EX-99.12exh99-1110724.htmEX-99.1 Document
EXHIBIT 99.1
Table of Contents
Third Quarter 2024
Supplemental Financial and Operating Data
Page
Income Statements
13
Wellhead Volumes and Prices
14
Balance Sheets
15
Cash Flow Statements
16
Non-GAAP Financial Measures
17
Adjusted Net Income
18
Net Income Per Share
23
Adjusted Net Income Per Share
25
Cash Flow from Operations and Free Cash Flow
27
Net Debt-to-Total Capitalization Ratio
28
Revenues, Costs and Margins Per Barrel of Oil Equivalent
29
12
Income Statements
In millions of USD, except share data (in millions) and per share data (Unaudited)
2023
2024
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Operating Revenues and Other
Crude Oil and Condensate
3,182
3,252
3,717
3,597
13,748
3,480
3,692
3,488
10,660
Natural Gas Liquids
490
409
501
484
1,884
513
515
524
1,552
Natural Gas
517
334
417
476
1,744
382
303
372
1,057
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
376
101
43
298
818
237
(47)
79
269
Gathering, Processing and Marketing
1,390
1,465
1,478
1,473
5,806
1,459
1,519
1,481
4,459
Gains (Losses) on Asset Dispositions, Net
69
(9)
35
—
95
26
20
(7)
39
Other, Net
20
21
21
29
91
26
23
28
77
Total
6,044
5,573
6,212
6,357
24,186
6,123
6,025
5,965
18,113
Operating Expenses
Lease and Well
359
348
369
378
1,454
396
390
392
1,178
Gathering, Processing and Transportation Costs (A)
395
396
406
423
1,620
413
423
445
1,281
Exploration Costs
50
47
43
41
181
45
34
43
122
Dry Hole Costs
1
—
—
—
1
1
5
—
6
Impairments
34
35
54
79
202
19
81
15
115
Marketing Costs
1,361
1,456
1,383
1,509
5,709
1,404
1,490
1,500
4,394
Depreciation, Depletion and Amortization
798
866
898
930
3,492
1,074
984
1,031
3,089
General and Administrative
145
142
161
192
640
162
151
167
480
Taxes Other Than Income
329
313
341
301
1,284
338
337
283
958
Total
3,472
3,603
3,655
3,853
14,583
3,852
3,895
3,876
11,623
Operating Income
2,572
1,970
2,557
2,504
9,603
2,271
2,130
2,089
6,490
Other Income, Net
65
51
52
66
234
62
66
76
204
Income Before Interest Expense and Income Taxes
2,637
2,021
2,609
2,570
9,837
2,333
2,196
2,165
6,694
Interest Expense, Net
42
35
36
35
148
33
36
31
100
Income Before Income Taxes
2,595
1,986
2,573
2,535
9,689
2,300
2,160
2,134
6,594
Income Tax Provision
572
433
543
547
2,095
511
470
461
1,442
Net Income
2,023
1,553
2,030
1,988
7,594
1,789
1,690
1,673
5,152
Dividends Declared per Common Share
1.8250
0.8250
0.8250
2.4100
5.8850
0.9100
0.9100
0.9100
2.7300
Net Income Per Share
Basic
3.46
2.68
3.51
3.43
13.07
3.11
2.97
2.97
9.05
Diluted
3.45
2.66
3.48
3.42
13.00
3.10
2.95
2.95
8.99
Average Number of Common Shares
Basic
584
580
579
579
581
575
569
564
569
Diluted
587
584
583
581
584
577
572
568
573
(A) Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.
13
Wellhead Volumes and Prices
(Unaudited)
2023
2024
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Crude Oil and Condensate Volumes (MBbld) (A)
United States
457.1
476.0
482.8
484.6
475.2
486.8
490.1
491.8
489.6
Trinidad
0.6
0.6
0.5
0.6
0.6
0.6
0.6
1.2
0.8
Total
457.7
476.6
483.3
485.2
475.8
487.4
490.7
493.0
490.4
Average Crude Oil and Condensate Prices
($/Bbl) (B)
United States
$
77.27
$
74.98
$
83.61
$
80.61
$
79.18
$
78.46
$
82.71
$
76.95
$
79.36
Trinidad
68.98
64.88
71.38
69.21
65.58
67.50
70.75
63.15
66.22
Composite
77.26
74.97
83.60
80.60
79.17
78.45
82.69
76.92
79.34
Natural Gas Liquids Volumes (MBbld) (A)
United States
212.2
215.7
231.1
235.8
223.8
231.7
244.8
254.3
243.7
Total
212.2
215.7
231.1
235.8
223.8
231.7
244.8
254.3
243.7
Average Natural Gas Liquids Prices ($/Bbl) (B)
United States
$
25.67
$
20.85
$
23.56
$
22.29
$
23.07
$
24.32
$
23.11
$
22.42
$
23.25
Composite
25.67
20.85
23.56
22.29
23.07
24.32
23.11
22.42
23.25
Natural Gas Volumes (MMcfd) (A)
United States
1,475
1,513
1,562
1,653
1,551
1,658
1,668
1,745
1,691
Trinidad
164
155
142
178
160
200
204
225
209
Total
1,639
1,668
1,704
1,831
1,711
1,858
1,872
1,970
1,900
Average Natural Gas Prices ($/Mcf) (B)
United States
$
3.47
$
2.07
$
2.59
$
2.72
$
2.70
$
2.10
$
1.57
$
1.84
$
1.84
Trinidad
3.87
3.45
3.41
3.81
3.65
3.54
3.48
3.68
3.57
Composite
3.51
2.20
2.66
2.82
2.79
2.26
1.78
2.05
2.03
Crude Oil Equivalent Volumes (MBoed) (C)
United States
915.0
943.8
974.2
995.8
957.5
994.7
1,013.0
1,037.1
1,015.0
Trinidad
28.0
26.5
24.3
30.4
27.3
34.1
34.5
38.6
35.8
Total
943.0
970.3
998.5
1,026.2
984.8
1,028.8
1,047.5
1,075.7
1,050.8
Total MMBoe (C)
84.9
88.3
91.9
94.4
359.4
93.6
95.3
99.0
287.9
(A)Thousand barrels per day or million cubic feet per day, as applicable.
(B)Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity derivative instruments (see Note 12 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024).
(C)Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.
14
Balance Sheets
In millions of USD (Unaudited)
2023
2024
MAR
JUN
SEP
DEC
MAR
JUN
SEP
DEC
Current Assets
Cash and Cash Equivalents
5,018
4,764
5,326
5,278
5,292
5,431
6,122
Accounts Receivable, Net
2,455
2,263
2,927
2,716
2,688
2,657
2,545
Inventories
1,131
1,355
1,379
1,275
1,154
1,069
1,038
Assets from Price Risk Management Activities
—
—
—
106
110
4
—
Income Taxes Receivable
—
1
—
—
—
2
2
Other
580
523
626
560
684
640
458
Total
9,184
8,906
10,258
9,935
9,928
9,803
10,165
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)
67,907
69,178
70,730
72,090
73,356
74,615
75,887
Other Property, Plant and Equipment
5,101
5,282
5,355
5,497
5,768
6,078
6,314
Total Property, Plant and Equipment
73,008
74,460
76,085
77,587
79,124
80,693
82,201
Less: Accumulated Depreciation, Depletion and Amortization
(42,785)
(43,550)
(44,362)
(45,290)
(46,047)
(47,049)
(48,075)
Total Property, Plant and Equipment, Net
30,223
30,910
31,723
32,297
33,077
33,644
34,126
Deferred Income Taxes
31
33
33
42
38
44
42
Other Assets
1,587
1,638
1,633
1,583
1,753
1,733
1,818
Total Assets
41,025
41,487
43,647
43,857
44,796
45,224
46,151
Current Liabilities
Accounts Payable
2,438
2,205
2,464
2,437
2,389
2,436
2,290
Accrued Taxes Payable
637
425
605
466
786
600
855
Dividends Payable
482
478
478
526
523
516
513
Liabilities from Price Risk Management Activities
31
22
22
—
—
8
32
Current Portion of Long-Term Debt
33
34
34
34
34
534
34
Current Portion of Operating Lease Liabilities
354
335
337
325
318
303
338
Other
253
232
285
286
223
231
344
Total
4,228
3,731
4,225
4,074
4,273
4,628
4,406
Long-Term Debt
3,787
3,780
3,772
3,765
3,757
3,250
3,742
Other Liabilities
2,620
2,581
2,698
2,526
2,533
2,456
2,480
Deferred Income Taxes
4,943
5,138
5,194
5,402
5,597
5,731
5,949
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par
206
206
206
206
206
206
206
Additional Paid in Capital
6,219
6,257
6,133
6,166
6,188
6,219
6,058
Accumulated Other Comprehensive Loss
(8)
(9)
(7)
(9)
(8)
(8)
(9)
Retained Earnings
19,423
20,497
22,047
22,634
23,897
25,071
26,231
Common Stock Held in Treasury
(393)
(694)
(621)
(907)
(1,647)
(2,329)
(2,912)
Total Stockholders' Equity
25,447
26,257
27,758
28,090
28,636
29,159
29,574
Total Liabilities and Stockholders' Equity
41,025
41,487
43,647
43,857
44,796
45,224
46,151
15
Cash Flow Statements
In millions of USD (Unaudited)
2023
2024
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
Net Income
2,023
1,553
2,030
1,988
7,594
1,789
1,690
1,673
5,152
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization
798
866
898
930
3,492
1,074
984
1,031
3,089
Impairments
34
35
54
79
202
19
81
15
115
Stock-Based Compensation Expenses
34
35
57
51
177
45
45
58
148
Deferred Income Taxes
234
194
56
199
683
199
128
220
547
(Gains) Losses on Asset Dispositions, Net
(69)
9
(35)
—
(95)
(26)
(20)
7
(39)
Other, Net
4
2
(1)
22
27
9
3
2
14
Dry Hole Costs
1
—
—
—
1
1
5
—
6
Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net
(376)
(101)
(43)
(298)
(818)
(237)
47
(79)
(269)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
(123)
(30)
23
18
(112)
55
79
61
195
Other, Net
(1)
—
(1)
—
(2)
—
—
—
—
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
338
137
(714)
201
(38)
58
33
109
200
Inventories
(77)
(226)
(28)
100
(231)
117
75
30
222
Accounts Payable
(77)
(231)
238
(49)
(119)
(58)
29
(159)
(188)
Accrued Taxes Payable
232
(212)
180
(139)
61
319
(185)
256
390
Other Assets
52
43
(92)
36
39
(161)
42
197
78
Other Liabilities
193
(47)
54
(16)
184
(71)
(20)
108
17
Changes in Components of Working Capital Associated with Investing Activities
35
250
28
(18)
295
(229)
(127)
59
(297)
Net Cash Provided by Operating Activities
3,255
2,277
2,704
3,104
11,340
2,903
2,889
3,588
9,380
Investing Cash Flows
Additions to Oil and Gas Properties
(1,305)
(1,341)
(1,379)
(1,360)
(5,385)
(1,485)
(1,357)
(1,263)
(4,105)
Additions to Other Property, Plant and Equipment
(319)
(180)
(139)
(162)
(800)
(350)
(313)
(239)
(902)
Proceeds from Sales of Assets
92
29
14
5
140
9
10
—
19
Changes in Components of Working Capital Associated with Investing Activities
(35)
(250)
(28)
18
(295)
229
127
(59)
297
Net Cash Used in Investing Activities
(1,567)
(1,742)
(1,532)
(1,499)
(6,340)
(1,597)
(1,533)
(1,561)
(4,691)
Financing Cash Flows
Long-Term Debt Repayments
(1,250)
—
—
—
(1,250)
—
—
—
—
Dividends Paid
(1,067)
(480)
(494)
(1,345)
(3,386)
(525)
(520)
(533)
(1,578)
Treasury Stock Purchased
(317)
(302)
(109)
(310)
(1,038)
(759)
(699)
(795)
(2,253)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan
—
9
1
10
20
—
11
—
11
Debt Issuance Costs
—
(8)
—
—
(8)
—
—
—
—
Repayment of Finance Lease Liabilities
(8)
(8)
(8)
(8)
(32)
(8)
(9)
(8)
(25)
Net Cash Used in Financing Activities
(2,642)
(789)
(610)
(1,653)
(5,694)
(1,292)
(1,217)
(1,336)
(3,845)
Effect of Exchange Rate Changes on Cash
—
—
—
—
—
—
–
–
—
Increase (Decrease) in Cash and Cash Equivalents
(954)
(254)
562
(48)
(694)
14
139
691
844
Cash and Cash Equivalents at Beginning of Period
5,972
5,018
4,764
5,326
5,972
5,278
5,292
5,431
5,278
Cash and Cash Equivalents at End of Period
5,018
4,764
5,326
5,278
5,278
5,292
5,431
6,122
6,122
16
Non-GAAP Financial Measures
To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), EOG’s quarterly earnings releases and related conference calls, accompanying investor presentation slides and presentation slides for investor conferences contain certain financial measures that are not prepared or presented in accordance with GAAP. These non-GAAP financial measures may include, but are not limited to, Adjusted Net Income (Loss), Cash Flow from Operations Before Changes in Working Capital, Free Cash Flow, Net Debt and related statistics.
A reconciliation of each of these measures to their most directly comparable GAAP financial measure and related discussion is included in the tables on the following pages and can also be found in the “Reconciliations & Guidance” section of the “Investors” page of the EOG website at www.eogresources.com.
As further discussed in the tables on the following pages, EOG believes these measures may be useful to investors who follow the practice of some industry analysts who make certain adjustments to GAAP measures (for example, to exclude non-recurring items) to facilitate comparisons to others in EOG’s industry, and who utilize non-GAAP measures in their calculations of certain statistics (for example, return on capital employed and return on equity) used to evaluate EOG’s performance.
EOG believes that the non-GAAP measures presented, when viewed in combination with its financial results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the company’s performance. As is discussed in the tables on the following pages, EOG uses these non-GAAP measures for purposes of (i) comparing EOG’s financial performance with the financial performance of other companies in the industry and (ii) analyzing EOG’s financial performance across periods.
The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG’s reported Net Income (Loss), Long-Term Debt (including Current Portion of Long-Term Debt), Net Cash Provided by Operating Activities and other financial results calculated in accordance with GAAP. The non-GAAP measures presented should be read in conjunction with EOG's consolidated financial statements prepared in accordance with GAAP.
In addition, because not all companies use identical calculations, EOG’s presentation of non-GAAP measures may not be comparable to, and may be calculated differently from, similarly titled measures disclosed by other companies, including its peer companies. EOG may also change the calculation of one or more of its non-GAAP measures from time to time – for example, to account for changes in its business and operations or to more closely conform to peer company or industry analysts’ practices.
Direct ATROR
The calculation of EOG's direct after-tax rate of return (ATROR) is based on EOG’s net estimated recoverable reserves for a particular well(s) or play, the estimated net present value of the future net cash flows from such reserves (for which EOG utilizes certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring such well(s). As such, EOG's direct ATROR for a particular well(s) or play cannot be calculated from EOG’s consolidated financial statements.
17
Adjusted Net Income
In millions of USD, except share data (in millions) and per share data (Unaudited)
The following tables adjust reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of financial commodity derivative contracts by eliminating the net unrealized mark-to-market (gains) losses from these and other derivative transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets)), and to make certain other adjustments to exclude non-recurring and certain other items as further described below.
EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
3Q 2024
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
2,134
(461)
1,673
2.95
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
(79)
17
(62)
(0.11)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
61
(13)
48
0.08
Add: Losses on Asset Dispositions, Net
7
(2)
5
0.01
Less: Severance Tax Refund
(31)
7
(24)
(0.04)
Add: Severance Tax Consulting Fees
10
(2)
8
0.01
Less: Interest on Severance Tax Refund
(5)
1
(4)
(0.01)
Adjustments to Net Income
(37)
8
(29)
(0.06)
Adjusted Net Income (Non-GAAP)
2,097
(453)
1,644
2.89
Average Number of Common Shares
Basic
564
Diluted
568
(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended September 30, 2024, such amount was $61 million.
18
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
2Q 2024
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
2,160
(470)
1,690
2.95
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
47
(10)
37
0.07
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
79
(17)
62
0.11
Less: Gains on Asset Dispositions, Net
(20)
5
(15)
(0.03)
Add: Certain Impairments
35
(2)
33
0.06
Adjustments to Net Income
141
(24)
117
0.21
Adjusted Net Income (Non-GAAP)
2,301
(494)
1,807
3.16
Average Number of Common Shares
Basic
569
Diluted
572
(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended June 30, 2024, such amount was $79 million.
19
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
1Q 2024
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
2,300
(511)
1,789
3.10
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
(237)
51
(186)
(0.31)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
55
(12)
43
0.07
Less: Gains on Asset Dispositions, Net
(26)
4
(22)
(0.04)
Add: Certain Impairments
2
—
2
—
Adjustments to Net Income
(206)
43
(163)
(0.28)
Adjusted Net Income (Non-GAAP)
2,094
(468)
1,626
2.82
Average Number of Common Shares
Basic
575
Diluted
577
(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended March 31, 2024, such amount was $55 million.
20
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
4Q 2023
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
2,535
(547)
1,988
3.42
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net
(298)
64
(234)
(0.40)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
18
(4)
14
0.02
Add: Certain Impairments
19
(4)
15
0.03
Adjustments to Net Income
(261)
56
(205)
(0.35)
Adjusted Net Income (Non-GAAP)
2,274
(491)
1,783
3.07
Average Number of Common Shares
Basic
579
Diluted
581
(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended December 31, 2023, such amount was $18 million.
21
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
3Q 2023
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
2,573
(543)
2,030
3.48
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net
(43)
9
(34)
(0.06)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
23
(5)
18
0.03
Less: Gains on Asset Dispositions, Net
(35)
7
(28)
(0.05)
Add: Certain Impairments
23
(2)
21
0.04
Adjustments to Net Income
(32)
9
(23)
(0.04)
Adjusted Net Income (Non-GAAP)
2,541
(534)
2,007
3.44
Average Number of Common Shares
Basic
579
Diluted
583
(1) Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended September 30, 2023, such amount was $23 million.
22
Net Income per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
2Q 2024 Net Income per Share (GAAP) - Diluted
2.95
Realized Price
3Q 2024 Composite Average Wellhead Revenue per Boe
44.31
Less: 2Q 2024 Composite Average Wellhead Revenue per Boe
(47.31)
Subtotal
(3.00)
Multiplied by: 3Q 2024 Crude Oil Equivalent Volumes (MMBoe)
99.0
Total Change in Revenue
(297)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
65
Change in Net Income
(232)
Change in Diluted Earnings per Share
(0.41)
Wellhead Volumes
3Q 2024 Crude Oil Equivalent Volumes (MMBoe)
99.0
Less: 2Q 2024 Crude Oil Equivalent Volumes (MMBoe)
(95.3)
Subtotal
3.7
Multiplied by: 3Q 2024 Composite Average Margin per Boe (GAAP) (Including Total
Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)
19.98
Change in Margin
74
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
(16)
Change in Net Income
58
Change in Diluted Earnings per Share
0.10
Certain Operating Costs per Boe
2Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe
20.43
Less: 3Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe
(20.57)
Subtotal
(0.14)
Multiplied by: 3Q 2024 Crude Oil Equivalent Volumes (MMBoe)
99.0
Change in Before-Tax Net Income
(14)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
3
Change in Net Income
(11)
Change in Diluted Earnings per Share
(0.02)
23
Net Income Per Share
(Continued)
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
3Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts
79
Less: Income Tax Benefit (Provision)
(17)
After Tax - (a)
62
Less: 2Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts
(47)
Less: Income Tax Benefit (Provision)
10
After Tax - (b)
(37)
Change in Net Income - (a) - (b)
99
Change in Diluted Earnings per Share
0.17
Other (1)
0.16
3Q 2024 Net Income per Share (GAAP) - Diluted
2.95
3Q 2024 Average Number of Common Shares - Diluted
568
(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.
24
Adjusted Net Income Per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
2Q 2024 Adjusted Net Income per Share (Non-GAAP) - Diluted
3.16
Realized Price
3Q 2024 Composite Average Wellhead Revenue per Boe
44.31
Less: 2Q 2024 Composite Average Wellhead Revenue per Boe
(47.31)
Subtotal
(3.00)
Multiplied by: 3Q 2024 Crude Oil Equivalent Volumes (MMBoe)
99.0
Total Change in Revenue
(297)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
65
Change in Net Income
(232)
Change in Diluted Earnings per Share
(0.41)
Wellhead Volumes
3Q 2024 Crude Oil Equivalent Volumes (MMBoe)
99.0
Less: 2Q 2024 Crude Oil Equivalent Volumes (MMBoe)
(95.3)
Subtotal
3.7
Multiplied by: 3Q 2024 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)
19.77
Change in Margin
73
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
(16)
Change in Net Income
57
Change in Diluted Earnings per Share
0.10
Certain Operating Costs per Boe
2Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe
20.43
Less: 3Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe
(20.47)
Subtotal
(0.04)
Multiplied by: 3Q 2024 Crude Oil Equivalent Volumes (MMBoe)
99.0
Change in Before-Tax Net Income
(4)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
1
Change in Net Income
(3)
Change in Diluted Earnings per Share
(0.01)
25
Adjusted Net Income Per Share
(Continued)
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
3Q 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
61
Less: Income Tax Benefit (Provision)
(13)
After Tax - (a)
48
2Q 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
79
Less: Income Tax Benefit (Provision)
(17)
After Tax - (b)
62
Change in Net Income - (a) - (b)
(14)
Change in Diluted Earnings per Share
(0.02)
Other (1)
0.07
3Q 2024 Adjusted Net Income per Share (Non-GAAP)
2.89
3Q 2024 Average Number of Common Shares - Diluted
568
(1)Includes gathering, processing and marketing revenue, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.
26
Cash Flow from Operations and Free Cash Flow
In millions of USD (Unaudited)
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Cash Flow from Operations Before Changes in Working Capital (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 Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing Activities and certain other adjustments to exclude non-recurring and certain other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Cash Flow from Operations Before Changes in Working Capital (Non-GAAP) (see below reconciliation) for such period less the Total Capital Expenditures (Non-GAAP) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry.
2023
2024
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Net Cash Provided by Operating Activities (GAAP)
3,255
2,277
2,704
3,104
11,340
2,903
2,889
3,588
9,380
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
(338)
(137)
714
(201)
38
(58)
(33)
(109)
(200)
Inventories
77
226
28
(100)
231
(117)
(75)
(30)
(222)
Accounts Payable
77
231
(238)
49
119
58
(29)
159
188
Accrued Taxes Payable
(232)
212
(180)
139
(61)
(319)
185
(256)
(390)
Other Assets
(52)
(43)
92
(36)
(39)
161
(42)
(197)
(78)
Other Liabilities
(193)
47
(54)
16
(184)
71
20
(108)
(17)
Changes in Components of Working Capital Associated with Investing Activities
(35)
(250)
(28)
18
(295)
229
127
(59)
297
Cash Flow from Operations Before Changes in Working Capital (Non-GAAP)
2,559
2,563
3,038
2,989
11,149
2,928
3,042
2,988
8,958
Less:
Total Capital Expenditures (Non-GAAP) (a)
(1,489)
(1,521)
(1,519)
(1,512)
(6,041)
(1,703)
(1,668)
(1,497)
(4,868)
Free Cash Flow (Non-GAAP)
1,070
1,042
1,519
1,477
5,108
1,225
1,374
1,491
4,090
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
2023
2024
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Total Expenditures (GAAP)
1,717
1,664
1,803
1,634
6,818
1,952
1,682
1,573
5,207
Less:
Asset Retirement Costs
(10)
(26)
(191)
(30)
(257)
(21)
60
(11)
28
Non-Cash Development Drilling
—
(35)
(50)
(5)
(90)
—
—
—
—
Non-Cash Acquisition Costs of Unproved Properties
(31)
(28)
(1)
(39)
(99)
(31)
(34)
(17)
(82)
Acquisition Costs of Proved Properties
(4)
(6)
1
(7)
(16)
(21)
(5)
—
(26)
Acquisition Costs of Other Property, Plant and Equipment
(133)
(1)
—
—
(134)
(131)
(1)
(5)
(137)
Exploration Costs
(50)
(47)
(43)
(41)
(181)
(45)
(34)
(43)
(122)
Total Capital Expenditures (Non-GAAP)
1,489
1,521
1,519
1,512
6,041
1,703
1,668
1,497
4,868
27
Net Debt-to-Total Capitalization Ratio
In millions of USD, except ratio data (Unaudited)
The following tables reconcile Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (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 and Total Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation. EOG management uses this information for comparative purposes within the industry.
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Total Stockholders' Equity - (a)
29,574
29,159
28,636
28,090
27,758
Current and Long-Term Debt (GAAP) - (b)
3,776
3,784
3,791
3,799
3,806
Less: Cash
(6,122)
(5,431)
(5,292)
(5,278)
(5,326)
Net Debt (Non-GAAP) - (c)
(2,346)
(1,647)
(1,501)
(1,479)
(1,520)
Total Capitalization (GAAP) - (a) + (b)
33,350
32,943
32,427
31,889
31,564
Total Capitalization (Non-GAAP) - (a) + (c)
27,228
27,512
27,135
26,611
26,238
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]
11.3
%
11.5
%
11.7
%
11.9
%
12.1
%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]
-8.6
%
-6.0
%
-5.5
%
-5.6
%
-5.8
%
28
Revenues, Costs and Margins Per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or margins per barrel of oil equivalent (Boe). Certain of these components are adjusted for non-recurring and certain other items, as further discussed below. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
3Q 2024
2Q 2024
1Q 2024
4Q 2023
3Q 2023
Volume - Million Barrels of Oil Equivalent - (a)
99.0
95.3
93.6
94.4
91.9
Total Operating Revenues and Other (b)
5,965
6,025
6,123
6,357
6,212
Total Operating Expenses (c)
3,876
3,895
3,852
3,853
3,655
Operating Income (d)
2,089
2,130
2,271
2,504
2,557
Wellhead Revenues
Crude Oil and Condensate
3,488
3,692
3,480
3,597
3,717
Natural Gas Liquids
524
515
513
484
501
Natural Gas
372
303
382
476
417
Total Wellhead Revenues - (e)
4,384
4,510
4,375
4,557
4,635
Operating Costs
Lease and Well
392
390
396
378
369
Gathering, Processing and Transportation Costs (1)
445
423
413
423
406
General and Administrative (GAAP)
167
151
162
192
161
Less: Severance Tax Consulting Fees
(10)
—
—
—
—
General and Administrative (Non-GAAP) (3)
157
151
162
192
161
Taxes Other Than Income (GAAP)
283
337
338
301
341
Add: Severance Tax Refund
31
—
—
—
—
Taxes Other Than Income (Non-GAAP) (4)
314
337
338
301
341
Interest Expense, Net
31
36
33
35
36
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) (f)
1,318
1,337
1,342
1,329
1,313
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) (g)
1,339
1,337
1,342
1,329
1,313
Depreciation, Depletion and Amortization (DD&A)
1,031
984
1,074
930
898
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)
2,349
2,321
2,416
2,259
2,211
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)
2,370
2,321
2,416
2,259
2,211
Exploration Costs
43
34
45
41
43
Dry Hole Costs
—
5
1
—
—
Impairments
15
81
19
79
54
Total Exploration Costs (GAAP)
58
120
65
120
97
Less: Certain Impairments (2)
—
(35)
(2)
(19)
(23)
Total Exploration Costs (Non-GAAP)
58
85
63
101
74
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)
2,407
2,441
2,481
2,379
2,308
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)
2,428
2,406
2,479
2,360
2,285
Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))
1,977
2,069
1,894
2,178
2,327
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))
1,956
2,104
1,896
2,197
2,350
29
Revenues, Costs and Margins Per Barrel of Oil Equivalent
(Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
3Q 2024
2Q 2024
1Q 2024
4Q 2023
3Q 2023
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)
60.25
63.22
65.42
67.34
67.59
Composite Average Operating Expenses per Boe - (c) / (a)
39.15
40.87
41.16
40.81
39.77
Composite Average Operating Income per Boe - (d) / (a)
21.10
22.35
24.26
26.53
27.82
Composite Average Wellhead Revenue per Boe - (e) / (a)
44.31
47.31
46.73
48.27
50.46
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)
13.32
14.03
14.33
14.08
14.29
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]
30.99
33.28
32.40
34.19
36.17
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)
23.74
24.35
25.80
23.93
24.07
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]
20.57
22.96
20.93
24.34
26.39
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)
24.33
25.61
26.49
25.20
25.13
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]
19.98
21.70
20.24
23.07
25.33
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)
13.53
14.03
14.33
14.08
14.29
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]
30.78
33.28
32.40
34.19
36.17
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)
23.95
24.35
25.80
23.93
24.07
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]
20.36
22.96
20.93
24.34
26.39
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)
24.54
25.24
26.47
25.00
24.88
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]
19.77
22.07
20.26
23.27
25.58
30
Revenues, Costs and Margins Per Barrel of Oil Equivalent
(Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
2023
2022
2021
Volume - Million Barrels of Oil Equivalent - (a)
359.4
331.5
302.5
Total Operating Revenues and Other (b)
24,186
25,702
18,642
Total Operating Expenses (c)
14,583
15,736
12,540
Operating Income (Loss) (d)
9,603
9,966
6,102
Wellhead Revenues
Crude Oil and Condensate
13,748
16,367
11,125
Natural Gas Liquids
1,884
2,648
1,812
Natural Gas
1,744
3,781
2,444
Total Wellhead Revenues - (e)
17,376
22,796
15,381
Operating Costs
Lease and Well
1,454
1,331
1,135
Gathering, Processing and Transportation Costs (1)
1,620
1,587
1,422
General and Administrative (GAAP)
640
570
511
Less: Severance Tax Consulting Fees
—
(16)
—
General and Administrative (Non-GAAP) (3)
640
554
511
Taxes Other Than Income (GAAP)
1,284
1,585
1,047
Add: Severance Tax Refund
—
115
—
Taxes Other Than Income (Non-GAAP) (4)
1,284
1,700
1,047
Interest Expense, Net
148
179
178
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)
5,146
5,252
4,293
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)
5,146
5,351
4,293
Depreciation, Depletion and Amortization (DD&A)
3,492
3,542
3,651
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)
8,638
8,794
7,944
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)
8,638
8,893
7,944
Exploration Costs
181
159
154
Dry Hole Costs
1
45
71
Impairments
202
382
376
Total Exploration Costs (GAAP)
384
586
601
Less: Certain Impairments (2)
(42)
(113)
(15)
Total Exploration Costs (Non-GAAP)
342
473
586
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)
9,022
9,380
8,545
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)
8,980
9,366
8,530
Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))
8,354
13,416
6,836
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))
8,396
13,430
6,851
31
Revenues, Costs and Margins Per Barrel of Oil Equivalent
(Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
2023
2022
2021
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)
67.30
77.53
61.63
Composite Average Operating Expenses per Boe - (c) / (a)
40.58
47.47
41.46
Composite Average Operating Income (Loss) per Boe - (d) / (a)
26.72
30.06
20.17
Composite Average Wellhead Revenue per Boe - (e) / (a)
48.34
68.77
50.84
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)
14.31
15.84
14.19
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]
34.03
52.93
36.65
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)
24.03
26.53
26.26
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]
24.31
42.24
24.58
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)
25.10
28.30
28.25
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]
23.24
40.47
22.59
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)
14.31
16.14
14.19
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]
34.03
52.63
36.65
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)
24.03
26.83
26.26
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]
24.31
41.94
24.58
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)
24.98
28.26
28.20
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]
23.36
40.51
22.64
(1)Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.
(2)In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG’s control (versus, for example, impairments that are due to EOG’s proved oil and gas properties not being as productive as it originally estimated).
(3)EOG believes excluding the above-referenced items from General and Administrative Costs is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(4)EOG believes excluding the above-referenced items from Taxes Other Than Income is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
32
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | — | — |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | — |
| Recession recession, downturn, contraction, slowdown | 0 | — | — |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | — | — |
| Buybacks share repurchase, buyback program | 0 | — | — |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Source: SEC EDGAR · public domain · Highlights by Palanor