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EOG RESOURCES INC 8-K Report, Regulation FD Disclosure (Jan 11, 2024)

Reports
Regulation FD
Filing Date
Filed January 11, 2024
Period End
January 11, 2024
Security
EOG
In the 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. Material agreement8-K · Oct ’16Oct ’16
  2. Material agreement8-K · Apr ’20Apr ’20
  3. Leadership change8-K · Oct ’22Oct ’22
  4. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed January 11, 2024. Cited figures are marked; the original filing is the authoritative source.

EOG Resources, Inc. (EOG) filed an 8-K report on January 11, 2024, providing an update on its financial risk management strategies and commodity derivative transactions as of December 31, 2023.

The company anticipates a significant net gain of $298 milliona from the mark-to-market of its financial commodity derivative contracts for the fourth quarter of 2023. This non-cash gain will be excluded when calculating Adjusted Net Income (Non-GAAP), while $18 million in net cash received from derivative settlements will be added back.

The filing also details EOG's extensive portfolio of financial commodity derivative contracts, including crude oil and natural gas swap contracts, and natural gas basis swap contracts, with various settlement periods extending into 2025. No collateral was posted or held by EOG as of December 31, 2023, related to these derivative contracts.

02—Key points

Key Highlights

  1. EOG anticipates a $298 million net gain on the mark-to-market of its financial commodity derivative contracts for Q4 2023.
  2. This $298 million gain is expected to be excluded from Adjusted Net Income (Non-GAAP) calculation.
  3. EOG expects to add back $18 million in net cash received from derivative settlements to its Adjusted Net Income (Non-GAAP).
  4. The company maintains a comprehensive suite of crude oil and natural gas derivative contracts.
  5. Derivative contracts are in place for crude oil swaps, natural gas swaps, and natural gas basis swaps.
  6. Settlement periods for natural gas swap contracts extend through December 2025.
  7. EOG reported no collateral posted or held related to its derivative contracts as of December 31, 2023.

03—Questions

Frequently Asked Questions

  1. What is the financial impact of EOG's derivative contracts for Q4 2023?

    EOG anticipates a significant non-cash gain of $298 million from the mark-to-market accounting of its financial commodity derivative contracts for the fourth quarter of 2023. This gain will be excluded from the Non-GAAP measure of Adjusted Net Income.

  2. How does EOG's Adjusted Net Income (Non-GAAP) differ from its reported Net Income (GAAP) regarding derivatives?

    For Q4 2023, EOG expects to subtract the $298 million mark-to-market gain and add back $18 million in net cash received from derivative settlements when calculating Adjusted Net Income (Non-GAAP).

  3. What types of derivative contracts does EOG have outstanding?

    EOG utilizes financial price swap, option, swaption, collar, and basis swap contracts. The filing specifically details crude oil financial price swap contracts, natural gas financial price swap contracts, and natural gas basis swap contracts with various settlement periods.

  4. Does EOG have any collateral obligations related to its derivative contracts?

    As of December 31, 2023, EOG reported that it had no collateral posted and no collateral held in connection with its financial commodity derivative contracts.

04—Continue

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