Vivic Corp
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Company profile

Vivic Corp. is a start-up company. The Company operates as a travel agency that organizes individual and group tours in the Dominican Republic, such as cultural, recreational, sport, business, ecotours and other travel tours. The products and services provided by the Company will include custom packages according to the client’s specifications. The Company plan to develop and offer its own tours in the Dominican Republic as well as third-party suppliers. The Company has not generated any revenue.

Closing Price
$2.53
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
2.53
Day's Low
2.53
Volume
110

EOG Resources Reports Second Quarter 2020 Results

4:15 pm ET August 6, 2020 (PR Newswire) Print

https://mma.prnewswire.com/media/351712/EOG_Resources_Inc_logo.jpg

-- Generated Positive Net Cash Provided by Operating Activities and Free Cash Flow

-- Produced 7% More Crude Oil for 26% Less Capital Expenditures than Forecast

-- Per-Unit Cash Operating Costs Below Targets

-- Discovered 500 Bcf Net Natural Gas Resource Potential in Trinidad

-- Increased 2020 Well Cost Savings Target to 12% from 8%, Supporting Improved Outlook for Capital Efficiency

EOG Resources, Inc. (EOG) today reported a second quarter 2020 net loss of $909 million, or $1.57 per share, compared with second quarter 2019 net income of $848 million, or $1.46 per share.

Adjusted non-GAAP net loss for the second quarter 2020 was $131 million, or $0.23 per share, compared with adjusted non-GAAP net income of $762 million, or $1.31 per share, for the same prior year period. Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP measures.

Second Quarter 2020 Review

Earnings in the second quarter 2020 were lower than the same prior year period due to lower commodity prices and production volumes, partially offset by reduced operating costs. EOG adjusted quickly to the decline in commodity prices - a result of COVID-19's impact on demand - by slowing drilling activity and lowering both capital expenditures and operating costs. EOG also deferred production by delaying initial production from most new wells and shutting in production from lower-margin, existing wells across multiple basins. Deferring production volumes into higher-priced time periods is a return-based decision designed to maximize net present value.

As a result of EOG's actions to address the rapid change in market conditions, total company crude oil volumes were 331,100 barrels of oil per day (Bopd), 27 percent below the second quarter 2019. Natural gas liquids production was 23 percent lower and natural gas volumes were 15 percent lower, contributing to 23 percent lower total company daily production.

Net crude oil volumes associated with the shut-in of existing wells peaked at approximately 107,000 Bopd in May, with an average of approximately 73,000 Bopd shut in during the second quarter. The company estimates that approximately 25,000 Bopd will remain shut-in on average during the third quarter 2020. EOG began to return shut-in volumes to production in June, and expects nearly all shut-in wells to begin production before the end of the third quarter. EOG also deferred initial production from most new wells until late June, with ten net new wells contributing less than 1,000 Bopd of production in the second quarter. EOG continues to closely monitor market conditions and retains flexibility to adjust its plans in response to changes in commodity prices.

Lease and well, transportation, and gathering and processing costs each declined in the second quarter compared with the prior year period. Lease and well costs were the largest contributor to the overall cost reduction and were down eight percent on a per-unit basis. Sustainable efficiency improvements and service cost reductions contributed to the savings. These factors also contributed to an improved well cost reduction target of 12 percent for 2020, an increase from the forecast at the start of the year of eight percent.

During the second quarter, EOG received net cash from settlements of financial commodity derivative contracts of $639 million. The company also elected to sell a portion of its crude oil production in May and June under fixed-price agreements to further limit its exposure to commodity price volatility. This contributed to lower average crude oil prices compared with the prior year period and reduced revenues from gathering, processing and marketing relative to marketing costs.

Net cash provided by operating activities was $88 million. Changes in working capital and other assets and liabilities generated a net cash outflow of $1.0 billion in the second quarter 2020 and a net cash inflow of $0.2 billion in the first six months of 2020. Excluding changes in working capital and certain other items, EOG generated $672 million of discretionary cash flow in the second quarter 2020. The company incurred total expenditures of $534 million, including $478 million of capital expenditures before acquisitions, non-cash transactions and asset retirement costs, resulting in $194 million of free cash flow. Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP measures.

"EOG generated positive free cash flow in the second quarter, made possible by our ability to quickly reduce activity and cut operating costs in all of our operating areas in response to historically low oil prices," said William R. "Bill" Thomas, Chairman and Chief Executive Officer. "This is a testament to EOG's unique culture and the flexibility provided by a decentralized organizational structure. In addition, our focus on safety, innovation, technical advancements and continuous improvement has not wavered. Our talented employees quickly and safely adapted to these volatile conditions, and I want to thank them for their dedication and commitment to EOG.

"Going forward, we will remain flexible and ready to respond to changes in market conditions with the goal of maximizing long-term shareholder value. Our priorities are unchanged: generate high returns on any capital invested and generate free cash flow to fund the dividend and protect our strong balance sheet. The sustainable improvements we are making across the company will support improved capital efficiency in the future, enabling EOG to maintain production at lower oil prices. We are confident EOG will emerge from the downturn an even better company."

Trinidad Exploration Success

EOG announced significant discoveries from its drilling campaign in Trinidad that have estimated gross resource potential of up to 1.0 trillion cubic feet of natural gas, or 500 billion cubic feet, net to EOG. The discoveries are based on results from four wells drilled in the past year located on three different blocks in shallow water off the southeast coast of Trinidad. The discoveries will support the installation of two new production platforms and development programs for the next three to five years. EOG plans to drill two additional wells over the remainder of 2020. Additional resource potential could be confirmed through further evaluation of the discovery wells and subsequent development. The exploration success supports EOG's long-term strategy in Trinidad of generating high returns and strong free cash flow through low-cost operations and targeted exploration.

Financial Review

EOG retains exceptional financial flexibility, with strong investment-grade credit ratings, low leverage ratios and ample liquidity. At June 30, 2020, total debt outstanding was $5.7 billion for a debt-to-total capitalization ratio of 22 percent. Considering $2.4 billion of cash on the balance sheet at the end of the second quarter, EOG's net debt was $3.3 billion for a net debt-to-total capitalization ratio of 14 percent. EOG's liquidity is further enhanced by $2.0 billion of availability under its senior unsecured revolving credit agreement as of June 30, 2020. For a reconciliation of non-GAAP measures to GAAP measures, please refer to the attached tables.

On April 1, 2020, EOG repaid, with cash on hand, the $500 million aggregate principal amount of its 2.45% Senior Notes due 2020 that matured on that date. In addition, on April 14, 2020, EOG closed its offering of $750 million aggregate principal amount of its 4.375% Senior Notes due 2030 and $750 million aggregate principal amount of its 4.950% Senior Notes due 2050. EOG received aggregate net proceeds from the sale, after deducting underwriting discounts and offering expenses, of approximately $1.48 billion. On June 1, 2020, EOG repaid, with cash on hand, the $500 million aggregate principal amount of its 4.40% Senior Notes due 2020 that matured on that date.

During the second quarter, EOG entered into offsetting contracts to lock-in the value of outstanding crude oil NYMEX WTI price swap contracts and other financial commodity derivative contracts effective from June through December 2020. As of June 30, EOG expects to receive net cash payments of $360 million from the settlement of these contracts over the remainder of 2020.

Second Quarter 2020 Results Webcast Friday, August 7, 2020, 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, Trinidad, and China. To learn more visit www.eogresources.com.

Investor Contacts David Streit 713-571-4902 Neel Panchal 713-571-4884

Media and Investor Contact Kimberly Ehmer 713-571-4676

Category: Earnings

This press release 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, returns, budgets, reserves, levels of production, capital expenditures, 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," "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 returns, replace or increase drilling locations, reduce or otherwise control operating costs and capital expenditures, generate cash flows, pay down or refinance indebtedness or pay and/or increase 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. Furthermore, this press release and any accompanying disclosures may include or reference certain forward-looking, non-GAAP financial measures, such as free cash flow or discretionary cash flow, and certain related estimates regarding future performance, results and financial position. 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 impairments and future changes in working capital. 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. 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. 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, extent and duration of changes in prices for, supplies of, 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 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, operating and capital costs related to, and (iv) maximize reserve recovery from, its existing and future crude oil and natural gas exploration and development projects and associated potential and existing drilling locations;

-- the extent to which EOG is successful in its efforts to market its crude oil and condensate, natural gas liquids, natural gas and related commodity production;

-- 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;

-- the availability, proximity and capacity of, and costs associated with, appropriate gathering, processing, compression, storage, transportation and refining 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; climate change and other environmental, health and safety laws and regulations relating to air emissions, disposal of produced water, drilling fluids and other wastes, hydraulic fracturing and access to and use of water; laws and regulations imposing conditions or restrictions on drilling and completion operations and on the transportation of crude oil and natural gas; laws and regulations with respect to derivatives and hedging activities; and laws and regulations with respect to the import and export of crude oil, natural gas and related commodities;

-- 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 drilling, completing and operating 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 the acquisition of licenses, leases and properties, employees and other personnel, facilities, equipment, materials and services;

-- the availability and cost of employees and other personnel, facilities, equipment, materials (such as water 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, including its impact on crude oil and natural gas demand, and weather-related delays in drilling and in the installation and operation (by EOG or third parties) of production, gathering, processing, refining, compression, storage 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 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 duration and economic and financial impact of epidemics, pandemics or other public health issues, including the COVID-19 pandemic;

-- 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 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; and

-- the other factors described under ITEM 1A, Risk Factors, on pages 13 through 23 of EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 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.

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 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, 2019, 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.

Income Statements

In thousands of USD, except per share data (Unaudited)
                                                       2Q 2020       2Q 2019     YTD 2020      YTD 2019
Operating Revenues and Other
Crude Oil and Condensate                               614,627       2,528,866   2,680,125     4,729,269
Natural Gas Liquids                                    93,909        186,374     254,444       405,012
Natural Gas                                            141,696       269,892     351,460       604,864
Gains (Losses) on Mark-to-Market Commodity Derivative  (126,362)     177,300     1,079,411     156,720
Contracts
Gathering, Processing and Marketing                    362,786       1,501,386   1,401,432     2,787,040
Gains on Asset Dispositions, Net                       13,233        8,009       29,693        4,173
Other, Net                                             3,485         25,803      24,501        69,194
Total                                                  1,103,374     4,697,630   5,821,066     8,756,272
Operating Expenses
Lease and Well                                         245,346       347,281     575,005       683,572
Transportation Costs                                   151,728       174,101     360,024       350,623
Gathering and Processing Costs                         96,767        112,643     225,249       223,938
Exploration Costs                                      27,283        32,522      66,960        68,846
Dry Hole Costs                                         87            3,769       459           3,863
Impairments                                            305,415       112,130     1,878,350     184,486
Marketing Costs                                        444,444       1,500,915   1,553,437     2,770,972
Depreciation, Depletion and Amortization               706,679       957,304     1,706,739     1,836,899
General and Administrative                             131,855       121,780     246,128       228,452
Taxes Other Than Income                                80,319        204,414     237,679       397,320
Total                                                  2,189,923     3,566,859   6,850,030     6,748,971
Operating Income (Loss)                                (1,086,549)   1,130,771   (1,028,964)   2,007,301
Other Income (Expense), Net                            (4,500)       8,503       13,608        14,115
Income (Loss) Before Interest Expense and Income Taxes (1,091,049)   1,139,274   (1,015,356)   2,021,416
Interest Expense, Net                                  54,213        49,908      98,903        104,814
Income (Loss) Before Income Taxes                      (1,145,262)   1,089,366   (1,114,259)   1,916,602
Income Tax Provision (Benefit)                         (235,878)     241,525     (214,688)     433,335
Net Income (Loss)                                      (909,384)     847,841     (899,571)     1,483,267
Dividends Declared per Common Share                    0.3750        0.2875      0.7500        0.5075
Net Income (Loss) Per Share
Basic                                                  (1.57)        1.47        (1.55)        2.57
Diluted                                                (1.57)        1.46        (1.55)        2.56
Average Number of Common Shares
Basic                                                  578,719       577,460     578,581       577,333
Diluted                                                578,719       580,247     578,581       580,204

Wellhead Volumes and Prices

(Unaudited)
                                                    2Q 2020 2Q 2019 % Change   YTD 2020  YTD 2019  % Change
Crude Oil and Condensate Volumes (MBbld) (A)
United States                                       330.9   454.9   -27  %     406.8     445.1     -9   %
Trinidad                                            0.1     0.6     -83  %     0.3       0.7       -57  %
Other International (B)                             0.1     0.2     -50  %     0.1       --
Total                                               331.1   455.7   -27  %     407.2     445.8     -9   %
Average Crude Oil and Condensate Prices ($/Bbl) (C)
United States                                       20.40   61.01   -67  %     36.17     58.63     -38  %
Trinidad                                            0.60    49.56   -99  %     27.75     46.62     -40  %
Other International (B)                             48.78   55.07   -11  %     53.41     57.78     -8   %
Composite                                           20.40   60.99   -67  %     36.16     58.61     -38  %
Natural Gas Liquids Volumes (MBbld) (A)
United States                                       101.2   131.1   -23  %     131.2     125.4     5    %
Other International (B)                             --      --                 --        --
Total                                               101.2   131.1   -23  %     131.2     125.4     5    %
Average Natural Gas Liquids Prices ($/Bbl) (C)
United States                                       10.20   15.63   -35  %     10.65     17.84     -40  %
Other International (B)                             --      --                 --        --
Composite                                           10.20   15.63   -35  %     10.65     17.84     -40  %
Natural Gas Volumes (MMcfd) (A)
United States                                       939     1,047   -10  %     1,039     1,025     1    %
Trinidad                                            174     273     -36  %     188       270       -30  %
Other International (B)                             34      36      -6   %     35        37        -5   %
Total                                               1,147   1,356   -15  %     1,262     1,332     -5   %
Average Natural Gas Prices ($/Mcf) (C)
United States                                       1.11    1.98    -44  %     1.32      2.37      -44  %
Trinidad                                            2.13    2.69    -21  %     2.15      2.80      -23  %
Other International (B)                             4.36    4.25    2    %     4.34      4.31      1    %
Composite                                           1.36    2.19    -38  %     1.53      2.51      -39  %
Crude Oil Equivalent Volumes (MBoed) (D)
United States                                       588.5   760.4   -23  %     711.1     741.3     -4   %
Trinidad                                            29.2    46.1    -37  %     31.6      45.6      -31  %
Other International (B)                             5.7     6.3     -10  %     6.1       6.4       -5   %
Total                                               623.4   812.8   -23  %     748.8     793.3     -6   %
Total MMBoe (D)                                     56.7    74.0    -23  %     136.3     143.6     -5   %
(A) Thousand barrels per day or million cubic feet per day, as applicable.
(B) Other International includes EOG's China and Canada operations.
(C) Dollars per barrel or per thousand cubic feet, as applicable.  Excludes the impact of financial commodity derivative instruments (see Note 12 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2020).
(D) Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas.  Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas.  MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.

Balance Sheets

In thousands of USD, except per share data (Unaudited)
                                                                           June 30,       December 31,
                                                                           2020           2019
Current Assets
Cash and Cash Equivalents                                                  2,416,501      2,027,972
Accounts Receivable, Net                                                   943,354        2,001,658
Inventories                                                                676,580        767,297
Assets from Price Risk Management Activities                               207,019        1,299
Income Taxes Receivable                                                    196,958        151,665
Other                                                                      156,979        323,448
Total                                                                      4,597,391      5,273,339
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)                         64,406,245     62,830,415
Other Property, Plant and Equipment                                        4,665,815      4,472,246
Total Property, Plant and Equipment                                        69,072,060     67,302,661
Less:  Accumulated Depreciation, Depletion and Amortization                (39,838,595)   (36,938,066)
Total Property, Plant and Equipment, Net                                   29,233,465     30,364,595
Deferred Income Taxes                                                      1,846          2,363
Other Assets                                                               1,388,969      1,484,311
Total Assets                                                               35,221,671     37,124,608
Current Liabilities
Accounts Payable                                                           1,281,166      2,429,127
Accrued Taxes Payable                                                      193,763        254,850
Dividends Payable                                                          217,004        166,273
Liabilities from Price Risk Management Activities                          --             20,194
Current Portion of Long-Term Debt                                          21,121         1,014,524
Current Portion of Operating Lease Liabilities                             252,642        369,365
Other                                                                      188,685        232,655
Total                                                                      2,154,381      4,486,988
Long-Term Debt                                                             5,703,141      4,160,919
Other Liabilities                                                          2,138,696      1,789,884
Deferred Income Taxes                                                      4,837,896      5,046,101
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 582,386,649   205,824        205,822
Shares Issued at June 30, 2020 and 582,213,016 Shares Issued at December
31, 2019
Additional Paid in Capital                                                 5,886,298      5,817,475
Accumulated Other Comprehensive Loss                                       (6,130)        (4,652)
Retained Earnings                                                          14,312,493     15,648,604
Common Stock Held in Treasury, 142,025 Shares at June 30, 2020 and 298,820 (10,928)       (26,533)
Shares at December 31, 2019
Total Stockholders' Equity                                                 20,387,557     21,640,716
Total Liabilities and Stockholders' Equity                                 35,221,671     37,124,608

Cash Flows Statements

In thousands of USD (Unaudited)
                                                              2Q 2020       2Q 2019       YTD 2020      YTD 2019
Cash Flows from Operating Activities
Reconciliation of Net Income (Loss) to Net Cash Provided by
Operating Activities:
Net Income (Loss)                                             (909,384)     847,841       (899,571)     1,483,267
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization                      706,679       957,304       1,706,739     1,836,899
Impairments                                                   305,415       112,130       1,878,350     184,486
Stock-Based Compensation Expenses                             39,571        38,566        79,643        77,653
Deferred Income Taxes                                         (252,466)     217,970       (207,692)     324,294
Gains on Asset Dispositions, Net                              (13,233)      (8,009)       (29,693)      (4,173)
Other, Net                                                    8,986         2,487         171           5,439
Dry Hole Costs                                                87            3,769         459           3,863
Mark-to-Market Commodity Derivative Contracts
Total (Gains) Losses                                          126,362       (177,300)     (1,079,411)   (156,720)
Net Cash Received from Settlements of Commodity               639,388       10,444        723,761       31,290
Derivative Contracts
Other, Net                                                    (365)         663           (720)         1,639
Changes in Components of Working Capital and Other Assets and
Liabilities
Accounts Receivable                                           469,294       239,250       1,191,457     (69,746)
Inventories                                                   (18,095)      7,720         84,575        (11,259)
Accounts Payable                                              (1,618,276)   (67,229)      (1,184,718)   126,853
Accrued Taxes Payable                                         (6,482)       (61,718)      (61,087)      53,280
Other Assets                                                  194,682       494,322       252,978       487,387
Other Liabilities                                             1,675         (4,014)       (64,403)      (58,106)
Changes in Components of Working Capital Associated with      414,236       72,347        282,154       (22,034)
Investing and Financing Activities
Net Cash Provided by Operating Activities                     88,074        2,686,543     2,672,992     4,294,312
Investing Cash Flows
Additions to Oil and Gas Properties                           (423,982)     (1,507,024)   (1,990,033)   (3,446,497)
Additions to Other Property, Plant and Equipment              (24,591)      (55,918)      (147,366)     (116,881)
Proceeds from Sales of Assets                                 17,567        2,593         43,368        17,642
Changes in Components of Working Capital Associated with      (414,236)     (72,325)      (282,154)     22,056
Investing Activities
Net Cash Used in Investing Activities                         (845,242)     (1,632,674)   (2,376,185)   (3,523,680)
Financing Cash Flows
Long-Term Debt Borrowings                                     1,483,852     --            1,483,852     --
Long-Term Debt Repayments                                     (1,000,000)   (900,000)     (1,000,000)   (900,000)
Dividends Paid                                                (217,042)     (127,135)     (384,100)     (254,681)
Treasury Stock Purchased                                      (402)         (2,155)       (5,057)       (8,403)
Proceeds from Stock Options Exercised and Employee Stock      8,548         8,292         8,614         8,695
Purchase Plan
Debt Issuance Costs                                           (2,635)       (4,902)       (2,635)       (4,902)
Repayment of Finance Lease Liabilities                        (4,824)       (3,213)       (8,445)       (6,403)
Changes in Components of Working Capital Associated with      --            (22)          --            (22)
Financing Activities
Net Cash Provided by (Used in) Financing Activities           267,497       (1,029,135)   92,229        (1,165,716)
Effect of Exchange Rate Changes on Cash                       (680)         (59)          (507)         (65)
Increase (Decrease) in Cash and Cash Equivalents              (490,351)     24,675        388,529       (395,149)
Cash and Cash Equivalents at Beginning of Period              2,906,852     1,135,810     2,027,972     1,555,634
Cash and Cash Equivalents at End of Period                    2,416,501     1,160,485     2,416,501     1,160,485

Non-GAAP Financial Measures

To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), EOG's quarterly earnings releases and related conference calls, accompanying investor presentation slides and presentation slides for investor conferences contain certain financial measures that are not prepared or presented in accordance with GAAP.   These non-GAAP financial measures may include, but are not limited to, Adjusted Net Income (Loss), Discretionary Cash Flow, Free Cash Flow, Adjusted EBITDAX, Net Debt and related statistics.
A reconciliation of each of these measures to their most directly comparable GAAP financial measure is included in the tables below and can also be found in the "Reconciliations & Guidance" section of the "Investors" page of the EOG website at www.eogresources.com.
EOG believes these measures may be useful to investors who follow the practice of some industry analysts who make certain adjustments to GAAP measures (for example, to exclude non-recurring items) to facilitate comparisons to others in EOG's industry, and who utilize non-GAAP measures in their calculations of certain statistics (for example, return on capital employed and return on equity) used to evaluate EOG's performance.
EOG believes that the non-GAAP measures presented, when viewed in combination with its financial and operating results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the company's performance. EOG uses these non-GAAP measures for purposes of (i) comparing EOG's financial and operating performance with the financial and operating performance of other companies in the industry and (ii) analyzing EOG's financial and operating performance across periods.
The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG's reported Net Income (Loss), Total Debt, Net Cash Provided by Operating Activities and other financial results calculated in accordance with GAAP. The non-GAAP measures presented should be read in conjunction with EOG's consolidated financial statements prepared in accordance with GAAP.
In addition, because not all companies use identical calculations, EOG's presentation of non-GAAP measures may not be comparable to, and may be calculated differently from, similarly titled measures disclosed by other companies, including its peer companies. EOG may also change the calculation of one or more of its non-GAAP measures from time to time - for example, to account for changes in its business and operations or to more closely conform to peer company or industry analysts' practices.

Adjusted Net Income (Loss)

In thousands of USD, except per share data (Unaudited)
                                                                     2Q 2020
                                                                     Before        Income Tax  After       Diluted
                                                                     Tax           Impact      Tax         Earnings
                                                                                                           per Share
Reported Net Loss (GAAP)                                             (1,145,262)   235,878     (909,384)   (1.57)
Adjustments:
(Gains) Losses on Mark-to-Market Commodity Derivative Contracts      126,362       (27,734)    98,628      0.17
Net Cash Received from Settlements of Commodity Derivative Contracts 639,388       (140,333)   499,055     0.86
Less: Gains on Asset Dispositions, Net                               (13,233)      2,930       (10,303)    (0.02)
Add: Certain Impairments                                             239,167       (48,351)    190,816     0.33
Adjustments to Net Loss                                              991,684       (213,488)   778,196     1.34
Adjusted Net Loss (Non-GAAP)                                         (153,578)     22,390      (131,188)   (0.23)
Average Number of Common Shares (GAAP)
Basic                                                                                                      578,719
Diluted                                                                                                    578,719
Average Number of Common Shares (Non-GAAP)
Basic                                                                                                      578,719
Diluted                                                                                                    578,719
                                                                     2Q 2019
                                                                     Before        Income Tax  After       Diluted
                                                                     Tax           Impact      Tax         Earnings
                                                                                                           per Share
Reported Net Income (GAAP)                                           1,089,366     (241,525)   847,841     1.46
Adjustments:
(Gains) Losses on Mark-to-Market Commodity Derivative Contracts      (177,300)     38,930      (138,370)   (0.24)
Net Cash Received from Settlements of Commodity Derivative Contracts 10,444        (2,276)     8,168       0.01
Less: Gains on Asset Dispositions, Net                               (8,009)       1,734       (6,275)     (0.01)
Add: Certain Impairments                                             65,289        (14,311)    50,978      0.09
Adjustments to Net Income                                            (109,576)     24,077      (85,499)    (0.15)
Adjusted Net Income (Non-GAAP)                                       979,790       (217,448)   762,342     1.31
Average Number of Common Shares (GAAP)
Basic                                                                                                      577,460
Diluted                                                                                                    580,247
Average Number of Common Shares (Non-GAAP)                                                                 577,460
Basic                                                                                                      580,247
Diluted

Adjusted Net Income (Loss)

In thousands of USD, except per share data (Unaudited)
                                                                     YTD 2020
                                                                     Before        Income Tax  After       Diluted
                                                                     Tax           Impact      Tax         Earnings
                                                                                                           per Share
Reported Net Loss (GAAP)                                             (1,114,259)   214,688     (899,571)   (1.55)
Adjustments:
Gains Mark-to-Market Commodity Derivative Contracts                  (1,079,411)   236,909     (842,502)   (1.47)
Net Cash Received from Settlements of Commodity Derivative Contracts 723,761       (158,851)   564,910     0.98
Less: Gains on Asset Dispositions, Net                               (29,693)      6,543       (23,150)    (0.04)
Add: Certain Impairments                                             1,755,483     (368,324)   1,387,159   2.40
Adjustments to Net Loss                                              1,370,140     (283,723)   1,086,417   1.87
Adjusted Net Income (Non-GAAP)                                       255,881       (69,035)    186,846     0.32
Average Number of Common Shares (GAAP)
Basic                                                                                                      578,581
Diluted                                                                                                    578,581
Average Number of Common Shares (Non-GAAP)
Basic                                                                                                      578,581
Diluted                                                                                                    580,179
                                                                     YTD 2019
                                                                     Before        Income Tax  After       Diluted
                                                                     Tax           Impact      Tax         Earnings
                                                                                                           per Share
Reported Net Income (GAAP)                                           1,916,602     (433,335)   1,483,267   2.56
Adjustments:
Gains on Mark-to-Market Commodity Derivative Contracts               (156,720)     34,397      (122,323)   (0.21)
Net Cash Received from Settlements of Commodity Derivative Contracts 31,290        (6,868)     24,422      0.04
Less: Gains on Asset Dispositions, Net                               (4,173)       998         (3,175)     (0.01)
Add: Certain Impairments                                             89,034        (19,541)    69,493      0.12
Adjustments to Net Income                                            (40,569)      8,986       (31,583)    (0.06)
Adjusted Net Income (Non-GAAP)                                       1,876,033     (424,349)   1,451,684   2.50
Average Number of Common Shares (GAAP)
Basic                                                                                                      577,333
Diluted                                                                                                    580,204
Average Number of Common Shares (Non-GAAP)
Basic                                                                                                      577,333
Diluted                                                                                                    580,204

Discretionary Cash Flow and Free Cash Flow

In thousands of USD (Unaudited)
                                                                          2Q 2020              2Q 2019               YTD 2020               YTD 2019
Net Cash Provided by Operating Activities (GAAP)                          88,074               2,686,543             2,672,992              4,294,312
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)           20,484               26,089                52,966                 55,876
Other Non-Current Income Taxes - Net Receivable                           --                   42,764                112,704                145,682
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable                                                       (469,294)            (239,250)             (1,191,457)            69,746
Inventories                                                               18,095               (7,720)               (84,575)               11,259
Accounts Payable                                                          1,618,276            67,229                1,184,718              (126,853)
Accrued Taxes Payable                                                     6,482                61,718                61,087                 (53,280)
Other Assets                                                              (194,682)            (494,322)             (252,978)              (487,387)
Other Liabilities                                                         (1,675)              4,014                 64,403                 58,106
Changes in Components of Working Capital Associated with Investing and    (414,236)            (72,347)              (282,154)              22,034
Financing Activities
Discretionary Cash Flow (Non-GAAP)                                        671,524              2,074,718             2,337,706              3,989,495
Discretionary Cash Flow (Non-GAAP) - Percentage Decrease                  -68               %                        -41                 %
Discretionary Cash Flow (Non-GAAP)                                        671,524              2,074,718             2,337,706              3,989,495
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)        (477,616)            (1,595,726)           (2,162,336)            (3,328,202)
Free Cash Flow (Non-GAAP) (b)                                             193,908              478,992               175,370                661,293
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) for the three-month and six-month periods ended June 30, 2020 and 2019:
Total Expenditures (GAAP)                                                 534,411              1,663,127             2,360,189              3,765,046
Less:
Asset Retirement Costs                                                    (5,955)              (55,425)              (25,563)               (60,581)
Non-Cash Expenditures of Other Property, Plant and Equipment              (60)                 (586)                 (60)                   (586)
Non-Cash Acquisition Costs of Unproved Properties                         (23,243)             (10,240)              (47,731)               (53,721)
Non-Cash Finance Leases                                                   (24,319)             --                    (73,277)               --
Acquisition Costs of Proved Properties                                    (3,218)              (1,150)               (51,222)               (321,956)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)            477,616              1,595,726             2,162,336              3,328,202
(b) To better align the presentation of free cash flow for comparative purposes within the industry, free cash flow excludes dividends paid (GAAP) as a reconciling item for the three-month and six-month periods ending June 30, 2020.  The comparative prior periods shown have been revised to conform to this presentation.
Maintenance Capital Expenditures
The capital expenditures required to fund drilling and infrastructure requirements to keep U.S. oil production in 2021 flat relative to anticipated 4Q 2020 U.S. oil production.

Discretionary Cash Flow and Free Cash Flow

In thousands of USD (Unaudited)
                                                                          FY 2019                  FY 2018                  FY 2017
Net Cash Provided by Operating Activities (GAAP)                          8,163,180                7,768,608                4,265,336
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)           113,733                  123,986                  122,688
Other Non-Current Income Taxes - Net (Payable) Receivable                 238,711                  148,993                  (513,404)
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable                                                       91,792                   368,180                  392,131
Inventories                                                               (90,284)                 395,408                  174,548
Accounts Payable                                                          (168,539)                (439,347)                (324,192)
Accrued Taxes Payable                                                     (40,122)                 92,461                   63,937
Other Assets                                                              (358,001)                125,435                  658,609
Other Liabilities                                                         56,619                   (10,949)                 89,871
Changes in Components of Working Capital Associated with Investing and    115,061                  (301,083)                (89,992)
Financing Activities
Discretionary Cash Flow (Non-GAAP)                                        8,122,150                8,271,692                4,839,532
Discretionary Cash Flow (Non-GAAP) - Percentage Increase (Decrease)       -2                   %   71                   %
Discretionary Cash Flow (Non-GAAP)                                        8,122,150                8,271,692                4,839,532
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)        (6,234,454)              (6,172,950)              (4,228,859)
Free Cash Flow (Non-GAAP) (b)                                             1,887,696                2,098,742                610,673
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) for the twelve-month periods ended December 31, 2019, 2018 and 2017:
Total Expenditures (GAAP)                                                 6,900,450                6,706,359                4,612,746
Less:
Asset Retirement Costs                                                    (186,088)                (69,699)                 (55,592)
Non-Cash Expenditures of Other Property, Plant and Equipment              (2,266)                  (49,484)                 --
Non-Cash Acquisition Costs of Unproved Properties                         (97,704)                 (290,542)                (255,711)
Acquisition Costs of Proved Properties                                    (379,938)                (123,684)                (72,584)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)            6,234,454                6,172,950                4,228,859
(b) To better align the presentation of free cash flow for comparative purposes within the industry, free cash flow excludes dividends paid (GAAP) as a reconciling item for the twelve-month period ending December 31, 2019.  The comparative prior periods shown have been revised to conform to this presentation.

Discretionary Cash Flow and Free Cash Flow

In thousands of USD (Unaudited)
                                                                          FY 2014                        FY 2013                        FY 2012
Net Cash Provided by Operating Activities (GAAP)                          8,649,155                      7,329,414                      5,236,777
Adjustments:
Exploration Costs (excluding Stock-Based Compensation Expenses)           157,453                        134,531                        159,182
Excess Tax Benefits from Stock-Based Compensation                         99,459                         55,831                         67,035
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable                                                       (84,982)                       23,613                         178,683
Inventories                                                               161,958                        (53,402)                       156,762
Accounts Payable                                                          (543,630)                      (178,701)                      17,150
Accrued Taxes Payable                                                     (16,486)                       (75,142)                       (78,094)
Other Assets                                                              14,448                         109,567                        118,520
Other Liabilities                                                         (75,420)                       20,382                         (36,114)
Changes in Components of Working Capital Associated with Investing and    103,414                        51,361                         (74,158)
Financing Activities
Discretionary Cash Flow (Non-GAAP)                                        8,465,369                      7,417,454                      5,745,743
Discretionary Cash Flow (Non-GAAP) - Percentage Increase                  14                          %  29                          %
Discretionary Cash Flow (Non-GAAP)                                        8,465,369                      7,417,454                      5,745,743
Less:
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a)        (8,292,090)                    (7,101,791)                    (7,539,994)
Free Cash Flow (Non-GAAP) (b)                                             173,279                        315,663                        (1,794,251)
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) for the twelve-month periods ended December 31, 2014, 2013 and 2012:
Total Expenditures (GAAP)                                                 8,631,906                      7,361,457                      7,753,828
Less:
Asset Retirement Costs                                                    (195,630)                      (134,445)                      (126,987)
Non-Cash Expenditures of Other Property, Plant and Equipment              --                             --                             (65,791)
Non-Cash Acquisition Costs of Unproved Properties                         (5,085)                        (5,007)                        (20,317)
Acquisition Costs of Proved Properties                                    (139,101)                      (120,214)                      (739)
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP)            8,292,090                      7,101,791                      7,539,994
(b) To better align the presentation of free cash flow for comparative purposes within the industry, the presentation of free cash flow for the comparative prior periods shown has been revised to exclude dividends paid (GAAP) as a reconciling item.

Total Expenditures

In millions of USD (Unaudited)
                                               2Q 2020  2Q 2019 FY 2019 FY 2018 FY 2017
Exploration and Development Drilling           381      1,290   4,951   4,935   3,132
Facilities                                     31       174     629     625     575
Leasehold Acquisitions                         30       38      276     488     427
Property Acquisitions                          3        1       380     124     73
Capitalized Interest                           8        11      38      24      27
Subtotal                                       453      1,514   6,274   6,196   4,234
Exploration Costs                              27       33      140     149     145
Dry Hole Costs                                 --       4       28      5       5
Exploration and Development Expenditures       480      1,551   6,442   6,350   4,384
Asset Retirement Costs                         5        56      186     70      56
Total Exploration and Development Expenditures 485      1,607   6,628   6,420   4,440
Other Property, Plant and Equipment            49       56      272     286     173
Total Expenditures                             534      1,663   6,900   6,706   4,613

EBITDAX and Adjusted EBITDAX

In thousands of USD (Unaudited)
                                                                     2Q 2020         2Q 2019        YTD 2020        YTD 2019
Net Income (Loss) (GAAP)                                             (909,384)       847,841        (899,571)       1,483,267
Adjustments:
Interest Expense, Net                                                54,213          49,908         98,903          104,814
Income Tax Provision (Benefit)                                       (235,878)       241,525        (214,688)       433,335
Depreciation, Depletion and Amortization                             706,679         957,304        1,706,739       1,836,899
Exploration Costs                                                    27,283          32,522         66,960          68,846
Dry Hole Costs                                                       87              3,769          459             3,863
Impairments                                                          305,415         112,130        1,878,350       184,486
EBITDAX (Non-GAAP)                                                   (51,585)        2,244,999      2,637,152       4,115,510
(Gains) Losses on MTM Commodity Derivative Contracts                 126,362         (177,300)      (1,079,411)     (156,720)
Net Cash Received from Settlements of Commodity Derivative Contracts 639,388         10,444         723,761         31,290
Less:  Gains on Asset Dispositions, Net                              (13,233)        (8,009)        (29,693)        (4,173)
Adjusted EBITDAX (Non-GAAP)                                          700,932         2,070,134      2,251,809       3,985,907
Adjusted EBITDAX (Non-GAAP) - Percentage Decrease                    -66          %                 -44          %
Definitions
EBITDAX - Earnings Before Interest Expense; Income Taxes; Depreciation, Depletion and Amortization; Exploration Costs; Dry Hole Costs; and Impairments

Net Debt-to-Total Capitalization Ratio

In millions of USD, except ratio data (Unaudited)
                                                  June 30,      March 31,     December 31,  September 30,  June 30,      March 31,
                                                  2020          2020          2019          2019           2019          2019
Total Stockholders' Equity - (a)                  20,388        21,471        21,641        21,124         20,630        19,904
Current and Long-Term Debt (GAAP) - (b)           5,724         5,222         5,175         5,177          5,179         6,081
Less: Cash                                        (2,417)       (2,907)       (2,028)       (1,583)        (1,160)       (1,136)
Net Debt (Non-GAAP) - (c)                         3,307         2,315         3,147         3,594          4,019         4,945
Total Capitalization (GAAP) - (a) + (b)           26,112        26,693        26,816        26,301         25,809        25,985
Total Capitalization (Non-GAAP) - (a) + (c)       23,695        23,786        24,788        24,718         24,649        24,849
Debt-to-Total Capitalization (GAAP) - (b) /       22      %     20      %     19      %     20      %      20      %     23      %
[(a) + (b)]
Net Debt-to-Total Capitalization (Non-            14      %     10      %     13      %     15      %      16      %     20      %
GAAP) - (c) / [(a) + (c)]

Net Debt-to-Total Capitalization Ratio

In millions of USD, except ratio data (Unaudited)
                                                                December 31,        September 30,  June 30,      March 31,
                                                                2018                2018           2018          2018
Total Stockholders' Equity - (a)                                19,364              18,538         17,452        16,841
Current and Long-Term Debt (GAAP) - (b)                         6,083               6,435          6,435         6,435
Less: Cash                                                      (1,556)             (1,274)        (1,008)       (816)
Net Debt (Non-GAAP) - (c)                                       4,527               5,161          5,427         5,619
Total Capitalization (GAAP) - (a) + (b)                         25,447              24,973         23,887        23,276
Total Capitalization (Non-GAAP) - (a) + (c)                     23,891              23,699         22,879        22,460
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]         24               %  26      %      27      %     28     %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] 19               %  22      %      24      %     25     %

Net Debt-to-Total Capitalization Ratio

In millions of USD, except ratio data (Unaudited)
                                                                December 31,        September 30,  June 30,      March 31,
                                                                2017                2017           2017          2017
Total Stockholders' Equity - (a)                                16,283              13,922         13,902        13,928
Current and Long-Term Debt (GAAP) - (b)                         6,387               6,387          6,987         6,987
Less: Cash                                                      (834)               (846)          (1,649)       (1,547)
Net Debt (Non-GAAP) - (c)                                       5,553               5,541          5,338         5,440
Total Capitalization (GAAP) - (a) + (b)                         22,670              20,309         20,889        20,915
Total Capitalization (Non-GAAP) - (a) + (c)                     21,836              19,463         19,240        19,368
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]         28               %  31     %       33      %     33      %
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] 25               %  28     %       28      %     28      %

Net Debt-to-Total Capitalization Ratio

In millions of USD, except ratio data (Unaudited)
                                                   December 31,        September 30,  June 30,     March 31,    December 31,
                                                   2016                2016           2016         2016         2015
Total Stockholders' Equity - (a)                   13,982              11,798         12,057       12,405       12,943
Current and Long-Term Debt (GAAP) - (b)            6,986               6,986          6,986        6,986        6,660
Less: Cash                                         (1,600)             (1,049)        (780)        (668)        (719)
Net Debt (Non-GAAP) - (c)                          5,386               5,937          6,206        6,318        5,941
Total Capitalization (GAAP) - (a) + (b)            20,968              18,784         19,043       19,391       19,603
Total Capitalization (Non-GAAP) - (a) + (c)        19,368              17,735         18,263       18,723       18,884
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + 33               %  37      %      37     %     36     %     34     %
(b)]
Net Debt-to-Total Capitalization (Non-GAAP) -      28               %  33      %      34     %     34     %     31     %
(c) / [(a) + (c)]

Reserve Replacement Cost Data

In millions of USD, except reserves and ratio data (Unaudited)
                                                               2019      2018      2017      2016        2015      2014
Total Costs Incurred in Exploration and Development            6,628.2   6,419.7   4,439.4   6,445.2     4,928.3   7,904.8
Activities (GAAP)
Less:  Asset Retirement Costs                                  (186.1)   (69.7)    (55.6)    19.9        (53.5)    (195.6)
Non-Cash Acquisition Costs of Unproved                         (97.7)    (290.5)   (255.7)   (3,101.8)   --        --
Properties
Acquisition Costs of Proved Properties                         (379.9)   (123.7)   (72.6)    (749.0)     (480.6)   (139.1)
Total Exploration and Development Expenditures for             5,964.5   5,935.8   4,055.5   2,614.3     4,394.2   7,570.1
Drilling Only (Non-GAAP) - (a)
Total Costs Incurred in Exploration and Development            6,628.2   6,419.7   4,439.4   6,445.2     4,928.3   7,904.8
Activities (GAAP)
Less:  Asset Retirement Costs                                  (186.1)   (69.7)    (55.6)    19.9        (53.5)    (195.6)
Non-Cash Acquisition Costs of Unproved                         (97.7)    (290.5)   (255.7)   (3,101.8)   --        --
Properties
Non-Cash Acquisition Costs of Proved Properties                (52.3)    (70.9)    (26.2)    (732.3)     --        --
Total Exploration and Development Expenditures                 6,292.1   5,988.6   4,101.9   2,631.0     4,874.8   7,709.2
(Non-GAAP) - (b)
Net Proved Reserve Additions From All Sources - Oil
Equivalents (MMBoe)
Revisions Due to Price - (c)                                   (59.7)    34.8      154.0     (100.7)     (573.8)   52.2
Revisions Other Than Price                                     (0.3)     (39.5)    48.0      252.9       107.2     48.4
Purchases in Place                                             16.8      11.6      2.3       42.3        56.2      14.4
Extensions, Discoveries and Other Additions - (d)              750.0     669.7     420.8     209.0       245.9     519.2
Total Proved Reserve Additions - (e)                           706.8     676.6     625.1     403.5       (164.5)   634.2
Sales in Place                                                 (4.6)     (10.8)    (20.7)    (167.6)     (3.5)     (36.3)
Net Proved Reserve Additions From All Sources                  702.2     665.8     604.4     235.9       (168.0)   597.9
Production                                                     300.9     265.0     224.4     207.1       211.2     219.1
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)                     7.95      8.86      9.64      12.51       17.87     14.58
All-in Total, Net of Revisions - (b / e)                       8.90      8.85      6.56      6.52        (29.63)   12.16
All-in Total, Excluding Revisions Due to Price -               8.21      9.33      8.71      5.22        11.91     13.25
(b / ( e - c))

Definitions

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

Financial Commodity Derivative Contracts

EOG accounts for financial commodity derivative contracts using the mark-to-market accounting method.
ICE Brent Differential Basis Swap Contracts
Prices received by EOG for its crude oil production generally vary from NYMEX WTI prices due to adjustments for delivery location (basis) and other factors.  EOG has entered into crude oil basis swap contracts in order to fix the differential between ICE Brent pricing and pricing in Cushing, Oklahoma (ICE Brent Differential). Presented below is a comprehensive summary of EOG's ICE Brent Differential basis swap contracts through July 30, 2020. The weighted average price differential expressed in $/Bbl represents the amount of addition to Cushing, Oklahoma, prices for the notional volumes expressed in Bbld covered by the basis swap contracts.
2020                                                                                                                                                                                Volume     Weighted Average Price
                                                                                                                                                                                    (Bbld)     Differential
                                                                                                                                                                                               ($/Bbl)
May 2020 (CLOSED)                                                                                                                                                                   10,000     4.92
Houston Differential Basis Swap Contracts
EOG has also entered into crude oil basis swap contracts in order to fix the differential between pricing in Houston, Texas, and Cushing, Oklahoma (Houston Differential).  Presented below is a comprehensive summary of EOG's Houston Differential basis swap contracts through July 30, 2020.  The weighted average price differential expressed in $/Bbl represents the amount of addition to Cushing, Oklahoma, prices for the notional volumes expressed in Bbld covered by the basis swap contracts.
2020                                                                                                                                                                                Volume     Weighted Average Price
                                                                                                                                                                                    (Bbld)
                                                                                                                                                                                               Differential
                                                                                                                                                                                               ($/Bbl)
May 2020 (CLOSED)                                                                                                                                                                   10,000     1.55
Roll Differential Swap Contracts
EOG has also entered into crude oil swaps in order to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month (Roll Differential).  Presented below is a comprehensive summary of EOG's Roll Differential swap contracts through July 30, 2020.  The weighted average price differential expressed in $/Bbl represents the amount of net addition (reduction) to delivery month prices for the notional volumes expressed in Bbld covered by the swap contracts.
2020                                                                                                                                                                                Volume     Weighted Average Price
                                                                                                                                                                                    (Bbld)
                                                                                                                                                                                               Differential
                                                                                                                                                                                               ($/Bbl)
February 1, 2020 through June 30, 2020 (CLOSED)                                                                                                                                     10,000     0.7
July 1, 2020 through August 31, 2020 (CLOSED)                                                                                                                                       88,000     (1.16)
Sep-20                                                                                                                                                                              88,000     (1.16)
October 1, 2020 through December 31, 2020                                                                                                                                           66,000     (1.16)
In May 2020, EOG entered into crude oil Roll Differential swap contracts for the period from July 1, 2020 through September 30, 2020, with notional volumes of 22,000 Bbld at a weighted average price differential of $(0.43) per Bbl, and for the period from October 1, 2020 through December 31, 2020, with notional volumes of 44,000 Bbld at a weighted average price differential of $(0.73) per Bbl. These contracts partially offset certain outstanding Roll Differential swap contracts for the same time periods and volumes at a weighted average price differential of $(1.16) per Bbl. EOG expects to pay net cash of $3.2 million for the settlement of these contracts. The offsetting contracts were excluded from the above table.
Crude Oil NYMEX WTI Price Swap Contracts
Presented below is a comprehensive summary of EOG's crude oil NYMEX WTI price swap contracts through July 30, 2020, with notional volumes expressed in Bbld and prices expressed in $/Bbl.
2020                                                                                                                                                                                Volume     Weighted
                                                                                                                                                                                    (Bbld)
                                                                                                                                                                                               Average Price
                                                                                                                                                                                               ($/Bbl)
January 1, 2020 through March 31, 2020 (CLOSED)                                                                                                                                     200,000    59.33
April 1, 2020 through May 31, 2020 (CLOSED)                                                                                                                                         265,000    51.36
In April and May 2020, EOG entered into crude oil NYMEX WTI price swap contracts for the period from June 1, 2020 through June 30, 2020, with notional volumes of 265,000 Bbld at a weighted average price of $33.80 per Bbl, for the period from July 1, 2020 through July 31, 2020, with notional volumes of 254,000 Bbld at a weighted average price of $33.75 per Bbl, for the period from August 1, 2020 through September 30, 2020, with notional volumes of 154,000 Bbld at a weighted average price of $34.18 per Bbl and for the period from October 1, 2020 through December 31, 2020, with notional volumes of 47,000 Bbld at a weighted average price of $30.04 per Bbl. These contracts offset the remaining NYMEX WTI price swap contracts for the same time periods and volumes at a weighted average price of $51.36 per Bbl for the period from June 1, 2020 through June 30, 2020, $42.36 per Bbl for the period from July 1, 2020 through July 31, 2020, $50.42 per Bbl for the period from August 1, 2020 through September 30, 2020 and $31.00 per Bbl for the period from October 1, 2020 through December 31, 2020.  EOG expects to receive net cash of $364.0 million for the settlement of these contracts. The offsetting contracts were excluded from the above table.
Crude Oil ICE Brent Price Swap Contracts
Presented below is a comprehensive summary of EOG's crude oil ICE Brent price swap contracts through July 30, 2020, with notional volumes expressed in Bbld and prices expressed in $/Bbl.
2020                                                                                                                                                                                Volume     Weighted
                                                                                                                                                                                    (Bbld)
                                                                                                                                                                                               Average Price
                                                                                                                                                                                               ($/Bbl)
April 2020 (CLOSED)                                                                                                                                                                 75,000     25.66
May 2020 (CLOSED)                                                                                                                                                                   35,000     26.53
Mont Belvieu Propane Price Swap Contracts
Presented below is a comprehensive summary of EOG's Mont Belvieu propane (non-TET) financial price swap contracts (Mont Belvieu Propane Price Swap Contracts) through July 30, 2020, with notional volumes expressed in Bbld and prices expressed in $/Bbl.
2020                                                                                                                                                                                Volume     Weighted
                                                                                                                                                                                    (Bbld)
                                                                                                                                                                                               Average Price
                                                                                                                                                                                               ($/Bbl)
January 1, 2020 through February 29, 2020 (CLOSED)                                                                                                                                  4,000      21.34
March 1, 2020 through April 30, 2020 (CLOSED)                                                                                                                                       25,000     17.92
In April and May 2020, EOG entered into Mont Belvieu propane price swap contracts for the period from May 1, 2020 through December 31, 2020, with notional volumes of 25,000 Bbld at a weighted average price of $16.41 per Bbl.  These contracts offset the remaining Mont Belvieu propane price swap contracts for the same time period with notional volumes of 25,000 Bbld at a weighted average price of $17.92 per Bbl.  EOG expects to receive net cash of $9.2 million for the settlement of these contracts.  The offsetting contracts were excluded from the above table.
Natural Gas Price Swap Contracts
Presented below is a comprehensive summary of EOG's natural gas price swap contracts through July 30, 2020, with notional volumes expressed in MMBtud and prices expressed in $/MMBtu.
2021                                                                                                                                                                                Volume     Weighted
                                                                                                                                                                                    (MMBtud)
                                                                                                                                                                                               Average Price
                                                                                                                                                                                               ($/MMBtu)
January 1, 2021 through December 31, 2021                                                                                                                                           50,000     2.75
Natural Gas Collar Contracts
EOG has entered into natural gas collar contracts, which establish ceiling and floor prices for the sale of notional volumes of natural gas as specified in the collar contracts.  The collars require that EOG pay the difference between the ceiling price and the NYMEX Henry Hub natural gas price for the contract month (Henry Hub Index Price) in the event the Henry Hub Index Price is above the ceiling price.  The collars grant EOG the right to receive the difference between the floor price and the Henry Hub Index Price in the event the Henry Hub Index Price is below the floor price.  In March 2020, EOG executed the early termination provision granting EOG the right to terminate certain 2020 natural gas collar contracts with notional volumes of 250,000 MMBtud at a weighted average ceiling price of $2.50 per MMBtu and a weighted average floor price of $2.00 per MMBtu for the period from April 1, 2020 through July 31, 2020.  The net cash EOG received for settling these contracts was $7.8 million.  Presented below is a comprehensive summary of EOG's natural gas collar contracts through July 30, 2020, with notional volumes expressed in MMBtud and prices expressed in $/MMBtu.
2020                                                                                                                    Volume     Weighted Average   Weighted Average
                                                                                                                        (MMBtud)   Ceiling Price
                                                                                                                                   ($/MMBtu)
                                                                                                                                                      Floor Price
                                                                                                                                                      ($/MMBtu)
April 1, 2020 through July 31, 2020 (CLOSED)                                                                            250,000    2.5                2
In April 2020, EOG entered into natural gas collar contracts for the period from August 1, 2020 through October 31, 2020, with notional volumes of 250,000 MMBtud at a ceiling price of $2.50 per MMBtu and a floor price of $2.00 per MMBtu.  These contracts offset the remaining natural gas collar contracts for the same time period with notional volumes of 250,000 MMBtud at a ceiling price of $2.50 per MMBtu and a floor price of $2.00 per MMBtu.  EOG expects to receive net cash of $1.1 million for the settlement of these contracts.  The offsetting contracts were excluded from the above table.
Rockies Differential Basis Swap Contracts
Prices received by EOG for its natural gas production generally vary from NYMEX Henry Hub prices due to adjustments for delivery location (basis) and other factors.  EOG has entered into natural gas basis swap contracts in order to fix the differential between pricing in the Rocky Mountain area and NYMEX Henry Hub prices (Rockies Differential).  Presented below is a comprehensive summary of EOG's Rockies Differential basis swap contracts through July 30, 2020.  The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts.
2020                                                                                                                           Volume     Weighted Average Price Differential
                                                                                                                               (MMBtud)   ($/MMBtu)
January 1, 2020 through July 31, 2020 (CLOSED)                                                                                 30,000     0.55
August 1, 2020 through December 31, 2020                                                                                       30,000     0.55
HSC Differential Basis Swap Contracts
EOG has also entered into natural gas basis swap contracts in order to fix the differential between pricing at the Houston Ship Channel (HSC) and NYMEX Henry Hub prices (HSC Differential).  In March 2020, EOG executed the early termination provision granting EOG the right to terminate certain 2020 HSC Differential basis swaps with notional volumes of 60,000 MMBtud at a weighted average price differential of $0.05 per MMBtu for the period from April 1, 2020 through December 31, 2020.  The net cash EOG paid for settling these contracts was $0.4 million.  Presented below is a comprehensive summary of EOG's HSC Differential basis swap contracts through July 30, 2020.  The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts.
2020                                                                                                                           Volume     Weighted Average Price Differential
                                                                                                                               (MMBtud)
                                                                                                                                          ($/MMBtu)
January 1, 2020 through December 31, 2020 (CLOSED)                                                                             60,000     0.05
Waha Differential Basis Swap Contracts
EOG has also entered into natural gas basis swap contracts in order to fix the differential between pricing at the Waha Hub in West Texas and NYMEX Henry Hub prices (Waha Differential).  Presented below is a comprehensive summary of EOG's Waha Differential basis swap contracts through July 30, 2020.  The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts.
2020                                                                                                                           Volume     Weighted Average Price Differential
                                                                                                                               (MMBtud)   ($/MMBtu)
January 1, 2020 through April 30, 2020 (CLOSED)                                                                                50,000     1.4
In April 2020, EOG entered into Waha Differential basis swap contracts for the period from May 1, 2020 through December 31, 2020, with notional volumes of 50,000 MMBtud at a weighted average price differential of $0.43 per MMBtu.  These contracts offset the remaining Waha Differential basis swap contracts for the same time period with notional volumes of 50,000 MMBtud at a weighted average price differential of $1.40 per MMBtu.  EOG expects to pay net cash of $11.9 million for the settlement of these contracts.  The offsetting contracts were excluded from the above table.

Definitions

Bbld     Barrels per day
$/Bbl    Dollars per barrel
ICE      Intercontinental Exchange
MMBtud   Million British thermal units per day
$/MMBtu  Dollars per million British thermal units
NYMEX    U.S. New York Mercantile Exchange
WTI      West Texas Intermediate

Direct After-Tax Rate of Return

The calculation of our direct after-tax rate of return (ATROR) with respect to our capital expenditure program for a particular play or well is based on the estimated recoverable reserves ("net" to EOG's interest) for all wells in such play or such well (as the case may be), the estimated net present value (NPV) of the future net cash flows from such reserves (for which we utilize certain assumptions regarding future commodity prices and operating costs) and our direct net costs incurred in drilling or acquiring (as the case may be) such wells or well (as the case may be).  As such, our direct ATROR with respect to our capital expenditures for a particular play or well cannot be calculated from our consolidated financial statements.
Direct ATROR
Based on Cash Flow and Time Value of Money
- Estimated future commodity prices and operating costs
- Costs incurred to drill, complete and equip a well, including facilities
Excludes Indirect Capital
- Gathering and Processing and other Midstream
- Land, Seismic, Geological and Geophysical
Payback  12 Months on 100% Direct ATROR Wells
First Five Years  1/2 Estimated Ultimate Recovery Produced but  3/4 of NPV Captured
Return on Equity / Return on Capital Employed
Based on GAAP Accrual Accounting
Includes All Indirect Capital and Growth Capital for Infrastructure
- Eagle Ford, Bakken, Permian Facilities
- Gathering and Processing
Includes Legacy Gas Capital and Capital from Mature Wells

ROCE & ROE

In millions of USD, except ratio data (Unaudited)
                                                             2019         2018       2017
Net Interest Expense (GAAP)                                  185          245
Tax Benefit Imputed (based on 21%)                           (39)         (51)
After-Tax Net Interest Expense (Non-GAAP) - (a)              146          194
Net Income (GAAP) - (b)                                      2,735        3,419
Adjustments to Net Income, Net of Tax (See Below Detail) (1) 158          (201)
Adjusted Net Income (Non-GAAP) - (c)                         2,893        3,218
Total Stockholders' Equity - (d)                             21,641       19,364     16,283
Average Total Stockholders' Equity * - (e)                   20,503       17,824
Current and Long-Term Debt (GAAP) - (f)                      5,175        6,083      6,387
Less:  Cash                                                  (2,028)      (1,556)    (834)
Net Debt (Non-GAAP) - (g)                                    3,147        4,527      5,553
Total Capitalization (GAAP) - (d) + (f)                      26,816       25,447     22,670
Total Capitalization (Non-GAAP) - (d) + (g)                  24,788       23,891     21,836
Average Total Capitalization (Non-GAAP) * - (h)              24,340       22,864
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h)                          11.8    %    15.8    %
Non-GAAP Adjusted Net Income - [(a) + (c)] / (h)             12.5    %    14.9    %
Return on Equity (ROE)
GAAP Net Income - (b) / (e)                                  13.3    %    19.2    %
Non-GAAP Adjusted Net Income - (c) / (e)                     14.1    %    18.1    %
* Average for the current and immediately preceding year
(1) Detail of adjustments to Net Income (GAAP):
                                                             Before       Income Tax After
                                                             Tax          Impact     Tax
Year Ended December 31, 2019
Adjustments:
Add:  Mark-to-Market Commodity Derivative Contracts Impact   51           (11)       40
Add:  Impairments of Certain Assets                          275          (60)       215
Less:  Net Gains on Asset Dispositions                       (124)        27         (97)
Total                                                        202          (44)       158
Year Ended December 31, 2018
Adjustments:
Add:  Mark-to-Market Commodity Derivative Contracts Impact   (93)         20         (73)
Add:  Impairments of Certain Assets                          153          (34)       119
Less:  Net Gains on Asset Dispositions                       (175)        38         (137)
Less:  Tax Reform Impact                                     --           (110)      (110)
Total                                                        (115)        (86)       (201)

ROCE & ROE

In millions of USD, except ratio data (Unaudited)
                                                  2017       2016        2015        2014        2013
Net Interest Expense (GAAP)                       274        282         237         201         235
Tax Benefit Imputed (based on 35%)                (96)       (99)        (83)        (70)        (82)
After-Tax Net Interest Expense (Non-GAAP) - (a)   178        183         154         131         153
Net Income (Loss) (GAAP) - (b)                    2,583      (1,097)     (4,525)     2,915       2,197
Total Stockholders' Equity - (d)                  16,283     13,982      12,943      17,713      15,418
Average Total Stockholders' Equity* - (e)         15,133     13,463      15,328      16,566      14,352
Current and Long-Term Debt (GAAP) - (f)           6,387      6,986       6,655       5,906       5,909
Less:  Cash                                       (834)      (1,600)     (719)       (2,087)     (1,318)
Net Debt (Non-GAAP) - (g)                         5,553      5,386       5,936       3,819       4,591
Total Capitalization (GAAP) - (d) + (f)           22,670     20,968      19,598      23,619      21,327
Total Capitalization (Non-GAAP) - (d) + (g)       21,836     19,368      18,879      21,532      20,009
Average Total Capitalization (Non-GAAP)* - (h)    20,602     19,124      20,206      20,771      19,365
Return on Capital Employed (ROCE)
GAAP Net Income (Loss) - [(a) + (b)] / (h)        13.4   %   -4.8    %   -21.6   %   14.7    %   12.1    %
Return on Equity (ROE)
GAAP Net Income (Loss) - (b) / (e)                17.1   %   -8.1    %   -29.5   %   17.6    %   15.3    %
* Average for the current and immediately preceding year

ROCE & ROE

In millions of USD, except ratio data (Unaudited)
                                                  2012       2011       2010       2009       2008
Net Interest Expense (GAAP)                       214        210        130        101        52
Tax Benefit Imputed (based on 35%)                (75)       (74)       (46)       (35)       (18)
After-Tax Net Interest Expense (Non-GAAP) - (a)   139        136        84         66         34
Net Income (GAAP) - (b)                           570        1,091      161        547        2,437
Total Stockholders' Equity - (d)                  13,285     12,641     10,232     9,998      9,015
Average Total Stockholders' Equity* - (e)         12,963     11,437     10,115     9,507      8,003
Current and Long-Term Debt (GAAP) - (f)           6,312      5,009      5,223      2,797      1,897
Less:  Cash                                       (876)      (616)      (789)      (686)      (331)
Net Debt (Non-GAAP) - (g)                         5,436      4,393      4,434      2,111      1,566
Total Capitalization (GAAP) - (d) + (f)           19,597     17,650     15,455     12,795     10,912
Total Capitalization (Non-GAAP) - (d) + (g)       18,721     17,034     14,666     12,109     10,581
Average Total Capitalization (Non-GAAP)* - (h)    17,878     15,850     13,388     11,345     9,351
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h)               4.0    %   7.7    %   1.8    %   5.4    %   26.4   %
Return on Equity (ROE)
GAAP Net Income - (b) / (e)                       4.4    %   9.5    %   1.6    %   5.8    %   30.5   %
* Average for the current and immediately preceding year

ROCE & ROE

In millions of USD, except ratio data (Unaudited)
                                                  2007      2006      2005      2004      2003
Net Interest Expense (GAAP)                       47        43        63        63        59
Tax Benefit Imputed (based on 35%)                (16)      (15)      (22)      (22)      (21)
After-Tax Net Interest Expense (Non-GAAP) - (a)   31        28        41        41        38
Net Income (GAAP) - (b)                           1,090     1,300     1,260     625       430
Total Stockholders' Equity - (d)                  6,990     5,600     4,316     2,945     2,223
Average Total Stockholders' Equity* - (e)         6,295     4,958     3,631     2,584     1,948
Current and Long-Term Debt (GAAP) - (f)           1,185     733       985       1,078     1,109
Less:  Cash                                       (54)      (218)     (644)     (21)      (4)
Net Debt (Non-GAAP) - (g)                         1,131     515       341       1,057     1,105
Total Capitalization (GAAP) - (d) + (f)           8,175     6,333     5,301     4,023     3,332
Total Capitalization (Non-GAAP) - (d) + (g)       8,121     6,115     4,657     4,002     3,328
Average Total Capitalization (Non-GAAP)* - (h)    7,118     5,386     4,330     3,665     3,068
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h)               15.7  %   24.7  %   30.0  %   18.2  %   15.3  %
Return on Equity (ROE)
GAAP Net Income - (b) / (e)                       17.3  %   26.2  %   34.7  %   24.2  %   22.1  %
* Average for the current and immediately preceding year

ROCE & ROE

In millions of USD, except ratio data (Unaudited)
                                                  2002      2001      2000      1999      1998
Net Interest Expense (GAAP)                       60        45        61        62
Tax Benefit Imputed (based on 35%)                (21)      (16)      (21)      (22)
After-Tax Net Interest Expense (Non-GAAP) - (a)   39        29        40        40
Net Income (GAAP) - (b)                           87        399       397       569
Total Stockholders' Equity - (d)                  1,672     1,643     1,381     1,130     1,280
Average Total Stockholders' Equity* - (e)         1,658     1,512     1,256     1,205
Current and Long-Term Debt (GAAP) - (f)           1,145     856       859       990       1,143
Less:  Cash                                       (10)      (3)       (20)      (25)      (6)
Net Debt (Non-GAAP) - (g)                         1,135     853       839       965       1,137
Total Capitalization (GAAP) - (d) + (f)           2,817     2,499     2,240     2,120     2,423
Total Capitalization (Non-GAAP) - (d) + (g)       2,807     2,496     2,220     2,095     2,417
Average Total Capitalization (Non-GAAP)* - (h)    2,652     2,358     2,158     2,256
Return on Capital Employed (ROCE)
GAAP Net Income - [(a) + (b)] / (h)               4.8   %   18.2  %   20.2  %   27.0  %
Return on Equity (ROE)
GAAP Net Income - (b) / (e)                       5.2   %   26.4  %   31.6  %   47.2  %
* Average for the current and immediately preceding year

Costs per Barrel of Oil Equivalent

In thousands of USD, except Boe and per Boe amounts (Unaudited)
                                                                                                          1Q 2020       2Q 2020     YTD 2020
Cost per Barrel of Oil Equivalent (Boe) Calculation
Volume - Thousand Barrels of Oil Equivalent - (a)                                                         79,548        56,733      136,281
Crude Oil and Condensate                                                                                  2,065,498     614,627     2,680,125
Natural Gas Liquids                                                                                       160,535       93,909      254,444
Natural Gas                                                                                               209,764       141,696     351,460
Total Wellhead Revenues - (b)                                                                             2,435,797     850,232     3,286,029
Operating Costs
Lease and Well                                                                                            329,659       245,346     575,005
Transportation Costs                                                                                      208,296       151,728     360,024
Gathering and Processing Costs                                                                            128,482       96,767      225,249
General and Administrative                                                                                114,273       131,855     246,128
Taxes Other Than Income                                                                                   157,360       80,319      237,679
Interest Expense, Net                                                                                     44,690        54,213      98,903
Total Cash Operating Cost (excluding DD&A and Total Exploration Costs) - (c)                              982,760       760,228     1,742,988
Depreciation, Depletion and Amortization (DD&A)                                                           1,000,060     706,679     1,706,739
Total Operating Cost (excluding Total Exploration Costs) - (d)                                            1,982,820     1,466,907   3,449,727
Exploration Costs                                                                                         39,677        27,283      66,960
Dry Hole Costs                                                                                            372           87          459
Impairments                                                                                               1,572,935     305,415     1,878,350
Total Exploration Costs                                                                                   1,612,984     332,785     1,945,769
Less:  Certain Impairments (Non-GAAP)                                                                     (1,516,316)   (239,167)   (1,755,483)
Total Exploration Costs (Non-GAAP)                                                                        96,668        93,618      190,286
Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e)                                 2,079,488     1,560,525   3,640,013
Composite Average Wellhead Revenue per Boe - (b) / (a)                                                    30.62         14.99       24.11
Total Cash Operating Cost per Boe (excluding DD&A and Total Exploration Costs) -   (c) / (a)              12.36         13.40       12.79
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(b) / (a) - (c) / (a)]   18.26         1.59        11.32
Total Operating Cost per Boe (excluding Total Exploration Costs) - (d) / (a)                              24.93         25.86       25.31
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(b) / (a) - (d) / (a)]            5.69          (10.87)     (1.20)
Total Operating Cost  per Boe (Non-GAAP) (including Total Exploration Costs) - (e) / (a)                  26.15         27.51       26.71
Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs) - [(b) / (a) - (e) / (a)] 4.47          (12.52)     (2.60)

Costs per Barrel of Oil Equivalent

In thousands of USD, except Boe and per Boe amounts (Unaudited)
                                                                                                                   2019         2018         2017
Cost per Barrel of Oil Equivalent (Boe) Calculation
Volume - Thousand Barrels of Oil Equivalent - (a)                                                                  298,565      262,516      222,251
Crude Oil and Condensate                                                                                           9,612,532    9,517,440    6,256,396
Natural Gas Liquids                                                                                                784,818      1,127,510    729,561
Natural Gas                                                                                                        1,184,095    1,301,537    921,934
Total Wellhead Revenues - (b)                                                                                      11,581,445   11,946,487   7,907,891
Operating Costs
Lease and Well                                                                                                     1,366,993    1,282,678    1,044,847
Transportation Costs                                                                                               758,300      746,876      740,352
Gathering and Processing Costs                                                                                     479,102      436,973      148,775
General and Administrative                                                                                         489,397      426,969      434,467
Less:  Legal Settlement - Early Leasehold Termination                                                              --           --           (10,202)
Less:  Joint Venture Transaction Costs                                                                             --           --           (3,056)
Less:  Joint Interest Billings Deemed Uncollectible                                                                --           --           (4,528)
General and Administrative (Non-GAAP)                                                                              489,397      426,969      416,681
Taxes Other Than Income                                                                                            800,164      772,481      544,662
Interest Expense, Net                                                                                              185,129      245,052      274,372
Total Cash Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c)                            4,079,085    3,911,029    3,169,689
Depreciation, Depletion and Amortization (DD&A)                                                                    3,749,704    3,435,408    3,409,387
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (d)                                          7,828,789    7,346,437    6,579,076
Exploration Costs                                                                                                  139,881      148,999      145,342
Dry Hole Costs                                                                                                     28,001       5,405        4,609
Impairments                                                                                                        517,896      347,021      479,240
Total Exploration Costs                                                                                            685,778      501,425      629,191
Less:  Certain Impairments (Non-GAAP)                                                                              (274,974)    (152,671)    (261,452)
Total Exploration Costs (Non-GAAP)                                                                                 410,804      348,754      367,739
Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e)                                          8,239,593    7,695,191    6,946,815
Cost per Barrel of Oil Equivalent
In thousands of USD, except Boe and per Boe amounts (Unaudited)
                                                                                                                   2019         2018         2017
Composite Average Wellhead Revenue per Boe - (b) / (a)                                                             38.79        45.51        35.58
Total Cash Operating Cost per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) -   (c) / (a)            13.66        14.90        14.25
Composite Average Margin per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) - [(b) / (a) - (c) / (a)] 25.13        30.61        21.33
Total Operating Cost per Boe (Non-GAAP) (excluding Total Exploration Costs) - (d) / (a)                            26.22        27.99        29.59
Composite Average Margin per Boe (Non-GAAP) (excluding Total Exploration Costs) - [(b) / (a) - (d) / (a)]          12.57        17.52        5.99
Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) - (e) / (a)                            27.60        29.32        31.24
Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs) - [(b) / (a) - (e) / (a)]          11.19        16.19        4.34

Costs per Barrel of Oil Equivalent

In thousands of USD, except Boe and per Boe amounts (Unaudited)
                                                                                                                   2016        2015          2014
Cost per Barrel of Oil Equivalent (Boe) Calculation
Volume - Thousand Barrels of Oil Equivalent - (a)                                                                  204,929     208,862       217,073
Crude Oil and Condensate                                                                                           4,317,341   4,934,562     9,742,480
Natural Gas Liquids                                                                                                437,250     407,658       934,051
Natural Gas                                                                                                        742,152     1,061,038     1,916,386
Total Wellhead Revenues - (b)                                                                                      5,496,743   6,403,258     12,592,917
Operating Costs
Lease and Well                                                                                                     927,452     1,182,282     1,416,413
Transportation Costs                                                                                               764,106     849,319       972,176
Gathering and Processing Costs                                                                                     122,901     146,156       145,800
General and Administrative                                                                                         394,815     366,594       402,010
Less:  Voluntary Retirement Expense                                                                                (42,054)    --            --
Less:  Acquisition Costs                                                                                           (5,100)     --            --
Less:  Legal Settlement - Early Leasehold Termination                                                              --          (19,355)      --
General and Administrative (Non-GAAP)                                                                              347,661     347,239       402,010
Taxes Other Than Income                                                                                            349,710     421,744       757,564
Interest Expense, Net                                                                                              281,681     237,393       201,458
Total Cash Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c)                            2,793,511   3,184,133     3,895,421
Depreciation, Depletion and Amortization (DD&A)                                                                    3,553,417   3,313,644     3,997,041
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (d)                                          6,346,928   6,497,777     7,892,462
Exploration Costs                                                                                                  124,953     149,494       184,388
Dry Hole Costs                                                                                                     10,657      14,746        48,490
Impairments                                                                                                        620,267     6,613,546     743,575
Total Exploration Costs                                                                                            755,877     6,777,786     976,453
Less:  Certain Impairments (Non-GAAP)                                                                              (320,617)   (6,307,593)   (824,312)
Total Exploration Costs (Non-GAAP)                                                                                 435,260     470,193       152,141
Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e)                                          6,782,188   6,967,970     8,044,603
Cost per Barrel of Oil Equivalent
In thousands of USD, except Boe and per Boe amounts (Unaudited)
                                                                                                                   2016        2015          2014
Composite Average Wellhead Revenue per Boe - (b) / (a)                                                             26.82       30.66         58.01
Total Cash Operating Cost per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) -   (c) / (a)            13.64       15.25         17.95
Composite Average Margin per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) - [(b) / (a) - (c) / (a)] 13.18       15.41         40.06
Total Operating Cost per Boe (Non-GAAP) (excluding Total Exploration Costs) - (d) / (a)                            30.98       31.11         36.38
Composite Average Margin per Boe (Non-GAAP) (excluding Total Exploration Costs) - [(b) / (a) - (d) / (a)]          (4.16)      (0.45)        21.63
Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) - (e) / (a)                            33.10       33.36         37.08
Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs) - [(b) / (a) - (e) / (a)]          (6.28)      (2.70)        20.93

Quarter and Full Year Guidance

(Unaudited)
(a)  Third Quarter and Full Year 2020 Forecast
The forecast items for the third quarter and full year 2020 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)  Capital Expenditures
The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Exploration Costs, Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs and any Non-Cash Transactions.
(c)  Benchmark Commodity Pricing
EOG bases United States 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 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 for Third  Quarter and Full Year 2020  3Q 2020                                       FY 2020
Daily Sales Volumes
Crude Oil and Condensate Volumes (MBbld)
United States                                           363.0                             -  373.0    402.0                             -  408.0
Trinidad                                                0.6                               -  1.0      0.6                               -  1.0
Other International                                     --                                -  0.2      --                                -  0.2
Total                                                   363.6                             -  374.2    402.6                             -  409.2
Natural Gas Liquids Volumes (MBbld)
Total                                                   125.0                             -  135.0    130.0                             -  140.0
Natural Gas Volumes (MMcfd)
United States                                           940                               -  1,000    985                               -  1,075
Trinidad                                                165                               -  185      180                               -  195
Other International                                     20                                -  30       20                                -  30
Total                                                   1,125                             -  1,215    1,185                             -  1,300
Crude Oil Equivalent Volumes (MBoed)
United States                                           644.7                             -  674.7    696.2                             -  727.2
Trinidad                                                28.1                              -  31.8     30.6                              -  33.5
Other International                                     3.3                               -  5.2      3.3                               -  5.2
Total                                                   676.1                             -  711.7    730.1                             -  765.9

Quarter and Full Year Guidance

(Unaudited)
Estimated Ranges for Third Quarter and Full Year 2020     3Q 2020                  FY 2020
Capital Expenditures ($MM)                                600       -  700         3,400    -  3,600
Operating Costs
Unit Costs ($/Boe)
Lease and Well                                            4.20      -  4.70        4.10     -  4.50
Transportation Costs                                      2.70      -  3.10        2.50     -  2.90
Gathering and Processing                                  1.70         1.90        1.65        1.85
Depreciation, Depletion and Amortization                  12.10        12.60       11.85       12.85
General and Administrative                                2.25      -  2.35        1.85     -  1.95
Expenses ($MM)
Exploration and Dry Hole                                  35        -  45          130      -  170
Impairment                                                80           90          290         330
Capitalized Interest                                      5         -  9           27       -  33
Net Interest                                              50        -  54          200      -  205
Taxes Other Than Income (% of Wellhead Revenue)           7.0     % -  9.0     %   7.0    % -  8.0    %
Income Taxes
Effective Rate                                            15      % -  20      %   16     % -  21     %
Current Tax (Benefit) / Expense ($MM)                     (15)      -  25          (120)    -  (80)
Pricing - (Refer to Benchmark Commodity Pricing in text)
Crude Oil and Condensate ($/Bbl)
Differentials
United States - above (below) WTI                         (2.30)    -  (0.30)      (2.05)   -  (0.05)
Trinidad - above (below) WTI                              (11.00)   -  (9.00)      (9.50)   -  (7.50)
Other International - above (below) WTI                   (18.75)   -  (12.75)     2.00     -  7.00
Natural Gas Liquids
Realizations as % of WTI                                  29      % -  41      %   30     % -  36     %
Natural Gas ($/Mcf)
Differentials
United States - above (below) NYMEX Henry Hub             (0.70)    -  (0.30)      (0.80)   -  (0.20)
Realizations
Trinidad                                                  2.10      -  2.70        2.30     -  3.00
Other International                                       4.00      -  4.50        3.85     -  4.85

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  U.S. New York Mercantile Exchange
WTI    West Texas Intermediate

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