HOUSTON, Nov. 6, 2019 /PRNewswire/ --
- Exceeded Crude Oil Production Target Range and Raised Full-Year
2019 U.S. Crude Oil Growth Target from 14 to 15 Percent
- Capital Expenditures Near Low End of Target Range
- Generated Significant Net Cash From Operating Activities and
Free Cash Flow
- Reduced YTD Well Costs 5 Percent
- Per-Unit Lease and Well and DD&A Expense Rates Below Low
End of Target Ranges
- Added 1,700 Net Premium Locations to Inventory Now Totaling
10,500 Locations and Representing Over 14 Years of Drilling
Inventory
- New Delaware Basin Wolfcamp M
and Third Bone Spring Plays Add 1.6 BnBoe Net Resource
Potential
EOG Resources, Inc. (EOG) today reported third
quarter 2019 net income of $615
million, or $1.06 per
share, compared with third quarter 2018 net income
of $1.2 billion, or $2.05 per share. Net cash provided by
operating activities for the third quarter 2019 was
$2.1 billion.
Adjusted non-GAAP net income for the third
quarter 2019 was $654 million, or $1.13 per share, compared with adjusted
non-GAAP net income of $1.0 billion, or $1.75 per share, for the same prior year
period. Please refer to the attached tables for the reconciliation
of non-GAAP measures to GAAP measures.
Third Quarter 2019 Operating Review
Total
crude oil volumes of 464,100 barrels of oil per day (Bopd) in the
third quarter 2019 increased 12 percent compared to the same prior
year period and were above the high end of the target range.
Natural gas liquids (NGLs) and natural gas volumes each grew 11
percent. EOG incurred total expenditures of $1.6 billion in the third quarter. Cash capital
expenditures before acquisitions of $1.5
billion were near the low end of the target range. Please
refer to the attached tables for the reconciliation of non-GAAP
measures to GAAP measures.
EOG continued to lower operating costs during the third quarter
2019. Per-unit transportation costs declined nine percent compared
to the same prior-year period, depreciation, depletion and
amortization expenses fell seven percent year-over-year, and lease
and well expenses declined three percent year-over-year.
EOG generated $2.0 billion of
discretionary cash flow in the third quarter 2019. After
considering cash capital expenditures before acquisitions of
$1.5 billion and dividend payments of
$166 million, EOG generated free cash
flow during the third quarter 2019 of $337
million. Please refer to the attached tables for the
reconciliation of non-GAAP measures to GAAP measures.
"EOG's operating performance has never been better. The company
generated outstanding financial results in the third quarter driven
by improvements in every area," said William R. "Bill" Thomas,
Chairman and Chief Executive Officer. "We reduced operating
expenses, grew volumes at double-digit rates while lowering well
costs and generated substantial free cash flow. EOG has never been
in a better position to sustain this success long into the
future."
New Delaware Basin Plays and
Premium Inventory Update
EOG expanded its lineup of premium
plays in the Delaware Basin with
the addition of the Wolfcamp M and the Third Bone Spring. The
drilling locations in these two plays are highly economic at a flat
$40 oil price and flat $2.50 natural gas price, consistent with EOG's
definition of premium inventory. The company continues to deepen
its technical knowledge of the Delaware Basin as it executes its development
program. EOG collects significant amounts of data on each well,
integrates it with existing models and incorporates analysis from
numerous spacing and targeting tests.
EOG has identified an initial 855 net premium drilling locations
in the Wolfcamp M, with estimated net resource potential of 1.0
billion barrels of oil equivalent across its 193,000 net acre
position. The wells in this deeper section of the Wolfcamp
formation produce roughly equal parts oil, NGLs and natural gas.
Benefiting from EOG's low well costs, Wolfcamp M wells deliver
strong premium economics and exceptionally low finding costs.
To define the play, EOG has gathered extensive subsurface
information and has completed six Wolfcamp M wells, including two
during 2019. The Green Drake 16 Fed Com #759H was completed in
Lea County, NM with a treated
lateral length of 7,200 feet and a 30-day initial production rate
of 4,165 barrels of oil equivalent per day (Boed), or 2,145 Bopd,
1,070 barrels per day (Bpd) of NGLs and 5.7 million cubic feet per
day (MMcfd) of natural gas. In Reeves
County, TX, the State Correa #3H was completed with a
treated lateral length of 9,900 feet and a 30-day initial
production rate of 2,800 Boed, or 1,175 Bopd, 845 Bpd of NGLs and
4.7 MMcfd of natural gas.
EOG has identified an initial 615 net premium drilling locations
in the Third Bone Spring, with estimated net resource potential of
585 million barrels of oil equivalent across its 200,000 net acre
position. EOG's early focus in the Delaware Basin has been on development of the
Wolfcamp formation, which sits below the Third Bone Spring. Each of
the Wolfcamp wells has drilled through the Third Bone Spring,
providing significant technical data and helping to delineate
multiple targets within the play.
EOG has completed over 50 Third Bone Spring wells to date,
including 10 net wells in 2019. The McGregor D 5 #592H targeted the
Third Bone Spring Carbonate and was completed in Loving County, TX with a treated lateral
length of 9,700 feet and a 30-day initial production rate of 2,865
Boed, or 1,990 Bopd, 500 Bpd of NGLs and 2.3 MMcfd of natural gas.
In Lea County, NM, the Caravan 28
State Com #601H and the Convoy 28 State Com #606H targeted the
Third Bone Spring Sand and were completed with an average treated
lateral length of 10,000 feet per well and average 30-day initial
production rates per well of 3,985 Boed, or 2,730 Bopd, 670 Bpd of
NGLs and 3.5 MMcfd of natural gas.
In total, EOG added 1,700 net premium drilling locations to its
undrilled premium inventory in the third quarter 2019. Taking into
account approximately 640 net wells drilled to date in 2019 and
updated location counts across its portfolio, EOG's premium
inventory now totals 10,500 net locations, representing more than
14 years of high-return drilling inventory.
"EOG is a returns-focused company where organic growth is driven
by exploration and low-cost development. The announcement of two
more premium plays in the Delaware
Basin and the addition of 1,700 new net premium drilling locations
demonstrate the sustainability of our unique business model,"
Thomas continued. "EOG continues to demonstrate its ability to
generate attractive returns on capital through reinvestment in an
improving inventory of premium wells across multiple plays. Our
best-in-class assets prove that EOG can adapt to changing industry
conditions and create significant shareholder value for years to
come."
Financial Review
EOG further strengthened its
financial position during the third quarter 2019. At September
30, 2019, EOG's total debt outstanding was $5.2 billion for a debt-to-total
capitalization ratio of 20 percent. Considering $1.6 billion of cash on the balance sheet at the
end of the third quarter, EOG's net debt was $3.6 billion for a net debt-to-total
capitalization ratio of 15 percent. For a reconciliation of
non-GAAP measures to GAAP measures, please refer to the attached
tables.
Third Quarter 2019 Results Webcast
Thursday, November 7, 2019, 9:00 a.m. Central time (10:00 a.m. Eastern time)
Webcast will be available on EOG 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
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. 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
economically develop its acreage in, produce reserves and achieve
anticipated production levels from, and maximize reserve recovery
from, its existing and future crude oil and natural gas exploration
and development projects;
- 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;
- 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 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;
- 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;
- physical, electronic and cybersecurity breaches; and
- the other factors described under ITEM 1A, Risk Factors, on
pages 13 through 22 of EOG's Annual Report on Form 10-K for the
fiscal year ended December 31, 2018
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, 2018, 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
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues
and Other
|
$
|
4,303.5
|
|
$
|
4,781.6
|
|
$
|
13,059.7
|
|
$
|
12,700.9
|
Net
Income
|
$
|
615.1
|
|
$
|
1,191.0
|
|
$
|
2,098.4
|
|
$
|
2,526.3
|
Net Income Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
1.06
|
|
$
|
2.06
|
|
$
|
3.63
|
|
$
|
4.38
|
Diluted
|
$
|
1.06
|
|
$
|
2.05
|
|
$
|
3.61
|
|
$
|
4.35
|
Average Number of
Common Shares
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
577.8
|
|
|
577.3
|
|
|
577.5
|
|
|
576.4
|
Diluted
|
|
581.3
|
|
|
581.6
|
|
|
581.2
|
|
|
580.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary Income
Statements
|
(Unaudited; in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Operating Revenues
and Other
|
|
|
|
|
|
|
|
Crude Oil
and Condensate
|
$
|
2,418,989
|
|
$
|
2,655,278
|
|
$
|
7,148,258
|
|
$
|
7,134,114
|
Natural
Gas Liquids
|
|
164,736
|
|
|
353,704
|
|
|
569,748
|
|
|
861,473
|
Natural
Gas
|
|
269,625
|
|
|
311,713
|
|
|
874,489
|
|
|
912,324
|
Gains
(Losses) on Mark-to-Market Commodity
Derivative Contracts
|
|
85,902
|
|
|
(52,081)
|
|
|
242,622
|
|
|
(297,735)
|
Gathering,
Processing and Marketing
|
|
1,334,450
|
|
|
1,360,992
|
|
|
4,121,490
|
|
|
3,899,250
|
Gains
(Losses) on Asset Dispositions, Net
|
|
(523)
|
|
|
115,944
|
|
|
3,650
|
|
|
94,658
|
Other,
Net
|
|
30,276
|
|
|
36,074
|
|
|
99,470
|
|
|
96,779
|
Total
|
|
4,303,455
|
|
|
4,781,624
|
|
|
13,059,727
|
|
|
12,700,863
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
Lease and
Well
|
|
348,883
|
|
|
321,568
|
|
|
1,032,455
|
|
|
936,236
|
Transportation Costs
|
|
199,365
|
|
|
196,027
|
|
|
549,988
|
|
|
550,781
|
Gathering
and Processing Costs
|
|
127,549
|
|
|
114,063
|
|
|
351,487
|
|
|
324,577
|
Exploration Costs
|
|
34,540
|
|
|
32,823
|
|
|
103,386
|
|
|
115,137
|
Dry Hole
Costs
|
|
24,138
|
|
|
358
|
|
|
28,001
|
|
|
5,260
|
Impairments
|
|
105,275
|
|
|
44,617
|
|
|
289,761
|
|
|
160,934
|
Marketing
Costs
|
|
1,343,293
|
|
|
1,326,974
|
|
|
4,114,265
|
|
|
3,853,827
|
Depreciation, Depletion and Amortization
|
|
953,597
|
|
|
918,180
|
|
|
2,790,496
|
|
|
2,515,445
|
General
and Administrative
|
|
135,758
|
|
|
111,284
|
|
|
364,210
|
|
|
310,065
|
Taxes
Other Than Income
|
|
203,098
|
|
|
209,043
|
|
|
600,418
|
|
|
582,395
|
Total
|
|
3,475,496
|
|
|
3,274,937
|
|
|
10,224,467
|
|
|
9,354,657
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
827,959
|
|
|
1,506,687
|
|
|
2,835,260
|
|
|
3,346,206
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense), Net
|
|
9,118
|
|
|
3,308
|
|
|
23,233
|
|
|
(4,516)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before
Interest Expense and Income Taxes
|
|
837,077
|
|
|
1,509,995
|
|
|
2,858,493
|
|
|
3,341,690
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense,
Net
|
|
39,620
|
|
|
63,632
|
|
|
144,434
|
|
|
189,032
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes
|
|
797,457
|
|
|
1,446,363
|
|
|
2,714,059
|
|
|
3,152,658
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax
Provision
|
|
182,335
|
|
|
255,411
|
|
|
615,670
|
|
|
626,386
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
|
615,122
|
|
$
|
1,190,952
|
|
$
|
2,098,389
|
|
$
|
2,526,272
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Declared
per Common Share
|
$
|
0.2875
|
|
$
|
0.2200
|
|
$
|
0.7950
|
|
$
|
0.5900
|
EOG RESOURCES,
INC.
|
Operating
Highlights
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
|
|
September
30,
|
|
|
|
2019
|
|
2018
|
|
%
Change
|
|
2019
|
|
2018
|
|
%
Change
|
Wellhead Volumes
and Prices
|
|
|
|
|
|
|
|
Crude Oil and
Condensate Volumes (MBbld) (A)
|
|
|
|
|
|
|
|
United
States
|
|
463.2
|
|
|
409.2
|
|
13%
|
|
|
451.2
|
|
|
382.9
|
|
18%
|
Trinidad
|
|
0.8
|
|
|
0.8
|
|
0%
|
|
|
0.7
|
|
|
0.8
|
|
-13%
|
Other International
(B)
|
|
0.1
|
|
|
5.0
|
|
-98%
|
|
|
0.1
|
|
|
4.1
|
|
-98%
|
Total
|
|
464.1
|
|
|
415.0
|
|
12%
|
|
|
452.0
|
|
|
387.8
|
|
17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Crude Oil and
Condensate Prices ($/Bbl) (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
56.67
|
|
$
|
69.53
|
|
-18%
|
|
$
|
57.95
|
|
$
|
67.35
|
|
-14%
|
Trinidad
|
|
48.36
|
|
|
61.71
|
|
-22%
|
|
|
47.26
|
|
|
58.91
|
|
-20%
|
Other International
(B)
|
|
59.87
|
|
|
72.81
|
|
-18%
|
|
|
58.43
|
|
|
71.83
|
|
-19%
|
Composite
|
|
56.66
|
|
|
69.55
|
|
-19%
|
|
|
57.93
|
|
|
67.38
|
|
-14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids
Volumes (MBbld) (A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
141.3
|
|
|
127.8
|
|
11%
|
|
|
130.8
|
|
|
113.9
|
|
15%
|
Other International
(B)
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
|
-
|
|
|
Total
|
|
141.3
|
|
|
127.8
|
|
11%
|
|
|
130.8
|
|
|
113.9
|
|
15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Natural Gas
Liquids Prices ($/Bbl) (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
12.67
|
|
$
|
30.09
|
|
-58%
|
|
$
|
15.96
|
|
$
|
27.71
|
|
-42%
|
Other International
(B)
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
|
-
|
|
|
Composite
|
|
12.67
|
|
|
30.09
|
|
-58%
|
|
|
15.96
|
|
|
27.71
|
|
-42%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Volumes
(MMcfd) (A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
1,079
|
|
|
948
|
|
14%
|
|
|
1,043
|
|
|
905
|
|
15%
|
Trinidad
|
|
260
|
|
|
260
|
|
0%
|
|
|
267
|
|
|
278
|
|
-4%
|
Other International
(B)
|
|
34
|
|
|
28
|
|
21%
|
|
|
36
|
|
|
31
|
|
16%
|
Total
|
|
1,373
|
|
|
1,236
|
|
11%
|
|
|
1,346
|
|
|
1,214
|
|
11%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Natural Gas
Prices ($/Mcf) (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
1.97
|
|
$
|
2.67
|
|
-26%
|
|
$
|
2.23
|
|
$
|
2.66
|
|
-16%
|
Trinidad
|
|
2.52
|
|
|
2.88
|
|
-12%
|
|
|
2.71
|
|
|
2.91
|
|
-7%
|
Other International
(B)
|
|
4.25
|
|
|
3.83
|
|
11%
|
|
|
4.29
|
|
|
4.10
|
|
5%
|
Composite
|
|
2.13
|
|
|
2.74
|
|
-22%
|
|
|
2.38
|
|
|
2.75
|
|
-14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil Equivalent
Volumes (MBoed) (D)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
784.3
|
|
|
695.0
|
|
13%
|
|
|
755.8
|
|
|
647.6
|
|
17%
|
Trinidad
|
|
44.1
|
|
|
44.1
|
|
0%
|
|
|
45.1
|
|
|
47.2
|
|
-4%
|
Other International
(B)
|
|
5.8
|
|
|
9.7
|
|
-40%
|
|
|
6.2
|
|
|
9.2
|
|
-33%
|
Total
|
|
834.2
|
|
|
748.8
|
|
11%
|
|
|
807.1
|
|
|
704.0
|
|
15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total MMBoe
(D)
|
|
76.7
|
|
|
68.9
|
|
11%
|
|
|
220.3
|
|
|
192.2
|
|
15%
|
|
(A) Thousand barrels
per day or million cubic feet per day, as applicable.
|
(B) Other
International includes EOG's United Kingdom, China and Canada
operations. The United Kingdom operations were sold in the
fourth quarter of 2018.
|
(C) Dollars per
barrel or per thousand cubic feet, as applicable. Excludes
the impact of financial commodity derivative instruments (see Note
12 to the Condensed Consolidated Financial Statements in EOG's
Quarterly Report on Form 10-Q for the fiscal quarter ended
September 30, 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
2019
|
|
2018
|
ASSETS
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
|
|
$
|
1,583,105
|
|
$
|
1,555,634
|
Accounts Receivable,
Net
|
|
|
|
1,927,996
|
|
|
1,915,215
|
Inventories
|
|
|
|
778,120
|
|
|
859,359
|
Assets from Price Risk
Management Activities
|
|
|
|
122,627
|
|
|
23,806
|
Income Taxes
Receivable
|
|
|
|
135,680
|
|
|
427,909
|
Other
|
|
|
|
272,203
|
|
|
275,467
|
Total
|
|
|
|
4,819,731
|
|
|
5,057,390
|
|
|
|
|
|
|
|
|
Property, Plant
and Equipment
|
|
|
|
|
|
|
|
Oil and Gas Properties
(Successful Efforts Method)
|
|
|
|
61,620,033
|
|
|
57,330,016
|
Other Property, Plant and
Equipment
|
|
|
|
4,394,486
|
|
|
4,220,665
|
Total Property, Plant and Equipment
|
|
|
|
66,014,519
|
|
|
61,550,681
|
Less: Accumulated
Depreciation, Depletion and Amortization
|
|
|
|
(35,810,197)
|
|
|
(33,475,162)
|
Total Property, Plant and Equipment, Net
|
|
|
|
30,204,322
|
|
|
28,075,519
|
Deferred Income
Taxes
|
|
|
|
1,998
|
|
|
777
|
Other
Assets
|
|
|
|
1,516,218
|
|
|
800,788
|
Total
Assets
|
|
|
$
|
36,542,269
|
|
$
|
33,934,474
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
Accounts Payable
|
|
|
$
|
2,395,080
|
|
$
|
2,239,850
|
Accrued Taxes
Payable
|
|
|
|
302,774
|
|
|
214,726
|
Dividends Payable
|
|
|
|
166,215
|
|
|
126,971
|
Current Portion of Long-Term
Debt
|
|
|
|
1,014,200
|
|
|
913,093
|
Current Portion of Operating
Lease Liabilities
|
|
|
|
384,348
|
|
|
-
|
Other
|
|
|
|
211,096
|
|
|
233,724
|
Total
|
|
|
|
4,473,713
|
|
|
3,728,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term
Debt
|
|
|
|
4,163,115
|
|
|
5,170,169
|
Other
Liabilities
|
|
|
|
1,858,357
|
|
|
1,258,355
|
Deferred Income
Taxes
|
|
|
|
4,922,804
|
|
|
4,413,398
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
Common Stock, $0.01 Par,
1,280,000,000 Shares Authorized and
582,066,483 Shares
Issued at September 30, 2019 and 580,408,117
Shares Issued at
December 31, 2018
|
|
|
|
205,821
|
|
|
205,804
|
Additional Paid in
Capital
|
|
|
|
5,769,073
|
|
|
5,658,794
|
Accumulated Other
Comprehensive Loss
|
|
|
|
(3,689)
|
|
|
(1,358)
|
Retained Earnings
|
|
|
|
15,179,381
|
|
|
13,543,130
|
Common Stock Held in
Treasury, 289,903 Shares at September 30, 2019
and 385,042 Shares at
December 31, 2018
|
|
|
|
(26,306)
|
|
|
(42,182)
|
Total Stockholders' Equity
|
|
|
|
21,124,280
|
|
|
19,364,188
|
Total Liabilities
and Stockholders' Equity
|
|
|
$
|
36,542,269
|
|
$
|
33,934,474
|
EOG RESOURCES,
INC.
|
Summary Statements
of Cash Flows
|
(Unaudited; in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Cash Flows from
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Income to Net Cash Provided by Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
|
615,122
|
|
$
|
1,190,952
|
|
$
|
2,098,389
|
|
$
|
2,526,272
|
Items Not Requiring
(Providing) Cash
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, Depletion and Amortization
|
|
953,597
|
|
|
918,180
|
|
|
2,790,496
|
|
|
2,515,445
|
Impairments
|
|
105,275
|
|
|
44,617
|
|
|
289,761
|
|
|
160,934
|
Stock-Based Compensation Expenses
|
|
54,670
|
|
|
49,001
|
|
|
132,323
|
|
|
116,290
|
Deferred Income Taxes
|
|
184,282
|
|
|
334,116
|
|
|
508,576
|
|
|
681,702
|
(Gains) Losses on Asset Dispositions, Net
|
|
523
|
|
|
(115,944)
|
|
|
(3,650)
|
|
|
(94,658)
|
Other, Net
|
|
(1,284)
|
|
|
1,807
|
|
|
4,155
|
|
|
15,314
|
Dry Hole Costs
|
|
24,138
|
|
|
358
|
|
|
28,001
|
|
|
5,260
|
Mark-to-Market Commodity
Derivative Contracts
|
|
|
|
|
|
|
|
|
|
|
|
Total (Gains) Losses
|
|
(85,902)
|
|
|
52,081
|
|
|
(242,622)
|
|
|
297,735
|
Net Cash Received from (Payments for) Settlements of Commodity
Derivative Contracts
|
|
108,418
|
|
|
(91,894)
|
|
|
139,708
|
|
|
(180,228)
|
Other, Net
|
|
(424)
|
|
|
1,913
|
|
|
1,215
|
|
|
1,652
|
Changes in Components of
Working Capital and Other Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Accounts Receivable
|
|
63,891
|
|
|
(243,778)
|
|
|
(5,855)
|
|
|
(553,529)
|
Inventories
|
|
66,857
|
|
|
(94,598)
|
|
|
55,598
|
|
|
(286,817)
|
Accounts Payable
|
|
7,400
|
|
|
81,548
|
|
|
134,253
|
|
|
537,525
|
Accrued Taxes Payable
|
|
34,767
|
|
|
(59,426)
|
|
|
88,047
|
|
|
(36,891)
|
Other Assets
|
|
(92,814)
|
|
|
(40,491)
|
|
|
394,573
|
|
|
(103,334)
|
Other Liabilities
|
|
39,791
|
|
|
38,392
|
|
|
(18,315)
|
|
|
(14,776)
|
Changes in Components of
Working Capital Associated with Investing and
Financing
Activities
|
|
(16,643)
|
|
|
122,763
|
|
|
(38,677)
|
|
|
95,484
|
Net Cash Provided
by Operating Activities
|
|
2,061,664
|
|
|
2,189,597
|
|
|
6,355,976
|
|
|
5,683,380
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing Cash
Flows
|
|
|
|
|
|
|
|
|
|
|
|
Additions to Oil and Gas
Properties
|
|
(1,420,385)
|
|
|
(1,591,646)
|
|
|
(4,866,882)
|
|
|
(4,571,932)
|
Additions to Other Property,
Plant and Equipment
|
|
(70,469)
|
|
|
(57,526)
|
|
|
(187,350)
|
|
|
(202,384)
|
Proceeds from Sales of
Assets
|
|
17,767
|
|
|
3,306
|
|
|
35,409
|
|
|
11,582
|
Other Investing
Activities
|
|
-
|
|
|
(19,993)
|
|
|
-
|
|
|
(19,993)
|
Changes in Components of
Working Capital Associated with Investing Activities
|
|
16,621
|
|
|
(122,791)
|
|
|
38,677
|
|
|
(95,541)
|
Net Cash Used in
Investing Activities
|
|
(1,456,466)
|
|
|
(1,788,650)
|
|
|
(4,980,146)
|
|
|
(4,878,268)
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Cash
Flows
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Debt
Repayments
|
|
-
|
|
|
-
|
|
|
(900,000)
|
|
|
-
|
Dividends Paid
|
|
(166,170)
|
|
|
(107,465)
|
|
|
(420,851)
|
|
|
(311,075)
|
Treasury Stock
Purchased
|
|
(13,835)
|
|
|
(26,535)
|
|
|
(22,238)
|
|
|
(58,558)
|
Proceeds from Stock Options
Exercised and Employee Stock Purchase Plan
|
|
863
|
|
|
953
|
|
|
9,558
|
|
|
12,098
|
Debt Issuance
Costs
|
|
(114)
|
|
|
-
|
|
|
(5,016)
|
|
|
-
|
Repayment of Capital Lease
Obligation
|
|
(3,235)
|
|
|
(1,698)
|
|
|
(9,638)
|
|
|
(5,052)
|
Changes in Components of
Working Capital Associated with Financing Activities
|
|
22
|
|
|
28
|
|
|
-
|
|
|
57
|
Net Cash Used in
Financing Activities
|
|
(182,469)
|
|
|
(134,717)
|
|
|
(1,348,185)
|
|
|
(362,530)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of Exchange
Rate Changes on Cash
|
|
(109)
|
|
|
(313)
|
|
|
(174)
|
|
|
(2,678)
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in Cash
and Cash Equivalents
|
|
422,620
|
|
|
265,917
|
|
|
27,471
|
|
|
439,904
|
Cash and Cash
Equivalents at Beginning of Period
|
|
1,160,485
|
|
|
1,008,215
|
|
|
1,555,634
|
|
|
834,228
|
Cash and Cash
Equivalents at End of Period
|
$
|
1,583,105
|
|
$
|
1,274,132
|
|
$
|
1,583,105
|
|
$
|
1,274,132
|
EOG RESOURCES,
INC.
|
Third Quarter 2019
Well Results by Play
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells On
Line
|
|
|
|
Initial Gross
30-Day Average Production Rate
|
|
Gross
|
|
Net
|
|
Lateral
Length (ft)
|
|
Crude Oil and
Condensate
(Bbld) (A)
|
|
Natural Gas
Liquids
(Bbld) (A)
|
|
Natural Gas
(MMcfd) (A)
|
|
Crude Oil
Equivalent
(Boed) (B)
|
Delaware
Basin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wolfcamp
|
51
|
|
48
|
|
7,300
|
|
1,950
|
|
650
|
|
3.3
|
|
3,150
|
Bone
Spring
|
24
|
|
21
|
|
5,900
|
|
1,600
|
|
350
|
|
1.9
|
|
2,300
|
Leonard
|
2
|
|
1
|
|
9,700
|
|
2,000
|
|
600
|
|
3.0
|
|
3,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Texas Eagle
Ford
|
81
|
|
74
|
|
7,900
|
|
1,150
|
|
100
|
|
0.6
|
|
1,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Texas Austin
Chalk
|
4
|
|
2
|
|
4,600
|
|
1,850
|
|
350
|
|
1.8
|
|
2,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Powder River
Basin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turner /
Parkman
|
7
|
|
6
|
|
9,800
|
|
800
|
|
200
|
|
3.3
|
|
1,550
|
Niobrara
|
1
|
|
1
|
|
10,200
|
|
1,250
|
|
250
|
|
4.0
|
|
2,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DJ Basin Codell /
Niobrara
|
5
|
|
4
|
|
9,700
|
|
800
|
|
50
|
|
0.4
|
|
900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Williston Basin
Bakken/Three Forks
|
15
|
|
13
|
|
10,600
|
|
2,150
|
|
300
|
|
2.0
|
|
2,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anadarko Basin
Woodford Oil Window
|
16
|
|
14
|
|
9,900
|
|
950
|
|
100
|
|
0.7
|
|
1,150
|
|
(A) Barrels per
day or million cubic feet per day, as applicable.
|
(B) Barrels of
oil equivalent per day; includes crude oil and condensate, natural
gas liquids and natural gas. Crude oil equivalent volumes are
determined using a ratio of 1.0 barrel of crude oil and condensate
or natural gas liquids to 6.0 thousand cubic feet of natural
gas.
|
EOG RESOURCES,
INC.
|
Reconciliation of
Adjusted Net Income
|
(Unaudited; in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following chart
adjusts the three-month and nine-month periods ended September 30,
2019 and 2018 reported Net Income (GAAP) to reflect actual net cash
received from (payments for) 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 2019 and 2018, to add back impairment
charges related to certain of EOG's assets in 2019 and 2018 and to
eliminate certain adjustments in 2018 related to the 2017 U.S. tax
reform. 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
|
|
September 30,
2019
|
|
September 30,
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
797,457
|
|
$(182,335)
|
|
$
615,122
|
|
$
1.06
|
|
$1,446,363
|
|
$(255,411)
|
|
$1,190,952
|
|
$
2.05
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) Losses on
Mark-to-Market Commodity
Derivative Contracts
|
(85,902)
|
|
18,854
|
|
(67,048)
|
|
(0.12)
|
|
52,081
|
|
(11,472)
|
|
40,609
|
|
0.07
|
Net Cash Received
from (Payments for)
Settlements of Commodity Derivative
Contracts
|
108,418
|
|
(23,796)
|
|
84,622
|
|
0.15
|
|
(91,894)
|
|
20,241
|
|
(71,653)
|
|
(0.12)
|
Add: (Gains)
Losses on Asset Dispositions, Net
|
523
|
|
(89)
|
|
434
|
|
-
|
|
(115,944)
|
|
28,934
|
|
(87,010)
|
|
(0.15)
|
Add: Certain
Impairments
|
27,215
|
|
(5,973)
|
|
21,242
|
|
0.04
|
|
-
|
|
-
|
|
-
|
|
-
|
Less: Tax
Reform Impact
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(57,127)
|
|
(57,127)
|
|
(0.10)
|
Adjustments to Net
Income
|
50,254
|
|
(11,004)
|
|
39,250
|
|
0.07
|
|
(155,757)
|
|
(19,424)
|
|
(175,181)
|
|
(0.30)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income (Non-GAAP)
|
$
847,711
|
|
$(193,339)
|
|
$
654,372
|
|
$
1.13
|
|
$1,290,606
|
|
$(274,835)
|
|
$1,015,771
|
|
$
1.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of
Common Shares (GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
577,839
|
|
|
|
|
|
|
|
577,254
|
Diluted
|
|
|
|
|
|
|
581,271
|
|
|
|
|
|
|
|
581,559
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
Nine Months
Ended
|
|
September 30,
2019
|
|
September 30,
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$2,714,059
|
|
$(615,670)
|
|
$2,098,389
|
|
$
3.61
|
|
$3,152,658
|
|
$(626,386)
|
|
$2,526,272
|
|
$
4.35
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) Losses on
Mark-to-Market Commodity
Derivative Contracts
|
(242,622)
|
|
53,251
|
|
(189,371)
|
|
(0.34)
|
|
297,735
|
|
(65,582)
|
|
232,153
|
|
0.40
|
Net Cash Received
from (Payments for)
Settlements of Commodity Derivative
Contracts
|
139,708
|
|
(30,663)
|
|
109,045
|
|
0.19
|
|
(180,228)
|
|
39,699
|
|
(140,529)
|
|
(0.24)
|
Add: (Gains)
Losses on Asset Dispositions, Net
|
(3,650)
|
|
910
|
|
(2,740)
|
|
-
|
|
(94,658)
|
|
24,235
|
|
(70,423)
|
|
(0.12)
|
Add: Certain
Impairments
|
116,249
|
|
(25,514)
|
|
90,735
|
|
0.16
|
|
20,876
|
|
(4,598)
|
|
16,278
|
|
0.03
|
Less: Tax
Reform Impact
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(63,651)
|
|
(63,651)
|
|
(0.11)
|
Adjustments to Net
Income
|
9,685
|
|
(2,016)
|
|
7,669
|
|
0.01
|
|
43,725
|
|
(69,897)
|
|
(26,172)
|
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income (Non-GAAP)
|
$2,723,744
|
|
$(617,686)
|
|
$2,106,058
|
|
$
3.62
|
|
$3,196,383
|
|
$(696,283)
|
|
$2,500,100
|
|
$
4.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of
Common Shares (GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
577,498
|
|
|
|
|
|
|
|
576,431
|
Diluted
|
|
|
|
|
|
|
581,190
|
|
|
|
|
|
|
|
580,442
|
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 and nine-month periods ended September
30, 2019 and 2018 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 (Payable), 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 and dividends
paid (GAAP) during such period, as is illustrated below for the
three months and nine months ended September 30, 2019 and
2018. EOG management uses this information for comparative
purposes within the industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities (GAAP)
|
$
|
2,061,664
|
|
$
|
2,189,597
|
|
$
|
6,355,976
|
|
$
|
5,683,380
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Exploration Costs
(excluding Stock-Based Compensation Expenses)
|
|
29,374
|
|
|
27,032
|
|
|
85,250
|
|
|
96,716
|
Other Non-Current
Income Taxes - Net Receivable (Payable)
|
|
33,855
|
|
|
(129,941)
|
|
|
179,537
|
|
|
62,421
|
Changes in Components
of Working Capital and Other Assets
|
|
|
|
|
|
|
|
|
|
|
|
and
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
Receivable
|
|
(63,891)
|
|
|
243,778
|
|
|
5,855
|
|
|
553,529
|
Inventories
|
|
(66,857)
|
|
|
94,598
|
|
|
(55,598)
|
|
|
286,817
|
Accounts
Payable
|
|
(7,400)
|
|
|
(81,548)
|
|
|
(134,253)
|
|
|
(537,525)
|
Accrued Taxes
Payable
|
|
(34,767)
|
|
|
59,426
|
|
|
(88,047)
|
|
|
36,891
|
Other
Assets
|
|
92,814
|
|
|
40,491
|
|
|
(394,573)
|
|
|
103,334
|
Other
Liabilities
|
|
(39,791)
|
|
|
(38,392)
|
|
|
18,315
|
|
|
14,776
|
Changes in Components
of Working Capital Associated with
|
|
|
|
|
|
|
|
|
|
|
|
Investing and
Financing Activities
|
|
16,643
|
|
|
(122,763)
|
|
|
38,677
|
|
|
(95,484)
|
|
|
|
|
|
|
|
|
|
|
|
|
Discretionary Cash
Flow (Non-GAAP)
|
$
|
2,021,644
|
|
$
|
2,282,278
|
|
$
|
6,011,139
|
|
$
|
6,204,855
|
|
|
|
|
|
|
|
|
|
|
|
|
Discretionary Cash
Flow (Non-GAAP) - Percentage Decrease
|
|
-11%
|
|
|
|
|
|
-3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discretionary Cash
Flow (Non-GAAP)
|
$
|
2,021,644
|
|
$
|
2,282,278
|
|
$
|
6,011,139
|
|
$
|
6,204,855
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
Total Cash Capital
Expenditures Before Acquisitions
(Non-GAAP)(a)
|
|
(1,518,019)
|
|
|
(1,671,922)
|
|
|
(4,846,221)
|
|
|
(4,869,951)
|
Dividends Paid
(GAAP)
|
|
(166,170)
|
|
|
(107,465)
|
|
|
(420,851)
|
|
|
(311,075)
|
Free Cash Flow
(Non-GAAP)
|
$
|
337,455
|
|
$
|
502,891
|
|
$
|
744,067
|
|
$
|
1,023,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See below
reconciliation of Total Expenditures (GAAP) to Total Cash
Expenditures Excluding Acquisitions (Non-GAAP) for the three-months
and nine-month periods ended September 30, 2019 and
2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenditures
(GAAP)
|
$
|
1,629,343
|
|
$
|
1,828,348
|
|
$
|
5,394,389
|
|
$
|
5,201,921
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
Asset Retirement Costs
|
|
(90,970)
|
|
|
(10,834)
|
|
|
(151,551)
|
|
|
(41,789)
|
Non-Cash Expenditures of Other Property, Plant and
Equipment
|
|
-
|
|
|
(1,257)
|
|
|
(586)
|
|
|
(48,937)
|
Non-Cash Acquisition Costs of Unproved Properties
|
|
(10,666)
|
|
|
(101,821)
|
|
|
(64,387)
|
|
|
(161,823)
|
Acquisition Costs of Proved Properties
|
|
(9,688)
|
|
|
(42,514)
|
|
|
(331,644)
|
|
|
(79,421)
|
Total Cash Capital
Expenditures Before Acquisitions (Non-GAAP)
|
$
|
1,518,019
|
|
$
|
1,671,922
|
|
$
|
4,846,221
|
|
$
|
4,869,951
|
|
|
|
EOG RESOURCES,
INC.
|
Total
Expenditures
|
(Unaudited; in
millions)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
Exploration and
Development Drilling
|
$1,173
|
|
$1,340
|
|
$3,865
|
|
$3,843
|
Facilities
|
161
|
|
178
|
|
499
|
|
518
|
Leasehold
Acquisitions
|
56
|
|
159
|
|
201
|
|
331
|
Property
Acquisitions
|
10
|
|
42
|
|
332
|
|
79
|
Capitalized
Interest
|
10
|
|
7
|
|
28
|
|
18
|
Subtotal
|
1,410
|
|
1,726
|
|
4,925
|
|
4,789
|
Exploration
Costs
|
34
|
|
33
|
|
103
|
|
115
|
Dry Hole
Costs
|
24
|
|
-
|
|
28
|
|
5
|
Exploration and Development
Expenditures
|
1,468
|
|
1,759
|
|
5,056
|
|
4,909
|
Asset Retirement
Costs
|
91
|
|
11
|
|
151
|
|
42
|
Total Exploration and
Development Expenditures
|
1,559
|
|
1,770
|
|
5,207
|
|
4,951
|
Other Property, Plant
and Equipment
|
70
|
|
58
|
|
187
|
|
251
|
Total
Expenditures
|
$1,629
|
|
$1,828
|
|
$5,394
|
|
$5,202
|
|
|
|
EOG RESOURCES,
INC.
|
Reconciliation of
Adjusted EBITDAX
|
(Unaudited; in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
The following chart
adjusts the three-month and nine-month periods ended September 30,
2019 and 2018 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 (payments for)
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
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(GAAP)
|
$
|
615,122
|
|
$
|
1,190,952
|
|
$
|
2,098,389
|
|
$
|
2,526,272
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense,
Net
|
|
39,620
|
|
|
63,632
|
|
|
144,434
|
|
|
189,032
|
Income Tax
Provision
|
|
182,335
|
|
|
255,411
|
|
|
615,670
|
|
|
626,386
|
Depreciation, Depletion and
Amortization
|
|
953,597
|
|
|
918,180
|
|
|
2,790,496
|
|
|
2,515,445
|
Exploration Costs
|
|
34,540
|
|
|
32,823
|
|
|
103,386
|
|
|
115,137
|
Dry Hole Costs
|
|
24,138
|
|
|
358
|
|
|
28,001
|
|
|
5,260
|
Impairments
|
|
105,275
|
|
|
44,617
|
|
|
289,761
|
|
|
160,934
|
EBITDAX (Non-GAAP)
|
|
1,954,627
|
|
|
2,505,973
|
|
|
6,070,137
|
|
|
6,138,466
|
Total (Gains) Losses on MTM
Commodity Derivative Contracts
|
|
(85,902)
|
|
|
52,081
|
|
|
(242,622)
|
|
|
297,735
|
Net Cash Received from
(Payments for) Settlements of Commodity
Derivative
Contracts
|
|
108,418
|
|
|
(91,894)
|
|
|
139,708
|
|
|
(180,228)
|
(Gains) Losses on Asset
Dispositions, Net
|
|
523
|
|
|
(115,944)
|
|
|
(3,650)
|
|
|
(94,658)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAX
(Non-GAAP)
|
$
|
1,977,666
|
|
$
|
2,350,216
|
|
$
|
5,963,573
|
|
$
|
6,161,315
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAX
(Non-GAAP) - Percentage Decrease
|
|
-16%
|
|
|
|
|
|
-3%
|
|
|
|
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
|
|
September
30,
|
|
December
31,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (a)
|
$
|
21,124
|
|
$
|
19,364
|
|
$
|
18,538
|
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (b)
|
|
5,177
|
|
|
6,083
|
|
|
6,435
|
Less:
Cash
|
|
(1,583)
|
|
|
(1,556)
|
|
|
(1,274)
|
Net Debt (Non-GAAP) -
(c)
|
|
3,594
|
|
|
4,527
|
|
|
5,161
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (a) + (b)
|
$
|
26,301
|
|
$
|
25,447
|
|
$
|
24,973
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(Non-GAAP) - (a) + (c)
|
$
|
24,718
|
|
$
|
23,891
|
|
$
|
23,699
|
|
|
|
|
|
|
|
|
|
Debt-to-Total
Capitalization (GAAP) - (b) / [(a) + (b)]
|
|
20%
|
|
|
24%
|
|
|
26%
|
|
|
|
|
|
|
|
|
|
Net Debt-to-Total
Capitalization (Non-GAAP) - (c) / [(a) + (c)]
|
|
15%
|
|
|
19%
|
|
|
22%
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
|
|
|
|
Total Costs Incurred
in Exploration and Development Activities (GAAP)
|
$6,419.7
|
|
$4,439.4
|
|
$ 6,445.2
|
|
$4,928.3
|
|
$7,904.8
|
Less: Asset
Retirement Costs
|
(69.7)
|
|
(55.6)
|
|
19.9
|
|
(53.5)
|
|
(195.6)
|
Non-Cash Acquisition Costs of Unproved Properties
|
(290.5)
|
|
(255.7)
|
|
(3,101.8)
|
|
-
|
|
-
|
Acquisition Costs of Proved Properties
|
(123.7)
|
|
(72.6)
|
|
(749.0)
|
|
(480.6)
|
|
(139.1)
|
Total Exploration
and Development Expenditures for Drilling Only (Non-GAAP)
(a)
|
$5,935.8
|
|
$4,055.5
|
|
$
2,614.3
|
|
$4,394.2
|
|
$7,570.1
|
|
|
|
|
|
|
|
|
|
|
Total Costs Incurred
in Exploration and Development Activities (GAAP)
|
$6,419.7
|
|
$4,439.4
|
|
$ 6,445.2
|
|
$4,928.3
|
|
$7,904.8
|
Less: Asset
Retirement Costs
|
(69.7)
|
|
(55.6)
|
|
19.9
|
|
(53.5)
|
|
(195.6)
|
Non-Cash Acquisition Costs of Unproved Properties
|
(290.5)
|
|
(255.7)
|
|
(3,101.8)
|
|
-
|
|
-
|
Non-Cash Acquisition Costs of Proved Properties
|
(70.9)
|
|
(26.2)
|
|
(732.3)
|
|
-
|
|
-
|
Total Exploration
and Development Expenditures (Non-GAAP) (b)
|
$5,988.6
|
|
$4,101.9
|
|
$
2,631.0
|
|
$4,874.8
|
|
$7,709.2
|
|
|
|
|
|
|
|
|
|
|
Net Proved Reserve
Additions From All Sources - Oil Equivalents
(MMBoe)
|
|
|
|
|
|
|
|
|
|
Revisions Due to
Price (c)
|
34.8
|
|
154.0
|
|
(100.7)
|
|
(573.8)
|
|
52.2
|
Revisions Other Than
Price
|
(39.5)
|
|
48.0
|
|
252.9
|
|
107.2
|
|
48.4
|
Purchases in
Place
|
11.6
|
|
2.3
|
|
42.3
|
|
56.2
|
|
14.4
|
Extensions,
Discoveries and Other Additions (d)
|
669.7
|
|
420.8
|
|
209.0
|
|
245.9
|
|
519.2
|
Total Proved
Reserve Additions (e)
|
676.6
|
|
625.1
|
|
403.5
|
|
(164.5)
|
|
634.2
|
Sales in
Place
|
(10.8)
|
|
(20.7)
|
|
(167.6)
|
|
(3.5)
|
|
(36.3)
|
Net Proved Reserve
Additions From All Sources (f)
|
665.8
|
|
604.4
|
|
235.9
|
|
(168.0)
|
|
597.9
|
|
|
|
|
|
|
|
|
|
|
Production
(g)
|
265.0
|
|
224.4
|
|
207.1
|
|
211.2
|
|
219.1
|
|
|
|
|
|
|
|
|
|
|
RESERVE
REPLACEMENT COSTS ($ / Boe)
|
|
|
|
|
|
|
|
|
|
Total Drilling,
Before Revisions (a / d)
|
$
8.86
|
|
$
9.64
|
|
$
12.51
|
|
$
17.87
|
|
$
14.58
|
All-in Total, Net
of Revisions (b / e)
|
$
8.85
|
|
$
6.56
|
|
$
6.52
|
|
$(29.63)
|
|
$
12.16
|
All-in Total,
Excluding Revisions Due to Price (b / (e - c))
|
$
9.33
|
|
$
8.71
|
|
$
5.22
|
|
$
11.91
|
|
$
13.25
|
EOG RESOURCES,
INC.
|
Crude Oil 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 West Texas Intermediate 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 pricing in Midland, Texas,
and Cushing, Oklahoma (Midland Differential). Presented below
is a comprehensive summary of EOG's Midland Differential basis swap
contracts through October 29, 2019. The weighted average
price differential expressed in $/Bbl represents the amount of
reduction to Cushing, Oklahoma, prices for the notional volumes
expressed in Bbld covered by the basis swap contracts.
|
|
|
|
|
|
|
|
|
Midland
Differential Basis Swap Contracts
|
|
|
|
Weighted
|
|
|
|
Average
Price
|
|
Volume
|
|
Differential
|
|
(Bbld)
|
|
($/Bbl)
|
2019
|
|
|
|
January 1, 2019
through November 30, 2019 (closed)
|
20,000
|
|
$
1.075
|
December
2019
|
20,000
|
|
1.075
|
|
|
|
|
|
|
|
|
EOG has also entered
into crude oil basis swap contracts in order to fix the
differential between pricing in the U.S. Gulf Coast and Cushing,
Oklahoma (Gulf Coast Differential). Presented below is a
comprehensive summary of EOG's Gulf Coast Differential basis swap
contracts through October 29, 2019. The weighted average
price differential expressed in $/Bbl represents the amount of
addition to Cushing, Oklahoma, prices for the notional volumes
expressed in Bbld covered by the basis swap contracts.
|
|
|
|
|
|
|
|
|
Gulf Coast
Differential Basis Swap Contracts
|
|
|
|
Weighted
|
|
|
|
Average
Price
|
|
Volume
|
|
Differential
|
|
(Bbld)
|
|
($/Bbl)
|
2019
|
|
|
|
January 1, 2019
through November 30, 2019 (closed)
|
13,000
|
|
$
5.572
|
December
2019
|
13,000
|
|
5.572
|
|
|
|
|
|
|
|
|
Presented below is a
comprehensive summary of EOG's crude oil price swap contracts
through October 29, 2019, with notional volumes expressed in Bbld
and prices expressed in $/Bbl.
|
|
|
|
|
|
|
|
|
Crude Oil Price
Swap Contracts
|
|
|
|
Weighted
|
|
Volume
|
|
Average
Price
|
|
(Bbld)
|
|
($/Bbl)
|
2019
|
|
|
|
April 2019
(closed)
|
25,000
|
|
$
60.00
|
May 1, 2019 through
September 30, 2019 (closed)
|
150,000
|
|
62.50
|
October 1, 2019
through December 31, 2019
|
150,000
|
|
62.50
|
|
|
|
|
|
|
|
|
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 October 29,
2019. 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 December 31, 2020
|
30,000
|
|
$
0.549
|
|
|
|
|
|
|
|
|
Presented below is a
comprehensive summary of EOG's natural gas price swap contracts
through October 29, 2019, with notional volumes expressed in MMBtud
and prices expressed in $/MMBtu.
|
|
|
|
|
|
|
|
|
Natural Gas Price
Swap Contracts
|
|
|
|
Weighted
|
|
Volume
|
|
Average
Price
|
|
(MMBtud)
|
|
($/MMBtu)
|
2019
|
|
|
|
April 1, 2019 through
October 31, 2019 (closed)
|
250,000
|
|
$
2.90
|
|
|
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
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
Return on Capital
Employed (ROCE) (Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Expense
(GAAP)
|
$
|
245
|
|
|
|
|
|
|
Tax Benefit Imputed
(based on 21%)
|
|
(51)
|
|
|
|
|
|
|
After-Tax Net
Interest Expense (Non-GAAP) - (a)
|
$
|
194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (GAAP) -
(b)
|
$
|
3,419
|
|
|
|
|
|
|
Adjustments to Net
Income, Net of Tax (See Accompanying
Schedule)
|
|
(201)
|
(1)
|
|
|
|
|
|
Adjusted Net Income
(Non-GAAP) - (c)
|
$
|
3,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (d)
|
$
|
19,364
|
|
$
|
16,283
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Total
Stockholders' Equity * - (e)
|
$
|
17,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (f)
|
$
|
6,083
|
|
$
|
6,387
|
|
|
|
Less:
Cash
|
|
(1,556)
|
|
|
(834)
|
|
|
|
Net Debt (Non-GAAP) -
(g)
|
$
|
4,527
|
|
$
|
5,553
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (d) + (f)
|
$
|
25,447
|
|
$
|
22,670
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(Non-GAAP) - (d) + (g)
|
$
|
23,891
|
|
$
|
21,836
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Total
Capitalization (Non-GAAP) * - (h)
|
$
|
22,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROCE (GAAP Net
Income) - [(a) + (b)] /
(h)
|
|
15.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROCE (Non-GAAP
Adjusted Net Income) - [(a) + (c)] /
(h)
|
|
14.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Equity
(ROE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROE (GAAP Net
Income) - (b) / (e)
|
|
19.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROE (Non-GAAP
Adjusted Net Income) - (c) / (e)
|
|
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
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Operating
Expenses (GAAP)*
|
|
|
|
|
|
|
|
|
|
|
|
Lease and
Well
|
|
$
348,883
|
|
$
321,568
|
|
$1,032,455
|
|
$
936,236
|
|
|
|
Transportation
Costs
|
|
199,365
|
|
196,027
|
|
549,988
|
|
550,781
|
|
|
|
General and
Administrative
|
|
135,758
|
|
111,284
|
|
364,210
|
|
310,065
|
|
|
|
Cash Operating
Expenses
|
|
684,006
|
|
628,879
|
|
1,946,653
|
|
1,797,082
|
|
|
|
Less: Non-GAAP
Adjustments
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
Adjusted Cash Operating
Expenses (Non-GAAP) - (a)
|
|
$
684,006
|
|
$
628,879
|
|
$1,946,653
|
|
$1,797,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume - Thousand
Barrels of Oil Equivalent - (b)
|
|
76,748
|
|
68,890
|
|
220,334
|
|
192,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Cash
Operating Expenses Per Boe (Non-GAAP) - (a) / (b)
|
|
$
8.92
|
(c)
|
$
9.13
|
(d)
|
$
8.84
|
(e)
|
$
9.35
|
(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Cash
Operating Expenses Per Boe (Non-GAAP) -
Percentage Decrease
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2019 compared to Three Months
Ended September 30, 2018 - [(c) - (d)] /
(d)
|
|
-2%
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2019 compared to Nine Months Ended
September 30, 2018 - [(e) - (f)] /
(f)
|
|
-6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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,
|
|
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Operating
Expenses (GAAP)*
|
|
|
|
|
|
|
|
|
|
|
|
Lease and
Well
|
|
$1,282,678
|
|
$1,044,847
|
|
$
927,452
|
|
$1,182,282
|
|
$1,416,413
|
|
Transportation
Costs
|
|
746,876
|
|
740,352
|
|
764,106
|
|
849,319
|
|
972,176
|
|
General and
Administrative
|
|
426,969
|
|
434,467
|
|
394,815
|
|
366,594
|
|
402,010
|
|
Cash Operating
Expenses
|
|
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)
|
|
$2,456,523
|
|
$2,201,880
|
|
$2,039,219
|
|
$2,378,840
|
|
$2,790,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume - Thousand
Barrels of Oil Equivalent - (b)
|
|
262,516
|
|
222,251
|
|
204,929
|
|
208,862
|
|
217,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Cash
Operating Expenses Per Boe (Non-GAAP) - (a) / (b)
|
|
$
9.36
|
(c)
|
$
9.91
|
(d)
|
$
9.95
|
(e)
|
$
11.39
|
(f)
|
$
12.86
|
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Cash
Operating Expenses Per Boe (Non-GAAP) -
Percentage Decrease
|
|
|
|
|
|
|
|
|
|
|
|
2018 compared to 2017
- [(c) - (d)] /
(d)
|
|
-6%
|
|
|
|
|
|
|
|
|
|
2018 compared to 2016
- [(c) - (e)] /
(e)
|
|
-6%
|
|
|
|
|
|
|
|
|
|
2018 compared to 2015
- [(c) - (f)] /
(f)
|
|
-18%
|
|
|
|
|
|
|
|
|
|
2018 compared to 2014
- [(c) - (g)] /
(g)
|
|
-27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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
|
|
Year-to-Date
|
|
|
|
March
31,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume - Thousand
Barrels of Oil Equivalent - (a)
|
69,623
|
|
73,964
|
|
76,748
|
|
220,334
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil and
Condensate
|
$
2,200,403
|
|
$
2,528,866
|
|
$
2,418,989
|
|
$
7,148,258
|
|
|
Natural Gas
Liquids
|
218,638
|
|
186,374
|
|
164,736
|
|
569,748
|
|
|
Natural Gas
|
334,972
|
|
269,892
|
|
269,625
|
|
874,489
|
|
|
Total Wellhead
Revenues - (b)
|
$
2,754,013
|
|
$
2,985,132
|
|
$
2,853,350
|
|
$
8,592,495
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Costs
|
|
|
|
|
|
|
|
|
|
Lease and Well
|
$
336,291
|
|
$
347,281
|
|
$
348,883
|
|
$
1,032,455
|
|
|
Transportation
Costs
|
176,522
|
|
174,101
|
|
199,365
|
|
549,988
|
|
|
Gathering and Processing
Costs
|
111,295
|
|
112,643
|
|
127,549
|
|
351,487
|
|
|
General and
Administrative
|
106,672
|
|
121,780
|
|
135,758
|
|
364,210
|
|
|
Taxes Other Than
Income
|
192,906
|
|
204,414
|
|
203,098
|
|
600,418
|
|
|
Interest Expense,
Net
|
54,906
|
|
49,908
|
|
39,620
|
|
144,434
|
|
|
Total Cash
Operating Cost (excluding DD&A and Total
Exploration Costs) - (c)
|
$
978,592
|
|
$
1,010,127
|
|
$
1,054,273
|
|
$
3,042,992
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, Depletion and
Amortization (DD&A)
|
879,595
|
|
957,304
|
|
953,597
|
|
2,790,496
|
|
|
Total Operating
Cost (excluding Total Exploration Costs) - (d)
|
$
1,858,187
|
|
$
1,967,431
|
|
$
2,007,870
|
|
$
5,833,488
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration Costs
|
$
36,324
|
|
$
32,522
|
|
$
34,540
|
|
$
103,386
|
|
|
Dry Hole Costs
|
94
|
|
3,769
|
|
24,138
|
|
28,001
|
|
|
Impairments
|
72,356
|
|
112,130
|
|
105,275
|
|
289,761
|
|
|
Total Exploration
Costs
|
108,774
|
|
148,421
|
|
163,953
|
|
421,148
|
|
|
Less: Certain Impairments (Non-GAAP)
|
(23,745)
|
|
(65,289)
|
|
(27,215)
|
|
(116,249)
|
|
|
Total Exploration Costs
(Non-GAAP)
|
$
85,029
|
|
$
83,132
|
|
$
136,738
|
|
$
304,899
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost (Non-GAAP) (including Total
Exploration Costs) - (e)
|
$
1,943,216
|
|
$
2,050,563
|
|
$
2,144,608
|
|
$
6,138,387
|
|
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Wellhead Revenue per Boe - (b) / (a)
|
$
39.56
|
|
$
40.36
|
|
$
37.18
|
|
$
39.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cash
Operating Cost per Boe (excluding DD&A
and Total Exploration Costs) - (c) / (a)
|
$
14.06
|
|
$
13.65
|
|
$
13.75
|
|
$
13.83
|
|
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (excluding DD&A
and Total Exploration Costs) - [(b) / (a) - (c) /
(a)]
|
$
25.50
|
|
$
26.71
|
|
$
23.43
|
|
$
25.17
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost per Boe (excluding Total
Exploration Costs) - (d) / (a)
|
$
26.69
|
|
$
26.59
|
|
$
26.18
|
|
$
26.50
|
|
|
|
|
|
|
|
|
|
|
|
|
Composite
Average Margin per Boe (excluding Total
Exploration Costs) - [(b) / (a) - (d) /
(a)]
|
$
12.87
|
|
$
13.77
|
|
$
11.00
|
|
$
12.50
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost per Boe (Non-GAAP) (including
Total Exploration Costs) - (e) / (a)
|
$
27.91
|
|
$
27.72
|
|
$
27.97
|
|
$
27.88
|
|
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (Non-GAAP)
(including Total Exploration Costs) - [(b) / (a) - (e) /
(a)]
|
$
11.65
|
|
$
12.64
|
|
$
9.21
|
|
$
11.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EOG RESOURCES,
INC.
|
Cost per Barrel of
Oil Equivalent (Boe)
|
(Unaudited; in
thousands, except per Boe amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
December
31,
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Volume - Thousand
Barrels of Oil Equivalent - (a)
|
262,516
|
|
222,251
|
|
204,929
|
|
208,862
|
|
217,073
|
|
|
|
|
|
|
|
|
|
|
Crude Oil and
Condensate
|
$
9,517,440
|
|
$
6,256,396
|
|
$
4,317,341
|
|
$
4,934,562
|
|
$
9,742,480
|
Natural Gas
Liquids
|
1,127,510
|
|
729,561
|
|
437,250
|
|
407,658
|
|
934,051
|
Natural Gas
|
1,301,537
|
|
921,934
|
|
742,152
|
|
1,061,038
|
|
1,916,386
|
Total Wellhead
Revenues - (b)
|
$
11,946,487
|
|
$
7,907,891
|
|
$
5,496,743
|
|
$
6,403,258
|
|
$
12,592,917
|
|
|
|
|
|
|
|
|
|
|
Operating
Costs
|
|
|
|
|
|
|
|
|
|
Lease and Well
|
$
1,282,678
|
|
$
1,044,847
|
|
$
927,452
|
|
$
1,182,282
|
|
$
1,416,413
|
Transportation
Costs
|
746,876
|
|
740,352
|
|
764,106
|
|
849,319
|
|
972,176
|
Gathering and Processing
Costs
|
436,973
|
|
148,775
|
|
122,901
|
|
146,156
|
|
145,800
|
|
|
|
|
|
|
|
|
|
|
General and
Administrative
|
426,969
|
|
434,467
|
|
394,815
|
|
366,594
|
|
402,010
|
Less: Voluntary Retirement Expense
|
-
|
|
-
|
|
(42,054)
|
|
-
|
|
-
|
Less: Acquisition Costs
|
-
|
|
-
|
|
(5,100)
|
|
-
|
|
-
|
Less: Legal Settlement - Early Leasehold
Termination
|
-
|
|
(10,202)
|
|
-
|
|
(19,355)
|
|
-
|
Less: Joint Venture Transaction Costs
|
-
|
|
(3,056)
|
|
-
|
|
-
|
|
-
|
Less: Joint Interest Billings Deemed Uncollectible
|
-
|
|
(4,528)
|
|
-
|
|
-
|
|
-
|
General and Administrative
(Non-GAAP)
|
426,969
|
|
416,681
|
|
347,661
|
|
347,239
|
|
402,010
|
|
|
|
|
|
|
|
|
|
|
Taxes Other Than
Income
|
772,481
|
|
544,662
|
|
349,710
|
|
421,744
|
|
757,564
|
Interest Expense,
Net
|
245,052
|
|
274,372
|
|
281,681
|
|
237,393
|
|
201,458
|
Total Cash
Operating Cost (Non-GAAP) (excluding DD&A
and Total Exploration Costs) - (c)
|
$
3,911,029
|
|
$
3,169,689
|
|
$
2,793,511
|
|
$
3,184,133
|
|
$
3,895,421
|
|
|
|
|
|
|
|
|
|
|
Depreciation, Depletion and
Amortization (DD&A)
|
3,435,408
|
|
3,409,387
|
|
3,553,417
|
|
3,313,644
|
|
3,997,041
|
Total Operating
Cost (Non-GAAP) (excluding Total
Exploration Costs) - (d)
|
$
7,346,437
|
|
$
6,579,076
|
|
$
6,346,928
|
|
$
6,497,777
|
|
$
7,892,462
|
|
|
|
|
|
|
|
|
|
|
Exploration Costs
|
$
148,999
|
|
$
145,342
|
|
$
124,953
|
|
$
149,494
|
|
$
184,388
|
Dry Hole Costs
|
5,405
|
|
4,609
|
|
10,657
|
|
14,746
|
|
48,490
|
Impairments
|
347,021
|
|
479,240
|
|
620,267
|
|
6,613,546
|
|
743,575
|
Total Exploration
Costs
|
501,425
|
|
629,191
|
|
755,877
|
|
6,777,786
|
|
976,453
|
Less: Certain Impairments (Non-GAAP)
|
(152,671)
|
|
(261,452)
|
|
(320,617)
|
|
(6,307,593)
|
|
(824,312)
|
Total Exploration Costs
(Non-GAAP)
|
$
348,754
|
|
$
367,739
|
|
$
435,260
|
|
$
470,193
|
|
$
152,141
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost (Non-GAAP) (including Total
Exploration Costs) - (e)
|
$
7,695,191
|
|
$
6,946,815
|
|
$
6,782,188
|
|
$
6,967,970
|
|
$
8,044,603
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Wellhead Revenue per Boe - (b) / (a)
|
$
45.51
|
|
$
35.58
|
|
$
26.82
|
|
$
30.66
|
|
$
58.01
|
|
|
|
|
|
|
|
|
|
|
Total Cash
Operating Cost per Boe (Non-GAAP)
(excluding DD&A and Total Exploration Costs) - (c) /
(a)
|
$
14.90
|
|
$
14.25
|
|
$
13.64
|
|
$
15.25
|
|
$
17.95
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (Non-GAAP) (excluding
DD&A and Total Exploration Costs) - [(b) / (a) -
(c) / (a)]
|
$
30.61
|
|
$
21.33
|
|
$
13.18
|
|
$
15.41
|
|
$
40.06
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost per Boe (Non-GAAP) (excluding
Total Exploration Costs) - (d) / (a)
|
$
27.99
|
|
$
29.59
|
|
$
30.98
|
|
$
31.11
|
|
$
36.38
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (Non-GAAP)
(excluding Total Exploration Costs) - [(b) / (a) - (d)
/ (a)]
|
$
17.52
|
|
$
5.99
|
|
$
(4.16)
|
|
$
(0.45)
|
|
$
21.63
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost per Boe (Non-GAAP) (including
Total Exploration Costs) - (e) / (a)
|
$
29.32
|
|
$
31.24
|
|
$
33.10
|
|
$
33.36
|
|
$
37.08
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (Non-GAAP)
(including Total Exploration Costs) - [(b) / (a) - (e) /
(a)]
|
$
16.19
|
|
$
4.34
|
|
$
(6.28)
|
|
$
(2.70)
|
|
$
20.93
|
EOG RESOURCES,
INC.
|
Fourth Quarter and
Full Year 2019 Forecast and Benchmark Commodity
Pricing
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Fourth Quarter and
Full Year 2019 Forecast
|
|
The forecast items
for the fourth quarter and full year 2019 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 Exchanges.
|
|
(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)
|
|
|
4Q 2019
|
|
|
Full Year
2019
|
Daily Sales
Volumes
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil and Condensate
Volumes (MBbld)
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
459.5
|
-
|
|
469.5
|
|
|
453.3
|
-
|
|
455.8
|
Trinidad
|
|
0.4
|
-
|
|
0.6
|
|
|
0.6
|
-
|
|
0.7
|
Other International
|
|
0.0
|
-
|
|
0.2
|
|
|
0.1
|
-
|
|
0.1
|
Total
|
|
459.9
|
-
|
|
470.3
|
|
|
454.0
|
-
|
|
456.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids Volumes
(MBbld)
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
135.0
|
-
|
|
145.0
|
|
|
131.8
|
-
|
|
134.4
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Volumes
(MMcfd)
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
1,085
|
-
|
|
1,145
|
|
|
1,054
|
-
|
|
1,069
|
Trinidad
|
|
225
|
-
|
|
255
|
|
|
256
|
-
|
|
264
|
Other International
|
|
34
|
-
|
|
38
|
|
|
36
|
-
|
|
37
|
Total
|
|
1,344
|
-
|
|
1,438
|
|
|
1,346
|
-
|
|
1,370
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil Equivalent Volumes
(MBoed)
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
775.3
|
-
|
|
805.3
|
|
|
760.7
|
-
|
|
768.3
|
Trinidad
|
|
37.9
|
-
|
|
43.1
|
|
|
43.3
|
-
|
|
44.6
|
Other International
|
|
5.7
|
-
|
|
6.5
|
|
|
6.1
|
-
|
|
6.3
|
Total
|
|
818.9
|
-
|
|
854.9
|
|
|
810.1
|
-
|
|
819.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
($MM)
|
$
|
1,400
|
-
|
$
|
1,600
|
|
$
|
6,200
|
-
|
$
|
6,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated
Ranges
|
|
(Unaudited)
|
|
4Q 2019
|
|
|
Full Year
2019
|
Operating
Costs
|
|
|
|
|
|
|
|
|
|
|
|
Unit Costs
($/Boe)
|
|
|
|
|
|
|
|
|
|
|
|
Lease and Well
|
$
|
4.50
|
-
|
$
|
4.80
|
|
$
|
4.65
|
-
|
$
|
4.75
|
Transportation Costs
|
$
|
2.55
|
-
|
$
|
3.05
|
|
$
|
2.50
|
-
|
$
|
2.60
|
Depreciation, Depletion and Amortization
|
$
|
12.45
|
-
|
$
|
12.85
|
|
$
|
12.60
|
-
|
$
|
12.70
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
($MM)
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and Dry
Hole
|
$
|
35
|
-
|
$
|
45
|
|
$
|
165
|
-
|
$
|
175
|
Impairment
|
$
|
95
|
-
|
$
|
105
|
|
$
|
270
|
-
|
$
|
280
|
General and
Administrative
|
$
|
110
|
-
|
$
|
120
|
|
$
|
470
|
-
|
$
|
490
|
Gathering and
Processing
|
$
|
130
|
-
|
$
|
140
|
|
$
|
480
|
-
|
$
|
490
|
Capitalized
Interest
|
$
|
9
|
-
|
$
|
11
|
|
$
|
37
|
-
|
$
|
39
|
Net Interest
|
$
|
39
|
-
|
$
|
41
|
|
$
|
183
|
-
|
$
|
185
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes Other Than
Income (% of Wellhead Revenue)
|
|
6.9%
|
-
|
|
7.3%
|
|
|
6.8%
|
-
|
|
7.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Taxes
|
|
|
|
|
|
|
|
|
|
|
|
Effective
Rate
|
|
21%
|
-
|
|
26%
|
|
|
21%
|
-
|
|
26%
|
Current Tax (Benefit) /
Expense ($MM)
|
$
|
(40)
|
-
|
$
|
0
|
|
$
|
(110)
|
-
|
$
|
(70)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pricing - (Refer
toBenchmark Commodity Pricingin text)
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil and Condensate
($/Bbl)
|
|
|
|
|
|
|
|
|
|
|
|
Differentials
|
|
|
|
|
|
|
|
|
|
|
|
United States - above (below) WTI
|
$
|
(1.85)
|
-
|
$
|
0.15
|
|
$
|
0.15
|
-
|
$
|
0.65
|
Trinidad - above (below) WTI
|
$
|
(11.00)
|
-
|
$
|
(9.00)
|
|
$
|
(10.00)
|
-
|
$
|
(9.00)
|
Other International - above (below) WTI
|
$
|
(1.00)
|
-
|
$
|
3.00
|
|
$
|
0.69
|
-
|
$
|
2.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas
Liquids
|
|
|
|
|
|
|
|
|
|
|
|
Realizations as % of WTI
|
|
20%
|
-
|
|
28%
|
|
|
26%
|
-
|
|
28%
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas
($/Mcf)
|
|
|
|
|
|
|
|
|
|
|
|
Differentials
|
|
|
|
|
|
|
|
|
|
|
|
United States - above (below) NYMEX Henry Hub
|
$
|
(0.70)
|
-
|
$
|
(0.30)
|
|
$
|
(0.50)
|
-
|
$
|
(0.40)
|
|
|
|
|
|
|
|
|
|
|
|
|
Realizations
|
|
|
|
|
|
|
|
|
|
|
|
Trinidad
|
$
|
2.50
|
-
|
$
|
2.90
|
|
$
|
2.65
|
-
|
$
|
2.75
|
Other International
|
$
|
3.80
|
-
|
$
|
4.20
|
|
$
|
4.10
|
-
|
$
|
4.30
|
|
|
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-outstanding-third-quarter-2019-results-announces-two-new-delaware-basin-plays-and-adds-1-700-net-premium-locations-300953238.html
SOURCE EOG Resources, Inc.