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EOG Resources Reports 2006 Results and Increases Dividend
* 9 Percent Increase in Overall Organic Year-Over-Year Production
* 14 Percent Increase in United States Natural Gas Production
* 205 Percent Production Replacement Achieved
* Strong Year-End Net Debt-to-Total Capitalization Ratio Reported
* 50 Percent Increase in Common Stock Dividend
PRNewswire-FirstCall
HOUSTON

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FOR IMMEDIATE RELEASE: Thursday, February 1, 2007

EOG Resources, Inc. (EOG) today reported fourth quarter 2006 net income available to common of $237.2 million, or $0.96 per share. This compares to fourth quarter 2005 net income available to common of $461.8 million, or $1.88 per share. For the full year 2006, EOG reported net income available to common of $1,288.9 million or $5.24 per share as compared to $1,252.1 million, or $5.13 per share, for the full year 2005.

The results for the fourth quarter 2006 included a $4.1 million, or $0.02 per share charge for premium and fees related to the repurchase of $46.7 million of preferred stock and a $31.5 million ($20.3 million after tax, or $0.08 per share) gain on the mark-to-market of financial commodity price transactions. During the quarter, the net cash realized related to financial commodity contracts was $48.2 million ($31.0 million after tax, or $0.12 per share). Reflecting these items, fourth quarter 2006 adjusted non-GAAP net income available to common was $252.0 million, or $1.02 per share.

Last year's fourth quarter results included the following items: a one- time tax expense of $23.6 million ($0.10 per share) related to the repatriation of accumulated foreign earnings, an $11.4 million ($7.3 million after tax or $0.03 per share) gain on the mark-to-market of financial commodity price transactions and a one-time interest charge of $7.5 million ($4.9 million after tax or $0.02 per share) related to the early retirement of EOG's 2008 Notes. There was no cash realized related to financial commodity contracts during the fourth quarter 2005. Reflecting these items, fourth quarter 2005 adjusted non-GAAP net income available to common was $482.9 million, or $1.97 per share. On a similar basis, eliminating the items detailed in the attached table, adjusted non-GAAP net income available to common for the full year 2006 was $1,189.4 million, or $4.83 per share, and for the full year 2005 was $1,271.5 million, or $5.21 per share. (Please refer to the attached tables for the reconciliation of adjusted non-GAAP net income available to common to GAAP net income available to common.)

"In 2006, EOG remained true to its strategy by focusing on organic production growth, managing costs and maintaining a strong balance sheet. For the year, we achieved 26 percent return on equity and 25 percent return on capital employed," said Mark G. Papa, Chairman and Chief Executive Officer. (Please refer to the attached tables for the calculation of return on equity and return on capital employed.)

Operational Highlights

Driven by a 14 percent increase in United States natural gas production, total company production for the full year 2006 increased 9 percent over the previous year. During the fourth quarter, United States natural gas production increased 19 percent as compared to the fourth quarter a year ago and 7 percent as compared to the prior quarter. The Fort Worth Basin Barnett Shale, Northeastern Utah Uinta Basin and South Texas Frio and Lobo Plays led the production increases.

EOG's results from the Fort Worth Basin Barnett Shale Play continue to exceed expectations. Production at year-end 2006 surpassed the previously stated goal of 200 million cubic feet per day (MMcfd). In Johnson County, two outstanding natural gas wells, the Heffner Unit #1H and #2H, were drilled as 500 foot offset locations. Simultaneously drilled and completed, the wells began flowing to sales in early January at rates of over 7 MMcfd each and are currently producing 6.0 and 6.8 MMcfd, respectively. EOG has 100 percent working interest in both wells.

EOG also reported results from two offset wells in Hood County in the western part of the play. The Welborn Simon #1H and #2H were also completed in January and began flowing to sales at initial rates of 2.6 and 2.2 MMcfd, respectively. EOG has 100 percent working interest in both wells.

In South Texas, where EOG has recently applied horizontal drilling technology to tight Wilcox sands reservoirs, the North Marshall State Wells Fargo #2H in Webb County was drilled to a vertical depth of over 11,000 feet with a 2,300 foot lateral segment. EOG has a 50 percent working interest in the well, which began producing last week at a gross rate of 13 MMcfd.

In addition to strong results in United States natural gas drilling, EOG has completed five horizontal oil wells to date in the North Dakota Bakken Formation. The most recent, the Warberg 1-25H, was completed in mid-January and is producing over 1,100 barrels of oil per day. EOG plans to increase drilling activity in this play from one to three rigs in early 2007.

"2006 represented a break-out year for EOG; we not only gained a much better understanding of the application of horizontal drilling to resource plays, we also built up a deep drilling inventory," said Papa. "We exited 2006 on track with our operational goals and with strong momentum in the organization."

Reserves

At December 31, 2006, total company reserves were approximately 6.8 trillion cubic feet equivalent (Tcfe), an increase of 607 billion cubic feet equivalent (Bcfe), or 10 percent higher than year-end 2005. In 2006:

   *  From drilling alone, EOG added 1,414 Bcfe of reserves with drilling
      capital expenditures of $2,952 million at a reserve replacement cost
      of $2.09 per thousand cubic feet equivalent (Mcfe) prior to revisions,
      replacing 246 percent of production,
   *  Total reserve replacement from all sources -- the ratio of net reserve
      additions from drilling, acquisitions, revisions and dispositions to
      total production -- was 205 percent at a total reserve replacement
      cost of $2.50 per Mcfe and
   *  Excluding the impact of price related revisions of 179 Bcfe due to
      lower natural gas prices, total reserve replacement was 237 percent at
      a reserve replacement cost of $2.17 per Mcfe.  Price related revisions
      were based on year-end 2006 benchmark Henry Hub pricing of $5.64 per
      million British thermal unit and benchmark West Texas Intermediate
      crude pricing as posted on the New York Mercantile Exchange of $61.05
      per barrel, as compared to year-end 2005 pricing of $10.08 and $61.05,
      respectively.  (Please see attached tables for supporting data for the
      reconciliation of non-GAAP drilling capital expenditures to GAAP total
      costs incurred in exploration and development activities and for the
      calculation of reserve replacement percentages and reserve replacement
      costs.)

For the 19th consecutive year, internal reserve estimates were within 5 percent of those prepared by the independent reserve engineering firm of DeGolyer and MacNaughton. The firm prepared an independent engineering analysis of properties containing 82 percent of EOG's proved reserves on a Bcfe basis.

Capital Structure

At December 31, 2006, EOG's total debt outstanding was $733 million, and cash on the balance sheet was $218 million, for net debt of $515 million. (Please refer to the attached tables for the reconciliation of non-GAAP net debt to long-term debt.) During the fourth quarter, EOG repurchased $47 million of preferred stock, leaving $53 million outstanding. The company's debt-to-total capitalization ratio was 12 percent at December 31, 2006, down from 19 percent at December 31, 2005.

"During 2006, EOG increased production 9 percent, achieved high returns on its capital expenditure program and repurchased preferred stock, while strengthening the balance sheet. We ended the year with an 8 percent net debt-to-total capitalization ratio," said Papa. (Please refer to the attached tables for the reconciliation of non-GAAP net debt to long-term debt and the calculation of net debt to total capitalization.)

Dividend Increase Announced

Following a 50 percent increase in 2006, EOG's Board of Directors again has increased the cash dividend on the common stock. Effective with the dividend payable on April 30, 2007 to record holders as of April 16, 2007, the quarterly dividend on the common stock will be $0.09 per share. The indicated annual rate of $0.36 per share reflects a 50 percent increase from 2006, the seventh increase in eight years.

Conference Call Scheduled for February 1, 2007

EOG's fourth quarter and year-end 2006 conference call will be available via live audio webcast at 9 a.m. Central Standard Time (10 a.m. Eastern Standard Time) Thursday, February 1, 2007. To listen, log on to http://www.eogresources.com/ . The webcast will be archived on EOG's website through Thursday, February 15, 2007.

EOG Resources, Inc. is one of the largest independent (non-integrated) oil and natural gas companies in the United States with proved reserves in the United States, Canada, offshore Trinidad and the United Kingdom North Sea. 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 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts, including, among others, statements regarding EOG's future financial position, business strategy, budgets, reserve information, projected levels of production, projected costs and plans and objectives of management for future operations, are forward-looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "strategy," "intend," "plan," "target" and "believe" or the negative of those terms or other variations of them or by comparable terminology to identify its forward-looking statements. In particular, statements, express or implied, concerning future operating results, the ability to replace or increase reserves or to increase production, or the ability to generate income or cash flows are forward- looking statements. Forward-looking statements are not guarantees of performance. Although EOG believes its expectations reflected in forward- looking statements are based on reasonable assumptions, no assurance can be given that these expectations will be achieved. Important factors that could cause actual results to differ materially from the expectations reflected in the forward-looking statements include, among others: the timing and extent of changes in commodity prices for crude oil, natural gas and related products, foreign currency exchange rates and interest rates; the timing and impact of liquefied natural gas imports and changes in demand or prices for ammonia or methanol; the extent and effect of any hedging activities engaged in by EOG; the extent of EOG's success in discovering, developing, marketing and producing reserves and in acquiring oil and gas properties; the accuracy of reserve estimates, which by their nature involve the exercise of professional judgment and may therefore be imprecise; the availability and cost of drilling rigs, experienced drilling crews, materials and equipment used in well completions, and tubular steel; the availability, terms and timing of governmental and other permits and rights of way; the availability of pipeline transportation capacity; the availability of compression uplift capacity; the extent to which EOG can economically develop its Barnett Shale acreage outside of Johnson County, Texas; whether EOG is successful in its efforts to more densely develop its acreage in the Barnett Shale and other production areas; political developments around the world; acts of war and terrorism and responses to these acts; weather; and financial market conditions. In light of these risks, uncertainties and assumptions, the events anticipated by EOG's forward-looking statements might not occur. Forward-looking statements speak only as of the date made and EOG undertakes no obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. As noted above, statements of proved reserves are only estimates and may be imprecise. Any reserve estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include not only proved reserves, but also other categories of reserves that the SEC's guidelines strictly prohibit EOG from including in filings with the SEC. Investors are urged to consider closely the disclosure in EOG's Annual Report on Form 10-K for fiscal year ended December 31, 2005, available from EOG at P.O. Box 4362, Houston, Texas 77210-4362 (Attn: Investor Relations). You can also obtain this form from the SEC by calling 1-800-SEC-0330 or from the SEC's website at http://www.sec.gov/ .

                             EOG RESOURCES, INC.
                              FINANCIAL REPORT
               (Unaudited; in millions, except per share data)

                                     Quarter              Twelve Months
                                 Ended December 31      Ended December 31
                                 2006       2005        2006        2005
  Net Operating Revenues        $932.5    $1,213.7    $3,904.4    $3,620.2
  Net Income Available to
   Common                       $237.2      $461.8    $1,288.9    $1,252.1
  Net Income Per Share
   Available to Common
    Basic                        $0.98       $1.92       $5.33       $5.24
    Diluted                      $0.96       $1.88       $5.24       $5.13
  Average Number of Shares
   Outstanding
    Basic                        242.5       240.4       241.8       238.8
    Diluted                      246.5       245.5       246.1       244.0



                          SUMMARY INCOME STATEMENTS
                          (Unaudited; in thousands)

                                Quarter                 Twelve Months
                           Ended December 31          Ended December 31
                           2006         2005          2006          2005
  Net Operating Revenues
    Wellhead Natural Gas $709,295    $1,019,008    $2,803,245    $2,938,917
    Wellhead Crude
     Oil, Condensate
     and Natural Gas
     Liquids              191,102       184,489       761,580       668,073
    Gains on Mark-to-
     Market Commodity
     Derivative
     Contracts             31,518        11,415       334,260        10,475
    Other, Net                628        (1,224)        5,330         2,748
      Total               932,543     1,213,688     3,904,415     3,620,213
  Operating Expenses
    Lease and Well        104,431        83,056       372,895       286,417
    Transportation Costs   29,687        28,563       110,328        86,938
    Exploration Costs      45,129        38,283       155,008       133,116
    Dry Hole Costs         37,817         8,563        79,567        64,812
    Impairments            40,699        23,237       108,258        77,932
    Depreciation,
     Depletion and
     Amortization         230,438       176,974       817,089       654,258
    General and
     Administrative        47,721        37,039       164,981       125,918
    Taxes Other Than
     Income                46,245        63,098       200,863       199,007
      Total               582,167       458,813     2,008,989     1,628,398
  Operating Income        350,376       754,875     1,895,426     1,991,815

  Other Income, Net         9,663        13,330        60,373        35,828

  Income Before
   Interest Expense
   and Income Taxes       360,039       768,205     1,955,799     2,027,643

  Interest Expense, Net     7,519        19,985        43,158        62,506

  Income Before Income
   Taxes                  352,520       748,220     1,912,641     1,965,137

  Income Tax Provision    109,895       284,564       612,756       705,561

  Net Income              242,625       463,656     1,299,885     1,259,576

  Preferred Stock
   Dividends                5,421         1,859        10,995         7,432

  Net Income Available
   to Common             $237,204      $461,797    $1,288,890    $1,252,144



                            EOG RESOURCES, INC.
                           OPERATING HIGHLIGHTS
                                (Unaudited)

                                         Quarter          Twelve Months
                                    Ended December 31   Ended December 31
                                      2006      2005      2006     2005
  Wellhead Volumes and Prices
  Natural Gas Volumes (MMcfd)
    United States                      894       749       817      718
    Canada                             227       225       226      228
      United States & Canada         1,121       974     1,043      946
    Trinidad                           254       294       264      231
    United Kingdom                      32        44        30       39
      Total                          1,407     1,312     1,337    1,216

  Average Natural Gas Prices
   ($/Mcf)
    United States                    $6.09    $10.38     $6.56    $7.86
    Canada                            5.85      9.73      6.41     7.14
      United States & Canada
       Composite                      6.04     10.23      6.53     7.69
    Trinidad                          2.92      2.25      2.44     2.20 [A]
    United Kingdom                    6.13     10.24      7.69     6.99
      Composite                       5.48      8.44      5.74     6.62

  Crude Oil and Condensate Volumes
   (MBbld)
    United States                     21.8      20.4      20.7     21.5
    Canada                             2.4       2.5       2.5      2.4
      United States & Canada          24.2      22.9      23.2     23.9
    Trinidad                           4.4       5.6       4.8      4.5
    United Kingdom                     0.1       0.2       0.1      0.2
      Total                           28.7      28.7      28.1     28.6

  Average Crude Oil and Condensate
   Prices ($/Bbl)
    United States                   $56.49    $57.20    $62.68   $54.57
    Canada                           50.59     54.05     57.32    50.49
      United States & Canada
       Composite                     55.91     56.86     62.09    54.16
    Trinidad                         58.41     65.78     63.87    57.36
    United Kingdom                   49.57     51.89     57.74    49.62
      Composite                      56.39     58.55     62.38    54.63

  Natural Gas Liquids Volumes
   (MBbld)
    United States                      9.1       6.9       8.5      6.6
    Canada                             1.0       0.7       0.8      0.9
      Total                           10.1       7.6       9.3      7.5

  Average Natural Gas Liquids
   Prices ($/Bbl)
    United States                   $36.80    $42.62    $39.95   $35.59
    Canada                           36.56     46.68     43.69    35.59
      Composite                      36.78     42.97     40.25    35.59

  Natural Gas Equivalent Volumes
   (MMcfed)
    United States                    1,079       913       992      886
    Canada                             247       244       246      248
      United States & Canada         1,326     1,157     1,238    1,134
    Trinidad                           281       327       292      259
    United Kingdom                      33        45        31       40
      Total                          1,640     1,529     1,561    1,433

  Total Bcfe                         150.8     140.7     569.9    523.0

   [A] Includes $0.23 per Mcf as a result of a revenue adjustment related to
       an amended Trinidad take-or-pay contract.



                              EOG RESOURCES, INC.
                             SUMMARY BALANCE SHEETS
                  (Unaudited; in thousands, except share data)

                                            December 31,      December 31,
                                                2006              2005
                                  ASSETS
  Current Assets
    Cash and Cash Equivalents                 $218,255          $643,811
    Accounts Receivable, Net                   754,134           762,207
    Inventories                                113,591            63,215
    Assets from Price Risk Management
     Activities                                130,612            11,415
    Income Taxes Receivable                     94,311               255
    Deferred Income Taxes                          ---            24,376
    Other                                       39,177            57,959
      Total                                  1,350,080         1,563,238

  Oil and Gas Properties (Successful
   Efforts Method)                          13,893,851        11,173,389
    Less:  Accumulated Depreciation,
     Depletion and Amortization             (5,949,804)       (5,086,210)
      Net Oil and Gas Properties             7,944,047         6,087,179
  Other Assets                                 108,033           102,903
  Total Assets                              $9,402,160        $7,753,320

                   LIABILITIES AND SHAREHOLDERS' EQUITY
  Current Liabilities
    Accounts Payable                          $896,572          $679,548
    Accrued Taxes Payable                      130,984           140,902
    Dividends Payable                           14,718             9,912
    Deferred Income Taxes                      144,615           164,659
    Current Portion of Long-Term Debt              ---           126,075
    Other                                       68,123            50,945
      Total                                  1,255,012         1,172,041


  Long-Term Debt                               733,442           858,992
  Other Liabilities                            300,907           283,407
  Deferred Income Taxes                      1,513,128         1,122,588

  Shareholders' Equity
    Preferred Stock, $0.01 Par,
     10,000,000 Shares Authorized:
     Series B, Cumulative, $1,000
     Liquidation Preference Per Share,
     53,260 Shares Outstanding at
     December 31, 2006, and 100,000 Shares
     Outstanding at December 31, 2005           52,887            99,062
    Common Stock, $0.01 Par, 640,000,000
     Shares Authorized and 249,460,000
     Shares Issued                             202,495           202,495
    Additional Paid In Capital                 129,986            84,705
    Unearned Compensation                          ---           (36,246)
    Accumulated Other Comprehensive Income     176,704           177,137
    Retained Earnings                        5,151,034         3,920,483
    Common Stock Held in Treasury,
     5,724,959 Shares at December 31, 2006
     and 7,385,862 Shares at
     December 31, 2005                        (113,435)         (131,344)
      Total Shareholders' Equity             5,599,671         4,316,292
  Total Liabilities and Shareholders'
   Equity                                   $9,402,160        $7,753,320



                              EOG RESOURCES, INC.
                        SUMMARY STATEMENTS OF CASH FLOWS
                           (Unaudited; in thousands)

                                                     Twelve Months
                                                   Ended December 31,
                                                 2006              2005
  Cash Flows from Operating Activities
  Reconciliation of Net Income to Net
   Cash Provided by Operating Activities:
    Net Income                                $1,299,885        $1,259,576
    Items Not Requiring Cash
      Depreciation, Depletion and
       Amortization                              817,089           654,258
      Impairments                                108,258            77,932
      Stock-Based Compensation Expenses           49,875            12,187
      Deferred Income Taxes                      385,842           270,291
      Other, Net                                 (10,025)           (2,545)
    Dry Hole Costs                                79,567            64,812
    Mark-to-Market Commodity Derivative
     Contracts
      Total Gains                               (334,260)          (10,475)
      Realized Gains                             215,063             9,807
    Tax Benefits From Stock Options Exercised        ---            50,880
    Other, Net                                    12,291            (5,086)
    Changes in Components of Working
     Capital and Other Liabilities
      Accounts Receivable                          9,905          (315,557)
      Inventories                                (50,370)          (23,085)
      Accounts Payable                           222,012           248,411
      Accrued Taxes Payable                     (106,324)           88,151
      Other Liabilities                           (8,766)           (1,213)
      Other, Net                                  12,349           (10,347)
    Changes in Components of Working
     Capital Associated with Investing and
     Financing Activities                       (123,838)            1,429
  Net Cash Provided by Operating
   Activities                                  2,578,553         2,369,426

  Investing Cash Flows
    Additions to Oil and Gas Properties       (2,819,230)       (1,724,763)
    Proceeds from Sales of Assets                 20,041            70,987
    Changes in Components of Working
     Capital Associated with Investing
     Activities                                  123,890            (1,538)
    Other, Net                                   (35,074)          (22,794)
  Net Cash Used in Investing Activities       (2,710,373)       (1,678,108)

  Financing Cash Flows
    Net Commercial Paper and Revolving Credit
     Facility Borrowings (Repayments)             65,000           (91,800)
    Long-Term Debt Borrowing                         ---           250,000
    Long-Term Debt Repayments                   (316,625)         (250,755)
    Dividends Paid                               (60,443)          (42,986)
    Excess Tax Benefits from Stock-Based
     Compensation Expenses                        28,188               ---
    Redemption of Preferred Stock                (50,199)              ---
    Proceeds from Stock Options
     Exercised and Employee Stock
     Purchase Plan                                36,033            64,668
    Other, Net                                      (836)           (1,437)
  Net Cash Used in Financing Activities         (298,882)          (72,310)

  Effect of Exchange Rate Changes on Cash          5,146             3,823

  (Decrease) Increase in Cash and Cash
   Equivalents                                  (425,556)          622,831
  Cash and Cash Equivalents at Beginning
   of Period                                     643,811            20,980
  Cash and Cash Equivalents at End of
   Period                                       $218,255          $643,811



                             EOG RESOURCES, INC.
    QUANTITATIVE RECONCILIATION OF ADJUSTED NET INCOME AVAILABLE TO COMMON
                                  (Non-GAAP)
                   TO NET INCOME AVAILABLE TO COMMON (GAAP)
               (Unaudited; in thousands, except per share data)


   The following chart adjusts three-month and twelve-month periods ended
   December 31 reported Net Income Available to Common (GAAP) to reflect
   actual cash realized from oil and gas hedges by eliminating the
   unrealized mark-to-market gains or losses from these transactions, to add
   the one-time premium and fees for preferred stock redemption in the
   fourth quarter of 2006, to add the one-time tax expense related to Texas
   (US) franchise tax law revision in the second quarter of 2006, to add the
   interest charge related to early retirement of the 2008 Notes and the tax
   expense related to the repatriation of accumulated foreign earnings in
   the fourth quarter of 2005, to eliminate tax benefits related to the
   Alberta (Canada) provincial tax rate reduction and Canadian federal tax
   rate reduction in the second quarter of 2006 and to eliminate the upward
   revenue adjustment for an amended Trinidad gas sales agreement recorded
   in the second quarter of 2005.  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 one-time
   items.  EOG management uses this information for comparative purposes
   within the industry.



                                    Quarter              Twelve Months
                               Ended December 31       Ended December 31
                                2006       2005        2006         2005
  Reported Net Income
   Available to Common
   (GAAP)                     $237,204   $461,797   $1,288,890   $1,252,144

  Mark-to-Market (MTM)
   Commodity Derivative
   Contracts Impact
    Total Gains                (31,518)   (11,415)    (334,260)     (10,475)
    Realized Gains              48,171        ---      215,063        9,807
      Subtotal                  16,653    (11,415)    (119,197)        (668)

    After Tax MTM Impact        10,716     (7,346)     (76,703)        (430)

  Add:  Premium and Fees for
   Preferred Stock Redemption    4,049        ---        4,049          ---
  Add: Tax Expense Related
   to Texas (US) Franchise
   Tax Law Revision                ---        ---        5,221          ---
  Add:  Interest Charge
   Related to Early Retirement
   of the 2008 Notes, Net of Tax   ---      4,855          ---        4,855
  Add:  Tax Expense Related
   to the Repatriation of
   Accumulated Foreign Earnings    ---     23,625          ---       23,625
  Less: Tax Benefit Related
   to Alberta (Canada)
   Provincial Tax Rate Reduction   ---        ---      (13,449)         ---
  Less: Tax Benefit Related
   to Canadian Federal Tax
   Rate Reduction                  ---        ---      (18,593)         ---
  Less: Revenue Adjustment
   for an Amended Trinidad
   Gas Sales Agreement, Net
   of Tax                          ---        ---          ---       (8,672)

  Adjusted Net Income
   Available to Common (Non-
   GAAP)                      $251,969   $482,931   $1,189,415   $1,271,522

  Adjusted Net Income Per
   Share Available to Common
   (Non-GAAP)
    Basic                        $1.04      $2.01        $4.92        $5.32
    Diluted                      $1.02      $1.97        $4.83        $5.21

  Average Number of Shares
   Outstanding
    Basic                      242,515    240,427      241,782      238,797
    Diluted                    246,477    245,463      246,100      243,975



                             EOG RESOURCES, INC.
  QUANTITATIVE RECONCILIATION OF DISCRETIONARY CASH FLOW AVAILABLE TO COMMON
                                  (Non-GAAP)
             TO NET CASH PROVIDED BY OPERATING ACTIVITIES (GAAP)
                          (Unaudited; in thousands)

   The following chart reconciles three-month and twelve-month periods ended
   December 31 Net Cash Provided by Operating Activities (GAAP) to
   Discretionary Cash Flow Available to Common (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), Changes in Components of Working Capital, Other Liabilities
   and Preferred Stock Dividends.  EOG management uses this information for
   comparative purposes within the industry.



                                     Quarter              Twelve Months
                                 Ended December 31       Ended December 31
                                 2006        2005        2006        2005
  Net Cash Provided by
   Operating Activities
   (GAAP)                      $599,005    $865,214  $2,578,553  $2,369,426

  Adjustments
    Exploration Costs
     (excluding Stock-Based
     Compensation Expenses)      42,634      38,283     144,147     133,116
    Changes in Components of
     Working Capital and
     Other Liabilities
      Accounts Receivable       100,612     144,129      (9,905)    315,557
      Inventories                (3,651)      8,349      50,370      23,085
      Accounts Payable         (117,420)   (169,172)   (222,012)   (248,411)
      Accrued Taxes Payable      57,241     (80,133)    106,324     (88,151)
      Other Liabilities          11,392          49       8,766       1,213
      Other, Net                  5,744      11,151     (12,349)     10,347
    Changes in Components of
     Working Capital Associated
     with Investing and
     Financing Activities        57,842      (3,371)    123,838      (1,429)
    Preferred Stock
     Dividends                   (5,421)     (1,859)    (10,995)     (7,432)

  Discretionary Cash Flow
   Available to Common (Non-
   GAAP)                       $747,978    $812,640  $2,756,737  $2,507,321



                            EOG RESOURCES, INC.
                        RESERVES SUPPLEMENTAL DATA
                                (Unaudited)

  2006 RESERVES RECONCILIATION SUMMARY
                                                             U.S.
                                         United              and
  NATURAL GAS (Bcf)                      States   Canada    Canada  Trinidad
  Beginning Reserves                    2,948.1  1,322.8   4,270.9  1,251.6
  Revisions due to prices                (114.6)   (55.4)   (170.0)     ---
  Revisions other than price              (60.3)   (53.3)   (113.6)    (0.8)
  Purchases in place                       16.7      8.1      24.8      ---
  Extensions, discoveries and other
   additions                              985.4    174.3   1,159.7    141.0
  Sales in place                           (0.6)    (4.3)     (4.9)     ---
  Production                             (303.8)   (82.6)   (386.4)   (96.4)
  Ending Reserves                       3,470.9  1,309.6   4,780.5  1,295.4

  LIQUIDS (MMBbls) [A]
  Beginning Reserves                       84.1      8.8      92.9     13.2
  Revisions due to prices                  (1.3)    (0.2)     (1.5)     ---
  Revisions other than price                7.1      1.0       8.1      ---
  Purchases in place                        0.4      ---       0.4      ---
  Extensions, discoveries and other
   additions                               17.7      1.2      18.9      ---
  Sales in place                           (0.7)     ---      (0.7)     ---
  Production                              (10.7)    (1.2)    (11.9)    (1.7)
  Ending Reserves                          96.6      9.6     106.2     11.5

  NATURAL GAS EQUIVALENTS (Bcfe)
  Beginning Reserves                    3,452.4  1,375.7   4,828.1  1,330.7
  Revisions due to prices                (122.4)   (56.6)   (179.0)     ---
  Revisions other than price              (17.4)   (47.4)    (64.8)    (0.5)
  Purchases in place                       19.2      8.1      27.3      ---
  Extensions, discoveries and other
   additions                            1,091.5    181.3   1,272.8    141.0
  Sales in place                           (4.7)    (4.3)     (9.0)     ---
  Production                             (368.0)   (89.7)   (457.7)  (106.8)
  Ending Reserves                       4,050.6  1,367.1   5,417.7  1,364.4

  Net Proved Developed Reserves (Bcfe)
    At December 31, 2005                2,509.9  1,192.9   3,702.8    750.7
    At December 31, 2006                2,893.5  1,218.8   4,112.3    646.7

   [A] Includes crude oil, condensate and natural gas liquids.


  2006 EXPLORATION AND DEVELOPMENT EXPENDITURES ($ Million)

  Acquisition Cost of Unproved
   Properties                            $176.5    $43.3    $219.8     $0.9
  Exploration Costs                       370.8     50.0     420.8     56.0
  Development Costs                     1,803.1    334.0   2,137.1     78.3
  Total Drilling                        2,350.4    427.3   2,777.7    135.2
  Acquisition Cost of Proved
   Properties                              12.5      9.5      22.0      ---
  Total                                 2,362.9    436.8   2,799.7    135.2
  Proceeds from Sales in Place            (11.2)    (4.2)    (15.4)     ---
  Net Expenditures                     $2,351.7   $432.6  $2,784.3   $135.2
  Asset Retirement Costs                  $10.2     $5.6     $15.8     $1.4


  RESERVE REPLACEMENT COSTS ($ / Mcfe)*
  Total Drilling, Before Revisions        $2.15    $2.36     $2.18    $0.96
  All-in Total, Net of Revisions &
   Dispositions                           $2.43    $5.33     $2.66    $0.96
  All-in Total, Net of Performance
   Revisions Only                         $2.16    $3.14     $2.27    $0.96

  RESERVE REPLACEMENT *
  Drilling Only                             297%     202%      278%     132%
  All-in Total, Net of Revisions &
   Dispositions                             263%      90%      229%     132%
  All-in Total, Net of Performance
   Revisions Only                           296%     154%      268%     132%

   * See attached reconciliation schedule for calculation methodology



                            EOG RESOURCES, INC.
                        RESERVES SUPPLEMENTAL DATA
                                (Unaudited)

  2006 RESERVES RECONCILIATION SUMMARY
                                          United    Other   Total
  NATURAL GAS (Bcf)                       Kingdom   Int'l   Int'l     Total
  Beginning Reserves                       34.9      ---   1,286.5  5,557.4
  Revisions due to prices                   ---      ---       ---   (170.0)
  Revisions other than price               (5.0)     ---      (5.8)  (119.4)
  Purchases in place                        ---      ---       ---     24.8
  Extensions, discoveries and other
   additions                                ---      ---     141.0  1,300.7
  Sales in place                            ---      ---       ---     (4.9)
  Production                              (10.9)     ---    (107.3)  (493.7)
  Ending Reserves                          19.0      ---   1,314.4  6,094.9

  LIQUIDS (MMBbls) [A]
  Beginning Reserves                        0.1      ---      13.3    106.2
  Revisions due to prices                   ---      ---       ---     (1.5)
  Revisions other than price                ---      ---       ---      8.1
  Purchases in place                        ---      ---       ---      0.4
  Extensions, discoveries and other
   additions                                ---      ---       ---     18.9
  Sales in place                            ---      ---       ---     (0.7)
  Production                                ---      ---      (1.7)   (13.6)
  Ending Reserves                           0.1      ---      11.6    117.8

  NATURAL GAS EQUIVALENTS (Bcfe)
  Beginning Reserves                       35.6      ---   1,366.3  6,194.4
  Revisions due to prices                   ---      ---       ---   (179.0)
  Revisions other than price               (5.1)     ---      (5.6)   (70.4)
  Purchases in place                        ---      ---       ---     27.3
  Extensions, discoveries and other
   additions                                ---      ---     141.0  1,413.8
  Sales in place                            ---      ---       ---     (9.0)
  Production                              (11.1)     ---    (117.9)  (575.6)
  Ending Reserves                          19.4      ---   1,383.8  6,801.5

   Net Proved Developed Reserves (Bcfe)
     At December 31, 2005                  29.5      ---     780.2  4,483.0
     At December 31, 2006                  19.4      ---     666.1  4,778.4

   [A] Includes crude oil, condensate and natural gas liquids.


  2006 EXPLORATION AND DEVELOPMENT EXPENDITURES ($ Million)

  Acquisition Cost of Unproved
   Properties                              $5.0   $---      $5.9     $225.7
  Exploration Costs                        14.1    7.0      77.1      497.9
  Development Costs                        13.2    ---      91.5    2,228.6
  Total Drilling                           32.3    7.0     174.5    2,952.2
  Acquisition Cost of Proved Properties     ---    ---       ---       22.0
  Total                                    32.3    7.0     174.5    2,974.2
  Proceeds from Sales in Place             (4.6)   ---      (4.6)     (20.0)
  Net Expenditures                        $27.7   $7.0    $169.9   $2,954.2
  Asset Retirement Costs                   $4.7   $---      $6.1      $21.9


  RESERVE REPLACEMENT COSTS ($ / Mcfe)*
  Total Drilling, Before Revisions         $---   $---     $1.24      $2.09
  All-in Total, Net of Revisions &
   Dispositions                          $(5.43)  $---     $1.25      $2.50
  All-in Total, Net of Performance
   Revisions Only                        $(5.43)  $---     $1.25      $2.17

  RESERVE REPLACEMENT *
  Drilling Only                               0%   ---       120%       246%
  All-in Total, Net of Revisions &
   Dispositions                             -46%   ---       115%       205%
  All-in Total, Net of Performance
   Revisions Only                           -46%   ---       115%       237%

   * See attached reconciliation schedule for calculation methodology



                             EOG RESOURCES, INC.
              Quantitative Reconciliation of Net Debt (Non-GAAP)
                        as Used in the Calculation of
                  the Net Debt-To-Total Capitalization Ratio
                           to Long-Term Debt (GAAP)
              (Unaudited; In Millions, Except Ratio Information)

   The following chart reconciles Long-Term Debt (GAAP) to Net Debt (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 in their Net Debt-to-Total Capitalization
   calculation.  EOG management uses this information for comparative
   purposes within the industry.



                                                    12/31/2006

     Total Shareholders' Equity - [a]                  $5,600

     Long-Term Debt                                       733
     Less: Cash                                          (218)
     Net Debt (Non-GAAP) - [b]                            515

     Total Capitalization (Non-GAAP) -
      [a] + [b]                                        $6,115

     Net Debt-to-Total Capitalization -
      [b] / ([a] + [b])                                     8%



                             EOG RESOURCES, INC.
    Quantitative Reconciliation of Common Shareholders' Equity (Non-GAAP)
           as Used in the Calculation of the Return on Equity (ROE)
                     to Total Shareholders' Equity (GAAP)
              (Unaudited; In Millions, Except Ratio Information)

   The following chart reconciles Total Shareholders' Equity (GAAP) to
   Common Shareholders' Equity (Non-GAAP) as used in the Return on Equity
   (ROE) calculation.  EOG believes this presentation may be useful to
   investors who follow the practice of some industry analysts who utilize
   Common Shareholders' Equity in their ROE calculation.  EOG management
   uses this information for comparative purposes within the industry.



                             1998      1999      2000      2001      2002
  Total Shareholders'
   Equity                  $1,280.3  $1,129.6  $1,380.9  $1,642.7  $1,672.4
  Less: Preferred Stock         ---    (147.2)   (147.2)   (147.6)   (148.0)
  Common Shareholders'
   Equity (Non-GAAP)       $1,280.3    $982.4  $1,233.7  $1,495.1  $1,524.4

  Average Common
   Shareholders'
   Equity - [a]                      $1,131.4  $1,108.1  $1,364.4  $1,509.8

  Net Income Available to
   Common - [b]                        $568.6    $385.9    $387.6     $76.1

  Return on Equity (ROE) - [b] / [a]     50.3%     34.8%     28.4%      5.0%

  Average ROE 1999 - 2006


                                       2003      2004      2005      2006

  Total Shareholders' Equity         $2,223.4  $2,945.4  $4,316.3  $5,599.7
  Less: Preferred Stock                (148.4)    (98.8)    (99.1)    (52.9)
  Common Shareholders' Equity (Non-
   GAAP)                             $2,075.0  $2,846.6  $4,217.2  $5,546.8

  Average Common Shareholders'
   Equity - [a]                      $1,799.7  $2,460.8  $3,531.9  $4,882.0

  Net Income Available to
   Common - [b]                        $419.1    $614.0  $1,252.1  $1,288.9


  Return on Equity (ROE) - [b] / [a]     23.3%     25.0%     35.5%     26.4%

  Average ROE 1999 - 2006                                              28.6%



                             EOG RESOURCES, INC.
 Quantitative Reconciliation of After-Tax Interest Expense (Non-GAAP) and
 Net Debt (Non-GAAP) as Used in the Calculation of the Return on Capital
Employed (ROCE) to Interest Expense (GAAP) and Current and Long-Term Debt
                           (GAAP), Respectively
            (Unaudited; In Millions, Except Ratio Information)

   The following chart reconciles Interest Expense (GAAP) and Current and
   Long-Term Debt (GAAP) to After-Tax Interest Expense (Non-GAAP) and Net
   Debt (Non-GAAP), respectively, as used in the Return on Capital Employed
   (ROCE) calculation.  EOG believes this presentation may be useful to
   investors who follow the practice of some industry analysts who utilize
   After-Tax Interest Expense and Net Debt in their ROCE calculation.  EOG
   management uses this information for comparative purposes within the
   industry.



                             1998       1999      2000      2001      2002

  Interest Expense                      $61.8     $61.0     $45.1     $59.7
  Tax Benefit Imputed
   (based on 35%)                       (21.6)    (21.4)    (15.8)    (20.9)
  After-Tax Interest
   Expense (Non-GAAP) - [a]             $40.2     $39.6     $29.3     $38.8

  Net Income - [b]                     $569.1    $396.9    $398.6     $87.2

  Total Shareholders'
   Equity                  $1,280.3  $1,129.6  $1,380.9  $1,642.7  $1,672.4

  Current and Long-Term
   Debt                     1,142.8     990.3     859.0     856.0   1,145.1
  Less: Cash                   (6.3)    (24.8)    (20.2)     (2.5)     (9.8)
  Net Debt (Non-GAAP)       1,136.5     965.5     838.8     853.5   1,135.3

  Total Capitalization
   (Non-GAAP)              $2,416.8  $2,095.1  $2,219.7  $2,496.2  $2,807.7

  Average Total
   Capitalization (Non-
   GAAP) - [c]                       $2,256.0  $2,157.4  $2,358.0  $2,652.0


  Return on Capital
   Employed (ROCE) -
   ([a] + [b]) / [c]                     27.0%     20.2%     18.1%      4.8%

  Average ROCE 1999 - 2006


                                        2003      2004      2005      2006

  Interest Expense                      $58.7     $63.1     $62.5     $43.2
  Tax Benefit Imputed (based on 35%)    (20.5)    (22.1)    (21.9)    (15.1)
  After-Tax Interest Expense (Non-
   GAAP) - [a]                          $38.2     $41.0     $40.6     $28.1

  Net Income - [b]                     $430.1    $624.9  $1,259.6  $1,299.9

  Total Shareholders' Equity         $2,223.4  $2,945.4  $4,316.3  $5,599.7

  Current and Long-Term Debt          1,108.9   1,077.6     985.1     733.4
  Less: Cash                             (4.4)    (21.0)   (643.8)   (218.3)
  Net Debt (Non-GAAP)                 1,104.5   1,056.6     341.3     515.1

  Total Capitalization  (Non-GAAP)   $3,327.9  $4,002.0  $4,657.6  $6,114.8

  Average Total Capitalization
   (Non-GAAP) - [c]                  $3,067.8  $3,665.0  $4,329.8  $5,386.2

  Return on Capital Employed (ROCE)
   - ([a] + [b]) / [c]                   15.3%     18.2%     30.0%     24.7%

  Average ROCE 1999 - 2006                                             19.8%



EOG RESOURCES, INC. Quantitative Reconciliation of Total Exploration and Development Expenditures

for Drilling Only (Non-GAAP) and Total Exploration and Development

Expenditures, Net of Proceeds from Sales in Place (Non-GAAP) as Used In the Calculation of Reserve Replacement Costs ($ / Mcfe) to Total Costs Incurred in

              Exploration and Development Activities (GAAP)
            (Unaudited; In Millions, Except Ratio Information)

   The following chart reconciles Total Costs Incurred in Exploration and
   Development Activities (GAAP) to Total Exploration and Development
   Expenditures for Drilling Only (Non-GAAP) and Total Exploration and
   Development Expenditures, Net of Proceeds from Sales in Place (Non-GAAP)
   as used in the calculation of Reserve Replacement Costs per Mcfe. There
   are numerous ways that industry participants present Reserve Replacement
   Costs, including "Drilling Only" and "All-In," which reflect total
   exploration and development expenditures divided by total net reserve
   additions from extensions and discoveries only, or from all sources.
   Combined with Reserve Replacement, these statistics provide management
   and investors with an indication of the results of the current year
   capital investment program.  Reserve Replacement Cost statistics are
   widely recognized and reported by industry participants and are used by
   EOG management and other third parties for comparative purposes within
   the industry. Please note that the actual cost of adding reserves will
   vary from the reported statistics due to timing differences in reserve
   bookings and capital expenditures.  Accordingly, some analysts use three
   or five year averages of reported statistics, while others prefer to
   estimate future costs. EOG has not included future capital costs to
   develop proved undeveloped reserves in Total Exploration and Development
   Expenditures.



                                                            U.S.
                                         United             and
                                         States   Canada   Canada  Trinidad
  Total Costs Incurred in Exploration
   and Development Activities (GAAP)     2,373.1   442.4   2,815.5   136.6

   Less: Asset Retirement Costs            (10.2)   (5.6)    (15.8)   (1.4)
   Less: Acquisition Cost of Proved
    Properties                             (12.5)   (9.5)    (22.0)    ---

  Total Exploration & Development
   Expenditures for Drilling Only
   (Non-GAAP) [A]                        2,350.4   427.3   2,777.7   135.2

  Total Costs Incurred in Exploration
   and Development Activities (GAAP)     2,373.1   442.4   2,815.5   136.6

   Less: Asset Retirement Costs            (10.2)   (5.6)    (15.8)   (1.4)
   Less: Proceeds from Sales in Place      (11.2)   (4.2)    (15.4)    ---

  Total Exploration & Development
   Expenditures Net of Proceeds from
   Sales in Place (Non-GAAP) [B]         2,351.7   432.6   2,784.3   135.2

  Net Reserve Additions From All
   Sources - Natural Gas Equivalents
   (Bcfe)
  Revisions due to prices [C]             (122.4)  (57.0)   (179.4)    ---
  Revisions other than price               (17.4)  (47.0)    (64.4)   (0.5)
  Purchases in place                        19.2     8.1      27.3     ---
  Extensions, discoveries and other
   additions [D]                         1,091.5   181.3   1,272.8   141.0
  Sales in place                            (4.7)   (4.3)     (9.0)    ---

    Total [E]                              966.2    81.1   1,047.3   140.5

  Production [F]                           368.0    89.7     457.7   106.8

  RESERVE REPLACEMENT COSTS ($ / Mcfe)
  Total Drilling, Before Revisions
   [A / D]                                 $2.15   $2.36     $2.18   $0.96
  All-in Total, Net of Revisions &
   Dispositions [B / E]                    $2.43   $5.33     $2.66   $0.96
  All-in Total, Net of Performance
   Revisions Only (B / [E - C])            $2.16   $3.13     $2.27   $0.96

  RESERVE REPLACEMENT
  Drilling Only [D / F]                      297%    202%      278%    132%
  All-in Total, Net of Revisions &
   Dispositions (E / F)                      263%     90%      229%    132%
  All-in Total, Net of Performance
   Revisions Only ([E - C] / F)              296%    154%      268%    132%


                                         United   Other  Total
                                         Kingdom  Int'l  Int'l    Total
  Total Costs Incurred in Exploration
   and Development Activities (GAAP)       37.0    7.0   180.6   2,996.1

   Less: Asset Retirement Costs            (4.7)   ---    (6.1)    (21.9)
   Less: Acquisition Cost of Proved
    Properties                              ---    ---     ---     (22.0)

  Total Exploration & Development
   Expenditures for Drilling Only
   (Non-GAAP) [A]                          32.3    7.0   174.5   2,952.2

  Total Costs Incurred in Exploration
   and Development Activities (GAAP)       37.0    7.0   180.6   2,996.1

   Less: Asset Retirement Costs            (4.7)   ---    (6.1)    (21.9)
   Less: Proceeds from Sales in Place      (4.6)   ---    (4.6)    (20.0)

  Total Exploration & Development
   Expenditures Net of Proceeds from
   Sales in Place (Non-GAAP) [B]           27.7    7.0   169.9   2,954.2

  Net Reserve Additions From All
   Sources - Natural Gas Equivalents
   (Bcfe)
  Revisions due to prices [C]               ---    ---     ---    (179.4)
  Revisions other than price               (5.1)   ---    (5.6)    (70.0)
  Purchases in place                        ---    ---     ---      27.3
  Extensions, discoveries and other
   additions [D]                            ---    ---   141.0   1,413.8
  Sales in place                            ---    ---     ---      (9.0)

    Total [E]                              (5.1)   ---   135.4   1,182.7

  Production [F]                           11.1    ---   117.9     575.6

  RESERVE REPLACEMENT COSTS ($ / Mcfe)
  Total Drilling, Before Revisions
   [A / D]                                 $---   $---   $1.24     $2.09
  All-in Total, Net of Revisions &
   Dispositions [B / E]                  $(5.43)  $---   $1.25     $2.50
  All-in Total, Net of Performance
   Revisions Only (B / [E - C])          $(5.43)  $---   $1.25     $2.17

  RESERVE REPLACEMENT
  Drilling Only [D / F]                      0%    ---    120%      246%
  All-in Total, Net of Revisions &
   Dispositions [E / F]                    -46%    ---    115%      205%
  All-in Total, Net of Performance
   Revisions Only ([E - C] / F)            -46%    ---    115%      237%

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

Media and Investors 
Elizabeth M. Ivers
(713) 651-7132

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