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EOG Resources Inc | Q1 2024 Earnings Presentation | Pearce Hammond; Neel Panchal; Shelby O’Connor | Page 4 of 11 | May 03, 2025

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2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Premium Investment Supports Through-Cycle Profitability 1Q 2024 4 Premium Investment Strategy Improves ROCE 1 and Free Cash Flow 2 Generation • Premium Hurdle Rate of 30% Direct ATROR 3,4 at Flat $40 Oil & $2.50 Natural Gas • Significant Reduction in Oil Price Required to Achieve 10% Return on Capital Employed ~10 Billion Boe 5 of Premium Resource Across EOG’s Multi-Basin Portfolio • Deep and Diverse Inventory Supports Cash Flow Generation for Decades • Continue to Improve Inventory Quality and Duration through Exploration and Premium Inventory Conversion • Does Not Currently Account for Utica Premium Play $85 $44 Oil Price Required for 10% ROCE 1,6 (1) ROCE, a non-GAAP measure, defined and reconciled in accompanying schedules. Does not include the impact of derivative contracts. (2) Cash provided by operating activities before changes in working capital less CAPEX. See accompanying schedules for reconciliations and definitions of non-GAAP measures and other measures. (3) See accompanying schedules for reconciliations and definitions of non-GAAP measures and other measures. (4) Direct ATROR calculated using flat commodity prices of $40 WTI oil, $2.50 Henry Hub natural gas and $16 NGLs. (5) Resource potential net to EOG, not proved reserves. (6) Calculated using constant $3.35 Henry Hub natural gas price and constant 36% NGL realization, reflecting the average price and realization from 2014-2023. 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $24 Bn Premium Drilling Premium Drilling Cumulative Free Cash Flow 2