EOG Resources Announces Outstanding First Quarter 2014 Results and Expands Drilling Portfolio With Four Key Horizontal Plays

  EOG Resources Announces Outstanding First Quarter 2014 Results and Expands
              Drilling Portfolio With Four Key Horizontal Plays

PR Newswire

HOUSTON, May 5, 2014

HOUSTON, May 5, 2014 /PRNewswire/ --

  oReports 42 Percent Increase in Total Company and 45 Percent Growth in U.S.
    Crude Oil and Condensate Production Year-Over-Year
  oRaises 2014 Full-Year Crude Oil Production Goal to 29 Percent from 27
    Percent
  oAdds High Rate-of-Return Horizontal Drilling Inventory in Four U.S. Crude
    Oil and Combo Plays with Total Estimated Potential Reserves of 400 MMboe,
    Net
  oRepeats Outstanding Operating Results from the Eagle Ford, Bakken and
    Leonard

EOG Resources, Inc.(NYSE: EOG) (EOG) today reported first quarter 2014 net
income of $660.9 million, or $1.21 per share. This compares to first quarter
2013 net income of $494.7 million, or $0.91 per share.

Adjusted non-GAAP net income for the first quarter 2014 was $767.7 million, or
$1.40 per share, and adjusted non-GAAP net income for the same prior year
period was $489.9 million, or $0.90 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 2014 excluded a
previously disclosed non-cash net loss of $155.7 million ($99.9 million
after-tax, or $0.18 per share) on the mark-to-market of financial commodity
derivative contracts, net gains on asset dispositions of $7.4 million, net of
tax ($0.01 per share) and impairments of certain non-core North American
assets of $36.1 million, net of tax ($0.06 per share). During the first
quarter 2014, the net cash outflow related to settlements of financial
commodity derivative contracts was $34.0 million ($21.8 million after-tax, or
$0.04 per share). (Please refer to the attached tables for the reconciliation
of adjusted non-GAAP net income to GAAP net income.)

EOG posted strong financial metrics driven by outstanding production from its
key operating areas for the first quarter 2014. Earnings per share increased
33 percent and adjusted non-GAAP earnings per share increased 56 percent,
compared to the first quarter 2013. Discretionary cash flow increased 28
percent and adjusted EBITDAX advanced 30 percent. (Please refer to the
attached tables for the reconciliation of adjusted non-GAAP net income to GAAP
net income, non-GAAP discretionary cash flow to net cash provided by operating
activities (GAAP), and adjusted non-GAAP EBITDAX to income before interest
expense and income taxes (GAAP).)

"By posting excellent operational and financial results generated by our great
assets, EOG hit another home run in the first quarter of 2014. With such a
dynamic start, EOG is well positioned to achieve strong overall returns again
this year," said William R. "Bill" Thomas, Chairman and Chief Executive
Officer.

Operational Highlights
In the first quarter 2014, EOG increased its total crude oil and condensate
production by 42 percent, compared to the same prior year period, while U.S.
crude oil and condensate production rose 45 percent. Overall total company
production increased 18 percent led by a 37 percent increase in total company
liquids production – crude oil, condensate and natural gas liquids (NGLs).

Following excellent results during the first quarter, EOG increased its full
year 2014 crude oil and condensate production growth target to 29 percent from
27 percent. EOG also raised its total company 2014 production growth target to
12 percent from 11.5 percent.

Rocky Mountain Plays Boost Drilling Portfolio
EOG has moved four horizontal plays in the DJ Basin and Powder River Basin
from the evaluation phase into its high rate-of-return drilling portfolio
alongside its successful South Texas Eagle Ford, North Dakota Bakken and
Delaware Basin Leonard assets. With combined estimated net potential reserves
of approximately 400 million barrels of oil equivalent (MMboe), the Codell,
Niobrara, Parkman and Turner plays are generating excellent rates of return
and remarkably consistent well results, due in part to reductions in drilling
costs and advancements in completion techniques. EOG has identified 735 net
drilling locations with approximately 10 years of inventory and plans to drill
73 net wells in these two basins during 2014.

Year-to-date, EOG has completed four net wells targeting the Codell in Laramie
County, Wyoming, where it holds 72,000 net acres in the DJ Basin. The Jubilee
513-0820H began production at 1,325 barrels of oil per day (Bopd) with 700
thousand cubic feet per day (Mcfd) of rich natural gas. The Windy 504-1806H
started production at 1,400 Bopd with 665 Mcfd of rich natural gas. The Pole
Creek 525-2413H tested at 1,165 Bopd. EOG has 75 percent, 100 percent and 93
percent working interest, respectively, in these wells. Based on the
evaluation of the geologic characteristics of the formation, data from 130
vertical wells drilled by other industry operators and eight producing EOG
long-lateral horizontal wells, estimated potential reserves are approximately
125 MMboe, net, of which 78 percent is crude oil. EOG plans to ramp up
drilling activity from one to two rigs in May and drill 26 net wells this
year.

EOG completed three horizontal wells in the hydrocarbon-rich Niobrara shale
during 2013, which had an average initial oil production rate of approximately
700 barrels per day (Bpd). EOG's acreage is quite consistent in this part of
the DJ Basin. The estimated reserve potential on EOG's Niobrara acreage in
Laramie County, Wyoming, and Weld County, Colorado is 85 MMboe, net, with
wells averaging approximately 71 percent crude oil. EOG plans to drill 13 net
wells during 2014 with a one-rig program. EOG has identified 235 net drilling
locations on its acreage.

North of the DJ Basin in the Powder River Basin, EOG added the Parkman and
Turner plays to its drilling portfolio. Active in this area for several years,
EOG has transferred advanced completion technology from its other shale basins
to improve well productivity in these plays. During 2014, EOG plans to drill
28 net wells in the Parkman and six net wells in the Turner.

Year-to-date, EOG has completed six net wells in the Parkman formation. The
Bolt 429-05H, in which EOG has 74 percent working interest, came on-line at
1,310 Bopd with 45 Bpd of NGLs and 405 Mcfd of natural gas. The Arbalest
60-3502H started production at 955 Bopd with 80 Bpd of NGLs and 760 Mcfd of
natural gas. EOG has 96 percent working interest in this well. Estimated
potential reserves on EOG's 30,000 net Parkman acres are 75 MMboe, net, of
which approximately 69 percent is crude oil.

In the Turner formation, where EOG has been very active in Campbell and
Converse counties in recent years, it has accumulated 63,000 net acres. By
transferring enhanced technology to the play, recent EOG wells are producing
34 percent crude oil versus 26 percent several years ago. EOG plans to drill
six net wells during 2014 in the Turner where estimated potential net reserves
are 115 MMboe.

"As we've stated in the past, EOG's Eagle Ford and Bakken assets have set the
bar high for any new play we might consider adding to our top-tier drilling
portfolio. The Codell, Niobrara, Turner and Parkman each meet our stringent
funding hurdles, adding 400 MMboe, net, of potential reserves and 735 net
drilling locations to our drilling inventory," Thomas said. "The sweet spots
in these four plays are expected to make meaningful contributions to EOG's
crude oil production profile for years to come."

South Texas Eagle Ford
EOG's oil-rich South Texas Eagle Ford acreage continued to deliver exceptional
results in the first quarter, cementing its place at the forefront of all
North American crude oil onshore shale plays. Reflecting enhancements to
completion techniques and improved well productivity, the Eagle Ford once
again was the single largest contributor to EOG's robust U.S. crude oil
growth.

In Karnes County, EOG reported the Korth Unit #3H, #4H and #5H had initial
production rates of 3,140, 3,015 and 3,400 Bopd, respectively. The wells
produced 425, 325 and 415 Bpd of NGLs with 2.5, 1.9 and 2.4 million cubic feet
per day (MMcfd) of natural gas, respectively. The Lynch Unit #1H and the
Presley Unit #1H had initial oil rates of 4,260 and 4,970 Bpd with 460 and 555
Bpd of NGLs and 2.7 and 3.2 MMcfd of natural gas, respectively. EOG has 100
percent working interest in these five wells.

EOG has 100 percent working interest in three recently completed high volume
oil wells in Gonzales County. The Neets Unit #1H and the Magoulas Unit #1H
began production at 4,940 and 4,195 Bopd with 440 and 425 Bpd of NGLs and 2.6
and 2.5 MMcfd of natural gas, respectively. The Novosad Unit #12HR had an
initial daily oil rate of 3,565 Bpd with 185 Bpd of NGLs and 1.1 MMcfd of
natural gas.

In its fifth year of drilling in the Eagle Ford, EOG's 564,000 net acre
position in the crude oil window essentially will be held by production for
2014 by mid-year. Achieving this operational objective provides EOG's drilling
program with increased flexibility, plus the opportunity to realize additional
cost reductions. EOG continues to improve well productivity to further
identify additional drilling locations. 

North Dakota Bakken
In the North Dakota Bakken, EOG plans to ramp up its drilling program from six
to seven rigs by mid-year. EOG's primary 2014 activity is focused on its Core
acreage where it has built infrastructure to optimize operational efficiencies
and minimize costs. During the first quarter, EOG achieved economic success
with 1,300 feet between wells and now is testing 700-foot spacing, as well as
tighter spacing patterns to determine the optimal development of the field.

EOG completed the Wayzetta 28-1424H, 29-1424H, 38-1424H, 39-1424H and 40-1424H
in Mountrail County, North Dakota. The wells had initial production rates
ranging from 1,000 to 2,220 Bopd with NGL production of 100 to 215 Bpd and 330
to 730 Mcfd of natural gas. EOG's working interest in these five wells ranges
from 68 percent to 71 percent.

Delaware Basin
Recent advancements in completions and formation targeting have improved EOG's
productivity in the Delaware Basin Leonard Shale. In Lea County, New Mexico,
EOG completed the Dillon 31 #1H, #2H and #3H with 1,225, 1,395 and 1,315 Bopd
with 195, 215 and 190 Bpd of NGLs and 1.1, 1.2 and 1.1 MMcfd of natural gas,
respectively. EOG has 68 percent working interest in these three wells. With a
two-rig program, EOG is actively developing the Leonard "A" zone, while
testing other zones, and various spacing patterns between wells.

Further south in the Delaware Basin, EOG completed five Wolfcamp wells in
Reeves County, Texas, in which it has 100 percent working interest. The State
Harrison Ranch 56 #1401H, #1402H, #1403H, #1404H and #1405H began sales at
initial rates ranging from 325 to 700 Bopd with 195 to 490 Bpd of NGLs and 1.2
to 3.1 MMcfd of natural gas. Although the Delaware Basin Wolfcamp wells
typically begin production at lower initial oil rates relative to the Leonard,
they maintain steady, flat production, delivering excellent after-tax rates of
return. EOG continues to test spacing between wells to determine optimal
development.

Crude Oil and Natural Gas Hedging Activity
For May 2014, EOG has crude oil financial price swap contracts in place for
181,000 Bopd at a weighted average price of $96.55 per barrel, excluding
unexercised options. For June 2014, EOG has crude oil financial price swap
contracts in place for 171,000 Bopd at a weighted average price of $96.35 per
barrel, excluding unexercised options. For the period July 1 through December
31, 2014, EOG has crude oil financial price swap contracts in place for 74,000
Bopd at a weighted average price of $95.37 per barrel, excluding unexercised
options.

EOG currently has natural gas hedges in place for more than 30 percent of its
North American natural gas production for the remainder of 2014. For the
period June 1 through December 31, 2014, EOG has natural gas financial price
swap contracts in place for 330,000 million British thermal units per day
(MMBtud) at a weighted average price of $4.55 per million British thermal
units (MMBtu), excluding unexercised options.

EOG has also hedged some natural gas volumes for 2015. For the period January
1 through December 31, 2015, EOG has natural gas financial price swap
contracts in place for 175,000 MMBtud at a weighted average price of $4.51 per
MMBtu, excluding unexercised options. (For a comprehensive summary of crude
oil and natural gas derivative contracts, please refer to the attached
tables.) 

Cash Flow and Capital Structure
During the first quarter 2014, EOG's cash flows from operating activities
exceeded total capital expenditures.

At March 31, 2014, EOG's total debt outstanding was $5,910 million for a
debt-to-total capitalization ratio of 27 percent. Taking into account cash on
the balance sheet of $1.7 billion at March 31, EOG's net debt was $4,243
million for a net debt-to-total capitalization ratio of 21 percent, down from
23 percent at year-end 2013. (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 May 6, 2014
EOG's first quarter 2014 results conference call will be available via live
audio webcast at 9 a.m. Central time (10 a.m. Eastern time) on Tuesday, May 6,
2014. To listen, log on to www.eogresources.com. The webcast will be archived
on EOG's website through May 20, 2014.

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 is successful in its efforts to economically
    develop its acreage in, produce reserves and achieve anticipated
    production levels from, and optimize reserve recovery from, its existing
    and future crude oil and natural gas exploration and development projects;
  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,
    appropriate gathering, processing, compression, transportation and
    refining 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, health and safety laws
    and regulations relating to air emissions, disposal of produced water,
    drilling fluids and other wastes, hydraulic fracturing and access to and
    use of water; laws and regulations imposing conditions or restrictions on
    drilling and completion operations and on the transportation of crude oil
    and natural gas; laws and regulations with respect to derivatives and
    hedging activities; and laws and regulations with respect to the import
    and export of crude oil, natural gas and related commodities;
  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, facilities, equipment, materials and
    services;
  othe availability and cost of employees and other personnel, facilities,
    equipment, materials (such as water) 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
    (by EOG or third parties) of production, gathering, processing, refining,
    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 17
    through 26 of EOG's Annual Report on Form 10-K for the fiscal year ended
    December 31, 2013 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, 2013, 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.

                                 Investors
                                 Maire A. Baldwin
                                 (713) 651-6EOG (651-6364)
                                 Kimberly A. Matthews
                                 (713) 571-4676
                                 David J. Streit
For Further Information Contact: (713) 571-4902

                                 

                                 Media
                                 K Leonard
                                 (713) 571-3870





EOG RESOURCES, INC.
FINANCIAL REPORT
(Unaudited; in millions, except per share data)
                                                      Three Months Ended
                                                      March 31,
                                                      2014         2013
Net Operating Revenues                                $ 4,083.7    $ 3,356.5
Net Income                                           $ 660.9      $ 494.7
Net Income Per Share
  Basic                                               $ 1.22       $ 0.92
  Diluted                                             $ 1.21       $ 0.91
Average Number of Common Shares
  Basic                                                 542.3        538.7
  Diluted                                               548.1        544.5
SUMMARY INCOME STATEMENTS
(Unaudited; in thousands, except per share data)
                                                      Three Months Ended
                                                      March 31,
                                                      2014         2013
Net Operating Revenues
  Crude Oil and Condensate                            $ 2,397,102  $ 1,781,833
  Natural Gas Liquids                                   246,235      169,529
  Natural Gas                                           556,693      410,879
  Losses on Mark-to-Market Commodity Derivative         (155,736)    (104,956)
  Contracts
  Gathering, Processing and Marketing                   1,015,411    922,957
  Gains on Asset Dispositions, Net                      11,498       164,233
  Other, Net                                            12,468       12,039
   Total                                         4,083,671    3,356,514
Operating Expenses
  Lease and Well                                        320,834      249,000
  Transportation Costs                                  243,237      184,257
  Gathering and Processing Costs                        33,924       24,504
  Exploration Costs                                     48,058       44,216
  Dry Hole Costs                                        8,348        3,962
  Impairments                                          113,361      53,548
  Marketing Costs                                       1,006,304    904,649
  Depreciation, Depletion and Amortization              946,491      846,388
  General and Administrative                            82,862       77,985
  Taxes Other Than Income                               195,973      134,931
   Total                                         2,999,392    2,523,440
Operating Income                                       1,084,279    833,074
Other Expense, Net                                      (3,338)      (10,134)
Income Before Interest Expense and Income Taxes         1,080,941    822,940
Interest Expense, Net                                   50,152       61,921
Income Before Income Taxes                              1,030,789    761,019
Income Tax Provision                                    369,861      266,294
Net Income                                           $ 660,928    $ 494,725
Dividends Declared per Common Share                   $ 0.125      $ 0.09375

Note: All share and per-share amounts shown have been restated to reflect the
announced 2-for-1 stock split effective March 31, 2014.



EOG RESOURCES, INC.
OPERATING HIGHLIGHTS
(Unaudited)
                                                     Three Months Ended
                                                     March 31,
                                                     2014      2013
Wellhead Volumes and Prices
Crude Oil and Condensate Volumes (MBbld) ^(A)
               United States                           258.1     178.3
               Canada                                  7.2       7.7
               Trinidad                                1.1       1.2
               Other International ^(B)                0.1       0.1
               Total                         266.5     187.3
Average Crude Oil and Condensate Prices ($/Bbl) ^(C)
               United States                         $ 100.58  $ 106.57
               Canada                                  89.98     85.32
               Trinidad                                89.93     94.51
               Other International ^(B)                87.20     95.13
               Composite                     100.25    105.61
Natural Gas Liquids Volumes (MBbld) ^(A)
               United States                           70.8      58.6
               Canada                                  0.8       0.9
               Total                         71.6      59.5
Average Natural Gas Liquids Prices ($/Bbl) ^(C)
               United States                         $ 38.10   $ 31.63
               Canada                                  46.88     41.90
               Composite                     38.20     31.78
Natural Gas Volumes (MMcfd) ^(A)
               United States                           894       934
               Canada                                  64        79
               Trinidad                                387       352
               Other International ^(B)                7         8
               Total                         1,352     1,373
Average Natural Gas Prices ($/Mcf) ^(C)
               United States                         $ 4.96    $ 3.08
               Canada                                  4.70      3.24
               Trinidad                                3.63      3.91
               Other International ^(B)                6.12      6.75
               Composite                     4.58      3.32
Crude Oil Equivalent Volumes (MBoed) ^(D)
               United States                          478.0     392.6
               Canada                                  18.7      21.8
               Trinidad                                65.6      59.8
               Other International ^(B)                1.2       1.4
               Total                         563.5     475.6
Total MMBoe ^(D)                                       50.7      42.8

(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,
                                                2014            2013
ASSETS
Current Assets
 Cash and Cash Equivalents                      $ 1,667,212     $ 1,318,209
 Accounts Receivable, Net                         1,801,665       1,658,853
 Inventories                                      635,419         563,268
 Assets from Price Risk Management Activities     -               8,260
 Income Taxes Receivable                          191             4,797
 Deferred Income Taxes                            429,695         244,606
 Other                                            288,294         274,022
 Total                                  4,822,476       4,072,015
Property, Plant and Equipment
 Oil and Gas Properties (Successful Efforts       44,324,008      42,821,803
 Method)
 Other Property, Plant and Equipment              3,128,400       2,967,085
 Total Property, Plant and Equipment    47,452,408      45,788,888
 Less: Accumulated Depreciation, Depletion and   (20,453,971)    (19,640,052)
 Amortization
 Total Property, Plant and Equipment,   26,998,437      26,148,836
 Net
Other Assets                                      320,375         353,387
Total Assets                                    $ 32,141,288    $ 30,574,238
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
 Accounts Payable                               $ 2,647,209     $ 2,254,418
 Accrued Taxes Payable                            270,908         159,365
 Dividends Payable                                67,768          50,795
 Liabilities from Price Risk Management           227,036         127,542
 Activities
 Current Portion of Long-Term Debt                6,579           6,579
 Other                                            176,142         263,017
 Total                                  3,395,642       2,861,716
Long-Term Debt                                    5,902,952       5,906,642
Other Liabilities                                 922,586         865,067
Deferred Income Taxes                             5,886,794       5,522,354
Commitments and Contingencies
Stockholders' Equity
 Common Stock, $0.01 Par, 640,000,000 Shares
 Authorized and 546,892,339
 Shares Issued at March 31, 2014 and
 546,378,440 Shares Issued at December 31,        205,471         202,732
 2013
 Additional Paid in Capital                       2,697,807       2,646,879
 Accumulated Other Comprehensive Income          402,803         415,834
 Retained Earnings                                12,760,895      12,168,277
 Common Stock Held in Treasury, 396,906 Shares
 at March 31, 2014 and206,830 Shares at          (33,662)        (15,263)
 December 31, 2013
 Total Stockholders' Equity                  16,033,314      15,418,459
Total Liabilities and Stockholders' Equity      $ 32,141,288    $ 30,574,238

Note: All share amounts shown have been restated to reflect the announced
2-for-1 stock split effective March 31, 2014.



EOG RESOURCES, INC.
SUMMARY STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)
                                                  Three Months Ended
                                                  March 31,
                                                  2014           2013
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided
by Operating Activities:
 Net Income                                      $ 660,928      $ 494,725
 Items Not Requiring (Providing) Cash
       Depreciation, Depletion and Amortization     946,491        846,388
       Impairments                                 113,361        53,548
       Stock-Based Compensation Expenses            35,565         30,436
       Deferred Income Taxes                        232,808        200,779
       Gains on Asset Dispositions, Net             (11,498)       (164,233)
       Other, Net                                   5,442          8,268
 Dry Hole Costs                                     8,348          3,962
 Mark-to-Market Commodity Derivative Contracts
       Total Losses                                 155,736        104,956
       Net Cash (Payments for) Received from
       Settlements of Commodity Derivative          (34,033)       67,050
       Contracts
 Excess Tax Benefits from Stock-Based               (27,422)       (11,673)
 Compensation
 Other, Net                                         3,589          5,022
 Changes in Components of Working Capital and
 Other Assets and Liabilities
       Accounts Receivable                          (144,317)      (236,757)
       Inventories                                  (68,948)       (15,058)
       Accounts Payable                             361,810        186,065
       Accrued Taxes Payable                        139,801        9,004
       Other Assets                                 (12,536)       (47,193)
       Other Liabilities                            (29,169)       (52,933)
 Changes in Components of Working Capital
 Associated with Investing and Financing            (68,283)       (57,421)
 Activities
Net Cash Provided by Operating Activities           2,267,673      1,424,935
Investing Cash Flows
 Additions to Oil and Gas Properties                (1,736,630)    (1,604,123)
 Additions to Other Property, Plant and Equipment   (165,966)      (92,201)
 Proceeds from Sales of Assets                      19,825         479,436
 Changes in Restricted Cash                         (9,047)        -
 Changes in Components of Working Capital           68,258         57,149
 Associated with Investing Activities
Net Cash Used in Investing Activities               (1,823,560)    (1,159,739)
Financing Cash Flows
 Long-Term Debt Borrowings                          496,220        -
 Long-Term Debt Repayments                          (500,000)      -
 Settlement of Foreign Currency Swap                (31,573)       -
 Dividends Paid                                     (51,780)       (46,220)
 Excess Tax Benefits from Stock-Based               27,422         11,673
 Compensation
 Treasury Stock Purchased                           (28,897)       (11,024)
 Proceeds from Stock Options Exercised             985            8,004
 Debt Issuance Costs                                (942)          -
 Repayment of Capital Lease Obligation              (1,474)        (1,427)
 Other, Net                                         25             272
Net Cash Used in Financing Activities               (90,014)       (38,722)
Effect of Exchange Rate Changes on Cash             (5,096)        5,125
Increase in Cash and Cash Equivalents               349,003        231,599
Cash and Cash Equivalents at Beginning of Period    1,318,209      876,435
Cash and Cash Equivalents at End of Period        $ 1,667,212    $ 1,108,034



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, 2014 and
2013 reported Net Income (GAAP) to reflect actual net cash (payments for)
received from settlements of commodity derivative contracts by eliminating the
unrealized mark-to-market losses from these transactions, to eliminate the net
gains on asset dispositions in North America in 2014 and 2013 and to add back
impairment charges related to certain of EOG's non-core North American assets
in 2014. 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,
                                  2014                  2013
Reported Net Income (GAAP)        $   660,928           $   494,725
Mark-to-Market (MTM) Commodity
Derivative Contracts Impact
      Total Losses                    155,736               104,956
      Net Cash (Payments for)
      Received from Settlements
      of Commodity
       Derivative Contracts        (34,033)              67,050
      Subtotal              121,703               172,006
      After-Tax MTM Impact            78,078                110,127
Less: Net Gains on Asset              (7,377)               (114,993)
Dispositions, Net of Tax
Add: Impairments of Certain North     36,058                -
American Assets, Net of Tax
Adjusted Net Income (Non-GAAP)    $   767,687           $   489,859
Net Income Per Share (GAAP)
      Basic                       $   1.22              $   0.92
      Diluted                     $   1.21       (a)   $   0.91        (b)
Percentage Increase - [(a) - (b)]     33%
/ (b)
Adjusted Net Income Per Share
(Non-GAAP)
      Basic                       $   1.42              $   0.91
      Diluted                     $   1.40       (c)   $   0.90        (d)
Percentage Increase - [(c) - (d)]     56%
/ (d)
Average Number of Common Shares
(GAAP)
      Basic                           542,278               538,717
      Diluted                         548,071               544,526

Note: All share and per-share amounts shown have been restated to reflect the
announced 2-for-1 stock split effective March 31, 2014.



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, 2014
and 2013 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,
                                     2014                  2013
Net Cash Provided by Operating       $   2,267,673         $  1,424,935
Activities (GAAP)
Adjustments:
      Exploration Costs (excluding
      Stock-Based Compensation           40,124               36,645
      Expenses)
      Excess Tax Benefits from           27,422               11,673
      Stock-Based Compensation
      Changes in Components of
      Working Capital and Other
      Assets and Liabilities
               Accounts Receivable       144,317              236,757
               Inventories               68,948               15,058
               Accounts Payable          (361,810)            (186,065)
               Accrued Taxes Payable     (139,801)            (9,004)
               Other Assets              12,536               47,193
               Other Liabilities         29,169               52,933
      Changes in Components of
      Working Capital Associated
      with Investing and Financing       68,283               57,421
      Activities
Discretionary Cash Flow (Non-GAAP)   $   2,156,861   (a)  $  1,687,546  (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, 2014 and
2013 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
(payments for) received from settlements of commodity derivative contracts by
eliminating the unrealized mark-to-market (MTM) losses from these transactions
and to eliminate the net gains on asset dispositions in North America in 2014
and 2013. 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,
                                     2014                  2013
Income Before Interest Expense and   $   1,080,941         $  822,940
Income Taxes (GAAP)
Adjustments:
       Depreciation, Depletion and       946,491              846,388
       Amortization
       Exploration Costs                 48,058               44,216
       Dry Hole Costs                    8,348                3,962
       Impairments                      113,361              53,548
                  EBITDAX (Non-GAAP)     2,197,199            1,771,054
       Total Losses on MTM Commodity     155,736              104,956
       Derivative Contracts
       Net Cash (Payments for)
       Received from Settlements of      (34,033)             67,050
       Commodity Derivative
       Contracts
       Net Gains on Asset                (11,498)             (164,233)
       Dispositions
Adjusted EBITDAX (Non-GAAP)          $   2,307,404   (a)  $  1,778,827  (b)
Percentage Increase - [(a) - (b)] /      30%
(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 5, 2014, 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)
2014^(1)
January 2014 (closed)         156,000                      $       96.30
February 2014 (closed)        171,000                      96.35
March 1, 2014 through April   181,000                      96.55
30, 2014 (closed)
May 2014                      181,000                      96.55
June 2014                     171,000                      96.35
July 1, 2014 through December 74,000                       95.37
31, 2014
2015^(2)                      -                            $         
                                                           -
                    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
                    10,000 Bbld are exercisable on or about May 30, 2014. If
                    the counterparties exercise all such options, the notional
                    volume of EOG's existing crude oil derivative contracts
(1)                 will increase by 10,000 Bbld at an average price of
                    $100.00 per barrel for each month during the period June
                    1, 2014 through August 31, 2014. Options covering a
                    notional volume of 118,000 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 118,000 Bbld at
                    an average price of $96.64 per barrel for each month
                    during the period July 1, 2014 through December 31, 2014.
                    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 69,000 Bbld are
(2)                 exercisable on or about December 31, 2014. If the
                    counterparties exercise all such options, the notional
                    volume of EOG's existing crude oil derivative contracts
                    will increase by 69,000 Bbld at an average price of $95.20
                    per barrel for each month during the period January 1,
                    2015 through June 30, 2015.
NATURAL GAS DERIVATIVE CONTRACTS
                                                           Weighted
                              Volume                       Average Price
                              (MMBtud)                    ($/MMBtu)
2014^(3)
January 2014 (closed)         230,000                      $       4.51
February 2014 (closed)        710,000                      4.57
March 2014 (closed)           810,000                      4.60
April 2014 (closed)           465,000                      4.52
May 2014 (closed)             685,000                      4.55
June 1, 2014 through December 330,000                      4.55
31, 2014
2015^(4)
January 1, 2015 through       175,000                      $       4.51
December 31, 2015
                    EOG has entered into natural gas derivative contracts
                    which give counterparties the option of entering into
                    derivative contracts at future dates. All such options are
(3)                 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 480,000 MMBtud at an
                    average price of $4.63 per MMBtu for each month during the
                    period June 1, 2014 through December 31, 2014.
                    EOG has entered into natural gas derivative contracts
                    which give counterparties the option of entering into
                    derivative contracts at future dates. All such options
                    are exercisable monthly up until the settlement date of
(4)                 each monthly contract. If the counterparties exercise all
                    such options, the notional volume of EOG's existing
                    natural gas derivative contracts will increase by 175,000
                    MMBtud at an average price of $4.51 per MMBtu for each
                    month during the period January 1, 2015 through December
                    31, 2015.
$/Bbl     Dollars per barrel
$/MMBtu         Dollars per million British thermal units
Bbld                Barrels per day
MMBtu               Million British thermal units
MMBtud              Million British thermal units per day

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                         At
                               March 31,                  December 31,
                               2014                       2013
Total Stockholders' Equity -   $       16,033             $       15,418
(a)
Current and Long-Term Debt -           5,910                      5,913
(b)
Less: Cash                            (1,667)                    (1,318)
Net Debt (Non-GAAP) - (c)              4,243                      4,595
Total Capitalization (GAAP) -  $       21,943             $       21,331
(a) + (b)
Total Capitalization           $       20,276             $       20,013
(Non-GAAP) - (a) + (c)
Debt-to-Total Capitalization           27%                        28%
(GAAP) - (b) / [(a) + (b)]
Net Debt-to-Total
Capitalization (Non-GAAP) -            21%                        23%
(c) / [(a) + (c)]



EOG RESOURCES, INC.
 SECOND QUARTER AND FULL YEAR 2014 FORECAST AND BENCHMARK COMMODITY PRICING
       (a) Second Quarter and Full Year 2014 Forecast
The forecast items for the second quarter and full year 2014 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 2014                Full Year 2014
Daily Production
       Crude Oil and Condensate
       Volumes (MBbld)
               United States           265.0   -     280.0    267.0  -   287.0
               Canada                  4.5     -     5.5      4.5    -   6.5
               Trinidad                0.7     -     0.9      0.6    -   1.0
               Other International     0.0     -     0.0      0.0    -   1.2
                  Total                270.2   -     286.4    272.1  -   295.7
       Natural Gas Liquids Volumes
       (MBbld)
               United States           68.0    -     78.0     68.0   -   77.0
               Canada                  0.5     -     0.7      0.6    -   0.8
                  Total                68.5    -     78.7     68.6   -   77.8
       Natural Gas Volumes (MMcfd)
               United States           878     -     898      850    -   880
               Canada                  56      -     68       55     -   69
               Trinidad                340     -     360      350    -   370
               Other International     8       -     10       8      -   12
                  Total                1,282   -     1,336    1,263  -   1,331
       Crude Oil Equivalent Volumes
       (MBoed)
               United States           479.3   -     507.7    476.7  -   510.7
               Canada                  14.3    -     17.5     14.3   -   18.8
               Trinidad                57.4    -     60.9     58.9   -   62.7
               Other International     1.3     -     1.7      1.3    -   3.2
                  Total                552.3   -     587.8    551.2  -   595.4
Operating Costs
       Unit Costs ($/Boe)
               Lease and Well       $  6.20    -  $  6.50   $ 6.25   - $ 6.75
               Transportation Costs $  4.75    -  $  4.95   $ 4.80   - $ 5.20
               Depreciation,
               Depletion and        $  18.40   -  $  19.10  $ 18.30  - $ 19.10
               Amortization
Expenses ($MM)
       Exploration, Dry Hole and    $  130     -  $  150    $ 500    - $ 550
       Impairment
       General and Administrative   $  90      -  $  100    $ 380    - $ 390
       Gathering and Processing    $  30      -  $  36     $ 125    - $ 145
       Capitalized Interest         $  15      -  $  17     $ 55     - $ 65
       Net Interest                 $  47      -  $  51     $ 190    - $ 210
Taxes Other Than Income (% of          6.0%    -     6.4%     6.0%   -   6.5%
Wellhead Revenue)
Income Taxes
       Effective Rate                 35%     -     40%      35%    -   40%
       Current Taxes ($MM)          $  155     -  $  170    $ 585    - $ 605
Capital Expenditures ($MM) - FY
2014 (Excluding Acquisitions)
       Exploration and Development,                         $ 6,450    $ 6,550
       Excluding Facilities
       Exploration and Development                          $ 880      $ 920
       Facilities
       Gathering, Processing and                            $ 770      $ 810
       Other
Pricing - (Refer to Benchmark
Commodity Pricing in text)
       Crude Oil and Condensate
       ($/Bbl)
               Differentials
                  United States -   $  (0.50)  -  $  0.50   $ (0.50) - $ 0.30
                  (above) below WTI
                  Canada - (above)  $  9.00    -  $  11.50  $ 10.00  - $ 14.00
                  below WTI
                  Trinidad -        $  9.00    -  $  11.00  $ 8.00   - $ 12.00
                  (above) below WTI
       Natural Gas Liquids
               Realizations as % of
               WTI
                  United States        30%     -     37%      31%    -   37%
                  Canada               30%     -     40%      32%    -   42%
       Natural Gas ($/Mcf)
               Differentials
                  United States -
                  (above) below     $  0.20    -  $  0.60   $ 0.25   - $ 0.60
                  NYMEX Henry Hub
                  Canada - (above)
                  below NYMEX       $  0.15    -  $  0.55   $ 0.25   - $ 0.65

                  Henry Hub
               Realizations
                  Trinidad          $  3.15    -  $  3.65   $ 2.75   - $ 3.25
                  Other             $  4.50    -  $  6.50   $ 4.30   - $ 6.30
                  International
Definitions
$/Bbl            U.S. Dollars per barrel
$/Boe             U.S. Dollars per barrel of oil equivalent
$/Mcf            U.S. Dollars per thousand cubic feet
$MM               U.S. Dollars in millions
MBbld             Thousand barrels per day
MBoed             Thousand barrels of oil equivalent per
                  day
MMcfd             Million cubic feet per day
NYMEX             New York Mercantile Exchange
WTI               West Texas Intermediate





SOURCE EOG Resources, Inc.

Website: http://www.eogresources.com
 
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