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 (PCAOB ID No. 34)			F-3
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for Each of the Three Years in the Period Ended December 31, 2022			F-5
Consolidated Balance Sheets - December 31, 2022 and 2021			F-6
Consolidated Statements of Stockholders' Equity for Each of the Three Years in the Period Ended December 31, 2022			F-7
Consolidated Statements of Cash Flows for Each of the Three Years in the Period Ended December 31, 2022			F-8
Notes to Consolidated Financial Statements			F-9
Supplemental Information to Consolidated Financial Statements			F-37

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, 2022. 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, 2022.

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.

EZRA Y. YACOB						TIMOTHY K. DRIGGERS
Chairman of the Board and Chief Executive Officer						Executive Vice President and Chief Financial Officer
Houston, Texas
February 23, 2023

F-2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and the Board of Directors of EOG Resources, Inc.

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, 2022 and 2021, the related consolidated statements of income (loss) and comprehensive income (loss), stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2022, 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, 2022, 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, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, 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, 2022, 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 Responsibility for 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 – Crude Oil and Condensate, NGLs, and Natural Gas Reserves —Refer to Note 1 to the Financial Statements

Critical Audit Matter Description

The Company’s capitalized costs of proved oil and natural gas properties are depleted using the units of production method based on estimated proved reserves. The development of the Company’s estimated proved crude oil, NGLs and natural gas reserve volumes requires management to make significant estimates and assumptions. 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 materially affect the Company’s estimated reserve quantities and the amount of depletion. Proved oil and gas properties were $23.8 billion as of December 31, 2022, net of accumulated depletion, and depletion was $3.3 billion, for the year then ended.

Given the significant judgments made by management, performing audit procedures to evaluate the Company’s estimated proved crude oil, NGLs and natural gas reserve quantities, required a high degree of auditor judgment and an increased extent of effort.

How the Critical Audit Matter Was Addressed in the Audit

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

• We tested the operating effectiveness of controls over the Company’s estimation of proved crude oil, NGLs and natural gas reserve quantities.

• We evaluated the Company’s estimated proved crude oil, NGLs and natural gas reserve quantities by:

◦Evaluating the experience, qualifications, and objectivity of the Company’s reserve engineers and the independent petroleum consultants, including the methodologies used to estimate proved crude oil, NGLs and natural gas reserve quantities.

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

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

◦Assessing the reasonableness of the production volume decline curves by comparing to historical decline curve estimates.

/s/ DELOITTE & TOUCHE LLP

Houston, Texas

February 23, 2023

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

F-4

EOG RESOURCES, INC.

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

(In Millions, Except Per Share Data)

Year Ended December 31			2022						2021						2020
Operating Revenues and Other
Crude Oil and Condensate			$	16,367					$	11,125					$	5,786
Natural Gas Liquids			2,648						1,812						668
Natural Gas			3,781						2,444						837
Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts, Net			(3,982)						(1,152)						1,145
Gathering, Processing and Marketing			6,696						4,288						2,583
Gains (Losses) on Asset Dispositions, Net			74						17						(47)
Other, Net			118						108						60
Total			25,702						18,642						11,032
Operating Expenses
Lease and Well			1,331						1,135						1,063
Transportation Costs			966						863						735
Gathering and Processing Costs			621						559						459
Exploration Costs			159						154						146
Dry Hole Costs			45						71						13
Impairments			382						376						2,100
Marketing Costs			6,535						4,173						2,698
Depreciation, Depletion and Amortization			3,542						3,651						3,400
General and Administrative			570						511						484
Taxes Other Than Income			1,585						1,047						478
Total			15,736						12,540						11,576
Operating Income (Loss)			9,966						6,102						(544)
Other Income, Net			114						9						10
Income (Loss) Before Interest Expense and Income Taxes			10,080						6,111						(534)
Interest Expense
Incurred			215						211						236
Capitalized			(36)						(33)						(31)
Net Interest Expense			179						178						205
Income (Loss) Before Income Taxes			9,901						5,933						(739)
Income Tax Provision (Benefit)			2,142						1,269						(134)
Net Income (Loss)			$	7,759					$	4,664					$	(605)
Net Income (Loss) Per Share
Basic			$	13.31					$	8.03					$	(1.04)
Diluted			$	13.22					$	7.99					$	(1.04)
Average Number of Common Shares
Basic			583						581						579
Diluted			587						584						579
Comprehensive Income (Loss)
Net Income (Loss)			$	7,759					$	4,664					$	(605)
Other Comprehensive Income (Loss)
Foreign Currency Translation Adjustments			4						(1)						(7)
Other, Net of Tax			—						1						—
Other Comprehensive Income (Loss)			4						—						(7)
Comprehensive Income (Loss)			$	7,763					$	4,664					$	(612)

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

F-5

EOG RESOURCES, INC.

CONSOLIDATED BALANCE SHEETS

(In Millions, Except Share Data)

At December 31			2022						2021
ASSETS
Current Assets
Cash and Cash Equivalents			$	5,972					$	5,209
Accounts Receivable, Net			2,774						2,335
Inventories			1,058						584
Income Taxes Receivable			97						—
Other			574						456
Total			10,475						8,584
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)			67,322						67,644
Other Property, Plant and Equipment			4,786						4,753
Total Property, Plant and Equipment			72,108						72,397
Less: Accumulated Depreciation, Depletion and Amortization			(42,679)						(43,971)
Total Property, Plant and Equipment, Net			29,429						28,426
Deferred Income Taxes			33						11
Other Assets			1,434						1,215
Total Assets			$	41,371					$	38,236
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable			$	2,532					$	2,242
Accrued Taxes Payable			405						518
Dividends Payable			482						436
Liabilities from Price Risk Management Activities			169						269
Current Portion of Long-Term Debt			1,283						37
Current Portion of Operating Lease Liabilities			296						240
Other			346						300
Total			5,513						4,042
Long-Term Debt			3,795						5,072
Other Liabilities			2,574						2,193
Deferred Income Taxes			4,710						4,749
Commitments and Contingencies (Note 8)
Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 588,396,757 Shares and 585,521,512 Shares Issued at December 31, 2022 and 2021, respectively			206						206
Additional Paid in Capital			6,187						6,087
Accumulated Other Comprehensive Loss			(8)						(12)
Retained Earnings			18,472						15,919
Common Stock Held in Treasury, 700,281 Shares and 257,268 Shares at December 31, 2022 and 2021, respectively			(78)						(20)
Total Stockholders' Equity			24,779						22,180
Total Liabilities and Stockholders' Equity			$	41,371					$	38,236

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

F-6

EOG RESOURCES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(In Millions, 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, 2019			$	206					$	5,817					$	(5)					$	15,649					$	(27)					$	21,640
Net Loss			—						—						—						(605)						—						(605)
Common Stock Issued Under Stock Plans			—						—						—						—						—						—
Common Stock Dividends Declared, $1.50 Per Share			—						—						—						(874)						—						(874)
Other Comprehensive Loss			—						—						(7)						—						—						(7)
Change in Treasury Stock - Stock Compensation Plans, Net			—						(9)						—						—						9						—
Restricted Stock and Restricted Stock Units, Net			—						(9)						—						—						9						—
Stock-Based Compensation Expenses			—						146						—						—						—						146
Treasury Stock Issued as Compensation			—						—						—						—						2						2
Balance at December 31, 2020			206						5,945						(12)						14,170						(7)						20,302
Net Income			—						—						—						4,664						—						4,664
Common Stock Issued Under Stock Plans			—						17						—						—						—						17
Common Stock Dividends Declared, $4.9875 Per Share			—						—						—						(2,915)						—						(2,915)
Other Comprehensive Loss			—						—						—						—						—						—
Change in Treasury Stock - Stock Compensation Plans, Net			—						(22)						—						—						(18)						(40)
Restricted Stock and Restricted Stock Units, Net			—						(5)						—						—						5						—
Stock-Based Compensation Expenses			—						152						—						—						—						152
Treasury Stock Issued as Compensation			—						—						—						—						—						—
Balance at December 31, 2021			206						6,087						(12)						15,919						(20)						22,180
Net Income			—						—						—						7,759						—						7,759
Common Stock Issued Under Stock Plans			—						24						—						—						—						24
Common Stock Dividends Declared, $8.875 Per Share			—						—						—						(5,206)						—						(5,206)
Other Comprehensive Income			—						—						4						—						—						4
Change in Treasury Stock - Stock Compensation Plans, Net			—						(55)						—						—						(61)						(116)
Restricted Stock and Restricted Stock Units, Net			—						(2)						—						—						2						—
Stock-Based Compensation Expenses			—						133						—						—						—						133
Treasury Stock Issued as Compensation			—						—						—						—						1						1
Balance at December 31, 2022			$	206					$	6,187					$	(8)					$	18,472					$	(78)					$	24,779

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

F-7

EOG RESOURCES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

Year Ended December 31			2022						2021						2020
Cash Flows from Operating Activities
Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities:
Net Income (Loss)			$	7,759					$	4,664					$	(605)
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization			3,542						3,651						3,400
Impairments			382						376						2,100
Stock-Based Compensation Expenses			133						152						146
Deferred Income Taxes			(61)						(122)						(186)
(Gains) Losses on Asset Dispositions, Net			(74)						(17)						47
Other, Net			—						13						12
Dry Hole Costs			45						71						13
Mark-to-Market Financial Commodity Derivative Contracts
(Gains) Losses, Net			3,982						1,152						(1,145)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts			(3,501)						(638)						1,071
Other, Net			45						7						1
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable			(347)						(821)						467
Inventories			(534)						(13)						123
Accounts Payable			90						456						(795)
Accrued Taxes Payable			(113)						312						(49)
Other Assets			(364)						(136)						325
Other Liabilities			(266)						(116)						8
Changes in Components of Working Capital Associated with Investing Activities			375						(200)						75
Net Cash Provided by Operating Activities			11,093						8,791						5,008
Investing Cash Flows
Additions to Oil and Gas Properties			(4,619)						(3,638)						(3,244)
Additions to Other Property, Plant and Equipment			(381)						(212)						(221)
Proceeds from Sales of Assets			349						231						192
Other Investing Activities			(30)						—						—
Changes in Components of Working Capital Associated with Investing Activities			(375)						200						(75)
Net Cash Used in Investing Activities			(5,056)						(3,419)						(3,348)
Financing Cash Flows
Long-Term Debt Borrowings			—						—						1,484
Long-Term Debt Repayments			—						(750)						(1,000)
Dividends Paid			(5,148)						(2,684)						(821)
Treasury Stock Purchased			(118)						(41)						(16)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan			28						19						16
Debt Issuance Costs			—						—						(3)
Repayment of Finance Lease Liabilities			(35)						(37)						(19)
Net Cash Used in Financing Activities			(5,273)						(3,493)						(359)
Effect of Exchange Rate Changes on Cash			(1)						1						—
Increase in Cash and Cash Equivalents			763						1,880						1,301
Cash and Cash Equivalents at Beginning of Year			5,209						3,329						2,028
Cash and Cash Equivalents at End of Year			$	5,972					$	5,209					$	3,329

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

F-8

EOG RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies

Nature of Business. EOG Resources, Inc., a Delaware corporation organized in 1985, together with its subsidiaries (collectively, EOG), explores for, develops, produces and markets crude oil, natural gas liquids (NGLs) and natural gas primarily in major producing basins in the United States of America (United States or U.S.) and the Republic of Trinidad and Tobago (Trinidad). EOG is making preparations to drill offshore Australia, as well as evaluating additional exploration, development and exploitation opportunities in these and other select international areas. In addition, EOG is in the process of exiting Block 36 and Block 49 in the Sultanate of Oman (Oman) and is executing an abandonment and reclamation program in Canada. EOG sold its operations in the China Sichuan Basin (China) in the second quarter of 2021.

Principles of Consolidation. The consolidated financial statements of EOG include the accounts of all domestic and foreign subsidiaries. Any 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, financial commodity derivative contracts, accounts receivable, accounts payable and current and long-term debt. The carrying values of cash and cash equivalents, financial 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). 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-9

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 group. If the expected undiscounted future cash flows, based on EOG's estimate of (and assumptions regarding) 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.

Other Property, Plant and Equipment. Other property, plant and equipment consists of gathering and processing assets, compressors, buildings and leasehold improvements, 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.

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

Revenue Recognition. 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.

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, 2022 and 2021, were $2,340 million and $2,130 million, respectively, and are included in Accounts Receivable, Net on the Consolidated Balance Sheets. Losses incurred on receivables from contracts with customers are infrequent and have been immaterial. Certain arrangements provide for the sale of fixed quantities of commodities in future years with pricing mechanisms based on future market prices at time of delivery. EOG does not disclose the value of these obligations given the uncertainty of the future realized transaction price.

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.

F-10

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 any costs prior to the transfer of control, such as processing, transportation and fractionation fees, recognized as Transportation Costs and Gathering and Processing Costs, as appropriate.

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.

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.

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.

Accounting for Risk Management Activities. Financial commodity derivative instruments are recorded on the balance sheet as either an asset or liability measured at fair value, and changes in the instrument's fair value are recognized currently in earnings unless specific hedge accounting criteria are met. During the three-year period ended December 31, 2022, 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 Financial 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 financial commodity 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.

Effective January 1, 2021, EOG adopted the provisions of ASU 2019-12, "Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes" (ASU 2019-12). There was no impact upon adoption of ASU 2019-12 to EOG's consolidated financial statements or related disclosures.

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. 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 (loss) in the current period. See Note 4.

F-11

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. 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 ASC "Leases (Topic 842)." 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.

Right of Use (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 produced 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 has evaluated the provisions of ASU 2020-04 and has concluded that the application of ASU 2020-04 will not have a material impact on its consolidated financial statements and related disclosures related to its $2.0 billion senior unsecured Revolving Credit Agreement.

2. Long-Term Debt

Long-Term Debt at December 31, 2022 and 2021 consisted of the following (in millions):

			2022						2021
2.625% Senior Notes due 2023			$	1,250					$	1,250
3.15% Senior Notes due 2025			500						500
4.15% Senior Notes due 2026			750						750
6.65% Senior Notes due 2028			140						140
4.375% Senior Notes due 2030			750						750
3.90% Senior Notes due 2035			500						500
5.10% Senior Notes due 2036			250						250
4.950% Senior Notes due 2050			750						750
Long-Term Debt			4,890						4,890
Finance Leases (see Note 18)			215						250
Less: Current Portion of Long-Term Debt			1,283						37
Unamortized Debt Discount			23						27
Debt Issuance Costs			4						4
Total Long-Term Debt			$	3,795					$	5,072

F-12

The senior notes in the table above are senior, unsecured obligations that rank equally in right of payment with all of our other unsecured and unsubordinated outstanding debt. At December 31, 2022, the aggregate annual maturities of current and long-term debt (excluding finance lease obligations) were $1.25 billion in 2023, zero in 2024, $500 million in 2025, $750 million in 2026 and zero in 2027.

At December 31, 2022 and 2021, EOG had no outstanding commercial paper borrowings and did not utilize any commercial paper borrowings during 2022 or 2021.

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

EOG currently has a $2.0 billion senior unsecured Revolving Credit Agreement (the Agreement) with domestic and foreign lenders (Banks). 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, 2022, EOG was in compliance with this financial covenant. At December 31, 2022 and December 31, 2021, 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, 2022, would have been 5.29% and 7.50%, respectively.

3. Stockholders' Equity

Common Stock. In September 2001, EOG's Board of Directors (Board) authorized the repurchase of an aggregate maximum of 10 million shares of common stock that superseded all previous authorizations (September 2001 Authorization). EOG last repurchased shares under the September 2001 Authorization in March 2003. Effective November 4, 2021, the Board (i) established a new share repurchase authorization to allow for the repurchase by EOG of up to $5 billion of common stock (November 2021 Authorization) and (ii) revoked and terminated the September 2001 Authorization. EOG has not repurchased any shares under the November 2021 Authorization and, accordingly, $5 billion remained available for purchase under the November 2021 Authorization as of December 31, 2022.

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 prior to November 4, 2021 did not count against the September 2001 Authorization, and such shares withheld or returned on or subsequent to November 4, 2021 have not counted, and will not count, against the November 2021 Authorization. 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 23, 2023, the Board declared a quarterly cash dividend on the common stock of $0.825 per share to be paid on April 28, 2023, to stockholders of record as of April 14, 2023. The Board also declared on such date a special dividend on the common stock of $1.00 per share to be paid on March 30, 2023, to stockholders of record as of March 16, 2023.

On November 3, 2022, the Board (i) increased the quarterly cash dividend on the common stock from the previous $0.75 per share to $0.825 per share, effective beginning with the dividend paid on January 31, 2023, to stockholders of record as of January 17, 2023 and (ii) declared a special cash dividend on the common stock of $1.50 per share, paid on December 30, 2022, to stockholders of record as of December 15, 2022.

On September 29, 2022, the Board declared a quarterly cash dividend on the common stock of $0.75 per share paid on October 31, 2022, to stockholders of record as of October 17, 2022.

On August 4, 2022, the Board declared a special cash dividend on the common stock of $1.50 per share paid on September 29, 2022, to stockholders of record as of September 15, 2022.

F-13

On May 5, 2022, the Board declared a quarterly cash dividend on the common stock of $0.75 per share paid on July 29, 2022, to stockholders of record as of July 15, 2022. The Board also declared on such date a special dividend on the common stock of $1.80 per share paid on June 30, 2022, to stockholders of record as of June 15, 2022.

On February 24, 2022, the Board declared a quarterly cash dividend on the common stock of $0.75 per share paid on April 29, 2022, to stockholders of record as of April 15, 2022. The Board also declared on such date a special dividend on the common stock of $1.00 per share paid on March 29, 2022, to stockholders of record as of March 15, 2022.

On November 4, 2021, the Board (i) increased the quarterly cash dividend on the common stock from the previous $0.4125 per share to $0.75 per share, effective beginning with the dividend paid on January 28, 2022, to stockholders of record as of January 14, 2022, and (ii) declared a special cash dividend on the common stock of $2.00 per share, paid on December 30, 2021, to stockholders of record as of December 15, 2021.

On May 6, 2021, the Board declared a special cash dividend on the common stock of $1.00 per share. The special cash dividend was paid on July 30, 2021, to stockholders of record as of July 16, 2021 (and was in addition to the quarterly cash dividend on the common stock of $0.4125 per share also paid on July 30, 2021, to stockholders of record as of July 16, 2021).

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.

The following summarizes Common Stock activity for each of the years ended December 31, 2022, 2021 and 2020 (in thousands):

			Common Shares
			Issued						Treasury						Outstanding
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
Common Stock Issued Under Stock-Based Compensation Plans			1,511						—						1,511
Treasury Stock Purchased (1)			—						(504)						(504)
Common Stock Issued Under Employee Stock Purchase Plan			316						—						316
Treasury Stock Issued Under Stock-Based Compensation Plans			—						371						371
Balance at December 31, 2021			585,522						(257)						585,265
Common Stock Issued Under Stock-Based Compensation Plans			2,674						—						2,674
Treasury Stock Purchased (1)			—						(997)						(997)
Common Stock Issued Under Employee Stock Purchase Plan			201						—						201
Treasury Stock Issued Under Stock-Based Compensation Plans			—						554						554
Balance at December 31, 2022			588,397						(700)						587,697

(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.

F-14

Preferred Stock. EOG currently has one authorized series of preferred stock. As of December 31, 2022, there were no shares of preferred stock outstanding.

4. Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) includes certain transactions that have been reported in the Consolidated Statements of Stockholders' Equity. The components of Accumulated Other Comprehensive Loss at December 31, 2022 and 2021 consisted of the following (in millions):

			Foreign Currency Translation Adjustment						Other						Total
December 31, 2020			$	(10)					$	(2)					$	(12)
Other comprehensive income (loss) before taxes			(1)						1						—
Tax effects			—						—						—
Other comprehensive loss			(1)						1						—
December 31, 2021			(11)						(1)						(12)
Other comprehensive income (loss) before taxes			4						—						4
Tax effects			—						—						—
Other comprehensive income (loss)			4						—						4
December 31, 2022			$	(7)					$	(1)					$	(8)

No significant amount was reclassified out of Accumulated Other Comprehensive Income (Loss) during the years ended December 31, 2022, 2021 and 2020.

5. Other Income, Net

Other income, net for 2022 included interest income ($85 million) and equity income from investments in ammonia plants in Trinidad ($46 million), partially offset by an upward adjustment to deferred compensation expense ($15 million). Other income, net for 2021 included equity income from investments in ammonia plants in Trinidad ($18 million) and interest income ($3 million), partially offset by an upward adjustment to deferred compensation expense ($13 million). Other income, net for 2020 included interest income ($12 million), partially offset by equity losses from investments in ammonia plants in Trinidad ($2 million).

F-15

6. Income Taxes

The principal components of EOG's total net deferred income tax liabilities at December 31, 2022 and 2021 were as follows (in millions):

			2022						2021
Deferred Income Tax Assets (Liabilities)
Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Under Book Depreciation, Depletion and Amortization			$	(18)					$	(19)
Foreign Asset Retirement Obligations			81						51
Foreign Accrued Expenses and Liabilities			13						15
Foreign Net Operating Loss			82						80
Foreign Valuation Allowances			(116)						(111)
Foreign Other			(9)						(5)
Total Net Deferred Income Tax Assets			$	33					$	11
Deferred Income Tax (Assets) Liabilities
Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization			$	5,291					$	5,063
Financial Commodity Derivative Contracts			(421)						(97)
Deferred Compensation Plans			(58)						(57)
Equity Awards			(60)						(86)
Other			(42)						(74)
Total Net Deferred Income Tax Liabilities			$	4,710					$	4,749
Total Net Deferred Income Tax Liabilities			$	4,677					$	4,738

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

			2022						2021						2020
United States			$	9,752					$	5,787					$	(756)
Foreign			149						146						17
Total			$	9,901					$	5,933					$	(739)

F-16

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

			2022						2021						2020
Current:
Federal			$	2,020					$	1,203					$	(108)
State			126						85						7
Foreign			62						105						40
Total			2,208						1,393						(61)
Deferred:
Federal			(2)						(41)						(153)
State			(37)						(62)						(15)
Foreign			(22)						(19)						(18)
Total			(61)						(122)						(186)
Other Non-Current: (1)
Federal			—						—						113
Foreign			(5)						(2)						—
Total			(5)						(2)						113
Income Tax Provision (Benefit)			$	2,142					$	1,269					$	(134)

(1) Includes changes in certain amounts that are expected to be paid or received beyond the next twelve months. The primary component in 2020 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:

			2022						2021						2020
Statutory Federal Income Tax Rate			21.0		%				21.0		%				21.0		%
State Income Tax, Net of Federal Benefit			0.7						0.3						0.9
Income Tax Provision Related to Foreign Operations			—						0.9						(0.1)
Income Tax Provision Related to Canadian Operations			—						—						(2.4)
Stock-Based Compensation			—						0.2						(2.9)
Other			—						(1.0)						1.7
Effective Income Tax Rate			21.7		%				21.4		%				18.2		%

Deferred tax assets are recorded for future deductible amounts and certain other tax benefits, such as tax net operating losses (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-17

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

			2022						2021						2020
Beginning Balance			$	219					$	219					$	201
Increase (1)			27						15						25
Decrease (2)			(33)						(14)						(11)
Other (3)			(6)						(1)						4
Ending Balance			$	207					$	219					$	219

(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.

As of December 31, 2022, EOG had state income tax NOLs of approximately $2.2 billion. Certain state NOLs have an indefinite carryforward and all others expire between 2023 and 2040. EOG also has Canadian NOLs of $300 million, some of which can be carried forward up to 20 years. As described previously, 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.

As of December 31, 2022, EOG did not have material amounts of unrecognized tax benefits. Additionally, no interest or penalties have been recognized in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). EOG does not expect its unrecognized tax benefits to change significantly in 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 (2019), Canada (2018), Trinidad (2015), Oman (2020) and Australia (2021).

EOG's foreign subsidiaries' undistributed earnings are not considered to be permanently reinvested outside of the U.S. and deferred income taxes have been accrued on any such outside basis differences. 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.

On August 16, 2022, the U.S. President signed into law the Inflation Reduction Act of 2022, which contains, among other provisions, certain tax provisions as well as a variety of climate and energy incentives. While there was no immediate income tax impact upon enactment, in the future, EOG may become subject to the new corporate alternative minimum tax or other provisions, such as the excise tax on stock buybacks. Additionally, as part of EOG's strategy to reduce GHG emissions, EOG may become eligible for certain new or enhanced income tax credits attributable to these efforts.

7. Employee Benefit Plans

Stock-Based Compensation

During 2022, EOG maintained various stock-based compensation plans as discussed below. EOG recognizes compensation expense on grants of stock options, SARs, restricted stock, restricted stock units and 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.

F-18

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, 2022, 2021 and 2020 was as follows (in millions):

			2022						2021						2020
Lease and Well			$	40					$	49					$	52
Gathering and Processing Costs			4						3						1
Exploration Costs			15						20						21
General and Administrative			74						80						72
Total			$	133					$	152					$	146

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

EOG's stockholders approved the EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan (2021 Plan) at the 2021 Annual Meeting of Stockholders. Therefore, no further grants were made from the 2008 Plan from and after the April 29, 2021 effective date of the 2021 Plan. The 2021 Plan provides for grants of stock options, SARs, restricted stock and restricted stock units, restricted stock units with performance-based conditions (together with the performance units granted under the 2008 Plan, Performance Units) and other stock-based awards, up to an aggregate maximum of 20 million shares of common stock, plus any shares that were subject to outstanding awards under the 2008 Plan as of April 29, 2021, that are subsequently canceled or forfeited, expire or are otherwise not issued or are settled in cash. Under the 2021 Plan, grants may be made to employees and non-employee members of EOG's Board of Directors (Board).

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 and Human Resources Committee's certification of the applicable performance multiple

At December 31, 2022, approximately 16 million common shares remained available for grant under the 2021 Plan. EOG's policy is to issue shares related to the 2021 Plan from previously authorized unissued shares or treasury shares to the extent treasury shares are available.

During 2022, 2021 and 2020, EOG issued shares in connection with stock option/SAR exercises, restricted stock grants, restricted stock unit and Performance Unit releases and ESPP purchases. Excess net tax benefits / (deficiencies) recognized within the income tax provision were $22 million, $(11) million and $(22) million for the years ended December 31, 2022, 2021 and 2020, respectively.

F-19

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 and 2021 Plan) have been or may be granted options to purchase shares of Common Stock. In addition, participants in EOG's stock-based compensation plans (including the 2008 Plan and 2021 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.

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 $34 million, $48 million and $62 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants for the years ended December 31, 2022, 2021 and 2020 were as follows:

			Stock Options/SARs																		ESPP
			2022						2021						2020						2022						2021						2020
Weighted Average Fair Value of Grants			$	28.30					$	24.92					$	11.06					$	26.62					$	18.12					$	19.14
Expected Volatility			42.20		%				42.24		%				44.47		%				43.00		%				51.27		%				53.48		%
Risk-Free Interest Rate			0.89		%				0.50		%				0.21		%				1.30		%				0.07		%				0.90		%
Dividend Yield			3.28		%				2.26		%				3.27		%				2.89		%				2.89		%				2.27		%
Expected Life			5.3 years						5.2 years						5.2 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, 2022, 2021 and 2020 (stock options and SARs in thousands):

			2022												2021												2020
			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			9,969						$	84.37					10,186						$	84.08					9,395						$	94.53
Granted			2						97.64						1,982						81.68						1,996						37.63
Exercised (1)			(5,526)						89.70						(1,130)						63.98						(23)						69.59
Forfeited			(220)						82.74						(1,069)						98.15						(1,182)						88.93
Outstanding at December 31			4,225						77.49						9,969						84.37						10,186						84.08
Stock Options/SARs Exercisable at December 31			2,462						84.53						6,197						95.33						6,343						96.41

(1)The total intrinsic value of stock options/SARs exercised during the years 2022, 2021 and 2020 was $190 million, $27 million and $0.4 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, 2022, there were 4.1 million stock options/SARs vested or expected to vest with a weighted average grant price of $77.85 per share, an intrinsic value of $211 million and a weighted average remaining contractual life of 4.1 years.

F-20

The following table summarizes certain information for the stock options and SARs outstanding and exercisable at December 31, 2022 (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 $ 52.99						1,029						4						$	37.52											466						4						$	37.51
53.00 to 80.99						593						3						74.98												584						3						75.04
81.00 to 81.99						1,513						6						81.81												331						5						81.81
82.00 to 96.99						562						1						95.62												553						1						95.75
97.00 to 129.99						528						3						126.51												528						3						126.53
						4,225						4						77.49						$	220					2,462						3						84.53						$	111

(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 millions.

At December 31, 2022, unrecognized compensation expense related to non-vested stock option and SAR grants totaled $31 million. This unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.4 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, 2022, approximately 1.4 million shares of Common Stock remained available for grant under the ESPP. The following table summarizes ESPP activity for the years ended December 31, 2022, 2021 and 2020 (in thousands, except number of participants):

			2022						2021						2020
Approximate Number of Participants			1,969						2,036						2,063
Shares Purchased			201						316						377
Aggregate Purchase Price			$	17,250					$	17,224					$	16,103

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 $88 million, $89 million and $75 million for the years ended December 31, 2022, 2021 and 2020, respectively.

F-21

The following table sets forth the restricted stock and restricted stock unit transactions for the years ended December 31, 2022, 2021 and 2020 (shares and units in thousands):

			2022												2021												2020
			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			4,680						$	69.37					4,742						$	74.97					4,546						$	90.16
Granted			1,637						113.21						1,422						81.50						1,488						38.10
Released (1)			(2,019)						81.76						(1,388)						101.00						(1,213)						85.92
Forfeited			(185)						68.89						(96)						68.26						(79)						86.52
Outstanding at December 31 (2)			4,113						80.77						4,680						69.37						4,742						74.97

(1)

(1)The total intrinsic value of restricted stock and restricted stock units released during the years ended December 31, 2022, 2021 and 2020 was $223 million, $110 million and $48 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)

(2)The total intrinsic value of restricted stock and restricted stock units outstanding at December 31, 2022, 2021 and 2020 was $533 million, $416 million and $236 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, 2022, unrecognized compensation expense related to restricted stock and restricted stock units totaled $285 million. Such unrecognized expense will be recognized on a straight-line basis over a weighted average period of 1.8 years.

Performance Units. EOG has granted Performance Units to its executive officers annually since 2012. For the grants made prior to September 2022, as more fully discussed in the grant agreements, the applicable performance metric is EOG's total shareholder return (TSR) over a three-year performance period relative to the TSR over the same period of a designated group of peer companies. Upon the application of the applicable performance multiple at the completion of the three-year performance period, a minimum of 0% and a maximum of 200% of the Performance Units granted could be outstanding.

For the grants made beginning in September 2022, as more fully discussed in the grant agreements, the applicable performance metrics are 1) EOG's TSR over a three-year performance period relative to the TSR over the same period of a designated group of peer companies and 2) EOG's average return on capital employed (ROCE) over the three-year performance period. At the end of the three-year performance period, a performance multiple based on EOGs relative TSR ranking will be determined, with a minimum performance multiple of 0% and a maximum performance multiple of 200%. A specified modifier ranging from -70% to +70% will then be applied to the performance multiple based on EOG's average ROCE over the three-year performance period, provided that in no event shall the performance multiple, after applying the ROCE modifier, be less than 0% or exceed 200%. Furthermore, if EOG's TSR over the three-year performance period is negative (i.e., less than 0%), the performance multiple will be capped at 100%, regardless of EOG's relative TSR ranking or three-year average ROCE.

The fair value of the Performance Units is estimated using a Monte Carlo simulation. Stock-based compensation expense related to the Performance Unit grants totaled $11 million, $15 million and $9 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Weighted average fair values and valuation assumptions used to value Performance Units during the years ended December 31, 2022, 2021 and 2020 were as follows:

			2022						2021						2020
Weighted Average Fair Value of Grants			$	126.55					$	95.16					$	42.77
Expected Volatility			56.11		%				53.80		%				47.27		%
Risk-Free Interest Rate			4.01		%				0.59		%				0.16		%

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-22

The following table sets forth the Performance Unit transactions for the years ended December 31, 2022, 2021 and 2020 (units in thousands):

			2022															2021												2020
			Number of Units									Weighted Average Grant Date Fair Value						Number of Units						Weighted Average Grant Date Fair Value						Number of Units						Weighted Average Grant Date Fair Value
Outstanding at January 1			679									$	84.97					613						$	88.38					598						$	103.91
Granted			122									126.55						222						95.16						172						42.77
Granted for Performance Multiple (1)			—									—						19						113.81						66						119.10
Released (2)			(57)									136.74						(175)						113.06						(223)						103.87
Forfeited for Performance Multiple (3)			(56)									136.74						—						—						—						—
Outstanding at December 31 (4)			688			(5)						83.82						679						84.97						613						88.38

(1)Upon completion of the performance period for the Performance Units granted in 2017 and 2016, a performance multiple of 125% and 150%, respectively, was applied to each of the grants resulting in additional grants of Performance Units in February 2021 and 2020.

(2)The total intrinsic value of Performance Units released during the years ended December 31, 2022, 2021 and 2020 was $7 million, $13 million and $13 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date Performance Units are released.

(3)Upon completion of the performance period for the Performance Units granted in 2018, a performance multiple of 50% was applied to the grants resulting in a forfeiture of Performance Units in February 2022.

(4)The total intrinsic value of Performance Units outstanding at December 31, 2022, 2021 and 2020 was $89 million, $60 million and $31 million, respectively. The intrinsic value is based on the closing market price of the Common Stock on the last trading day of the year.

(5)Upon the application of the relevant performance multiple at the completion of each of the remaining performance periods, a minimum of zero and a maximum of 1,376 Performance Units could be outstanding.

At December 31, 2022, unrecognized compensation expense related to Performance Units totaled $18 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.8 years.

Upon completion of the performance period for the Performance Units granted in September 2019, a performance multiple of 50% was applied to the grants resulting in a forfeiture of 86,076 Performance Units in February 2023.

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 $56 million, $52 million and $46 million for 2022, 2021 and 2020, 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 2022, 2021 and 2020, respectively.

For the Trinidadian defined benefit pension plan, the benefit obligation, fair value of plan assets and (prepaid)/accrued benefit cost totaled $14 million, $15 million and $(0.5) million, respectively, at December 31, 2022, and $13 million, $14 million and $(0.1) million, respectively, at December 31, 2021.

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.

8. Commitments and Contingencies

Letters of Credit and Guarantees. At December 31, 2022 and 2021, respectively, EOG had standby letters of credit and guarantees outstanding totaling approximately $776 million and $831 million, primarily representing guarantees of payment or performance obligations on behalf of subsidiaries. As of February 16, 2023, EOG had received no demands for payment under these guarantees.

F-23

Minimum Commitments. At December 31, 2022, 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, 2022, were as follows (in millions):

			Total Minimum Commitments
2023			$	1,362
2024			1,149
2025			984
2026			791
2027			642
2028 and beyond			1,570
			$	6,498

Delivery Commitments. EOG sells crude oil and natural gas from its producing operations under a variety of contractual arrangements. At December 31, 2022, EOG was committed to deliver to multiple parties fixed quantities of crude oil of 7 million barrels (MMBbls) in 2023, 7 MMBbls in 2024 and 1 MMBbls in 2025. Additionally at December 31, 2022, EOG was committed to deliver to multiple parties fixed quantities of natural gas of 347 billion cubic feet (Bcf) in 2023, 321 Bcf in 2024, 277 Bcf in 2025, 297 Bcf in 2026, 293 Bcf in 2027 and 3,540 Bcf thereafter. All delivery commitments are expected to be sourced from future production of available reserves.

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, 2022, 2021 and 2020 (in millions, except per share data):

			2022						2021						2020
Numerator for Basic and Diluted Earnings per Share -
Net Income (Loss)			$	7,759					$	4,664					$	(605)
Denominator for Basic Earnings per Share -
Weighted Average Shares			583						581						579
Potential Dilutive Common Shares -
Stock Options/SARs			2						—						—
Restricted Stock/Units and Performance Units			2						3						—
Denominator for Diluted Earnings per Share -
Adjusted Diluted Weighted Average Shares			587						584						579
Net Income (Loss) Per Share
Basic			$	13.31					$	8.03					$	(1.04)
Diluted			$	13.22					$	7.99					$	(1.04)

The diluted earnings per share calculation excludes stock option, SAR, restricted stock, restricted stock unit, Performance Unit and ESPP grants that were anti-dilutive. Shares underlying the excluded stock option, SAR and ESPP grants were 1 million, 6 million and 10 million for the years ended December 31, 2022, 2021 and 2020, respectively. For the year ended December 31, 2020, 5 million shares underlying grants of restricted stock, restricted stock units and Performance Units were excluded.

F-24

10. Supplemental Cash Flow Information

Net cash paid for (received from) interest and income taxes was as follows for the years ended December 31, 2022, 2021 and 2020 (in millions):

			2022						2021						2020
Interest, Net of Capitalized Interest			$	173					$	185					$	205
Income Taxes, Net of Refunds Received			$	2,475					$	1,114					$	(206)

EOG's accrued capital expenditures at December 31, 2022, 2021 and 2020 were $713 million, $592 million and $414 million, respectively.

Non-cash investing activities for the year ended December 31, 2022, included additions of $153 million to EOG's oil and gas properties as a result of property exchanges.

Non-cash investing activities for the year ended December 31, 2021, included additions of $50 million to EOG's oil and gas properties as a result of property exchanges and an addition of $74 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, 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.

Cash paid for leases for the years ended December 31, 2022, 2021 and 2020, 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 (including in the United States and in Trinidad) and its exploration programs both inside and outside the United States. For segment reporting purposes, the chief operating decision makers consider the major United States producing areas to be one operating segment.

F-25

Financial information by reportable segment is presented below as of and for the years ended December 31, 2022, 2021 and 2020 (in millions):

			United States						Trinidad						Other International (1)						Total
2022
Crude Oil and Condensate			$	16,349					$	18					$	—					$	16,367
Natural Gas Liquids			2,648						—						—						2,648
Natural Gas			3,489						292						—						3,781
Losses on Mark-to-Market Financial Commodity Derivative Contracts, Net			(3,982)						—						—						(3,982)
Gathering, Processing and Marketing			6,695						1						—						6,696
Gains (Losses) on Asset Dispositions, Net			77						(4)						1						74
Other, Net			118						—						—						118
Operating Revenues and Other (2)			25,394						307						1						25,702
Depreciation, Depletion and Amortization			3,469						73						—						3,542
Operating Income (Loss) (3)			9,880						122						(36)						9,966
Interest Income			81						2						2						85
Other Income (Expense)			(17)						46						—						29
Net Interest Expense			179						—						—						179
Income (Loss) Before Income Taxes			9,765						170						(34)						9,901
Income Tax Provision			2,106						35						1						2,142
Additions to Oil and Gas Properties, Excluding Dry Hole Costs			4,599						122						6						4,727
Total Property, Plant and Equipment, Net			29,109						307						13						29,429
Total Assets			40,349						879						143						41,371

2021
Crude Oil and Condensate			$	11,094					$	31					$	—					$	11,125
Natural Gas Liquids			1,812						—						—						1,812
Natural Gas			2,156						270						18						2,444
Losses on Mark-to-Market Financial Commodity Derivative Contracts, Net			(1,152)						—						—						(1,152)
Gathering, Processing and Marketing			4,287						1						—						4,288
Gains (Losses) on Asset Dispositions, Net			(40)						(2)						59						17
Other, Net			108						—						—						108
Operating Revenues and Other (4)			18,265						300						77						18,642
Depreciation, Depletion and Amortization			3,558						87						6						3,651
Operating Income (Loss) (5)			6,013						151						(62)						6,102
Interest Income			3						—						—						3
Other Income (Expense)			(14)						8						12						6
Net Interest Expense			178						—						—						178
Income (Loss) Before Income Taxes			5,824						159						(50)						5,933
Income Tax Provision (Benefit)			1,247						66						(44)						1,269
Additions to Oil and Gas Properties, Excluding Dry Hole Costs			3,557						55						5						3,617
Total Property, Plant and Equipment, Net			28,213						204						9						28,426
Total Assets			37,436						637						163						38,236

F-26

			United States						Trinidad						Other International (1)						Total
2020
Crude Oil and Condensate			$	5,774					$	11					$	1					$	5,786
Natural Gas Liquids			668						—						—						668
Natural Gas			614						169						54						837
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net			1,145						—						—						1,145
Gathering, Processing and Marketing			2,581						2						—						2,583
Losses on Asset Dispositions, Net			(47)						—						—						(47)
Other, Net			60						—						—						60
Operating Revenues and Other (6)			10,795						182						55						11,032
Depreciation, Depletion and Amortization			3,324						60						16						3,400
Operating Income (Loss) (7)			(546)						75						(73)						(544)
Interest Income			11						1						—						12
Other Expense			—						(2)						—						(2)
Net Interest Expense			205						—						—						205
Income (Loss) Before Income Taxes			(740)						74						(73)						(739)
Income Tax Provision (Benefit)			(157)						15						8						(134)

(1)Other International primarily consists of EOG's China and Canada operations. The China operations were sold in the second quarter of 2021. EOG began exploration programs in Australia in the third quarter of 2021 and in Oman in the third quarter of 2020. The decision was reached in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman.

(2)EOG had sales activity with three significant purchasers in 2022, one totaling $3.3 billion, another totaling $3.1 billion and a third totaling $3.0 billion of consolidated Operating Revenues and Other in the United States segment.

(3)EOG recorded pretax impairment charges of $15 million in 2022 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 Note 14.

(4)EOG had sales activity with two significant purchasers in 2021, one totaling $2.7 billion and the other totaling $2.6 billion of consolidated Operating Revenues and Other in the United States segment.

(5)EOG recorded pretax impairment charges of $45 million and dry hole costs of $42 million in 2021 in the Other International segment related to its decision in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman. In addition, EOG recorded net gains of asset dispositions of $58 million in 2021 in the Other International segment during the second quarter of 2021 due to the sale of its China operations. See Notes 14 and 17, respectively.

(6)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.

(7)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.

F-27

12. Risk Management Activities

Commodity Price Transactions. 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 2022, 2021 and 2020, 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 Financial Commodity Derivative Contracts, net 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 2022, 2021 and 2020, EOG recognized net gains (losses) on the mark-to-market of financial commodity derivative contracts of $(3,982) million, $(1,152) million and $1,145 million, respectively, which included cash received from (payments for) settlements of crude oil, NGLs and natural gas financial derivative contracts of $(3,501) million, $(638) million and $1,071 million, respectively.

Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the year ended December 31, 2022 (closed) and remaining for 2023 and thereafter, as of December 31, 2022. Crude oil and NGLs volumes are presented in MBbld and prices are presented in $/Bbl. Natural gas volumes are presented in MMBtu per day (MMBtud) and prices are presented in dollars per MMBtu ($/MMBtu).

Crude Oil Financial Price Swap Contracts
												Contracts Sold												Contracts Purchased
Period						Settlement Index						Volume (MBbld)						Weighted Average Price ($/Bbl)						Volume (MBbld)						Weighted Average Price ($/Bbl)
January - March 2022 (closed)						NYMEX WTI						140						$	65.58					—						$	—
April - June 2022 (closed)						NYMEX WTI						140						65.62						—						—
July - September 2022 (closed)						NYMEX WTI						140						65.59						—						—
October - December 2022 (closed) (1)						NYMEX WTI						53						66.11						—						—
October - December 2022 (closed)						NYMEX WTI						87						65.41						87						88.85
January - March 2023 (closed) (1) (2)						NYMEX WTI						55						67.96						—						—
January - March 2023						NYMEX WTI						95						67.90						6						102.26
April - May 2023 (closed) (1)						NYMEX WTI						29						68.28						—						—
April - May 2023						NYMEX WTI						91						67.63						2						98.15
June 2023 (closed) (1)						NYMEX WTI						118						67.77						—						—
June 2023						NYMEX WTI						2						69.10						2						98.15
July - September 2023 (closed) (1)						NYMEX WTI						100						70.15						—						—
October - December 2023 (closed) (1)						NYMEX WTI						69						69.41						—						—

---

(1) In the second quarter of 2022, EOG executed the early termination provision granting EOG the right to terminate certain of its October 2022 - December 2023 crude oil financial price swap contracts which were open at that time. EOG paid net cash of $593 million for the settlement of these contracts.

(2) In the third quarter of 2022, EOG executed the early termination provision granting EOG the right to terminate certain of its January 2023 - March 2023 crude oil financial price swap contracts which were open at that time. EOG paid net cash of $63 million for the settlement of these contracts.

F-28

Crude Oil Basis Swap Contracts
												Contracts Sold
Period						Settlement Index						Volume (MBbld)						Weighted Average Price Differential ($/Bbl)
January - December 2022 (closed)						NYMEX WTI Roll Differential (1)						125						$	0.15

(1) This settlement index is used to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month.

Natural Gas Financial Price Swap Contracts
												Contracts Sold
Period						Settlement Index						Volume (MMBtud in thousands)						Weighted Average Price ($/MMBtu)
January - September 2022 (closed)						NYMEX Henry Hub						725						$	3.57
October - December 2022 (closed) (1)						NYMEX Henry Hub						425						3.05
October - December 2022 (closed)						NYMEX Henry Hub						300						4.32
January - December 2023 (closed) (1)						NYMEX Henry Hub						425						3.05
January 2023 (closed)						NYMEX Henry Hub						300						3.36
February - December 2023						NYMEX Henry Hub						300						3.36
January - December 2024						NYMEX Henry Hub						725						3.07
January - December 2025						NYMEX Henry Hub						725						3.07

---

(1) In the second quarter of 2022, EOG executed the early termination provision granting EOG the right to terminate certain of its October 2022 - December 2023 natural gas financial price swap contracts which were open at that time. EOG paid net cash of $735 million for the settlement of these contracts.

Natural Gas Basis Swap Contracts
												Contracts Sold
Period						Settlement Index						Volume (MMBtud in thousands)						Weighted Average Price ($/MMBtu)
January - December 2022 (closed)						NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1)						210						$	0.01
January - December 2023						NYMEX Henry Hub HSC Differential						135						0.01
January - December 2024						NYMEX Henry Hub HSC Differential						10						0.00
January - December 2025						NYMEX Henry Hub HSC Differential						10						0.00

(1) This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices.

Financial 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, 2022 and 2021, 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 millions):

F-29

												Fair Value at December 31,
Description						Location on Balance Sheet						2022						2021
Asset Derivatives
Crude oil, NGLs and natural gas financial derivative contracts -
Noncurrent portion						Other Assets						$	—					$	6
Liability Derivatives
Crude oil, NGLs and natural gas financial derivative contracts -
Current portion						Liabilities from Price Risk Management Activities (1)						$	169					$	269
Noncurrent Portion						Other Liabilities (2)						371						37

(1) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $287 million, partially offset by gross assets of $26 million and collateral posted with counterparties of $92 million, at December 31, 2022.

(2) The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $606 million, partially offset by gross assets of $3 million and collateral posted with counterparties of $232 million, at December 31, 2022.

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, 2022, EOG's net accounts receivable balance related to United States hydrocarbon sales included one receivable balance which accounted for more than 10% of the total balance. The receivable was due from a petroleum refinery company. The related amount was collected during early 2023. At December 31, 2021, 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 2022.

In 2022 and 2021, all natural gas from EOG's Trinidad operations was sold to the National Gas Company of Trinidad and Tobago Limited and its subsidiary. In 2022 and 2021, all crude oil and condensate from EOG's Trinidad operations was sold to Heritage Petroleum Company Limited. Through May 2021, all natural gas from EOG's China operations was sold to Petrochina Company Limited.

All of EOG's financial derivative instruments are covered by International Swap Dealers Association Master Agreements (ISDAs) with counterparties. The ISDAs may contain provisions that (i) require EOG, if it is the party in a net liability position, to post collateral with the counterparty when the amount of the net liability exceeds the threshold level specified for EOG's then-current credit ratings or (ii) require the counterparty, if it is in a net liability position, to post collateral with EOG when the amount of the net liability exceeds the threshold level specified for the counterparty'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 financial derivatives under the ISDA to be settled immediately. See Note 13 for the aggregate fair value of all financial derivative instruments that were in a net liability position at December 31, 2022 and 2021. EOG had $324 million and $140 million of collateral posted at December 31, 2022 and 2021, respectively, and had no collateral held at December 31, 2022 and 2021.

Substantially all of EOG's accounts receivable at December 31, 2022 and 2021 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, 2022, credit losses incurred on receivables by EOG have been immaterial.

F-30

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.

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, 2022 and 2021 (in millions):

			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, 2022
Financial Assets:
Natural Gas Basis Swaps			$	—					$	29					$	—					$	29
Financial Liabilities:
Natural Gas Swaps			—						703						—						703
Crude Oil Swaps			—						190						—						190
At December 31, 2021
Financial Assets:
Natural Gas Swaps			$	—					$	29					$	—					$	29
Natural Gas Basis Swaps			—						2						—						2
Crude Oil Swaps			—						15						—						15
Financial Liabilities:
Crude Oil Roll Differential Swaps			—						24						—						24
Natural Gas Swaps			—						121						—						121
Crude Oil Swaps			—						340						—						340
Natural Gas Basis Swaps			—						1						—						1

See Note 12 for the balance sheet amounts and classification of EOG's financial derivative instruments at December 31, 2022 and 2021.

The estimated fair value of crude oil, NGLs and natural gas financial derivative contracts (including options/collars) was based upon forward commodity price curves based on quoted market prices. Financial 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.

F-31

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 group. 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 2022, proved oil and gas properties with a carrying amount of $146 million were written down to their fair value of $26 million, resulting in pretax impairment charges of $120 million.

During 2021, proved oil and gas properties with a carrying amount of $27 million were written down to their fair value of $7 million, resulting in pretax impairment charges of $20 million

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.

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 both December 31, 2022 and 2021, EOG had outstanding $4,890 million aggregate principal amount of senior notes, which had estimated fair values of approximately $4,740 million and $5,577 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, 2022, 2021 and 2020 (in millions):

			2022						2021						2020
Proved properties (1)			$	120					$	20					$	1,268
Unproved properties (2)			206						310						472
Other assets (3)			29						28						300
Inventories			25						13						—
Firm commitment contracts (4)			2						5						60
Total			$	382					$	376					$	2,100

(1) Impairments to proved oil and gas properties in 2020 included legacy and non-core natural gas and crude oil and combo plays. 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 $38 million in 2021 for the decision in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman. 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 in the United States. 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 in 2020 (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.

F-32

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, 2022 and 2021 (in millions):

			2022						2021
Carrying Amount at Beginning of Period			$	1,231					$	1,217
Liabilities Incurred			100						81
Liabilities Settled (1)			(215)						(131)
Accretion			43						44
Revisions			173						20
Foreign Currency Translations			(4)						—
Carrying Amount at End of Period			$	1,328					$	1,231
Current Portion			$	38					$	43
Noncurrent Portion			$	1,290					$	1,188

(1) Includes settlements related to asset sales and property exchanges.

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, 2022, 2021 and 2020 are presented below (in millions):

			2022						2021						2020
Balance at January 1			$	7					$	29					$	26
Additions Pending the Determination of Proved Reserves			135						73						108
Reclassifications to Proved Properties			(88)						(41)						(81)
Costs Charged to Expense (1)			(39)						(54)						(24)
Balance at December 31			$	15					$	7					$	29

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

			2022						2021						2020
Capitalized exploratory well costs that have been capitalized for a period of one year or less			$	15					$	7					$	26
Capitalized exploratory well costs that have been capitalized for a period greater than one year (1)			—						—						3
Balance at December 31			$	15					$	7					$	29
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.

F-33

17. Acquisitions and Divestitures

During 2022, EOG paid cash for property acquisitions of $393 million in the United States. Additionally during 2022, EOG recognized net gains on asset dispositions of $74 million and received proceeds of $349 million primarily due to the sale of certain legacy natural gas assets in the Rocky Mountain area, unproved leasehold in Texas and producing properties in the Mid-Continent area.

During 2021, EOG paid cash for property acquisitions of $95 million in the United States. Additionally during 2021, EOG recognized net gains on asset dispositions of $17 million and received proceeds of $231 million primarily due to the sale of the China assets and the disposition of the Northwest Shelf assets in New Mexico. Additionally, in the fourth quarter of 2021, EOG signed a purchase and sale agreement for the sale of primarily producing properties in the Rocky Mountain area. At December 31, 2021, the book value of these assets and their related asset retirement obligations were $99 million and $105 million, respectively.

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.

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, 2022, 2021 and 2020 were as follows (in millions):

			2022						2021						2020
Operating Lease Cost (1)			$	282					$	295					$	393
Finance Lease Cost:
Amortization of Lease Assets			36						39						21
Interest on Lease Liabilities			6						7						4
Variable Lease Cost			71						63						91
Short-Term Lease Cost			425						257						194
Total Lease Cost			$	820					$	661					$	703

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

F-34

The following table sets forth the amounts and classification of EOG's outstanding ROU assets and related lease liabilities at December 31, 2022 and 2021 and supplemental information for the years ended December 31, 2022 and 2021 (in millions, except lease terms and discount rates):

Description						Location on Balance Sheet						2022						2021
Assets
Operating Leases						Other Assets						$	846					$	743
Finance Leases						Property, Plant and Equipment, Net (1)						203						241
Total												$	1,049					$	984
Liabilities
Current
Operating Leases						Current Portion of Operating Lease Liabilities						$	296					$	240
Finance Leases						Current Portion of Long-Term Debt						33						37
Long-Term
Operating Leases						Other Liabilities						584						558
Finance Leases						Long-Term Debt						182						213
Total												$	1,095					$	1,048

(1) Finance lease assets are recorded net of accumulated amortization of $157 million and $119 million at December 31, 2022 and 2021, respectively.

			2022						2021
Weighted Average Remaining Lease Term (in years):
Operating Leases			4.9						5.3
Finance Leases			6.5						7.0
Weighted Average Discount Rate:
Operating Leases			3.4		%				3.0		%
Finance Leases			2.6		%				2.6		%

Cash paid for leases for the years ended December 31, 2022, 2021 and 2020 was as follows (in millions):

			2022						2021						2020
Repayment of Operating Lease Liabilities Associated with Operating Activities			$	199					$	207					$	223
Repayment of Operating Lease Liabilities Associated with Investing Activities			95						98						130
Repayment of Finance Lease Liabilities			35						37						19

Non-cash leasing activities for the year ended December 31, 2022, included the additions of $511 million of operating leases and no finance leases. Non-cash leasing activities for the year ended December 31, 2021, included the additions of $333 million of operating leases and $74 million of finance leases. 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.

F-35

At December 31, 2022, the future minimum lease payments under non-cancellable leases were as follows (in millions):

			Operating Leases						Finance Leases
2023			$	323					$	37
2024			213						37
2025			106						36
2026			80						30
2027			70						30
2028 and Beyond			172						65
Total Lease Payments			964						235
Less: Discount to Present Value			84						20
Total Lease Liabilities			880						215
Less: Current Portion of Lease Liabilities			296						33
Long-Term Lease Liabilities			$	584					$	182

At December 31, 2022, EOG had additional minimum lease payments of $622 million, which are expected to commence in 2023 with lease terms of one to fifteen years.

F-36

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS

(In Millions, 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, NGLs 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.

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 undeveloped 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, 2022. Under these plans, each location will be drilled within five years from the date the associated PUDs were 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-37

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, 2022, 2021 and 2020 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 16 professionals, all of whom hold, at a minimum, bachelor's degrees in engineering, and three 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 36 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, NGLs and natural gas prices, production costs, transportation costs, processing and applicable fractionation 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 President and Chief Operating Officer; the Executive Vice Presidents, Exploration and Production; and the Executive Vice President and Chief Financial Officer, for approval.

Opinions by D&M for the years ended December 31, 2022, 2021 and 2020 covered producing areas containing 80%, 78% and 83%, 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 February 1, 2023, 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, 2022, 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, 2022, and the changes in the net proved reserves for each of the three years in the period ended December 31, 2022, as estimated by the Engineering and Acquisitions Department of EOG:

F-38

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 (MMBbl) (2)
Net proved reserves at December 31, 2019			1,694						—						—						1,694
Revisions of previous estimates			(225)						—						—						(225)
Purchases in place			2						—						—						2
Extensions, discoveries and other additions			194						1						—						195
Sales in place			(3)						—						—						(3)
Production			(149)						—						—						(149)
Net proved reserves at December 31, 2020			1,513						1						—						1,514
Revisions of previous estimates			(116)						—						—						(116)
Purchases in place			2						—						—						2
Extensions, discoveries and other additions			311						1						—						312
Sales in place			(2)						—						—						(2)
Production			(162)						—						—						(162)
Net proved reserves at December 31, 2021			1,546						2						—						1,548
Revisions of previous estimates			120						—						—						120
Purchases in place			7						—						—						7
Extensions, discoveries and other additions			175						—						—						175
Sales in place			(21)						—						—						(21)
Production			(168)						—						—						(168)
Net proved reserves at December 31, 2022			1,659						2						—						1,661
Natural Gas Liquids (MMBbl) (2)
Net proved reserves at December 31, 2019			740						—						—						740
Revisions of previous estimates			(60)						—						—						(60)
Purchases in place			4						—						—						4
Extensions, discoveries and other additions			180						—						—						180
Sales in place			(1)						—						—						(1)
Production			(50)						—						—						(50)
Net proved reserves at December 31, 2020			813						—						—						813
Revisions of previous estimates			(128)						—						—						(128)
Purchases in place			3						—						—						3
Extensions, discoveries and other additions			194						—						—						194
Sales in place			—						—						—						—
Production			(53)						—						—						(53)
Net proved reserves at December 31, 2021			829						—						—						829
Revisions of previous estimates			258						—						—						258
Purchases in place			4						—						—						4
Extensions, discoveries and other additions			140						—						—						140
Sales in place			(14)						—						—						(14)
Production			(72)						—						—						(72)
Net proved reserves at December 31, 2022			1,145						—						—						1,145

F-39

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, 2019			5,035						276						59						5,370
Revisions of previous estimates			(498)						5						1						(492)
Purchases in place			26						—						—						26
Extensions, discoveries and other additions			1,078						54						—						1,132
Sales in place			(157)						—						—						(157)
Production			(441)						(66)						(12)						(519)
Net proved reserves at December 31, 2020			5,043						269						48						5,360
Revisions of previous estimates			754						26						3						783
Purchases in place			23						—						—						23
Extensions, discoveries and other additions			2,574						100						—						2,674
Sales in place			(4)						—						(48)						(52)
Production			(483)						(80)						(3)						(566)
Net proved reserves at December 31, 2021			7,907						315						—						8,222
Revisions of previous estimates			(271)						18						—						(253)
Purchases in place			32						—						—						32
Extensions, discoveries and other additions			1,414						51						—						1,465
Sales in place			(316)						—						—						(316)
Production			(493)						(66)						—						(559)
Net proved reserves at December 31, 2022			8,273						318						—						8,591

F-40

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

			United States						Trinidad						Other International (1)						Total
Oil Equivalents (MMBoe) (2)
Net proved reserves at December 31, 2019			3,273						46						10						3,329
Revisions of previous estimates (4)			(368)						1						—						(367)
Purchases in place			10						—						—						10
Extensions, discoveries and other additions (5)			554						10						—						564
Sales in place			(31)						—						—						(31)
Production			(272)						(11)						(2)						(285)
Net proved reserves at December 31, 2020			3,166						46						8						3,220
Revisions of previous estimates (4)			(118)						4						—						(114)
Purchases in place			9						—						—						9
Extensions, discoveries and other additions (6)			934						18						—						952
Sales in place			(3)						—						(8)						(11)
Production			(295)						(14)						—						(309)
Net proved reserves at December 31, 2021			3,693						54						—						3,747
Revisions of previous estimates (4)			333						3						—						336
Purchases in place			16						—						—						16
Extensions, discoveries and other additions (7)			551						9						—						560
Sales in place			(88)						—						—						(88)
Production			(322)						(11)						—						(333)
Net proved reserves at December 31, 2022			4,183						55						—						4,238

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

(2)Million barrels or million 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.

(4)See "Reconciliation of Revisions of Previous Estimates" below for additional discussion.

(5)Change in net proved reserves for the year ended December 31, 2020, attributable to extensions, discoveries and other additions was 108 MMBoe greater than the corresponding change in PUDs for such year. Such difference represents new proved developed reserves attributable to wells drilled during 2020, primarily in the Permian Basin, that did not have any associated PUDs recorded at the beginning of 2020. The reserves added as new PUDs for the year ended December 31, 2020, attributable to extensions and discoveries were 456 MMBoe and were primarily in the Permian Basin. See "Net Proved Undeveloped Reserves" below.

(6)Change in net proved reserves for the year ended December 31, 2021, attributable to extensions, discoveries and other additions was 173 MMBoe greater than the corresponding change in PUDs for such year. Such difference represents new proved developed reserves attributable to wells drilled during 2021, primarily in the Permian Basin, that did not have any associated PUDs recorded at the beginning of 2021. The reserves added as new PUDs for the year ended December 31, 2021, attributable to extensions and discoveries were 779 MMBoe and were primarily in the Permian Basin. See "Net Proved Undeveloped Reserves" below.

(7)Change in net proved reserves for the year ended December 31, 2022, attributable to extensions, discoveries and other additions was 150 MMBoe greater than the corresponding change in PUDs for such year. Such difference represents new proved developed reserves attributable to wells drilled during 2022, primarily in the Permian Basin and Gulf Coast Basin, that did not have any associated PUDs recorded at the beginning of 2022. The reserves added as new PUDs for the year ended December 31, 2022, attributable to extensions and discoveries were 410 MMBoe and were primarily in the Permian Basin. See "Net Proved Undeveloped Reserves" below.

F-41

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

During 2022, EOG added 560 million barrels of oil equivalent (MMBoe) of proved reserves from drilling activities and technical evaluation of major proved areas, primarily in the Permian Basin and Gulf Coast Basin. Approximately 56% of the 2022 reserve additions were crude oil and condensate and NGLs, and substantially all were in the United States. Sales in place of 88 MMBoe were primarily related to the sale of assets in the Rocky Mountain area and the Anadarko Basin and the sale or exchange of other producing assets. Refer to "Reconciliation of Revisions of Previous Estimates" below for factors impacting revisions of previous estimates. Purchases in place of 16 MMBoe were primarily related to the Permian Basin and the purchase or exchange of other producing assets.

During 2021, EOG added 952 MMBoe of proved reserves from drilling activities and technical evaluation of major proved areas, primarily in the Permian Basin. Approximately 53% of the 2021 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 China assets and the sale or exchange of other producing assets. Refer to "Reconciliation of Revisions of Previous Estimates" below for factors impacting revisions of previous estimates. Purchases in place of 9 MMBoe were primarily related to the Permian Basin and the purchase or exchange of other producing assets.

During 2020, EOG added 564 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. Refer to "Reconciliation of Revisions of Previous Estimates" below for factors impacting revisions of previous estimates. Purchases in place of 10 MMBoe were primarily related to the Permian Basin and the purchase or exchange of other producing assets.

F-42

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

			United States						Trinidad						Other International (1)						Total
NET PROVED DEVELOPED RESERVES
Crude Oil (MMBbl)
December 31, 2019			801						—						—						801
December 31, 2020			792						1						—						793
December 31, 2021			886						—						—						886
December 31, 2022			948						—												948
Natural Gas Liquids (MMBbl)
December 31, 2019			387						—						—						387
December 31, 2020			392						—						—						392
December 31, 2021			416						—						—						416
December 31, 2022			561						—						—						561
Natural Gas (Bcf)
December 31, 2019			2,974						178						42						3,194
December 31, 2020			2,586						171						32						2,789
December 31, 2021			3,743						131						—						3,874
December 31, 2022			3,920						137						—						4,057
Oil Equivalents (MMBoe)
December 31, 2019			1,684						30						7						1,721
December 31, 2020			1,614						30						5						1,649
December 31, 2021			1,926						22						—						1,948
December 31, 2022			2,162						23						—						2,185
NET PROVED UNDEVELOPED RESERVES
Crude Oil (MMBbl)
December 31, 2019			893						—						—						893
December 31, 2020			721						—						—						721
December 31, 2021			660						2						—						662
December 31, 2022			711						2						—						713
Natural Gas Liquids (MMBbl)
December 31, 2019			353						—						—						353
December 31, 2020			421						—						—						421
December 31, 2021			413						—						—						413
December 31, 2022			584						—						—						584
Natural Gas (Bcf)
December 31, 2019			2,061						98						17						2,176
December 31, 2020			2,457						98						16						2,571
December 31, 2021			4,164						184						—						4,348
December 31, 2022			4,353						181						—						4,534
Oil Equivalents (MMBoe)
December 31, 2019			1,589						16						3						1,608
December 31, 2020			1,552						16						3						1,571
December 31, 2021			1,767						32						—						1,799
December 31, 2022			2,021						32						—						2,053

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

F-43

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 2022, 2021 and 2020 (in MMBoe):

			2022						2021						2020
Balance at January 1			1,799						1,571						1,608
Extensions and Discoveries (1)			410						779						456
Revisions (2)			141						(305)						(277)
Acquisition of Reserves			10						—						—
Sale of Reserves			(14)						(3)						(4)
Conversion to Proved Developed Reserves			(293)						(243)						(212)
Balance at December 31			2,053						1,799						1,571

(1)See "Net Proved Reserves" table and accompanying notes above for additional discussion regarding changes in reserves attributable to extensions, discoveries and other additions.

(2)See "Reconciliation of Revisions of Previous Estimates" below for additional discussion.

For the twelve-month period ended December 31, 2022, total PUDs increased by 254 MMBoe to 2,053 MMBoe. EOG added approximately 25 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-38 and F-39 of this Annual Report on Form 10-K), EOG added 385 MMBoe of PUDs. The PUD additions were primarily in the Permian Basin and 57% of the additions were crude oil and condensate and NGLs. During 2022, EOG drilled and transferred 293 MMBoe of PUDs to proved developed reserves at a total capital cost of $2,286 million. Refer to "Reconciliation of Revisions of Previous Estimates" below for factors impacting revisions of previous estimates. 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, 2021, total PUDs increased by 228 MMBoe to 1,799 MMBoe. EOG added approximately 40 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 739 MMBoe of PUDs. The PUD additions were primarily in the Permian Basin and 52% of the additions were crude oil and condensate and NGLs. During 2021, EOG drilled and transferred 243 MMBoe of PUDs to proved developed reserves at a total capital cost of $1,619 million. Refer to "Reconciliation of Revisions of Previous Estimates" below for factors impacting revisions of previous estimates. 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, 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, 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. Refer to "Reconciliation of Revisions of Previous Estimates" below for factors impacting revisions of previous estimates. The primary areas affected were the Eagle Ford play and the Rocky Mountain area.

F-44

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Reconciliation of Revisions of Previous Estimates. As an initial step in determining the revisions to be made to EOG's net proved reserves estimates for the prior year-end, EOG's technical staff reviews its updated drilling and development plan. As discussed above, if under such plan an undeveloped drilling location for which PUD reserves were previously recorded will not be drilled within five years from the date that the PUD reserves were recorded, such PUD reserves are removed from EOG's estimates of net proved reserves. To the extent EOG's updated drilling and development plan includes new proved locations, the proved reserves associated with such locations are incorporated into EOG's estimates of net proved reserves.

Pursuant to such process, EOG's technical staff included a net positive revision of 79 MMBoe of PUD reserves to its net proved reserves for the year ended December 31, 2022 and a negative revision of 250 MMBoe and 294 MMBoe of PUD reserves from its net proved reserves for the years ended December 31, 2021 and 2020, respectively.

EOG's technical staff then evaluates the following six inter-related factors (in the order indicated below) in respect of the net proved reserves associated with each of its well locations:

• crude oil, NGLs and natural gas prices;

• EOG's well performance forecasts;

• marketing-related changes (i.e., relating to the sale of EOG's production);

• changes in EOG's ownership interests (in its well locations);

• operating expenses, including lease operating expenses, transportation costs and gathering and processing costs (collectively, Opex) and changes therein; and

• investments in future wells and/or recompletions and changes therein.

EOG's evaluation of such inter-related factors resulted in the following revisions to its net proved reserves and net PUD reserves for the years ended December 31, 2022, 2021 and 2020.

F-45

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Year Ended December 31, 2022
Review of Updated Plan						Revision to Net Proved Reserves (MMBoe)									Revision to Net PUD Reserves (MMBoe)						Explanation
Revision related to addition of PUD reserves pursuant to review of updated drilling and development plan						79									79						See above related discussion.
Evaluation of Inter-Related Factors
Prices for crude oil, NGLs and natural gas			11									2									Upward revisions attributable to an increase in the average prices used in EOG's year-end 2022 reserves estimates as compared to the average prices used in EOG's year-end 2021 reserves estimates.
Well performance forecasts			104									(9)									Revisions attributable to EOG's forecasted changes in well performance in certain locations.
Marketing-related changes (e.g., ethane recovery elections) relating to the sale of production			151									68									Upward revisions attributable to EOG's "ethane recovery" elections during 2022 - that is, EOG's elections to increase receipt of ethane (an NGL) from the natural gas stream and reduce the total volume of residue natural gas at the tailgate of the processing plant. The additional NGL reserves attributable to such elections outweigh the lower natural gas reserves.
Ownership interest changes			(2)									1									Revisions attributable to ownership interest changes.
Changes in Opex			(7)									0									Downward revision attributable to increased Opex, resulting in a decrease in reserves that are economically producible.
Net Revisions Attributable to Inter-Related Factors						257									62
Total Revisions						336									141

F-46

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Year Ended December 31, 2021
Review of Updated Plan						Revision to Net Proved Reserves (MMBoe)									Revision to Net PUD Reserves (MMBoe)						Explanation
Revision related to removal of PUD reserves pursuant to review of updated drilling and development plan						(250)									(250)						See above related discussion.
Evaluation of Inter-Related Factors
Prices for crude oil, NGLs and natural gas			194									29									Upward revisions attributable to an increase in the average prices used in EOG's year-end 2021 reserves estimates as compared to the average prices used in EOG's year-end 2020 reserves estimates.
Well performance forecasts			(13)									(51)									Downward revisions attributable to EOG's forecasted decrease in well performance in certain locations.
Marketing-related changes (e.g., ethane rejection elections) relating to the sale of production			(69)									(38)									Downward revisions attributable to EOG's "ethane rejection" elections during 2021 - that is, EOG's elections to reduce receipt of ethane (an NGL) from the natural gas stream and instead receive residue natural gas (that includes ethane) at the tailgate of the processing plant. The additional natural gas reserves attributable to such elections are outweighed by lower NGLs reserves.
Ownership interest changes			8									0									Upward revision attributable to ownership interest changes.
Changes in Opex			16									5									Upward revisions attributable to improved/lower Opex, resulting in an increase in reserves that are economically producible.
Net Revisions Attributable to Inter-Related Factors						136									(55)
Total Revisions						(114)									(305)

F-47

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Year Ended December 31, 2020
Review of Updated Plan						Revision to Net Proved Reserves (MMBoe)									Revision to Net PUD Reserves (MMBoe)						Explanation
Revision related to removal of PUD reserves pursuant to review of updated drilling and development plan						(294)									(294)						See above related discussion.
Evaluation of Inter-Related Factors
Prices for crude oil, NGLs and natural gas			(278)									(77)									Downward revisions attributable to a decrease in the average prices used in EOG's year-end 2020 reserves estimates as compared to the average prices used in EOG's year-end 2019 reserves estimates.
Well performance forecasts			26									11									Upward revisions attributable to EOG's forecasted increase in well performance in certain locations.
Ownership interest changes			41									25									Upward revisions attributable to ownership interest changes.
Changes in Opex			93									28									Upward revisions attributable to improved/lower Opex, resulting in an increase in reserves that are economically producible.
Investment Changes			45									30									Changes in future investments in wells and/or recompletions.
Net Revisions Attributable to Inter-Related Factors						(73)									17
Total Revisions						(367)									(277)

F-48

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, 2022 and 2021 (in millions):

			2022						2021
Proved properties			$	64,657					$	64,876
Unproved properties			2,665						2,768
Total			67,322						67,644
Accumulated depreciation, depletion and amortization			(40,791)						(41,907)
Net capitalized costs			$	26,531					$	25,737

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-49

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, 2022, 2021 and 2020 (in millions):

			United States						Trinidad						Other International (1)						Total
2022
Acquisition Costs of Properties
Unproved (2)			$	186					$	—					$	—					$	186
Proved (3)			419						—						—						419
Subtotal			605						—						—						605
Exploration Costs			263						84						17						364
Development Costs (4)			4,106						145						9						4,260
Total			$	4,974					$	229					$	26					$	5,229
2021
Acquisition Costs of Properties
Unproved (5)			$	207					$	—					$	8					$	215
Proved (6)			100						—						—						100
Subtotal			307						—						8						315
Exploration Costs			296						7						51						354
Development Costs (7)			3,206						77						17						3,300
Total			$	3,809					$	84					$	76					$	3,969
2020
Acquisition Costs of Properties
Unproved (8)			$	265					$	—					$	—					$	265
Proved (9)			97						—						38						135
Subtotal			362						—						38						400
Exploration Costs			203						81						12						296
Development Costs (10)			2,998						4						20						3,022
Total			$	3,563					$	85					$	70					$	3,718

(1)Other International primarily consists of EOG's China and Canada operations. The China operations were sold in the second quarter of 2021. EOG began exploration programs in Australia in the third quarter of 2021 and in Oman in the third quarter of 2020. The decision was reached in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman.

(2)Includes non-cash unproved leasehold acquisition costs of $127 million related to property exchanges.

(3)Includes non-cash proved property acquisition costs of $26 million related to property exchanges.

(4)Includes Asset Retirement Costs of $208 million, $81 million and $9 million for the United States, Trinidad and Other International, respectively. Excludes other property, plant and equipment.

(5)Includes non-cash unproved leasehold acquisition costs of $45 million related to property exchanges.

(6)Includes non-cash proved property acquisition costs of $5 million related to property exchanges.

(7)Includes Asset Retirement Costs of $86 million, $24 million and $17 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 $197 million related to property exchanges.

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

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

F-50

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, 2022, 2021 and 2020 (in millions):

			United States						Trinidad						Other International (2)						Total
2022
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues			$	22,486					$	310					$	—					$	22,796
Other			118						—						—						118
Total			22,604						310						—						22,914
Exploration Costs			145						4						10						159
Dry Hole Costs			22						21						2						45
Transportation Costs			966						—						—						966
Gathering and Processing Costs			621						—						—						621
Production Costs			2,833						41						2						2,876
Impairments			340						28						14						382
Depreciation, Depletion and Amortization			3,314						72						—						3,386
Income (Loss) Before Income Taxes			14,363						144						(28)						14,479
Income Tax Provision			3,129						60						(2)						3,187
Results of Operations			$	11,234					$	84					$	(26)					$	11,292
2021
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues			$	15,062					$	301					$	18					$	15,381
Other			108						—						—						108
Total			15,170						301						18						15,489
Exploration Costs			137						5						12						154
Dry Hole Costs			29						—						42						71
Transportation Costs			863						—						—						863
Gathering and Processing Costs			559						—						—						559
Production Costs			2,108						39						8						2,155
Impairments			312						3						61						376
Depreciation, Depletion and Amortization			3,411						87						6						3,504
Income (Loss) Before Income Taxes			7,751						167						(111)						7,807
Income Tax Provision			1,690						73						(1)						1,762
Results of Operations			$	6,061					$	94					$	(110)					$	6,045
2020
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues			$	7,056					$	180					$	55					$	7,291
Other			60						—						—						60
Total			7,116						180						55						7,351
Exploration Costs			136						2						8						146
Dry Hole Costs			13						—						—						13
Transportation Costs			734						1						—						735
Gathering and Processing Costs			459						—						—						459
Production Costs			1,480						27						10						1,517
Impairments			2,018						1						81						2,100
Depreciation, Depletion and Amortization			3,192						60						16						3,268
Income (Loss) Before Income Taxes			(916)						89						(60)						(887)
Income Tax Provision			(220)						24						3						(193)
Results of Operations			$	(696)					$	65					$	(63)					$	(694)

(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, 2022.

(2)Other International primarily consists of EOG's China and Canada operations. The China operations were sold in the second quarter of 2021. EOG began exploration programs in Australia in the third quarter of 2021 and in Oman in the third quarter of 2020. The decision was reached in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman.

F-51

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, 2022, 2021 and 2020:

			United States						Trinidad						Other International (1)						Composite
Year Ended December 31, 2022			$	4.02					$	3.11					$	—					$	3.99
Year Ended December 31, 2021			$	3.71					$	2.32					$	16.13					$	3.67
Year Ended December 31, 2020			$	3.75					$	2.33					$	6.78					$	3.72

(1) Other International primarily consists of EOG's China and Canada operations. The China operations were sold in the second quarter of 2021.

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 2022, 2021 and 2020. 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-52

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, 2022, 2021 and 2020 (in millions):

			United States						Trinidad						Other International (1)						Total
2022
Future cash inflows (2)			$	259,217					$	1,189					$	—					$	260,406
Future production costs			(58,021)						(248)						—						(58,269)
Future development costs (3)			(17,837)						(471)						—						(18,308)
Future income taxes			(39,560)						(31)						—						(39,591)
Future net cash flows			143,799						439						—						144,238
Discount to present value at 10% annual rate			(69,587)						(79)						—						(69,666)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves			$	74,212					$	360					$	—					$	74,572
2021
Future cash inflows (4)			$	166,316					$	1,135					$	—					$	167,451
Future production costs			(44,905)						(258)						—						(45,163)
Future development costs (5)			(13,885)						(380)						—						(14,265)
Future income taxes			(22,831)						(84)						—						(22,915)
Future net cash flows			84,695						413						—						85,108
Discount to present value at 10% annual rate			(38,834)						(88)						—						(38,922)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves			$	45,861					$	325					$	—					$	46,186
2020
Future cash inflows (6)			$	73,727					$	901					$	281					$	74,909
Future production costs			(34,619)						(153)						(54)						(34,826)
Future development costs (7)			(15,159)						(227)						(18)						(15,404)
Future income taxes			(4,337)						(81)						(24)						(4,442)
Future net cash flows			19,612						440						185						20,237
Discount to present value at 10% annual rate			(8,410)						(101)						(36)						(8,547)
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves			$	11,202					$	339					$	149					$	11,690

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

(2)Estimated crude oil prices used to calculate 2022 future cash inflows for the United States and Trinidad were $96.44 and $85.90, respectively. Estimated NGL price used to calculate 2022 future cash inflows for the United States was $36.35. Estimated natural gas prices used to calculate 2022 future cash inflows for the United States and Trinidad were $6.96 and $3.28, respectively.

(3)Future abandonment costs included in 2022 future development costs for the United States and Trinidad were $1,578 million and $188 million, respectively.

(4)Estimated crude oil prices used to calculate 2021 future cash inflows for the United States, Trinidad and Other International were $67.79 and $58.32, respectively. Estimated NGL price used to calculate 2021 future cash inflows for the United States was $30.28. Estimated natural gas prices used to calculate 2021 future cash inflows for the United States, Trinidad and Other International were $4.61 and $3.28, respectively.

(5)Future abandonment costs included in 2021 future development costs for the United States and Trinidad were $2,586 million and $102 million, respectively.

(6)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 NGLs 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.

(7)Future abandonment costs included in 2020 future development costs for the United States and Trinidad were $2,571 million and $64 million, respectively.

F-53

EOG RESOURCES, INC.

SUPPLEMENTAL INFORMATION TO CONSOLIDATED FINANCIAL STATEMENTS (Concluded)

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, 2022 (in millions):

			United States						Trinidad						Other International (1)						Total
December 31, 2019			$	25,114					$	275					$	132					$	25,521
Sales and transfers of oil and gas produced, net of production costs			(4,382)						(152)						(45)						(4,579)
Net changes in prices and production costs			(18,625)						132						47						(18,446)
Extensions, discoveries, additions and improved recovery, net of related costs			1,437						64						—						1,501
Development costs incurred			1,675						—						—						1,675
Revisions of estimated development cost			4,149						(11)						—						4,138
Revisions of previous quantity estimates			(3,307)						12						(2)						(3,297)
Accretion of discount			3,055						34						15						3,104
Net change in income taxes			3,497						(12)						3						3,488
Purchases of reserves in place			49						—						—						49
Sales of reserves in place			(156)						—						—						(156)
Changes in timing and other			(1,304)						(3)						(1)						(1,308)
December 31, 2020			$	11,202					$	339					$	149					$	11,690
Sales and transfers of oil and gas produced, net of production costs			(11,532)						(261)						(16)						(11,809)
Net changes in prices and production costs			37,088						133						(1)						37,220
Extensions, discoveries, additions and improved recovery, net of related costs			12,154						71						—						12,225
Development costs incurred			1,619						16						—						1,635
Revisions of estimated development cost			2,773						(133)						—						2,640
Revisions of previous quantity estimates			(1,789)						73						—						(1,716)
Accretion of discount			1,313						42						17						1,372
Net change in income taxes			(9,914)						27						17						(9,870)
Purchases of reserves in place			151						—						—						151
Sales of reserves in place			(19)						—						(151)						(170)
Changes in timing and other			2,815						18						(15)						2,818
December 31, 2021			$	45,861					$	325					$	—					$	46,186
Sales and transfers of oil and gas produced, net of production costs			(18,064)						(269)						1						(18,332)
Net changes in prices and production costs			30,987						86						—						31,073
Extensions, discoveries, additions and improved recovery, net of related costs			10,422						128						—						10,550
Development costs incurred			2,286						—						—						2,286
Revisions of estimated development cost			(2,290)						(70)						—						(2,360)
Revisions of previous quantity estimates			8,324						40						—						8,364
Accretion of discount			5,771						38						—						5,809
Net change in income taxes			(8,059)						50						—						(8,009)
Purchases of reserves in place			400						—						—						400
Sales of reserves in place			(760)						—						—						(760)
Changes in timing and other			(666)						32						(1)						(635)
December 31, 2022			$	74,212					$	360					$	—					$	74,572

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

F-54

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(a)			-			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).
*3.2(b)			-			Bylaws, dated August 23, 1989, as amended and restated effective as of February 23, 2023.
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			-			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
#4.3(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.
#4.3(b)			-			Global Note with respect to the 6.65% Notes due April 1, 2028 of Enron Oil & Gas Company (predecessor to EOG).
4.4			-			Indenture, dated as of May 18, 2009, between EOG and Computershare Trust Company, N.A. (as successor to 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).
4.5(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).
4.5(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).
4.6(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).
4.6(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).
4.6(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).
4.7(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).
4.7(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).
4.7(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).
4.8(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).
4.8(b)			-			Form of Global Note with respect to the 4.375% Senior Notes due 2030 of EOG (included in Exhibit 4.10(a)).
4.8(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 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(d)+			-			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 28, 2020) (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(e)+			-			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).

E-2

Exhibit Number						Description
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 on or after 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(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 28, 2020) (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(h)+			-			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(i)+			-			Form of Stock-Settled Stock Appreciation Right 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 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(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 on or after September 28, 2020) (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(k)+			-			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, 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(l)+			-			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 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(m)+			-			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 28, 2020) (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(n)+			-			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) (Exhibit 10.1(u) to EOG's Annual Report on Form 10-K for the year ended December 31, 2020) (SEC File No. 001-09743).
10.1(o)			-			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 on or after May 6, 2019) (Exhibit 10.2 to EOG's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019) (SEC File No. 001-09743).
10.2(a)+			-			EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan, dated effective as of April 29, 2021 (Exhibit 4.4 to EOG's Registration Statement on Form S-8, SEC File No. 333-255691, filed April 30, 2021).
10.2(b)+			-			Form of Restricted Stock Award Agreement for EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan (Exhibit 10.1 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021) (SEC File No. 001-09743).
10.2(c)+			-			Form of Restricted Stock Unit Award Agreement for EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan (Exhibit 10.2 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021) (SEC File No. 001-09743).
10.2(d)+			-			Form of Stock-Settled Stock Appreciation Right Agreement for EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan (Exhibit 10.3 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021) (SEC File No. 001-09743).
10.2(e)+			-			Form of Restricted Stock Unit with Performance-Based Conditions ("Performance Unit") Award Agreement for EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan (applicable to grants made prior to September 29, 2022) (Exhibit 10.4 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021) (SEC File No. 001-09743).

E-3

Exhibit Number						Description
10.2(f)+			-			Restricted Stock Unit with Performance-Based Conditions ("Performance Unit") Award Agreement under EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan, by and between EOG and William R. Thomas, effective September 27, 2021 (Exhibit 10.5 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021) (SEC File No. 001-09743).
10.2(g)+			-			Form of Restricted Stock Unit with Performance-Based Conditions ("Performance Unit") Award Agreement for EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan (applicable to grants made on or after September 29, 2022) (Exhibit 10.1 to EOG's Current Report on Form 8-K, filed October 4, 2022) (SEC File No. 001-09743).
10.2(h)			-			Form of Non-Employee Director Restricted Stock Unit Award for EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan (Exhibit 10.6 to EOG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021) (SEC File No. 001-09743).
10.3(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).
10.3(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).
10.3(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).
10.3(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).
10.3(e)+			-			Third Amendment to the EOG Resources, Inc. 409A Deferred Compensation Plan, effective as of December 17, 2020 (Exhibit 10.2(e) to EOG's Annual Report on Form 10-K for the year ended December 31, 2020) (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).

E-4

Exhibit Number						Description
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+			-			Change of Control Agreement by and between EOG and Jeffrey R. Leitzell, effective as of June 17, 2021 (Exhibit 10.2 to EOG's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 (SEC File No. 001-09743).
10.10(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).
10.10(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).
10.11(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).
10.11(b)+			-			EOG Resources, Inc. Amended and Restated Annual Bonus Plan (effective as of January 1, 2022) (Exhibit 10.2 to EOG's Current Report on Form 8-K, filed October 4, 2022) (SEC File No. 001-09743).
10.12+			-			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).
10.13			-			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, 2022.
*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 February 1, 2023.
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).

E-5

*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, 2022, (ii) the Consolidated Balance Sheets - December 31, 2022 and 2021, (iii) the Consolidated Statements of Stockholders' Equity for Each of the Three Years in the Period Ended December 31, 2022, (iv) the Consolidated Statements of Cash Flows for Each of the Three Years in the Period Ended December 31, 2022 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 23, 2023			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 23rd day of February, 2023.

			Signature			Title
			/s/ EZRA Y. YACOB			Chairman of the Board and Chief Executive Officer and Director
			(Ezra Y. Yacob)			(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)