0000821189FALSE00008211892024-08-012024-08-01


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported):  August 1, 2024

_______________

EOG RESOURCES, INC.
(Exact name of registrant as specified in its charter)
Delaware1-974347-0684736
(State or other jurisdiction
 of incorporation)		(Commission File
 Number)		(I.R.S. Employer
Identification No.)

1111 Bagby, Sky Lobby 2
Houston, Texas  77002
(Address of principal executive offices) (Zip Code)

713-651-7000
(Registrant's telephone number, including area code)


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

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per shareEOGNew York Stock Exchange

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

Emerging growth company ☐

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



EOG RESOURCES, INC.

Item 2.02     Results of Operations and Financial Condition.

On August 1, 2024, EOG Resources, Inc. issued a press release announcing second quarter 2024 financial and operational results and third quarter and full year 2024 forecast and benchmark commodity pricing information (see Item 7.01 below).  A copy of this release is attached as Exhibit 99.1 to this filing and is incorporated herein by reference.  This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.

Item 7.01     Regulation FD Disclosure.

Accompanying the press release announcing second quarter 2024 financial and operational results attached hereto as Exhibit 99.1 is third quarter and full year 2024 forecast and benchmark commodity pricing information for EOG Resources, Inc., which information is incorporated herein by reference.  This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.

Item 9.01     Financial Statements and Exhibits.

    (d)    Exhibits


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


2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  EOG RESOURCES, INC.
(Registrant)
   
   
   
Date: August 1, 2024By:
/s/ ANN D. JANSSEN
Ann D. Janssen
Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Duly Authorized Officer)

3

EXHIBIT 99.1
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Table of Contents
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Second Quarter 2024
Supplemental Financial and Operating DataPage
Income Statements
Wellhead Volumes and Prices
Balance Sheets
Cash Flow Statements
Non-GAAP Financial Measures
Adjusted Net Income
Net Income Per Share
Adjusted Net Income Per Share
Cash Flow from Operations and Free Cash Flow
Net Debt-to-Total Capitalization Ratio
11

Income Statements
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In millions of USD, except share data (in millions) and per share data (Unaudited)
20232024
1st Qtr2nd Qtr3rd Qtr4th QtrYear1st Qtr2nd Qtr3rd Qtr4th QtrYear
Operating Revenues and Other
Crude Oil and Condensate3,182 3,252 3,717 3,597 13,748 3,480 3,692 7,172 
Natural Gas Liquids490 409 501 484 1,884 513 515 1,028 
Natural Gas517 334 417 476 1,744 382 303 685 
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net376 101 43 298 818 237 (47)190 
Gathering, Processing and Marketing1,390 1,465 1,478 1,473 5,806 1,459 1,519 2,978 
Gains (Losses) on Asset Dispositions, Net69 (9)35 — 95 26 20 46 
Other, Net20 21 21 29 91 26 23 49 
Total6,044 5,573 6,212 6,357 24,186 6,123 6,025 12,148 
Operating Expenses
Lease and Well359 348 369 378 1,454 396 390 786 
Gathering, Processing and Transportation Costs (A)
395 396 406 423 1,620 413 423 836 
Exploration Costs50 47 43 41 181 45 34 79 
Dry Hole Costs1 — — — 1 1 5 6 
Impairments34 35 54 79 202 19 81 100 
Marketing Costs1,361 1,456 1,383 1,509 5,709 1,404 1,490 2,894 
Depreciation, Depletion and Amortization798 866 898 930 3,492 1,074 984 2,058 
General and Administrative145 142 161 192 640 162 151 313 
Taxes Other Than Income329 313 341 301 1,284 338 337 675 
Total3,472 3,603 3,655 3,853 14,583 3,852 3,895 7,747 
Operating Income 2,572 1,970 2,557 2,504 9,603 2,271 2,130 4,401 
Other Income, Net65 51 52 66 234 62 66 128 
Income Before Interest Expense and Income Taxes2,637 2,021 2,609 2,570 9,837 2,333 2,196 4,529 
Interest Expense, Net42 35 36 35 148 33 36 69 
Income Before Income Taxes2,595 1,986 2,573 2,535 9,689 2,300 2,160 4,460 
Income Tax Provision572 433 543 547 2,095 511 470 981 
Net Income2,023 1,553 2,030 1,988 7,594 1,789 1,690 3,479 
Dividends Declared per Common Share1.8250 0.8250 0.8250 2.4100 5.8850 0.9100 0.9100 1.8200 
Net Income Per Share
Basic3.46 2.68 3.51 3.43 13.07 3.11 2.97 6.08 
Diluted3.45 2.66 3.48 3.42 13.00 3.10 2.95 6.05 
Average Number of Common Shares
Basic584 580 579 579 581 575 569 572 
Diluted587 584 583 581 584 577 572 575 

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

12

Wellhead Volumes and Prices
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(Unaudited)
20232024
1st Qtr2nd Qtr3rd Qtr4th QtrYear1st Qtr2nd Qtr3rd Qtr4th QtrYear
Crude Oil and Condensate Volumes (MBbld) (A)
United States457.1 476.0 482.8 484.6475.2 486.8 490.1 488.4 
Trinidad0.6 0.6 0.5 0.60.6 0.6 0.6 0.6 
Total457.7 476.6 483.3 485.2475.8 487.4 490.7   489.0 
Average Crude Oil and Condensate Prices
($/Bbl) (B)
United States$77.27 $74.98 $83.61 $80.61 $79.18 $78.46 $82.71 $80.59 
Trinidad68.98 64.88 71.38 69.2165.58 67.50 70.75 69.11 
Composite77.26 74.97 83.60 80.6079.17 78.45 82.69 80.58 
Natural Gas Liquids Volumes (MBbld) (A)
United States212.2 215.7 231.1 235.8223.8 231.7 244.8 238.3 
Total212.2 215.7 231.1 235.8223.8 231.7 244.8   238.3 
Average Natural Gas Liquids Prices ($/Bbl) (B)
United States$25.67 $20.85 $23.56 $22.29 $23.07 $24.32 $23.11 $23.70 
Composite25.67 20.85 23.56 22.2923.07 24.32 23.11 23.70 
Natural Gas Volumes (MMcfd) (A)
United States1,475 1,513 1,562 1,653 1,551 1,658 1,668 1,663 
Trinidad164 155 142 178 160 200 204 202 
Total1,639 1,668 1,704 1,831 1,711 1,858 1,872   1,865 
Average Natural Gas Prices ($/Mcf) (B)
United States$3.47 $2.07 $2.59 $2.72 $2.70 $2.10 $1.57 $1.84 
Trinidad3.87 3.45 3.41 3.813.65 3.54 3.48 3.51 
Composite3.51 2.20 2.66 2.822.79 2.26 1.78 2.02 
Crude Oil Equivalent Volumes (MBoed) (C)
United States915.0 943.8 974.2 995.8 957.5 994.7 1,013.0 1,003.9 
Trinidad28.0 26.5 24.3 30.4 27.3 34.1 34.5 34.3 
Total943.0 970.3 998.5 1,026.2 984.8 1,028.8 1,047.5   1,038.2 
Total MMBoe (C)
84.9 88.3 91.9 94.4359.4 93.6 95.3 188.9 
(A)Thousand barrels per day or million cubic feet per day, as applicable.
(B)Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity 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, 2024).
(C)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.

13

Balance Sheets
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In millions of USD (Unaudited)
20232024
MARJUNSEPDECMARJUNSEPDEC
Current Assets
Cash and Cash Equivalents5,018 4,764 5,326 5,278 5,292 5,431 
Accounts Receivable, Net2,455 2,263 2,927 2,716 2,688 2,657 
Inventories1,131 1,355 1,379 1,275 1,154 1,069 
Assets from Price Risk Management Activities— — — 106 110 4 
Income Taxes Receivable— 1 — — — 2 
Other580 523 626 560 684 640 
Total9,184 8,906 10,258 9,935 9,928 9,803   
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)67,907 69,178 70,730 72,090 73,356 74,615 
Other Property, Plant and Equipment5,101 5,282 5,355 5,497 5,768 6,078 
Total Property, Plant and Equipment73,008 74,460 76,085 77,587 79,124 80,693   
Less: Accumulated Depreciation, Depletion and Amortization(42,785)(43,550)(44,362)(45,290)(46,047)(47,049)
Total Property, Plant and Equipment, Net30,223 30,910 31,723 32,297 33,077 33,644   
Deferred Income Taxes31 33 33 42 38 44 
Other Assets1,587 1,638 1,633 1,583 1,753 1,733 
Total Assets41,025 41,487 43,647 43,857 44,796 45,224   
Current Liabilities
Accounts Payable2,438 2,205 2,464 2,437 2,389 2,436 
Accrued Taxes Payable637 425 605 466 786 600 
Dividends Payable482 478 478 526 523 516 
Liabilities from Price Risk Management Activities31 22 22 — — 8 
Current Portion of Long-Term Debt33 34 34 34 34 534 
Current Portion of Operating Lease Liabilities354 335 337 325 318 303 
Other253 232 285 286 223 231 
Total4,228 3,731 4,225 4,074 4,273 4,628   
Long-Term Debt3,787 3,780 3,772 3,765 3,757 3,250 
Other Liabilities2,620 2,581 2,698 2,526 2,533 2,456 
Deferred Income Taxes4,943 5,138 5,194 5,402 5,597 5,731 
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par206 206 206 206 206 206 
Additional Paid in Capital6,219 6,257 6,133 6,166 6,188 6,219 
Accumulated Other Comprehensive Loss(8)(9)(7)(9)(8)(8)
Retained Earnings19,423 20,497 22,047 22,634 23,897 25,071 
Common Stock Held in Treasury(393)(694)(621)(907)(1,647)(2,329)
Total Stockholders' Equity25,447 26,257 27,758 28,090 28,636 29,159   
Total Liabilities and Stockholders' Equity41,025 41,487 43,647 43,857 44,796 45,224   
14

Cash Flow Statements
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In millions of USD (Unaudited)
20232024
1st Qtr2nd Qtr3rd Qtr4th QtrYear1st Qtr2nd Qtr3rd Qtr4th QtrYear
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
Net Income 2,023 1,553 2,030 1,988 7,594 1,789 1,690 3,479 
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization798 866 898 930 3,492 1,074 984 2,058 
Impairments34 35 54 79 202 19 81 100 
Stock-Based Compensation Expenses34 35 57 51 177 45 45 90 
Deferred Income Taxes234 194 56 199 683 199 128 327 
(Gains) Losses on Asset Dispositions, Net(69)9 (35)— (95)(26)(20)(46)
Other, Net4 2 (1)22 27 9 3 12 
Dry Hole Costs1 — — — 1 1 5 6 
Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net(376)(101)(43)(298)(818)(237)47 (190)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts(123)(30)23 18 (112)55 79 134 
Other, Net(1)— (1)— (2)— — — 
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable338 137 (714)201 (38)58 33 91 
Inventories(77)(226)(28)100 (231)117 75 192 
Accounts Payable(77)(231)238 (49)(119)(58)29 (29)
Accrued Taxes Payable232 (212)180 (139)61 319 (185)134 
Other Assets52 43 (92)36 39 (161)42 (119)
Other Liabilities193 (47)54 (16)184 (71)(20)(91)
Changes in Components of Working Capital Associated with Investing Activities35 250 28 (18)295 (229)(127)(356)
Net Cash Provided by Operating Activities3,255 2,277 2,704 3,104 11,340 2,903 2,889   5,792 
Investing Cash Flows
Additions to Oil and Gas Properties(1,305)(1,341)(1,379)(1,360)(5,385)(1,485)(1,357)(2,842)
Additions to Other Property, Plant and Equipment(319)(180)(139)(162)(800)(350)(313)(663)
Proceeds from Sales of Assets92 29 14 5 140 9 10 19 
Changes in Components of Working Capital Associated with Investing Activities(35)(250)(28)18 (295)229 127 356 
Net Cash Used in Investing Activities(1,567)(1,742)(1,532)(1,499)(6,340)(1,597)(1,533)  (3,130)
Financing Cash Flows
Long-Term Debt Repayments(1,250)— — — (1,250)— — — 
Dividends Paid(1,067)(480)(494)(1,345)(3,386)(525)(520)(1,045)
Treasury Stock Purchased(317)(302)(109)(310)(1,038)(759)(699)(1,458)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan— 9 1 10 20 — 11 11 
Debt Issuance Costs— (8)— — (8)— — — 
Repayment of Finance Lease Liabilities(8)(8)(8)(8)(32)(8)(9)(17)
Net Cash Used in Financing Activities(2,642)(789)(610)(1,653)(5,694)(1,292)(1,217)  (2,509)
Effect of Exchange Rate Changes on Cash— — — — — —    — 
Increase (Decrease) in Cash and Cash Equivalents(954)(254)562 (48)(694)14 139   153 
Cash and Cash Equivalents at Beginning of Period5,972 5,018 4,764 5,326 5,972 5,278 5,292 5,278 
Cash and Cash Equivalents at End of Period5,018 4,764 5,326 5,278 5,278 5,292 5,431   5,431 
15

Non-GAAP Financial Measures
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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), Cash Flow from Operations Before Changes in Working Capital, Free Cash Flow, Net Debt and related statistics.

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

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

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

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

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

Direct ATROR

The calculation of EOG's direct after-tax rate of return (ATROR) is based on EOG’s net estimated recoverable reserves for a particular well(s) or play, the estimated net present value of the future net cash flows from such reserves (for which EOG utilizes certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring such well(s). As such, EOG's direct ATROR for a particular well(s) or play cannot be calculated from EOG’s consolidated financial statements.
16

Adjusted Net Income
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In millions of USD, except share data (in millions) and per share data (Unaudited)
The following tables adjust reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of financial commodity derivative contracts by eliminating the net unrealized mark-to-market (gains) losses from these and other derivative transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets)), and to make certain other adjustments to exclude non-recurring and certain other items as further described below. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
2Q 2024
Before
Tax		Income Tax ImpactAfter
Tax		Diluted Earnings per Share
Reported Net Income (GAAP)2,160 (470)1,690 2.95 
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net47 (10)37 0.07 
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
79 (17)62 0.11 
Less: Gains on Asset Dispositions, Net(20)5 (15)(0.03)
Add: Certain Impairments35 (2)33 0.06 
Adjustments to Net Income141 (24)117 0.21 
Adjusted Net Income (Non-GAAP)2,301 (494)1,807 3.16 
Average Number of Common Shares (Non-GAAP)
Basic569 
Diluted572 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended June 30, 2024, such amount was $79 million.


17

Adjusted Net Income
(Continued)
eoglogostacked.jpg
In millions of USD, except share data (in millions) and per share data (Unaudited)
1Q 2024
Before
Tax		Income Tax ImpactAfter
Tax		Diluted Earnings per Share
Reported Net Income (GAAP)2,300 (511)1,789 3.10 
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net(237)51 (186)(0.31)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
55 (12)43 0.07 
Less: Gains on Asset Dispositions, Net(26)4 (22)(0.04)
Add: Certain Impairments2 — 2 — 
Adjustments to Net Income(206)43 (163)(0.28)
Adjusted Net Income (Non-GAAP)2,094 (468)1,626 2.82 
Average Number of Common Shares (Non-GAAP)
Basic575 
Diluted577 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended March 31, 2024, such amount was $55 million.

18

Adjusted Net Income
(Continued)
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In millions of USD, except share data (in millions) and per share data (Unaudited)
4Q 2023
Before
Tax		Income Tax ImpactAfter
Tax		Diluted Earnings per Share
Reported Net Income (GAAP)2,535 (547)1,988 3.42 
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net(298)64 (234)(0.40)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
18 (4)14 0.02 
Add: Certain Impairments19 (4)15 0.03 
Adjustments to Net Income(261)56 (205)(0.35)
Adjusted Net Income (Non-GAAP)2,274 (491)1,783 3.07 
Average Number of Common Shares (Non-GAAP)
Basic579 
Diluted581 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended December 31, 2023, such amount was $18 million.

19

Adjusted Net Income
(Continued)
eoglogostacked.jpg
In millions of USD, except share data (in millions) and per share data (Unaudited)
3Q 2023
Before
Tax		Income Tax ImpactAfter
Tax		Diluted Earnings per Share
Reported Net Income (GAAP)2,573 (543)2,030 3.48 
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net(43)9 (34)(0.06)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
23 (5)18 0.03 
Less: Gains on Asset Dispositions, Net(35)7 (28)(0.05)
Add: Certain Impairments23 (2)21 0.04 
Adjustments to Net Income(32)9 (23)(0.04)
Adjusted Net Income (Non-GAAP)2,541 (534)2,007 3.44 
Average Number of Common Shares (Non-GAAP)
Basic579 
Diluted583 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended September 30, 2023, such amount was $23 million.


20

Adjusted Net Income
(Continued)
eoglogostacked.jpg
In millions of USD, except share data (in millions) and per share data (Unaudited)
2Q 2023
Before
Tax		Income Tax ImpactAfter
Tax		Diluted Earnings per Share
Reported Net Income (GAAP)1,986 (433)1,553 2.66 
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net(101)22 (79)(0.14)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
(30)6 (24)(0.04)
Add: Losses on Asset Dispositions, Net9 (2)7 0.01 
Adjustments to Net Income(122)26 (96)(0.17)
Adjusted Net Income (Non-GAAP)1,864 (407)1,457 2.49 
Average Number of Common Shares (Non-GAAP)
Basic580 
Diluted584 

(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG subtracts from reported Net Income (Loss) (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended June 30, 2023, such amount was $30 million.



21

Net Income per Share
eoglogostacked.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
1Q 2024 Net Income per Share (GAAP) - Diluted3.10 
Realized Price
2Q 2024 Composite Average Wellhead Revenue per Boe47.31 
Less: 1Q 2024 Composite Average Wellhead Revenue per Boe(46.73)
Subtotal0.58 
Multiplied by: 2Q 2024 Crude Oil Equivalent Volumes (MMBoe)95.3 
Total Change in Revenue55 
Add: Income Tax Benefit (Provision) Imputed (based on 22%)(12)
Change in Net Income43 
Change in Diluted Earnings per Share0.08 
Wellhead Volumes
2Q 2024 Crude Oil Equivalent Volumes (MMBoe)95.3 
Less: 1Q 2024 Crude Oil Equivalent Volumes (MMBoe)(93.6)
Subtotal1.7 
Multiplied by: 2Q 2024 Composite Average Margin per Boe (GAAP) (Including Total
Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule located in the "Reconciliations & Guidance" section of the "Investors" page of the EOG website)		21.7 
Change in Margin37 
Add: Income Tax Benefit (Provision) Imputed (based on 22%)(8)
Change in Net Income29 
Change in Diluted Earnings per Share0.05 
Certain Operating Costs per Boe
1Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe 21.84 
Less: 2Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (20.43)
Subtotal1.41 
Multiplied by: 2Q 2024 Crude Oil Equivalent Volumes (MMBoe)95.3 
Change in Before-Tax Net Income134 
Add: Income Tax Benefit (Provision) Imputed (based on 22%)(29)
Change in Net Income105 
Change in Diluted Earnings per Share0.18 
22

Net Income Per Share
(Continued)
eoglogostacked.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
2Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts(47)
Less: Income Tax Benefit (Provision)10 
After Tax - (a)(37)
Less: 1Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts237 
Less: Income Tax Benefit (Provision)(51)
After Tax - (b)186 
Change in Net Income - (a) - (b)(223)
Change in Diluted Earnings per Share(0.39)
Other (1)
(0.07)
2Q 2024 Net Income per Share (GAAP) - Diluted2.95 
2Q 2024 Average Number of Common Shares (GAAP) - Diluted572 
(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.

23

Adjusted Net Income Per Share
eoglogostacked.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
1Q 2024 Adjusted Net Income per Share (Non-GAAP) - Diluted2.82 
Realized Price
2Q 2024 Composite Average Wellhead Revenue per Boe47.31 
Less: 1Q 2024 Composite Average Wellhead Revenue per Boe(46.73)
Subtotal0.58 
Multiplied by: 2Q 2024 Crude Oil Equivalent Volumes (MMBoe)95.3 
Total Change in Revenue55 
Add: Income Tax Benefit (Provision) Imputed (based on 22%)(12)
Change in Net Income43 
Change in Diluted Earnings per Share0.08 
Wellhead Volumes
2Q 2024 Crude Oil Equivalent Volumes (MMBoe)95.3 
Less: 1Q 2024 Crude Oil Equivalent Volumes (MMBoe)(93.6)
Subtotal1.7 
Multiplied by: 2Q 2024 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule located in the "Reconciliations & Guidance" section of the "Investors" page of the EOG website)22.07 
Change in Margin38 
Add: Income Tax Benefit (Provision) Imputed (based on 22%)(8)
Change in Net Income30 
Change in Diluted Earnings per Share0.05 
Certain Operating Costs per Boe
1Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe 21.84 
Less: 2Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe(20.43)
Subtotal1.41 
Multiplied by: 2Q 2024 Crude Oil Equivalent Volumes (MMBoe)95.3 
Change in Before-Tax Net Income134 
Add: Income Tax Benefit (Provision) Imputed (based on 22%)(29)
Change in Net Income105 
Change in Diluted Earnings per Share0.18 

24

Adjusted Net Income Per Share
(Continued)
eoglogostacked.jpg
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
2Q 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts79 
Less: Income Tax Benefit (Provision)(17)
After Tax - (a)62 
1Q 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts55 
Less: Income Tax Benefit (Provision)(12)
After Tax - (b)43 
Change in Net Income - (a) - (b)19 
Change in Diluted Earnings per Share0.03 
Other (1)
0.00 
2Q 2024 Adjusted Net Income per Share (Non-GAAP)3.16 
2Q 2024 Average Number of Common Shares (Non-GAAP) - Diluted572 
(1)Includes gathering, processing and marketing revenue, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.
25

Cash Flow from Operations and Free Cash Flow
eoglogostacked.jpg
In millions of USD (Unaudited)
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Cash Flow from Operations Before Changes in Working Capital (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing Activities and certain other adjustments to exclude non-recurring and certain other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Cash Flow from Operations Before Changes in Working Capital (Non-GAAP) (see below reconciliation) for such period less the Total Capital Expenditures (Non-GAAP) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry.
20232024
1st Qtr2nd Qtr3rd Qtr4th QtrYear1st Qtr2nd Qtr3rd Qtr4th QtrYear
Net Cash Provided by Operating Activities (GAAP)3,255 2,277 2,704 3,104 11,340 2,903 2,889 5,792 
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable(338)(137)714 (201)38 (58)(33)(91)
Inventories77 226 28 (100)231 (117)(75)(192)
Accounts Payable77 231 (238)49 119 58 (29)29 
Accrued Taxes Payable(232)212 (180)139 (61)(319)185 (134)
Other Assets(52)(43)92 (36)(39)161 (42)119 
Other Liabilities(193)47 (54)16 (184)71 20 91 
Changes in Components of Working Capital Associated with Investing Activities(35)(250)(28)18 (295)229 127 356 
Cash Flow from Operations Before Changes in Working Capital (Non-GAAP)2,559 2,563 3,038 2,989 11,149 2,928 3,042   5,970 
Less:
Total Capital Expenditures (Non-GAAP) (a)
(1,489)(1,521)(1,519)(1,512)(6,041)(1,703)(1,668)(3,371)
Free Cash Flow (Non-GAAP) 1,070 1,042 1,519 1,477 5,108 1,225 1,374   2,599 
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
20232024
1st Qtr2nd Qtr3rd Qtr4th QtrYear1st Qtr2nd Qtr3rd Qtr4th QtrYear
Total Expenditures (GAAP)1,717 1,664 1,803 1,634 6,818 1,952 1,682 3,634 
Less:
Asset Retirement Costs(10)(26)(191)(30)(257)(21)60 39 
Non-Cash Development Drilling— (35)(50)(5)(90)— — — 
Non-Cash Acquisition Costs of Unproved Properties(31)(28)(1)(39)(99)(31)(34)(65)
Acquisition Costs of Proved Properties(4)(6)1 (7)(16)(21)(5)(26)
Acquisition Costs of Other Property, Plant and Equipment(133)(1)— — (134)(131)(1)(132)
Exploration Costs(50)(47)(43)(41)(181)(45)(34)(79)
Total Capital Expenditures (Non-GAAP)1,489 1,521 1,519 1,512 6,041 1,703 1,668   3,371 

26

Net Debt-to-Total Capitalization Ratio
eoglogostacked.jpg
In millions of USD, except ratio data (Unaudited)
The following tables reconcile Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (Non-GAAP), as used in the Net Debt-to-Total Capitalization ratio calculation. A portion of the cash is associated with international subsidiaries; tax considerations may impact debt paydown. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize Net Debt and Total Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation. EOG management uses this information for comparative purposes within the industry.
June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Total Stockholders' Equity - (a)29,159 28,636 28,090 27,758 26,257 
Current and Long-Term Debt (GAAP) - (b)3,784 3,791 3,799 3,806 3,814 
Less: Cash (5,431)(5,292)(5,278)(5,326)(4,764)
Net Debt (Non-GAAP) - (c)(1,647)(1,501)(1,479)(1,520)(950)
Total Capitalization (GAAP) - (a) + (b)32,943 32,427 31,889 31,564 30,071 
Total Capitalization (Non-GAAP) - (a) + (c)27,512 27,135 26,611 26,238 25,307 
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]
11.5 %11.7 %11.9 %12.1 %12.7 %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]-6.0 %-5.5 %-5.6 %-5.8 %-3.8 %


27
v3.24.2.u1
DEI Document and Entity Information
Aug. 01, 2024
Cover [Abstract]  
City Area Code 713
Local Phone Number 651-7000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000821189
Title of 12(b) Security Common Stock, par value $0.01 per share
Entity Incorporation, State or Country Code DE
Document Type 8-K
Document Period End Date Aug. 01, 2024
Entity File Number 1-9743
Entity Tax Identification Number 47-0684736
Trading Symbol EOG
Security Exchange Name NYSE
Amendment Flag false
Entity Registrant Name EOG RESOURCES, INC.
Entity Address, Address Line One 1111 Bagby
Entity Address, Address Line Two Sky Lobby 2
Entity Address, City or Town Houston
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77002
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