + (g)	8,121			6,115			4,657			4,002			3,328
Average Total Capitalization (Non-GAAP)* - (h)	7,118			5,386			4,330			3,665			3,068
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h)	15.7%			24.7%			30.0%			18.2%			15.3%
Return on Equity (ROE)
GAAP Net Income - (b) / (e)	17.3%			26.2%			34.7%			24.2%			22.1%
* Average for the current and immediately preceding year
ROCE & ROE
In millions of USD, except ratio data (Unaudited)
	2002			2001			2000			1999			1998
Net Interest Expense (GAAP)	60			45			61			62
Tax Benefit Imputed (based on 35%)	(21)			(16)			(21)			(22)
After-Tax Net Interest Expense (Non-GAAP) - (a)	39			29			40			40
Net Income (GAAP) - (b)	87			399			397			569
Total Stockholders' Equity - (d)	1,672			1,643			1,381			1,130			1,280
Average Total Stockholders' Equity* - (e)	1,658			1,512			1,256			1,205
Current and Long-Term Debt (GAAP) - (f)	1,145			856			859			990			1,143
Less:  Cash	(10)			(3)			(20)			(25)			(6)
Net Debt (Non-GAAP) - (g)	1,135			853			839			965			1,137
Total Capitalization (GAAP) - (d) + (f)	2,817			2,499			2,240			2,120			2,423
Total Capitalization (Non-GAAP) - (d) + (g)	2,807			2,496			2,220			2,095			2,417
Average Total Capitalization (Non-GAAP)* - (h)	2,652			2,358			2,158			2,256
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h)	4.8%			18.2%			20.2%			27.0%
Return on Equity (ROE)
GAAP Net Income - (b) / (e)	5.2%			26.4%			31.6%			47.2%
* Average for the current and immediately preceding year

 

Costs per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
	1Q 2021			4Q 2020			3Q 2020			2Q 2020			1Q 2020
Cost per Barrel of Oil Equivalent (Boe) Calculation
Volume - Million Barrels of Oil Equivalent - (a)	70.1			73.7			65.9			56.7			79.5
Crude Oil and Condensate	2,251			1,711			1,395			615			2,065
Natural Gas Liquids	314			229			185			93			161
Natural Gas	625			302			184			141			210
Total Wellhead Revenues - (b)	3,190			2,242			1,764			849			2,436
Operating Costs
Lease and Well	270			261			227			245			330
Transportation Costs	202			195			180			152			208
Gathering and Processing Costs	139			119			115			97			128
General and Administrative	110			113			125			132			114
Taxes Other Than Income	215			114			126			81			157
Interest Expense, Net	47			53			53			54			45
Total Operating  Cost (excluding DD&A and Total Exploration     Costs) - (c)	983			855			826			761			982
Depreciation, Depletion and Amortization (DD&A)	900			870			823			707			1,000
Total Operating Cost (excluding Total Exploration Costs) - (d)	1,883			1,725			1,649			1,468			1,982
Exploration Costs	33			41			38			27			40
Dry Hole Costs	11			—			13			—			—
Impairments	44			143			79			305			1,573
Total Exploration Costs	88			184			130			332			1,613
Less:  Certain Impairments (Non-GAAP)	(1)			(86)			(27)			(239)			(1,516)
Total Exploration Costs (Non-GAAP)	87			98			103			93			97
Total Operating Cost (Non-GAAP) (including Total Exploration     Costs) - (e)	1,970			1,823			1,752			1,561			2,079
Costs per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
	1Q 2021			4Q 2020			3Q 2020			2Q 2020			1Q 2020
Composite Average Wellhead Revenue per Boe - (b) / (a)	45.49			30.39			26.77			14.99			30.62
Total Operating Cost per Boe (excluding DD&A and Total     Exploration Costs) -   (c) / (a)	14.02			11.60			12.56			13.40			12.36
Composite Average Margin per Boe (excluding DD&A and Total     Exploration Costs) - [(b) / (a) - (c) / (a)]	31.47			18.79			14.21			1.59			18.26
Total Operating Cost per Boe (excluding Total Exploration Costs) -     (d) / (a)	26.86			23.41			25.05			25.86			24.93
Composite Average Margin per Boe (excluding Total Exploration     Costs) - [(b) / (a) - (d) / (a)]	18.63			6.98			1.72			(10.87)			5.69
Total Operating Cost  per Boe (Non-GAAP) (including Total     Exploration Costs) - (e) / (a)	28.11			24.72			26.62			27.51			26.15
Composite Average Margin per Boe (Non-GAAP) (including Total     Exploration Costs) - [(b) / (a) - (e) / (a)]	17.38			5.67			0.15			(12.52)			4.47

 

Costs per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
	2020			2019			2018			2017
Cost per Barrel of Oil Equivalent (Boe) Calculation
Volume - Million Barrels of Oil Equivalent - (a)	275.9			298.6			262.5			222.3
Crude Oil and Condensate	5,786			9,613			9,517			6,256
Natural Gas Liquids	668			785			1,128			730
Natural Gas	837			1,184			1,302			922
Total Wellhead Revenues - (b)	7,291			11,582			11,947			7,908
Operating Costs
Lease and Well	1,063			1,367			1,283			1,045
Transportation Costs	735			758			747			740
Gathering and Processing Costs	459			479			437			149
General and Administrative	484			489			427			434
Less:  Legal Settlement - Early Leasehold Termination	—			—			—			(10)
Less:  Joint Venture Transaction Costs	—			—			—			(3)
Less:  Joint Interest Billings Deemed Uncollectible	—			—			—			(5)
Taxes Other Than Income	478			800			772			545
Interest Expense, Net	205			185			245			274
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c)	3,424			4,078			3,911			3,169
Depreciation, Depletion and Amortization (DD&A)	3,400			3,750			3,435			3,409
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (d)	6,824			7,828			7,346			6,578
Exploration Costs	146			140			149			145
Dry Hole Costs	13			28			5			5
Impairments	2,100			518			347			479
Total Exploration Costs	2,259			686			501			629
Less:  Certain Impairments (Non-GAAP)	(1,868)			(275)			(153)			(261)
Total Exploration Costs (Non-GAAP)	391			411			348			368
Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e)	7,215			8,239			7,694			6,946
Cost per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
	2020			2019			2018			2017
Composite Average Wellhead Revenue per Boe - (b) / (a)	26.42			38.79			45.51			35.58
Total Operating Cost per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) -     (c) / (a)	12.39			13.66			14.90			14.25
Composite Average Margin per Boe (Non-GAAP) (excluding DD&A and Total Exploration     Costs) - [(b) / (a) - (c) / (a)]	14.03			25.13			30.61			21.33
Total Operating Cost per Boe (Non-GAAP) (excluding Total Exploration Costs) -     (d) / (a)	24.71			26.22			27.99			29.59
Composite Average Margin per Boe (Non-GAAP) (excluding Total Exploration Costs) -     [(b) / (a) - (d) / (a)]	1.71			12.57			17.52			5.99
Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) -     (e) / (a)	26.13			27.60			29.32			31.24
Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs) -     [(b) / (a) - (e) / (a)]	0.29			11.19			16.19			4.34

 

Cost per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
	2016			2015			2014
Cost per Barrel of Oil Equivalent (Boe) Calculation
Volume - Million Barrels of Oil Equivalent - (a)	205.0			208.9			217.1
Crude Oil and Condensate	4,317			4,935			9,742
Natural Gas Liquids	437			408			934
Natural Gas	742			1,061			1,916
Total Wellhead Revenues - (b)	5,496			6,404			12,592
Operating Costs
Lease and Well	927			1,182			1,416
Transportation Costs	764			849			972
Gathering and Processing Costs	123			146			146
General and Administrative	395			367			402
Less:  Voluntary Retirement Expense	(42)			—			—
Less:  Acquisition Costs	(5)			—			—
Less:  Legal Settlement - Early Leasehold Termination	—			(19)			—
General and Administrative (Non-GAAP)	348			348			402
Taxes Other Than Income	350			422			758
Interest Expense, Net	282			237			201
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c)	2,794			3,184			3,895
Depreciation, Depletion and Amortization (DD&A)	3,553			3,314			3,997
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (d)	6,347			6,498			7,892
Exploration Costs	125			149			184
Dry Hole Costs	11			15			48
Impairments	620			6,614			744
Total Exploration Costs	756			6,778			976
Less:  Certain Impairments (Non-GAAP)	(321)			(6,308)			(824)
Total Exploration Costs (Non-GAAP)	435			470			152
Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e)	6,782			6,968			8,044
Cost per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
	2016			2015			2014
Composite Average Wellhead Revenue per Boe - (b) / (a)	26.82			30.66			58.01
Total Operating Cost per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) -     (c) / (a)	13.64			15.25			17.95
Composite Average Margin per Boe (Non-GAAP) (excluding DD&A and Total Exploration     Costs) - [(b) / (a) - (c) / (a)]	13.18			15.41			40.06
Total Operating Cost per Boe (Non-GAAP) (excluding Total Exploration Costs) -     (d) / (a)	30.98			31.11			36.38
Composite Average Margin per Boe (Non-GAAP) (excluding Total Exploration Costs) -     [(b) / (a) - (d) / (a)]	(4.16)			(0.45)			21.63
Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) -     (e) / (a)	33.10			33.36			37.08
Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs) -     [(b) / (a) - (e) / (a)]	(6.28)			(2.70)			20.93

 

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SOURCE EOG Resources, Inc.