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EOG Resources Reports Third Quarter 2024 Results and Raises Regular Dividend 7%

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EOG Resources reported strong Q3 2024 results with improved production volumes and lower operating costs. The company generated $1.5 billion in free cash flow and earned adjusted net income of $1.6 billion ($2.89 per share). Total production reached 1,075,700 barrels of oil equivalent per day, exceeding guidance. The Board increased the regular dividend by 7% to $0.975 per share quarterly ($3.90 annual rate). EOG repurchased $758 million of shares in Q3 and received a $5 billion increase in share repurchase authorization. The company maintains strong financial position with $6.1 billion in cash and plans to refinance upcoming debt maturities while maintaining similar cash levels.

EOG Resources ha riportato risultati solidi per il terzo trimestre del 2024, con volumi di produzione migliorati e costi operativi ridotti. L'azienda ha generato 1,5 miliardi di dollari in flusso di cassa libero e ha riportato un utile netto rettificato di 1,6 miliardi di dollari (2,89 dollari per azione). La produzione totale ha raggiunto 1.075.700 barili di equivalente petrolio al giorno, superando le previsioni. Il Consiglio ha aumentato il dividendo regolare del 7%, portandolo a 0,975 dollari per azione trimestrale (3,90 dollari su base annuale). EOG ha riacquistato 758 milioni di dollari di azioni nel terzo trimestre e ha ricevuto un aumento della autorizzazione al riacquisto di azioni di 5 miliardi di dollari. L'azienda mantiene una solida posizione finanziaria con 6,1 miliardi di dollari in contante e pianifica di rifinanziare le scadenze del debito imminenti, mantenendo livelli di contante simili.

EOG Resources reportó sólidos resultados en el tercer trimestre de 2024, con volúmenes de producción mejorados y costos operativos más bajos. La compañía generó 1.5 mil millones de dólares en flujo de efectivo libre y obtuvo un ingreso neto ajustado de 1.6 mil millones de dólares (2.89 dólares por acción). La producción total alcanzó 1,075,700 barriles equivalentes de petróleo por día, superando las previsiones. La Junta aumentó el dividendo regular en un 7%, llevándolo a 0.975 dólares por acción trimestral (3.90 dólares anuales). EOG recompró 758 millones de dólares en acciones en el tercer trimestre y recibió un aumento de 5 mil millones de dólares en la autorización de recompras de acciones. La compañía mantiene una sólida posición financiera con 6.1 mil millones de dólares en efectivo y planea refinanciar los vencimientos de deuda próximos mientras mantiene niveles de efectivo similares.

EOG 리소스는 2024년 3분기 강력한 실적을 보고하며 생산량 증가 및 운영 비용 감소를 발표했습니다. 이 회사는 15억 달러의 자유 현금 흐름을 창출했으며, 조정된 순이익은 16억 달러 (주당 2.89 달러)로 기록했습니다. 총 생산량은 하루 1,075,700 바르엘의 석유 환산량에 도달하며, 가이던스를 초과했습니다. 이사회는 정기 배당금을 7% 인상하여 분기당 0.975 달러 (연간 3.90 달러)로 조정했습니다. EOG는 3분기에 7억 5800만 달러의 주식을 재매입했으며, 50억 달러의 재매입 승인 금액 증액을 받았습니다. 이 회사는 61억 달러의 현금을 보유하고 강력한 재무 상태를 유지하며, 비슷한 현금 수준을 유지하면서 다가오는 부채 만기를 재정리할 계획입니다.

EOG Resources a rapporté de solides résultats pour le troisième trimestre 2024 avec des volumes de production améliorés et des coûts d'exploitation réduits. L'entreprise a généré 1,5 milliard de dollars de flux de trésorerie libre et a réalisé un bénéfice net ajusté de 1,6 milliard de dollars (2,89 dollars par action). La production totale a atteint 1 075 700 barils équivalents pétrole par jour, dépassant les prévisions. Le conseil d'administration a augmenté le dividende régulier de 7%, le portant à 0,975 dollar par action trimestrielle (3,90 dollars sur une base annuelle). EOG a racheté 758 millions de dollars d'actions au troisième trimestre et a obtenu une augmentation de 5 milliards de dollars de l'autorisation de rachat d'actions. L'entreprise maintient une solide position financière avec 6,1 milliards de dollars en liquidités et prévoit de refinancer les échéances de dettes à venir tout en maintenant des niveaux de liquidités similaires.

EOG Resources hat starke Ergebnisse für das dritte Quartal 2024 gemeldet, mit verbesserten Produktionsvolumina und gesenkten Betriebskosten. Das Unternehmen generierte 1,5 Milliarden Dollar an freiem Cashflow und erzielte einen bereinigten Nettogewinn von 1,6 Milliarden Dollar (2,89 Dollar pro Aktie). Die Gesamtproduktion erreichte 1.075.700 Barrel Öl-Äquivalent pro Tag und übertraf die Prognosen. Der Vorstand erhöhte die reguläre Dividende um 7% auf 0,975 Dollar pro Aktie vierteljährlich (3,90 Dollar auf Jahresbasis). EOG hat im dritten Quartal 758 Millionen Dollar an Aktien zurückgekauft und erhielt eine Erhöhung der Genehmigung zum Rückkauf von Aktien um 5 Milliarden Dollar. Das Unternehmen behält eine starke finanzielle Position mit 6,1 Milliarden Dollar in Barreserven und plant, bevorstehende Schuldenfälligkeiten umzuschulden, während ähnliche Bargeldbestände aufrechterhalten werden.

Positive
  • Production volumes exceeded guidance across all categories
  • Generated $1.5 billion in free cash flow
  • Earned $1.6 billion in adjusted net income
  • Increased regular dividend by 7%
  • Strong cash position of $6.1 billion
  • Lower per-unit cash operating costs than expected
  • Received $5 billion increase in share repurchase authorization
Negative
  • Quarter-over-quarter decrease in total revenue from $6,025M to $5,965M
  • Decline in adjusted earnings per share from $3.16 to $2.89 QoQ
  • Increased DD&A expenses in Q3

Insights

EOG Resources delivered a strong Q3 2024 with several positive financial metrics. $1.6 billion in adjusted net income and $1.5 billion in free cash flow demonstrate robust operational execution. The 7% dividend increase to $0.975 per share quarterly ($3.90 annual rate) signals management's confidence in sustainable cash flow generation.

Key highlights include production volumes exceeding guidance across all categories, lower operating costs and significant shareholder returns through $758 million in share repurchases and $533 million in dividends. The $5 billion increase in share repurchase authorization provides additional return flexibility.

The negative net debt position of $2.3 billion and low debt-to-capital ratio of 11.3% indicate exceptional balance sheet strength, though management plans to refinance upcoming debt maturities while maintaining current cash levels.

Production growth and cost control demonstrate EOG's operational excellence. Oil production reached 493,000 barrels per day, while natural gas and NGL volumes also exceeded expectations. The company's multi-basin portfolio continues to deliver consistent results despite commodity price volatility.

The commitment to return over 85% of full-year free cash flow to shareholders through dividends and buybacks positions EOG as a leader in capital return among peers. The planned debt refinancing strategy aims to optimize capital structure while maintaining financial flexibility, suggesting prudent balance sheet management.

HOUSTON, Nov. 7, 2024 /PRNewswire/ -- EOG Resources, Inc. (EOG) today reported third quarter 2024 results. The attached supplemental financial tables and schedules for the reconciliation of non-GAAP measures to GAAP measures and related definitions, along with a related presentation, are also available on EOG's website at http://investors.eogresources.com/investors.

Key Financial Results
In millions of USD, except per-share, per-Boe and ratio data

GAAP

3Q 2024


2Q 2024


1Q 2024


4Q 2023


3Q 2023


Total Revenue

5,965


6,025


6,123


6,357


6,212


Net Income

1,673


1,690


1,789


1,988


2,030


Net Income Per Share

2.95


2.95


3.10


3.42


3.48


Net Cash Provided by Operating Activities

3,588


2,889


2,903


3,104


2,704


Total Expenditures

1,573


1,682


1,952


1,634


1,803


Current and Long-Term Debt

3,776


3,784


3,791


3,799


3,806


Cash and Cash Equivalents

6,122


5,431


5,292


5,278


5,326


Debt-to-Total Capitalization

11.3 %


11.5 %


11.7 %


11.9 %


12.1 %


Cash Operating Costs ($/Boe)

10.15


10.11


10.37


10.52


10.19







Non - GAAP





Adjusted Net Income

1,644


1,807


1,626


1,783


2,007


Adjusted Net Income Per Share

2.89


3.16


2.82


3.07


3.44


CFO before Changes in Working Capital

2,988


3,042


2,928


2,989


3,038


Capital Expenditures

1,497


1,668


1,703


1,512


1,519


Free Cash Flow

1,491


1,374


1,225


1,477


1,519


Net Debt

(2,346)


(1,647)


(1,501)


(1,479)


(1,520)


Net Debt-to-Total Capitalization

(8.6 %)


(6.0 %)


(5.5 %)


(5.6 %)


(5.8 %)


Cash Operating Costs ($/Boe)1

10.05


10.11


10.37


10.52


10.19


Third Quarter Highlights

  • Volumes and per-unit cash operating costs better than guidance midpoints
  • Updated full-year guidance to reflect higher volumes and lower per-unit cash operating costs
  • Earned adjusted net income of $1.6 billion, or $2.89 per share
  • Generated $1.5 billion of free cash flow
  • Increased regular quarterly dividend by 7 percent to $0.975 per share, a $3.90 per share indicated annual rate
  • Repurchased $758 million of shares, totaling $2.2 billion YTD as of September 30, 2024

Third Quarter 2024 Highlights

Volumes and Capital Expenditures

Wellhead Volumes


3Q 2024


3Q 2024
Guidance
Midpoint


2Q 2024


1Q 2024


4Q 2023


3Q 2023


Crude Oil and Condensate (MBod)


493.0


491.5


490.7


487.4


485.2


483.3


Natural Gas Liquids (MBbld)


254.3


250.0


244.8


231.7


235.8


231.1


Natural Gas (MMcfd)


1,970


1,945


1,872


1,858


1,831


1,704


Total Crude Oil Equivalent (MBoed)


1,075.7


1,065.6


1,047.5


1,028.8


1,026.2


998.5








Capital Expenditures ($MM)


1,497


1,525


1,668


1,703


1,512


1,519


From Ezra Yacob, Chairman and Chief Executive Officer
"EOG delivered strong third quarter results, with oil volumes and total volumes better than expectations, demonstrating another quarter of outstanding execution across our multi-basin portfolio. Strong volumes and price realizations, combined with lower-than-expected per-unit cash operating costs, helped drive outstanding financial results in the quarter.

"EOG continues to generate significant free cash flow and deliver on its cash return commitments. In the third quarter, we returned approximately $1.3 billion of capital to shareholders, including $758 million of share repurchases. We are on track to return more than 85% of our expected full-year free cash flow to shareholders and have the potential for additional cash return over the balance of the year.

"We are pleased to announce a 7% increase in our regular dividend. The increase reflects both the confidence in our business and the ability to support the higher dividend through commodity price cycles. A sustainable growing regular dividend remains the primary mode of cash return to our shareholders. We also announced a $5 billion increase in our authorization for opportunistic share repurchases. This increased authorization allows us to retain flexibility on how we return additional cash to shareholders.

"EOG's balance sheet underpins the financial strength of the company and remains a strategic priority. The cash balance is expected to be consistent with levels maintained over the last several quarters. However, we anticipate increasing total debt by refinancing upcoming maturities to optimize EOG's capital structure.

"Our unique culture, focused on continuous improvement, is the key driver of our success. We continue to advance operational efficiencies and innovation to enhance productivity and reduce costs. Combined with EOG's peer-leading financial strength, the company is uniquely positioned to deliver long-term shareholder value through commodity price cycles."

Regular Dividend, Share Repurchases, and Capital Structure

Regular Dividend Increased 7% to $3.90 per Share Indicated Annual Rate
The Board of Directors today declared a dividend of $0.975 per share on EOG's common stock. The dividend will be payable January 31, 2025, to stockholders of record as of January 17, 2025. The new dividend represents an indicated annual rate of $3.90 per share, a 7% increase from the previous level. EOG has never suspended or reduced its regular dividend.

Third Quarter Share Repurchases
During the third quarter, the company repurchased 6.1 million shares for $758 million under its share repurchase authorization, at an average purchase price of $123 per share.

Share Repurchase Authorization
The Board of Directors approved a $5 billion increase in the company's share repurchase authorization. The increased authorization is consistent with EOG's long-standing free cash flow priorities anchored on a stable and growing regular dividend, with additional cash return through opportunistic share repurchases and special dividends.

As of September 30, 2024, the company has repurchased 26.7 million shares for $3.2 billion and has an aggregate $6.8 billion remaining under its repurchase authorization.

Capital Structure
EOG plans to optimize its capital structure. The company anticipates refinancing debt maturities due in the next 12-18 months while maintaining a cash balance similar to the past several quarters.

Third Quarter 2024 Financial Performance

Prices

  • Crude oil and NGL prices decreased in 3Q compared with 2Q, partially offset by an increase in natural gas prices from 2Q

Volumes

  • Total 3Q oil production of 493,000 Bopd was above the midpoint of the guidance range and up from 2Q
  • NGL production was above the midpoint of the guidance range and up 4% from 2Q
  • Natural gas production was above the midpoint of the guidance range and up 5% from 2Q
  • Total company equivalent production was above the midpoint of the guidance range and increased 3% from 2Q

Per-Unit Costs

  • G&A, GP&T, and DD&A expenses increased in 3Q compared with 2Q, while LOE costs decreased

Hedges

  • Mark-to-market hedge gains increased GAAP earnings per share in 3Q compared with losses in 2Q
  • Cash received to settle hedges decreased from 2Q, lowering adjusted non-GAAP earnings per share

Free Cash Flow

  • Cash flow from operations before changes in working capital was $3.0 billion
  • EOG incurred $1.5 billion of capital expenditures
  • Free cash flow was $1.5 billion

Cash Return and Working Capital

  • Paid $533 million in regular dividends
  • Repurchased $758 million of stock

Third Quarter 2024 Operating Performance

Lease and Well

  • QoQ: Decreased primarily due to lower water handling expenses and workover expenses
  • Guidance Midpoint: Lower primarily due to lower workover expenses and fuel costs

Gathering, Processing and Transportation Costs

  • QoQ: Increased primarily due to higher oil transportation expenses
  • Guidance Midpoint: Lower primarily due to lower compression-related fuel costs

General and Administrative

  • QoQ: Flat
  • Guidance Midpoint: Lower due to lower employee-related expenses and professional fees

Depreciation, Depletion and Amortization

  • QoQ: Increased primarily due to an adjustment in 3Q related to non-operated royalty interests and the impact of reserve revisions.
  • Guidance Midpoint: Higher primarily due to an adjustment in 3Q related to non-operated royalty interests and the impact of reserve revisions.

 

Third Quarter 2024 Results vs Guidance


(Unaudited)


See "Endnotes" below for related discussion and definitions.


3Q 2024


3Q 2024
Guidance

Midpoint


Variance


2Q 2024


1Q 2024


4Q 2023


3Q 2023


Crude Oil and Condensate Volumes (MBod)






United States


491.8


490.7


1.1


490.1


486.8


484.6


482.8


Trinidad


1.2


0.8


0.4


0.6


0.6


0.6


0.5


Total


493.0


491.5


1.5


490.7


487.4


485.2


483.3


Natural Gas Liquids Volumes (MBbld)






Total


254.3


250.0


4.3


244.8


231.7


235.8


231.1


Natural Gas Volumes (MMcfd)






United States


1,745


1,730


15


1,668


1,658


1,653


1,562


Trinidad


225


215


10


204


200


178


142


Total


1,970


1,945


25


1,872


1,858


1,831


1,704








Total Crude Oil Equivalent Volumes (MBoed)


1,075.7


1,065.6


10.1


1,047.5


1,028.8


1,026.2


998.5


Total MMBoe


99.0


98.0


1.0


95.3


93.6


94.4


91.9








Benchmark Price






Oil (WTI) ($/Bbl)


75.16






80.55


76.97


78.33


82.18


Natural Gas (HH) ($/Mcf)


2.16






1.89


2.24


2.87


2.55








Crude Oil and Condensate - above (below) WTI4 ($/Bbl)






United States


1.79


1.75


0.04


2.16


1.49


2.28


1.43


Trinidad


(12.01)


(8.30)


(3.71)


(9.80)


(9.47)


(9.12)


(10.80)


Natural Gas Liquids - Realizations as % of WTI






Total


29.8 %


29.0 %


0.8 %


28.7 %


31.6 %


28.5 %


28.7 %


Natural Gas - above (below) NYMEX Henry Hub5 ($/Mcf)






United States


(0.32)


(0.50)


0.18


(0.32)


(0.14)


(0.15)


0.04


Natural Gas Realizations ($/Mcf)






Trinidad


3.68


3.35


0.33


3.48


3.54


3.81


3.41








Total Expenditures (GAAP) ($MM)


1,573






1,682


1,952


1,634


1,803


Capital Expenditures (non-GAAP) ($MM)


1,497


1,525


(28)


1,668


1,703


1,512


1,519








Operating Unit Costs ($/Boe)






Lease and Well


3.96


4.20


(0.24)


4.09


4.23


4.00


4.02


Gathering, Processing and Transportation Costs3


4.50


4.55


(0.05)


4.44


4.41


4.49


4.42


General and Administrative (GAAP)


1.69






1.58


1.73


2.03


1.75


General and Administrative (non-GAAP)1


1.59


1.90


(0.31)


1.58


1.73


2.03


1.75


Cash Operating Costs (GAAP)


10.15






10.11


10.37


10.52


10.19


Cash Operating Costs (non-GAAP)1


10.05


10.65


(0.60)


10.11


10.37


10.52


10.19


Depreciation, Depletion and Amortization


10.42


10.20


0.22


10.32


11.47


9.85


9.78








Expenses ($MM)






Exploration and Dry Hole


43


60


(17)


39


46


41


43


Impairment (GAAP)


15






81


19


79


54


Impairment (excluding certain impairments (non-GAAP))6


15


70


(55)


46


17


60


31


Capitalized Interest


12


13


(1)


10


10


9


8


Net Interest


31


33


(2)


36


33


35


36








TOTI (% of Wellhead Revenue) (GAAP)


6.5 %






7.5 %


7.7 %


6.6 %


7.4 %


TOTI (% of Wellhead Revenue) (non-GAAP)1


7.2 %


8.0 %


(0.8 %)


7.5 %


7.7 %


6.6 %


7.4 %


Income Taxes






Effective Rate


21.6 %


21.5 %


0.1 %


21.7 %


22.2 %


21.6 %


21.1 %


Current Tax (Benefit) / Expense ($MM)


240


380


(140)


341


312


352


486


 

Fourth Quarter and Full-Year 2024 Guidance7


(Unaudited)


See "Endnotes" below for related discussion and definitions.


4Q 2024

Guidance Range


4Q 2024

Midpoint


FY 2024

Guidance Range


FY 2024

Midpoint


2023

Actual


2022

Actual


2021

Actual


Crude Oil and Condensate Volumes (MBod)




















United States


489.4

-

494.4


491.9


488.7

-

491.7


490.2


475.2


460.7


443.4


Trinidad


0.9

-

1.3


1.1


0.4

-

1.4


0.9


0.6


0.6


1.5


Other International


0.0

-

0.0


0.0


0.0

-

0.0


0.0


0.0


0.0


0.1


Total


490.3

-

495.7


493.0


489.1

-

493.1


491.1


475.8


461.3


445.0


Natural Gas Liquids Volumes (MBbld)




















Total


255.0

-

265.0


260.0


246.6

-

249.1


247.8


223.8


197.7


144.5


Natural Gas Volumes (MMcfd)




















United States


1,800

-

1,850


1,825


1,718

-

1,730


1,724


1,551


1,315


1,210


Trinidad


235

-

265


250


216

-

224


220


160


180


217


Other International


0

-

0


0


0

-

0


0


0


0


9


Total


2,035

-

2,115


2,075


1,934

-

1,954


1,944


1,711


1,495


1,436


Crude Oil Equivalent Volumes (MBoed)




















United States


1,044.4

-

1,067.7


1,056.1


1,021.6

-

1,029.1


1,025.3


957.5


877.5


789.6


Trinidad


40.1

-

45.5


42.8


36.4

-

38.7


37.6


27.3


30.7


37.7


Other International


0.0

-

0.0


0.0


0.0

-

0.0


0.0


0.0


0.0


1.6


Total


1,084.5

-

1,113.2


1,098.9


1,058.0

-

1,067.8


1,062.9


984.8


908.2


828.9






















Benchmark Price




















Oil (WTI) ($/Bbl)














77.61


94.23


67.96


Natural Gas (HH) ($/Mcf)














2.74


6.64


3.85






















Crude Oil and Condensate - above (below) WTI4 ($/Bbl)




















United States


1.00

-

2.50


1.75


1.60

-

2.00


1.80


1.57


2.99


0.58


Trinidad


(11.10)

-

(9.60)


(10.35)


(11.44)

-

(11.20)


(11.32)


(9.03)


(8.07)


(11.70)


Natural Gas Liquids - Realizations as % of WTI




















Total


27.0 %

-

37.0 %


32.0 %


29.0 %

-

32.0 %


30.5 %


29.7 %


39.0 %


50.5 %


Natural Gas - above (below) NYMEX Henry Hub5 ($/Mcf)




















United States


(0.75)

-

0.05


(0.35)


(0.40)

-

(0.20)


(0.30)


(0.04)


0.63


1.03


Natural Gas Realizations8 ($/Mcf)




















Trinidad


3.30

-

4.00


3.65


3.50

-

3.70


3.60


3.65


4.43


3.40






















Total Expenditures (GAAP) ($MM)














6,818


5,610


4,255


Capital Expenditures9 (non-GAAP) ($MM)


1,230

-

1,430


1,330


6,100

-

6,300


6,200


6,041


4,607


3,755






















Operating Unit Costs ($/Boe)




















Lease and Well


4.00

-

4.40


4.20


4.07

-

4.17


4.12


4.05


4.02


3.75


Gathering, Processing and Transportation Costs3


4.25

-

4.65


4.45


4.40

-

4.50


4.45


4.50


4.78


4.70


General and Administrative (GAAP)


1.75

-

2.05


1.90


1.65

-

1.75


1.70


1.78


1.72


1.69


General and Administrative (non-GAAP)1














1.78


1.67


1.69


Cash Operating Costs (GAAP)


10.00

-

11.10


10.55


10.12

-

10.42


10.27


10.33


10.52


10.14


Cash Operating Costs (non-GAAP)1














10.33


10.47


10.14


Depreciation, Depletion and Amortization


9.85

-

10.85


10.35


10.50

-

10.76


10.63


9.72


10.69


12.07






















Expenses ($MM)




















Exploration and Dry Hole


40

-

80


60


168

-

208


188


182


204


225


Impairment (GAAP)














202


382


376


Impairment (excluding certain impairments (non-GAAP))6


90

-

150


120


160

-

240


200


160


269


361


Capitalized Interest


9

-

13


11


40

-

44


42


33


36


33


Net Interest


31

-

35


33


131

-

135


133


148


179


178






















TOTI (% of Wellhead Revenue) (GAAP)


6.5 %

-

8.5 %


7.5 %


6.5 %

-

8.5 %


7.5 %


7.4 %


7.0 %


6.8 %


TOTI (% of Wellhead Revenue) (non-GAAP)1














7.4 %


7.5 %


6.8 %


Income Taxes




















Effective Rate


19.0 %

-

24.0 %


21.5 %


19.0 %

-

24.0 %


21.5 %


21.6 %


21.7 %


21.4 %


Current Tax / Expense ($MM)


445

-

545


495


1,340

-

1,440


1,390


1,415


2,208


1,393


 

Third Quarter 2024 Results Webcast
Friday, November 8, 2024, 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 and Trinidad. To learn more visit www.eogresources.com.

Investor Contacts
Pearce Hammond 713-571-4684
Neel Panchal 713-571-4884
Shelby O'Connor 713-571-4560

Media Contact
Kimberly Ehmer 713-571-4676

Endnotes

1)

Cash Operating Costs consist of LOE, GP&T and G&A. TOTI (% of Wellhead Revenue) (non-GAAP) and G&A (non-GAAP) for each of 3Q 2024 and fiscal year 2022 exclude a state severance tax refund and related consulting fees, respectively, as reflected in the accompanying reconciliation schedules (see "Revenues, Costs and Margins Per Barrel of Oil Equivalent"). The per-Boe impact of such consulting fees on G&A and total Cash Operating Costs for 3Q 2024 and fiscal year 2022 was $(0.10) and $(0.05), respectively.

2)

Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions (for GAAP earnings per share only), other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income, interest expense and the impact of changes in the effective income tax rate.

3)

Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.

4)

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.

5)

EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the NYMEX Last Day Settle price for each of the applicable months.

6)

In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total impairment costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG's control (versus, for example, impairments that are due to EOG's proved oil and gas properties not being as productive as it originally estimated).

7)

The forecast items for the fourth quarter and full year 2024 set forth above for EOG are based on currently available information and expectations as of the date of this 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 this press release and EOG's related Current Report on Form 8-K filing, replaces and supersedes any previously issued guidance or forecast.

8)

The full-year 2022 realized natural gas price for Trinidad includes a one-time pricing adjustment of $0.76/Mcf for prior-period production following a contract amendment with the National Gas Company of Trinidad and Tobago Limited (NGC).

9)

The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses.

 

Glossary


Acq

Acquisitions

ATROR

After-tax rate of return

Bbl

Barrel

Bn

Billion

Boe

Barrels of oil equivalent

Bopd

Barrels of oil per day

CAGR

Compound annual growth rate

Capex

Capital expenditures

CFO

Cash flow provided by operating activities before changes in working capital

CO2e

Carbon dioxide equivalent

DD&A

Depreciation, Depletion and Amortization

Disc

Discoveries

Divest

Divestitures

EPS

Earnings per share

Ext

Extensions

G&A

General and administrative expense

GHG

Greenhouse gas

GP&T

Gathering, processing & transportation expense

HH

Henry Hub

LOE

Lease operating expense, or lease and well expense

MBbld

Thousand barrels of liquids per day

MBod

Thousand barrels of oil per day

MBoe

Thousand barrels of oil equivalent

MBoed

Thousand barrels of oil equivalent per day

Mcf

Thousand cubic feet of natural gas

MMBoe

Million barrels of oil equivalent

MMcfd

Million cubic feet of natural gas per day

NGLs

Natural gas liquids

NYMEX

U.S. New York Mercantile Exchange

OTP

Other than price

QoQ

Quarter over quarter

TOTI

Taxes other than income

USD

United States dollar

WTI

West Texas Intermediate

YoY

Year over year

$MM

Million United States dollars

$/Bbl

U.S. Dollars per barrel

$/Boe

U.S. Dollars per barrel of oil equivalent

$/Mcf

U.S. Dollars per thousand cubic feet

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, goals, returns and rates of return, budgets, reserves,  levels of production, capital expenditures, operating 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," "ambition," "initiative," "goal," "may," "will," "focused on," "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 financial or operating results and returns or EOG's ability to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control drilling, completion and operating costs and capital expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, other environmental matters, safety matters or other ESG (environmental/social/governance) matters, pay and/or increase regular and/or special dividends or repurchase shares 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 such assumptions are accurate or will prove to have been correct or that any of such expectations will be achieved (in full or at all) or will  be achieved on the expected or anticipated timelines. 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. 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 (NGLs), 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 and operating costs and capital expenditures 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 success of EOG's cost-mitigation initiatives and actions in offsetting the impact of inflationary pressures on EOG's operating costs and capital expenditures;
  • the extent to which EOG is successful in its efforts to market its production of crude oil and condensate, NGLs and natural gas;
  • 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, and enhanced regulatory focus on prevention and disclosure requirements relating to cyber incidents;
  • the availability, proximity and capacity of, and costs associated with, appropriate gathering, processing, compression, storage, transportation, refining, liquefaction and export facilities;
  • the availability, cost, terms and timing of issuance or execution of 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 climate change-related regulations, policies and initiatives (for example, with respect to air emissions); tax laws and regulations (including, but not limited to, carbon tax and emissions-related legislation); environmental, health and safety laws and regulations relating to disposal of produced water, drilling fluids and other wastes, hydraulic fracturing and access to and use of water; laws and regulations affecting the leasing of acreage and permitting for oil and gas drilling and the calculation of royalty payments in respect of oil and gas production; laws and regulations imposing additional permitting and disclosure requirements, additional operating restrictions and conditions or restrictions on drilling and completion operations and on the transportation of crude oil, NGLs and natural gas; laws and regulations with respect to financial derivatives and hedging activities; and laws and regulations with respect to the import and export of crude oil, natural gas and related commodities;
  • the impact of climate change-related policies and initiatives at the corporate and/or investor community levels and other potential developments related to climate change, such as (but not limited to) changes in consumer and industrial/commercial behavior, preferences and attitudes with respect to the generation and consumption of energy; increased availability of, and increased consumer and industrial/commercial demand for, competing energy sources (including alternative energy sources); technological advances with respect to the generation, transmission, storage and consumption of energy; alternative fuel requirements; energy conservation measures and emissions-related legislation; decreased demand for, and availability of, services and facilities related to the exploration for, and production of, crude oil, NGLs and natural gas; and negative perceptions of the oil and gas industry and, in turn, reputational risks associated with the exploration for, and production of, crude oil, NGLs and natural gas;
  • continuing political and social concerns relating to climate change and the greater potential for shareholder activism, governmental inquiries and enforcement actions and litigation and the resulting expenses and potential disruption to EOG's day-to-day operations;
  • the extent to which EOG is able to successfully and economically develop, implement and carry out its emissions and other ESG-related initiatives and achieve its related targets, ambitions and initiatives;
  • EOG's ability to effectively integrate acquired crude oil and natural gas properties into its operations, identify and resolve existing and potential issues with respect to such properties and accurately estimate reserves, production, drilling, completion and operating costs and capital expenditures with respect to such properties;
  • the extent to which EOG's third-party-operated crude oil and natural gas properties are operated successfully, economically and in compliance with applicable laws and regulations;
  • competition in the oil and gas exploration and production industry for the acquisition of licenses, leases and properties;
  • the availability and cost of, and competition in the oil and gas exploration and production industry for, employees, labor and other personnel, facilities, equipment, materials (such as water, sand, fuel 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, liquefaction, compression, storage, transportation, and export 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;
  • 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 conflicts), including in the areas in which EOG operates;
  • 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 of EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 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.

Historical Non-GAAP Financial Measures:
Reconciliation schedules and definitions for the historical non-GAAP financial measures included or referenced herein as well as related discussion can be found on the EOG website at www.eogresources.com.

Cautionary Notice Regarding Forward-Looking Non-GAAP Financial Measures:
In addition, this press release and any accompanying disclosures may include or reference certain forward-looking, non-GAAP financial measures, such as  free cash flow, cash flow provided by operating activities before changes in working capital and return on capital employed, and certain related estimates regarding future performance, commodity prices and operating and financial results. 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 changes in working capital and future impairments. 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 without unreasonable efforts. 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.

Oil and Gas Reserves:
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, 2023 (and any updates to such disclosure set forth in EOG's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K), 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.

 

Income Statements


In millions of USD, except share data (in millions) and per share data (Unaudited)





2023


2024



1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year


1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year


Operating Revenues and Other













Crude Oil and Condensate

3,182

3,252

3,717

3,597

13,748


3,480

3,692

3,488


10,660


Natural Gas Liquids

490

409

501

484

1,884


513

515

524


1,552


Natural Gas

517

334

417

476

1,744


382

303

372


1,057


Gains (Losses) on Mark-to-Market
     Financial Commodity and Other
     Derivative Contracts, Net

376

101

43

298

818


237

(47)

79


269


Gathering, Processing and Marketing

1,390

1,465

1,478

1,473

5,806


1,459

1,519

1,481


4,459


Gains (Losses) on Asset Dispositions,
     Net

69

(9)

35

—

95


26

20

(7)


39


Other, Net

20

21

21

29

91


26

23

28


77


Total

6,044

5,573

6,212

6,357

24,186


6,123

6,025

5,965


18,113















Operating Expenses













Lease and Well

359

348

369

378

1,454


396

390

392


1,178


Gathering, Processing and
     Transportation Costs (A)

395

396

406

423

1,620


413

423

445


1,281


Exploration Costs

50

47

43

41

181


45

34

43


122


Dry Hole Costs

1

—

—

—

1


1

5

—


6


Impairments

34

35

54

79

202


19

81

15


115


Marketing Costs

1,361

1,456

1,383

1,509

5,709


1,404

1,490

1,500


4,394


Depreciation, Depletion and
     Amortization

798

866

898

930

3,492


1,074

984

1,031


3,089


General and Administrative

145

142

161

192

640


162

151

167


480


Taxes Other Than Income

329

313

341

301

1,284


338

337

283


958


Total

3,472

3,603

3,655

3,853

14,583


3,852

3,895

3,876


11,623















Operating Income

2,572

1,970

2,557

2,504

9,603


2,271

2,130

2,089


6,490


Other Income, Net

65

51

52

66

234


62

66

76


204


Income Before Interest Expense and
     Income Taxes

2,637

2,021

2,609

2,570

9,837


2,333

2,196

2,165


6,694


Interest Expense, Net

42

35

36

35

148


33

36

31


100


Income Before Income Taxes

2,595

1,986

2,573

2,535

9,689


2,300

2,160

2,134


6,594


Income Tax Provision

572

433

543

547

2,095


511

470

461


1,442


Net Income

2,023

1,553

2,030

1,988

7,594


1,789

1,690

1,673


5,152















Dividends Declared per Common Share

1.8250

0.8250

0.8250

2.4100

5.8850


0.9100

0.9100

0.9100


2.7300


Net Income Per Share













Basic

3.46

2.68

3.51

3.43

13.07


3.11

2.97

2.97


9.05


Diluted

3.45

2.66

3.48

3.42

13.00


3.10

2.95

2.95


8.99


Average Number of Common Shares













Basic

584

580

579

579

581


575

569

564


569


Diluted

587

584

583

581

584


577

572

568


573




(A)

Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs.  This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.

 

Wellhead Volumes and Prices


(Unaudited)





2023


2024



1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year


1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year


Crude Oil and Condensate Volumes (MBbld) (A)













United States

457.1

476.0

482.8

484.6

475.2


486.8

490.1

491.8


489.6


Trinidad

0.6

0.6

0.5

0.6

0.6


0.6

0.6

1.2


0.8


Total

457.7

476.6

483.3

485.2

475.8


487.4

490.7

493.0


490.4















Average Crude Oil and Condensate Prices

($/Bbl) (B)













United States

$   77.27

$   74.98

$   83.61

$   80.61

$   79.18


$   78.46

$   82.71

$   76.95


$   79.36


Trinidad

68.98

64.88

71.38

69.21

65.58


67.50

70.75

63.15


66.22


Composite

77.26

74.97

83.60

80.60

79.17


78.45

82.69

76.92


79.34















Natural Gas Liquids Volumes (MBbld) (A)













United States

212.2

215.7

231.1

235.8

223.8


231.7

244.8

254.3


243.7


Total

212.2

215.7

231.1

235.8

223.8


231.7

244.8

254.3


243.7















Average Natural Gas Liquids Prices ($/Bbl) (B)













United States

$   25.67

$   20.85

$   23.56

$   22.29

$   23.07


$   24.32

$   23.11

$   22.42


$   23.25


Composite

25.67

20.85

23.56

22.29

23.07


24.32

23.11

22.42


23.25















Natural Gas Volumes (MMcfd) (A)













United States

1,475

1,513

1,562

1,653

1,551


1,658

1,668

1,745


1,691


Trinidad

164

155

142

178

160


200

204

225


209


Total

1,639

1,668

1,704

1,831

1,711


1,858

1,872

1,970


1,900















Average Natural Gas Prices ($/Mcf) (B)













United States

$     3.47

$     2.07

$     2.59

$     2.72

$     2.70


$     2.10

$     1.57

$     1.84


$     1.84


Trinidad

3.87

3.45

3.41

3.81

3.65


3.54

3.48

3.68


3.57


Composite

3.51

2.20

2.66

2.82

2.79


2.26

1.78

2.05


2.03















Crude Oil Equivalent Volumes (MBoed) (C)













United States

915.0

943.8

974.2

995.8

957.5


994.7

1,013.0

1,037.1


1,015.0


Trinidad

28.0

26.5

24.3

30.4

27.3


34.1

34.5

38.6


35.8


Total

943.0

970.3

998.5

1,026.2

984.8


1,028.8

1,047.5

1,075.7


1,050.8















Total MMBoe (C)

84.9

88.3

91.9

94.4

359.4


93.6

95.3

99.0


287.9

















(A)

Thousand barrels per day or million cubic feet per day, as applicable.

(B)

Dollars per barrel or per thousand cubic feet, as applicable.  Excludes the impact of financial commodity derivative instruments (see Note 12 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024).

(C)

Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas.  MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.

 

Balance Sheets


In millions of USD (Unaudited)



2023


2024



MAR

JUN

SEP

DEC


MAR

JUN

SEP

DEC


Current Assets











Cash and Cash Equivalents

5,018

4,764

5,326

5,278


5,292

5,431

6,122



Accounts Receivable, Net

2,455

2,263

2,927

2,716


2,688

2,657

2,545



Inventories

1,131

1,355

1,379

1,275


1,154

1,069

1,038



Assets from Price Risk Management Activities

—

—

—

106


110

4

—



Income Taxes Receivable

—

1

—

—


—

2

2



Other

580

523

626

560


684

640

458



Total

9,184

8,906

10,258

9,935


9,928

9,803

10,165














Property, Plant and Equipment











Oil and Gas Properties (Successful Efforts Method)

67,907

69,178

70,730

72,090


73,356

74,615

75,887



Other Property, Plant and Equipment

5,101

5,282

5,355

5,497


5,768

6,078

6,314



Total Property, Plant and Equipment

73,008

74,460

76,085

77,587


79,124

80,693

82,201



Less:  Accumulated Depreciation, Depletion and
     Amortization

(42,785)

(43,550)

(44,362)

(45,290)


(46,047)

(47,049)

(48,075)



Total Property, Plant and Equipment, Net

30,223

30,910

31,723

32,297


33,077

33,644

34,126



Deferred Income Taxes

31

33

33

42


38

44

42



Other Assets

1,587

1,638

1,633

1,583


1,753

1,733

1,818



Total Assets

41,025

41,487

43,647

43,857


44,796

45,224

46,151














Current Liabilities











Accounts Payable

2,438

2,205

2,464

2,437


2,389

2,436

2,290



Accrued Taxes Payable

637

425

605

466


786

600

855



Dividends Payable

482

478

478

526


523

516

513



Liabilities from Price Risk Management Activities

31

22

22

—


—

8

32



Current Portion of Long-Term Debt

33

34

34

34


34

534

34



Current Portion of Operating Lease Liabilities

354

335

337

325


318

303

338



Other

253

232

285

286


223

231

344



Total

4,228

3,731

4,225

4,074


4,273

4,628

4,406














Long-Term Debt

3,787

3,780

3,772

3,765


3,757

3,250

3,742



Other Liabilities

2,620

2,581

2,698

2,526


2,533

2,456

2,480



Deferred Income Taxes

4,943

5,138

5,194

5,402


5,597

5,731

5,949



Commitments and Contingencies






















Stockholders' Equity











Common Stock, $0.01 Par

206

206

206

206


206

206

206



Additional Paid in Capital

6,219

6,257

6,133

6,166


6,188

6,219

6,058



Accumulated Other Comprehensive Loss

(8)

(9)

(7)

(9)


(8)

(8)

(9)



Retained Earnings

19,423

20,497

22,047

22,634


23,897

25,071

26,231



Common Stock Held in Treasury

(393)

(694)

(621)

(907)


(1,647)

(2,329)

(2,912)



Total Stockholders' Equity

25,447

26,257

27,758

28,090


28,636

29,159

29,574



Total Liabilities and Stockholders' Equity

41,025

41,487

43,647

43,857


44,796

45,224

46,151



 

Cash Flow Statements


In millions of USD (Unaudited)














2023


2024



1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year


1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year


Cash Flows from Operating Activities













Reconciliation of Net Income to Net Cash
      Provided by Operating Activities:













Net Income

2,023

1,553

2,030

1,988

7,594


1,789

1,690

1,673


5,152


Items Not Requiring (Providing) Cash













Depreciation, Depletion and Amortization

798

866

898

930

3,492


1,074

984

1,031


3,089


Impairments

34

35

54

79

202


19

81

15


115


Stock-Based Compensation Expenses

34

35

57

51

177


45

45

58


148


Deferred Income Taxes

234

194

56

199

683


199

128

220


547


(Gains) Losses on Asset Dispositions, Net

(69)

9

(35)

—

(95)


(26)

(20)

7


(39)


Other, Net

4

2

(1)

22

27


9

3

2


14


Dry Hole Costs

1

—

—

—

1


1

5

—


6


Mark-to-Market Financial Commodity and Other
     Derivative Contracts (Gains) Losses, Net

(376)

(101)

(43)

(298)

(818)


(237)

47

(79)


(269)


Net Cash Received from (Payments for)
     Settlements of Financial Commodity
     Derivative Contracts

(123)

(30)

23

18

(112)


55

79

61


195


Other, Net

(1)

—

(1)

—

(2)


—

—

—


—


Changes in Components of Working Capital and
     Other Assets and Liabilities













Accounts Receivable

338

137

(714)

201

(38)


58

33

109


200


Inventories

(77)

(226)

(28)

100

(231)


117

75

30


222


Accounts Payable

(77)

(231)

238

(49)

(119)


(58)

29

(159)


(188)


Accrued Taxes Payable

232

(212)

180

(139)

61


319

(185)

256


390


Other Assets

52

43

(92)

36

39


(161)

42

197


78


Other Liabilities

193

(47)

54

(16)

184


(71)

(20)

108


17


Changes in Components of Working Capital
     Associated with Investing Activities

35

250

28

(18)

295


(229)

(127)

59


(297)


Net Cash Provided by Operating Activities

3,255

2,277

2,704

3,104

11,340


2,903

2,889

3,588


9,380


Investing Cash Flows













Additions to Oil and Gas Properties

(1,305)

(1,341)

(1,379)

(1,360)

(5,385)


(1,485)

(1,357)

(1,263)


(4,105)


Additions to Other Property, Plant and Equipment

(319)

(180)

(139)

(162)

(800)


(350)

(313)

(239)


(902)


Proceeds from Sales of Assets

92

29

14

5

140


9

10

—


19


Changes in Components of Working Capital
     Associated with Investing Activities

(35)

(250)

(28)

18

(295)


229

127

(59)


297


Net Cash Used in Investing Activities

(1,567)

(1,742)

(1,532)

(1,499)

(6,340)


(1,597)

(1,533)

(1,561)


(4,691)


Financing Cash Flows













Long-Term Debt Repayments

(1,250)

—

—

—

(1,250)


—

—

—


—


Dividends Paid

(1,067)

(480)

(494)

(1,345)

(3,386)


(525)

(520)

(533)


(1,578)


Treasury Stock Purchased

(317)

(302)

(109)

(310)

(1,038)


(759)

(699)

(795)


(2,253)


Proceeds from Stock Options Exercised and
     Employee Stock Purchase Plan

—

9

1

10

20


—

11

—


11


Debt Issuance Costs

—

(8)

—

—

(8)


—

—

—


—


Repayment of Finance Lease Liabilities

(8)

(8)

(8)

(8)

(32)


(8)

(9)

(8)


(25)


Net Cash Used in Financing Activities

(2,642)

(789)

(610)

(1,653)

(5,694)


(1,292)

(1,217)

(1,336)


(3,845)


Effect of Exchange Rate Changes on Cash

—

—

—

—

—


—

–

–


—


Increase (Decrease) in Cash and Cash Equivalents

(954)

(254)

562

(48)

(694)


14

139

691


844


Cash and Cash Equivalents at Beginning of Period

5,972

5,018

4,764

5,326

5,972


5,278

5,292

5,431


5,278


Cash and Cash Equivalents at End of Period

5,018

4,764

5,326

5,278

5,278


5,292

5,431

6,122


6,122


 

Non-GAAP Financial Measures


To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), EOG's quarterly earnings releases and related conference calls, accompanying investor presentation slides and presentation slides for investor conferences contain certain financial measures that are not prepared or presented in accordance with GAAP.  These non-GAAP financial measures may include, but are not limited to, Adjusted Net Income (Loss), Cash Flow from Operations Before Changes in Working Capital, Free Cash Flow, Net Debt and related statistics.


A reconciliation of each of these measures to their most directly comparable GAAP financial measure and related discussion is included in the tables on the following pages and can also be found in the "Reconciliations & Guidance" section of the "Investors" page of the EOG website at www.eogresources.com.


As further discussed in the tables on the following pages, EOG believes these measures may be useful to investors who follow the practice of some industry analysts who make certain adjustments to GAAP measures (for example, to exclude non-recurring items) to facilitate comparisons to others in EOG's industry, and who utilize non-GAAP measures in their calculations of certain statistics (for example, return on capital employed and return on equity) used to evaluate EOG's performance.


EOG believes that the non-GAAP measures presented, when viewed in combination with its financial results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the company's performance. As is discussed in the tables on the following pages, EOG uses these non-GAAP measures for purposes of (i) comparing EOG's financial performance with the financial performance of other companies in the industry and (ii) analyzing EOG's financial performance across periods.


The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG's reported Net Income (Loss), Long-Term Debt (including Current Portion of Long-Term Debt), Net Cash Provided by Operating Activities and other financial results calculated in accordance with GAAP. The non-GAAP measures presented should be read in conjunction with EOG's consolidated financial statements prepared in accordance with GAAP.


In addition, because not all companies use identical calculations, EOG's presentation of non-GAAP measures may not be comparable to, and may be calculated differently from, similarly titled measures disclosed by other companies, including its peer companies. EOG may also change the calculation of one or more of its non-GAAP measures from time to time – for example, to account for changes in its business and operations or to more closely conform to peer company or industry analysts' practices. 


Direct ATROR


The calculation of EOG's direct after-tax rate of return (ATROR) is based on EOG's net estimated recoverable reserves for a particular well(s) or play, the estimated net present value of the future net cash flows from such reserves (for which EOG utilizes certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring such well(s). As such, EOG's direct ATROR for a particular well(s) or play cannot be calculated from EOG's consolidated financial statements.

 

Adjusted Net Income


In millions of USD, except share data (in millions) and per share data (Unaudited)


















The following tables adjust reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of financial commodity derivative contracts by eliminating the net unrealized mark-to-market (gains) losses from these and other derivative transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets)), and to make certain other adjustments to exclude non-recurring and certain other items as further described below.  EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items.  EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.












3Q 2024



Before
Tax


Income Tax
Impact


After
Tax


Diluted
Earnings
per Share











Reported Net Income (GAAP)

2,134


(461)


1,673


2.95


Adjustments:









Gains on Mark-to-Market Financial Commodity and Other Derivative
     Contracts, Net

(79)


17


(62)


(0.11)


Net Cash Received from Settlements of Financial Commodity Derivative
     Contracts (1)

61


(13)


48


0.08


Add: Losses on Asset Dispositions, Net

7


(2)


5


0.01


Less: Severance Tax Refund

(31)


7


(24)


(0.04)


Add: Severance Tax Consulting Fees

10


(2)


8


0.01


Less: Interest on Severance Tax Refund

(5)


1


(4)


(0.01)


Adjustments to Net Income

(37)


8


(29)


(0.06)











Adjusted Net Income (Non-GAAP)

2,097


(453)


1,644


2.89











Average Number of Common Shares









Basic







564


Diluted







568




(1)

Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period.  For the three months ended September 30, 2024, such amount was $61 million. 

 

Adjusted Net Income

(Continued)


In millions of USD, except share data (in millions) and per share data (Unaudited)



















2Q 2024



Before
Tax


Income Tax
Impact


After
Tax


Diluted
Earnings
per Share











Reported Net Income (GAAP)

2,160


(470)


1,690


2.95


Adjustments:









Losses on Mark-to-Market Financial Commodity and Other Derivative
     Contracts, Net

47


(10)


37


0.07


Net Cash Received from Settlements of Financial Commodity Derivative
      Contracts (1)

79


(17)


62


0.11


Less: Gains on Asset Dispositions, Net

(20)


5


(15)


(0.03)


Add: Certain Impairments

35


(2)


33


0.06


Adjustments to Net Income

141


(24)


117


0.21











Adjusted Net Income (Non-GAAP)

2,301


(494)


1,807


3.16











Average Number of Common Shares









Basic







569


Diluted







572




(1)

Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period.  For the three months ended June 30, 2024, such amount was $79 million.

 

Adjusted Net Income

(Continued)


In millions of USD, except share data (in millions) and per share data (Unaudited)



















1Q 2024



Before
Tax


Income Tax
Impact


After
Tax


Diluted
Earnings
per Share











Reported Net Income (GAAP)

2,300


(511)


1,789


3.10


Adjustments:









Gains on Mark-to-Market Financial Commodity and Other Derivative
     Contracts, Net

(237)


51


(186)


(0.31)


Net Cash Received from Settlements of Financial Commodity Derivative
     Contracts (1)

55


(12)


43


0.07


Less: Gains on Asset Dispositions, Net

(26)


4


(22)


(0.04)


Add: Certain Impairments

2


—


2


—


Adjustments to Net Income

(206)


43


(163)


(0.28)











Adjusted Net Income (Non-GAAP)

2,094


(468)


1,626


2.82











Average Number of Common Shares









Basic







575


Diluted







577




(1)

Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period.  For the three months ended March 31, 2024, such amount was $55 million. 

 

Adjusted Net Income

(Continued)


In millions of USD, except share data (in millions) and per share data (Unaudited)



















4Q 2023



Before
Tax


Income Tax
Impact


After
Tax


Diluted
Earnings
per Share











Reported Net Income (GAAP)

2,535


(547)


1,988


3.42


Adjustments:









Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net

(298)


64


(234)


(0.40)


Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)

18


(4)


14


0.02


Add: Certain Impairments

19


(4)


15


0.03


Adjustments to Net Income

(261)


56


(205)


(0.35)











Adjusted Net Income (Non-GAAP)

2,274


(491)


1,783


3.07











Average Number of Common Shares









Basic







579


Diluted







581




(1)

Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period.  For the three months ended December 31, 2023, such amount was $18 million. 

 

Adjusted Net Income

(Continued)


In millions of USD, except share data (in millions) and per share data (Unaudited)












3Q 2023



Before
Tax


Income Tax
Impact


After
Tax


Diluted
Earnings
per Share











Reported Net Income (GAAP)

2,573


(543)


2,030


3.48


Adjustments:









Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net

(43)


9


(34)


(0.06)


Net Cash Received from Settlements of Financial Commodity Derivative
     Contracts (1)

23


(5)


18


0.03


Less: Gains on Asset Dispositions, Net

(35)


7


(28)


(0.05)


Add: Certain Impairments

23


(2)


21


0.04


Adjustments to Net Income

(32)


9


(23)


(0.04)











Adjusted Net Income (Non-GAAP)

2,541


(534)


2,007


3.44











Average Number of Common Shares









Basic







579


Diluted







583




(1)

Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG adds to reported Net Income (Loss) (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period.  For the three months ended September 30, 2023, such amount was $23 million. 

 

Net Income per Share


In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)







2Q 2024 Net Income per Share (GAAP) - Diluted



2.95







Realized Price





3Q 2024 Composite Average Wellhead Revenue per Boe

44.31




Less:  2Q 2024 Composite Average Wellhead Revenue per Boe

(47.31)




Subtotal

(3.00)




Multiplied by: 3Q 2024 Crude Oil Equivalent Volumes (MMBoe)

99.0




Total Change in Revenue

(297)




Add: Income Tax Benefit (Provision) Imputed (based on 22%)

65




Change in Net Income

(232)




Change in Diluted Earnings per Share



(0.41)







Wellhead Volumes





3Q 2024 Crude Oil Equivalent Volumes (MMBoe)

99.0




Less:  2Q 2024 Crude Oil Equivalent Volumes (MMBoe)

(95.3)




Subtotal

3.7




Multiplied by:  3Q 2024 Composite Average Margin per Boe (GAAP) (Including Total
Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)

19.98




Change in Margin

74




Add:  Income Tax Benefit (Provision) Imputed (based on 22%)

(16)




Change in Net Income

58




Change in Diluted Earnings per Share



0.10







Certain Operating Costs per Boe





2Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe

20.43




Less:  3Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe

(20.57)




Subtotal

(0.14)




Multiplied by:  3Q 2024 Crude Oil Equivalent Volumes (MMBoe)

99.0




Change in Before-Tax Net Income

(14)




Add:  Income Tax Benefit (Provision) Imputed (based on 22%)

3




Change in Net Income

(11)




Change in Diluted Earnings per Share



(0.02)


 

Net Income Per Share

(Continued)


In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)







Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net




3Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts

79




Less:  Income Tax Benefit (Provision)

(17)




After Tax - (a)

62




Less: 2Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts

(47)




Less:  Income Tax Benefit (Provision)

10




After Tax - (b)

(37)




Change in Net Income - (a) - (b)

99




Change in Diluted Earnings per Share



0.17







Other (1)



0.16







3Q 2024 Net Income per Share (GAAP) - Diluted



2.95







3Q 2024 Average Number of Common Shares - Diluted

568











(1)

Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.

 

Adjusted Net Income Per Share


In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)







2Q 2024 Adjusted Net Income per Share (Non-GAAP) - Diluted



3.16







Realized Price





3Q 2024 Composite Average Wellhead Revenue per Boe

44.31




Less:  2Q 2024 Composite Average Wellhead Revenue per Boe

(47.31)




Subtotal

(3.00)




Multiplied by: 3Q 2024 Crude Oil Equivalent Volumes (MMBoe)

99.0




Total Change in Revenue

(297)




Add: Income Tax Benefit (Provision) Imputed (based on 22%)

65




Change in Net Income

(232)




Change in Diluted Earnings per Share



(0.41)







Wellhead Volumes





3Q 2024 Crude Oil Equivalent Volumes (MMBoe)

99.0




Less:  2Q 2024 Crude Oil Equivalent Volumes (MMBoe)

(95.3)




Subtotal

3.7




Multiplied by:  3Q 2024 Composite Average Margin per Boe (Non-GAAP) (Including Total
Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent"
schedule below)

19.77




Change in Margin

73




Add:  Income Tax Benefit (Provision) Imputed (based on 22%)

(16)




Change in Net Income

57




Change in Diluted Earnings per Share



0.10







Certain Operating Costs per Boe





2Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe

20.43




Less:  3Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe

(20.47)




Subtotal

(0.04)




Multiplied by:  3Q 2024 Crude Oil Equivalent Volumes (MMBoe)

99.0




Change in Before-Tax Net Income

(4)




Add:  Income Tax Benefit (Provision) Imputed (based on 22%)

1




Change in Net Income

(3)




Change in Diluted Earnings per Share



(0.01)


 

Adjusted Net Income Per Share

(Continued)


In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)







Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts




3Q 2024 Net Cash Received from (Payments for)  Settlements of Financial Commodity Derivative Contracts

61




Less:  Income Tax Benefit (Provision)

(13)




After Tax - (a)

48




2Q 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts

79




Less:  Income Tax Benefit (Provision)

(17)




After Tax - (b)

62




Change in Net Income - (a) - (b)

(14)




Change in Diluted Earnings per Share



(0.02)







Other (1)



0.07







3Q 2024 Adjusted Net Income per Share (Non-GAAP)



2.89







3Q 2024 Average Number of Common Shares - Diluted

568











(1)

Includes gathering, processing and marketing revenue, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.

 

Cash Flow from Operations and Free Cash Flow


In millions of USD (Unaudited)


























The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Cash Flow from Operations Before Changes in Working Capital (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing Activities and certain other adjustments to exclude non-recurring and certain other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Cash Flow from Operations Before Changes in Working Capital (Non-GAAP) (see below reconciliation) for such period less the Total Capital Expenditures (Non-GAAP) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry. 
















2023


2024



1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year


1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year















Net Cash Provided by Operating Activities (GAAP)

3,255

2,277

2,704

3,104

11,340


2,903

2,889

3,588


9,380















Adjustments:













Changes in Components of Working Capital
     and Other Assets and Liabilities













Accounts Receivable

(338)

(137)

714

(201)

38


(58)

(33)

(109)


(200)


Inventories

77

226

28

(100)

231


(117)

(75)

(30)


(222)


Accounts Payable

77

231

(238)

49

119


58

(29)

159


188


Accrued Taxes Payable

(232)

212

(180)

139

(61)


(319)

185

(256)


(390)


Other Assets

(52)

(43)

92

(36)

(39)


161

(42)

(197)


(78)


Other Liabilities

(193)

47

(54)

16

(184)


71

20

(108)


(17)


Changes in Components of Working Capital
     Associated with Investing Activities

(35)

(250)

(28)

18

(295)


229

127

(59)


297


Cash Flow from Operations Before Changes in
     Working Capital (Non-GAAP)

2,559

2,563

3,038

2,989

11,149


2,928

3,042

2,988


8,958


Less:













Total Capital Expenditures (Non-GAAP) (a)

(1,489)

(1,521)

(1,519)

(1,512)

(6,041)


(1,703)

(1,668)

(1,497)


(4,868)


Free Cash Flow (Non-GAAP)

1,070

1,042

1,519

1,477

5,108


1,225

1,374

1,491


4,090















(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
















2023


2024



1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year


1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year















Total Expenditures (GAAP)

1,717

1,664

1,803

1,634

6,818


1,952

1,682

1,573


5,207


Less:













Asset Retirement Costs

(10)

(26)

(191)

(30)

(257)


(21)

60

(11)


28


Non-Cash Development Drilling

—

(35)

(50)

(5)

(90)


—

—

—


—


Non-Cash Acquisition Costs of
     Unproved Properties

(31)

(28)

(1)

(39)

(99)


(31)

(34)

(17)


(82)


Acquisition Costs of Proved Properties

(4)

(6)

1

(7)

(16)


(21)

(5)

—


(26)


Acquisition Costs of Other Property,
     Plant and Equipment

(133)

(1)

—

—

(134)


(131)

(1)

(5)


(137)


Exploration Costs

(50)

(47)

(43)

(41)

(181)


(45)

(34)

(43)


(122)


Total Capital Expenditures (Non-GAAP)

1,489

1,521

1,519

1,512

6,041


1,703

1,668

1,497


4,868


 

Net Debt-to-Total Capitalization Ratio


In millions of USD, except ratio data (Unaudited)






















The following tables reconcile Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (Non-GAAP), as used in the Net Debt-to-Total Capitalization ratio calculation.  A portion of the cash is associated with international subsidiaries; tax considerations may impact debt paydown.  EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize Net Debt and Total Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation.  EOG management uses this information for comparative purposes within the industry.














September 30,
2024


June 30,
2024


March 31,
2024


December 31,
2023


September 30,
2023













Total Stockholders' Equity - (a)

29,574


29,159


28,636


28,090


27,758













Current and Long-Term Debt (GAAP) - (b)

3,776


3,784


3,791


3,799


3,806


Less: Cash

(6,122)


(5,431)


(5,292)


(5,278)


(5,326)


Net Debt (Non-GAAP) - (c)

(2,346)


(1,647)


(1,501)


(1,479)


(1,520)













Total Capitalization (GAAP) - (a) + (b)

33,350


32,943


32,427


31,889


31,564













Total Capitalization (Non-GAAP) - (a) + (c)

27,228


27,512


27,135


26,611


26,238













Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]

11.3 %


11.5 %


11.7 %


11.9 %


12.1 %













Net Debt-to-Total Capitalization (Non-GAAP) - (c) /
     [(a) + (c)]

-8.6 %


-6.0 %


-5.5 %


-5.6 %


-5.8 %


 

Revenues, Costs and Margins Per Barrel of Oil Equivalent


In millions of USD, except Boe and per Boe amounts (Unaudited)













EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or margins per barrel of oil equivalent (Boe). Certain of these components are adjusted for non-recurring and certain other items, as further discussed below. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.














3Q 2024


2Q 2024


1Q 2024


4Q 2023


3Q 2023













Volume - Million Barrels of Oil Equivalent - (a)

99.0


95.3


93.6


94.4


91.9













Total Operating Revenues and Other (b)

5,965


6,025


6,123


6,357


6,212


Total Operating Expenses (c)

3,876


3,895


3,852


3,853


3,655


Operating Income (d)

2,089


2,130


2,271


2,504


2,557













Wellhead Revenues











Crude Oil and Condensate

3,488


3,692


3,480


3,597


3,717


Natural Gas Liquids

524


515


513


484


501


Natural Gas

372


303


382


476


417


Total Wellhead Revenues - (e)

4,384


4,510


4,375


4,557


4,635













Operating Costs











Lease and Well

392


390


396


378


369


Gathering, Processing and Transportation Costs (1)

445


423


413


423


406


General and Administrative (GAAP)

167


151


162


192


161


Less:  Severance Tax Consulting Fees

(10)


—


—


—


—


General and Administrative (Non-GAAP) (3)

157


151


162


192


161


Taxes Other Than Income (GAAP)

283


337


338


301


341


Add:  Severance Tax Refund

31


—


—


—


—


Taxes Other Than Income (Non-GAAP) (4)

314


337


338


301


341


Interest Expense, Net

31


36


33


35


36


Total Operating Cost (GAAP)  (excluding DD&A and Total Exploration
     Costs) (f)

1,318


1,337


1,342


1,329


1,313


Total Operating Cost (Non-GAAP)  (excluding DD&A and Total Exploration
     Costs) (g)

1,339


1,337


1,342


1,329


1,313













Depreciation, Depletion and Amortization (DD&A)

1,031


984


1,074


930


898













Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)

2,349


2,321


2,416


2,259


2,211


Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)

2,370


2,321


2,416


2,259


2,211













Exploration Costs

43


34


45


41


43


Dry Hole Costs

—


5


1


—


—


Impairments

15


81


19


79


54


Total Exploration Costs (GAAP)

58


120


65


120


97


Less:  Certain Impairments (2)

—


(35)


(2)


(19)


(23)


Total Exploration Costs (Non-GAAP)

58


85


63


101


74













Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) -
     (j)

2,407


2,441


2,481


2,379


2,308


Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-
     GAAP)) - (k)

2,428


2,406


2,479


2,360


2,285













Total Wellhead Revenues less Total Operating Cost (GAAP) (including
     Total Exploration Costs (GAAP))

1,977


2,069


1,894


2,178


2,327


Total Wellhead Revenues less Total Operating Cost (Non-GAAP)
     (including Total Exploration Costs (Non-GAAP))

1,956


2,104


1,896


2,197


2,350


 

Revenues, Costs and Margins Per Barrel of Oil Equivalent

(Continued)


In millions of USD, except Boe and per Boe amounts (Unaudited)























3Q 2024


2Q 2024


1Q 2024


4Q 2023


3Q 2023


Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)






















Composite Average Operating Revenues and Other per Boe - (b) / (a)

60.25


63.22


65.42


67.34


67.59


Composite Average Operating Expenses per Boe - (c) / (a)

39.15


40.87


41.16


40.81


39.77


Composite Average Operating Income per Boe  - (d) / (a)

21.10


22.35


24.26


26.53


27.82













Composite Average Wellhead Revenue per Boe - (e) / (a)

44.31


47.31


46.73


48.27


50.46













Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs)
      - (f) / (a)

13.32


14.03


14.33


14.08


14.29













Composite Average Margin per Boe (excluding DD&A and Total
     Exploration Costs) - [(e) / (a) - (f) / (a)]

30.99


33.28


32.40


34.19


36.17













Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)

23.74


24.35


25.80


23.93


24.07













Composite Average Margin per Boe (excluding Total Exploration Costs) -
     [(e) / (a) - (h) / (a)]

20.57


22.96


20.93


24.34


26.39













Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)

24.33


25.61


26.49


25.20


25.13













Composite Average Margin per Boe (including Total Exploration Costs) -
     [(e) / (a) - (j) / (a)]

19.98


21.70


20.24


23.07


25.33













Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)






















Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs)
     - (g) / (a)

13.53


14.03


14.33


14.08


14.29













Composite Average Margin per Boe (excluding DD&A and Total
     Exploration Costs) - [(e) / (a) - (g) / (a)]

30.78


33.28


32.40


34.19


36.17













Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)

23.95


24.35


25.80


23.93


24.07













Composite Average Margin per Boe (excluding Total Exploration Costs) -
     [(e) / (a) - (i) / (a)]

20.36


22.96


20.93


24.34


26.39













Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)

24.54


25.24


26.47


25.00


24.88













Composite Average Margin per Boe (including Total Exploration Costs) -
     [(e) / (a) - (k) / (a)]

19.77


22.07


20.26


23.27


25.58













 

Revenues, Costs and Margins Per Barrel of Oil Equivalent

(Continued)


In millions of USD, except Boe and per Boe amounts (Unaudited)










2023


2022


2021









Volume - Million Barrels of Oil Equivalent - (a)

359.4


331.5


302.5









Total Operating Revenues and Other (b)

24,186


25,702


18,642


Total Operating Expenses (c)

14,583


15,736


12,540


Operating Income (Loss) (d)

9,603


9,966


6,102









Wellhead Revenues







Crude Oil and Condensate

13,748


16,367


11,125


Natural Gas Liquids

1,884


2,648


1,812


Natural Gas

1,744


3,781


2,444


Total Wellhead Revenues - (e)

17,376


22,796


15,381









Operating Costs







Lease and Well

1,454


1,331


1,135


Gathering, Processing and Transportation Costs (1)

1,620


1,587


1,422


General and Administrative (GAAP)

640


570


511


Less:  Severance Tax Consulting Fees

—


(16)


—


General and Administrative (Non-GAAP) (3)

640


554


511


Taxes Other Than Income (GAAP)

1,284


1,585


1,047


Add:  Severance Tax Refund

—


115


—


Taxes Other Than Income (Non-GAAP) (4)

1,284


1,700


1,047


Interest Expense, Net

148


179


178


Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) -
     (f)

5,146


5,252


4,293


Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration
     Costs) - (g)

5,146


5,351


4,293









Depreciation, Depletion and Amortization (DD&A)

3,492


3,542


3,651









Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)

8,638


8,794


7,944


Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)

8,638


8,893


7,944









Exploration Costs

181


159


154


Dry Hole Costs

1


45


71


Impairments

202


382


376


Total Exploration Costs (GAAP)

384


586


601


Less:  Certain Impairments (2)

(42)


(113)


(15)


Total Exploration Costs (Non-GAAP)

342


473


586









Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)

9,022


9,380


8,545


Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-
     GAAP)) - (k)

8,980


9,366


8,530









Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total
     Exploration Costs (GAAP))

8,354


13,416


6,836


Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including
     Total Exploration Costs (Non-GAAP))

8,396


13,430


6,851









 

Revenues, Costs and Margins Per Barrel of Oil Equivalent

(Continued)


In millions of USD, except Boe and per Boe amounts (Unaudited)








2023


2022


2021









Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)














Composite Average Operating Revenues and Other per Boe - (b) / (a)

67.30


77.53


61.63


Composite Average Operating Expenses per Boe - (c) / (a)

40.58


47.47


41.46


Composite Average Operating Income (Loss) per Boe - (d) / (a)

26.72


30.06


20.17









Composite Average Wellhead Revenue per Boe - (e) / (a)

48.34


68.77


50.84









Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) -
     (f) / (a)

14.31


15.84


14.19









Composite Average Margin per Boe (excluding DD&A and Total Exploration
     Costs) - [(e) / (a) - (f) / (a)]

34.03


52.93


36.65









Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)

24.03


26.53


26.26









Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e)
     / (a) - (h) / (a)]

24.31


42.24


24.58









Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)

25.10


28.30


28.25









Composite Average Margin per Boe (including Total Exploration Costs) - [(e)
     / (a) - (j) / (a)]

23.24


40.47


22.59









Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)














Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) -  
     (g) / (a)

14.31


16.14


14.19









Composite Average Margin per Boe (excluding DD&A and Total Exploration
     Costs) - [(e) / (a) - (g) / (a)]

34.03


52.63


36.65









Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)

24.03


26.83


26.26









Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e)
     / (a) - (i) / (a)]

24.31


41.94


24.58









Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)

24.98


28.26


28.20









Composite Average Margin per Boe (including Total Exploration Costs) - [(e)
     / (a) - (k) / (a)]

23.36


40.51


22.64











(1)

Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs.  This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.

(2)

In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG's control (versus, for example, impairments that are due to EOG's proved oil and gas properties not being as productive as it originally estimated).

(3)

EOG believes excluding the above-referenced items from General and Administrative Costs is appropriate and provides useful information to investors, as EOG views such items as non-recurring.

(4)

EOG believes excluding the above-referenced items from Taxes Other Than Income is appropriate and provides useful information to investors, as EOG views such items as non-recurring.

 

Cision View original content:https://www.prnewswire.com/news-releases/eog-resources-reports-third-quarter-2024-results-and-raises-regular-dividend-7-302299232.html

SOURCE EOG Resources, Inc.

FAQ

What was EOG Resources' free cash flow in Q3 2024?

EOG Resources generated $1.5 billion in free cash flow during the third quarter of 2024.

How much did EOG increase its dividend in Q3 2024?

EOG increased its regular quarterly dividend by 7% to $0.975 per share, representing an annual rate of $3.90 per share.

What was EOG's total production in Q3 2024?

EOG's total production reached 1,075,700 barrels of oil equivalent per day in Q3 2024.

How much did EOG spend on share repurchases in Q3 2024?

EOG repurchased $758 million worth of shares during Q3 2024 at an average price of $123 per share.

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EOG Resources, Inc.

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