HOUSTON, Aug. 4, 2021 /PRNewswire/ -- EOG Resources, Inc. (EOG) today reported second 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

		2Q 2021		1Q 2021		2Q 2020
GAAP	Total Revenue	4,139		3,694		1,103
	Net Income (Loss)	907		677		(910)
	Net Income (Loss) Per Share	1.55		1.16		(1.57)
	Net Cash Provided by Operating Activities	1,559		1,870		88
	Total Expenditures	1,089		1,067		534
	Current and Long-Term Debt	5,125		5,133		5,724
	Cash and Cash Equivalents	3,880		3,388		2,417
	Debt-to-Total Capitalization	19.7	%	19.8	%	21.9	%

Non- GAAP	Adjusted Net Income (Loss)	1,012		946		(131)
	Adjusted Net Income (Loss) Per Share	1.73		1.62		(0.23)
	Discretionary Cash Flow	2,030		2,010		672
	Cash Capital Expenditures before Acquisitions	972		945		478
	Free Cash Flow	1,058		1,065		194
	Net Debt	1,245		1,745		3,307
	Net Debt-to-Total Capitalization	5.6	%	7.8	%	14.0	%

Second Quarter 2021 Highlights

Earned adjusted net income of $1.0 billion, or $1.73 per share
Generated over $1.0 billion of free cash flow
Capital expenditures below low end of guidance range driven by sustainable cost reductions
Increased full-year well cost reduction target to 7% from 5%
Oil production above high end of guidance range
Total per-unit cash operating costs 3% below guidance midpoint
Achieved strong ESG performance in 2020 driven by technology and innovation, positioning EOG ahead of pace to meet near-term ESG targets

Volumes and Capital Expenditures

Wellhead Volumes	2Q 2021	2Q 2021 Guidance Midpoint	1Q 2021	2Q 2020
Crude Oil and Condensate (MBod)	448.6	443.0	431.0	331.1
Natural Gas Liquids (MBbld)	138.5	132.5	124.3	101.2
Natural Gas (MMcfd)	1,445	1,386	1,342	1,147
Total Crude Oil Equivalent (MBoed)	828.0	806.5	778.9	623.4

Cash Capital Expenditures before Acquisitions ($MM)	972	1,100	945	478

From William R. "Bill" Thomas, Chairman and Chief Executive Officer

"EOG is consistently delivering strong results. Our talented employees, supported by our unique culture, have risen to meet the double-premium investment standard in every aspect of the business. Outstanding operating execution, strong well productivity and lower well costs resulted in higher production and lower capital expenditures compared with our plan. We further lowered operating costs while our differentiated marketing strategy captured premium product prices.

"As a result, we generated a second consecutive quarter of record-level free cash flow. Our longstanding free cash flow priorities remain intact. We have already committed to return $1.5 billion of cash to shareholders in 2021 through regular and special dividends, including $820 million paid on July 30. Returning cash to shareholders remains a priority as we generate additional free cash flow during the second half of the year.

"EOG's industry-leading execution extends to our environmental performance, where we are driving meaningful reductions in GHG and methane emissions intensity. We have almost completely eliminated routine flaring and continue to increase the percentage of recycled water used in our operations. Our entrepreneurial culture fosters new technology and innovations to further enhance our performance. Our successful closed-loop gas capture pilot is being expanded to additional locations. And we recently initiated a carbon capture and storage pilot project. Our goal remains to be among the lowest cost, highest return and lowest emissions producers and to play a significant role in the long-term future of energy.

"Our outstanding second quarter results are a testament to EOG's special culture. EOG has never been in better shape and we are getting even better. With the momentum we are building from the shift to double premium, I am confident the company will continue to make significant improvements in the years ahead."

Second Quarter 2021 Financial Performance

Adjusted Earnings per Share 2Q 2021 vs 1Q 2021

Prices and Hedges

Overall crude oil equivalent prices increased slightly in 2Q, with higher crude oil and NGL prices partially offset by lower natural gas prices.

Cash paid for hedge settlements increased to $193 million in 2Q compared with payments of $30 million in 1Q.

Volumes

Total company crude oil production of 448,600 Bopd was above the high end of the guidance range and 4% more than 1Q, which was impacted by adverse weather. NGL production was 11% higher and natural gas production was 8% higher, contributing to an overall 6% increase in total company equivalent volumes.

Per-Unit Costs

Total per-unit cash operating costs in 2Q were 3% below the midpoint of the guidance range, and lower compared with 1Q, due to reductions in lease and well costs from compression savings and gathering and processing costs from lower fuel and power rates.

Change in Cash 2Q 2021 vs 1Q 2021

Free Cash Flow

EOG generated discretionary cash flow (net cash provided by operating activities before exploration costs and changes in working capital) of $2.03 billion in 2Q. The company incurred $972 million of cash capital expenditures before acquisitions, resulting in $1.06 billion of free cash flow.

Capital Expenditures

Cash capital expenditures before acquisitions of $972 million were below the low end 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. As a result, EOG has increased its full-year well cost reduction target to 7% from 5%.

Second Quarter 2021 Operating Performance

Lease and Well

Per-unit LOE costs were $0.22 below the 2Q 2021 guidance midpoint, primarily due to lower costs for compression, water handling and lease upkeep.

Transportation, Gathering and Processing

Per-unit transportation costs in 2Q were similar to 1Q and within the guidance range. Gathering and processing costs on a per-unit basis declined 14% compared with 1Q, driven by declines in fuel and power prices from elevated winter levels.

General and Administrative

G&A costs on a per-unit basis were in-line with 1Q 2021 and within the guidance range.

Depreciation, Depletion and Amortization

Per-unit DD&A costs in 2Q were below the target and down 6% compared with 1Q due to the addition of reserves from new wells at lower finding costs.

Second Quarter 2021 Results vs Guidance

Crude Oil and Condensate Volumes (MBod)	2Q 2021	2Q 2021 Guidance Midpoint	Variance	1Q 2021	4Q 2020	3Q 2020	2Q 2020
United States	446.9	441.0	5.9	428.7	442.4	376.6	330.9
Trinidad	1.7	1.9	(0.2)	2.2	2.3	1.0	0.1
Other International	0.0	0.1	(0.1)	0.1	0.1	0.0	0.1
Total	448.6	443.0	5.6	431.0	444.8	377.6	331.1
Natural Gas Liquids Volumes (MBbld)
Total	138.5	132.5	6.0	124.3	141.4	140.1	101.2
Natural Gas Volumes (MMcfd)
United States	1,199	1,160	39	1,100	1,075	1,008	939
Trinidad	233	210	23	217	192	151	174
Other International	13	16	(3)	25	25	31	34
Total	1,445	1,386	59	1,342	1,292	1,190	1,147

Total Crude Oil Equivalent Volumes (MBoed)	828.0	806.6	21.4	778.9	801.5	716.0	623.4
Total MMBoe	75.3	73.4	1.9	70.1	73.7	65.9	56.7

Benchmark Price
Oil (WTI) ($/Bbl)	66.06			57.80	42.67	40.94	27.85
Natural Gas (HH) ($/Mcf)	2.83			2.69	2.65	1.94	1.73

Crude Oil and Condensate - above (below) WTI ($/Bbl)
United States	0.10	0.25	(0.15)	0.27	(0.81)	(0.75)	(7.45)
Trinidad	(9.80)	(11.50)	1.70	(8.03)	(9.76)	(15.53)	(27.25)
Other International	(10.50)	(8.50)	(2.00)	(19.19)	(6.77)	(15.65)	20.93

Natural Gas Liquids - Realizations as % of WTI	44.1%	40.0%	4.1%	48.5%	41.1%	35.0%	36.6%

Natural Gas - above (below) NYMEX Henry Hub ($/Mcf)
United States	0.16	(0.20)	0.36	2.83	(0.36)	(0.45)	(0.62)
Natural Gas Realizations ($/Mcf)
Trinidad	3.37	3.35	0.02	3.38	3.57	2.35	2.13
Other International	5.69	5.65	0.04	5.66	5.47	4.73	4.36

Total Expenditures (GAAP) ($MM)	1,089			1,067	1,107	646	534
Capital Expenditures (non-GAAP) ($MM)	972	1,100	(128)	945	828	499	478

Operating Unit Costs ($/Boe)
Lease and Well	3.58	3.80	(0.22)	3.85	3.54	3.45	4.32
Transportation Costs	2.84	2.80	0.04	2.88	2.64	2.74	2.67
General and Administrative	1.59	1.55	0.04	1.57	1.54	1.89	2.32
Gathering and Processing	1.70	1.85	(0.15)	1.98	1.62	1.74	1.71
Cash Operating Costs	9.71	10.00	(0.29)	10.28	9.34	9.82	11.02
Depreciation, Depletion and Amortization	12.13	12.30	(0.17)	12.84	11.81	12.49	12.46

Expenses ($MM)
Exploration and Dry Hole	49	45	4	44	40	51	27
Impairment (GAAP)	44			44	143	79	305
Impairment (excluding certain impairments (non-GAAP))	43	70	(27)	43	57	52	66
Capitalized Interest	8	8	0	8	7	7	8
Net Interest	45	48	(3)	47	53	53	54

Taxes Other Than Income (% of Wellhead Revenue)	6.9%	7.0%	(0.1%)	6.7%	5.1%	7.2%	9.4%
Income Taxes
Effective Rate	19.3%	22.5%	(3.2%)	23.2%	21.1%	19.2%	20.6%
Deferred Ratio	(45%)	8%	(53%)	(18%)	60%	330%	107%

Third Quarter and Full-Year 2021 Guidance¹

(Unaudited)
See "Endnotes" below for related discussion and definitions.	3Q 2021 Guidance Range			FY 2021 Guidance Range			2020 Actual	2019 Actual
Crude Oil and Condensate Volumes (MBod)
United States	440.0	-	447.0	437.0	-	445.0	408.1	455.5
Trinidad	0.5	-	1.5	1.0	-	1.8	1.0	0.6
Other International	0.0	-	0.0	0.0	-	0.2	0.1	0.1
Total	440.5	-	448.5	438.0	-	447.0	409.2	456.2
Natural Gas Liquids Volumes (MBbld)
Total	135.0	-	145.0	130.0	-	140.0	136.0	134.1
Natural Gas Volumes (MMcfd)
United States	1,150	-	1,250	1,150	-	1,250	1,040	1,069
Trinidad	195	-	225	200	-	230	180	260
Other International	0	-	0	5	-	15	32	37
Total	1,345	-	1,475	1,355	-	1,495	1,252	1,366
Crude Oil Equivalent Volumes (MBoed)
United States	766.7	-	800.3	758.7	-	793.3	717.5	767.8
Trinidad	33.0	-	39.0	34.3	-	40.1	30.9	44.0
Other International	0.0	-	0.0	0.8	-	2.7	5.4	6.2
Total	799.7	-	839.3	793.8	-	836.1	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 ($/Bbl)
United States	(0.20)	-	0.80	(0.20)	-	0.80	(0.75)	0.70
Trinidad	(8.50)	-	(6.50)	(10.50)	-	(8.50)	(9.20)	(9.88)
Natural Gas Liquids - Realizations as % of WTI
Total	45%	-	55%	42%	-	52%	34.0%	28.1%
Natural Gas Differentials - above (below) NYMEX Henry Hub3 ($/Mcf)
United States	0.10	-	0.50	0.70	-	0.90	(0.47)	(0.40)
Natural Gas Realizations ($/Mcf)
Trinidad	3.10	-	3.60	3.10	-	3.60	2.57	2.72

Total Expenditures (GAAP) ($MM)							4,113	6,900
Capital Expenditures4 (non-GAAP) ($MM)	900	-	1,100	3,700	-	4,100	3,490	6,234

Operating Unit Costs ($/Boe)
Lease and Well	3.45	-	4.15	3.40	-	4.10	3.85	4.58
Transportation Costs	2.80	-	3.20	2.75	-	3.15	2.66	2.54
General and Administrative	1.75	-	1.85	1.55	-	1.65	1.75	1.64
Gathering and Processing	1.80	-	2.00	1.75	-	1.95	1.66	1.60
Cash Operating Costs	9.80	-	11.20	9.45	-	10.85	9.92	10.36
Depreciation, Depletion and Amortization	11.70	-	12.30	11.70	-	12.70	12.32	12.56

Expenses ($MM)
Exploration and Dry Hole	35	-	45	160	-	180	159	168
Impairment (GAAP)							2,100	518
Impairment (excluding certain impairments (non-GAAP))	65	-	105	255	-	295	232	243
Capitalized Interest	5	-	10	25	-	30	31	38
Net Interest	42	-	48	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	21%	-	26%	20%	-	25%	18.2%	22.9%
Deferred Ratio	25%	-	40%	0%	-	15%	54.8%	107.4%

Second Quarter 2021 Results Webcast

Thursday, August 5, 2021, 9:00 a.m. Central time (10:00 a.m. Eastern time)

Webcast will be available on EOG's website for one year.

https://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 and Trinidad. 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 third 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 share data (in millions) and per share data (Unaudited)
	2Q 2021	1Q 2021	2Q 2020	YTD 2021	YTD 2020
Operating Revenues and Other
Crude Oil and Condensate	2,699	2,251	615	4,950	2,680
Natural Gas Liquids	367	314	93	681	254
Natural Gas	404	625	141	1,029	351
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts	(427)	(367)	(127)	(794)	1,079
Gathering, Processing and Marketing	1,022	848	362	1,870	1,401
Gains (Losses) on Asset Dispositions, Net	51	(6)	14	45	30
Other, Net	23	29	5	52	26
Total	4,139	3,694	1,103	7,833	5,821

Operating Expenses
Lease and Well	270	270	245	540	575
Transportation Costs	214	202	152	416	360
Gathering and Processing Costs	128	139	97	267	225
Exploration Costs	35	33	27	68	67
Dry Hole Costs	13	11	—	24	—
Impairments	44	44	305	88	1,878
Marketing Costs	991	838	444	1,829	1,554
Depreciation, Depletion and Amortization	914	900	707	1,814	1,707
General and Administrative	120	110	132	230	246
Taxes Other Than Income	239	215	81	454	238
Total	2,968	2,762	2,190	5,730	6,850

Operating Income (Loss)	1,171	932	(1,087)	2,103	(1,029)
Other Income (Expense), Net	(2)	(4)	(4)	(6)	14
Income (Loss) Before Interest Expense and Income Taxes	1,169	928	(1,091)	2,097	(1,015)
Interest Expense, Net	45	47	54	92	99
Income (Loss) Before Income Taxes	1,124	881	(1,145)	2,005	(1,114)
Income Tax Provision (Benefit)	217	204	(235)	421	(214)
Net Income (Loss)	907	677	(910)	1,584	(900)

Dividends Declared per Common Share	1.4125	0.4125	0.3750	1.8250	0.7500
Net Income (Loss) Per Share
Basic	1.56	1.17	(1.57)	2.73	(1.55)
Diluted	1.55	1.16	(1.57)	2.72	(1.55)
Average Number of Common Shares
Basic	580	580	579	580	579
Diluted	584	583	579	583	579

Wellhead Volumes and Prices
(Unaudited)
	2Q 2021	2Q2020	% Change		1Q 2021	YTD 2021	YTD 2020	% Change

Crude Oil and Condensate Volumes (MBbld) ^(A)
United States	446.9	330.9	35	%	428.7	437.8	406.8	8	%
Trinidad	1.7	0.1	1,600	%	2.2	2.0	0.3	567	%
Other International ^(B)	—	0.1	-100	%	0.1	—	0.1	-100	%
Total	448.6	331.1	35	%	431.0	439.8	407.2	8	%

Average Crude Oil and Condensate Prices ($/Bbl) ^(C)
United States	66.16	20.40	224	%	58.07	62.22	36.17	72	%
Trinidad	56.26	0.60	9,290	%	49.77	52.57	27.75	89	%
Other International ^(B)	55.56	48.78	14	%	38.61	42.36	53.41	-21	%
Composite	66.12	20.40	224	%	58.02	62.18	36.16	72	%

Natural Gas Liquids Volumes (MBbld) ^(A)
United States	138.5	101.2	37	%	124.3	131.5	131.2	0	%
Total	138.5	101.2	37	%	124.3	131.5	131.2	0	%

Average Natural Gas Liquids Prices ($/Bbl) ^(C)
United States	29.15	10.20	186	%	28.03	28.62	10.65	169	%
Composite	29.15	10.20	186	%	28.03	28.62	10.65	169	%

Natural Gas Volumes (MMcfd) ^(A)
United States	1,199	939	28	%	1,100	1,150	1,039	11	%
Trinidad	233	174	34	%	217	225	188	20	%
Other International ^(B)	13	34	-62	%	25	19	35	-46	%
Total	1,445	1,147	26	%	1,342	1,394	1,262	10	%

Average Natural Gas Prices ($/Mcf) ^(C)
United States	2.99	1.11	170	%	5.52	4.19	1.32	217	%
Trinidad	3.37	2.13	58	%	3.38	3.37	2.15	57	%
Other International ^(B)	5.69	4.36	31	%	5.66	5.67	4.34	31	%
Composite	3.07	1.36	126	%	5.17	4.08	1.53	167	%

Crude Oil Equivalent Volumes (MBoed) ^(D)
United States	785.2	588.5	33	%	736.4	761.0	711.1	7	%
Trinidad	40.6	29.2	39	%	38.5	39.5	31.6	25	%
Other International ^(B)	2.2	5.7	-61	%	4.0	3.1	6.1	-49	%
Total	828.0	623.4	33	%	778.9	803.6	748.8	7	%

Total MMBoe ^(D)	75.3	56.7	33	%	70.1	145.4	136.3	7	%

(A)

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

(B)

Other International includes EOG's China and Canada operations. The China operations were sold in the second quarter of 2021.

(C)

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 quarterly period ended June 30, 2021).

(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, except share data (Unaudited)
	June 30,	December 31,
	2021	2020
Current Assets
Cash and Cash Equivalents	3,880	3,329
Accounts Receivable, Net	2,015	1,522
Inventories	516	629
Assets from Price Risk Management Activities	—	65
Income Taxes Receivable	11	23
Other	513	294
Total	6,935	5,862

Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	66,299	64,793
Other Property, Plant and Equipment	4,635	4,479
Total Property, Plant and Equipment	70,934	69,272
Less: Accumulated Depreciation, Depletion and Amortization	(42,275)	(40,673)
Total Property, Plant and Equipment, Net	28,659	28,599
Deferred Income Taxes	3	2
Other Assets	1,288	1,342
Total Assets	36,885	35,805

Current Liabilities
Accounts Payable	2,012	1,681
Accrued Taxes Payable	286	206
Dividends Payable	820	217
Liabilities from Price Risk Management Activities	396	—
Current Portion of Long-Term Debt	39	781
Current Portion of Operating Lease Liabilities	253	295
Other	196	280
Total	4,002	3,460

Long-Term Debt	5,086	5,035
Other Liabilities	2,186	2,149
Deferred Income Taxes	4,730	4,859
Commitments and Contingencies

Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 584,102,233 Shares Issued at June 30, 2021 and 583,694,850 Shares Issued at December 31, 2020	206	206
Additional Paid in Capital	6,017	5,945
Accumulated Other Comprehensive Loss	(15)	(12)
Retained Earnings	14,689	14,170
Common Stock Held in Treasury, 243,058 Shares at June 30, 2021 and 124,265 Shares at December 31, 2020	(16)	(7)
Total Stockholders' Equity	20,881	20,302
Total Liabilities and Stockholders' Equity	36,885	35,805

Cash Flows Statements
In millions of USD (Unaudited)
	2Q 2021	2Q 2020	1Q 2021	YTD 2021	YTD 2020
Cash Flows from Operating Activities
Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities:
Net Income (Loss)	907	(910)	677	1,584	(900)
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	914	707	900	1,814	1,707
Impairments	44	305	44	88	1,878
Stock-Based Compensation Expenses	31	40	35	66	80
Deferred Income Taxes	(97)	(253)	(36)	(133)	(208)
(Gains) Losses on Asset Dispositions, Net	(51)	(14)	6	(45)	(30)
Other, Net	6	9	7	13	—
Dry Hole Costs	13	—	11	24	—
Mark-to-Market Commodity Derivative Contracts
Total (Gains) Losses	427	127	367	794	(1,079)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts	(193)	640	(30)	(223)	724
Other, Net	—	—	1	1	—
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(186)	469	(308)	(494)	1,191
Inventories	37	(18)	64	101	85
Accounts Payable	11	(1,619)	172	183	(1,185)
Accrued Taxes Payable	(163)	(6)	243	80	(61)
Other Assets	(119)	195	(103)	(222)	253
Other Liabilities	32	2	(89)	(57)	(64)
Changes in Components of Working Capital Associated with Investing Activities	(54)	414	(91)	(145)	282
Net Cash Provided by Operating Activities	1,559	88	1,870	3,429	2,673
Investing Cash Flows
Additions to Oil and Gas Properties	(968)	(424)	(875)	(1,843)	(1,990)
Additions to Other Property, Plant and Equipment	(55)	(24)	(42)	(97)	(147)
Proceeds from Sales of Assets	141	17	5	146	43
Changes in Components of Working Capital Associated with Investing Activities	54	(414)	91	145	(282)
Net Cash Used in Investing Activities	(828)	(845)	(821)	(1,649)	(2,376)
Financing Cash Flows
Long-Term Debt Borrowings	—	1,484	—	—	1,484
Long-Term Debt Repayments	—	(1,000)	(750)	(750)	(1,000)
Dividends Paid	(239)	(217)	(219)	(458)	(384)
Treasury Stock Purchased

EOG Resources Reports Second Quarter 2021 Results