EOG Resources Reports Second Quarter 2013 Results; Increases 2013 Crude Oil Production Growth Target and Overall Total

 EOG Resources Reports Second Quarter 2013 Results; Increases 2013 Crude Oil
       Production Growth Target and Overall Total Production Estimates

PR Newswire

HOUSTON, Aug. 6, 2013

HOUSTON, Aug. 6, 2013 /PRNewswire/ --

  oDelivers 35 Percent Year-Over-Year Total Company Crude Oil Production
    Growth
  oRaises 2013 Full Year Crude Oil Production Target to 35 Percent from 28
    Percent
  oIncreases Total Company Overall Production Growth Target to 7.5 Percent
    from 4 Percent
  oAnnounces Record South Texas Eagle Ford Oil Well
  oExtends Bakken/Three Forks Drilling Inventory and Posts Excellent North
    Dakota Well Results
  oDrives Down Costs in Key Areas of Operations

EOG Resources, Inc. (NYSE: EOG) today reported second quarter 2013 net income
of $659.7 million, or $2.42 per share. This compares to second quarter 2012
net income of $395.8 million, or $1.47 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 second quarter 2013 was $573.8
million, or $2.10 per share. Adjusted non-GAAP net income for the second
quarter 2012 was $312.4 million, or $1.16 per share. The results for the
second quarter 2013 included net gains on asset dispositions of $9.4 million,
net of tax ($0.04 per share), impairments of $2.0 million, net of tax ($0.01
per share) related to the sale of certain non-core North American assets and a
previously disclosed non-cash net gain of $191.5 million ($122.6 million after
tax, or $0.45 per share) on the mark-to-market of financial commodity
contracts. During the quarter, the net cash inflow related to financial
commodity contracts was $68.9 million ($44.1 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.)

EOG reported strong, sustained financial growth for the second quarter 2013.
Compared to the second quarter 2012, earnings per share increased 65 percent,
discretionary cash flow increased 35 percent and adjusted EBITDAX rose 34
percent. (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).)

"EOG has captured premier positions in key U.S. onshore oil plays – the South
Texas Eagle Ford, North Dakota Bakken and Delaware Basin, and we continue to
enhance their profitability," said Mark G. Papa, Executive Chairman of the
Board. "EOG's financial metrics reflect the superior quality of these assets,
as well as our technical acumen in improving well completion design and our
ongoing focus on reducing costs."

Operational Highlights

EOG's U.S. crude oil and condensate production increased 37 percent both in
the second quarter and the first half of 2013, compared to the same periods in
2012. Total company crude oil and condensate production increased 35 percent
in the second quarter over the same prior year period. Total company liquids –
crude oil, condensate and natural gas liquids (NGLs) – production rose 30
percent, versus the second quarter 2012.

Based on its exceptional performance during the first half of 2013, EOG is
increasing its full year crude oil and condensate production growth target to
35 percent from 28 percent. Total NGL production is expected to increase 14
percent from the previous 10 percent target, while natural gas production is
projected to decline 11.5 percent during 2013. Overall, EOG is targeting 7.5
percent total company production growth in 2013. EOG also anticipates certain
unit costs will be lower than originally forecast.

"We have the confidence to raise the bar on EOG's performance expectations
because our outstanding assets perform better and better, quarter after
quarter," said President and Chief Executive Officer William R. "Bill" Thomas.
"EOG expects to achieve these higher goals within our previously stated capex
estimate."

At June 30, 2013, EOG's Eagle Ford net production of approximately 173,000
barrels of oil equivalent per day, continued to out-perform the rest of the
industry.

Since discovering the prolific Eagle Ford, EOG has more than doubled the
initial crude oil production rates from its wells in both the western and
eastern parts of the play. Efficiency gains from more effective completions
and reduced drilling days are resulting in excellent rates of return.

EOG recorded strong well and economic results from its western Eagle Ford
acreage where more than a third of its second quarter drilling activity in the
play occurred. In La Salle County, EOG's initial production rates and overall
well productivity showed a marked improvement, compared to similar completions
in the same area three years ago. The Keller #1H and #2H began production at
rates of 1,855 and 2,050 barrels of crude oil per day (Bopd) with 75 and 50
barrels per day (Bpd) of NGLs and 430 and 300 thousand cubic feet per day
(Mcfd) of natural gas, respectively. The Smart Unit #1H and #2H had initial
rates of 1,495 and 2,030 Bopd with 60 and 75 Bpd of NGLs and 340 and 440 Mcfd
of natural gas, respectively. The Dossett Unit #1H and #2H were completed to
sales at 1,590 and 2,185 Bopd with 85 and 115 Bpd of NGLs and 490 and 655 Mcfd
of natural gas, respectively. In McMullen County, the Naylor Jones B #1H
started production at 1,830 Bopd with 240 Bpd of NGLs and 1.4 million cubic
feet per day (MMcfd) of natural gas. EOG has 100 percent working interest in
these seven wells.

EOG again achieved excellent well results in Gonzales County, the northeastern
area of its Eagle Ford acreage. The Burrow Unit #3H, #4H and #5H were
completed to sales in May at initial production rates of 2,990, 3,030 and
7,515 Bopd with 385, 370 and 860 Bpd of NGLs and 2.2, 2.1 and 5.0 MMcfd of
natural gas, respectively. After 30 days, the Burrow Unit #5H, EOG's best
Eagle Ford well to date, had an average production rate of 4,265 Bopd. The
Wilde Trust Unit #1H, #2H and #3H began production in early June at rates of
5,475, 6,520 and 5,525 Bopd with 880, 710 and 775 Bpd of NGLs and 5.1, 4.1 and
4.5 MMcfd of natural gas, respectively. EOG has 100 percent working interest
in these six Gonzales County wells.

"With wells in our western drilling program following the same trend as those
in the east, results from the EOG's Eagle Ford activity continue to outpace
our expectations," Papa said.

Improved drilling efficiencies and completion technology also have enhanced
well productivity in EOG's Bakken/Three Forks operations. During the second
quarter, EOG's North Dakota drilling program focused on the Bakken formation.
In the Bakken Core, results from 160-acre spacing between wells continue to be
encouraging. In Mountrail County, two Core wells drilled on 160-acre spacing,
the Parshall 25-3032H and 22-3032H, were completed to sales at 2,685 and 2,120
Bopd, respectively. EOG has 62 percent working interest in these wells. EOG
has 78 percent working interest in the Van Hook 29-1113H and 30-1113H, which
began production at 2,390 and 2,295 Bopd, respectively, which were also
160-acre spaced wells.

In the Antelope Extension, EOG's other North Dakota development target this
year, the Bear Den 20-1708H was completed in the Bakken formation at 2,455
Bopd. EOG has 91 percent working interest in the well.

Based on the success of its current spacing programs, EOG has increased its
drilling inventory in the Bakken/Three Forks from seven to 12 years.

EOG remains active in the Delaware Basin Leonard and Wolfcamp, although the
plays are constrained by a lack of natural gas processing infrastructure that
is being addressed. In Reeves County, Texas, EOG drilled its best Delaware
Basin Wolfcamp well to date. EOG has 100 percent working interest in the
Phillips State 56 #301H, which was completed to sales at 870 Bopd with 570 Bpd
of NGLs and 3.7 MMcfd of natural gas.

EOG completed and brought to sales a number of highly economic wells in the
Leonard formation in Lea County, New Mexico. The Diamond 31 Fed Com #2H, #3H
and #4H came online at 1,780, 1,905 and 1,530 Bopd with 215, 165 and 150 Bpd
of NGLs and 1,200, 910 and 835 Mcfd of natural gas, respectively. EOG has 91
percent working interest in these wells.

"We expect EOG's three high rate-of-return oil plays, the Eagle Ford,
Bakken/Three Forks and Delaware Basin, to provide us with years of drilling
inventory, as well as significant growth opportunities," Papa said. "These
plays just get bigger and better."

Hedging Activity

In recent weeks, EOG has increased the amount of crude oil hedges in place for
the remainder of 2013. For the period August 1 through December 31, 2013, EOG
has crude oil financial price swap contracts in place for approximately
121,200 Bpd at a weighted average price of $98.82 per barrel, excluding
unexercised options.

For the full year 2014, EOG has crude oil financial price swap contracts in
place for approximately 51,000 Bpd at a weighted average price of $96.43 per
barrel, excluding unexercised options.

EOG also has hedged some natural gas volumes for 2013 and 2014. For the period
September 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

To date, EOG has closed on approximately $580 million of asset sales,
exceeding its stated goal for the year. At June 30, 2013, EOG's total debt
outstanding was $6,313 million for a debt-to-total capitalization ratio of 31
percent. Taking into account cash on the balance sheet of $1,228 million at
the end of the second quarter, EOG's net debt was $5,085 million for a net
debt-to-total capitalization ratio of 26 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 August 7, 2013

EOG's second quarter 2013 results conference call will be available via live
audio webcast at 8 a.m. Central time (9 a.m. Eastern time) on Wednesday,
August 7, 2013. To listen, log on to www.eogresources.com. The webcast will be
archived on EOG's website through August 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        Six Months Ended
                            June 30,                  June 30,
                            2013         2012         2013         2012
Net Operating Revenues      $ 3,840.2    $ 2,909.3    $ 7,196.7    $ 5,716.0
Net Income                 $ 659.7      $ 395.8      $ 1,154.4    $ 719.8
Net Income Per Share
 Basic                      $ 2.44       $ 1.48       $ 4.28       $ 2.70
 Diluted                    $ 2.42       $ 1.47       $ 4.24       $ 2.67
Average Number of Common
Shares
 Basic                        270.0        266.9        269.7        266.7
 Diluted                      272.7        270.0        272.5        270.1
SUMMARY INCOME STATEMENTS
(Unaudited; in thousands, except per share data)
                            Three Months Ended        Six Months Ended
                            June 30,                  June 30,
                            2013         2012         2013         2012
Net Operating Revenues
 Crude Oil and Condensate   $ 2,012,999  $ 1,376,250  $ 3,794,832  $ 2,686,585
 Natural Gas Liquids          178,457      150,023      347,986      348,333
 Natural Gas                  462,602      359,421      873,481      726,705
 Gains on Mark-to-Market
 Commodity Derivative         191,490      188,449      86,534       322,657
 Contracts
 Gathering, Processing and    959,413      710,748      1,882,370    1,428,905
 Marketing
 Gains on Asset               13,153       113,290      177,386      180,758
 Dispositions, Net
 Other, Net                   22,071       11,138       34,110       22,027
              Total           3,840,185    2,909,319    7,196,699    5,715,970
Operating Expenses
 Lease and Well               268,888      250,756      517,888      512,251
 Transportation Costs         224,491      135,393      408,748      267,235
 Gathering and Processing     25,897       20,588       50,401       46,180
 Costs
 Exploration Costs            47,323       48,149       91,539       90,956
 Dry Hole Costs               35,750       11,081       39,712       11,081
 Impairments                 37,967       54,217       91,515       187,364
 Marketing Costs              965,490      694,118      1,870,139    1,399,586
 Depreciation, Depletion      910,531      808,765      1,756,919    1,557,508
 and Amortization
 General and Administrative   80,607       75,727       158,592      151,996
 Taxes Other Than Income      151,197      118,186      286,128      239,702
              Total           2,748,141    2,216,980    5,271,581    4,463,859
Operating Income              1,092,044    692,339      1,925,118    1,252,111
Other Income (Expense), Net   4,833        4,675        (5,301)      15,306
Income Before Interest        1,096,877    697,014      1,919,817    1,267,417
Expense and Income Taxes
Interest Expense, Net         61,647       50,775       123,568      101,044
Income Before Income Taxes    1,035,230    646,239      1,796,249    1,166,373
Income Tax Provision          375,538      250,461      641,832      446,586
Net Income                  $ 659,692    $ 395,778    $ 1,154,417  $ 719,787
Dividends Declared per      $ 0.1875     $ 0.17       $ 0.375      $ 0.34
Common Share



EOG RESOURCES, INC.
OPERATING HIGHLIGHTS
(Unaudited)
                                         Three Months Ended  Six Months Ended
                                         June 30,            June 30,
                                         2013       2012     2013      2012
Wellhead Volumes and Prices
Crude Oil and Condensate Volumes (MBbld)
^(A)
       United States                        206.5     150.5    192.4     140.7
       Canada                               6.4       6.4      7.1       7.0
       Trinidad                             1.4       1.7      1.3       1.9
       Other International ^(B)             0.1       0.1      0.1       0.1
                     Total                  214.4     158.7    200.9     149.7
Average Crude Oil and Condensate Prices
($/Bbl) ^(C)
       United States                     $  103.73  $ 95.80  $ 105.04  $ 98.61
       Canada                               89.66     82.78    87.29     86.33
       Trinidad                             86.96     88.68    90.36     94.76
       Other International ^(B)             92.28     91.20    93.56     96.49
                     Composite              103.19    95.20    104.31    98.00
Natural Gas Liquids Volumes (MBbld) ^(A)
       United States                        63.7      54.6     61.2      52.4
       Canada                               1.0       0.9      0.9       0.9
                     Total                  64.7      55.5     62.1      53.3
Average Natural Gas Liquids Prices
($/Bbl) ^(C)
       United States                     $  30.19   $ 33.54  $ 30.87   $ 38.12
       Canada                               39.49     42.89    40.62     46.54
                     Composite              30.33     33.72    31.02     38.27
Natural Gas Volumes (MMcfd) ^(A)
       United States                        928       1,070    931       1,067
       Canada                               79        96       79        100
       Trinidad                             346       422      349       396
       Other International ^(B)             8         10       8         10
                     Total                  1,361     1,598    1,367     1,573
Average Natural Gas Prices ($/Mcf) ^(C)
       United States                     $  3.73    $ 2.09   $ 3.41    $ 2.28
       Canada                               3.17      2.21     3.21      2.33
       Trinidad                             3.82      3.42     3.86      3.21
       Other International ^(B)             6.81      5.64     6.78      5.72
                     Composite              3.73      2.47     3.53      2.54
Crude Oil Equivalent Volumes (MBoed)
^(D)
       United States                       424.8     383.3    408.8     370.9
       Canada                               20.6      23.4     21.2      24.6
       Trinidad                             59.0      72.0     59.4      67.9
       Other International ^(B)             1.5       1.8      1.4       1.8
                     Total                  505.9     480.5    490.8     465.2
Total MMBoe ^(D)                            46.0      43.7     88.8      84.7

(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.
(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)
                                                June 30,        December 31,
                                                2013            2012
ASSETS
Current Assets
 Cash and Cash Equivalents                      $ 1,228,016     $ 876,435
 Accounts Receivable, Net                         1,808,954       1,656,618
 Inventories                                      657,400         683,187
 Assets from Price Risk Management Activities     105,667         166,135
 Income Taxes Receivable                          23,450          29,163
 Deferred Income Taxes                            157,012         -
 Other                                            260,341         178,346
                Total                             4,240,840       3,589,884
Property, Plant and Equipment
 Oil and Gas Properties (Successful Efforts       40,262,580      38,126,298
 Method)
 Other Property, Plant and Equipment              2,846,971       2,740,619
                Total Property, Plant and         43,109,551      40,866,917
                Equipment
 Less: Accumulated Depreciation, Depletion and   (18,529,163)    (17,529,236)
 Amortization
                Total Property, Plant and         24,580,388      23,337,681
                Equipment, Net
Other Assets                                      255,924         409,013
Total Assets                                    $ 29,077,152    $ 27,336,578
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
 Accounts Payable                               $ 2,201,940     $ 2,078,948
 Accrued Taxes Payable                            161,608         162,083
 Dividends Payable                                50,614          45,802
 Liabilities from Price Risk Management           5,482           7,617
 Activities
 Deferred Income Taxes                            4,310           22,838
 Current Portion of Long-Term Debt                406,579         406,579
 Other                                            189,770         200,191
                Total                             3,020,303       2,924,058
Long-Term Debt                                    5,906,210       5,905,602
Other Liabilities                                 795,308         894,758
Deferred Income Taxes                             4,970,705       4,327,396
Commitments and Contingencies
Stockholders' Equity
 Common Stock, $0.01 Par, 640,000,000 Shares
 Authorized and 272,611,848 Shares Issued at
 June 30, 2013 and 271,958,495 Shares Issued at   202,726         202,720
 December 31, 2012
 Additional Paid in Capital                       2,576,441       2,500,340
 Accumulated Other Comprehensive Income          408,257         439,895
 Retained Earnings                                11,228,011      10,175,631
 Common Stock Held in Treasury, 277,274 Shares
 at June 30, 2013 and326,264 Shares at           (30,809)        (33,822)
 December 31, 2012
                Total Stockholders' Equity        14,384,626      13,284,764
Total Liabilities and Stockholders' Equity      $ 29,077,152    $ 27,336,578



EOG RESOURCES, INC.
SUMMARY STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)
                                                  Six Months Ended
                                                  June 30,
                                                  2013           2012
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
 Net Income                                      $ 1,154,417    $ 719,787
 Items Not Requiring (Providing) Cash
                Depreciation, Depletion and         1,756,919      1,557,508
                Amortization
                Impairments                        91,515         187,364
                Stock-Based Compensation Expenses   57,724         55,466
                Deferred Income Taxes               488,632        278,826
                Gains on Asset Dispositions, Net    (177,386)      (180,758)
                Other, Net                          8,747          (3,404)
 Dry Hole Costs                                     39,712         11,081
 Mark-to-Market Commodity Derivative Contracts
                Total Gains                         (86,534)       (322,657)
                Realized Gains                      135,959        306,780
 Excess Tax Benefits from Stock-Based               (21,869)       (22,115)
 Compensation
 Other, Net                                         7,759          9,890
 Changes in Components of Working Capital and Other Assets and Liabilities
                Accounts Receivable                 (164,809)      115,419
                Inventories                         22,085         (103,576)
                Accounts Payable                    141,369        176,355
                Accrued Taxes Payable               24,816         14,363
                Other Assets                        (92,305)       (102,303)
                Other Liabilities                   (51,400)       (27,355)
 Changes in Components of Working Capital
 Associated with Investing and                      (19,639)       (97,453)

 Financing Activities
Net Cash Provided by Operating Activities           3,315,712      2,573,218
Investing Cash Flows
 Additions to Oil and Gas Properties                (3,250,091)    (3,748,278)
 Additions to Other Property, Plant and Equipment   (183,516)      (315,542)
 Proceeds from Sales of Assets                      579,941        1,111,517
 Changes in Restricted Cash                         (52,322)       -
 Changes in Components of Working Capital           19,358         97,746
 Associated with Investing Activities
Net Cash Used in Investing Activities               (2,886,630)    (2,854,557)
Financing Cash Flows
 Dividends Paid                                     (97,006)       (88,892)
 Excess Tax Benefits from Stock-Based               21,869         22,115
 Compensation
 Treasury Stock Purchased                           (21,094)       (22,663)
 Proceeds from Stock Options Exercised and          20,773         32,986
 Employee Stock Purchase Plan
 Repayment of Capital Lease Obligation              (2,866)        -
 Other, Net                                         281            (293)
Net Cash Used in Financing Activities               (78,043)       (56,747)
Effect of Exchange Rate Changes on Cash             542            2,734
Increase (Decrease) in Cash and Cash Equivalents    351,581        (335,352)
Cash and Cash Equivalents at Beginning of Period    876,435        615,726
Cash and Cash Equivalents at End of Period        $ 1,228,016    $ 280,374

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 six-month periods ended June 30,
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 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 2013 and 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                 Six Months Ended
                    June 30,                            June 30,
                    2013              2012              2013         2012
Reported Net Income $ 659,692         $ 395,778         $ 1,154,417  $ 719,787
(GAAP)
Mark-to-Market
(MTM) Commodity
Derivative
Contracts Impact
   Total Gains        (191,490)         (188,449)         (86,534)     (322,657)
   Realized Gains    68,909            173,179           135,959      306,780
           Subtotal   (122,581)         (15,270)          49,425       (15,877)
   After-Tax MTM      (78,482)          (9,776)           31,645       (10,165)
   Impact
Less: Net Gains on
Asset Dispositions,   (9,382)           (75,087)          (124,375)    (118,298)
Net of Tax
Add: Impairments of
Certain North         2,003             1,526             2,003        38,575
American Assets,
Net of Tax
Adjusted Net Income $ 573,831         $ 312,441         $ 1,063,690  $ 629,899
(Non-GAAP)
Net Income Per
Share (GAAP)
   Basic            $ 2.44            $ 1.48            $ 4.28       $ 2.70
   Diluted          $ 2.42      (a) $ 1.47      (b) $ 4.24       $ 2.67
Percentage Increase   65%
- [(a) - (b)] / (b)
Adjusted
Net Income
Per Share
(Non-GAAP)
   Basic            $ 2.13            $ 1.17            $ 3.94       $ 2.36
   Diluted          $ 2.10            $ 1.16            $ 3.90       $ 2.33
Average Number of
Common Shares
   Basic              270,016           266,874           269,665      266,718
   Diluted            272,739           269,985           272,473      270,083



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 six-month periods ended
June 30, 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                  Six Months Ended
                  June 30,                            June 30,
                  2013              2012              2013         2012
Net Cash Provided
by Operating      $ 1,890,777       $ 1,495,613       $ 3,315,712  $ 2,573,218
Activities (GAAP)
Adjustments
  Exploration
  Costs
  (excluding        40,930            41,890            77,575       78,078
  Stock-Based
  Compensation
  Expenses)
  Excess Tax
  Benefits from     10,196            5,464             21,869       22,115
  Stock-Based
  Compensation
  Changes in
  Components of
  Working Capital
  and Other
  Assets and
  Liabilities
      Accounts      (71,948)          (205,367)         164,809      (115,419)
      Receivable
      Inventories   (37,143)          113,784           (22,085)     103,576
      Accounts      44,696            60,270            (141,369)    (176,355)
      Payable
      Accrued
      Taxes         (15,812)          (19,526)          (24,816)     (14,363)
      Payable
      Other         45,112            (6,537)           92,305       102,303
      Assets
      Other         (1,533)           22,296            51,400       27,355
      Liabilities
  Changes in
  Components of
  Working Capital
  Associated with
  Investing and     (37,782)          (126,222)         19,639       97,453
  Financing
  Activities
Discretionary
Cash Flow         $ 1,867,493 (a) $ 1,381,665 (b) $ 3,555,039  $ 2,697,961
(Non-GAAP)
Percentage
Increase - [(a) -   35%
(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 six-month periods ended June
30, 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) gains from these transactions and to
eliminate the net gains on asset dispositions primarily 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                    Six Months Ended
                June 30,                              June 30,
                2013               2012               2013         2012
Income Before
Interest
Expense and     $  1,096,877       $ 697,014          $ 1,919,817  $ 1,267,417
Income Taxes
(GAAP)
Adjustments:
Depreciation,
Depletion and      910,531           808,765            1,756,919    1,557,508
Amortization
Exploration        47,323            48,149             91,539       90,956
Costs
Dry Hole Costs     35,750            11,081             39,712       11,081
Impairments       37,967            54,217             91,515       187,364
 EBITDAX       2,128,448         1,619,226          3,899,502    3,114,326
(Non-GAAP)
Total Gains on
MTM Commodity      (191,490)         (188,449)          (86,534)     (322,657)
Derivative
Contracts
Realized Gains
on MTM
Commodity          68,909            173,179            135,959      306,780
Derivative
Contracts
Net Gains on
Asset              (13,153)          (113,290)          (177,386)    (180,758)
Dispositions
 Adjusted
EBITDAX         $  1,992,714 (a) $ 1,490,666 (b)  $ 3,771,541  $ 2,917,691
(Non-GAAP)
Percentage
Increase - [(a)    34%
- (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 August 6, 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     109,000          99.17
    (closed)
    May 1, 2013 through June 30, 2013 (closed)  101,000          99.29
    July 2013 (closed)                          111,000          98.25
    August 1, 2013 through September 30, 2013   126,000          98.80
    October 1, 2013 through December 31, 2013   118,000          98.84
    2014 ^(2)
    January 1, 2014 through March 31, 2014      103,000          $96.48
    April 1, 2014 through June 30, 2014         93,000           96.47
    July 1, 2014 through December 31, 2014      5,000            95.43
    EOG has entered into crude oil derivative contracts which give
    counterparties the option to extend certain current derivative contracts
    for additional three-month and six-month periods. Options covering a
    notional volume of 8,000 Bbld are exercisable on September 30, 2013. If
    the counterparties exercise all such options, the notional volume of EOG's
    existing crude oil derivative contracts will increase by 8,000 Bbld at an
(1) average price of $98.11 per barrel for each month during the period
    October 1, 2013 through December 31, 2013. Options covering a notional
    volume of 64,000 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 64,000 Bbld at an
    average price of $99.58 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 additional six-month and nine-month periods. Options covering a
    notional volume of 10,000 Bbld are exercisable on or about March 31,
    2014. If the counterparties exercise all such options, the notional
    volume of EOG's existing crude oil derivative contracts will increase by
    10,000 Bbld at an average price of $96.60 per barrel for each month during
    the period April 1, 2014 through December 31, 2014. Options covering a
(2) notional volume of 93,000 Bbld are exercisable on or about June 30, 2014.
    If the counterparties exercise all such options, the notional volume of
    EOG's existing crude oil derivative contracts will increase by 93,000 Bbld
    at an average price of $96.47 per barrel for each month during the period
    July 1, 2014 through December 31, 2014. Options covering a notional
    volume of 5,000 Bbld are exercisable on December 31, 2014. If the
    counterparties exercise all such options, the notional volume of EOG's
    existing crude oil derivative contracts will increase by 5,000 Bbld at an
    average price of $95.43 per barrel for each month during the period
    January 1, 2015 through June 30,2015.
NATURAL GAS DERIVATIVE CONTRACTS
                                                                 Weighted
                                                Volume           Average Price
                                                (MMBtud)        ($/MMBtu)
    2013^(3)
    January 1, 2013 through April 30, 2013      150,000          $4.79
    (closed)
    May 1, 2013 through August 31, 2013         200,000          4.72
    (closed)
    September 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 September 1, 2013 through
    October 31, 2013, if the counterparties exercise all such options, the
(3) notional volume 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
                                                                 June 30,
                                                                 2013
Total Stockholders' Equity - (a)                         $       14,385
Current and Long-Term Debt - (b)                                 6,313
Less: Cash                                                      (1,228)
Net Debt (Non-GAAP) - (c)                                        5,085
Total Capitalization (GAAP) - (a) + (b)                  $       20,698
Total Capitalization (Non-GAAP) - (a) + (c)              $       19,470
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]          31%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a)         26%
+ (c)]



EOG RESOURCES, INC.
THIRD QUARTER AND FULL YEAR 2013 FORECAST AND BENCHMARK COMMODITY PRICING
      (a) Third Quarter and Full Year 2013 Forecast
The forecast items for the third 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)
                                      3Q 2013                Full Year 2013
Daily Production
      Crude Oil and Condensate
      Volumes (MBbld)
           United States              207.0   -    224.0     201.0  -   211.0
           Canada                     6.2     -    6.8       6.0    -   7.0
           Trinidad                   1.1     -    1.6       1.0    -   1.6
           Other International        0.0     -    0.0       0.0    -   0.0
              Total                   214.3   -    232.4     208.0  -   219.6
      Natural Gas Liquids Volumes
      (MBbld)
           United States              62.0    -    66.0      58.9   -   66.9
           Canada                     0.6     -    1.1       0.7    -   0.8
              Total                   62.6    -    67.1      59.6   -   67.7
      Natural Gas Volumes (MMcfd)
           United States              850     -    900       890    -   910
           Canada                     69      -    76        70     -   80
           Trinidad                   340     -    360       348    -   368
           Other International        7       -    9         7      -   9
              Total                   1,266   -    1,345     1,315  -   1,367
      Crude Oil Equivalent Volumes
      (MBoed)
           United States              410.7   -    440.0     408.2  -   429.6
           Canada                     18.3    -    20.6      18.4   -   21.1
           Trinidad                   57.8    -    61.6      59.0   -   62.9
           Other International        1.2     -    1.5       1.2    -   1.5
              Total                   488.0   -    523.7     486.8  -   515.1
Operating Costs
      Unit Costs ($/Boe)
           Lease and Well          $  6.37    -  $ 6.62    $ 6.05   - $ 6.25
           Transportation Costs    $  4.57    -  $ 4.82    $ 4.45   - $ 4.85
           Depreciation, Depletion $  19.50   -  $ 20.00   $ 19.60  - $ 20.10
           and Amortization
Expenses ($MM)
      Exploration, Dry Hole and    $  130.0   -  $ 170.0   $ 510.0  - $ 540.0
      Impairment
      General and Administrative   $  105.0   -  $ 115.0   $ 360.0  - $ 390.0
      Gathering and Processing    $  25.0    -  $ 35.0    $ 100.0  - $ 130.0
      Capitalized Interest         $  12.0    -  $ 15.0    $ 40.0   - $ 50.0
      Net Interest                 $  58.0    -  $ 60.0    $ 226.0  - $ 246.0
Taxes Other Than Income (% of         5.9%    -    6.3%      5.5%   -   6.5%
Wellhead Revenue)
Income Taxes
      Effective Rate                 30%     -    40%       35%    -   40%
      Current Taxes ($MM)          $  80      -  $ 90      $ 305    - $ 325
Capital Expenditures ($MM) - FY
2013 (Excluding Acquisitions)
      Exploration and Development,                         $ 5,900  - $ 6,000
      Excluding Facilities
      Exploration and Development                          $ 730    - $ 790
      Facilities
      Gathering, Processing and                            $ 415    - $ 445
      Other
Pricing - (Refer to Benchmark
Commodity Pricing in text)
      Crude Oil and Condensate
      ($/Bbl)
           Differentials
              United States -      $  (2.00)  -  $ (3.50)  $ (5.40) - $ (7.40)
              (above) below WTI
              Canada - (above)     $  6.50    -  $ 9.00    $ 7.00   - $ 9.00
              below WTI
              Trinidad - (above)   $  5.00    -  $ 7.00    $ 4.00   - $ 6.00
              below WTI
      Natural Gas Liquids
           Realizations as % of
           WTI
              United States           28%     -    32%       28%    -   32%
              Canada                  40%     -    45%       39%    -   43%
      Natural Gas ($/Mcf)
           Differentials
              United States -
              (above) below NYMEX  $  0.32    -  $ 0.40    $ 0.24   - $ 0.50
              Henry Hub
              Canada - (above)
              below NYMEX Henry    $  0.75    -  $ 0.85    $ 0.47   - $ 0.77
              Hub
           Realizations
              Trinidad             $  2.75    -  $ 3.25    $ 3.00   - $ 3.50
              Other International  $  4.95    -  $ 5.45    $ 5.35   - $ 6.35
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