EX-99.12exh99-1022725.htmEX-99.1 Document
EXHIBIT 99.1
Table of Contents
Fourth Quarter 2024
Supplemental Financial and Operating Data
Page
Income Statements
15
Volumes and Prices
16
Balance Sheets
17
Cash Flow Statements
18
Non-GAAP Financial Measures
19
Adjusted Net Income
20
Net Income Per Share
27
Adjusted Net Income Per Share
31
Cash Flow from Operations and Free Cash Flow
35
Net Debt-to-Total Capitalization Ratio
36
Proved Reserves and Reserve Replacement Data
37
Reserve Replacement Cost Data
38
Revenues, Costs and Margins Per Barrel of Oil Equivalent
43
14
Income Statements
In millions of USD, except share data (in millions) and per share data (Unaudited)
2023
2024
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Operating Revenues and Other
Crude Oil and Condensate
3,182
3,252
3,717
3,597
13,748
3,480
3,692
3,488
3,261
13,921
Natural Gas Liquids
490
409
501
484
1,884
513
515
524
554
2,106
Natural Gas
517
334
417
476
1,744
382
303
372
494
1,551
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
376
101
43
298
818
237
(47)
79
(65)
204
Gathering, Processing and Marketing
1,390
1,465
1,478
1,473
5,806
1,459
1,519
1,481
1,341
5,800
Gains (Losses) on Asset Dispositions, Net
69
(9)
35
—
95
26
20
(7)
(23)
16
Other, Net
20
21
21
29
91
26
23
28
23
100
Total
6,044
5,573
6,212
6,357
24,186
6,123
6,025
5,965
5,585
23,698
Operating Expenses
Lease and Well
359
348
369
378
1,454
396
390
392
394
1,572
Gathering, Processing and Transportation Costs (A)
395
396
406
423
1,620
413
423
445
441
1,722
Exploration Costs
50
47
43
41
181
45
34
43
52
174
Dry Hole Costs
1
—
—
—
1
1
5
—
8
14
Impairments
34
35
54
79
202
19
81
15
276
391
Marketing Costs
1,361
1,456
1,383
1,509
5,709
1,404
1,490
1,500
1,323
5,717
Depreciation, Depletion and Amortization
798
866
898
930
3,492
1,074
984
1,031
1,019
4,108
General and Administrative
145
142
161
192
640
162
151
167
189
669
Taxes Other Than Income
329
313
341
301
1,284
338
337
283
291
1,249
Total
3,472
3,603
3,655
3,853
14,583
3,852
3,895
3,876
3,993
15,616
Operating Income
2,572
1,970
2,557
2,504
9,603
2,271
2,130
2,089
1,592
8,082
Other Income, Net
65
51
52
66
234
62
66
76
70
274
Income Before Interest Expense and Income Taxes
2,637
2,021
2,609
2,570
9,837
2,333
2,196
2,165
1,662
8,356
Interest Expense, Net
42
35
36
35
148
33
36
31
38
138
Income Before Income Taxes
2,595
1,986
2,573
2,535
9,689
2,300
2,160
2,134
1,624
8,218
Income Tax Provision
572
433
543
547
2,095
511
470
461
373
1,815
Net Income
2,023
1,553
2,030
1,988
7,594
1,789
1,690
1,673
1,251
6,403
Dividends Declared per Common Share
1.8250
0.8250
0.8250
2.4100
5.8850
0.9100
0.9100
0.9100
0.9750
3.7050
Net Income Per Share
Basic
3.46
2.68
3.51
3.43
13.07
3.11
2.97
2.97
2.25
11.31
Diluted
3.45
2.66
3.48
3.42
13.00
3.10
2.95
2.95
2.23
11.25
Average Number of Common Shares
Basic
584
580
579
579
581
575
569
564
557
566
Diluted
587
584
583
581
584
577
572
568
561
569
(A) Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.
15
Volumes and Prices
(Unaudited)
2023
2024
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Crude Oil and Condensate Volumes (MBbld) (A)
United States
457.1
476.0
482.8
484.6
475.2
486.8
490.1
491.8
493.5
490.6
Trinidad
0.6
0.6
0.5
0.6
0.6
0.6
0.6
1.2
1.1
0.8
Total
457.7
476.6
483.3
485.2
475.8
487.4
490.7
493.0
494.6
491.4
Average Crude Oil and Condensate Prices
($/Bbl) (B)
United States
$
77.27
$
74.98
$
83.61
$
80.61
$
79.18
$
78.46
$
82.71
$
76.95
$
71.68
$
77.42
Trinidad
68.98
64.88
71.38
69.21
65.58
67.50
70.75
63.15
60.47
64.43
Composite
77.26
74.97
83.60
80.60
79.17
78.45
82.69
76.92
71.66
77.40
Natural Gas Liquids Volumes (MBbld) (A)
United States
212.2
215.7
231.1
235.8
223.8
231.7
244.8
254.3
252.5
245.9
Total
212.2
215.7
231.1
235.8
223.8
231.7
244.8
254.3
252.5
245.9
Average Natural Gas Liquids Prices ($/Bbl) (B)
United States
$
25.67
$
20.85
$
23.56
$
22.29
$
23.07
$
24.32
$
23.11
$
22.42
$
23.85
$
23.40
Composite
25.67
20.85
23.56
22.29
23.07
24.32
23.11
22.42
23.85
23.40
Natural Gas Volumes (MMcfd) (A)
United States
1,475
1,513
1,562
1,653
1,551
1,658
1,668
1,745
1,840
1,728
Trinidad
164
155
142
178
160
200
204
225
252
220
Total
1,639
1,668
1,704
1,831
1,711
1,858
1,872
1,970
2,092
1,948
Average Natural Gas Prices ($/Mcf) (B)
United States
$
3.47
$
2.07
$
2.59
$
2.72
$
2.70
$
2.10
$
1.57
$
1.84
$
2.39
$
1.99
Trinidad
3.87
3.45
3.41
3.81
3.65
3.54
3.48
3.68
3.86
3.65
Composite
3.51
2.20
2.66
2.82
2.79
2.26
1.78
2.05
2.57
2.17
Crude Oil Equivalent Volumes (MBoed) (C)
United States
915.0
943.8
974.2
995.8
957.5
994.7
1,013.0
1,037.1
1,052.7
1,024.5
Trinidad
28.0
26.5
24.3
30.4
27.3
34.1
34.5
38.6
43.0
37.6
Total
943.0
970.3
998.5
1,026.2
984.8
1,028.8
1,047.5
1,075.7
1,095.7
1,062.1
Total MMBoe (C)
84.9
88.3
91.9
94.4
359.4
93.6
95.3
99.0
100.8
388.7
(A)Thousand barrels per day or million cubic feet per day, as applicable.
(B)Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity and other derivative instruments (see Note 12 to the Consolidated Financial Statements in EOG's Annual Report on Form 10-K for the year ended December 31, 2024).
(C)Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas. MMBoe is calculated by multiplying the MBoed amount by the number of days in the period and then dividing that amount by one thousand.
16
Balance Sheets
In millions of USD (Unaudited)
2023
2024
MAR
JUN
SEP
DEC
MAR
JUN
SEP
DEC
Current Assets
Cash and Cash Equivalents
5,018
4,764
5,326
5,278
5,292
5,431
6,122
7,092
Accounts Receivable, Net
2,455
2,263
2,927
2,716
2,688
2,657
2,545
2,650
Inventories
1,131
1,355
1,379
1,275
1,154
1,069
1,038
985
Assets from Price Risk Management Activities
—
—
—
106
110
4
—
—
Other (A)
580
524
626
560
684
642
460
503
Total
9,184
8,906
10,258
9,935
9,928
9,803
10,165
11,230
Property, Plant and Equipment
Oil and Gas Properties (Successful Efforts Method)
67,907
69,178
70,730
72,090
73,356
74,615
75,887
77,091
Other Property, Plant and Equipment
5,101
5,282
5,355
5,497
5,768
6,078
6,314
6,418
Total Property, Plant and Equipment
73,008
74,460
76,085
77,587
79,124
80,693
82,201
83,509
Less: Accumulated Depreciation, Depletion and Amortization
(42,785)
(43,550)
(44,362)
(45,290)
(46,047)
(47,049)
(48,075)
(49,297)
Total Property, Plant and Equipment, Net
30,223
30,910
31,723
32,297
33,077
33,644
34,126
34,212
Deferred Income Taxes
31
33
33
42
38
44
42
39
Other Assets
1,587
1,638
1,633
1,583
1,753
1,733
1,818
1,705
Total Assets
41,025
41,487
43,647
43,857
44,796
45,224
46,151
47,186
Current Liabilities
Accounts Payable
2,438
2,205
2,464
2,437
2,389
2,436
2,290
2,464
Accrued Taxes Payable
637
425
605
466
786
600
855
1,007
Dividends Payable
482
478
478
526
523
516
513
539
Liabilities from Price Risk Management Activities
31
22
22
—
—
8
32
116
Current Portion of Long-Term Debt
33
34
34
34
34
534
34
532
Current Portion of Operating Lease Liabilities
354
335
337
325
318
303
338
315
Other
253
232
285
286
223
231
344
381
Total
4,228
3,731
4,225
4,074
4,273
4,628
4,406
5,354
Long-Term Debt
3,787
3,780
3,772
3,765
3,757
3,250
3,742
4,220
Other Liabilities
2,620
2,581
2,698
2,526
2,533
2,456
2,480
2,395
Deferred Income Taxes
4,943
5,138
5,194
5,402
5,597
5,731
5,949
5,866
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 Par
206
206
206
206
206
206
206
206
Additional Paid in Capital
6,219
6,257
6,133
6,166
6,188
6,219
6,058
6,090
Accumulated Other Comprehensive Loss
(8)
(9)
(7)
(9)
(8)
(8)
(9)
(4)
Retained Earnings
19,423
20,497
22,047
22,634
23,897
25,071
26,231
26,941
Common Stock Held in Treasury
(393)
(694)
(621)
(907)
(1,647)
(2,329)
(2,912)
(3,882)
Total Stockholders' Equity
25,447
26,257
27,758
28,090
28,636
29,159
29,574
29,351
Total Liabilities and Stockholders' Equity
41,025
41,487
43,647
43,857
44,796
45,224
46,151
47,186
(A) Effective October 1, 2024, EOG combined Income Taxes Receivable into the Other line item. This presentation has been conformed for all periods presented and had no impact on previously reported Total Assets.
17
Cash Flow Statements
In millions of USD (Unaudited)
2023
2024
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Cash Flows from Operating Activities
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
Net Income
2,023
1,553
2,030
1,988
7,594
1,789
1,690
1,673
1,251
6,403
Items Not Requiring (Providing) Cash
Depreciation, Depletion and Amortization
798
866
898
930
3,492
1,074
984
1,031
1,019
4,108
Impairments
34
35
54
79
202
19
81
15
276
391
Stock-Based Compensation Expenses
34
35
57
51
177
45
45
58
51
199
Deferred Income Taxes
234
194
56
199
683
199
128
220
(80)
467
(Gains) Losses on Asset Dispositions, Net
(69)
9
(35)
—
(95)
(26)
(20)
7
23
(16)
Other, Net
4
2
(1)
22
27
9
3
2
3
17
Dry Hole Costs
1
—
—
—
1
1
5
—
8
14
Mark-to-Market Financial Commodity and Other Derivative Contracts (Gains) Losses, Net
(376)
(101)
(43)
(298)
(818)
(237)
47
(79)
65
(204)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
(123)
(30)
23
18
(112)
55
79
61
19
214
Other, Net
(1)
—
(1)
—
(2)
—
—
—
—
—
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
338
137
(714)
201
(38)
58
33
109
(99)
101
Inventories
(77)
(226)
(28)
100
(231)
117
75
30
37
259
Accounts Payable
(77)
(231)
238
(49)
(119)
(58)
29
(159)
152
(36)
Accrued Taxes Payable
232
(212)
180
(139)
61
319
(185)
256
151
541
Other Assets
52
43
(92)
36
39
(161)
42
197
(34)
44
Other Liabilities
193
(47)
54
(16)
184
(71)
(20)
108
6
23
Changes in Components of Working Capital Associated with Investing Activities
35
250
28
(18)
295
(229)
(127)
59
(85)
(382)
Net Cash Provided by Operating Activities
3,255
2,277
2,704
3,104
11,340
2,903
2,889
3,588
2,763
12,143
Investing Cash Flows
Additions to Oil and Gas Properties
(1,305)
(1,341)
(1,379)
(1,360)
(5,385)
(1,485)
(1,357)
(1,263)
(1,248)
(5,353)
Additions to Other Property, Plant and Equipment
(319)
(180)
(139)
(162)
(800)
(350)
(313)
(239)
(117)
(1,019)
Proceeds from Sales of Assets
92
29
14
5
140
9
10
—
4
23
Changes in Components of Working Capital Associated with Investing Activities
(35)
(250)
(28)
18
(295)
229
127
(59)
85
382
Net Cash Used in Investing Activities
(1,567)
(1,742)
(1,532)
(1,499)
(6,340)
(1,597)
(1,533)
(1,561)
(1,276)
(5,967)
Financing Cash Flows
Long-Term Debt Borrowings
—
—
—
—
—
—
—
—
985
985
Long-Term Debt Repayments
(1,250)
—
—
—
(1,250)
—
—
—
—
—
Dividends Paid
(1,067)
(480)
(494)
(1,345)
(3,386)
(525)
(520)
(533)
(509)
(2,087)
Treasury Stock Purchased
(317)
(302)
(109)
(310)
(1,038)
(759)
(699)
(795)
(993)
(3,246)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan
—
9
1
10
20
—
11
—
11
22
Debt Issuance Costs
—
(8)
—
—
(8)
—
—
—
(2)
(2)
Repayment of Finance Lease Liabilities
(8)
(8)
(8)
(8)
(32)
(8)
(9)
(8)
(8)
(33)
Net Cash Used in Financing Activities
(2,642)
(789)
(610)
(1,653)
(5,694)
(1,292)
(1,217)
(1,336)
(516)
(4,361)
Effect of Exchange Rate Changes on Cash
—
—
—
—
—
—
–
–
(1)
(1)
Increase (Decrease) in Cash and Cash Equivalents
(954)
(254)
562
(48)
(694)
14
139
691
970
1,814
Cash and Cash Equivalents at Beginning of Period
5,972
5,018
4,764
5,326
5,972
5,278
5,292
5,431
6,122
5,278
Cash and Cash Equivalents at End of Period
5,018
4,764
5,326
5,278
5,278
5,292
5,431
6,122
7,092
7,092
18
Non-GAAP Financial Measures
To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), EOG’s quarterly earnings releases and related conference calls, accompanying investor presentation slides and presentation slides for investor conferences contain certain financial measures that are not prepared or presented in accordance with GAAP. These non-GAAP financial measures may include, but are not limited to, Adjusted Net Income (Loss), Cash Flow from Operations Before Changes in Working Capital, Free Cash Flow, Net Debt and related statistics.
A reconciliation of each of these measures to their most directly comparable GAAP financial measure and related discussion is included in the tables on the following pages and can also be found in the “Reconciliations & Guidance” section of the “Investors” page of the EOG website at www.eogresources.com.
As further discussed in the tables on the following pages, EOG believes these measures may be useful to investors who follow the practice of some industry analysts who make certain adjustments to GAAP measures (for example, to exclude non-recurring items) to facilitate comparisons to others in EOG’s industry, and who utilize non-GAAP measures in their calculations of certain statistics (for example, return on capital employed and return on equity) used to evaluate EOG’s performance.
EOG believes that the non-GAAP measures presented, when viewed in combination with its financial results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the company’s performance. As is discussed in the tables on the following pages, EOG uses these non-GAAP measures for purposes of (i) comparing EOG’s financial performance with the financial performance of other companies in the industry and (ii) analyzing EOG’s financial performance across periods.
The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG’s reported Net Income (Loss), Long-Term Debt (including Current Portion of Long-Term Debt), Net Cash Provided by Operating Activities and other financial results calculated in accordance with GAAP. The non-GAAP measures presented should be read in conjunction with EOG's consolidated financial statements prepared in accordance with GAAP.
In addition, because not all companies use identical calculations, EOG’s presentation of non-GAAP measures may not be comparable to, and may be calculated differently from, similarly titled measures disclosed by other companies, including its peer companies. EOG may also change the calculation of one or more of its non-GAAP measures from time to time – for example, to account for changes in its business and operations or to more closely conform to peer company or industry analysts’ practices.
Direct ATROR
The calculation of EOG's direct after-tax rate of return (ATROR) is based on EOG’s net estimated recoverable reserves for a particular well(s) or play, the estimated net present value of the future net cash flows from such reserves (for which EOG utilizes certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring such well(s). As such, EOG's direct ATROR for a particular well(s) or play cannot be calculated from EOG’s consolidated financial statements.
19
Adjusted Net Income
In millions of USD, except share data (in millions) and per share data (Unaudited)
The following tables adjust reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of financial commodity derivative contracts by eliminating the net unrealized mark-to-market (gains) losses from these and other derivative transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets)), and to make certain other adjustments to exclude non-recurring and certain other items as further described below.
EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
4Q 2024
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
1,624
(373)
1,251
2.23
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
65
(14)
51
0.10
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
19
(4)
15
0.03
Add: Losses on Asset Dispositions, Net
23
(4)
19
0.03
Add: Certain Impairments
254
(55)
199
0.35
Adjustments to Net Income
361
(77)
284
0.51
Adjusted Net Income (Non-GAAP)
1,985
(450)
1,535
2.74
Average Number of Common Shares
Basic
557
Diluted
561
(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended December 31, 2024, such amount was $19 million.
20
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
3Q 2024
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
2,134
(461)
1,673
2.95
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
(79)
17
(62)
(0.11)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
61
(13)
48
0.08
Add: Losses on Asset Dispositions, Net
7
(2)
5
0.01
Less: Severance Tax Refund
(31)
7
(24)
(0.04)
Add: Severance Tax Consulting Fees
10
(2)
8
0.01
Less: Interest on Severance Tax Refund
(5)
1
(4)
(0.01)
Adjustments to Net Income
(37)
8
(29)
(0.06)
Adjusted Net Income (Non-GAAP)
2,097
(453)
1,644
2.89
Average Number of Common Shares
Basic
564
Diluted
568
(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended September 30, 2024, such amount was $61 million.
21
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
2Q 2024
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
2,160
(470)
1,690
2.95
Adjustments:
Losses on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
47
(10)
37
0.07
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
79
(17)
62
0.11
Less: Gains on Asset Dispositions, Net
(20)
5
(15)
(0.03)
Add: Certain Impairments
35
(2)
33
0.06
Adjustments to Net Income
141
(24)
117
0.21
Adjusted Net Income (Non-GAAP)
2,301
(494)
1,807
3.16
Average Number of Common Shares
Basic
569
Diluted
572
(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended June 30, 2024, such amount was $79 million.
22
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
1Q 2024
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
2,300
(511)
1,789
3.10
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
(237)
51
(186)
(0.31)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
55
(12)
43
0.07
Less: Gains on Asset Dispositions, Net
(26)
4
(22)
(0.04)
Add: Certain Impairments
2
—
2
—
Adjustments to Net Income
(206)
43
(163)
(0.28)
Adjusted Net Income (Non-GAAP)
2,094
(468)
1,626
2.82
Average Number of Common Shares
Basic
575
Diluted
577
(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended March 31, 2024, such amount was $55 million.
23
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
4Q 2023
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
2,535
(547)
1,988
3.42
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net
(298)
64
(234)
(0.40)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
18
(4)
14
0.02
Add: Certain Impairments
19
(4)
15
0.03
Adjustments to Net Income
(261)
56
(205)
(0.35)
Adjusted Net Income (Non-GAAP)
2,274
(491)
1,783
3.07
Average Number of Common Shares
Basic
579
Diluted
581
(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the three months ended December 31, 2023, such amount was $18 million.
24
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
FY 2024
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
8,218
(1,815)
6,403
11.25
Adjustments:
Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
(204)
44
(160)
(0.28)
Net Cash Received from Settlements of Financial Commodity Derivative Contracts (1)
214
(46)
168
0.30
Less: Gains on Asset Dispositions, Net
(16)
3
(13)
(0.02)
Add: Certain Impairments
291
(57)
234
0.41
Less: Severance Tax Refund
(31)
7
(24)
(0.04)
Add: Severance Tax Consulting Fees
10
(2)
8
0.01
Less: Interest on Severance Tax Refund
(5)
1
(4)
(0.01)
Adjustments to Net Income
259
(50)
209
0.37
Adjusted Net Income (Non-GAAP)
8,477
(1,865)
6,612
11.62
Average Number of Common Shares
Basic
566
Diluted
569
(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG adds to reported Net Income (GAAP) the total net cash received from settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2024, such amount was $214 million.
25
Adjusted Net Income
(Continued)
In millions of USD, except share data (in millions) and per share data (Unaudited)
FY 2023
Before
Tax
Income Tax Impact
After
Tax
Diluted Earnings per Share
Reported Net Income (GAAP)
9,689
(2,095)
7,594
13.00
Adjustments:
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net
(818)
176
(642)
(1.09)
Net Cash Payments for Settlements of Financial Commodity Derivative Contracts (1)
(112)
24
(88)
(0.15)
Less: Gains on Asset Dispositions, Net
(95)
20
(75)
(0.13)
Add: Certain Impairments
42
(6)
36
0.06
Adjustments to Net Income
(983)
214
(769)
(1.31)
Adjusted Net Income (Non-GAAP)
8,706
(1,881)
6,825
11.69
Average Number of Common Shares
Basic
581
Diluted
584
(1) Consistent with its customary practice, in calculating Adjusted Net Income (non-GAAP), EOG subtracts from reported Net Income (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2023, such amount was $112 million.
26
Net Income per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
3Q 2024 Net Income per Share (GAAP) - Diluted
2.95
Realized Price
4Q 2024 Composite Average Wellhead Revenue per Boe
42.74
Less: 3Q 2024 Composite Average Wellhead Revenue per Boe
(44.31)
Subtotal
(1.57)
Multiplied by: 4Q 2024 Crude Oil Equivalent Volumes (MMBoe)
100.8
Total Change in Revenue
(158)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
35
Change in Net Income
(123)
Change in Diluted Earnings per Share
(0.22)
Volumes
4Q 2024 Crude Oil Equivalent Volumes (MMBoe)
100.8
Less: 3Q 2024 Crude Oil Equivalent Volumes (MMBoe)
(99.0)
Subtotal
1.8
Multiplied by: 4Q 2024 Composite Average Margin per Boe (GAAP) (Including Total
Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)
15.88
Change in Margin
29
Less: Income Tax Benefit (Provision) Imputed (based on 22%)
(6)
Change in Net Income
23
Change in Diluted Earnings per Share
0.04
Certain Operating Costs per Boe
3Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe
20.57
Less: 4Q 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe
(20.26)
Subtotal
0.31
Multiplied by: 4Q 2024 Crude Oil Equivalent Volumes (MMBoe)
100.8
Change in Before-Tax Net Income
31
Less: Income Tax Benefit (Provision) Imputed (based on 22%)
(7)
Change in Net Income
24
Change in Diluted Earnings per Share
0.04
27
Net Income Per Share
(Continued)
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
4Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts
(65)
Less: Income Tax Benefit (Provision)
14
After Tax - (a)
(51)
Less: 3Q 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts
79
Less: Income Tax Benefit (Provision)
(17)
After Tax - (b)
62
Change in Net Income - (a) - (b)
(113)
Change in Diluted Earnings per Share
(0.20)
Other (1)
(0.38)
4Q 2024 Net Income per Share (GAAP) - Diluted
2.23
4Q 2024 Average Number of Common Shares - Diluted
561
(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.
28
Net Income per Share
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
FY 2023 Net Income per Share (GAAP)
13.00
Realized Price
FY 2024 Composite Average Wellhead Revenue per Boe
45.22
Less: FY 2023 Composite Average Wellhead Revenue per Boe
(48.34)
Subtotal
(3.12)
Multiplied by: FY 2024 Crude Oil Equivalent Volumes (MMBoe)
388.7
Total Change in Revenue
(1,213)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
267
Change in Net Income
(946)
Change in Diluted Earnings per Share
(1.66)
Volumes
FY 2024 Crude Oil Equivalent Volumes (MMBoe)
388.7
Less: FY 2023 Crude Oil Equivalent Volumes (MMBoe)
(359.4)
Subtotal
29.3
Multiplied by: FY 2024 Composite Average Margin per Boe (GAAP) (Including Total
Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)
19.40
Change in Margin
568
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
(125)
Change in Net Income
443
Change in Diluted Earnings per Share
0.78
Certain Operating Costs per Boe
FY 2023 Total Cash Operating Costs (GAAP) and Total DD&A per Boe
20.05
Less: FY 2024 Total Cash Operating Costs (GAAP) and Total DD&A per Boe
(20.76)
Subtotal
(0.71)
Multiplied by: FY 2024 Crude Oil Equivalent Volumes (MMBoe)
388.7
Change in Before-Tax Net Income
(276)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
61
Change in Net Income
(215)
Change in Diluted Earnings per Share
(0.38)
29
Net Income Per Share
(Continued)
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts, Net
FY 2024 Net Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts
204
Less: Income Tax Benefit (Provision)
(44)
After Tax - (a)
160
Less: FY 2023 Net Gains (Losses) on Mark-to-Market Commodity and Other Derivative Contracts
818
Less: Income Tax Benefit (Provision)
(176)
After Tax - (b)
642
Change in Net Income - (a) - (b)
(482)
Change in Diluted Earnings per Share
(0.85)
Other (1)
0.36
FY 2024 Net Income per Share (GAAP) - Diluted
11.25
FY 2024 Average Number of Common Shares - Diluted
569
(1)Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.
30
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)
3Q 2024 Adjusted Net Income per Share (Non-GAAP) - Diluted
2.89
Realized Price
4Q 2024 Composite Average Wellhead Revenue per Boe
42.74
Less: 3Q 2024 Composite Average Wellhead Revenue per Boe
(44.31)
Subtotal
(1.57)
Multiplied by: 4Q 2024 Crude Oil Equivalent Volumes (MMBoe)
100.8
Total Change in Revenue
(158)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
35
Change in Net Income
(123)
Change in Diluted Earnings per Share
(0.22)
Volumes
4Q 2024 Crude Oil Equivalent Volumes (MMBoe)
100.8
Less: 3Q 2024 Crude Oil Equivalent Volumes (MMBoe)
(99.0)
Subtotal
1.8
Multiplied by: 4Q 2024 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)
18.40
Change in Margin
33
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
(7)
Change in Net Income
26
Change in Diluted Earnings per Share
0.05
Certain Operating Costs per Boe
3Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe
20.47
Less: 4Q 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe
(20.26)
Subtotal
0.21
Multiplied by: 4Q 2024 Crude Oil Equivalent Volumes (MMBoe)
100.8
Change in Before-Tax Net Income
21
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
(5)
Change in Net Income
16
Change in Diluted Earnings per Share
0.03
31
Adjusted Net Income Per Share
(Continued)
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
4Q 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
19
Less: Income Tax Benefit (Provision)
(4)
After Tax - (a)
15
3Q 2024 Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
61
Less: Income Tax Benefit (Provision)
(13)
After Tax - (b)
48
Change in Net Income - (a) - (b)
(33)
Change in Diluted Earnings per Share
(0.06)
Other (1)
0.05
4Q 2024 Adjusted Net Income per Share (Non-GAAP)
2.74
4Q 2024 Average Number of Common Shares - Diluted
561
(1)Includes gathering, processing and marketing revenue, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.
32
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)
FY 2023 Adjusted Net Income per Share (Non-GAAP)
11.69
Realized Price
FY 2024 Composite Average Wellhead Revenue per Boe
45.22
Less: FY 2023 Composite Average Wellhead Revenue per Boe
(48.34)
Subtotal
(3.12)
Multiplied by: FY 2024 Crude Oil Equivalent Volumes (MMBoe)
388.7
Total Change in Revenue
(1,213)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
267
Change in Net Income
(946)
Change in Diluted Earnings per Share
(1.66)
Volumes
FY 2024 Crude Oil Equivalent Volumes (MMBoe)
388.7
Less: FY 2023 Crude Oil Equivalent Volumes (MMBoe)
(359.4)
Subtotal
29.3
Multiplied by: FY 2024 Composite Average Margin per Boe (Non-GAAP)
(Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule below)
20.09
Change in Margin
589
Less: Income Tax Benefit (Provision) Imputed (based on 22%)
(130)
Change in Net Income
459
Change in Diluted Earnings per Share
0.81
Certain Operating Costs per Boe
FY 2023 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe
20.05
Less: FY 2024 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe
(20.74)
Subtotal
(0.69)
Multiplied by: FY 2024 Crude Oil Equivalent Volumes (MMBoe)
388.7
Change in Before-Tax Net Income
(268)
Add: Income Tax Benefit (Provision) Imputed (based on 22%)
59
Change in Net Income
(209)
Change in Diluted Earnings per Share
(0.37)
33
Adjusted Net Income Per Share
(Continued)
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts
FY 2024 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts
214
Less: Income Tax Benefit (Provision)
(46)
After Tax - (a)
168
FY 2023 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative Contracts
(112)
Less: Income Tax Benefit (Provision)
24
After Tax - (b)
(88)
Change in Net Income - (a) - (b)
256
Change in Diluted Earnings per Share
0.45
Other (1)
0.70
FY 2024 Adjusted Net Income per Share (Non-GAAP)
11.62
FY 2024 Average Number of Common Shares (Non-GAAP) - Diluted
569
(1)Includes gathering, processing and marketing revenue, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.
34
Cash Flow from Operations and Free Cash Flow
In millions of USD (Unaudited)
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Cash Flow from Operations Before Changes in Working Capital (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing Activities and certain other adjustments to exclude non-recurring and certain other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Cash Flow from Operations Before Changes in Working Capital (Non-GAAP) (see below reconciliation) for such period less the Total Capital Expenditures (Non-GAAP) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry.
2023
2024
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Net Cash Provided by Operating Activities (GAAP)
3,255
2,277
2,704
3,104
11,340
2,903
2,889
3,588
2,763
12,143
Adjustments:
Changes in Components of Working Capital and Other Assets and Liabilities
Accounts Receivable
(338)
(137)
714
(201)
38
(58)
(33)
(109)
99
(101)
Inventories
77
226
28
(100)
231
(117)
(75)
(30)
(37)
(259)
Accounts Payable
77
231
(238)
49
119
58
(29)
159
(152)
36
Accrued Taxes Payable
(232)
212
(180)
139
(61)
(319)
185
(256)
(151)
(541)
Other Assets
(52)
(43)
92
(36)
(39)
161
(42)
(197)
34
(44)
Other Liabilities
(193)
47
(54)
16
(184)
71
20
(108)
(6)
(23)
Changes in Components of Working Capital Associated with Investing Activities
(35)
(250)
(28)
18
(295)
229
127
(59)
85
382
Cash Flow from Operations Before Changes in Working Capital (Non-GAAP)
2,559
2,563
3,038
2,989
11,149
2,928
3,042
2,988
2,635
11,593
Less:
Total Capital Expenditures (Non-GAAP) (a)
(1,489)
(1,521)
(1,519)
(1,512)
(6,041)
(1,703)
(1,668)
(1,497)
(1,358)
(6,226)
Free Cash Flow (Non-GAAP)
1,070
1,042
1,519
1,477
5,108
1,225
1,374
1,491
1,277
5,367
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):
2023
2024
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Total Expenditures (GAAP)
1,717
1,664
1,803
1,634
6,818
1,952
1,682
1,573
1,446
6,653
Less:
Asset Retirement Costs
(10)
(26)
(191)
(30)
(257)
(21)
60
(11)
(26)
2
Non-Cash Development Drilling
—
(35)
(50)
(5)
(90)
—
—
—
—
—
Non-Cash Acquisition Costs of Unproved Properties
(31)
(28)
(1)
(39)
(99)
(31)
(34)
(17)
(3)
(85)
Acquisition Costs of Proved Properties
(4)
(6)
1
(7)
(16)
(21)
(5)
—
(7)
(33)
Acquisition Costs of Other Property, Plant and Equipment
(133)
(1)
—
—
(134)
(131)
(1)
(5)
—
(137)
Exploration Costs
(50)
(47)
(43)
(41)
(181)
(45)
(34)
(43)
(52)
(174)
Total Capital Expenditures (Non-GAAP)
1,489
1,521
1,519
1,512
6,041
1,703
1,668
1,497
1,358
6,226
35
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.
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
Total Stockholders' Equity - (a)
29,351
29,574
29,159
28,636
28,090
Current and Long-Term Debt (GAAP) - (b)
4,752
3,776
3,784
3,791
3,799
Less: Cash
(7,092)
(6,122)
(5,431)
(5,292)
(5,278)
Net Debt (Non-GAAP) - (c)
(2,340)
(2,346)
(1,647)
(1,501)
(1,479)
Total Capitalization (GAAP) - (a) + (b)
34,103
33,350
32,943
32,427
31,889
Total Capitalization (Non-GAAP) - (a) + (c)
27,011
27,228
27,512
27,135
26,611
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]
13.9
%
11.3
%
11.5
%
11.7
%
11.9
%
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]
-8.7
%
-8.6
%
-6.0
%
-5.5
%
-5.6
%
36
Proved Reserves and Reserve Replacement Data
(Unaudited)
2024 Net Proved Reserves Reconciliation Summary
United
States
Trinidad
Other
International
Total
Crude Oil and Condensate (MMBbl)
Beginning Reserves
1,754
2
—
1,756
Revisions
71
—
—
71
Purchases in Place
3
—
—
3
Extensions, Discoveries and Other Additions
228
—
—
228
Sales in Place
(8)
—
—
(8)
Production
(180)
—
—
(180)
Ending Reserves
1,868
2
—
1,870
Natural Gas Liquids (MMBbl)
Beginning Reserves
1,254
—
—
1,254
Revisions
31
—
—
31
Purchases in Place
2
—
—
2
Extensions, Discoveries and Other Additions
164
—
—
164
Sales in Place
(3)
—
—
(3)
Production
(90)
—
—
(90)
Ending Reserves
1,358
—
—
1,358
Natural Gas (Bcf)
Beginning Reserves
8,630
300
—
8,930
Revisions
(202)
2
—
(200)
Purchases in Place
10
—
—
10
Extensions, Discoveries and Other Additions
1,098
23
—
1,121
Sales in Place
(14)
—
—
(14)
Production
(644)
(81)
—
(725)
Ending Reserves
8,878
244
—
9,122
Oil Equivalents (MMBoe)
Beginning Reserves
4,447
51
—
4,498
Revisions
68
1
—
69
Purchases in Place
6
—
—
6
Extensions, Discoveries and Other Additions
576
4
—
580
Sales in Place
(14)
—
—
(14)
Production
(377)
(14)
—
(391)
Ending Reserves
4,706
42
—
4,748
Net Proved Developed Reserves (MMBoe)
At December 31, 2023
2,322
27
—
2,349
At December 31, 2024
2,542
24
—
2,566
2024 Exploration and Development Expenditures ($ Millions)
Acquisition Cost of Unproved Properties
229
—
1
230
Exploration Costs
286
115
28
429
Development Costs
4,820
124
—
4,944
Total Drilling
5,335
239
29
5,603
Acquisition Cost of Proved Properties
33
—
—
33
Asset Retirement Costs
(37)
8
27
(2)
Total Exploration and Development Expenditures
5,331
247
56
5,634
Gathering, Processing and Other
1,017
2
—
1,019
Total Expenditures
6,348
249
56
6,653
Proceeds from Sales in Place
(23)
—
—
(23)
Net Expenditures
6,325
249
56
6,630
Reserve Replacement Costs ($ / Boe) *
All-in Total, Net of Revisions
7.85
47.00
—
8.17
All-in Total, Excluding Revisions Due to Price
6.41
47.00
—
6.68
Reserve Replacement *
Drilling Only
153
%
29
%
0
%
148
%
All-in Total, Net of Revisions and Dispositions
169
%
36
%
0
%
164
%
All-in Total, Excluding Revisions Due to Price
207
%
36
%
0
%
201
%
All-in Total, Liquids
181
%
0
%
0
%
181
%
* See following reconciliation schedule for calculation methodology
37
Reserve Replacement Cost Data
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2024
United
States
Trinidad
Other
International
Total
Total Costs Incurred in Exploration and Development Activities (GAAP)
5,331
247
56
5,634
Less: Asset Retirement Costs
37
(8)
(27)
2
Non-Cash Acquisition Costs of Unproved Properties
(85)
—
—
(85)
Total Acquisition Costs of Proved Properties
(33)
—
—
(33)
Exploration Expenses
(154)
(4)
(16)
(174)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)
5,096
235
13
5,344
Total Costs Incurred in Exploration and Development Activities (GAAP)
5,331
247
56
5,634
Less: Asset Retirement Costs
37
(8)
(27)
2
Non-Cash Acquisition Costs of Unproved Properties
(85)
—
—
(85)
Non-Cash Acquisition Costs of Proved Properties
(24)
—
—
(24)
Exploration Expenses
(154)
(4)
(16)
(174)
Total Exploration and Development Expenditures (Non-GAAP) - (b)
5,105
235
13
5,353
Total Expenditures (GAAP)
6,348
249
56
6,653
Less: Asset Retirement Costs
37
(8)
(27)
2
Non-Cash Acquisition Costs of Unproved Properties
(85)
—
—
(85)
Non-Cash Acquisition Costs of Proved Properties
(24)
—
—
(24)
Exploration Expenses
(154)
(4)
(16)
(174)
Total Cash Expenditures (Non-GAAP)
6,122
237
13
6,372
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (c)
(146)
—
—
(146)
Revisions Other Than Price
214
1
—
215
Purchases in Place
6
—
—
6
Extensions, Discoveries and Other Additions - (d)
576
4
—
580
Total Proved Reserve Additions - (e)
650
5
—
655
Sales in Place
(14)
—
—
(14)
Net Proved Reserve Additions From All Sources - (f)
636
5
—
641
Production - (g)
377
14
—
391
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / d)
8.85
58.75
—
9.21
All-in Total, Net of Revisions - (b / e)
7.85
47.00
—
8.17
All-in Total, Excluding Revisions Due to Price - (b / (e - c))
6.41
47.00
—
6.68
Reserve Replacement
Drilling Only - (d / g)
153
%
29
%
0
%
148
%
All-in Total, Net of Revisions and Dispositions - (f / g)
169
%
36
%
0
%
164
%
All-in Total, Excluding Revisions Due to Price - ((f - c) / g)
207
%
36
%
0
%
201
%
38
Reserve Replacement Cost Data
(Continued)
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2024
United
States
Trinidad
Other
International
Total
Net Proved Reserve Additions From All Sources - Liquids (MMBbl)
Revisions
102
—
—
102
Purchases in Place
5
—
—
5
Extensions, Discoveries and Other Additions - (h)
392
—
—
392
Total Proved Reserve Additions
499
—
—
499
Sales in Place
(11)
—
—
(11)
Net Proved Reserve Additions From All Sources - (i)
488
—
—
488
Production - (j)
270
—
—
270
Reserve Replacement - Liquids
Drilling Only - (h / j)
145
%
0
%
0
%
145
%
All-in Total, Net of Revisions and Dispositions - (i / j)
181
%
0
%
0
%
181
%
39
Reserve Replacement Cost Data
(Continued)
(Unaudited; in millions, except ratio data)
For the Twelve Months Ended December 31, 2024
Proved Developed Reserve Replacement Costs ($ / Boe)
Total
Total Costs Incurred in Exploration and Development Activities (GAAP) - (k)
5,634
Less: Asset Retirement Costs
2
Acquisition Costs of Unproved Properties
(230)
Acquisition Costs of Proved Properties
(33)
Exploration Expenses
(174)
Drillbit Exploration and Development Expenditures (Non-GAAP) - (l)
5,199
Total Proved Reserves - Extensions, Discoveries and Other Additions (MMBoe)
580
Add: Conversion of Proved Undeveloped Reserves to Proved Developed
370
Less: Proved Undeveloped Extensions and Discoveries
(479)
Proved Developed Reserves - Extensions and Discoveries (MMBoe)
471
Total Proved Reserves - Revisions (MMBoe)
69
Less: Proved Undeveloped Reserves - Revisions
66
Proved Developed - Revisions Due to Price
41
Proved Developed Reserves - Revisions Other Than Price (MMBoe)
176
Proved Developed Reserves - Extensions and Discoveries Plus Revisions Other Than Price (MMBoe) - (m)
647
Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) (GAAP) - (k / m)
8.71
Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) (Non-GAAP) - (l / m)
8.04
40
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.
2024
2023
2022
2021
Total Costs Incurred in Exploration and Development Activities (GAAP)
5,634
6,018
5,229
3,969
Less: Asset Retirement Costs
2
(257)
(298)
(127)
Non-Cash Acquisition Costs of Unproved Properties
(85)
(99)
(127)
(45)
Total Acquisition Costs of Proved Properties
(33)
(16)
(419)
(100)
Non-Cash Development Drilling
—
(90)
—
—
Exploration Expenses
(174)
(181)
(159)
(154)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)
5,344
5,375
4,226
3,543
Total Costs Incurred in Exploration and Development Activities (GAAP) - (b)
5,634
6,018
5,229
3,969
Less: Asset Retirement Costs
2
(257)
(298)
(127)
Non-Cash Acquisition Costs of Unproved Properties
(85)
(99)
(127)
(45)
Non-Cash Acquisition Costs of Proved Properties
(24)
(6)
(26)
(5)
Non-Cash Development Drilling
—
(90)
—
—
Exploration Expenses
(174)
(181)
(159)
(154)
Total Exploration and Development Expenditures (Non-GAAP) - (c)
5,353
5,385
4,619
3,638
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (d)
(146)
(110)
11
194
Revisions Other Than Price
215
139
325
(308)
Purchases in Place
6
2
16
9
Extensions, Discoveries and Other Additions - (e)
580
607
560
952
Total Proved Reserve Additions - (f)
655
638
912
847
Sales in Place
(14)
(17)
(88)
(11)
Net Proved Reserve Additions From All Sources
641
621
824
836
Production
391
361
333
309
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / e)
9.21
8.86
7.55
3.72
All-in Total, Net of Revisions - (c / f)
8.17
8.44
5.06
4.30
All-in Total, Excluding Revisions Due to Price (GAAP) - (b / ( f - d))
7.03
8.05
5.80
6.08
All-in Total, Excluding Revisions Due to Price (Non-GAAP) - (c / ( f - d))
6.68
7.20
5.13
5.57
41
Reserve Replacement Cost Data
(Continued)
In millions of USD, except reserves and ratio data (Unaudited)
2020
2019
2018
Total Costs Incurred in Exploration and Development Activities (GAAP)
3,718
6,628
6,420
Less: Asset Retirement Costs
(117)
(186)
(70)
Non-Cash Acquisition Costs of Unproved Properties
(197)
(98)
(291)
Total Acquisition Costs of Proved Properties
(135)
(380)
(124)
Exploration Expenses
(146)
(140)
(149)
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)
3,123
5,824
5,786
Total Costs Incurred in Exploration and Development Activities (GAAP) - (b)
3,718
6,628
6,420
Less: Asset Retirement Costs
(117)
(186)
(70)
Non-Cash Acquisition Costs of Unproved Properties
(197)
(98)
(291)
Non-Cash Acquisition Costs of Proved Properties
(15)
(52)
(71)
Exploration Expenses
(146)
(140)
(149)
Total Exploration and Development Expenditures (Non-GAAP) - (c)
3,243
6,152
5,839
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)
Revisions Due to Price - (d)
(278)
(60)
35
Revisions Other Than Price
(89)
—
(40)
Purchases in Place
10
17
12
Extensions, Discoveries and Other Additions - (e)
564
750
670
Total Proved Reserve Additions - (f)
207
707
677
Sales in Place
(31)
(5)
(11)
Net Proved Reserve Additions From All Sources
176
702
666
Production
285
301
265
Reserve Replacement Costs ($ / Boe)
Total Drilling, Before Revisions - (a / e)
5.54
7.77
8.64
All-in Total, Net of Revisions - (c / f)
15.67
8.70
8.62
All-in Total, Excluding Revisions Due to Price (GAAP) - (b / ( f - d))
7.67
8.64
10.00
All-in Total, Excluding Revisions Due to Price (Non-GAAP) - (c / ( f - d))
6.69
8.02
9.10
Definitions
$/Boe
U.S. Dollars per barrel of oil equivalent
MMBoe
Million barrels of oil equivalent
42
Revenues, Costs and Margins Per Barrel of Oil Equivalent
In millions of USD, except Boe and per Boe amounts (Unaudited)
EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or margins per barrel of oil equivalent (Boe). Certain of these components are adjusted for non-recurring and certain other items, as further discussed below. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.
4Q 2024
3Q 2024
2Q 2024
1Q 2024
4Q 2023
Volume - Million Barrels of Oil Equivalent - (a)
100.8
99.0
95.3
93.6
94.4
Total Operating Revenues and Other (b)
5,585
5,965
6,025
6,123
6,357
Total Operating Expenses (c)
3,993
3,876
3,895
3,852
3,853
Operating Income (d)
1,592
2,089
2,130
2,271
2,504
Wellhead Revenues
Crude Oil and Condensate
3,261
3,488
3,692
3,480
3,597
Natural Gas Liquids
554
524
515
513
484
Natural Gas
494
372
303
382
476
Total Wellhead Revenues - (e)
4,309
4,384
4,510
4,375
4,557
Operating Costs
Lease and Well
394
392
390
396
378
Gathering, Processing and Transportation Costs (1)
441
445
423
413
423
General and Administrative (GAAP)
189
167
151
162
192
Less: Severance Tax Consulting Fees
—
(10)
—
—
—
General and Administrative (Non-GAAP) (3)
189
157
151
162
192
Taxes Other Than Income (GAAP)
291
283
337
338
301
Add: Severance Tax Refund
—
31
—
—
—
Taxes Other Than Income (Non-GAAP) (4)
291
314
337
338
301
Interest Expense, Net
38
31
36
33
35
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) (f)
1,353
1,318
1,337
1,342
1,329
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) (g)
1,353
1,339
1,337
1,342
1,329
Depreciation, Depletion and Amortization (DD&A)
1,019
1,031
984
1,074
930
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)
2,372
2,349
2,321
2,416
2,259
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)
2,372
2,370
2,321
2,416
2,259
Exploration Costs
52
43
34
45
41
Dry Hole Costs
8
—
5
1
—
Impairments
276
15
81
19
79
Total Exploration Costs (GAAP)
336
58
120
65
120
Less: Certain Impairments (2)
(254)
—
(35)
(2)
(19)
Total Exploration Costs (Non-GAAP)
82
58
85
63
101
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)
2,708
2,407
2,441
2,481
2,379
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)
2,454
2,428
2,406
2,479
2,360
Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))
1,601
1,977
2,069
1,894
2,178
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))
1,855
1,956
2,104
1,896
2,197
43
Revenues, Costs and Margins Per Barrel of Oil Equivalent
(Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
4Q 2024
3Q 2024
2Q 2024
1Q 2024
4Q 2023
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)
55.41
60.25
63.22
65.42
67.34
Composite Average Operating Expenses per Boe - (c) / (a)
39.62
39.15
40.87
41.16
40.81
Composite Average Operating Income per Boe - (d) / (a)
15.79
21.10
22.35
24.26
26.53
Composite Average Wellhead Revenue per Boe - (e) / (a)
42.74
44.31
47.31
46.73
48.27
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)
13.42
13.32
14.03
14.33
14.08
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]
29.32
30.99
33.28
32.40
34.19
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)
23.53
23.74
24.35
25.80
23.93
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]
19.21
20.57
22.96
20.93
24.34
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)
26.86
24.33
25.61
26.49
25.20
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]
15.88
19.98
21.70
20.24
23.07
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)
13.42
13.53
14.03
14.33
14.08
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]
29.32
30.78
33.28
32.40
34.19
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)
23.53
23.95
24.35
25.80
23.93
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]
19.21
20.36
22.96
20.93
24.34
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)
24.34
24.54
25.24
26.47
25.00
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]
18.40
19.77
22.07
20.26
23.27
44
Revenues, Costs and Margins Per Barrel of Oil Equivalent
(Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
2024
2023
2022
2021
Volume - Million Barrels of Oil Equivalent - (a)
388.7
359.4
331.5
302.5
Total Operating Revenues and Other (b)
23,698
24,186
25,702
18,642
Total Operating Expenses (c)
15,616
14,583
15,736
12,540
Operating Income (Loss) (d)
8,082
9,603
9,966
6,102
Wellhead Revenues
Crude Oil and Condensate
13,921
13,748
16,367
11,125
Natural Gas Liquids
2,106
1,884
2,648
1,812
Natural Gas
1,551
1,744
3,781
2,444
Total Wellhead Revenues - (e)
17,578
17,376
22,796
15,381
Operating Costs
Lease and Well
1,572
1,454
1,331
1,135
Gathering, Processing and Transportation Costs (1)
1,722
1,620
1,587
1,422
General and Administrative (GAAP)
669
640
570
511
Less: Severance Tax Consulting Fees
(10)
—
(16)
—
General and Administrative (Non-GAAP) (3)
659
640
554
511
Taxes Other Than Income (GAAP)
1,249
1,284
1,585
1,047
Add: Severance Tax Refund
31
—
115
—
Taxes Other Than Income (Non-GAAP) (4)
1,280
1,284
1,700
1,047
Interest Expense, Net
138
148
179
178
Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)
5,350
5,146
5,252
4,293
Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)
5,371
5,146
5,351
4,293
Depreciation, Depletion and Amortization (DD&A)
4,108
3,492
3,542
3,651
Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)
9,458
8,638
8,794
7,944
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)
9,479
8,638
8,893
7,944
Exploration Costs
174
181
159
154
Dry Hole Costs
14
1
45
71
Impairments
391
202
382
376
Total Exploration Costs (GAAP)
579
384
586
601
Less: Certain Impairments (2)
(291)
(42)
(113)
(15)
Total Exploration Costs (Non-GAAP)
288
342
473
586
Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)
10,037
9,022
9,380
8,545
Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)
9,767
8,980
9,366
8,530
Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP))
7,541
8,354
13,416
6,836
Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP))
7,811
8,396
13,430
6,851
45
Revenues, Costs and Margins Per Barrel of Oil Equivalent
(Continued)
In millions of USD, except Boe and per Boe amounts (Unaudited)
2024
2023
2022
2021
Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)
Composite Average Operating Revenues and Other per Boe - (b) / (a)
60.97
67.30
77.53
61.63
Composite Average Operating Expenses per Boe - (c) / (a)
40.18
40.58
47.47
41.46
Composite Average Operating Income (Loss) per Boe - (d) / (a)
20.79
26.72
30.06
20.17
Composite Average Wellhead Revenue per Boe - (e) / (a)
45.22
48.34
68.77
50.84
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a)
13.76
14.31
15.84
14.19
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)]
31.46
34.03
52.93
36.65
Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)
24.33
24.03
26.53
26.26
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)]
20.89
24.31
42.24
24.58
Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)
25.82
25.10
28.30
28.25
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)]
19.40
23.24
40.47
22.59
Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)
Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (g) / (a)
13.82
14.31
16.14
14.19
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)]
31.40
34.03
52.63
36.65
Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)
24.39
24.03
26.83
26.26
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)]
20.83
24.31
41.94
24.58
Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)
25.13
24.98
28.26
28.20
Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)]
20.09
23.36
40.51
22.64
(1)Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.
(2)In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total exploration costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG’s control (versus, for example, impairments that are due to EOG’s proved oil and gas properties not being as productive as it originally estimated).
(3)EOG believes excluding the above-referenced items from General and Administrative Costs is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
(4)EOG believes excluding the above-referenced items from Taxes Other Than Income is appropriate and provides useful information to investors, as EOG views such items as non-recurring.
46
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | — | — |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | — |
| Recession recession, downturn, contraction, slowdown | 0 | — | — |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | — | — |
| Buybacks share repurchase, buyback program | 0 | — | — |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Source: SEC EDGAR · public domain · Highlights by Palanor