Slide 1: 1Q 2025 Earnings Presentation
1Q 2025 Earnings Presentation Pearce Hammond, Vice President IR Neel Panchal, Senior Director IR Shelby O’Connor, Manager IR (713) 571-4684, phammond@eogresources.com (713) 571-4884, npanchal@eogresources.com (713) 571-4560, soconnor@eogresources.com
Slide 2: Sustainable Value Creation Through Industry Cycles
Sustainable Value Creation Through Industry Cycles Capital Discipline • Returns-Focused Investments Guided by Bottom-Cycle Prices EOG is focused on being among the • Pristine Balance Sheet and Significant Free Cash Flow1 Generation • Sustainable, Growing Regular Dividend Anchors Commitment to Return
Slide 3: 1Q 2025 Results & Highlights
1Q 2025 Results & Highlights Outstanding Operational Execution Strong Financial Results • Volumes and Per-Unit Operating Costs Better than Targets1 • $1.6 Bn Adjusted Net Income2 • Completed Strategic Infrastructure Projects • $2.87 Adjusted EPS2 and $5.09 Adjusted CFPS2 • Announced New Emissions Ta
Slide 4: Optimized 2025 Plan: Reducing Capital Program by $200 MM
Optimized 2025 Plan: Reducing Capital Program by $200 MM Program Supports Higher Free Cash Flow Generation and Shareholder Returns CT • Optimized Plan Delivers ~$4.0 Bn Free E DIR Cash Flow1,2 at $65 WTI and $3.75 HH +2% +5% • Maintains Capital Efficient Program in Oil Production Total Production Fo
Slide 5: Cash Flow Priorities Support Sustainable Value Creation
Cash Flow Priorities Support Sustainable Value Creation Regular Dividend Capital Investment • Sustainable and Growing Regular Dividend • Investment Pace in Each Asset to Optimize Returns & NPV • Primary Mode of Cash Return to Shareholders • Align Investment with Short- & Long-Term Supply and • Compe
Slide 6: EOG Strategy Delivers Peer Leading Return on Capital Employed
EOG Strategy Delivers Peer Leading Return on Capital Employed Portfolio Delivers 10% ROCE at <$45 WTI Return on Capital Employed1 EOG Peer Avg.2 36% 27% 28% 25% 23% 16% 14% 12% 2021 2022 2023 2024 (1) Return on Capital Employed calculated using non-GAAP adjusted Net Income. See (1) schedules posted
Slide 7: Multi-Basin Portfolio of Long Duration, High Return Inventory
Multi-Basin Portfolio of Long Duration, High Return Inventory 10+ Billion Boe of Resource1 Across Portfolio Comprehensive Approach to Developing Acreage Average Direct After-Tax Rate of Return1 for Value Creation Through Industry Cycles For 10+ Bn Boe of Resource1 • Delivers Double Digit ROCE1 at Bo
Slide 8: EOG Culture Delivers Sustainable Operational Efficiencies Across Multi-Basin Portfolio
EOG Culture Delivers Sustainable Operational Efficiencies Across Multi-Basin Portfolio Powder River Basin 5% 50%+ Drilled Ft/Day Completed Ft/Day Utica Play 50% 5% Drilled Ft/Day Completed Ft/Day EOG’s decentralized structure provides a broad footprint for learnings, innovation, Delaware Basin & tec
Slide 9: Marketing Strategy Captures Premium Gas Markets
Marketing Strategy Captures Premium Gas Markets Strategic Infrastructure and Transport Agreements Support EOG Connectivity to Improved Pricing Margin Enhancement and Peer Leading Price Realizations NEW Delaware Basin – Janus Gas Processing Plant MEXICO • Janus Gas Processing Plant to Matterhorn Pipe
Slide 10: Gas Sales Agreements Provide Pricing Diversification
Gas Sales Agreements Provide Pricing Diversification Brent-Linked Gas Sales Agreement Gross Sales Volumes3,4 • Sales volumes of 140K MMBtu per day linked to Brent K MMBtu per day • Additional 40K MMBtu per day linked to Brent or US Gulf Coast gas index Linked to Brent or US Gulf Coast Gas • 10-year
Slide 11: Differentiated Approach to Delaware Basin Development
Differentiated Approach to Delaware Basin Development Leveraging Core Competencies to Drive Industry Leading Results SUBSURFACE EXPERTISE OPERATIONAL EXCELLENCE LEADING ECONOMICS Extensive Subsurface Expertise Drives Operational Excellence Compounds Peer Leading Breakeven Price1 Optimal, High-Return
Slide 12: South Texas Eagle Ford Bolt-On Acquisition Boosts Returns and Lowers Finding Cost
South Texas Eagle Ford Bolt-On Acquisition Boosts Returns and Lowers Finding Cost ~30K Net Acre Bolt-On Acquisition Gonzales • Largest Remaining Undeveloped Core Eagle Ford Acreage • Immediately Competes with Existing Portfolio; Planned 2025 Activity De Witt Wilson • Enables Extended Lateral Develop
Slide 13: Reducing South Texas Eagle Ford Well Costs
Reducing South Texas Eagle Ford Well Costs 15% of 2025 Program is 3+ Mile Laterals Average Lateral Length Max Lateral Length Direct Well Cost feet feet $/ft 24.5K 22K $515/ft 15K 12K 2023 2024 2025 Target 2023 2024 2025 Target 2023 2024 2025 Target 1Q 2025 13
Slide 14: Dorado: Lowest Cost Dry Gas Play in North America
Dorado: Lowest Cost Dry Gas Play in North America Highly Prolific Wells with Access to Premium Markets Breakeven Price1 $/mcf $1.90 $1.55 Dimmit $1.40 Encinal Webb La Salle Agua Dulce Agua Dulce Provides Access to: Dorado Haynesville Marcellus • Corpus Christi, Freeport, and Dorado Asset Brownsville
Slide 15: Utica Play: Pulling Forward Learnings to Reduce Well Costs
Utica Play: Pulling Forward Learnings to Reduce Well Costs 460,000 Net Acres Achieved ~50% Well Cost Reduction 2025 Package Locations1 Through Fewer than 50 Wells in Play Direct Well Cost Cumulative Well Count2 $/ft 1400 50 43 Wells 45 1200 40 1000 35 800 30 <$630/ft 25 600 20 400 15 10 200 5 0 0 20
Slide 16: Trinidad Beryl Oil Discovery in TSP Deep Area
Trinidad Beryl Oil Discovery in TSP Deep Area 30+ Years Operating in Country with Value-Adding Exploration Success Beryl Oil Discovery Tobago • Identified 125+ ft of High-Quality, Oil-Bearing Net Pay NCMA 4(a) Block • Progressing to Final Investment Decision Recent Trinidad Exploration & Development
Slide 17: 27 Years of Sustainable, Growing Regular Dividend
27 Years of Sustainable, Growing Regular Dividend Regular Dividend is a $2.2 Bn Cash Return Commitment for 20251 $3.90 Regular Increased Dividend Rate For 20251 7% EOG’s Regular Dividend CAGR 2X Since 2019 Peer2 Avg. 1 2025E 2002 2007 2012 2017 1999 2000 2001 2003 2004 2005 2006 2008 2009 2010 2011
Slide 18: Strong Cash Return Delivers Shareholder Value
Strong Cash Return Delivers Shareholder Value Returned 98% of 2024 Annual Free Cash Flow1 Cash Return to Shareholders EOG Record Cash Return Share Repurchases1 $5.1 Bn $5.3 Bn Special Dividends Regular Dividends $4.4 Bn $1.0 Bn $3.2 Bn $3.3 Bn $2.7 Bn $1.5 Bn $1.8 Bn $0.8 Bn $1.9 Bn $2.1 Bn $1.8 Bn
Slide 19: 3-Year Scenario: Visibility to Strong Shareholder Value Creation
3-Year Scenario: Visibility to Strong Shareholder Value Creation 2024-2026 Scenario Key Metrics1 Higher Free Cash Flow $65 - $85 WTI Range at Similar Prices Scenario Published February 2024 Cumulative Free Cash Flow2 Cumulative Free Cash Flow2 $12-$22 Bn Significant Generation Free Cash Flow 2 $22 B
Slide 20: Environmental Targets, Ambition, & Strategy
Environmental Targets, Ambition, & Strategy Announcing New Emissions Targets Net Zero Ambition4 Emissions Reduction Pathways Near-Term Emissions Targets REDUCE CAPTURE OFFSET Reduce GHG Emissions Intensity Rate1,2 25% from 2019 By 2030 • Optimizing wellhead • Operating carbon capture • Evaluating pr
Slide 21: Sustainable Value Creation Through Industry Cycles
Sustainable Value Creation Through Industry Cycles Capital Discipline Operational Excellence Sustainability EOG Culture At the foundation of EOG’s historical and future success are the employees who embrace and embody the EOG culture. The company’s decentralized, non-bureaucratic structure enables v
Slide 22: Supplemental Information
Supplemental Information Adjusted Cash Flow Per Share (CFPS): cash provided by operating activities before changes in working capital divided by average diluted shares. Cash Recycle Ratio: calculated as full-year 2024 cash flow from operations before changes in working capital (non-GAAP) ($11,593 MM
Slide 23: Copyright; Assumption of Risk
Copyright; Assumption of Risk: Copyright 2025. This presentation and the contents of this presentation have been copyrighted by EOG Resources, Inc. (EOG). All rights reserved. Copying of this presentation is forbidden without the prior written consent of EOG. Information in this presentation is prov