8-K
Eog Resources Inc (EOG)
8-K
2022-02-24
For: 2022-02-24
View Original
Added on
April 09, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 24, 2022
_______________
EOG RESOURCES, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 1-9743 | 47-0684736 |
|---|---|---|
| (State or other jurisdiction<br> of incorporation) | (Commission File<br> Number) | (I.R.S. Employer<br>Identification No.) |
1111 Bagby, Sky Lobby 2
Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
713-651-7000
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.01 per share | EOG | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
EOG RESOURCES, INC.
Item 2.02 Results of Operations and Financial Condition.
On February 24, 2022, EOG Resources, Inc. issued a press release announcing fourth quarter 2021 financial and operational results and first quarter and full year 2022 forecast and benchmark commodity pricing information (see Item 7.01 below). A copy of this release is attached as Exhibit 99.1 to this filing and is incorporated herein by reference. This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.
Item 7.01 Regulation FD Disclosure.
Accompanying the press release announcing fourth quarter 2021 financial and operational results attached hereto as Exhibit 99.1 is first quarter and full year 2022 forecast and benchmark commodity pricing information for EOG Resources, Inc., which information is incorporated herein by reference. This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
104 Cover Page Interactive Data File (formatted as Inline XBRL).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EOG RESOURCES, INC.<br>(Registrant) | ||
|---|---|---|
| Date: February 24, 2022 | By: | /s/ TIMOTHY K. DRIGGERS<br><br>Timothy K. Driggers<br><br>Executive Vice President and Chief Financial Officer<br><br>(Principal Financial Officer and Duly Authorized Officer) |
3
Document
EXHIBIT 99.1
| Table of Contents |  |
|||
|---|---|---|---|---|
| Fourth Quarter 2021 | ||||
| Supplemental Financial and Operating Data | Page | |||
| Income Statements | 15 | |||
| Wellhead Volumes and Prices | 16 | |||
| Balance Sheets | 17 | |||
| Cash Flows Statements | 18 | |||
| Non-GAAP Financial Measures | 19 | |||
| Adjusted Net Income (Loss) | 20 | |||
| Adjusted Net Income Per Share | 23 | |||
| Discretionary Cash Flow and Free Cash Flow | 27 | |||
| Total Expenditures | 31 | |||
| EBITDAX and Adjusted EBITDAX | 32 | |||
| Net Debt-to-Total Capitalization Ratio | 33 | |||
| Proved Reserves and Reserve Replacement Data | 39 | |||
| Reserve Replacement Cost Data | 40 | |||
| Financial Commodity Derivative Contracts | 44 | |||
| Direct After-Tax Rate of Return | 47 | |||
| ROCE & ROE | 48 | |||
| Revenues, Costs and Margins Per Barrel of Oil Equivalent | 52 | |||
| Income Statements | |
|||
| --- | --- | --- | --- | --- |
| In millions of , except share data (in millions) and per share data (Unaudited) | ||||
| 3Q 2021 | 4Q 2020 | FY 2021 | FY 2020 | |
| Operating Revenues and Other | ||||
| Crude Oil and Condensate | 2,929 | 1,711 | 11,125 | 5,786 |
| Natural Gas Liquids | 548 | 229 | 1,812 | 668 |
| Natural Gas | 568 | 302 | 2,444 | 837 |
| Gains (Losses) on Mark-to-Market Commodity Derivative Contracts | (494) | 70 | (1,152) | 1,145 |
| Gathering, Processing and Marketing | 1,186 | 643 | 4,288 | 2,583 |
| Gains (Losses) on Asset Dispositions, Net | 1 | (6) | 17 | (47) |
| Other, Net | 27 | 16 | 108 | 60 |
| Total | 4,765 | 2,965 | 18,642 | 11,032 |
| Operating Expenses | ||||
| Lease and Well | 270 | 261 | 1,135 | 1,063 |
| Transportation Costs | 219 | 195 | 863 | 735 |
| Gathering and Processing Costs | 145 | 119 | 559 | 459 |
| Exploration Costs | 44 | 41 | 154 | 146 |
| Dry Hole Costs | 4 | — | 71 | 13 |
| Impairments | 82 | 143 | 376 | 2,100 |
| Marketing Costs | 1,184 | 621 | 4,173 | 2,698 |
| Depreciation, Depletion and Amortization | 927 | 870 | 3,651 | 3,400 |
| General and Administrative | 142 | 113 | 511 | 484 |
| Taxes Other Than Income | 277 | 114 | 1,047 | 478 |
| Total | 3,294 | 2,477 | 12,540 | 11,576 |
| Operating Income (Loss) | 1,471 | 488 | 6,102 | (544) |
| Other Income (Expense), Net | 6 | (7) | 9 | 10 |
| Income (Loss) Before Interest Expense and Income Taxes | 1,477 | 481 | 6,111 | (534) |
| Interest Expense, Net | 48 | 53 | 178 | 205 |
| Income (Loss) Before Income Taxes | 1,429 | 428 | 5,933 | (739) |
| Income Tax Provision (Benefit) | 334 | 91 | 1,269 | (134) |
| Net Income (Loss) | 1,095 | 337 | 4,664 | (605) |
| Dividends Declared per Common Share | 0.4125 | 0.3750 | 4.9875 | 1.5000 |
| Net Income (Loss) Per Share | ||||
| Basic | 1.88 | 0.58 | 8.03 | (1.04) |
| Diluted | 1.88 | 0.58 | 7.99 | (1.04) |
| Average Number of Common Shares | ||||
| Basic | 581 | 580 | 581 | 579 |
| Diluted | 584 | 581 | 584 | 579 |
All values are in US Dollars.
| Wellhead Volumes and Prices | |
|||||||
|---|---|---|---|---|---|---|---|---|
| (Unaudited) | ||||||||
| 4Q 2020 | % Change | 3Q 2021 | FY 2021 | FY 2020 | % Change | |||
| Crude Oil and Condensate Volumes (MBbld) (A) | ||||||||
| United States | 442.4 | 2 | % | 448.3 | 443.4 | 408.1 | 9 | % |
| Trinidad | 2.3 | -61 | % | 1.2 | 1.5 | 1.0 | 50 | % |
| Other International (B) | 0.1 | -100 | % | — | 0.1 | 0.1 | 0 | % |
| Total | 444.8 | 1 | % | 449.5 | 445.0 | 409.2 | 9 | % |
| Average Crude Oil and Condensate Prices (/Bbl) (C) | ||||||||
| United States | 41.86 | 87 | % | 70.88 | 68.54 | 38.65 | 77 | % |
| Trinidad | 32.91 | 103 | % | 60.19 | 56.26 | 30.20 | 86 | % |
| Other International (B) | 35.90 | -100 | % | — | 42.36 | 43.08 | -2 | % |
| Composite | 41.81 | 87 | % | 70.85 | 68.50 | 38.63 | 77 | % |
| Natural Gas Liquids Volumes (MBbld) (A) | ||||||||
| United States | 141.4 | 11 | % | 157.9 | 144.5 | 136.0 | 6 | % |
| Total | 141.4 | 11 | % | 157.9 | 144.5 | 136.0 | 6 | % |
| Average Natural Gas Liquids Prices (/Bbl) (C) | ||||||||
| United States | 17.54 | 130 | % | 37.72 | 34.35 | 13.41 | 156 | % |
| Composite | 17.54 | 130 | % | 37.72 | 34.35 | 13.41 | 156 | % |
| Natural Gas Volumes (MMcfd) (A) | ||||||||
| United States | 1,075 | 24 | % | 1,210 | 1,210 | 1,040 | 16 | % |
| Trinidad | 192 | 7 | % | 212 | 217 | 180 | 21 | % |
| Other International (B) | 25 | -100 | % | — | 9 | 32 | -72 | % |
| Total | 1,292 | 19 | % | 1,422 | 1,436 | 1,252 | 15 | % |
| Average Natural Gas Prices (/Mcf) (C) | ||||||||
| United States | 2.29 | 180 | % | 4.50 | 4.88 | 1.61 | 203 | % |
| Trinidad | 3.57 | -3 | % | 3.39 | 3.40 | 2.57 | 32 | % |
| Other International (B) | 5.47 | -100 | % | — | 5.67 | 4.66 | 22 | % |
| Composite | 2.54 | 136 | % | 4.34 | 4.66 | 1.83 | 155 | % |
| Crude Oil Equivalent Volumes (MBoed) (D) | ||||||||
| United States | 763.0 | 8 | % | 807.9 | 789.6 | 717.5 | 10 | % |
| Trinidad | 34.2 | 3 | % | 36.5 | 37.7 | 30.9 | 22 | % |
| Other International (B) | 4.3 | -100 | % | — | 1.6 | 5.4 | -70 | % |
| Total | 801.5 | 8 | % | 844.4 | 828.9 | 753.8 | 10 | % |
| Total MMBoe (D) | 73.7 | 8 | % | 77.7 | 302.5 | 275.9 | 10 | % |
| (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 Consolidated Financial Statements in EOG's Annual Report on Form 10-K for the year ended December 31, 2021). | ||||||||
| (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. |
All values are in US Dollars.
| Balance Sheets | |
|---|---|
| In millions of , except share data (Unaudited) | |
| December 31, | |
| 2020 | |
| Current Assets | |
| Cash and Cash Equivalents | 3,329 |
| Accounts Receivable, Net | 1,522 |
| Inventories | 629 |
| Assets from Price Risk Management Activities | 65 |
| Income Taxes Receivable | 23 |
| Other | 294 |
| Total | 5,862 |
| Property, Plant and Equipment | |
| Oil and Gas Properties (Successful Efforts Method) | 64,793 |
| Other Property, Plant and Equipment | 4,479 |
| Total Property, Plant and Equipment | 69,272 |
| Less: Accumulated Depreciation, Depletion and Amortization | (40,673) |
| Total Property, Plant and Equipment, Net | 28,599 |
| Deferred Income Taxes | 2 |
| Other Assets | 1,342 |
| Total Assets | 35,805 |
| Current Liabilities | |
| Accounts Payable | 1,681 |
| Accrued Taxes Payable | 206 |
| Dividends Payable | 217 |
| Liabilities from Price Risk Management Activities | — |
| Current Portion of Long-Term Debt | 781 |
| Current Portion of Operating Lease Liabilities | 295 |
| Other | 280 |
| Total | 3,460 |
| Long-Term Debt | 5,035 |
| Other Liabilities | 2,149 |
| Deferred Income Taxes | 4,859 |
| Commitments and Contingencies | |
| Stockholders' Equity | |
| Common Stock, 0.01 Par, 1,280,000,000 Shares Authorized and 585,521,512 Shares and 583,694,850 Shares Issued at December 31, 2021 and 2020, respectively | 206 |
| Additional Paid in Capital | 5,945 |
| Accumulated Other Comprehensive Loss | (12) |
| Retained Earnings | 14,170 |
| Common Stock Held in Treasury, 257,268 Shares and 124,265 Shares at December 31, 2021 and 2020, respectively | (7) |
| Total Stockholders' Equity | 20,302 |
| Total Liabilities and Stockholders' Equity | 35,805 |
All values are in US Dollars.
| Cash Flows Statements | |
|||
|---|---|---|---|---|
| In millions of (Unaudited) | ||||
| 4Q 2020 | 3Q 2021 | FY 2021 | FY 2020 | |
| Cash Flows from Operating Activities | ||||
| Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities: | ||||
| Net Income (Loss) | 337 | 1,095 | 4,664 | (605) |
| Items Not Requiring (Providing) Cash | ||||
| Depreciation, Depletion and Amortization | 870 | 927 | 3,651 | 3,400 |
| Impairments | 143 | 82 | 376 | 2,100 |
| Stock-Based Compensation Expenses | 33 | 51 | 152 | 146 |
| Deferred Income Taxes | 55 | (111) | (122) | (186) |
| (Gains) Losses on Asset Dispositions, Net | 6 | (1) | (17) | 47 |
| Other, Net | 10 | 2 | 13 | 12 |
| Dry Hole Costs | — | 4 | 71 | 13 |
| Mark-to-Market Commodity Derivative Contracts | ||||
| Total (Gains) Losses | (70) | 494 | 1,152 | (1,145) |
| Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts | 72 | (293) | (638) | 1,071 |
| Other, Net | 2 | 7 | 7 | 1 |
| Changes in Components of Working Capital and Other Assets and Liabilities | ||||
| Accounts Receivable | (464) | (145) | (821) | 467 |
| Inventories | 31 | (6) | (13) | 123 |
| Accounts Payable | 427 | (68) | 456 | (795) |
| Accrued Taxes Payable | (61) | 206 | 312 | (49) |
| Other Assets | (90) | 167 | (136) | 325 |
| Other Liabilities | 21 | (260) | (116) | 8 |
| Changes in Components of Working Capital Associated with Investing Activities | (201) | 45 | (200) | 75 |
| Net Cash Provided by Operating Activities | 1,121 | 2,196 | 8,791 | 5,008 |
| Investing Cash Flows | ||||
| Additions to Oil and Gas Properties | (785) | (846) | (3,638) | (3,244) |
| Additions to Other Property, Plant and Equipment | (56) | (50) | (212) | (221) |
| Proceeds from Sales of Assets | 3 | 8 | 231 | 192 |
| Changes in Components of Working Capital Associated with Investing Activities | 201 | (45) | 200 | (75) |
| Net Cash Used in Investing Activities | (637) | (933) | (3,419) | (3,348) |
| Financing Cash Flows | ||||
| Long-Term Debt Borrowings | — | — | — | 1,484 |
| Long-Term Debt Repayments | — | — | (750) | (1,000) |
| Dividends Paid | (220) | (820) | (2,684) | (821) |
| Treasury Stock Purchased | (1) | (21) | (41) | (16) |
| Proceeds from Stock Options Exercised and Employee Stock Purchase Plan | 8 | — | 19 | 16 |
| Debt Issuance Costs | — | — | — | (3) |
| Repayment of Finance Lease Liabilities | (6) | (9) | (37) | (19) |
| Net Cash Used in Financing Activities | (219) | (850) | (3,493) | (359) |
| Effect of Exchange Rate Changes on Cash | (2) | — | 1 | — |
| Increase in Cash and Cash Equivalents | 263 | 413 | 1,880 | 1,301 |
| Cash and Cash Equivalents at Beginning of Period | 3,066 | 3,880 | 3,329 | 2,028 |
| Cash and Cash Equivalents at End of Period | 3,329 | 4,293 | 5,209 | 3,329 |
All values are in US Dollars.
| 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), Discretionary Cash Flow, 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 , 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 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. | |||
| Income Tax Impact | After<br>Tax | Diluted Earnings per Share | |
| Reported Net Income (GAAP) | (514) | 1,985 | 3.39 |
| Adjustments: | |||
| Gains on Mark-to-Market Commodity Derivative Contracts | 32 | (104) | (0.17) |
| Net Cash Payments for Settlements of Commodity Derivative Contracts | 25 | (97) | (0.17) |
| Add: Losses on Asset Dispositions, Net | (7) | 22 | 0.04 |
| Add: Certain Impairments | — | — | — |
| Adjustments to Net Income | 50 | (179) | (0.30) |
| Adjusted Net Income (Non-GAAP) | (464) | 1,806 | 3.09 |
| Average Number of Common Shares (GAAP) | |||
| Basic | 581 | ||
| Diluted | 585 | ||
| Average Number of Common Shares (Non-GAAP) | |||
| Basic | 581 | ||
| Diluted | 585 |
All values are in US Dollars.
| Adjusted Net Income (Loss) (Continued) | |||
|---|---|---|---|
| In millions of , except share data (in millions) and per share data (Unaudited) | |||
| Income Tax Impact | After<br>Tax | Diluted Earnings per Share | |
| Reported Net Income (GAAP) | (91) | 337 | 0.58 |
| Adjustments: | |||
| Gains on Mark-to-Market Commodity Derivative Contracts | 15 | (55) | (0.10) |
| Net Cash Received from Settlements of Commodity Derivative Contracts | (16) | 56 | 0.10 |
| Add: Losses on Asset Dispositions, Net | (1) | 5 | 0.01 |
| Add: Certain Impairments | (18) | 68 | 0.12 |
| Adjustments to Net Income | (20) | 74 | 0.13 |
| Adjusted Net Income (Non-GAAP) | (111) | 411 | 0.71 |
| Average Number of Common Shares (GAAP) | |||
| Basic | 580 | ||
| Diluted | 581 | ||
| Average Number of Common Shares (Non-GAAP) | |||
| Basic | 580 | ||
| Diluted | 581 |
All values are in US Dollars.
| 3Q 2021 | ||||
|---|---|---|---|---|
| Before<br>Tax | Income Tax Impact | After<br>Tax | Diluted Earnings per Share | |
| Reported Net Income (GAAP) | 1,429 | (334) | 1,095 | 1.88 |
| Adjustments: | ||||
| Losses on Mark-to-Market Commodity Derivative Contracts | 494 | (108) | 386 | 0.65 |
| Net Cash Payments for Settlements of Commodity Derivative Contracts | (293) | 64 | (229) | (0.39) |
| Less: Gains on Asset Dispositions, Net | (1) | — | (1) | — |
| Add: Certain Impairments | 13 | — | 13 | 0.02 |
| Adjustments to Net Income | 213 | (44) | 169 | 0.28 |
| Adjusted Net Income (Non-GAAP) | 1,642 | (378) | 1,264 | 2.16 |
| Average Number of Common Shares (GAAP) | ||||
| Basic | 581 | |||
| Diluted | 584 | |||
| Average Number of Common Shares (Non-GAAP) | ||||
| Basic | 581 | |||
| Diluted | 584 | |||
| Adjusted Net Income (Loss) (Continued) | ||||
| --- | --- | --- | --- | |
| In millions of , except share data (in millions) and per share data (Unaudited) | ||||
| Income Tax Impact | After<br>Tax | Diluted Earnings per Share | ||
| Reported Net Income (GAAP) | (1,269) | 4,664 | 7.99 | |
| Adjustments: | ||||
| Losses on Mark-to-Market Commodity Derivative Contracts | (250) | 902 | 1.54 | |
| Net Cash Payments for Settlements of Commodity Derivative Contracts | 138 | (500) | (0.86) | |
| Less: Gains on Asset Dispositions, Net | 9 | (8) | (0.01) | |
| Add: Certain Impairments | — | 15 | 0.03 | |
| Less: Tax Benefits Related to Exiting Canada Operations | (45) | (45) | (0.08) | |
| Adjustments to Net Income | (148) | 364 | 0.62 | |
| Adjusted Net Income (Non-GAAP) | (1,417) | 5,028 | 8.61 | |
| Average Number of Common Shares (GAAP) | ||||
| Basic | 581 | |||
| Diluted | 584 | |||
| Average Number of Common Shares (Non-GAAP) | ||||
| Basic | 581 | |||
| Diluted | 584 |
All values are in US Dollars.
| FY 2020 | ||||
|---|---|---|---|---|
| Before<br>Tax | Income Tax Impact | After<br>Tax | Diluted Earnings per Share | |
| Reported Net Loss (GAAP) | (739) | 134 | (605) | (1.04) |
| Adjustments: | ||||
| Gains on Mark-to-Market Commodity Derivative Contracts | (1,145) | 251 | (894) | (1.55) |
| Net Cash Received from Settlements of Commodity Derivative Contracts | 1,071 | (235) | 836 | 1.44 |
| Add: Losses on Asset Dispositions, Net | 47 | (10) | 37 | 0.06 |
| Add: Certain Impairments | 1,868 | (392) | 1,476 | 2.55 |
| Adjustments to Net Loss | 1,841 | (386) | 1,455 | 2.50 |
| Adjusted Net Income (Non-GAAP) | 1,102 | (252) | 850 | 1.46 |
| Average Number of Common Shares (GAAP) | ||||
| Basic | 579 | |||
| Diluted | 579 | |||
| Average Number of Common Shares (Non-GAAP) | ||||
| Basic | 579 | |||
| Diluted | 581 | |||
| Adjusted Net Income Per Share | |
|||
| --- | --- | |||
| In millions of , except share data (in millions), per share data, production volume data and per Boe data (Unaudited) | ||||
| 3Q 2021 Adjusted Net Income per Share (Non-GAAP) | 2.16 | |||
| Realized Price | ||||
| 4Q 2021 Composite Average Wellhead Revenue per Boe | ||||
| Less: 3Q 2021 Composite Average Welhead Revenue per Boe | ||||
| Subtotal | ||||
| Multiplied by: 4Q 2021 Crude Oil Equivalent Volumes (MMBoe) | ||||
| Total Change in Revenue | ||||
| Less: Income Tax Benefit (Cost) Imputed (based on 23%) | ||||
| Change in Net Income | ||||
| Change in Diluted Earnings per Share | 0.71 | |||
| Net Cash Received (Paid) from Settlements of Commodity Derivative Contracts | ||||
| 4Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts | ||||
| Less: Income Tax Benefit (Cost) | ||||
| After Tax - (a) | ||||
| 3Q 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts | ||||
| Less: Income Tax Benefit (Cost) | ||||
| After Tax - (b) | ||||
| Change in Net Income - (a) - (b) | ||||
| Change in Diluted Earnings per Share | 0.23 | |||
| Wellhead Volumes | ||||
| 4Q 2021 Crude Oil Equivalent Volumes (MMBoe) | ||||
| Less: 3Q 2021 Crude Oil Equivalent Volumes (MMBoe) | ||||
| Subtotal | ||||
| Multiplied by: 4Q 2021 Composite Average Margin per Boe (Non-GAAP) (Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) | ||||
| Change in Revenue | ||||
| Less: Income Tax Benefit (Cost) Imputed (based on 23%) | ||||
| Change in Net Income | ||||
| Change in Diluted Earnings per Share | 0.07 |
All values are in US Dollars.
| Adjusted Net Income Per Share<br><br>(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 | |||
| --- | --- | --- | ||
| 3Q 2021 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) | 27.62 | |||
| Less: 3Q 2021 Taxes Other Than Income | (3.57) | |||
| Less: 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) | |||
| Add: 4Q 2021 Taxes Other Than Income | 3.98 | |||
| Subtotal | (2.11) | |||
| Multiplied by: 4Q 2021 Crude Oil Equivalent Volumes (MMBoe) | 79.4 | |||
| Change in Before-Tax Net Income | (168) | |||
| Less: Income Tax Benefit (Cost) Imputed (based on 23%) | 39 | |||
| Change in Net Income | (129) | |||
| Change in Diluted Earnings per Share | (0.22) | |||
| Other (1) | 0.14 | |||
| 4Q 2021 Adjusted Net Income per Share (Non-GAAP) | 3.09 | |||
| 4Q 2021 Average Number of Common Shares (Non-GAAP) - Diluted | 585 | |||
| (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. | ||||
| Adjusted Net Income per Share | |
|||
| --- | --- | |||
| In millions of , except share data (in millions), per share data, production volume data and per Boe data (Unaudited) | ||||
| FY 2020 Adjusted Net Income per Share (Non-GAAP) | 1.46 | |||
| Realized Price | ||||
| FY 2021 Composite Average Wellhead Revenue per Boe | ||||
| Less: FY 2020 Composite Average Wellhead Revenue per Boe | ||||
| Subtotal | ||||
| Multiplied by: FY 2021 Crude Oil Equivalent Volumes (MMBoe) | ||||
| Total Change in Revenue | ||||
| Less: Income Tax Benefit (Cost) Imputed (based on 23%) | ||||
| Change in Net Income | ||||
| Change in Diluted Earnings per Share | 9.74 | |||
| Net Cash Received (Paid) from Settlements of Commodity Derivative Contracts | ||||
| FY 2021 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts | ||||
| Less: Income Tax Benefit (Cost) | ||||
| After Tax - (a) | ||||
| FY 2020 Net Cash Received (Paid) from Settlement of Commodity Derivative Contracts | ||||
| Less: Income Tax Benefit (Cost) | ||||
| After Tax - (b) | ||||
| Change in Net Income - (a) - (b) | ||||
| Change in Diluted Earnings per Share | (2.29) | |||
| Wellhead Volumes | ||||
| FY 2021 Crude Oil Equivalent Volumes (MMBoe) | ||||
| Less: FY 2020 Crude Oil Equivalent Volumes (MMBoe) | ||||
| Subtotal | ||||
| Multiplied by: FY 2021 Composite Average Margin per Boe (Non-GAAP)(Including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) | ||||
| Change in Revenue | ||||
| Less: Income Tax Benefit (Cost) Imputed (based on 23%) | ||||
| Change in Net Income | ||||
| Change in Diluted Earnings per Share | 0.80 |
All values are in US Dollars.
| Adjusted Net Income per Share<br><br>(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 | |||||
| --- | --- | --- | ||||
| FY 2020 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" schedule) | 26.13 | |||||
| Less: 3Q 2021 Taxes Other Than Income | (1.73) | |||||
| Less: FY 2021 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) (refer to "Costs per Barrel of Oil Equivalent" schedule) | (28.20) | |||||
| Add: 4Q 2021 Taxes Other Than Income | 3.46 | |||||
| Subtotal | (0.34) | |||||
| Multiplied by: FY 2021 Crude Oil Equivalent Volumes (MMBoe) | 302.5 | |||||
| Change in Before-Tax Net Income | (103) | |||||
| Less: Income Tax Benefit (Cost) Imputed (based on 23%) | 24 | |||||
| Change in Net Income | (79) | |||||
| Change in Diluted Earnings per Share | (0.14) | |||||
| Other (1) | (0.96) | |||||
| FY 2021 Adjusted Net Income per Share (Non-GAAP) | 8.61 | |||||
| FY 2021 Average Number of Common Shares (Non-GAAP) - Diluted | 584 | |||||
| (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. | ||||||
| Discretionary Cash Flow and Free Cash Flow | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| In millions of (Unaudited) | ||||||
| The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Discretionary Cash Flow (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Exploration Costs (excluding Stock-Based Compensation Expenses), 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 Discretionary Cash Flow (Non-GAAP) (see below reconciliation) for such period less the total cash capital expenditures (before acquisitions) incurred (Non-GAAP) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry. | ||||||
| 3Q 2021 | 4Q 2020 | FY 2021 | FY 2020 | |||
| Net Cash Provided by Operating Activities (GAAP) | 2,196 | 1,121 | 8,791 | 5,008 | ||
| Adjustments: | ||||||
| Exploration Costs (excluding Stock-Based Compensation Expenses) | 39 | 36 | 133 | 126 | ||
| Changes in Components of Working Capital and Other Assets and Liabilities | ||||||
| Accounts Receivable | 145 | 464 | 821 | (467) | ||
| Inventories | 6 | (31) | 13 | (123) | ||
| Accounts Payable | 68 | (427) | (456) | 795 | ||
| Accrued Taxes Payable | (206) | 61 | (312) | 49 | ||
| Other Assets | (167) | 90 | 136 | (325) | ||
| Other Liabilities | 260 | (21) | 116 | (8) | ||
| Changes in Components of Working Capital Associated with Investing Activities | (45) | 201 | 200 | (75) | ||
| Other Non-Current Income Taxes - Net Receivable | — | — | — | 113 | ||
| Discretionary Cash Flow (Non-GAAP) | 2,296 | 1,494 | 9,442 | 5,093 | ||
| Discretionary Cash Flow (Non-GAAP) - Percentage Increase | % | 85 | % | |||
| Discretionary Cash Flow (Non-GAAP) | 2,296 | 1,494 | 9,442 | 5,093 | ||
| Less: | ||||||
| Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a) | (935) | (828) | (3,909) | (3,490) | ||
| Free Cash Flow (Non-GAAP) | 1,361 | 666 | 5,533 | 1,603 |
All values are in US Dollars.
| (a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP): | |||||
|---|---|---|---|---|---|
| 4Q 2021 | 3Q 2021 | 4Q 2020 | FY 2021 | FY 2020 | |
| Total Expenditures (GAAP) | 1,137 | 962 | 1,107 | 4,255 | 4,113 |
| Less: | |||||
| Asset Retirement Costs | (71) | (8) | (48) | (127) | (117) |
| Non-Cash Acquisition Costs of Unproved Properties | (8) | (15) | (69) | (45) | (197) |
| Non-Cash Finance Leases | — | — | (101) | (74) | (174) |
| Acquisition Costs of Proved Properties | (1) | (4) | (61) | (100) | (135) |
| Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) | 1,057 | 935 | 828 | 3,909 | 3,490 |
| Discretionary Cash Flow and Free Cash Flow(Continued) | |||||
| --- | --- | --- | --- | --- | --- |
| In millions of (Unaudited) | |||||
| FY 2018 | FY 2017 | ||||
| Net Cash Provided by Operating Activities (GAAP) | 7,769 | 4,265 | |||
| Adjustments: | |||||
| Exploration Costs (excluding Stock-Based Compensation Expenses) | 125 | 122 | |||
| Changes in Components of Working Capital and Other Assets and Liabilities | |||||
| Accounts Receivable | 368 | 392 | |||
| Inventories | 395 | 175 | |||
| Accounts Payable | (439) | (324) | |||
| Accrued Taxes Payable | 92 | 64 | |||
| Other Assets | 125 | 659 | |||
| Other Liabilities | (11) | 90 | |||
| Changes in Components of Working Capital Associated with Investing and Financing Activities | (301) | (90) | |||
| Other Non-Current Income Taxes - Net (Payable) Receivable | 149 | (513) | |||
| Discretionary Cash Flow (Non-GAAP) | 8,272 | 4,840 | |||
| Discretionary Cash Flow (Non-GAAP) - Percentage Increase (Decrease) | % | 71 | % | 76 | % |
| Discretionary Cash Flow (Non-GAAP) | 8,272 | 4,840 | |||
| Less: | |||||
| Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a) | (6,172) | (4,228) | |||
| Free Cash Flow (Non-GAAP) | 2,100 | 612 | |||
| (a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP): | |||||
| Total Expenditures (GAAP) | 6,706 | 4,613 | |||
| Less: | |||||
| Asset Retirement Costs | (70) | (56) | |||
| Non-Cash Expenditures of Other Property, Plant and Equipment | (1) | — | |||
| Non-Cash Acquisition Costs of Unproved Properties | (291) | (256) | |||
| Non-Cash Finance Leases | (48) | — | |||
| Acquisition Costs of Proved Properties | (124) | (73) | |||
| Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) | 6,172 | 4,228 |
All values are in US Dollars.
| Discretionary Cash Flow and Free Cash Flow (Continued) | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions of (Unaudited) | ||||||||
| FY 2015 | FY 2014 | FY 2013 | FY 2012 | |||||
| Net Cash Provided by Operating Activities (GAAP) | 3,595 | 8,649 | 7,329 | 5,237 | ||||
| Adjustments: | ||||||||
| Exploration Costs (excluding Stock-Based Compensation Expenses) | 124 | 158 | 134 | 158 | ||||
| Changes in Components of Working Capital and Other Assets and Liabilities | ||||||||
| Accounts Receivable | (641) | (85) | 24 | 179 | ||||
| Inventories | (58) | 162 | (53) | 157 | ||||
| Accounts Payable | 1,409 | (544) | (179) | 17 | ||||
| Accrued Taxes Payable | (12) | (16) | (75) | (78) | ||||
| Other Assets | (118) | 14 | 110 | 119 | ||||
| Other Liabilities | 66 | (75) | 20 | (36) | ||||
| Changes in Components of Working Capital Associated with Investing and Financing Activities | (500) | 103 | 51 | (74) | ||||
| Excess Tax Benefits from Stock-Based Compensation | 26 | 99 | 56 | 67 | ||||
| Discretionary Cash Flow (Non-GAAP) | 3,891 | 8,465 | 7,417 | 5,746 | ||||
| Discretionary Cash Flow (Non-GAAP) - Percentage Increase (Decrease) | % | -54 | % | 14 | % | 29 | % | |
| Discretionary Cash Flow (Non-GAAP) | 3,891 | 8,465 | 7,417 | 5,746 | ||||
| Less: | ||||||||
| Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a) | (4,682) | (8,292) | (7,102) | (7,540) | ||||
| Free Cash Flow (Non-GAAP) | (791) | 173 | 315 | (1,794) | ||||
| (a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP): | ||||||||
| Total Expenditures (GAAP) | 5,216 | 8,632 | 7,361 | 7,754 | ||||
| Less: | ||||||||
| Asset Retirement Costs | (53) | (196) | (134) | (127) | ||||
| Non-Cash Expenditures of Other Property, Plant and Equipment | — | — | — | (66) | ||||
| Non-Cash Acquisition Costs of Unproved Properties | — | (5) | (5) | (20) | ||||
| Acquisition Costs of Proved Properties | (481) | (139) | (120) | (1) | ||||
| Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) | 4,682 | 8,292 | 7,102 | 7,540 |
All values are in US Dollars.
| Total Expenditures | |
|||||
|---|---|---|---|---|---|---|
| In millions of (Unaudited) | ||||||
| 4Q 2020 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | |
| Exploration and Development Drilling | 592 | 2,864 | 2,664 | 4,951 | 4,935 | 3,132 |
| Facilities | 99 | 405 | 347 | 629 | 625 | 575 |
| Leasehold Acquisitions | 102 | 215 | 265 | 276 | 488 | 427 |
| Property Acquisitions | 61 | 100 | 135 | 380 | 124 | 73 |
| Capitalized Interest | 7 | 33 | 31 | 38 | 24 | 27 |
| Subtotal | 861 | 3,617 | 3,442 | 6,274 | 6,196 | 4,234 |
| Exploration Costs | 41 | 154 | 146 | 140 | 149 | 145 |
| Dry Hole Costs | — | 71 | 13 | 28 | 5 | 5 |
| Exploration and Development Expenditures | 902 | 3,842 | 3,601 | 6,442 | 6,350 | 4,384 |
| Asset Retirement Costs | 48 | 127 | 117 | 186 | 70 | 56 |
| Total Exploration and Development Expenditures | 950 | 3,969 | 3,718 | 6,628 | 6,420 | 4,440 |
| Other Property, Plant and Equipment | 157 | 286 | 395 | 272 | 286 | 173 |
| Total Expenditures | 1,107 | 4,255 | 4,113 | 6,900 | 6,706 | 4,613 |
All values are in US Dollars.
| EBITDAX and Adjusted EBITDAX | |
||
|---|---|---|---|
| In millions of (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 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. | |||
| 4Q 2020 | FY 2021 | FY 2020 | |
| Net Income (Loss) (GAAP) | 337 | 4,664 | (605) |
| Adjustments: | |||
| Interest Expense, Net | 53 | 178 | 205 |
| Income Tax Provision (Benefit) | 91 | 1,269 | (134) |
| Depreciation, Depletion and Amortization | 870 | 3,651 | 3,400 |
| Exploration Costs | 41 | 154 | 146 |
| Dry Hole Costs | — | 71 | 13 |
| Impairments | 143 | 376 | 2,100 |
| EBITDAX (Non-GAAP) | 1,535 | 10,363 | 5,125 |
| (Gains) Losses on MTM Commodity Derivative Contracts | (70) | 1,152 | (1,145) |
| Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts | 72 | (638) | 1,071 |
| (Gains) Losses on Asset Dispositions, Net | 6 | (17) | 47 |
| Adjusted EBITDAX (Non-GAAP) | 1,543 | 10,860 | 5,098 |
| Definitions | |||
| EBITDAX - Earnings Before Interest Expense, Net; Income Tax Provision (Benefit); Depreciation, Depletion and Amortization; Exploration Costs; Dry Hole Costs; and Impairments |
All values are in US Dollars.
| Net Debt-to-Total Capitalization Ratio | |
||||||
|---|---|---|---|---|---|---|---|
| In millions of , except ratio data (Unaudited) | |||||||
| The following tables reconcile Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (Non-GAAP), as used in the Net Debt-to-Total Capitalization ratio calculation. A portion of the cash is associated with international subsidiaries; tax considerations may impact debt paydown. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize Net Debt and Total Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation. EOG management uses this information for comparative purposes within the industry. | |||||||
| September 30, <br>2021 | June 30, <br>2021 | March 31,<br>2021 | |||||
| Total Stockholders' Equity - (a) | 21,765 | 20,881 | 20,762 | ||||
| Current and Long-Term Debt (GAAP) - (b) | 5,117 | 5,125 | 5,133 | ||||
| Less: Cash | (4,293) | (3,880) | (3,388) | ||||
| Net Debt (Non-GAAP) - (c) | 824 | 1,245 | 1,745 | ||||
| Total Capitalization (GAAP) - (a) + (b) | 26,882 | 26,006 | 25,895 | ||||
| Total Capitalization (Non-GAAP) - (a) + (c) | 22,589 | 22,126 | 22,507 | ||||
| Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] | % | 19.0 | % | 19.7 | % | 19.8 | % |
| Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | % | 3.6 | % | 5.6 | % | 7.8 | % |
All values are in US Dollars.
| Net Debt-to-Total Capitalization Ratio (Continued) | |
||||||
|---|---|---|---|---|---|---|---|
| In millions of , except ratio data (Unaudited) | |||||||
| September 30,<br>2020 | June 30, <br>2020 | March 31,<br>2020 | |||||
| Total Stockholders' Equity - (a) | 20,148 | 20,388 | 21,471 | ||||
| Current and Long-Term Debt (GAAP) - (b) | 5,721 | 5,724 | 5,222 | ||||
| Less: Cash | (3,066) | (2,417) | (2,907) | ||||
| Net Debt (Non-GAAP) - (c) | 2,655 | 3,307 | 2,315 | ||||
| Total Capitalization (GAAP) - (a) + (b) | 25,869 | 26,112 | 26,693 | ||||
| Total Capitalization (Non-GAAP) - (a) + (c) | 22,803 | 23,695 | 23,786 | ||||
| Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] | % | 22.1 | % | 21.9 | % | 19.6 | % |
| Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | % | 11.6 | % | 14.0 | % | 9.7 | % |
All values are in US Dollars.
| Net Debt-to-Total Capitalization Ratio (Continued) | |
||||||
|---|---|---|---|---|---|---|---|
| In millions of , except ratio data (Unaudited) | |||||||
| September 30, 2019 | June 30, <br>2019 | March 31,<br>2019 | |||||
| Total Stockholders' Equity - (a) | 21,124 | 20,630 | 19,904 | ||||
| Current and Long-Term Debt (GAAP) - (b) | 5,177 | 5,179 | 6,081 | ||||
| Less: Cash | (1,583) | (1,160) | (1,136) | ||||
| Net Debt (Non-GAAP) - (c) | 3,594 | 4,019 | 4,945 | ||||
| Total Capitalization (GAAP) - (a) + (b) | 26,301 | 25,809 | 25,985 | ||||
| Total Capitalization (Non-GAAP) - (a) + (c) | 24,718 | 24,649 | 24,849 | ||||
| Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] | % | 19.7 | % | 20.1 | % | 23.4 | % |
| Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | % | 14.5 | % | 16.3 | % | 19.9 | % |
All values are in US Dollars.
| Net Debt-to-Total Capitalization Ratio (Continued) | |
||||||
|---|---|---|---|---|---|---|---|
| In millions of , except ratio data (Unaudited) | |||||||
| September 30,<br>2018 | June 30,<br>2018 | March 31,<br>2018 | |||||
| Total Stockholders' Equity - (a) | 18,538 | 17,452 | 16,841 | ||||
| Current and Long-Term Debt (GAAP) - (b) | 6,435 | 6,435 | 6,435 | ||||
| Less: Cash | (1,274) | (1,008) | (816) | ||||
| Net Debt (Non-GAAP) - (c) | 5,161 | 5,427 | 5,619 | ||||
| Total Capitalization (GAAP) - (a) + (b) | 24,973 | 23,887 | 23,276 | ||||
| Total Capitalization (Non-GAAP) - (a) + (c) | 23,699 | 22,879 | 22,460 | ||||
| Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] | % | 25.8 | % | 26.9 | % | 27.6 | % |
| Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | % | 21.8 | % | 23.7 | % | 25.0 | % |
All values are in US Dollars.
| Net Debt-to-Total Capitalization Ratio (Continued) | |
||||||
|---|---|---|---|---|---|---|---|
| In millions of , except ratio data (Unaudited) | |||||||
| September 30,<br>2017 | June 30,<br>2017 | March 31,<br>2017 | |||||
| Total Stockholders' Equity - (a) | 13,922 | 13,902 | 13,928 | ||||
| Current and Long-Term Debt (GAAP) - (b) | 6,387 | 6,987 | 6,987 | ||||
| Less: Cash | (846) | (1,649) | (1,547) | ||||
| Net Debt (Non-GAAP) - (c) | 5,541 | 5,338 | 5,440 | ||||
| Total Capitalization (GAAP) - (a) + (b) | 20,309 | 20,889 | 20,915 | ||||
| Total Capitalization (Non-GAAP) - (a) + (c) | 19,463 | 19,240 | 19,368 | ||||
| Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] | % | 31.4 | % | 33.4 | % | 33.4 | % |
| Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | % | 28.5 | % | 27.7 | % | 28.1 | % |
All values are in US Dollars.
| Net Debt-to-Total Capitalization Ratio (Continued) | |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| In millions of , except ratio data (Unaudited) | |||||||||
| September 30, 2016 | June 30,<br>2016 | March 31,<br>2016 | December 31,<br>2015 | ||||||
| Total Stockholders' Equity - (a) | 11,798 | 12,057 | 12,405 | 12,956 | |||||
| Current and Long-Term Debt (GAAP) - (b) | 6,986 | 6,986 | 6,986 | 6,656 | |||||
| Less: Cash | (1,049) | (780) | (668) | (719) | |||||
| Net Debt (Non-GAAP) - (c) | 5,937 | 6,206 | 6,318 | 5,937 | |||||
| Total Capitalization (GAAP) - (a) + (b) | 18,784 | 19,043 | 19,391 | 19,612 | |||||
| Total Capitalization (Non-GAAP) - (a) + (c) | 17,735 | 18,263 | 18,723 | 18,893 | |||||
| Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] | % | 37.2 | % | 36.7 | % | 36.0 | % | 33.9 | % |
| Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | % | 33.5 | % | 34.0 | % | 33.7 | % | 31.4 | % |
All values are in US Dollars.
| Proved Reserves and Reserve Replacement Data | |
||||||
|---|---|---|---|---|---|---|---|
| (Unaudited) | |||||||
| 2021 Net Proved Reserves Reconciliation Summary | Trinidad | Other <br>International | Total | ||||
| Crude Oil and Condensate (MMBbl) | |||||||
| Beginning Reserves | 1 | — | 1,514 | ||||
| Revisions | — | — | (116) | ||||
| Purchases in Place | — | — | 2 | ||||
| Extensions, Discoveries and Other Additions | 1 | — | 312 | ||||
| Sales in Place | — | — | (2) | ||||
| Production | — | — | (162) | ||||
| Ending Reserves | 2 | — | 1,548 | ||||
| Natural Gas Liquids (MMBbl) | |||||||
| Beginning Reserves | — | — | 813 | ||||
| Revisions | — | — | (128) | ||||
| Purchases in Place | — | — | 3 | ||||
| Extensions, Discoveries and Other Additions | — | — | 194 | ||||
| Sales in Place | — | — | — | ||||
| Production | — | — | (53) | ||||
| Ending Reserves | — | — | 829 | ||||
| Natural Gas (Bcf) | |||||||
| Beginning Reserves | 269 | 48 | 5,360 | ||||
| Revisions | 26 | 3 | 783 | ||||
| Purchases in Place | — | — | 23 | ||||
| Extensions, Discoveries and Other Additions | 100 | — | 2,674 | ||||
| Sales in Place | — | (48) | (52) | ||||
| Production | (80) | (3) | (566) | ||||
| Ending Reserves | 315 | — | 8,222 | ||||
| Oil Equivalents (MMBoe) | |||||||
| Beginning Reserves | 46 | 8 | 3,220 | ||||
| Revisions | 4 | — | (114) | ||||
| Purchases in Place | — | — | 9 | ||||
| Extensions, Discoveries and Other Additions | 18 | — | 952 | ||||
| Sales in Place | — | (8) | (11) | ||||
| Production | (14) | — | (309) | ||||
| Ending Reserves | 54 | — | 3,747 | ||||
| Net Proved Developed Reserves (MMBoe) | |||||||
| At December 31, 2020 | 30 | 5 | 1,649 | ||||
| At December 31, 2021 | 22 | — | 1,948 | ||||
| 2021 Exploration and Development Expenditures ( Millions) | |||||||
| Acquisition Cost of Unproved Properties | — | 8 | 215 | ||||
| Exploration Costs | 7 | 51 | 354 | ||||
| Development Costs | 53 | — | 3,173 | ||||
| Total Drilling | 60 | 59 | 3,742 | ||||
| Acquisition Cost of Proved Properties | — | — | 100 | ||||
| Asset Retirement Costs | 24 | 17 | 127 | ||||
| Total Exploration and Development Expenditures | 84 | 76 | 3,969 | ||||
| Gathering, Processing and Other | — | 3 | 286 | ||||
| Total Expenditures | 84 | 79 | 4,255 | ||||
| Proceeds from Sales in Place | — | (129) | (231) | ||||
| Net Expenditures | 84 | (50) | 4,024 | ||||
| Reserve Replacement Costs ( / Boe) * | |||||||
| All-in Total, Net of Revisions | 2.73 | — | 4.48 | ||||
| All-in Total, Excluding Revisions Due to Price | 2.73 | — | 5.81 | ||||
| Reserve Replacement * | |||||||
| Drilling Only | % | 129 | % | 0 | % | 308 | % |
| All-in Total, Net of Revisions and Dispositions | % | 157 | % | 0 | % | 271 | % |
| All-in Total, Excluding Revisions Due to Price | % | 157 | % | 0 | % | 208 | % |
| All-in Total, Liquids | % | 0 | % | 0 | % | 123 | % |
| * See following reconciliation schedule for calculation methodology |
All values are in US Dollars.
| Reserve Replacement Cost Data | |
||||||
|---|---|---|---|---|---|---|---|
| (Unaudited; in millions, except ratio data) | |||||||
| For the Twelve Months Ended December 31, 2021 | Trinidad | Other<br>International | Total | ||||
| Total Costs Incurred in Exploration and Development Activities (GAAP) | 84 | 76 | 3,969 | ||||
| Less: Asset Retirement Costs | (24) | (17) | (127) | ||||
| Non-Cash Acquisition Costs of Unproved Properties | — | — | (45) | ||||
| Total Acquisition Costs of Proved Properties | — | — | (100) | ||||
| Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a) | 60 | 59 | 3,697 | ||||
| Total Costs Incurred in Exploration and Development Activities (GAAP) | 84 | 76 | 3,969 | ||||
| Less: Asset Retirement Costs | (24) | (17) | (127) | ||||
| Non-Cash Acquisition Costs of Unproved Properties | — | — | (45) | ||||
| Non-Cash Acquisition Costs of Proved Properties | — | — | (5) | ||||
| Total Exploration and Development Expenditures (Non-GAAP) - (b) | 60 | 59 | 3,792 | ||||
| Total Expenditures (GAAP) | 84 | 79 | 4,255 | ||||
| Less: Asset Retirement Costs | (24) | (17) | (127) | ||||
| Non-Cash Acquisition Costs of Unproved Properties | — | — | (45) | ||||
| Non-Cash Acquisition Costs of Proved Properties | — | — | (5) | ||||
| Non-Cash Capital - Other Miscellaneous | — | — | (74) | ||||
| Total Cash Expenditures (Non-GAAP) | 60 | 62 | 4,004 | ||||
| Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe) | |||||||
| Revisions Due to Price - (c) | — | — | 194 | ||||
| Revisions Other Than Price | 4 | — | (308) | ||||
| Purchases in Place | — | — | 9 | ||||
| Extensions, Discoveries and Other Additions - (d) | 18 | — | 952 | ||||
| Total Proved Reserve Additions - (e) | 22 | — | 847 | ||||
| Sales in Place | — | (8) | (11) | ||||
| Net Proved Reserve Additions From All Sources - (f) | 22 | (8) | 836 | ||||
| Production - (g) | 14 | — | 309 | ||||
| Reserve Replacement Costs ( / Boe) | |||||||
| Total Drilling, Before Revisions - (a / d) | 3.33 | — | 3.88 | ||||
| All-in Total, Net of Revisions - (b / e) | 2.73 | — | 4.48 | ||||
| All-in Total, Excluding Revisions Due to Price - (b / (e - c)) | 2.73 | — | 5.81 | ||||
| Reserve Replacement | |||||||
| Drilling Only - (d / g) | % | 129 | % | 0 | % | 308 | % |
| All-in Total, Net of Revisions and Dispositions - (f / g) | % | 157 | % | 0 | % | 271 | % |
| All-in Total, Excluding Revisions Due to Price - ((f - c) / g) | % | 157 | % | 0 | % | 208 | % |
| Net Proved Reserve Additions From All Sources - Liquids (MMBbl) | |||||||
| Revisions | — | — | (244) | ||||
| Purchases in Place | — | — | 5 | ||||
| Extensions, Discoveries and Other Additions - (h) | 1 | — | 506 | ||||
| Total Proved Reserve Additions | 1 | — | 267 | ||||
| Sales in Place | — | — | (2) | ||||
| Net Proved Reserve Additions From All Sources - (i) | 1 | — | 265 | ||||
| Production - (j) | — | — | 215 | ||||
| Reserve Replacement - Liquids | |||||||
| Drilling Only - (h / j) | % | 0 | % | 0 | % | 235 | % |
| All-in Total, Net of Revisions and Dispositions - (i / j) | % | 0 | % | 0 | % | 123 | % |
All values are in US Dollars.
| Reserve Replacement Cost Data | |
||
|---|---|---|---|
| (Unaudited; in millions, except ratio data) | |||
| For the Twelve Months Ended December 31, 2021 | |||
| Proved Developed Reserve Replacement Costs ($ / Boe) | Total | ||
| Total Costs Incurred in Exploration and Development Activities (GAAP) | 3,969 | ||
| Less: Asset Retirement Costs | (127) | ||
| Acquisition Costs of Unproved Properties | (215) | ||
| Acquisition Costs of Proved Properties | (100) | ||
| Drillbit Exploration and Development Expenditures (Non-GAAP) - (k) | 3,527 | ||
| Total Proved Reserves - Extensions, Discoveries and Other Additions (MMBoe) | 952 | ||
| Add: Conversion of Proved Undeveloped Reserves to Proved Developed | 243 | ||
| Less: Proved Undeveloped Extensions and Discoveries | (779) | ||
| Proved Developed Reserves - Extensions and Discoveries (MMBoe) | 416 | ||
| Total Proved Reserves - Revisions (MMBoe) | (114) | ||
| Less: Proved Undeveloped Reserves - Revisions | 305 | ||
| Proved Developed - Revisions Due to Price | (165) | ||
| Proved Developed Reserves - Revisions Other Than Price (MMBoe) | 26 | ||
| Proved Developed Reserves - Extensions and Discoveries Plus Revisions Other Than Price (MMBoe) - (l) | 442 | ||
| Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) - (k / l) | 7.98 | ||
| Reserve Replacement Cost Data | |||
| --- | --- | --- | --- |
| In millions of , 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. | |||
| 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) |
| Acquisition Costs of Proved Properties | (135) | (380) | (124) |
| Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a) | 3,269 | 5,964 | 5,935 |
| 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) |
| Non-Cash Acquisition Costs of Proved Properties | (15) | (52) | (71) |
| Total Exploration and Development Expenditures (Non-GAAP) - (b) | 3,389 | 6,292 | 5,988 |
| Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe) | |||
| Revisions Due to Price - (c) | (278) | (60) | 35 |
| Revisions Other Than Price | (89) | — | (40) |
| Purchases in Place | 10 | 17 | 12 |
| Extensions, Discoveries and Other Additions - (d) | 564 | 750 | 670 |
| Total Proved Reserve Additions - (e) | 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 / d) | 5.79 | 7.95 | 8.86 |
| All-in Total, Net of Revisions - (b / e) | 16.32 | 8.90 | 8.85 |
| All-in Total, Excluding Revisions Due to Price - (b / ( e - c)) | 6.98 | 8.21 | 9.33 |
All values are in US Dollars.
| Reserve Replacement Cost Data(Continued) | |||
|---|---|---|---|
| In millions of , except reserves and ratio data (Unaudited) | |||
| 2016 | 2015 | 2014 | |
| Total Costs Incurred in Exploration and Development Activities (GAAP) | 6,445 | 4,928 | 7,905 |
| Less: Asset Retirement Costs | 20 | (53) | (196) |
| Non-Cash Acquisition Costs of Unproved Properties | (3,102) | — | — |
| Acquisition Costs of Proved Properties | (749) | (481) | (139) |
| Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a) | 2,614 | 4,394 | 7,570 |
| Total Costs Incurred in Exploration and Development Activities (GAAP) | 6,445 | 4,928 | 7,905 |
| Less: Asset Retirement Costs | 20 | (53) | (196) |
| Non-Cash Acquisition Costs of Unproved Properties | (3,102) | — | — |
| Non-Cash Acquisition Costs of Proved Properties | (732) | — | — |
| Total Exploration and Development Expenditures (Non-GAAP) - (b) | 2,631 | 4,875 | 7,709 |
| Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe) | |||
| Revisions Due to Price - (c) | (101) | (574) | 52 |
| Revisions Other Than Price | 253 | 107 | 49 |
| Purchases in Place | 42 | 56 | 14 |
| Extensions, Discoveries and Other Additions - (d) | 209 | 246 | 519 |
| Total Proved Reserve Additions - (e) | 403 | (165) | 634 |
| Sales in Place | (168) | (4) | (36) |
| Net Proved Reserve Additions From All Sources | 235 | (169) | 598 |
| Production | 206 | 210 | 220 |
| Reserve Replacement Costs ( / Boe) | |||
| Total Drilling, Before Revisions - (a / d) | 12.51 | 17.87 | 14.58 |
| All-in Total, Net of Revisions - (b / e) | 6.52 | (29.63) | 12.16 |
| All-in Total, Excluding Revisions Due to Price - (b / ( e - c)) | 5.22 | 11.91 | 13.25 |
All values are in US Dollars.
| 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 year ended December 31, 2021 (closed) and remaining for 2022 and thereafter, as of February 18, 2022.
| Crude Oil Financial Price Swap Contracts | |||
|---|---|---|---|
| Contracts Sold | |||
| Period | Settlement Index | Volume<br>(MBbld) | Weighted Average Price(/Bbl) |
| January 2021 (closed) | NYMEX WTI | 151 | |
| February - March 2021 (closed) | NYMEX WTI | 201 | 51.29 |
| April - June 2021 (closed) | NYMEX WTI | 150 | 51.68 |
| July - September 2021 (closed) | NYMEX WTI | 150 | 52.71 |
| January 2022 (closed) | NYMEX WTI | 140 | 65.58 |
| February - March 2022 | NYMEX WTI | 140 | 65.58 |
| April - June 2022 | NYMEX WTI | 140 | 65.62 |
| July - September 2022 | NYMEX WTI | 140 | 65.59 |
| October - December 2022 | NYMEX WTI | 140 | 65.68 |
| 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 |
All values are in US Dollars.
| Crude Oil Basis Swap Contracts | |||
|---|---|---|---|
| Contracts Sold | |||
| Period | Settlement Index | Volume<br>(MBbld) | Weighted Average Price Differential(/Bbl) |
| February 2021 (closed) | NYMEX WTI Roll Differential (1) | 30 | |
| March - December 2021 (closed) | NYMEX WTI Roll Differential (1) | 125 | 0.17 |
| January - February 2022 (closed) | NYMEX WTI Roll Differential (1) | 125 | 0.15 |
| March - December 2022 | NYMEX WTI Roll Differential (1) | 125 | 0.15 |
All values are in US Dollars.
(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.
| NGL Financial Price Swap Contracts | |||
|---|---|---|---|
| Contracts Sold | |||
| Period | Settlement Index | Volume<br>(MBbld) | Weighted Average Price(/Bbl) |
| January - December 2021 (closed) | Mont Belvieu Propane (non-Tet) | 15 |
All values are in US Dollars.
| Financial Commodity Derivative Contracts<br><br>(Continued) | |||||
|---|---|---|---|---|---|
| Natural Gas Financial Price Swap Contracts | |||||
| --- | --- | --- | --- | --- | --- |
| Contracts Sold | Contracts Purchased | ||||
| Period | Settlement Index | Volume<br>(MMBtud in thousands) | Weighted Average Price (/MMBtu) | Volume (MMBtud in thousands) | Weighted Average Price (/MMBtu) |
| January - March 2021 (closed) | NYMEX Henry Hub | 500 | 500 | ||
| April - September 2021 (closed) | NYMEX Henry Hub | 500 | 2.99 | 570 | 2.81 |
| October - December 2021 (closed) | NYMEX Henry Hub | 500 | 2.99 | 500 | 2.83 |
| January - December 2022 (closed) (1) | NYMEX Henry Hub | 20 | 2.75 | — | — |
| January - February 2022 (closed) | NYMEX Henry Hub | 725 | 3.57 | — | — |
| March - 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 | — | — |
| April - September 2021 (closed) | JKM | 70 | 6.65 | — | — |
All values are in US Dollars.
(1) In January 2021, EOG executed the early termination provision granting EOG the right to terminate all of its 2022 natural gas price swap contracts which were open at that time. EOG received net cash of $0.6 million for the settlement of these contracts.
| Natural Gas Basis Swap Contracts | |||
|---|---|---|---|
| Contracts Sold | |||
| Period | Settlement Index | Volume<br>(MMBtud in thousands) | Weighted Average Price (/MMBtu) |
| January - February 2022 (closed) | NYMEX Henry Hub HSC Differential (1) | 210 | |
| March - 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 |
All values are in US Dollars.
(1) This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices.
| Financial Commodity Derivative Contracts<br><br>(Continued) | | --- || Glossary: | | | --- | --- | | $/Bbl | Dollars per barrel | | $/MMBtu | Dollars per million British Thermal Units | | Bbl | Barrel | | EOG | EOG Resources, Inc. | | HSC | Houston Ship Channel | | JKM | Japan Korea Marker | | 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 , 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. | | | | | | | | | | | | 2020 | | 2019 | | 2018 | | 2017 | | Interest Expense, Net (GAAP) | | 205 | | 185 | | 245 | | | | Tax Benefit Imputed (based on 21%) | | (43) | | (39) | | (51) | | | | After-Tax Net Interest Expense (Non-GAAP) - (a) | | 162 | | 146 | | 194 | | | | Net Income (Loss) (GAAP) - (b) | | (605) | | 2,735 | | 3,419 | | | | Adjustments to Net Income (Loss), Net of Tax (See Below Detail) (1) | | 1,455 | | 158 | | (201) | | | | Adjusted Net Income (Non-GAAP) - (c) | | 850 | | 2,893 | | 3,218 | | | | Total Stockholders' Equity - (d) | | 20,302 | | 21,641 | | 19,364 | | 16,283 | | Average Total Stockholders' Equity * - (e) | | 20,972 | | 20,503 | | 17,824 | | | | Current and Long-Term Debt (GAAP) - (f) | | 5,816 | | 5,175 | | 6,083 | | 6,387 | | Less: Cash | | (3,329) | | (2,028) | | (1,556) | | (834) | | Net Debt (Non-GAAP) - (g) | | 2,487 | | 3,147 | | 4,527 | | 5,553 | | Total Capitalization (GAAP) - (d) + (f) | | 26,118 | | 26,816 | | 25,447 | | 22,670 | | Total Capitalization (Non-GAAP) - (d) + (g) | | 22,789 | | 24,788 | | 23,891 | | 21,836 | | Average Total Capitalization (Non-GAAP) * - (h) | | 23,789 | | 24,340 | | 22,864 | | | | Return on Capital Employed (ROCE) | | | | | | | | | | GAAP Net Income (Loss) - [(a) + (b)] / (h) | % | -1.9 | % | 11.8 | % | 15.8 | % | | | Non-GAAP Adjusted Net Income - [(a) + (c)] / (h) | % | 4.3 | % | 12.5 | % | 14.9 | % | | | Return on Equity (ROE) | | | | | | | | | | GAAP Net Income (Loss) - (b) / (e) | % | -2.9 | % | 13.3 | % | 19.2 | % | | | Non-GAAP Adjusted Net Income - (c) / (e) | % | 4.1 | % | 14.1 | % | 18.1 | % | | | * Average for the current and immediately preceding year | | | | | | | | |
All values are in US Dollars.
| (1) Detail of adjustments to Net Income (Loss) (GAAP): | |||||
|---|---|---|---|---|---|
| Before<br>Tax | Income Tax Impact | After<br>Tax | |||
| Year Ended December 31, 2021 | |||||
| Adjustments: | |||||
| Add: Mark-to-Market 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 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 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 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 , 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. | |||||
| 2016 | 2015 | ||||
| Interest Expense, Net (GAAP) | 282 | 237 | |||
| Tax Benefit Imputed (based on 35%) | (99) | (83) | |||
| After-Tax Net Interest Expense (Non-GAAP) - (a) | 183 | 154 | |||
| Net Income (Loss) (GAAP) - (b) | (1,097) | (4,525) | |||
| Total Stockholders' Equity - (d) | 13,982 | 12,943 | |||
| Average Total Stockholders' Equity* - (e) | 13,463 | 15,328 | |||
| Current and Long-Term Debt (GAAP) - (f) | 6,986 | 6,655 | |||
| Less: Cash | (1,600) | (719) | |||
| Net Debt (Non-GAAP) - (g) | 5,386 | 5,936 | |||
| Total Capitalization (GAAP) - (d) + (f) | 20,968 | 19,598 | |||
| Total Capitalization (Non-GAAP) - (d) + (g) | 19,368 | 18,879 | |||
| Average Total Capitalization (Non-GAAP)* - (h) | 19,124 | 20,206 | |||
| Return on Capital Employed (ROCE) | |||||
| GAAP Net Income (Loss) - [(a) + (b)] / (h) | % | -4.8 | % | -21.6 | % |
| Return on Equity (ROE) | |||||
| GAAP Net Income (Loss) - (b) / (e) | % | -8.1 | % | -29.5 | % |
| * Average for the current and immediately preceding year |
All values are in US Dollars.
| ROCE & ROE(Continued) | |
||||
|---|---|---|---|---|---|
| In millions of , except ratio data (Unaudited) | |||||
| 2013 | 2012 | ||||
| Interest Expense, Net (GAAP) | 235 | 214 | |||
| Tax Benefit Imputed (based on 35%) | (82) | (75) | |||
| After-Tax Net Interest Expense (Non-GAAP) - (a) | 153 | 139 | |||
| Net Income (GAAP) - (b) | 2,197 | 570 | |||
| Total Stockholders' Equity - (d) | 15,418 | 13,285 | |||
| Average Total Stockholders' Equity* - (e) | 14,352 | 12,963 | |||
| Current and Long-Term Debt (GAAP) - (f) | 5,909 | 6,312 | |||
| Less: Cash | (1,318) | (876) | |||
| Net Debt (Non-GAAP) - (g) | 4,591 | 5,436 | |||
| Total Capitalization (GAAP) - (d) + (f) | 21,327 | 19,597 | |||
| Total Capitalization (Non-GAAP) - (d) + (g) | 20,009 | 18,721 | |||
| Average Total Capitalization (Non-GAAP)* - (h) | 19,365 | 17,878 | |||
| Return on Capital Employed (ROCE) | |||||
| GAAP Net Income - [(a) + (b)] / (h) | % | 12.1 | % | 4.0 | % |
| Return on Equity (ROE) | |||||
| GAAP Net Income - (b) / (e) | % | 15.3 | % | 4.4 | % |
| * Average for the current and immediately preceding year |
All values are in US Dollars.
| Revenues, Costs and Margins Per Barrel of Oil Equivalent | |
|||
|---|---|---|---|---|
| In millions of , 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. | ||||
| 3Q 2021 | 2Q 2021 | 1Q 2021 | 4Q 2020 | |
| Volume - Million Barrels of Oil Equivalent - (a) | 77.7 | 75.3 | 70.1 | 73.7 |
| Total Operating Revenues and Other (b) | 4,765 | 4,139 | 3,694 | 2,965 |
| Total Operating Expenses (c) | 3,294 | 2,968 | 2,762 | 2,477 |
| Operating Income (Loss) (d) | 1,471 | 1,171 | 932 | 488 |
| Wellhead Revenues | ||||
| Crude Oil and Condensate | 2,929 | 2,699 | 2,251 | 1,711 |
| Natural Gas Liquids | 548 | 367 | 314 | 229 |
| Natural Gas | 568 | 404 | 625 | 302 |
| Total Wellhead Revenues - (e) | 4,045 | 3,470 | 3,190 | 2,242 |
| Operating Costs | ||||
| Lease and Well | 270 | 270 | 270 | 261 |
| Transportation Costs | 219 | 214 | 202 | 195 |
| Gathering and Processing Costs | 145 | 128 | 139 | 119 |
| General and Administrative | 142 | 120 | 110 | 113 |
| Taxes Other Than Income | 277 | 239 | 215 | 114 |
| Interest Expense, Net | 48 | 45 | 47 | 53 |
| Total Operating Cost (excluding DD&A and Total Exploration Costs) (f) | 1,101 | 1,016 | 983 | 855 |
| Depreciation, Depletion and Amortization (DD&A) | 927 | 914 | 900 | 870 |
| Total Operating Cost (excluding Total Exploration Costs) - (g) | 2,028 | 1,930 | 1,883 | 1,725 |
| Exploration Costs | 44 | 35 | 33 | 41 |
| Dry Hole Costs | 4 | 13 | 11 | — |
| Impairments | 82 | 44 | 44 | 143 |
| Total Exploration Costs (GAAP) | 130 | 92 | 88 | 184 |
| Less: Certain Impairments (1) | (13) | (1) | (1) | (86) |
| Total Exploration Costs (Non-GAAP) | 117 | 91 | 87 | 98 |
| Total Operating Cost (including Total Exploration Costs (GAAP)) - (h) | 2,158 | 2,022 | 1,971 | 1,909 |
| Total Operating Cost (including Total Exploration Costs (Non-GAAP)) - (i) | 2,145 | 2,021 | 1,970 | 1,823 |
| Total Wellhead Revenues less Total Operating Cost (including Total Exploration Costs (GAAP)) | 1,887 | 1,448 | 1,219 | 333 |
| Total Wellhead Revenues less Total Operating Cost (including Total Exploration Costs (Non-GAAP)) | 1,900 | 1,449 | 1,220 | 419 |
All values are in US Dollars.
| Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued) | |
|||
|---|---|---|---|---|
| In millions of , except Boe and per Boe amounts (Unaudited) | ||||
| 3Q 2021 | 2Q 2021 | 1Q 2021 | 4Q 2020 | |
| Per Barrel of Oil Equivalent (Boe) Calculations (GAAP) | ||||
| Composite Average Operating Revenues and Other per Boe - (b) / (a) | 61.33 | 54.97 | 52.70 | 40.23 |
| Composite Average Operating Expenses per Boe - (c) / (a) | 42.40 | 39.42 | 39.40 | 33.61 |
| Composite Average Operating Income (Loss) per Boe - (d) / (a) | 18.93 | 15.55 | 13.30 | 6.62 |
| Composite Average Wellhead Revenue per Boe - (e) / (a) | 52.07 | 46.07 | 45.49 | 30.39 |
| Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) | 14.19 | 13.48 | 14.02 | 11.60 |
| Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] | 37.88 | 32.59 | 31.47 | 18.79 |
| Total Operating Cost per Boe (excluding Total Exploration Costs) - (g) / (a) | 26.12 | 25.61 | 26.86 | 23.41 |
| Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (g) / (a)] | 25.95 | 20.46 | 18.63 | 6.98 |
| Total Operating Cost per Boe (including Total Exploration Costs) - (h) / (a) | 27.79 | 26.85 | 28.12 | 25.90 |
| Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (h) / (a)] | 24.28 | 19.22 | 17.37 | 4.49 |
| Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP) | ||||
| Total Operating Cost per Boe (including Total Exploration Costs) - (i) / (a) | 27.62 | 26.85 | 28.11 | 24.72 |
| Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (i) / (a)] | 24.45 | 19.25 | 17.38 | 5.67 |
| (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). |
All values are in US Dollars.
| Revenues, Costs and Margins Per Barrel of Oil Equivalent(Continued) | |
||||
|---|---|---|---|---|---|
| In millions of , except Boe and per Boe amounts (Unaudited) | |||||
| 2020 | 2019 | 2018 | 2017 | ||
| Volume - Million Barrels of Oil Equivalent - (a) | 275.9 | 298.6 | 262.5 | 222.3 | |
| Total Operating Revenues and Other (b) | 11,032 | 17,380 | 17,275 | 11,208 | |
| Total Operating Expenses (c) | 11,576 | 13,681 | 12,806 | 10,282 | |
| Operating Income (Loss) (d) | (544) | 3,699 | 4,469 | 926 | |
| Wellhead Revenues | |||||
| Crude Oil and Condensate | 5,786 | 9,613 | 9,517 | 6,256 | |
| Natural Gas Liquids | 668 | 785 | 1,128 | 730 | |
| Natural Gas | 837 | 1,184 | 1,302 | 922 | |
| Total Wellhead Revenues - (e) | 7,291 | 11,582 | 11,947 | 7,908 | |
| Operating Costs | |||||
| Lease and Well | 1,063 | 1,367 | 1,283 | 1,045 | |
| Transportation Costs | 735 | 758 | 747 | 740 | |
| Gathering and Processing Costs | 459 | 479 | 437 | 149 | |
| General and Administrative (GAAP) | 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) | 484 | 489 | 427 | 416 | |
| Taxes Other Than Income | 478 | 800 | 772 | 545 | |
| Interest Expense, Net | 205 | 185 | 245 | 274 | |
| Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f) | 3,424 | 4,078 | 3,911 | 3,187 | |
| Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g) | 3,424 | 4,078 | 3,911 | 3,169 | |
| Depreciation, Depletion and Amortization (DD&A) | 3,400 | 3,750 | 3,435 | 3,409 | |
| Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h) | 6,824 | 7,828 | 7,346 | 6,596 | |
| Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i) | 6,824 | 7,828 | 7,346 | 6,578 | |
| Exploration Costs | 146 | 140 | 149 | 145 | |
| Dry Hole Costs | 13 | 28 | 5 | 5 | |
| Impairments | 2,100 | 518 | 347 | 479 | |
| Total Exploration Costs (GAAP) | 601 | 2,259 | 686 | 501 | 629 |
| Less: Certain Impairments (2) | (1,868) | (275) | (153) | (261) | |
| Total Exploration Costs (Non-GAAP) | 391 | 411 | 348 | 368 | |
| Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j) | 9,083 | 8,514 | 7,847 | 7,225 | |
| Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k) | 7,215 | 8,239 | 7,694 | 6,946 | |
| Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) | (1,792) | 3,068 | 4,100 | 683 | |
| Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) | 76 | 3,343 | 4,253 | 962 |
All values are in US Dollars.
| Revenues, Costs and Margins Per Barrel of Oil Equivalent(Continued) | |
|||
|---|---|---|---|---|
| In millions of , except Boe and per Boe amounts (Unaudited) | ||||
| 2020 | 2019 | 2018 | 2017 | |
| Per Barrel of Oil Equivalent (Boe) Calculations (GAAP) | ||||
| Composite Average Operating Revenues and Other per Boe - (b) / (a) | 39.99 | 58.20 | 65.81 | 50.42 |
| Composite Average Operating Expenses per Boe - (c) / (a) | 41.96 | 45.81 | 48.79 | 46.25 |
| Composite Average Operating Income (Loss) per Boe - (d) / (a) | (1.97) | 12.39 | 17.02 | 4.17 |
| Composite Average Wellhead Revenue per Boe - (e) / (a) | 26.42 | 38.79 | 45.51 | 35.58 |
| Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) | 12.39 | 13.66 | 14.90 | 14.34 |
| Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] | 14.03 | 25.13 | 30.61 | 21.24 |
| Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a) | 24.71 | 26.22 | 27.99 | 29.67 |
| Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)] | 1.71 | 12.57 | 17.52 | 5.91 |
| Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a) | 32.92 | 28.51 | 29.89 | 32.50 |
| Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)] | (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) | 12.39 | 13.66 | 14.90 | 14.25 |
| Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)] | 14.03 | 25.13 | 30.61 | 21.33 |
| Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a) | 24.71 | 26.22 | 27.99 | 29.59 |
| Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)] | 1.71 | 12.57 | 17.52 | 5.99 |
| Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a) | 26.13 | 27.60 | 29.32 | 31.24 |
| Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)] | 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). |
All values are in US Dollars.
| Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued) | |
|
|---|---|---|
| In millions of , except Boe and per Boe amounts (Unaudited) | ||
| 2015 | 2014 | |
| Volume - Million Barrels of Oil Equivalent - (a) | 208.9 | 217.1 |
| Total Operating Revenues and Other (b) | 8,757 | 18,035 |
| Total Operating Expenses (c) | 15,443 | 12,793 |
| Operating Income (Loss) (d) | (6,686) | 5,242 |
| Wellhead Revenues | ||
| Crude Oil and Condensate | 4,935 | 9,742 |
| Natural Gas Liquids | 408 | 934 |
| Natural Gas | 1,061 | 1,916 |
| Total Wellhead Revenues - (e) | 6,404 | 12,592 |
| Operating Costs | ||
| Lease and Well | 1,182 | 1,416 |
| Transportation Costs | 849 | 972 |
| Gathering and Processing Costs | 146 | 146 |
| General and Administrative (GAAP) | 367 | 402 |
| Less: Voluntary Retirement Expense | — | — |
| Less: Acquisition Costs | — | — |
| Less: Legal Settlement - Early Leasehold Termination | (19) | — |
| General and Administrative (Non-GAAP) (1) | 348 | 402 |
| Taxes Other Than Income | 422 | 758 |
| Interest Expense, Net | 237 | 201 |
| Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f) | 3,203 | 3,895 |
| Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g) | 3,184 | 3,895 |
| Depreciation, Depletion and Amortization (DD&A) | 3,314 | 3,997 |
| Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h) | 6,517 | 7,892 |
| Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i) | 6,498 | 7,892 |
| Exploration Costs | 149 | 184 |
| Dry Hole Costs | 15 | 48 |
| Impairments | 6,614 | 744 |
| Total Exploration Costs (GAAP) | 6,778 | 976 |
| Less: Certain Impairments (2) | (6,308) | (824) |
| Total Exploration Costs (Non-GAAP) | 470 | 152 |
| Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j) | 13,295 | 8,868 |
| Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k) | 6,968 | 8,044 |
| Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) | (6,891) | 3,724 |
| Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) | (564) | 4,548 |
All values are in US Dollars.
| Revenues, Costs and Margins Per Barrel of Oil Equivalent (Continued) | |
|
|---|---|---|
| In millions of , except Boe and per Boe amounts (Unaudited) | ||
| 2015 | 2014 | |
| Per Barrel of Oil Equivalent (Boe) Calculations (GAAP) | ||
| Composite Average Operating Revenues and Other per Boe - (b) / (a) | 41.92 | 83.07 |
| Composite Average Operating Expenses per Boe - (c) / (a) | 73.93 | 58.92 |
| Composite Average Operating Income (Loss) per Boe - (d) / (a) | (32.01) | 24.15 |
| Composite Average Wellhead Revenue per Boe - (e) / (a) | 30.66 | 58.01 |
| Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (f) / (a) | 15.33 | 17.95 |
| Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (f) / (a)] | 15.33 | 40.06 |
| Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a) | 31.20 | 36.38 |
| Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / (a)] | (0.54) | 21.63 |
| Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a) | 63.64 | 40.85 |
| Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / (a)] | (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) | 15.25 | 17.95 |
| Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / (a) - (g) / (a)] | 15.41 | 40.06 |
| Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a) | 31.11 | 36.38 |
| Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / (a)] | (0.45) | 21.63 |
| Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a) | 33.36 | 37.08 |
| Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / (a)] | (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). |
All values are in US Dollars.
57