Item 16. Form 10-K Summary

None.

EOG RESOURCES, INC.

INDEX TO FINANCIAL STATEMENTS

			Page
Consolidated Financial Statements:
Management's Responsibility for Financial Reporting			F-2
Report of Independent Registered Public Accounting Firm			F-3
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for Each of the Three Years in the Period Ended December 31, 2020			F-6
Consolidated Balance Sheets - December 31, 2020 and 2019			F-7
Consolidated Statements of Stockholders' Equity for Each of the Three Years in the Period Ended December 31, 2020			F-8
Consolidated Statements of Cash Flows for Each of the Three Years in the Period Ended December 31, 2020			F-9
Notes to Consolidated Financial Statements			F-10
Supplemental Information to Consolidated Financial Statements			F-43

F-1

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The following consolidated financial statements of EOG Resources, Inc., together with its subsidiaries (collectively, EOG), were prepared by management, which is responsible for the integrity, objectivity and fair presentation of such financial statements. The statements have been prepared in conformity with generally accepted accounting principles in the United States of America and, accordingly, include some amounts that are based on the best estimates and judgments of management.

EOG's management is also responsible for establishing and maintaining adequate internal control over financial reporting as well as designing and implementing programs and controls to prevent and detect fraud. The system of internal control of EOG is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America. This system consists of 1) entity level controls, including written policies and guidelines relating to the ethical conduct of business affairs, 2) general computer controls and 3) process controls over initiating, authorizing, recording, processing and reporting transactions. Even an effective internal control system, no matter how well designed, has inherent limitations, including the possibility of human error, circumvention of controls or overriding of controls and, therefore, can provide only reasonable assurance with respect to reliable financial reporting. Furthermore, the effectiveness of a system of internal control over financial reporting in future periods can change as conditions change.

The adequacy of EOG's financial controls and the accounting principles employed by EOG in its financial reporting are under the general oversight of the Audit Committee of the Board of Directors. No member of this committee is an officer or employee of EOG. Moreover, EOG's independent registered public accounting firm and internal auditors have full, free, separate and direct access to the Audit Committee and meet with the committee periodically to discuss accounting, auditing and financial reporting matters.

EOG's management assessed the effectiveness of EOG's internal control over financial reporting as of December 31, 2020. In making this assessment, EOG used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework (2013). These criteria cover the control environment, risk assessment process, control activities, information and communication systems, and monitoring activities. Based on this assessment and those criteria, management believes that EOG maintained effective internal control over financial reporting as of December 31, 2020.

Deloitte & Touche LLP, independent registered public accounting firm, was engaged to audit the consolidated financial statements of EOG and audit EOG's internal control over financial reporting and issue a report thereon. In the conduct of the audits, Deloitte & Touche LLP was given unrestricted access to all financial records and related data, including all minutes of meetings of stockholders, the Board of Directors and committees of the Board of Directors. Management believes that all representations made to Deloitte & Touche LLP during the audits were valid and appropriate. Their audits were made in accordance with the standards of the Public Company Accounting Oversight Board (United States). Their report appears on page F-3.

WILLIAM R. THOMAS						TIMOTHY K. DRIGGERS
Chairman of the Board and						Executive Vice President and Chief
Chief Executive Officer						Financial Officer
Houston, Texas
February 25, 2021

F-2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and the Board of Directors of

EOG Resources, Inc.

Houston, Texas

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of EOG Resources, Inc. and subsidiaries (the "Company") as of December 31, 2020 and 2019, the related consolidated statements of income and comprehensive income, stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2020, and the related notes (collectively referred to as the “financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on the criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

Basis for Opinions

The Company's management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on these financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

F-3

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Proved Oil and Gas Properties and Depletion and Impairment – Crude Oil and Condensate, NGLs, and Natural Gas Reserves —Refer to Notes 1, 13 and 14 to the Financial Statements

Critical Audit Matter Description

The Company’s proved oil and natural gas properties are depleted using the units of production method and are evaluated for impairment by comparison to the future net cash flows of the underlying proved crude oil, natural gas liquids (NGLs) and natural gas reserves. The development of the Company’s crude oil, NGLs and natural gas reserve volumes and the related future net cash flows requires management to make significant estimates and scheduling assumptions related to the five-year development plan for proved undeveloped reserves, future crude oil, NGLs and natural gas prices, and future well costs. The Company’s reserve engineers estimate crude oil, NGLs and natural gas quantities using these estimates and assumptions and engineering data. Changes in these assumptions could have a significant impact on the amount of depletion and any proved oil and gas impairment. Proved oil and gas properties were $23 billion as of December 31, 2020, and depletion and proved property impairment were $3.2 billion and $1.3 billion, respectively, for the year then ended.

Given the significant judgments made by management, performing audit procedures to evaluate the Company’s proved crude oil, NGLs and natural gas reserve quantities and the related future net cash flows including management’s estimates and assumptions related to the five-year development plan, future crude oil, NGLs and natural gas prices and future well costs, required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to management’s estimates and assumptions related to crude oil, NGLs and natural gas reserve quantities and estimates of future net cash flows included the following, among others:

• We tested the effectiveness of controls over the Company’s estimation of proved crude oil, NGLs and natural gas reserve quantities and related future net cash flows, including controls relating to the five-year development plan, future crude oil, NGLs and natural gas prices and future well costs.

• We evaluated the reasonableness of management’s five-year development plan by comparing the forecasts to:

◦Historical conversions of proved undeveloped reserves.

◦Internal communications to management and the Board of Directors.

◦Approval for expenditures.

◦Analyst and industry reports for the Company and certain of its peer companies.

• With the assistance of our fair value specialists, we evaluated management’s estimated future crude oil, NGLs and natural gas prices by:

◦Understanding the methodology used by management for development of the future prices and comparing the estimated prices to an independently determined range of prices.

◦Comparing management’s estimates to published forward pricing indices and third-party industry sources.

◦Evaluating the historical realized price differentials incorporated in the future crude oil, NGLs and natural gas prices.

F-4

• We evaluated the reasonableness of capital expenditures (well costs) by comparing the estimate to:

◦Historical development of similar wells drilled.

◦Analyst and industry reports.

• We evaluated the Company’s oil and natural gas reserve volumes by:

◦Comparing the Company’s reserve volumes to historical production volumes.

◦Comparing the Company’s reserve volumes to those independently developed by the independent petroleum consultants.

◦Evaluating the reasonableness of the production volume decline curves.

◦Understanding the experience, qualifications, and objectivity of the Company’s reserve engineers and the independent petroleum consultants.

/s/ DELOITTE & TOUCHE LLP

Houston, Texas

February 25, 2021

We have served as the Company's auditor since 2002.

F-5

EOG RESOURCES, INC.

CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

(In Thousands, Except Per Share Data)

Year Ended December 31			2020						2019						2018
Operating Revenues and Other
Crude Oil and Condensate			$	5,785,609					$	9,612,532					$	9,517,440
Natural Gas Liquids			667,514						784,818						1,127,510
Natural Gas			837,133						1,184,095						1,301,537
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts			1,144,737						180,275						(165,640)
Gathering, Processing and Marketing			2,582,984						5,360,282						5,230,355
Gains (Losses) on Asset Dispositions, Net			(46,883)						123,613						174,562
Other, Net			60,954						134,358						89,635
Total			11,032,048						17,379,973						17,275,399
Operating Expenses
Lease and Well			1,063,374						1,366,993						1,282,678
Transportation Costs			734,989						758,300						746,876
Gathering and Processing Costs			459,211						479,102						436,973
Exploration Costs			145,788						139,881						148,999
Dry Hole Costs			13,083						28,001						5,405
Impairments			2,099,780						517,896						347,021
Marketing Costs			2,697,729						5,351,524						5,203,243
Depreciation, Depletion and Amortization			3,400,353						3,749,704						3,435,408
General and Administrative			483,823						489,397						426,969
Taxes Other Than Income			477,934						800,164						772,481
Total			11,576,064						13,680,962						12,806,053
Operating Income (Loss)			(544,016)						3,699,011						4,469,346
Other Income, Net			10,228						31,385						16,704
Income (Loss) Before Interest Expense and Income Taxes			(533,788)						3,730,396						4,486,050
Interest Expense
Incurred			236,154						223,421						269,549
Capitalized			(30,888)						(38,292)						(24,497)
Net Interest Expense			205,266						185,129						245,052
Income (Loss) Before Income Taxes			(739,054)						3,545,267						4,240,998
Income Tax Provision (Benefit)			(134,482)						810,357						821,958
Net Income (Loss)			$	(604,572)					$	2,734,910					$	3,419,040
Net Income (Loss) Per Share
Basic			$	(1.04)					$	4.73					$	5.93
Diluted			$	(1.04)					$	4.71					$	5.89
Average Number of Common Shares
Basic			578,949						577,670						576,578
Diluted			578,949						580,777						580,441
Comprehensive Income (Loss)
Net Income (Loss)			$	(604,572)					$	2,734,910					$	3,419,040
Other Comprehensive Income (Loss)
Foreign Currency Translation Adjustments			(7,346)						(2,883)						16,816
Other, Net of Tax			(330)						(678)						1,123
Other Comprehensive Income (Loss)			(7,676)						(3,561)						17,939
Comprehensive Income (Loss)			$	(612,248)					$	2,731,349					$	3,436,979

The accompanying notes are an integral part of these consolidated financial statements.

F-6

EOG RESOURCES, INC.

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share Data)

At December 31			2020						2019
ASSETS
Current Assets
Cash and Cash Equivalents			$	3,328,928					$	2,027,972
Accounts Receivable, Net			1,522,256						2,001,658
Inventories			629,401						767,297
Assets from Price Risk Management Activities			64,559						1,299
Income Taxes Receivable			23,037						151,665
Other			293,987						323,448
Total			5,862,168						5,273,339
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)			64,792,798						62,830,415
Other Property, Plant and Equipment			4,478,976						4,472,246
Total Property, Plant and Equipment			69,271,774						67,302,661
Less: Accumulated Depreciation, Depletion and Amortization			(40,673,147)						(36,938,066)
Total Property, Plant and Equipment, Net			28,598,627						30,364,595
Deferred Income Taxes			2,127						2,363
Other Assets			1,341,679						1,484,311
Total Assets			$	35,804,601					$	37,124,608
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable			$	1,681,193					$	2,429,127
Accrued Taxes Payable			205,754						254,850
Dividends Payable			217,419						166,273
Liabilities from Price Risk Management Activities			—						20,194
Current Portion of Long-Term Debt			781,054						1,014,524
Current Portion of Operating Lease Liabilities			295,089						369,365
Other			279,595						232,655
Total			3,460,104						4,486,988
Long-Term Debt			5,035,351						4,160,919
Other Liabilities			2,147,932						1,789,884
Deferred Income Taxes			4,859,327						5,046,101
Commitments and Contingencies (Note 8)
Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 583,694,850 Shares and 582,213,016 Shares Issued at December 31, 2020 and 2019, respectively			205,837						205,822
Additional Paid in Capital			5,945,024						5,817,475
Accumulated Other Comprehensive Loss			(12,328)						(4,652)
Retained Earnings			14,169,969						15,648,604
Common Stock Held in Treasury, 124,265 Shares and 298,820 Shares at December 31, 2020 and 2019, respectively			(6,615)						(26,533)
Total Stockholders' Equity			20,301,887						21,640,716
Total Liabilities and Stockholders' Equity			$	35,804,601					$	37,124,608

The accompanying notes are an integral part of these consolidated financial statements.

F-7

EOG RESOURCES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(In Thousands, Except Per Share Data)

			Common Stock						Additional Paid In Capital						Accumulated Other Comprehensive Income (Loss)						Retained Earnings						Common Stock Held In Treasury						Total Stockholders' Equity
Balance at December 31, 2017			$	205,788					$	5,536,547					$	(19,297)					$	10,593,533					$	(33,298)					$	16,283,273
Net Income			—						—						—						3,419,040						—						3,419,040
Common Stock Issued Under Stock Plans			8						5,612						—						—						—						5,620
Common Stock Dividends Declared, $0.81 Per Share			—						—						—						(469,443)						—						(469,443)
Other Comprehensive Income			—						—						17,939						—						—						17,939
Change in Treasury Stock - Stock Compensation Plans, Net			—						(35,118)						—						—						(13,336)						(48,454)
Restricted Stock and Restricted Stock Units, Net			8						(3,891)						—						—						3,883						—
Stock-Based Compensation Expenses			—						155,337						—						—						—						155,337
Treasury Stock Issued as Compensation			—						307						—						—						569						876
Balance at December 31, 2018			205,804						5,658,794						(1,358)						13,543,130						(42,182)						19,364,188
Net Income			—						—						—						2,734,910						—						2,734,910
Common Stock Issued Under Stock Plans			1						(9)						—						—						—						(8)
Common Stock Dividends Declared, $1.0825 Per Share			—						—						—						(629,169)						—						(629,169)
Other Comprehensive Loss			—						—						(3,561)						—						—						(3,561)
Change in Treasury Stock - Stock Compensation Plans, Net			—						(10,637)						—						—						3,784						(6,853)
Restricted Stock and Restricted Stock Units, Net			17						(4,566)						—						—						4,549						—
Stock-Based Compensation Expenses			—						174,738						—						—						—						174,738
Treasury Stock Issued as Compensation			—						(845)						—						—						7,316						6,471
Cumulative Effect of Accounting Changes			—						—						267						(267)						—						—
Balance at December 31, 2019			205,822						5,817,475						(4,652)						15,648,604						(26,533)						21,640,716
Net Loss			—						—						—						(604,572)						—						(604,572)
Common Stock Issued Under Stock Plans			—						—						—						—						—						—
Common Stock Dividends Declared, $1.50 Per Share			—						—						—						(874,063)						—						(874,063)
Other Comprehensive Loss			—						—						(7,676)						—						—						(7,676)
Change in Treasury Stock - Stock Compensation Plans, Net			—						(9,152)						—						—						9,089						(63)
Restricted Stock and Restricted Stock Units, Net			15						(9,310)						—						—						9,295						—
Stock-Based Compensation Expenses			—						146,396						—						—						—						146,396
Treasury Stock Issued as Compensation			—						(385)						—						—						1,534						1,149
Balance at December 31, 2020			$	205,837					$	5,945,024					$	(12,328)					$	14,169,969					$	(6,615)					$	20,301,887

The accompanying notes are an integral part of these consolidated financial statements.

F-8

EOG RESOURCES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

Year Ended December 31			2020						2019						2018
Cash Flows from Operating Activities
Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities:
Net Income (Loss)			$	(604,572)					$	2,734,910					$	3,419,040
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization			3,400,353						3,749,704						3,435,408
Impairments			2,099,780						517,896						347,021
Stock-Based Compensation Expenses			146,396						174,738						155,337
Deferred Income Taxes			(186,390)						631,658						894,156
(Gains) Losses on Asset Dispositions, Net			46,883						(123,613)						(174,562)
Other, Net			12,826						4,496						7,066
Dry Hole Costs			13,083						28,001						5,405
Mark-to-Market Commodity Derivative Contracts
Total (Gains) Losses			(1,144,737)						(180,275)						165,640
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts			1,070,647						231,229						(258,906)
Other, Net			1,354						962						3,108
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable			466,523						(91,792)						(368,180)
Inventories			122,647						90,284						(395,408)
Accounts Payable			(795,267)						168,539						439,347
Accrued Taxes Payable			(49,096)						40,122						(92,461)
Other Assets			324,521						358,001						(125,435)
Other Liabilities			8,098						(56,619)						10,949
Changes in Components of Working Capital Associated with Investing and Financing Activities			74,734						(115,061)						301,083
Net Cash Provided by Operating Activities			5,007,783						8,163,180						7,768,608
Investing Cash Flows
Additions to Oil and Gas Properties			(3,243,474)						(6,151,885)						(5,839,294)
Additions to Other Property, Plant and Equipment			(221,226)						(270,641)						(237,181)
Proceeds from Sales of Assets			191,928						140,292						227,446
Other Investing Activities			—						(10,000)						(19,993)
Changes in Components of Working Capital Associated with Investing Activities			(74,734)						115,061						(301,140)
Net Cash Used in Investing Activities			(3,347,506)						(6,177,173)						(6,170,162)
Financing Cash Flows
Long-Term Debt Borrowings			1,483,852						—						—
Long-Term Debt Repayments			(1,000,000)						(900,000)						(350,000)
Dividends Paid			(820,823)						(588,200)						(438,045)
Treasury Stock Purchased			(16,130)						(25,152)						(63,456)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan			16,169						17,946						20,560
Debt Issuance Costs			(2,649)						(5,016)						—
Repayment of Finance Lease Liabilities			(19,444)						(12,899)						(8,219)
Changes in Components of Working Capital Associated with Financing Activities			—						—						57
Net Cash Used in Financing Activities			(359,025)						(1,513,321)						(839,103)
Effect of Exchange Rate Changes on Cash			(296)						(348)						(37,937)
Increase in Cash and Cash Equivalents			1,300,956						472,338						721,406
Cash and Cash Equivalents at Beginning of Year			2,027,972						1,555,634						834,228
Cash and Cash Equivalents at End of Year			$	3,328,928					$	2,027,972					$	1,555,634

The accompanying notes are an integral part of these consolidated financial statements.

F-9

EOG RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies

Principles of Consolidation. The consolidated financial statements of EOG Resources, Inc. (EOG) include the accounts of all domestic and foreign subsidiaries. Investments in unconsolidated affiliates, in which EOG is able to exercise significant influence, are accounted for using the equity method. All intercompany accounts and transactions have been eliminated.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Financial Instruments. EOG's financial instruments consist of cash and cash equivalents, commodity derivative contracts, accounts receivable, accounts payable and current and long-term debt. The carrying values of cash and cash equivalents, commodity derivative contracts, accounts receivable and accounts payable approximate fair value (see Notes 2 and 12).

Effective January 1, 2020, EOG adopted the provisions of Accounting Standards Update (ASU) 2016-13, "Measurement of Credit Losses on Financial Instruments" (ASU 2016-13). ASU 2016-13 changes the impairment model for financial assets and certain other instruments by requiring entities to adopt a forward-looking expected loss model that will result in earlier recognition of credit losses. EOG elected to adopt ASU 2016-13 using the modified retrospective approach with a cumulative effect adjustment to retained earnings as of the effective date. Financial results reported in periods prior to January 1, 2020, are unchanged. EOG assessed its applicable financial assets, which are primarily its accounts receivable from hydrocarbon sales and joint interest billings to third-party companies, including foreign state-owned entities in the oil and gas industry. Based on its assessment and various potential remedies ensuring collection, EOG did not record an impact to retained earnings upon adoption and expects current and future credit losses to be immaterial. EOG continues to monitor the credit risk from third-party companies to determine if expected credit losses may become material.

Cash and Cash Equivalents. EOG records as cash equivalents all highly liquid short-term investments with original maturities of three months or less.

Oil and Gas Operations. EOG accounts for its crude oil and natural gas exploration and production activities under the successful efforts method of accounting.

Oil and gas lease acquisition costs are capitalized when incurred. Unproved properties with acquisition costs that are not individually significant are aggregated, and the portion of such costs estimated to be nonproductive is amortized over the remaining lease term. Unproved properties with individually significant acquisition costs are reviewed individually for impairment. If the unproved properties are determined to be productive, the appropriate related costs are transferred to proved oil and gas properties. Lease rentals are expensed as incurred.

Oil and gas exploration costs, other than the costs of drilling exploratory wells, are expensed as incurred. The costs of drilling exploratory wells are capitalized pending determination of whether EOG has discovered commercial quantities of proved reserves. If commercial quantities of proved reserves are not discovered, such drilling costs are expensed. In some circumstances, it may be uncertain whether commercial quantities of proved reserves have been discovered when drilling has been completed. Such exploratory well drilling costs may continue to be capitalized if the estimated reserve quantity is sufficient to justify its completion as a producing well and sufficient progress in assessing the reserves and the economic and operating viability of the project is being made (see Note 16). Costs to develop proved reserves, including the costs of all development wells and related equipment used in the production of crude oil and natural gas, are capitalized.

F-10

Depreciation, depletion and amortization of the cost of proved oil and gas properties is calculated using the unit-of-production method. The reserve base used to calculate depreciation, depletion and amortization for leasehold acquisition costs and the cost to acquire proved properties is the sum of proved developed reserves and proved undeveloped reserves. With respect to lease and well equipment costs, which include development costs and successful exploration drilling costs, the reserve base includes only proved developed reserves. Estimated future dismantlement, restoration and abandonment costs, net of salvage values, are taken into account.

Oil and gas properties are grouped in accordance with the provisions of the Extractive Industries - Oil and Gas Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The basis for grouping is a reasonable aggregation of properties with a common geological structural feature or stratigraphic condition, such as a reservoir or field.

Amortization rates are updated quarterly to reflect: 1) the addition of capital costs, 2) reserve revisions (upwards or downwards) and additions, 3) property acquisitions and/or property dispositions and 4) impairments.

When circumstances indicate that proved oil and gas properties may be impaired, EOG compares expected undiscounted future cash flows at a depreciation, depletion and amortization group level to the unamortized capitalized cost of the asset. If the expected undiscounted future cash flows, based on EOG's estimate of (and assumptions regarding) future crude oil, natural gas liquids (NGLs) and natural gas prices, operating costs, development expenditures, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized cost, the capitalized cost is reduced to fair value. Fair value is generally calculated using the Income Approach described in the Fair Value Measurement Topic of the ASC. In certain instances, EOG utilizes accepted offers from third-party purchasers as the basis for determining fair value.

Inventories, consisting primarily of tubular goods, materials for completion operations and well equipment held for use in the exploration for, and development and production of, crude oil, NGLs and natural gas reserves, are carried at the lower of cost and net realizable value with adjustments made, as appropriate, to recognize any reductions in value.

Revenue Recognition. Effective January 1, 2018, EOG adopted the provisions of ASU 2014-09, "Revenue From Contracts With Customers" (ASU 2014-09). ASU 2014-09 and other related ASUs require entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. EOG elected to adopt ASU 2014-09 using the modified retrospective approach, which required EOG to recognize in retained earnings the cumulative effect at the date of adoption for all existing contracts with customers which were not substantially complete as of January 1, 2018. There was no impact to retained earnings upon adoption of ASU 2014-09.

EOG presents disaggregated revenues by type of commodity within its Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) and by geographic areas defined as operating segments. See Note 11.

In connection with the adoption of ASU 2014-09, EOG presents natural gas processing fees relating to certain processing and marketing agreements within its United States segment as Gathering and Processing Costs, instead of as a deduction to Revenues within its Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). There was no impact to operating income, net income or cash flows resulting from changes to the presentation of natural gas processing fees. The impacts of the adoption of ASU 2014-09 for the year ended December 31, 2018, were as follows (in thousands):

F-11

			As Reported						Amounts Without Adoption of ASU 2014-09						Effect of Change
Operating Revenues and Other
Crude Oil and Condensate			$	9,517,440					$	9,517,440					$	—
Natural Gas Liquids			1,127,510						1,121,237						6,273
Natural Gas			1,301,537						1,104,095						197,442
Gathering, Processing and Marketing			5,230,355						5,211,136						19,219
Total Operating Revenues and Other			17,275,399						17,052,465						222,934
Operating Expenses
Gathering and Processing Costs			436,973						233,258						203,715
Marketing Costs			5,203,243						5,184,024						19,219
Total Operating Expenses			12,806,053						12,583,119						222,934
Operating Income			4,469,346						4,469,346						—

Revenues are recognized for the sale of crude oil and condensate, NGLs and natural gas at the point control of the product is transferred to the customer, typically when production is delivered and title or risk of loss transfers to the customer. Arrangements for such sales are evidenced by signed contracts with prices typically based on stated market indices, with certain adjustments for product quality and geographic location. As EOG typically invoices customers shortly after performance obligations have been fulfilled, contract assets and contract liabilities are not recognized. The balances of accounts receivable from contracts with customers as of December 31, 2020 and 2019 and upon adoption of ASU 2014-09 effective January 1, 2018, were $1,337 million, $1,619 million and $1,460 million, respectively, and were included in Accounts Receivable, Net on the Consolidated Balance Sheets. Losses incurred on receivables from contracts with customers are infrequent and have been immaterial.

Crude Oil and Condensate. EOG sells its crude oil and condensate production at the wellhead or further downstream at a contractually-specified delivery point. Revenue is recognized when control transfers to the customer based on contract terms which reflect prevailing market prices. Any costs incurred prior to the transfer of control, such as gathering and transportation, are recognized as Operating Expenses.

Natural Gas Liquids. EOG delivers certain of its natural gas production to either EOG-owned processing facilities or third-party processing facilities, where extraction of NGLs occurs. For EOG-owned facilities, revenue is recognized after processing upon transfer of NGLs to a customer. For third-party facilities, extracted NGLs are sold to the owner of the processing facility at the tailgate, or EOG takes possession and sells the extracted NGLs at the tailgate or exercises its option to sell further downstream to various customers. Under typical arrangements for third-party facilities, revenue is recognized after processing upon the transfer of control of the NGLs, either at the tailgate of the processing plant or further downstream. EOG recognizes revenues based on contract terms which reflect prevailing market prices, with processing fees recognized as Gathering and Processing Costs.

Natural Gas. EOG sells its natural gas production either at the wellhead or further downstream at a contractually-specified delivery point. In connection with the extraction of NGLs, EOG sells residue gas under separate agreements. Typically, EOG takes possession of the natural gas at the tailgate of the processing facility and sells it at the tailgate or further downstream. In each case, EOG recognizes revenues when control transfers to the customer, based on contract terms which reflect prevailing market prices.

F-12

Gathering, Processing and Marketing. Gathering, processing and marketing revenues represent sales of third-party crude oil and condensate, NGLs and natural gas, as well as fees associated with gathering and processing third-party natural gas and revenues from sales of EOG-owned sand. EOG evaluates whether it is the principal or agent under these transactions. As control of the underlying commodity is transferred to EOG prior to the gathering, processing and marketing activities, EOG considers itself the principal of these arrangements. Accordingly, EOG recognizes these transactions on a gross basis. Purchases of third-party commodities are recorded as Marketing Costs, with sales of third-party commodities and fees received for gathering and processing recorded as Gathering, Processing and Marketing revenues.

Other Property, Plant and Equipment. Other property, plant and equipment consists of gathering and processing assets, compressors, buildings and leasehold improvements, sand processing assets, computer hardware and software, vehicles, and furniture and fixtures. Other property, plant and equipment is generally depreciated on a straight-line basis over the estimated useful lives of the property, plant and equipment, which range from 3 years to 45 years.

Capitalized Interest Costs. Interest costs have been capitalized as a part of the historical cost of unproved oil and gas properties. The amount capitalized is an allocation of the interest cost incurred during the reporting period. Capitalized interest is computed only during the exploration and development phases and ceases once production begins. The interest rate used for capitalization purposes is based on the interest rates on EOG's outstanding borrowings. The capitalization of interest is excluded on significant acquisitions of unproved oil and gas properties financed through non-interest-bearing instruments, such as the issuance of shares of Common Stock, or through non-cash property exchanges.

Accounting for Risk Management Activities. Derivative instruments are recorded on the balance sheet as either an asset or liability measured at fair value, and changes in the derivative's fair value are recognized currently in earnings unless specific hedge accounting criteria are met. During the three-year period ended December 31, 2020, EOG elected not to designate any of its financial commodity derivative instruments as accounting hedges and, accordingly, changes in the fair value of these outstanding derivative instruments are recognized as gains or losses in the period of change. The gains or losses are recorded as Gains (Losses) on Mark-to-Market Commodity Derivative Contracts on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The related cash flow impact of settled contracts is reflected as cash flows from operating activities. EOG employs net presentation of derivative assets and liabilities for financial reporting purposes when such assets and liabilities are with the same counterparty and subject to a master netting arrangement. See Note 12.

Income Taxes. Income taxes are accounted for using the asset and liability approach. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their respective tax basis. EOG assesses the realizability of deferred tax assets and recognizes valuation allowances as appropriate. See Note 6.

Foreign Currency Translation. The United States dollar is the functional currency for all of EOG's consolidated subsidiaries except for its Canadian subsidiaries, for which the functional currency is the Canadian dollar, and its United Kingdom subsidiary (which was sold in the fourth quarter of 2018), for which the functional currency was the British pound. For subsidiaries whose functional currency is deemed to be other than the United States dollar, asset and liability accounts are translated at year-end exchange rates and revenues and expenses are translated at average exchange rates prevailing during the year. Translation adjustments are included in Accumulated Other Comprehensive Loss on the Consolidated Balance Sheets. Any gains or losses on transactions or monetary assets or liabilities in currencies other than the functional currency are included in net income in the current period. See Notes 4 and 17.

Net Income (Loss) Per Share. Basic net income (loss) per share is computed on the basis of the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed based upon the weighted-average number of common shares outstanding during the period plus the assumed issuance of common shares for all potentially dilutive securities. See Note 9.

Stock-Based Compensation. EOG measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. See Note 7.

Leases. Effective January 1, 2019, EOG adopted the provisions of ASU 2016-02, "Leases (Topic 842)" (ASU 2016-02). ASU 2016-02 and other related ASUs require that lessees recognize a right-of-use (ROU) asset and related lease liability, representing the obligation to make lease payments for certain lease transactions, on the Consolidated Balance Sheets and disclose additional leasing information.

F-13

EOG elected to adopt ASU 2016-02 and other related ASUs using the modified retrospective approach with a cumulative-effect adjustment to the opening balance of retained earnings as of the effective date. Financial results reported in periods prior to January 1, 2019, are unchanged. Additionally, EOG elected the package of practical expedients within ASU 2016-02 that allows an entity to not reassess prior to the effective date (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, or (iii) initial direct costs for any existing leases, but did not elect the practical expedient of hindsight when determining the lease term of existing contracts at the effective date. EOG also elected the practical expedient under ASU 2018-01, "Leases (Topic 842) - Land Easement Practical Expedient for Transition to Topic 842," and did not evaluate existing or expired land easements not previously accounted for as leases prior to the January 1, 2019 effective date. There was no impact to retained earnings upon adoption of ASU 2016-02 and other related ASUs.

In the ordinary course of business, EOG enters into contracts for drilling, fracturing, compression, real estate and other services which contain equipment and other assets and that meet the definition of a lease under ASU 2016-02. The lease term for these contracts, which includes any renewals at EOG's option that are reasonably certain to be exercised, ranges from one month to 30 years.

ROU assets and related liabilities are recognized on the commencement date on the Consolidated Balance Sheets based on future lease payments, discounted based on the rate implicit in the contract, if readily determinable, or EOG's incremental borrowing rate commensurate with the lease term of the contract. EOG estimates its incremental borrowing rate based on the approximate rate required to borrow on a collateralized basis. Contracts with lease terms of less than 12 months are not recorded on the Consolidated Balance Sheets, but instead are disclosed as short-term lease cost. EOG has elected not to separate non-lease components from all leases, excluding those for fracturing services, real estate and salt water disposal, as lease payments under these contracts contain significant non-lease components, such as labor and operating costs. See Note 18.

Recently Issued Accounting Standards. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)" (ASU 2020-04), which provides optional expedients and exceptions for accounting treatment of contracts which are affected by the anticipated discontinuation of the London InterBank Offered Rate (LIBOR) and other rates resulting from rate reform. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under relevant accounting standards. Early adoption is permitted. ASU 2020-04 covers certain contracts which reference these rates and that are entered into on or before December 31, 2022. EOG is evaluating the provisions of ASU 2020-04 and has not determined the full impact on its consolidated financial statements and related disclosures related to its $2.0 billion senior unsecured Revolving Credit Agreement.

In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740) ‑ Simplifying the Accounting for Income Taxes" (ASU 2019-12), which amends certain aspects of accounting for income taxes. ASU 2019-12 removes specific exceptions within existing U.S. GAAP related to the incremental approach for intraperiod tax allocation and to the general methodology for calculating income taxes in interim periods, among other changes. ASU 2019-12 also requires an entity to reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date, among other requirements. ASU 2019-12 is effective for interim and annual periods beginning after December 15, 2020, and early adoption is permitted. EOG will adopt ASU 2019-12 effective January 1, 2021, with all of the anticipated and applicable effects to be required on a prospective basis. EOG does not expect the adoption of ASU 2019-12 to have a material impact on its consolidated financial statements and related disclosures.

F-14

2. Long-Term Debt

Long-Term Debt at December 31, 2020 and 2019 consisted of the following (in thousands):

			2020						2019
4.40% Senior Notes due 2020			$	—					$	500,000
2.45% Senior Notes due 2020			—						500,000
4.100% Senior Notes due 2021			750,000						750,000
2.625% Senior Notes due 2023			1,250,000						1,250,000
3.15% Senior Notes due 2025			500,000						500,000
4.15% Senior Notes due 2026			750,000						750,000
6.65% Senior Notes due 2028			140,000						140,000
4.375% Senior Notes due 2030			750,000						—
3.90% Senior Notes due 2035			500,000						500,000
5.10% Senior Notes due 2036			250,000						250,000
4.950% Senior Notes due 2050			750,000						—
Long-Term Debt			5,640,000						5,140,000
Finance Leases (see Note 18)			212,217						57,900
Less: Current Portion of Long-Term Debt			781,054						1,014,524
Unamortized Debt Discount			30,931						19,528
Debt Issuance Costs			4,881						2,929
Total Long-Term Debt			$	5,035,351					$	4,160,919

At December 31, 2020, the aggregate annual maturities of long-term debt (excluding finance lease obligations) were $750 million in 2021, zero in 2022, $1.25 billion in 2023, zero in 2024 and $500 million in 2025.

At December 31, 2020 and 2019, EOG had no outstanding commercial paper borrowings and did not utilize any commercial paper borrowings during 2020 and 2019.

On February 1, 2021, EOG repaid upon maturity the $750 million aggregate principal amount of its 4.100% Senior Notes due 2021.

On June 1, 2020, EOG repaid upon maturity the $500 million aggregate principal amount of its 4.40% Senior Notes due 2020.

On April 14, 2020, EOG closed on its offering of $750 million aggregate principal amount of its 4.375% Senior Notes due 2030 and $750 million aggregate principal amount of its 4.950% Senior Notes due 2050 (together, the Notes). Interest on the Notes is payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2020. EOG received net proceeds of $1.48 billion from the issuance of the Notes, which were used to repay the 4.40% Senior Notes due 2020 when they matured on June 1, 2020 (see below), and for general corporate purposes, including the funding of capital expenditures.

On April 1, 2020, EOG repaid upon maturity the $500 million aggregate principal amount of its 2.45% Senior Notes due 2020.

On June 27, 2019, EOG entered into a new $2.0 billion senior unsecured Revolving Credit Agreement (the Agreement) with domestic and foreign lenders (Banks). The Agreement replaced EOG's $2.0 billion senior unsecured Revolving Credit Agreement, dated as of July 21, 2015, with domestic and foreign lenders, which had a scheduled maturity date of July 21, 2020 and which was terminated by EOG (without penalty), effective as of June 27, 2019, in connection with the execution of the Agreement.

F-15

The Agreement has a scheduled maturity date of June 27, 2024, and includes an option for EOG to extend, on up to two occasions, the term for successive one-year periods subject to certain terms and conditions. The Agreement (i) commits the Banks to provide advances up to an aggregate principal amount of $2.0 billion at any one time outstanding, with an option for EOG to request increases in the aggregate commitments to an amount not to exceed $3.0 billion, subject to certain terms and conditions and (ii) includes a swingline subfacility and a letter of credit subfacility. Advances under the Agreement will accrue interest based, at EOG's option, on either the LIBOR plus an applicable margin (Eurodollar rate) or the base rate (as defined in the Agreement) plus an applicable margin. The Agreement contains representations, warranties, covenants and events of default that EOG believes are customary for investment-grade, senior unsecured commercial bank credit agreements, including a financial covenant for the maintenance of a ratio of total debt-to-capitalization (as such terms are defined in the Agreement) of no greater than 65%. At December 31, 2020, EOG was in compliance with this financial covenant. At December 31, 2020 and December 31, 2019, there were no borrowings or letters of credit outstanding under the Agreement. The Eurodollar rate and base rate (inclusive of the applicable margin), had there been any amounts borrowed under the Agreement at December 31, 2020, would have been 1.04% and 3.25%, respectively.

On June 3, 2019, EOG repaid upon maturity the $900 million aggregate principal amount of its 5.625% Senior Notes due 2019.

3. Stockholders' Equity

Common Stock. In September 2001, EOG's Board of Directors (Board) authorized the purchase of an aggregate maximum of 10 million shares of Common Stock that superseded all previous authorizations. At December 31, 2020, 6,386,200 shares remained available for purchase under this authorization. EOG last purchased shares of its Common Stock under this authorization in March 2003. In addition, shares of Common Stock are from time to time withheld by, or returned to, EOG in satisfaction of tax withholding obligations arising upon the exercise of employee stock options or stock-settled stock appreciation rights (SARs), the vesting of restricted stock, restricted stock unit or performance unit grants or in payment of the exercise price of employee stock options. Such shares withheld or returned do not count against the Board authorization discussed above. Shares purchased, withheld and returned are held in treasury for, among other purposes, fulfilling any obligations arising under EOG's stock-based compensation plans and any other approved transactions or activities for which such shares of Common Stock may be required.

On February 25, 2021, the Board increased the quarterly cash dividend on the common stock from the previous $0.375 per share to $0.4125 per share, effective beginning with the dividend to be paid on April 30, 2021, to stockholders of record as of April 16, 2021.

On February 27, 2020, the Board increased the quarterly cash dividend on the common stock from the previous $0.2875 per share to $0.375 per share, effective beginning with the dividend to be paid on April 30, 2020, to stockholders of record as of April 16, 2020.

On May 2, 2019, the Board increased the quarterly cash dividend on the common stock from the previous $0.22 per share to $0.2875 per share, effective beginning with the dividend paid on July 31, 2019, to stockholders of record as of July 17, 2019.

On August 2, 2018, the Board increased the quarterly cash dividend on the common stock from the previous $0.1850 per share to $0.22 per share, effective beginning with the dividend paid on October 31, 2018, to stockholders of record as of October 17, 2018. On February 27, 2018, the Board increased the quarterly cash dividend on the common stock from the previous $0.1675 per share to $0.1850 per share, effective beginning with the dividend paid on April 30, 2018, to stockholders of record as of April 16, 2018.

F-16

The following summarizes Common Stock activity for each of the years ended December 31, 2018, 2019 and 2020 (in thousands):

			Common Shares
			Issued						Treasury						Outstanding
Balance at December 31, 2017			578,828						(351)						578,477
Common Stock Issued Under Stock-Based Compensation Plans			1,580						—						1,580
Treasury Stock Purchased (1)			—						(539)						(539)
Common Stock Issued Under Employee Stock Purchase Plan			—						180						180
Treasury Stock Issued Under Stock-Based Compensation Plans			—						325						325
Balance at December 31, 2018			580,408						(385)						580,023
Common Stock Issued Under Stock-Based Compensation Plans			1,688						—						1,688
Treasury Stock Purchased (1)			—						(310)						(310)
Common Stock Issued Under Employee Stock Purchase Plan			117						106						223
Treasury Stock Issued Under Stock-Based Compensation Plans			—						290						290
Balance at December 31, 2019			582,213						(299)						581,914
Common Stock Issued Under Stock-Based Compensation Plans			1,482						—						1,482
Treasury Stock Purchased (1)			—						(389)						(389)
Common Stock Issued Under Employee Stock Purchase Plan			—						377						377
Treasury Stock Issued Under Stock-Based Compensation Plans			—						187						187
Balance at December 31, 2020			583,695						(124)						583,571

(1) Represents shares that were withheld by or returned to EOG (i) in satisfaction of tax withholding obligations that arose upon the exercise of employee stock options or SARs or the vesting of restricted stock, restricted stock unit or performance unit grants or (ii) in payment of the exercise price of employee stock options.

Preferred Stock. EOG currently has one authorized series of preferred stock. As of December 31, 2020, there were no shares of preferred stock outstanding.

F-17

4. Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss includes certain transactions that have generally been reported in the Consolidated Statements of Stockholders' Equity. The components of Accumulated Other Comprehensive Loss at December 31, 2020 and 2019 consisted of the following (in thousands):

			Foreign Currency Translation Adjustment						Other						Total
December 31, 2018			$	174					$	(1,532)					$	(1,358)
Cumulative effect of accounting changes			—						267						267
Other comprehensive loss before taxes			(2,883)						(533)						(3,416)
Tax effects			—						(145)						(145)
Other comprehensive loss			(2,883)						(678)						(3,561)
December 31, 2019			(2,709)						(1,943)						(4,652)
Other comprehensive loss before taxes			(7,346)						(183)						(7,529)
Tax effects			—						(147)						(147)
Other comprehensive loss			(7,346)						(330)						(7,676)
December 31, 2020			$	(10,055)					$	(2,273)					$	(12,328)

No significant amount was reclassified out of Accumulated Other Comprehensive Loss during the years ended December 31, 2020, 2019 and 2018.

5. Other Income, Net

Other income, net for 2020 included interest income ($12 million), partially offset by equity losses from investments in ammonia plants in Trinidad ($2 million). Other income, net for 2019 included interest income ($26 million) and net foreign currency transaction gains ($2 million). Other income, net for 2018 included interest income ($12 million), a downward adjustment to deferred compensation expense ($6 million) and equity income from investments in ammonia plants in Trinidad ($2 million), partially offset by net foreign currency transaction losses ($7 million).

F-18

6. Income Taxes

The principal components of EOG's total net deferred income tax liabilities at December 31, 2020 and 2019 were as follows (in thousands):

			2020						2019
Deferred Income Tax Assets (Liabilities)
Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Under Book Depreciation, Depletion and Amortization			$	25,129					$	5,825
Foreign Net Operating Loss			74,280						66,675
Foreign Valuation Allowances			(97,499)						(70,455)
Foreign Other			217						318
Total Net Deferred Income Tax Assets			$	2,127					$	2,363
Deferred Income Tax (Assets) Liabilities
Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization			$	5,028,010					$	5,277,550
Commodity Hedging Contracts			14,518						(4,699)
Deferred Compensation Plans			(42,594)						(47,650)
Accrued Expenses and Liabilities			—						(8,502)
Equity Awards			(102,944)						(108,324)
Alternative Minimum Tax Credit Carryforward			—						(31,904)
Undistributed Foreign Earnings			9,843						15,746
Other			(47,506)						(46,116)
Total Net Deferred Income Tax Liabilities			$	4,859,327					$	5,046,101
Total Net Deferred Income Tax Liabilities			$	4,857,200					$	5,043,738

The components of Income (Loss) Before Income Taxes for the years indicated below were as follows (in thousands):

			2020						2019						2018
United States			$	(756,479)					$	3,466,578					$	4,084,156
Foreign			17,425						78,689						156,842
Total			$	(739,054)					$	3,545,267					$	4,240,998

F-19

The principal components of EOG's Income Tax Provision (Benefit) for the years indicated below were as follows (in thousands):

			2020						2019						2018
Current:
Federal			$	(107,834)					$	(152,258)					$	(303,853)
State			6,790						10,819						17,048
Foreign			40,248						81,426						65,615
Total			(60,796)						(60,013)						(221,190)
Deferred:
Federal			(153,027)						626,901						862,075
State			(15,400)						32,541						43,293
Foreign			(17,963)						(27,784)						(11,212)
Total			(186,390)						631,658						894,156
Other Non-Current: (1)
Federal			112,704						245,125						148,992
Foreign			—						(6,413)						—
Total			112,704						238,712						148,992
Income Tax Provision (Benefit)			$	(134,482)					$	810,357					$	821,958

(1) Includes changes in certain amounts that are expected to be paid or received beyond the next twelve months. The primary component is refundable alternative minimum tax (AMT) credits.

The differences between taxes computed at the U.S. federal statutory tax rate and EOG's effective rate for the years indicated below were as follows:

			2020						2019						2018
Statutory Federal Income Tax Rate			21.00		%				21.00		%				21.00		%
State Income Tax, Net of Federal Benefit			0.92						0.97						1.12
Income Tax Provision Related to Foreign Operations			(0.09)						0.87						0.51
Income Tax Provision Related to Canadian Operations			(2.43)						—						—
TCJA (1)			—						—						(2.60)			(2)
Share-Based Compensation			(2.94)						0.02						(0.47)
Other			1.74						—						(0.18)
Effective Income Tax Rate			18.20		%				22.86		%				19.38		%

(1) The Tax Cuts and Jobs Act (TCJA) was enacted in 2017 and required certain measurement-period adjustments in 2018.

(2) Includes impact of utilizing certain tax net operating losses (NOLs) ((1.2)%), the reversal of the federal sequestration charge ((1.0)%) and other TCJA impacts ((0.4)%).

The net effective tax rate of 18% in 2020 was lower than the prior year rate of 23% primarily due to taxes attributable to EOG's foreign operations and increased stock-based compensation tax deficiencies.

Deferred tax assets are recorded for certain tax benefits, including tax NOLs and tax credit carryforwards, provided that management assesses the utilization of such assets to be "more likely than not." Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. On the basis of this evaluation, EOG has recorded valuation allowances for the portion of certain foreign and state deferred tax assets that management does not believe are more likely than not to be realized.

F-20

The principal components of EOG's rollforward of valuation allowances for deferred income tax assets for the years indicated below were as follows (in thousands):

			2020						2019						2018
Beginning Balance			$	200,831					$	167,142					$	466,421
Increase (1)			25,573						30,673						23,062
Decrease (2)			(11,343)						(75)						(26,219)
Other (3)			3,942						3,091						(296,122)
Ending Balance			$	219,003					$	200,831					$	167,142

(1) Increase in valuation allowance related to the generation of tax NOLs and other deferred tax assets.

(2) Decrease in valuation allowance associated with adjustments to certain deferred tax assets and their related allowances.

(3) Represents dispositions, revisions and/or foreign exchange rate variances and the effect of statutory income tax rate changes. The United Kingdom operations were sold in the fourth quarter of 2018.

As of December 31, 2020, EOG had state income tax NOLs of approximately $1.9 billion, which, if unused, expire between 2021 and 2039. EOG also has Canadian NOLs of $275 million, some of which can be carried forward up to 20 years. As described above, these NOLs and other less significant tax benefits have been evaluated for the likelihood of utilization, and valuation allowances have been established for the portion of these deferred income tax assets that do not meet the “more likely than not” threshold.

The total balance of unrecognized tax benefits for all jurisdictions at December 31, 2020, was $10 million, resulting from the tax treatment of certain compensation deductions, of which the full amount may potentially have an earnings impact. During the fourth quarter of 2020, EOG settled uncertain tax positions resulting from its tax treatment of research and experiential expenditures related to certain innovations in its horizontal drilling and completion operations for taxable years 2016 and 2017. Consequently, the balance of uncertain tax positions and earnings for the period decreased $29 million and $5 million, respectively. EOG records interest and penalties related to unrecognized tax benefits to its income tax provision. No interest expense has been recognized in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) related to the remaining unrecognized tax benefits as these positions will be claimed on amended returns or as self-proposed audit adjustments, which, if sustained, will result in refunds. EOG does not anticipate that the amount of the unrecognized tax benefits will change materially during the next twelve months. EOG and its subsidiaries file income tax returns and are subject to tax audits in the U.S. and various state, local and foreign jurisdictions. EOG's earliest open tax years in its principal jurisdictions are as follows: U.S. federal (2016), Canada (2016), Trinidad (2013) and China (2010).

EOG's foreign subsidiaries' undistributed earnings are not considered to be permanently reinvested outside of the U.S. Accordingly, EOG may be required to accrue certain U.S. federal, state, and foreign deferred income taxes on these undistributed earnings as well as on any other outside basis differences related to its investments in these subsidiaries. As of December 31, 2020, EOG has cumulatively recorded $10 million of deferred foreign income taxes for withholdings on its undistributed foreign earnings. Additionally, EOG's foreign earnings may be subject to the U.S. federal "global intangible low-taxed income" (GILTI) inclusion. EOG records any GILTI tax as a period expense.

7. Employee Benefit Plans

Stock-Based Compensation

During 2020, EOG maintained various stock-based compensation plans as discussed below. EOG recognizes compensation expense on grants of stock options, SARs, restricted stock and restricted stock units, performance units and grants made under the EOG Resources, Inc. Employee Stock Purchase Plan (ESPP). Stock-based compensation expense is calculated based upon the grant date estimated fair value of the awards, net of forfeitures, based upon EOG's historical employee turnover rate. Compensation expense is amortized over the shorter of the vesting period or the period from date of grant until the date the employee becomes eligible to retire without company approval.

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Stock-based compensation expense is included on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) based upon the job functions of the employees receiving the grants. Compensation expense related to EOG's stock-based compensation plans for the years ended December 31, 2020, 2019 and 2018 was as follows (in millions):

			2020						2019						2018
Lease and Well			$	52					$	56					$	51
Gathering and Processing Costs			1						1						1
Exploration Costs			21						26						25
General and Administrative			72						92						78
Total			$	146					$	175					$	155

The Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (2008 Plan) provides for grants of stock options, SARs, restricted stock and restricted stock units, performance units, and other stock-based awards.

The vesting schedules for grants of stock options, SARs, restricted stock and restricted stock units, and performance units are generally as follows:

Grant Type						Vesting Schedule
Stock Options/SARs						Vesting in increments of one-third on each of the first three anniversaries, respectively, of the date of grant
Restricted Stock/Restricted Stock Units						"Cliff" vesting three years from the date of grant
Performance Units						"Cliff" vesting on the February 28th following the three-year performance period and the Compensation Committee's certification of the applicable performance multiple

At December 31, 2020, approximately 2.0 million common shares remained available for grant under the 2008 Plan. EOG's policy is to issue shares related to the 2008 Plan from previously authorized unissued shares or treasury shares to the extent treasury shares are available.

During 2020, 2019 and 2018, EOG issued shares in connection with stock option/SAR exercises, restricted stock grants, restricted stock unit and performance unit releases and ESPP purchases. Net tax deficiencies and excess tax benefits recognized within the income tax provision were $(22) million, $(1) million and $20 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Stock Options and Stock-Settled Stock Appreciation Rights and Employee Stock Purchase Plan. Participants in EOG's stock-based compensation plans (including the 2008 Plan) have been or may be granted options to purchase shares of Common Stock. In addition, participants in EOG's stock plans (including the 2008 Plan) have been or may be granted SARs, representing the right to receive shares of Common Stock based on the appreciation in the stock price from the date of grant on the number of SARs granted. Stock options and SARs are granted at a price not less than the market price of the Common Stock on the date of grant. Terms for stock options and SARs granted have generally not exceeded a maximum term of seven years. EOG's ESPP allows eligible employees to semi-annually purchase, through payroll deductions, shares of Common Stock at 85 percent of the fair market value at specified dates. Contributions to the ESPP are limited to 10 percent of the employee's pay (subject to certain ESPP limits) during each of the two six-month offering periods each year.

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The fair value of stock option grants and SAR grants is estimated using the Hull-White II binomial option pricing model. The fair value of ESPP grants is estimated using the Black-Scholes-Merton model. Stock-based compensation expense related to stock option, SAR and ESPP grants totaled $62 million, $63 million and $60 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants for the years ended December 31, 2020, 2019 and 2018 were as follows:

			Stock Options/SARs																		ESPP
			2020						2019						2018						2020						2019						2018
Weighted Average Fair Value of Grants			$	11.06					$	19.49					$	33.46					$	19.14					$	22.83					$	25.75
Expected Volatility			44.47		%				32.02		%				28.23		%				53.48		%				34.78		%				24.59		%
Risk-Free Interest Rate			0.21		%				1.69		%				2.68		%				0.90		%				2.27		%				1.89		%
Dividend Yield			3.27		%				1.39		%				0.72		%				2.27		%				1.04		%				0.64		%
Expected Life			5.2 years						5.1 years						5.0 years						0.5 years						0.5 years						0.5 years

Expected volatility is based on an equal weighting of historical volatility and implied volatility from traded options in EOG's Common Stock. The risk-free interest rate is based upon United States Treasury yields in effect at the time of grant. The expected life is based upon historical experience and contractual terms of stock option, SAR and ESPP grants.

The following table sets forth the stock option and SAR transactions for the years ended December 31, 2020, 2019 and 2018 (stock options and SARs in thousands):

			2020												2019												2018
			Number of Stock Options/ SARs						Weighted Average Grant Price						Number of Stock Options/ SARs						Weighted Average Grant Price						Number of Stock Options/ SARs						Weighted Average Grant Price
Outstanding at January 1			9,395						$	94.53					8,310						$	96.90					9,103						$	83.89
Granted			1,996						37.63						1,965						75.39						1,906						126.49
Exercised (1)			(23)						69.59						(606)						61.43						(2,493)						72.21
Forfeited			(1,182)						88.93						(274)						102.57						(206)						94.43
Outstanding at December 31			10,186						84.08						9,395						94.53						8,310						96.90
Stock Options/SARs Exercisable at December 31			6,343						96.41						5,275						94.21						3,969						85.82

(1)The total intrinsic value of stock options/SARs exercised during the years 2020, 2019 and 2018 was $0.4 million, $14 million and $118 million, respectively. The intrinsic value is based upon the difference between the market price of the Common Stock on the date of exercise and the grant price of the stock options/SARs.

At December 31, 2020, there were 9.9 million stock options/SARs vested or expected to vest with a weighted average grant price of $84.76 per share, an intrinsic value of $22.5 million and a weighted average remaining contractual life of 4.2 years.

F-23

The following table summarizes certain information for the stock options and SARs outstanding and exercisable at December 31, 2020 (stock options and SARs in thousands):

Stock Options/SARs Outstanding																														Stock Options/SARs Exercisable
Range of Grant Prices						Stock Options/ SARs						Weighted Average Remaining Life (Years)						Weighted Average Grant Price						Aggregate Intrinsic Value**(1)**						Stock Options/ SARs						Weighted Average Remaining Life (Years)						Weighted Average Grant Price						Aggregate Intrinsic Value (1)
$ 34.00 to $ 43.99						1,974						7						$	37.43											10						1						$	37.44
44.00 to 74.99						872						2						69.37												846						2						69.47
75.00 to 75.99						1,863						6						75.09												636						5						75.09
76.00 to 95.99						1,242						3						94.47												1,215						3						94.63
96.00 to 101.99						2,477						3						97.95												2,457						3						97.95
102.00 to 129.99						1,758						5						126.44												1,179						5						126.37
						10,186						4						84.08						$	24,578					6,343						3						96.41						$	124

(1)Based upon the difference between the closing market price of the Common Stock on the last trading day of the year and the grant price of in-the-money stock options and SARs, in thousands.

At December 31, 2020, unrecognized compensation expense related to non-vested stock option and SAR grants totaled $53 million. This unrecognized expense will be amortized on a straight-line basis over a weighted average period of 2.1 years.

At the 2018 Annual Meeting of Stockholders, EOG stockholders approved an amendment and restatement of the ESPP to (among other changes) increase the number of shares available for grant. At December 31, 2020, approximately 1.9 million shares of Common Stock remained available for grant under the ESPP. The following table summarizes ESPP activity for the years ended December 31, 2020, 2019 and 2018 (in thousands, except number of participants):

			2020						2019						2018
Approximate Number of Participants			2,063						1,998						1,934
Shares Purchased			377						224						180
Aggregate Purchase Price			$	16,103					$	16,533					$	14,887

Restricted Stock and Restricted Stock Units. Employees may be granted restricted (non-vested) stock and/or restricted stock units without cost to them. Upon vesting of restricted stock, shares of Common Stock are released to the employee. Upon vesting, restricted stock units are converted into shares of Common Stock and released to the employee. Stock-based compensation expense related to restricted stock and restricted stock units totaled $75 million, $97 million and $81 million for the years ended December 31, 2020, 2019 and 2018, respectively.

F-24

The following table sets forth the restricted stock and restricted stock unit transactions for the years ended December 31, 2020, 2019 and 2018 (shares and units in thousands):

			2020												2019												2018
			Number of Shares and Units						Weighted Average Grant Date Fair Value						Number of Shares and Units						Weighted Average Grant Date Fair Value						Number of Shares and Units						Weighted Average Grant Date Fair Value
Outstanding at January 1			4,546						$	90.16					3,792						$	96.64					3,905						$	88.57
Granted			1,488						38.10						1,749						80.01						812						117.55
Released (1)			(1,213)						85.92						(855)						96.93						(740)						78.16
Forfeited			(79)						86.52						(140)						97.54						(185)						92.12
Outstanding at December 31 (2)			4,742						74.97						4,546						90.16						3,792						96.64

(1)The total intrinsic value of restricted stock and restricted stock units released during the years ended December 31, 2020, 2019 and 2018 was $48 million, $70 million and $84 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date restricted stock and restricted stock units are released.

(2)The total intrinsic value of restricted stock and restricted stock units outstanding at December 31, 2020, 2019 and 2018 was $236 million, $381 million and $331 million, respectively. The intrinsic value is based on the closing market price of the Common Stock on the last trading day of the year.

At December 31, 2020, unrecognized compensation expense related to restricted stock and restricted stock units totaled $178 million. Such unrecognized expense will be recognized on a straight-line basis over a weighted average period of 1.6 years.

Performance Units. EOG has granted performance units (Performance Awards) to its executive officers annually since 2012. As more fully discussed in the grant agreements, the performance metric applicable to these performance-based grants is EOG's total shareholder return over a three-year performance period relative to the total shareholder return of a designated group of peer companies (Performance Period). Upon the application of the performance multiple at the completion of the Performance Period, a minimum of 0% and a maximum of 200% of the Performance Awards granted could be outstanding. The fair value of the Performance Awards is estimated using a Monte Carlo simulation. Stock-based compensation expense related to the Performance Award grants totaled $9 million, $15 million and $14 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Weighted average fair values and valuation assumptions used to value Performance Awards during the years ended December 31, 2020, 2019 and 2018 were as follows:

			2020						2019						2018
Weighted Average Fair Value of Grants			$	42.77					$	79.98					$	136.74
Expected Volatility			47.27		%				29.20		%				29.92		%
Risk-Free Interest Rate			0.16		%				1.51		%				2.85		%

Expected volatility is based on the term-matched historical volatility over the simulated term, which is calculated as the time between the grant date and the end of the Performance Period. The risk-free interest rate is derived from the Treasury Constant Maturities yield curve on the grant date.

F-25

The following table sets forth the Performance Award transactions for the years ended December 31, 2020, 2019 and 2018 (units in thousands):

			2020															2019												2018
			Number of Units									Weighted Average Price per Grant Date						Number of Units						Weighted Average Price per Grant Date						Number of Units						Weighted Average Price per Grant Date
Outstanding at January 1			598									$	92.19					539						$	101.53					502						$	90.96
Granted			172									37.44						172						75.09						113						125.73
Granted for Performance Multiple (1)			66									100.95						72						69.43						72						101.87
Released (2)			(223)									88.52						(185)						94.63						(148)						84.43
Forfeited			—									—						—						—						—						—
Outstanding at December 31 (3)			613			(4)						79.10						598						92.19						539						101.53

(1)Upon completion of the Performance Period for the Performance Awards granted in 2016, 2015 and 2014, a performance multiple of 150%, 200% and 200%, respectively, was applied to each of the grants resulting in additional grants of Performance Awards in February 2020, 2019 and 2018.

(2)The total intrinsic value of Performance Awards released during the years ended December 31, 2020, 2019 and 2018 was $13 million, $15 million and $18 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date Performance Awards are released.

(3)The total intrinsic value of Performance Awards outstanding at December 31, 2020, 2019 and 2018 was $31 million, $50 million and $47 million, respectively. The intrinsic value is based on the closing market price of the Common Stock on the last trading day of the year.

(4)Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of 77 and a maximum of 1,149 Performance Awards could be outstanding.

At December 31, 2020, unrecognized compensation expense related to Performance Awards totaled $5 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.9 years.

Upon completion of the Performance Period for the Performance Awards granted in September 2017, a performance multiple of 125% was applied to the grants resulting in an additional grant of 19,629 Performance Awards in February 2021.

Pension Plans. EOG has a defined contribution pension plan in place for most of its employees in the United States. EOG's contributions to the pension plan are based on various percentages of compensation and, in some instances, are based upon the amount of the employees' contributions. EOG's total costs recognized for the plan were $46 million, $51 million and $43 million for 2020, 2019 and 2018, respectively.

In addition, EOG's Trinidadian subsidiary maintains a contributory defined benefit pension plan and a matched savings plan. These pension plans are available to most employees of the Trinidadian subsidiary. EOG's combined contributions to these plans were $1 million, for each of 2020, 2019 and 2018, respectively.

For the Trinidadian defined benefit pension plan, the benefit obligation, fair value of plan assets and accrued benefit cost totaled $13 million, $12 million and $0.1 million, respectively, at December 31, 2020, and $12 million, $10 million and $0.1 million, respectively, at December 31, 2019.

Postretirement Health Care. EOG has postretirement medical and dental benefits in place for eligible United States and Trinidad employees and their eligible dependents, the costs of which are not material.

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8. Commitments and Contingencies

Letters of Credit and Guarantees. At December 31, 2020 and 2019, respectively, EOG had standby letters of credit and guarantees outstanding totaling $854 million and $902 million, primarily representing guarantees of payment or performance obligations on behalf of subsidiaries. As of February 18, 2021, EOG had received no demands for payment under these guarantees.

Minimum Commitments. At December 31, 2020, total minimum commitments from purchase and service obligations and transportation and storage service commitments not qualifying as leases, based on current transportation and storage rates and the foreign currency exchange rates used to convert Canadian dollars into United States dollars at December 31, 2020, were as follows (in millions):

			Total Minimum Commitments
2021			$	1,393
2022			1,263
2023			1,064
2024			790
2025			649
2026 and beyond			2,764
			$	7,923

Contingencies. There are currently various suits and claims pending against EOG that have arisen in the ordinary course of EOG's business, including contract disputes, personal injury and property damage claims and title disputes. While the ultimate outcome and impact on EOG cannot be predicted, management believes that the resolution of these suits and claims will not, individually or in the aggregate, have a material adverse effect on EOG's consolidated financial position, results of operations or cash flow. EOG records reserves for contingencies when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated.

9. Net Income (Loss) Per Share

The following table sets forth the computation of Net Income (Loss) Per Share for the years ended December 31, 2020, 2019 and 2018 (in thousands, except per share data):

			2020						2019						2018
Numerator for Basic and Diluted Earnings per Share -
Net Income (Loss)			$	(604,572)					$	2,734,910					$	3,419,040
Denominator for Basic Earnings per Share -
Weighted Average Shares			578,949						577,670						576,578
Potential Dilutive Common Shares -
Stock Options/SARs			—						258						1,137
Restricted Stock/Units and Performance Units			—						2,849						2,726
Denominator for Diluted Earnings per Share -
Adjusted Diluted Weighted Average Shares			578,949						580,777						580,441
Net Income (Loss) Per Share
Basic			$	(1.04)					$	4.73					$	5.93
Diluted			$	(1.04)					$	4.71					$	5.89

The diluted earnings per share calculation excludes stock options, SARs, restricted stock, restricted stock units, performance units and ESPP grants that were anti-dilutive. Shares underlying the excluded stock options, SARs and ESPP grants were 9.6 million, 6.1 million and 0.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. Shares underlying the excluded restricted stock, restricted stock unit and performance unit grants were 5.0 million shares for the year ended December 31, 2020.

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10. Supplemental Cash Flow Information

Net cash paid (received) for interest and income taxes was as follows for the years ended December 31, 2020, 2019 and 2018 (in thousands):

			2020						2019						2018
Interest, Net of Capitalized Interest			$	205,447					$	186,546					$	243,279
Income Taxes, Net of Refunds Received			$	(205,795)					$	(291,849)					$	75,634

EOG's accrued capital expenditures at December 31, 2020, 2019 and 2018 were $414 million, $612 million and $592 million, respectively.

Non-cash investing activities for the year ended December 31, 2020, included additions of $212 million to EOG's oil and gas properties as a result of property exchanges and an addition of $174 million to EOG's other property, plant and equipment made in connection with finance lease transactions for storage facilities.

Non-cash investing activities for the year ended December 31, 2019, included additions of $150 million to EOG's oil and gas properties as a result of property exchanges.

Non-cash investing activities for the year ended December 31, 2018, included additions of $362 million to EOG's oil and gas properties as a result of property exchanges and an addition of $49 million to EOG's other property, plant and equipment primarily in connection with a finance lease transaction in the Permian Basin.

Cash paid for leases for the years ended December 31, 2020 and 2019, is disclosed in Note 18.

11. Business Segment Information

EOG's operations are all crude oil, NGLs and natural gas exploration and production-related. The Segment Reporting Topic of the ASC establishes standards for reporting information about operating segments in annual financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. EOG's chief operating decision-making process is informal and involves the Chairman of the Board and Chief Executive Officer and other key officers. This group routinely reviews and makes operating decisions related to significant issues associated with each of EOG's major producing areas in the United States, Trinidad and China and its exploration program in the Sultanate of Oman (Oman). For segment reporting purposes, the chief operating decision makers consider the major United States producing areas to be one operating segment.

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Financial information by reportable segment is presented below as of and for the years ended December 31, 2020, 2019 and 2018 (in thousands):

			United States						Trinidad						Other International (1)						Total
2020
Crude Oil and Condensate			$	5,773,582					$	10,723					$	1,304					$	5,785,609
Natural Gas Liquids			667,514						—						—						667,514
Natural Gas			614,002						168,967						54,164						837,133
Gains on Mark-to-Market Commodity Derivative Contracts			1,144,737						—						—						1,144,737
Gathering, Processing and Marketing			2,581,493						1,491						—						2,582,984
Gains (Losses) on Asset Dispositions, Net			(47,018)						(44)						179						(46,883)
Other, Net			60,989						(35)						—						60,954
Operating Revenues and Other (2)			10,795,299						181,102						55,647						11,032,048
Depreciation, Depletion and Amortization			3,323,800						60,629						15,924						3,400,353
Operating Income (Loss) (3)			(545,566)						74,801						(73,251)						(544,016)
Interest Income			10,783						922						34						11,739
Other Income (Expense)			153						(2,129)						465						(1,511)
Net Interest Expense			205,266						—						—						205,266
Income (Loss) Before Income Taxes			(739,896)						73,594						(72,752)						(739,054)
Income Tax Provision (Benefit)			(156,834)						14,568						7,784						(134,482)
Additions to Oil and Gas Properties, Excluding Dry Hole Costs			3,316,724						83,173						41,961						3,441,858
Total Property, Plant and Equipment, Net			28,283,027						210,278						105,322						28,598,627
Total Assets			35,047,485						546,120						210,996						35,804,601

2019
Crude Oil and Condensate			$	9,599,125					$	11,138					$	2,269					$	9,612,532
Natural Gas Liquids			784,818						—						—						784,818
Natural Gas			866,911						258,819						58,365						1,184,095
Gains on Mark-to-Market Commodity Derivative Contracts			180,275						—						—						180,275
Gathering, Processing and Marketing			5,355,463						4,819						—						5,360,282
Gains (Losses) on Asset Dispositions, Net			131,446						(3,688)						(4,145)						123,613
Other, Net			134,325						18						15						134,358
Operating Revenues and Other (4)			17,052,363						271,106						56,504						17,379,973
Depreciation, Depletion and Amortization			3,652,294						79,389						18,021						3,749,704
Operating Income (Loss)			3,618,907						112,790						(32,686)						3,699,011
Interest Income			22,122						3,686						218						26,026
Other Income			3,235						727						1,397						5,359
Net Interest Expense			192,587						—						(7,458)						185,129
Income (Loss) Before Income Taxes			3,451,677						117,203						(23,613)						3,545,267
Income Tax Provision			760,881						40,901						8,575						810,357
Additions to Oil and Gas Properties, Excluding Dry Hole Costs			6,208,394						53,325						12,233						6,273,952
Total Property, Plant and Equipment, Net			30,101,857						184,606						78,132						30,364,595
Total Assets			36,274,942						705,747						143,919						37,124,608

F-29

			United States						Trinidad						Other International (1)						Total
2018
Crude Oil and Condensate			$	9,390,244					$	17,059					$	110,137					$	9,517,440
Natural Gas Liquids			1,127,510						—						—						1,127,510
Natural Gas			970,866						285,053						45,618						1,301,537
Loses on Mark-to-Market Commodity Derivative Contracts			(165,640)						—						—						(165,640)
Gathering, Processing and Marketing			5,227,051						3,304						—						5,230,355
Gains on Asset Dispositions, Net			154,852						4,493						15,217						174,562
Other, Net			89,708						(49)						(24)						89,635
Operating Revenues and Other (5)			16,794,591						309,860						170,948						17,275,399
Depreciation, Depletion and Amortization			3,296,499						91,971						46,938						3,435,408
Operating Income (Loss)			4,334,364						147,240						(12,258)						4,469,346
Interest Income			9,326						1,612						608						11,546
Other Income (Expense)			9,580						2,436						(6,858)						5,158
Net Interest Expense			253,352						—						(8,300)						245,052
Income (Loss) Before Income Taxes			4,099,918						151,288						(10,208)						4,240,998
Income Tax Provision			765,986						54,272						1,700						821,958
Additions to Oil and Gas Properties, Excluding Dry Hole Costs			6,155,874						1,618						37,838						6,195,330
Total Property, Plant and Equipment, Net			27,786,086						210,183						79,250						28,075,519
Total Assets			33,178,733						629,633						126,108						33,934,474

(1)Other International primarily consists of EOG's United Kingdom, China and Canada operations. EOG began an exploration program in Oman in the third quarter of 2020. The United Kingdom operations were sold in the fourth quarter of 2018.

(2)EOG had sales activity with three significant purchasers in 2020, each totaling $1.1 billion of consolidated Operating Revenues and Other in the United States segment.

(3)EOG recorded pretax impairment charges of $1,570 million in 2020 for proved oil and gas properties, leasehold costs and other assets due to the decline in commodity prices and revisions of asset retirement obligations for certain properties in the United States segment. In addition, EOG recorded pretax impairment charges of $228 million in 2020 for owned and leased sand and crude-by-rail assets, also in the United States segment. EOG recorded pretax impairment charges of $81 million in 2020 for proved oil and gas properties and firm commitment contracts related to its decision to exit the Horn River Basin in British Columbia, Canada, in the Other International segment. See Notes 13 and 14.

(4)EOG had sales activity with two significant purchasers in 2019, one totaling $2.4 billion and the other totaling $2.2 billion of consolidated Operating Revenues and Other in the United States segment.

(5)EOG had sales activity with two significant purchasers in 2018, one totaling $2.6 billion and the other totaling $2.3 billion of consolidated Operating Revenues and Other in the United States segment.

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12. Risk Management Activities

Commodity Price Risks. EOG engages in price risk management activities from time to time. These activities are intended to manage EOG's exposure to fluctuations in commodity prices for crude oil, NGLs and natural gas. EOG utilizes financial commodity derivative instruments, primarily price swap, option, swaption, collar and basis swap contracts, as a means to manage this price risk.

During 2020, 2019 and 2018, EOG elected not to designate any of its financial commodity derivative contracts as accounting hedges and, accordingly, accounted for these financial commodity derivative contracts using the mark-to-market accounting method. Under this accounting method, changes in the fair value of outstanding financial instruments are recognized as gains or losses in the period of change and are recorded as Gains (Losses) on Mark-to-Market Commodity Derivative Contracts on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The related cash flow impact is reflected in Cash Flows from Operating Activities. During 2020, 2019 and 2018, EOG recognized net gains (losses) on the mark-to-market of financial commodity derivative contracts of $1,145 million, $180 million and $(166) million, respectively, which included cash received from (payments for) settlements of crude oil, NGLs and natural gas derivative contracts of $1,071 million, $231 million and $(259) million, respectively.

Crude Oil Derivative Contracts. Prices received by EOG for its crude oil production generally vary from U.S. New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI) prices due to adjustments for delivery location (basis) and other factors. EOG has entered into crude oil basis swap contracts in order to fix the differential between Intercontinental Exchange (ICE) Brent pricing and pricing in Cushing, Oklahoma (ICE Brent Differential). Presented below is a comprehensive summary of EOG's ICE Brent Differential basis swap contracts as of December 31, 2020. The weighted average price differential expressed in dollars per barrel ($/Bbl) represents the amount of addition to Cushing, Oklahoma, prices for the notional volumes expressed in barrels per day (Bbld) covered by the basis swap contracts.

ICE Brent Differential Basis Swap Contracts
						Volume (Bbld)						Weighted Average Price Differential ($/Bbl)
2020
May 2020 (closed)						10,000						$	4.92

EOG has also entered into crude oil basis swap contracts in order to fix the differential between pricing in Houston, Texas, and Cushing, Oklahoma (Houston Differential). Presented below is a comprehensive summary of EOG's Houston Differential basis swap contracts as of December 31, 2020. The weighted average price differential expressed in $/Bbl represents the amount of addition to Cushing, Oklahoma, prices for the notional volumes expressed in Bbld covered by the basis swap contracts.

Houston Differential Basis Swap Contracts
						Volume (Bbld)						Weighted Average Price Differential ($/Bbl)
2020
May 2020 (closed)						10,000						$	1.55

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EOG has also entered into crude oil swaps in order to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month (Roll Differential). Presented below is a comprehensive summary of EOG's Roll Differential basis swap contracts as of December 31, 2020. The weighted average price differential expressed in $/Bbl represents the amount of net addition (reduction) to delivery month prices for the notional volumes expressed in Bbld covered by the swap contracts.

Roll Differential Basis Swap Contracts
						Volume (Bbld)						Weighted Average Price Differential ($/Bbl)
2020
February 1, 2020 through June 30, 2020 (closed)						10,000						$	0.70
July 1, 2020 through September 30, 2020 (closed)						88,000						(1.16)
October 1, 2020 through December 31, 2020 (closed)						66,000						(1.16)
2021
February 1, 2021 through December 31, 2021						25,000						$	0.10
2022
January 1, 2022 through December 31, 2022						50,000						$	0.11

In May 2020, EOG entered into crude oil Roll Differential basis swap contracts for the period from July 1, 2020 through September 30, 2020, with notional volumes of 22,000 Bbld at a weighted average price differential of $(0.43) per Bbl, and for the period from October 1, 2020 through December 31, 2020, with notional volumes of 44,000 Bbld at a weighted average price differential of $(0.73) per Bbl. These contracts partially offset certain outstanding Roll Differential basis swap contracts for the same time periods and volumes at a weighted average price differential of $(1.16) per Bbl. EOG paid net cash of $3.2 million for the settlement of these contracts. The offsetting contracts were excluded from the above table.

Presented below is a comprehensive summary of EOG's crude oil NYMEX WTI price swap contracts as of December 31, 2020, with notional volumes expressed in Bbld and prices expressed in $/Bbl.

Crude Oil NYMEX WTI Price Swap Contracts
						Volume (Bbld)						Weighted Average Price ($/Bbl)
2020
January 1, 2020 through March 31, 2020 (closed)						200,000						$	59.33
April 1, 2020 through May 31, 2020 (closed)						265,000						51.36

In April and May 2020, EOG entered into crude oil NYMEX WTI price swap contracts for the period from June 1, 2020 through June 30, 2020, with notional volumes of 265,000 Bbld at a weighted average price of $33.80 per Bbl, for the period from July 1, 2020 through July 31, 2020, with notional volumes of 254,000 Bbld at a weighted average price of $33.75 per Bbl, for the period from August 1, 2020 through September 30, 2020, with notional volumes of 154,000 Bbld at a weighted average price of $34.18 per Bbl and for the period from October 1, 2020 through December 31, 2020, with notional volumes of 47,000 Bbld at a weighted average price of $30.04 per Bbl. These contracts offset the remaining crude oil NYMEX WTI price swap contracts for the same time periods and volumes at a weighted average price of $51.36 per Bbl for the period from June 1, 2020 through June 30, 2020, $42.36 per Bbl for the period from July 1, 2020 through July 31, 2020, $50.42 per Bbl for the period from August 1, 2020 through September 30, 2020 and $31.00 per Bbl for the period from October 1, 2020 through December 31, 2020. EOG received net cash of $362.6 million through December 31, 2020, for the settlement of certain of these contracts, and expects to receive net cash of $1.4 million during January 2021 for the settlement of the remaining contracts. The offsetting contracts were excluded from the above table.

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Presented below is a comprehensive summary of EOG's crude oil ICE Brent price swap contracts as of December 31, 2020, with notional volumes expressed in Bbld and prices expressed in $/Bbl.

Crude Oil ICE Brent Price Swap Contracts
						Volume (Bbld)						Weighted Average Price ($/Bbl)
2020
April 2020 (closed)						75,000						$	25.66
May 2020 (closed)						35,000						26.53

NGLs Derivative Contracts. Presented below is a comprehensive summary of EOG's Mont Belvieu propane (non-TET) price swap contracts as of December 31, 2020, with notional volumes expressed in Bbld and prices expressed in $/Bbl.

Mont Belvieu Propane Price Swap Contracts
						Volume (Bbld)						Weighted Average Price ($/Bbl)
2020
January 1, 2020 through February 29, 2020 (closed)						4,000						$	21.34
March 1, 2020 through April 30, 2020 (closed)						25,000						17.92

In April and May 2020, EOG entered into Mont Belvieu propane price swap contracts for the period from May 1, 2020 through December 31, 2020, with notional volumes of 25,000 Bbld at a weighted average price of $16.41 per Bbl. These contracts offset the remaining Mont Belvieu propane price swap contracts for the same time period with notional volumes of 25,000 Bbld at a weighted average price of $17.92 per Bbl. EOG received net cash of $8.0 million through December 31, 2020, for the settlement of certain of these contracts, and expects to receive net cash of $1.2 million during January 2021 for the settlement of the remaining contracts. The offsetting contracts were excluded from the above table.

Natural Gas Derivative Contracts. Presented below is a comprehensive summary of EOG's natural gas NYMEX Henry Hub price swap contracts as of December 31, 2020, with notional volumes sold (purchased) expressed in million British thermal units (MMBtu) per day (MMBtud) and prices expressed in dollars per MMBtu ($/MMBtu).

Natural Gas NYMEX Henry Hub Price Swap Contracts
						Volume (MMBtud)						Weighted Average Price ($/MMBtu)
2021
April 1, 2021 through December 31, 2021						500,000						$	2.99
2022
January 1, 2022 through December 31, 2022						20,000						$	2.75

In December 2020, EOG entered into natural gas NYMEX Henry Hub price swap contracts for the period from January 1, 2021 through March 31, 2021, with notional volumes of 500,000 MMBtud at a weighted average price of $2.43 per MMBtu. These contracts offset the remaining natural gas NYMEX Henry Hub price swap contracts for the same time period with notional volumes of 500,000 MMBtud at a weighted average price of $2.99 per MMBtu. EOG expects to receive net cash of $25.2 million during 2021 for the settlement of these contracts. The offsetting contracts were excluded from the above table.

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EOG has entered into natural gas collar contracts, which establish ceiling and floor prices for the sale of notional volumes of natural gas as specified in the collar contracts. The collars require that EOG pay the difference between the ceiling price and the NYMEX Henry Hub natural gas price for the contract month (Henry Hub Index Price) in the event the Henry Hub Index Price is above the ceiling price. The collars grant EOG the right to receive the difference between the floor price and the Henry Hub Index Price in the event the Henry Hub Index Price is below the floor price. In March 2020, EOG executed the early termination provision granting EOG the right to terminate certain 2020 natural gas collar contracts with notional volumes of 250,000 MMBtud at a weighted average ceiling price of $2.50 per MMBtu and a weighted average floor price of $2.00 per MMBtu for the period from April 1, 2020 through July 31, 2020. EOG received net cash of $7.8 million for the settlement of these contracts. Presented below is a comprehensive summary of EOG's natural gas collar contracts as of December 31, 2020, with notional volumes expressed in MMBtud and prices expressed in $/MMBtu.

Natural Gas Collar Contracts
												Weighted Average Price ($/MMBtu)
						Volume (MMBtud)						Ceiling Price						Floor Price
2020
April 1, 2020 through July 31, 2020 (closed)						250,000						$	2.50					$	2.00

In April 2020, EOG entered into natural gas collar contracts for the period from August 1, 2020 through October 31, 2020, with notional volumes of 250,000 MMBtud at a ceiling price of $2.50 per MMBtu and a floor price of $2.00 per MMBtu. These contracts offset the remaining natural gas collar contracts for the same time period with notional volumes of 250,000 MMBtud at a ceiling price of $2.50 per MMBtu and a floor price of $2.00 per MMBtu. EOG received net cash of $1.1 million for the settlement of these contracts. The offsetting contracts were excluded from the above table.

Prices received by EOG for its natural gas production generally vary from NYMEX Henry Hub prices due to adjustments for delivery location (basis) and other factors. EOG has entered into natural gas basis swap contracts in order to fix the differential between pricing in the Rocky Mountain area and NYMEX Henry Hub prices (Rockies Differential). Presented below is a comprehensive summary of EOG's Rockies Differential basis swap contracts as of December 31, 2020. The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts.

Rockies Differential Basis Swap Contracts
						Volume (MMBtud)						Weighted Average Price Differential ($/MMBtu)
2020
January 1, 2020 through December 31, 2020 (closed)						30,000						$	0.55

EOG has also entered into natural gas basis swap contracts in order to fix the differential between pricing at the Houston Ship Channel (HSC) and NYMEX Henry Hub prices (HSC Differential). In March 2020, EOG executed the early termination provision granting EOG the right to terminate certain 2020 HSC Differential basis swaps with notional volumes of 60,000 MMBtud at a weighted average price differential of $0.05 per MMBtu for the period from April 1, 2020 through December 31, 2020. EOG paid net cash of $0.4 million for the settlement of these contracts. Presented below is a comprehensive summary of EOG's HSC Differential basis swap contracts as of December 31, 2020. The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts.

HSC Differential Basis Swap Contracts
						Volume (MMBtud)						Weighted Average Price Differential ($/MMBtu)
2020
January 1, 2020 through December 31, 2020 (closed)						60,000						$	0.05

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EOG has also entered into natural gas basis swap contracts in order to fix the differential between pricing at the Waha Hub in West Texas and NYMEX Henry Hub prices (Waha Differential). Presented below is a comprehensive summary of EOG's Waha Differential basis swap contracts as of December 31, 2020. The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts.

Waha Differential Basis Swap Contracts
						Volume (MMBtud)						Weighted Average Price Differential ($/MMBtu)
2020
January 1, 2020 through April 30, 2020 (closed)						50,000						$	1.40

In April 2020, EOG entered into Waha Differential basis swap contracts for the period from May 1, 2020 through December 31, 2020, with notional volumes of 50,000 MMBtud at a weighted average price differential of $0.43 per MMBtu. These contracts offset the remaining Waha Differential basis swap contracts for the same time period with notional volumes of 50,000 MMBtud at a weighted average price differential of $1.40 per MMBtu. EOG paid net cash of $11.9 million for the settlement of these contracts. The offsetting contracts were excluded from the above table.

Commodity Derivatives Location on Balance Sheet. The following table sets forth the amounts and classification of EOG's outstanding derivative financial instruments at December 31, 2020 and 2019, respectively. Certain amounts may be presented on a net basis on the consolidated financial statements when such amounts are with the same counterparty and subject to a master netting arrangement (in thousands):

												Fair Value at December 31,
Description						Location on Balance Sheet						2020						2019
Asset Derivatives
Crude oil, NGLs and natural gas derivative contracts -
Current portion						Assets from Price Risk Management Activities (1)						$	64,559					$	1,299
Noncurrent portion						Other Assets						1,063						—
Liability Derivatives
Crude oil, NGLs and natural gas derivative contracts -
Current portion						Liabilities from Price Risk Management Activities (2)						$	—					$	20,194
Noncurrent Portion						Other Liabilities						455						—

(1) The current portion of Assets from Price Risk Management Activities consists of gross assets of $3 million, partially offset by gross liabilities of $2 million, at December 31, 2019.

(2) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $23 million, partially offset by gross assets of $3 million at December 31, 2019.

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Credit Risk. Notional contract amounts are used to express the magnitude of a financial derivative. The amounts potentially subject to credit risk, in the event of nonperformance by the counterparties, are equal to the fair value of such contracts (see Note 13). EOG evaluates its exposure to significant counterparties on an ongoing basis, including those arising from physical and financial transactions. In some instances, EOG renegotiates payment terms and/or requires collateral, parent guarantees or letters of credit to minimize credit risk.

At December 31, 2020, EOG's net accounts receivable balance related to United States hydrocarbon sales included two receivable balances, each of which accounted for more than 10% of the total balance. The receivables were due from two petroleum refinery companies. The related amounts were collected during early 2021. At December 31, 2019, EOG's net accounts receivable balance related to United States hydrocarbon sales included three receivable balances, each of which accounted for more than 10% of the total balance. The receivables were due from three petroleum refinery companies. The related amounts were collected during early 2020.

In 2020 and 2019, all natural gas from EOG's Trinidad operations was sold to the National Gas Company of Trinidad and Tobago Limited and its subsidiary. In 2020 and 2019, all crude oil and condensate from EOG's Trinidad operations was sold to Heritage Petroleum Company Limited. In 2020 and 2019, all natural gas from EOG's China operations was sold to Petrochina Company Limited.

All of EOG's derivative instruments are covered by International Swap Dealers Association Master Agreements (ISDAs) with counterparties. The ISDAs may contain provisions that require EOG, if it is the party in a net liability position, to post collateral when the amount of the net liability exceeds the threshold level specified for EOG's then-current credit ratings. In addition, the ISDAs may also provide that as a result of certain circumstances, including certain events that cause EOG's credit ratings to become materially weaker than its then-current ratings, the counterparty may require all outstanding derivatives under the ISDA to be settled immediately. See Note 13 for the aggregate fair value of all derivative instruments that were in a net asset position at December 31, 2020 and a net liability position at December 31, 2019. EOG had no collateral posted and held no collateral at December 31, 2020 and 2019.

Substantially all of EOG's accounts receivable at December 31, 2020 and 2019 resulted from hydrocarbon sales and/or joint interest billings to third-party companies, including foreign state-owned entities in the oil and gas industry. This concentration of customers and joint interest owners may impact EOG's overall credit risk, either positively or negatively, in that these entities may be similarly affected by changes in economic or other conditions. In determining whether or not to require collateral or other credit enhancements from a customer, EOG typically analyzes the entity's net worth, cash flows, earnings and credit ratings. Receivables are generally not collateralized. During the three-year period ended December 31, 2020, credit losses incurred on receivables by EOG have been immaterial.

13. Fair Value Measurements

Certain of EOG's financial and nonfinancial assets and liabilities are reported at fair value on the Consolidated Balance Sheets. An established fair value hierarchy prioritizes the relative reliability of inputs used in fair value measurements. The hierarchy gives highest priority to Level 1 inputs that represent unadjusted quoted market prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are directly or indirectly observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs and have the lowest priority in the hierarchy. EOG gives consideration to the credit risk of its counterparties, as well as its own credit risk, when measuring financial assets and liabilities at fair value.

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Recurring Fair Value Measurements. The following table provides fair value measurement information within the fair value hierarchy for certain of EOG's financial assets and liabilities carried at fair value on a recurring basis at December 31, 2020 and 2019. Amounts shown in thousands.

			Fair Value Measurements Using:
			Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
At December 31, 2020
Financial Assets (1):
Natural Gas Swaps			$	—					$	66,064					$	—					$	66,064
Financial Liabilities (2):
Crude Oil Roll Differential Swaps			—						897						—						897
At December 31, 2019
Financial Assets (1):
Natural Gas Liquids Swaps			$	—					$	3,401					$	—					$	3,401
Natural Gas Basis Swaps			—						970						—						970
Financial Liabilities (2):
Crude Oil Swaps			—						23,266						—						23,266

(1) $65 million and $1 million are included in "Current Assets - Assets from Price Risk Management Activities" at December 31, 2020 and 2019, respectively, on the Consolidated Balance Sheets. $1 million is included in "Other Assets" at December 31, 2020, on the Consolidated Balance Sheets.

(2) $1 million is included in "Other Liabilities" at December 31, 2020, on the Consolidated Balance Sheets. $20 million is included in "Current Liabilities - Liabilities from Price Risk Management Activities" at December 31, 2019 on the Consolidated Balance Sheets.

The estimated fair value of crude oil, NGLs and natural gas derivative contracts (including options/collars) was based upon forward commodity price curves based on quoted market prices. Commodity derivative contracts were valued by utilizing an independent third-party derivative valuation provider who uses various types of valuation models, as applicable.

Non-Recurring Fair Value Measurements. The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with property, plant and equipment. Significant Level 3 inputs used in the calculation of asset retirement obligations include plugging costs and reserve lives. A reconciliation of EOG's asset retirement obligations is presented in Note 15.

When circumstances indicate that proved oil and gas properties may be impaired, EOG compares expected undiscounted future cash flows at a depreciation, depletion and amortization group level to the unamortized capitalized cost of the asset. If the expected undiscounted future cash flows, based on EOG's estimate of (and assumptions regarding) significant Level 3 inputs, including future crude oil, NGLs and natural gas prices, operating costs, development expenditures, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized cost, the capitalized cost is reduced to fair value. Fair value is generally calculated using the Income Approach described in the Fair Value Measurement Topic of the ASC. In certain instances, EOG utilizes accepted offers from third-party purchasers as the basis for determining fair value.

During 2020, due to the decline in commodity prices and revisions of asset retirement obligations for certain properties, proved oil and gas properties with a carrying amount of $1,587 million were written down to their fair value of $319 million, resulting in pretax impairment charges of $1,268 million. In addition, EOG recorded pretax impairment charges in 2020 of $72 million for a commodity price-related write-down of other assets.

During 2019, proved oil and gas properties; other property, plant and equipment; and other assets with a carrying amount of $998 million were written down to their fair value of $701 million, resulting in pretax impairment charges of $297 million. Included in the $297 million pretax impairment charges are $152 million of impairments of proved oil and gas properties for which EOG utilized an accepted offer from a third-party purchaser as the basis for determining fair value. In addition, EOG recorded pretax impairment charges in 2019 of $90 million for a commodity price-related write-down of other assets.

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EOG utilized average prices per acre from comparable market transactions and estimated discounted cash flows as the basis for determining the fair value of unproved and proved properties, respectively, received in non-cash property exchanges. See Note 10.

Fair Value of Debt. At December 31, 2020 and 2019, respectively, EOG had outstanding $5,640 million and $5,140 million aggregate principal amount of senior notes, which had estimated fair values of approximately $6,505 million and $5,452 million, respectively. The estimated fair value of debt was based upon quoted market prices and, where such prices were not available, other observable (Level 2) inputs regarding interest rates available to EOG at year-end.

14. Impairment Expense

Impairment expense was as follows for the years ended December 31, 2020, 2019 and 2018 (in thousands):

			2020						2019						2018
Proved properties (1)			$	1,268,073					$	206,469					$	120,859
Unproved properties (2)			472,143						220,444						173,383
Other assets (3)			299,851						90,983						48,732
Inventories			—						—						4,047
Firm commitment contracts (4)			59,713						—						—
Total			$	2,099,780					$	517,896					$	347,021

(1) Impairments to proved oil and gas properties in 2020 included legacy and non-core natural gas and crude oil and combo plays. Impairments to proved oil and gas properties in 2019 and 2018 included domestic legacy natural gas assets. See Notes 1 and 13.

(2) Unproved properties with acquisition costs that are not individually significant are aggregated, and the portion of such costs estimated to be nonproductive is amortized over the remaining lease term. Unproved properties with individually significant acquisition costs are reviewed individually for impairment. Impairments of unproved oil and gas properties included charges of $252 million in 2020 for certain leasehold costs that are no longer expected to be developed before expiration. See Note 1.

(3) Includes impairment charges for owned and leased sand and crude-by-rail assets of $228 million in 2020 (see Note 18) and a commodity price-related write-down of other assets of $72 million, $90 million and $49 million in 2020, 2019 and 2018, respectively (see Note 13).

(4) Includes impairment charges of $60 million in 2020 for firm commitment contracts related to its decision to exit the Horn River Basin in British Columbia, Canada.

15. Asset Retirement Obligations

The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of short-term and long-term legal obligations associated with the retirement of property, plant and equipment for the years ended December 31, 2020 and 2019 (in thousands):

			2020						2019
Carrying Amount at Beginning of Period			$	1,110,710					$	954,377
Liabilities Incurred			57,477						98,874
Liabilities Settled (1)			(54,027)						(58,673)
Accretion			47,083						43,462
Revisions			53,888						72,425
Foreign Currency Translations			1,407						245
Carrying Amount at End of Period			$	1,216,538					$	1,110,710
Current Portion			$	49,548					$	37,127
Noncurrent Portion			$	1,166,990					$	1,073,583

(1) Includes settlements related to asset sales.

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The current and noncurrent portions of EOG's asset retirement obligations are included in Current Liabilities - Other and Other Liabilities, respectively, on the Consolidated Balance Sheets.

16. Exploratory Well Costs

EOG's net changes in capitalized exploratory well costs for the years ended December 31, 2020, 2019 and 2018 are presented below (in thousands):

			2020						2019						2018
Balance at January 1			$	25,897					$	4,121					$	2,167
Additions Pending the Determination of Proved Reserves			107,852						83,175						10,304
Reclassifications to Proved Properties			(81,071)						(39,325)						(7,917)
Costs Charged to Expense (1)			(23,822)						(22,074)						(433)
Balance at December 31			$	28,856					$	25,897					$	4,121

(1) Includes capitalized exploratory well costs charged to either dry hole costs or impairments.

			2020						2019						2018
Capitalized exploratory well costs that have been capitalized for a period of one year or less			$	26,408					$	25,897					$	4,121
Capitalized exploratory well costs that have been capitalized for a period greater than one year (1)			2,448						—						—
Balance at December 31			$	28,856					$	25,897					$	4,121
Number of exploratory wells that have been capitalized for a period greater than one year			1						—						—

(1) Consists of costs related to a project in the United States at December 31, 2020.

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17. Acquisitions and Divestitures

During 2020, EOG paid cash for property acquisitions of $82 million in the United States and $38 million in Other International, primarily in Oman. Additionally during 2020, EOG recognized net losses on asset dispositions of $47 million primarily due to sales of proved properties and non-cash property exchanges of unproved leasehold in Texas and New Mexico and the disposition of the Marcellus Shale assets, and received proceeds of approximately $192 million.

During 2019, EOG paid cash for property acquisitions of $328 million in the United States. Additionally during 2019, EOG recognized net gains on asset dispositions of $124 million primarily due to sales of producing properties, acreage and other assets, as well as non-cash property exchanges in New Mexico, and received proceeds of approximately $140 million.

During 2018, EOG recognized net gains on asset dispositions of $175 million primarily due to non-cash property exchanges in Texas, New Mexico and Wyoming. Additionally, EOG received proceeds in 2018 of approximately $227 million, primarily due to the sale of its United Kingdom operations in the fourth quarter of 2018.

18. Leases

Lease costs are classified by the function of the ROU asset. The lease costs related to exploration and development activities are initially included in the Oil and Gas Properties line on the Consolidated Balance Sheets and subsequently accounted for in accordance with the Extractive Industries - Oil and Gas Topic of the ASC. Variable lease cost represents costs incurred above the contractual minimum payments and other charges associated with leased equipment, primarily for drilling and fracturing contracts classified as operating leases. The components of lease cost for the years ended December 31, 2020 and 2019 were as follows (in millions):

			2020						2019
Operating Lease Cost (1)			$	393					$	497
Finance Lease Cost:
Amortization of Lease Assets			21						13
Interest on Lease Liabilities			4						2
Variable Lease Cost			91						138
Short-Term Lease Cost			194						333
Total Lease Cost			$	703					$	983

(1) Operating lease cost includes impairment expenses of $35 million in 2020.

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The following table sets forth the amounts and classification of EOG's outstanding ROU assets and related lease liabilities at December 31, 2020 and 2019 and supplemental information for the years ended December 31, 2020 and 2019 (in millions, except lease terms and discount rates):

Description						Location on Balance Sheet						2020						2019
Assets
Operating Leases						Other Assets						$	869					$	773
Finance Leases						Property, Plant and Equipment, Net (1)						206						53
Total												$	1,075					$	826
Liabilities
Current
Operating Leases						Current Portion of Operating Lease Liabilities						$	295					$	369
Finance Leases						Current Portion of Long-Term Debt						31						15
Long-Term
Operating Leases						Other Liabilities						641						430
Finance Leases						Long-Term Debt						181						43
Total												$	1,148					$	857

(1) Finance lease assets are recorded net of accumulated amortization of $81 million and $60 million at December 31, 2020 and 2019, respectively.

			2020						2019
Weighted Average Remaining Lease Term (in years):
Operating Leases			5.3						3.2
Finance Leases			7.6						4.7
Weighted Average Discount Rate:
Operating Leases			3.4		%				3.5		%
Finance Leases			2.8		%				3.0		%

Cash paid for leases for the years ended December 31, 2020 and 2019 was as follows (in millions):

			2020						2019
Repayment of Operating Lease Liabilities Associated with Operating Activities			$	223					$	225
Repayment of Operating Lease Liabilities Associated with Investing Activities			130						270
Repayment of Finance Lease Liabilities			19						13

Non-cash leasing activities for the year ended December 31, 2020, included the additions of $893 million of operating leases and $174 million of finance leases. Non-cash leasing activities for the year ended December 31, 2019, included the addition of $784 million of operating leases. Upon adoption of ASU 2016-02 effective January 1, 2019, EOG recognized operating lease ROU of $566 million.

F-41

At December 31, 2020, the future minimum lease payments under non-cancellable leases were as follows (in millions):

			Operating Leases						Finance Leases
2021			$	323					$	36
2022			210						32
2023			134						28
2024			96						29
2025			70						27
2026 and Beyond			206						87
Total Lease Payments			1,039						239
Less: Discount to Present Value			103						27
Total Lease Liabilities			936						212
Less: Current Portion of Lease Liabilities			295						31
Long-Term Lease Liabilities			$	641					$	181

At December 31, 2020, EOG had additional leases of $100 million, which are expected to commence in 2021 with lease terms of two to nine years.

Prior to the adoption of ASU 2016-02 and other related ASUs, the future minimum commitments under non-cancellable leases, including non-lease components and excluding contracts with lease terms of less than 12 months as December 31, 2018, were as follows (in millions):

			Operating Leases						Finance Leases
2019			$	380					$	15
2020			213						15
2021			86						15
2022			39						12
2023			30						8
2024 and Beyond			62						14
Total Lease Payments			$	810					$	79

F-42

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS

(In Thousands, Except Per Share Data, Unless Otherwise Indicated)

(Unaudited)

Oil and Gas Producing Activities

The following disclosures are made in accordance with Financial Accounting Standards Board Accounting Standards Update No. 2010-03 "Oil and Gas Reserve Estimation and Disclosures" and the United States Securities and Exchange Commission's (SEC) final rule on "Modernization of Oil and Gas Reporting."

Oil and Gas Reserves. Users of this information should be aware that the process of estimating quantities of "proved," "proved developed" and "proved undeveloped" crude oil, natural gas liquids (NGLs) and natural gas reserves is complex, requiring significant subjective decisions in the evaluation of available geological, engineering and economic data for each reservoir. The data for a given reservoir may also change substantially over time as a result of numerous factors, including, but not limited to, additional development activity; evolving production history; crude oil and condensate, NGL and natural gas prices; and continual reassessment of the viability of production under varying economic conditions. Consequently, material revisions (upward or downward) to existing reserve estimates may occur from time to time. Although reasonable effort is made to ensure that reserve estimates reported represent the most accurate assessments possible, the significance of the subjective decisions required and variances in available data for various reservoirs make these estimates generally less precise than other estimates presented in connection with financial statement disclosures. For related discussion, see ITEM 1A, Risk Factors.

Proved reserves represent estimated quantities of crude oil, NGLs and natural gas, which, by analysis of geoscience and engineering data, can be estimated, with reasonable certainty, to be economically producible from a given date forward from known reservoirs under then-existing economic conditions, operating methods and government regulations before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation.

Proved developed reserves are proved reserves expected to be recovered under operating methods being utilized at the time the estimates were made, through wells and equipment in place or if the cost of any required equipment is relatively minor compared to the cost of a new well.

Proved undeveloped reserves (PUDs) are reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for completion or recompletion. Reserves on undrilled acreage are limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances. PUDs can be recorded in respect of a particular undrilled location only if the location is scheduled, under the then-current drilling and development plan, to be drilled within five years from the date that the PUDs were recorded, unless specific factors (such as those described in interpretative guidance issued by the Staff of the SEC) justify a longer timeframe. Likewise, absent any such specific factors, PUDs associated with a particular undeveloped drilling location shall be removed from the estimates of proved reserves if the location is scheduled, under the then-current drilling and development plan, to be drilled on a date that is beyond five years from the date that the PUDs were recorded. EOG has formulated development plans for all drilling locations associated with its PUDs at December 31, 2020. Under these plans, each PUD location will be drilled within five years from the date it was recorded. Estimates for PUDs are not attributed to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, or by other evidence using reliable technology establishing reasonable certainty.

In making estimates of PUDs, EOG's technical staff, including engineers and geoscientists, perform detailed technical analysis of each potential drilling location within its inventory of prospects. In making a determination as to which of these locations would penetrate undrilled portions of the formation that can be judged, with reasonable certainty, to be continuous and contain economically producible crude oil, NGLs and natural gas, studies are conducted using numerous data elements and analysis techniques. EOG's technical staff estimates the hydrocarbons in place, by mapping the entirety of the play in question using seismic techniques, typically employing two-dimensional and three-dimensional data. This analysis is integrated with other static data, including, but not limited to, core analysis, mechanical properties of the formation, thermal maturity indicators, and well logs of existing penetrations. Highly specialized equipment is utilized to prepare rock samples in assessing microstructures which contribute to porosity and permeability.

Analysis of dynamic data is then incorporated to arrive at the estimated fractional recovery of hydrocarbons in place. Data analysis techniques employed include, but are not limited to, well testing analysis, static bottom hole pressure analysis, flowing bottom hole pressure analysis, analysis of historical production trends, pressure transient analysis and rate transient analysis. Application of proprietary rate transient analysis techniques in low permeability rocks allow for quantification of estimates of contribution to production from both fractures and rock matrix.

F-43

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The impact of optimal completion techniques is a key factor in determining if the PUDs reflected in prospective locations are reasonably certain of being economically producible. EOG's technical staff estimates the recovery improvement that might be achieved when completing horizontal wells with multi-stage fracture stimulation. In the early stages of development of a play, EOG determines the optimal length of the horizontal lateral and multi-stage fracture stimulation using the aforementioned analysis techniques along with pilot drilling programs and gathering of microseismic data.

The process of analyzing static and dynamic data, well completion optimization data and the results of early development activities provides the appropriate level of certainty as well as support for the economic producibility of the plays in which PUDs are reflected. EOG has found this approach to be effective based on successful application in analogous reservoirs in low permeability resource plays.

Certain of EOG's Trinidad reserves are held under production sharing contracts where EOG's interest varies with prices and production volumes. Trinidad reserves, as presented on a net basis, assume prices in existence at the time the estimates were made and EOG's estimate of future production volumes. Future fluctuations in prices, production rates or changes in political or regulatory environments could cause EOG's share of future production from Trinidadian reserves to be materially different from that presented.

Estimates of proved reserves at December 31, 2020, 2019 and 2018 were based on studies performed by the engineering staff of EOG. The Engineering and Acquisitions Department is directly responsible for EOG's reserve evaluation process and consists of 17 professionals, all of whom hold, at a minimum, bachelor's degrees in engineering, and four of whom are Registered Professional Engineers. The Vice President, Engineering and Acquisitions is the manager of this department and is the primary technical person responsible for this process. The Vice President, Engineering and Acquisitions holds a Bachelor of Science degree in Petroleum Engineering, has 34 years of experience in reserve evaluations and is a Registered Professional Engineer.

EOG's reserves estimation process is a collaborative effort coordinated by the Engineering and Acquisitions Department in compliance with EOG's internal controls for such process. Reserve information as well as models used to estimate such reserves are stored on secured databases. Non-technical inputs used in reserve estimation models, including crude oil, NGL and natural gas prices, production costs, transportation costs, future capital expenditures and EOG's net ownership percentages, are obtained from other departments within EOG. EOG's Internal Audit Department conducts testing with respect to such non-technical inputs. Additionally, EOG engages DeGolyer and MacNaughton (D&M), independent petroleum consultants, to perform independent reserves evaluation of select EOG properties comprising not less than 75% of EOG's estimates of proved reserves. EOG's Board of Directors requires that D&M's and EOG's reserve quantities for the properties evaluated by D&M vary by no more than 5% in the aggregate. Once completed, EOG's year-end reserves are presented to senior management, including the Chairman of the Board and Chief Executive Officer; the Chief Operating Officer; the President; the Executive Vice President, Exploration and Production; and the Executive Vice President and Chief Financial Officer, for approval.

Opinions by D&M for the years ended December 31, 2020, 2019 and 2018 covered producing areas containing 83%, 82% and 79%, respectively, of proved reserves of EOG on a net-equivalent-barrel-of-oil basis. D&M's opinions indicate that the estimates of proved reserves prepared by EOG's Engineering and Acquisitions Department for the properties reviewed by D&M, when compared in total on a net-equivalent-barrel-of-oil basis, do not differ materially from the estimates prepared by D&M. Specifically, such estimates by D&M in the aggregate varied by not more than 5% from those prepared by the Engineering and Acquisitions Department of EOG. All reports by D&M were developed utilizing geological and engineering data provided by EOG. The report of D&M dated January 26, 2021, which contains further discussion of the reserve estimates and evaluations prepared by D&M, as well as the qualifications of D&M's technical person primarily responsible for overseeing such estimates and evaluations, is attached as Exhibit 99.1 to this Annual Report on Form 10-K and incorporated herein by reference.

No major discovery or other favorable or adverse event subsequent to December 31, 2020, is believed to have caused a material change in the estimates of net proved reserves as of that date.

The following tables set forth EOG's net proved reserves at December 31 for each of the four years in the period ended December 31, 2020, and the changes in the net proved reserves for each of the three years in the period ended December 31, 2020, as estimated by the Engineering and Acquisitions Department of EOG:

F-44

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

NET PROVED RESERVE SUMMARY

			United States						Trinidad						Other International (1)						Total
NET PROVED RESERVES
Crude Oil (MBbl) (2)
Net proved reserves at December 31, 2017			1,304,071						898						8,004						1,312,973
Revisions of previous estimates			(13,237)						(183)						44						(13,376)
Purchases in place			2,743						—						—						2,743
Extensions, discoveries and other additions			383,003						—						15						383,018
Sales in place			(768)						—						(6,310)						(7,078)
Production			(144,128)						(298)						(1,542)						(145,968)
Net proved reserves at December 31, 2018			1,531,684						417						211						1,532,312
Revisions of previous estimates			(42,959)						85						(8)						(42,882)
Purchases in place			2,859						—						—						2,859
Extensions, discoveries and other additions			369,968						—						28						369,996
Sales in place			(1,282)						—						—						(1,282)
Production			(166,310)						(236)						(40)						(166,586)
Net proved reserves at December 31, 2019			1,693,960						266						191						1,694,417
Revisions of previous estimates			(225,375)						(19)						(18)						(225,412)
Purchases in place			2,176						—						—						2,176
Extensions, discoveries and other additions			194,724						863						—						195,587
Sales in place			(3,183)						—						—						(3,183)
Production			(149,402)						(355)						(30)						(149,787)
Net proved reserves at December 31, 2020			1,512,900						755						143						1,513,798
Natural Gas Liquids (MBbl) (2)
Net proved reserves at December 31, 2017			503,473						—						—						503,473
Revisions of previous estimates			23,942						—						—						23,942
Purchases in place			2,006						—						—						2,006
Extensions, discoveries and other additions			127,409						—						—						127,409
Sales in place			(41)						—						—						(41)
Production			(42,460)						—						—						(42,460)
Net proved reserves at December 31, 2018			614,329						—						—						614,329
Revisions of previous estimates			5,380						—						—						5,380
Purchases in place			1,948						—						—						1,948
Extensions, discoveries and other additions			167,782						—						—						167,782
Sales in place			(855)						—						—						(855)
Production			(48,892)						—						—						(48,892)
Net proved reserves at December 31, 2019			739,692						—						—						739,692
Revisions of previous estimates			(59,790)						—						—						(59,790)
Purchases in place			3,831						—						—						3,831
Extensions, discoveries and other additions			180,205						—						—						180,205
Sales in place			(1,399)						—						—						(1,399)
Production			(49,796)						—						—						(49,796)
Net proved reserves at December 31, 2020			812,743						—						—						812,743

F-45

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

			United States						Trinidad						Other International (1)						Total
Natural Gas (Bcf) (3)
Net proved reserves at December 31, 2017			3,898.5						313.4						51.2						4,263.1
Revisions of previous estimates			(127.2)						20.7						15.0						(91.5)
Purchases in place			41.3						—						—						41.3
Extensions, discoveries and other additions			951.4						—						4.6						956.0
Sales in place			(22.2)						—						—						(22.2)
Production			(351.2)						(97.1)						(11.2)						(459.5)
Net proved reserves at December 31, 2018			4,390.6						237.0						59.6						4,687.2
Revisions of previous estimates			(184.4)						47.0						2.6						(134.8)
Purchases in place			71.7						—						—						71.7
Extensions, discoveries and other additions			1,175.9						87.5						9.7						1,273.1
Sales in place			(14.5)						—						—						(14.5)
Production			(404.5)						(95.4)						(13.1)						(513.0)
Net proved reserves at December 31, 2019			5,034.8						276.1						58.8						5,369.7
Revisions of previous estimates			(497.7)						4.8						1.6						(491.3)
Purchases in place			26.3						—						—						26.3
Extensions, discoveries and other additions			1,077.9						53.9						—						1,131.8
Sales in place			(157.3)						—						—						(157.3)
Production			(441.4)						(65.9)						(11.6)						(518.9)
Net proved reserves at December 31, 2020			5,042.6						268.9						48.8						5,360.3
Oil Equivalents (MBoe) (2)
Net proved reserves at December 31, 2017			2,457,302						53,142						16,526						2,526,970
Revisions of previous estimates			(10,500)						3,272						2,544						(4,684)
Purchases in place			11,640						—						—						11,640
Extensions, discoveries and other additions			668,972						—						778						669,750
Sales in place			(4,509)						—						(6,310)						(10,819)
Production			(245,127)						(16,478)						(3,406)						(265,011)
Net proved reserves at December 31, 2018			2,877,778						39,936						10,132						2,927,846
Revisions of previous estimates			(68,317)						7,915						431						(59,971)
Purchases in place			16,761						—						—						16,761
Extensions, discoveries and other additions			733,730						14,577						1,661						749,968
Sales in place			(4,555)						—						—						(4,555)
Production			(282,619)						(16,130)						(2,232)						(300,981)
Net proved reserves at December 31, 2019			3,272,778						46,298						9,992						3,329,068
Revisions of previous estimates			(368,127)						773						259						(367,095)
Purchases in place			10,398						—						—						10,398
Extensions, discoveries and other additions			554,585						9,840						—						564,425
Sales in place			(30,802)						—						—						(30,802)
Production			(272,757)						(11,347)						(1,969)						(286,073)
Net proved reserves at December 31, 2020			3,166,075						45,564						8,282						3,219,921

(1)Other International includes EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018.

(2)Thousand barrels or thousand barrels of oil equivalent, as applicable; oil equivalents include crude oil and condensate, NGLs and natural gas. Oil equivalents 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.

(3)Billion cubic feet.

F-46

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

During 2020, EOG added 564 million barrels of oil equivalent (MMBoe) of proved reserves from drilling activities and technical evaluation of major proved areas, primarily in the Permian Basin. Approximately 67% of the 2020 reserve additions were crude oil and condensate and NGLs, and substantially all were in the United States. Sales in place of 31 MMBoe were primarily related to the sale of the Marcellus Shale assets and the sale or exchange of other producing assets. Revisions of previous estimates of negative 367 MMBoe for 2020 included a downward revision of 278 MMBoe primarily due to decreases in the average crude oil, NGLs and natural gas prices used in the December 31, 2020, reserves estimation as compared to the prices used in the prior year estimate. The primary areas affected were the Eagle Ford and the Rocky Mountain area. Purchases in place of 10 MMBoe were primarily related to the Permian Basin and the purchase or exchange of other producing assets.

During 2019, EOG added 750 MMBoe of proved reserves from drilling activities and technical evaluation of major proved areas, primarily in the Permian Basin, the Eagle Ford and the Rocky Mountain area. Approximately 72% of the 2019 reserve additions were crude oil and condensate and NGLs, and substantially all were in the United States. Sales in place of 5 MMBoe were primarily related to the sale of certain South Texas area operations and the sale or exchange of other producing assets. Revisions of previous estimates of negative 60 MMBoe for 2019 included a decrease in the average crude oil, NGLs and natural gas prices used in the December 31, 2019, reserves estimation as compared to the prices used in the prior year estimate. The primary area affected was the Rocky Mountain area. Purchases in place of 17 MMBoe were primarily related to the South Texas area.

During 2018, EOG added 670 MMBoe of proved reserves from drilling activities and technical evaluation of major proved areas, primarily in the Permian Basin, the Eagle Ford, the Rocky Mountain area and the Mid-Continent area. Approximately 76% of the 2018 reserve additions were crude oil and condensate and NGLs, and substantially all were in the United States. Sales in place of 11 MMBoe were primarily related to the sale of the United Kingdom operations and the sale or exchange of other producing assets. Revisions of previous estimates of negative 5 MMBoe for 2018 included an upward revision of 35 MMBoe primarily due to increases in the average crude oil, NGLs and natural gas prices used in the December 31, 2018, reserves estimation as compared to the prices used in the prior year estimate. The primary areas affected were in the Rocky Mountain area, the Eagle Ford and the Permian Basin. Downward revisions other than price of 40 MMBoe resulted primarily from changes in production forecasts and higher production costs. Purchases in place of 12 MMBoe were primarily related to the South Texas area.

F-47

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

			United States						Trinidad						Other International (1)						Total
NET PROVED DEVELOPED RESERVES
Crude Oil (MBbl)
December 31, 2017			605,405						898						7,933						614,236
December 31, 2018			712,218						417						150						712,785
December 31, 2019			801,189						266						143						801,598
December 31, 2020			791,744						755						93						792,592
Natural Gas Liquids (MBbl)
December 31, 2017			286,872						—						—						286,872
December 31, 2018			341,386						—						—						341,386
December 31, 2019			387,253						—						—						387,253
December 31, 2020			391,708						—						—						391,708
Natural Gas (Bcf)
December 31, 2017			2,450.8						299.2						29.3						2,779.3
December 31, 2018			2,699.0						223.9						40.9						2,963.8
December 31, 2019			2,974.6						177.7						41.8						3,194.1
December 31, 2020			2,586.1						171.1						31.6						2,788.8
Oil Equivalents (MBoe)
December 31, 2017			1,300,758						50,779						12,798						1,364,335
December 31, 2018			1,503,441						37,746						6,950						1,548,137
December 31, 2019			1,684,209						29,886						7,117						1,721,212
December 31, 2020			1,614,462						29,268						5,368						1,649,098
NET PROVED UNDEVELOPED RESERVES
Crude Oil (MBbl)
December 31, 2017			698,666						—						71						698,737
December 31, 2018			819,466						—						61						819,527
December 31, 2019			892,771						—						48						892,819
December 31, 2020			721,156						—						50						721,206
Natural Gas Liquids (MBbl)
December 31, 2017			216,601						—						—						216,601
December 31, 2018			272,943						—						—						272,943
December 31, 2019			352,439						—						—						352,439
December 31, 2020			421,035						—						—						421,035
Natural Gas (Bcf)
December 31, 2017			1,447.7						14.2						21.9						1,483.8
December 31, 2018			1,691.6						13.1						18.7						1,723.4
December 31, 2019			2,060.2						98.4						17.0						2,175.6
December 31, 2020			2,456.5						97.8						17.2						2,571.5
Oil Equivalents (MBoe)
December 31, 2017			1,156,544						2,363						3,728						1,162,635
December 31, 2018			1,374,337						2,190						3,182						1,379,709
December 31, 2019			1,588,569						16,412						2,875						1,607,856
December 31, 2020			1,551,613						16,296						2,914						1,570,823

(1)Other International includes EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018.

F-48

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Net Proved Undeveloped Reserves. The following table presents the changes in EOG's total PUDs during 2020, 2019 and 2018 (in MBoe):

			2020						2019						2018
Balance at January 1			1,607,856						1,379,709						1,162,635
Extensions and Discoveries			456,073						578,317						490,725
Revisions			(277,325)						(49,837)						(8,244)
Acquisition of Reserves			47						1,711						311
Sale of Reserves			(3,670)						—						—
Conversion to Proved Developed Reserves			(212,158)						(302,044)						(265,718)
Balance at December 31			1,570,823						1,607,856						1,379,709

For the twelve-month period ended December 31, 2020, total PUDs decreased by 37 MMBoe to 1,571 MMBoe. EOG added approximately 7 MMBoe of PUDs through drilling activities where the wells were drilled but significant expenditures remained for completion. Based on the technology employed by EOG to identify and record PUDs (see discussion of technology employed on pages F-43 and F-44 of this Annual Report on Form 10-K), EOG added 449 MMBoe of PUDs. The PUD additions were primarily in the Permian Basin and 67% of the additions were crude oil and condensate and NGLs. During 2020, EOG drilled and transferred 212 MMBoe of PUDs to proved developed reserves at a total capital cost of $1,674 million. Revisions of previous estimates of negative 277 MMBoe of PUDs for 2020 included a downward price revision of 77 MMBoe due to decreases in the average crude oil, NGLs and natural gas prices used in the December 31, 2020, reserves estimation as compared to the prices used in the prior year estimate. Revisions other than price of negative 200 MMBoe were primarily related to the removal of PUD locations due to lower projected capital spending over the next five years as compared to the prior year projections. The primary areas affected were the Eagle Ford and the Rocky Mountain area. All PUDs, including drilled but uncompleted wells (DUCs), are scheduled for completion within five years of the original reserve booking.

For the twelve-month period ended December 31, 2019, total PUDs increased by 228 MMBoe to 1,608 MMBoe. EOG added approximately 38 MMBoe of PUDs through drilling activities where the wells were drilled but significant expenditures remained for completion. Based on the technology employed by EOG to identify and record PUDs, EOG added 540 MMBoe. The PUD additions were primarily in the Permian Basin, the Eagle Ford and, to a lesser extent, the Rocky Mountain area, and 73% of the additions were crude oil and condensate and NGLs. During 2019, EOG drilled and transferred 302 MMBoe of PUDs to proved developed reserves at a total capital cost of $3,032 million.

For the twelve-month period ended December 31, 2018, total PUDs increased by 217 MMBoe to 1,380 MMBoe. EOG added approximately 31 MMBoe of PUDs through drilling activities where the wells were drilled but significant expenditures remained for completion. Based on the technology employed by EOG to identify and record PUDs, EOG added 460 MMBoe. The PUD additions were primarily in the Permian Basin, Anadarko Basin, the Eagle Ford and, to a lesser extent, the Rocky Mountain area, and 80% of the additions were crude oil and condensate and NGLs. During 2018, EOG drilled and transferred 266 MMBoe of PUDs to proved developed reserves at a total capital cost of $2,745 million.

F-49

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Capitalized Costs Relating to Oil and Gas Producing Activities. The following table sets forth the capitalized costs relating to EOG's crude oil, NGLs and natural gas producing activities at December 31, 2020 and 2019:

			2020						2019
Proved properties			$	61,724,487					$	59,229,686
Unproved properties			3,068,311						3,600,729
Total			64,792,798						62,830,415
Accumulated depreciation, depletion and amortization			(38,750,852)						(35,033,085)
Net capitalized costs			$	26,041,946					$	27,797,330

Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities. The acquisition, exploration and development costs disclosed in the following tables are in accordance with definitions in the Extractive Industries - Oil and Gas Topic of the Accounting Standards Codification (ASC).

Acquisition costs include costs incurred to purchase, lease or otherwise acquire property.

Exploration costs include additions to exploratory wells, including those in progress, and exploration expenses.

Development costs include additions to production facilities and equipment and additions to development wells, including those in progress.

F-50

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table sets forth costs incurred related to EOG's oil and gas activities for the years ended December 31, 2020, 2019 and 2018:

			United States						Trinidad						Other International (1)						Total
2020
Acquisition Costs of Properties
Unproved (2)			$	264,778					$	—					$	—					$	264,778
Proved (3)			97,073						—						38,089						135,162
Subtotal			361,851						—						38,089						399,940
Exploration Costs			203,403						81,216						11,409						296,028
Development Costs (4)			2,998,155						4,036						20,072						3,022,263
Total			$	3,563,409					$	85,252					$	69,570					$	3,718,231
2019
Acquisition Costs of Properties
Unproved (5)			$	276,092					$	—					$	—					$	276,092
Proved (6)			379,938						—						—						379,938
Subtotal			656,030						—						—						656,030
Exploration Costs			213,505						46,616						13,218						273,339
Development Costs (7)			5,661,753						25,007						12,096						5,698,856
Total			$	6,531,288					$	71,623					$	25,314					$	6,628,225
2018
Acquisition Costs of Properties
Unproved (8)			$	486,081					$	1,258					$	—					$	487,339
Proved (9)			123,684						—						—						123,684
Subtotal			609,765						1,258						—						611,023
Exploration Costs			157,222						22,511						13,895						193,628
Development Costs (10)			5,605,264						(12,863)						22,628						5,615,029
Total			$	6,372,251					$	10,906					$	36,523					$	6,419,680

(1)Other International primarily consists of EOG's United Kingdom, China and Canada operations. EOG began an exploration program in Oman in the third quarter of 2020. The United Kingdom operations were sold in the fourth quarter of 2018.

(2)Includes non-cash unproved leasehold acquisition costs of $197 million related to property exchanges.

(3)Includes non-cash proved property acquisition costs of $15 million related to property exchanges.

(4)Includes Asset Retirement Costs of $97 million and $20 million for the United States and Other International, respectively. Excludes other property, plant and equipment.

(5)Includes non-cash unproved leasehold acquisition costs of $98 million related to property exchanges.

(6)Includes non-cash proved property acquisition costs of $52 million related to property exchanges.

(7)Includes Asset Retirement Costs of $181 million, $1 million and $4 million for the United States, Trinidad and Other International, respectively. Excludes other property, plant and equipment.

(8)Includes non-cash unproved leasehold acquisition costs of $291 million related to property exchanges.

(9)Includes non-cash proved property acquisition costs of $71 million related to property exchanges.

(10)Includes Asset Retirement Costs of $90 million, $(12) million and $(8) million for the United States, Trinidad and Other International, respectively. Excludes other property, plant and equipment.

F-51

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Results of Operations for Oil and Gas Producing Activities (1). The following table sets forth results of operations for oil and gas producing activities for the years ended December 31, 2020, 2019 and 2018:

			United States						Trinidad						Other International (2)						Total
2020
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues			$	7,055,098					$	179,690					$	55,468					$	7,290,256
Other			60,989						(35)						—						60,954
Total			7,116,087						179,655						55,468						7,351,210
Exploration Costs			136,266						1,909						7,613						145,788
Dry Hole Costs			13,055						—						28						13,083
Transportation Costs			734,071						747						171						734,989
Gathering and Processing Costs			459,211						—						—						459,211
Production Costs			1,479,976						26,964						10,407						1,517,347
Impairments			2,018,283						815						80,682						2,099,780
Depreciation, Depletion and Amortization			3,192,000						60,328						15,747						3,268,075
Income (Loss) Before Income Taxes			(916,775)						88,892						(59,180)						(887,063)
Income Tax Provision			(220,437)						23,526						3,428						(193,483)
Results of Operations			$	(696,338)					$	65,366					$	(62,608)					$	(693,580)
2019
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues			$	11,250,853					$	269,957					$	60,635					$	11,581,445
Other			134,325						18						15						134,358
Total			11,385,178						269,975						60,650						11,715,803
Exploration Costs			130,302						4,290						5,289						139,881
Dry Hole Costs			11,133						13,033						3,835						28,001
Transportation Costs			753,558						4,014						728						758,300
Gathering and Processing Costs			479,102						—						—						479,102
Production Costs			2,063,078						30,539						40,369						2,133,986
Impairments			510,948						5,713						1,235						517,896
Depreciation, Depletion and Amortization			3,560,609						79,156						17,832						3,657,597
Income (Loss) Before Income Taxes			3,876,448						133,230						(8,638)						4,001,040
Income Tax Provision			884,450						54,980						3,152						942,582
Results of Operations			$	2,991,998					$	78,250					$	(11,790)					$	3,058,458
2018
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues			$	11,488,620					$	302,112					$	155,755					$	11,946,487
Other			89,708						(49)						(24)						89,635
Total			11,578,328						302,063						155,731						12,036,122
Exploration Costs			121,572						21,402						6,025						148,999
Dry Hole Costs			4,983						—						422						5,405
Transportation Costs			742,792						3,236						848						746,876
Gathering and Processing Costs (3)			404,471						—						32,502						436,973
Production Costs			1,924,504						33,506						70,073						2,028,083
Impairments			344,595						—						2,426						347,021
Depreciation, Depletion and Amortization			3,181,801						91,788						46,687						3,320,276
Income (Loss) Before Income Taxes			4,853,610						152,131						(3,252)						5,002,489
Income Tax Provision			1,086,077						12,170						1,898						1,100,145
Results of Operations			$	3,767,533					$	139,961					$	(5,150)					$	3,902,344

(1)Excludes gains or losses on the mark-to-market of financial commodity derivative contracts, gains or losses on sales of reserves and related assets, interest charges and general corporate expenses for each of the three years in the period ended December 31, 2020.

(2)Other International primarily consists of EOG's United Kingdom, China and Canada operations. EOG began an exploration program in Oman in the third quarter of 2020. The United Kingdom operations were sold in the fourth quarter of 2018.

(3)Effective January 1, 2018, EOG adopted the provisions of Accounting Standards Update (ASU) 2014-09, "Revenue From Contracts With Customers" (ASU 2014-09). In connection with the adoption of ASU 2014-09, EOG presents natural gas processing fees relating to certain processing and marketing agreements within its United States segment as Gathering and Processing Costs instead of as a deduction to Natural Gas Revenues. There was no impact to operating income or net income resulting from changes to the presentation of natural gas processing fees (see Note 1 to Consolidated Financial Statements).

F-52

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table sets forth production costs per barrel of oil equivalent, excluding severance/production and ad valorem taxes, for the years ended December 31, 2020, 2019 and 2018:

			United States						Trinidad						Other International (1)						Composite
Year Ended December 31, 2020			$	3.75					$	2.33					$	6.78					$	3.72
Year Ended December 31, 2019			$	4.59					$	1.85					$	18.26					$	4.54
Year Ended December 31, 2018			$	4.84					$	1.67					$	20.19					$	4.84

(1) Other International primarily consists of EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018.

Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves. The following information has been developed utilizing procedures prescribed by the Extractive Industries - Oil and Gas Topic of the ASC and based on crude oil, NGL and natural gas reserves and production volumes estimated by the Engineering and Acquisitions Department of EOG. The estimates were based on a 12-month average for commodity prices for the years 2020, 2019 and 2018. The following information may be useful for certain comparative purposes, but should not be solely relied upon in evaluating EOG or its performance. Further, information contained in the following table should not be considered as representative of realistic assessments of future cash flows, nor should the Standardized Measure of Discounted Future Net Cash Flows be viewed as representative of the current value of EOG.

The future cash flows presented below are based on sales prices, cost rates and statutory income tax rates in existence as of the date of the projections. It is expected that material revisions to some estimates of crude oil, NGL and natural gas reserves may occur in the future, development and production of the reserves may occur in periods other than those assumed, and actual prices realized and costs incurred may vary significantly from those used.

Management does not rely upon the following information in making investment and operating decisions. Such decisions are based upon a wide range of factors, including estimates of probable and possible reserves as well as proved reserves, and varying price and cost assumptions considered more representative of a range of possible economic conditions that may be anticipated.

F-53

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table sets forth the standardized measure of discounted future net cash flows from projected production of EOG's oil and gas reserves for the years ended December 31, 2020, 2019 and 2018:

			United States						Trinidad						Other International (1)						Total
2020
Future cash inflows (2)			$	73,726,893					$	900,815					$	281,658					$	74,909,366
Future production costs			(34,618,860)						(153,275)						(53,933)						(34,826,068)
Future development costs			(15,159,373)						(226,430)						(18,400)						(15,404,203)
Future income taxes			(4,336,578)						(81,368)						(24,311)						(4,442,257)
Future net cash flows			19,612,082						439,742						185,014						20,236,838
Discount to present value at 10% annual rate			(8,410,282)						(100,350)						(36,194)						(8,546,826)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves			$	11,201,800					$	339,392					$	148,820					$	11,690,012
2019
Future cash inflows (3)			$	120,359,769					$	813,102					$	305,491					$	121,478,362
Future production costs			(42,387,801)						(166,705)						(87,381)						(42,641,887)
Future development costs			(20,355,746)						(212,303)						(18,400)						(20,586,449)
Future income taxes			(11,459,567)						(73,508)						(32,423)						(11,565,498)
Future net cash flows			46,156,655						360,586						167,287						46,684,528
Discount to present value at 10% annual rate			(21,042,593)						(86,009)						(35,161)						(21,163,763)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves			$	25,114,062					$	274,577					$	132,126					$	25,520,765
2018
Future cash inflows (4)			$	133,066,375					$	749,695					$	303,620					$	134,119,690
Future production costs			(42,351,174)						(204,444)						(99,024)						(42,654,642)
Future development costs			(16,577,794)						(78,199)						(11,900)						(16,667,893)
Future income taxes			(14,756,011)						(174,382)						(31,748)						(14,962,141)
Future net cash flows			59,381,396						292,670						160,948						59,835,014
Discount to present value at 10% annual rate			(27,348,744)						(26,832)						(33,483)						(27,409,059)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves			$	32,032,652					$	265,838					$	127,465					$	32,425,955

(1)Other International includes EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018.

(2)Estimated crude oil prices used to calculate 2020 future cash inflows for the United States, Trinidad and Other International were $37.19, $26.75, and $41.87, respectively. Estimated NGL price used to calculate 2020 future cash inflows for the United States was $12.47. Estimated natural gas prices used to calculate 2020 future cash inflows for the United States, Trinidad and Other International were $1.45, $3.28, and $5.65, respectively.

(3)Estimated crude oil prices used to calculate 2019 future cash inflows for the United States, Trinidad and Other International were $57.51, $46.77 and $57.22, respectively. Estimated NGL price used to calculate 2019 future cash inflows for the United States was $16.91. Estimated natural gas prices used to calculate 2019 future cash inflows for the United States, Trinidad and Other International were $2.07, $2.90 and $5.01, respectively.

(4)Estimated crude oil prices used to calculate 2018 future cash inflows for the United States, Trinidad and Other International were $68.54, $55.66 and $61.66, respectively. Estimated NGL price used to calculate 2018 future cash inflows for the United States was $27.83. Estimated natural gas prices used to calculate 2018 future cash inflows for the United States, Trinidad and Other International were $2.50, $3.06 and $4.88, respectively.

F-54

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Changes in Standardized Measure of Discounted Future Net Cash Flows. The following table sets forth the changes in the standardized measure of discounted future net cash flows at December 31, for each of the three years in the period ended December 31, 2020:

			United States						Trinidad						Other International (1)						Total
December 31, 2017			$	17,756,935					$	332,427					$	238,298					$	18,327,660
Sales and transfers of oil and gas produced, net of production costs			(8,416,853)						(265,370)						(52,399)						(8,734,622)
Net changes in prices and production costs			12,750,466						84,353						21,610						12,856,429
Extensions, discoveries, additions and improved recovery, net of related costs			8,418,666						—						12,287						8,430,953
Development costs incurred			2,732,560						—						12,600						2,745,160
Revisions of estimated development cost			(410,741)						4,030						(3,814)						(410,525)
Revisions of previous quantity estimates			(173,084)						39,608						31,750						(101,726)
Accretion of discount			1,967,592						50,191						24,839						2,042,622
Net change in income taxes			(4,965,373)						3,844						(11,529)						(4,973,058)
Purchases of reserves in place			116,887						—						—						116,887
Sales of reserves in place			(35,874)						—						(82,058)						(117,932)
Changes in timing and other			2,291,471						16,755						(64,119)						2,244,107
December 31, 2018			32,032,652						265,838						127,465						32,425,955
Sales and transfers of oil and gas produced, net of production costs			(7,955,115)						(235,404)						(19,919)						(8,210,438)
Net changes in prices and production costs			(10,973,981)						65,962						27,572						(10,880,447)
Extensions, discoveries, additions and improved recovery, net of related costs			5,608,038						85,233						16,287						5,709,558
Development costs incurred			3,003,510						22,820						5,820						3,032,150
Revisions of estimated development cost			(597,869)						(129,047)						(11,108)						(738,024)
Revisions of previous quantity estimates			(812,781)						116,062						1,198						(695,521)
Accretion of discount			3,891,701						43,148						14,909						3,949,758
Net change in income taxes			1,454,050						93,975						682						1,548,707
Purchases of reserves in place			98,539						—						—						98,539
Sales of reserves in place			(50,651)						—						—						(50,651)
Changes in timing and other			(584,031)						(54,010)						(30,780)						(668,821)
December 31, 2019			25,114,062						274,577						132,126						25,520,765
Sales and transfers of oil and gas produced, net of production costs			(4,381,840)						(151,979)						(45,355)						(4,579,174)
Net changes in prices and production costs			(18,624,768)						131,859						46,916						(18,445,993)
Extensions, discoveries, additions and improved recovery, net of related costs			1,436,988						64,385						—						1,501,373
Development costs incurred			1,674,800						—						—						1,674,800
Revisions of estimated development cost			4,148,768						(11,161)						—						4,137,607
Revisions of previous quantity estimates			(3,307,180)						11,632						(1,764)						(3,297,312)
Accretion of discount			3,054,437						34,624						15,307						3,104,368
Net change in income taxes			3,497,362						(12,185)						3,022						3,488,199
Purchases of reserves in place			49,232						—						—						49,232
Sales of reserves in place			(156,293)						—						—						(156,293)
Changes in timing and other			(1,303,768)						(2,360)						(1,432)						(1,307,560)
December 31, 2020			$	11,201,800					$	339,392					$	148,820					$	11,690,012

(1) Other International includes EOG's United Kingdom, China and Canada operations. The United Kingdom operations were sold in the fourth quarter of 2018.

F-55

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Concluded)

Unaudited Quarterly Financial Information

(In Thousands, Except Per Share Data)

Quarter Ended			Mar 31						Jun 30						Sep 30						Dec 31
2020
Operating Revenues and Other			$	4,717,692					$	1,103,374					$	2,245,484					$	2,965,498
Operating Income (Loss)			$	57,585					$	(1,086,549)					$	(2,714)					$	487,662
Income (Loss) Before Income Taxes			$	31,003					$	(1,145,262)					$	(52,555)					$	427,760
Income Tax Provision (Benefit)			21,190						(235,878)						(10,088)						90,294
Net Income (Loss)			$	9,813					$	(909,384)					$	(42,467)					$	337,466
Net Income (Loss) Per Share (1)
Basic			$	0.02					$	(1.57)					$	(0.07)					$	0.58
Diluted			$	0.02					$	(1.57)					$	(0.07)					$	0.58
Average Number of Common Shares
Basic			578,462						578,719						579,055						579,624
Diluted			580,283						578,719						579,055						580,885
2019
Operating Revenues and Other			$	4,058,642					$	4,697,630					$	4,303,455					$	4,320,246
Operating Income			$	876,530					$	1,130,771					$	827,959					$	863,751
Income Before Income Taxes			$	827,236					$	1,089,366					$	797,457					$	831,208
Income Tax Provision			191,810						241,525						182,335						194,687
Net Income			$	635,426					$	847,841					$	615,122					$	636,521
Net Income Per Share (1)
Basic			$	1.10					$	1.47					$	1.06					$	1.10
Diluted			$	1.10					$	1.46					$	1.06					$	1.10
Average Number of Common Shares
Basic			577,207						577,460						577,839						578,219
Diluted			580,222						580,247						581,271						580,849

(1)The sum of quarterly net income (loss) per share may not agree with total year net income (loss) per share as each quarterly computation is based on the weighted average of common shares outstanding.

F-56

EXHIBITS

Exhibits not incorporated herein by reference to a prior filing are designated by (i) an asterisk (*) and are filed herewith; or (ii) a pound sign (#) and are not filed herewith, and, pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K, the registrant hereby agrees to furnish a copy of such exhibit to the United States Securities and Exchange Commission (SEC) upon request.

Exhibit Number						Description
3.1(a)			-			Restated Certificate of Incorporation, dated September 3, 1987 (Exhibit 3.1(a) to EOG's Annual Report on Form 10-K for the year ended December 31, 2008) (SEC File No. 001-09743).
3.1(b)			-			Certificate of Amendment of Restated Certificate of Incorporation, dated May 5, 1993 (Exhibit 4.1(b) to EOG's Registration Statement on Form S-8, SEC File No. 33-52201, filed February 8, 1994).
3.1(c)			-			Certificate of Amendment of Restated Certificate of Incorporation, dated June 14, 1994 (Exhibit 4.1(c) to EOG's Registration Statement on Form S-8, SEC File No. 33-58103, filed March 15, 1995).
3.1(d)			-			Certificate of Amendment of Restated Certificate of Incorporation, dated June 11, 1996 (Exhibit 3(d) to EOG's Registration Statement on Form S-3, SEC File No. 333-09919, filed August 9, 1996).
3.1(e)			-			Certificate of Amendment of Restated Certificate of Incorporation, dated May 7, 1997 (Exhibit 3(e) to EOG's Registration Statement on Form S-3, SEC File No. 333-44785, filed January 23, 1998).
3.1(f)			-			Certificate of Ownership and Merger Merging EOG Resources, Inc. into Enron Oil & Gas Company, dated August 26, 1999 (Exhibit 3.1(f) to EOG's Annual Report on Form 10-K for the year ended December 31, 1999) (SEC File No. 001-09743).
3.1(g)			-			Certificate of Designations of Series E Junior Participating Preferred Stock, dated February 14, 2000 (Exhibit 2 to EOG's Registration Statement on Form 8-A, SEC File No. 001-09743, filed February 18, 2000).
3.1(h)			-			Certificate of Elimination of the Fixed Rate Cumulative Perpetual Senior Preferred Stock, Series A, dated September 13, 2000 (Exhibit 3.1(j) to EOG's Registration Statement on Form S-3, SEC File No. 333-46858, filed September 28, 2000).
3.1(i)			-			Certificate of Elimination of the Flexible Money Market Cumulative Preferred Stock, Series C, dated September 13, 2000 (Exhibit 3.1(k) to EOG's Registration Statement on Form S-3, SEC File No. 333-46858, filed September 28, 2000).
3.1(j)			-			Certificate of Elimination of the Flexible Money Market Cumulative Preferred Stock, Series D, dated February 24, 2005 (Exhibit 3.1(k) to EOG's Annual Report on Form 10-K for the year ended December 31, 2004) (SEC File No. 001-09743).
3.1(k)			-			Amended Certificate of Designations of Series E Junior Participating Preferred Stock, dated March 7, 2005 (Exhibit 3.1(m) to EOG's Annual Report on Form 10-K for the year ended December 31, 2007) (SEC File No. 001-09743).
3.1(l)			-			Certificate of Amendment of Restated Certificate of Incorporation, dated May 3, 2005 (Exhibit 3.1(l) to EOG's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005) (SEC File No. 001-09743).
3.1(m)			-			Certificate of Elimination of Fixed Rate Cumulative Perpetual Senior Preferred Stock, Series B, dated March 6, 2008 (Exhibit 3.1 to EOG's Current Report on Form 8-K, filed March 6, 2008) (SEC File No. 001-09743).
3.1(n)			-			Certificate of Amendment of Restated Certificate of Incorporation, dated April 28, 2017 (Exhibit 3.1 to EOG's Current Report on Form 8-K, filed May 2, 2017) (SEC File No. 001-09743).
3.2			-			Bylaws, dated August 23, 1989, as amended and restated effective as of September 22, 2015 (Exhibit 3.1 to EOG's Current Report on Form 8-K, filed September 28, 2015) (SEC File No. 001-09743).
4.1			-			Description of Securities Registered Under Section 12 of the Securities Exchange Act of 1934 (Exhibit 4.1 to EOG's Annual Report on Form 10-K for the year ended December 31, 2019) (SEC File No. 001-09743).
4.2			-			Specimen of Certificate evidencing EOG's Common Stock (Exhibit 3.3 to EOG's Annual Report on Form 10-K for the year ended December 31, 1999) (SEC File No. 001-09743).
4.3			-			Indenture, dated as of September 1, 1991, between Enron Oil & Gas Company (predecessor to EOG) and The Bank of New York Mellon Trust Company, N.A. (as successor in interest to JPMorgan Chase Bank, N.A. (formerly, Texas Commerce Bank National Association)), as Trustee (Exhibit 4(a) to EOG's Registration Statement on Form S-3, SEC File No. 33-42640, filed in paper format on September 6, 1991).

E-1

Exhibit Number						Description
#4.4(a)			-			Certificate, dated April 3, 1998, of the Senior Vice President and Chief Financial Officer of Enron Oil & Gas Company (predecessor to EOG) establishing the terms of the 6.65% Notes due April 1, 2028 of Enron Oil & Gas Company.
#4.4(b)			-			Global Note with respect to the 6.65% Notes due April 1, 2028 of Enron Oil & Gas Company (predecessor to EOG).
4.5			-			Indenture, dated as of May 18, 2009, between EOG and Wells Fargo Bank, National Association, as Trustee (Exhibit 4.9 to EOG's Registration Statement on Form S-3, SEC File No. 333-159301, filed May 18, 2009).
4.6(a)			-			Officers' Certificate Establishing 2.500% Senior Notes due 2016, 4.100% Senior Notes due 2021 and Floating Rate Senior Notes due 2014 of EOG, dated November 23, 2010 (Exhibit 4.2 to EOG's Current Report on Form 8-K, filed November 24, 2010) (SEC File No. 001-09743).
4.6(b)			-			Form of Global Note with respect to the 4.100% Senior Notes due 2021 of EOG (Exhibit 4.4 to EOG's Current Report on Form 8-K, filed November 24, 2010) (SEC File No. 001-09743).
4.7(a)			-			Officers' Certificate Establishing 2.625% Senior Notes due 2023 of EOG, dated September 10, 2012 (Exhibit 4.2 to EOG's Current Report on Form 8-K, filed September 11, 2012) (SEC File No. 001-09743).
4.7(b)			-			Form of Global Note with respect to the 2.625% Senior Notes due 2023 of EOG (Exhibit 4.3 to EOG's Current Report on Form 8-K, filed September 11, 2012) (SEC File No. 001-09743).
4.8(a)			-			Officers' Certificate Establishing 3.15% Senior Notes due 2025 and 3.90% Senior Notes due 2035 of EOG, dated March 17, 2015 (Exhibit 4.2 to EOG's Current Report on Form 8-K, filed March 19, 2015) (SEC File No. 001-09743).
4.8(b)			-			Form of Global Note with respect to the 3.15% Senior Notes due 2025 of EOG (Exhibit 4.3 to EOG's Current Report on Form 8-K, filed March 19, 2015) (SEC File No. 001-09743).
4.8(c)			-			Form of Global Note with respect to the 3.90% Senior Notes due 2035 of EOG (Exhibit 4.4 to EOG's Current Report on Form 8-K, filed March 19, 2015) (SEC File No. 001-09743).
4.9(a)			-			Officers' Certificate Establishing 4.15% Senior Notes due 2026 and 5.10% Senior Notes due 2036 of EOG, dated January 14, 2016 (Exhibit 4.2 to EOG's Current Report on Form 8-K, filed January 15, 2016) (SEC File No. 001-09743).
4.9(b)			-			Form of Global Note with respect to the 4.15% Senior Notes due 2026 of EOG (Exhibit 4.3 to EOG's Current Report on Form 8-K, filed January 15, 2016) (SEC File No. 001-09743).
4.9(c)			-			Form of Global Note with respect to the 5.10% Senior Notes due 2036 of EOG (Exhibit 4.4 to EOG's Current Report on Form 8-K, filed January 15, 2016) (SEC File No. 001-09743).
4.10(a)			-			Officers' Certificate Establishing 4.375% Senior Notes due 2030 and 4.950% Senior Notes due 2050 of EOG, dated April 14, 2020 (Exhibit 4.2 to EOG's Current Report on Form 8-K, filed April 14, 2020) (SEC File No. 001-09743).
4.10(b)			-			Form of Global Note with respect to the 4.375% Senior Notes due 2030 of EOG (included in Exhibit 4.10(a)).
4.10(c)			-			Form of Global Note with respect to the 4.950% Senior Notes due 2050 of EOG (included in Exhibit 4.10(a)).
10.1(a)+			-			Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan, effective as of May 2, 2013 (Exhibit 4.4 to EOG's Registration Statement on Form S-8, SEC File No. 333-188352, filed May 3, 2013).
10.1(b)+			-			Form of Restricted Stock Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made prior to September 25, 2017) (Exhibit 4.5 to EOG's Registration Statement on Form S-8, SEC File No. 333-188352, filed May 3, 2013).
10.1(c)+			-			Form of Restricted Stock Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made on or after September 25, 2017 and prior to September 27, 2018) (Exhibit 10.1 to EOG's Current Report on Form 8-K, filed September 29, 2017) (SEC File No. 001-09743).

E-2

Exhibit Number						Description
10.1(d)+			-			Form of Restricted Stock Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made effective September 27, 2018 and prior to September 28, 2020) (Exhibit 10.1 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018) (SEC File No. 001-09743).
10.1(e)+			-			Form of Restricted Stock Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made effective September 28, 2020 and subsequent grants) (Exhibit 10.1 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020) (SEC File No. 001-09743).
10.1(f)+			-			Form of Restricted Stock Unit Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made prior to September 25, 2017) (Exhibit 4.6 to EOG's Registration Statement on Form S-8, SEC File No. 333-188352, filed May 3, 2013).
10.1(g)+			-			Form of Restricted Stock Unit Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made on or after September 25, 2017 and prior to September 27, 2018) (Exhibit 10.2 to EOG's Current Report on Form 8-K, filed September 29, 2017) (SEC File No. 001-09743).
10.1(h)+						Form of Restricted Stock Unit Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made effective September 27, 2018 and prior to September 28, 2020) (Exhibit 10.2 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018) (SEC File No. 001-09743).
10.1(i)+			-			Form of Restricted Stock Unit Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made effective September 28, 2020 and subsequent grants) (Exhibit 10.2 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020) (SEC File No. 001-09743).
10.1(j)+			-			Form of Stock-Settled Stock Appreciation Right Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made prior to September 25, 2017) (Exhibit 4.7 to EOG's Registration Statement on Form S-8, SEC File No. 333-188352, filed May 3, 2013).
10.1(k)+			-			Form of Stock-Settled Stock Appreciation Right Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made effective September 25, 2017 and prior to September 28, 2020) (Exhibit 10.4 to EOG's Current Report on Form 8-K, filed September 29, 2017) (SEC File No. 001-09743).
10.1(l)+			-			Form of Stock-Settled Stock Appreciation Right Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made effective September 28, 2020 and subsequent grants) (Exhibit 10.3 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020) (SEC File No. 001-09743).
10.1(m)+			-			Form of Performance Unit Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made prior to September 22, 2014) (Exhibit 4.8 to EOG's Registration Statement on Form S-8, SEC File No. 333-188352, filed May 3, 2013).
10.1(n)+			-			Form of Performance Unit Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made on or after September 22, 2014 and prior to September 27, 2016) (Exhibit 10.1 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2014) (SEC File No. 001-09743).
10.1(o)+			-			Form of Performance Unit Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made on or after September 27, 2016 and prior to September 25, 2017) (Exhibit 10.1 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016) (SEC File No. 001-09743).
10.1(p)+			-			Form of Performance Unit Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable only to grants made effective December 13, 2016) (Exhibit 10.1 to EOG's Current Report on Form 8-K, filed December 19, 2016) (SEC File No. 001-09743).
10.1(q)+			-			Form of Performance Unit Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made on or after September 25, 2017 and prior to September 27, 2018) (Exhibit 10.3 to EOG's Current Report on Form 8-K, filed September 29, 2017) (SEC File No. 001-09743).

E-3

Exhibit Number						Description
10.1(r)+			-			Form of Performance Unit Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made effective September 27, 2018 and prior to September 26, 2019) (Exhibit 10.3 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018) (SEC File No. 001-09743).
10.1(s)+			-			Form of Performance Unit Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made effective September 26, 2019 and prior to September 28, 2020) (Exhibit 10.1 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2019) (SEC File No. 001-09743).
10.1(t)+			-			Form of Performance Unit Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made effective September 28, 2020 and subsequent grants) (Exhibit 10.4 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020) (SEC File No. 001-09743).
*10.1(u)+			-			Form of Performance Unit Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grant made to Ezra Y. Yacob effective January 4, 2021).
10.1(v)+			-			Form of Performance Stock Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (Exhibit 4.9 to EOG's Registration Statement on Form S-8, SEC File No. 333-188352, filed May 3, 2013).
10.1(w)			-			Form of Non-Employee Director Restricted Stock Unit Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made prior to May 6, 2019) (Exhibit 4.10 to EOG's Registration Statement on Form S-8, SEC File No. 333-188352, filed May 3, 2013).
10.1(x)			-			Form of Non-Employee Director Restricted Stock Unit Award Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (applicable to grants made effective May 6, 2019 and subsequent grants) (Exhibit 10.2 to EOG's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019) (SEC File No. 001-09743).
10.1(y)			-			Form of Non-Employee Director Stock-Settled Stock Appreciation Right Agreement for Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (Exhibit 4.11 to EOG's Registration Statement on Form S-8, SEC File No. 333-188352, filed May 3, 2013).
10.2(a)+			-			EOG Resources, Inc. 409A Deferred Compensation Plan - Nonqualified Supplemental Deferred Compensation Plan - Plan Document, effective as of December 16, 2008 (Exhibit 10.2(a) to EOG's Annual Report on Form 10-K for the year ended December 31, 2008) (SEC File No. 001-09743).
10.2(b)+			-			EOG Resources, Inc. 409A Deferred Compensation Plan - Nonqualified Supplemental Deferred Compensation Plan - Adoption Agreement, originally dated as of December 16, 2008 (and as amended through February 24, 2012 (including an amendment to Item 7 thereof, effective January 1, 2012, with respect to the deferral of restricted stock units)) (Exhibit 10.2(b) to EOG's Annual Report on Form 10-K for the year ended December 31, 2011) (originally filed as Exhibit 10.2(b) to EOG's Annual Report on Form 10-K for the year ended December 31, 2008) (SEC File No. 001-09743).
10.2(c)+			-			First Amendment to the EOG Resources, Inc. 409A Deferred Compensation Plan, effective as of January 1, 2013 (Exhibit 10.8 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2013) (SEC File No. 001-09743).
10.2(d)+			-			Amendment 2 to the EOG Resources, Inc. 409A Deferred Compensation Plan, effective as of January 1, 2018 (Exhibit 10.3(d) to EOG's Annual Report on Form 10-K for the year ended December 31, 2018) (SEC File No. 001-09743).
*10.2(e)+			-			Third Amendment to the EOG Resources, Inc. 409A Deferred Compensation Plan, effective as of December 17, 2020.
10.2(f)+			-			Amended and Restated 1996 Deferral Plan (Exhibit 4.4 to EOG's Registration Statement on Form S-8, SEC File No. 333-84014, filed March 8, 2002).
10.2(g)+			-			First Amendment to Amended and Restated 1996 Deferral Plan, effective as of September 10, 2002 (Exhibit 10.9(e) to EOG's Annual Report on Form 10-K for the year ended December 31, 2002) (SEC File No. 001-09743).
10.3(a)+			-			Change of Control Agreement between EOG and William R. Thomas, effective as of January 12, 2011 (Exhibit 10.2 to EOG's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011) (SEC File No. 001-09743).

E-4

Exhibit Number						Description
10.3(b)+			-			First Amendment to Change of Control Agreement between EOG and William R. Thomas, effective as of September 13, 2011 (Exhibit 10.2 to EOG's Current Report on Form 8-K, filed September 13, 2011) (SEC File No. 001-09743).
10.3(c)+			-			Second Amendment to Change of Control Agreement between EOG and William R. Thomas, effective as of September 4, 2013 (Exhibit 10.2 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2013) (SEC File No. 001-09743).
10.4(a)+			-			Amended and Restated Change of Control Agreement between EOG and Timothy K. Driggers, effective as of June 15, 2005 (Exhibit 99.11 to EOG's Current Report on Form 8-K, filed June 21, 2005) (SEC File No. 001-09743).
10.4(b)+			-			First Amendment to Amended and Restated Change of Control Agreement between EOG and Timothy K. Driggers, effective as of April 30, 2009 (Exhibit 10.5 to EOG's Quarterly Report on Form 10-Q for the quarter ended March 31, 2009) (SEC File No. 001-09743).
10.4(c)+			-			Second Amendment to Amended and Restated Change of Control Agreement between EOG and Timothy K. Driggers, effective as of September 13, 2011 (Exhibit 10.4 to EOG's Current Report on Form 8-K, filed September 13, 2011) (SEC File No. 001-09743).
10.5(a)+			-			Change of Control Agreement by and between EOG and Michael P. Donaldson, effective as of May 3, 2012 (Exhibit 10.1 to EOG's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012) (SEC File No. 001-09743).
10.5(b)+			-			First Amendment to Change of Control Agreement between EOG and Michael P. Donaldson, effective as of September 4, 2013 (Exhibit 10.7 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2013) (SEC File No. 001-09743).
10.6(a)+			-			Change of Control Agreement by and between EOG and Lloyd W. Helms, effective as of June 27, 2013 (Exhibit 10.9 to EOG's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013) (SEC File No. 001-09743).
10.6(b)+			-			First Amendment to Change of Control Agreement between EOG and Lloyd W. Helms, Jr., effective as of September 4, 2013 (Exhibit 10.4 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2013) (SEC File No. 001-09743).
10.7+			-			Change of Control Agreement by and between EOG and Ezra Y. Yacob, effective as of January 26, 2018 (Exhibit 10.10 to EOG's Annual Report on Form 10-K for the year ended December 31, 2017) (SEC File No. 001-09743).
10.8+			-			Change of Control Agreement by and between EOG and Kenneth W. Boedeker, effective as of December 19, 2018 (Exhibit 10.11 to EOG's Annual Report on Form 10-K for the year ended December 31, 2018) (SEC File No. 001-09743).
10.9(a)+			-			EOG Resources, Inc. Change of Control Severance Plan, as amended and restated effective as of June 15, 2005 (Exhibit 99.12 to EOG's Current Report on Form 8-K, filed June 21, 2005) (SEC File No. 001-09743).
10.9(b)+			-			First Amendment to the EOG Resources, Inc. Change of Control Severance Plan, effective as of April 30, 2009 (Exhibit 10.6 to EOG's Quarterly Report on Form 10-Q for the quarter ended March 31, 2009) (SEC File No. 001-09743).
10.10(a)+			-			EOG Resources, Inc. Annual Bonus Plan (effective January 1, 2019) (Exhibit 10.1 to EOG's Quarterly Report on Form 10-Q for the quarter ended March 31, 2019) (SEC File No. 001-09743).
10.10(b)+			-			EOG Resources, Inc. Amended and Restated Executive Officer Annual Bonus Plan (terminated effective January 1, 2019) (Exhibit 10.4 to EOG's Quarterly Report on Form 10-Q for the quarter ended March 31, 2010) (SEC File No. 001-09743).
10.11(a)+			-			EOG Resources, Inc. Employee Stock Purchase Plan (As Amended and Restated Effective January 1, 2018)(Exhibit 4.4(a) to EOG's Registration Statement on Form S-8, SEC File No. 333-224466, filed April 26, 2018).
10.11(b)+			-			EOG Resources, Inc. Employee Stock Purchase Plan (as in effect prior to January 1, 2018) (Exhibit 4.4 to EOG's Registration Statement on Form S-8, SEC File No. 333-62256, filed June 4, 2001).
10.11(c)+			-			Amendment to EOG Resources, Inc. Employee Stock Purchase Plan, dated effective as of January 1, 2010 (as in effect prior to January 1, 2018) (Exhibit 4.3(b) to EOG's Registration Statement on Form S-8, SEC File No. 333-166518, filed May 4, 2010).

E-5

Exhibit Number						Description
10.12			-			Revolving Credit Agreement, dated as of June 27, 2019, among EOG, JPMorgan Chase Bank, N.A., as Administrative Agent, the financial institutions as bank parties thereto, and the other parties thereto (Exhibit 10.1 to EOG's Current Report on Form 8-K, filed July 2, 2019) (SEC File No. 001-09743).
*21			-			Subsidiaries of EOG, as of December 31, 2020.
*23.1			-			Consent of DeGolyer and MacNaughton.
*23.2			-			Consent of Deloitte & Touche LLP.
*24			-			Powers of Attorney.
*31.1			-			Section 302 Certification of Annual Report of Principal Executive Officer.
*31.2			-			Section 302 Certification of Annual Report of Principal Financial Officer.
*32.1			-			Section 906 Certification of Annual Report of Principal Executive Officer.
*32.2			-			Section 906 Certification of Annual Report of Principal Financial Officer.
*95			-			Mine Safety Disclosure Exhibit.
*99.1			-			Opinion of DeGolyer and MacNaughton, dated January 26, 2021.
101.INS			-			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
* **101.SCH			-			Inline XBRL Schema Document.
* **101.CAL			-			Inline XBRL Calculation Linkbase Document.
* **101.DEF			-			Inline XBRL Definition Linkbase Document.
* **101.LAB			-			Inline XBRL Label Linkbase Document.
* **101.PRE			-			Inline XBRL Presentation Linkbase Document.
104			-			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*Exhibits filed herewith

**Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for Each of the Three Years in the Period Ended December 31, 2020, (ii) the Consolidated Balance Sheets - December 31, 2020 and 2019, (iii) the Consolidated Statements of Stockholders' Equity for Each of the Three Years in the Period Ended December 31, 2020, (iv) the Consolidated Statements of Cash Flows for Each of the Three Years in the Period Ended December 31, 2020 and (v) the Notes to Consolidated Financial Statements.

+ Management contract, compensatory plan or arrangement

E-6

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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, thereunto duly authorized.

									EOG RESOURCES, INC.
									(Registrant)
Date:			February 25, 2021			By:			/s/ TIMOTHY K. DRIGGERS Timothy K. Driggers Executive Vice President and Chief Financial Officer (Principal Financial Officer and Duly Authorized Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities with EOG Resources, Inc. indicated and on the 25th day of February, 2021.

			Signature			Title
			/s/ WILLIAM R. THOMAS			Chairman of the Board and Chief Executive Officer and
			(William R. Thomas)			Director (Principal Executive Officer)
			/s/ TIMOTHY K. DRIGGERS			Executive Vice President and Chief Financial Officer
			(Timothy K. Driggers)			(Principal Financial Officer)
			/s/ ANN D. JANSSEN			Senior Vice President and Chief Accounting Officer
			(Ann D. Janssen)			(Principal Accounting Officer)
			*			Director
			(Janet F. Clark)
			*			Director
			(Charles R. Crisp)
			*			Director
			(Robert P. Daniels)
			*			Director
			(James C. Day)
			*			Director
			(C. Christopher Gaut)
			*			Director
			(Michael T. Kerr)
			*			Director
			(Julie J. Robertson)
			*			Director
			(Donald F. Textor)
*By:			/s/ MICHAEL P. DONALDSON
			(Michael P. Donaldson)
			(Attorney-in-fact for persons indicated)