HOUSTON, May 7, 2020 /PRNewswire/ --
- Reduced Full-Year 2020 Capital Plan by an Additional
$1.0 Billion to $3.3 to $3.7
Billion, Representing a Total Reduction of 46% Compared with
Original Plan
- Target 2020 Well Cost Savings of 8%
- Declared Unchanged Common Stock Dividend of $0.375 per Share, or $1.50 Indicated Annual Rate
- First Quarter Crude Oil Production Within Target Range with
Capital Expenditures 14% Below Target Midpoint
EOG Resources, Inc. (EOG) today reported first
quarter 2020 net income of $10
million, or $0.02 per
share, compared with first quarter 2019 net income
of $635 million, or $1.10 per share.
Adjusted non-GAAP net income for the first
quarter 2020 was $318 million, or $0.55 per share, compared with adjusted
non-GAAP net income of $689 million, or $1.19 per share, for the same prior year
period. Please refer to the attached tables for the reconciliation
of non-GAAP measures to GAAP measures.
First Quarter 2020 Review
EOG continued to deliver strong operational and financial
performance in the first quarter 2020 while
responding to rapidly changing market conditions. The company moved
quickly to reduce activity and capital expenditures. EOG also
elected to defer production by delaying the startup of new wells
and shutting in production from existing wells.
Crude oil production volumes in the first quarter 2020 were in
line with the target range while capital expenditures were 14
percent below the target midpoint. Total company crude
oil volumes of 483,300 barrels of oil per day (Bopd)
grew 11 percent compared with the first quarter 2019,
despite electing to delay the startup of some new wells in the
quarter and the shut-in of approximately 8,000 Bopd in
March. Natural gas liquids production increased 35 percent,
supported by the increased recovery of ethane in natural gas
processing operations. Natural gas volumes grew five percent,
contributing to total company daily production growth of 13
percent.
Cash operating expenses declined by eight percent on a per-unit
basis during the first quarter 2020 compared with
the same prior year period. Lower per-unit lease and well
and general and administrative costs contributed to
the overall cost reduction.
Net cash provided by operating activities for the first
quarter 2020 was $2.6 billion. EOG generated
$1.7 billion of discretionary
cash flow in the first quarter 2020. The company incurred total
expenditures of $1.8 billion,
including $1.7 billion of capital
expenditures before acquisitions, non‐cash transactions and asset
retirement costs. Please refer to the attached tables for the
reconciliation of non-GAAP measures to GAAP measures.
"EOG is a resilient company. During the first quarter the
company adjusted operations quickly to manage extreme commodity
price volatility and the challenges from the COVID-19 pandemic,"
said William R. "Bill" Thomas, Chairman and Chief Executive
Officer. "These unprecedented market conditions have
super-charged our unique culture to vigorously lower costs and
generate innovative productivity gains that will make EOG a much
better company as we emerge from this downturn. Our years of
continuous improvement, disciplined high-return investments, free
cash flow generation and focus on strengthening our balance sheet
have positioned the company for sustainable success through
commodity price cycles."
Updated 2020 Capital Plan
EOG has further revised its full-year 2020 plan as a result of
the significant decline and increased volatility of commodity
prices. The goals of the plan are to generate high rates of return
on capital investments, maintain EOG's strong financial position
and support the dividend. The revised plan retains funding for
projects that support the long-term value of the company, including
targeted infrastructure, exploration and environmental
projects.
Exploration and development expenditures for 2020 are now
expected to range from $3.3 billion
to $3.7 billion, including facilities
and gathering, processing and other expenditures, and excluding
acquisitions, non‐cash transactions and asset retirement costs.
This represents a reduction of $1.0
billion from the previous updated plan that was announced on
March 16 and a reduction of
$3.0 billion, or 46 percent, from the
original plan at the start of the year.
EOG has moved quickly to reduce its operating activity. The
company lowered its operated rig count from 36 rigs
to eight rigs during the last six weeks, with an average
of approximately six rigs expected for the remainder of 2020. EOG
has identified over 4,500 net drilling locations - more than nine
years of inventory at the 2020 activity pace - that are capable of
generating strong rates of return at less than $30 WTI oil. The company plans to focus its 2020
activity on these high-return wells.
Driven by its innovative culture and decentralized organization,
EOG is accelerating cost reductions and sustainable efficiency
improvements across its operations. Targeted well costs are
forecast to decline an average of eight percent compared with 2019
levels, including reductions of nine percent and seven percent,
respectively, in EOG's premier Delaware Basin and South Texas Eagle Ford
operations.
EOG's revised capital plan targets full-year 2020 crude oil
production of approximately 390,000 Bopd, representing a decline of
15 percent compared with full-year 2019 levels. EOG currently plans
to bring approximately 485 net wells onto production for the
full-year 2020 compared with the original forecast of 800 net
wells, with a focus on the Delaware Basin and South Texas Eagle Ford.
In order to generate higher rates of return, the company has
elected to defer some of its production until oil prices recover.
This includes delaying the startup of approximately 150 net new
wells until the second half of 2020 and the shut-in of existing
production. The net production volume associated with the shut-in
of existing wells was approximately 8,000 Bopd in March, 24,000
Bopd in April and is estimated to be 125,000 Bopd in May and
100,000 Bopd in June, with an average of 40,000 Bopd for the
full-year 2020.
"Our guiding principles in this environment remain consistent
with EOG's long-term strategy: to make returns-based decisions and
spend within our means to protect our strong balance sheet. This is
intended to preserve EOG's business value and position the company
to thrive in an upturn," Thomas said.
"Over the last several years as we implemented our premium
strategy, EOG significantly lowered its cost structure and
strengthened its financial position, giving us a distinct advantage
in the current environment. Our operational flexibility, favorable
hedges and strong liquidity leave us well-positioned to respond to
volatile market conditions. Since the end of the first quarter, we
have further bolstered our liquidity by adjusting our hedge
position and issuing new long-term debt to refinance bond
maturities. Because we have acted decisively, we will be able to
utilize these advantages as we navigate the downturn."
"During these challenging times, our first priority is the
health and safety of our employees and their families, our
contractors and our communities. We are also committed to
sustaining our unique culture, EOG's most important asset. I am
incredibly proud of our exceptional people, who have quickly
adjusted to the new environment. Our employees are the foundation
of the EOG culture. Thanks to their hard work and dedication, EOG
is well-positioned to emerge even stronger in the recovery."
Dividend
The board of directors declared a dividend of $0.375 per share on EOG's Common Stock. The
dividend will be payable July 31,
2020, to stockholders of record as of July 17, 2020. The indicated annual rate is
$1.50 per share.
Financial Review
At March 31, 2020, EOG's total debt outstanding
was $5.2 billion for a
debt-to-total capitalization ratio
of 20 percent. Considering $2.9 billion of cash on the balance sheet at the
end of the first quarter, EOG's net debt was $2.3 billion for a net debt-to-total
capitalization ratio of 10 percent. EOG's liquidity is further
enhanced by $2.0 billion of
availability under its senior unsecured revolving credit agreement
as of March 31, 2020. For a
reconciliation of non-GAAP measures to GAAP measures, please refer
to the attached tables.
Subsequent to the end of the first quarter, on April 1, 2020, EOG repaid, with cash on hand, the
$500 million aggregate principal
amount of its 2.45% Senior Notes due 2020 that matured on that
date. In addition, on April 14, 2020,
EOG closed its sale of $750 million
aggregate principal amount of its 4.375% Senior Notes due 2030 and
$750 million aggregate principal
amount of its 4.950% Senior Notes due 2050. EOG received aggregate
net proceeds from the sale, after deducting underwriting discounts
and estimated offering expenses, of approximately $1.48 billion.
First Quarter 2020 Results Webcast
Friday, May 8, 2020, 9:00
a.m. Central time (10:00 a.m. Eastern
time)
Webcast will be available on EOG's website for one year.
http://investors.eogresources.com/Investors
About EOG
EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and
natural gas exploration and production companies in the United States with proved reserves in
the United States, Trinidad, and China. To learn more visit
www.eogresources.com.
Investor Contacts
David
Streit 713-571-4902
Neel Panchal 713-571-4884
Media and Investor Contact
Kimberly Ehmer 713-571-4676
Source: EOG Resources, Inc.
Category: Earnings
This press release may include forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical
facts, including, among others, statements and projections
regarding EOG's future financial position, operations, performance,
business strategy, returns, budgets, reserves, levels of
production, capital expenditures, costs and asset sales, statements
regarding future commodity prices and statements regarding the
plans and objectives of EOG's management for future operations, are
forward-looking statements. EOG typically uses words such as
"expect," "anticipate," "estimate," "project," "strategy,"
"intend," "plan," "target," "aims," "goal," "may," "will," "should"
and "believe" or the negative of those terms or other variations or
comparable terminology to identify its forward-looking
statements. In particular, statements, express or implied,
concerning EOG's future operating results and returns or EOG's
ability to replace or increase reserves, increase production,
generate returns, replace or increase drilling locations, reduce or
otherwise control operating costs and capital expenditures,
generate cash flows, pay down or refinance indebtedness or pay
and/or increase dividends are forward-looking statements.
Forward-looking statements are not guarantees of performance.
Although EOG believes the expectations reflected in its
forward-looking statements are reasonable and are based on
reasonable assumptions, no assurance can be given that these
assumptions are accurate or that any of these expectations will be
achieved (in full or at all) or will prove to have been
correct. Moreover, EOG's forward-looking statements may be
affected by known, unknown or currently unforeseen risks, events or
circumstances that may be outside EOG's control. Furthermore,
this press release and any accompanying disclosures may include or
reference certain forward-looking, non-GAAP financial measures,
such as free cash flow or discretionary cash flow, and certain
related estimates regarding future performance, results and
financial position. Because we provide these measures on a
forward-looking basis, we cannot reliably or reasonably predict
certain of the necessary components of the most directly comparable
forward-looking GAAP measures, such as future impairments and
future changes in working capital. Accordingly, we are unable to
present a quantitative reconciliation of such forward-looking,
non-GAAP financial measures to the respective most directly
comparable forward-looking GAAP financial measures. Management
believes these forward-looking, non-GAAP measures may be a useful
tool for the investment community in comparing EOG's forecasted
financial performance to the forecasted financial performance of
other companies in the industry. Any such forward-looking
measures and estimates are intended to be illustrative only and are
not intended to reflect the results that EOG will necessarily
achieve for the period(s) presented; EOG's actual results may
differ materially from such measures and estimates. Important
factors that could cause EOG's actual results to differ materially
from the expectations reflected in EOG's forward-looking statements
include, among others:
- the timing, extent and duration of changes in prices for,
supplies of, and demand for, crude oil and condensate, natural gas
liquids, natural gas and related commodities;
- the extent to which EOG is successful in its efforts to
acquire or discover additional reserves;
- the extent to which EOG is successful in its efforts to (i)
economically develop its acreage in, (ii) produce reserves and
achieve anticipated production levels and rates of return from,
(iii) decrease or otherwise control its drilling, completion,
operating and capital costs related to, and (iv) maximize reserve
recovery from, its existing and future crude oil and natural gas
exploration and development projects and associated potential and
existing drilling locations;
- the extent to which EOG is successful in its efforts to market
its crude oil and condensate, natural gas liquids, natural gas and
related commodity production;
- security threats, including cybersecurity threats and
disruptions to our business and operations from breaches of our
information technology systems, physical breaches of our facilities
and other infrastructure or breaches of the information technology
systems, facilities and infrastructure of third parties with which
we transact business;
- the availability, proximity and capacity of, and costs
associated with, appropriate gathering, processing, compression,
storage, transportation and refining facilities;
- the availability, cost, terms and timing of issuance or
execution of, and competition for, mineral licenses and leases and
governmental and other permits and rights-of-way, and EOG's ability
to retain mineral licenses and leases;
- the impact of, and changes in, government policies, laws and
regulations, including tax laws and regulations; climate change and
other environmental, health and safety laws and regulations
relating to air emissions, disposal of produced water, drilling
fluids and other wastes, hydraulic fracturing and access to and use
of water; laws and regulations imposing conditions or restrictions
on drilling and completion operations and on the transportation of
crude oil and natural gas; laws and regulations with respect to
derivatives and hedging activities; and laws and regulations with
respect to the import and export of crude oil, natural gas and
related commodities;
- EOG's ability to effectively integrate acquired crude oil and
natural gas properties into its operations, fully identify existing
and potential problems with respect to such properties and
accurately estimate reserves, production and drilling, completing
and operating costs with respect to such properties;
- the extent to which EOG's third-party-operated crude oil and
natural gas properties are operated successfully and
economically;
- competition in the oil and gas exploration and production
industry for the acquisition of licenses, leases and properties,
employees and other personnel, facilities, equipment, materials and
services;
- the availability and cost of employees and other personnel,
facilities, equipment, materials (such as water and tubulars) and
services;
- the accuracy of reserve estimates, which by their nature
involve the exercise of professional judgment and may therefore be
imprecise;
- weather, including its impact on crude oil and natural gas
demand, and weather-related delays in drilling and in the
installation and operation (by EOG or third parties) of production,
gathering, processing, refining, compression, storage and
transportation facilities;
- the ability of EOG's customers and other contractual
counterparties to satisfy their obligations to EOG and, related
thereto, to access the credit and capital markets to obtain
financing needed to satisfy their obligations to EOG;
- EOG's ability to access the commercial paper market and other
credit and capital markets to obtain financing on terms it deems
acceptable, if at all, and to otherwise satisfy its capital
expenditure requirements;
- the extent to which EOG is successful in its completion of
planned asset dispositions;
- the extent and effect of any hedging activities engaged in by
EOG;
- the timing and extent of changes in foreign currency exchange
rates, interest rates, inflation rates, global and domestic
financial market conditions and global and domestic general
economic conditions;
- the duration and economic and financial impact of epidemics,
pandemics or other public health issues, including the COVID-19
pandemic;
- geopolitical factors and political conditions and developments
around the world (such as the imposition of tariffs or trade or
other economic sanctions, political instability and armed
conflict), including in the areas in which EOG operates;
- the use of competing energy sources and the development of
alternative energy sources;
- the extent to which EOG incurs uninsured losses and
liabilities or losses and liabilities in excess of its insurance
coverage;
- acts of war and terrorism and responses to these acts;
and
- the other factors described under ITEM 1A, Risk Factors, on
pages 13 through 23 of EOG's Annual Report on Form 10-K for the
fiscal year ended December 31, 2019
and any updates to those factors set forth in EOG's subsequent
Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
In light of these risks, uncertainties and assumptions, the
events anticipated by EOG's forward-looking statements may not
occur, and, if any of such events do, we may not have anticipated
the timing of their occurrence or the duration or extent of their
impact on our actual results. Accordingly, you should not
place any undue reliance on any of EOG's forward-looking
statements. EOG's forward-looking statements speak only as of the
date made, and EOG undertakes no obligation, other than as required
by applicable law, to update or revise its forward-looking
statements, whether as a result of new information, subsequent
events, anticipated or unanticipated circumstances or
otherwise.
The United States Securities and Exchange Commission (SEC)
permits oil and gas companies, in their filings with the SEC, to
disclose not only "proved" reserves (i.e., quantities of oil and
gas that are estimated to be recoverable with a high degree of
confidence), but also "probable" reserves (i.e., quantities of oil
and gas that are as likely as not to be recovered) as well as
"possible" reserves (i.e., additional quantities of oil and gas
that might be recovered, but with a lower probability than probable
reserves). Statements of reserves are only estimates and may
not correspond to the ultimate quantities of oil and gas recovered.
Any reserve or resource estimates provided in this press release
that are not specifically designated as being estimates of proved
reserves may include "potential" reserves, "resource potential"
and/or other estimated reserves or estimated resources not
necessarily calculated in accordance with, or contemplated by, the
SEC's latest reserve reporting guidelines. Investors are
urged to consider closely the disclosure in EOG's Annual Report on
Form 10-K for the fiscal year ended December
31, 2019, available from EOG at P.O. Box 4362, Houston, Texas 77210-4362 (Attn: Investor
Relations). You can also obtain this report from the SEC by calling
1-800-SEC-0330 or from the SEC's website at www.sec.gov. In
addition, reconciliation and calculation schedules for non-GAAP
financial measures can be found on the EOG website at
www.eogresources.com.
EOG RESOURCES,
INC.
|
Financial
Report
|
(Unaudited; in
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
Operating Revenues
and Other
|
|
$
|
4,717.7
|
|
$
|
4,058.6
|
|
Net
Income
|
|
$
|
9.8
|
|
$
|
635.4
|
|
Net Income Per
Share
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.02
|
|
$
|
1.10
|
|
Diluted
|
|
$
|
0.02
|
|
$
|
1.10
|
|
Average Number of
Common Shares
|
|
|
|
|
|
|
|
Basic
|
|
|
578.5
|
|
|
577.2
|
|
Diluted
|
|
|
580.3
|
|
|
580.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary Income
Statements
|
(Unaudited; in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2020
|
|
2019
|
|
Operating Revenues
and Other
|
|
|
|
|
|
Crude Oil
and Condensate
|
|
$
|
2,065,498
|
|
$
|
2,200,403
|
|
Natural
Gas Liquids
|
|
|
160,535
|
|
|
218,638
|
|
Natural
Gas
|
|
|
209,764
|
|
|
334,972
|
|
Gains
(Losses) on Mark-to-Market Commodity
Derivative Contracts
|
|
|
1,205,773
|
|
|
(20,580)
|
|
Gathering,
Processing and Marketing
|
|
|
1,038,646
|
|
|
1,285,654
|
|
Gains
(Losses) on Asset Dispositions, Net
|
|
|
16,460
|
|
|
(3,836)
|
|
Other,
Net
|
|
|
21,016
|
|
|
43,391
|
|
Total
|
|
|
4,717,692
|
|
|
4,058,642
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
Lease and
Well
|
|
|
329,659
|
|
|
336,291
|
|
Transportation Costs
|
|
|
208,296
|
|
|
176,522
|
|
Gathering
and Processing Costs
|
|
|
128,482
|
|
|
111,295
|
|
Exploration Costs
|
|
|
39,677
|
|
|
36,324
|
|
Dry Hole
Costs
|
|
|
372
|
|
|
94
|
|
Impairments
|
|
|
1,572,935
|
|
|
72,356
|
|
Marketing
Costs
|
|
|
1,108,993
|
|
|
1,270,057
|
|
Depreciation, Depletion and Amortization
|
|
|
1,000,060
|
|
|
879,595
|
|
General
and Administrative
|
|
|
114,273
|
|
|
106,672
|
|
Taxes
Other Than Income
|
|
|
157,360
|
|
|
192,906
|
|
Total
|
|
|
4,660,107
|
|
|
3,182,112
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
57,585
|
|
|
876,530
|
|
|
|
|
|
|
|
|
|
Other Income,
Net
|
|
|
18,108
|
|
|
5,612
|
|
|
|
|
|
|
|
|
|
Income Before
Interest Expense and Income Taxes
|
|
|
75,693
|
|
|
882,142
|
|
|
|
|
|
|
|
|
|
Interest Expense,
Net
|
|
|
44,690
|
|
|
54,906
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes
|
|
|
31,003
|
|
|
827,236
|
|
|
|
|
|
|
|
|
|
Income Tax
Provision
|
|
|
21,190
|
|
|
191,810
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
|
9,813
|
|
$
|
635,426
|
|
|
|
|
|
|
|
|
|
Dividends Declared
per Common Share
|
|
$
|
0.3750
|
|
$
|
0.2200
|
|
EOG RESOURCES,
INC.
|
Operating
Highlights
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2020
|
|
2019
|
|
%
Change
|
Wellhead Volumes
and Prices
|
|
|
|
Crude Oil and
Condensate Volumes (MBbld) (A)
|
|
|
|
United
States
|
|
482.7
|
|
|
435.1
|
|
11%
|
Trinidad
|
|
0.5
|
|
|
0.7
|
|
-29%
|
Other International
(B)
|
|
0.1
|
|
|
0.1
|
|
0%
|
Total
|
|
483.3
|
|
|
435.9
|
|
11%
|
|
|
|
|
|
|
|
|
Average Crude Oil and
Condensate Prices ($/Bbl) (C)
|
|
|
|
|
|
|
|
United
States
|
$
|
46.97
|
|
$
|
56.11
|
|
-16%
|
Trinidad
|
|
34.93
|
|
|
43.68
|
|
-20%
|
Other International
(B)
|
|
57.51
|
|
|
60.13
|
|
-4%
|
Composite
|
|
46.96
|
|
|
56.09
|
|
-16%
|
|
|
|
|
|
|
|
|
Natural Gas Liquids
Volumes (MBbld) (A)
|
|
|
|
|
|
|
|
United
States
|
|
161.3
|
|
|
119.8
|
|
35%
|
Other International
(B)
|
|
-
|
|
|
-
|
|
|
Total
|
|
161.3
|
|
|
119.8
|
|
35%
|
|
|
|
|
|
|
|
|
Average Natural Gas
Liquids Prices ($/Bbl) (C)
|
|
|
|
|
|
|
|
United
States
|
$
|
10.94
|
|
$
|
20.28
|
|
-46%
|
Other International
(B)
|
|
-
|
|
|
-
|
|
|
Composite
|
|
10.94
|
|
|
20.28
|
|
-46%
|
|
|
|
|
|
|
|
|
Natural Gas Volumes
(MMcfd) (A)
|
|
|
|
|
|
|
|
United
States
|
|
1,139
|
|
|
1,003
|
|
14%
|
Trinidad
|
|
201
|
|
|
267
|
|
-25%
|
Other International
(B)
|
|
38
|
|
|
38
|
|
0%
|
Total
|
|
1,378
|
|
|
1,308
|
|
5%
|
|
|
|
|
|
|
|
|
Average Natural Gas
Prices ($/Mcf) (C)
|
|
|
|
|
|
|
|
United
States
|
$
|
1.50
|
|
$
|
2.77
|
|
-46%
|
Trinidad
|
|
2.17
|
|
|
2.91
|
|
-26%
|
Other International
(B)
|
|
4.32
|
|
|
4.37
|
|
-1%
|
Composite
|
|
1.67
|
|
|
2.85
|
|
-41%
|
|
|
|
|
|
|
|
|
Crude Oil Equivalent
Volumes (MBoed) (D)
|
|
|
|
|
|
|
|
United
States
|
|
833.8
|
|
|
722.0
|
|
15%
|
Trinidad
|
|
34.0
|
|
|
45.1
|
|
-25%
|
Other International
(B)
|
|
6.3
|
|
|
6.5
|
|
-3%
|
Total
|
|
874.1
|
|
|
773.6
|
|
13%
|
|
|
|
|
|
|
|
|
Total MMBoe
(D)
|
|
79.5
|
|
|
69.6
|
|
14%
|
|
|
|
|
|
|
|
|
(A) Thousand barrels
per day or million cubic feet per day, as applicable.
|
(B) Other
International includes EOG's China and Canada
operations.
|
(C) Dollars per
barrel or per thousand cubic feet, as applicable. Excludes
the impact of financial commodity derivative instruments (see Note
12 to the Consolidated Financial Statements in EOG's Annual Report
on Form 10-K for the year ended December 31, 2019).
|
(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.
|
EOG RESOURCES,
INC.
|
Summary Balance
Sheets
|
(Unaudited; in
thousands, except share data)
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
2020
|
|
2019
|
ASSETS
|
Current
Assets
|
|
|
|
|
|
Cash and Cash
Equivalents
|
$
|
2,906,852
|
|
$
|
2,027,972
|
Accounts Receivable,
Net
|
|
1,449,637
|
|
|
2,001,658
|
Inventories
|
|
662,398
|
|
|
767,297
|
Assets from Price Risk
Management Activities
|
|
932,928
|
|
|
1,299
|
Income Taxes
Receivable
|
|
309,328
|
|
|
151,665
|
Other
|
|
229,906
|
|
|
323,448
|
Total
|
|
6,491,049
|
|
|
5,273,339
|
|
|
|
|
|
|
Property, Plant
and Equipment
|
|
|
|
|
|
Oil and Gas Properties
(Successful Efforts Method)
|
|
64,046,355
|
|
|
62,830,415
|
Other Property, Plant and
Equipment
|
|
4,648,834
|
|
|
4,472,246
|
Total Property, Plant and Equipment
|
|
68,695,189
|
|
|
67,302,661
|
Less: Accumulated
Depreciation, Depletion and Amortization
|
|
(39,001,135)
|
|
|
(36,938,066)
|
Total Property, Plant and Equipment, Net
|
|
29,694,054
|
|
|
30,364,595
|
Deferred Income
Taxes
|
|
2,558
|
|
|
2,363
|
Other
Assets
|
|
1,446,423
|
|
|
1,484,311
|
Total
Assets
|
$
|
37,634,084
|
|
$
|
37,124,608
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
Current
Liabilities
|
|
|
|
|
|
Accounts Payable
|
$
|
2,892,320
|
|
$
|
2,429,127
|
Accrued Taxes
Payable
|
|
200,240
|
|
|
254,850
|
Dividends Payable
|
|
216,933
|
|
|
166,273
|
Liabilities from Price Risk
Management Activities
|
|
-
|
|
|
20,194
|
Current Portion of Long-Term
Debt
|
|
519,017
|
|
|
1,014,524
|
Current Portion of Operating
Lease Liabilities
|
|
322,367
|
|
|
369,365
|
Other
|
|
154,134
|
|
|
232,655
|
Total
|
|
4,305,011
|
|
|
4,486,988
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term
Debt
|
|
4,703,152
|
|
|
4,160,919
|
Other
Liabilities
|
|
2,064,175
|
|
|
1,789,884
|
Deferred Income
Taxes
|
|
5,091,071
|
|
|
5,046,101
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
Common Stock, $0.01 Par,
1,280,000,000 Shares Authorized and
582,356,329 Shares
Issued at March 31, 2020 and 582,213,016
Shares Issued at
December 31, 2019
|
|
205,824
|
|
|
205,822
|
Additional Paid in
Capital
|
|
5,852,821
|
|
|
5,817,475
|
Accumulated Other
Comprehensive Loss
|
|
(3,305)
|
|
|
(4,652)
|
Retained Earnings
|
|
15,440,142
|
|
|
15,648,604
|
Common Stock Held in
Treasury, 319,162 Shares at March 31, 2020
and 298,820 Shares at
December 31, 2019
|
|
(24,807)
|
|
|
(26,533)
|
Total Stockholders' Equity
|
|
21,470,675
|
|
|
21,640,716
|
Total Liabilities
and Stockholders' Equity
|
$
|
37,634,084
|
|
$
|
37,124,608
|
EOG RESOURCES,
INC.
|
Summary Statements
of Cash Flows
|
(Unaudited; in
thousands)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2020
|
|
2019
|
Cash Flows from
Operating Activities
|
|
|
|
|
|
Reconciliation of Net
Income to Net Cash Provided by Operating Activities:
|
|
|
|
|
|
Net Income
|
$
|
9,813
|
|
$
|
635,426
|
Items Not Requiring
(Providing) Cash
|
|
|
|
|
|
Depreciation, Depletion and Amortization
|
|
1,000,060
|
|
|
879,595
|
Impairments
|
|
1,572,935
|
|
|
72,356
|
Stock-Based Compensation Expenses
|
|
40,072
|
|
|
39,087
|
Deferred Income Taxes
|
|
44,774
|
|
|
106,324
|
(Gains) Losses on Asset Dispositions, Net
|
|
(16,460)
|
|
|
3,836
|
Other, Net
|
|
(8,815)
|
|
|
2,952
|
Dry Hole Costs
|
|
372
|
|
|
94
|
Mark-to-Market Commodity
Derivative Contracts
|
|
|
|
|
|
Total (Gains) Losses
|
|
(1,205,773)
|
|
|
20,580
|
Net Cash Received from Settlements of Commodity Derivative
Contracts
|
|
84,373
|
|
|
20,846
|
Other, Net
|
|
(355)
|
|
|
976
|
Changes in Components of
Working Capital and Other Assets and Liabilities
|
|
|
|
|
|
Accounts Receivable
|
|
722,163
|
|
|
(308,996)
|
Inventories
|
|
102,670
|
|
|
(18,979)
|
Accounts Payable
|
|
433,558
|
|
|
194,082
|
Accrued Taxes Payable
|
|
(54,605)
|
|
|
114,998
|
Other Assets
|
|
58,296
|
|
|
(6,935)
|
Other Liabilities
|
|
(66,078)
|
|
|
(54,092)
|
Changes in Components of
Working Capital Associated with Investing
Activities
|
|
(132,082)
|
|
|
(94,381)
|
Net Cash Provided
by Operating Activities
|
|
2,584,918
|
|
|
1,607,769
|
|
|
|
|
|
|
Investing Cash
Flows
|
|
|
|
|
|
Additions to Oil and Gas
Properties
|
|
(1,566,051)
|
|
|
(1,939,473)
|
Additions to Other Property,
Plant and Equipment
|
|
(122,775)
|
|
|
(60,963)
|
Proceeds from Sales of
Assets
|
|
25,801
|
|
|
15,049
|
Changes in Components of
Working Capital Associated with Investing Activities
|
|
132,082
|
|
|
94,381
|
Net Cash Used in
Investing Activities
|
|
(1,530,943)
|
|
|
(1,891,006)
|
|
|
|
|
|
|
Financing Cash
Flows
|
|
|
|
|
|
Dividends Paid
|
|
(167,058)
|
|
|
(127,546)
|
Treasury Stock
Purchased
|
|
(4,655)
|
|
|
(6,248)
|
Proceeds from Stock Options
Exercised and Employee Stock Purchase Plan
|
|
66
|
|
|
403
|
Repayment of Finance Lease
Liabilities
|
|
(3,621)
|
|
|
(3,190)
|
Net Cash Used in
Financing Activities
|
|
(175,268)
|
|
|
(136,581)
|
|
|
|
|
|
|
Effect of Exchange
Rate Changes on Cash
|
|
173
|
|
|
(6)
|
|
|
|
|
|
|
Increase
(Decrease) in Cash and Cash Equivalents
|
|
878,880
|
|
|
(419,824)
|
Cash and Cash
Equivalents at Beginning of Period
|
|
2,027,972
|
|
|
1,555,634
|
Cash and Cash
Equivalents at End of Period
|
$
|
2,906,852
|
|
$
|
1,135,810
|
EOG RESOURCES,
INC.
|
Reconciliation of
Adjusted Net Income
|
(Unaudited; in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following chart
adjusts the three-month periods ended March 31, 2020 and 2019
reported Net Income (GAAP) to reflect actual net cash received from
settlements of commodity derivative contracts by eliminating the
unrealized mark-to-market (gains) losses from these transactions,
to eliminate the net (gains) losses on asset dispositions in 2020
and 2019 and to add back impairment charges related to certain of
EOG's assets in 2020 and 2019. 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
March 31,
2020
|
|
March 31,
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
|
|
|
|
Diluted
|
|
|
|
Income
|
|
|
|
Diluted
|
|
Before
|
|
Tax
|
|
After
|
|
Earnings
|
|
Before
|
|
Tax
|
|
After
|
|
Earnings
|
|
Tax
|
|
Impact
|
|
Tax
|
|
per
Share
|
|
Tax
|
|
Impact
|
|
Tax
|
|
per
Share
|
Reported Net
Income (GAAP)
|
$
31,003
|
|
$(21,190)
|
|
$
9,813
|
|
$
0.02
|
|
$827,236
|
|
$(191,810)
|
|
$635,426
|
|
$
1.10
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) Losses on
Mark-to-Market Commodity
Derivative Contracts
|
(1,205,773)
|
|
264,643
|
|
(941,130)
|
|
(1.62)
|
|
20,580
|
|
(4,533)
|
|
16,047
|
|
0.02
|
Net Cash Received
from Settlements of
Commodity Derivative Contracts
|
84,373
|
|
(18,518)
|
|
65,855
|
|
0.11
|
|
20,846
|
|
(4,592)
|
|
16,254
|
|
0.03
|
Add: (Gains)
Losses on Asset Dispositions, Net
|
(16,460)
|
|
3,613
|
|
(12,847)
|
|
(0.02)
|
|
3,836
|
|
(736)
|
|
3,100
|
|
0.01
|
Add:
Impairments
|
1,516,316
|
|
(319,973)
|
|
1,196,343
|
|
2.06
|
|
23,745
|
|
(5,230)
|
|
18,515
|
|
0.03
|
Adjustments to Net
Income
|
378,456
|
|
(70,235)
|
|
308,221
|
|
0.53
|
|
69,007
|
|
(15,091)
|
|
53,916
|
|
0.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income (Non-GAAP)
|
$
409,459
|
|
$(91,425)
|
|
$
318,034
|
|
$
0.55
|
|
$896,243
|
|
$(206,901)
|
|
$689,342
|
|
$
1.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of
Common Shares (GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
578,462
|
|
|
|
|
|
|
|
577,207
|
Diluted
|
|
|
|
|
|
|
580,283
|
|
|
|
|
|
|
|
580,222
|
EOG RESOURCES,
INC.
|
Reconciliation of
Discretionary Cash Flow
|
(Unaudited; in
thousands)
|
|
|
|
|
|
Calculation of
Free Cash Flow
|
(Unaudited; in
thousands)
|
|
|
|
|
|
The following chart
reconciles the three-month periods ended March 31, 2020 and 2019
Net Cash Provided by Operating Activities (GAAP) to Discretionary
Cash Flow (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
Exploration Costs (excluding Stock-Based Compensation Expenses),
Other Non-Current Income Taxes - Net Receivable, Changes in
Components of Working Capital and Other Assets and Liabilities, and
Changes in Components of Working Capital Associated with Investing
Activities. EOG defines Free Cash Flow (Non-GAAP) for a given
period as Discretionary Cash Flow (Non-GAAP) (see below
reconciliation) for such period less the total cash capital
expenditures (before acquisitions) incurred (Non-GAAP) during such
period, as is illustrated below for the three months ended March
31, 2020 and 2019. EOG management uses this information for
comparative purposes within the industry.
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2020
|
|
2019
|
|
|
|
|
|
Net Cash Provided by
Operating Activities (GAAP)
|
|
$2,584,918
|
|
$1,607,769
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
Exploration Costs
(excluding Stock-Based Compensation Expenses)
|
|
32,482
|
|
29,787
|
Other Non-Current
Income Taxes - Net Receivable
|
|
112,704
|
|
102,918
|
Changes in Components
of Working Capital and Other Assets
|
|
|
|
|
and
Liabilities
|
|
|
|
|
Accounts
Receivable
|
|
(722,163)
|
|
308,996
|
Inventories
|
|
(102,670)
|
|
18,979
|
Accounts
Payable
|
|
(433,558)
|
|
(194,082)
|
Accrued Taxes
Payable
|
|
54,605
|
|
(114,998)
|
Other
Assets
|
|
(58,296)
|
|
6,935
|
Other
Liabilities
|
|
66,078
|
|
54,092
|
Changes in Components
of Working Capital Associated with
|
|
|
|
|
Investing
Activities
|
|
132,082
|
|
94,381
|
|
|
|
|
|
Discretionary Cash
Flow (Non-GAAP)
|
|
$1,666,182
|
|
$1,914,777
|
|
|
|
|
|
Discretionary Cash
Flow (Non-GAAP) - Percentage Decrease
|
|
-13%
|
|
|
|
|
|
|
|
|
|
|
|
|
Discretionary Cash
Flow (Non-GAAP)
|
|
$1,666,182
|
|
$1,914,777
|
Less:
|
|
|
|
|
Total Cash Capital
Expenditures Before Acquisitions
(Non-GAAP)(a)
|
|
(1,684,720)
|
|
(1,732,476)
|
Free Cash Flow
(Non-GAAP)(b)
|
|
$
(18,538)
|
|
$
182,301
|
|
|
|
|
|
|
|
|
|
|
(a) See below
reconciliation of Total Expenditures (GAAP) to Total Cash Capital
Expenditures Before Acquisitions (Non-GAAP) for the three-month
periods ended March 31, 2020 and 2019:
|
|
|
|
|
|
Total Expenditures
(GAAP)
|
|
$1,825,778
|
|
$2,101,919
|
Less:
|
|
|
|
|
Asset Retirement Costs
|
|
(19,608)
|
|
(5,156)
|
Non-Cash Expenditures of Other Property, Plant and
Equipment
|
|
-
|
|
-
|
Non-Cash Acquisition Costs of Unproved Properties
|
|
(24,488)
|
|
(43,481)
|
Non-Cash Finance Leases
|
|
(48,958)
|
|
-
|
Acquisition Costs of Proved Properties
|
|
(48,004)
|
|
(320,806)
|
Total Cash Capital
Expenditures Before Acquisitions (Non-GAAP)
|
|
$1,684,720
|
|
$1,732,476
|
|
|
|
|
|
(b) To better align
the presentation of free cash flow for comparative purposes within
the industry, free cash flow has been updated to exclude dividends
paid (GAAP) as a reconciling item for the three-month period ending
March 31, 2020. The comparative prior period has been revised
for this change in presentation.
|
|
|
|
|
|
|
|
|
|
|
Maintenance
Capital Expenditures
|
|
|
|
|
|
The capital
expenditures required to fund drilling and infrastructure
requirements to keep U.S. oil production in 2021 flat relative to
anticipated 4Q 2020 U.S. oil production.
|
EOG RESOURCES,
INC.
|
Reconciliation of
Discretionary Cash Flow
|
(Unaudited; in
thousands)
|
|
|
|
|
|
|
Calculation of
Free Cash Flow
|
(Unaudited; in
thousands)
|
|
|
|
|
|
|
The following chart
reconciles the twelve-month periods ended December 31, 2019, 2018
and 2017 Net Cash Provided by Operating Activities (GAAP) to
Discretionary Cash Flow (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 Exploration Costs (excluding Stock-Based
Compensation Expenses), Other Non-Current Income Taxes - Net
(Payable) Receivable, Changes in Components of Working Capital and
Other Assets and Liabilities, and Changes in Components of Working
Capital Associated with Investing and Financing Activities.
EOG defines Free Cash Flow (Non-GAAP) for a given period as
Discretionary Cash Flow (Non-GAAP) (see below reconciliation) for
such period less the total cash capital expenditures (before
acquisitions) incurred (Non-GAAP) during such period, as is
illustrated below for the twelve months ended December 31, 2019,
2018 and 2017. EOG management uses this information for
comparative purposes within the industry.
|
|
|
|
|
|
|
|
Twelve Months
Ended
|
|
December
31,
|
|
2019
|
|
2018
|
|
2017
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities (GAAP)
|
$
8,163,180
|
|
$
7,768,608
|
|
$
4,265,336
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Exploration Costs
(excluding Stock-Based Compensation Expenses)
|
113,733
|
|
123,986
|
|
122,688
|
Other Non-Current
Income Taxes - Net (Payable) Receivable
|
238,711
|
|
148,993
|
|
(513,404)
|
Changes in Components
of Working Capital and Other Assets
|
|
|
|
|
|
and
Liabilities
|
|
|
|
|
|
Accounts
Receivable
|
91,792
|
|
368,180
|
|
392,131
|
Inventories
|
(90,284)
|
|
395,408
|
|
174,548
|
Accounts
Payable
|
(168,539)
|
|
(439,347)
|
|
(324,192)
|
Accrued Taxes
Payable
|
(40,122)
|
|
92,461
|
|
63,937
|
Other
Assets
|
(358,001)
|
|
125,435
|
|
658,609
|
Other
Liabilities
|
56,619
|
|
(10,949)
|
|
89,871
|
Changes in Components
of Working Capital Associated with
|
|
|
|
|
|
Investing and
Financing Activities
|
115,061
|
|
(301,083)
|
|
(89,992)
|
|
|
|
|
|
|
Discretionary Cash
Flow (Non-GAAP)
|
$
8,122,150
|
|
$
8,271,692
|
|
$
4,839,532
|
|
|
|
|
|
|
Discretionary Cash
Flow (Non-GAAP) - Percentage Increase/Decrease
|
-2%
|
|
71%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discretionary Cash
Flow (Non-GAAP)
|
$
8,122,150
|
|
$
8,271,692
|
|
$
4,839,532
|
Less:
|
|
|
|
|
|
Total Cash Capital
Expenditures Before Acquisitions
(Non-GAAP)(a)
|
(6,234,454)
|
|
(6,172,950)
|
|
(4,228,859)
|
Free Cash Flow
(Non-GAAP)(b)
|
$
1,887,696
|
|
$
2,098,742
|
|
$
610,673
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See below
reconciliation of Total Expenditures (GAAP) to Total Cash Capital
Expenditures Before Acquisitions (Non-GAAP) for the twelve-month
periods ended December 31, 2019, 2018 and 2017:
|
|
|
|
|
|
|
Total Expenditures
(GAAP)
|
$
6,900,450
|
|
$
6,706,359
|
|
$
4,612,746
|
Less:
|
|
|
|
|
|
Asset Retirement Costs
|
(186,088)
|
|
(69,699)
|
|
(55,592)
|
Non-Cash Expenditures of Other Property, Plant and
Equipment
|
(2,266)
|
|
(49,484)
|
|
-
|
Non-Cash Acquisition Costs of Unproved Properties
|
(97,704)
|
|
(290,542)
|
|
(255,711)
|
Acquisition Costs of Proved Properties
|
(379,938)
|
|
(123,684)
|
|
(72,584)
|
Total Cash Capital
Expenditures Before Acquisitions (Non-GAAP)
|
$
6,234,454
|
|
$
6,172,950
|
|
$
4,228,859
|
|
|
|
|
|
|
(b) To better align
the presentation of free cash flow for comparative purposes within
the industry, free cash flow has been updated to exclude dividends
paid (GAAP) as a reconciling item for the twelve-month period
ending December 31, 2019. Comparative prior periods have been
revised for this change in presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG RESOURCES,
INC.
|
Reconciliation of
Discretionary Cash Flow
|
(Unaudited; in
thousands)
|
|
|
|
|
|
|
Calculation of
Free Cash Flow
|
(Unaudited; in
thousands)
|
|
|
|
|
|
|
The following chart
reconciles the twelve-month periods ended December 31, 2014, 2013
and 2012 Net Cash Provided by Operating Activities (GAAP) to
Discretionary Cash Flow (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 Exploration Costs (excluding Stock-Based
Compensation Expenses), Excess Tax Benefits from Stock-Based
Compensation, Changes in Components of Working Capital and Other
Assets and Liabilities, and Changes in Components of Working
Capital Associated with Investing and Financing Activities.
EOG defines Free Cash Flow (Non-GAAP) for a given period as
Discretionary Cash Flow (Non-GAAP) (see below reconciliation) for
such period less the total cash capital expenditures (before
acquisitions) incurred (Non-GAAP) during such period, as is
illustrated below for the twelve months ended December 31, 2014,
2013 and 2012. EOG management uses this information for
comparative purposes within the industry.
|
|
|
|
|
|
|
|
Twelve Months
Ended
|
|
December
31,
|
|
2014
|
|
2013
|
|
2012
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities (GAAP)
|
$
8,649,155
|
|
$
7,329,414
|
|
$
5,236,777
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Exploration Costs
(excluding Stock-Based Compensation Expenses)
|
157,453
|
|
134,531
|
|
159,182
|
Excess Tax Benefits
from Stock-Based Compensation
|
99,459
|
|
55,831
|
|
67,035
|
Changes in Components
of Working Capital and Other Assets
|
|
|
|
|
|
and
Liabilities
|
|
|
|
|
|
Accounts
Receivable
|
(84,982)
|
|
23,613
|
|
178,683
|
Inventories
|
161,958
|
|
(53,402)
|
|
156,762
|
Accounts
Payable
|
(543,630)
|
|
(178,701)
|
|
17,150
|
Accrued Taxes
Payable
|
(16,486)
|
|
(75,142)
|
|
(78,094)
|
Other
Assets
|
14,448
|
|
109,567
|
|
118,520
|
Other
Liabilities
|
(75,420)
|
|
20,382
|
|
(36,114)
|
Changes in Components
of Working Capital Associated with
|
|
|
|
|
|
Investing and
Financing Activities
|
103,414
|
|
51,361
|
|
(74,158)
|
|
|
|
|
|
|
Discretionary Cash
Flow (Non-GAAP)
|
$
8,465,369
|
|
$
7,417,454
|
|
$
5,745,743
|
|
|
|
|
|
|
Discretionary Cash
Flow (Non-GAAP) - Percentage Increase
|
14%
|
|
29%
|
|
|
|
|
|
|
|
|
Discretionary Cash
Flow (Non-GAAP)
|
$
8,465,369
|
|
$
7,417,454
|
|
$
5,745,743
|
Less:
|
|
|
|
|
|
Total Cash Capital
Expenditures Before Acquisitions
(Non-GAAP)(a)
|
(8,292,090)
|
|
(7,101,791)
|
|
(7,539,994)
|
Free Cash Flow
(Non-GAAP)(b)
|
$
173,279
|
|
$
315,663
|
|
$
(1,794,251)
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See below
reconciliation of Total Expenditures (GAAP) to Total Cash Capital
Expenditures Before Acquisitions (Non-GAAP) for the twelve-month
periods ended December 31, 2014, 2013 and 2012:
|
|
|
|
|
|
|
Total Expenditures
(GAAP)
|
$
8,631,906
|
|
$
7,361,457
|
|
$
7,753,828
|
Less:
|
|
|
|
|
|
Asset Retirement Costs
|
(195,630)
|
|
(134,445)
|
|
(126,987)
|
Non-Cash Expenditures of Other Property, Plant and
Equipment
|
-
|
|
-
|
|
(65,791)
|
Non-Cash Acquisition Costs of Unproved Properties
|
(5,085)
|
|
(5,007)
|
|
(20,317)
|
Acquisition Costs of Proved Properties
|
(139,101)
|
|
(120,214)
|
|
(739)
|
Total Cash Capital
Expenditures Before Acquisitions (Non-GAAP)
|
$
8,292,090
|
|
$
7,101,791
|
|
$
7,539,994
|
|
|
|
|
|
|
(b) To better align
the presentation of free cash flow for comparative purposes within
the industry, free cash flow has been updated to exclude dividends
paid (GAAP) as a reconciling item. Comparative prior periods
presented herein have been revised for this change in
presentation.
|
EOG RESOURCES,
INC.
|
Total
Expenditures
|
(Unaudited; in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
March
31,
|
|
December
31,
|
|
|
2020
|
|
2019
|
|
2019
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and
Development Drilling
|
|
$1,313
|
|
$1,402
|
|
$4,951
|
|
$4,935
|
|
$3,132
|
Facilities
|
|
179
|
|
164
|
|
629
|
|
625
|
|
575
|
Leasehold
Acquisitions
|
|
45
|
|
107
|
|
276
|
|
488
|
|
427
|
Property
Acquisitions
|
|
48
|
|
321
|
|
380
|
|
124
|
|
73
|
Capitalized
Interest
|
|
9
|
|
7
|
|
38
|
|
24
|
|
27
|
Subtotal
|
|
1,594
|
|
2,001
|
|
6,274
|
|
6,196
|
|
4,234
|
Exploration
Costs
|
|
40
|
|
36
|
|
140
|
|
149
|
|
145
|
Dry Hole
Costs
|
|
-
|
|
-
|
|
28
|
|
5
|
|
5
|
Exploration and Development
Expenditures
|
|
1,634
|
|
2,037
|
|
6,442
|
|
6,350
|
|
4,384
|
Asset Retirement
Costs
|
|
20
|
|
4
|
|
186
|
|
70
|
|
56
|
Total Exploration and
Development Expenditures
|
|
1,654
|
|
2,041
|
|
6,628
|
|
6,420
|
|
4,440
|
Other Property, Plant
and Equipment
|
|
172
|
|
61
|
|
272
|
|
286
|
|
173
|
Total
Expenditures
|
|
$1,826
|
|
$2,102
|
|
$6,900
|
|
$6,706
|
|
$4,613
|
EOG RESOURCES,
INC.
|
Reconciliation of
Adjusted EBITDAX
|
(Unaudited; in
thousands)
|
|
|
|
|
|
|
|
The following chart
adjusts the three-month periods ended March 31, 2020 and 2019
reported Net Income (GAAP) to Earnings Before Interest Expense
(Net), Income Taxes (Income Tax Provision), Depreciation, Depletion
and Amortization, Exploration Costs, Dry Hole Costs and Impairments
(EBITDAX) (Non-GAAP) and further adjusts such amount to reflect
actual net cash received from settlements of commodity derivative
contracts by eliminating the unrealized mark-to-market (MTM)
(gains) losses from these transactions and to eliminate the (gains)
losses on asset dispositions (Net). EOG believes this
presentation may be useful to investors who follow the practice of
some industry analysts who adjust reported Net Income (GAAP) to add
back Interest Expense (Net), Income Taxes (Income Tax Provision),
Depreciation, Depletion and Amortization, Exploration Costs, Dry
Hole Costs and Impairments and further adjust such amount to match
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.
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
Net Income
(GAAP)
|
$
|
9,813
|
|
$
|
635,426
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
Interest Expense,
Net
|
|
44,690
|
|
|
54,906
|
|
Income Tax
Provision
|
|
21,190
|
|
|
191,810
|
|
Depreciation, Depletion and
Amortization
|
|
1,000,060
|
|
|
879,595
|
|
Exploration Costs
|
|
39,677
|
|
|
36,324
|
|
Dry Hole Costs
|
|
372
|
|
|
94
|
|
Impairments
|
|
1,572,935
|
|
|
72,356
|
|
EBITDAX (Non-GAAP)
|
|
2,688,737
|
|
|
1,870,511
|
|
Total (Gains) Losses on MTM
Commodity Derivative Contracts
|
|
(1,205,773)
|
|
|
20,580
|
|
Net Cash Received from
Settlements of Commodity
Derivative
Contracts
|
|
84,373
|
|
|
20,846
|
|
(Gains) Losses on Asset
Dispositions, Net
|
|
(16,460)
|
|
|
3,836
|
|
|
|
|
|
|
|
|
Adjusted EBITDAX
(Non-GAAP)
|
$
|
1,550,877
|
|
$
|
1,915,773
|
|
|
|
|
|
|
|
|
Adjusted EBITDAX
(Non-GAAP) - Percentage Decrease
|
|
-19%
|
|
|
|
|
EOG RESOURCES,
INC.
|
Reconciliation of
Net Debt and Total Capitalization
|
Calculation of Net
Debt-to-Total Capitalization Ratio
|
(Unaudited; in
millions, except ratio data)
|
|
|
|
|
|
|
|
|
|
|
The following chart
reconciles 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.
|
|
|
|
|
|
|
|
|
|
|
|
At
|
|
At
|
|
At
|
|
At
|
|
At
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (a)
|
$
21,471
|
|
$
21,641
|
|
$
21,124
|
|
$ 20,630
|
|
$
19,904
|
|
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (b)
|
5,222
|
|
5,175
|
|
5,177
|
|
5,179
|
|
6,081
|
Less:
Cash
|
(2,907)
|
|
(2,028)
|
|
(1,583)
|
|
(1,160)
|
|
(1,136)
|
Net Debt (Non-GAAP) -
(c)
|
2,315
|
|
3,147
|
|
3,594
|
|
4,019
|
|
4,945
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (a) + (b)
|
$
26,693
|
|
$
26,816
|
|
$
26,301
|
|
$ 25,809
|
|
$
25,985
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(Non-GAAP) - (a) + (c)
|
$
23,786
|
|
$
24,788
|
|
$
24,718
|
|
$ 24,649
|
|
$
24,849
|
|
|
|
|
|
|
|
|
|
|
Debt-to-Total
Capitalization (GAAP) - (b) / [(a) + (b)]
|
20%
|
|
19%
|
|
20%
|
|
20%
|
|
23%
|
|
|
|
|
|
|
|
|
|
|
Net Debt-to-Total
Capitalization (Non-GAAP) - (c) / [(a) + (c)]
|
10%
|
|
13%
|
|
15%
|
|
16%
|
|
20%
|
|
|
|
|
|
|
|
|
|
|
EOG RESOURCES,
INC.
|
|
|
Reconciliation of
Net Debt and Total Capitalization
|
|
|
Calculation of Net
Debt-to-Total Capitalization Ratio
|
|
|
(Unaudited; in
millions, except ratio data)
|
|
|
|
|
|
|
|
|
|
|
|
|
The following chart
reconciles 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
|
|
At
|
|
At
|
|
At
|
|
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (a)
|
$
19,364
|
|
$
18,538
|
|
$
17,452
|
|
$ 16,841
|
|
|
|
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (b)
|
6,083
|
|
6,435
|
|
6,435
|
|
6,435
|
|
|
Less:
Cash
|
(1,556)
|
|
(1,274)
|
|
(1,008)
|
|
(816)
|
|
|
Net Debt (Non-GAAP) -
(c)
|
4,527
|
|
5,161
|
|
5,427
|
|
5,619
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (a) + (b)
|
$
25,447
|
|
$
24,973
|
|
$
23,887
|
|
$ 23,276
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(Non-GAAP) - (a) + (c)
|
$
23,891
|
|
$
23,699
|
|
$
22,879
|
|
$ 22,460
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt-to-Total
Capitalization (GAAP) - (b) / [(a) + (b)]
|
24%
|
|
26%
|
|
27%
|
|
28%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt-to-Total
Capitalization (Non-GAAP) - (c) / [(a) + (c)]
|
19%
|
|
22%
|
|
24%
|
|
25%
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG RESOURCES,
INC.
|
|
|
Reconciliation of
Net Debt and Total Capitalization
|
|
|
Calculation of Net
Debt-to-Total Capitalization Ratio
|
|
|
(Unaudited; in
millions, except ratio data)
|
|
|
|
|
|
|
|
|
|
|
|
|
The following chart
reconciles 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
|
|
At
|
|
At
|
|
At
|
|
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (a)
|
$
16,283
|
|
$
13,922
|
|
$
13,902
|
|
$ 13,928
|
|
|
|
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (b)
|
6,387
|
|
6,387
|
|
6,987
|
|
6,987
|
|
|
Less:
Cash
|
(834)
|
|
(846)
|
|
(1,649)
|
|
(1,547)
|
|
|
Net Debt (Non-GAAP) -
(c)
|
5,553
|
|
5,541
|
|
5,338
|
|
5,440
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (a) + (b)
|
$
22,670
|
|
$
20,309
|
|
$
20,889
|
|
$ 20,915
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(Non-GAAP) - (a) + (c)
|
$
21,836
|
|
$
19,463
|
|
$
19,240
|
|
$ 19,368
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt-to-Total
Capitalization (GAAP) - (b) / [(a) + (b)]
|
28%
|
|
31%
|
|
33%
|
|
33%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt-to-Total
Capitalization (Non-GAAP) - (c) / [(a) + (c)]
|
25%
|
|
28%
|
|
28%
|
|
28%
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG RESOURCES,
INC.
|
Reconciliation of
Net Debt and Total Capitalization
|
Calculation of Net
Debt-to-Total Capitalization Ratio
|
(Unaudited; in
millions, except ratio data)
|
|
|
|
|
|
|
|
|
|
|
The following chart
reconciles 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.
|
|
|
|
|
|
|
|
|
|
|
|
At
|
|
At
|
|
At
|
|
At
|
|
At
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (a)
|
$
13,982
|
|
$
11,798
|
|
$
12,057
|
|
$ 12,405
|
|
12,943
|
|
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (b)
|
6,986
|
|
6,986
|
|
6,986
|
|
6,986
|
|
6,660
|
Less:
Cash
|
(1,600)
|
|
(1,049)
|
|
(780)
|
|
(668)
|
|
(719)
|
Net Debt (Non-GAAP) -
(c)
|
5,386
|
|
5,937
|
|
6,206
|
|
6,318
|
|
5,941
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (a) + (b)
|
$
20,968
|
|
$
18,784
|
|
$
19,043
|
|
$ 19,391
|
|
19,603
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(Non-GAAP) - (a) + (c)
|
$
19,368
|
|
$
17,735
|
|
$
18,263
|
|
$ 18,723
|
|
18,884
|
|
|
|
|
|
|
|
|
|
|
Debt-to-Total
Capitalization (GAAP) - (b) / [(a) + (b)]
|
33%
|
|
37%
|
|
37%
|
|
36%
|
|
34%
|
|
|
|
|
|
|
|
|
|
|
Net Debt-to-Total
Capitalization (Non-GAAP) - (c) / [(a) + (c)]
|
28%
|
|
33%
|
|
34%
|
|
34%
|
|
31%
|
EOG RESOURCES,
INC.
|
Reconciliation of
Total Exploration and Development Expenditures
|
For Drilling Only
and Total Exploration and Development
Expenditures
|
Calculation of
Reserve Replacement Costs ($ / BOE)
|
(Unaudited; in
millions, except ratio data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following chart
reconciles Total Costs Incurred in Exploration and Development
Activities (GAAP) to Total Exploration and Development Expenditures
for Drilling Only (Non-GAAP) and Total Exploration and Development
Expenditures (Non-GAAP), as used in the calculation of Reserve
Replacement Costs per Boe. There are numerous ways that
industry participants present Reserve Replacement Costs, including
"Drilling Only" and "All-In", which reflect total exploration and
development expenditures divided by total net proved reserve
additions from extensions and discoveries only, or from all
sources. Combined with Reserve Replacement, these statistics
provide management and investors with an indication of the results
of the current year capital investment program. Reserve
Replacement Cost statistics are widely recognized and reported by
industry participants and are used by EOG management and other
third parties for comparative purposes within the industry.
Please note that the actual cost of adding reserves will vary from
the reported statistics due to timing differences in reserve
bookings and capital expenditures. Accordingly, some analysts
use three or five year averages of reported statistics, while
others prefer to estimate future costs. EOG has not included
future capital costs to develop proved undeveloped reserves in
exploration and development expenditures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
|
|
|
|
Total Costs Incurred
in Exploration and Development Activities (GAAP)
|
|
$ 6,628.2
|
|
$ 6,419.7
|
|
$ 4,439.4
|
|
$ 6,445.2
|
|
$ 4,928.3
|
|
$ 7,904.8
|
Less: Asset
Retirement Costs
|
|
(186.1)
|
|
(69.7)
|
|
(55.6)
|
|
19.9
|
|
(53.5)
|
|
(195.6)
|
Non-Cash Acquisition Costs of Unproved Properties
|
|
(97.7)
|
|
(290.5)
|
|
(255.7)
|
|
(3,101.8)
|
|
-
|
|
-
|
Acquisition Costs of Proved Properties
|
|
(379.9)
|
|
(123.7)
|
|
(72.6)
|
|
(749.0)
|
|
(480.6)
|
|
(139.1)
|
Total Exploration
and Development Expenditures for Drilling Only (Non-GAAP) -
(a)
|
|
$
5,964.5
|
|
$
5,935.8
|
|
$
4,055.5
|
|
$
2,614.3
|
|
$
4,394.2
|
|
$
7,570.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Costs Incurred
in Exploration and Development Activities (GAAP)
|
|
$ 6,628.2
|
|
$ 6,419.7
|
|
$ 4,439.4
|
|
$ 6,445.2
|
|
$ 4,928.3
|
|
$ 7,904.8
|
Less: Asset
Retirement Costs
|
|
(186.1)
|
|
(69.7)
|
|
(55.6)
|
|
19.9
|
|
(53.5)
|
|
(195.6)
|
Non-Cash Acquisition Costs of Unproved Properties
|
|
(97.7)
|
|
(290.5)
|
|
(255.7)
|
|
(3,101.8)
|
|
-
|
|
-
|
Non-Cash Acquisition Costs of Proved Properties
|
|
(52.3)
|
|
(70.9)
|
|
(26.2)
|
|
(732.3)
|
|
-
|
|
-
|
Total Exploration
and Development Expenditures (Non-GAAP) - (b)
|
|
$
6,292.1
|
|
$
5,988.6
|
|
$
4,101.9
|
|
$
2,631.0
|
|
$
4,874.8
|
|
$
7,709.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Proved Reserve
Additions From All Sources - Oil Equivalents
(MMBoe)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revisions Due to
Price - (c)
|
|
(59.7)
|
|
34.8
|
|
154.0
|
|
(100.7)
|
|
(573.8)
|
|
52.2
|
Revisions Other Than
Price
|
|
(0.3)
|
|
(39.5)
|
|
48.0
|
|
252.9
|
|
107.2
|
|
48.4
|
Purchases in
Place
|
|
16.8
|
|
11.6
|
|
2.3
|
|
42.3
|
|
56.2
|
|
14.4
|
Extensions,
Discoveries and Other Additions - (d)
|
|
750.0
|
|
669.7
|
|
420.8
|
|
209.0
|
|
245.9
|
|
519.2
|
Total Proved
Reserve Additions - (e)
|
|
706.8
|
|
676.6
|
|
625.1
|
|
403.5
|
|
(164.5)
|
|
634.2
|
Sales in
Place
|
|
(4.6)
|
|
(10.8)
|
|
(20.7)
|
|
(167.6)
|
|
(3.5)
|
|
(36.3)
|
Net Proved Reserve
Additions From All Sources
|
|
702.2
|
|
665.8
|
|
604.4
|
|
235.9
|
|
(168.0)
|
|
597.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
|
|
300.9
|
|
265.0
|
|
224.4
|
|
207.1
|
|
211.2
|
|
219.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESERVE
REPLACEMENT COSTS ($ / Boe)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Drilling,
Before Revisions - (a / d)
|
|
$
7.95
|
|
$
8.86
|
|
$
9.64
|
|
$
12.51
|
|
$
17.87
|
|
$
14.58
|
All-in Total, Net
of Revisions - (b / e)
|
|
$
8.90
|
|
$
8.85
|
|
$
6.56
|
|
$
6.52
|
|
$
(29.63)
|
|
$
12.16
|
All-in Total,
Excluding Revisions Due to Price - (b / (e -
c))
|
|
$
8.21
|
|
$
9.33
|
|
$
8.71
|
|
$
5.22
|
|
$
11.91
|
|
$
13.25
|
EOG RESOURCES,
INC.
|
Crude Oil, NGLs
and Natural Gas Financial Commodity
|
Derivative
Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG accounts for
financial commodity derivative contracts using the mark-to-market
accounting method.
|
|
|
|
|
|
|
|
|
|
|
|
|
Prices received by
EOG for its crude oil production generally vary from NYMEX WTI
prices due to adjustments for delivery location (basis) and other
factors. EOG has entered into crude oil basis swap contracts
in order to fix the differential between Intercontinental Exchange
(ICE) Brent pricing and pricing in Cushing, Oklahoma (ICE Brent
Differential). Presented below is a comprehensive summary of
EOG's ICE Brent Differential basis swap contracts through May 5,
2020. The weighted average price differential expressed in
$/Bbl represents the amount of addition to Cushing, Oklahoma,
prices for the notional volumes expressed in Bbld covered by the
basis swap contracts.
|
|
|
|
|
|
|
|
|
|
|
|
|
ICE Brent
Differential Basis Swap Contracts
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
|
|
|
Average
Price
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Differential
|
|
|
|
|
|
|
|
|
|
(Bbld)
|
|
($/Bbl)
|
2020
|
|
|
|
|
|
|
|
|
|
|
May 2020
|
|
|
|
|
|
|
|
10,000
|
|
$
4.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG has also entered
into crude oil basis swap contracts in order to fix the
differential between pricing in Houston, Texas, and Cushing,
Oklahoma (Houston Differential). Presented below is a
comprehensive summary of EOG's Houston Differential basis swap
contracts through May 5, 2020. The weighted average price
differential expressed in $/Bbl represents the amount of addition
to Cushing, Oklahoma, prices for the notional volumes expressed in
Bbld covered by the basis swap contracts.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Houston
Differential Basis Swap Contracts
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
|
|
|
Average
Price
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Differential
|
|
|
|
|
|
|
|
|
|
(Bbld)
|
|
($/Bbl)
|
2020
|
|
|
|
|
|
|
|
|
|
|
May 2020
(closed)
|
|
|
|
|
|
|
10,000
|
|
$
1.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG has also entered
into crude oil swaps to fix the differential in pricing between the
NYMEX calendar month average and the physical crude oil delivery
month (Roll Differential). Presented below is a comprehensive
summary of EOG's Roll Differential swap contracts through May 5,
2020. The weighted average price differential expressed in
$/Bbl represents the amount of net addition (reduction) to delivery
month prices for the notional volumes expressed in Bbld covered by
the swap contracts.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Roll Differential
Swap Contracts
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
|
|
|
Average
Price
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Differential
|
|
|
|
|
|
|
|
|
|
(Bbld)
|
|
($/Bbl)
|
2020
|
|
|
|
|
|
|
|
|
|
|
February 1, 2020
through May 31, 2020 (closed)
|
|
|
10,000
|
|
$
0.70
|
June 2020
|
|
|
|
|
|
|
|
10,000
|
|
0.70
|
July 1, 2020 through
September 30, 2020
|
|
|
|
|
110,000
|
|
(1.16)
|
October 1, 2020
through December 31, 2020
|
|
|
|
|
93,000
|
|
(1.16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In May 2020, EOG
entered into crude oil Roll Differential contracts for the period
from October 1, 2020 through December 31, 2020, with notional
volumes of 17,000 Bbld at a weighted average price differential of
$(1.01) per Bbl. These contracts partially offset certain
outstanding Roll Differential contracts for the same time period
with notional volumes of 17,000 Bbld at a weighted average price
differential of $(1.16) per Bbl. EOG expects to pay net cash
of $0.2 million for the settlement of these contracts. The
offsetting contracts were excluded from the above table.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Presented below is a
comprehensive summary of EOG's crude oil NYMEX WTI price swap
contracts through May 5, 2020, with notional volumes expressed in
Bbld and prices expressed in $/Bbl.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil NYMEX
WTI Price Swap Contracts
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Average
Price
|
|
|
|
|
|
|
|
|
|
(Bbld)
|
|
($/Bbl)
|
2020
|
|
|
|
|
|
|
|
|
|
|
January 1, 2020
through March 31, 2020 (closed)
|
|
|
|
200,000
|
|
$
59.33
|
April 2020
(closed)
|
|
|
|
|
|
|
265,000
|
|
51.36
|
May 1, 2020 through
June 30, 2020
|
|
|
265,000
|
|
51.36
|
July 2020
|
|
|
|
|
|
|
|
254,000
|
|
42.36
|
August 1, 2020
through September 30, 2020
|
|
|
|
|
154,000
|
|
50.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In April and May
2020, EOG entered into crude oil NYMEX WTI price swap contracts for
the period from October 1, 2020 through December 31, 2020, with
notional volumes of 47,000 Bbld at a weighted average price of
$30.04 per Bbl. These contracts offset the remaining NYMEX
WTI price swap contracts for the same time period with notional
volumes of 47,000 Bbld at a weighted average price of $31.00 per
Bbl. EOG expects to receive net cash of $4.1 million for the
settlement of these contracts. The offsetting contracts were
excluded from the above table.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Presented below is a
comprehensive summary of EOG's crude oil ICE Brent price swap
contracts through May 5, 2020, with notional volumes expressed in
Bbld and prices expressed in $/Bbl.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil ICE
Brent Price Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Average
Price
|
|
|
|
|
|
|
|
|
|
(Bbld)
|
|
($/Bbl)
|
2020
|
|
|
|
|
|
|
|
|
|
|
April 2020
(closed)
|
|
|
|
|
|
|
75,000
|
|
$
25.66
|
May 2020
|
|
|
|
|
|
|
|
35,000
|
|
26.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Presented below is a
comprehensive summary of EOG's Mont Belvieu propane (non-TET)
financial price swap contracts (Mont Belvieu Propane Price Swap
Contracts) through May 5, 2020, with notional volumes expressed in
Bbld and prices expressed in $/Bbl.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mont Belvieu
Propane Price Swap Contracts
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Average
Price
|
|
|
|
|
|
|
|
|
|
(Bbld)
|
|
($/Bbl)
|
2020
|
|
|
|
|
|
|
|
|
|
|
January 1, 2020
through February 29, 2020 (closed)
|
|
|
4,000
|
|
$
21.34
|
March 1, 2020 through
April 30, 2020 (closed)
|
|
|
|
25,000
|
|
17.92
|
May 1, 2020 through
December 31, 2020
|
|
|
|
|
7,000
|
|
17.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In April and May
2020, EOG entered into Mont Belvieu Propane Price Swap Contracts
for the period from May 1, 2020 through December 31, 2020, with
notional volumes of 18,000 Bbld at a weighted average price of
$15.68 per Bbl. These contracts partially offset certain
outstanding Mont Belvieu Propane Price Swap Contracts for the same
time period with notional volumes of 18,000 Bbld at a weighted
average price of $17.92 per Bbl. EOG expects to receive net
cash of $9.9 million for the settlement of these contracts.
The offsetting contracts were excluded from the above
table.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Presented below is a
comprehensive summary of EOG's natural gas price swap contracts
through May 5, 2020, with notional volumes expressed in MMBtud and
prices expressed in $/MMBtu.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Price
Swap Contracts
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Average
Price
|
|
|
|
|
|
|
|
|
|
(MMBtud)
|
|
($/MMBtu)
|
2021
|
|
|
|
|
|
|
|
|
|
|
January 1, 2021
through December 31, 2021
|
|
|
|
|
50,000
|
|
$
2.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG has entered into
natural gas collar contracts, which establish ceiling and floor
prices for the sale of notional volumes of natural gas as specified
in the collar contracts. The collars require that EOG pay the
difference between the ceiling price and the NYMEX Henry Hub
natural gas price for the contract month (Henry Hub Index Price) in
the event the Henry Hub Index Price is above the ceiling
price. The collars grant EOG the right to receive the
difference between the floor price and the Henry Hub Index Price in
the event the Henry Hub Index Price is below the floor price.
On March 24, 2020, EOG executed the early termination provision
granting EOG the right to terminate certain 2020 natural gas collar
contracts with notional volumes of 250,000 MMBtud at a weighted
average ceiling price of $2.50 per MMBtu and a weighted average
floor price of $2.00 per MMBtu for the period April 1, 2020 through
July 31, 2020. The net cash EOG received for settling these
contracts was $7.8 million. Presented below is a
comprehensive summary of EOG's natural gas collar contracts through
May 5, 2020, with notional volumes expressed in MMBtud and prices
expressed in $/MMBtu.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Collar
Contracts
|
|
|
|
|
|
|
|
|
|
Weighted Average
Price ($/MMBtu)
|
|
|
|
|
|
|
|
Volume
(MMBtud)
|
|
Ceiling
Price
|
|
Floor
Price
|
2020
|
|
|
|
|
|
|
|
|
|
|
April 1, 2020 through
July 31, 2020 (closed)
|
|
|
250,000
|
|
$
2.50
|
|
$
2.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On April 14, 2020,
EOG entered into natural gas collar contracts for the period August
1, 2020 through October 31, 2020, with notional volumes of 250,000
MMBtud at a ceiling price of $2.50 per MMBtu and a floor price of
$2.00 per MMBtu. These contracts offset the remaining natural
gas collar contracts for the same time period with notional volumes
of 250,000 MMBtud at a ceiling price of $2.50 per MMBtu and a floor
price of $2.00 per MMBtu. EOG expects to receive net cash of
$1.1 million for the settlement of these contracts. The
offsetting contracts were excluded from the above table.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prices received by
EOG for its natural gas production generally vary from NYMEX Henry
Hub prices due to adjustments for delivery location (basis) and
other factors. EOG has entered into natural gas basis swap
contracts in order to fix the differential between pricing in the
Rocky Mountain area and NYMEX Henry Hub prices (Rockies
Differential). Presented below is a comprehensive summary of
EOG's Rockies Differential basis swap contracts through May 5,
2020. The weighted average price differential expressed in
$/MMBtu represents the amount of reduction to NYMEX Henry Hub
prices for the notional volumes expressed in MMBtud covered by the
basis swap contracts.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rockies
Differential Basis Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
|
|
|
Average
Price
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Differential
|
|
|
|
|
|
|
|
|
|
(MMBtud)
|
|
($/MMBtu)
|
2020
|
|
|
|
|
|
|
|
|
|
|
January 1, 2020
through May 31, 2020 (closed)
|
|
|
|
30,000
|
|
$
0.55
|
June 1, 2020 through
December 31, 2020
|
|
|
|
|
30,000
|
|
0.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG has also entered
into natural gas basis swap contracts in order to fix the
differential between pricing at the Houston Ship Channel (HSC) and
NYMEX Henry Hub prices (HSC Differential). On March 27, 2020,
EOG executed the early termination provision granting EOG the right
to terminate certain 2020 HSC Differential basis swaps with
notional volumes of 60,000 MMBtud at a weighted average price
differential of $0.05 per MMBtu for the period April 1, 2020
through December 31, 2020. The net cash EOG paid for settling
these contracts was $0.4 million. Presented below is a
comprehensive summary of EOG's HSC Differential basis swap
contracts through May 5, 2020. The weighted average price
differential expressed in $/MMBtu represents the amount of
reduction to NYMEX Henry Hub prices for the notional volumes
expressed in MMBtud covered by the basis swap
contracts.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HSC Differential
Basis Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
|
|
|
Average
Price
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Differential
|
|
|
|
|
|
|
|
|
|
(MMBtud)
|
|
($/MMBtu)
|
2020
|
|
|
|
|
|
|
|
|
|
|
January 1, 2020
through December 31, 2020 (closed)
|
|
|
60,000
|
|
$
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG has also entered
into natural gas basis swap contracts in order to fix the
differential between pricing at the Waha Hub in West Texas and
NYMEX Henry Hub prices (Waha Differential). Presented below
is a comprehensive summary of EOG's Waha Differential basis swap
contracts through May 5, 2020. The weighted average price
differential expressed in $/MMBtu represents the amount of
reduction to NYMEX Henry Hub prices for the notional volumes
expressed in MMBtud covered by the basis swap contracts.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Waha Differential
Basis Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
|
|
|
Average
Price
|
|
|
|
|
|
|
|
|
|
Volume
|
|
Differential
|
|
|
|
|
|
|
|
|
|
(MMBtud)
|
|
($/MMBtu)
|
2020
|
|
|
|
|
|
|
|
|
|
|
January 1, 2020
through April 30, 2020 (closed)
|
|
|
|
50,000
|
|
$
1.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In April 2020, EOG
entered into Waha Differential basis swap contracts for the period
from May 1, 2020 through December 31, 2020, with notional volumes
of 50,000 MMBtud at a weighted average price differential of $0.43
per MMBtu. These contracts offset the remaining Waha
Differential basis swap contracts for the same time period with
notional volumes of 50,000 MMBtud at a weighted average price
differential of $1.40 MMBtu. EOG expects to pay net cash of
$11.9 million for the settlement of these contracts. The
offsetting contracts were excluded from the above table.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Definitions
|
|
|
|
|
|
|
|
|
|
|
Bbld
|
Barrels per
day
|
|
|
|
|
|
|
$/Bbl
|
Dollars per
barrel
|
|
|
|
|
|
MMBtud
|
Million British
thermal units per day
|
|
|
|
|
$/MMBtu
|
Dollars per million
British thermal units
|
|
|
|
|
|
|
NYMEX
|
U.S. New York
Mercantile Exchange
|
|
|
|
|
WTI
|
West Texas
Intermediate
|
|
|
|
|
|
|
EOG RESOURCES,
INC.
|
Direct After-Tax
Rate of Return (ATROR)
|
|
The calculation of
our direct after-tax rate of return (ATROR) with respect to our
capital expenditure program for a particular play or well is based
on the estimated recoverable reserves ("net" to EOG's interest) for
all wells in such play or such well (as the case may be), the
estimated net present value (NPV) of the future net cash flows from
such reserves (for which we utilize certain assumptions regarding
future commodity prices and operating costs) and our direct net
costs incurred in drilling or acquiring (as the case may be) such
wells or well (as the case may be). As such, our direct ATROR
with respect to our capital expenditures for a particular play or
well cannot be calculated from our consolidated financial
statements.
|
|
|
Direct
ATROR
|
Based on Cash Flow
and Time Value of Money
|
- Estimated
future commodity prices and operating costs
|
- Costs
incurred to drill, complete and equip a well, including
facilities
|
Excludes Indirect
Capital
|
- Gathering
and Processing and other Midstream
|
- Land,
Seismic, Geological and Geophysical
|
|
Payback ~12 Months on
100% Direct ATROR Wells
|
First Five Years ~1/2
Estimated Ultimate Recovery Produced but ~3/4 of NPV
Captured
|
|
|
Return on Equity /
Return on Capital Employed
|
Based on GAAP Accrual
Accounting
|
Includes All Indirect
Capital and Growth Capital for Infrastructure
|
- Eagle Ford,
Bakken, Permian Facilities
|
- Gathering
and Processing
|
Includes Legacy Gas
Capital and Capital from Mature Wells
|
EOG RESOURCES,
INC.
|
Reconciliation of
After-Tax Net Interest Expense, Adjusted Net Income,
|
Net Debt and Total
Capitalization
|
Calculations of
Return on Capital Employed and Return on Equity
|
(Unaudited; in
millions, except ratio data)
|
|
|
|
|
|
|
|
|
|
The following chart
reconciles Net Interest Expense (GAAP), Net Income (GAAP), Current
and Long-Term Debt (GAAP) and Total Capitalization (GAAP) to
After-Tax Net Interest Expense (Non-GAAP), Adjusted Net Income
(Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization
(Non-GAAP), respectively, as used in the Return on Capital Employed
(ROCE) and Return on Equity (ROE) calculations. EOG believes
this presentation may be useful to investors who follow the
practice of some industry analysts who utilize After-Tax Net
Interest Expense, Adjusted Net Income, Net Debt and Total
Capitalization (Non-GAAP) in their ROCE and ROE calculations.
EOG management uses this information for purposes of comparing its
financial performance with the financial performance of other
companies in the industry.
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
Return on Capital
Employed (ROCE) (Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Expense
(GAAP)
|
$
|
185
|
|
$
|
245
|
|
|
|
Tax Benefit Imputed
(based on 21%)
|
|
(39)
|
|
|
(51)
|
|
|
|
After-Tax Net
Interest Expense (Non-GAAP) - (a)
|
$
|
146
|
|
$
|
194
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (GAAP) -
(b)
|
$
|
2,735
|
|
$
|
3,419
|
|
|
|
Adjustments to Net
Income, Net of Tax (See Accompanying Schedule)
|
|
158
|
(1)
|
|
(201)
|
(2)
|
|
|
Adjusted Net Income
(Non-GAAP) - (c)
|
$
|
2,893
|
|
$
|
3,218
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (d)
|
$
|
21,641
|
|
$
|
19,364
|
|
$
|
16,283
|
|
|
|
|
|
|
|
|
|
Average Total
Stockholders' Equity * - (e)
|
$
|
20,503
|
|
$
|
17,824
|
|
|
|
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (f)
|
$
|
5,175
|
|
$
|
6,083
|
|
$
|
6,387
|
Less:
Cash
|
|
(2,028)
|
|
|
(1,556)
|
|
|
(834)
|
Net Debt (Non-GAAP) -
(g)
|
$
|
3,147
|
|
$
|
4,527
|
|
$
|
5,553
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (d) + (f)
|
$
|
26,816
|
|
$
|
25,447
|
|
$
|
22,670
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(Non-GAAP) - (d) + (g)
|
$
|
24,788
|
|
$
|
23,891
|
|
$
|
21,836
|
|
|
|
|
|
|
|
|
|
Average Total
Capitalization (Non-GAAP) * - (h)
|
$
|
24,340
|
|
$
|
22,864
|
|
|
|
|
|
|
|
|
|
|
|
|
ROCE (GAAP Net
Income) - [(a) + (b)] /
(h)
|
|
11.8%
|
|
|
15.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
ROCE (Non-GAAP
Adjusted Net Income) - [(a) + (c)] /
(h)
|
|
12.5%
|
|
|
14.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Equity
(ROE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROE (GAAP Net
Income) - (b) / (e)
|
|
13.3%
|
|
|
19.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
ROE (Non-GAAP
Adjusted Net Income) - (c) / (e)
|
|
14.1%
|
|
|
18.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
* Average for the
current and immediately preceding year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to Net
Income (GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See below
schedule for detail of adjustments to Net Income (GAAP) in
2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2019
|
|
|
Before
|
|
|
Income
Tax
|
|
|
After
|
|
|
Tax
|
|
|
Impact
|
|
|
Tax
|
Adjustments:
|
|
|
|
|
|
|
|
|
Add: Mark-to-Market Commodity Derivative Contracts
Impact
|
$
|
51
|
|
$
|
(11)
|
|
$
|
40
|
Add: Impairments of Certain Assets
|
|
275
|
|
|
(60)
|
|
|
215
|
Less: Net Gains on Asset Dispositions
|
|
(124)
|
|
|
27
|
|
|
(97)
|
Total
|
$
|
202
|
|
$
|
(44)
|
|
$
|
158
|
|
|
|
|
|
|
|
|
|
(2) See below
schedule for detail of adjustments to Net Income (GAAP) in
2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2018
|
|
|
Before
|
|
|
Income
Tax
|
|
|
After
|
|
|
Tax
|
|
|
Impact
|
|
|
Tax
|
Adjustments:
|
|
|
|
|
|
|
|
|
Add: Mark-to-Market Commodity Derivative Contracts
Impact
|
$
|
(93)
|
|
$
|
20
|
|
$
|
(73)
|
Add: Impairments of Certain Assets
|
|
153
|
|
|
(34)
|
|
|
119
|
Less: Net Gains on Asset Dispositions
|
|
(175)
|
|
|
38
|
|
|
(137)
|
Less: Tax Reform Impact
|
|
-
|
|
|
(110)
|
|
|
(110)
|
Total
|
$
|
(115)
|
|
$
|
(86)
|
|
$
|
(201)
|
EOG RESOURCES,
INC.
|
Reconciliation of
After-Tax Net Interest Expense,
|
Net Debt and Total
Capitalization
|
Calculation of
Return on Capital Employed
|
(Unaudited; in
millions, except ratio data)
|
|
|
|
|
|
|
|
|
|
|
|
The following chart
reconciles Net Interest Expense (GAAP), Current and Long-Term Debt
(GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest
Expense (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization
(Non-GAAP), respectively, as used in the Return on Capital Employed
(ROCE) (Non-GAAP) calculation. EOG believes this presentation
may be useful to investors who follow the practice of some industry
analysts who utilize After-Tax Net Interest Expense, Net Debt and
Total Capitalization (Non-GAAP) in their ROCE calculation.
EOG management uses this information for purposes of comparing its
financial performance with the financial performance of other
companies in the industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
Return on Capital
Employed (ROCE) (Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
(Calculated Using
GAAP Net Income)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Expense
(GAAP)
|
$
|
274
|
$
|
282
|
$
|
237
|
$
|
201
|
$
|
235
|
Tax Benefit Imputed
(based on 35%)
|
|
(96)
|
|
(99)
|
|
(83)
|
|
(70)
|
|
(82)
|
After-Tax Net
Interest Expense (Non-GAAP) - (a)
|
$
|
178
|
$
|
183
|
$
|
154
|
$
|
131
|
$
|
153
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
(GAAP) -
(b)
|
$
|
2,583
|
$
|
(1,097)
|
$
|
(4,525)
|
$
|
2,915
|
$
|
2,197
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (d)
|
$
|
16,283
|
$
|
13,982
|
$
|
12,943
|
$
|
17,713
|
$
|
15,418
|
|
|
|
|
|
|
|
|
|
|
|
Average Total
Stockholders' Equity * - (e)
|
$
|
15,133
|
$
|
13,463
|
$
|
15,328
|
$
|
16,566
|
$
|
14,352
|
|
|
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (f)
|
$
|
6,387
|
$
|
6,986
|
$
|
6,655
|
$
|
5,906
|
$
|
5,909
|
Less:
Cash
|
|
(834)
|
|
(1,600)
|
|
(719)
|
|
(2,087)
|
|
(1,318)
|
Net Debt (Non-GAAP) -
(g)
|
$
|
5,553
|
$
|
5,386
|
$
|
5,936
|
$
|
3,819
|
$
|
4,591
|
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (d) + (f)
|
$
|
22,670
|
$
|
20,968
|
$
|
19,598
|
$
|
23,619
|
$
|
21,327
|
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(Non-GAAP) - (d) + (g)
|
$
|
21,836
|
$
|
19,368
|
$
|
18,879
|
$
|
21,532
|
$
|
20,009
|
|
|
|
|
|
|
|
|
|
|
|
Average Total
Capitalization (Non-GAAP) * - (h)
|
$
|
20,602
|
$
|
19,124
|
$
|
20,206
|
$
|
20,771
|
$
|
19,365
|
|
|
|
|
|
|
|
|
|
|
|
ROCE (GAAP Net
Income) - [(a) + (b)] /
(h)
|
|
13.4%
|
|
-4.8%
|
|
-21.6%
|
|
14.7%
|
|
12.1%
|
|
|
|
|
|
|
|
|
|
|
|
Return on Equity
(ROE) (GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROE (GAAP Net
Income) - (b) / (e)
|
|
17.1%
|
|
-8.1%
|
|
-29.5%
|
|
17.6%
|
|
15.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Average for the
current and immediately preceding year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG RESOURCES,
INC.
|
Reconciliation of
After-Tax Net Interest Expense,
|
Net Debt and Total
Capitalization
|
Calculation of
Return on Capital Employed
|
(Unaudited; in
millions, except ratio data)
|
|
|
|
|
|
|
|
|
|
|
|
The following chart
reconciles Net Interest Expense (GAAP), Current and Long-Term Debt
(GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest
Expense (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization
(Non-GAAP), respectively, as used in the Return on Capital Employed
(ROCE) (Non-GAAP) calculation. EOG believes this presentation
may be useful to investors who follow the practice of some industry
analysts who utilize After-Tax Net Interest Expense, Net Debt and
Total Capitalization (Non-GAAP) in their ROCE calculation.
EOG management uses this information for purposes of comparing its
financial performance with the financial performance of other
companies in the industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
Return on Capital
Employed (ROCE) (Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
(Calculated Using
GAAP Net Income)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Expense
(GAAP)
|
$
|
214
|
$
|
210
|
$
|
130
|
$
|
101
|
$
|
52
|
Tax Benefit Imputed
(based on 35%)
|
|
(75)
|
|
(74)
|
|
(46)
|
|
(35)
|
|
(18)
|
After-Tax Net
Interest Expense (Non-GAAP) - (a)
|
$
|
139
|
$
|
136
|
$
|
84
|
$
|
66
|
$
|
34
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
(GAAP) -
(b)
|
$
|
570
|
$
|
1,091
|
$
|
161
|
$
|
547
|
$
|
2,437
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (d)
|
$
|
13,285
|
$
|
12,641
|
$
|
10,232
|
$
|
9,998
|
$
|
9,015
|
|
|
|
|
|
|
|
|
|
|
|
Average Total
Stockholders' Equity * - (e)
|
$
|
12,963
|
$
|
11,437
|
$
|
10,115
|
$
|
9,507
|
$
|
8,003
|
|
|
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (f)
|
$
|
6,312
|
$
|
5,009
|
$
|
5,223
|
$
|
2,797
|
$
|
1,897
|
Less:
Cash
|
|
(876)
|
|
(616)
|
|
(789)
|
|
(686)
|
|
(331)
|
Net Debt (Non-GAAP) -
(g)
|
$
|
5,436
|
$
|
4,393
|
$
|
4,434
|
$
|
2,111
|
$
|
1,566
|
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (d) + (f)
|
$
|
19,597
|
$
|
17,650
|
$
|
15,455
|
$
|
12,795
|
$
|
10,912
|
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(Non-GAAP) - (d) + (g)
|
$
|
18,721
|
$
|
17,034
|
$
|
14,666
|
$
|
12,109
|
$
|
10,581
|
|
|
|
|
|
|
|
|
|
|
|
Average Total
Capitalization (Non-GAAP) * - (h)
|
$
|
17,878
|
$
|
15,850
|
$
|
13,388
|
$
|
11,345
|
$
|
9,351
|
|
|
|
|
|
|
|
|
|
|
|
ROCE (GAAP Net
Income) - [(a) + (b)] /
(h)
|
|
4.0%
|
|
7.7%
|
|
1.8%
|
|
5.4%
|
|
26.4%
|
|
|
|
|
|
|
|
|
|
|
|
Return on Equity
(ROE) (GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROE (GAAP Net
Income) - (b) / (e)
|
|
4.4%
|
|
9.5%
|
|
1.6%
|
|
5.8%
|
|
30.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Average for the
current and immediately preceding year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG RESOURCES,
INC.
|
Reconciliation of
After-Tax Net Interest Expense,
|
Net Debt and Total
Capitalization
|
Calculation of
Return on Capital Employed
|
(Unaudited; in
millions, except ratio data)
|
|
|
|
|
|
|
|
|
|
|
|
The following chart
reconciles Net Interest Expense (GAAP), Current and Long-Term Debt
(GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest
Expense (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization
(Non-GAAP), respectively, as used in the Return on Capital Employed
(ROCE) (Non-GAAP) calculation. EOG believes this presentation
may be useful to investors who follow the practice of some industry
analysts who utilize After-Tax Net Interest Expense, Net Debt and
Total Capitalization (Non-GAAP) in their ROCE calculation.
EOG management uses this information for purposes of comparing its
financial performance with the financial performance of other
companies in the industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2007
|
|
2006
|
|
2005
|
|
2004
|
|
2003
|
Return on Capital
Employed (ROCE) (Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
(Calculated Using
GAAP Net Income)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Expense
(GAAP)
|
$
|
47
|
$
|
43
|
$
|
63
|
$
|
63
|
$
|
59
|
Tax Benefit Imputed
(based on 35%)
|
|
(16)
|
|
(15)
|
|
(22)
|
|
(22)
|
|
(21)
|
After-Tax Net
Interest Expense (Non-GAAP) - (a)
|
$
|
31
|
$
|
28
|
$
|
41
|
$
|
41
|
$
|
38
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
(GAAP) -
(b)
|
$
|
1,090
|
$
|
1,300
|
$
|
1,260
|
$
|
625
|
$
|
430
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (d)
|
$
|
6,990
|
$
|
5,600
|
$
|
4,316
|
$
|
2,945
|
$
|
2,223
|
|
|
|
|
|
|
|
|
|
|
|
Average Total
Stockholders' Equity * - (e)
|
$
|
6,295
|
$
|
4,958
|
$
|
3,631
|
$
|
2,584
|
$
|
1,948
|
|
|
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (f)
|
$
|
1,185
|
$
|
733
|
$
|
985
|
$
|
1,078
|
$
|
1,109
|
Less:
Cash
|
|
(54)
|
|
(218)
|
|
(644)
|
|
(21)
|
|
(4)
|
Net Debt (Non-GAAP) -
(g)
|
$
|
1,131
|
$
|
515
|
$
|
341
|
$
|
1,057
|
$
|
1,105
|
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (d) + (f)
|
$
|
8,175
|
$
|
6,333
|
$
|
5,301
|
$
|
4,023
|
$
|
3,332
|
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(Non-GAAP) - (d) + (g)
|
$
|
8,121
|
$
|
6,115
|
$
|
4,657
|
$
|
4,002
|
$
|
3,328
|
|
|
|
|
|
|
|
|
|
|
|
Average Total
Capitalization (Non-GAAP) * - (h)
|
$
|
7,118
|
$
|
5,386
|
$
|
4,330
|
$
|
3,665
|
$
|
3,068
|
|
|
|
|
|
|
|
|
|
|
|
ROCE (GAAP Net
Income) - [(a) + (b)] /
(h)
|
|
15.7%
|
|
24.7%
|
|
30.0%
|
|
18.2%
|
|
15.3%
|
|
|
|
|
|
|
|
|
|
|
|
Return on Equity
(ROE) (GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROE (GAAP Net
Income) - (b) / (e)
|
|
17.3%
|
|
26.2%
|
|
34.7%
|
|
24.2%
|
|
22.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Average for the
current and immediately preceding year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG RESOURCES,
INC.
|
Reconciliation of
After-Tax Net Interest Expense,
|
Net Debt and Total
Capitalization
|
Calculation of
Return on Capital Employed
|
(Unaudited; in
millions, except ratio data)
|
|
|
|
|
|
|
|
|
|
|
|
The following chart
reconciles Net Interest Expense (GAAP), Current and Long-Term Debt
(GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest
Expense (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization
(Non-GAAP), respectively, as used in the Return on Capital Employed
(ROCE) (Non-GAAP) calculation. EOG believes this presentation
may be useful to investors who follow the practice of some industry
analysts who utilize After-Tax Net Interest Expense, Net Debt and
Total Capitalization (Non-GAAP) in their ROCE calculation.
EOG management uses this information for purposes of comparing its
financial performance with the financial performance of other
companies in the industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2002
|
|
2001
|
|
2000
|
|
1999
|
|
1998
|
Return on Capital
Employed (ROCE) (Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
(Calculated Using
GAAP Net Income)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Expense
(GAAP)
|
$
|
60
|
$
|
45
|
$
|
61
|
$
|
62
|
|
|
Tax Benefit Imputed
(based on 35%)
|
|
(21)
|
|
(16)
|
|
(21)
|
|
(22)
|
|
|
After-Tax Net
Interest Expense (Non-GAAP) - (a)
|
$
|
39
|
$
|
29
|
$
|
40
|
$
|
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
(GAAP) -
(b)
|
$
|
87
|
$
|
399
|
$
|
397
|
$
|
569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (d)
|
$
|
1,672
|
$
|
1,643
|
$
|
1,381
|
$
|
1,130
|
$
|
1,280
|
|
|
|
|
|
|
|
|
|
|
|
Average Total
Stockholders' Equity * - (e)
|
$
|
1,658
|
$
|
1,512
|
$
|
1,256
|
$
|
1,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (f)
|
$
|
1,145
|
$
|
856
|
$
|
859
|
$
|
990
|
$
|
1,143
|
Less:
Cash
|
|
(10)
|
|
(3)
|
|
(20)
|
|
(25)
|
|
(6)
|
Net Debt (Non-GAAP) -
(g)
|
$
|
1,135
|
$
|
853
|
$
|
839
|
$
|
965
|
$
|
1,137
|
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (d) + (f)
|
$
|
2,817
|
$
|
2,499
|
$
|
2,240
|
$
|
2,120
|
$
|
2,423
|
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(Non-GAAP) - (d) + (g)
|
$
|
2,807
|
$
|
2,496
|
$
|
2,220
|
$
|
2,095
|
$
|
2,417
|
|
|
|
|
|
|
|
|
|
|
|
Average Total
Capitalization (Non-GAAP) * - (h)
|
$
|
2,652
|
$
|
2,358
|
$
|
2,158
|
$
|
2,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROCE (GAAP Net
Income) - [(a) + (b)] /
(h)
|
|
4.8%
|
|
18.2%
|
|
20.2%
|
|
27.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Equity
(ROE) (GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROE (GAAP Net
Income) - (b) / (e)
|
|
5.2%
|
|
26.4%
|
|
31.6%
|
|
47.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Average for the
current and immediately preceding year
|
|
|
|
|
|
|
|
|
|
EOG RESOURCES,
INC.
|
Cash Operating
Expenses per Barrel of Oil Equivalent (Boe)
|
(Unaudited; in
thousands, except per Boe amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st
Quarter
|
|
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Operating
Expenses (GAAP)*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease and
Well
|
|
$
329,659
|
|
$
336,291
|
|
|
|
|
|
|
|
|
|
Transportation
Costs
|
|
208,296
|
|
176,522
|
|
|
|
|
|
|
|
|
|
General and
Administrative
|
|
114,273
|
|
106,672
|
|
|
|
|
|
|
|
|
|
Cash Operating
Expenses
|
|
652,228
|
|
619,485
|
|
|
|
|
|
|
|
|
|
Less: Non-GAAP
Adjustments
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
Adjusted Cash Operating
Expenses (Non-GAAP) - (a)
|
|
$
652,228
|
|
$
619,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume - Thousand
Barrels of Oil Equivalent - (b)
|
|
79,548
|
|
69,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Cash
Operating Expenses Per Boe (Non-GAAP) - (a) / (b)
|
|
$
8.20
|
(c)
|
$
8.90
|
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Cash
Operating Expenses Per Boe (Non-GAAP) -
Percentage Decrease
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q20 compared to 1Q19
- [(c) - (d)] /
(d)
|
|
-8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Includes stock
compensation expense and other non-cash items.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG RESOURCES,
INC.
|
Cash Operating
Expenses per Barrel of Oil Equivalent (Boe)
|
(Unaudited; in
thousands, except per Boe amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
December
31,
|
|
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Operating
Expenses (GAAP)*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease and
Well
|
|
$1,366,993
|
|
$1,282,678
|
|
$1,044,847
|
|
$
927,452
|
|
$1,182,282
|
|
$1,416,413
|
|
Transportation
Costs
|
|
758,300
|
|
746,876
|
|
740,352
|
|
764,106
|
|
849,319
|
|
972,176
|
|
General and
Administrative
|
|
489,397
|
|
426,969
|
|
434,467
|
|
394,815
|
|
366,594
|
|
402,010
|
|
Cash Operating
Expenses
|
|
2,614,690
|
|
2,456,523
|
|
2,219,666
|
|
2,086,373
|
|
2,398,195
|
|
2,790,599
|
|
Less: Legal
Settlement - Early Leasehold Termination
|
|
-
|
|
-
|
|
(10,202)
|
|
-
|
|
(19,355)
|
|
-
|
|
Less: Voluntary
Retirement Expense
|
|
-
|
|
-
|
|
-
|
|
(42,054)
|
|
-
|
|
-
|
|
Less:
Acquisition Costs - Yates Transaction
|
|
-
|
|
-
|
|
-
|
|
(5,100)
|
|
-
|
|
-
|
|
Less: Joint
Venture Transaction Costs
|
|
-
|
|
-
|
|
(3,056)
|
|
-
|
|
-
|
|
-
|
|
Less: Joint
Interest Billings Deemed Uncollectible
|
|
-
|
|
-
|
|
(4,528)
|
|
-
|
|
-
|
|
-
|
|
Adjusted Cash Operating
Expenses (Non-GAAP) - (a)
|
|
$2,614,690
|
|
$2,456,523
|
|
$2,201,880
|
|
$2,039,219
|
|
$2,378,840
|
|
$2,790,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume - Thousand
Barrels of Oil Equivalent - (b)
|
|
298,565
|
|
262,516
|
|
222,251
|
|
204,929
|
|
208,862
|
|
217,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Cash
Operating Expenses Per Boe (Non-GAAP) - (a) / (b)
|
|
$
8.76
|
(c)
|
$
9.36
|
(d)
|
$
9.91
|
(e)
|
$
9.95
|
(f)
|
$
11.39
|
(g)
|
$
12.86
|
(h)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Cash
Operating Expenses Per Boe (Non-GAAP) -
Percentage Decrease
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 compared to 2018
- [(c) - (d)] /
(d)
|
|
-6%
|
|
|
|
|
|
|
|
|
|
|
|
2019 compared to 2017
- [(c) - (e)] /
(e)
|
|
-12%
|
|
|
|
|
|
|
|
|
|
|
|
2019 compared to 2016
- [(c) - (f)] /
(f)
|
|
-12%
|
|
|
|
|
|
|
|
|
|
|
|
2019 compared to 2015
- [(c) - (g)] /
(g)
|
|
-23%
|
|
|
|
|
|
|
|
|
|
|
|
2019 compared to 2014
- [(c) - (h)] /
(h)
|
|
-32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Includes stock
compensation expense and other non-cash items.
|
|
|
|
|
|
|
|
EOG RESOURCES,
INC.
|
Cost per Barrel of
Oil Equivalent (Boe)
|
(Unaudited; in
thousands, except per Boe amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume - Thousand
Barrels of Oil Equivalent - (a)
|
|
79,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil and
Condensate
|
|
$
2,065,498
|
|
|
|
|
|
|
Natural Gas
Liquids
|
|
160,535
|
|
|
|
|
|
|
Natural Gas
|
|
209,764
|
|
|
|
|
|
|
Total Wellhead
Revenues - (b)
|
|
$
2,435,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Costs
|
|
|
|
|
|
|
|
|
Lease and Well
|
|
$
329,659
|
|
|
|
|
|
|
Transportation
Costs
|
|
208,296
|
|
|
|
|
|
|
Gathering and Processing
Costs
|
|
128,482
|
|
|
|
|
|
|
General and
Administrative
|
|
114,273
|
|
|
|
|
|
|
Taxes Other Than
Income
|
|
157,360
|
|
|
|
|
|
|
Interest Expense,
Net
|
|
44,690
|
|
|
|
|
|
|
Total Cash
Operating Cost (excluding DD&A and Total
Exploration Costs) - (c)
|
|
$
982,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, Depletion and
Amortization (DD&A)
|
|
1,000,060
|
|
|
|
|
|
|
Total Operating
Cost (excluding Total Exploration Costs) - (d)
|
|
$
1,982,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration Costs
|
|
$
39,677
|
|
|
|
|
|
|
Dry Hole Costs
|
|
372
|
|
|
|
|
|
|
Impairments
|
|
1,572,935
|
|
|
|
|
|
|
Total Exploration
Costs
|
|
1,612,984
|
|
|
|
|
|
|
Less: Impairments (Non-GAAP)
|
|
(1,516,316)
|
|
|
|
|
|
|
Total Exploration Costs
(Non-GAAP)
|
|
$
96,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost (Non-GAAP) (including Total
Exploration Costs) - (e)
|
|
$
2,079,488
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Wellhead Revenue per Boe - (b) / (a)
|
|
$
30.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cash
Operating Cost per Boe (excluding DD&A
and Total Exploration Costs) - (c) / (a)
|
|
$
12.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (excluding DD&A
and Total Exploration Costs) - [(b) / (a) - (c) /
(a)]
|
|
$
18.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost per Boe (excluding Total
Exploration Costs) - (d) / (a)
|
|
$
24.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composite
Average Margin per Boe (excluding Total
Exploration Costs) - [(b) / (a) - (d) /
(a)]
|
|
$
5.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost per Boe (Non-GAAP) (including
Total Exploration Costs) - (e) / (a)
|
|
$
26.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (Non-GAAP)
(including Total Exploration Costs) - [(b) / (a) - (e) /
(a)]
|
|
$
4.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG RESOURCES,
INC.
|
|
|
Cost per Barrel of
Oil Equivalent (Boe)
|
|
|
(Unaudited; in
thousands, except per Boe amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
|
December
31,
|
|
|
|
|
2019
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
Volume - Thousand
Barrels of Oil Equivalent - (a)
|
|
298,565
|
|
262,516
|
|
222,251
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil and
Condensate
|
|
$
9,612,532
|
|
$
9,517,440
|
|
$
6,256,396
|
|
|
Natural Gas
Liquids
|
|
784,818
|
|
1,127,510
|
|
729,561
|
|
|
Natural Gas
|
|
1,184,095
|
|
1,301,537
|
|
921,934
|
|
|
Total Wellhead
Revenues - (b)
|
|
$
11,581,445
|
|
$
11,946,487
|
|
$
7,907,891
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Costs
|
|
|
|
|
|
|
|
|
Lease and Well
|
|
$
1,366,993
|
|
$
1,282,678
|
|
$
1,044,847
|
|
|
Transportation
Costs
|
|
758,300
|
|
746,876
|
|
740,352
|
|
|
Gathering and Processing
Costs
|
|
479,102
|
|
436,973
|
|
148,775
|
|
|
|
|
|
|
|
|
|
|
|
General and
Administrative
|
|
489,397
|
|
426,969
|
|
434,467
|
|
|
Less: Legal Settlement - Early Leasehold
Termination
|
|
-
|
|
-
|
|
(10,202)
|
|
|
Less: Joint Venture Transaction Costs
|
|
-
|
|
-
|
|
(3,056)
|
|
|
Less: Joint Interest Billings Deemed Uncollectible
|
|
-
|
|
-
|
|
(4,528)
|
|
|
General and Administrative
(Non-GAAP)
|
|
489,397
|
|
426,969
|
|
416,681
|
|
|
|
|
|
|
|
|
|
|
|
Taxes Other Than
Income
|
|
800,164
|
|
772,481
|
|
544,662
|
|
|
Interest Expense,
Net
|
|
185,129
|
|
245,052
|
|
274,372
|
|
|
Total Cash
Operating Cost (Non-GAAP) (excluding DD&A
and Total Exploration Costs) - (c)
|
|
$
4,079,085
|
|
$
3,911,029
|
|
$
3,169,689
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, Depletion and
Amortization (DD&A)
|
|
3,749,704
|
|
3,435,408
|
|
3,409,387
|
|
|
Total Operating
Cost (Non-GAAP) (excluding Total
Exploration Costs) - (d)
|
|
$
7,828,789
|
|
$
7,346,437
|
|
$
6,579,076
|
|
|
|
|
|
|
|
|
|
|
|
Exploration Costs
|
|
$
139,881
|
|
$
148,999
|
|
$
145,342
|
|
|
Dry Hole Costs
|
|
28,001
|
|
5,405
|
|
4,609
|
|
|
Impairments
|
|
517,896
|
|
347,021
|
|
479,240
|
|
|
Total Exploration
Costs
|
|
685,778
|
|
501,425
|
|
629,191
|
|
|
Less: Impairments (Non-GAAP)
|
|
(274,974)
|
|
(152,671)
|
|
(261,452)
|
|
|
Total Exploration Costs
(Non-GAAP)
|
|
$
410,804
|
|
$
348,754
|
|
$
367,739
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost (Non-GAAP) (including Total
Exploration Costs) - (e)
|
|
$
8,239,593
|
|
$
7,695,191
|
|
$
6,946,815
|
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Wellhead Revenue per Boe - (b) / (a)
|
|
$
38.79
|
|
$
45.51
|
|
$
35.58
|
|
|
|
|
|
|
|
|
|
|
|
Total Cash
Operating Cost per Boe (Non-GAAP)
(excluding DD&A and Total Exploration Costs) - (c) /
(a)
|
|
$
13.66
|
|
$
14.90
|
|
$
14.25
|
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (Non-GAAP) (excluding
DD&A and Total Exploration Costs) - [(b) / (a) -
(c) / (a)]
|
|
$
25.13
|
|
$
30.61
|
|
$
21.33
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost per Boe (Non-GAAP) (excluding
Total Exploration Costs) - (d) / (a)
|
|
$
26.22
|
|
$
27.99
|
|
$
29.59
|
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (Non-GAAP)
(excluding Total Exploration Costs) - [(b) / (a) - (d)
/ (a)]
|
|
$
12.57
|
|
$
17.52
|
|
$
5.99
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost per Boe (Non-GAAP) (including
Total Exploration Costs) - (e) / (a)
|
|
$
27.60
|
|
$
29.32
|
|
$
31.24
|
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (Non-GAAP)
(including Total Exploration Costs) - [(b) / (a) - (e) /
(a)]
|
|
$
11.19
|
|
$
16.19
|
|
$
4.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG RESOURCES,
INC.
|
|
|
Cost per Barrel of
Oil Equivalent (Boe)
|
|
|
(Unaudited; in
thousands, except per Boe amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
|
December
31,
|
|
|
|
|
2016
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Volume - Thousand
Barrels of Oil Equivalent - (a)
|
|
204,929
|
|
208,862
|
|
217,073
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil and
Condensate
|
|
$
4,317,341
|
|
$
4,934,562
|
|
$
9,742,480
|
|
|
Natural Gas
Liquids
|
|
437,250
|
|
407,658
|
|
934,051
|
|
|
Natural Gas
|
|
742,152
|
|
1,061,038
|
|
1,916,386
|
|
|
Total Wellhead
Revenues - (b)
|
|
$
5,496,743
|
|
$
6,403,258
|
|
$
12,592,917
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Costs
|
|
|
|
|
|
|
|
|
Lease and Well
|
|
$
927,452
|
|
$
1,182,282
|
|
$
1,416,413
|
|
|
Transportation
Costs
|
|
764,106
|
|
849,319
|
|
972,176
|
|
|
Gathering and Processing
Costs
|
|
122,901
|
|
146,156
|
|
145,800
|
|
|
|
|
|
|
|
|
|
|
|
General and
Administrative
|
|
394,815
|
|
366,594
|
|
402,010
|
|
|
Less: Voluntary Retirement Expense
|
|
(42,054)
|
|
-
|
|
-
|
|
|
Less: Acquisition Costs
|
|
(5,100)
|
|
-
|
|
-
|
|
|
Less: Legal Settlement - Early Leasehold
Termination
|
|
-
|
|
(19,355)
|
|
-
|
|
|
General and Administrative
(Non-GAAP)
|
|
347,661
|
|
347,239
|
|
402,010
|
|
|
|
|
|
|
|
|
|
|
|
Taxes Other Than
Income
|
|
349,710
|
|
421,744
|
|
757,564
|
|
|
Interest Expense,
Net
|
|
281,681
|
|
237,393
|
|
201,458
|
|
|
Total Cash
Operating Cost (Non-GAAP) (excluding DD&A
and Total Exploration Costs) - (c)
|
|
$
2,793,511
|
|
$
3,184,133
|
|
$
3,895,421
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, Depletion and
Amortization (DD&A)
|
|
3,553,417
|
|
3,313,644
|
|
3,997,041
|
|
|
Total Operating
Cost (Non-GAAP) (excluding Total
Exploration Costs) - (d)
|
|
$
6,346,928
|
|
$
6,497,777
|
|
$
7,892,462
|
|
|
|
|
|
|
|
|
|
|
|
Exploration Costs
|
|
$
124,953
|
|
$
149,494
|
|
$
184,388
|
|
|
Dry Hole Costs
|
|
10,657
|
|
14,746
|
|
48,490
|
|
|
Impairments
|
|
620,267
|
|
6,613,546
|
|
743,575
|
|
|
Total Exploration
Costs
|
|
755,877
|
|
6,777,786
|
|
976,453
|
|
|
Less: Impairments (Non-GAAP)
|
|
(320,617)
|
|
(6,307,593)
|
|
(824,312)
|
|
|
Total Exploration Costs
(Non-GAAP)
|
|
$
435,260
|
|
$
470,193
|
|
$
152,141
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost (Non-GAAP) (including Total
Exploration Costs) - (e)
|
|
$
6,782,188
|
|
$
6,967,970
|
|
$
8,044,603
|
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Wellhead Revenue per Boe - (b) / (a)
|
|
$
26.82
|
|
$
30.66
|
|
$
58.01
|
|
|
|
|
|
|
|
|
|
|
|
Total Cash
Operating Cost per Boe (Non-GAAP)
(excluding DD&A and Total Exploration Costs) - (c) /
(a)
|
|
$
13.64
|
|
$
15.25
|
|
$
17.95
|
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (Non-GAAP) (excluding
DD&A and Total Exploration Costs) - [(b) / (a) -
(c) / (a)]
|
|
$
13.18
|
|
$
15.41
|
|
$
40.06
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost per Boe (Non-GAAP) (excluding
Total Exploration Costs) - (d) / (a)
|
|
$
30.98
|
|
$
31.11
|
|
$
36.38
|
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (Non-GAAP)
(excluding Total Exploration Costs) - [(b) / (a) - (d)
/ (a)]
|
|
$
(4.16)
|
|
$
(0.45)
|
|
$
21.63
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost per Boe (Non-GAAP) (including
Total Exploration Costs) - (e) / (a)
|
|
$
33.10
|
|
$
33.36
|
|
$
37.08
|
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (Non-GAAP)
(including Total Exploration Costs) - [(b) / (a) - (e) /
(a)]
|
|
$
(6.28)
|
|
$
(2.70)
|
|
$
20.93
|
|
|
EOG RESOURCES,
INC.
|
Second Quarter and
Full Year 2020 Forecast and Benchmark Commodity
Pricing
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Second Quarter and
Full Year 2020 Forecast
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The forecast items
for the second quarter and full year 2020 set forth below for EOG
Resources, Inc. (EOG) are based on current available information
and expectations as of the date of the accompanying press
release. EOG undertakes no obligation, other than as required
by applicable law, to update or revise this forecast, whether as a
result of new information, subsequent events, anticipated or
unanticipated circumstances or otherwise. This forecast,
which should be read in conjunction with the accompanying press
release and EOG's related Current Report on Form 8-K filing,
replaces and supersedes any previously issued guidance or
forecast.
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Capital
Expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The forecast includes
expenditures for Exploration and Development Drilling, Facilities,
Leasehold Acquisitions, Capitalized Interest, Exploration Costs,
Dry Hole Costs and Other Property, Plant and Equipment. The
forecast excludes Property Acquisitions, Asset Retirement Costs and
any Non-Cash Transactions.
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) Benchmark
Commodity Pricing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG bases United
States natural gas price differentials upon the natural gas price
at Henry Hub, Louisiana, using the simple average of the NYMEX
settlement prices for the last three trading days of the applicable
month.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated
Ranges
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
2Q 2020
|
|
|
Full Year
2020
|
Daily Sales
Volumes
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil and Condensate
Volumes (MBbld)
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
300.0
|
-
|
|
320.0
|
|
|
376.0
|
-
|
|
402.0
|
Trinidad
|
|
0.2
|
-
|
|
0.6
|
|
|
0.5
|
-
|
|
0.7
|
Other International
|
|
0.0
|
-
|
|
0.2
|
|
|
0.0
|
-
|
|
0.2
|
Total
|
|
300.2
|
-
|
|
320.8
|
|
|
376.5
|
-
|
|
402.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids Volumes
(MBbld)
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
85.0
|
-
|
|
95.0
|
|
|
105.0
|
-
|
|
125.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Volumes
(MMcfd)
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
870
|
-
|
|
930
|
|
|
950
|
-
|
|
1,050
|
Trinidad
|
|
160
|
-
|
|
180
|
|
|
170
|
-
|
|
190
|
Other International
|
|
20
|
-
|
|
30
|
|
|
20
|
-
|
|
30
|
Total
|
|
1,050
|
-
|
|
1,140
|
|
|
1,140
|
-
|
|
1,270
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil Equivalent Volumes
(MBoed)
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
530.0
|
-
|
|
570.0
|
|
|
639.3
|
-
|
|
702.0
|
Trinidad
|
|
26.9
|
-
|
|
30.6
|
|
|
28.8
|
-
|
|
32.4
|
Other International
|
|
3.3
|
-
|
|
5.2
|
|
|
3.3
|
-
|
|
5.2
|
Total
|
|
560.2
|
-
|
|
605.8
|
|
|
671.4
|
-
|
|
739.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
($MM)
|
$
|
600
|
-
|
$
|
700
|
|
$
|
3,300
|
-
|
$
|
3,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated
Ranges
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
2Q 2020
|
|
|
Full Year
2020
|
Operating
Costs
|
|
|
|
|
|
|
|
|
|
|
|
Unit Costs
($/Boe)
|
|
|
|
|
|
|
|
|
|
|
|
Lease and Well
|
$
|
4.65
|
-
|
$
|
5.15
|
|
$
|
4.20
|
-
|
$
|
4.80
|
Transportation Costs
|
$
|
3.00
|
-
|
$
|
3.40
|
|
$
|
2.60
|
-
|
$
|
3.20
|
Gathering and Processing
|
$
|
2.15
|
-
|
$
|
2.35
|
|
$
|
1.80
|
-
|
$
|
2.10
|
Depreciation, Depletion and Amortization
|
$
|
12.10
|
-
|
$
|
12.60
|
|
$
|
11.85
|
-
|
$
|
12.85
|
General and Administrative
|
$
|
2.40
|
-
|
$
|
2.50
|
|
$
|
1.90
|
-
|
$
|
2.10
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
($MM)
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and Dry
Hole
|
$
|
32
|
-
|
$
|
42
|
|
$
|
130
|
-
|
$
|
170
|
Impairment
|
$
|
75
|
-
|
$
|
85
|
|
$
|
300
|
-
|
$
|
340
|
Capitalized
Interest
|
$
|
5
|
-
|
$
|
9
|
|
$
|
27
|
-
|
$
|
33
|
Net Interest
|
$
|
51
|
-
|
$
|
55
|
|
$
|
200
|
-
|
$
|
205
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes Other Than
Income (% of Wellhead Revenue)
|
|
9.0%
|
-
|
|
11.0%
|
|
|
7.0%
|
-
|
|
8.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Taxes
|
|
|
|
|
|
|
|
|
|
|
|
Effective
Rate
|
|
19%
|
-
|
|
24%
|
|
|
17%
|
-
|
|
22%
|
Current Tax (Benefit) /
Expense ($MM)
|
$
|
(5)
|
-
|
$
|
35
|
|
$
|
(110)
|
-
|
$
|
(70)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pricing - (Refer to
Benchmark Commodity Pricing in text)
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil and Condensate
($/Bbl)
|
|
|
|
|
|
|
|
|
|
|
|
Differentials
|
|
|
|
|
|
|
|
|
|
|
|
United States - above (below) WTI
|
$
|
(7.75)
|
-
|
$
|
(2.75)
|
|
$
|
(0.40)
|
-
|
$
|
1.60
|
Trinidad - above (below) WTI
|
$
|
(12.00)
|
-
|
$
|
(10.00)
|
|
$
|
(12.00)
|
-
|
$
|
(10.00)
|
Other International - above (below) WTI
|
$
|
26.50
|
-
|
$
|
32.50
|
|
$
|
7.00
|
-
|
$
|
12.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas
Liquids
|
|
|
|
|
|
|
|
|
|
|
|
Realizations as % of WTI
|
|
38%
|
-
|
|
48%
|
|
|
30%
|
-
|
|
36%
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas
($/Mcf)
|
|
|
|
|
|
|
|
|
|
|
|
Differentials
|
|
|
|
|
|
|
|
|
|
|
|
United States - above (below) NYMEX Henry Hub
|
$
|
(0.85)
|
-
|
$
|
(0.45)
|
|
$
|
(0.85)
|
-
|
$
|
(0.25)
|
|
|
|
|
|
|
|
|
|
|
|
|
Realizations
|
|
|
|
|
|
|
|
|
|
|
|
Trinidad
|
$
|
2.90
|
-
|
$
|
3.50
|
|
$
|
2.60
|
-
|
$
|
3.30
|
Other International
|
$
|
5.00
|
-
|
$
|
5.50
|
|
$
|
4.45
|
-
|
$
|
5.45
|
|
|
|
|
|
|
|
|
|
|
|
|
Definitions
|
|
|
|
|
|
|
|
|
|
|
|
$/Bbl
U.S. Dollars per barrel
|
|
|
|
|
|
|
|
|
$/Boe U.S.
Dollars per barrel of oil equivalent
|
|
|
|
|
|
|
|
$/Mcf
U.S. Dollars per thousand cubic feet
|
|
|
|
|
|
|
|
$MM
U.S. Dollars in millions
|
|
|
|
|
|
|
|
MBbld Thousand
barrels per day
|
|
|
|
|
|
|
|
MBoed Thousand barrels
of oil equivalent per day
|
|
|
|
|
|
|
|
MMcfd Million
cubic feet per day
|
|
|
|
|
|
|
NYMEX U.S. New York
Mercantile Exchange
|
|
|
|
|
|
|
|
WTI
West Texas Intermediate
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/eog-resources-reports-first-quarter-2020-results-and-updates-2020-plan-in-response-to-oil-market-downturn-company-well-positioned-to-emerge-stronger-in-a-recovery-301055288.html
SOURCE EOG Resources, Inc.