Slide 1: 2Q 2025 Earnings Presentation
2Q 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: 2Q 2025 Results & Highlights
2Q 2025 Results & Highlights Outstanding Operational Execution Strong Financial Results • Volumes, Capital Expenditures, and Per-Unit Operating Costs • $1.3 Bn Adjusted Net Income2 Better Than Targets1 • $2.32 Adjusted EPS2 and $4.57 Adjusted CFPS2 • Updated Full-Year Guidance After Encino Acquisiti
Slide 4: Updated 2025 Guidance After Encino Acquisition
Updated 2025 Guidance After Encino Acquisition Focus on Capital Discipline Delivers Significant Free Cash Flow & Shareholder Returns • Updated Plan Delivers ~$4.3 Bn Free Cash Flow1,2 at $65 WTI and $3.50 HH 521 1,224 • Reflects Integration of Encino Acquisition MBOD MBOED Average Oil Average Total
Slide 5: Cash Flow Priorities Support Sustainable Value Creation
Cash Flow Priorities Support Sustainable Value Creation Regular Dividend Capital Investment • Sustainable and Growing Regular Dividend • Investment Pace in Each Asset to Optimize Returns & NPV • Primary Mode of Cash Return to Shareholders • Align Investment with Short- & Long-Term Supply and • Compe
Slide 6: Multi-Basin Portfolio of Long Duration, High Return Inventory
Multi-Basin Portfolio of Long Duration, High Return Inventory 12+ Billion Boe of Resource1 Across Portfolio Comprehensive Approach to Developing Acreage Average Direct After-Tax Rate of Return1 for Value Creation Through Industry Cycles For 12+ Bn Boe of Resource1 • Delivers Double Digit ROCE1 at Bo
Slide 7: Encino Acquisition Creates Premier Utica Asset Position
Encino Acquisition Creates Premier Utica Asset Position Returns-Focused Acquisition Transitions Utica to a Foundational Play Strong Strategic Fit • Expands Asset to 1.1 Million Net Acres & 2.0+ Bn Boe of EOG Acreage Undeveloped Net Resource1 Encino Acreage • Enhances Liquids Acreage Footprint with A
Slide 8: Premier Utica Asset Moves to Foundational Play
Premier Utica Asset Moves to Foundational Play Highly Competitive in Differentiated Multi-Basin Portfolio Net Wells Developed to Date Direct Well Cost ($/ft)1 3,600+ <$750/ft <$650/ft 2,500+ <$550/ft 50+ Utica Utica Delaware Basin Delaware EagleEFFord Utica Utica Delaware Basin Delaware Eagle EFFord
Slide 9: 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 10: Improving Economics and Adding Resource in the Eagle Ford
Improving Economics and Adding Resource in the Eagle Ford Long Runway for Additional Value Creation After 15+ Years of Development Improving Economics Through Efficiencies Gonzales 5%+ Increase in Average Lateral Length De Witt Wilson Atascosa 24.5K Target Maximum Lateral Length (Ft) Karnes Frio 202
Slide 11: 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 12: Gulf States Exploration Opportunities
Gulf States Exploration Opportunities Leveraging Core Competencies to Improve Multi-Basin Portfolio EOG Exploration and Technical Expertise • Apply Proprietary Horizontal Drilling and Completions Technologies to Unlock High-Return Unconventional Arabian Resource Bahrain Gulf UAE • Target Formations
Slide 13: 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 14: 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 15: Peer Leading 2Q 2025 US Price Realizations
Peer Leading 2Q 2025 US Price Realizations1 ~$1.76/Bbl. Higher than Peer Avg. ~$1.39/Mcf Higher than Peer Avg. ~$4.13/Bbl. Higher than Peer Avg. $64.84 $63.08 $2.87 $22.70 $18.57 $1.48 Peer Average EOG Oil Peer Average EOG EOG Peer Average EOG NGL Oil Price Realization, $/Bbl. Gas Price Realization,
Slide 16: 27 Years of Sustainable, Growing Regular Dividend
27 Years of Sustainable, Growing Regular Dividend Regular Dividend is a $2.1 Bn Cash Return Commitment for 20251 $3.95 Increased Regular Dividend 8% For 20251 1 2025E 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (1)
Slide 17: Strong Cash Return Delivers Shareholder Value
Strong Cash Return Delivers Shareholder Value Committed YTD 81% of 2025E Annual Free Cash Flow1 Cash Return to Shareholders Share Repurchases1 $5.1 Bn $5.3 Bn Special Dividends Regular Dividends $4.4 Bn Committed YTD $1.0 Bn $3.2 Bn $3.5 Bn $3.3 Bn $2.7 Bn $1.4 Bn $1.5 Bn $1.8 Bn $0.8 Bn $1.9 Bn $2.
Slide 18: 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 19: 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 20: Supplemental Information
Supplemental Information Adjusted Cash Flow from Operations: cash flow from operations before changes in working capital and certain acquisition-related costs. Adjusted Cash Flow Per Share (CFPS): adjusted cash flow from operations divided by average diluted shares. Cash Recycle Ratio: calculated as
Slide 21: 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