EOG RESOURCES REPORTS THIRD QUARTER 2009 RESULTS


•Increases 2009 Total Production Growth Target from 5.5 to 6 Percent and Total Liquids Growth Target from 25 to 27 Percent

•Sets 2010 Target of 13 Percent Total Production Growth and 50 Percent Total Liquids Growth

•Makes Another Tactical Acquisition in Fort Worth Barnett Combo and Announces Positive Drilling Results

•Reports New Core Area in East Texas Haynesville and Increases Acreage Position

•Discloses Seven High Rate Flow Tests in Horn River Basin
FOR IMMEDIATE RELEASE: Thursday, November 5, 2009

HOUSTON - EOG Resources, Inc. (EOG) today reported its third quarter 2009 operating and financial results. For the third quarter, EOG reported net income available to common stockholders of $4.2 million, or $0.02 per share. This compares to third quarter 2008 net income available to common stockholders of $1,556.3 million, or $6.20 per share.

The results for the third quarter 2009 included a previously disclosed $20.9 million ($13.4 million after tax, or $0.05 per share) net gain on the mark-to-market of financial commodity transactions. During the quarter, the net cash inflow related to financial commodity contracts was $331.2 million ($213.1 million after tax, or $0.84 per share). Consistent with some analysts' practice of matching realizations to settlement months, adjusted non-GAAP net income available to common stockholders for the quarter was $203.9 million, or $0.81 per share. Adjusted non-GAAP net income available to common stockholders for the third quarter 2008 was $588.3 million, or $2.34 per share. (Please refer to the attached tables for the reconciliation of adjusted non-GAAP net income available to common stockholders to GAAP net income available to common stockholders.)

Full Year 2009 and 2010 Production Growth Forecasts

Based on the performance of its North American liquids plays, EOG has increased its 2009 total company production growth target from 5.5 to 6 percent. For 2010, EOG has set a total company organic production growth target of 13 percent that includes total liquids production growth of 50 percent.

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