EOG Resources Reports First Quarter 2025 Results and Updates 2025 Plan

First Quarter Highlights

• Earned adjusted net income of $1.6 billion, or $2.87 per share
• Generated $1.3 billion of free cash flow
• Declared regular quarterly dividend of $0.975 per share
• Paid $538 million in regular dividends and repurchased $788 million of shares
• Volumes and per-unit operating costs better than guidance midpoints

2025 Capital Plan Update & Other Highlights

• Optimized full-year capital plan to $6.0 billion to grow oil production 2% and total production 5%
• Announced oil discovery in Trinidad

First Quarter 2025 Highlights and Cash Return

Volumes and Capital Expenditures

From Ezra Yacob, Chairman and Chief Executive Officer
"EOG had a strong start to the year, with oil and total volumes, cash operating costs, and DD&A better than expected. Results were driven by solid execution across both foundational and emerging plays.

"The company's financial position provides EOG the ability to return greater than 100% of annual free cash flow in the near term. Strong operating results generated $1.3 billion of free cash flow in the quarter. EOG returned $1.3 billion to shareholders through $538 million in regular dividends and $788 million of share repurchases.

"Significant progress in the company's exploration efforts complements positive operational developments across our multi-basin portfolio. Recent exploration success in Trinidad, continued cost reduction and resource additions in foundational assets, along with operating efficiency and productivity improvements in emerging plays, provide high confidence in the low-cost basis and long duration of our resource base.

"We adjusted our plan for the year to optimize capital investment. The focus remains on capital discipline, such that we appropriately balance both macro and operational considerations to drive returns, strong free cash flow and continued improvement in our business. EOG's low-cost position supports profitability during periods of price volatility, allowing the company to create significant value for shareholders through commodity price cycles."

Regular Dividend and First Quarter Share Repurchases
The Board of Directors today declared a dividend of $0.975 per share on EOG's common stock. The dividend will be payable July 31, 2025, to stockholders of record as of July 17, 2025. The indicated annual rate is $3.90 per share.

During the first quarter, the company repurchased 6.2 million shares for $788 million under its share repurchase authorization. EOG has $5.1 billion remaining on its current share buyback authorization.

2025 Capital Plan Update & Other Highlights

2025 Capital Plan Update
In light of our strong first quarter performance and potential near-term impacts on global demand due to ongoing discussions regarding tariffs, we are proactively optimizing our full-year 2025 plan. Total capital expenditures for 2025 are now expected to range from $5.8 to $6.2 billion, a $200 million reduction relative to our prior plan. As a result, the company expects to maintain oil production at first quarter 2025 levels for the balance of the year and deliver full-year oil production growth of 2% and total production growth of 5%.

EOG Exploration Update
EOG has announced a shallow water offshore oil discovery in Trinidad. The Beryl oil discovery is based on a successful exploration well in the TSP Deep Area.

First Quarter 2025 Financial Performance

Prices

• Crude oil, NGL and natural gas prices increased in 1Q compared with 4Q

Volumes

• Oil production of 502,100 Bopd was above the midpoint of the guidance range and up from 4Q
• NGL production was above the midpoint of the guidance range and down from 4Q
• Natural gas production was above the midpoint of the guidance range and down from 4Q
• Total company equivalent production was above the midpoint of the guidance range and down from 4Q

Per-Unit Costs

• LOE, GP&T, and DD&A expenses increased in 1Q compared with 4Q, while G&A costs decreased

Hedges

• Mark-to-market hedge losses decreased GAAP earnings per share in 1Q compared with 4Q
• Cash paid to settle hedges decreased adjusted non-GAAP earnings per share in 1Q compared with 4Q

Free Cash Flow

• Cash flow from operations before changes in working capital was $2.8 billion
• Incurred $1.5 billion of capital expenditures
• This resulted in $1.3 billion of free cash flow

Cash Return and Working Capital

• Paid $538 million in regular dividends
• Repurchased $788 million of stock
• Paid approximately $700 million in taxes associated with postponed tax payments due to severe weather tax relief in 2024

First Quarter 2025 Operating Performance

Lease and Well

• QoQ: Increased primarily due to higher water handling expenses and fuel costs
• Guidance Midpoint: Lower primarily due to lower workover expenses and labor costs

Gathering, Processing and Transportation Costs

• QoQ: Increased primarily due to higher gas transportation expenses and fuel costs
• Guidance Midpoint: Lower primarily due to lower compression-related costs

General and Administrative

• QoQ: Decreased due to lower employee-related expenses
• Guidance Midpoint: Lower due to lower employee-related expenses

Depreciation, Depletion and Amortization

• QoQ: Increased primarily due to the impact of reserve revisions and well mix
• Guidance Midpoint: Lower primarily due to the addition of lower cost reserves

First Quarter 2025 Results Webcast
Friday, May 2, 2025, 9:00 a.m. Central time (10:00 a.m. Eastern time)
Webcast will be available on EOG's website for one year.
http://investors.eogresources.com/Investors

About EOG
EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States and Trinidad. To learn more visit www.eogresources.com.

Investor Contacts
Pearce Hammond  713-571-4684
Neel Panchal          713-571-4884
Shelby O'Connor    713-571-4560

Media Contact
Kimberly Ehmer     713-571-4676

This press release and any accompanying disclosures may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG's future financial position, operations, performance, business strategy, goals, returns and rates of return, budgets, reserves, levels of production, capital expenditures, operating costs and asset sales, statements regarding future commodity prices and statements regarding the plans and objectives of EOG's management for future operations, are forward-looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "project," "strategy," "intend," "plan," "target," "aims," "ambition," "initiative," "goal," "may," "will," "focused on," "should" and "believe" or the negative of those terms or other variations or comparable terminology to identify its forward-looking statements. In particular, statements, express or implied, concerning EOG's future financial or operating results and returns or EOG's ability to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control drilling, completion and operating costs and capital expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, other environmental matters or safety matters, pay and/or increase regular and/or special dividends or repurchase shares 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 such assumptions are accurate or will prove to have been correct or that any of such expectations will be achieved (in full or at all) or will be achieved on the expected or anticipated timelines. 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, magnitude and duration of changes in prices for, supplies of, and demand for, crude oil and condensate, natural gas liquids (NGLs), natural gas and related commodities;
• the extent to which EOG is successful in its efforts to acquire or discover additional reserves;
• the extent to which EOG is successful in its efforts to (i) economically develop its acreage in, (ii) produce reserves and achieve anticipated production levels and rates of return from, (iii) decrease or otherwise control its drilling, completion and operating costs and capital expenditures related to, and (iv) maximize reserve recoveries from, its existing and future crude oil and natural gas exploration and development projects and associated potential and existing drilling locations;
• the success of EOG's cost-mitigation initiatives and actions in offsetting the impact of any inflationary or other pressures on EOG's operating costs and capital expenditures;
• the extent to which EOG is successful in its efforts to market its production of crude oil and condensate, NGLs and natural gas;
• security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, physical breaches of our facilities and other infrastructure or breaches of the information technology systems, facilities and infrastructure of third parties with which we transact business, and enhanced regulatory focus on the prevention of, and disclosure requirements relating to, cyber incidents;
• the availability, proximity and capacity of, and costs associated with, appropriate gathering, processing, compression, storage, transportation, refining, liquefaction and export facilities and equipment;
• the availability, cost, terms and timing of issuance or execution of mineral licenses, concessions and leases and governmental and other permits and rights-of-way, and EOG's ability to retain mineral licenses, concessions and leases;
• the impact of, and changes in, government policies, laws and regulations, including climate change-related regulations, policies and initiatives (for example, with respect to air emissions); tax laws and regulations (including, but not limited to, carbon tax or other emissions-related legislation); environmental, health and safety laws and regulations relating to disposal of produced water, drilling fluids and other wastes, hydraulic fracturing and access to and use of water; laws and regulations affecting the leasing of acreage and permitting for oil and gas drilling and the calculation of royalty payments in respect of oil and gas production; laws and regulations imposing additional permitting and disclosure requirements, additional operating restrictions and conditions or restrictions on drilling and completion operations and on the transportation of crude oil, NGLs and natural gas; laws and regulations with respect to financial and other derivatives and hedging activities; and laws and regulations with respect to the import and export of crude oil, natural gas and related commodities;
• the impact of climate change-related legislation, policies and initiatives; climate change-related political, social and shareholder activism; and physical, transition and reputational risks and other potential developments related to climate change;
• the extent to which EOG is able to successfully and economically develop, implement and carry out its emissions and other environmental or safety-related initiatives and achieve its related targets, goals, ambitions and initiatives;
• EOG's ability to effectively integrate acquired crude oil and natural gas properties into its operations, identify and resolve existing and potential issues with respect to such properties and accurately estimate reserves, production, drilling, completion and operating costs and capital expenditures with respect to such properties;
• the extent to which EOG's third-party-operated crude oil and natural gas properties are operated successfully, economically and in compliance with applicable laws and regulations;
• competition in the oil and gas exploration and production industry for the acquisition of licenses, concessions, leases and properties;
• the availability and cost of, and competition in the oil and gas exploration and production industry for, employees, labor and other personnel, facilities, equipment, materials (such as water, sand, fuel and tubulars) and services;
• the accuracy of reserve estimates, which by their nature involve the exercise of professional judgment and may therefore be imprecise;
• weather and natural disasters, including its impact on crude oil and natural gas demand, and related delays in drilling and in the installation and operation (by EOG or third parties) of production, gathering, processing, refining, liquefaction, compression, storage, transportation, and export facilities;
• the ability of EOG's customers and other contractual counterparties to satisfy their obligations to EOG and, related thereto, to access the credit and capital markets to obtain financing needed to satisfy their obligations to EOG;
• EOG's ability to access the commercial paper market and other credit and capital markets to obtain financing on terms it deems acceptable, if at all, and to otherwise satisfy its capital expenditure requirements;
• the extent to which EOG is successful in its completion of planned asset dispositions;
• the extent and effect of any hedging activities engaged in by EOG;
• the timing and extent of changes in foreign currency exchange rates, interest rates, inflation rates, global and domestic financial market conditions and global and domestic general economic conditions;
• the economic and financial impact of epidemics, pandemics or other public health issues;
• geopolitical factors and political conditions and developments around the world (such as the imposition of tariffs or trade or other economic sanctions, political instability and armed conflicts), including in the areas in which EOG operates;
• the extent to which EOG incurs uninsured losses and liabilities or losses and liabilities in excess of its insurance coverage; and
• the other factors described under ITEM 1A, Risk Factors of EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and any updates to those factors set forth in EOG's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

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

Historical Non-GAAP Financial Measures:
Reconciliation schedules and definitions for the historical non-GAAP financial measures included or referenced herein as well as related discussion can be found on the EOG website at www.eogresources.com.

Cautionary Notice Regarding Forward-Looking Non-GAAP Financial Measures:
In addition, this press release and any accompanying disclosures may include or reference certain forward-looking, non-GAAP financial measures, such as free cash flow, cash flow provided by operating activities before changes in working capital and return on capital employed, and certain related estimates regarding future performance, commodity prices and operating and financial results. Because we provide these measures on a forward-looking basis, we cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future changes in working capital and future impairments. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking, non-GAAP financial measures to the respective most directly comparable forward-looking GAAP financial measures without unreasonable efforts. The unavailable information could have a significant impact on our ultimate results. However, management believes these forward-looking, non-GAAP measures may be a useful tool for the investment community in comparing EOG's forecasted financial performance to the forecasted financial performance of other companies in the industry. Any such forward-looking measures and estimates are intended to be illustrative only and are not intended to reflect the results that EOG will necessarily achieve for the period(s) presented; EOG's actual results may differ materially from such measures and estimates.

Oil and Gas Reserves:
The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose not only "proved" reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also "probable" reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as "possible" reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). Statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve or resource estimates provided in this press release or any accompanying disclosures that are not specifically designated as being estimates of proved reserves may include "potential" reserves, "resource potential" and/or other estimated reserves or estimated resources not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (and any updates to such disclosure set forth in EOG's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K), 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.