Independent Oil Producers

credit / rates affecting interest expense

“Interest expense, net of $71 million for the third quarter of 2025 increased $40 million compared to the same prior year period primarily due to the issuance in July 2025 of the New Notes ($46 million) and the issuance in November 2024 of the $1,000 million aggregate principal amount of 5.650% Senior Notes due 2054 ($14 million), partially offset by increased capitalized interest ($15 million) and the maturity in April 2025 of the $500 million aggregate principal amount of 3.15% Senior Notes due 2025 ($4 million). -32- Exploration costs of $71 million for the third quarter of 2025 increased $28 million from $43 million for the same prior year period primarily due to geological and geophysical expenditures in Trinidad ($19 million) and the United States ($3 million), and increased administrative expenses ($3 million).”

EOG 10-Q

restructuring

“The increase in taxes other than income was primarily due to decreased state severance tax refunds ($31 million) and increased ad valorem taxes ($5 million), partially offset by decreased severance/production taxes, all in the United States ($10 million).”

EOG 10-Q

credit / rates

“A material reduction in capital available to the oil and gas sector could make it more difficult (e.g., due to a lack of investor interest in our debt or equity securities) and/or more costly (e.g., due to higher interest rates on our debt securities or other borrowings) to secure funding for our operations, which, in turn, could adversely affect our ability to successfully carry out our business strategy and could have a material and adverse effect on our business, financial condition and operations.”

EOG 10-K