EOG RESOURCES INC [EOG] Filings

10-Q 1 eog-20210930.htm 10-Q eog-20210930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM			10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 1-9743

EOG RESOURCES, INC.

(Exact name of registrant as specified in its charter)


Delaware						47-0684736
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1111 Bagby, Sky Lobby 2, Houston, Texas 77002

(Address of principal executive offices) (Zip Code)

713-651-7000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	EOG	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐

Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.


Title of each class	Number of shares
Common Stock, par value $0.01 per share	585,089,981	(as of October 28, 2021)

EOG RESOURCES, INC.

TABLE OF CONTENTS


PART I.	FINANCIAL INFORMATION		Page No.

	ITEM 1.	Financial Statements (Unaudited)

		Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - Three Months and Nine Months Ended September 30, 2021 and 2020	3

		Condensed Consolidated Balance Sheets - September 30, 2021 and December 31, 2020	4

		Condensed Consolidated Statements of Stockholders' Equity - Three Months and Nine Months Ended September 30, 2021 and 2020	5

		Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2021 and 2020	7

		Notes to Condensed Consolidated Financial Statements	8

	ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	23

	ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	42

	ITEM 4.	Controls and Procedures	42

PART II.	OTHER INFORMATION

	ITEM 1.	Legal Proceedings	43

	ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43

	ITEM 4.	Mine Safety Disclosures	43

	ITEM 6.	Exhibits	44

SIGNATURES			46

-2-

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

EOG RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

(In Millions, Except Per Share Data)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Operating Revenues and Other
Crude Oil and Condensate	$	2,929	$	1,395	$	7,879	$	4,075
Natural Gas Liquids	548		185		1,229		439
Natural Gas	568		184		1,597		535
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts	(494)		(4)		(1,288)		1,075
Gathering, Processing and Marketing	1,186		539		3,056		1,940
Gains (Losses) on Asset Dispositions, Net	1		(71)		46		(41)
Other, Net	27		18		79		44
Total	4,765		2,246		12,598		8,067
Operating Expenses
Lease and Well	270		227		810		802
Transportation Costs	219		180		635		540
Gathering and Processing Costs	145		115		412		340
Exploration Costs	44		38		112		105
Dry Hole Costs	4		13		28		13
Impairments	82		79		170		1,957
Marketing Costs	1,184		523		3,013		2,077
Depreciation, Depletion and Amortization	927		823		2,741		2,530
General and Administrative	142		125		372		371
Taxes Other Than Income	277		126		731		364
Total	3,294		2,249		9,024		9,099
Operating Income (Loss)	1,471		(3)		3,574		(1,032)
Other Income, Net	6		3		—		17
Income (Loss) Before Interest Expense and Income Taxes	1,477		—		3,574		(1,015)
Interest Expense, Net	48		53		140		152
Income (Loss) Before Income Taxes	1,429		(53)		3,434		(1,167)
Income Tax Provision (Benefit)	334		(11)		755		(225)
Net Income (Loss)	$	1,095	$	(42)	$	2,679	$	(942)
Net Income (Loss) Per Share
Basic	$	1.88	$	(0.07)	$	4.62	$	(1.63)
Diluted	$	1.88	$	(0.07)	$	4.59	$	(1.63)
Average Number of Common Shares
Basic	581		579		580		579
Diluted	584		579		584		579
Comprehensive Income (Loss)
Net Income (Loss)	$	1,095	$	(42)	$	2,679	$	(942)
Other Comprehensive Income (Loss)
Foreign Currency Translation Adjustments	2		(3)		(1)		(3)
Other, Net of Tax	—		—		—		—
Other Comprehensive Income (Loss)	2		(3)		(1)		(3)
Comprehensive Income (Loss)	$	1,097	$	(45)	$	2,678	$	(945)

The accompanying notes are an integral part of these condensed consolidated financial statements.

-3-

EOG RESOURCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Share Data)

(Unaudited)


	September 30, 2021		December 31, 2020
ASSETS
Current Assets
Cash and Cash Equivalents	$	4,293	$	3,329
Accounts Receivable, Net	2,154		1,522
Inventories	521		629
Assets from Price Risk Management Activities	18		65
Income Taxes Receivable	—		23
Other	363		294
Total	7,349		5,862
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)	67,024		64,793
Other Property, Plant and Equipment	4,694		4,479
Total Property, Plant and Equipment	71,718		69,272
Less: Accumulated Depreciation, Depletion and Amortization	(43,173)		(40,673)
Total Property, Plant and Equipment, Net	28,545		28,599
Deferred Income Taxes	14		2
Other Assets	1,264		1,342
Total Assets	$	37,172	$	35,805
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable	$	1,972	$	1,681
Accrued Taxes Payable	492		206
Dividends Payable	240		217
Liabilities from Price Risk Management Activities	238		—
Current Portion of Long-Term Debt	38		781
Current Portion of Operating Lease Liabilities	250		295
Other	254		280
Total	3,484		3,460

Long-Term Debt	5,079		5,035
Other Liabilities	2,214		2,149
Deferred Income Taxes	4,630		4,859
Commitments and Contingencies (Note 8)

Stockholders' Equity
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 585,361,866 Shares Issued at September 30, 2021 and 583,694,850 Shares Issued at December 31, 2020	206		206
Additional Paid in Capital	6,058		5,945
Accumulated Other Comprehensive Loss	(13)		(12)
Retained Earnings	15,542		14,170
Common Stock Held in Treasury, 371,249 Shares at September 30, 2021 and 124,265 Shares at December 31, 2020	(28)		(7)
Total Stockholders' Equity	21,765		20,302
Total Liabilities and Stockholders' Equity	$	37,172	$	35,805

The accompanying notes are an integral part of these condensed consolidated financial statements.

-4-

EOG RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(In Millions, Except Per Share Data)

(Unaudited)


	Common Stock		Additional Paid In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Common Stock Held In Treasury		Total Stockholders' Equity
Balance at June 30, 2021	$	206	$	6,017	$	(15)	$	14,689	$	(16)	$	20,881
Net Income	—		—		—		1,095		—		1,095
Common Stock Dividends Declared, $0.4125 Per Share	—		—		—		(242)		—		(242)
Other Comprehensive Income	—		—		2		—		—		2
Common Stock Issued Under Stock Plans	—		—		—		—		—		—
Change in Treasury Stock - Stock Compensation Plans, Net	—		(5)		—		—		(17)		(22)
Restricted Stock and Restricted Stock Units, Net	—		(5)		—		—		5		—
Stock-Based Compensation Expenses	—		51		—		—		—		51
Treasury Stock Issued as Compensation	—		—		—		—		—		—
Balance at September 30, 2021	$	206	$	6,058	$	(13)	$	15,542	$	(28)	$	21,765


	Common Stock		Additional Paid In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Common Stock Held In Treasury		Total Stockholders' Equity
Balance at June 30, 2020	$	206	$	5,886	$	(5)	$	14,312	$	(11)	$	20,388
Net Loss	—		—		—		(42)		—		(42)
Common Stock Dividends Declared, $0.375 Per Share	—		—		—		(219)		—		(219)
Other Comprehensive Loss	—		—		(3)		—		—		(3)
Change in Treasury Stock - Stock Compensation Plans, Net	—		—		—		—		(10)		(10)
Restricted Stock and Restricted Stock Units, Net	—		(3)		—		—		3		—
Stock-Based Compensation Expenses	—		33		—		—		—		33
Treasury Stock Issued as Compensation	—		—		—		—		1		1
Balance at September 30, 2020	$	206	$	5,916	$	(8)	$	14,051	$	(17)	$	20,148

The accompanying notes are an integral part of these condensed consolidated financial statements.

-5-

EOG RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(In Millions, Except Per Share Data)

(Unaudited)


	Common Stock		Additional Paid In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Common Stock Held In Treasury		Total Stockholders' Equity
Balance at December 31, 2020	$	206	$	5,945	$	(12)	$	14,170	$	(7)	$	20,302
Net Income	—		—		—		2,679		—		2,679
Common Stock Dividends Declared, $2.2375 Per Share	—		—		—		(1,307)		—		(1,307)
Other Comprehensive Loss	—		—		(1)		—		—		(1)
Common Stock Issued Under Stock Plans	—		9		—		—		—		9
Change in Treasury Stock - Stock Compensation Plans, Net	—		(7)		—		—		(27)		(34)
Restricted Stock and Restricted Stock Units, Net	—		(6)		—		—		6		—
Stock-Based Compensation Expenses	—		117		—		—		—		117
Treasury Stock Issued as Compensation	—		—		—		—		—		—
Balance at September 30, 2021	$	206	$	6,058	$	(13)	$	15,542	$	(28)	$	21,765


	Common Stock		Additional Paid In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Common Stock Held In Treasury		Total Stockholders' Equity
Balance at December 31, 2019	$	206	$	5,817	$	(5)	$	15,649	$	(27)	$	21,640
Net Loss	—		—		—		(942)		—		(942)

Common Stock Dividends Declared, $1.125 Per Share	—		—		—		(656)		—		(656)
Other Comprehensive Loss	—		—		(3)		—		—		(3)
Change in Treasury Stock - Stock Compensation Plans, Net	—		(7)		—		—		1		(6)
Restricted Stock and Restricted Stock Units, Net	—		(7)		—		—		7		—
Stock-Based Compensation Expenses	—		113		—		—		—		113
Treasury Stock Issued as Compensation	—		—		—		—		2		2
Balance at September 30, 2020	$	206	$	5,916	$	(8)	$	14,051	$	(17)	$	20,148

The accompanying notes are an integral part of these condensed consolidated financial statements.

-6-

EOG RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

(Unaudited)


	Nine Months Ended September 30,
	2021		2020
Cash Flows from Operating Activities
Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities:
Net Income (Loss)	$	2,679	$	(942)
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization	2,741		2,530
Impairments	170		1,957
Stock-Based Compensation Expenses	117		113
Deferred Income Taxes	(244)		(241)
(Gains) Losses on Asset Dispositions, Net	(46)		41
Other, Net	15		2
Dry Hole Costs	28		13
Mark-to-Market Commodity Derivative Contracts
Total (Gains) Losses	1,288		(1,075)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts	(516)		999
Other, Net	8		(1)
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable	(639)		931
Inventories	95		92
Accounts Payable	115		(1,222)
Accrued Taxes Payable	286		12
Other Assets	(55)		415
Other Liabilities	(317)		(13)
Changes in Components of Working Capital Associated with Investing Activities	(100)		276
Net Cash Provided by Operating Activities	5,625		3,887
Investing Cash Flows
Additions to Oil and Gas Properties	(2,689)		(2,459)
Additions to Other Property, Plant and Equipment	(147)		(165)
Proceeds from Sales of Assets	154		189
Changes in Components of Working Capital Associated with Investing Activities	100		(276)
Net Cash Used in Investing Activities	(2,582)		(2,711)
Financing Cash Flows
Long-Term Debt Borrowings	—		1,484
Long-Term Debt Repayments	(750)		(1,000)
Dividends Paid	(1,278)		(601)
Treasury Stock Purchased	(33)		(15)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan	9		8
Debt Issuance Costs	—		(3)
Repayment of Finance Lease Liabilities	(27)		(13)
Net Cash Used in Financing Activities	(2,079)		(140)
Effect of Exchange Rate Changes on Cash	—		2
Increase in Cash and Cash Equivalents	964		1,038
Cash and Cash Equivalents at Beginning of Period	3,329		2,028
Cash and Cash Equivalents at End of Period	$	4,293	$	3,066

The accompanying notes are an integral part of these condensed consolidated financial statements.

-7-

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Summary of Significant Accounting Policies

General. The condensed consolidated financial statements of EOG Resources, Inc., together with its subsidiaries (collectively, EOG), included herein have been prepared by management without audit pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Accordingly, they reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the financial results for the interim periods presented. Certain information and notes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. However, management believes that the disclosures included either on the face of the financial statements or in these notes are sufficient to make the interim information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in EOG's Annual Report on Form 10-K for the year ended December 31, 2020, filed on February 25, 2021 (EOG's 2020 Annual Report).

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The operating results for the three and nine months ended September 30, 2021, are not necessarily indicative of the results to be expected for the full year.

Effective January 1, 2021, EOG adopted the provisions of Accounting Standards Update (ASU) 2019-12, "Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes" (ASU 2019-12). ASU 2019-12 amends certain aspects of accounting for income taxes, including the removal of specific exceptions within existing U.S. GAAP related to the incremental approach for intraperiod tax allocation and updates to the general methodology for calculating income taxes in interim periods, among other changes. ASU 2019-12 also requires an entity to reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date, among other requirements. The effects of ASU 2019-12 applicable to EOG were all required on a prospective basis. There was no impact upon adoption of ASU 2019-12 to EOG's consolidated financial statements or related disclosures.

Recently Issued Accounting Standards. In March 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-04, "Reference Rate Reform (Topic 848)" (ASU 2020-04), which provides optional expedients and exceptions for accounting treatment of contracts which are affected by the anticipated discontinuation of the London InterBank Offered Rate (LIBOR) and other rates resulting from rate reform. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under relevant accounting standards. Early adoption is permitted. ASU 2020-04 covers certain contracts which reference these rates and that are entered into on or before December 31, 2022. EOG is evaluating the provisions of ASU 2020-04 and has not determined the full impact on its consolidated financial statements and related disclosures related to its $2.0 billion senior unsecured Revolving Credit Agreement.

-8-

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

2. Stock-Based Compensation

As more fully discussed in Note 7 to the Consolidated Financial Statements included in EOG's 2020 Annual Report, EOG maintains various stock-based compensation plans. Stock-based compensation expense is included on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) based upon the job function of the employees receiving the grants as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Lease and Well	$	11	$	9	$	36	$	39
Gathering and Processing Costs	1		—		2		1
Exploration Costs	4		1		15		15
General and Administrative	35		23		64		58
Total	$	51	$	33	$	117	$	113

The Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (2008 Plan) provided for grants of stock options, stock-settled stock appreciation rights (SARs), restricted stock and restricted stock units, performance units and other stock-based awards.

EOG's stockholders approved the EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan (2021 Plan) at the 2021 Annual Meeting of Stockholders. Therefore, no further grants were made from the 2008 Plan from and after the April 29, 2021 effective date of the 2021 Plan. The 2021 Plan provides for grants of stock options, SARs, restricted stock and restricted stock units, restricted stock units with performance-based conditions (together with the performance units granted under the 2008 Plan, "Performance Units") and other stock-based awards, up to an aggregate maximum of 20 million shares of common stock, plus any shares that are subject to outstanding awards under the 2008 Plan as of April 29, 2021, that are subsequently canceled, forfeited, expire or are otherwise not issued or are settled in cash. Under the 2021 Plan, grants may be made to employees and non-employee members of EOG's Board of Directors (Board). EOG's policy is to issue shares related to 2021 Plan grants from previously authorized unissued shares or treasury shares to the extent treasury shares are available.

At September 30, 2021, approximately 17 million shares of common stock remained available for grant under the 2021 Plan.

Stock Options and Stock-Settled Stock Appreciation Rights and Employee Stock Purchase Plan. The fair value of stock option grants and SAR grants is estimated using the Hull-White II binomial option pricing model. The fair value of Employee Stock Purchase Plan (ESPP) grants is estimated using the Black-Scholes-Merton model. Stock-based compensation expense related to stock option, SAR and ESPP grants totaled $20 million and $23 million during the three months ended September 30, 2021 and 2020, respectively, and $39 million and $52 million during the nine months ended September 30, 2021 and 2020, respectively.

Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants during the nine-month periods ended September 30, 2021 and 2020 are as follows:


	Stock Options/SARs						ESPP
	Nine Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Weighted Average Fair Value of Grants	$	24.92		$	11.06		$	18.15		$	18.96
Expected Volatility	42.24		%	44.46		%	51.23		%	55.53		%
Risk-Free Interest Rate	0.50		%	0.21		%	0.07		%	0.83		%
Dividend Yield	2.25		%	3.27		%	2.88		%	2.35		%
Expected Life	5.2 years			5.2 years			0.5 years			0.5 years

-9-

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

Expected volatility is based on an equal weighting of historical volatility and implied volatility from traded options in EOG's common stock. The risk-free interest rate is based upon United States Treasury yields in effect at the time of grant. The expected life is based upon historical experience and contractual terms of stock option, SAR and ESPP grants.

The following table sets forth stock option and SAR transactions for the nine-month periods ended September 30, 2021 and 2020 (stock options and SARs in thousands):


	Nine Months Ended September 30, 2021			Nine Months Ended September 30, 2020
	Number of Stock Options/SARs	Weighted Average Exercise Price		Number of Stock Options/SARs	Weighted Average Exercise Price
Outstanding at January 1	10,186	$	84.08	9,395	$	94.53
Granted	1,976	81.66		1,993	37.62
Exercised (1)	(448)	64.18		(23)	69.59
Forfeited	(984)	98.64		(1,077)	88.54
Outstanding at September 30 (2)	10,730	$	83.13	10,288	$	84.19
Vested or Expected to Vest (3)	10,407	$	83.65	9,963	$	84.86
Exercisable at September 30 (4)	6,906	$	92.39	6,389	$	96.53

(1)The total intrinsic value of stock options/SARs exercised during the nine months ended September 30, 2021 and 2020 was $8 million and $0.4 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the exercise price of the stock options/SARs.

(2)The total intrinsic value of stock options/SARs outstanding at September 30, 2021 and 2020 was $95 million and $0.01 million, respectively. At September 30, 2021 and 2020, the weighted average remaining contractual life was 4.3 years and 4.5 years, respectively.

(3)The total intrinsic value of stock options/SARs vested or expected to vest at September 30, 2021 and 2020 was $90 million and $0.01 million, respectively. At September 30, 2021 and 2020, the weighted average remaining contractual life was 4.3 years and 4.5 years, respectively.

(4)The total intrinsic value of stock options/SARs exercisable at September 30, 2021 and 2020 was $38 million and zero, respectively. At September 30, 2021 and 2020, the weighted average remaining contractual life was 3.2 years and 3.4 years, respectively.

At September 30, 2021, unrecognized compensation expense related to non-vested stock option, SAR and ESPP grants totaled $69 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 2.3 years.

Restricted Stock and Restricted Stock Units. Employees may be granted restricted (non-vested) stock and/or restricted stock units without cost to them. Stock-based compensation expense related to restricted stock and restricted stock units totaled $20 million and $4 million for the three months ended September 30, 2021 and 2020, respectively, and $65 million and $53 million for the nine months ended September 30, 2021 and 2020, respectively.

-10-

EOG RESOURCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

The following table sets forth restricted stock and restricted stock unit transactions for the nine-month periods ended September 30, 2021 and 2020 (shares and units in thousands):


	Nine Months Ended September 30, 2021			Nine Months Ended September 30, 2020
	Number of Shares and Units	Weighted Average Grant Date Fair Value		Number of Shares and Units	Weighted Average Grant Date Fair Value
Outstanding at January 1	4,742	$	74.97	4,546	$	90.16
Granted	1,409	81.44		1,440	38.16
Released (1)	(1,321)	101.63		(1,139)	85.94
Forfeited	(65)	68.49		(63)