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EOG RESOURCES INC 8-K Report, Financial Results (Feb 27, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 27, 2025
Period End
February 27, 2025
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 February 27, 2025. Cited figures are marked; the original filing is the authoritative source.

EOG Resources reported fourth quarter 2024 results that were weaker than the prior year, as lower realized prices and higher impairments pulled earnings down, while full-year 2024 showed higher production, record-level free cash flow, and substantial shareholder returns.

Q4 2024 GAAP net income was $1,251 milliona ($2.23 diluted EPS), down about 37% from $1,988 million in Q4 2023. Adjusted net income (non-GAAP) was $1,535 million ($2.74 per diluted share). The decline reflected a composite average wellhead revenue of $42.74/Boe versus $48.27/Boe a year earlier, and $276 million of Q4 impairments.

Q4 crude oil equivalent production rose to 1,095.7 MBoed, up about 7% year over year. For full-year 2024, EOG generated GAAP net income of $6,403 millionb ($11.25 diluted EPS) and adjusted net income of $6,612 million ($11.62 per share), compared with $7,594 million ($13.00) in 2023. Production averaged 1,062.1 MBoed, up about 8% from 984.8 MBoed in 2023.

Net cash from operations rose to $12,143 millionc from $11,340 million, and free cash flow (non-GAAP) increased to $5,367 million from $5,108 million, even as total capital expenditures rose to $6,226 million. EOG returned significant capital through share repurchases of $3,246 million and dividends of $2,087 million paid in 2024 (FY dividends declared of $3.705 per share). Its balance sheet remained strong, with $7,092 million in cash, total debt of $4,752 million, and a net debt-to-total-capitalization ratio of -8.7% (net cash position).

The 8-K furnishes the press release under Items 2.02 and 7.01 and states that the information is not deemed filed for Section 18 purposes. The excerpt provided does not include the first quarter and full-year 2025 forecast figures, so this analysis does not characterize 2025 guidance. Investors should review Exhibit 99.1 for those details.

02—Key points

Key Highlights

  1. Q4 2024 GAAP net income was $1,251 million ($2.23 diluted EPS), down from $1,988 million ($3.42) in Q4 2023; adjusted EPS was $2.74 (non-GAAP).
  2. FY 2024 GAAP net income was $6,403 million ($11.25 diluted EPS) versus $7,594 million ($13.00) in 2023; adjusted EPS was $11.62 (non-GAAP).
  3. FY 2024 crude oil equivalent production averaged 1,062.1 MBoed, up about 8% from 984.8 MBoed in 2023, with total proved reserves of 4,748 MMBoe at year-end.
  4. Free cash flow (non-GAAP) reached $5,367 million in 2024, up from $5,108 million in 2023, while total capital expenditures were $6,226 million.
  5. Q4 2024 results included $276 million of impairments, and composite average wellhead revenue fell to $42.74/Boe from $48.27/Boe a year earlier.
  6. EOG repurchased $3,246 million of its stock in 2024 (versus $1,038 million in 2023) and paid $2,087 million in dividends; Q4 declared dividend was $0.975 per share.
  7. Reserve replacement was 164% on an all-in basis (201% excluding price revisions) and 148% on a drilling-only basis, with a net debt-to-capitalization ratio of -8.7%.

03—Questions

Frequently Asked Questions

  1. Why did EOG's Q4 2024 earnings decline compared with Q4 2023?

    Q4 2024 GAAP net income fell to $1,251 million from $1,988 million, driven mainly by lower realized prices (composite wellhead revenue of $42.74/Boe versus $48.27/Boe) and higher impairments of $276 million, compared with $79 million in Q4 2023. Total operating revenues fell to $5,585 million from $6,357 million. Production growth partly offset these headwinds.

  2. Did EOG's production grow in 2024?

    Yes. Total crude oil equivalent production averaged 1,062.1 MBoed in 2024, up from 984.8 MBoed in 2023, roughly 8% higher. Q4 2024 production reached 1,095.7 MBoed, the highest quarterly level in the period shown. U.S. natural gas and NGL volumes drove much of the growth.

  3. How much cash did EOG generate and how did it use it in 2024?

    Net cash provided by operating activities was $12,143 million, and cash flow from operations before working capital changes (non-GAAP) was $11,593 million. After $6,226 million of total capital expenditures (non-GAAP), free cash flow was $5,367 million. EOG used cash for $3,246 million of share repurchases and $2,087 million of dividends paid, and ended the year with $7,092 million in cash and cash equivalents.

  4. How strong is EOG's balance sheet?

    As of December 31, 2024, EOG had $7,092 million in cash against $4,752 million of current and long-term debt, producing a net cash position of $2,340 million. The net debt-to-total-capitalization ratio was -8.7%, and debt-to-total-capitalization on a GAAP basis was 13.9%. In Q4 2024, EOG issued $985 million of long-term debt.

  5. What do the proved reserve figures indicate?

    Total proved reserves rose to 4,748 MMBoe at year-end 2024 from 4,498 MMBoe, after 391 MMBoe of production. Extensions, discoveries and other additions were 580 MMBoe. The all-in reserve replacement ratio was 164% (201% excluding price revisions), and the all-in replacement cost was $8.17/Boe, or $6.68/Boe excluding price revisions (non-GAAP). Net proved developed reserves increased to 2,566 MMBoe.

04—Continue

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