EOG Resources Reports Outstanding Crude Oil Production in Third Quarter 2012 and Increases Growth Rate Target

 EOG Resources Reports Outstanding Crude Oil Production in Third Quarter 2012
                       and Increases Growth Rate Target

PR Newswire

HOUSTON, Nov. 5, 2012

HOUSTON, Nov. 5, 2012 /PRNewswire/ --

  oReports Strong Year-Over-Year Growth in Adjusted Non-GAAP Earnings Per
    Share, Discretionary Cash Flow and Adjusted EBITDAX
  oAchieves 42 Percent Crude Oil and Condensate Production Increase and 40
    Percent Increase in Total Liquids Production Over Third Quarter 2011
  oIncreases 2012 Total Company Crude Oil Production Growth Target to 40
    Percent from 37 Percent and Full Year Total Liquids Growth Target to 38
    Percent from 35 Percent
  oRaises 2012 Total Company Production Growth Target to 10.6 Percent from 9
    Percent
  oGenerates Continued Momentum with Eagle Ford and Bakken/Three Forks Well
    Results
  oRealizes Premium Crude Oil Prices for Eagle Ford and Bakken Volumes
  oIncreases 2012 Total Asset Sales Target to Approximately $1.3 Billion

EOG Resources, Inc. (NYSE: EOG) (EOG)today reported third quarter 2012 net
income of $355.5 million, or $1.31 per share. This compares to third quarter
2011 net income of $540.9 million, or $2.01 per share.

Consistent with some analysts' practice of matching realizations to settlement
months and making certain other adjustments in order to exclude one-time
items, adjusted non-GAAP net income for the third quarter 2012 was $468.7
million, or $1.73 per share. Adjusted non-GAAP net income for the third
quarter 2011 was $223.2 million, or $0.83 per share. The results for the third
quarter 2012 include net gains on asset dispositions of $43.4 million, net of
tax ($0.16 per share) and a previously disclosed non-cash net gain of $4.7
million ($3.0 million after tax, or $0.01 per share) on the mark-to-market of
financial commodity contracts. During the third quarter, the net cash inflow
related to financial commodity contracts was $249.2 million ($159.6 million
after tax, or $0.59 per share). (Please refer to the attached tables for the
reconciliation of adjusted non-GAAP net income to GAAP net income.)

EOG's overall financial metrics were enhanced by successfully linking a
significant portion of its Eagle Ford and Bakken crude oil and condensate
production to markets which provide premium crude oil pricing. For the third
quarter, adjusted non-GAAP net income per share increased 108 percent,
discretionary cash flow increased 37 percent and adjusted EBITDAX increased 39
percent as compared to the third quarter 2011. (Please refer to the attached
tables for the reconciliation of adjusted non-GAAP net income per share to
GAAP net income per share, non-GAAP discretionary cash flow to net cash
provided by operating activities (GAAP) and adjusted EBITDAX (non-GAAP) to
income before interest expense and income taxes (GAAP).)

EOG exceeded its third quarter crude oil and condensate production forecasts
by continuing to modify completion techniques in its South Texas Eagle Ford;
North Dakota Bakken and Three Forks; and Permian Basin Wolfcamp and Leonard
plays. In North America, crude oil production increased 45 percent in the
third quarter and 51 percent for the first nine months of 2012 compared to
prior year periods. Total North American liquids (crude oil, condensate and
natural gas liquids) production increased 42 percent for the third quarter and
48 percent for the first three quarters of 2012 over the same periods a year
ago. On a total company basis, total crude oil and condensate production
increased 42 percent and total liquids production rose 40 percent for the
third quarter compared to the same period in 2011.

"With especially strong, consistent individual well results, EOG's best plays
have become even better," said Mark G. Papa, Chairman and Chief Executive
Officer. "Therefore, based on nine months of robust crude oil production, we
are setting the bar higher for the third time this year. EOG has increased its
2012 crude oil production growth target to 40 percent from 37 percent. Because
our outstanding oil results also impact total liquids production, we are also
raising our total liquids production growth target to 38 percent from 35
percent and increasing our total company production target to 10.6 percent
from 9 percent."

Operational Highlights

"Simply put, EOG's excellent third quarter performance reflects the success of
our groundwork. Over the last few years, we captured the best crude oil
acreage in the United States. Now we are executing a development program that
has exceeded our initial expectations. In addition, we implemented innovative
marketing logistics such as our crude-by-rail transportation system," Papa
said. "During the third quarter, higher volumes combined with higher realized
crude oil prices and good unit cost control added substantial value to EOG's
bottom line."

In the South Texas Eagle Ford, EOG continued to post outstanding well results.
In Gonzales County, the Baker-DeForest Unit #4H came on line at 4,598 barrels
of oil per day (Bopd) with 488 barrels per day (Bpd) of natural gas liquids
(NGLs) and 2.9 million cubic feet per day (MMcfd) of natural gas. The
Baker-DeForest Unit #1H, #2H, #3H and #12H were turned to sales at initial
rates ranging from 3,346 to 4,216 Bopd with 457 to 537 Bpd of NGLs and 2.7 to
3.2 MMcfd of natural gas. EOG has 100 percent working interest in these five
Baker-DeForest wells.

Drilled in Gonzales County near the DeWitt County line, a new area for EOG,
the Reilly Unit #1H had an initial oil production rate of 3,579 Bopd with 483
Bpd of NGLs and 2.9 MMcfd of natural gas. EOG has 70 percent working interest
in this well. Also in the new area northeast of the Reilly, the Boysen Unit
#1H and Baird Heirs Unit #4H were completed at 2,540 and 2,242 Bopd with 268
and 181 Bpd of NGLs and 1.6 and 1.1 MMcfd of natural gas, respectively. EOG
has 100 percent working interest in both wells. EOG also has 100 percent
working interest in the Henkhaus Unit #8H, which was completed offsetting the
previously drilled Henkhaus Unit #10H and #11H. The #8H had an initial
production rate of 4,012 Bopd with 495 Bpd of NGLs and 3.0 MMcfd of natural
gas.

In the western region of its Eagle Ford acreage where EOG increased drilling
activity in the second half of the year, the Lowe Pasture #9H and #10H were
completed in McMullen County at initial production rates of 1,905 and 2,075
Bopd with 112 and 115 Bpd of NGLs and 673 and 688 thousand cubic feet per day
(Mcfd) of natural gas, respectively. The Martindale L&C #1H and #2H in La
Salle County began sales at 1,522 and 1,876 Bopd with 220 and 208 Bpd of NGLs
and 1.3 and 1.2 MMcfd of natural gas, respectively. EOG has 100 percent
working interest in these four wells.

EOG focused its third quarter North Dakota drilling activity in the Bakken
Core and Antelope Extension, an area 25 miles southwest of the Core. Two
recent wells further validated the success of EOG's 320-acre infill drilling
program in the Bakken Core where EOG introduced refined completion techniques
simultaneously with tighter spacing tests. In Mountrail County, the Fertile
46-1608H was turned to sales at an initial rate of 1,732 Bopd with 90 Bpd of
NGLs and 363 Mcfd of natural gas. The Fertile 47-0712H began sales at 1,258
Bopd with 83 Bpd of NGLs and 332 Mcfd of natural gas. EOG has 92 and 78
percent working interest, respectively, in these wells. EOG plans to test
denser drilling in the Core before year-end.

In the Antelope Extension where EOG is developing its acreage on 320-acre
spacing, both the Bakken and Three Forks formations have proven to be highly
productive and economic. In McKenzie County, the Clarks Creek 15-0805H and
Bear Den 19-2116H were drilled in the Bakken with initial maximum rates of
1,067 and 1,886 Bopd, respectively, with associated rich natural gas. EOG has
85 and 76 percent working interest, respectively, in these wells. In the Three
Forks, EOG completed the Mandaree 101-20H, Bear Den 104-2116H and Hawkeye
100-2501H at maximum rates of 1,285, 2,226 and 3,196 Bopd, respectively, with
associated rich natural gas. EOG has 90 percent, 76 percent and 73 percent
working interest, respectively, in these wells.

EOG posted favorable ongoing results from its Leonard and Wolfcamp shale
activities in the West Texas and southeast New Mexico Permian Basin by
drilling economic wells that produce crude oil with a liquids-rich natural gas
stream. In the New Mexico Delaware Basin, the Diamond 8 Fed Com #3H, #4H and
#5H were completed in the Leonard shale at initial production rates of 962,
1,148 and 1,162 Bopd with 134, 171 and 188 Bpd of NGLs and 963, 941 and 1,036
Mcfd of natural gas, respectively. EOG has 96 percent working interest in
these Lea County wells.

In the West Texas Wolfcamp, EOG tested multiple zones across its acreage to
determine their prospectivity. The Mayer SL #5013LH was completed to sales at
1,290 Bopd with 95 Bpd of NGLs and 539 Mcfd of natural gas in the lower
Wolfcamp. EOG has 77 percent working interest in this Irion County well. In
Crockett County, the University 40-B #1602H, in which EOG has 80 percent
working interest, began production from the middle Wolfcamp at an initial rate
of 916 Bopd with 127 Bpd of NGLs and 726 Mcfd of natural gas. The University
43 #0911H, 43 #1009H and 43 #1011H were completed in the same zone at initial
production rates ranging from 840 to 1,212 Bopd with 60 to 110 Bpd of NGLs and
330 to 600 Mcfd of natural gas. EOG has 75 percent working interest in these
three Irion County wells.

EOG also reported positive results from its Fort Worth Barnett Combo play,
another prominent contributor to the company's 2012 liquids production. EOG
extended the boundaries of the play by completing the Nunnely A-#1H, B-#2H,
B-#3H and C-#1H at initial rates ranging from 412 Bopd to 705 Bopd with 43 to
57 Bpd of NGLs and 240 to 316 Mcfd of natural gas. EOG has 100 percent working
interest in these Montague County wells.

"EOG's current position as a crude oil producer at the forefront of the large
cap independent peer group indicates the exceptional quality of our asset
portfolio," Papa said.

Hedging Activity

EOG has hedged approximately 26 percent of its North American crude oil
production for the period November and December 2012. From November 1 through
December 31, 2012, EOG has crude oil financial price swap contracts in place
for an average of 42,000 Bopd at a weighted average price of $105.19 per
barrel, excluding unexercised options.

With the goal of maintaining a strong balance sheet while minimizing the gap
between capital expenditures and cash flow, EOG is pursuing an opportunistic
hedging strategy for 2013. For the period January 1 through June 30, 2013, EOG
has crude oil financial price swap contracts in place for an average of 98,000
Bopd at a weighted average price of $99.39 per barrel, excluding unexercised
options. For the period July 1 through December 31, 2013, EOG has an average
of 68,000 Bopd hedged at a weighted average price of $99.45 per barrel,
excluding unexercised options.

Although EOG plans to pursue very minimal natural gas drilling activity in
2013, financial price swap contracts are in place for 150,000 million British
thermal units per day of natural gas at a weighted average price of $4.79 per
million British thermal units, excluding unexercised options for the calendar
year. (For a comprehensive summary of EOG's crude oil and natural gas
derivative contracts, please refer to the attached tables.)

Capital Structure

Through September 30, 2012, EOG's cash proceeds from asset sales were
approximately $1.2 billion. EOG is targeting an additional $100 million of
asset sales for a full-year total of approximately $1.3 billion. EOG revised
its 2012 total capital expenditure program to approximately $7.6 billion.

At September 30, 2012, EOG's total debt outstanding was $6,312 million for a
debt-to-total capitalization ratio of 31 percent. Taking into account cash on
the balance sheet of $1,113 million at the end of the third quarter, EOG's net
debt was $5,199 million for a net debt-to-total capitalization ratio of 27
percent. (Please refer to the attached tables for the reconciliation of net
debt (non-GAAP) to current and long-term debt (GAAP) and the reconciliation of
net debt-to-total capitalization ratio (non-GAAP) to debt-to-total
capitalization ratio (GAAP).)

Conference Call Scheduled for Tuesday, November 6, 2012

EOG's third quarter 2012 results conference call will be available via live
audio webcast at 8 a.m. Central time (9 a.m. Eastern time) on Tuesday,
November 6, 2012. To listen, log on to www.eogresources.com. The webcast will
be archived on EOG's website through November 20, 2012.

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

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

  othe timing and extent of changes in prices for, and demand for, crude oil
    and condensate, natural gas liquids, natural gas and related commodities;
  othe extent to which EOG is successful in its efforts to acquire or
    discover additional reserves;
  othe extent to which EOG can optimize reserve recovery and economically
    develop its plays utilizing horizontal and vertical drilling, advanced
    completion technologies and hydraulic fracturing;
  othe extent to which EOG is successful in its efforts to economically
    develop its acreage in, and to produce reserves and achieve anticipated
    production levels from, its existing and future crude oil and natural gas
    exploration and development projects, given the risks and uncertainties
    and capital expenditure requirements inherent in drilling, completing and
    operating crude oil and natural gas wells and the potential for
    interruptions of development and production, whether involuntary or
    intentional as a result of market or other conditions;
  othe extent to which EOG is successful in its efforts to market its crude
    oil, natural gas and related commodity production;
  othe availability, proximity and capacity of, and costs associated with,
    gathering, processing, compression and transportation facilities;
  othe 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;
  othe impact of, and changes in, government policies, laws and regulations,
    including tax laws and regulations, environmental laws and regulations
    relating to air emissions, waste disposal, hydraulic fracturing and access
    to and use of water, laws and regulations imposing conditions and
    restrictions on drilling and completion operations and laws and
    regulations with respect to derivatives and hedging activities;
  oEOG's ability to effectively integrate acquired crude oil and natural gas
    properties into its operations, fully identify existing and potential
    problems with respect to such properties and accurately estimate reserves,
    production and costs with respect to such properties;
  othe extent to which EOG's third-party-operated crude oil and natural gas
    properties are operated successfully and economically;
  ocompetition in the oil and gas exploration and production industry for
    employees and other personnel, equipment, materials and services and,
    related thereto, the availability and cost of employees and other
    personnel, equipment, materials and services;
  othe accuracy of reserve estimates, which by their nature involve the
    exercise of professional judgment and may therefore be imprecise;
  oweather, including its impact on crude oil and natural gas demand, and
    weather-related delays in drilling and in the installation and operation
    of production, gathering, processing, compression and transportation
    facilities;
  othe 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;
  oEOG'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;
  othe extent and effect of any hedging activities engaged in by EOG;
  othe 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;
  opolitical developments around the world, including in the areas in which
    EOG operates;
  othe use of competing energy sources and the development of alternative
    energy sources;
  othe extent to which EOG incurs uninsured losses and liabilities or losses
    and liabilities in excess of its insurance coverage;
  oacts of war and terrorism and responses to these acts; and
  othe other factors described under Item 1A, "Risk Factors," on pages 15
    through 23 of EOG's Annual Report on Form 10-K for the fiscal year ended
    December 31, 2011 and any updates to those factors set forth in EOG's
    subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.



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

Effective January 1, 2010, the United States Securities and Exchange
Commission (SEC) permits oil and gas companies, in their filings with the SEC,
to disclose not only "proved" reserves (i.e., quantities of oil and gas that
are estimated to be recoverable with a high degree of confidence), but also
"probable" reserves (i.e., quantities of oil and gas that are as likely as not
to be recovered) as well as "possible" reserves (i.e., additional quantities
of oil and gas that might be recovered, but with a lower probability than
probable reserves). As noted above, statements of reserves are only estimates
and may not correspond to the ultimate quantities of oil and gas recovered.
Any reserve estimates provided in this press release that are not specifically
designated as being estimates of proved reserves may include "potential"
reserves and/or other estimated reserves not necessarily calculated in
accordance with, or contemplated by, the SEC's latest reserve reporting
guidelines. Investors are urged to consider closely the disclosure in EOG's
Annual Report on Form 10-K for the fiscal year ended December 31, 2011,
available from EOG at P.O. Box 4362, Houston, Texas 77210-4362 (Attn: Investor
Relations). You can also obtain this report from the SEC by calling
1-800-SEC-0330 or from the SEC's website at www.sec.gov. In addition,
reconciliation and calculation schedules for non-GAAP financial measures can
be found on the EOG website at www.eogresources.com. 

For Further Information                 Investors
Contact:
                                        Maire A. Baldwin
                                        (713) 651-6364
                                        Elizabeth M. Ivers
                                        (713) 651-7132
                                        Kimberly A. Matthews
                                        (713) 571-4676
                                        Media
                                        K Leonard
                                        (713) 571-3870 

EOG RESOURCES, INC.
FINANCIAL REPORT
(Unaudited; in millions, except per share data)
                            Three Months Ended        Nine Months Ended
                            September 30,             September 30,
                            2012         2011         2012         2011
Net Operating Revenues      $ 2,954.9    $ 2,885.7    $ 8,670.8    $ 7,353.1
Net Income                  $ 355.5      $ 540.9      $ 1,075.3    $ 970.4
Net Income Per Share
 Basic               $ 1.33       $ 2.03       $ 4.03       $ 3.71
 Diluted             $ 1.31       $ 2.01       $ 3.98       $ 3.66
Average Number of Common
Shares
 Basic                 267.9        266.1        267.1        261.7
 Diluted               271.0        269.3        270.3        265.2
SUMMARY INCOME STATEMENTS
(Unaudited; in thousands, except per share data)
                            Three Months Ended        Nine Months Ended
                            September 30,             September 30,
                            2012         2011         2012         2011
Net Operating Revenues
 Crude Oil and       $ 1,512,168  $ 953,154    $ 4,198,753  $ 2,649,034
Condensate
 Natural Gas Liquids   170,351      206,572      518,684      539,104
 Natural Gas           426,728      576,803      1,153,433    1,760,715
 Gains on
Mark-to-Market Commodity      4,671        357,664      327,328      480,539
Derivative Contracts
 Gathering,            764,385      578,022      2,193,290    1,461,303
Processing and Marketing
 Gains on Asset        67,376       207,468      248,134      442,981
Dispositions, Net
 Other, Net            9,176        6,061        31,203       19,424
 Total           2,954,855    2,885,744    8,670,825    7,353,100
Operating Expenses
 Lease and Well        253,452      248,926      765,703      680,710
 Transportation        164,407      108,678      431,642      308,276
Costs
 Gathering and         26,223       18,532       72,403       55,444
Processing Costs
 Exploration Costs     45,953       48,469       136,909      140,616
 Dry Hole Costs        1,924        22,604       13,005       47,231
 Impairments          62,875       83,431       250,239      531,413
 Marketing Costs       755,457      572,604      2,155,043    1,427,450
 Depreciation,         825,851      651,684      2,383,359    1,822,854
Depletion and Amortization
 General and           92,870       82,260       244,866      219,703
Administrative
 Taxes Other Than      120,096      98,526       359,798      308,669
Income
 Total           2,349,108    1,935,714    6,812,967    5,542,366
Operating Income             605,747      950,030      1,857,858    1,810,734
Other Income, Net             7,596        1,377        22,902       11,205
Income Before Interest        613,343      951,407      1,880,760    1,821,939
Expense and Income Taxes
Interest Expense, Net         53,154       52,186       154,198      153,772
Income Before Income Taxes    560,189      899,221      1,726,562    1,668,167
Income Tax Provision          204,698      358,343      651,284      697,742
Net Income                 $ 355,491    $ 540,878    $ 1,075,278  $ 970,425
Dividends Declared per      $ 0.17       $ 0.16       $ 0.51       $ 0.48
Common Share

EOG RESOURCES, INC.
OPERATING HIGHLIGHTS
(Unaudited)
                                         Three Months Ended  Nine Months Ended
                                         September 30,       September 30,
                                         2012      2011      2012      2011
Wellhead Volumes and Prices
Crude Oil and Condensate Volumes (MBbld)
^(A)
 United States                         161.3    108.9      147.6    94.3
 Canada                                6.7      6.8        6.9      8.0
 Trinidad                              1.2      3.1        1.7      3.6
 Other International ^(B)              0.1      0.1        0.1      0.1
 Total                             169.3    118.9      156.3    106.0
Average Crude Oil and Condensate Prices
($/Bbl) ^(C)
 United States                      $  97.64  $ 87.22   $  98.26  $ 91.40
 Canada                                86.09    90.54      86.25    92.76
 Trinidad                              90.84    89.70      93.85    91.56
 Other International ^(B)              83.59    110.84     90.34    98.77
 Composite                         97.13    87.49      97.68    91.52
Natural Gas Liquids Volumes (MBbld) ^(A)
 United States                         58.1     43.2       54.3     38.7
 Canada                                0.9      0.8        0.9      0.8
 Total                             59.0     44.0       55.2     39.5
Average Natural Gas Liquids Prices
($/Bbl) ^(C)
 United States                      $  30.95  $ 50.90   $  35.43  $ 49.85
 Canada                                41.09    57.69      44.61    54.36
 Composite                         31.11    51.02      35.58    49.93
Natural Gas Volumes (MMcfd) ^(A)
 United States                         1,022    1,122      1,051    1,123
 Canada                                94       123        98       135
 Trinidad                              387      330        393      354
 Other International ^(B)              9        12         10       13
 Total                             1,512    1,587      1,552    1,625
Average Natural Gas Prices ($/Mcf) ^(C)
 United States                      $  2.61   $ 4.06    $  2.39   $ 4.13
 Canada                                2.39     3.81       2.35     3.88
 Trinidad                              4.38     3.59       3.60     3.42
 Other International ^(B)              5.67     5.54       5.70     5.60
 Composite                         3.07     3.95       2.71     3.97
Crude Oil Equivalent Volumes (MBoed)
^(D)
 United States                        389.7    339.4      377.2    320.3
 Canada                                23.2     27.9       24.1     31.2
 Trinidad                              65.7     58.0       67.1     62.7
 Other International ^(B)              1.7      2.0        1.8      2.2
 Total                             480.3    427.3      470.2    416.4
Total MMBoe ^(D)                            44.2     39.3       128.8    113.7

(A)          Thousand barrels per day or million cubic feet per day, as
             applicable.
(B)          Other International includes EOG's United Kingdom, China and
             Argentina operations.
             Dollars per barrel or per thousand cubic feet, as applicable.
(C)          Excludes the impact of financial commodity derivative
             instruments.
             Thousand barrels of oil equivalent per day or million barrels of
             oil equivalent, as applicable; includes crude oil and condensate,
             natural gas liquids and natural gas. Crude oil equivalents are
(D)          determined using the ratio of 1.0 barrel of crude oil and
             condensate or natural gas liquids to 6.0 thousand cubic feet of
             natural gas. MMBoe is calculated by multiplying the MBoed amount
             by the number of days in the period and then dividing that amount
             by one thousand.

EOG RESOURCES, INC.
SUMMARY BALANCE SHEETS
(Unaudited; in thousands, except share data)
                                                September 30,   December 31,
                                                2012            2011
ASSETS
Current Assets
 Cash and Cash Equivalents                  $ 1,112,623     $ 615,726
 Accounts Receivable, Net                     1,579,841       1,451,227
 Inventories                                  657,880         590,594
 Assets from Price Risk Management            248,698         450,730
Activities
 Income Taxes Receivable                      54,049          26,609
 Deferred Income Taxes                        120,967         -
 Other                                        226,104         119,052
 Total                                 4,000,162       3,253,938
Property, Plant and Equipment
 Oil and Gas Properties (Successful Efforts   37,021,216      33,664,435
Method)
 Other Property, Plant and Equipment          2,609,467       2,149,989
 Total Property, Plant and Equipment   39,630,683      35,814,424
 Less: Accumulated Depreciation, Depletion   (15,944,233)    (14,525,600)
and Amortization
 Total Property, Plant and             23,686,450      21,288,824
Equipment, Net
Other Assets                                      345,879         296,035
Total Assets                                    $ 28,032,491    $ 24,838,797
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
 Accounts Payable                           $ 2,151,093     $ 2,033,615
 Accrued Taxes Payable                        168,691         147,105
 Dividends Payable                            45,653          42,578
 Deferred Income Taxes                        2,793           135,989
 Other                                        210,153         163,032
 Total                                 2,578,383       2,522,319
Long-Term Debt                                    6,305,277       5,009,166
Other Liabilities                                 842,173         799,189
Deferred Income Taxes                             4,513,188       3,867,219
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par, 640,000,000
Shares Authorized and 271,323,486 Shares Issued   202,713         202,693
at September 30, 2012 and 269,323,084 Shares
Issued at December 31, 2011
 Additional Paid in Capital                   2,459,531       2,272,052
 Accumulated Other Comprehensive Income      451,399         401,746
 Retained Earnings                            10,726,811      9,789,345
Common Stock Held in Treasury, 473,624
Shares at September 30, 2012and 303,633 Shares   (46,984)        (24,932)
at December 31, 2011
 Total Stockholders' Equity            13,793,470      12,640,904
Total Liabilities and Stockholders' Equity      $ 28,032,491    $ 24,838,797

EOG RESOURCES, INC.
SUMMARY STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)
                                                  Nine Months Ended
                                                  September 30,
                                                  2012           2011
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided
by Operating Activities:
 Net Income                                  $ 1,075,278    $ 970,425
 Items Not Requiring (Providing) Cash
 Depreciation, Depletion and               2,383,359      1,822,854
Amortization
 Impairments                              250,239        531,413
 Stock-Based Compensation Expenses         101,337        95,057
 Deferred Income Taxes                     385,878        499,279
 Gains on Asset Dispositions, Net          (248,134)      (442,981)
 Other, Net                                (10,266)       2,270
 Dry Hole Costs                                 13,005         47,231
 Mark-to-Market Commodity Derivative
Contracts
 Total Gains                               (327,328)      (480,539)
 Realized Gains                            555,946        83,765
 Excess Tax Benefits from Stock-Based           (49,426)       -
Compensation
 Other, Net                                     12,675         21,052
 Changes in Components of Working Capital and
Other Assets and Liabilities
 Accounts Receivable                       (112,174)      (128,965)
 Inventories                               (154,766)      (167,611)
 Accounts Payable                          83,682         245,385
 Accrued Taxes Payable                     42,791         101,239
 Other Assets                              (120,085)      (28,600)
 Other Liabilities                         39,871         37,022
Changes in Components of Working Capital
Associated with Investing and Financing             87,708         133,227
Activities
Net Cash Provided by Operating Activities           4,009,590      3,341,523
Investing Cash Flows
 Additions to Oil and Gas Properties            (5,326,884)    (4,665,535)
 Additions to Other Property, Plant and         (477,351)      (502,112)
Equipment
 Proceeds from Sales of Assets                  1,213,550      1,294,627
Changes in Components of Working Capital       (87,654)       (133,512)
Associated with Investing Activities
Net Cash Used in Investing Activities               (4,678,339)    (4,006,532)
Financing Cash Flows
 Common Stock Sold                              -              1,388,270
 Long-Term Debt Borrowings                      1,234,138      -
 Dividends Paid                                 (134,412)      (124,133)
 Excess Tax Benefits from Stock-Based           49,426         -
Compensation
 Treasury Stock Purchased                       (44,799)       (21,357)
 Proceeds from Stock Options Exercised and      59,714         26,887
Employee Stock Purchase Plan
 Debt Issuance Costs                            (1,771)        -
 Repayment of Capital Lease Obligation          (1,407)        -
 Other, Net                                     (54)           285
Net Cash Provided by Financing Activities           1,160,835      1,269,952
Effect of Exchange Rate Changes on Cash             4,811          (7,068)
Increase in Cash and Cash Equivalents               496,897        597,875
Cash and Cash Equivalents at Beginning of Period    615,726        788,853
Cash and Cash Equivalents at End of Period        $ 1,112,623    $ 1,386,728

EOG RESOURCES, INC.
QUANTITATIVE RECONCILIATION OF ADJUSTED NET INCOME (NON-GAAP)
TO NET INCOME (GAAP)
(Unaudited; in thousands, except per share data)
The following chart adjusts the three-month and nine-month periods ended
September 30, 2012 and 2011 reported Net Income (GAAP) to reflect actual net
cash realized from financial commodity price transactions by eliminating the
unrealized mark-to-market gains from these transactions, to add back
impairment charges related to certain of EOG's North American assets in 2012
and 2011 and to eliminate the net gains on asset dispositions primarily in
North America in 2012 and 2011. EOG believes this presentation may be useful
to investors who follow the practice of some industry analysts who adjust
reported company earnings to match realizations to production settlement
months and make certain other adjustments to exclude non-recurring items. EOG
management uses this information for comparative purposes within the industry.
                 Three Months Ended                  Nine Months Ended
                 September 30,                        September 30,
                 2012              2011               2012         2011
Reported Net     $  355,491        $  540,878         $ 1,075,278  $ 970,425
Income (GAAP)
Mark-to-Market
(MTM) Commodity
Derivative
Contracts Impact
 Total        (4,671)           (357,664)         (327,328)    (480,539)
Gains
 Realized     249,166           52,480            555,946      83,765
Gains
            244,495           (305,184)         228,618      (396,774)
Subtotal
 After-Tax    156,537           (195,394)         146,372      (254,035)
MTM Impact
Add: Impairment
of Certain North    -                 10,654            38,575       267,114
American Assets,
Net of Tax
Less: Net Gains
on Asset            (43,354)          (132,895)         (161,652)    (284,005)
Dispositions,
Net of Tax
Adjusted Net
Income           $  468,674        $  223,243         $ 1,098,573  $ 699,499
(Non-GAAP)
Net Income Per
Share (GAAP)
 Basic     $  1.33           $  2.03            $ 4.03       $ 3.71
 Diluted   $  1.31           $  2.01            $ 3.98       $ 3.66
Adjusted Net
Income Per Share
(Non-GAAP)
 Basic     $  1.75           $  0.84            $ 4.11       $ 2.67
 Diluted   $  1.73      (a)  $  0.83       (b)  $ 4.06       $ 2.64
Percentage
Increase - [(a)     108%
- (b)] / (b)
Average Number
of Common
Shares
 Basic        267,941           266,053           267,136      261,664
 Diluted      270,982           269,292           270,328      265,245

EOG RESOURCES, INC.
QUANTITATIVE RECONCILIATION OF DISCRETIONARY CASH FLOW (NON-GAAP)
TO NET CASH PROVIDED BY OPERATING ACTIVITIES (GAAP)
(Unaudited; in thousands)
The following chart reconciles the three-month and nine-month periods ended
September 30, 2012 and 2011 Net Cash Provided by Operating Activities (GAAP)
to Discretionary Cash Flow (Non-GAAP). EOG believes this presentation may be
useful to investors who follow the practice of some industry analysts who
adjust Net Cash Provided by Operating Activities for Exploration Costs
(excluding Stock-Based Compensation Expenses), Excess Tax Benefits from
Stock-Based Compensation, Changes in Components of Working Capital and Other
Assets and Liabilities, and Changes in Components of Working Capital
Associated with Investing and Financing Activities. EOG management uses this
information for comparative purposes within the industry.
                 Three Months Ended                   Nine Months Ended
                 September 30,                        September 30,
                 2012               2011              2012         2011
Net Cash
Provided by
Operating        $  1,436,372       $  1,272,283      $ 4,009,590  $ 3,341,523
Activities
(GAAP)
Adjustments
 Exploration
Costs (excluding
Stock-Based         38,485             40,624           116,563      121,166
Compensation
Expenses)
 Excess Tax
Benefits from       27,311             -                49,426       -
Stock-Based
Compensation
 Changes in
Components of
Working Capital and
Other Assets and
Liabilities

Accounts            227,593            (36,335)         112,174      128,965
Receivable
           51,190             40,549           154,766      167,611
Inventories
           92,673             (56,135)         (83,682)     (245,385)
Accounts Payable

Accrued Taxes       (28,428)           (6,928)          (42,791)     (101,239)
Payable
 Other     17,782             23,804           120,085      28,600
Assets
 Other     (67,226)           (49,039)         (39,871)     (37,022)
Liabilities
Changes in
Components of
Working Capital
Associated with     (185,161)          (56,587)         (87,708)     (133,227)
Investing and
Financing
Activities
Discretionary
Cash Flow        $  1,610,591  (a)  $  1,172,236  (b) $ 4,308,552  $ 3,270,992
(Non-GAAP)
Percentage
Increase - [(a)     37%
- (b)] / (b)

EOG RESOURCES, INC.
QUANTITATIVE RECONCILIATION OF ADJUSTED EARNINGS BEFORE INTEREST EXPENSE,
INCOME TAXES, DEPRECIATION, DEPLETION AND AMORTIZATION, EXPLORATION COSTS,
DRY HOLE COSTS, IMPAIRMENTS AND ADDITIONAL ITEMS (ADJUSTED EBITDAX)
(NON-GAAP) TO INCOME BEFORE INTEREST EXPENSE AND INCOME TAXES (GAAP)
(Unaudited; in thousands)
The following chart adjusts the three-month and nine-month periods ended
September 30, 2012 and 2011 reported Income Before Interest Expense and Income
Taxes (GAAP) to Earnings Before Interest Expense, Income Taxes, Depreciation,
Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments
(EBITDAX) (Non-GAAP) and further adjusts such amount to reflect actual net
cash realized from financial commodity derivative transactions by eliminating
the unrealized mark-to-market (MTM) gains from these transactions and to
eliminate the net gains on asset dispositions primarily in North America in
2012 and 2011. EOG believes this presentation may be useful to investors who
follow the practice of some industry analysts who adjust reported Income
Before Interest Expense and Income Taxes (GAAP) to add back Depreciation,
Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments
and further adjust such amount to match realizations to production settlement
months and make certain other adjustments to exclude non-recurring items. EOG
management uses this information for comparative purposes within the industry.
                Three Months Ended                    Nine Months Ended
                September 30,                         September 30,
                2012               2011               2012         2011
Income Before
Interest
Expense and     $  613,343         $ 951,407          $ 1,880,760  $ 1,821,939
Income Taxes
(GAAP)
Adjustments:
Depreciation,
Depletion and      825,851           651,684            2,383,359    1,822,854
Amortization
Exploration        45,953            48,469             136,909      140,616
Costs
Dry Hole Costs     1,924             22,604             13,005       47,231
Impairments       62,875            83,431             250,239      531,413
 EBITDAX       1,549,946         1,757,595          4,664,272    4,364,053
(Non-GAAP)
Total Gains on
MTM Commodity      (4,671)           (357,664)          (327,328)    (480,539)
Derivative
Contracts
Realized Gains
on MTM
Commodity          249,166           52,480             555,946      83,765
Derivative
Contracts
Net Gains on
Asset              (67,376)          (207,468)          (248,134)    (442,981)
Dispositions
 Adjusted
EBITDAX         $  1,727,065 (a) $ 1,244,943 (b)  $ 4,644,756  $ 3,524,298
(Non-GAAP)
Percentage
Increase - [(a)    39%
- (b)] / (b)

       EOG RESOURCES, INC.
       CRUDE OIL AND NATURAL GAS FINANCIAL
       COMMODITY DERIVATIVE CONTRACTS
Presented below is a comprehensive summary of EOG's crude oil and natural gas
derivative contracts at November 5, 2012, with notional volumes expressed in
Bbld and MMBtud and prices expressed in $/Bbl and $/MMBtu. EOG accounts for
financial commodity derivative contracts using the mark-to-market accounting
method.
       CRUDE OIL DERIVATIVE CONTRACTS
                                                              Weighted
                                              Volume ^(1)    Average Price
                                              (Bbld)         ($/Bbl)
       2012
       January 1, 2012 through February 29,   34,000          $104.95
       2012 (closed)
       March 1, 2012 through June 30, 2012    52,000          105.80
       (closed)
       July 1, 2012 through August 31, 2012   50,000          106.90
       (closed)
       September 2012 (closed)                32,000          106.61
       October 2012 (closed)                  42,000          105.19
       November 1, 2012 through December      42,000          105.19
       31, 2012
       2013
       January 1, 2013 through June 30,       98,000          $99.39
       2013
       July 1, 2013 through December 31,      68,000          99.45
       2013
    EOG has entered into crude oil derivative contracts which give
    counterparties the option to extend certain current derivative contracts
    for an additional six-month period. Options covering a notional volume of
    25,000 Bbld are exercisable on December 31, 2012. If the counterparties
    exercise all such options, the notional volume of EOG's existing crude oil
    derivative contracts will increase by 25,000 Bbld at an average price of
    $106.27 per barrel for the period January 1, 2013 through June 30, 2013.
(1) Options covering a notional volume of 59,000 Bbld are exercisable on June
    28, 2013. If the counterparties exercise all such options, the notional
    volume of EOG's existing crude oil derivative contracts will increase by
    59,000 Bbld at an average price of $100.45 per barrel for the period July
    1, 2013 through December 31, 2013. Options covering a notional volume of
    29,000 Bbld are exercisable on December 31, 2013. If the counterparties
    exercise all such options, the notional volume of EOG's existing crude oil
    derivative contracts will increase by 29,000 Bbld at an average price of
    $101.69 per barrel for the period January 1, 2014 through June 30, 2014.
       NATURAL GAS DERIVATIVE CONTRACTS
                                                              Weighted
                                              Volume          Average Price
                                              (MMBtud)       ($/MMBtu)
       2012^(2)
       January 1, 2012 through November 30,   525,000         $5.44
       2012 (closed)
       December 2012                          525,000         5.44
       2013^(3)
       January 1, 2013 through December 31,   150,000         $4.79
       2013
       2014^(4)
    EOG has entered into natural gas derivative contracts which give
    counterparties the option of entering into derivative contracts at future
    dates. Such options are exercisable monthly up until the settlement date
(2) of each monthly contract. If the counterparties exercise all such
    options, the notional volume of EOG's existing natural gas derivative
    contracts will increase by 425,000 MMBtud at an average price of $5.44 per
    MMBtu for December 2012.
    EOG has entered into natural gas derivative contracts which give
    counterparties the option of entering into derivative contracts at future
    dates. Such options are exercisable monthly up until the settlement date
(3) of each monthly contract. If the counterparties exercise all such
    options, the notional volume of EOG's existing natural gas derivative
    contracts will increase by 150,000 MMBtud at an average price of $4.79 per
    MMBtu for each month of 2013.
    In July 2012, EOG settled its natural gas financial price swap contracts
    for the period January 1, 2014 through December 31, 2014 and received
    proceeds of $36.6 million. In connection with these contracts, the
    counterparties retain an option of entering into derivative contracts at
(4) future dates. Such options are exercisable monthly up until the
    settlement date of each monthly contract. If the counterparties exercise
    all such options, the notional volume of EOG's existing natural gas
    derivative contracts will increase by 150,000 MMbtud at an average price
    of $4.79 per MMbtu for each month of 2014.
Bbld  Barrels per day.
$/Bbl  Dollars per barrel.
MMBtud  Million British thermal units per day.
$/MMBtu Dollars per million British thermal units.

EOG RESOURCES, INC.
QUANTITATIVE RECONCILIATION OF NET DEBT (NON-GAAP) AND TOTAL
CAPITALIZATION (NON-GAAP) AS USED IN THE CALCULATION OF
THE NET DEBT-TO-TOTAL CAPITALIZATION RATIO (NON-GAAP) TO
CURRENT AND LONG-TERM DEBT (GAAP) AND TOTAL CAPITALIZATION (GAAP)
(Unaudited; in millions, except ratio data)
The following chart reconciles Current and Long-Term Debt (GAAP) to Net Debt
(Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (Non-GAAP),
as used in the Net Debt-to-Total Capitalization ratio calculation. A portion
of the cash is associated with international subsidiaries; tax considerations
may impact debt paydown. EOG believes this presentation may be useful to
investors who follow the practice of some industry analysts who utilize Net
Debt and Total Capitalization (Non-GAAP) in their Net Debt-to-Total
Capitalization ratio calculation. EOG management uses this information for
comparative purposes within the industry.
                                              September 30,
                                              2012
         Total Stockholders' Equity - (a)     $          13,793
         Current and Long-Term Debt - (b)                6,312
         Less: Cash                                     (1,113)
         Net Debt (Non-GAAP) - (c)                       5,199
         Total Capitalization (GAAP) - (a) +  $          20,105
         (b)
         Total Capitalization (Non-GAAP) -    $          18,992
         (a) + (c)
         Debt-to-Total Capitalization (GAAP)             31%
         - (b) / [(a) + (b)]
         Net Debt-to-Total Capitalization                27%
         (Non-GAAP) - (c) / [(a) + (c)]

EOG RESOURCES, INC.
 FOURTH QUARTER AND FULL YEAR 2012 FORECAST AND BENCHMARK COMMODITY PRICING
(a) Fourth Quarter and Full Year 2012 Forecast



The forecast items for the fourth quarter and full year 2012 set forth below
for EOG Resources, Inc. (EOG) are based on current available information and
expectations as of the date of the accompanying press release. EOG undertakes
no obligation, other than as required by applicable law, to update or revise
this forecast, whether as a result of new information, subsequent events,
anticipated or unanticipated circumstances or otherwise. This forecast, which
should be read in conjunction with the accompanying press release and EOG's
related Current Report on Form 8-K filing, replaces and supersedes any
previously issued guidance or forecast.



(b) Benchmark Commodity Pricing



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



EOG bases United States and Canada natural gas price differentials upon the
natural gas price at Henry Hub, Louisiana, using the simple average of the
NYMEX settlement prices for the last three trading days of the applicable
month.
                          ESTIMATED RANGES
                          (Unaudited)
                          4Q 2012                     Full Year 2012
Daily Production
 Crude Oil and
Condensate Volumes
(MBbld)
 United          149.8   -     162.2         148.2         -   151.3
States
 Canada          7.0     -     9.0           6.8           -   7.4
 Trinidad        0.8     -     1.0           1.3           -   1.6
 Other           0.0     -     0.2           0.1           -   0.2
International
 Total      157.6   -     172.4         156.4         -   160.5
 Natural Gas
Liquids Volumes
(MBbld)
 United          57.0    -     63.0          54.5          -   56.5
States
 Canada          0.6     -     1.0           0.7           -   0.9
 Total      57.6    -     64.0          55.2          -   57.4
 Natural Gas
Volumes (MMcfd)
 United          968     -     994           1,030         -   1,037
States
 Canada          75      -     95            92            -   97
 Trinidad        320     -     365           374           -   386
 Other           9       -     11            9             -   11
International
 Total      1,372   -     1,465         1,505         -   1,531
 Crude Oil
Equivalent Volumes
(MBoed)
 United          368.1   -     390.9         374.4         -   380.6
States
 Canada          20.1    -     25.8          22.8          -   24.5
 Trinidad        54.1    -     61.8          63.6          -   65.9
 Other           1.5     -     2.0           1.6           -   2.0
International
 Total      443.8   -     480.5         462.4         -   473.0
                       ESTIMATED RANGES
                       (Unaudited)
                       4Q 2012                     Full Year 2012
Operating Costs
 Unit Costs
($/Boe)
 Lease and    $  6.18    -  $  6.54       $  6.00          - $ 6.24
Well
              $  3.78    -  $  4.02       $  3.36          - $ 3.60
Transportation Costs

Depreciation,          $  18.72   -  $  20.00      $  18.60         - $ 18.90
Depletion and
Amortization
Expenses ($MM)
 Exploration, Dry  $  140.0   -  $  162.0      $  480.0         - $ 502.0
Hole and Impairment
 General and       $  85.0    -  $  90.0       $  330.0         - $ 335.0
Administrative
 Gathering and     $  29.0    -  $  33.0       $  101.0         - $ 105.5
Processing
 Capitalized       $  12.0    -  $  16.0       $  48.7          - $ 52.7
Interest
 Net Interest      $  58.0    -  $  62.0       $  212.3         - $ 216.3
Taxes Other Than
Income (% of Wellhead     5.8%    -     6.2%          6.0%          -   6.2%
Revenue)
Income Taxes
 Effective Rate      35%     -     40%           35%           -   40%
 Current Taxes     $  100     -  $  115        $  360           - $ 380
($MM)
Capital Expenditures
($MM) - FY 2012
(Excluding Non-cash
Items)
 Exploration and
Development, Excluding                                Approximately   $ 6,260
Facilities
 Exploration and                                  Approximately   $ 700
Development Facilities
 Gathering,                                       Approximately   $ 640
Processing and Other
Pricing - (Refer to
Benchmark Commodity
Pricing in text)
 Crude Oil and
Condensate ($/Bbl)

Differentials
 United
States - (above) below $  (5.00)  -  $  (10.00)    $  (2.90)        - $ (4.15)
WTI
 Canada  $  2.50    -  $  6.00       $  8.00          - $ 9.20
- (above) below WTI

Trinidad - (above)     $  3.00    -  $  8.00       $  2.00          - $ 3.25
below WTI
 Natural Gas
Liquids
 Realizations
as % of WTI
 United    32%     -     38%           36%           -   37%
States
 Canada    50%     -     57%           48%           -   49%
 Natural Gas
($/Mcf)

Differentials
 United
States - (above) below $  0.15    -  $  0.30       $  0.21          - $ 0.25
NYMEX Henry Hub
 Canada
- (above) below NYMEX  $  0.60    -  $  0.80       $  0.35          - $ 0.40
Henry Hub
 Realizations
         $  3.50    -  $  4.00       $  3.55          - $ 3.70
Trinidad
 Other   $  5.00    -  $  5.50       $  5.53          - $ 5.65
International
Definitions
$/Bbl       U.S. Dollars per barrel
$/Boe       U.S. Dollars per barrel of oil equivalent
$/Mcf       U.S. Dollars per thousand cubic feet
$MM       U.S. Dollars in millions
MBbld       Thousand barrels per day
Mboed         Thousand barrels of oil equivalent per day
MMcfd         Million cubic feet per day
NYMEX          New York Mercantile Exchange
WTI      West Texas Intermediate



SOURCE EOG Resources, Inc.

Website: http://www.eogresources.com
 
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