EOG Resources Reports Robust First Quarter 2013 Results Led by Prolific Eagle Ford Crude Oil Wells

EOG Resources Reports Robust First Quarter 2013 Results Led by Prolific Eagle
                             Ford Crude Oil Wells

PR Newswire

HOUSTON, May 6, 2013

HOUSTON, May 6, 2013 /PRNewswire/ --

  oDelivers Outstanding Crude Oil Production Growth of 36 Percent
    Year-Over-Year in the U.S. and 33 Percent Total Company
  oSurpasses Eagle Ford Production Targets
  oAnnounces Successful North Dakota Three Forks Second Bench Test
  oReports Positive Results from Bakken Core 160-Acre Downspacing Program
  oRecords Success from Permian Delaware and Midland Basins
  oProvides Five-Year Outlook

EOG Resources, Inc. (NYSE: EOG) today reported first quarter 2013 net income
of $494.7 million, or $1.82 per share. This compares to first quarter 2012 net
income of $324.0 million, or $1.20 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 first quarter 2013 was $489.9
million, or $1.80 per share. Adjusted non-GAAP net income for the first
quarter 2012 was $317.5 million, or $1.17 per share. The results for the first
quarter 2013 included net gains on asset dispositions of $115.0 million, net
of tax ($0.42 per share) and a previously disclosed non-cash net loss of
$105.0 million ($67.2 million after tax, or $0.24 per share) on the
mark-to-market of financial commodity contracts. During the quarter, the net
cash inflow related to financial commodity contracts was $67.1 million ($43.0
million after tax, or $0.16 per share). (Please refer to the attached tables
for the reconciliation of adjusted non-GAAP net income to GAAP net income.)

Earnings per share increased 52 percent, discretionary cash flow increased 28
percent and adjusted EBITDAX rose 25 percent during the first quarter 2013,
compared to the first quarter 2012. (Please refer to the attached tables for
the reconciliation of 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).)

"During the first quarter, EOG met its goal of again delivering strong
financial performance and highly competitive overall returns," said Mark G.
Papa, Chairman and Chief Executive Officer.

Operational Highlights

EOG's total crude oil production increased 33 percent during the first quarter
2013 compared to the same prior year period. U.S. crude oil production
increased 36 percent versus the first quarter 2012.

EOG's South Texas Eagle Ford crude oil operations surpassed expectations due
to ongoing refinements in completion techniques. During the quarter, 27 wells
were put to sales with initial production rates in excess of 2,500 barrels of
crude oil per day (Bopd), including nine which exceeded peak production rates
of 3,500 Bopd. EOG's southeastern New Mexico and West Texas operations in the
Permian Basin also contributed to ongoing production growth. In addition,
modifications in completion techniques and production enhancements combined to
make EOG's rate-of-return results from the Bakken the highest in company
history.

"Our first quarter results clearly demonstrate EOG's ability to consistently
execute a highly efficient crude oil drilling program while simultaneously
trimming costs and continually making better wells," Papa said. "To further
fuel EOG's momentum, we are channeling as much capital as possible into our
high rate-of-return oil plays this year."

In the South Texas Eagle Ford, the Guadalupe Unit #01H, #02H, #03H, #04H,
#09H, #10H, #11H and #12H had initial rates ranging from 2,175 to 4,490 Bopd
with 265 to 630 barrels per day (Bpd) of natural gas liquids (NGLs) and 1.5 to
3.6 million cubic feet per day (MMcfd) of natural gas in Gonzales County.
Other excellent Gonzales County producers were the Lepori Unit #1H, #2H and
#3H, which flowed at initial production rates of 3,490, 3,900 and 3,880 Bopd
with 530, 585 and 590 Bpd of NGLs and 3.0, 3.4 and 3.4 MMcfd of natural gas,
respectively. The Lefevre Unit #1H and #2H had initial crude oil production
rates of3,195 and 3,180 Bopd with 425 and 525 Bpd of NGLs and 2.4 and 3.0
MMcfd of natural gas, respectively. The Otto Unit #4H, #5H and #6H were
completed to sales at 3,915, 3,125 and 3,485 Bopd with 570, 485 and 555 Bpd of
NGLs and 3.3, 2.8 and 3.2 MMcfd of natural gas, respectively. EOG has 100
percent working interest in these 16 Gonzales County wells.

Southwest of its Gonzales County acreage in Karnes County, EOG reported
additional notable well results. The Wolf Unit #1H and #2H, in which EOG has
100 percent working interest, began sales at 5,380 and 4,475 Bopd with 400 and
500 Bpd of NGLs and 2.3 and 2.9 MMcfd of natural gas, respectively. The Lazy
Oak Unit #4H and #5H went to initial production at 2,025 and 2,680 Bopd with
170 and 240 Bpd of NGLs and 1.0 and 1.4 MMcfd of natural gas, respectively.
EOG has 50 percent working interest in these wells. EOG has 100 percent
working interest in the Korth Unit #1H and #2H, which were completed to sales
in January at 3,980 and 3,580 Bopd with 415 and 450 Bpd of NGLs and 2.4 and
2.6 MMcfd of natural gas, respectively.

In February 2013, EOG increased the reserve potential on its Eagle Ford
acreage by 600 million barrels of crude oil equivalent (Boe) to 2.2 billion
Boe and identified a 12-year inventory of more than 4,900 remaining drilling
locations. Currently, EOG is pursuing manufacturing-type development of its
highest rate-of-return asset with 40-acre to 65-acre spacing between wells.
Based on efficiency gains and well cost improvements, EOG plans to increase
its drilling program in the Eagle Ford from 400 to 425 net wells this year. If
crude oil prices remain at or above current levels, EOG will further augment
its drilling program in 2014.

In the Permian Basin, EOG has advanced development of its three combo shale
assets, which are comprised of crude oil, NGLs and natural gas. In the
Delaware Basin where EOG is focusing on the Wolfcamp and Leonard shales, it is
assessing multiple producing horizons and determining optimal spacing. In the
Midland Basin Wolfcamp, EOG also continues to refine completion techniques, as
well as evaluate the reserve potential and determine optimal spacing on its
133,000 net acres.

EOG has accumulated 114,000 net acres in its newest asset, the West Texas
Delaware Basin Wolfcamp. Its third successful horizontal well in the play, the
Apache State 57 #1101H, had an initial production rate of 815 Bopd with 600
Bpd of NGLs and 3.8 MMcfd of natural gas. EOG has 100 percent working interest
in this Reeves County well located south of the New Mexico border. Based on
individual well reserves of 700,000 Boe, net, and over 1,100 drilling
locations, EOG's estimated net reserve potential in the Delaware Basin
Wolfcamp is 800 million Boe.

In the northeastern part of the Delaware Basin where EOG is targeting the
Leonard shale, it completed several wells in Lea County, New Mexico. The Vaca
24 Fed Com #2H, #3H and #4H began production at 1,230, 1,410 and 1,205 Bopd
with 140, 140 and 230 Bpd of NGLs and 780, 760 and 1,290 thousand cubic feet
per day (Mcfd) of natural gas, respectively. EOG has 90 percent working
interest in these wells. EOG has 100 percent working interest in the Vanguard
30 State Com #1H, which had an initial production rate of 1,540 Bopd with 165
Bpd of NGLs and 915 Mcfd of natural gas. The Excelsior 12 #1H, in which EOG
has 48 percent working interest, was completed to sales in Loving County,
Texas, adjacent to the New Mexico border, at 1,010 Bopd with 260 Bpd of NGLs
and 1.4 MMcfd of natural gas.

East of the Delaware Basin in the Midland Basin Wolfcamp shale, EOG completed
a number of wells in Irion County, Texas. The Munson #1005H, #1006H and #1007H
began production at 965, 970 and 1,290 Bopd with 55, 60 and 100 Bpd of NGLs
and 400, 430 and 730 Mcfd of natural gas, respectively. EOG has 85 percent
working interest in these wells. The Faudree #10H, #11H and #12H were
completed at 560, 670 and 810 Bopd with 50, 70 and 60 Bpd of NGLs and 365, 490
and 420 Mcfd of natural gas, respectively. EOG has 75 percent working interest
in these wells. EOG has 80 percent working interest in the University 40D
#0702H and #0701H, which began production at 660 and 705 Bopd with 75 and 95
Bpd of NGLs with 550 and 685 Mcfd of natural gas, respectively.

In North Dakota on its Antelope Extension acreage in McKenzie County, EOG
previously reported success from both the Bakken formation and the first
bench, the upper pay zone, of the Three Forks. During the first quarter, EOG
achieved success from its first production test of the second bench of the
Three Forks. The Riverview 03-3130H, in which EOG has 94 percent working
interest, was completed to sales at 3,150 Bopd. EOG plans to continue testing
the second bench in the same area this year. Also in McKenzie County, the West
Clark 101-2425H was completed in the first bench of the Three Forks at an
initial production rate of 2,205 Bopd. EOG has 100 percent working interest in
the well.

In the Bakken Core Parshall Field, recent initial production rates and well
resultsfrom EOG's 160-acre spacing between wells continues to be encouraging.
The Wayzetta 136-2127H was completed at an initial production rate of 1,910
Bopd. Also in the Core, the Fertile 53-3024H began sales at 1,725 Bopd. EOG
has 63 and 67 percent working interest in these wells, respectively. The Van
Hook 20-0107H and 127-0107H were completed to sales at rates of 2,375 and
2,170 Bopd, respectively. EOG has 55 percent working interest in these wells.
If crude oil prices remain in the current range, EOG plans to increase the
level of its North Dakota drilling activity in 2014.

"Capturing key acreage in the Eagle Ford, Permian and Bakken/Three Forks has
provided EOG with the opportunity to make good assets even better," Papa said.
"We are particularly enthused about the Delaware Basin Wolfcamp and Leonard
plays. With the addition of these assets, EOG's portfolio is grounded by three
dynamic crude oil production growth drivers that should continue to generate
best-in-class growth for many years."

Five-Year Outlook

Based on confidence in its current asset base and multi-year inventory of
drilling locations, EOG is targeting sustained peer-group leading high growth
rates of crude oil production for the 2013-2017 period, provided WTI prices
remain at or above the mid-$80 level. With a solid inventory of combo plays,
growth from NGLs also should be robust. North American natural gas is expected
to show a moderate increase next year and beyond. Production in Trinidad and
China during 2014 to 2017 should be flat. Overall, EOG expects to achieve a
very positive total company production growth profile while maintaining a
strong balance sheet.

"EOG's outstanding asset base allows us to define long-term production gains
with confidence because these onshore domestic assets are largely underpinned
by high rate-of-return crude oil growth," Papa said.

Hedging Activity

EOG has hedges in place for approximately 46 percent of its North American
crude oil production for the remainder of 2013. For the period May 1 through
June 30, 2013, EOG has crude oil financial price swap contracts in place for
101,000 Bpd at a weighted average price of $99.29 per barrel, excluding
unexercised options. For the period July 1 through December 31, 2013, EOG has
hedged 93,000 Bpd at a weighted average price of $98.44 per barrel, excluding
unexercised options.

Based on its increased production weighting to crude oil and to better protect
cash flows, EOG has implemented a hedge program for 2014. For the period
January 1 through June 30, 2014, EOG has crude oil financial price swap
contracts in place for 42,000 Bpd at a weighted average price of $95.86 per
barrel, excluding unexercised options.

EOG also has hedged some natural gas volumes for 2013 and 2014. For the period
June 1 through October 31, 2013, EOG has natural gas financial price swap
contracts in place for 200,000 million British thermal units per day (MMBtud)
at a weighted average price of $4.72 per million British thermal units
(MMBtu), excluding unexercised options. For the period November 1 through
December 31, 2013, EOG has hedged 150,000 MMBtud at a weighted average price
of $4.79 per MMBtu, excluding unexercised options. For the full year 2014, EOG
has natural gas financial price swap contracts in place for 170,000 MMBtud at
a weighted average price of $4.54 per MMBtu, excluding unexercised options.
(For a comprehensive summary of crude oil and natural gas derivative
contracts, please refer to the attached tables.) 

Capital Structure

As of May 1, 2013, EOG had closed on approximately $500 million of asset
sales, 90 percent of its stated goal. At March 31, 2013, 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 $1,108 million at
the end of the first quarter, EOG's net debt was $5,204 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 May 7, 2013

EOG's first quarter 2013 results conference call will be available via live
audio webcast at 8 a.m. Central time (9 a.m. Eastern time) on Tuesday, May 7,
2013. To listen, log on to www.eogresources.com. The webcast will be archived
on EOG's website through May 21, 2013.

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, 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," "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 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, unknown or currently
unforeseen risks, events or circumstances that may be outside EOG's control.
Important factors that could cause EOG's actual results to differ materially
from the expectations reflected in EOG's forward-looking statements include,
among others:

  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, and EOG's ability to retain mineral licenses
    and leases;
  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 conditions and developments around the world (such as political
    instability and armed conflict), 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;
  ophysical, electronic and cyber security breaches; and
  othe other factors described under Item 1A, "Risk Factors", on pages 16
    through 23 of EOG's Annual Report on Form 10-K for the fiscal year ended
    December 31, 2012 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.

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, 2012, 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 Contact: Investors
                                 Maire A. Baldwin
                                 (713) 651-6EOG (651-6364)
                                 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
                                                      March 31,
                                                      2013         2012
Net Operating Revenues                                $ 3,356.5    $ 2,806.7
Net Income                                           $ 494.7      $ 324.0
Net Income Per Share
  Basic                                               $ 1.84       $ 1.22
  Diluted                                             $ 1.82       $ 1.20
Average Number of Common Shares
  Basic                                                 269.4        266.7
  Diluted                                               272.3        270.2
SUMMARY INCOME STATEMENTS
(Unaudited; in thousands, except per share data)
                                                      Three Months Ended
                                                      March 31,
                                                      2013         2012
Net Operating Revenues
  Crude Oil and Condensate                            $ 1,781,833  $ 1,310,335
  Natural Gas Liquids                                   169,529      198,310
  Natural Gas                                           410,879      367,284
  (Losses) Gains on Mark-to-Market Commodity            (104,956)    134,208
  Derivative Contracts
  Gathering, Processing and Marketing                   922,957      718,157
  Gains on Asset Dispositions, Net                      164,233      67,468
  Other, Net                                            12,039       10,889
                        Total                           3,356,514    2,806,651
Operating Expenses
  Lease and Well                                        249,000      261,495
  Transportation Costs                                  184,257      131,842
  Gathering and Processing Costs                        24,504       25,592
  Exploration Costs                                     44,216       42,807
  Dry Hole Costs                                        3,962        -
  Impairments                                          53,548       133,147
  Marketing Costs                                       904,649      705,468
  Depreciation, Depletion and Amortization              846,388      748,743
  General and Administrative                            77,985       76,269
  Taxes Other Than Income                               134,931      121,516
                        Total                           2,523,440    2,246,879
Operating Income                                        833,074      559,772
Other Income (Expense), Net                             (10,134)     10,631
Income Before Interest Expense and Income Taxes         822,940      570,403
Interest Expense, Net                                   61,921       50,269
Income Before Income Taxes                              761,019      520,134
Income Tax Provision                                    266,294      196,125
Net Income                                            $ 494,725    $ 324,009
Dividends Declared per Common Share                   $ 0.1875     $ 0.17





EOG RESOURCES, INC.
OPERATING HIGHLIGHTS
(Unaudited)
                                                     Three Months Ended
                                                     March 31,
                                                     2013      2012
Wellhead Volumes and Prices
Crude Oil and Condensate Volumes (MBbld) ^(A)
           United States                               178.3     131.0
           Canada                                      7.7       7.5
           Trinidad                                    1.2       2.2
           Other International ^(B)                    0.1       0.1
                             Total                     187.3     140.8
Average Crude Oil and Condensate Prices ($/Bbl) ^(C)
           United States                             $ 106.57  $ 101.81
           Canada                                      85.32     89.39
           Trinidad                                    94.51     99.25
           Other International ^(B)                    95.13     107.15
                             Composite                 105.61    101.12
Natural Gas Liquids Volumes (MBbld) ^(A)
           United States                               58.6      50.3
           Canada                                      0.9       0.8
                             Total                     59.5      51.1
Average Natural Gas Liquids Prices ($/Bbl) ^(C)
           United States                             $ 31.63   $ 42.49
           Canada                                      41.90     50.88
                             Composite                 31.78     42.62
Natural Gas Volumes (MMcfd) ^(A)
           United States                               934       1,062
           Canada                                      79        105
           Trinidad                                    352       369
           Other International ^(B)                    8         11
                             Total                     1,373     1,547
Average Natural Gas Prices ($/Mcf) ^(C)
           United States                             $ 3.08    $ 2.46
           Canada                                      3.24      2.45
           Trinidad                                    3.91      2.98
           Other International ^(B)                    6.75      5.79
                             Composite                 3.32      2.61
Crude Oil Equivalent Volumes (MBoed) ^(D)
           United States                              392.6     358.5
           Canada                                      21.8      25.7
           Trinidad                                    59.8      63.8
           Other International ^(B)                    1.4       1.8
                             Total                     475.6     449.8
Total MMBoe ^(D)                                       42.8      40.9

(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.
(C) Dollars per barrel or per thousand cubic feet, as applicable. 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 determined using the
(D)  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)
                                                March 31,       December 31,
                                                2013            2012
ASSETS
Current Assets
 Cash and Cash Equivalents                      $ 1,108,034     $ 876,435
 Accounts Receivable, Net                         1,891,202       1,656,618
 Inventories                                      697,478         683,187
 Assets from Price Risk Management Activities     32,711          166,135
 Income Taxes Receivable                          24,435          29,163
 Deferred Income Taxes                            102,035         -
 Other                                            225,123         178,346
                Total                             4,081,018       3,589,884
Property, Plant and Equipment
 Oil and Gas Properties (Successful Efforts       39,075,040      38,126,298
 Method)
 Other Property, Plant and Equipment              2,769,601       2,740,619
                Total Property, Plant and         41,844,641      40,866,917
                Equipment
 Less: Accumulated Depreciation, Depletion and   (17,906,671)    (17,529,236)
 Amortization
                Total Property, Plant and         23,937,970      23,337,681
                Equipment, Net
Other Assets                                      213,625         409,013
Total Assets                                    $ 28,232,613    $ 27,336,578
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
 Accounts Payable                               $ 2,258,232     $ 2,078,948
 Accrued Taxes Payable                            155,140         162,083
 Dividends Payable                                50,510          45,802
 Liabilities from Price Risk Management           14,108          7,617
 Activities
 Deferred Income Taxes                            2,164           22,838
 Current Portion of Long-Term Debt                406,579         406,579
 Other                                            187,958         200,191
                Total                             3,074,691       2,924,058
Long-Term Debt                                    5,905,917       5,905,602
Other Liabilities                                 864,011         894,758
Deferred Income Taxes                             4,631,685       4,327,396
Commitments and Contingencies
Stockholders' Equity
 Common Stock, $0.01 Par, 640,000,000 Shares
 Authorized and 272,366,287 Shares Issued at      202,724         202,720
 March 31, 2013 and 271,958,495 Shares Issued
 at December 31, 2012
 Additional Paid in Capital                       2,539,578       2,500,340
 Accumulated Other Comprehensive Income          427,832         439,895
 Retained Earnings                                10,619,426      10,175,631
 Common Stock Held in Treasury, 308,010 Shares
 at March 31, 2013 and326,264 Shares at          (33,251)        (33,822)
 December 31, 2012
                Total Stockholders' Equity        13,756,309      13,284,764
Total Liabilities and Stockholders' Equity      $ 28,232,613    $ 27,336,578





EOG RESOURCES, INC.
SUMMARY STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)
                                                  Three Months Ended
                                                  March 31,
                                                  2013           2012
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided
by Operating Activities:
 Net Income                                      $ 494,725      $ 324,009
 Items Not Requiring (Providing) Cash
                Depreciation, Depletion and         846,388        748,743
                Amortization
                Impairments                        53,548         133,147
                Stock-Based Compensation Expenses   30,436         28,338
                Deferred Income Taxes               200,779        110,148
                Gains on Asset Dispositions, Net    (164,233)      (67,468)
                Other, Net                          8,268          446
 Dry Hole Costs                                     3,962          -
 Mark-to-Market Commodity Derivative Contracts
                Total Losses (Gains)                104,956        (134,208)
                Realized Gains                      67,050         133,601
 Excess Tax Benefits from Stock-Based               (11,673)       (16,651)
 Compensation
 Other, Net                                         5,022          3,352
 Changes in Components of Working Capital and
 Other Assets and Liabilities
                Accounts Receivable                 (236,757)      (89,948)
                Inventories                         (15,058)       10,208
                Accounts Payable                    186,065        236,625
                Accrued Taxes Payable               9,004          (5,163)
                Other Assets                        (47,193)       (108,840)
                Other Liabilities                   (52,933)       (5,059)
 Changes in Components of Working Capital
 Associated with Investing and Financing            (57,421)       (223,675)
 Activities
Net Cash Provided by Operating Activities           1,424,935      1,077,605
Investing Cash Flows
 Additions to Oil and Gas Properties                (1,604,123)    (1,878,813)
 Additions to Other Property, Plant and Equipment   (92,201)       (170,704)
 Proceeds from Sales of Assets                      479,436        450,110
 Changes in Components of Working Capital           57,149         224,087
 Associated with Investing Activities
Net Cash Used in Investing Activities               (1,159,739)    (1,375,320)
Financing Cash Flows
 Dividends Paid                                     (46,220)       (43,250)
 Excess Tax Benefits from Stock-Based               11,673         16,651
 Compensation
 Treasury Stock Purchased                           (11,024)       (20,072)
 Proceeds from Stock Options Exercised             8,004          20,198
 Repayment of Capital Lease Obligation              (1,427)        -
 Other, Net                                         272            (412)
Net Cash Used in Financing Activities               (38,722)       (26,885)
Effect of Exchange Rate Changes on Cash             5,125          2,938
Increase (Decrease) in Cash and Cash Equivalents    231,599        (321,662)
Cash and Cash Equivalents at Beginning of Period    876,435        615,726
Cash and Cash Equivalents at End of Period        $ 1,108,034    $ 294,064





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 periods ended March 31, 2013 and
2012 reported Net Income (GAAP) to reflect actual net cash realized from
financial commodity price transactions by eliminating the unrealized
mark-to-market losses (gains) from these transactions, to eliminate the net
gains on asset dispositions in North America in 2013 and 2012 and to add back
impairment charges related to certain of EOG's North American assets in 2012.
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
                                     March 31,
                                     2013                  2012
Reported Net Income (GAAP)           $   494,725           $   324,009
Mark-to-Market (MTM) Commodity
Derivative Contracts Impact
       Total Losses (Gains)              104,956               (134,208)
       Realized Gains                   67,050                133,601
                   Subtotal              172,006               (607)
       After-Tax MTM Impact              110,127               (389)
Less: Net Gains on Asset                 (114,993)             (43,211)
Dispositions, Net of Tax
Add: Impairments of Certain North        -                     37,049
American Assets, Net of Tax
Adjusted Net Income (Non-GAAP)       $   489,859           $   317,458
Net Income Per Share (GAAP)
       Basic                         $   1.84              $   1.22
       Diluted                       $   1.82        (a)   $   1.20       (b)
Percentage Increase - [(a) - (b)] /      52%
(b)
Adjusted Net Income Per Share (Non-GAAP)
       Basic                         $   1.82              $   1.19
       Diluted                       $   1.80              $   1.17
Average Number of Common Shares
       Basic                             269,358               266,674
       Diluted                           272,263               270,242





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 periods ended March 31, 2013
and 2012 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
                                     March 31,
                                     2013                 2012
Net Cash Provided by Operating       $  1,424,935         $  1,077,605
Activities (GAAP)
Adjustments
      Exploration Costs (excluding
      Stock-Based Compensation          36,645               36,188
      Expenses)
      Excess Tax Benefits from          11,673               16,651
      Stock-Based Compensation
      Changes in Components of
      Working Capital and Other
      Assets and Liabilities
                   Accounts             236,757              89,948
                   Receivable
                   Inventories          15,058               (10,208)
                   Accounts Payable     (186,065)            (236,625)
                   Accrued Taxes        (9,004)              5,163
                   Payable
                   Other Assets         47,193               108,840
                   Other Liabilities    52,933               5,059
      Changes in Components of
      Working Capital Associated        57,421               223,675
      with Investing and Financing
      Activities
Discretionary Cash Flow (Non-GAAP)   $  1,687,546  (a)  $  1,316,296  (b)
Percentage Increase - [(a) - (b)] /     28%
(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 periods ended March 31, 2013 and
2012 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) (losses) gains from these transactions and to eliminate
the net gains on asset dispositions in North America in 2013 and 2012. 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
                              March 31,
                              2013                     2012
Income Before Interest
Expense and Income Taxes      $    822,940             $   570,403
(GAAP)
Adjustments:
Depreciation, Depletion and        846,388                 748,743
Amortization
Exploration Costs                  44,216                  42,807
Dry Hole Costs                     3,962                   -
Impairments                       53,548                  133,147
        EBITDAX (Non-GAAP)         1,771,054               1,495,100
Total Losses (Gains) on MTM
Commodity Derivative               104,956                 (134,208)
Contracts
Realized Gains on Commodity        67,050                  133,601
Derivative Contracts
Net Gains on Asset                 (164,233)               (67,468)
Dispositions
        Adjusted EBITDAX      $    1,778,827   (a)   $   1,427,025   (b)
        (Non-GAAP)
Percentage Increase - [(a) -       25%
(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 May 3, 2013, with notional volumes expressed in Bbld
and MMBtud and prices expressed in $/Bbl and $/MMBtu. EOG accounts for
financial commodity derivative contracts using the mark-to-market accounting
method.
CRUDE OIL DERIVATIVE CONTRACTS
                                                                 Weighted
                                                     Volume     Average Price
                                                     (Bbld)     ($/Bbl)
    2013^(1)
    January 2013 (closed)                            101,000     $99.29
    February 1, 2013 through April 30, 2013 (closed) 109,000     99.17
    May 1, 2013 through June 30, 2013                101,000     99.29
    July 1, 2013 through December 31, 2013           93,000      98.44
    2014 ^(2)
    January 1, 2014 through June 30, 2014            42,000      $95.86
    EOG has entered into crude oil derivative contracts which give
    counterparties the option to extend certain current derivative contracts
    for additional six-month periods. Options covering a notional volume of
    62,000 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 62,000 Bbld at an average price of
(1) $100.24 per barrel for each month during theperiod July 1, 2013 through
    December 31, 2013. Options covering a notional volume of 54,000 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 54,000 Bbld at an average price of $98.91 per
    barrel for each month during the period January 1, 2014 through June 30,
    2014.
    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 total notional
    volume of 11,000 Bbld are exercisable on June 27, 2014, and options
(2) covering a total notional volume of 31,000 Bbld are exercisable on June
    30, 2014. If the counterparties exercise all such options, the notional
    volume of EOG's existing crude oil derivative contracts will increase by
    42,000 Bbld at an average price of $95.86 per barrel for each month during
    the period July 1, 2014 through December 31, 2014.
NATURAL GAS DERIVATIVE CONTRACTS
                                                                 Weighted
                                                     Volume      Average Price
                                                     (MMBtud)   ($/MMBtu)
    2013^(3)
    January 1, 2013 through April 30, 2013 (closed)  150,000     $4.79
    May 2013 (closed)                                200,000     4.72
    June 1, 2013 through October 31, 2013            200,000     4.72
    November 1, 2013 through December 31, 2013      150,000     4.79
    2014^(4)
    January 1, 2014 through December 31, 2014        170,000     $4.54
    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
    of each monthly contract. For the period June 1, 2013 through October 31,
    2013, if the counterparties exercise all such options, the notional volume
(3) of EOG's existing natural gas derivative contracts will increase by
    200,000 MMBtud at an average price of $4.72 per MMBtu for each month
    during that period. For the period November 1, 2013 through December 31,
    2013, 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
    during that period.
    EOG has entered into natural gas derivative contracts which give
    counterparties the option of entering into derivative contracts at future
    dates. Additionally, in connection with certain natural gas derivative
    contracts settled in July 2012, counterparties retain an option of
(4) entering into derivative contracts at future dates. All 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
    320,000 MMBtud at an average price of $4.66 per MMBtu for each month
    during the period January 1, 2014 through December 31, 2014.
    Bbld                         Barrels per day
    $/Bbl                        Dollars per barrel
    MMBtud                       Million British thermal units per day
    $/MMBtu                      Dollars per million British thermal units
    MMBtu                        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.
                                                         At
                                                         March 31,
                                                         2013
Total Stockholders' Equity - (a)                         $       13,756
Current and Long-Term Debt - (b)                                 6,312
Less: Cash                                                      (1,108)
Net Debt (Non-GAAP) - (c)                                        5,204
Total Capitalization (GAAP) - (a) + (b)                  $       20,068
Total Capitalization (Non-GAAP) - (a) + (c)              $       18,960
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]          31%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a)         27%
+ (c)]





EOG RESOURCES, INC.
 SECOND QUARTER AND FULL YEAR 2013 FORECAST AND BENCHMARK COMMODITY PRICING
       (a) Second Quarter and Full Year 2013 Forecast
The forecast items for the second quarter and full year 2013 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)
                                     2Q 2013                 Full Year 2013
Daily Production
       Crude Oil and Condensate
       Volumes (MBbld)
             United States           185.0   -    200.0      186.0  -   202.0
             Canada                  6.0     -    7.0        6.0    -   7.0
             Trinidad                1.3     -    1.8        1.0    -   2.0
             Other International     0.0     -    0.0        0.0    -   0.2
                Total                192.3   -    208.8      193.0  -   211.2
       Natural Gas Liquids
       Volumes (MBbld)
             United States           59.0    -    63.5       55.5   -   66.0
             Canada                  0.5     -    1.0        0.5    -   0.8
                Total                59.5    -    64.5       56.0   -   66.8
       Natural Gas Volumes
       (MMcfd)
             United States           900     -    940        865    -   905
             Canada                  70      -    80         64     -   80
             Trinidad                325     -    365        350    -   375
             Other International     7       -    9          8      -   10
                Total                1,302   -    1,394      1,287  -   1,370
       Crude Oil Equivalent
       Volumes (MBoed)
             United States           394.0   -    420.2      385.7  -   418.8
             Canada                  18.2    -    21.3       17.2   -   21.1
             Trinidad                55.5    -    62.6       59.3   -   64.5
             Other International     1.2     -    1.5        1.3    -   1.9
                Total                468.9   -    505.6      463.5  -   506.3
                                  ESTIMATED RANGES
                                  (Unaudited)
                                  2Q 2013                  Full Year 2013
Operating Costs
       Unit Costs ($/Boe)
             Lease and Well       $  6.15    -  $ 6.55     $ 6.15   - $ 6.55
             Transportation Costs $  4.50    -  $ 4.80     $ 4.40   - $ 4.80
             Depreciation,
             Depletion and        $  19.95   -  $ 20.45    $ 19.85  - $ 20.75
             Amortization
Expenses ($MM)
       Exploration, Dry Hole and  $  125.0   -  $ 165.0    $ 500.0  - $ 550.0
       Impairment
       General and Administrative $  80.0    -  $ 90.0     $ 360.0  - $ 390.0
       Gathering and Processing  $  25.0    -  $ 35.0     $ 100.0  - $ 130.0
       Capitalized Interest       $  10.0    -  $ 12.0     $ 40.0   - $ 50.0
       Net Interest               $  60.0    -  $ 62.0     $ 226.0  - $ 246.0
Taxes Other Than Income (% of        5.9%    -    6.3%       5.6%   -   6.6%
Wellhead Revenue)
Income Taxes
       Effective Rate               30%     -    40%        35%    -   45%
       Current Taxes ($MM)        $  60      -  $ 75       $ 260    - $ 280
Capital Expenditures ($MM) - FY
2013 (Excluding Acquisitions)
       Exploration and
       Development, Excluding                              $ 5,900  - $ 6,000
       Facilities
       Exploration and                                     $ 710    - $ 770
       Development Facilities
       Gathering, Processing and                           $ 435    - $ 465
       Other
Pricing - (Refer to Benchmark
Commodity Pricing in text)
       Crude Oil and Condensate
       ($/Bbl)
             Differentials
                United States -   $  (7.00)  -  $ (11.50)  $ (4.50) - $ (9.50)
                (above) below WTI
                Canada - (above)  $  7.00    -  $ 9.00     $ 7.80   - $ 10.80
                below WTI
                Trinidad -        $  1.05    -  $ 3.05     $ 1.00   - $ 3.00
                (above) below WTI
       Natural Gas Liquids
             Realizations as % of
             WTI
                United States        33%     -    37%        32%    -   35%
                Canada               37%     -    43%        39%    -   43%
       Natural Gas ($/Mcf)
             Differentials
                United States -
                (above) below     $  0.20    -  $ 0.40     $ 0.20   - $ 0.50
                NYMEX Henry Hub
                Canada - (above)
                below NYMEX Henry $  0.45    -  $ 0.65     $ 0.30   - $ 0.60
                Hub
             Realizations
                Trinidad          $  3.10    -  $ 3.60     $ 2.80   - $ 3.40
                Other             $  4.90    -  $ 5.40     $ 5.00   - $ 6.00
                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
 
Press spacebar to pause and continue. Press esc to stop.