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EOG Resources, Inc. Declares Increase of 14 Percent on Quarterly Dividend On Common Stock

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FOR IMMEDIATE RELEASE: Tuesday, February 13, 2001

The Board of Directors of EOG Resources, Inc. (EOG) has declared an increase in the regular quarterly dividend to $.04 per share on the common stock of the company, payable April 30, 2001, to shareholders of record as of April 16, 2001. The indicated annual rate is $.16.

"By increasing the dividend, we are signaling to shareholders that EOG remains aligned with their interests," said Mark Papa, EOG Chairman and Chief Executive Officer. "Last year we generated over $300 million of cash flow beyond our capital program, and at current prices, we expect to generate significant cash flow beyond our capital program again this year."

EOG last increased its dividend from $.12 per share to $.14 per share during the first quarter 2000.

EOG Resources, Inc., formerly Enron Oil & Gas Company, is among the largest independent (non-integrated) oil and gas companies in the United States, with operations and substantial reserves in the U.S., Canada and Trinidad. EOG common stock 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 and Section 21E of the Securities Exchange Act of 1934. Although EOG believes that its expectations are based on reasonable assumptions, it can give no assurance that such expectations will be achieved. The forward looking statements are given as of the date of this document only and are based on current available information and expectations. EOG does not undertake any obligation to update these forward looking statements as conditions change or other information becomes available. Important factors that could cause actual results to differ materially from those in the forward looking statements herein include, but are not limited to, the timing and extent of changes in reserve quantities and commodity prices for crude oil, natural gas and related products and interest rates, the extent of EOG's success in discovering, developing, producing and marketing reserves and in acquiring oil and gas properties, uncertainties and changes associated with international projects and operations including reserve estimates, markets, contract terms, construction, financing availability, operating costs, and political developments around the world, and conditions of the capital and equity markets during the periods covered by the forward looking statements.

For Further Information Contact:
Maire A. Baldwin
(713) 651-6EOG (651-6364)

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