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Last updated on April 17, 2014 at 14:51 EDT

EOG Resources Reports Second Quarter 2013 Results; Increases 2013 Crude Oil Production Growth Target and Overall Total Production Estimates

August 6, 2013

HOUSTON, Aug. 6, 2013 /PRNewswire/ —

  • Delivers 35 Percent Year-Over-Year Total Company Crude Oil Production Growth
  • Raises 2013 Full Year Crude Oil Production Target to 35 Percent from 28 Percent
  • Increases Total Company Overall Production Growth Target to 7.5 Percent from 4 Percent
  • Announces Record South Texas Eagle Ford Oil Well
  • Extends Bakken/Three Forks Drilling Inventory and Posts Excellent North Dakota Well Results
  • Drives Down Costs in Key Areas of Operations

EOG Resources, Inc. (NYSE: EOG) today reported second quarter 2013 net income of $659.7 million, or $2.42 per share. This compares to second quarter 2012 net income of $395.8 million, or $1.47 per share.

Consistent with some analysts’ practice of matching realizations to settlement months and making certain other adjustments in order to exclude one-time items, adjusted non-GAAP net income for the second quarter 2013 was $573.8 million, or $2.10 per share. Adjusted non-GAAP net income for the second quarter 2012 was $312.4 million, or $1.16 per share. The results for the second quarter 2013 included net gains on asset dispositions of $9.4 million, net of tax ($0.04 per share), impairments of $2.0 million, net of tax ($0.01 per share) related to the sale of certain non-core North American assets and a previously disclosed non-cash net gain of $191.5 million ($122.6 million after tax, or $0.45 per share) on the mark-to-market of financial commodity contracts. During the quarter, the net cash inflow related to financial commodity contracts was $68.9 million ($44.1 million after tax, or $0.16 per share). (Please refer to the attached tables for the reconciliation of adjusted non-GAAP net income to GAAP net income.)

EOG reported strong, sustained financial growth for the second quarter 2013. Compared to the second quarter 2012, earnings per share increased 65 percent, discretionary cash flow increased 35 percent and adjusted EBITDAX rose 34 percent. (Please refer to the attached tables for the reconciliation of non-GAAP discretionary cash flow to net cash provided by operating activities (GAAP) and adjusted EBITDAX (non-GAAP) to income before interest expense and income taxes (GAAP).)

“EOG has captured premier positions in key U.S. onshore oil plays – the South Texas Eagle Ford, North Dakota Bakken and Delaware Basin, and we continue to enhance their profitability,” said Mark G. Papa, Executive Chairman of the Board. “EOG’s financial metrics reflect the superior quality of these assets, as well as our technical acumen in improving well completion design and our ongoing focus on reducing costs.”

Operational Highlights

EOG’s U.S. crude oil and condensate production increased 37 percent both in the second quarter and the first half of 2013, compared to the same periods in 2012. Total company crude oil and condensate production increased 35 percent in the second quarter over the same prior year period. Total company liquids – crude oil, condensate and natural gas liquids (NGLs) – production rose 30 percent, versus the second quarter 2012.

Based on its exceptional performance during the first half of 2013, EOG is increasing its full year crude oil and condensate production growth target to 35 percent from 28 percent. Total NGL production is expected to increase 14 percent from the previous 10 percent target, while natural gas production is projected to decline 11.5 percent during 2013. Overall, EOG is targeting 7.5 percent total company production growth in 2013. EOG also anticipates certain unit costs will be lower than originally forecast.

“We have the confidence to raise the bar on EOG’s performance expectations because our outstanding assets perform better and better, quarter after quarter,” said President and Chief Executive Officer William R. “Bill” Thomas. “EOG expects to achieve these higher goals within our previously stated capex estimate.”

At June 30, 2013, EOG’s Eagle Ford net production of approximately 173,000 barrels of oil equivalent per day, continued to out-perform the rest of the industry.

Since discovering the prolific Eagle Ford, EOG has more than doubled the initial crude oil production rates from its wells in both the western and eastern parts of the play. Efficiency gains from more effective completions and reduced drilling days are resulting in excellent rates of return.

EOG recorded strong well and economic results from its western Eagle Ford acreage where more than a third of its second quarter drilling activity in the play occurred. In La Salle County, EOG’s initial production rates and overall well productivity showed a marked improvement, compared to similar completions in the same area three years ago. The Keller #1H and #2H began production at rates of 1,855 and 2,050 barrels of crude oil per day (Bopd) with 75 and 50 barrels per day (Bpd) of NGLs and 430 and 300 thousand cubic feet per day (Mcfd) of natural gas, respectively. The Smart Unit #1H and #2H had initial rates of 1,495 and 2,030 Bopd with 60 and 75 Bpd of NGLs and 340 and 440 Mcfd of natural gas, respectively. The Dossett Unit #1H and #2H were completed to sales at 1,590 and 2,185 Bopd with 85 and 115 Bpd of NGLs and 490 and 655 Mcfd of natural gas, respectively. In McMullen County, the Naylor Jones B #1H started production at 1,830 Bopd with 240 Bpd of NGLs and 1.4 million cubic feet per day (MMcfd) of natural gas. EOG has 100 percent working interest in these seven wells.

EOG again achieved excellent well results in Gonzales County, the northeastern area of its Eagle Ford acreage. The Burrow Unit #3H, #4H and #5H were completed to sales in May at initial production rates of 2,990, 3,030 and 7,515 Bopd with 385, 370 and 860 Bpd of NGLs and 2.2, 2.1 and 5.0 MMcfd of natural gas, respectively. After 30 days, the Burrow Unit #5H, EOG’s best Eagle Ford well to date, had an average production rate of 4,265 Bopd. The Wilde Trust Unit #1H, #2H and #3H began production in early June at rates of 5,475, 6,520 and 5,525 Bopd with 880, 710 and 775 Bpd of NGLs and 5.1, 4.1 and 4.5 MMcfd of natural gas, respectively. EOG has 100 percent working interest in these six Gonzales County wells.

“With wells in our western drilling program following the same trend as those in the east, results from the EOG’s Eagle Ford activity continue to outpace our expectations,” Papa said.

Improved drilling efficiencies and completion technology also have enhanced well productivity in EOG’s Bakken/Three Forks operations. During the second quarter, EOG’s North Dakota drilling program focused on the Bakken formation. In the Bakken Core, results from 160-acre spacing between wells continue to be encouraging. In Mountrail County, two Core wells drilled on 160-acre spacing, the Parshall 25-3032H and 22-3032H, were completed to sales at 2,685 and 2,120 Bopd, respectively. EOG has 62 percent working interest in these wells. EOG has 78 percent working interest in the Van Hook 29-1113H and 30-1113H, which began production at 2,390 and 2,295 Bopd, respectively, which were also 160-acre spaced wells.

In the Antelope Extension, EOG’s other North Dakota development target this year, the Bear Den 20-1708H was completed in the Bakken formation at 2,455 Bopd. EOG has 91 percent working interest in the well.

Based on the success of its current spacing programs, EOG has increased its drilling inventory in the Bakken/Three Forks from seven to 12 years.

EOG remains active in the Delaware Basin Leonard and Wolfcamp, although the plays are constrained by a lack of natural gas processing infrastructure that is being addressed. In Reeves County, Texas, EOG drilled its best Delaware Basin Wolfcamp well to date. EOG has 100 percent working interest in the Phillips State 56 #301H, which was completed to sales at 870 Bopd with 570 Bpd of NGLs and 3.7 MMcfd of natural gas.

EOG completed and brought to sales a number of highly economic wells in the Leonard formation in Lea County, New Mexico. The Diamond 31 Fed Com #2H, #3H and #4H came online at 1,780, 1,905 and 1,530 Bopd with 215, 165 and 150 Bpd of NGLs and 1,200, 910 and 835 Mcfd of natural gas, respectively. EOG has 91 percent working interest in these wells.

“We expect EOG’s three high rate-of-return oil plays, the Eagle Ford, Bakken/Three Forks and Delaware Basin, to provide us with years of drilling inventory, as well as significant growth opportunities,” Papa said. “These plays just get bigger and better.”

Hedging Activity

In recent weeks, EOG has increased the amount of crude oil hedges in place for the remainder of 2013. For the period August 1 through December 31, 2013, EOG has crude oil financial price swap contracts in place for approximately 121,200 Bpd at a weighted average price of $98.82 per barrel, excluding unexercised options.

For the full year 2014, EOG has crude oil financial price swap contracts in place for approximately 51,000 Bpd at a weighted average price of $96.43 per barrel, excluding unexercised options.

EOG also has hedged some natural gas volumes for 2013 and 2014. For the period September 1 through October 31, 2013, EOG has natural gas financial price swap contracts in place for 200,000 million British thermal units per day (MMBtud) at a weighted average price of $4.72 per million British thermal units (MMBtu), excluding unexercised options. For the period November 1 through December 31, 2013, EOG has hedged 150,000 MMBtud at a weighted average price of $4.79 per MMBtu, excluding unexercised options. For the full year 2014, EOG has natural gas financial price swap contracts in place for 170,000 MMBtud at a weighted average price of $4.54 per MMBtu, excluding unexercised options. (For a comprehensive summary of crude oil and natural gas derivative contracts, please refer to the attached tables.)

Capital Structure

To date, EOG has closed on approximately $580 million of asset sales, exceeding its stated goal for the year. At June 30, 2013, EOG’s total debt outstanding was $6,313 million for a debt-to-total capitalization ratio of 31 percent. Taking into account cash on the balance sheet of $1,228 million at the end of the second quarter, EOG’s net debt was $5,085 million for a net debt-to-total capitalization ratio of 26 percent. (Please refer to the attached tables for the reconciliation of net debt (non-GAAP) to current and long-term debt (GAAP) and the reconciliation of net debt-to-total capitalization ratio (non-GAAP) to debt-to-total capitalization ratio (GAAP).)

Conference Call Scheduled for August 7, 2013

EOG’s second quarter 2013 results conference call will be available via live audio webcast at 8 a.m. Central time (9 a.m. Eastern time) on Wednesday, August 7, 2013. To listen, log on to www.eogresources.com. The webcast will be archived on EOG’s website through August 21, 2013.

EOG Resources, Inc. is one of the largest independent (non-integrated) crude oil and natural gas companies in the United States with proved reserves in the United States, Canada, Trinidad, the United Kingdom and China. EOG Resources, Inc. is listed on the New York Stock Exchange and is traded under the ticker symbol “EOG.”

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG’s future financial position, operations, performance, business strategy, returns, budgets, reserves, levels of production and costs, statements regarding future commodity prices and statements regarding the plans and objectives of EOG’s management for future operations, are forward-looking statements. EOG typically uses words such as “expect,” “anticipate,” “estimate,” “project,” “strategy,” “intend,” “plan,” “target,” “goal,” “may,” “will,” “should” and “believe” or the negative of those terms or other variations or comparable terminology to identify its forward-looking statements. In particular, statements, express or implied, concerning EOG’s future operating results and returns or EOG’s ability to replace or increase reserves, increase production, generate income or cash flows or pay dividends are forward-looking statements. Forward-looking statements are not guarantees of performance. Although EOG believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, EOG’s forward-looking statements may be affected by known, unknown or currently unforeseen risks, events or circumstances that may be outside EOG’s control. Important factors that could cause EOG’s actual results to differ materially from the expectations reflected in EOG’s forward-looking statements include, among others:

  • the timing and extent of changes in prices for, and demand for, crude oil and condensate, natural gas liquids, natural gas and related commodities;
  • the extent to which EOG is successful in its efforts to acquire or discover additional reserves;
  • the extent to which EOG can optimize reserve recovery and economically develop its plays utilizing horizontal and vertical drilling, advanced completion technologies and hydraulic fracturing;
  • the extent to which EOG is successful in its efforts to economically develop its acreage in, and to produce reserves and achieve anticipated production levels from, its existing and future crude oil and natural gas exploration and development projects, given the risks and uncertainties and capital expenditure requirements inherent in drilling, completing and operating crude oil and natural gas wells and the potential for interruptions of development and production, whether involuntary or intentional as a result of market or other conditions;
  • the extent to which EOG is successful in its efforts to market its crude oil, natural gas and related commodity production;
  • the availability, proximity and capacity of, and costs associated with, gathering, processing, compression and transportation facilities;
  • the availability, cost, terms and timing of issuance or execution of, and competition for, mineral licenses and leases and governmental and other permits and rights-of-way, and EOG’s ability to retain mineral licenses and leases;
  • the impact of, and changes in, government policies, laws and regulations, including tax laws and regulations, environmental laws and regulations relating to air emissions, waste disposal, hydraulic fracturing and access to and use of water, laws and regulations imposing conditions and restrictions on drilling and completion operations and laws and regulations with respect to derivatives and hedging activities;
  • EOG’s ability to effectively integrate acquired crude oil and natural gas properties into its operations, fully identify existing and potential problems with respect to such properties and accurately estimate reserves, production and costs with respect to such properties;
  • the extent to which EOG’s third-party-operated crude oil and natural gas properties are operated successfully and economically;
  • competition in the oil and gas exploration and production industry for employees and other personnel, equipment, materials and services and, related thereto, the availability and cost of employees and other personnel, equipment, materials and services;
  • the accuracy of reserve estimates, which by their nature involve the exercise of professional judgment and may therefore be imprecise;
  • weather, including its impact on crude oil and natural gas demand, and weather-related delays in drilling and in the installation and operation of production, gathering, processing, compression and transportation facilities;
  • the ability of EOG’s customers and other contractual counterparties to satisfy their obligations to EOG and, related thereto, to access the credit and capital markets to obtain financing needed to satisfy their obligations to EOG;
  • EOG’s ability to access the commercial paper market and other credit and capital markets to obtain financing on terms it deems acceptable, if at all, and to otherwise satisfy its capital expenditure requirements;
  • the extent and effect of any hedging activities engaged in by EOG;
  • the timing and extent of changes in foreign currency exchange rates, interest rates, inflation rates, global and domestic financial market conditions and global and domestic general economic conditions;
  • political conditions and developments around the world (such as political instability and armed conflict), including in the areas in which EOG operates;
  • the use of competing energy sources and the development of alternative energy sources;
  • the extent to which EOG incurs uninsured losses and liabilities or losses and liabilities in excess of its insurance coverage;
  • acts of war and terrorism and responses to these acts;
  • physical, electronic and cyber security breaches; and
  • the other factors described under Item 1A, “Risk Factors”, on pages 16 through 23 of EOG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and any updates to those factors set forth in EOG’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

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

The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose not only “proved” reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also “probable” reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as “possible” reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). As noted above, statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include “potential” reserves and/or other estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in EOG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, available from EOG at P.O. Box 4362, Houston, Texas 77210-4362 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC’s website at www.sec.gov. In addition, reconciliation and calculation schedules for non-GAAP financial measures can be found on the EOG website at www.eogresources.com.

    For Further Information
     Contact:                      Investors
                                   ---------

                                   Maire A. Baldwin

                                    (713) 651-6EOG
                                    (651-6364)

                                   Kimberly A. Matthews

                                   (713) 571-4676

                                   Media
                                   -----

                                   K Leonard

                                   (713) 571-3870

                                      EOG RESOURCES, INC.
                                        FINANCIAL REPORT
                        (Unaudited; in millions, except per share data)
                         ----------------------------------------------

                                        Three Months Ended                   Six Months Ended

                                             June 30,                            June 30,
                                             --------                            --------

                                        2013               2012               2013               2012
                                        ----               ----               ----               ----

    Net Operating Revenues                      $3,840.2           $2,909.3           $7,196.7           $5,716.0

    Net Income                                    $659.7             $395.8           $1,154.4             $719.8

    Net Income Per Share

      Basic                                        $2.44              $1.48              $4.28              $2.70

      Diluted                                      $2.42              $1.47              $4.24              $2.67

    Average Number of Common Shares

      Basic                            270.0                         266.9              269.7              266.7
                                       =====                         =====              =====              =====

      Diluted                          272.7                         270.0              272.5              270.1
                                       =====                         =====              =====              =====

                                   SUMMARY INCOME STATEMENTS
                        (Unaudited; in thousands, except per share data)
                        -----------------------------------------------

                                        Three Months Ended                  Six Months Ended

                                             June 30,                           June 30,
                                             --------                           --------

                                        2013               2012               2013               2012
                                        ----               ----               ----               ----

    Net Operating Revenues

      Crude Oil
       and
       Condensate                             $2,012,999         $1,376,250         $3,794,832         $2,686,585

      Natural Gas
       Liquids                       178,457                        150,023            347,986            348,333

      Natural Gas                    462,602                       359,421            873,481            726,705

      Gains on Mark-
       to-Market
       Commodity
       Derivative
       Contracts                     191,490                           188,449             86,534            322,657

      Gathering,
       Processing
       and Marketing                 959,413                        710,748          1,882,370          1,428,905

      Gains on Asset
       Dispositions,
       Net                            13,153                        113,290            177,386            180,758

      Other, Net                      22,071                        11,138             34,110             22,027

        Total                                  3,840,185          2,909,319          7,196,699          5,715,970
                                               ---------          ---------          ---------          ---------

    Operating Expenses

      Lease and Well                 268,888                       250,756            517,888            512,251

      Transportation
       Costs                         224,491                        135,393            408,748            267,235

      Gathering and
       Processing
       Costs                          25,897                         20,588             50,401             46,180

      Exploration
       Costs                          47,323                         48,149             91,539             90,956

      Dry Hole Costs                  35,750                        11,081             39,712             11,081

      Impairments                     37,967                        54,217             91,515            187,364

      Marketing
       Costs                         965,490                        694,118          1,870,139          1,399,586

      Depreciation,
       Depletion and
       Amortization                  910,531                        808,765          1,756,919          1,557,508

      General and
       Administrative                 80,607                         75,727            158,592            151,996

      Taxes Other
       Than Income                   151,197                        118,186            286,128            239,702
                                     -------                       -------            -------            -------

        Total                                  2,748,141          2,216,980          5,271,581          4,463,859
                                               ---------          ---------          ---------          ---------

    Operating Income                           1,092,044            692,339          1,925,118          1,252,111

    Other Income (Expense), Net                    4,833              4,675             (5,301)            15,306
                                                   -----              -----             ------             ------

    Income Before Interest Expense
     and Income Taxes                          1,096,877            697,014          1,919,817          1,267,417

    Interest Expense, Net                         61,647             50,775            123,568            101,044
                                                  ------             ------            -------            -------

    Income Before Income Taxes                 1,035,230            646,239          1,796,249          1,166,373

    Income Tax Provision                         375,538            250,461            641,832            446,586
                                                 -------            -------            -------            -------

    Net Income                                  $659,692           $395,778         $1,154,417           $719,787

    Dividends Declared per Common
     Share                                       $0.1875              $0.17             $0.375              $0.34


                                       EOG RESOURCES, INC.

                                      OPERATING HIGHLIGHTS
                                      --------------------

                                           (Unaudited)

                         Three Months           Six Months
                             Ended                 Ended

                           June 30,              June 30,
                           --------              --------

                                 2013                 2012         2013   2012
                                 ----                 ----         ----   ----

    Wellhead Volumes and
     Prices
    --------------------

    Crude Oil and
     Condensate Volumes
     (MBbld) (A)

      United
       States                           206.5                     150.5          192.4        140.7

      Canada                              6.4                       6.4            7.1          7.0

      Trinidad                            1.4                       1.7            1.3          1.9

      Other
       International
       (B)                                0.1                       0.1            0.1          0.1

        Total                   214.4                      158.7         200.9         149.7
                                =====                      =====         =====         =====

    Average Crude
     Oil and
     Condensate
     Prices
     ($/Bbl) (C)

      United
       States                         $103.73                    $95.80        $105.04       $98.61

      Canada                            89.66                     82.78          87.29        86.33

      Trinidad                          86.96                     88.68          90.36        94.76

      Other
       International
       (B)                              92.28                     91.20          93.56        96.49

        Composite              103.19                      95.20        104.31         98.00

    Natural Gas
     Liquids
     Volumes
     (MBbld) (A)

      United
       States                            63.7                      54.6           61.2         52.4

      Canada                              1.0                       0.9            0.9          0.9
                                          ---                       ---            ---          ---

        Total                    64.7                       55.5          62.1          53.3
                                 ====                       ====          ====          ====

    Average
     Natural Gas
     Liquids
     Prices
     ($/Bbl) (C)

      United
       States                          $30.19                    $33.54         $30.87       $38.12

      Canada                            39.49                     42.89          40.62        46.54

        Composite               30.33                      33.72         31.02         38.27

    Natural Gas
     Volumes
     (MMcfd) (A)

      United
       States                             928                     1,070            931        1,067

      Canada                               79                        96             79          100

      Trinidad                            346                       422            349          396

      Other
       International
       (B)                                  8                        10              8           10

        Total                   1,361                      1,598         1,367         1,573
                                =====                      =====         =====         =====

    Average
     Natural Gas
     Prices
     ($/Mcf) (C)

      United
       States                           $3.73                     $2.09          $3.41        $2.28

      Canada                             3.17                      2.21           3.21         2.33

      Trinidad                           3.82                      3.42           3.86         3.21

      Other
       International
       (B)                               6.81                      5.64           6.78         5.72

        Composite                3.73                       2.47          3.53          2.54

    Crude Oil
     Equivalent
     Volumes
     (MBoed) (D)

      United
       States                           424.8                     383.3          408.8        370.9

      Canada                             20.6                      23.4           21.2         24.6

      Trinidad                           59.0                      72.0           59.4         67.9

      Other
       International
       (B)                                1.5                       1.8            1.4          1.8

        Total                   505.9                      480.5         490.8         465.2
                                =====                      =====         =====         =====

    Total MMBoe
     (D)                         46.0                       43.7          88.8          84.7
              Thousand
              barrels
              per day
              or
              million
              cubic
              feet per
              day, as
    (A)       applicable.

              Other
              International
              includes
              EOG's
              United
              Kingdom,
              China and
              Argentina
    (B)       operations.

              Dollars
              per
              barrel or
              per
              thousand
              cubic
              feet, as
              applicable.
              Excludes
              the
              impact of
              financial
              commodity
              derivative
    (C)       instruments.

    (D)       Thousand
              barrels
              of oil
              equivalent
              per day
              or
              million
              barrels
              of oil
              equivalent,
              as
              applicable;
              includes
              crude oil
              and
              condensate,
              natural
              gas
              liquids
              and
              natural
              gas.
              Crude oil
              equivalents
              are
              determined
              using the
              ratio of
              1.0
              barrel of
              crude oil
              and
              condensate
              or
              natural
              gas
              liquids
              to 6.0
              thousand
              cubic
              feet of
              natural
              gas.
              MMBoe is
              calculated
              by
              multiplying
              the MBoed
              amount by
              the
              number of
              days in
              the
              period
              and then
              dividing
              that
              amount by
              one
              thousand.
                                        EOG RESOURCES, INC.

                                       SUMMARY BALANCE SHEETS
                                       ----------------------

                            (Unaudited; in thousands, except share data)

                                                  June 30,                     December
                                                                                  31,

                                                         2013                      2012
                                                         ----                      ----

                                               ASSETS

    Current Assets

      Cash and Cash
       Equivalents                                                $1,228,016                              $876,435

      Accounts
       Receivable,
       Net                                                         1,808,954                             1,656,618

      Inventories                                                    657,400                               683,187

      Assets from
       Price Risk
       Management
       Activities                                                    105,667                               166,135

      Income Taxes
       Receivable                                                     23,450                                29,163

      Deferred Income
       Taxes                                                         157,012                                     -

      Other                                                          260,341                               178,346
                                                                     -------                               -------

          Total                                     4,240,840                             3,589,884

    Property, Plant and Equipment

      Oil and Gas
       Properties
       (Successful
       Efforts
       Method)                                                    40,262,580                            38,126,298

      Other Property,
       Plant and
       Equipment                                                   2,846,971                             2,740,619

          Total Property, Plant and Equipment      43,109,551                            40,866,917

      Less:
       Accumulated
       Depreciation,
       Depletion and
       Amortization                                              (18,529,163)                          (17,529,236)
                                                                  ----------                            ----------

          Total Property, Plant and
           Equipment, Net                          24,580,388                            23,337,681

    Other Assets                                      255,924                               409,013

    Total Assets                                                 $29,077,152                           $27,336,578

                                LIABILITIES AND STOCKHOLDERS' EQUITY

    Current Liabilities

      Accounts
       Payable                                                    $2,201,940                            $2,078,948

      Accrued Taxes
       Payable                                                       161,608                               162,083

      Dividends
       Payable                                                        50,614                                45,802

      Liabilities
       from Price
       Risk
       Management
       Activities                                                      5,482                                 7,617

      Deferred Income
       Taxes                                                           4,310                                22,838

      Current Portion
       of Long-Term
       Debt                                                          406,579                               406,579

      Other                                                          189,770                               200,191

          Total                                     3,020,303                             2,924,058

    Long-Term Debt                                  5,906,210                             5,905,602

    Other Liabilities                                 795,308                               894,758

    Deferred Income Taxes                           4,970,705                             4,327,396

    Commitments and Contingencies

    Stockholders' Equity

      Common Stock,
       $0.01 Par,                                 at December
       640,000,000                                31, 2012
       Shares
       Authorized and
       272,611,848
       Shares Issued
       at June 30,
       2013 and
       271,958,495
       Shares Issued

        202,726                                                      202,720

      Additional Paid
       in Capital                                                  2,576,441                             2,500,340

      Accumulated
       Other
       Comprehensive
       Income                                                        408,257                               439,895

      Retained
       Earnings                                                   11,228,011                            10,175,631

      Common Stock
       Held in
       Treasury,
       277,274 Shares
       at June 30,
       2013 and
       326,264 Shares
       at December
       31, 2012                                                      (30,809)                              (33,822)
                                                                     -------                               -------

          Total Stockholders' Equity               14,384,626                            13,284,764
                                                   ----------                            ----------

    Total Liabilities and
     Stockholders' Equity                                        $29,077,152                           $27,336,578

                           EOG RESOURCES, INC.

                    SUMMARY STATEMENTS OF CASH FLOWS
                    --------------------------------

                        (Unaudited; in thousands)

                                                                          Six Months Ended

                                                                              June 30,
                                                                              --------

                                  2013                2012
                                  ----                ----

    Cash Flows from Operating Activities

    Reconciliation of Net Income to Net Cash Provided
     by Operating Activities:

      Net Income                          $1,154,417                              $719,787

      Items Not Requiring (Providing) Cash

           Depreciation,
           Depletion
           and
           Amortization      1,756,919                         1,557,508

          Impairments           91,515                           187,364

           Stock-
           Based
           Compensation
           Expenses             57,724                            55,466

           Deferred
           Income
           Taxes               488,632                           278,826

           Gains
           on
           Asset
           Dispositions,
           Net                (177,386)                         (180,758)

           Other,
           Net                   8,747                            (3,404)

      Dry Hole
       Costs                                  39,712                                11,081

      Mark-to-Market Commodity Derivative Contracts

           Total
           Gains               (86,534)                         (322,657)

           Realized
           Gains               135,959                           306,780

      Excess Tax
       Benefits
       from Stock-
       Based
       Compensation                          (21,869)                              (22,115)

      Other, Net                               7,759                                 9,890

      Changes in Components of Working Capital and Other Assets and Liabilities

           Accounts
           Receivable         (164,809)                          115,419

          Inventories           22,085                          (103,576)

           Accounts
           Payable             141,369                           176,355

           Accrued
           Taxes
           Payable              24,816                            14,363

           Other
           Assets              (92,305)                         (102,303)

           Other
           Liabilities         (51,400)                          (27,355)

      Changes in
       Components
       of Working
       Capital
       Associated
       with
       Investing
       and                                   (19,639)                              (97,453)

      Financing
       Activities

     Net
     Cash
     Provided
     by
     Operating
     Activities              3,315,712                         2,573,218

    Investing Cash Flows

      Additions to
       Oil and Gas
       Properties                         (3,250,091)                           (3,748,278)

      Additions to
       Other
       Property,
       Plant and
       Equipment                            (183,516)                             (315,542)

      Proceeds from
       Sales of
       Assets                                579,941                             1,111,517

      Changes in
       Restricted
       Cash                                  (52,322)                                    -

      Changes in
       Components
       of Working
       Capital
       Associated
       with
       Investing
       Activities                             19,358                                97,746
                                              ------                                ------

     Net
     Cash
     Used
     in
     Investing
     Activities             (2,886,630)                       (2,854,557)

    Financing Cash Flows

      Dividends
       Paid                                  (97,006)                              (88,892)

      Excess Tax
       Benefits
       from Stock-
       Based
       Compensation                           21,869                                22,115

      Treasury
       Stock
       Purchased                             (21,094)                              (22,663)

      Proceeds from
       Stock
       Options
       Exercised
       and Employee
       Stock
       Purchase
       Plan                                   20,773                                32,986

      Repayment of
       Capital
       Lease
       Obligation                             (2,866)                                    -

      Other, Net                                 281                                  (293)
                                                 ---                                  ----

     Net
     Cash
     Used
     in
     Financing
     Activities                (78,043)                          (56,747)

     Effect
     of
     Exchange
     Rate
     Changes
     on
     Cash                          542                             2,734
                                   ---                             -----

     Increase
     (Decrease)
     in
     Cash
     and
     Cash
     Equivalents               351,581                          (335,352)

     Cash
     and
     Cash
     Equivalents
     at
     Beginning
     of
     Period                    876,435                           615,726
                               -------                           -------

     Cash
     and
     Cash
     Equivalents
     at
     End
     of
     Period                               $1,228,016                              $280,374

                                                           EOG RESOURCES, INC.

                                      QUANTITATIVE RECONCILIATION OF ADJUSTED NET INCOME (NON-GAAP)
                                      ------------------------------------------------------------

                                                          TO NET INCOME (GAAP)
                                                           -------------------

                                            (Unaudited; in thousands, except per share data)

    The following chart adjusts the three-month and six-month periods ended June 30, 2013 and 2012 reported Net Income (GAAP) to reflect actual net
     cash realized from financial commodity price transactions by eliminating the unrealized mark-to-market gains from these transactions, to
     eliminate the net gains on asset dispositions in North America in 2013 and 2012 and to add back impairment charges related to certain of EOG's
     North American assets in 2013 and 2012.  EOG believes this presentation may be useful to investors who follow the practice of some industry
     analysts who adjust reported company earnings to match realizations to production settlement months and make certain other adjustments to
     exclude non-recurring items.  EOG management uses this information for comparative purposes within the industry.

                                                                Three Months Ended              Six Months Ended

                                                                      June 30,                       June 30,
                                                                      --------                       --------

                                                             2013                    2012             2013              2012
                                                             ----                    ----             ----              ----

    Reported Net Income (GAAP)                                       $659,692                     $395,778                    $1,154,417           $719,787

    Mark-to-Market (MTM) Commodity
     Derivative Contracts Impact

      Total Gains                                 (191,490)                      (188,449)                    (86,534)                     (322,657)

      Realized Gains                                68,909                        173,179                     135,959                     306,780

                                         Subtotal                    (122,581)                    (15,270)                        49,425            (15,877)

      After-Tax MTM
       Impact                                      (78,482)                        (9,776)                     31,645                     (10,165)
                                                   -------                         ------                      ------                     -------

    Less: Net Gains on Asset
     Dispositions, Net of Tax                                          (9,382)                    (75,087)                      (124,375)          (118,298)

    Add: Impairments of Certain North
     American Assets, Net of Tax                                        2,003                        1,526                         2,003             38,575
                                                                        -----                        -----                         -----             ------

    Adjusted Net Income (Non-GAAP)                                   $573,831                     $312,441                    $1,063,690           $629,899

    Net Income Per Share (GAAP)

      Basic                                                             $2.44                        $1.48                         $4.28              $2.70
                                                                        =====                        =====                         =====              =====

      Diluted                                               $2.42   (a)                    $1.47   (b)                 $4.24                         $2.67

    Percentage Increase -[(a) -(b)] /
     (b)                                                65%

    Adjusted Net Income Per Share (Non-
     GAAP)

      Basic                                                             $2.13                        $1.17                         $3.94              $2.36
                                                                        =====                        =====                         =====              =====

      Diluted                                               $2.10                          $1.16                       $3.90                         $2.33

    Average Number of Common Shares

      Basic                                                           270,016                      266,874                       269,665            266,718
                                                                      =======                      =======                       =======            =======

      Diluted                                      272,739                        269,985                     272,473                     270,083
                                                   =======                        =======                     =======                     =======

                                                 EOG RESOURCES, INC.

                          QUANTITATIVE RECONCILIATION OF DISCRETIONARY CASH FLOW (NON-GAAP)
                          ----------------------------------------------------------------

                                 TO NET CASH PROVIDED BY OPERATING ACTIVITIES (GAAP)
                                 --------------------------------------------------

                                              (Unaudited; in thousands)

    The following chart reconciles the three-month and six-month periods ended June 30, 2013 and 2012 Net Cash Provided by Operating
     Activities (GAAP) to Discretionary Cash Flow (Non-GAAP).  EOG believes this presentation may be useful to investors who follow the
     practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Exploration Costs (excluding Stock-Based
     Compensation Expenses), Excess Tax Benefits from Stock-Based Compensation, Changes in Components of Working Capital and Other Assets and
     Liabilities, and Changes in Components of Working Capital Associated with Investing and Financing Activities.  EOG management uses this
     information for comparative purposes within the industry.

                                      Three Months Ended                 Six Months Ended

                                            June 30,                          June 30,
                                            --------                          --------

                                    2013                   2012                2013               2012
                                    ----                   ----                ----               ----

    Net Cash Provided by
     Operating Activities (GAAP)          $1,890,777                     $1,495,613                     $3,315,712         $2,573,218

    Adjustments

      Exploration
       Costs
       (excluding
       Stock-Based
       Compensation
       Expenses)                  40,930                         41,890                         77,575                            78,078

      Excess Tax
       Benefits
       from Stock-
       Based
       Compensation               10,196                          5,464                         21,869                            22,115

      Changes in
       Components
       of Working
       Capital and
       Other Assets
       and
       Liabilities

          Accounts Receivable                (71,948)                      (205,367)                       164,809           (115,419)

          Inventories                        (37,143)                       113,784                        (22,085)           103,576

          Accounts Payable                    44,696                         60,270                       (141,369)          (176,355)

          Accrued Taxes Payable              (15,812)                       (19,526)                       (24,816)           (14,363)

          Other Assets                        45,112                         (6,537)                        92,305            102,303

          Other Liabilities                   (1,533)                        22,296                         51,400             27,355

      Changes in
       Components
       of Working
       Capital
       Associated
       with
       Investing
       and
       Financing
       Activities

        (37,782)                            (126,222)                        19,639                         97,453
    -------                                 --------                         ------                         ------

    Discretionary Cash Flow
     (Non-GAAP)                           $1,867,493   (a)               $1,381,665   (b)               $3,555,039         $2,697,961

    Percentage Increase -[(a) -
     (b)] /(b)                        35%

                                             EOG RESOURCES, INC.

                  QUANTITATIVE RECONCILIATION OF ADJUSTED EARNINGS BEFORE INTEREST EXPENSE,
                  -------------------------------------------------------------------------

                  INCOME TAXES, DEPRECIATION, DEPLETION AND AMORTIZATION, EXPLORATION COSTS,
                  --------------------------------------------------------------------------

                     DRY HOLE COSTS, IMPAIRMENTS AND ADDITIONAL ITEMS (ADJUSTED EBITDAX)
                      ------------------------------------------------------------------

                     (NON-GAAP) TO INCOME BEFORE INTEREST EXPENSE AND INCOME TAXES (GAAP)
                      -------------------------------------------------------------------

                                          (Unaudited; in thousands)

    The following chart adjusts the three-month and six-month periods ended June 30, 2013 and 2012 reported Income Before
     Interest Expense and Income Taxes (GAAP) to Earnings Before Interest Expense, Income Taxes, Depreciation, Depletion and
     Amortization, Exploration Costs, Dry Hole Costs and Impairments (EBITDAX) (Non-GAAP) and further adjusts such amount to
     reflect actual net cash realized from financial commodity derivative transactions by eliminating the unrealized mark-to-
     market (MTM) gains from these transactions and to eliminate the net gains on asset dispositions primarily in North America
     in 2013 and 2012.  EOG believes this presentation may be useful to investors who follow the practice of some industry
     analysts who adjust reported Income Before Interest Expense and Income Taxes (GAAP) to add back Depreciation, Depletion and
     Amortization, Exploration Costs, Dry Hole Costs and Impairments and further adjust such amount to match realizations to
     production settlement months and make certain other adjustments to exclude non-recurring items.  EOG management uses this
     information for comparative purposes within the industry.

                                    Three Months Ended                      Six Months Ended

                                          June 30,                               June 30,
                                          --------                               --------

                                 2013                   2012                       2013     2012
                                 ----                   ----                       ----     ----

    Income
     Before
     Interest
     Expense and
     Income
     Taxes
     (GAAP)                            $1,096,877                   $697,014                      $1,919,817         $1,267,417

    Adjustments:

    Depreciation,
     Depletion and
     Amortization                         910,531                    808,765                       1,756,919          1,557,508

    Exploration
     Costs                                 47,323                     48,149                          91,539             90,956

    Dry Hole Costs                         35,750                     11,081                          39,712             11,081

    Impairments                            37,967                     54,217                          91,515            187,364
                                           ------                     ------                          ------            -------

         EBITDAX (Non-
          GAAP)                         2,128,448                  1,619,226                       3,899,502          3,114,326

    Total Gains on
     MTM Commodity
     Derivative
     Contracts                           (191,490)                  (188,449)                        (86,534)          (322,657)

    Realized Gains
     on MTM
     Commodity
     Derivative
     Contracts                             68,909                    173,179                         135,959            306,780

    Net Gains on
     Asset
     Dispositions                         (13,153)                  (113,290)                       (177,386)          (180,758)

         Adjusted
          EBITDAX
          (Non-GAAP)                   $1,992,714   (a)           $1,490,666   (b)                $3,771,541         $2,917,691

    Percentage
     Increase -
     [(a) -(b)] /
     (b)                           34%

                EOG RESOURCES, INC.

        CRUDE OIL AND NATURAL GAS FINANCIAL
        -----------------------------------

           COMMODITY DERIVATIVE CONTRACTS
           ------------------------------

    Presented below is a comprehensive summary of EOG's crude oil and
     natural gas derivative contracts at August 6, 2013, with notional
     volumes expressed in Bbld and MMBtud and prices expressed in $/Bbl and
     $/MMBtu.  EOG accounts for financial commodity derivative contracts
     using the mark-to-market accounting method.

           CRUDE OIL DERIVATIVE CONTRACTS

                                                     Weighted

              Volume                Average Price

              (Bbld)                    ($/Bbl)
              -----                     -------

                                                       2013(1)
                                                        ------

            January
            2013
            (closed)       101,000                      $99.29

            February 1,
            2013
            through
            April 30,
            2013
            (closed)       109,000                       99.17

            May 1, 2013
            through
            June 30,
            2013
            (closed)       101,000                       99.29

            July 2013
            (closed)       111,000                       98.25

            August 1,
            2013
            through
            September
            30, 2013       126,000                       98.80

            October 1,
            2013
            through
            December
            31, 2013       118,000                       98.84

                                                   2014 (2)
                                                    -------

            January 1,
            2014
            through
            March 31,
            2014           103,000                      $96.48

            April 1,
            2014
            through
            June 30,
            2014            93,000                       96.47

            July 1,
            2014
            through
            December
            31, 2014         5,000                       95.43

      (1)   EOG has entered into crude oil
            derivative contracts which give
            counterparties the option to
            extend certain current
            derivative contracts for
            additional three-month and
            six-month periods.  Options
            covering a notional volume of
            8,000 Bbld are exercisable on
            September 30, 2013.  If the
            counterparties exercise all
            such options, the notional
            volume of EOG's existing crude
            oil derivative contracts will
            increase by 8,000 Bbld at an
            average price of $98.11 per
            barrel for each month during
            the period October 1, 2013
            through December 31, 2013.
            Options covering a notional
            volume of 64,000 Bbld are
            exercisable on December 31,
            2013.  If the counterparties
            exercise all such options, the
            notional volume of EOG's
            existing crude oil derivative
            contracts will increase by
            64,000 Bbld at an average price
            of $99.58 per barrel for each
            month during the period January
            1, 2014 through June 30, 2014.

      (2)   EOG has entered into crude oil
            derivative contracts which give
            counterparties the option to
            extend certain current
            derivative contracts for
            additional six-month and nine-
            month periods.  Options
            covering a notional volume of
            10,000 Bbld are exercisable on
            or about March 31, 2014.  If
            the counterparties exercise all
            such options, the notional
            volume of EOG's existing crude
            oil derivative contracts will
            increase by 10,000 Bbld at an
            average price of $96.60 per
            barrel for each month during
            the period April 1, 2014
            through December 31, 2014.
            Options covering a notional
            volume of 93,000 Bbld are
            exercisable on or about June
            30, 2014.  If the
            counterparties exercise all
            such options, the notional
            volume of EOG's existing crude
            oil derivative contracts will
            increase by 93,000 Bbld at an
            average price of $96.47 per
            barrel for each month during
            the period July 1, 2014 through
            December 31, 2014.  Options
            covering a notional volume of
            5,000 Bbld are exercisable on
            December 31, 2014.  If the
            counterparties exercise all
            such options, the notional
            volume of EOG's existing crude
            oil derivative contracts will
            increase by 5,000 Bbld at an
            average price of $95.43 per
            barrel for each month during
            the period January 1, 2015
            through June 30,2015.

          NATURAL GAS DERIVATIVE CONTRACTS

                                                     Weighted

              Volume                Average Price

             (MMBtud)                  ($/MMBtu)
             -------                   ---------

                                                       2013(3)
                                                        ------

            January 1,
            2013
            through
            April 30,
            2013
            (closed)       150,000                       $4.79

            May 1, 2013
            through
            August 31,
            2013
            (closed)       200,000                        4.72

            September
            1, 2013
            through
            October
            31, 2013       200,000                        4.72

            November 1,
            2013
            through
            December
            31, 2013       150,000                        4.79

                                                       2014(4)
                                                        ------

            January 1,
            2014
            through
            December
            31, 2014       170,000                       $4.54

      (3)   EOG has entered into natural gas
            derivative contracts which give
            counterparties the option of
            entering into derivative
            contracts at future dates.
            Such options are exercisable
            monthly up until the settlement
            date of each monthly contract.
            For the period September 1,
            2013 through October 31, 2013,
            if the counterparties exercise
            all such options, the notional
            volume of EOG's existing
            natural gas derivative
            contracts will increase by
            200,000 MMBtud at an average
            price of $4.72 per MMBtu for
            each month during that period.
            For the period November 1, 2013
            through December 31, 2013, if
            the counterparties exercise all
            such options, the notional
            volume of EOG's existing
            natural gas derivative
            contracts will increase by
            150,000 MMBtud at an average
            price of $4.79 per MMBtu for
            each month during that period.

      (4)   EOG has entered into natural gas
            derivative contracts which give
            counterparties the option of
            entering into derivative
            contracts at future dates.
            Additionally, in connection
            with certain natural gas
            derivative contracts settled in
            July 2012, counterparties
            retain an option of entering
            into derivative contracts at
            future dates.  All such options
            are exercisable monthly up
            until the settlement date of
            each monthly contract.  If the
            counterparties exercise all
            such options, the notional
            volume of EOG's existing
            natural gas derivative
            contracts will increase by
            320,000 MMBtud at an average
            price of $4.66 per MMBtu for
            each month during the period
            January 1, 2014 through
            December 31, 2014.

           Bbld                      Barrels per
                                     day

                  $/Bbl              Dollars per
                                     barrel

           MMBtud         Million
                          British
                          thermal units
                          per day

                $/MMBtu   Dollars per
                          million
                          British
                          thermal units

           MMBtu                     Million
                                     British
                                     thermal units

                                 EOG RESOURCES, INC.

             QUANTITATIVE RECONCILIATION OF NET DEBT (NON-GAAP) AND TOTAL
             ------------------------------------------------------------

               CAPITALIZATION (NON-GAAP) AS USED IN THE CALCULATION OF
               -------------------------------------------------------

               THE NET DEBT-TO-TOTAL CAPITALIZATION RATIO (NON-GAAP) TO
               --------------------------------------------------------

            CURRENT AND LONG-TERM DEBT (GAAP) AND TOTAL CAPITALIZATION
                                      (GAAP)
            ----------------------------------------------------------

                   (Unaudited; in millions, except ratio data)

    The following chart reconciles Current and Long-Term Debt
     (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP)
     to Total Capitalization (Non-GAAP), as used in the Net Debt-
     to-Total Capitalization ratio calculation.  A portion of the
     cash is associated with international subsidiaries; tax
     considerations may impact debt paydown.  EOG believes this
     presentation may be useful to investors who follow the practice
     of some industry analysts who utilize Net Debt and Total
     Capitalization (Non-GAAP) in their Net Debt-to-Total
     Capitalization ratio calculation.  EOG management uses this
     information for comparative purposes within the industry.

                                                             At

                                                          June 30,

                                                                           2013
                                                                           ----

    Total Stockholders'
     Equity -(a)                                                        $14,385

    Current and Long-Term Debt -
     (b)                                                                  6,313

    Less: Cash                                                           (1,228)
                                                                         ------

    Net Debt (Non-GAAP) - (c)                                             5,085
                                                                          -----

    Total Capitalization
     (GAAP) -(a) + (b)                                                  $20,698

    Total Capitalization
     (Non-GAAP) - (a) + (c)                                             $19,470

    Debt-to-Total Capitalization
     (GAAP) - (b) /[(a) + (b)]                                               31%
                                                                            ===

    Net Debt-to-Total
     Capitalization (Non-GAAP) -
     (c) /[(a) + (c)]                                                        26%
                                                                            ===

                                                                   EOG RESOURCES, INC.

                                        THIRD QUARTER AND FULL YEAR 2013 FORECAST AND BENCHMARK COMMODITY PRICING
                                        -------------------------------------------------------------------------

      (a)  Third Quarter and Full Year
       2013 Forecast

    The forecast items for the third quarter and full year 2013 set forth below for EOG Resources, Inc. (EOG) are
     based on current available information and expectations as of the date of the accompanying press release.  EOG
     undertakes no obligation, other than as required by applicable law, to update or revise this forecast, whether
     as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.
     This forecast, which should be read in conjunction with the accompanying press release and EOG's related
     Current Report on Form 8-K filing, replaces and supersedes any previously issued guidance or forecast.

      (b)  Benchmark Commodity Pricing

    EOG bases United States, Canada and Trinidad crude oil and condensate price differentials upon the West Texas
     Intermediate crude oil price at Cushing, Oklahoma, using the simple average of the NYMEX settlement prices for
     each trading day within the applicable calendar month.

    EOG bases United States and Canada natural gas price differentials upon the natural gas price at Henry Hub,
     Louisiana, using the simple average of the NYMEX settlement prices for the last three trading days of the
     applicable month.

                                                                                     ESTIMATED RANGES
                                                                                     ----------------

                                                                                        (Unaudited)

                                                                                     3Q 2013                  Full Year
                                                                                                                 2013
                                                                                       -------               ----------

    Daily Production

      Crude Oil and Condensate
       Volumes (MBbld)

                                United States                              207.0             -       224.0                             201.0  -             211.0

                                Canada                                       6.2             -         6.8                               6.0  -               7.0

                                Trinidad                                     1.1             -         1.6                               1.0  -               1.6

                                 Other
                                 International                               0.0             -         0.0                                0.0  -               0.0

                                Total                                      214.3             -       232.4                             208.0  -             219.6

      Natural Gas Liquids
       Volumes (MBbld)

                                United States                               62.0             -        66.0                              58.9  -              66.9

                                Canada                                       0.6             -         1.1                               0.7  -               0.8

                                Total                                       62.6             -        67.1                              59.6  -              67.7

      Natural Gas Volumes
       (MMcfd)

                                United States                                850             -         900                               890  -               910

                                Canada                                        69             -          76                                70  -                80

                                Trinidad                                     340             -         360                               348  -               368

                                 Other
                                 International                                 7             -           9                                  7  -                 9

                                Total                                      1,266             -       1,345                             1,315  -             1,367

      Crude Oil Equivalent
       Volumes (MBoed)

                                United States                              410.7             -       440.0                             408.2  -             429.6

                                Canada                                      18.3             -        20.6                              18.4  -              21.1

                                Trinidad                                    57.8             -        61.6                              59.0  -              62.9

                                 Other
                                 International                               1.2             -         1.5                                1.2  -               1.5

                                Total                                      488.0             -       523.7                             486.8  -             515.1

    Operating Costs

      Unit Costs ($/Boe)

                                Lease and Well                             $6.37             -       $6.62                             $6.05  -             $6.25

                                 Transportation
                                 Costs                                     $4.57             -       $4.82                              $4.45  -             $4.85

                                 Depreciation,
                                 Depletion and
                                 Amortization                             $19.50             -      $20.00                             $19.60  -            $20.10

    Expenses ($MM)

      Exploration, Dry Hole
       and Impairment                                            $130.0        -                    $170.0                             $510.0  -            $540.0

      General and
       Administrative                                            $105.0        -                    $115.0                             $360.0  -            $390.0

      Gathering and
       Processing                                                 $25.0        -                     $35.0                             $100.0  -            $130.0

      Capitalized Interest                                        $12.0        -                     $15.0                             $40.0  -             $50.0

      Net Interest                                                $58.0        -                     $60.0                            $226.0  -            $246.0

    Taxes Other Than Income (% of Wellhead Revenue)                                        5.9% -                    6.3%                 5.5% -               6.5%

    Income Taxes

      Effective Rate                                  30%             -                     40%                       35% -                40%

      Current Taxes ($MM)                                           $80        -                       $90                              $305  -              $325

    Capital Expenditures ($MM) -FY 2013 (Excluding
     Acquisitions)

      Exploration and
       Development, Excluding
       Facilities                                                                                                 $5,900  -            $6,000

      Exploration and
       Development Facilities                                                                                       $730  -              $790

      Gathering, Processing
       and Other                                                                                                    $415  -              $445

    Pricing -(Refer to Benchmark Commodity Pricing in
     text)

      Crude Oil and Condensate
       ($/Bbl)

                                Differentials

                                 United
                                 States -
                                 (above)
                                 below WTI                                $(2.00)            -      $(3.50)                            $(5.40) -            $(7.40)

                                 Canada -
                                 (above)
                                 below WTI                                 $6.50             -       $9.00                              $7.00  -             $9.00

                                 Trinidad -
                                 (above)
                                 below WTI                                 $5.00             -       $7.00                              $4.00  -             $6.00

      Natural Gas Liquids

                                 Realizations
                                 as % of WTI

                                 United
                                 States                                       28%            -          32%                                28% -                32%

                                Canada                                        40%            -          45%                               39% -                43%

      Natural Gas ($/Mcf)

                                Differentials

                                 United
                                 States -
                                 (above)
                                 below
                                 NYMEX
                                 Henry Hub                                 $0.32             -       $0.40                                 $0.24  -             $0.50

                                 Canada -
                                 (above)
                                 below
                                 NYMEX
                                 Henry Hub                                 $0.75             -       $0.85                                 $0.47  -             $0.77

                                Realizations

                                Trinidad                                   $2.75             -       $3.25                             $3.00  -             $3.50

                                 Other
                                 International                             $4.95             -       $5.45                              $5.35  -             $6.35

    Definitions

                         $/Bbl  U.S. Dollars per barrel

                         $/Boe   U.S. Dollars per barrel
                                 of oil equivalent

                         $/Mcf   U.S. Dollars per
                                 thousand cubic feet

                           $MM   U.S. Dollars in
                                 millions

    MBbld                        Thousand barrels per
                                 day

    MBoed                        Thousand barrels of oil
                                 equivalent per day

    MMcfd                        Million cubic feet per
                                 day

    NYMEX                        New York Mercantile
                                 Exchange

    WTI                         West Texas Intermediate

SOURCE EOG Resources, Inc.


Source: PR Newswire