HOUSTON, May 5, 2022 /PRNewswire/ -- EOG Resources, Inc.
(EOG) today reported first quarter 2022 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 and ratio data
|
|
|
1Q
2022
|
|
4Q
2021
|
|
1Q
2021
|
|
GAAP
|
Total
Revenue
|
3,983
|
|
6,044
|
|
3,694
|
|
Net Income
|
390
|
|
1,985
|
|
677
|
|
Net Income Per
Share
|
0.67
|
|
3.39
|
|
1.16
|
|
Net Cash Provided by
Operating Activities
|
828
|
|
3,166
|
|
1,870
|
|
Total
Expenditures
|
1,144
|
|
1,137
|
|
1,067
|
|
Current and Long-Term
Debt
|
5,099
|
|
5,109
|
|
5,133
|
|
Cash and Cash
Equivalents
|
4,009
|
|
5,209
|
|
3,388
|
|
Debt-to-Total
Capitalization
|
19.1%
|
|
18.7%
|
|
19.8%
|
|
|
Non-
GAAP
|
Adjusted Net
Income
|
2,346
|
|
1,806
|
|
946
|
|
Adjusted Net Income
Per Share
|
4.00
|
|
3.09
|
|
1.62
|
|
CFO before Changes in
Working Capital
|
3,372
|
|
3,069
|
|
1,982
|
|
Capital
Expenditures
|
1,009
|
|
1,015
|
|
912
|
|
Free Cash
Flow
|
2,363
|
|
2,054
|
|
1,070
|
|
Net Debt
|
1,090
|
|
(100)
|
|
1,745
|
|
Net Debt-to-Total
Capitalization
|
4.8%
|
|
(0.5)%
|
|
7.8%
|
|
First Quarter 2022 Highlights
- Announced guidance to return minimum 60% of free cash flow to
shareholders each year
- Declared special dividend of $1.80 per share and regular dividend of
$0.75 per share
- Earned adjusted net income of $2.3
billion, or $4.00 per
share
- Generated $2.4 billion of free
cash flow
- Oil, NGL and natural gas production above guidance
midpoints
- Capital expenditures near low end of guidance range
- Total per-unit cash operating costs below guidance
midpoint
First Quarter 2022 Highlights
Volumes and Capital Expenditures
Wellhead
Volumes
|
1Q
2022
|
|
1Q
2022 Guidance
Midpoint
|
|
4Q
2021
|
|
1Q
2021
|
Crude Oil and
Condensate (MBod)
|
450.1
|
|
447.8
|
|
450.6
|
|
431.0
|
Natural Gas Liquids
(MBbld)
|
190.3
|
|
187.0
|
|
156.9
|
|
124.3
|
Natural Gas
(MMcfd)
|
1,458
|
|
1,435
|
|
1,534
|
|
1,342
|
Total Crude Oil
Equivalent (MBoed)
|
883.3
|
|
874.0
|
|
863.1
|
|
778.9
|
|
|
|
|
Capital
Expenditures ($MM)
|
1,009
|
|
1,100
|
|
1,015
|
|
912
|
From Ezra Yacob, Chief
Executive Officer
"EOG is off to a great start in 2022. We extended our track
record of reliable execution with strong first quarter results.
Production volumes, capital expenditures and overall operating
costs were each better than expected. Despite challenges from
rising inflation and supply chain constraints since we announced
our 2022 plan at the start of the year, we remain well positioned
to deliver within our production and capital expenditure targets.
Consistent with the EOG culture, our employees continue to find new
innovations and efficiencies to meet our goals for the year.
"Along with strong operating execution, EOG continues to deliver
on our long-term free cash flow priorities. In addition to the
$0.75 per share regular dividend, we
declared a $1.80 per share special
dividend. We also initiated new cash return guidance to provide
greater transparency to capital allocation, committing to return at
least 60 percent of free cash flow to shareholders each year. Our
financial strategy aims to create long-term shareholder value and
our free cash flow priorities and cash return guidance remain
consistent with this goal.
"Our 2022 game plan is on track, guided by our long-term
strategy focused on returns. EOG's competitive advantage includes a
diverse portfolio of plays across multiple basins, powered by our
high-performing people and unique culture. Our pristine balance
sheet and commitment to low-cost exploration continue to serve us
well. We are well positioned to be among the lowest cost, highest
return, lowest emissions producers, playing a significant role in
the long-term future of energy."
First Quarter 2022 Financial Performance
Adjusted Earnings per Share 1Q 2022 vs 4Q 2021
Prices and Hedges
Crude
oil prices increased significantly in 1Q compared with 4Q,
partially offset by declines in natural gas and NGL prices. In
addition, cash paid for hedge settlements in 1Q increased by
$174 million compared with 4Q.
Volumes
Total company
crude oil production in 1Q of 450,100 Bopd was above the midpoint
of the guidance range and in-line with 4Q. NGL production was above
the midpoint of the guidance range and increased 21% compared with
4Q due to increased extraction of ethane. Natural gas production
declined 5% compared with 4Q, also related to extraction of ethane.
Total company equivalent daily volumes increased 2% compared with
4Q.
Per-Unit Costs
Lower
impairment and DD&A costs were the largest contributors to the
overall reduction in per-unit costs in 1Q compared with 4Q.
Compared with 4Q, per-unit cash operating costs decreased
$0.32 per BOE due to lower G&A,
G&P and LOE costs.
Change in Cash 1Q 2022 vs 4Q 2021
Free Cash Flow
EOG
generated cash flow from operations before changes in working
capital of $3.4 billion in 1Q. The
company incurred $1.0 billion of cash
capital expenditures, resulting in $2.4
billion of free cash flow.
Working Capital
Changes
in working capital in 1Q represented a use of cash of $2.6 billion. Most of the change is due to an
increase in collateral EOG has posted with counterparties to
financial commodity derivative contracts that are in a net
liability position.
First Quarter 2022 Operating Performance
Lease and Well
Per-unit LOE costs declined
$0.09 in 1Q compared with 4Q but were
$0.10 above the 1Q guidance midpoint.
Fuel and power costs increased more than forecast during 1Q.
Workover and labor costs declined in 1Q compared with 4Q, but the
reduction was less than forecast.
Depreciation, Depletion and Amortization
Per-unit
DD&A costs in 1Q were lower than the guidance midpoint and
declined 7% compared with 4Q due to positive price-related reserve
revisions and the addition of new reserves at lower finding
costs.
Transportation, Gathering and Processing
Per-unit
transportation and G&P costs in 1Q were in-line with 4Q and the
guidance midpoints.
General and Administrative
Per-unit G&A costs
declined 11% compared with 4Q and were below the guidance midpoint
due to lower employee-related costs.
Free Cash Flow Allocation Actions
Regular Dividend and Special Dividend
The Board of
Directors today declared a regular dividend of $0.75 per share on EOG's common stock. The
regular dividend will be payable July 29,
2022, to stockholders of record as of July 15, 2022. The indicated annual rate is
$3.00 per share. The Board of
Directors today also declared a special dividend of $1.80 per share on EOG's common stock. The
special dividend will be payable June 30,
2022, to stockholders of record as of June 15, 2022.
Cash Return Guidance
EOG announced its commitment to
return a minimum of 60% of free cash flow to shareholders each
year. This additional transparency complements the company's
long-standing free cash flow priorities. It also reflects EOG's
determination to continue to deliver on all its priorities,
including returning additional cash to shareholders through special
dividends or opportunistic share repurchases. The highest priority
remains paying a sustainable and growing regular dividend. The
$0.75 per share regular dividend
declared today represents a $3.00 per
share indicated annual rate. This is an 86% increase from the
$1.61 per share regular dividends
paid in 2021. EOG today also declared a special dividend of
$1.80 per share. Combined with the
$1.00 per share special dividend
declared in February, EOG has committed to return $1.6 billion to shareholders through special
dividends to-date in 2022.
First Quarter 2022 Results vs Guidance
(Unaudited)
|
|
Crude Oil and
Condensate Volumes (MBod)
|
1Q
2022
|
1Q
2022 Guidance
Midpoint
|
Variance
|
4Q
2021
|
3Q
2021
|
2Q
2021
|
1Q
2021
|
United
States
|
449.4
|
447.0
|
2.4
|
449.7
|
448.3
|
446.9
|
428.7
|
Trinidad
|
0.7
|
0.8
|
(0.1)
|
0.9
|
1.2
|
1.7
|
2.2
|
Other
International
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.1
|
Total
|
450.1
|
447.8
|
2.3
|
450.6
|
449.5
|
448.6
|
431.0
|
Natural Gas
Liquids Volumes (MBbld)
|
Total
|
190.3
|
187.0
|
3.3
|
156.9
|
157.9
|
138.5
|
124.3
|
Natural Gas
Volumes (MMcfd)
|
United
States
|
1,249
|
1,235
|
14
|
1,328
|
1,210
|
1,199
|
1,100
|
Trinidad
|
209
|
200
|
9
|
206
|
212
|
233
|
217
|
Other
International
|
0
|
0
|
0
|
0
|
0
|
13
|
25
|
Total
|
1,458
|
1,435
|
23
|
1,534
|
1,422
|
1,445
|
1,342
|
|
Total Crude Oil
Equivalent Volumes (MBoed)
|
883.3
|
874.0
|
9.3
|
863.1
|
844.4
|
828.0
|
778.9
|
Total MMBoe
|
79.5
|
78.7
|
0.8
|
79.4
|
77.7
|
75.3
|
70.1
|
|
Benchmark
Price
|
Oil (WTI)
($/Bbl)
|
94.38
|
|
|
77.17
|
70.55
|
66.06
|
57.80
|
Natural Gas (HH)
($/Mcf)
|
4.91
|
|
|
5.83
|
4.01
|
2.83
|
2.69
|
|
Crude Oil and
Condensate - above (below) WTI ($/Bbl)
|
United
States
|
1.64
|
1.50
|
0.14
|
1.14
|
0.33
|
0.10
|
0.27
|
Trinidad
|
(10.56)
|
(11.00)
|
0.44
|
(10.31)
|
(10.36)
|
(9.80)
|
(8.03)
|
|
Natural Gas
Liquids - Realizations as % of WTI
|
42.1%
|
42.0%
|
0.1%
|
52.4%
|
53.5%
|
44.1%
|
48.5%
|
|
Natural Gas -
above (below) NYMEX Henry Hub ($/Mcf)
|
United
States
|
0.90
|
0.90
|
0.00
|
0.57
|
0.49
|
0.16
|
2.83
|
Natural Gas
Realizations ($/Mcf)
|
Trinidad
|
3.36
|
3.35
|
0.01
|
3.48
|
3.39
|
3.37
|
3.38
|
|
Total Expenditures
(GAAP) ($MM)
|
1,144
|
|
|
1,137
|
962
|
1,089
|
1,067
|
Capital
Expenditures (non-GAAP) ($MM)
|
1,009
|
1,100
|
(91)
|
1,015
|
891
|
937
|
912
|
|
Operating Unit
Costs ($/Boe)
|
Lease and
Well
|
4.00
|
3.90
|
0.10
|
4.09
|
3.48
|
3.58
|
3.85
|
Transportation
Costs
|
2.87
|
2.85
|
0.02
|
2.87
|
2.82
|
2.84
|
2.88
|
Gathering and
Processing
|
1.81
|
1.85
|
(0.04)
|
1.85
|
1.87
|
1.70
|
1.98
|
General and
Administrative
|
1.56
|
1.65
|
(0.09)
|
1.75
|
1.83
|
1.59
|
1.57
|
Cash Operating
Costs
|
10.24
|
10.25
|
(0.01)
|
10.56
|
10.00
|
9.71
|
10.28
|
Depreciation,
Depletion and Amortization
|
10.65
|
10.75
|
(0.10)
|
11.46
|
11.93
|
12.13
|
12.84
|
|
Expenses
($MM)
|
Exploration and Dry
Hole
|
48
|
45
|
3
|
85
|
48
|
49
|
44
|
Impairment
(GAAP)
|
55
|
|
|
206
|
82
|
44
|
44
|
Impairment (excluding
certain impairments (non-GAAP))3
|
55
|
80
|
(25)
|
206
|
69
|
43
|
43
|
Capitalized
Interest
|
8
|
8
|
0
|
9
|
8
|
8
|
8
|
Net
Interest
|
48
|
43
|
5
|
38
|
48
|
45
|
47
|
|
Taxes Other Than
Income (% of Wellhead Revenue)
|
7.4%
|
7.5%
|
(0.1%)
|
6.8%
|
6.8%
|
6.9%
|
6.7%
|
Income
Taxes
|
Effective
Rate
|
21.7%
|
22.5%
|
(0.8%)
|
20.5%
|
23.4%
|
19.3%
|
23.2%
|
Current Tax (Benefit)
/ Expense ($MM)
|
573
|
490
|
83
|
393
|
446
|
313
|
240
|
Second Quarter and Full-Year 2022
Guidance4
(Unaudited)
|
|
|
|
|
See "Endnotes" below
for related discussion and definitions.
|
2Q
2022 Guidance
Range
|
|
FY
2022 Guidance
Range
|
|
2021 Actual
|
|
2020 Actual
|
Crude Oil and
Condensate Volumes (MBod)
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
453.0
|
-
|
463.0
|
|
454.5
|
-
|
466.5
|
|
443.4
|
|
408.1
|
Trinidad
|
0.0
|
-
|
1.0
|
|
0.4
|
-
|
0.6
|
|
1.5
|
|
1.0
|
Other
International
|
0.0
|
-
|
0.0
|
|
0.0
|
-
|
0.0
|
|
0.1
|
|
0.1
|
Total
|
453.0
|
-
|
464.0
|
|
454.9
|
-
|
467.1
|
|
445.0
|
|
409.2
|
Natural Gas Liquids
Volumes (MBbld)
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
178.0
|
-
|
208.0
|
|
170.0
|
-
|
210.0
|
|
144.5
|
|
136.0
|
Natural Gas Volumes
(MMcfd)
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
1,230
|
-
|
1,330
|
|
1,240
|
-
|
1,340
|
|
1,210
|
|
1,040
|
Trinidad
|
170
|
-
|
200
|
|
160
|
-
|
200
|
|
217
|
|
180
|
Other
International
|
0
|
-
|
0
|
|
0
|
-
|
0
|
|
9
|
|
32
|
Total
|
1,400
|
-
|
1,530
|
|
1,400
|
-
|
1,540
|
|
1,436
|
|
1,252
|
Crude Oil Equivalent
Volumes (MBoed)
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
836.0
|
-
|
892.7
|
|
831.2
|
-
|
899.8
|
|
789.6
|
|
717.5
|
Trinidad
|
28.3
|
-
|
34.3
|
|
27.1
|
-
|
33.9
|
|
37.7
|
|
30.9
|
Other
International
|
0.0
|
-
|
0.0
|
|
0.0
|
-
|
0.0
|
|
1.6
|
|
5.4
|
Total
|
864.3
|
-
|
927.0
|
|
858.3
|
-
|
933.7
|
|
828.9
|
|
753.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Benchmark
Price
|
|
|
|
|
|
|
|
|
|
|
|
Oil (WTI)
($/Bbl)
|
|
|
|
|
|
|
|
|
67.96
|
|
39.40
|
Natural Gas (HH)
($/Mcf)
|
|
|
|
|
|
|
|
|
3.85
|
|
2.08
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil and
Condensate Differentials - above (below) WTI5
($/Bbl)
|
|
|
|
United
States
|
2.30
|
-
|
3.30
|
|
1.00
|
-
|
3.00
|
|
0.58
|
|
(0.75)
|
Trinidad
|
(9.50)
|
-
|
(7.50)
|
|
(11.00)
|
-
|
(9.00)
|
|
(11.70)
|
|
(9.20)
|
Natural Gas Liquids
- Realizations as % of WTI
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
35.0%
|
-
|
45.0%
|
|
34.0%
|
-
|
49.0%
|
|
50.5%
|
|
34.0%
|
Natural Gas
Differentials - above (below) NYMEX Henry Hub6
($/Mcf)
|
|
|
|
United
States
|
0.25
|
-
|
1.25
|
|
(0.35)
|
-
|
1.65
|
|
1.03
|
|
(0.47)
|
Natural Gas
Realizations ($/Mcf)
|
|
|
|
|
|
|
|
|
|
|
|
Trinidad
|
3.15
|
-
|
3.65
|
|
2.90
|
-
|
3.90
|
|
3.40
|
|
2.57
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenditures
(GAAP) ($MM)
|
|
|
|
|
|
|
|
|
4,255
|
|
4,113
|
Capital
Expenditures7 (non-GAAP) ($MM)
|
1,100
|
-
|
1,300
|
|
4,300
|
-
|
4,700
|
|
3,755
|
|
3,344
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Unit Costs
($/Boe)
|
|
|
|
|
|
|
|
|
|
|
|
Lease and
Well
|
3.45
|
-
|
4.15
|
|
3.55
|
-
|
4.15
|
|
3.75
|
|
3.85
|
Transportation
Costs
|
2.75
|
-
|
3.15
|
|
2.65
|
-
|
3.15
|
|
2.85
|
|
2.66
|
Gathering and
Processing
|
1.80
|
-
|
2.00
|
|
1.70
|
-
|
2.00
|
|
1.85
|
|
1.66
|
General and
Administrative
|
1.70
|
-
|
2.00
|
|
1.70
|
-
|
1.80
|
|
1.69
|
|
1.75
|
Cash Operating
Costs
|
9.70
|
-
|
11.30
|
|
9.60
|
-
|
11.10
|
|
10.14
|
|
9.92
|
Depreciation,
Depletion and Amortization
|
10.50
|
-
|
11.10
|
|
10.15
|
-
|
11.15
|
|
12.07
|
|
12.32
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
($MM)
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and Dry
Hole
|
35
|
-
|
45
|
|
150
|
-
|
190
|
|
225
|
|
159
|
Impairment
(GAAP)
|
|
|
|
|
|
|
|
|
376
|
|
2,100
|
Impairment (excluding
certain impairments (non-GAAP))2
|
60
|
-
|
110
|
|
300
|
-
|
340
|
|
361
|
|
232
|
Capitalized
Interest
|
5
|
-
|
10
|
|
25
|
-
|
35
|
|
33
|
|
31
|
Net
Interest
|
45
|
-
|
50
|
|
180
|
-
|
190
|
|
178
|
|
205
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes Other Than
Income (% of Wellhead Revenue)
|
6.0%
|
-
|
8.0%
|
|
7.0%
|
-
|
8.0%
|
|
6.8%
|
|
6.6%
|
Income
Taxes
|
|
|
|
|
|
|
|
|
|
|
|
Effective
Rate
|
20.0%
|
-
|
25.0%
|
|
20.0%
|
-
|
25.0%
|
|
21.4%
|
|
18.2%
|
Current Tax (Benefit)
/ Expense ($MM)
|
630
|
-
|
730
|
|
2,350
|
-
|
2,650
|
|
1,393
|
|
(61)
|
First Quarter 2022 Results Webcast
Friday, May 6, 2022, 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
David
Streit 713‐571‐4902
Neel Panchal 713‐571‐4884
Media and Investor Contact
Kimberly Ehmer 713‐571‐4676
Endnotes
|
1)
|
Includes gathering,
processing and marketing revenue, other revenue, marketing costs,
taxes other than income, other income (expense), interest expense
and the impact of changes in the effective income tax
rate.
|
|
|
2)
|
Based on full-year
2022 guidance, as of May 5, 2022. Assumes $3.25 Henry Hub natural
gas price for 2022. Includes ~$1.3 Bn cash paid for settlement of
derivative contracts.
|
|
|
3)
|
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).
|
|
|
4)
|
The forecast items
for the second quarter and full year 2022 set forth above 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.
|
|
|
5)
|
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.
|
|
|
6)
|
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.
|
|
|
7)
|
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
|
G&P
|
Gathering and
processing expense
|
GHG
|
Greenhouse
gas
|
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
|
OTP
|
Other than
price
|
NYMEX
|
U.S. New York
Mercantile Exchange
|
QoQ
|
Quarter over
quarter
|
Trans
|
Transportation
expense
|
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, 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 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 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, 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 and cash flow from operations before changes
in working capital, and certain related estimates regarding future
performance, results and financial position. Because we provide
these measures on a forward‐looking basis, we cannot reliably or
reasonably predict certain of the necessary components of the most
directly comparable forward‐looking GAAP
measures, such as future changes in working capital. Accordingly,
we are unable to present a quantitative reconciliation of such
forward‐looking, non‐GAAP financial measures to the respective most
directly comparable forward‐looking GAAP financial measures.
Management believes these forward‐looking, non‐GAAP measures may be
a useful tool for the investment community in comparing EOG's
forecasted financial performance to the forecasted financial
performance of other companies in the industry. Any such
forward‐looking measures and estimates are intended to be
illustrative only and are not intended to reflect the results that
EOG will necessarily achieve for the period(s) presented; EOG's
actual results may differ materially from such measures and
estimates. Important factors that could cause EOG's actual results
to differ materially from the expectations reflected in EOG's
forward‐looking statements include, among others:
- the timing, extent and duration of changes in prices for,
supplies of, and demand for, crude oil and condensate, natural gas
liquids (NGLs), natural gasand related commodities;
- the extent to which EOG is successful in its efforts to acquire
or discover additional reserves;
- the extent to which EOG is successful in its efforts to (i)
economically develop its acreage in, (ii) produce reserves and
achieve anticipated production levels and rates of return from,
(iii) decrease or otherwise control its drilling, completion,
operating and capital costs related to, and (iv) maximize reserve
recovery from, its existing and future crude oil and natural gas
exploration and development projects and associated potential and
existing drilling locations;
- the extent to which EOG is successful in its efforts to market
its 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;
- the availability, proximity and capacity of, and costs
associated with, appropriate gathering, processing, compression,
storage, transportation, refining, 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
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
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;
- 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; 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;
- EOG's ability to effectively integrate acquired crude oil and
natural gas properties into its operations, fully identify existing
and potential problems with respect to such properties and
accurately estimate reserves, production and drilling, completing
and operating costs with respect to such properties;
- the extent to which EOG's third-party-operated crude oil and
natural gas properties are operated successfully, economically and
in compliance withapplicable 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 and other
personnel, facilities, equipment, materials (such as water, sand
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,
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, including the COVID-19
pandemic;
- geopolitical factors and political conditions and developments
around the world (such as the imposition of tariffs or trade or
other economic sanctions, political instability and armed
conflict), including in the areas in which EOG operates;
- the 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, 2021 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, 2021, 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 schedules and definitions for non‐GAAP
financial measures can be found on the EOG website at
www.eogresources.com.
Income Statements
In millions of USD,
except share data (in millions) and per share data
(Unaudited)
|
|
1Q
2022
|
|
4Q
2021
|
|
1Q
2021
|
Operating Revenues
and Other
|
|
|
|
|
|
Crude Oil and
Condensate
|
3,889
|
|
3,246
|
|
2,251
|
Natural Gas
Liquids
|
681
|
|
583
|
|
314
|
Natural Gas
|
716
|
|
847
|
|
625
|
Gains (Losses) on
Mark-to-Market Financial Commodity Derivative Contracts
|
(2,820)
|
|
136
|
|
(367)
|
Gathering, Processing
and Marketing
|
1,469
|
|
1,232
|
|
848
|
Gains (Losses) on
Asset Dispositions, Net
|
25
|
|
(29)
|
|
(6)
|
Other, Net
|
23
|
|
29
|
|
29
|
Total
|
3,983
|
|
6,044
|
|
3,694
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
Lease and
Well
|
318
|
|
325
|
|
270
|
Transportation
Costs
|
228
|
|
228
|
|
202
|
Gathering and
Processing Costs
|
144
|
|
147
|
|
139
|
Exploration
Costs
|
45
|
|
42
|
|
33
|
Dry Hole
Costs
|
3
|
|
43
|
|
11
|
Impairments
|
55
|
|
206
|
|
44
|
Marketing
Costs
|
1,283
|
|
1,160
|
|
838
|
Depreciation,
Depletion and Amortization
|
847
|
|
910
|
|
900
|
General and
Administrative
|
124
|
|
139
|
|
110
|
Taxes Other Than
Income
|
390
|
|
316
|
|
215
|
Total
|
3,437
|
|
3,516
|
|
2,762
|
|
|
|
|
|
|
Operating
Income
|
546
|
|
2,528
|
|
932
|
Other Income
(Expense), Net
|
(1)
|
|
9
|
|
(4)
|
Income Before Interest
Expense and Income Taxes
|
545
|
|
2,537
|
|
928
|
Interest Expense,
Net
|
48
|
|
38
|
|
47
|
Income Before Income
Taxes
|
497
|
|
2,499
|
|
881
|
Income Tax
Provision
|
107
|
|
514
|
|
204
|
Net
Income
|
390
|
|
1,985
|
|
677
|
|
|
|
|
|
|
Dividends Declared
per Common Share
|
1.7500
|
|
2.7500
|
|
0.4125
|
Net Income Per
Share
|
|
|
|
|
|
Basic
|
0.67
|
|
3.42
|
|
1.17
|
Diluted
|
0.67
|
|
3.39
|
|
1.16
|
Average Number of
Common Shares
|
|
|
|
|
|
Basic
|
582
|
|
581
|
|
580
|
Diluted
|
586
|
|
585
|
|
583
|
Wellhead Volumes and Prices
(Unaudited)
|
|
1Q
2022
|
|
1Q
2021
|
|
%
Change
|
|
4Q
2021
|
|
|
|
|
|
|
|
|
Crude Oil and
Condensate Volumes (MBbld) (A)
|
|
|
|
|
|
|
|
United
States
|
449.4
|
|
428.7
|
|
5 %
|
|
449.7
|
Trinidad
|
0.7
|
|
2.2
|
|
-68 %
|
|
0.9
|
Other International
(B)
|
—
|
|
0.1
|
|
-100 %
|
|
—
|
Total
|
450.1
|
|
431.0
|
|
4 %
|
|
450.6
|
|
|
|
|
|
|
|
|
Average Crude Oil and
Condensate Prices ($/Bbl) (C)
|
|
|
|
|
|
|
|
United
States
|
96.02
|
|
58.07
|
|
65 %
|
|
78.31
|
Trinidad
|
83.82
|
|
49.77
|
|
68 %
|
|
66.86
|
Other International
(B)
|
—
|
|
38.61
|
|
-100 %
|
|
—
|
Composite
|
96.00
|
|
58.02
|
|
65 %
|
|
78.29
|
|
|
|
58.02
|
|
|
|
|
Natural Gas Liquids
Volumes (MBbld) (A)
|
|
|
|
|
|
|
|
United
States
|
190.3
|
|
124.3
|
|
53 %
|
|
156.9
|
Total
|
190.3
|
|
124.3
|
|
53
%
|
|
156.9
|
|
|
|
|
|
|
|
|
Average Natural Gas
Liquids Prices ($/Bbl) (C)
|
|
|
|
|
|
|
|
United
States
|
39.77
|
|
28.03
|
|
42 %
|
|
40.40
|
Composite
|
39.77
|
|
28.03
|
|
42 %
|
|
40.40
|
|
|
|
|
|
|
|
|
Natural Gas Volumes
(MMcfd) (A)
|
|
|
|
|
|
|
|
United
States
|
1,249
|
|
1,100
|
|
14 %
|
|
1,328
|
Trinidad
|
209
|
|
217
|
|
-4 %
|
|
206
|
Other International
(B)
|
—
|
|
25
|
|
-100 %
|
|
—
|
Total
|
1,458
|
|
1,342
|
|
9 %
|
|
1,534
|
|
|
|
|
|
|
|
|
Average Natural Gas
Prices ($/Mcf) (C)
|
|
|
|
|
|
|
|
United
States
|
5.81
|
|
5.52
|
|
5 %
|
|
6.40
|
Trinidad
|
3.36
|
|
3.38
|
|
-1 %
|
|
3.48
|
Other International
(B)
|
—
|
|
5.66
|
|
-100 %
|
|
—
|
Composite
|
5.46
|
|
5.17
|
|
6 %
|
|
6.00
|
|
|
|
|
|
|
|
|
Crude Oil Equivalent
Volumes (MBoed) (D)
|
|
|
|
|
|
|
|
United
States
|
847.8
|
|
736.4
|
|
15 %
|
|
827.8
|
Trinidad
|
35.5
|
|
38.5
|
|
-8 %
|
|
35.3
|
Other International
(B)
|
—
|
|
4.0
|
|
-100 %
|
|
—
|
Total
|
883.3
|
|
778.9
|
|
13
%
|
|
863.1
|
|
|
|
|
|
|
|
|
Total MMBoe
(D)
|
79.5
|
|
70.1
|
|
13
%
|
|
79.4
|
|
|
|
|
|
|
|
|
|
(A)
|
Thousand barrels per
day or million cubic feet per day, as applicable.
|
(B)
|
Other International
includes EOG's China and Canada operations. The China
operations were sold in the second quarter of 2021.
|
(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 quarterly period ended March 31,
2022).
|
(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.
|
Balance Sheets
In millions of USD,
except share data (Unaudited)
|
|
March
31,
|
|
December
31,
|
|
2022
|
|
2021
|
Current
Assets
|
|
|
|
Cash and Cash
Equivalents
|
4,009
|
|
5,209
|
Accounts Receivable,
Net
|
3,213
|
|
2,335
|
Inventories
|
586
|
|
584
|
Other
|
671
|
|
456
|
Total
|
8,479
|
|
8,584
|
|
Property, Plant
and Equipment
|
|
|
|
Oil and Gas Properties
(Successful Efforts Method)
|
65,408
|
|
67,644
|
Other Property, Plant
and Equipment
|
4,801
|
|
4,753
|
Total Property, Plant
and Equipment
|
70,209
|
|
72,397
|
Less:
Accumulated Depreciation, Depletion and Amortization
|
(41,747)
|
|
(43,971)
|
Total Property,
Plant and Equipment, Net
|
28,462
|
|
28,426
|
Deferred Income
Taxes
|
13
|
|
11
|
Other
Assets
|
1,143
|
|
1,215
|
Total
Assets
|
38,097
|
|
38,236
|
|
Current
Liabilities
|
|
|
|
Accounts
Payable
|
2,660
|
|
2,242
|
Accrued Taxes
Payable
|
1,130
|
|
518
|
Dividends
Payable
|
436
|
|
436
|
Liabilities from Price
Risk Management Activities
|
260
|
|
269
|
Current Portion of
Long-Term Debt
|
1,283
|
|
37
|
Current Portion of
Operating Lease Liabilities
|
223
|
|
240
|
Other
|
272
|
|
300
|
Total
|
6,264
|
|
4,042
|
|
|
|
|
Long-Term
Debt
|
3,816
|
|
5,072
|
Other
Liabilities
|
2,191
|
|
2,193
|
Deferred Income
Taxes
|
4,286
|
|
4,749
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
Common Stock, $0.01
Par, 1,280,000,000 Shares Authorized and 585,944,344
Shares Issued at March 31, 2022 and
585,521,512 Shares Issued at December
31, 2021
|
206
|
|
206
|
Additional Paid in
Capital
|
6,095
|
|
6,087
|
Accumulated Other
Comprehensive Loss
|
(13)
|
|
(12)
|
Retained
Earnings
|
15,283
|
|
15,919
|
Common Stock Held in
Treasury, 290,472 Shares at March 31, 2022 and 257,268
Shares at December 31,
2021
|
(31)
|
|
(20)
|
Total Stockholders'
Equity
|
21,540
|
|
22,180
|
Total Liabilities
and Stockholders' Equity
|
38,097
|
|
38,236
|
Cash Flows Statements
In millions of USD
(Unaudited)
|
|
1Q
2022
|
|
4Q
2021
|
|
1Q
2021
|
Cash Flows from
Operating Activities
|
|
|
|
|
|
Reconciliation of Net
Income to Net Cash Provided by Operating Activities:
|
|
|
|
|
|
Net Income
|
390
|
|
1,985
|
|
677
|
Items Not Requiring
(Providing) Cash
|
|
|
|
|
|
Depreciation,
Depletion and Amortization
|
847
|
|
910
|
|
900
|
Impairments
|
55
|
|
206
|
|
44
|
Stock-Based
Compensation Expenses
|
35
|
|
35
|
|
35
|
Deferred Income
Taxes
|
(465)
|
|
122
|
|
(36)
|
(Gains) Losses on
Asset Dispositions, Net
|
(25)
|
|
29
|
|
6
|
Other, Net
|
6
|
|
(2)
|
|
7
|
Dry Hole
Costs
|
3
|
|
43
|
|
11
|
Mark-to-Market
Financial Commodity Derivative Contracts Total (Gains)
Losses
|
2,820
|
|
(136)
|
|
367
|
Net Cash Payments for
Settlements of Financial Commodity Derivative Contracts
|
(296)
|
|
(122)
|
|
(30)
|
Other, Net
|
2
|
|
(1)
|
|
1
|
Changes in Components
of Working Capital and Other Assets and Liabilities
|
|
|
|
|
|
Accounts
Receivable
|
(878)
|
|
(182)
|
|
(308)
|
Inventories
|
(14)
|
|
(108)
|
|
64
|
Accounts
Payable
|
130
|
|
341
|
|
172
|
Accrued Taxes
Payable
|
613
|
|
26
|
|
243
|
Other
Assets
|
(213)
|
|
(81)
|
|
(103)
|
Other
Liabilities
|
(2,250)
|
|
201
|
|
(89)
|
Changes in Components
of Working Capital Associated with Investing Activities
|
68
|
|
(100)
|
|
(91)
|
Net Cash Provided
by Operating Activities
|
828
|
|
3,166
|
|
1,870
|
Investing Cash
Flows
|
|
|
|
|
|
Additions to Oil and
Gas Properties
|
(939)
|
|
(949)
|
|
(875)
|
Additions to Other
Property, Plant and Equipment
|
(70)
|
|
(65)
|
|
(42)
|
Proceeds from Sales of
Assets
|
121
|
|
77
|
|
5
|
Changes in Components
of Working Capital Associated with Investing Activities
|
(68)
|
|
100
|
|
91
|
Net Cash Used in
Investing Activities
|
(956)
|
|
(837)
|
|
(821)
|
Financing Cash
Flows
|
|
|
|
|
|
Long-Term Debt
Repayments
|
—
|
|
—
|
|
(750)
|
Dividends
Paid
|
(1,023)
|
|
(1,406)
|
|
(219)
|
Treasury Stock
Purchased
|
(43)
|
|
(8)
|
|
(10)
|
Proceeds from Stock
Options Exercised and Employee Stock Purchase Plan
|
4
|
|
10
|
|
—
|
Repayment of Finance
Lease Liabilities
|
(10)
|
|
(10)
|
|
(9)
|
Net Cash Used in
Financing Activities
|
(1,072)
|
|
(1,414)
|
|
(988)
|
Effect of Exchange
Rate Changes on Cash
|
—
|
|
1
|
|
(2)
|
Increase
(Decrease) in Cash and Cash Equivalents
|
(1,200)
|
|
916
|
|
59
|
Cash and Cash
Equivalents at Beginning of Period
|
5,209
|
|
4,293
|
|
3,329
|
Cash and Cash
Equivalents at End of Period
|
4,009
|
|
5,209
|
|
3,388
|
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 Working Capital, Free Cash Flow,
Adjusted EBITDAX, 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 and operating 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 and operating performance
with the financial and operating performance of other companies in
the industry and (ii) analyzing EOG's financial and operating
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.
|
Adjusted Net Income (Loss)
In millions of USD,
except share data (in millions) and per share data
(Unaudited)
|
|
|
|
|
|
|
|
|
The following tables
adjust the reported Net Income (Loss) (GAAP) to reflect actual net
cash received from (payments for) settlements of financial
commodity derivative contracts by eliminating the unrealized
mark-to-market (gains) losses from these 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) - see
"Revenues, Costs and Margins Per Barrel of Oil Equivalent" below
for additional related discussion) 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.
|
|
|
|
|
|
|
|
|
|
1Q
2022
|
|
Before
Tax
|
|
Income Tax
Impact
|
|
After
Tax
|
|
Diluted
Earnings
per Share
|
|
|
|
|
|
|
|
|
Reported Net
Income (GAAP)
|
497
|
|
(107)
|
|
390
|
|
0.67
|
Adjustments:
|
|
|
|
|
|
|
|
Losses on
Mark-to-Market Financial Commodity Derivative Contracts
|
2,820
|
|
(612)
|
|
2,208
|
|
3.76
|
Net Cash Payments for
Settlements of Financial Commodity Derivative Contracts
|
(296)
|
|
64
|
|
(232)
|
|
(0.40)
|
Add: Gains on Asset
Dispositions, Net
|
(25)
|
|
5
|
|
(20)
|
|
(0.03)
|
Adjustments to Net
Income
|
2,499
|
|
(543)
|
|
1,956
|
|
3.33
|
|
|
|
|
|
|
|
|
Adjusted Net
Income (Non-GAAP)
|
2,996
|
|
(650)
|
|
2,346
|
|
4.00
|
|
|
|
|
|
|
|
|
Average Number of
Common Shares (Non-GAAP)
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
582
|
Diluted
|
|
|
|
|
|
|
586
|
Adjusted Net
Income (Loss)
(Continued)
|
|
|
|
|
|
|
In millions of USD,
except share data (in millions) and per share data
(Unaudited)
|
|
4Q
2021
|
|
Before
Tax
|
|
Income Tax
Impact
|
|
After
Tax
|
|
Diluted
Earnings
per Share
|
|
|
|
|
|
|
|
|
Reported Net
Income (GAAP)
|
2,499
|
|
(514)
|
|
1,985
|
|
3.39
|
Adjustments:
|
|
|
|
|
|
|
|
Gains on
Mark-to-Market Financial Commodity Derivative Contracts
|
(136)
|
|
32
|
|
(104)
|
|
(0.17)
|
Net Cash Payments for
Settlements of Financial Commodity Derivative Contracts
|
(122)
|
|
25
|
|
(97)
|
|
(0.17)
|
Add: Losses on Asset
Dispositions, Net
|
29
|
|
(7)
|
|
22
|
|
0.04
|
Adjustments to Net
Income
|
(229)
|
|
50
|
|
(179)
|
|
(0.30)
|
|
|
|
|
|
|
|
|
Adjusted Net
Income (Non-GAAP)
|
2,270
|
|
(464)
|
|
1,806
|
|
3.09
|
|
|
|
|
|
|
|
|
Average Number of
Common Shares (Non-GAAP)
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
581
|
Diluted
|
|
|
|
|
|
|
585
|
|
1Q
2021
|
|
Before
Tax
|
|
Income Tax
Impact
|
|
After
Tax
|
|
Diluted
Earnings
per Share
|
|
|
|
|
|
|
|
|
Reported Net
Income (GAAP)
|
881
|
|
(204)
|
|
677
|
|
1.16
|
Adjustments:
|
|
|
|
|
|
|
|
Losses on
Mark-to-Market Financial Commodity Derivative Contracts
|
367
|
|
(81)
|
|
286
|
|
0.49
|
Net Cash Payments for
Settlements of Financial Commodity Derivative Contracts
|
(30)
|
|
7
|
|
(23)
|
|
(0.04)
|
Add: Losses on Asset
Dispositions, Net
|
6
|
|
(1)
|
|
5
|
|
0.01
|
Add: Certain
Impairments
|
1
|
|
—
|
|
1
|
|
—
|
Adjustments to Net
Income
|
344
|
|
(75)
|
|
269
|
|
0.46
|
|
|
|
|
|
|
|
|
Adjusted Net
Income (Non-GAAP)
|
1,225
|
|
(279)
|
|
946
|
|
1.62
|
|
|
|
|
|
|
|
|
Average Number of
Common Shares (Non-GAAP)
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
580
|
Diluted
|
|
|
|
|
|
|
583
|
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)
|
|
|
|
|
4Q 2021 Adjusted
Net Income per Share (Non-GAAP)
|
|
|
3.09
|
|
|
|
|
Realized
Price
|
|
|
|
1Q 2022 Composite
Average Wellhead Revenue per Boe
|
66.50
|
|
|
Less: 4Q 2021
Composite Average Welhead Revenue per Boe
|
(58.88)
|
|
|
Subtotal
|
7.62
|
|
|
Multiplied by: 1Q 2022
Crude Oil Equivalent Volumes (MMBoe)
|
79.5
|
|
|
Total Change in
Revenue
|
606
|
|
|
Less: Income Tax
Benefit (Provision) Imputed (based on 23%)
|
(139)
|
|
|
Change in Net
Income
|
467
|
|
|
Change in Diluted
Earnings per Share
|
|
|
0.80
|
|
|
|
|
Net Cash Received
from (Payments for) Settlements of Financial Commodity Derivative
Contracts
|
|
|
1Q 2022 Net Cash
Received from (Payments for) Settlement of Financial
Commodity Derivative
Contracts
|
(296)
|
|
|
Less: Income Tax
Benefit (Provision)
|
64
|
|
|
After Tax -
(a)
|
(232)
|
|
|
4Q 2021 Net Cash
Received from (Payments for) Settlement of Financial
Commodity Derivative
Contracts
|
(122)
|
|
|
Less: Income Tax
Benefit (Provision)
|
25
|
|
|
After Tax -
(b)
|
(97)
|
|
|
Change in Net Income -
(a) - (b)
|
(135)
|
|
|
Change in Diluted
Earnings per Share
|
|
|
(0.23)
|
|
|
|
|
Wellhead
Volumes
|
|
|
|
1Q 2022 Crude Oil
Equivalent Volumes (MMBoe)
|
79.5
|
|
|
Less: 4Q 2021
Crude Oil Equivalent Volumes (MMBoe)
|
(79.4)
|
|
|
Subtotal
|
0.1
|
|
|
Multiplied by:
1Q 2022 Composite Average Margin per Boe (Non-GAAP)
(Including
Total Exploration Costs) (refer to
"Revenues, Costs and Margins Per Barrel of Oil
Equivalent" schedule)
|
38.80
|
|
|
Change in
Revenue
|
4
|
|
|
Less: Income Tax
Benefit (Provision) Imputed (based on 23%)
|
(1)
|
|
|
Change in Net
Income
|
3
|
|
|
Change in Diluted
Earnings per Share
|
|
|
—
|
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)
|
|
|
|
|
Operating Cost per
Boe
|
|
|
|
4Q 2021 Total
Operating Cost per Boe (Non-GAAP) (including Total
Exploration
Costs) (refer to "Revenues, Costs and
Margins Per Barrel of Oil Equivalent"
schedule)
|
30.14
|
|
|
Less: 4Q 2021
Taxes Other Than Income
|
(3.98)
|
|
|
Less: 1Q 2022
Total Operating Cost per Boe (Non-GAAP) (including Total
Exploration Costs) (refer to
"Revenues, Costs and Margins Per Barrel of Oil
Equivalent" schedule)
|
(27.70)
|
|
|
Add: 1Q 2022 Taxes
Other Than Income
|
4.91
|
|
|
Subtotal
|
3.37
|
|
|
Multiplied by:
1Q 2022 Crude Oil Equivalent Volumes (MMBoe)
|
79.5
|
|
|
Change in Before-Tax
Net Income
|
268
|
|
|
Less: Income Tax
Benefit (Provision) Imputed (based on 23%)
|
(62)
|
|
|
Change in Net
Income
|
206
|
|
|
Change in Diluted
Earnings per Share
|
|
|
0.35
|
|
|
|
|
Other
(1)
|
|
|
(0.01)
|
|
|
|
|
1Q 2022 Adjusted
Net Income per Share (Non-GAAP)
|
|
|
4.00
|
|
|
|
|
1Q 2022 Average
Number of Common Shares (Non-GAAP) - Diluted
|
586
|
|
|
|
|
|
|
|
(1)
|
Includes gathering,
processing and marketing revenue, other revenue, marketing costs,
taxes other than income, other income (expense), interest expense
and the effect 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 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 and Financing 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
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. To
further the comparability of EOG's financial results with those of
EOG's peer companies and other companies in the industry, EOG now
utilizes Cash Flow from Operations Before Working Capital
(Non-GAAP), instead of Discretionary Cash Flow (Non-GAAP), in
calculating its Free Cash Flow (Non-GAAP). Accordingly, Free
Cash Flow (Non-GAAP) for the three-month period ended March 31,
2022 has been calculated on such basis, and the calculations of
Free Cash Flow (Non-GAAP) for each of the prior periods shown have
been revised and conformed.
|
|
|
|
|
|
|
|
|
|
|
|
1Q
2022
|
|
4Q
2021
|
|
3Q
2021
|
|
2Q
2021
|
|
1Q
2021
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities (GAAP)
|
828
|
|
3,166
|
|
2,196
|
|
1,559
|
|
1,870
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Changes in Components
of Working Capital and
Other Assets and
Liabilities
|
|
|
|
|
|
|
|
|
|
Accounts
Receivable
|
878
|
|
182
|
|
145
|
|
186
|
|
308
|
Inventories
|
14
|
|
108
|
|
6
|
|
(37)
|
|
(64)
|
Accounts
Payable
|
(130)
|
|
(341)
|
|
68
|
|
(11)
|
|
(172)
|
Accrued Taxes
Payable
|
(613)
|
|
(26)
|
|
(206)
|
|
163
|
|
(243)
|
Other
Assets
|
213
|
|
81
|
|
(167)
|
|
119
|
|
103
|
Other
Liabilities
|
2,250
|
|
(201)
|
|
260
|
|
(32)
|
|
89
|
Changes in Components
of Working Capital
Associated with Investing
Activities
|
(68)
|
|
100
|
|
(45)
|
|
54
|
|
91
|
Cash Flow from
Operations Before Working Capital
(Non-GAAP)
|
3,372
|
|
3,069
|
|
2,257
|
|
2,001
|
|
1,982
|
|
|
|
|
|
|
|
|
|
|
Cash Flow from
Operations Before Working Capital
(Non-GAAP)
|
3,372
|
|
3,069
|
|
2,257
|
|
2,001
|
|
1,982
|
Less:
|
|
|
|
|
|
|
|
|
|
Total Capital
Expenditures (Non-GAAP) (a)
|
(1,009)
|
|
(1,015)
|
|
(891)
|
|
(937)
|
|
(912)
|
Free Cash Flow
(Non-GAAP)
|
2,363
|
|
2,054
|
|
1,366
|
|
1,064
|
|
1,070
|
|
|
|
|
|
|
|
|
|
|
(a) See below
reconciliation of Total Expenditures (GAAP) to Total Capital
Expenditures (Non-GAAP):
|
|
|
|
|
|
|
|
|
|
|
|
1Q
2022
|
|
4Q
2021
|
|
3Q
2021
|
|
2Q
2021
|
|
1Q
2021
|
|
|
|
|
|
|
|
|
|
|
Total Expenditures
(GAAP)
|
1,144
|
|
1,137
|
|
962
|
|
1,089
|
|
1,067
|
Less:
|
|
|
|
|
|
|
|
|
|
Asset Retirement
Costs
|
(27)
|
|
(71)
|
|
(8)
|
|
(31)
|
|
(17)
|
Non-Cash Acquisition
Costs of Unproved
Properties
|
(58)
|
|
(8)
|
|
(15)
|
|
—
|
|
(22)
|
Non-Cash Finance
Leases
|
—
|
|
—
|
|
—
|
|
—
|
|
(74)
|
Acquisition Costs of
Proved Properties
|
(5)
|
|
(1)
|
|
(4)
|
|
(86)
|
|
(9)
|
Exploration
Costs
|
(45)
|
|
(42)
|
|
(44)
|
|
(35)
|
|
(33)
|
Total Capital
Expenditures (Non-GAAP)
|
1,009
|
|
1,015
|
|
891
|
|
937
|
|
912
|
Cash Flow from
Operations and Free Cash Flow
(Continued)
|
|
In millions of USD
(Unaudited)
|
|
|
|
|
|
|
|
FY
2021
|
|
FY
2020
|
|
FY
2019
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities (GAAP)
|
8,791
|
|
5,008
|
|
8,163
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Changes in Components
of Working Capital and Other Assets and Liabilities
|
|
|
|
|
|
Accounts
Receivable
|
821
|
|
(467)
|
|
92
|
Inventories
|
13
|
|
(123)
|
|
(90)
|
Accounts
Payable
|
(456)
|
|
795
|
|
(169)
|
Accrued Taxes
Payable
|
(312)
|
|
49
|
|
(40)
|
Other
Assets
|
136
|
|
(325)
|
|
(358)
|
Other
Liabilities
|
116
|
|
(8)
|
|
57
|
Changes in Components
of Working Capital Associated with Investing and
Financing
Activities
|
200
|
|
(75)
|
|
115
|
Other Non-Current
Income Taxes - Net Receivable
|
—
|
|
113
|
|
239
|
Cash Flow from
Operations Before Working Capital (Non-GAAP)
|
9,309
|
|
4,967
|
|
8,009
|
|
|
|
|
|
|
Cash Flow from
Operations Before Working Capital (Non-GAAP)
|
9,309
|
|
4,967
|
|
8,009
|
Less:
|
|
|
|
|
|
Total Capital
Expenditures (Non-GAAP) (a)
|
(3,755)
|
|
(3,344)
|
|
(6,094)
|
Free Cash Flow
(Non-GAAP)
|
5,554
|
|
1,623
|
|
1,915
|
|
|
|
|
|
|
(a) See below
reconciliation of Total Expenditures (GAAP) to Total Capital
Expenditures (Non-GAAP):
|
|
|
|
|
|
|
Total Expenditures
(GAAP)
|
4,255
|
|
4,113
|
|
6,900
|
Less:
|
|
|
|
|
|
Asset Retirement
Costs
|
(127)
|
|
(117)
|
|
(186)
|
Non-Cash Expenditures
of Other Property, Plant and Equipment
|
—
|
|
—
|
|
(2)
|
Non-Cash Acquisition
Costs of Unproved Properties
|
(45)
|
|
(197)
|
|
(98)
|
Non-Cash Finance
Leases
|
(74)
|
|
(174)
|
|
—
|
Acquisition Costs of
Proved Properties
|
(100)
|
|
(135)
|
|
(380)
|
Exploration
Costs
|
(154)
|
|
(146)
|
|
(140)
|
Total Capital
Expenditures (Non-GAAP)
|
3,755
|
|
3,344
|
|
6,094
|
|
|
|
|
|
|
Cash Flow from
Operations and Free Cash Flow
(Continued)
|
|
In millions of USD
(Unaudited)
|
|
|
|
|
|
|
|
FY
2018
|
|
FY
2017
|
|
FY
2016
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities (GAAP)
|
7,769
|
|
4,265
|
|
2,359
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
Changes in Components
of Working Capital and Other Assets and Liabilities
|
|
|
|
|
|
Accounts
Receivable
|
368
|
|
392
|
|
233
|
Inventories
|
395
|
|
175
|
|
(171)
|
Accounts
Payable
|
(439)
|
|
(324)
|
|
74
|
Accrued Taxes
Payable
|
92
|
|
64
|
|
(93)
|
Other
Assets
|
125
|
|
659
|
|
41
|
Other
Liabilities
|
(11)
|
|
90
|
|
16
|
Changes in Components
of Working Capital Associated with Investing and
Financing
Activities
|
(301)
|
|
(90)
|
|
156
|
Other Non-Current
Income Taxes - Net (Payable) Receivable
|
149
|
|
(513)
|
|
—
|
Excess Tax Benefits
from Stock-Based Compensation
|
—
|
|
—
|
|
30
|
Cash Flow from
Operations Before Working Capital (Non-GAAP)
|
8,147
|
|
4,718
|
|
2,645
|
|
|
|
|
|
|
Cash Flow from
Operations Before Working Capital (Non-GAAP)
|
8,147
|
|
4,718
|
|
2,645
|
Less:
|
|
|
|
|
|
Total Capital
Expenditures (Non-GAAP) (a)
|
(6,023)
|
|
(4,083)
|
|
(2,581)
|
Free Cash Flow
(Non-GAAP)
|
2,124
|
|
635
|
|
64
|
|
|
|
|
|
|
(a) See below
reconciliation of Total Expenditures (GAAP) to Total Capital
Expenditures (Non-GAAP):
|
|
|
|
|
|
|
Total Expenditures
(GAAP)
|
6,706
|
|
4,613
|
|
6,554
|
Less:
|
|
|
|
|
|
Asset Retirement
Costs
|
(70)
|
|
(56)
|
|
20
|
Non-Cash Expenditures
of Other Property, Plant and Equipment
|
(1)
|
|
—
|
|
(17)
|
Non-Cash Acquisition
Costs of Unproved Properties
|
(291)
|
|
(256)
|
|
(3,102)
|
Non-Cash Finance
Leases
|
(48)
|
|
—
|
|
—
|
Acquisition Costs of
Proved Properties
|
(124)
|
|
(73)
|
|
(749)
|
Exploration
Costs
|
(149)
|
|
(145)
|
|
(125)
|
Total Capital
Expenditures (Non-GAAP)
|
6,023
|
|
4,083
|
|
2,581
|
|
|
|
|
|
|
Total Expenditures
In millions of USD
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q
2022
|
|
4Q
2021
|
|
3Q
2021
|
|
2Q
2021
|
|
1Q
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and
Development Drilling
|
|
|
813
|
|
767
|
|
653
|
|
711
|
|
733
|
Facilities
|
|
|
109
|
|
118
|
|
100
|
|
105
|
|
82
|
Leasehold
Acquisitions
|
|
|
64
|
|
21
|
|
90
|
|
46
|
|
58
|
Property
Acquisitions
|
|
|
5
|
|
1
|
|
4
|
|
86
|
|
9
|
Capitalized
Interest
|
|
|
8
|
|
9
|
|
9
|
|
7
|
|
8
|
Subtotal
|
|
|
999
|
|
916
|
|
856
|
|
955
|
|
890
|
Exploration
Costs
|
|
|
45
|
|
42
|
|
44
|
|
35
|
|
33
|
Dry Hole
Costs
|
|
|
3
|
|
43
|
|
4
|
|
13
|
|
11
|
Exploration and
Development Expenditures
|
|
|
1,047
|
|
1,001
|
|
904
|
|
1,003
|
|
934
|
Asset Retirement
Costs
|
|
|
27
|
|
71
|
|
8
|
|
31
|
|
17
|
Total Exploration and
Development Expenditures
|
|
|
1,074
|
|
1,072
|
|
912
|
|
1,034
|
|
951
|
Other Property, Plant
and Equipment
|
|
|
70
|
|
65
|
|
50
|
|
55
|
|
116
|
Total
Expenditures
|
|
|
1,144
|
|
1,137
|
|
962
|
|
1,089
|
|
1,067
|
Total
Expenditures
(Continued)
|
|
|
|
|
|
|
|
|
|
In millions of USD
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY
2021
|
|
FY
2020
|
|
FY
2019
|
|
FY
2018
|
|
FY
2017
|
|
FY
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and
Development Drilling
|
2,864
|
|
2,664
|
|
4,951
|
|
4,935
|
|
3,132
|
|
1,957
|
Facilities
|
405
|
|
347
|
|
629
|
|
625
|
|
575
|
|
375
|
Leasehold
Acquisitions
|
215
|
|
265
|
|
276
|
|
488
|
|
427
|
|
3,217
|
Property
Acquisitions
|
100
|
|
135
|
|
380
|
|
124
|
|
73
|
|
749
|
Capitalized
Interest
|
33
|
|
31
|
|
38
|
|
24
|
|
27
|
|
31
|
Subtotal
|
3,617
|
|
3,442
|
|
6,274
|
|
6,196
|
|
4,234
|
|
6,329
|
Exploration
Costs
|
154
|
|
146
|
|
140
|
|
149
|
|
145
|
|
125
|
Dry Hole
Costs
|
71
|
|
13
|
|
28
|
|
5
|
|
5
|
|
11
|
Exploration and
Development Expenditures
|
3,842
|
|
3,601
|
|
6,442
|
|
6,350
|
|
4,384
|
|
6,465
|
Asset Retirement
Costs
|
127
|
|
117
|
|
186
|
|
70
|
|
56
|
|
(20)
|
Total Exploration and
Development Expenditures
|
3,969
|
|
3,718
|
|
6,628
|
|
6,420
|
|
4,440
|
|
6,445
|
Other Property, Plant
and Equipment
|
286
|
|
395
|
|
272
|
|
286
|
|
173
|
|
109
|
Total
Expenditures
|
4,255
|
|
4,113
|
|
6,900
|
|
6,706
|
|
4,613
|
|
6,554
|
EBITDAX and Adjusted EBITDAX
In millions of USD
(Unaudited)
|
|
|
|
|
The following table
adjusts the reported Net Income (Loss) (GAAP) to Earnings Before
Interest Expense, Net, Income Taxes (Income Tax Provision
(Benefit)), 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 Financial 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 (Loss) (GAAP)
to add back Interest Expense, Net, Income Taxes (Income Tax
Provision (Benefit)), 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.
|
|
|
|
|
|
1Q
2022
|
|
1Q
2021
|
|
|
|
|
Net Income
(GAAP)
|
390
|
|
677
|
|
|
|
|
Adjustments:
|
|
|
|
Interest Expense,
Net
|
48
|
|
47
|
Income Tax
Provision
|
107
|
|
204
|
Depreciation,
Depletion and Amortization
|
847
|
|
900
|
Exploration
Costs
|
45
|
|
33
|
Dry Hole
Costs
|
3
|
|
11
|
Impairments
|
55
|
|
44
|
EBITDAX
(Non-GAAP)
|
1,495
|
|
1,916
|
Losses on MTM
Financial Commodity Derivative Contracts
|
2,820
|
|
367
|
Net Cash Payments for
Settlements of Commodity Derivative Contracts
|
(296)
|
|
(30)
|
(Gains) Losses on
Asset Dispositions, Net
|
(25)
|
|
6
|
|
|
|
|
Adjusted EBITDAX
(Non-GAAP)
|
3,994
|
|
2,259
|
|
|
|
|
Definitions
|
|
|
|
EBITDAX - Earnings
Before Interest Expense, Net; Income Tax Provision (Benefit);
Depreciation, Depletion and Amortization; Exploration Costs; Dry
Hole Costs; and Impairments
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2022
|
|
December 31,
2021
|
|
September
30,
2021
|
|
June
30,
2021
|
|
March
31,
2021
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (a)
|
21,540
|
|
22,180
|
|
21,765
|
|
20,881
|
|
20,762
|
|
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (b)
|
5,099
|
|
5,109
|
|
5,117
|
|
5,125
|
|
5,133
|
Less: Cash
|
(4,009)
|
|
(5,209)
|
|
(4,293)
|
|
(3,880)
|
|
(3,388)
|
Net Debt (Non-GAAP) -
(c)
|
1,090
|
|
(100)
|
|
824
|
|
1,245
|
|
1,745
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (a) + (b)
|
26,639
|
|
27,289
|
|
26,882
|
|
26,006
|
|
25,895
|
|
|
|
|
|
|
|
|
|
|
Total
Capitalization (Non-GAAP) - (a) + (c)
|
22,630
|
|
22,080
|
|
22,589
|
|
22,126
|
|
22,507
|
|
|
|
|
|
|
|
|
|
|
Debt-to-Total
Capitalization (GAAP) - (b) / [(a) + (b)]
|
19.1%
|
|
18.7%
|
|
19.0%
|
|
19.7%
|
|
19.8%
|
|
|
|
|
|
|
|
|
|
|
Net Debt-to-Total
Capitalization (Non-GAAP) - (c) /
[(a) + (c)]
|
4.8%
|
|
-0.5%
|
|
3.6%
|
|
5.6%
|
|
7.8%
|
Net Debt-to-Total
Capitalization Ratio
(Continued)
|
|
|
|
|
In millions of USD,
except ratio data (Unaudited)
|
|
|
|
|
|
|
|
|
|
December
31,
2020
|
|
September
30,
2020
|
|
June
30,
2020
|
|
March
31,
2020
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (a)
|
20,302
|
|
20,148
|
|
20,388
|
|
21,471
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (b)
|
5,816
|
|
5,721
|
|
5,724
|
|
5,222
|
Less: Cash
|
(3,329)
|
|
(3,066)
|
|
(2,417)
|
|
(2,907)
|
Net Debt (Non-GAAP) -
(c)
|
2,487
|
|
2,655
|
|
3,307
|
|
2,315
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (a) + (b)
|
26,118
|
|
25,869
|
|
26,112
|
|
26,693
|
|
|
|
|
|
|
|
|
Total
Capitalization (Non-GAAP) - (a) + (c)
|
22,789
|
|
22,803
|
|
23,695
|
|
23,786
|
|
|
|
|
|
|
|
|
Debt-to-Total
Capitalization (GAAP) - (b) / [(a) + (b)]
|
22.3%
|
|
22.1%
|
|
21.9%
|
|
19.6%
|
|
|
|
|
|
|
|
|
Net Debt-to-Total
Capitalization (Non-GAAP) - (c) / [(a) + (c)]
|
10.9%
|
|
11.6%
|
|
14.0%
|
|
9.7%
|
Net Debt-to-Total
Capitalization Ratio
(Continued)
|
|
|
|
|
In millions of USD,
except ratio data (Unaudited)
|
|
December 31,
2019
|
|
September 30,
2019
|
|
June
30,
2019
|
|
March
31,
2019
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (a)
|
21,641
|
|
21,124
|
|
20,630
|
|
19,904
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (b)
|
5,175
|
|
5,177
|
|
5,179
|
|
6,081
|
Less: Cash
|
(2,028)
|
|
(1,583)
|
|
(1,160)
|
|
(1,136)
|
Net Debt (Non-GAAP) -
(c)
|
3,147
|
|
3,594
|
|
4,019
|
|
4,945
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (a) + (b)
|
26,816
|
|
26,301
|
|
25,809
|
|
25,985
|
|
|
|
|
|
|
|
|
Total
Capitalization (Non-GAAP) - (a) + (c)
|
24,788
|
|
24,718
|
|
24,649
|
|
24,849
|
|
|
|
|
|
|
|
|
Debt-to-Total
Capitalization (GAAP) - (b) / [(a) + (b)]
|
19.3%
|
|
19.7%
|
|
20.1%
|
|
23.4%
|
|
|
|
|
|
|
|
|
Net Debt-to-Total
Capitalization (Non-GAAP) - (c) / [(a) + (c)]
|
12.7%
|
|
14.5%
|
|
16.3%
|
|
19.9%
|
Net Debt-to-Total
Capitalization Ratio
(Continued)
|
|
|
|
|
In millions of USD,
except ratio data (Unaudited)
|
|
December
31,
2018
|
|
September
30,
2018
|
|
June
30,
2018
|
|
March
31,
2018
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (a)
|
19,364
|
|
18,538
|
|
17,452
|
|
16,841
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (b)
|
6,083
|
|
6,435
|
|
6,435
|
|
6,435
|
Less: Cash
|
(1,556)
|
|
(1,274)
|
|
(1,008)
|
|
(816)
|
Net Debt (Non-GAAP) -
(c)
|
4,527
|
|
5,161
|
|
5,427
|
|
5,619
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (a) + (b)
|
25,447
|
|
24,973
|
|
23,887
|
|
23,276
|
|
|
|
|
|
|
|
|
Total
Capitalization (Non-GAAP) - (a) + (c)
|
23,891
|
|
23,699
|
|
22,879
|
|
22,460
|
|
|
|
|
|
|
|
|
Debt-to-Total
Capitalization (GAAP) - (b) / [(a) + (b)]
|
23.9%
|
|
25.8%
|
|
26.9%
|
|
27.6%
|
|
|
|
|
|
|
|
|
Net Debt-to-Total
Capitalization (Non-GAAP) - (c) / [(a) + (c)]
|
18.9%
|
|
21.8%
|
|
23.7%
|
|
25.0%
|
Net Debt-to-Total
Capitalization Ratio
(Continued)
|
|
|
|
|
In millions of USD,
except ratio data (Unaudited)
|
|
December
31,
2017
|
|
September
30,
2017
|
|
June
30,
2017
|
|
March
31,
2017
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (a)
|
16,283
|
|
13,922
|
|
13,902
|
|
13,928
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (b)
|
6,387
|
|
6,387
|
|
6,987
|
|
6,987
|
Less: Cash
|
(834)
|
|
(846)
|
|
(1,649)
|
|
(1,547)
|
Net Debt (Non-GAAP) -
(c)
|
5,553
|
|
5,541
|
|
5,338
|
|
5,440
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (a) + (b)
|
22,670
|
|
20,309
|
|
20,889
|
|
20,915
|
|
|
|
|
|
|
|
|
Total
Capitalization (Non-GAAP) - (a) + (c)
|
21,836
|
|
19,463
|
|
19,240
|
|
19,368
|
|
|
|
|
|
|
|
|
Debt-to-Total
Capitalization (GAAP) - (b) / [(a) + (b)]
|
28.2%
|
|
31.4%
|
|
33.4%
|
|
33.4%
|
|
|
|
|
|
|
|
|
Net Debt-to-Total
Capitalization (Non-GAAP) - (c) / [(a) + (c)]
|
25.4%
|
|
28.5%
|
|
27.7%
|
|
28.1%
|
Net Debt-to-Total
Capitalization Ratio
(Continued)
|
|
|
In millions of USD,
except ratio data (Unaudited)
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June
30,
2016
|
|
March
31,
2016
|
|
December
31,
2015
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (a)
|
13,982
|
|
11,798
|
|
12,057
|
|
12,405
|
|
12,943
|
|
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (b)
|
6,986
|
|
6,986
|
|
6,986
|
|
6,986
|
|
6,656
|
Less: Cash
|
(1,600)
|
|
(1,049)
|
|
(780)
|
|
(668)
|
|
(719)
|
Net Debt (Non-GAAP) -
(c)
|
5,386
|
|
5,937
|
|
6,206
|
|
6,318
|
|
5,937
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (a) + (b)
|
20,968
|
|
18,784
|
|
19,043
|
|
19,391
|
|
19,599
|
|
|
|
|
|
|
|
|
|
|
Total
Capitalization (Non-GAAP) - (a) + (c)
|
19,368
|
|
17,735
|
|
18,263
|
|
18,723
|
|
18,880
|
|
|
|
|
|
|
|
|
|
|
Debt-to-Total
Capitalization (GAAP) - (b) / [(a) + (b)]
|
33.3%
|
|
37.2%
|
|
36.7%
|
|
36.0%
|
|
34.0%
|
|
|
|
|
|
|
|
|
|
|
Net Debt-to-Total
Capitalization (Non-GAAP) - (c) /
[(a) + (c)]
|
27.8%
|
|
33.5%
|
|
34.0%
|
|
33.7%
|
|
31.4%
|
Reserve Replacement Cost Data
In millions of USD,
except reserves and ratio data (Unaudited)
|
|
|
|
|
|
|
|
|
The following table
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
(and the non-GAAP measures used in calculating such statistics)
provide management and investors with an indication of the results
of the current year capital investment program. Reserve
Replacement Cost statistics (and the non-GAAP measures used in
calculating such 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.
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
Total Costs Incurred
in Exploration and Development Activities (GAAP)
|
3,969
|
|
3,718
|
|
6,628
|
|
6,420
|
Less: Asset
Retirement Costs
|
(127)
|
|
(117)
|
|
(186)
|
|
(70)
|
Non-Cash Acquisition
Costs of Unproved Properties
|
(45)
|
|
(197)
|
|
(98)
|
|
(291)
|
Acquisition Costs of
Proved Properties
|
(100)
|
|
(135)
|
|
(380)
|
|
(124)
|
Total Exploration
and Development Expenditures for Drilling Only (Non-
GAAP) - (a)
|
3,697
|
|
3,269
|
|
5,964
|
|
5,935
|
|
|
|
|
|
|
|
|
Total Costs Incurred
in Exploration and Development Activities (GAAP)
|
3,969
|
|
3,718
|
|
6,628
|
|
6,420
|
Less: Asset
Retirement Costs
|
(127)
|
|
(117)
|
|
(186)
|
|
(70)
|
Non-Cash Acquisition
Costs of Unproved Properties
|
(45)
|
|
(197)
|
|
(98)
|
|
(291)
|
Non-Cash Acquisition
Costs of Proved Properties
|
(5)
|
|
(15)
|
|
(52)
|
|
(71)
|
Total Exploration
and Development Expenditures (Non-GAAP) - (b)
|
3,792
|
|
3,389
|
|
6,292
|
|
5,988
|
|
|
|
|
|
|
|
|
Net Proved Reserve
Additions From All Sources - Oil Equivalents (MMBoe)
|
|
|
|
|
|
|
|
Revisions Due to
Price - (c)
|
194
|
|
(278)
|
|
(60)
|
|
35
|
Revisions Other Than
Price
|
(308)
|
|
(89)
|
|
—
|
|
(40)
|
Purchases in
Place
|
9
|
|
10
|
|
17
|
|
12
|
Extensions,
Discoveries and Other Additions - (d)
|
952
|
|
564
|
|
750
|
|
670
|
Total Proved
Reserve Additions - (e)
|
847
|
|
207
|
|
707
|
|
677
|
Sales in
Place
|
(11)
|
|
(31)
|
|
(5)
|
|
(11)
|
Net Proved Reserve
Additions From All Sources
|
836
|
|
176
|
|
702
|
|
666
|
|
|
|
|
|
|
|
|
Production
|
309
|
|
285
|
|
301
|
|
265
|
|
|
|
|
|
|
|
|
Reserve
Replacement Costs ($ / Boe)
|
|
|
|
|
|
|
|
Total Drilling, Before
Revisions - (a / d)
|
3.88
|
|
5.79
|
|
7.95
|
|
8.86
|
All-in Total, Net of
Revisions - (b / e)
|
4.48
|
|
16.32
|
|
8.90
|
|
8.85
|
All-in Total,
Excluding Revisions Due to Price - (b / ( e - c))
|
5.81
|
|
6.98
|
|
8.21
|
|
9.33
|
Reserve
Replacement Cost Data
(Continued)
|
|
|
|
|
|
In millions of USD,
except reserves and ratio data (Unaudited)
|
|
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Total Costs Incurred
in Exploration and Development Activities (GAAP)
|
4,440
|
|
6,445
|
|
4,928
|
|
7,905
|
Less: Asset
Retirement Costs
|
(56)
|
|
20
|
|
(53)
|
|
(196)
|
Non-Cash Acquisition
Costs of Unproved Properties
|
(256)
|
|
(3,102)
|
|
—
|
|
—
|
Acquisition Costs of
Proved Properties
|
(73)
|
|
(749)
|
|
(481)
|
|
(139)
|
Total Exploration
and Development Expenditures for Drilling Only (Non-GAAP) -
(a)
|
4,055
|
|
2,614
|
|
4,394
|
|
7,570
|
|
|
|
|
|
|
|
|
Total Costs Incurred
in Exploration and Development Activities (GAAP)
|
4,440
|
|
6,445
|
|
4,928
|
|
7,905
|
Less: Asset
Retirement Costs
|
(56)
|
|
20
|
|
(53)
|
|
(196)
|
Non-Cash Acquisition
Costs of Unproved Properties
|
(256)
|
|
(3,102)
|
|
—
|
|
—
|
Non-Cash Acquisition
Costs of Proved Properties
|
(26)
|
|
(732)
|
|
—
|
|
—
|
Total Exploration
and Development Expenditures (Non-GAAP) - (b)
|
4,102
|
|
2,631
|
|
4,875
|
|
7,709
|
|
|
|
|
|
|
|
|
Net Proved Reserve
Additions From All Sources - Oil Equivalents (MMBoe)
|
|
|
|
|
|
|
|
Revisions Due to
Price - (c)
|
154
|
|
(101)
|
|
(574)
|
|
52
|
Revisions Other Than
Price
|
48
|
|
253
|
|
107
|
|
49
|
Purchases in
Place
|
2
|
|
42
|
|
56
|
|
14
|
Extensions,
Discoveries and Other Additions - (d)
|
421
|
|
209
|
|
246
|
|
519
|
Total Proved
Reserve Additions - (e)
|
625
|
|
403
|
|
(165)
|
|
634
|
Sales in
Place
|
(21)
|
|
(168)
|
|
(4)
|
|
(36)
|
Net Proved Reserve
Additions From All Sources
|
604
|
|
235
|
|
(169)
|
|
598
|
|
|
|
|
|
|
|
|
Production
|
224
|
|
206
|
|
210
|
|
220
|
|
|
|
|
|
|
|
|
Reserve
Replacement Costs ($ / Boe)
|
|
|
|
|
|
|
|
Total Drilling, Before
Revisions - (a / d)
|
9.64
|
|
12.51
|
|
17.87
|
|
14.58
|
All-in Total, Net of
Revisions - (b / e)
|
6.56
|
|
6.52
|
|
(29.63)
|
|
12.16
|
All-in Total,
Excluding Revisions Due to Price - (b / ( e - c))
|
8.71
|
|
5.22
|
|
11.91
|
|
13.25
|
Definitions
|
|
$/Boe
|
U.S. Dollars per
barrel of oil equivalent
|
MMBoe
|
Million barrels of
oil equivalent
|
Financial Commodity Derivative Contracts
EOG accounts for
financial commodity derivative contracts using the mark-to-market
accounting method.
|
|
Presented below is a
comprehensive summary of EOG's financial commodity derivative
contracts settled during the period from January 1, 2022 to May 4,
2022 (closed) and outstanding as of May 4, 2022.
|
Crude Oil
Financial Price Swap Contracts
|
|
|
|
|
Contracts
Sold
|
|
Contracts
Purchased
|
Period
|
|
Settlement
Index
|
|
Volume
(MBbld)
|
|
Weighted
Average Price
($/Bbl)
|
|
Volume
(MBbld)
|
|
Weighted
Average Price
($/Bbl)
|
January - March
2022 (closed)
|
|
NYMEX WTI
|
|
140
|
|
$
65.58
|
|
—
|
|
$
—
|
April 2022
(closed)
|
|
NYMEX WTI
|
|
140
|
|
65.62
|
|
—
|
|
—
|
May - June
2022
|
|
NYMEX WTI
|
|
140
|
|
65.62
|
|
—
|
|
—
|
July - September
2022
|
|
NYMEX WTI
|
|
140
|
|
65.59
|
|
—
|
|
—
|
October - December
2022
(closed) (1)
|
|
NYMEX WTI
|
|
53
|
|
66.11
|
|
—
|
|
—
|
October - December
2022
|
|
NYMEX WTI
|
|
87
|
|
65.41
|
|
87
|
|
88.85
|
January - March
2023
|
|
NYMEX WTI
|
|
150
|
|
67.92
|
|
—
|
|
—
|
April - June
2023
|
|
NYMEX WTI
|
|
120
|
|
67.79
|
|
—
|
|
—
|
July - September
2023
|
|
NYMEX WTI
|
|
100
|
|
70.15
|
|
—
|
|
—
|
October - December
2023
|
|
NYMEX WTI
|
|
69
|
|
69.41
|
|
—
|
|
—
|
|
|
(1)
|
In April 2022, EOG
executed the early termination provision granting EOG the right to
terminate certain of its October - December 2022 crude oil
financial price swap contracts which were open at that time.
EOG paid net cash of $114 million for the settlement of these
contracts.
|
Crude Oil Basis
Swap Contracts
|
|
|
|
|
Contracts
Sold
|
Period
|
|
Settlement
Index
|
|
Volume
(MBbld)
|
|
Weighted
Average
Price Differential
($/Bbl)
|
January - May 2022
(closed)
|
|
NYMEX WTI Roll
Differential (1)
|
|
125
|
|
$
0.15
|
June - December
2022
|
|
NYMEX WTI Roll
Differential (1)
|
|
125
|
|
0.15
|
|
|
(1)
|
This settlement index
is used to fix the differential in pricing between the NYMEX
calendar month average and the physical crude oil delivery
month.
|
Financial
Commodity Derivative Contracts
(Continued)
|
|
|
|
|
|
Natural Gas
Financial Price Swap Contracts
|
|
|
|
|
Contracts
Sold
|
Period
|
|
Settlement
Index
|
|
Volume
(MMBtud in
thousands)
|
|
Weighted Average
Price
($/MMBtu)
|
January - May 2022
(closed)
|
|
NYMEX Henry
Hub
|
|
725
|
|
$
3.57
|
June - December
2022
|
|
NYMEX Henry
Hub
|
|
725
|
|
3.57
|
January - December
2023
|
|
NYMEX Henry
Hub
|
|
725
|
|
3.18
|
January - December
2024
|
|
NYMEX Henry
Hub
|
|
725
|
|
3.07
|
January - December
2025
|
|
NYMEX Henry
Hub
|
|
725
|
|
3.07
|
Natural Gas Basis
Swap Contracts
|
|
|
|
|
Contracts
Sold
|
Period
|
|
Settlement
Index
|
|
Volume
(MMBtud in
thousands)
|
|
Weighted Average
Price
Differential
($/MMBtu)
|
January - May 2022
(closed)
|
|
NYMEX Henry Hub HSC
Differential (1)
|
|
210
|
|
$
(0.01)
|
June - December
2022
|
|
NYMEX Henry Hub HSC
Differential (1)
|
|
210
|
|
(0.01)
|
January - December
2023
|
|
NYMEX Henry Hub HSC
Differential (1)
|
|
135
|
|
(0.01)
|
January - December
2024
|
|
NYMEX Henry Hub HSC
Differential (1)
|
|
10
|
|
0.00
|
January - December
2025
|
|
NYMEX Henry Hub HSC
Differential (1)
|
|
10
|
|
0.00
|
|
|
(1)
|
This settlement index
is used to fix the differential between pricing at the Houston Ship
Channel and NYMEX Henry Hub prices.
|
Glossary:
|
|
$/Bbl
|
Dollars per
barrel
|
$/MMBtu
|
Dollars per million
British Thermal Units
|
Bbl
|
Barrel
|
EOG
|
EOG Resources,
Inc.
|
HSC
|
Houston Ship
Channel
|
MBbld
|
Thousand barrels per
day
|
MMBtu
|
Million British
Thermal Units
|
MMBtud
|
Million British
Thermal Units per day
|
NGL
|
Natural Gas
Liquids
|
NYMEX
|
New York Mercantile
Exchange
|
WTI
|
West Texas
Intermediate
|
Direct After-Tax Rate of Return
|
The calculation of
EOG's direct after-tax rate of return (ATROR) with respect to EOG's
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 EOG's direct net
costs incurred in drilling or acquiring (as the case may be) such
wells or well (as the case may be). As such, EOG's 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
wellsite facilities and flowback
|
|
Excludes Indirect
Capital
|
|
- Gathering
and Processing and other Midstream
|
|
- Land,
Seismic, Geological and Geophysical
|
|
- Offsite
Production Facilities
|
|
|
|
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 and Powder River Basin Facilities
|
|
- Gathering
and Processing
|
|
Includes Legacy Gas
Capital and Capital from Mature Wells
|
|
ROCE & ROE
In millions of USD,
except ratio data (Unaudited)
|
|
|
|
|
|
|
|
|
The following tables
reconcile Interest Expense, Net (GAAP), Net Income (Loss) (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.
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
Interest Expense, Net
(GAAP)
|
178
|
|
205
|
|
185
|
|
245
|
Tax Benefit Imputed
(based on 21%)
|
(37)
|
|
(43)
|
|
(39)
|
|
(51)
|
After-Tax Net
Interest Expense (Non-GAAP) - (a)
|
141
|
|
162
|
|
146
|
|
194
|
|
|
|
|
|
|
|
|
Net Income (Loss)
(GAAP) - (b)
|
4,664
|
|
(605)
|
|
2,735
|
|
3,419
|
Adjustments to Net
Income (Loss), Net of Tax (See Below Detail)
(1)
|
364
|
|
1,455
|
|
158
|
|
(201)
|
Adjusted Net
Income (Non-GAAP) - (c)
|
5,028
|
|
850
|
|
2,893
|
|
3,218
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (d)
|
22,180
|
|
20,302
|
|
21,641
|
|
19,364
|
|
|
|
|
|
|
|
|
Average Total
Stockholders' Equity * - (e)
|
21,241
|
|
20,972
|
|
20,503
|
|
17,824
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (f)
|
5,109
|
|
5,816
|
|
5,175
|
|
6,083
|
Less:
Cash
|
(5,209)
|
|
(3,329)
|
|
(2,028)
|
|
(1,556)
|
Net Debt (Non-GAAP) -
(g)
|
(100)
|
|
2,487
|
|
3,147
|
|
4,527
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (d) + (f)
|
27,289
|
|
26,118
|
|
26,816
|
|
25,447
|
|
|
|
|
|
|
|
|
Total Capitalization
(Non-GAAP) - (d) + (g)
|
22,080
|
|
22,789
|
|
24,788
|
|
23,891
|
|
|
|
|
|
|
|
|
Average Total
Capitalization (Non-GAAP) * - (h)
|
22,435
|
|
23,789
|
|
24,340
|
|
22,864
|
|
|
|
|
|
|
|
|
Return on Capital
Employed (ROCE)
|
|
|
|
|
|
|
|
Calculated Using
GAAP Net Income (Loss) - [(a) + (b)] / (h) (Non-
GAAP)
|
21.4%
|
|
-1.9%
|
|
11.8%
|
|
15.8%
|
Calculated Using
Non-GAAP Adjusted Net Income - [(a) + (c)] / (h)
(Non-GAAP)
|
23.0%
|
|
4.3%
|
|
12.5%
|
|
14.9%
|
|
|
|
|
|
|
|
|
Return on Equity
(ROE)
|
|
|
|
|
|
|
|
Calculated Using
GAAP Net Income (Loss) - (b) / (e) (GAAP)
|
22.0%
|
|
-2.9%
|
|
13.3%
|
|
19.2%
|
Calculated Using
Non-GAAP Adjusted Net Income - (c) / (e) (Non-
GAAP)
|
23.7%
|
|
4.1%
|
|
14.1%
|
|
18.1%
|
|
|
|
|
|
|
|
|
* Average for the
current and immediately preceding year
|
|
|
|
|
|
|
|
ROCE &
ROE
(Continued)
|
|
|
|
|
|
|
|
|
(1) Detail of
adjustments to Net Income (Loss) (GAAP):
|
|
|
|
|
|
|
|
|
|
|
Before
Tax
|
|
Income Tax
Impact
|
|
After
Tax
|
Year Ended
December 31, 2021
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
Add:
Mark-to-Market Financial Commodity Derivative Contracts
Impact
|
|
|
514
|
|
(112)
|
|
402
|
Add: Certain
Impairments
|
|
|
15
|
|
—
|
|
15
|
Less: Gains on
Asset Dispositions, Net
|
|
|
(17)
|
|
9
|
|
(8)
|
Less: Tax
Benefits Related to Exiting Canada Operations
|
|
|
—
|
|
(45)
|
|
(45)
|
Total
|
|
|
512
|
|
(148)
|
|
364
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2020
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
Add:
Mark-to-Market Financial Commodity Derivative Contracts
Impact
|
|
|
(74)
|
|
16
|
|
(58)
|
Add: Certain
Impairments
|
|
|
1,868
|
|
(392)
|
|
1,476
|
Add: Losses on
Asset Dispositions, Net
|
|
|
47
|
|
(10)
|
|
37
|
Total
|
|
|
1,841
|
|
(386)
|
|
1,455
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2019
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
Add:
Mark-to-Market Financial Commodity Derivative Contracts
Impact
|
|
|
51
|
|
(11)
|
|
40
|
Add: Certain
Impairments
|
|
|
275
|
|
(60)
|
|
215
|
Less: Gains on
Asset Dispositions, Net
|
|
|
(124)
|
|
27
|
|
(97)
|
Total
|
|
|
202
|
|
(44)
|
|
158
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2018
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
Add:
Mark-to-Market Financial Commodity Derivative Contracts
Impact
|
|
|
(93)
|
|
20
|
|
(73)
|
Add: Certain
Impairments
|
|
|
153
|
|
(34)
|
|
119
|
Less: Gains on
Asset Dispositions, Net
|
|
|
(175)
|
|
38
|
|
(137)
|
Less: Tax Reform
Impact
|
|
|
—
|
|
(110)
|
|
(110)
|
Total
|
|
|
(115)
|
|
(86)
|
|
(201)
|
ROCE &
ROE
|
In millions of USD,
except ratio data (Unaudited)
|
|
The following tables
reconcile Interest Expense, Net (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) 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, 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
|
|
|
|
|
|
|
|
|
Interest Expense, Net
(GAAP)
|
|
|
274
|
|
282
|
|
237
|
Tax Benefit Imputed
(based on 35%)
|
|
|
(96)
|
|
(99)
|
|
(83)
|
After-Tax Net
Interest Expense (Non-GAAP) - (a)
|
|
|
178
|
|
183
|
|
154
|
|
|
|
|
|
|
|
|
Net Income (Loss)
(GAAP) - (b)
|
|
|
2,583
|
|
(1,097)
|
|
(4,525)
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (d)
|
|
|
16,283
|
|
13,982
|
|
12,943
|
|
|
|
|
|
|
|
|
Average Total
Stockholders' Equity* - (e)
|
|
|
15,133
|
|
13,463
|
|
15,328
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (f)
|
|
|
6,387
|
|
6,986
|
|
6,655
|
Less:
Cash
|
|
|
(834)
|
|
(1,600)
|
|
(719)
|
Net Debt (Non-GAAP) -
(g)
|
|
|
5,553
|
|
5,386
|
|
5,936
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (d) + (f)
|
|
|
22,670
|
|
20,968
|
|
19,598
|
|
|
|
|
|
|
|
|
Total Capitalization
(Non-GAAP) - (d) + (g)
|
|
|
21,836
|
|
19,368
|
|
18,879
|
|
|
|
|
|
|
|
|
Average Total
Capitalization (Non-GAAP)* - (h)
|
|
|
20,602
|
|
19,124
|
|
20,206
|
|
|
|
|
|
|
|
|
Return on Capital
Employed (ROCE)
|
|
|
|
|
|
|
|
Calculated Using
GAAP Net Income (Loss) - [(a) + (b)] / (h)
(Non-GAAP)
|
|
|
13.4
%
|
|
-4.8
%
|
|
-21.6
%
|
|
|
|
|
|
|
|
|
Return on Equity
(ROE)
|
|
|
|
|
|
|
|
Calculated Using
GAAP Net Income (Loss) - (b) / (e) (GAAP)
|
|
|
17.1
%
|
|
-8.1
%
|
|
-29.5
%
|
|
|
* Average for the
current and immediately preceding year
|
ROCE &
ROE
(Continued)
|
In millions of USD,
except ratio data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Interest Expense, Net
(GAAP)
|
|
|
201
|
|
235
|
|
214
|
|
|
Tax Benefit Imputed
(based on 35%)
|
|
|
(70)
|
|
(82)
|
|
(75)
|
|
|
After-Tax Net
Interest Expense (Non-GAAP) - (a)
|
|
|
131
|
|
153
|
|
139
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (GAAP) -
(b)
|
|
|
2,915
|
|
2,197
|
|
570
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity - (d)
|
|
|
17,713
|
|
15,418
|
|
13,285
|
|
12,641
|
|
|
|
|
|
|
|
|
|
|
Average Total
Stockholders' Equity* - (e)
|
|
|
16,566
|
|
14,352
|
|
12,963
|
|
|
|
|
|
|
|
|
|
|
|
|
Current and Long-Term
Debt (GAAP) - (f)
|
|
|
5,906
|
|
5,909
|
|
6,312
|
|
5,009
|
Less:
Cash
|
|
|
(2,087)
|
|
(1,318)
|
|
(876)
|
|
(616)
|
Net Debt (Non-GAAP) -
(g)
|
|
|
3,819
|
|
4,591
|
|
5,436
|
|
4,393
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(GAAP) - (d) + (f)
|
|
|
23,619
|
|
21,327
|
|
19,597
|
|
17,650
|
|
|
|
|
|
|
|
|
|
|
Total Capitalization
(Non-GAAP) - (d) + (g)
|
|
|
21,532
|
|
20,009
|
|
18,721
|
|
17,034
|
|
|
|
|
|
|
|
|
|
|
Average Total
Capitalization (Non-GAAP)* - (h)
|
|
|
20,771
|
|
19,365
|
|
17,878
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Capital
Employed (ROCE)
|
|
|
|
|
|
|
|
|
|
Calculated Using
GAAP Net Income - [(a) + (b)] / (h) (Non-
GAAP)
|
|
|
14.7
%
|
|
12.1
%
|
|
4.0
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Equity
(ROE)
|
|
|
|
|
|
|
|
|
|
Calculated Using
GAAP Net Income - (b) / (e) (GAAP)
|
|
|
17.6
%
|
|
15.3
%
|
|
4.4
%
|
|
|
|
|
* Average for the
current and immediately preceding year
|
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 margin 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.
|
|
|
|
|
|
|
|
|
|
|
|
1Q
2022
|
|
4Q
2021
|
|
3Q
2021
|
|
2Q
2021
|
|
1Q
2021
|
|
|
|
|
|
|
|
|
|
|
Volume - Million
Barrels of Oil Equivalent - (a)
|
79.5
|
|
79.4
|
|
77.7
|
|
75.3
|
|
70.1
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Revenues and Other (b)
|
3,983
|
|
6,044
|
|
4,765
|
|
4,139
|
|
3,694
|
Total Operating
Expenses (c)
|
3,437
|
|
3,516
|
|
3,294
|
|
2,968
|
|
2,762
|
Operating Income
(d)
|
546
|
|
2,528
|
|
1,471
|
|
1,171
|
|
932
|
|
|
|
|
|
|
|
|
|
|
Wellhead
Revenues
|
|
|
|
|
|
|
|
|
|
Crude Oil and
Condensate
|
3,889
|
|
3,246
|
|
2,929
|
|
2,699
|
|
2,251
|
Natural Gas
Liquids
|
681
|
|
583
|
|
548
|
|
367
|
|
314
|
Natural Gas
|
716
|
|
847
|
|
568
|
|
404
|
|
625
|
Total Wellhead
Revenues - (e)
|
5,286
|
|
4,676
|
|
4,045
|
|
3,470
|
|
3,190
|
|
|
|
|
|
|
|
|
|
|
Operating
Costs
|
|
|
|
|
|
|
|
|
|
Lease and
Well
|
318
|
|
325
|
|
270
|
|
270
|
|
270
|
Transportation
Costs
|
228
|
|
228
|
|
219
|
|
214
|
|
202
|
Gathering and
Processing Costs
|
144
|
|
147
|
|
145
|
|
128
|
|
139
|
General and
Administrative
|
124
|
|
139
|
|
142
|
|
120
|
|
110
|
Taxes Other Than
Income
|
390
|
|
316
|
|
277
|
|
239
|
|
215
|
Interest Expense,
Net
|
48
|
|
38
|
|
48
|
|
45
|
|
47
|
Total Operating
Cost (excluding DD&A and Total Exploration
Costs) (f)
|
1,252
|
|
1,193
|
|
1,101
|
|
1,016
|
|
983
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
Depletion and Amortization (DD&A)
|
847
|
|
910
|
|
927
|
|
914
|
|
900
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost (excluding Total Exploration Costs) - (g)
|
2,099
|
|
2,103
|
|
2,028
|
|
1,930
|
|
1,883
|
|
|
|
|
|
|
|
|
|
|
Exploration
Costs
|
45
|
|
42
|
|
44
|
|
35
|
|
33
|
Dry Hole
Costs
|
3
|
|
43
|
|
4
|
|
13
|
|
11
|
Impairments
|
55
|
|
206
|
|
82
|
|
44
|
|
44
|
Total Exploration
Costs (GAAP)
|
103
|
|
291
|
|
130
|
|
92
|
|
88
|
Less: Certain
Impairments (1)
|
—
|
|
—
|
|
(13)
|
|
(1)
|
|
(1)
|
Total Exploration
Costs (Non-GAAP)
|
103
|
|
291
|
|
117
|
|
91
|
|
87
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost (including Total Exploration Costs
(GAAP)) - (h)
|
2,202
|
|
2,394
|
|
2,158
|
|
2,022
|
|
1,971
|
Total Operating
Cost (including Total Exploration Costs
(Non-GAAP)) - (i)
|
2,202
|
|
2,394
|
|
2,145
|
|
2,021
|
|
1,970
|
|
|
|
|
|
|
|
|
|
|
Total Wellhead
Revenues less Total Operating Cost
(including Total
Exploration Costs (GAAP))
|
3,084
|
|
2,282
|
|
1,887
|
|
1,448
|
|
1,219
|
Total Wellhead
Revenues less Total Operating Cost
(including Total
Exploration Costs (Non-GAAP))
|
3,084
|
|
2,282
|
|
1,900
|
|
1,449
|
|
1,220
|
Revenues, Costs
and Margins Per Barrel of Oil Equivalent
(Continued)
|
In millions of USD,
except Boe and per Boe amounts (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q
2022
|
|
4Q
2021
|
|
3Q
2021
|
|
2Q
2021
|
|
1Q
2021
|
|
|
|
|
|
|
|
|
|
|
Per Barrel of Oil
Equivalent (Boe) Calculations (GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Operating Revenues and Other per Boe
- (b) / (a)
|
50.10
|
|
76.12
|
|
61.33
|
|
54.97
|
|
52.70
|
Composite Average
Operating Expenses per Boe - (c) / (a)
|
43.23
|
|
44.28
|
|
42.40
|
|
39.42
|
|
39.40
|
Composite Average
Operating Income per Boe
- (d) / (a)
|
6.87
|
|
31.84
|
|
18.93
|
|
15.55
|
|
13.30
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Wellhead Revenue per Boe - (e) / (a)
|
66.50
|
|
58.88
|
|
52.07
|
|
46.07
|
|
45.49
|
|
|
|
|
|
|
|
|
|
|
Total Operating Cost
per Boe (excluding DD&A and Total
Exploration Costs) - (f)
/ (a)
|
15.75
|
|
15.02
|
|
14.19
|
|
13.48
|
|
14.02
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (excluding DD&A and
Total Exploration Costs) - [(e) / (a)
- (f) / (a)]
|
50.75
|
|
43.86
|
|
37.88
|
|
32.59
|
|
31.47
|
|
|
|
|
|
|
|
|
|
|
Total Operating Cost
per Boe (excluding Total Exploration
Costs) - (g) /
(a)
|
26.40
|
|
26.48
|
|
26.12
|
|
25.61
|
|
26.86
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (excluding Total
Exploration Costs) - [(e) / (a) - (g)
/ (a)]
|
40.10
|
|
32.40
|
|
25.95
|
|
20.46
|
|
18.63
|
|
|
|
|
|
|
|
|
|
|
Total Operating Cost
per Boe (including Total Exploration
Costs) - (h) / (a)
|
27.70
|
|
30.15
|
|
27.79
|
|
26.85
|
|
28.12
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (including Total
Exploration Costs) - [(e) / (a) - (h)
/ (a)]
|
38.80
|
|
28.73
|
|
24.28
|
|
19.22
|
|
17.37
|
|
|
|
|
|
|
|
|
|
|
Per Barrel of Oil
Equivalent (Boe) Calculations (Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Cost
per Boe (including Total Exploration
Costs) - (i) /
(a)
|
27.70
|
|
30.14
|
|
27.62
|
|
26.82
|
|
28.11
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (including Total
Exploration Costs) - [(e)
/ (a) - (i) / (a)]
|
38.80
|
|
28.74
|
|
24.45
|
|
19.25
|
|
17.38
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
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).
|
Revenues, Costs
and Margins Per Barrel of Oil Equivalent
(Continued)
|
In millions of USD,
except Boe and per Boe amounts (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
Volume - Million
Barrels of Oil Equivalent - (a)
|
302.5
|
|
275.9
|
|
298.6
|
|
262.5
|
|
222.3
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Revenues and Other (b)
|
18,642
|
|
11,032
|
|
17,380
|
|
17,275
|
|
11,208
|
Total Operating
Expenses (c)
|
12,540
|
|
11,576
|
|
13,681
|
|
12,806
|
|
10,282
|
Operating Income
(Loss) (d)
|
6,102
|
|
(544)
|
|
3,699
|
|
4,469
|
|
926
|
|
|
|
|
|
|
|
|
|
|
Wellhead
Revenues
|
|
|
|
|
|
|
|
|
|
Crude Oil and
Condensate
|
11,125
|
|
5,786
|
|
9,613
|
|
9,517
|
|
6,256
|
Natural Gas
Liquids
|
1,812
|
|
668
|
|
785
|
|
1,128
|
|
730
|
Natural Gas
|
2,444
|
|
837
|
|
1,184
|
|
1,302
|
|
922
|
Total Wellhead
Revenues - (e)
|
15,381
|
|
7,291
|
|
11,582
|
|
11,947
|
|
7,908
|
|
|
|
|
|
|
|
|
|
|
Operating
Costs
|
|
|
|
|
|
|
|
|
|
Lease and
Well
|
1,135
|
|
1,063
|
|
1,367
|
|
1,283
|
|
1,045
|
Transportation
Costs
|
863
|
|
735
|
|
758
|
|
747
|
|
740
|
Gathering and
Processing Costs
|
559
|
|
459
|
|
479
|
|
437
|
|
149
|
General and
Administrative (GAAP)
|
511
|
|
484
|
|
489
|
|
427
|
|
434
|
Less: Legal
Settlement - Early Leasehold Termination
|
—
|
|
—
|
|
—
|
|
—
|
|
(10)
|
Less: Joint
Venture Transaction Costs
|
—
|
|
—
|
|
—
|
|
—
|
|
(3)
|
Less: Joint
Interest Billings Deemed Uncollectible
|
—
|
|
—
|
|
—
|
|
—
|
|
(5)
|
General and
Administrative (Non-GAAP) (1)
|
511
|
|
484
|
|
489
|
|
427
|
|
416
|
Taxes Other Than
Income
|
1,047
|
|
478
|
|
800
|
|
772
|
|
545
|
Interest Expense,
Net
|
178
|
|
205
|
|
185
|
|
245
|
|
274
|
Total Operating
Cost (GAAP) (excluding DD&A and Total Exploration Costs)
- (f)
|
4,293
|
|
3,424
|
|
4,078
|
|
3,911
|
|
3,187
|
Total Operating
Cost (Non-GAAP) (excluding DD&A and Total Exploration
Costs) - (g)
|
4,293
|
|
3,424
|
|
4,078
|
|
3,911
|
|
3,169
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
Depletion and Amortization (DD&A)
|
3,651
|
|
3,400
|
|
3,750
|
|
3,435
|
|
3,409
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost (GAAP) (excluding Total Exploration Costs) -
(h)
|
7,944
|
|
6,824
|
|
7,828
|
|
7,346
|
|
6,596
|
Total Operating
Cost (Non-GAAP) (excluding Total Exploration Costs) -
(i)
|
7,944
|
|
6,824
|
|
7,828
|
|
7,346
|
|
6,578
|
|
|
|
|
|
|
|
|
|
|
Exploration
Costs
|
154
|
|
146
|
|
140
|
|
149
|
|
145
|
Dry Hole
Costs
|
71
|
|
13
|
|
28
|
|
5
|
|
5
|
Impairments
|
376
|
|
2,100
|
|
518
|
|
347
|
|
479
|
Total Exploration
Costs (GAAP)
|
601
|
601
|
2,259
|
|
686
|
|
501
|
|
629
|
Less: Certain
Impairments (2)
|
(15)
|
|
(1,868)
|
|
(275)
|
|
(153)
|
|
(261)
|
Total Exploration
Costs (Non-GAAP)
|
586
|
|
391
|
|
411
|
|
348
|
|
368
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Cost (GAAP) (including Total Exploration Costs (GAAP)) -
(j)
|
8,545
|
|
9,083
|
|
8,514
|
|
7,847
|
|
7,225
|
Total Operating
Cost (Non-GAAP) (including Total Exploration Costs (Non-
GAAP)) - (k)
|
8,530
|
|
7,215
|
|
8,239
|
|
7,694
|
|
6,946
|
|
|
|
|
|
|
|
|
|
|
Total Wellhead
Revenues less Total Operating Cost (GAAP) (including
Total
Exploration Costs
(GAAP))
|
6,836
|
|
(1,792)
|
|
3,068
|
|
4,100
|
|
683
|
Total Wellhead
Revenues less Total Operating Cost (Non-GAAP) (including
Total Exploration Costs
(Non-GAAP))
|
6,851
|
|
76
|
|
3,343
|
|
4,253
|
|
962
|
|
|
|
|
|
|
|
|
|
|
Revenues, Costs
and Margins Per Barrel of Oil Equivalent
(Continued)
|
In millions of USD,
except Boe and per Boe amounts (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
Per Barrel of Oil
Equivalent (Boe) Calculations (GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Operating Revenues and Other per Boe - (b) / (a)
|
61.63
|
|
39.99
|
|
58.20
|
|
65.81
|
|
50.42
|
Composite Average
Operating Expenses per Boe - (c) / (a)
|
41.46
|
|
41.96
|
|
45.81
|
|
48.79
|
|
46.25
|
Composite Average
Operating Income (Loss) per Boe - (d) / (a)
|
20.17
|
|
(1.97)
|
|
12.39
|
|
17.02
|
|
4.17
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Wellhead Revenue per Boe - (e) / (a)
|
50.84
|
|
26.42
|
|
38.79
|
|
45.51
|
|
35.58
|
|
|
|
|
|
|
|
|
|
|
Total Operating Cost
per Boe (excluding DD&A and Total Exploration Costs)
-
(f) / (a)
|
14.19
|
|
12.39
|
|
13.66
|
|
14.90
|
|
14.34
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (excluding DD&A and Total
Exploration Costs) - [(e) / (a) - (f)
/ (a)]
|
36.65
|
|
14.03
|
|
25.13
|
|
30.61
|
|
21.24
|
|
|
|
|
|
|
|
|
|
|
Total Operating Cost
per Boe (excluding Total Exploration Costs) - (h) / (a)
|
26.26
|
|
24.71
|
|
26.22
|
|
27.99
|
|
29.67
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (excluding Total Exploration Costs) -
[(e) / (a) - (h) /
(a)]
|
24.58
|
|
1.71
|
|
12.57
|
|
17.52
|
|
5.91
|
|
|
|
|
|
|
|
|
|
|
Total Operating Cost
per Boe (including Total Exploration Costs) - (j) / (a)
|
28.25
|
|
32.92
|
|
28.51
|
|
29.89
|
|
32.50
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (including Total Exploration Costs) -
[(e) / (a) - (j) /
(a)]
|
22.59
|
|
(6.50)
|
|
10.28
|
|
15.62
|
|
3.08
|
|
|
|
|
|
|
|
|
|
|
Per Barrel of Oil
Equivalent (Boe) Calculations (Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Cost
per Boe (excluding DD&A and Total Exploration Costs)
-
(g) / (a)
|
14.19
|
|
12.39
|
|
13.66
|
|
14.90
|
|
14.25
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (excluding DD&A and Total
Exploration Costs) - [(e) / (a) - (g)
/ (a)]
|
36.65
|
|
14.03
|
|
25.13
|
|
30.61
|
|
21.33
|
|
|
|
|
|
|
|
|
|
|
Total Operating Cost
per Boe (excluding Total Exploration Costs) - (i) / (a)
|
26.26
|
|
24.71
|
|
26.22
|
|
27.99
|
|
29.59
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (excluding Total Exploration Costs) -
[(e) / (a) - (i) /
(a)]
|
24.58
|
|
1.71
|
|
12.57
|
|
17.52
|
|
5.99
|
|
|
|
|
|
|
|
|
|
|
Total Operating Cost
per Boe (including Total Exploration Costs) - (k) / (a)
|
28.20
|
|
26.13
|
|
27.60
|
|
29.32
|
|
31.24
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (including Total Exploration Costs) -
[(e) / (a) - (k) /
(a)]
|
22.64
|
|
0.29
|
|
11.19
|
|
16.19
|
|
4.34
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
EOG believes
excluding the above-referenced items from general and
administrative expense is appropriate and provides useful
information to investors, as EOG views such items as
non-recurring.
|
|
|
(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).
|
Revenues, Costs
and Margins Per Barrel of Oil Equivalent
(Continued)
|
In millions of USD,
except Boe and per Boe amounts (Unaudited)
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Volume - Million
Barrels of Oil Equivalent - (a)
|
|
205.0
|
|
208.9
|
|
217.1
|
|
|
|
|
|
|
|
Total Operating
Revenues and Other (b)
|
|
7,651
|
|
8,757
|
|
18,035
|
Total Operating
Expenses (c)
|
|
8,876
|
|
15,443
|
|
12,793
|
Operating Income
(Loss) (d)
|
|
(1,225)
|
|
(6,686)
|
|
5,242
|
|
|
|
|
|
|
|
Wellhead
Revenues
|
|
|
|
|
|
|
Crude Oil and
Condensate
|
|
4,317
|
|
4,935
|
|
9,742
|
Natural Gas
Liquids
|
|
437
|
|
408
|
|
934
|
Natural Gas
|
|
742
|
|
1,061
|
|
1,916
|
Total Wellhead
Revenues - (e)
|
|
5,496
|
|
6,404
|
|
12,592
|
|
|
|
|
|
|
|
Operating
Costs
|
|
|
|
|
|
|
Lease and
Well
|
|
927
|
|
1,182
|
|
1,416
|
Transportation
Costs
|
|
764
|
|
849
|
|
972
|
Gathering and
Processing Costs
|
|
123
|
|
146
|
|
146
|
General and
Administrative (GAAP)
|
|
395
|
|
367
|
|
402
|
Less: Voluntary
Retirement Expense
|
|
(42)
|
|
—
|
|
—
|
Less: Acquisition
Costs
|
|
(5)
|
|
—
|
|
—
|
Less: Legal
Settlement - Early Leasehold Termination
|
|
—
|
|
(19)
|
|
—
|
General and
Administrative (Non-GAAP) (1)
|
|
348
|
|
348
|
|
402
|
Taxes Other Than
Income
|
|
350
|
|
422
|
|
758
|
Interest Expense,
Net
|
|
282
|
|
237
|
|
201
|
Total Operating
Cost (GAAP) (excluding DD&A and Total Exploration Costs) -
(f)
|
|
2,841
|
|
3,203
|
|
3,895
|
Total Operating
Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) -
(g)
|
|
2,794
|
|
3,184
|
|
3,895
|
|
|
|
|
|
|
|
Depreciation,
Depletion and Amortization (DD&A)
|
|
3,553
|
|
3,314
|
|
3,997
|
|
|
|
|
|
|
|
Total Operating
Cost (GAAP) (excluding Total Exploration Costs) -
(h)
|
|
6,394
|
|
6,517
|
|
7,892
|
Total Operating
Cost (Non-GAAP) (excluding Total Exploration Costs) -
(i)
|
|
6,347
|
|
6,498
|
|
7,892
|
|
|
|
|
|
|
|
Exploration
Costs
|
|
125
|
|
149
|
|
184
|
Dry Hole
Costs
|
|
11
|
|
15
|
|
48
|
Impairments
|
|
620
|
|
6,614
|
|
744
|
Total Exploration
Costs (GAAP)
|
|
756
|
|
6,778
|
|
976
|
Less: Certain
Impairments (2)
|
|
(321)
|
|
(6,308)
|
|
(824)
|
Total Exploration
Costs (Non-GAAP)
|
|
435
|
|
470
|
|
152
|
|
|
|
|
|
|
|
Total Operating
Cost (GAAP) (including Total Exploration Costs (GAAP)) -
(j)
|
|
7,150
|
|
13,295
|
|
8,868
|
Total Operating
Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) -
(k)
|
|
6,782
|
|
6,968
|
|
8,044
|
|
|
|
|
|
|
|
Total Wellhead
Revenues less Total Operating Cost (GAAP) (including
Total
Exploration Costs (GAAP))
|
|
(1,654)
|
|
(6,891)
|
|
3,724
|
Total Wellhead
Revenues less Total Operating Cost (Non-GAAP) (including
Total
Exploration Costs (Non-GAAP))
|
|
(1,286)
|
|
(564)
|
|
4,548
|
Revenues, Costs
and Margins Per Barrel of Oil Equivalent
(Continued)
|
In millions of USD,
except Boe and per Boe amounts (Unaudited)
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Per Barrel of Oil
Equivalent (Boe) Calculations (GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composite Average
Operating Revenues and Other per Boe - (b) / (a)
|
|
37.32
|
|
41.92
|
|
83.07
|
Composite Average
Operating Expenses per Boe - (c) / (a)
|
|
43.30
|
|
73.93
|
|
58.92
|
Composite Average
Operating Income (Loss) per Boe - (d) / (a)
|
|
(5.98)
|
|
(32.01)
|
|
24.15
|
|
|
|
|
|
|
|
Composite Average
Wellhead Revenue per Boe - (e) / (a)
|
|
26.82
|
|
30.66
|
|
58.01
|
|
|
|
|
|
|
|
Total Operating Cost
per Boe (excluding DD&A and Total Exploration Costs)
- (f) / (a)
|
|
13.86
|
|
15.33
|
|
17.95
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (excluding DD&A and Total Exploration Costs) -
[(e) /
(a) - (f) / (a)]
|
|
12.96
|
|
15.33
|
|
40.06
|
|
|
|
|
|
|
|
Total Operating Cost
per Boe (excluding Total Exploration Costs) - (h) / (a)
|
|
31.19
|
|
31.20
|
|
36.38
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) -
(h) /
(a)]
|
|
(4.37)
|
|
(0.54)
|
|
21.63
|
|
|
|
|
|
|
|
Total Operating Cost
per Boe (including Total Exploration Costs) - (j) / (a)
|
|
34.88
|
|
63.64
|
|
40.85
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (including Total Exploration Costs) - [(e) / (a) -
(j) /
(a)]
|
|
(8.06)
|
|
(32.98)
|
|
17.16
|
|
|
|
|
|
|
|
Per Barrel of Oil
Equivalent (Boe) Calculations (Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Cost
per Boe (excluding DD&A and Total Exploration Costs)
- (g) / (a)
|
|
13.64
|
|
15.25
|
|
17.95
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (excluding DD&A and Total Exploration Costs) -
[(e) /
(a) - (g) / (a)]
|
|
13.18
|
|
15.41
|
|
40.06
|
|
|
|
|
|
|
|
Total Operating Cost
per Boe (excluding Total Exploration Costs) - (i) / (a)
|
|
30.98
|
|
31.11
|
|
36.38
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) -
(i) /
(a)]
|
|
(4.16)
|
|
(0.45)
|
|
21.63
|
|
|
|
|
|
|
|
Total Operating Cost
per Boe (including Total Exploration Costs) - (k) / (a)
|
|
33.10
|
|
33.36
|
|
37.08
|
|
|
|
|
|
|
|
Composite Average
Margin per Boe (including Total Exploration Costs) - [(e) / (a) -
(k) /
(a)]
|
|
(6.28)
|
|
(2.70)
|
|
20.93
|
|
|
|
|
|
|
|
|
(1)
|
EOG believes
excluding the above-referenced items from general and
administrative expense is appropriate and provides
useful information to investors, as EOG views such items as
non-recurring.
|
|
|
(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).
|
View original
content:https://www.prnewswire.com/news-releases/eog-resources-reports-first-quarter-2022-results-adds-quantitative-guidance-to-cash-return-framework-and-declares-1-80-per-share-special-dividend-301541238.html
SOURCE EOG Resources, Inc.