Legend William R. 'Bill' Thomas

TEXAS OIL LEGEND STEPS

DOWN AS CEO

Name: William R. ‘Bill’ Thomas Job Title: Chairman of the Board and CEO Company: EOG Resources

William R. ‘Bill’ Thomas is to retire as CEO of EOG Resources and become Non-Executive Chairman of the Board – bringing the curtain down on 42 years of service with the company (and predecessor companies), 8 of which was as CEO.

From October, Ezra Y. Yacob will become EOG's Chief Executive Officer and join the Board of Directors, and Lloyd W. "Billy" Helms, Jr., EOG's Chief Operating Officer, will be appointed to the additional role of President. "Year after year, for more than eight years, Bill has set and re-set the standard for EOG's operational and financial performance ever higher,” said Yacob.

“He established our ‘premium well’ standard, one of the most strict investment hurdle rates in the industry, which became an incredible catalyst that tapped the EOG culture of creative thinking and innovation that continues to propel the economics of EOG's business higher. EOG is in the best shape of its history and I am humbled and excited to expand on Bill's legacy of leading a great team to high performance through serving leadership." EOG generated $1.6 billion of free cash flow in 2020 which both paid the dividend and further shored up the balance sheet, all while WTI oil prices averaged less than $40 a barrel, and this year the company expects to generate $3.4 billion in free cash flow at WTI Crude price of $60 per barrel (according to Zacks Equity Research). The company announced a new premium natural gas site in South Texas, at Dorado, which added 1,250 premium net drilling locations, and its premium inventory grew to 11,500 net locations by the end of 2020 — more than three-and-a-half times the total since introducing the premium well standard in 2016. Previously he served as the General Manager of Texas offices, where he was instrumental in EOG’s successful exploration, development and exploitation of various key resources. He joined HNG Oil Company, a predecessor of EOG, in January 1979. Thomas has been a Director of National Oilwell Varco, a provider 20 years working in of oilfield services and equipment to the upstream oil and gas industry the industry worldwide, since 2015, serving 1.6b on the Audit Committee and Compensation Committee.

EOG's free cash flow in 2020 He earned a Bachelor of Science degree in Geology from Texas A&M University.