EX-99.12exh99-1110625.htmPRESS RELEASE OF EOG RESOURCES, INC. Document
EXHIBIT 99.1
Table of Contents
Third Quarter 2025
Supplemental Financial and Operating Data
Page
Income Statements
12
Volumes and Prices
13
Balance Sheets
14
Cash Flow Statements
15
Non-GAAP Financial Measures
16
Adjusted Net Income
17
Net Income Per Share
24
Adjusted Net Income Per Share
26
Cash Flow from Operations and Free Cash Flow
28
Net Debt-to-Total Capitalization Ratio
30
Revenues, Costs and Margins Per Barrel of Oil Equivalent
31
Additional Key Financial Information
35
11
Income Statements
In millions of USD, except share data (in millions) and per share data (Unaudited)
2024
2025
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
3,480
3,692
3,488
3,261
13,921
3,293
2,974
3,243
9,510
Natural Gas Liquids
513
515
524
554
2,106
572
534
604
1,710
Natural Gas
382
303
372
494
1,551
637
600
707
1,944
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
237
(47)
79
(65)
204
(191)
107
116
32
Gathering, Processing and Marketing
1,459
1,519
1,481
1,341
5,800
1,340
1,247
1,178
3,765
Gains (Losses) on Asset Dispositions, Net
26
20
(7)
(23)
16
(1)
—
(18)
(19)
Other, Net
26
23
28
23
100
19
16
17
52
Total
6,123
6,025
5,965
5,585
23,698
5,669
5,478
5,847
16,994
Operating Expenses
Lease and Well
396
390
392
394
1,572
401
396
431
1,228
Gathering, Processing and Transportation Costs
413
423
445
441
1,722
440
455
587
1,482
Exploration Costs
45
34
43
52
174
41
74
71
186
Dry Hole Costs
1
5
—
8
14
34
11
—
45
Impairments
19
81
15
276
391
44
39
71
154
Marketing Costs
1,404
1,490
1,500
1,323
5,717
1,325
1,216
1,134
3,675
Depreciation, Depletion and Amortization
1,074
984
1,031
1,019
4,108
1,013
1,053
1,169
3,235
General and Administrative
162
151
167
189
669
171
186
239
596
Taxes Other Than Income
338
337
283
291
1,249
341
301
309
951
Total
3,852
3,895
3,876
3,993
15,616
3,810
3,731
4,011
11,552
Operating Income
2,271
2,130
2,089
1,592
8,082
1,859
1,747
1,836
5,442
Other Income, Net
62
66
76
70
274
65
55
59
179
Income Before Interest Expense and Income Taxes
2,333
2,196
2,165
1,662
8,356
1,924
1,802
1,895
5,621
Interest Expense, Net
33
36
31
38
138
47
51
71
169
Income Before Income Taxes
2,300
2,160
2,134
1,624
8,218
1,877
1,751
1,824
5,452
Income Tax Provision
511
470
461
373
1,815
414
406
353
1,173
Net Income
1,789
1,690
1,673
1,251
6,403
1,463
1,345
1,471
4,279
Dividends Declared per Common Share
0.9100
0.9100
0.9100
0.9750
3.7050
0.9750
1.9950
—
2.9700
Net Income Per Share
Basic
3.11
2.97
2.97
2.25
11.31
2.66
2.48
2.72
7.85
Diluted
3.10
2.95
2.95
2.23
11.25
2.65
2.46
2.70
7.81
Average Number of Common Shares
Basic
575
569
564
557
566
550
543
541
545
Diluted
577
572
568
561
569
553
546
544
548
12
Volumes and Prices
(Unaudited)
2024
2025
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
486.8
490.1
491.8
493.5
490.6
500.9
503.1
532.9
512.4
Trinidad
0.6
0.6
1.2
1.1
0.8
1.2
1.1
1.6
1.3
Total
487.4
490.7
493.0
494.6
491.4
502.1
504.2
534.5
513.7
Average Crude Oil and Condensate Prices
($/Bbl) (B)
United States
$
78.46
$
82.71
$
76.95
$
71.68
$
77.42
$
72.90
$
64.84
$
65.97
$
67.83
Trinidad
67.50
70.75
63.15
60.47
64.43
61.12
54.50
57.74
57.80
Composite
78.45
82.69
76.92
71.66
77.40
72.87
64.82
65.95
67.81
Natural Gas Liquids Volumes (MBbld) (A)
United States
231.7
244.8
254.3
252.5
245.9
241.7
258.4
309.3
270.0
Total
231.7
244.8
254.3
252.5
245.9
241.7
258.4
309.3
270.0
Average Natural Gas Liquids Prices ($/Bbl) (B)
United States
$
24.32
$
23.11
$
22.42
$
23.85
$
23.40
$
26.29
$
22.70
$
21.25
$
23.20
Composite
24.32
23.11
22.42
23.85
23.40
26.29
22.70
21.25
23.20
Natural Gas Volumes (MMcfd) (A)
United States
1,658
1,668
1,745
1,840
1,728
1,834
1,977
2,511
2,110
Trinidad
200
204
225
252
220
246
252
230
243
Other International (C)
—
—
—
—
—
—
—
4
1
Total
1,858
1,872
1,970
2,092
1,948
2,080
2,229
2,745
2,354
Average Natural Gas Prices ($/Mcf) (B)
United States
$
2.10
$
1.57
$
1.84
$
2.39
$
1.99
$
3.36
$
2.87
$
2.71
$
2.94
Trinidad
3.54
3.48
3.68
3.86
3.65
3.78
3.65
3.80
3.74
Other International (C)
—
—
—
—
—
—
—
3.27
3.27
Composite
2.26
1.78
2.05
2.57
2.17
3.41
2.96
2.80
3.03
Crude Oil Equivalent Volumes (MBoed) (D)
United States
994.7
1,013.0
1,037.1
1,052.7
1,024.5
1,048.3
1,090.9
1,260.7
1,134.1
Trinidad
34.1
34.5
38.6
43.0
37.6
42.1
43.2
39.8
41.7
Other International
—
—
—
—
—
—
—
0.7
0.2
Total
1,028.8
1,047.5
1,075.7
1,095.7
1,062.1
1,090.4
1,134.1
1,301.2
1,176.0
Total MMBoe (D)
93.6
95.3
99.0
100.8
388.7
98.1
103.2
119.7
321.0
(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 and other derivative instruments (see Note 10 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025).
(C)Other International represents EOG’s Kingdom of Bahrain operations. Realized price represents contract price less Bapco’s processing and distribution costs.
(D)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.
13
Balance Sheets
In millions of USD (Unaudited)
2024
2025
MAR
JUN
SEP
DEC
MAR
JUN
SEP
DEC
Current Assets
Cash and Cash Equivalents
5,292
5,431
6,122
7,092
6,599
5,216
3,530
Accounts Receivable, Net
2,688
2,657
2,545
2,650
2,621
2,504
2,680
Inventories
1,154
1,069
1,038
985
897
934
945
Assets from Price Risk Management Activities
110
4
—
—
—
—
19
Other (A)
684
642
460
503
563
591
646
Total
9,928
9,803
10,165
11,230
10,680
9,245
7,820
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)
73,356
74,615
75,887
77,091
78,432
80,139
88,301
Other Property, Plant and Equipment
5,768
6,078
6,314
6,418
6,510
6,616
6,772
Total Property, Plant and Equipment
79,124
80,693
82,201
83,509
84,942
86,755
95,073
Less: Accumulated Depreciation, Depletion and Amortization
(46,047)
(47,049)
(48,075)
(49,297)
(50,310)
(51,394)
(52,488)
Total Property, Plant and Equipment, Net
33,077
33,644
34,126
34,212
34,632
35,361
42,585
Deferred Income Taxes
38
44
42
39
44
39
37
Other Assets
1,753
1,733
1,818
1,705
1,626
1,639
1,757
Total Assets
44,796
45,224
46,151
47,186
46,982
46,284
52,199
Current Liabilities
Accounts Payable
2,389
2,436
2,290
2,464
2,353
2,266
2,944
Accrued Taxes Payable
786
600
855
1,007
668
348
392
Dividends Payable
523
516
513
539
534
1,081
550
Liabilities from Price Risk Management Activities
—
8
32
116
276
85
17
Current Portion of Long-Term Debt
34
534
34
532
1,280
778
27
Current Portion of Operating Lease Liabilities
318
303
338
315
318
360
433
Other
223
231
344
381
290
257
452
Total
4,273
4,628
4,406
5,354
5,719
5,175
4,815
Long-Term Debt
3,757
3,250
3,742
4,220
3,464
3,458
7,667
Other Liabilities
2,533
2,456
2,480
2,395
2,368
2,398
2,496
Deferred Income Taxes
5,597
5,731
5,949
5,866
5,915
6,015
6,936
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par
206
206
206
206
206
206
206
Additional Paid in Capital
6,188
6,219
6,058
6,090
6,095
6,153
5,978
Accumulated Other Comprehensive Loss
(8)
(8)
(9)
(4)
(4)
(7)
(5)
Retained Earnings
23,897
25,071
26,231
26,941
27,869
28,131
29,603
Common Stock Held in Treasury
(1,647)
(2,329)
(2,912)
(3,882)
(4,650)
(5,245)
(5,497)
Total Stockholders' Equity
28,636
29,159
29,574
29,351
29,516
29,238
30,285
Total Liabilities and Stockholders' Equity
44,796
45,224
46,151
47,186
46,982
46,284
52,199
(A) Effective October 1, 2024, EOG combined Income Taxes Receivable into the Other line item. This presentation has been conformed for all periods presented and had no impact on previously reported Total Assets.
14
Cash Flow Statements
In millions of USD (Unaudited)
2024
2025
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
1,789
1,690
1,673
1,251
6,403
1,463
1,345
1,471
4,279
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization
1,074
984
1,031
1,019
4,108
1,013
1,053
1,169
3,235
Impairments
19
81
15
276
391
44
39
71
154
Stock-Based Compensation Expenses
45
45
58
51
199
50
53
53
156
Deferred Income Taxes
199
128
220
(80)
467
44
105
278
427
(Gains) Losses on Asset Dispositions, Net
(26)
(20)
7
23
(16)
1
—
18
19
Other, Net
9
3
2
3
17
11
11
2
24
Dry Hole Costs
1
5
—
8
14
34
11
—
45
Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net
(237)
47
(79)
65
(204)
191
(107)
(116)
(32)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
55
79
61
19
214
(38)
(24)
27
(35)
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
58
33
109
(99)
101
48
122
133
303
Inventories
117
75
30
37
259
76
(45)
4
35
Accounts Payable
(58)
29
(159)
152
(36)
(129)
(107)
5
(231)
Accrued Taxes Payable
319
(185)
256
151
541
(339)
(321)
28
(632)
Other Assets
(161)
42
197
(34)
44
(43)
(43)
(28)
(114)
Other Liabilities
(71)
(20)
108
6
23
(96)
(52)
155
7
Changes in Components of Working Capital Associated with Investing Activities
(229)
(127)
59
(85)
(382)
(41)
(8)
(159)
(208)
Net Cash Provided by Operating Activities
2,903
2,889
3,588
2,763
12,143
2,289
2,032
3,111
7,432
Investing Cash Flows
Acquisition of Encino Acquisition Partners, LLC, Net of Cash Acquired
—
—
—
—
—
—
—
(4,464)
(4,464)
Additions to Oil and Gas Properties
(1,485)
(1,357)
(1,263)
(1,248)
(5,353)
(1,381)
(1,699)
(1,492)
(4,572)
Additions to Other Property, Plant and Equipment
(350)
(313)
(239)
(117)
(1,019)
(102)
(94)
(171)
(367)
Proceeds from Sales of Assets
9
10
—
4
23
12
4
5
21
Changes in Components of Working Capital Associated with Investing Activities
229
127
(59)
85
382
41
8
159
208
Net Cash Used in Investing Activities
(1,597)
(1,533)
(1,561)
(1,276)
(5,967)
(1,430)
(1,781)
(5,963)
(9,174)
Financing Cash Flows
Long-Term Debt Borrowings
—
—
—
985
985
—
—
3,472
3,472
Long-Term Debt Repayments
—
—
—
—
—
—
(500)
(1,266)
(1,766)
Dividends Paid
(525)
(520)
(533)
(509)
(2,087)
(538)
(528)
(545)
(1,611)
Treasury Stock Purchased
(759)
(699)
(795)
(993)
(3,246)
(806)
(602)
(479)
(1,887)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan
—
11
—
11
22
—
11
—
11
Debt Issuance and Other Financing Costs
—
—
—
(2)
(2)
—
(7)
(7)
(14)
Repayment of Finance Lease Liabilities
(8)
(9)
(8)
(8)
(33)
(8)
(9)
(8)
(25)
Net Cash Used in Financing Activities
(1,292)
(1,217)
(1,336)
(516)
(4,361)
(1,352)
(1,635)
1,167
(1,820)
Effect of Exchange Rate Changes on Cash
—
–
–
(1)
(1)
—
1
(1)
—
Increase (Decrease) in Cash and Cash Equivalents
14
139
691
970
1,814
(493)
(1,383)
(1,686)
(3,562)
Cash and Cash Equivalents at Beginning of Period
5,278
5,292
5,431
6,122
5,278
7,092
6,599
5,216
7,092
Cash and Cash Equivalents at End of Period
5,292
5,431
6,122
7,092
7,092
6,599
5,216
3,530
3,530
15
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), Adjusted Cash Flow from Operations, 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.
16
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)), to add back costs associated with the Encino acquisition 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 2025
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
1,824
(353)
1,471
2.70
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
(116)
25
(91)
(0.16)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
27
(5)
22
0.04
Add: Losses on Asset Dispositions, Net
18
(6)
12
0.02
Add: Acquisition-related costs (2)
68
(10)
58
0.11
Adjustments to Net Income
(3)
4
1
0.01
Adjusted Net Income (Non-GAAP)
1,821
(349)
1,472
2.71
Average Number of Common Shares
Basic
541
Diluted
544
(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended September 30, 2025, such amount was $27 million.
(2) Consists of Encino acquisition-related G&A costs ($68 million).
17
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
2Q 2025
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
1,751
(406)
1,345
2.46
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
(107)
23
(84)
(0.16)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
(24)
5
(19)
(0.03)
Add: Certain Impairments
11
—
11
0.02
Add: Acquisition-related costs (2)
18
(3)
15
0.03
Adjustments to Net Income
(102)
25
(77)
(0.14)
Adjusted Net Income (Non-GAAP)
1,649
(381)
1,268
2.32
Average Number of Common Shares
Basic
543
Diluted
546
(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended June 30, 2025, such amount was $24 million.
(2) Consists of Encino acquisition-related G&A costs ($12 million) and financing commitment costs ($6 million).
18
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
1Q 2025
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
1,877
(414)
1,463
2.65
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
191
(41)
150
0.26
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
(38)
8
(30)
(0.05)
Add: Losses on Asset Dispositions, Net
1
2
3
0.01
Adjustments to Net Income
154
(31)
123
0.22
Adjusted Net Income (Non-GAAP)
2,031
(445)
1,586
2.87
Average Number of Common Shares
Basic
550
Diluted
553
(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended March 31, 2025, such amount was $38 million.
19
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
4Q 2024
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
1,624
(373)
1,251
2.23
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
65
(14)
51
0.10
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
19
(4)
15
0.03
Add: Losses on Asset Dispositions, Net
23
(4)
19
0.03
Add: Certain Impairments
254
(55)
199
0.35
Adjustments to Net Income
361
(77)
284
0.51
Adjusted Net Income (Non-GAAP)
1,985
(450)
1,535
2.74
Average Number of Common Shares
Basic
557
Diluted
561
(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended December 31, 2024, such amount was $19 million.
20
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
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 (non-GAAP), EOG adds to reported Net Income (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.
21
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
FY 2024
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
8,218
(1,815)
6,403
11.25
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
(204)
44
(160)
(0.28)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
214
(46)
168
0.30
Less: Gains on Asset Dispositions, Net
(16)
3
(13)
(0.02)
Add: Certain Impairments
291
(57)
234
0.41
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
259
(50)
209
0.37
Adjusted Net Income (Non-GAAP)
8,477
(1,865)
6,612
11.62
Average Number of Common Shares
Basic
566
Diluted
569
(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2024, such amount was $214 million.
22
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
FY 2023
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
9,689
(2,095)
7,594
13.00
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net
(818)
176
(642)
(1.09)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
(112)
24
(88)
(0.15)
Less: Gains on Asset Dispositions, Net
(95)
20
(75)
(0.13)
Add: Certain Impairments
42
(6)
36
0.06
Adjustments to Net Income
(983)
214
(769)
(1.31)
Adjusted Net Income (Non-GAAP)
8,706
(1,881)
6,825
11.69
Average Number of Common Shares
Basic
581
Diluted
584
(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2023, such amount was $112 million.
23
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 2025 Net Income per Share (GAAP) - Diluted
2.46
Realized Prices
3Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe
38.05
Less: 2Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe
(39.80)
Subtotal
(1.75)
Multiplied by: 3Q 2025 Crude Oil Equivalent Volumes (MMBoe)
119.7
Total Change in Revenue
(209)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
46
Change in Net Income
(163)
Change in Diluted Earnings per Share
(0.30)
Volumes
3Q 2025 Crude Oil Equivalent Volumes (MMBoe)
119.7
Less: 2Q 2025 Crude Oil Equivalent Volumes (MMBoe)
(103.2)
Subtotal
16.5
Multiplied by: 3Q 2025 Composite Average Margin per Boe (GAAP) (Including Total
Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)
13.42
Change in Margin
221
Less: Income Tax Benefit (Provision) Imputed (based on 22%)
(49)
Change in Net Income
172
Change in Diluted Earnings per Share
0.32
Certain Operating Costs per Boe
2Q 2025 Total Cash Operating Costs (GAAP) and Total DD&A per Boe
20.25
Less: 3Q 2025 Total Cash Operating Costs (GAAP) and Total DD&A per Boe
(20.27)
Subtotal
(0.02)
Multiplied by: 3Q 2025 Crude Oil Equivalent Volumes (MMBoe)
119.7
Change in Before-Tax Net Income
(2)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
1
Change in Net Income
(1)
Change in Diluted Earnings per Share
0.00
24
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 2025 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts
116
Less: Income Tax Benefit (Provision)
(25)
After Tax - (a)
91
Less: 2Q 2025 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts
107
Less: Income Tax Benefit (Provision)
(23)
After Tax - (b)
84
Change in Net Income - (a) - (b)
7
Change in Diluted Earnings per Share
0.01
Other (1)
0.21
3Q 2025 Net Income per Share (GAAP) - Diluted
2.70
3Q 2025 Average Number of Common Shares - Diluted
544
(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions (for GAAP earnings per share only), other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares.
25
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 2025 Adjusted Net Income per Share (Non-GAAP) - Diluted
2.32
Realized Prices
3Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe
38.05
Less: 2Q 2025 Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe
(39.80)
Subtotal
(1.75)
Multiplied by: 3Q 2025 Crude Oil Equivalent Volumes (MMBoe)
119.7
Total Change in Revenue
(209)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
46
Change in Net Income
(163)
Change in Diluted Earnings per Share
(0.30)
Volumes
3Q 2025 Crude Oil Equivalent Volumes (MMBoe)
119.7
Less: 2Q 2025 Crude Oil Equivalent Volumes (MMBoe)
(103.2)
Subtotal
16.5
Multiplied by: 3Q 2025 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)
13.99
Change in Margin
231
Less: Income Tax Benefit (Provision) Imputed (based on 22%)
(51)
Change in Net Income
180
Change in Diluted Earnings per Share
0.33
Certain Operating Costs per Boe
2Q 2025 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe
20.14
Less: 3Q 2025 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe
(19.70)
Subtotal
0.44
Multiplied by: 3Q 2025 Crude Oil Equivalent Volumes (MMBoe)
119.7
Change in Before-Tax Net Income
53
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
(12)
Change in Net Income
41
Change in Diluted Earnings per Share
0.08
26
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 2025 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
27
Less: Income Tax Benefit (Provision)
(5)
After Tax - (a)
22
Less: 2Q 2025 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
(24)
Less: Income Tax Benefit (Provision)
5
After Tax - (b)
(19)
Change in Net Income - (a) - (b)
41
Change in Diluted Earnings per Share
0.08
Other (1)
0.20
3Q 2025 Adjusted Net Income per Share (Non-GAAP)
2.71
3Q 2025 Average Number of Common Shares - Diluted
544
(1)Includes gathering, processing and marketing revenue, other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares.
27
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 Adjusted Cash Flow from Operations (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 (or Investing and Financing Activities, as applicable) and certain other adjustments to exclude certain non-recurring items and other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Adjusted Cash Flow from Operations (Non-GAAP) (see below reconciliation) for such period less the Total Capital Expenditures (Non-GAAP) (see below reconciliation) during such period, as is illustrated below.
EOG management uses this information for comparative purposes within the industry. As indicated in the tables below, EOG is (1) in addition to its customary working capital-related adjustments, adjusting Net Cash Provided by Operating Activities (GAAP) to add back certain non-recurring acquisition-related costs incurred during the second and third quarters of 2025 and (2) now presenting such adjusted measure as “Adjusted Cash Flow from Operations (Non-GAAP)” (instead of “Cash Flow from Operations Before Changes in Working Capital (Non-GAAP)” as reported in prior periods); the presentation below with respect to the second and third quarters of 2025 and the prior periods shown has been conformed.
2024
2025
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)
2,903
2,889
3,588
2,763
12,143
2,289
2,032
3,111
7,432
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
(58)
(33)
(109)
99
(101)
(48)
(122)
(133)
(303)
Inventories
(117)
(75)
(30)
(37)
(259)
(76)
45
(4)
(35)
Accounts Payable
58
(29)
159
(152)
36
129
107
(5)
231
Accrued Taxes Payable
(319)
185
(256)
(151)
(541)
339
321
(28)
632
Other Assets
161
(42)
(197)
34
(44)
43
43
28
114
Other Liabilities
71
20
(108)
(6)
(23)
96
52
(155)
(7)
Changes in Components of Working Capital Associated with Investing Activities
229
127
(59)
85
382
41
8
159
208
Add:
Acquisition-Related Costs (1), Net of Tax
—
—
—
—
—
—
10
58
68
Adjusted Cash Flow from Operations (Non-GAAP)
2,928
3,042
2,988
2,635
11,593
2,813
2,496
3,031
8,340
Less:
Total Capital Expenditures (Non-GAAP) (2)
(1,703)
(1,668)
(1,497)
(1,358)
(6,226)
(1,484)
(1,523)
(1,648)
(4,655)
Free Cash Flow (Non-GAAP)
1,225
1,374
1,491
1,277
5,367
1,329
973
1,383
3,685
(1) Consists of Encino acquisition-related G&A costs of $12 million and $68 million (each before tax) for the three months ended June 30, 2025 and three months ended September 30, 2025, respectively.
(2) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
2024
2025
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Total Expenditures (GAAP)
1,952
1,682
1,573
1,446
6,653
1,546
1,883
8,544
11,973
Less:
Asset Retirement Costs
(21)
60
(11)
(26)
2
(13)
(14)
(86)
(113)
Non-Cash Leasehold Acquisition Costs (3)
(31)
(34)
(17)
(3)
(85)
(9)
(2)
(3)
(14)
Acquisition Costs of Properties (3)
(21)
(5)
—
(7)
(33)
1
(270)
(6,736)
(7,005)
Acquisition Costs of Other Property, Plant and Equipment
(131)
(1)
(5)
—
(137)
—
—
—
—
Exploration Costs
(45)
(34)
(43)
(52)
(174)
(41)
(74)
(71)
(186)
Total Capital Expenditures (Non-GAAP)
1,703
1,668
1,497
1,358
6,226
1,484
1,523
1,648
4,655
28
Cash Flow from Operations and Free Cash Flow
(Continued)
In millions of USD (Unaudited)
FY 2023
FY 2022
Net Cash Provided by Operating Activities (GAAP)
11,340
11,093
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
38
347
Inventories
231
534
Accounts Payable
119
(90)
Accrued Taxes Payable
(61)
113
Other Assets
(39)
364
Other Liabilities
(184)
266
Changes in Components of Working Capital Associated with Investing Activities
(295)
(375)
Adjusted Cash Flow from Operations (Non-GAAP)
11,149
12,252
Less:
Total Capital Expenditures (Non-GAAP) (a)
(6,041)
(4,607)
Free Cash Flow (Non-GAAP)
5,108
7,645
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
Total Expenditures (GAAP)
6,818
5,610
Less:
Asset Retirement Costs
(257)
(298)
Non-Cash Development Drilling
(90)
—
Non-Cash Leasehold Acquisition Costs (3)
(99)
(127)
Acquisition Costs of Properties (3)
(16)
(419)
Acquisition Costs of Other Property, Plant and Equipment
(134)
—
Exploration Costs
(181)
(159)
Total Capital Expenditures (Non-GAAP)
6,041
4,607
(3)Line item descriptions revised (from descriptions shown in EOG's previously published tables) to more accurately describe the costs reflected therein; previously reported cost amounts not impacted by such changes in presentation.
29
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, 2025
June 30, 2025
March 31, 2025
December 31, 2024
September 30, 2024
Total Stockholders' Equity - (a)
30,285
29,238
29,516
29,351
29,574
Current and Long-Term Debt (GAAP) - (b)
7,694
4,236
4,744
4,752
3,776
Less: Cash
(3,530)
(5,216)
(6,599)
(7,092)
(6,122)
Net Debt (Non-GAAP) - (c)
4,164
(980)
(1,855)
(2,340)
(2,346)
Total Capitalization (GAAP) - (a) + (b)
37,979
33,474
34,260
34,103
33,350
Total Capitalization (Non-GAAP) - (a) + (c)
34,449
28,258
27,661
27,011
27,228
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]
20.3
%
12.7
%
13.8
%
13.9
%
11.3
%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]
12.1
%
-3.5
%
-6.7
%
-8.7
%
-8.6
%
30
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 2025
2Q 2025
1Q 2025
4Q 2024
3Q 2024
Volume - Million Barrels of Oil Equivalent - (a)
119.7
103.2
98.1
100.8
99.0
Total Operating Revenues and Other - (b)
5,847
5,478
5,669
5,585
5,965
Total Operating Expenses - (c)
4,011
3,731
3,810
3,993
3,876
Operating Income - (d)
1,836
1,747
1,859
1,592
2,089
Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas
Crude Oil and Condensate
3,243
2,974
3,293
3,261
3,488
Natural Gas Liquids
604
534
572
554
524
Natural Gas
707
600
637
494
372
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e)
4,554
4,108
4,502
4,309
4,384
Operating Costs
Lease and Well
431
396
401
394
392
Gathering, Processing and Transportation Costs (1)
587
455
440
441
445
General and Administrative (GAAP)
239
186
171
189
167
Less: Certain Items (see Endnotes 2 & 3 to 3Q 2025 earnings release)
(68)
(12)
—
—
(10)
General and Administrative (Non-GAAP) (2)
171
174
171
189
157
Taxes Other Than Income (GAAP)
309
301
341
291
283
Add: Severance Tax Refund
—
—
—
—
31
Taxes Other Than Income (Non-GAAP) (3)
309
301
341
291
314
Interest Expense, Net
71
51
47
38
31
Less: Acquisition-Related Financing Commitment Costs
—
(6)
—
—
—
Interest Expense, Net (Non-GAAP) (4)
71
45
47
38
31
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)
1,637
1,389
1,400
1,353
1,318
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)
1,569
1,371
1,400
1,353
1,339
Depreciation, Depletion and Amortization (DD&A)
1,169
1,053
1,013
1,019
1,031
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)
2,806
2,442
2,413
2,372
2,349
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)
2,738
2,424
2,413
2,372
2,370
Exploration Costs
71
74
41
52
43
Dry Hole Costs
—
11
34
8
—
Impairments
71
39
44
276
15
Total Exploration Costs (GAAP)
142
124
119
336
58
Less: Certain Impairments (5)
—
(11)
—
(254)
—
Total Exploration Costs (Non-GAAP)
142
113
119
82
58
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)
2,948
2,566
2,532
2,708
2,407
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)
2,880
2,537
2,532
2,454
2,428
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))
1,606
1,542
1,970
1,601
1,977
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))
1,674
1,571
1,970
1,855
1,956
31
Revenues, Costs and Margins Per Barrel of Oil Equivalent
(Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
3Q 2025
2Q 2025
1Q 2025
4Q 2024
3Q 2024
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)
48.85
53.08
57.79
55.41
60.25
Composite Average Operating Expenses per Boe - (c) / (a)
33.51
36.15
38.84
39.62
39.15
Composite Average Operating Income per Boe - (d) / (a)
15.34
16.93
18.95
15.79
21.10
Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe - (e) / (a)
38.05
39.80
45.88
42.74
44.31
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)
13.67
13.46
14.26
13.42
13.32
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]
24.38
26.34
31.62
29.32
30.99
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)
23.44
23.66
24.58
23.53
23.74
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]
14.61
16.14
21.30
19.21
20.57
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)
24.63
24.86
25.79
26.86
24.33
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]
13.42
14.94
20.09
15.88
19.98
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)
13.10
13.30
14.26
13.42
13.53
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]
24.95
26.50
31.62
29.32
30.78
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)
22.87
23.50
24.58
23.53
23.95
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]
15.18
16.30
21.30
19.21
20.36
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)
24.06
24.59
25.79
24.34
24.54
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]
13.99
15.21
20.09
18.40
19.77
32
Revenues, Costs and Margins Per Barrel of Oil Equivalent
(Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
2024
2023
2022
Volume - Million Barrels of Oil Equivalent - (a)
388.7
359.4
331.5
Total Operating Revenues and Other - (b)
23,698
24,186
25,702
Total Operating Expenses - (c)
15,616
14,583
15,736
Operating Income (Loss) - (d)
8,082
9,603
9,966
Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas
Crude Oil and Condensate
13,921
13,748
16,367
Natural Gas Liquids
2,106
1,884
2,648
Natural Gas
1,551
1,744
3,781
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas - (e)
17,578
17,376
22,796
Operating Costs
Lease and Well
1,572
1,454
1,331
Gathering, Processing and Transportation Costs (1)
1,722
1,620
1,587
General and Administrative (GAAP)
669
640
570
Less: Severance Tax Consulting Fees
(10)
—
(16)
General and Administrative (Non-GAAP) (2)
659
640
554
Taxes Other Than Income (GAAP)
1,249
1,284
1,585
Add: Severance Tax Refund
31
—
115
Taxes Other Than Income (Non-GAAP) (3)
1,280
1,284
1,700
Interest Expense, Net
138
148
179
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)
5,350
5,146
5,252
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)
5,371
5,146
5,351
Depreciation, Depletion and Amortization (DD&A)
4,108
3,492
3,542
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)
9,458
8,638
8,794
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)
9,479
8,638
8,893
Exploration Costs
174
181
159
Dry Hole Costs
14
1
45
Impairments
391
202
382
Total Exploration Costs (GAAP)
579
384
586
Less: Certain Impairments (5)
(291)
(42)
(113)
Total Exploration Costs (Non-GAAP)
288
342
473
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)
10,037
9,022
9,380
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)
9,767
8,980
9,366
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))
7,541
8,354
13,416
Total Revenues from Sales of Crude Oil and Condensate, NGLs, and Natural Gas less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))
7,811
8,396
13,430
33
Revenues, Costs and Margins Per Barrel of Oil Equivalent
(Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
2024
2023
2022
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)
60.97
67.30
77.53
Composite Average Operating Expenses per Boe - (c) / (a)
40.18
40.58
47.47
Composite Average Operating Income (Loss) per Boe - (d) / (a)
20.79
26.72
30.06
Composite Average Revenue from Sales of Crude Oil and Condensate, NGLs, and Natural Gas per Boe - (e) / (a)
45.22
48.34
68.77
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)
13.76
14.31
15.84
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]
31.46
34.03
52.93
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)
24.33
24.03
26.53
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]
20.89
24.31
42.24
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)
25.82
25.10
28.30
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]
19.40
23.24
40.47
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)
13.82
14.31
16.14
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]
31.40
34.03
52.63
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)
24.39
24.03
26.83
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]
20.83
24.31
41.94
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)
25.13
24.98
28.26
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]
20.09
23.36
40.51
(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)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.
(3)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.
(4)EOG believes excluding the above-referenced items from Interest Expense, Net is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(5)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).
34
Additional Key Financial Information
(Unaudited)
See “Endnotes” below for related discussion and definitions.
2024 Actual
2023 Actual
2022 Actual
Crude Oil and Condensate Volumes (MBod)
United States
490.6
475.2
460.7
Trinidad
0.8
0.6
0.6
Total
491.4
475.8
461.3
Natural Gas Liquids Volumes (MBbld)
Total
245.9
223.8
197.7
Natural Gas Volumes (MMcfd)
United States
1,728
1,551
1,315
Trinidad
220
160
180
Total
1,948
1,711
1,495
Crude Oil Equivalent Volumes (MBoed)
United States
1,024.5
957.5
877.5
Trinidad
37.6
27.3
30.7
Total
1,062.1
984.8
908.2
Benchmark Price
Oil (WTI) ($/Bbl)
75.72
77.61
94.23
Natural Gas (HH) ($/Mcf)
2.27
2.74
6.64
Crude Oil and Condensate - above (below) WTI1 ($/Bbl)
United States
1.70
1.57
2.99
Trinidad
(11.29)
(9.03)
(8.07)
Natural Gas Liquids - Realizations as % of WTI
Total
30.9
%
29.7
%
39.0
%
Natural Gas - above (below) NYMEX Henry Hub2 ($/Mcf)
United States
(0.28)
(0.04)
0.63
Natural Gas Realizations3 ($/Mcf)
Trinidad
3.65
3.65
4.43
Total Expenditures (GAAP) ($MM)
6,653
6,818
5,610
Capital Expenditures4 (non-GAAP) ($MM)
6,226
6,041
4,607
Operating Unit Costs ($/Boe)
Lease and Well
4.04
4.05
4.02
Gathering, Processing and Transportation Costs5
4.43
4.50
4.78
General and Administrative (GAAP)
1.72
1.78
1.72
General and Administrative (non-GAAP)6
1.70
1.78
1.67
Cash Operating Costs (GAAP)
10.19
10.33
10.52
Cash Operating Costs (non-GAAP)6
10.17
10.33
10.47
Depreciation, Depletion and Amortization
10.57
9.72
10.69
Expenses ($MM)
Exploration and Dry Hole
188
182
204
Impairment (GAAP)
391
202
382
Impairment (excluding certain impairments (non-GAAP))7
100
160
269
Capitalized Interest
45
33
36
Net Interest
138
148
179
TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas)
(GAAP)
7.1
%
7.4
%
7.0
%
(non-GAAP)6
7.3
%
7.4
%
7.5
%
Income Taxes
Effective Rate
22.1
%
21.6
%
21.7
%
Current Tax Expense ($MM)
1,348
1,415
2,208
35
Additional Key Information
(Continued)
Endnotes
1)EOG bases United States and Trinidad crude oil and condensate price differentials upon the West Texas Intermediate crude oil price at Cushing, Oklahoma, using the simple average of the NYMEX settlement prices for each trading day within the applicable calendar month.
2)EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the NYMEX Last Day Settle price for each of the applicable months.
3)The full-year 2022 realized natural gas price for Trinidad includes a one-time pricing adjustment of $0.76/Mcf for prior-period production following a contract amendment with the National Gas Company of Trinidad and Tobago Limited.
4)Capital Expenditures includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. Capital Expenditures excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses.
5)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.
6)Cash Operating Costs consist of LOE, GP&T and G&A. TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) (non-GAAP) and G&A (non-GAAP) for fiscal year 2024 and fiscal year 2022 exclude a state severance tax refund and related consulting fees, respectively, as reflected in the accompanying reconciliation schedules (see “Revenues, Costs and Margins Per Barrel of Oil Equivalent”). The per-Boe impact of such consulting fees on G&A and total Cash Operating Costs for fiscal year 2024 and fiscal year 2022 was $(0.02) and $(0.05), respectively.
7)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 impairment 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).
36
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 | 2 | — | — |
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