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EOG · EOG RESOURCES INC

50 filings

10-Q

EOG 10-Q Quarterly Reports

EOG RESOURCES INC - 50 quarterly reports

Filing record · 2016–202610-K1110-Q328-K137

EOG filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 137 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · Jul ’19Jul ’19
  3. Leadership change8-K · Sep ’21Sep ’21
  4. Leadership change8-K · Dec ’25Dec ’25
  1. 2026-Q2

    EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2026

    EOG Resources, Inc. reported strong financial performance for the six months ended June 30, 2026, with total operating revenues increasing by 39% year-over-year to $15.54 billion. This growth was primarily driven by significantly higher realized prices for crude oil and condensate, which rose 24% to $85.38 per barrel, and increased production volumes across all product lines. Net income for the period was $4.70 billion, a substantial increase from $2.81 billion in the prior year period. The company also demonstrated robust operating cash flows of $7.64 billion, reflecting strong operational execution and favorable commodity price environments. EOG continues to prioritize returning capital to shareholders, with significant share repurchases and dividend payments. The company increased its share repurchase authorization to $20 billion and is committed to returning a minimum of 70% of net cash provided by operating activities to stockholders. The balance sheet remains strong, with a debt-to-total capitalization ratio of 20% as of June 30, 2026. The company is executing its 2026 capital expenditure plan, focused on high-return areas within the United States, and anticipates a roughly 14% increase in total production for the full year.

    Aug 4, 2026
  2. 2026-Q1

    EOG RESOURCES INC Quarterly Report for Q1 Ended Mar 31, 2026

    EOG Resources, Inc. reported a strong first quarter for 2026, with total operating revenues increasing by 22% to $6.92 billion compared to the same period in 2025. This growth was driven by increased production across crude oil, NGLs, and natural gas, along with favorable commodity prices, particularly for natural gas, which saw a significant price increase. The company also benefited from positive impacts from mark-to-market financial commodity derivative contracts, reversing a loss from the prior year. Net income rose to $1.98 billion, or $3.70 per diluted share, up from $1.46 billion, or $2.65 per diluted share, in Q1 2025, demonstrating improved profitability and operational execution. Operationally, EOG continued to focus on efficiency improvements and expanding its production base, with notable increases in output from the Utica and Permian Basin plays. The company maintained a strong liquidity position with substantial cash reserves and an undrawn revolving credit facility. EOG also continued its commitment to returning capital to shareholders, with dividend payments and significant share repurchases. The company reaffirmed its full-year 2026 capital expenditure budget and provided updated production growth expectations, signaling confidence in its future performance and strategic direction.

    May 5, 2026
  3. 2025-Q3

    EOG RESOURCES INC Quarterly Report for Q3 Ended Sep 30, 2025

    EOG Resources Inc. (EOG) reported its third-quarter and year-to-date results for the period ending September 29, 2025. While total operating revenues saw a slight decrease year-over-year, this was primarily driven by lower crude oil and condensate prices, which were partially offset by increased production volumes across various segments including the Utica and Permian Basin. Natural gas revenues showed significant strength, driven by both higher prices and increased delivery volumes. The company also reported substantial gains from mark-to-market financial commodity and derivative contracts, contributing positively to overall financial performance. Operationally, EOG continues to focus on efficiency improvements and strategic acquisitions, highlighted by the significant acquisition of Encino Acquisition Partners, LLC, which closed on August 1, 2025. This acquisition is expected to enhance EOG's presence in the Utica play and contribute to production growth. The company also reported strong cash flow from operations, though it was lower year-over-year due to increased income tax payments and working capital changes. EOG continues to demonstrate a commitment to shareholder returns through dividends and share repurchases, while maintaining a strong balance sheet with a below-average debt-to-total capitalization ratio.

    Nov 6, 2025
  4. 2025-Q2

    EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2025

    EOG Resources Inc. reported a decrease in net income for the second quarter and first six months of 2025 compared to the same periods in 2024. For the three months ended June 30, 2025, net income was $1.345 billion, down from $1.690 billion in 2024. Similarly, net income for the six months ended June 30, 2025, was $2.808 billion, a decline from $3.479 billion in the prior year. This decline is primarily attributed to lower average commodity prices for crude oil and condensate, although this was partially offset by increased production volumes. The company experienced a significant increase in natural gas revenues due to higher prices and volumes. Despite the decrease in net income, EOG Resources maintained a strong liquidity position with substantial cash and cash equivalents and an undrawn revolving credit facility. The company also announced a substantial acquisition of Encino Acquisition Partners, LLC, which closed on August 1, 2025, significantly expanding its acreage in the Utica play.

    Aug 7, 2025
  5. 2025-Q1

    EOG RESOURCES INC Quarterly Report for Q1 Ended Mar 31, 2025

    EOG Resources Inc. (EOG) reported a decrease in total operating revenues to $5.7 billion for the first quarter of 2025, down from $6.1 billion in the same period of 2024. This decline was primarily driven by lower revenues from crude oil and condensate sales, as well as a significant shift from gains to losses on mark-to-market financial commodity and other derivative contracts. Despite the revenue dip, EOG demonstrated operational efficiency with a slight increase in oil and gas production and a notable rise in natural gas prices. Net income decreased to $1.46 billion ($2.65 per diluted share) from $1.79 billion ($3.10 per diluted share) in the prior year's quarter. The company maintained a strong financial position, ending the quarter with $6.6 billion in cash and cash equivalents and a low debt-to-total capitalization ratio of 14%. EOG also continued its commitment to returning capital to shareholders through dividends and share repurchases, spending $1.3 billion on these activities in the quarter.

    May 1, 2025
  6. 2024-Q3

    EOG RESOURCES INC Quarterly Report for Q3 Ended Sep 30, 2024

    EOG Resources, Inc. (EOG) reported third quarter and year-to-date results for the period ending September 29, 2024. The company experienced a decrease in total operating revenues for the quarter to $5.97 billion from $6.21 billion in the prior year, primarily driven by lower crude oil and condensate prices, although production volumes increased. For the nine-month period, revenues saw a slight increase to $18.11 billion from $17.83 billion. Net income for the third quarter was $1.67 billion, or $2.95 per diluted share, down from $2.03 billion, or $3.48 per diluted share, in the same period last year. Year-to-date net income stood at $5.15 billion, or $8.99 per diluted share, compared to $5.61 billion, or $9.60 per diluted share, for the first nine months of 2023. The company maintained a strong financial position with $6.1 billion in cash and cash equivalents and significant availability under its revolving credit facility. EOG also continued its commitment to returning capital to shareholders through dividends and share repurchases, including an increase in the quarterly dividend and an expansion of its share repurchase authorization.

    Nov 7, 2024
  7. 2024-Q2

    EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2024

    EOG Resources Inc. (EOG) reported its second-quarter 2024 financial results, demonstrating continued operational strength and a focus on shareholder returns. The company generated total operating revenues of $6.025 billion, an increase of 8% compared to the prior year, driven by higher crude oil and condensate prices and volumes, alongside a notable increase in Natural Gas Liquids (NGLs) revenue. Net income for the quarter stood at $1.69 billion, or $2.95 per diluted share, reflecting improved operational performance and effective cost management. EOG maintained a strong balance sheet with $5.4 billion in cash and cash equivalents and a low debt-to-capitalization ratio of 11%. The company continued its commitment to returning capital to shareholders, declaring a quarterly cash dividend of $0.91 per share and actively engaging in share repurchases under its $5 billion authorization, having repurchased approximately $1.44 billion in the first six months of the year. The company also reaffirmed its 2024 capital expenditure guidance, focusing on high-return projects primarily in the United States, with total expenditures expected to range between $6.0 billion and $6.4 billion.

    Aug 1, 2024
  8. 2024-Q1

    EOG RESOURCES INC Quarterly Report for Q1 Ended Mar 31, 2024

    EOG Resources Inc. reported solid financial results for the first quarter of 2024, demonstrating resilience amidst fluctuating commodity prices. Total revenues grew slightly to $6.12 billion, driven by a notable increase in crude oil and condensate revenues, which rose 9% to $3.48 billion. While natural gas revenues saw a decrease due to lower prices, overall production volumes increased, particularly for crude oil, NGLs, and natural gas. The company maintained a strong financial position with $5.3 billion in cash and cash equivalents and a low debt-to-capitalization ratio of 12%. EOG also actively returned capital to shareholders, repurchasing approximately $750 million in common stock during the quarter and declaring a quarterly dividend of $0.91 per share. The company reiterated its commitment to returning a minimum of 70% of net cash from operations (less capital expenditures) to stockholders through dividends and buybacks, underscoring a shareholder-friendly capital allocation strategy.

    May 2, 2024
  9. 2023-Q3

    EOG RESOURCES INC Quarterly Report for Q3 Ended Sep 30, 2023

    EOG Resources, Inc. reported a decrease in operating revenues for the third quarter of 2023 to $6.21 billion, down from $7.59 billion in the same period of 2022, primarily driven by lower commodity prices. Net income for the quarter was $2.03 billion, or $3.48 per diluted share, compared to $2.85 billion, or $4.86 per diluted share, in the prior year. Despite the revenue decline, the company maintained strong operational performance and managed costs effectively. For the nine months ended September 30, 2023, net income was $5.61 billion, an increase from $5.48 billion in the same period of 2022, reflecting a significant positive impact from mark-to-market financial commodity derivative contracts compared to the prior year. The company also announced an increase in its quarterly dividend and a special dividend, underscoring its commitment to returning capital to shareholders. EOG's balance sheet remains robust, with substantial cash and cash equivalents and ample availability under its revolving credit facility.

    Nov 2, 2023
  10. 2023-Q2

    EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2023

    EOG Resources Inc. (EOG) reported its second-quarter and year-to-date results for the period ending June 30, 2023. The company experienced a notable decline in operating revenues compared to the prior year, driven by lower commodity prices for crude oil, natural gas liquids (NGLs), and natural gas. Despite this revenue decrease, EOG demonstrated resilience by maintaining production levels and focusing on operational efficiencies. The company's financial performance was significantly impacted by commodity price volatility, with average crude oil and natural gas prices decreasing substantially year-over-year. However, EOG's effective management of derivative contracts, which resulted in gains this period compared to losses in the prior year, provided some offset. EOG also continued its commitment to returning capital to shareholders through dividends and share repurchases, supported by a strong balance sheet and substantial cash reserves.

    Aug 3, 2023
  11. 2023-Q1

    EOG RESOURCES INC Quarterly Report for Q1 Ended Mar 31, 2023

    EOG Resources, Inc. (EOG) reported a significant increase in net income to $2.02 billion, or $3.45 per diluted share, for the first quarter of 2023, a substantial improvement from $390 million, or $0.67 per diluted share, in the same period of 2022. This strong performance was driven by a rebound in gains from mark-to-market financial commodity derivative contracts, which swung from a significant loss in the prior year to a gain in the current quarter, alongside robust operating revenues that benefited from increased production volumes in the U.S. Despite lower average commodity prices for crude oil, NGLs, and natural gas compared to Q1 2022, EOG's operational execution remained strong, with increased production volumes primarily from the Permian Basin. The company also managed inflationary pressures effectively through operational efficiencies. EOG maintained a strong balance sheet, ending the quarter with $5.0 billion in cash and cash equivalents and $2.0 billion in availability under its revolving credit facility, and demonstrated a commitment to shareholder returns through substantial dividend payments and ongoing share repurchases, utilizing approximately $310 million for buybacks in the quarter.

    May 4, 2023
  12. 2022-Q3

    EOG RESOURCES INC Quarterly Report for Q3 Ended Sep 30, 2022

    EOG Resources, Inc. (EOG) reported a strong third quarter and first nine months of 2022, driven by significantly higher commodity prices compared to the previous year. Operating revenues surged by 59% year-over-year for the third quarter, reaching $7.59 billion, and by 51% for the nine-month period to $18.98 billion. This revenue growth was primarily fueled by substantial increases in the average selling prices for crude oil, condensate, and natural gas, with crude oil prices up 36% and natural gas prices up 111% in the third quarter. Despite facing inflationary pressures on operating costs, the company managed to largely offset these impacts through efficiency gains and strategic initiatives, resulting in a slight decrease in per-unit operating expenses for the nine-month period. The company demonstrated robust cash flow generation, with net cash provided by operating activities increasing by 36% year-over-year for the nine-month period to $7.65 billion. EOG also returned significant capital to shareholders through dividends, including substantial special dividends declared during the period. The balance sheet remains strong, with $5.27 billion in cash and cash equivalents and a debt-to-total capitalization ratio of 18% as of September 30, 2022.

    Nov 3, 2022
  13. 2022-Q2

    EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2022

    EOG Resources Inc. (EOG) reported robust financial results for the second quarter and first six months of 2022, driven by significantly higher commodity prices for crude oil, natural gas liquids (NGLs), and natural gas compared to the prior year. Total revenues surged, with operating revenues reaching $7.41 billion for the quarter and $11.39 billion for the six months, a substantial increase from $4.14 billion and $7.83 billion in the respective periods of 2021. Net income also saw a significant jump, with $2.24 billion reported for the quarter and $2.63 billion for the six months, up from $907 million and $1.58 billion in the prior year. This strong performance is reflected in the substantial increase in earnings per share. The company's financial health remains solid, with a strong balance sheet and ample liquidity, including significant cash on hand and available credit facilities. EOG also continued its commitment to returning capital to shareholders through robust dividend payments.

    Aug 4, 2022
  14. 2022-Q1

    EOG RESOURCES INC Quarterly Report for Q1 Ended Mar 31, 2022

    EOG Resources Inc. (EOG) reported its first-quarter 2022 financial results, showcasing a significant increase in operating revenues primarily driven by higher commodity prices. Total operating revenues reached $3.98 billion, an 8% increase year-over-year. Despite the revenue growth, net income decreased to $390 million ($0.67 per diluted share) from $677 million ($1.16 per diluted share) in the prior year's first quarter. This decline was largely attributable to substantial mark-to-market losses on financial commodity derivative contracts, which amounted to $2.82 billion in Q1 2022, compared to $367 million in Q1 2021. Operationally, EOG saw a strong increase in production volumes for crude oil, condensate, and natural gas liquids, particularly in the Permian Basin, contributing to a 73% rise in crude oil and condensate revenues and a 117% increase in NGL revenues. The company maintained a strong balance sheet with a debt-to-total capitalization ratio of 19% and ended the quarter with $4.0 billion in cash and cash equivalents. EOG also reaffirmed its commitment to returning capital to shareholders, announcing an increase in dividends and a commitment to return a minimum of 60% of annual free cash flow to stockholders.

    May 5, 2022
  15. 2021-Q3

    EOG RESOURCES INC Quarterly Report for Q3 Ended Sep 30, 2021

    EOG Resources, Inc. reported strong financial performance for the nine months ending September 30, 2021, driven by a significant rebound in commodity prices. Total revenues surged to $12.6 billion, a 56% increase from the prior year period, with net income reaching $2.68 billion compared to a net loss of $942 million in the same period of 2020. This turnaround was bolstered by higher realized prices for crude oil, natural gas liquids (NGLs), and natural gas, alongside increased production volumes, particularly in the Permian Basin and Eagle Ford plays. The company also demonstrated effective cost management, with operating expenses remaining relatively stable year-over-year despite increased activity. EOG's balance sheet remains robust, with $4.3 billion in cash and cash equivalents and a low debt-to-total capitalization ratio of 19% as of September 30, 2021. The company's strategic focus on high-return projects and operational efficiencies continues to support its financial strength and shareholder returns, evidenced by increased dividend payouts and a new $5 billion share repurchase authorization announced in November 2021.

    Nov 4, 2021
  16. 2021-Q2

    EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2021

    EOG Resources Inc. (EOG) reported a strong rebound in its financial performance for the second quarter and first half of 2021, driven by significantly higher commodity prices compared to the same periods in 2020. Net income for the three months ended June 30, 2021, surged to $907 million ($1.55 per diluted share) from a net loss of $910 million ($1.57 per diluted share) in the prior year. For the six months ended June 30, 2021, net income was $1.584 billion ($2.72 per diluted share), a substantial improvement from a net loss of $900 million ($1.55 per diluted share) in the first half of 2020. The company's operating revenues more than tripled in the second quarter, reaching $4.14 billion, up from $1.10 billion in Q2 2020. This growth was fueled by a significant increase in crude oil and condensate prices, which rose to an average of $66.12 per barrel in Q2 2021 from $20.40 in Q2 2020. Similar price increases were observed for Natural Gas Liquids (NGLs) and natural gas. EOG's operational strategy focused on efficiency and cost control, with capital expenditures for the full year 2021 projected between $3.7 billion and $4.1 billion, primarily directed towards its key U.S. plays. EOG maintained a strong balance sheet with a debt-to-total capitalization ratio of 20% at June 30, 2021, and substantial liquidity, including $3.9 billion in cash and cash equivalents and $2.0 billion available under its credit facility. The company also increased its quarterly cash dividend and declared a special cash dividend, reflecting its improved financial health and commitment to returning value to shareholders.

    Aug 4, 2021
  17. 2021-Q1

    EOG RESOURCES INC Quarterly Report for Q1 Ended Mar 31, 2021

    EOG Resources Inc. (EOG) reported strong financial performance for the first quarter of 2021, reflecting a significant recovery in commodity prices compared to the prior year. Total revenues stood at $3.694 billion, a decrease from $4.718 billion in Q1 2020, largely due to lower gains from commodity derivative contracts. However, wellhead revenues surged by 31% to $3.190 billion, driven by substantial increases in crude oil, NGLs, and natural gas prices. Net income dramatically improved to $677 million ($1.16 diluted EPS) from a mere $10 million ($0.02 diluted EPS) in Q1 2020. This turnaround was primarily attributed to the rebound in commodity prices and a significant reduction in impairments, which heavily impacted the prior year's results. The company also maintained a strong balance sheet, with $3.4 billion in cash and cash equivalents and a debt-to-total capitalization ratio of 20% at quarter-end.

    May 6, 2021
  18. 2020-Q3

    EOG RESOURCES INC Quarterly Report for Q3 Ended Sep 30, 2020

    EOG Resources, Inc. (EOG) reported a net loss of $42.5 million, or $0.07 per diluted share, for the third quarter of 2020, a significant decline from a net income of $615.1 million, or $1.06 per diluted share, in the same period of 2019. This decline was primarily driven by lower commodity prices, exacerbated by the COVID-19 pandemic and OPEC+ production dynamics, which led to a 48% decrease in total operating revenues to $2.25 billion. Despite the challenging market conditions, EOG demonstrated operational resilience by adjusting its capital and operating plan, reducing expenditures, and curtailing production to manage the impact of lower prices. The company's balance sheet remains strong, with $3.1 billion in cash and cash equivalents and a manageable debt-to-capitalization ratio of 22% as of September 30, 2020. EOG's proactive management of costs and capital expenditures, alongside strategic adjustments in production, positions it to navigate the volatile energy market.

    Nov 5, 2020
  19. 2020-Q2

    EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2020

    EOG Resources Inc. (EOG) reported a significant net loss for the three months ended June 30, 2020, of $909.4 million, or $1.57 per diluted share, a stark contrast to the net income of $847.8 million, or $1.46 per diluted share, in the same period of 2019. This downturn was driven by a substantial decrease in operating revenues, which fell by 77% to $1.1 billion, reflecting the severe impact of the COVID-19 pandemic and a sharp decline in commodity prices, particularly for crude oil and natural gas. Despite the significant quarterly loss, EOG's financial position remained relatively stable. The company ended the period with $2.4 billion in cash and cash equivalents and had $2.0 billion of availability under its senior unsecured revolving credit facility. EOG also proactively managed its capital expenditures and production in response to the challenging market conditions, reducing its projected 2020 capital spending and curtailing some production. The company's debt-to-total capitalization ratio remained conservative at 22% as of June 30, 2020.

    Aug 6, 2020
  20. 2020-Q1

    EOG RESOURCES INC Quarterly Report for Q1 Ended Mar 31, 2020

    EOG Resources Inc. reported its first quarter 2020 results, showing a significant impact from the challenging commodity price environment, exacerbated by the COVID-19 pandemic and geopolitical events. While total revenues increased due to strong gains from commodity derivative contracts, the underlying wellhead revenues for crude oil, natural gas liquids, and natural gas declined compared to the prior year, reflecting lower prices. The company implemented measures to reduce capital expenditures and production in response to market conditions. Despite the revenue shift, EOG's operational efficiency remained a focus, with production volumes increasing in key areas like the Permian Basin. However, a substantial increase in impairments, driven by lower commodity prices, significantly impacted net income, resulting in a sharp decrease to $9.8 million from $635.4 million in the prior year. The company maintained a strong balance sheet with a below-average debt-to-capitalization ratio and ample liquidity, with substantial cash on hand and availability under its credit facility.

    May 7, 2020
  21. 2019-Q3

    EOG RESOURCES INC Quarterly Report for Q3 Ended Sep 30, 2019

    EOG Resources, Inc. (EOG) reported its third-quarter and year-to-date results for the period ending September 29, 2019. For the third quarter, the company saw a decrease in operating revenues to $4.3 billion from $4.8 billion in the prior year, largely due to lower commodity prices for crude oil, natural gas liquids (NGLs), and natural gas. Despite lower revenues, EOG demonstrated strong operational execution with increased production volumes across its key commodities, particularly in the Permian Basin and Eagle Ford plays. Net income for the quarter was $615 million, down from $1.2 billion in Q3 2018, reflecting the challenging price environment. For the nine-month period, operating revenues increased slightly to $13.1 billion from $12.7 billion in the prior year. This growth was driven by a significant increase in crude oil and NGL production volumes, which offset lower commodity prices. Net income for the nine months was $2.1 billion, compared to $2.5 billion in the same period last year. EOG maintained a strong balance sheet with a debt-to-total capitalization ratio of 20% as of September 30, 2019, and continued to focus on capital discipline and efficient operations.

    Nov 6, 2019
  22. 2019-Q2

    EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2019

    EOG Resources Inc. (EOG) reported strong financial performance for the second quarter and first half of 2019, driven by increased production volumes and favorable commodity derivative contract mark-to-market gains. Total revenues for the second quarter rose 11% year-over-year to $4.7 billion, while net income increased to $847.8 million, or $1.46 per diluted share. For the first half of the year, revenues reached $8.76 billion, with net income of $1.48 billion, or $2.56 per diluted share. The company also demonstrated a commitment to maintaining a strong balance sheet, with a debt-to-total capitalization ratio of 20% at June 30, 2019. Operationally, EOG saw significant growth in crude oil and condensate production, particularly in key U.S. basins like the Permian Basin and Eagle Ford. While commodity prices experienced some pressure, EOG's strategic focus on operational efficiencies and cost control helped mitigate some of the impact. The company also successfully renegotiated its revolving credit facility, securing $2.0 billion in committed financing through June 2024, underscoring its financial flexibility.

    Aug 1, 2019
  23. 2019-Q1

    EOG RESOURCES INC Quarterly Report for Q1 Ended Mar 31, 2019

    EOG Resources Inc. reported solid financial results for the first quarter of 2019, with total revenues increasing by 10% year-over-year to $4.06 billion. Net income remained strong at $635.4 million, though slightly down from $638.6 million in the prior year's quarter. The company demonstrated effective cost management, with operating expenses per barrel of oil equivalent decreasing. Operational highlights include a significant increase in crude oil and condensate production, particularly in the Permian Basin and Eagle Ford regions, driving higher wellhead revenues. While NGL revenues saw a slight decrease due to lower prices, natural gas revenues improved. EOG Resources continued its strategic focus on drilling efficiencies and expanding its drilling inventory. The company also maintained a strong balance sheet with a debt-to-capitalization ratio of 23%.

    May 2, 2019
  24. 2018-Q3

    EOG RESOURCES INC Quarterly Report for Q3 Ended Sep 30, 2018

    EOG Resources Inc. reported a significant increase in financial performance for the nine months ended September 30, 2018, compared to the same period in 2017. Total operating revenues surged by 61% to $12.7 billion, driven by substantial growth in crude oil and condensate revenues, which rose 65% due to higher prices and increased production volumes. This strong revenue performance, coupled with improved operational efficiencies, led to a dramatic increase in net income to $2.53 billion from $152 million in the prior year. The company also demonstrated robust cash flow generation, with net cash provided by operating activities increasing significantly. EOG continued to invest heavily in exploration and development, particularly in the United States, with capital expenditures rising substantially to support production growth. The company maintained a strong balance sheet, with a debt-to-total capitalization ratio below industry averages, and continued to return value to shareholders through dividend payments.

    Nov 1, 2018
  25. 2018-Q2

    EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2018

    EOG Resources Inc. reported robust financial results for the second quarter and the first half of 2018, driven by significant increases in crude oil, natural gas liquids (NGLs), and natural gas prices. Total operating revenues surged by 62% year-over-year for the quarter and 52% for the first half. Net income experienced a substantial increase, reaching $696.7 million for the quarter and $1.34 billion for the first half, a dramatic improvement from the prior year periods. This performance was underpinned by strong production growth, particularly in the United States, and a favorable pricing environment. The company continues to focus on operational efficiencies and strategic drilling, with capital expenditures primarily directed towards U.S. crude oil activities. The company's balance sheet remains strong, with a debt-to-total capitalization ratio of 27% as of June 30, 2018. EOG Resources also demonstrated its commitment to returning value to shareholders by increasing its quarterly cash dividend. The company's forward-looking strategy emphasizes maximizing return on investment through cost control and efficient reserve recovery, positioning it well to navigate the volatile energy market.

    Aug 2, 2018
  26. 2018-Q1

    EOG RESOURCES INC Quarterly Report for Q1 Ended Mar 31, 2018

    EOG Resources Inc. reported a significant increase in financial performance for the first quarter of 2018 compared to the same period in 2017. This growth was primarily driven by strong increases in crude oil and condensate, natural gas liquids, and natural gas revenues, reflecting higher commodity prices and increased production volumes. The company's operating income surged, leading to a substantial rise in net income and earnings per share. Key operational highlights include increased drilling and completion efficiencies and a strategic focus on cost control. Despite a challenging commodity price environment in some areas, EOG demonstrated robust operational execution. The company also maintained a strong balance sheet with a below-average debt-to-total capitalization ratio, indicating prudent financial management. Investors should note the company's significant capital expenditure plans for 2018, primarily focused on U.S. crude oil activities, signaling continued investment in growth.

    May 3, 2018
  27. 2017-Q3

    EOG RESOURCES INC Quarterly Report for Q3 Ended Sep 30, 2017

    EOG Resources, Inc. reported a significant improvement in financial performance for the nine months ended September 30, 2017, compared to the same period in 2016. The company transitioned from a substantial net loss of $954.3 million in the prior year to a net income of $152.1 million in the current period. This turnaround was driven by a strong recovery in commodity prices, with average crude oil and natural gas prices increasing by 19% and 38% respectively in the first nine months of 2017. This price improvement, coupled with increased production volumes and operational efficiencies, led to a 50% increase in net operating revenues to $7.87 billion. Furthermore, EOG Resources demonstrated effective cost management, with per-unit operating expenses (excluding certain categories) decreasing to $27.08 per Boe from $29.42 per Boe year-over-year. The company also continued to invest heavily in exploration and development, with capital expenditures totaling $3.45 billion for the first nine months of 2017, up significantly from $1.94 billion in the prior year, indicating a strategic focus on future growth and reserve replacement. The balance sheet remains solid, with a debt-to-total capitalization ratio of 31% at the end of the third quarter of 2017.

    Nov 2, 2017
  28. 2017-Q2

    EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2017

    EOG Resources' Q2 2017 10-Q shows a clear turnaround from the prior-year loss. Net income was $23 million for the quarter (vs. a $293 million loss in Q2 2016) and $52 million for the first half (vs. a $764 million loss). Total operating revenues rose 47% in the quarter to $2.61 billion, driven by a 36% increase in crude oil and condensate revenue, with the composite crude price up 9% to $47.46/Bbl and U.S. crude volumes up roughly 25%. Operating cash flow for the first half nearly doubled to $1.98 billion, and cash rose to $1.65 billion. Capital spending is tracking to the 2017 budget of $3.7–4.1 billion, with the majority directed to U.S. crude drilling. Balance sheet metrics were stable. The debt-to-total-capitalization ratio held at 33%, and the $2.0 billion revolver is undrawn. Long-term debt fell to $6.38 billion from $6.98 billion because $600 million of 5.875% notes due in Q3 2017 were reclassified to current liabilities, with management stating its intent and ability to repay them from cash. Dividends were held at $0.1675 per quarter. Impairments were heavy in the first half at $272 million, mainly from the sale of legacy U.S. natural gas assets, and the Q2 effective tax rate rose to 63%. Key watch items include the sustainability of higher realized prices, the rising taxes-other-than-income burden from severance taxes, lower Q2 Conwy production in the UK, and the ongoing share count increase tied to the authorized-share amendment. The filing also discloses a North Dakota air-quality consent decree with an expected net penalty of about $100,000, which management does not consider material.

    Aug 1, 2017
  29. 2017-Q1

    EOG RESOURCES INC Quarterly Report for Q1 Ended Mar 30, 2017

    EOG Resources' first quarter 2017 results show a sharp recovery from the severe downturn a year earlier. Net operating revenues rose 93% year over year to $2.61 billion, and the company swung to net income of $28.5 million (about $0.05 per diluted share) from a net loss of $471.8 million in Q1 2016. The improvement was driven mainly by a 63% increase in the composite crude oil price to $50.34 per barrel, a 108% increase in NGL prices, and a 61% increase in natural gas prices, partially offset by lower gas volumes after 2016 asset sales. Crude oil production rose 18% to 315.7 MBbld, helped by the Permian Basin and the Yates Entities acquisition. Profitability remained under pressure from several items. Impairments reached $193 million, of which $138 million related to proved properties held for sale, and taxes other than income rose to 7.2% of wellhead revenues, up from 6.1%. Operating cash flow was $898 million, nearly tripling from $292 million, which allowed EOG to fund $1.0 billion in total expenditures with modest net financing outflows. Cash ended the quarter at $1.55 billion, and the debt-to-total-capitalization ratio held at 33%. Management reiterated 2017 capital expenditures of $3.7 to $4.1 billion, with the majority directed to U.S. crude oil drilling, and expects 2017 total and crude oil production to grow over 2016. The company also has hedges covering 2017 and 2018 natural gas and 2017 crude oil volumes, and it kept its quarterly dividend at $0.1675 per share. Investors should weigh the strong price-driven earnings rebound against continued impairments and cost increases.

    May 8, 2017
  30. 2016-Q3

    EOG RESOURCES INC Quarterly Report for Q3 Ended Sep 30, 2016

    EOG Resources' Q3 2016 10-Q shows a quarter still under pressure from low commodity prices but with a much smaller loss than a year earlier. Net loss narrowed to $190 million ($0.35 per share) from $4.08 billion ($7.47 per share) in Q3 2015, which included roughly $6.2 billion of impairments. Total net operating revenues fell 2% to $2.12 billion, with wellhead revenues down 7% to $1.46 billion as the composite crude price dropped 5% to $43.63 per barrel and natural gas fell 19% to $1.95 per Mcf. Operating costs fell sharply, mainly because of the absence of the prior-year impairments. Cash lifted to $1.05 billion, and operating cash flow for the first nine months was $1.55 billion. Investors should weigh the narrower loss against the steep decline in operating cash generation, which reflects lower revenues and weaker derivative settlements. The quarter's most consequential event came after period end. On October 4, 2016, EOG closed its acquisitions of Yates Petroleum, Abo Petroleum, MYCO Industries and related entities, issuing roughly 25 million shares and paying about $16 million in cash for total consideration of $2.4 billion, plus assuming net debt repayment of about $164 million offset by $64 million of acquired cash. The Yates assets add about 28,600 Boe per day of recent production (48% oil) and roughly 1.6 million net acres across the Delaware Basin and Powder River Basin. The purchase accounting is still incomplete, so the balance sheet effects will not be fully disclosed until the 2016 10-K. Balance sheet leverage increased. Long-term debt rose to $6.98 billion, and the debt-to-total-capitalization ratio moved to 37% from 34% at year-end 2015. Stockholders' equity fell to $11.8 billion, largely because of the cumulative net losses. The company issued $1 billion of senior notes in January 2016, repaid $400 million of 2016 notes, and reclassified $600 million of 2017 notes to long-term debt because it intends to refinance them. Management guided total 2016 capital expenditures of $2.6 to $2.8 billion, excluding acquisitions, with most spending directed to U.S. crude oil drilling. Nine-month production declined modestly, and the company expects 2016 crude and natural gas output to fall slightly versus 2015.

    Nov 3, 2016
  31. 2016-Q2

    EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2016

    EOG Resources' second-quarter 2016 10-Q shows a company still under heavy pressure from the commodity downturn. Net operating revenues fell 28% year over year to $1,776 million in Q2 and 35% to $3,130 million for the first half, driven by a 24% drop in the composite crude oil price to $43.65/Bbl and a 40% drop in the composite natural gas price to $1.44/Mcf. Q2 net loss was $293 million ($0.53 per share), versus net income of $5 million a year earlier, and the first-half net loss widened to $764 million ($1.40 per share). Impairments and unproved property amortization rose modestly, while lease and well costs, transportation, and DD&A per Boe declined, reflecting cost-reduction efforts. Total Boe production was roughly flat to slightly down, and management expects 2016 crude and natural gas production to decline modestly versus 2015. The balance sheet remains manageable but more levered. Debt-to-total-capitalization rose to 37% from 34% at year-end 2015, driven by the January 2016 issuance of $1 billion in senior notes used to repay $400 million of maturing notes, with no commercial paper or revolver borrowings outstanding at June 30. Cash rose to $780 million, and EOG received about $253 million from asset sales, mainly in the Permian Basin and Oklahoma. Operating cash flow of $795 million for the first half fell roughly 57% from the prior year, while capital spending was cut sharply to $1.2 billion in exploration and development from $2.7 billion. The 2016 capital budget is set at $2.4 to $2.6 billion, excluding acquisitions, and the quarterly dividend was held at $0.1675 per share. Investors should focus on the sustained earnings losses, the decline in operating cash flow relative to dividends and capital spending, and the rising leverage. Retained earnings fell by roughly $947 million in the first half, and the company's ability to maintain its dividend and capital program depends on a recovery in commodity prices or further cost and capital discipline.

    Aug 4, 2016
  32. 2016-Q1

    EOG RESOURCES INC Quarterly Report for Q1 Ended Mar 31, 2016

    EOG Resources' first-quarter 2016 10-Q shows a sharp deterioration in operating results driven by the commodity price collapse. Net operating revenues fell 42% year over year to $1,354 million, and the company posted a net loss of $471.8 million ($0.86 per share), versus a loss of $169.7 million ($0.31 per share) in Q1 2015. Wellhead crude oil and condensate prices fell 34% to $30.85 per barrel, and composite natural gas prices fell 40% to $1.50 per Mcf. Production declined about 7% on a crude oil equivalent basis to 549.9 MBoed, reflecting lower U.S. output, partly offset by growth in Trinidad. Lower lease and well costs ($4.81 per Boe versus $6.81) and reduced transportation and marketing costs helped cushion the impact, but DD&A rose and total operating expenses still fell only about 20%. Cash flow weakened markedly. Operating cash flow was $292 million, down from $961 million, and capital spending was cut sharply, with exploration and development expenditures of $578 million versus $1,468 million a year earlier. EOG issued $1 billion of senior notes in January 2016 and repaid a $400 million maturity in February, ending the quarter with $668 million of cash and a $2.0 billion undrawn revolver. Debt-to-total capitalization rose to 36% from 34%. Management expects 2016 capital expenditures of $2.4 billion to $2.6 billion and modest declines in crude oil and NGL production versus 2015. For investors, the central issues are the company's liquidity runway at current commodity prices, its ability to keep capital spending below operating cash flow, and the pace of cost reductions and efficiency gains. The filing also shows a large deferred tax benefit and a sizable reduction in retained earnings from the quarterly loss, both of which warrant attention alongside the leverage increase.

    May 5, 2016
  33. 2015-Q3

    EOG RESOURCES INC Quarterly Report for Q3 Ended Sep 30, 2015

    EOG Resources' Q3 2015 10-Q shows a sharp deterioration in operating results driven by collapsing commodity prices. Net operating revenues fell 58% year over year to $2.17 billion for the quarter, and wellhead crude oil prices dropped 53% to $45.91 per barrel. The company recorded a net loss of $4.08 billion for the quarter (-$7.47 per share), driven by $6.3 billion in pretax impairment charges, primarily on legacy U.S. natural gas assets, marginal liquids plays and the UK Conwy project. Nine-month results show a net loss of $4.24 billion, versus net income of $2.47 billion a year earlier. Cash flow and liquidity held up better than earnings. Operating cash flow was $2.98 billion for the first nine months, down from $6.54 billion, and cash fell to $743 million from $2.09 billion at year-end 2014. EOG issued $990 million of senior notes in March, repaid $500 million of 2015 notes in June, and entered a new $2.0 billion revolver maturing in 2020. The debt-to-total-capitalization ratio rose to 33% from 25%, still within the 65% covenant. Management kept the 2015 capital budget at $4.7 to $4.9 billion, funded mainly from internal cash flow, and expects 2015 crude and NGL production to be roughly flat with 2014. Investors should note that the lower commodity price deck will reduce year-end 2015 proved reserves under SEC trailing 12-month pricing, with prices down about 45% for crude and 40% for natural gas. The company also disclosed $368 million of Delaware Basin acquisitions in Q3 and continued dividends of $0.1675 per share, while suspending share repurchases under its authorized program during the quarter.

    Nov 5, 2015
  34. 2015-Q2

    EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2015

    EOG Resources' second-quarter 2015 10-Q shows a sharp downturn in earnings driven by the collapse in commodity prices. Net operating revenues fell 41% year over year to $2,470 million, and wellhead crude oil and condensate realized prices dropped 44% to $57.45 per barrel. The company posted a near-breakeven net income of $5 million for the quarter ($0.01 per diluted share), versus $706 million a year earlier. For the first six months, EOG reported a net loss of $164 million, or $(0.30) per share, compared with net income of $1,367 million in the prior-year period. Operating cash flow for the six months fell to $1,848 million from $4,202 million. The balance sheet remains solid but is being used to fund the gap. Cash declined to $1,367 million from $2,087 million at year-end 2014, and EOG issued $990 million of new senior notes in March 2015 while repaying $500 million of 2.95% notes in June. Long-term debt rose to $6.39 billion, and the debt-to-total-capitalization ratio increased to 27% from 25%, still below peers according to management. EOG also entered into a new $2.0 billion revolving credit facility in July 2015, maturing in 2020, with a 65% maximum debt-to-capitalization covenant. Operationally, crude oil and condensate production was roughly flat year over year at 277.5 MBbld in the quarter, with growth in the Eagle Ford and Permian offset by declines elsewhere. Management guided to 2015 total capital expenditures of $4.7 to $4.9 billion, mostly for U.S. crude oil drilling, and said it expects 2015 crude, condensate and NGL production to be relatively flat versus 2014. The company is deliberately slowing activity, building an inventory of uncompleted wells until prices recover. Cost discipline is evident: lease and well costs per Boe fell and DD&A per barrel declined, though impairments rose in the quarter.

    Aug 6, 2015
  35. 2015-Q1

    EOG RESOURCES INC Quarterly Report for Q1 Ended Mar 31, 2015

    EOG Resources' first-quarter 2015 10-Q shows a sharp deterioration in profitability as crude oil prices collapsed. Net operating revenues fell 43% year over year to $2.32 billion, driven by a 53% decline in the composite wellhead crude oil price to $46.68 per barrel, while production grew: total crude oil equivalent volumes rose about 5% to 589.5 MBoed. EOG posted a net loss of $169.7 million, or $(0.31) per share, versus net income of $660.9 million, or $1.21 per diluted share, a year earlier. Operating loss was $173 million, which includes $69 million of impairments and $912.8 million of DD&A, and an income tax benefit of $67 million. Liquidity remains solid but is being used to fund the program. Cash rose to $2.13 billion after EOG issued $1.0 billion of senior notes in March 2015 (3.15% due 2025 and 3.90% due 2035), netting about $990 million. Operating cash flow fell to $961 million from $2.27 billion. Capital expenditures are budgeted at $4.9 to $5.1 billion for 2015, which exceeds internally generated cash flow at current prices, and the debt-to-capitalization ratio rose to 28% from 25%. The company also has a $2.0 billion undrawn revolving credit facility. Hedging provides some near-term cushion: about 47,000 barrels per day of crude is hedged at roughly $91 per barrel through June 2015. For investors, the key issues are the sustainability of the dividend, which was raised to $0.1675 per share, the pace of spending versus cash flow, and the value of the hedge book once the current hedges roll off. Management said it will hold 2015 U.S. crude and NGL production roughly flat versus 2014 and will focus on drilling efficiency and cost reduction, with Eagle Ford, Delaware Basin and North Dakota Bakken activity to build an inventory of uncompleted wells until prices recover.

    May 4, 2015
  36. 2014-Q3

    EOG RESOURCES INC Quarterly Report for Q3 Ended Sep 30, 2014

    EOG Resources' third quarter 2014 results were strong, driven by production growth and a sharp rebound in mark-to-market derivative gains. Net income for the quarter rose to $1,104 million, or $2.01 per diluted share, versus $462 million ($0.85) a year earlier. Total net operating revenues increased 45% to $5,119 million, helped by a $469 million mark-to-market gain on commodity derivatives compared with a $293 million loss in Q3 2013. Wellhead revenues rose 15% to $3,374 million, as crude oil and condensate volumes grew 27% to 299.5 MBbld, primarily from the Eagle Ford, North Dakota Bakken and Permian Basin. That growth was partly offset by a 10% decline in the composite crude price to $97.13 per barrel. For the first nine months, net income was $2,471 million ($4.51 diluted EPS), and operating cash flow reached $6,539 million, up about 23% year over year. Cost pressure is visible in lease and well expenses, which rose to $6.44 per Boe for the nine months, and in taxes other than income, which grew to 6.1% of wellhead revenues. Capital discipline remains a stated priority, with 2014 total expenditures guided to $8.1 to $8.3 billion, excluding acquisitions. The balance sheet remains conservative. Debt-to-total capitalization fell to 25% from 28% at year-end 2013, and cash rose to $1.48 billion. EOG repaid $500 million of 2014 maturities and issued $500 million of 2.45% notes due 2020. The board also raised the quarterly dividend 34% to $0.1675 per share, effective with the October 2014 payment. Management is focused on liquids-rich growth in the U.S., with the Eagle Ford, Bakken and Permian as the core drivers, while international projects such as the UK Conwy field (first production expected Q2 2015) remain secondary.

    Nov 4, 2014
  37. 2014-Q2

    EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2014

    EOG Resources' Q2 2014 10-Q shows a strong quarter driven by higher production and wellhead prices, partly offset by a large mark-to-market derivative loss. Net operating revenues rose 9% to $4.19 billion, and net income grew 7% to $706 million ($1.29 diluted EPS). Wellhead revenues climbed 27% to $3.38 billion on a 31% increase in crude oil and condensate volumes, concentrated in the Eagle Ford and North Dakota Bakken. The company recorded a $229 million unrealized loss on commodity derivatives versus a $191 million gain a year earlier, which weighed on reported revenue even though cash settlements of those hedges were a $87 million outflow in the quarter. Cost pressures were notable. Operating expenses rose 11% to $3.04 billion, led by higher lease and well costs, severance and production taxes (which rose with revenues), and DD&A. Per-barrel DD&A on oil and gas properties fell to $18.01 from $19.23, reflecting upward reserve revisions, and per-Boe interest expense dropped meaningfully as debt was repaid. The effective tax rate held at 36%. Balance sheet and cash flow remained solid. Operating cash flow for the first half reached $4.2 billion, up 27%, against $4.1 billion of investing outflows as capital spending ran ahead of the prior year. Debt-to-capitalization improved to 26% from 28%, helped by $500 million of notes repaid and $500 million of 2.45% notes due 2020 issued. Management reaffirmed 2014 capital expenditures of $8.1 to $8.3 billion and raised the quarterly dividend to $0.125 per share.

    Aug 5, 2014
  38. 2014-Q1

    EOG RESOURCES INC Quarterly Report for Q1 Ended Mar 31, 2014

    EOG Resources Inc. (EOG) reported strong financial performance for the first quarter of 2014, with net income increasing to $660.9 million ($1.21 per diluted share) from $494.7 million ($0.91 per diluted share) in the prior year period. This growth was driven by a significant increase in net operating revenues, up 22% to $4.08 billion, primarily fueled by higher crude oil and condensate production, which rose 42%. The company's strategic focus on liquids-rich unconventional plays, particularly in the Eagle Ford, Bakken, and Permian Basin, continues to pay off. Despite increased operating expenses and higher impairments, EOG demonstrated robust operational execution and solid cash flow generation. Net cash provided by operating activities significantly increased year-over-year, underscoring the company's ability to convert revenue growth into operating cash. EOG also maintained a strong balance sheet with a debt-to-total capitalization ratio below industry averages, and successfully issued $500 million in senior notes to fund general corporate purposes and capital expenditures. The company's outlook remains positive, with a substantial capital expenditure budget for 2014 focused on developing its extensive resource base.

    May 6, 2014
  39. 2013-Q3

    EOG RESOURCES INC Quarterly Report for Q3 Ended Sep 30, 2013

    EOG Resources Inc. (EOG) reported strong financial results for the nine months ending September 30, 2013, with net income of $1.62 billion, a significant increase from $1.08 billion in the same period of 2012. This growth was driven by a substantial rise in net operating revenues to $10.74 billion, up 24% year-over-year. The company saw a significant shift towards higher-margin crude oil and natural gas liquids (NGLs), which comprised 84% of wellhead revenues for the period, reflecting successful development in key North American plays like the Eagle Ford, Permian Basin, and Bakken. Despite the strong revenue growth, the company recorded a net loss of $207 million on mark-to-market commodity derivative contracts for the nine-month period, a reversal from a gain of $327 million in the prior year. Capital expenditures remained robust, with $5.56 billion invested in exploration and development during the first nine months of 2013, focused primarily on U.S. crude oil operations. EOG also demonstrated a commitment to returning capital to shareholders, with dividends declared and a healthy balance sheet maintained.

    Nov 6, 2013
  40. 2013-Q2

    EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2013

    EOG Resources' second-quarter 2013 10-Q shows a strong quarter driven by oil. Net operating revenues rose 32% year over year to $3.84 billion, and net income more than doubled a comparable year-ago figure, reaching $659.7 million ($2.42 diluted EPS) versus $395.8 million ($1.47) in Q2 2012. Wellhead crude oil and condensate revenue jumped 46% to $2.01 billion on a 35% increase in volumes (214.4 MBbld, led by the Eagle Ford, Permian and North Dakota Bakken) and a higher composite price of $103.19/Bbl. Liquids now represent about 54% of total production, up from 44% a year earlier, which is the central story of the company's shift toward oil-weighted growth. The quarter was not without pressure points. Transportation costs rose 66% year over year to $224 million, reflecting higher volumes moved to market, and DD&A increased 13% to $911 million as production grew and unit rates rose. Natural gas prices improved sharply (composite $3.73/Mcf, up 51%), but gas volumes fell 15%, partly from asset sales and reduced gas drilling. Management noted that 2013 capital expenditures ($7.0 to $7.2 billion, excluding acquisitions) are expected to exceed operating cash flow, which EOG plans to bridge with non-core asset sales; about $580 million was raised in the first half from divestitures, including the Kitimat LNG interest and Horn River acreage. Balance sheet metrics remain solid. The debt-to-total-capitalization ratio was 31%, cash rose to $1.23 billion, and the $2.0 billion revolver was undrawn at quarter-end. Operating cash flow for the first half was $3.32 billion, up 29%. Investors should weigh the strong oil-driven earnings momentum against rising transportation and DD&A costs and the reliance on asset sales to fund the 2013 program.

    Aug 6, 2013
  41. 2013-Q1

    EOG RESOURCES INC Quarterly Report for Q1 Ended Mar 31, 2013

    EOG Resources' first-quarter 2013 10-Q shows a strong top-line and earnings year-over-year. Net operating revenues rose 20% to $3.36 billion, and net income climbed 53% to $495 million ($1.82 diluted EPS vs. $1.20). Wellhead revenues grew 26% to $2.36 billion, driven by a 33% increase in crude oil and condensate deliveries (concentrated in the South Texas Eagle Ford and Permian Basin) and a 27% higher composite natural gas price. Results were partly offset by $105 million in mark-to-market losses on commodity derivatives, versus $134 million of gains a year earlier, and by $164 million of gains on asset dispositions that flattered the quarter. Cash generation and balance sheet positions improved. Operating cash flow was $1.42 billion, up from $1.08 billion, and cash rose to $1.11 billion. Asset sales of about $480 million, mainly the Canadian Kitimat LNG interest, Pacific Trail Pipelines and Horn River acreage, helped fund a $1.6 billion investing outlay. Management said 2013 capital expenditures ($7.0-7.2 billion) will exceed operating cash flow, and it plans to sell roughly $550 million of non-core assets to bridge the gap. Debt-to-capitalization was 31%, the revolver was undrawn, and commercial paper was zero at quarter end. Watch items include a 4% quarterly dividend increase to $0.1875 per share, a sharp rise in production costs (lease and well costs per Boe fell, but transportation costs rose to $4.30 per Boe from $3.21 and DD&A per Boe increased), and a 2013 mix shift toward liquids. Liquids accounted for about 52% of total production versus 43% a year earlier, and realized NGL prices fell 25%.

    May 6, 2013
  42. 2012-Q3

    EOG RESOURCES INC Quarterly Report for Q3 Ended Sep 30, 2012

    EOG Resources' Q3 2012 10-Q shows a company growing its liquids-rich production sharply while absorbing lower natural gas prices. Third-quarter net operating revenues rose 2% to $2,955 million, but net income fell 34% to $355 million ($1.31 diluted EPS vs. $2.01 a year earlier), mainly because mark-to-market derivative gains shrank from $358 million to $5 million and gains on asset sales declined. Underlying wellhead revenues grew 21% to $2,109 million on higher crude oil volumes, with crude oil and condensate deliveries up 42% year over year, driven by the Eagle Ford Shale and North Dakota Bakken. Total crude oil equivalent production rose about 12% to 480.3 MBoed, though composite natural gas prices fell 22% to $3.07/Mcf and NGL prices fell 39%. Balance sheet and funding are the other key points. Cash rose to $1.11 billion, and EOG issued $1.25 billion of 2.625% Senior Notes due 2023 in September. Long-term debt climbed to $6.3 billion and the debt-to-total-capitalization ratio rose to 31% from 28%. Management expects 2012 capital expenditures of about $7.6 billion to exceed operating cash flow, so the company is funding the gap with asset sales ($1.2 billion year-to-date, mainly in the Rocky Mountain area, Upper Gulf Coast and Canada) and debt. Crude oil hedges extend through 2013, and the company reported no share repurchases under its 10 million share authorization in the quarter. For investors, the filing shows strong oil-driven top-line growth, with earnings pressured by weaker gas and NGL prices, a smaller hedging benefit, and rising DD&A and transportation costs. The rising leverage and reliance on asset sales to fund a capex budget above cash flow are the main risks to watch.

    Nov 5, 2012
  43. 2012-Q2

    EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2012

    EOG Resources' Q2 2012 10-Q shows a company in a strong growth phase driven by liquids, even as natural gas prices fell sharply. Net operating revenues rose 13% to $2.91 billion in the second quarter and 28% to $5.72 billion for the first half. Net income reached $396 million ($1.47 diluted EPS) for the quarter, up from $296 million ($1.10) a year earlier, and $720 million ($2.67) for the first six months versus $430 million ($1.63). Crude oil and condensate wellhead volumes rose 52% year over year to 158.7 MBbld, which offset a roughly 39% decline in the composite natural gas price to $2.47/Mcf. Lower impairments, mainly from the absence of 2011 Canadian gas writedowns, also helped earnings. Impairments fell to $54 million in the quarter from $359 million. Cash flow and capital spending show the company's current funding dynamic. Operating cash flow was $2.57 billion for the first half, up $504 million, but capital expenditures are running ahead of it. Management expects 2012 capital spending of $7.4 to $7.6 billion, which exceeds expected operating cash flow, so EOG plans to fund the gap with non-core asset sales. Those sales produced about $1.1 billion in the first half, mainly in the Rocky Mountain area, Upper Gulf Coast and Canada. Cash fell to $280 million from $616 million at year-end. Long-term debt was roughly flat at $5.0 billion, and the debt-to-capitalization ratio improved to 27% from 28%. The balance sheet remains strong, with $13.4 billion in stockholders' equity and total assets of $26.0 billion. The company has a $2.0 billion undrawn revolving credit facility and no commercial paper outstanding at June 30, 2012. Derivative positions remain substantial, with crude hedges covering about 50,000 Bbld through August and natural gas hedges at $5.44/MMBtu for the rest of 2012. The filing also discloses a pending North Dakota air-emissions consent agreement that is expected to carry reduced fines.

    Aug 2, 2012
  44. 2012-Q1

    EOG RESOURCES INC Quarterly Report for Q1 Ended Mar 31, 2012

    EOG Resources' first quarter 2012 10-Q shows a company in strong growth mode, with net income of $324.0 million ($1.20 diluted EPS) versus $134.0 million ($0.52) a year earlier, driven by a 48% increase in net operating revenues to $2.81 billion. Wellhead crude oil and condensate revenue rose 73% to $1.31 billion on a 49% increase in volumes (140.8 MBbld) and a 15% higher composite price of $101.12 per barrel. Total production grew about 10% to 449.8 MBoed, with liquids (crude oil, condensate and NGLs) now about 43% of company production versus 32% a year earlier. The growth was led by the Eagle Ford Shale and Fort Worth Basin Barnett Shale, offsetting a 33% decline in the composite natural gas price to $2.61 per Mcf. Cash flow and capital spending remain the key watch items. Operating cash flow rose to $1.08 billion, but total expenditures reached $2.1 billion, and management expects 2012 capital spending of $7.4 to $7.6 billion to exceed operating cash flow. EOG plans to close that gap with non-core asset sales, and the quarter included about $450 million of divestiture proceeds. Cash fell to $294 million from $616 million at year-end, while the balance sheet stayed conservative, with a debt-to-total-capitalization ratio of 28%, $5.04 billion of principal debt, and an undrawn $2.0 billion revolving credit facility. Risk items include a $133 million impairment charge (of which $75 million was a fair value write-down of proved properties), a rise in DD&A to $749 million, and a sharply higher hedge book that produced a $134 million mark-to-market gain. Management also reported that the Board increased the quarterly dividend to $0.17 per share, and the Kitimat LNG and Pacific Trail Pipelines projects in Canada remain under evaluation with a final investment decision expected in early 2013.

    May 8, 2012
  45. 2011-Q3

    EOG RESOURCES INC Quarterly Report for Q3 Ended Sep 30, 2011

    EOG Resources' Q3 2011 10-Q shows a sharply stronger quarter and nine-month period, driven by higher oil prices and production growth from liquids-rich plays. Third-quarter net operating revenues rose 82% to $2.89 billion, and net income swung to $541 million (diluted EPS $2.01) from a $71 million loss a year earlier. Nine-month net income reached $970 million. Crude oil and condensate wellhead revenue rose 88% in the quarter, with the composite price up 23% to $87.49/Bbl, while wellhead natural gas revenue was roughly flat as realized gas prices held near $3.95/Mcf. Results were also boosted by $358 million of mark-to-market derivative gains and $207 million of asset disposition gains, so the headline earnings include non-recurring and non-cash items. The balance sheet strengthened materially. EOG raised approximately $1.39 billion of net equity in March 2011 at $105.50 per share, and it generated about $1.3 billion from asset sales in the first nine months. Cash rose to $1.39 billion, and the debt-to-total-capitalization ratio improved to 29% from 34% at year-end 2010. Management still expects 2011 capital expenditures of $6.8 to $7.0 billion, which exceed operating cash flow, so the company plans further non-core natural gas divestitures to close the gap. A new $2.0 billion revolving credit facility was signed in October 2011 to replace the two $1.0 billion facilities. Key watch items include rising operating costs and DD&A per Boe, a $391 million nine-month impairment on Canadian shallow gas assets, a 42% effective tax rate, and a pending Pennsylvania spill penalty. Production growth is concentrated in the Eagle Ford, Fort Worth Basin Barnett, and Colorado Niobrara, and liquids now make up about 35% of total production versus 26% a year earlier.

    Nov 1, 2011
  46. 2011-Q2

    EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2011

    EOG Resources' second-quarter 2011 results show a sharp step-up in scale and profitability. Net operating revenues rose 89% year over year to $2.57 billion, and net income reached $295.6 million ($1.10 diluted EPS), versus $59.9 million ($0.24) a year earlier. Growth was driven by crude oil: wellhead crude oil and condensate deliveries rose 50% to 104.5 MBbld, and the composite realized price climbed 37% to $99.77/Bbl. Results were also flattered by $190 million of mark-to-market derivative gains and $164 million of gains on asset dispositions, so the underlying operating improvement is somewhat smaller than the headline figures suggest. The balance sheet strengthened materially. EOG raised approximately $1.39 billion of net proceeds from a March 2011 common stock offering and received about $944 million from asset sales, primarily in the Rocky Mountain area and Texas. Cash rose to $1.58 billion, and the debt-to-total-capitalization ratio fell to 30% from 34%. Management expects 2011 capital expenditures of $6.8 to $7.0 billion, which it anticipates will exceed operating cash flow, so the company plans further non-core natural gas asset sales to cover the gap. The main risks are weak Canadian shallow natural gas assets and continued exposure to commodity prices. Impairments were $359 million in the quarter, of which $312 million was proved property writedowns, concentrated in Canadian shallow gas. Lease and well costs and DD&A per Boe both increased, and the effective tax rate was elevated at 46%. The company's strategic pivot toward liquids-rich plays such as the Eagle Ford is visible in the production mix, with liquids now about 33% of total production versus 26% a year earlier.

    Aug 4, 2011
  47. 2011-Q1

    EOG RESOURCES INC Quarterly Report for Q1 Ended Mar 31, 2011

    EOG Resources' first quarter 2011 results show strong top-line momentum driven by oil. Net operating revenues rose 38% year over year to $1,897 million, and net income increased about 14% to $134 million, or $0.52 per diluted share. Crude oil and condensate revenue jumped 86% to $757 million on a 48% increase in volumes and a 20% higher composite price of $87.61 per barrel. Results were partly offset by a $67 million mark-to-market loss on commodity derivatives and a 41% effective tax rate. Operating expenses rose 41%, led by DD&A, marketing costs and taxes other than income, so operating margin improved only modestly. The balance sheet and funding picture changed materially. EOG completed a $1.39 billion net common equity offering in March 2011 at $105.50 per share, lifting cash to $1.67 billion from $789 million at year-end 2010. Management stated that 2011 capital expenditures of $6.4 to $6.6 billion are expected to exceed operating cash flow, so the company plans to sell non-core natural gas assets; about $260 million was received in the quarter and a further $387 million after quarter-end. Debt was essentially flat at roughly $5.2 billion, and the debt-to-capitalization ratio fell to 31% from 34%. For investors, the key takeaways are a shift toward liquids-weighted production (crude and NGLs rose to 32% of total production from 25%), continued heavy reinvestment in the Eagle Ford, Bakken and Barnett plays, and reliance on asset sales and equity to bridge a funding gap. Natural gas realizations fell 17% to $3.87 per Mcf, which underscores the value of the oil growth strategy. Execution on the 2011 program and the pace of asset sales will be important items to monitor.

    May 6, 2011
  48. 2010-Q3

    EOG RESOURCES INC Quarterly Report for Q3 Ended Sep 30, 2010

    EOG Resources' third-quarter 2010 results were mixed. Net operating revenues rose 57% year over year to $1,582 million, and wellhead revenues climbed 43% to $1,216 million, driven by a 26% higher composite natural gas price ($3.80/Mcf) and a 30% increase in crude oil and condensate volumes. However, the company swung to a net loss of $70.9 million ($0.28 per share), versus net income of $4.2 million a year earlier. The loss was driven primarily by a $280 million pretax impairment on Canadian shallow natural gas assets held for sale, which pushed impairments to $353 million for the quarter and produced a Canadian operating loss of $331 million. Excluding that charge, the quarter would have been profitable at the operating level. For the nine months, EOG reported net income of $107.0 million ($0.42 diluted EPS), down from $146.2 million, while revenues rose 42% to $4.3 billion. Capital intensity is rising sharply: nine-month exploration and development expenditures reached $3.9 billion, and management expects capital spending to exceed operating cash flow in both 2010 and 2011. Operating cash flow was roughly flat at $2.09 billion, and cash on hand fell from $686 million to $28 million. To fund the gap, EOG issued $1 billion of senior notes in May, put in place a second $1.0 billion revolving credit facility, and plans asset sales of about $320 million in Canada in the fourth quarter and additional sales in 2011. The debt-to-capitalization ratio rose to 27% from 22%, still below EOG's 30-35% self-imposed ceiling. The key investor takeaways are the strong oil growth story, including the Eagle Ford position and expected 2011 crude output, balanced against near-term earnings pressure from Canadian impairments, rising DD&A and taxes, and a funding model that depends on asset sales and debt. Working capital also shifted, with accounts payable up sharply to $1.54 billion.

    Nov 2, 2010
  49. 2010-Q2

    EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2010

    EOG Resources' second-quarter 2010 results show a sharp recovery from the depressed 2009 period. Net operating revenues rose 58% year over year to $1.358 billion, and net income swung to $59.9 million ($0.24 per diluted share) from a $16.7 million loss. For the first six months, revenues increased 35% to $2.729 billion and net income reached $177.9 million ($0.70 diluted EPS). Wellhead revenues grew 49% in the quarter, driven mainly by a 39% rise in crude oil and condensate prices and a 21% rise in natural gas prices, plus a 43% increase in crude oil deliveries, reflecting EOG's shift toward liquids-rich plays such as the North Dakota Bakken, the Fort Worth Basin Barnett Shale, and the Eagle Ford Shale. Costs rose sharply alongside activity. Quarterly operating expenses increased $356 million, led by DD&A (up $89 million), taxes other than income (up $55 million, from 3.1% to 7.0% of wellhead revenues), marketing costs and transportation costs. The effective tax rate rose to 46% in the quarter. Lower gains on the mark-to-market of derivatives and reduced realized hedge inflows (only $16 million in the quarter versus $345 million a year earlier) mean the 2010 earnings are less reliant on hedging than 2009. Balance sheet leverage increased. EOG issued $1 billion of senior notes in May 2010 (2.95% due 2015 and 4.40% due 2020), repaid commercial paper, and ended the period with $650 million in cash and $3.73 billion of long-term debt. The debt-to-capitalization ratio rose to 27% from 22%. Management's 2010 capital budget is about $5.6 billion, and EOG plans to fund part of it through the marketing of Canadian shallow gas assets and certain North American properties, with bids expected in September 2010 and closings targeted for the fourth quarter. EOG also agreed to acquire a 49% interest in the planned Kitimat LNG terminal in British Columbia, an investment of roughly C$3 billion in preliminary construction costs.

    Aug 5, 2010
  50. 2010-Q1-A

    EOG RESOURCES INC Quarterly Report (Amendment) for Q1 Ended Mar 31, 2010

    This filing is an amendment (10-Q/A) to EOG Resources, Inc.'s quarterly report for the period ending March 31, 2010. The amendment's sole purpose is to furnish Interactive Data Files (Exhibit 101) that were inadvertently omitted from the original Form 10-Q filing. Crucially, this amendment does not alter any financial or operational disclosures made in the original report, which was filed on May 4, 2010. Investors should refer to the original Form 10-Q for substantive information regarding EOG's performance, financial position, and future outlook during the first quarter of 2010.

    May 4, 2010