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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 1-9743
EOG RESOURCES, INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Delaware | | 47-0684736 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer 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)
Securities registered pursuant to Section 12(b) of the Act:
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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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐
Smaller reporting company ☐ 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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.
| | | | | | | | | | | |
Title of each class | | Number of shares |
Common Stock, par value $0.01 per share | | 568,599,571 | | (as of July 25, 2024) |
EOG RESOURCES, INC.
TABLE OF CONTENTS
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PART I. | FINANCIAL INFORMATION | Page No. |
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| ITEM 1. | Financial Statements (Unaudited) | |
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| ITEM 2. | | |
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PART II. | OTHER INFORMATION | |
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| ITEM 1. | | |
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
EOG RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(In Millions, Except Per Share Data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Operating Revenues and Other | | | | | | | |
Crude Oil and Condensate | $ | 3,692 | | | $ | 3,252 | | | $ | 7,172 | | | $ | 6,434 | |
Natural Gas Liquids | 515 | | | 409 | | | 1,028 | | | 899 | |
Natural Gas | 303 | | | 334 | | | 685 | | | 851 | |
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts | (47) | | | 101 | | | 190 | | | 477 | |
Gathering, Processing and Marketing | 1,519 | | | 1,465 | | | 2,978 | | | 2,855 | |
Gains (Losses) on Asset Dispositions, Net | 20 | | | (9) | | | 46 | | | 60 | |
Other, Net | 23 | | | 21 | | | 49 | | | 41 | |
Total | 6,025 | | | 5,573 | | | 12,148 | | | 11,617 | |
Operating Expenses | | | | | | | |
Lease and Well | 390 | | | 348 | | | 786 | | | 707 | |
Gathering, Processing and Transportation Costs | 423 | | | 396 | | | 836 | | | 791 | |
Exploration Costs | 34 | | | 47 | | | 79 | | | 97 | |
Dry Hole Costs | 5 | | | — | | | 6 | | | 1 | |
Impairments | 81 | | | 35 | | | 100 | | | 69 | |
Marketing Costs | 1,490 | | | 1,456 | | | 2,894 | | | 2,817 | |
Depreciation, Depletion and Amortization | 984 | | | 866 | | | 2,058 | | | 1,664 | |
General and Administrative | 151 | | | 142 | | | 313 | | | 287 | |
Taxes Other Than Income | 337 | | | 313 | | | 675 | | | 642 | |
Total | 3,895 | | | 3,603 | | | 7,747 | | | 7,075 | |
Operating Income | 2,130 | | | 1,970 | | | 4,401 | | | 4,542 | |
Other Income, Net | 66 | | | 51 | | | 128 | | | 116 | |
Income Before Interest Expense and Income Taxes | 2,196 | | | 2,021 | | | 4,529 | | | 4,658 | |
Interest Expense, Net | 36 | | | 35 | | | 69 | | | 77 |
Income Before Income Taxes | 2,160 | | | 1,986 | | | 4,460 | | | 4,581 | |
Income Tax Provision | 470 | | | 433 | | | 981 | | | 1,005 | |
Net Income | $ | 1,690 | | | $ | 1,553 | | | $ | 3,479 | | | $ | 3,576 | |
Net Income Per Share | | | | | | | |
Basic | $ | 2.97 | | | $ | 2.68 | | | $ | 6.08 | | | $ | 6.14 | |
Diluted | $ | 2.95 | | | $ | 2.66 | | | $ | 6.05 | | | $ | 6.10 | |
Average Number of Common Shares | | | | | | | |
Basic | 569 | | | 580 | | | 572 | | | 582 | |
Diluted | 572 | | | 584 | | | 575 | | | 586 | |
Comprehensive Income | | | | | | | |
Net Income | $ | 1,690 | | | $ | 1,553 | | | $ | 3,479 | | | $ | 3,576 | |
Other Comprehensive Income (Loss) | | | | | | | |
Foreign Currency Translation Adjustments | — | | | (1) | | | 1 | | | (1) | |
Other Comprehensive Income (Loss) | — | | | (1) | | | 1 | | | (1) | |
Comprehensive Income | $ | 1,690 | | | $ | 1,552 | | | $ | 3,480 | | | $ | 3,575 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
EOG RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Millions, Except Share Data)
(Unaudited)
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
ASSETS |
Current Assets | | | |
Cash and Cash Equivalents | $ | 5,431 | | | $ | 5,278 | |
Accounts Receivable, Net | 2,657 | | | 2,716 | |
Inventories | 1,069 | | | 1,275 | |
Assets from Price Risk Management Activities | 4 | | | 106 | |
Income Taxes Receivable | 2 | | | — | |
Other | 640 | | | 560 | |
Total | 9,803 | | | 9,935 | |
Property, Plant and Equipment | | | |
Oil and Gas Properties (Successful Efforts Method) | 74,615 | | | 72,090 | |
Other Property, Plant and Equipment | 6,078 | | | 5,497 | |
Total Property, Plant and Equipment | 80,693 | | | 77,587 | |
Less: Accumulated Depreciation, Depletion and Amortization | (47,049) | | | (45,290) | |
Total Property, Plant and Equipment, Net | 33,644 | | | 32,297 | |
Deferred Income Taxes | 44 | | | 42 | |
Other Assets | 1,733 | | | 1,583 | |
Total Assets | $ | 45,224 | | | $ | 43,857 | |
LIABILITIES AND STOCKHOLDERS' EQUITY |
Current Liabilities | | | |
Accounts Payable | $ | 2,436 | | | $ | 2,437 | |
Accrued Taxes Payable | 600 | | | 466 | |
Dividends Payable | 516 | | | 526 | |
Liabilities from Price Risk Management Activities | 8 | | | — | |
Current Portion of Long-Term Debt | 534 | | | 34 | |
Current Portion of Operating Lease Liabilities | 303 | | | 325 | |
Other | 231 | | | 286 | |
Total | 4,628 | | | 4,074 | |
| | | |
Long-Term Debt | 3,250 | | | 3,765 | |
Other Liabilities | 2,456 | | | 2,526 | |
Deferred Income Taxes | 5,731 | | | 5,402 | |
Commitments and Contingencies (Note 8) | | | |
| | | |
Stockholders' Equity | | | |
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 588,843,718 Shares Issued at June 30, 2024 and 588,748,473 Shares Issued at December 31, 2023 | 206 | | | 206 | |
Additional Paid in Capital | 6,219 | | | 6,166 | |
Accumulated Other Comprehensive Loss | (8) | | | (9) | |
Retained Earnings | 25,071 | | | 22,634 | |
Common Stock Held in Treasury, 19,493,866 Shares at June 30, 2024 and 7,888,105 Shares at December 31, 2023 | (2,329) | | | (907) | |
Total Stockholders' Equity | 29,159 | | | 28,090 | |
Total Liabilities and Stockholders' Equity | $ | 45,224 | | | $ | 43,857 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
EOG RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In Millions, Except Per Share Data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid In Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Common Stock Held In Treasury | | Total Stockholders' Equity |
Balance at March 31, 2024 | $ | 206 | | | $ | 6,188 | | | $ | (8) | | | $ | 23,897 | | | $ | (1,647) | | | $ | 28,636 | |
Net Income | — | | | — | | | — | | | 1,690 | | | — | | | 1,690 | |
Common Stock Dividends Declared, $0.91 Per Share | — | | | — | | | — | | | (516) | | | — | | | (516) | |
Other Comprehensive Income | — | | | — | | | — | | | — | | | — | | | — | |
Restricted Stock and Restricted Stock Units, Net | — | | | (5) | | | — | | | — | | | 5 | | | — | |
Stock-Based Compensation Expenses | — | | | 45 | | | — | | | — | | | — | | | 45 | |
Treasury Stock Repurchased | — | | | — | | | — | | | — | | | (697) | | | (697) | |
Change in Treasury Stock - Stock Compensation Plans, Net | — | | | (9) | | | — | | | — | | | 10 | | | 1 | |
Balance at June 30, 2024 | $ | 206 | | | $ | 6,219 | | | $ | (8) | | | $ | 25,071 | | | $ | (2,329) | | | $ | 29,159 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid In Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Common Stock Held In Treasury | | Total Stockholders' Equity |
Balance at March 31, 2023 | $ | 206 | | | $ | 6,219 | | | $ | (8) | | | $ | 19,423 | | | $ | (393) | | | $ | 25,447 | |
Net Income | — | | | — | | | — | | | 1,553 | | | — | | | 1,553 | |
Common Stock Dividends Declared, $0.825 Per Share | — | | | — | | | — | | | (479) | | | — | | | (479) | |
Other Comprehensive Loss | — | | | — | | | (1) | | | — | | | — | | | (1) | |
Restricted Stock and Restricted Stock Units, Net | — | | | (3) | | | — | | | — | | | 3 | | | — | |
Stock-Based Compensation Expenses | — | | | 35 | | | — | | | — | | | — | | | 35 | |
Treasury Stock Repurchased | — | | | — | | | — | | | — | | | (305) | | | (305) | |
Change in Treasury Stock - Stock Compensation Plans, Net | — | | | 6 | | | — | | | — | | | 1 | | | 7 | |
Balance at June 30, 2023 | $ | 206 | | | $ | 6,257 | | | $ | (9) | | | $ | 20,497 | | | $ | (694) | | | $ | 26,257 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
EOG RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In Millions, Except Per Share Data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid In Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Common Stock Held In Treasury | | Total Stockholders' Equity |
Balance at December 31, 2023 | $ | 206 | | | $ | 6,166 | | | $ | (9) | | | $ | 22,634 | | | $ | (907) | | | $ | 28,090 | |
Net Income | — | | | — | | | — | | | 3,479 | | | — | | | 3,479 | |
Common Stock Dividends Declared, $1.82 Per Share | — | | | — | | | — | | | (1,042) | | | — | | | (1,042) | |
Other Comprehensive Income | — | | | — | | | 1 | | | — | | | — | | | 1 | |
Common Stock Issued Under Stock Plans | — | | | — | | | — | | | — | | | — | | | — | |
Restricted Stock and Restricted Stock Units, Net | — | | | (16) | | | — | | | — | | | 16 | | | — | |
Stock-Based Compensation Expenses | — | | | 90 | | | — | | | — | | | — | | | 90 | |
Treasury Stock Repurchased | — | | | — | | | — | | | — | | | (1,453) | | | (1,453) | |
Change in Treasury Stock - Stock Compensation Plans, Net | — | | | (21) | | | — | | | — | | | 15 | | | (6) | |
Balance at June 30, 2024 | $ | 206 | | | $ | 6,219 | | | $ | (8) | | | $ | 25,071 | | | $ | (2,329) | | | $ | 29,159 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid In Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Common Stock Held In Treasury | | Total Stockholders' Equity |
Balance at December 31, 2022 | $ | 206 | | | $ | 6,187 | | | $ | (8) | | | $ | 18,472 | | | $ | (78) | | | $ | 24,779 | |
Net Income | — | | | — | | | — | | | 3,576 | | | — | | | 3,576 | |
Common Stock Dividends Declared, $2.65 Per Share | — | | | — | | | — | | | (1,551) | | | — | | | (1,551) | |
Other Comprehensive Loss | — | | | — | | | (1) | | | — | | | — | | | (1) | |
Common Stock Issued Under Stock Plans | — | | | — | | | — | | | — | | | — | | | — | |
Restricted Stock and Restricted Stock Units, Net | — | | | (2) | | | — | | | — | | | 2 | | | — | |
Stock-Based Compensation Expenses | — | | | 69 | | | — | | | — | | | — | | | 69 | |
Treasury Stock Repurchased | — | | | — | | | — | | | — | | | (615) | | | (615) | |
Change in Treasury Stock - Stock Compensation Plans, Net | — | | | 3 | | | — | | | — | | | (3) | | | — | |
Balance at June 30, 2023 | $ | 206 | | | $ | 6,257 | | | $ | (9) | | | $ | 20,497 | | | $ | (694) | | | $ | 26,257 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
EOG RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions)
(Unaudited)
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
Cash Flows from Operating Activities | | | |
Reconciliation of Net Income to Net Cash Provided by Operating Activities: | | | |
Net Income | $ | 3,479 | | | $ | 3,576 | |
Items Not Requiring (Providing) Cash | | | |
Depreciation, Depletion and Amortization | 2,058 | | | 1,664 | |
Impairments | 100 | | | 69 | |
Stock-Based Compensation Expenses | 90 | | | 69 | |
Deferred Income Taxes | 327 | | | 428 | |
Gains on Asset Dispositions, Net | (46) | | | (60) | |
Other, Net | 12 | | | 6 | |
Dry Hole Costs | 6 | | | 1 | |
Mark-to-Market Financial Commodity and Other Derivative Contracts | | | |
Gains, Net | (190) | | | (477) | |
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts | 134 | | | (153) | |
Other, Net | — | | | (1) | |
Changes in Components of Working Capital and Other Assets and Liabilities | | | |
Accounts Receivable | 91 | | | 475 | |
Inventories | 192 | | | (303) | |
Accounts Payable | (29) | | | (308) | |
Accrued Taxes Payable | 134 | | | 20 | |
Other Assets | (119) | | | 95 | |
Other Liabilities | (91) | | | 146 | |
Changes in Components of Working Capital Associated with Investing Activities | (356) | | | 285 | |
Net Cash Provided by Operating Activities | 5,792 | | | 5,532 | |
Investing Cash Flows | | | |
Additions to Oil and Gas Properties | (2,842) | | | (2,646) | |
Additions to Other Property, Plant and Equipment | (663) | | | (499) | |
Proceeds from Sales of Assets | 19 | | | 121 | |
Changes in Components of Working Capital Associated with Investing Activities | 356 | | | (285) | |
Net Cash Used in Investing Activities | (3,130) | | | (3,309) | |
Financing Cash Flows | | | |
Long-Term Debt Repayments | — | | | (1,250) | |
Dividends Paid | (1,045) | | | (1,547) | |
Treasury Stock Purchased | (1,458) | | | (619) | |
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan | 11 | | | 9 | |
Debt Issuance Costs | — | | | (8) | |
Repayment of Finance Lease Liabilities | (17) | | | (16) | |
Net Cash Used in Financing Activities | (2,509) | | | (3,431) | |
Effect of Exchange Rate Changes on Cash | — | | | — | |
Increase (Decrease) in Cash and Cash Equivalents | 153 | | | (1,208) | |
Cash and Cash Equivalents at Beginning of Period | 5,278 | | | 5,972 | |
Cash and Cash Equivalents at End of Period | $ | 5,431 | | | $ | 4,764 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
EOG RESOURCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Summary of Significant Accounting Policies
General. The condensed consolidated financial statements of EOG Resources, Inc., together with its subsidiaries (collectively, EOG), included herein have been prepared by management without audit pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Accordingly, they reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the financial results for the interim periods presented. Certain information and notes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. However, management believes that the disclosures included either on the face of the financial statements or in these notes are sufficient to make the interim information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in EOG's Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 22, 2024 (EOG's 2023 Annual Report).
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The operating results for the three and six months ended June 30, 2024, are not necessarily indicative of the results to be expected for the full year.
Change in Presentation. Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs within the Condensed Consolidated Statements of Income and Comprehensive Income. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.
Recently Issued Accounting Standards. In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. The rules amending Regulation S-X will require public entities to provide certain climate-related information in their annual reports and registration statements. The rules will be effective for large accelerated filers commencing with the fiscal period beginning January 1, 2025. In April 2024, the SEC voluntarily issued an administrative stay of the implementation of the rules, pending judicial review. EOG is evaluating the impact of the final rules on its consolidated financial statements and disclosures.
2. Stock-Based Compensation
As more fully discussed in Note 7 to the Consolidated Financial Statements included in EOG's 2023 Annual Report, EOG maintains various stock-based compensation plans. Stock-based compensation expense is included on the Condensed Consolidated Statements of Income and Comprehensive Income based upon the job function of the employees receiving the grants as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Lease and Well | $ | 15 | | | $ | 11 | | | $ | 28 | | | $ | 23 | |
Gathering, Processing and Transportation Costs | 1 | | | 1 | | | 3 | | | 2 | |
Exploration Costs | 6 | | | 5 | | | 12 | | | 10 | |
General and Administrative | 23 | | | 18 | | | 47 | | | 34 | |
Total | $ | 45 | | | $ | 35 | | | $ | 90 | | | $ | 69 | |
EOG RESOURCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)
At June 30, 2024, approximately 15 million common shares remained available for grant under the EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan (2021 Plan). EOG's policy is to issue shares related to the 2021 Plan grants from previously authorized unissued shares or treasury shares to the extent treasury shares are available.
Stock Options and Stock-Settled Stock Appreciation Rights and Employee Stock Purchase Plan. The fair value of stock option grants and of stock-settled stock appreciation rights (SARs) grants is estimated using the Hull-White II binomial option pricing model. The fair value of Employee Stock Purchase Plan (ESPP) grants is estimated using the Black-Scholes-Merton model. Stock-based compensation expense related to stock option, SAR and ESPP grants totaled $5 million and $6 million during the three months ended June 30, 2024 and 2023, respectively, and $9 million and $12 million during the six months ended June 30, 2024 and 2023, respectively.
EOG did not grant any stock options or SARs during the six-month periods ended June 30, 2024 and 2023. Weighted average fair values and valuation assumptions used to value ESPP grants during the six-month periods ended June 30, 2024 and 2023 are as follows:
| | | | | | | | | | | | | |
| | | ESPP |
| | | Six Months Ended June 30, |
| | | 2024 | | 2023 |
Weighted Average Fair Value of Grants | | | $ | 26.10 | | | $ | 32.31 | |
Expected Volatility | | | 27.58 | % | | 42.97 | % |
Risk-Free Interest Rate | | | 5.11 | % | | 4.66 | % |
Dividend Yield | | | 2.91 | % | | 2.47 | % |
Expected Life | | | 0.5 years | | 0.5 years |
Expected volatility is based on an equal weighting of historical volatility and implied volatility from traded options in EOG's common stock. The risk-free interest rate is based upon United States Treasury yields in effect at the time of grant. The expected life is based upon historical experience and contractual terms of ESPP grants.
The following table sets forth stock option and SAR transactions for the six-month periods ended June 30, 2024 and 2023 (stock options and SARs in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2024 | | Six Months Ended June 30, 2023 |
| Number of Stock Options/SARs | | Weighted Average Exercise Price | | Number of Stock Options/SARs | | Weighted Average Exercise Price |
Outstanding at January 1 | 2,843 | | | $ | 79.22 | | | 4,225 | | | $ | 77.49 | |
Exercised (1) | (600) | | | 70.87 | | | (300) | | | 77.26 | |
Forfeited | (22) | | | 81.55 | | | (57) | | | 87.49 | |
Outstanding at June 30 (2) | 2,221 | | | $ | 81.45 | | | 3,868 | | | $ | 77.37 | |
Vested or Expected to Vest (3) | 2,177 | | | $ | 81.44 | | | 3,727 | | | $ | 77.74 | |
Exercisable at June 30 (4) | 1,709 | | | $ | 81.34 | | | 2,178 | | | $ | 84.87 | |
(1)The total intrinsic value of stock options/SARs exercised during the six months ended June 30, 2024 and 2023 was $35 million and $13 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the exercise price of the stock options/SARs.
(2)The total intrinsic value of stock options/SARs outstanding at June 30, 2024 and 2023 was $99 million and $150 million, respectively. At June 30, 2024 and 2023, the weighted average remaining contractual life was 2.9 years and 3.7 years, respectively.
(3)The total intrinsic value of stock options/SARs vested or expected to vest at June 30, 2024 and 2023 was $97 million and $143 million, respectively. At June 30, 2024 and 2023, the weighted average remaining contractual life was 2.8 years and 3.6 years, respectively.
(4)The total intrinsic value of stock options/SARs exercisable at June 30, 2024 and 2023 was $77 million and $71 million, respectively. At June 30, 2024 and 2023, the weighted average remaining contractual life was 2.4 years and 2.7 years, respectively.
EOG RESOURCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)
At June 30, 2024, unrecognized compensation expense related to non-vested stock option, SAR and ESPP grants totaled $6 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 0.2 years.
Restricted Stock and Restricted Stock Units. Employees may be granted restricted (non-vested) stock and/or restricted stock units without cost to them. Stock-based compensation expense related to restricted stock and restricted stock units totaled $37 million and $27 million for the three months ended June 30, 2024 and 2023, respectively, and $74 million and $52 million for the six months ended June 30, 2024 and 2023, respectively.
The following table sets forth restricted stock and restricted stock unit transactions for the six-month periods ended June 30, 2024 and 2023 (shares and units in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2024 | | Six Months Ended June 30, 2023 |
| Number of Shares and Units | | Weighted Average Grant Date Fair Value | | Number of Shares and Units | | Weighted Average Grant Date Fair Value |
Outstanding at January 1 | 4,364 | | | $ | 111.24 | | | 4,113 | | | $ | 80.77 | |
Granted | 84 | | | 119.32 | | | 81 | | | 117.05 | |
Released (1) | (163) | | | 100.09 | | | (71) | | | 70.07 | |
Forfeited | (119) | | | 113.36 | | | (67) | | | 83.26 | |
Outstanding at June 30 (2) | 4,166 | | | $ | 111.78 | | | 4,056 | | | $ | 81.63 | |
(1)The total intrinsic value of restricted stock and restricted stock units released during the six months ended June 30, 2024 and 2023, was $20 million and $8 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released.
(2)The total intrinsic value of restricted stock and restricted stock units outstanding at June 30, 2024 and 2023, was $524 million and $464 million, respectively.
At June 30, 2024, unrecognized compensation expense related to restricted stock and restricted stock units totaled $281 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.3 years.
Performance Units. EOG grants restricted stock units with performance-based conditions (Performance Units) annually to its executive officers without cost to them. For the grants made prior to September 2022, as more fully discussed in the grant agreements, the applicable performance metric is EOG's total shareholder return (TSR) over a three-year performance period (Performance Period) relative to the TSR over the same period of a designated group of peer companies. Upon the application of the applicable performance multiple at the completion of the Performance Period, a minimum of 0% and a maximum of 200% of the Performance Units granted could be outstanding.
For the grants made beginning in September 2022, as more fully discussed in the grant agreements, the applicable performance metrics are 1) EOG's TSR over the Performance Period relative to the TSR over the same period of a designated group of peer companies and 2) EOG's average return on capital employed (ROCE) over the Performance Period. At the end of the Performance Period, a performance multiple based on EOG's relative TSR ranking will be determined, with a minimum performance multiple of 0% and a maximum performance multiple of 200%. A specified modifier ranging from -70% to +70% will then be applied to the performance multiple based on EOG's average ROCE over the Performance Period, provided that in no event shall the performance multiple, after applying the ROCE modifier, be less than 0% or exceed 200%. Furthermore, if EOG's TSR over the Performance Period is negative (i.e., less than 0%), the performance multiple will be capped at 100%, regardless of EOG's relative TSR ranking or three-year average ROCE.
The fair value of the Performance Units is estimated using a Monte Carlo simulation. Stock-based compensation expense related to the Performance Unit grants totaled $3 million and $2 million for the three months ended June 30, 2024 and 2023, respectively, and $7 million and $5 million for the six months ended June 30, 2024 and 2023, respectively.
EOG RESOURCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)
The following table sets forth the Performance Unit transactions for the six-month periods ended June 30, 2024 and 2023 (units in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2024 | | Six Months Ended June 30, 2023 |
| Number of Units | | Weighted Average Grant Date Fair Value | | Number of Units | | Weighted Average Grant Date Fair Value |
Outstanding at January 1 | 630 | | | $ | 95.49 | | | 688 | | | $ | 83.82 | |
Granted | 6 | | | 125.28 | | | — | | | — | |
Released (1) | (45) | | | 43.33 | | | (86) | | | 79.98 | |
Forfeited for Performance Multiple (2) | (135) | | | 43.33 | | | (86) | | | 79.98 | |
Outstanding at June 30 (3) | 456 | | (4) | $ | 116.45 | | | 516 | | | $ | 85.10 | |
(1)The total intrinsic value of Performance Units released was $5 million and $10 million for the six months ended June 30, 2024 and 2023, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the Performance Units are released.
(2)Upon completion of the Performance Period for the Performance Units granted in 2020 and 2019, a performance multiple of 25% and 50% was applied to each of the grants resulting in a forfeiture of Performance Units in February 2024 and February 2023, respectively.
(3)The total intrinsic value of Performance Units outstanding at June 30, 2024 and 2023, was approximately $57 million and $59 million, respectively.
(4)Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of zero and a maximum of 913 Performance Units could be outstanding.
At June 30, 2024, unrecognized compensation expense related to Performance Units totaled $11 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.3 years.
3. Net Income Per Share
The following table sets forth the computation of Net Income Per Share for the three-month and six-month periods ended June 30, 2024 and 2023 (in millions, except per share data):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Numerator for Basic and Diluted Earnings Per Share - | | | | | | | |
Net Income | $ | 1,690 | | | $ | 1,553 | | | $ | 3,479 | | | $ | 3,576 | |
Denominator for Basic Earnings Per Share - | | | | | | | |
Weighted Average Shares | 569 | | | 580 | | | 572 | | | 582 | |
Potential Dilutive Common Shares - | | | | | | | |
Stock Options/SARs/ESPP | 1 | | | 1 | | | 1 | | | 1 | |
Restricted Stock/Units and Performance Units | 2 | | | 3 | | | 2 | | | 3 | |
Denominator for Diluted Earnings Per Share - | | | | | | | |
Adjusted Diluted Weighted Average Shares | 572 | | | 584 | | | 575 | | | 586 | |
Net Income Per Share | | | | | | | |
Basic | $ | 2.97 | | | $ | 2.68 | | | $ | 6.08 | | | $ | 6.14 | |
Diluted | $ | 2.95 | | | $ | 2.66 | | | $ | 6.05 | | | $ | 6.10 | |
The diluted earnings per share calculation excludes stock option, SAR and ESPP grants that were anti-dilutive. Shares underlying the excluded stock option, SAR and ESPP grants were zero and 1 million for the three-month periods ended June 30, 2024 and 2023, respectively, and zero and 1 million for the six-month periods ended June 30, 2024 and 2023, respectively.
EOG RESOURCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)
4. Supplemental Cash Flow Information
Net cash paid for interest and income taxes was as follows for the six-month periods ended June 30, 2024 and 2023 (in millions):
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
Interest (1) | $ | 66 | | | $ | 93 | |
Income Taxes, Net of Refunds Received | $ | 584 | | | $ | 487 | |
(1)Net of capitalized interest of $20 million and $16 million for the six months ended June 30, 2024 and 2023, respectively.
EOG's accrued capital expenditures and amounts recorded within accounts payable at June 30, 2024 and 2023 were $756 million and $722 million, respectively.
Non-cash investing activities for the six months ended June 30, 2024 and 2023, included additions of $89 million and $103 million, respectively, to EOG's oil and gas properties as a result of property exchanges.
Operating activities for the six months ended June 30, 2023, included net cash received of $324 million related to the change in collateral posted for financial commodity derivative contracts. EOG had no collateral posted or held during the six months ended June 30, 2024. For related discussion, see Note 12. This amount is reflected in Other Liabilities within the Changes in Components of Working Capital and Other Assets and Liabilities line item on the Condensed Consolidated Statements of Cash Flows.
5. Segment Information
Selected financial information by reportable segment is presented below for the three-month and six-month periods ended June 30, 2024 and 2023 (in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Operating Revenues and Other | | | | | | | |
United States | $ | 5,956 | | | $ | 5,520 | | | $ | 12,016 | | | $ | 11,461 | |
Trinidad | 69 | | | 52 | | | 132 | | | 155 | |
Other International (1) | — | | | 1 | | | — | | | 1 | |
Total | $ | 6,025 | | | $ | 5,573 | | | $ | 12,148 | | | $ | 11,617 | |
Operating Income (Loss) | | | | | | | |
United States | $ | 2,147 | | | $ | 1,961 | | | $ | 4,411 | | | $ | 4,473 | |
Trinidad | 16 | | | 16 | | | 32 | | | 82 | |
Other International (1) | (33) | | | (7) | | | (42) | | | (13) | |
Total | 2,130 | | | 1,970 | | | 4,401 | | | 4,542 | |
Reconciling Items | | | | | | | |
Other Income, Net | 66 | | | 51 | | | 128 | | | 116 | |
Interest Expense, Net | (36) | | | (35) | | | (69) | | | (77) | |
Income Before Income Taxes | $ | 2,160 | | | $ | 1,986 | | | $ | 4,460 | | | $ | 4,581 | |
(1) Other International primarily consists of EOG's international exploration programs and Canada operations. EOG is continuing the process of exiting its Canada operations. EOG began an exploration program in Australia in the third quarter of 2021.
EOG RESOURCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)
Total assets by reportable segment are presented below at June 30, 2024 and December 31, 2023 (in millions):
| | | | | | | | | | | |
| At June 30, 2024 | | At December 31, 2023 |
Total Assets | | | |
United States | $ | 43,953 | | | $ | 42,674 | |
Trinidad | 1,130 | | | 1,063 | |
Other International (1) | 141 | | | 120 | |
Total | $ | 45,224 | | | $ | 43,857 | |
(1) Other International primarily consists of EOG's international exploration programs and Canada operations. EOG is continuing the process of exiting its Canada operations. EOG began an exploration program in Australia in the third quarter of 2021.
6. Asset Retirement Obligations
The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of short-term and long-term legal obligations associated with the retirement of property, plant and equipment for the six-month periods ended June 30, 2024 and 2023 (in millions):
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
Carrying Amount at January 1 | $ | 1,506 | | | $ | 1,328 | |
Liabilities Incurred | 33 | | | 18 | |
Liabilities Settled (1) | (32) | | | (50) | |
Accretion | 30 | | | 25 | |
Revisions | (84) | | | 3 | |
Foreign Currency Translations | (3) | | | 2 | |
Carrying Amount at June 30 | $ | 1,450 | | | $ | 1,326 | |
| | | |
Current Portion | $ | 51 | | | $ | 37 | |
Noncurrent Portion | $ | 1,399 | | | $ | 1,289 | |
(1)Includes settlements related to asset sales and property exchanges.
The current and noncurrent portions of EOG's asset retirement obligations are included in Current Liabilities - Other and Other Liabilities, respectively, on the Condensed Consolidated Balance Sheets.
EOG RESOURCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)
7. Exploratory Well Costs
EOG's net changes in capitalized exploratory well costs for the six-month period ended June 30, 2024, are presented below (in millions):
| | | | | |
| Six Months Ended June 30, 2024 |
Balance at January 1 | $ | 76 | |
Additions Pending the Determination of Proved Reserves | 54 | |
Reclassifications to Proved Properties | (52) | |
Costs Charged to Expense (1) | (1) | |
Balance at June 30 | $ | 77 | |
(1) Includes capitalized exploratory well costs charged to dry hole costs.
At June 30, 2024, EOG had one exploratory well capitalized for a period of greater than one year.
8. Commitments and Contingencies
There are currently various suits and claims pending against EOG that have arisen in the ordinary course of EOG's business, including contract disputes, personal injury and property damage claims and title disputes. While the ultimate outcome and impact on EOG cannot be predicted, management believes that the resolution of these suits and claims will not, individually or in the aggregate, have a material adverse effect on EOG's consolidated financial position, results of operations or cash flow. EOG records reserves for contingencies when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated.
9. Pension and Postretirement Benefits
Pension Plans. EOG has a defined contribution pension plan in place for most of its employees in the United States. EOG's contributions to the pension plan are based on various percentages of compensation and, in some instances, are based upon the amount of the employees' contributions. EOG's total costs recognized for the pension plan were $30 million and $28 million for the six months ended June 30, 2024 and 2023, respectively. In addition, EOG's Trinidadian subsidiary maintains a contributory defined benefit pension plan and a matched savings plan, both of which are available to most of the employees of the Trinidadian subsidiary, the costs of which are not material.
Postretirement Health Care. EOG has postretirement medical and dental benefits in place for eligible United States and Trinidad employees and their eligible dependents, the costs of which are not material.
EOG RESOURCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)
10. Long-Term Debt and Common Stock
Long-Term Debt. EOG had no outstanding commercial paper borrowings at June 30, 2024 and December 31, 2023, and did not utilize any commercial paper borrowings during the six months ended June 30, 2024 and 2023.
At June 30, 2024, the $500 million aggregate principal amount of EOG's 3.15% Senior Notes due 2025 were classified as Current Portion of Long-Term Debt on the Condensed Consolidated Balance Sheets.
EOG currently has a $1.9 billion senior unsecured Revolving Credit Agreement (Agreement) with domestic and foreign lenders (Banks). The Agreement has a scheduled maturity date of June 7, 2028, and includes an option for EOG to extend, on up to two occasions, the term for successive one-year periods subject to certain terms and conditions. The Agreement (i) commits the Banks to provide advances up to an aggregate principal amount of $1.9 billion at any one time outstanding, with an option for EOG to request increases in the aggregate commitments to an amount not to exceed $3.0 billion, subject to certain terms and conditions, and (ii) includes a swingline subfacility and a letter of credit subfacility. Advances under the Agreement will accrue interest based, at EOG's option, on either the Secured Overnight Financing Rate (SOFR) plus 0.1% plus an applicable margin or the base rate (as defined in the Agreement) plus an applicable margin. The applicable margin used in connection with interest rates and fees will be based on EOG's credit rating for its senior unsecured long-term debt at the applicable time. The Agreement contains representations, warranties, covenants and events of default that EOG believes are customary for investment-grade, senior unsecured commercial bank credit agreements, including a financial covenant for the maintenance of a ratio of total debt-to-capitalization (as such terms are defined in the Agreement) of no greater that 65%. At June 30, 2024, EOG was in compliance with this financial covenant. At June 30, 2024, and December 31, 2023, there were no borrowings or letters of credit outstanding under the Agreement. The SOFR and base rate (inclusive of the applicable margins), had there been any amounts borrowed under the Agreement at June 30, 2024, would have been 6.34% and 8.50%, respectively.
Common Stock. In November 2021, the Board of Directors (Board) established a new share repurchase authorization that allows for the repurchase by EOG of up to $5 billion of its common stock (November 2021 Authorization). Under the November 2021 Authorization, EOG may repurchase shares from time to time, at management's discretion, in accordance with applicable securities laws, including through open market transactions, privately negotiated transactions or any combination thereof. The timing and amount of repurchases is at the discretion of EOG's management and depends on a variety of factors, including the trading price of EOG's common stock, corporate and regulatory requirements, and other market and economic conditions. Repurchased shares are held as treasury shares and are available for general corporate purposes. The November 2021 Authorization has no time limit, does not require EOG to repurchase a specific number of shares and may be modified, suspended, or terminated by the Board at any time. During the six months ended June 30, 2024, EOG repurchased 11.9 million shares of common stock for approximately $1,440 million (inclusive of transaction fees and commissions) pursuant to the November 2021 Authorization. As of June 30, 2024, approximately $2.6 billion remained available for repurchases under the November 2021 Authorization. Included in the Treasury Stock Repurchased amounts on the Condensed Consolidated Statements of Stockholders' Equity for the six months ended June 30, 2024, is $13 million of estimated federal excise taxes.
On February 22, 2024, the Board declared a quarterly cash dividend on the common stock of $0.91 per share paid on April 30, 2024, to stockholders of record as of April 16, 2024.
On May 2, 2024, the Board declared a quarterly cash dividend on the common stock of $0.91 per share paid on July 31, 2024, to stockholders of record as of July 17, 2024.
On August 1, 2024, the Board declared a quarterly cash dividend on the common stock of $0.91 per share to be paid on October 31, 2024, to stockholders of record as of October 17, 2024.
EOG RESOURCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)
11. Fair Value Measurements
Recurring Fair Value Measurements. As more fully discussed in Note 13 to the Consolidated Financial Statements included in EOG's 2023 Annual Report, certain of EOG's financial and nonfinancial assets and liabilities are reported at fair value on the Condensed Consolidated Balance Sheets. The following table provides fair value measurement information within the fair value hierarchy for certain of EOG's financial assets and liabilities carried at fair value on a recurring basis at June 30, 2024 and December 31, 2023 (in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value Measurements Using: |
| Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total |
At June 30, 2024 | | | | | | | |
Financial Assets: | | | | | | | |
Natural Gas Swaps | $ | — | | | $ | 4 | | | $ | — | | | $ | 4 | |
Natural Gas Basis Swaps | — | | | 2 | | | — | | | 2 | |
Brent Crude Oil (Brent) Linked Gas Sales Contract | — | | | — | | | 133 | | | 133 | |
Financial Liabilities: | | | | | | | |
Natural Gas Swaps | — | | | 79 | | | — | | | 79 | |
| | | | | | | |
At December 31, 2023 | | | | | | | |
Financial Assets: | | | | | | | |
Natural Gas Swaps | $ | — | | | $ | 105 | | | $ | — | | | $ | 105 | |
Natural Gas Basis Swaps | — | | | 2 | | | — | | | 2 | |
Financial Liabilities: | | | | | | | |
Natural Gas Swaps | — | | | 104 | | | — | | | 104 | |
See Note 12 for the balance sheet amounts and classification of EOG's financial commodity and other derivative instruments at June 30, 2024 and December 31, 2023.
The estimated fair value of financial commodity and other derivative contracts was based upon forward commodity price curves based on quoted market prices. For the Brent Linked Gas Sales Contract, the estimated fair value was based on EOG's estimates of (and assumptions regarding) significant Level 3 inputs, including future crude oil and natural gas prices. These Level 3 inputs are immaterial to the financial statements. Financial commodity and other derivative contracts were valued utilizing an independent third-party derivative valuation provider who uses various types of valuation models, as applicable.
Non-Recurring Fair Value Measurements. The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and is based on internal estimates of future retirement costs associated with property, plant and equipment. Significant Level 3 inputs used in the calculation of asset retirement obligations include plugging costs and reserve lives. A reconciliation of EOG's asset retirement obligations is presented in Note 6.
When circumstances indicate that proved oil and gas properties may be impaired, EOG compares expected undiscounted future cash flows at a depreciation, depletion and amortization group level to the unamortized capitalized cost of the group. If the expected undiscounted future cash flows, based on EOG's estimates of (and assumptions regarding) significant Level 3 inputs, including future crude oil, natural gas liquids (NGLs) and natural gas prices, operating costs, development expenditures, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized cost, the capitalized cost is reduced to fair value. Fair value is generally calculated using the Income Approach described in the Financial Accounting Standards Board's Fair Value Measurement Topic of the Accounting Standards Codification (ASC). In certain instances, EOG utilizes accepted offers from third-party purchasers as the basis for determining fair value.
EOG RESOURCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)
EOG utilized average prices per acre from comparable market transactions and estimated discounted cash flows as the basis for determining the fair value of unproved and proved properties, respectively, received in non-cash property exchanges. See Note 4.
Fair Value Disclosures. EOG's financial instruments, other than financial commodity and other derivative contracts, consist of cash and cash equivalents, accounts receivable, accounts payable and current and long-term debt. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value.
At both June 30, 2024 and December 31, 2023, EOG had outstanding $3,640 million aggregate principal amount of senior notes, which had estimated fair values at such dates of approximately $3,475 million and $3,574 million, respectively. The estimated fair value of debt was based upon quoted market prices and, where such prices were not available, other observable (Level 2) inputs regarding interest rates available to EOG at the end of each respective period.
Natural Gas Sales Linked to Brent Crude Oil. In February 2024, EOG entered into a 10-year agreement, commencing in 2027, to sell 180,000 million British Thermal Units per day (MMBtud) of its domestic natural gas production, with 140,000 MMBtud to be sold at a price indexed to Brent and the remaining volumes to be sold at a price indexed to Brent or a U.S. Gulf Coast gas index. It was determined that this agreement meets the definition of a derivative under the Derivatives and Hedging Topic of the ASC and does not qualify for the normal purchases and normal sales scope exception. As such, this agreement is accounted for as a derivative using the mark-to-market accounting method. Changes in the fair value are recognized as gains or losses in the period of change on the Condensed Consolidated Statements of Income and Comprehensive Income.
12. Risk Management Activities
Commodity Price Risk. As more fully discussed in Note 12 to the Consolidated Financial Statements included in EOG's 2023 Annual Report, EOG engages in price risk management activities from time to time. These activities are intended to manage EOG's exposure to fluctuations in commodity prices for crude oil, NGLs and natural gas. EOG utilizes financial commodity derivative instruments, primarily price swap, option, swaption, collar and basis swap contracts, as a means to manage this price risk. EOG has not designated any of its financial commodity and other derivative contracts as accounting hedges and, accordingly, accounts for financial commodity and other derivative contracts using the mark-to-market accounting method.
Financial Commodity Derivative Contracts. Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the six-month period ended June 30, 2024 (closed) and outstanding as of June 30, 2024. Natural gas volumes are presented in MMBtud and prices are presented in dollars per million British Thermal Units ($/MMBtu).
| | | | | | | | | | | | | | | | | | | | |
Natural Gas Financial Price Swap Contracts |
| | | | Contracts Sold |
Period | | Settlement Index | | Volume (MMBtud in thousands) | | Weighted Average Price ($/MMBtu) |
| | | | | | |
January - July 2024 (closed) | | New York Mercantile Exchange (NYMEX) Henry Hub | | 725 | | | $ | 3.07 | |
August - December 2024 | | NYMEX Henry Hub | | 725 | | | 3.07 | |
January - December 2025 | | NYMEX Henry Hub | | 725 | | | 3.07 | |
EOG RESOURCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
Natural Gas Basis Swap Contracts |
| | | | Contracts Sold |
Period | | Settlement Index | | Volume (MMBtud in thousands) | | Weighted Average Price Differential ($/MMBtu) |
| | | | | | |
January - June 2024 (closed) | | NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1) | | 10 | | | $ | 0.00 | |
July - December 2024 | | NYMEX Henry Hub HSC Differential | | 10 | | | 0.00 | |
January - December 2025 | | NYMEX Henry Hub HSC Differential | | 10 | | | 0.00 | |
(1) This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices.
Financial Commodity and Other Derivative Instruments Location on Balance Sheet. The following table sets forth the amounts and classification of EOG's outstanding financial commodity and other derivative instruments at June 30, 2024 and December 31, 2023. Certain amounts may be presented on a net basis on the Condensed Consolidated Financial Statements when such amounts are with the same counterparty and subject to a master netting arrangement (in millions):
| | | | | | | | | | | | | | | | | | | | |
| | | | Fair Value at |
Description | | Location on Balance Sheet | | June 30, 2024 | | December 31, 2023 |
Asset Derivatives | | | | | | |
Crude oil, NGLs and natural gas financial derivative contracts - | | | | | | |
Current portion | | Assets from Price Risk Management Activities (1) | | $ | 4 | | | $ | 106 | |
Brent Linked Gas Sales Contract - | | | | | | |
Noncurrent Portion | | Other Assets (2) | | 133 | | | — | |
Liability Derivatives | | | | | | |
Crude oil, NGLs and natural gas financial derivative contracts - | | | | | | |
Current Portion | | Liabilities from Price Risk Management Activities (3) | | $ | 8 | | | $ | — | |
Noncurrent portion | | Other Liabilities (4) | | 69 | | | 103 | |
(1) The current portion of Assets from Price Risk Management Activities consists of gross assets of $4 million and $106 million at June 30, 2024 and December 31, 2023, respectively.
(2) The noncurrent portion related to the Brent Linked Gas Sales Contract consists of gross assets of $133 million at June 30, 2024.
(3) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $9 million, partially offset by gross assets of $1 million at June 30, 2024.
(4) The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $70 million, partially offset by gross assets of $1 million at June 30, 2024. The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $104 million, partially offset by gross assets of $1 million at December 31, 2023.
Credit Risk. Notional contract amounts are used to express the magnitude of a derivative. The amounts potentially subject to credit risk, in the event of nonperformance by the counterparties, are equal to the fair value of such contracts (see Note 11). EOG evaluates its exposures to significant counterparties on an ongoing basis, including those arising from physical and financial transactions. In some instances, EOG renegotiates payment terms and/or requires collateral, parent guarantees or letters of credit to minimize credit risk.
EOG RESOURCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Concluded)
(Unaudited)
All of EOG's financial commodity derivative instruments are covered by International Swap Dealers Association Master Agreements (ISDAs) with counterparties. The ISDAs may contain provisions that require EOG, if it is the party in a net liability position, to post collateral when the amount of the net liability exceeds the threshold level specified for EOG's then-current credit ratings. In addition, the ISDAs may also provide that, as a result of certain circumstances, including certain events that cause EOG's credit ratings to become materially weaker than its then-current ratings, the counterparty may require all outstanding derivatives under the ISDAs to be settled immediately. See Note 11 for the aggregate fair value of all derivative instruments that were in a net liability position at both June 30, 2024 and December 31, 2023. EOG had no collateral posted and no collateral held at June 30, 2024 or December 31, 2023. EOG had no collateral posted and no collateral held at July 31, 2024.
13. Acquisitions and Divestitures
During the six months ended June 30, 2024, EOG paid cash of $134 million, primarily to acquire a gathering system in South Texas. Additionally, during the six months ended June 30, 2024, EOG recognized net gains on asset dispositions of $46 million and received proceeds of $19 million, primarily due to lease exchanges and dispositions in the Delaware Basin and the Eagle Ford, as well as the sale of certain other assets.
During the six months ended June 30, 2023, EOG paid cash of $135 million, primarily to acquire a gathering and processing system in the Powder River Basin. Additionally, during the six months ended June 30, 2023, EOG recognized net gains on asset dispositions of $60 million and received proceeds of $121 million, primarily due to the sale of EOG's equity interest in ammonia plant investments in Trinidad, along with certain legacy assets in the Texas Panhandle.
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
EOG RESOURCES, INC.
Overview
EOG Resources, Inc., together with its subsidiaries (collectively, EOG), is one of the largest independent (non-integrated) crude oil and natural gas companies in the United States of America (United States) with proved reserves in the United States and the Republic of Trinidad and Tobago (Trinidad). EOG is focused on being among the lowest-cost, highest-return and lowest-emissions producers, playing a significant role in the long-term future of energy. EOG operates under a consistent business and operational strategy that focuses predominantly on maximizing the rate of return on investment of capital by controlling operating costs and capital expenditures and maximizing reserve recoveries. Pursuant to this strategy, each prospective drilling location is evaluated by its estimated rate of return. This strategy is intended to enhance the generation of cash flow and earnings from each unit of production on a cost-effective basis, allowing EOG to maximize long-term shareholder value and maintain a strong balance sheet. EOG implements its strategy primarily by emphasizing the drilling of internally generated prospects in order to find and develop low-cost reserves. Maintaining the lowest possible operating cost structure, coupled with efficient and safe operations and robust environmental stewardship practices and performance, is integral in the implementation of EOG's strategy.
Commodity Prices. Prices for crude oil and condensate, natural gas liquids (NGLs) and natural gas have historically been volatile. This volatility is expected to continue due to the many uncertainties associated with the world political and economic environment and the global supply of, and demand for, crude oil, NGLs and natural gas and the availability of other energy supplies, the relative competitive relationships of the various energy sources in the view of consumers and other factors.
The market prices of crude oil and condensate, NGLs and natural gas impact the amount of cash generated from EOG's operating activities, which, in turn, impact EOG's financial position and results of operations.
For the first six months of 2024, the average U.S. New York Mercantile Exchange (NYMEX) crude oil and natural gas prices were $78.76 per barrel and $2.06 per million British thermal units (MMBtu), respectively, representing an increase of 5% and a decrease of 25%, respectively, from the average NYMEX prices for the same period in 2023. Market prices for NGLs are influenced by the components extracted, including ethane, propane and butane and natural gasoline, among others, and the respective market pricing for each component.
Based on EOG's tax position, EOG's price sensitivity as of June 30, 2024, for each $1.00 per barrel increase or decrease in wellhead crude oil and condensate price, combined with the estimated change in NGL price, is approximately $152 million for net income and $195 million for pretax cash flows from operating activities, in each case for the full-year 2024.
Including the impact of EOG's natural gas financial derivative contracts and based on EOG's tax position and the portion of EOG's anticipated natural gas volumes for which prices have not (as of June 30, 2024) been determined under long-term marketing contracts, EOG's price sensitivity as of June 30, 2024, for each $0.10 per thousand cubic feet increase or decrease in wellhead natural gas price, is approximately $26 million for net income and $34 million for pretax cash flows from operating activities, in each case for the full-year 2024.
Inflation Considerations. As further discussed in EOG's Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 22, 2024 (EOG's 2023 Annual Report), EOG has, beginning in the second quarter of 2023, seen the inflationary pressures on its operating costs and capital expenditures (i.e., costs of fuel, steel, labor and drilling and completion services) diminish and, in certain circumstances, EOG has seen a decline in prices.
Despite such declining prices, EOG plans to continue its focus on increasing its drilling, completion and operating efficiencies and improving the performance of its wells. Such focus and the related initiatives EOG has undertaken, together with the flexibility provided by its multi-basin drilling portfolio, allowed EOG to largely offset the inflationary pressures it experienced beginning in the second half of 2021 and through the first three months of 2023.
However, there can be no assurance that such efforts will offset, largely or at all, the impacts of any future inflationary pressures on EOG's operating costs and capital expenditures. Further, EOG expects the market for drilling and completion services and related labor and materials will continue to fluctuate and, as a result, there can be no assurance regarding the timing and impact of any future price changes on EOG's operating costs and capital expenditures and, in turn, on EOG's cash flows, results of operations, liquidity, capital resources, cash requirements or financial position or its ability to conduct its day-to-day drilling, completion and production operations.
Climate Change. For discussion of climate change matters and related regulatory matters, including potential developments related to climate change and the potential impacts and risks of such developments on EOG, see ITEM 1A. Risk Factors and the related discussion in ITEM 1. Business - Regulation of EOG's 2023 Annual Report. EOG will continue to monitor and assess any climate change-related developments, including the SEC's climate-related disclosure rules adopted in March 2024, that could impact EOG and the oil and gas industry, to determine the impact on its business and operations, and take appropriate actions where necessary.
United States. EOG's efforts to identify plays with large reserve potential have proven to be successful. EOG continues to drill numerous wells in large acreage plays, which in the aggregate have contributed substantially to, and are expected to continue to contribute substantially to, EOG's crude oil and condensate, NGLs and natural gas production. EOG has placed an emphasis on applying its horizontal drilling and completion expertise to unconventional crude oil plays and natural gas plays.
During the first six months of 2024, EOG continued to (i) focus on improving well performance and operating efficiencies, (ii) evaluate certain potential crude oil and condensate, NGLs and natural gas exploration and development prospects and (iii) look for opportunities to add drilling inventory through leasehold acquisitions, farm-ins, exchanges or tactical or bolt-on acquisitions. On a volumetric basis, as calculated using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet of natural gas, crude oil and condensate and NGLs production accounted for approximately 72% and 73% of EOG's United States production during the first six months of 2024 and 2023, respectively. During the first six months of 2024, EOG's drilling and completion activities occurred primarily in the Delaware Basin play and the Eagle Ford play. EOG's major producing areas in the United States are in New Mexico and Texas.
Trinidad. In Trinidad, EOG continues to deliver natural gas under existing supply contracts. Several fields in the South East Coast Consortium (SECC) Block, Modified U(a) Block, Block 4(a), the Banyan Field and the Sercan Area have been developed and are producing natural gas which is sold to the National Gas Company of Trinidad and Tobago Limited, and crude oil and condensate which is sold to Heritage Petroleum Company Limited.
In the first six months of 2024, EOG completed one net developmental well and one net exploratory well from the recently installed Osprey B platform in the Modified U(a) Block and is in the process of completing two exploratory wells in the SECC Block. In June 2024, EOG relinquished its rights to a portion of the contract area governed by the Trinidad Northern Area License located offshore the southwest coast of Trinidad. In the second half of 2024, EOG expects to drill an exploratory well in the deep Teak, Samaan and Poui Area, and complete construction and installation of the platform and commence pipeline installation in the Mento Area.
Other International. In November 2021, a subsidiary of EOG was granted an exploration permit for the WA-488-P Block, located offshore Western Australia. In the first half of 2024, EOG continued to prepare for the drilling of an exploration well in this block.
EOG continues to evaluate other select crude oil and natural gas opportunities outside the United States, primarily by pursuing exploration opportunities in countries where crude oil and natural gas reserves have been identified.
2024 Capital and Operating Plan. Total 2024 capital expenditures are estimated to range from approximately $6.0 billion to $6.4 billion, including exploration and development drilling, facilities, leasehold acquisitions, capitalized interest, dry hole costs and other property, plant and equipment and excluding property acquisitions, asset retirement costs, non-cash exchanges and transactions and exploration costs incurred as operating expenses. EOG plans to continue to focus a substantial portion of its exploration and development expenditures in its major producing areas in the United States. In particular, EOG will be focused on United States drilling activity in its plays where it generates the highest rates of return - specifically, in the Delaware Basin, Eagle Ford, Rocky Mountain area and Utica. To further enhance the economics of these plays, EOG expects to continue to improve well performance and to focus on improving operating efficiencies; see the above related discussion. Full-year 2024 total crude oil, NGLs and natural gas production is expected to increase modestly versus 2023. In addition, EOG plans to continue to spend a portion of its anticipated 2024 capital expenditures on leasing acreage, evaluating new prospects, transportation infrastructure and environmental projects.
Management continues to believe EOG has one of the strongest prospect inventories in EOG's history. When it fits EOG's strategy, EOG will make acquisitions that bolster existing drilling programs or offer incremental exploration and/or production opportunities.
Capital Structure. One of management's key strategies is to maintain a strong balance sheet with a consistently below average debt-to-total capitalization ratio as compared to those in EOG's peer group. EOG's debt-to-total capitalization ratio was 11% at June 30, 2024 and 12% at December 31, 2023. As used in this calculation, total capitalization represents the sum of total current and long-term debt and total stockholders' equity.
At June 30, 2024, EOG maintained a strong financial and liquidity position, including $5.4 billion of cash and cash equivalents on hand and $1.9 billion of availability under its senior unsecured revolving credit facility. EOG is currently evaluating whether or not to refinance the $500 million aggregate principal amount of its 3.15% Senior Notes due April 1, 2025.
The Internal Revenue Service has made several announcements of tax relief related to recent severe weather events occurring in various Texas counties, including Harris County where EOG's corporate offices are located. The tax relief permits eligible taxpayers to postpone certain tax filings and payments.
EOG has significant flexibility with respect to financing alternatives, including borrowings under its commercial paper program, bank borrowings, borrowings under its senior unsecured revolving credit facility, joint development agreements and similar agreements and equity and debt offerings. For related discussion, see ITEM 7, Management's Discussion and Analysis of Financial Condition and Results of Operations - Capital Resources and Liquidity included in EOG's 2023 Annual Report.
Cash Return Framework. In November 2023, EOG announced an increase in its cash return commitment - specifically, a commitment, effective beginning with fiscal year 2024, to return a minimum of 70% of annual net cash provided by operating activities before certain balance sheet-related changes, less total capital expenditures, to stockholders, through a combination of quarterly dividends, special dividends and share repurchases.
For discussion regarding EOG's payment of dividends and share repurchases, see ITEM 1A, Risk Factors and ITEM 5, Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities in EOG's 2023 Annual Report and Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds in this Quarterly Report on Form 10-Q.
Dividend Declarations. On February 22, 2024, the Board of Directors (Board) declared a quarterly cash dividend on the common stock of $0.91 per share paid on April 30, 2024, to stockholders of record as of April 16, 2024.
On May 2, 2024, the Board declared a quarterly cash dividend on the common stock of $0.91 per share paid on July 31, 2024, to stockholders of record as of July 17, 2024.
On August 1, 2024, the Board declared a quarterly cash dividend on the common stock of $0.91 per share to be paid on October 31, 2024, to stockholders of record as of October 17, 2024.
Share Repurchases. In November 2021, the Board established a new share repurchase authorization that allows for the repurchase by EOG of up to $5 billion of its common stock (November 2021 Authorization). Under the November 2021 Authorization, EOG may repurchase shares from time to time, at management's discretion, in accordance with applicable securities laws, including through open market transactions, privately negotiated transactions or any combination thereof. The timing and amount of repurchases is at the discretion of EOG's management and depends on a variety of factors, including the trading price of EOG's common stock, corporate and regulatory requirements, and other market and economic conditions. Repurchased shares are held as treasury shares and are available for general corporate purposes. The November 2021 Authorization has no time limit, does not require EOG to repurchase a specific number of shares and may be modified, suspended, or terminated by the Board at any time. During the three and six months ended June 30, 2024, EOG repurchased 5.5 million and 11.9 million shares of common stock for approximately $690 million and $1,440 million (inclusive of transaction fees and commissions), respectively, pursuant to the November 2021 Authorization. As of June 30, 2024, approximately $2.6 billion remained available for repurchases under the November 2021 Authorization. Included in the Treasury Stock Repurchased amounts on the Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024, are $7 million and $13 million, respectively, of estimated federal excise taxes.
Results of Operations
The following review of operations for the three months and six months ended June 30, 2024 and 2023 should be read in conjunction with the Condensed Consolidated Financial Statements of EOG and notes thereto included in this Quarterly Report on Form 10‑Q.
Three Months Ended June 30, 2024 vs. Three Months Ended June 30, 2023
Operating Revenues. During the second quarter of 2024, operating revenues increased $452 million, or 8%, to $6,025 million from $5,573 million for the same period of 2023. Total wellhead revenues, which are revenues generated from sales of EOG's production of crude oil and condensate, NGLs and natural gas, for the second quarter of 2024 increased $515 million, or 13%, to $4,510 million from $3,995 million for the same period of 2023. EOG recognized net losses on the mark-to-market of financial commodity and other derivative contracts of $47 million for the second quarter of 2024 compared to net gains of $101 million for the same period of 2023. Gathering, processing and marketing revenues for the second quarter of 2024 increased $54 million, or 4%, to $1,519 million from $1,465 million for the same period of 2023. Net gains on asset dispositions were $20 million for the second quarter of 2024 compared to net losses of $9 million for the same period of 2023.
Wellhead volume and price statistics for the three-month periods ended June 30, 2024 and 2023 were as follows:
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | |
| 2024 | | | 2023 | |
Crude Oil and Condensate Volumes (MBbld) (1) | | | | | |
United States | 490.1 | | | | 476.0 | | |
Trinidad | 0.6 | | | | 0.6 | | |
Total | 490.7 | | | | 476.6 | | |
Average Crude Oil and Condensate Prices ($/Bbl) (2) | | | | | |
United States | $ | 82.71 | | | | $ | 74.98 | | |
Trinidad | 70.75 | | | | 64.88 | | |
Composite | 82.69 | | | | 74.97 | | |
Natural Gas Liquids Volumes (MBbld) (1) | | | | | |
United States | 244.8 | | | | 215.7 | | |
Total | 244.8 | | | | 215.7 | | |
Average Natural Gas Liquids Prices ($/Bbl) (2) | | | | | |
United States | $ | 23.11 | | | | $ | 20.85 | | |
Natural Gas Volumes (MMcfd) (1) | | | | | |
United States | 1,668 | | | | 1,513 | | |
Trinidad | 204 | | | | 155 | | |
Total | 1,872 | | | | 1,668 | | |
Average Natural Gas Prices ($/Mcf) (2) | | | | | |
United States | $ | 1.57 | | | | $ | 2.07 | | |
Trinidad | 3.48 | | | | 3.45 | | |
Composite | 1.78 | | | | 2.20 | | |
Crude Oil Equivalent Volumes (MBoed) (3) | | | | | |
United States | 1,013.0 | | | | 943.8 | | |
Trinidad | 34.5 | | | | 26.5 | | |
Total | 1,047.5 | | | | 970.3 | | |
| | | | | |
Total MMBoe (3) | 95.3 | | | | 88.3 | | |
(1)Thousand barrels per day or million cubic feet per day, as applicable.
(2)Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity and other derivative instruments (see Note 12 to the Condensed Consolidated Financial Statements).
(3)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.
Wellhead crude oil and condensate revenues for the second quarter of 2024 increased $440 million, or 14%, to $3,692 million from $3,252 million for the same period of 2023. The increase was due to a higher composite average price ($349 million) and an increase of 14.1 MBbld, or 3%, in wellhead crude oil and condensate production ($91 million). Increased production was primarily from the Permian Basin and the Utica Shale. EOG's composite wellhead crude oil and condensate price for the second quarter of 2024 increased 10% to $82.69 per barrel compared to $74.97 per barrel for the same period of 2023.
NGL revenues for the second quarter of 2024 increased $106 million, or 26%, to $515 million from $409 million for the same period of 2023 due to an increase of 29.1 MBbld, or 13%, in NGL deliveries ($56 million) and a higher composite average price ($50 million). Increased production was primarily from the Permian Basin. EOG's composite NGL price for the second quarter of 2024 increased 11% to $23.11 per barrel compared to $20.85 per barrel for the same period of 2023.
Wellhead natural gas revenues for the second quarter of 2024 decreased $31 million, or 9%, to $303 million from $334 million for the same period of 2023. The decrease was due to a lower composite average price ($76 million), partially offset by an increase in natural gas deliveries ($45 million). Natural gas deliveries for the second quarter of 2024 increased 204 MMcfd, or 12%, compared to the same period of 2023 due primarily to increased production of associated natural gas from the Permian Basin and higher natural gas deliveries in Trinidad. EOG's composite wellhead natural gas price for the second quarter of 2024 decreased 19% to $1.78 per Mcf compared to $2.20 per Mcf for the same period of 2023.
During the second quarter of 2024, EOG recognized net losses on the mark-to-market of financial commodity and other derivative contracts of $47 million compared to net gains of $101 million for the same period of 2023. The net losses of $47 million included losses of $11 million related to the Brent crude oil (Brent) linked gas sales contract. During the second quarter of 2024, net cash received from settlements of financial commodity derivative contracts was $79 million compared to net cash paid for settlements of financial commodity derivative contracts of $30 million for the same period of 2023.
Gathering, processing and marketing revenues are revenues generated from sales of third-party crude oil, NGLs and natural gas, as well as fees associated with gathering third-party natural gas and revenues from sales of EOG-owned sand. Purchases and sales of third-party crude oil and natural gas may be utilized in order to balance firm capacity at third-party facilities with production in certain areas and to utilize excess capacity at EOG-owned facilities. EOG sells sand primarily in order to balance the timing of firm purchase agreements with completion operations. Marketing costs represent the costs to purchase third-party crude oil, natural gas and sand and the associated transportation costs, as well as costs associated with EOG-owned sand sold to third parties.
Gathering, processing and marketing revenues less marketing costs for the second quarter of 2024 increased $20 million as compared to the same period of 2023 primarily due to higher margins on crude oil and natural gas marketing activities, partially offset by lower margins on sand sales.
Operating and Other Expenses. For the second quarter of 2024, operating expenses of $3,895 million were $292 million higher than the $3,603 million incurred during the second quarter of 2023. The following table presents the costs per barrel of oil equivalent (Boe) for the three-month periods ended June 30, 2024 and 2023:
| | | | | | | | | | | |
| Three Months Ended June 30, |
| 2024 | | 2023 |
Lease and Well | $ | 4.09 | | | $ | 3.94 | |
Gathering, Processing and Transportation Costs (GP&T) | 4.44 | | | 4.48 | |
Depreciation, Depletion and Amortization (DD&A) - | | | |
Oil and Gas Properties | 9.80 | | | 9.30 | |
Other Property, Plant and Equipment | 0.52 | | | 0.51 | |
General and Administrative (G&A) | 1.58 | | | 1.61 | |
Interest Expense, Net | 0.38 | | | 0.40 | |
Total (1) | $ | 20.81 | | | $ | 20.24 | |
(1)Total excludes exploration costs, dry hole costs, impairments, marketing costs and taxes other than income.
The primary factors impacting the cost components of per-unit rates of lease and well; GP&T; DD&A; G&A and interest expense, net for the three months ended June 30, 2024, compared to the same period of 2023, are set forth below. See "Operating Revenues" above for a discussion of wellhead volumes.
Lease and well expenses include expenses for EOG-operated properties, as well as expenses billed to EOG from other operators where EOG is not the operator of a property. Lease and well expenses can be divided into the following categories: costs to operate and maintain crude oil and natural gas wells, the cost of workovers and lease and well administrative expenses. Operating and maintenance costs include, among other things, pumping services, produced water disposal, equipment repair and maintenance, compression expense, lease upkeep and fuel and power. Workovers are operations to restore or maintain production from existing wells.
Each of these categories of costs individually fluctuates from time to time as EOG attempts to maintain and increase production while maintaining efficient, safe and environmentally responsible operations. EOG continues to increase its operating activities by drilling new wells in existing and new areas. Operating and maintenance costs within these existing and new areas, as well as the costs of services charged to EOG by vendors, fluctuate over time.
Lease and well expenses of $390 million for the second quarter of 2024 increased $42 million from $348 million for the same prior year period primarily due to increased operating and maintenance costs ($30 million) and increased lease and well administrative expenses ($9 million), all in the United States. Lease and well expenses increased in the United States primarily due to increased operating activities resulting from increased production.
GP&T costs represent costs to process and deliver hydrocarbon products from the lease to a downstream point of sale. GP&T costs include operating and maintenance expenses from EOG-owned assets, fees paid to third party operators and administrative expenses associated with operating EOG's GP&T assets. EOG pays third parties to process the majority of its natural gas production to extract NGLs.
GP&T costs of $423 million for the second quarter of 2024 increased $27 million from $396 million for the same prior year period primarily due to increased GP&T costs related to increased production in the Permian Basin.
DD&A of the cost of proved oil and gas properties is calculated using the unit-of-production method. EOG's DD&A rate and expense are the composite of numerous individual DD&A group calculations. There are several factors that can impact EOG's composite DD&A rate and expense, such as field production profiles, drilling or acquisition of new wells, disposition of existing wells and reserve revisions (upward or downward) primarily related to well performance, economic factors and impairments. Changes to these factors may cause EOG's composite DD&A rate and expense to fluctuate from period to period. DD&A of the cost of other property, plant and equipment is generally calculated using the straight-line depreciation method over the useful lives of the assets.
DD&A expenses for the second quarter of 2024 increased $118 million to $984 million from $866 million for the same prior year period. DD&A expenses associated with oil and gas properties for the second quarter of 2024 were $114 million higher than the same prior year period. The increase primarily reflects increased production in the United States ($58 million), and increased unit rates in the United States ($38 million) and in Trinidad ($10 million).
G&A expenses of $151 million for the second quarter of 2024 increased $9 million from $142 million for the same prior year period primarily due to increased employee-related costs.
Exploration costs of $34 million for the second quarter of 2024 decreased $13 million from $47 million for the same prior year period due primarily to decreased geological and geophysical expenditures in the United States.
Impairments include: amortization of unproved oil and gas property costs as well as impairments of proved oil and gas properties; other property, plant and equipment; and other assets. Unproved properties with acquisition costs that are not individually significant are aggregated, and the portion of such costs estimated to be nonproductive is amortized over the remaining lease term. Unproved properties with individually significant acquisition costs are reviewed individually for impairment.
The following table represents impairments for the second quarter of 2024 and 2023 (in millions):
| | | | | | | | | | | |
| Three Months Ended June 30, |
| 2024 | | 2023 |
Proved properties | $ | 33 | | | $ | 1 | |
Unproved properties | 17 | | | 33 | |
Other assets | 30 | | | — | |
Firm commitment contracts | 1 | | | 1 | |
Total | $ | 81 | | | $ | 35 | |
Taxes other than income include severance/production taxes, ad valorem/property taxes, payroll taxes, franchise taxes and other miscellaneous taxes. Severance/production taxes are generally determined based on wellhead revenues, and ad valorem/property taxes are generally determined based on the valuation of the underlying assets.
Taxes other than income for the second quarter of 2024 increased $24 million to $337 million (7.5% of wellhead revenues) from $313 million (7.8% of wellhead revenues) for the same prior year period. The increase in taxes other than income was primarily due to increased severance/production taxes ($39 million), partially offset by decreased ad valorem/property taxes ($15 million), all in the United States.
Other income, net of $66 million for the second quarter of 2024 increased $15 million from $51 million for the same prior year period. The increase was primarily due to increased interest income.
Income taxes of $470 million for the second quarter of 2024 increased from income taxes of $433 million for the second quarter of 2023 primarily due to increased pretax income. The net effective tax rate for the second quarter of 2024 was unchanged from the prior year rate of 22%.
Six Months Ended June 30, 2024 vs. Six Months Ended June 30, 2023
Operating Revenues. During the first six months of 2024, operating revenues increased $531 million, or 5%, to $12,148 million from $11,617 million for the same period of 2023. Total wellhead revenues for the first six months of 2024 increased $701 million, or 9%, to $8,885 million from $8,184 million for the same period of 2023. During the first six months of 2024, EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $190 million compared to net gains of $477 million for the same period of 2023. Gathering, processing and marketing revenues for the first six months of 2024 increased $123 million, or 4%, to $2,978 million from $2,855 million for the same period of 2023. Net gains on asset dispositions were $46 million for the first six months of 2024 compared to net gains of $60 million for the same period of 2023.
Wellhead volume and price statistics for the six-month periods ended June 30, 2024 and 2023 were as follows:
| | | | | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | | 2023 |
Crude Oil and Condensate Volumes (MBbld) | | | | |
United States | 488.4 | | | | 466.6 | |
Trinidad | 0.6 | | | | 0.6 | |
Total | 489.0 | | | | 467.2 | |
Average Crude Oil and Condensate Prices ($/Bbl) (1) | | | | |
United States | $ | 80.59 | | | | $ | 76.10 | |
Trinidad | 69.11 | | | | 66.92 | |
Composite | 80.58 | | | | 76.09 | |
Natural Gas Liquids Volumes (MBbld) | | | | |
United States | 238.3 | | | | 213.9 | |
Total | 238.3 | | | | 213.9 | |
Average Natural Gas Liquids Prices ($/Bbl) (1) | | | | |
United States | $ | 23.70 | | | | $ | 23.23 | |
Natural Gas Volumes (MMcfd) | | | | |
United States | 1,663 | | | | 1,494 | |
Trinidad | 202 | | | | 160 | |
Total | 1,865 | | | | 1,654 | |
Average Natural Gas Prices ($/Mcf) (1) | | | | |
United States | $ | 1.84 | | | | $ | 2.76 | |
Trinidad | 3.51 | | | | 3.67 | |
Composite | 2.02 | | | | 2.84 | |
Crude Oil Equivalent Volumes (MBoed) | | | | |
United States | 1,003.9 | | | | 929.5 | |
Trinidad | 34.3 | | | | 27.2 | |
Total | 1,038.2 | | | | 956.7 | |
| | | | |
Total MMBoe | 188.9 | | | | 173.2 | |
(1) Excludes the impact of financial commodity and other derivative instruments (see Note 12 to the Condensed Consolidated Financial Statements).
Wellhead crude oil and condensate revenues for the first six months of 2024 increased $738 million, or 11%, to $7,172 million from $6,434 million for the same period of 2023 due to a higher composite average price ($402 million) and an increase of 21.8 MBbld, or 5%, in wellhead crude oil and condensate production ($336 million). Increased production was primarily in the Permian Basin and the Utica Shale. EOG's composite wellhead crude oil and condensate price for the first six months of 2024 increased 6% to $80.58 per barrel compared to $76.09 per barrel for the same period of 2023.
NGL revenues for the first six months of 2024 increased $129 million, or 14%, to $1,028 million from $899 million for the same period of 2023 due to an increase of 24.4 MBbld, or 11%, in NGL deliveries ($109 million) and a higher composite average price ($20 million). Increased production was primarily from the Permian Basin. EOG's composite NGL price for the first six months of 2024 increased 2% to $23.70 per barrel compared to $23.23 per barrel for the same period of 2023.
Wellhead natural gas revenues for the first six months of 2024 decreased $166 million, or 20%, to $685 million from $851 million for the same period of 2023. The decrease was due to a lower composite average price ($281 million), partially offset by an increase in natural gas deliveries ($115 million). Natural gas deliveries for the first six months of 2024 increased 211 MMcfd, or 13%, compared to the same period of 2023 due primarily to increased production of associated natural gas from the Permian Basin and higher natural gas deliveries in Trinidad. EOG's composite wellhead natural gas price for the first six months of 2024 decreased 29% to $2.02 per Mcf compared to $2.84 per Mcf for the same period of 2023.
During the first six months of 2024, EOG recognized net gains on the mark-to-market of financial commodity and other derivative contracts of $190 million compared to net gains of $477 million for the same period of 2023. The net gains of $190 million included gains of $133 million related to the Brent linked gas sales contract. During the first six months of 2024, net cash received from settlements of financial commodity derivative contracts was $134 million. Net cash paid for settlements of financial commodity derivative contracts was $153 million for the same period of 2023.
Gathering, processing and marketing revenues less marketing costs for the first six months of 2024 increased $46 million as compared to the same period of 2023 primarily due to higher margins on crude oil marketing activities, partially offset by lower margins on sand sales and natural gas marketing activities.
Operating and Other Expenses. For the first six months of 2024, operating expenses of $7,747 million were $672 million higher than the $7,075 million incurred during the same period of 2023. The following table presents the costs per Boe for the six-month periods ended June 30, 2024 and 2023:
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
Lease and Well | $ | 4.16 | | | $ | 4.08 | |
GP&T | 4.42 | | | 4.57 | |
DD&A - | | | |
Oil and Gas Properties | 10.37 | | | 9.13 | |
Other Property, Plant and Equipment | 0.52 | | | 0.48 | |
G&A | 1.66 | | | 1.66 | |
Interest Expense, Net | 0.37 | | | 0.44 | |
Total (1) | $ | 21.50 | | | $ | 20.36 | |
(1)Total excludes exploration costs, dry hole costs, impairments, marketing costs and taxes other than income.
The primary factors impacting the cost components of per-unit rates of lease and well; GP&T; DD&A; G&A; and interest expense, net for the six months ended June 30, 2024, compared to the same period of 2023 are set forth below. See "Operating Revenues" above for a discussion of wellhead volumes.
Lease and well expenses of $786 million for the first six months of 2024 increased $79 million from $707 million for the same prior year period primarily due to increased operating and maintenance costs ($54 million), increased workover expenditures ($17 million) and increased lease and well administrative expenses ($13 million), all in the United States. Lease and well expenses increased in the United States primarily due to increased operating activities resulting from increased production.
GP&T costs of $836 million for the first six months of 2024 increased $45 million from $791 million for the same prior year period primarily due to increased GP&T costs related to increased production in the Permian Basin.
DD&A expenses for the first six months of 2024 increased $394 million to $2,058 million from $1,664 million for the same prior year period. DD&A expenses associated with oil and gas properties for the first six months of 2024 were $378 million higher than the same prior year period. The increase primarily reflects increased production in the United States ($131 million) and in Trinidad ($9 million), and increased unit rates in the United States ($98 million) and in Trinidad ($19 million). In addition, the recording of an adjustment to DD&A ($117 million) primarily related to natural gas production used by EOG's domestic gathering systems also contributed to the variance. DD&A expenses associated with other property, plant and equipment for the first six months of 2024 were $16 million higher than the same prior year period primarily due to an increase in expenses related to GP&T assets and equipment.
G&A expenses of $313 million for the first six months of 2024 increased $26 million from $287 million for the same prior year period primarily due to increased employee-related costs.
Interest expense, net of $69 million for the first six months of 2024 decreased $8 million compared to the same prior year period primarily due to the repayment in March 2023 of the $1,250 million aggregate principal amount of 2.625% Senior Notes due 2023.
Exploration costs of $79 million for the first six months of 2024 decreased $18 million from $97 million for the same prior year period due primarily to decreased geological and geophysical expenditures ($25 million), partially offset by increased administrative expenses ($4 million) and delay rentals ($3 million).
The following table represents impairments for the six-month periods ended June 30, 2024 and 2023 (in millions):
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
Proved properties | $ | 35 | | | $ | 3 | |
Unproved properties | 34 | | | 65 | |
Other assets | 30 | | | — | |
Firm commitment contracts | 1 | | | 1 | |
Total | $ | 100 | | | $ | 69 | |
Taxes other than income for the first six months of 2024 increased $33 million to $675 million (7.6% of wellhead revenues) from $642 million (7.8% of wellhead revenues) for the same prior year period. The increase in taxes other than income was primarily due to increased severance/production taxes ($50 million), partially offset by decreased ad valorem/property taxes ($18 million), all in the United States.
Other income, net of $128 million for the first six months of 2024 increased $12 million from $116 million for the same prior year period. The increase was primarily due to increased interest income.
Income taxes of $981 million for the first six months of 2024 decreased from income taxes of $1,005 million for the first six months of 2023 primarily due to decreased pretax income. The net effective tax rate for the first six months of 2024 was unchanged from the prior year rate of 22%.
Capital Resources and Liquidity
Cash Flow. The primary sources of cash for EOG during the six months ended June 30, 2024, were funds generated from operations and, to a lesser extent, net cash received from settlements of financial commodity derivative contracts. The primary uses of cash were exploration and development expenditures; funds used in operations; dividend payments to stockholders; purchases of treasury stock; and other property, plant and equipment expenditures. During the first six months of 2024, EOG's cash balance increased $153 million to $5,431 million from $5,278 million at December 31, 2023.
Net cash provided by operating activities of $5,792 million for the first six months of 2024 increased $260 million compared to the same period of 2023 primarily due to an increase in wellhead revenues ($701 million) and an increase in net cash received from settlements of financial commodity derivative contracts ($287 million), partially offset by an increase in net cash used in working capital and other assets and liabilities ($346 million), the return of cash collateral posted for financial commodity derivative contracts in the first six months of 2023 ($324 million) and an increase in cash operating expenses ($144 million).
Net cash used in investing activities of $3,130 million for the first six months of 2024 decreased $179 million compared to the same period of 2023 due to a decrease in cash used in working capital associated with investing activities ($641 million), partially offset by an increase in additions to oil and gas properties ($196 million), an increase in additions to other property, plant and equipment ($164 million) and a decrease in proceeds from the sale of assets ($102 million).
Net cash used in financing activities of $2,509 million for the first six months of 2024 included purchases of treasury stock ($1,458 million), cash dividend payments ($1,045 million) and repayment of finance lease liabilities ($17 million). Net cash used in financing activities of $3,431 million for the first six months of 2023 included cash dividend payments ($1,547 million), repayments of long-term debt ($1,250 million), purchases of treasury stock ($619 million) and repayment of finance lease liabilities ($16 million).
Total Expenditures. For the full-year 2024, EOG's updated budget for exploration and development and other property, plant and equipment expenditures is estimated to range from approximately $6.0 billion to $6.4 billion, including exploration and development drilling, facilities, leasehold acquisitions, capitalized interest, dry hole costs and other property, plant and equipment and excluding property acquisitions, asset retirement costs, non-cash exchanges and transactions and exploration costs incurred as operating expenses. The table below sets out components of total expenditures for the six-month periods ended June 30, 2024 and 2023 (in millions):
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
Expenditure Category | | | |
Capital | | | |
Exploration and Development Drilling (1) | $ | 2,431 | | | $ | 2,394 | |
Facilities | 304 | | | 226 | |
Leasehold Acquisitions (2) | 144 | | | 102 | |
Property Acquisitions (3) | 26 | | | 10 | |
Capitalized Interest | 20 | | | 16 | |
Subtotal | 2,925 | | | 2,748 | |
Exploration Costs | 79 | | | 97 | |
Dry Hole Costs | 6 | | | 1 | |
Exploration and Development Expenditures | 3,010 | | | 2,846 | |
Asset Retirement Costs (4) | (39) | | | 36 | |
Total Exploration and Development Expenditures | 2,971 | | | 2,882 | |
Other Property, Plant and Equipment (5) | 663 | | | 499 | |
Total Expenditures | $ | 3,634 | | | $ | 3,381 | |
(1) Exploration and development drilling included $35 million for the six-month period ended June 30, 2023, related to non-cash development drilling.
(2) Leasehold acquisitions included $65 million and $59 million for the six-month periods ended June 30, 2024 and 2023, respectively, related to non-cash property exchanges.
(3) Property acquisitions included $24 million and $9 million for the six-month periods ended June 30, 2024 and 2023, respectively, related to non-cash property exchanges.
(4) Asset Retirement Costs for the six-month period ended June 30, 2024 included a downward revision to asset retirement obligations of $84 million.
(5) Other Property, Plant and Equipment included $132 million related to the acquisition of a gathering system in South Texas and $134 million related to the acquisition of a gathering and processing system in the Powder River Basin for the six-month periods ended June 30, 2024 and 2023, respectively.
Exploration and development expenditures of $3,010 million for the first six months of 2024 were $164 million higher than the same period of 2023 primarily due to increased facilities expenditures ($78 million), increased exploration and development drilling expenditures in Trinidad ($44 million) and increased leasehold acquisitions ($42 million). Exploration and development expenditures for the first six months of 2024 of $3,010 million consisted of $2,629 million in development drilling and facilities, $335 million in exploration, $26 million in property acquisitions and $20 million in capitalized interest. Exploration and development expenditures for the first six months of 2023 of $2,846 million consisted of $2,545 million in development drilling and facilities, $275 million in exploration, $16 million in capitalized interest and $10 million in property acquisitions.
The level of exploration and development expenditures, including acquisitions, will vary in future periods depending on energy market conditions and other economic factors. EOG believes it has significant flexibility and availability with respect to financing alternatives and the ability to adjust its exploration and development expenditure budget as circumstances warrant. While EOG has certain continuing commitments associated with expenditure plans related to its operations, such commitments are not expected to be material when considered in relation to the total financial capacity of EOG.
Financial Commodity and Other Derivative Transactions. As more fully discussed in Note 12 to the Consolidated Financial Statements included in EOG's 2023 Annual Report, EOG engages in price risk management activities from time to time. These activities are intended to manage EOG's exposure to fluctuations in commodity prices for crude oil, NGLs and natural gas. EOG utilizes financial commodity derivative instruments, primarily price swap, option, swaption, collar and basis swap contracts, as a means to manage this price risk. EOG has not designated any of its financial commodity and other derivative contracts as accounting hedges and, accordingly, accounts for financial commodity and other derivative contracts using the mark-to-market accounting method, including the Brent linked gas sales contract. Under this accounting method, changes in the fair value of outstanding financial and other derivative instruments are recognized as gains or losses in the period of change and are recorded as Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts on the Condensed Consolidated Statements of Income and Comprehensive Income. The related cash flow impact is reflected in Cash Flows from Operating Activities on the Condensed Consolidated Statements of Cash Flows.
The total fair value of EOG's financial commodity and other derivative contracts was reflected on the Condensed Consolidated Balance Sheets at June 30, 2024, as a net asset of $60 million.
As discussed in "Operating Revenues," the net cash received from settlements of financial commodity derivative contracts during the second quarter and first six months of 2024 was $79 million and $134 million, respectively.
Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the period from January 1, 2024 to July 31, 2024 (closed) and outstanding as of July 31, 2024. Natural gas volumes are presented in MMBtu per day (MMBtud) and prices are presented in dollars per MMBtu ($/MMBtu).
| | | | | | | | | | | | | | | | | | | | |
Natural Gas Financial Price Swap Contracts |
| | | | Contracts Sold |
Period | | Settlement Index | | Volume (MMBtud in thousands) | | Weighted Average Price ($/MMBtu) |
| | | | | | |
January - August 2024 (closed) | | NYMEX Henry Hub | | 725 | | | $ | 3.07 | |
September - December 2024 | | NYMEX Henry Hub | | 725 | | | 3.07 | |
January - December 2025 | | NYMEX Henry Hub | | 725 | | | 3.07 | |
| | | | | | | | | | | | | | | | | | | | |
Natural Gas Basis Swap Contracts |
| | | | Contracts Sold |
Period | | Settlement Index | | Volume (MMBtud in thousands) | | Weighted Average Price Differential ($/MMBtu) |
| | | | | | |
January - July 2024 (closed) | | NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1) | | 10 | | | $ | 0.00 | |
August - December 2024 | | NYMEX Henry Hub HSC Differential | | 10 | | | 0.00 | |
January - December 2025 | | NYMEX Henry Hub HSC Differential | | 10 | | | 0.00 | |
(1) This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices.
In connection with its financial commodity derivative contracts, EOG had no collateral posted and no collateral held at July 31, 2024. The amount of posted collateral will increase or decrease based on fluctuations in forward NYMEX Henry Hub prices.
Natural Gas Sales Linked to Brent Crude Oil. In February 2024, EOG entered into a 10-year agreement, commencing in 2027, to sell 180,000 MMBtud of its domestic natural gas production, with 140,000 MMBtud to be sold at a price indexed to Brent and the remaining volumes to be sold at a price indexed to Brent or a U.S. Gulf Coast gas index. It was determined that this agreement meets the definition of a derivative under the Derivatives and Hedging Topic of the ASC and does not qualify for the normal purchases and normal sales scope exception. As such, this agreement is accounted for as a derivative using the mark-to-market accounting method. Changes in the fair value are recognized as gains or losses in the period of change on the Condensed Consolidated Statements of Income and Comprehensive Income.
Information Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG's future financial position, operations, performance, business strategy, goals, returns and rates of return, budgets, reserves, levels of production, capital expenditures, operating costs and asset sales, statements regarding future commodity prices and statements regarding the plans and objectives of EOG's management for future operations, are forward‐looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "project," "strategy," "intend," "plan," "target," "aims," "ambition," "initiative," "goal," "may," "will," "focused on," "should" and "believe" or the negative of those terms or other variations or comparable terminology to identify its forward‐looking statements. In particular, statements, express or implied, concerning EOG's future financial or operating results and returns or EOG's ability to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control drilling, completion and operating costs and capital expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, other environmental matters, safety matters or other ESG (environmental/social/governance) matters, pay and/or increase regular and/or special dividends or repurchase shares are forward‐looking statements. Forward-looking statements are not guarantees of performance. Although EOG believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that such assumptions are accurate or will prove to have been correct or that any of such expectations will be achieved (in full or at all) or will be achieved on the expected or anticipated timelines. Moreover, EOG's forward-looking statements may be affected by known, unknown or currently unforeseen risks, events or circumstances that may be outside EOG's control. Important factors that could cause EOG's actual results to differ materially from the expectations reflected in EOG's forward-looking statements include, among others:
•the timing, extent and duration of changes in prices for, supplies of, and demand for, crude oil and condensate, natural gas liquids (NGLs), natural gas and related commodities;
•the extent to which EOG is successful in its efforts to acquire or discover additional reserves;
•the extent to which EOG is successful in its efforts to (i) economically develop its acreage in, (ii) produce reserves and achieve anticipated production levels and rates of return from, (iii) decrease or otherwise control its drilling, completion and operating costs and capital expenditures related to, and (iv) maximize reserve recovery from, its existing and future crude oil and natural gas exploration and development projects and associated potential and existing drilling locations;
•the success of EOG's cost-mitigation initiatives and actions in offsetting the impact of inflationary pressures on EOG's operating costs and capital expenditures;
•the extent to which EOG is successful in its efforts to market its production of crude oil and condensate, NGLs and natural gas;
•security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, physical breaches of our facilities and other infrastructure or breaches of the information technology systems, facilities and infrastructure of third parties with which we transact business, and enhanced regulatory focus on prevention and disclosure requirements relating to cyber incidents;
•the availability, proximity and capacity of, and costs associated with, appropriate gathering, processing, compression, storage, transportation, refining, liquefaction and export facilities;
•the availability, cost, terms and timing of issuance or execution of mineral licenses and leases and governmental and other permits and rights-of-way, and EOG's ability to retain mineral licenses and leases;
•the impact of, and changes in, government policies, laws and regulations, including climate change-related regulations, policies and initiatives (for example, with respect to air emissions); tax laws and regulations (including, but not limited to, carbon tax and emissions-related legislation); environmental, health and safety laws and regulations relating to disposal of produced water, drilling fluids and other wastes, hydraulic fracturing and access to and use of water; laws and regulations affecting the leasing of acreage and permitting for oil and gas drilling and the calculation of royalty payments in respect of oil and gas production; laws and regulations imposing additional permitting and disclosure requirements, additional operating restrictions and conditions or restrictions on drilling and completion operations and on the transportation of crude oil, NGLs and natural gas; laws and regulations with respect to financial derivatives and hedging activities; and laws and regulations with respect to the import and export of crude oil, natural gas and related commodities;
•the impact of climate change-related policies and initiatives at the corporate and/or investor community levels and other potential developments related to climate change, such as (but not limited to) changes in consumer and industrial/commercial behavior, preferences and attitudes with respect to the generation and consumption of energy; increased availability of, and increased consumer and industrial/commercial demand for, competing energy sources (including alternative energy sources); technological advances with respect to the generation, transmission, storage and consumption of energy; alternative fuel requirements; energy conservation measures and emissions-related legislation; decreased demand for, and availability of, services and facilities related to the exploration for, and production of, crude oil, NGLs and natural gas; and negative perceptions of the oil and gas industry and, in turn, reputational risks associated with the exploration for, and production of, crude oil, NGLs and natural gas;
•continuing political and social concerns relating to climate change and the greater potential for shareholder activism, governmental inquiries and enforcement actions and litigation and the resulting expenses and potential disruption to EOG's day-to-day operations;
•the extent to which EOG is able to successfully and economically develop, implement and carry out its emissions and other ESG-related initiatives and achieve its related targets, ambitions and initiatives;
•EOG's ability to effectively integrate acquired crude oil and natural gas properties into its operations, identify and resolve existing and potential issues with respect to such properties and accurately estimate reserves, production, drilling, completion and operating costs and capital expenditures with respect to such properties;
•the extent to which EOG's third-party-operated crude oil and natural gas properties are operated successfully, economically and in compliance with applicable laws and regulations;
•competition in the oil and gas exploration and production industry for the acquisition of licenses, leases and properties;
•the availability and cost of, and competition in the oil and gas exploration and production industry for, employees, labor and other personnel, facilities, equipment, materials (such as water, sand, fuel and tubulars) and services;
•the accuracy of reserve estimates, which by their nature involve the exercise of professional judgment and may therefore be imprecise;
•weather, including its impact on crude oil and natural gas demand, and weather-related delays in drilling and in the installation and operation (by EOG or third parties) of production, gathering, processing, refining, liquefaction, compression, storage, transportation, and export facilities;
•the ability of EOG's customers and other contractual counterparties to satisfy their obligations to EOG and, related thereto, to access the credit and capital markets to obtain financing needed to satisfy their obligations to EOG;
•EOG's ability to access the commercial paper market and other credit and capital markets to obtain financing on terms it deems acceptable, if at all, and to otherwise satisfy its capital expenditure requirements;
•the extent to which EOG is successful in its completion of planned asset dispositions;
•the extent and effect of any hedging activities engaged in by EOG;
•the timing and extent of changes in foreign currency exchange rates, interest rates, inflation rates, global and domestic financial market conditions and global and domestic general economic conditions;
•the duration and economic and financial impact of epidemics, pandemics or other public health issues;
•geopolitical factors and political conditions and developments around the world (such as the imposition of tariffs or trade or other economic sanctions, political instability and armed conflicts), including in the areas in which EOG operates;
•the extent to which EOG incurs uninsured losses and liabilities or losses and liabilities in excess of its insurance coverage;
•acts of war and terrorism and responses to these acts; and
•the other factors described under ITEM 1A, Risk Factors of EOG's Annual Report on Form 10-K for the year ended December 31, 2023, and any updates to those factors set forth in EOG's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
In light of these risks, uncertainties and assumptions, the events anticipated by EOG's forward-looking statements may not occur, and, if any of such events do, we may not have anticipated the timing of their occurrence or the duration or extent of their impact on our actual results. Accordingly, you should not place any undue reliance on any of EOG's forward-looking statements. EOG's forward-looking statements speak only as of the date made, and EOG undertakes no obligation, other than as required by applicable law, to update or revise its forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.
PART I. FINANCIAL INFORMATION
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
EOG RESOURCES, INC.
EOG's exposure to commodity price risk, interest rate risk and foreign currency exchange rate risk is discussed in (i) the "Financial Commodity Derivative Transactions," "Financing" and "Outlook" sections of "Management's Discussion and Analysis of Financial Condition and Results of Operations - Capital Resources and Liquidity" included in EOG's Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 22, 2024 (EOG's 2023 Annual Report); and (ii) Note 12, "Risk Management Activities," to EOG's Consolidated Financial Statements included in EOG's 2023 Annual Report. For updated information regarding EOG's financial commodity and other derivative contracts and physical commodity contracts, see (i) Note 12, "Risk Management Activities" to EOG's Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q; (ii) "Management's Discussion and Analysis of Financial Condition and Results of Operations - Results of Operations - Operating Revenues" in this Quarterly Report on Form 10-Q; and (iii) "Management's Discussion and Analysis of Financial Condition and Results of Operations - Capital Resources and Liquidity - Financial Commodity and Other Derivative Transactions" in this Quarterly Report on Form 10-Q.
ITEM 4. CONTROLS AND PROCEDURES
EOG RESOURCES, INC.
Disclosure Controls and Procedures. EOG's management, with the participation of EOG's principal executive officer and principal financial officer, evaluated the effectiveness of EOG's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act)) as of the end of the period covered by this Quarterly Report on Form 10-Q (Evaluation Date). Based on this evaluation, EOG's principal executive officer and principal financial officer have concluded that EOG's disclosure controls and procedures were effective as of the Evaluation Date in ensuring that information that is required to be disclosed in the reports EOG files or furnishes under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the United States Securities and Exchange Commission's rules and forms and (ii) accumulated and communicated to EOG's management, as appropriate, to allow timely decisions regarding required disclosure.
Internal Control Over Financial Reporting. There were no changes in EOG's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act) that occurred during the quarterly period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, EOG's internal control over financial reporting.
PART II. OTHER INFORMATION
EOG RESOURCES, INC.
ITEM 1. LEGAL PROCEEDINGS
See Part I, Item 1, Note 8 to Condensed Consolidated Financial Statements, which is incorporated herein by reference.
Item 103 of Regulation S-K promulgated under the Securities Exchange Act of 1934 (as amended, Exchange Act) requires disclosure regarding certain proceedings arising under federal, state or local environmental laws when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that EOG reasonably believes will exceed a specified threshold. Pursuant to such item, EOG will be using a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required. EOG believes proceedings under this threshold are not material to EOG's business and financial condition (the choice of this threshold does not imply that matters with potential monetary sanctions in excess of $1 million are necessarily material to EOG's business or financial condition). Applying this threshold, there are no environmental proceedings to disclose for the quarter ended June 30, 2024.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table sets forth, for the periods indicated, EOG's share repurchase activity:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Period | | Total Number of Shares Purchased (1) | | Average Price Paid Per Share | | Total Value of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)(3) |
| | | |
| | | | | | | | |
April 1, 2024 - April 30, 2024 | | 44,585 | | | $ | 133.98 | | | $ | — | | | $ | 3,278,852,627 | |
May 1, 2024 - May 31, 2024 | | 3,930,751 | | | 127.68 | | | 499,999,900 | | | 2,778,852,727 | |
June 1, 2024 - June 30, 2024 | | 1,588,246 | | | 120.04 | | | 190,122,039 | | | 2,588,730,688 | |
Total | | 5,563,582 | | | 125.55 | | | 690,121,939 | | | |
(1)Includes 5,500,122 shares repurchased during the quarter ended June 30, 2024, at an average price of $125.47 per share (inclusive of commissions and transaction fees), pursuant to the November 2021 Authorization (as defined and further discussed below); such repurchases count against the November 2021 Authorization. Also includes 63,460 total shares that were withheld by or returned to EOG during the quarter ended June 30, 2024, at an average price of $131.99 per share, (i) in satisfaction of tax withholding obligations that arose upon the exercise of employee stock options or stock-settled stock appreciation rights or the vesting of restricted stock, restricted stock unit or performance unit grants or (ii) in payment of the exercise price of employee stock options (such shares do not count against the November 2021 Authorization).
(2)In November 2021, EOG's Board of Directors (Board) established a new share repurchase authorization that allows for the repurchase by EOG of up to $5 billion of its common stock (November 2021 Authorization). As of June 30, 2024, (i) EOG has repurchased an aggregate 20,518,657 shares at a total cost of $2,411,269,312 (inclusive of commissions and transaction fees) under the November 2021 Authorization and (ii) an additional $2,588,730,688 of shares may be repurchased under the November 2021 Authorization.
(3)Under the November 2021 Authorization, EOG may repurchase shares from time to time, at management's discretion, in accordance with applicable securities laws, including through open market transactions, privately negotiated transactions or any combination thereof. The timing and amount of repurchases is at the discretion of EOG's management and depends on a variety of factors, including the trading price of EOG's common stock, corporate and regulatory requirements, and other market and economic conditions. Repurchased shares are held as treasury shares and are available for general corporate purposes. The November 2021 Authorization has no time limit, does not require EOG to repurchase a specific number of shares and may be modified, suspended or terminated by the Board at any time.
ITEM 5. OTHER INFORMATION
Trading Plans/Arrangements. During the quarter ended June 30, 2024, no director or Section 16 officer of EOG adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case, as defined in Item 408(a) of Regulation S-K).
ITEM 6. EXHIBITS
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Exhibit No. | | Description |
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3.1(a) | - | |
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3.1(b) | - | |
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3.1(c) | - | |
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3.1(d) | - | |
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3.1(e) | - | |
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3.1(f) | - | |
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3.1(g) | - | |
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3.1(h) | - | |
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3.1(i) | - | |
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3.1(j) | - | |
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3.1(k) | - | |
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3.1(l) | - | |
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3.1(m) | - | |
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3.1(n) | - | |
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3.2 | - | |
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10.1 | - | |
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Exhibit No. | | Description |
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31.1 | - | |
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31.2 | - | |
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32.1 | - | |
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32.2 | - | |
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101.INS | - | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
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*101.SCH | - | Inline XBRL Schema Document. |
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*101.CAL | - | Inline XBRL Calculation Linkbase Document. |
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*101.DEF | - | Inline XBRL Definition Linkbase Document. |
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*101.LAB | - | Inline XBRL Label Linkbase Document. |
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*101.PRE | - | Inline XBRL Presentation Linkbase Document. |
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104 | - | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
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*Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Income and Comprehensive Income - Three Months and Six Months Ended June 30, 2024 and 2023, (ii) the Condensed Consolidated Balance Sheets - June 30, 2024 and December 31, 2023, (iii) the Condensed Consolidated Statements of Stockholders' Equity - Three Months and Six Months Ended June 30, 2024 and 2023, (iv) the Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2024 and 2023 and (v) the Notes to Condensed Consolidated Financial Statements.
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 thereunto duly authorized.
| | | | | | | | | | | |
| | | EOG RESOURCES, INC. |
| | | (Registrant) |
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Date: | August 1, 2024 | By: | /s/ ANN D. JANSSEN Ann D. Janssen Executive Vice President and Chief Financial Officer (Principal Financial Officer and Duly Authorized Officer) |
EXHIBIT 10.1
This document constitutes part of a prospectus covering securities
that have been registered under the Securities Act of 1933.
EOG RESOURCES, INC.
NON-EMPLOYEE DIRECTOR RESTRICTED STOCK UNIT AWARD AGREEMENT
Grantee: [First Name Middle Initial Last Name]
Congratulations! You have been granted an Award of EOG Resources, Inc. Restricted Stock Units as follows:
| | | | | |
Date of Grant: | [Month Day, Year] |
Vesting Date: | 12 Months from the Date of Grant |
Restricted Stock Units granted under this Award: | [# units] |
EOG Resources, Inc. (the “Company”) hereby grants to you, the above-named Grantee, effective as of the Date of Grant set forth above, a Restricted Stock Unit Award (the “Award”) in accordance with the terms set forth below.
General. This Restricted Stock Unit Award Agreement (this “Agreement”) is governed by the terms and conditions of the EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan (as may be amended from time to time, the “Plan”), which is hereby made a part of this Agreement. All capitalized terms that are not defined in this Agreement have the meanings ascribed to them under the Plan. Under the terms of this Agreement and the Plan, a Restricted Stock Unit ledger account will be maintained by the Company (or its agent) until you become vested in the Restricted Stock Units. You will have no voting rights with respect to the Company common stock represented by such Restricted Stock Units until such time as the Company common stock is issued to you.
Vesting. Assuming you remain a member of the Company’s Board, this Award shall vest on the Vesting Date. Unless you previously elected otherwise, the shares of Company common stock represented by the Restricted Stock Units awarded hereunder that have vested in accordance with the terms hereunder shall be issued to you on the first business day following the date of vesting (or as soon as administratively practicable thereafter, but no later than 60 days after such date).
Termination of Board Membership. Except as provided below, if your Board membership terminates prior to the Vesting Date, this Award shall terminate and all Restricted Stock Units awarded hereunder shall be forfeited and canceled.
Due to Disability or Death. If your membership on the Board terminates due to Disability or death prior to the Vesting Date, all forfeiture restrictions on the Restricted Stock Units awarded hereunder shall lapse and all shares of Company common stock represented by the Restricted Stock Units shall be distributed to you, your estate, or the person who acquires this Award by will or the laws of descent and distribution or otherwise by reason of your death, as applicable, as soon as administratively practicable following the date of termination of your Board membership or the date of your death (as the case may be), but no later than 60 days after such date.
Due to Not Standing for Re-Election, Failure to be Re-Elected or Resignation Pursuant to Corporate Governance Guidelines. If your membership on the Board terminates prior to the Vesting Date because you do not stand for re-election, or are not re-elected, to the Board at the following Annual Meeting of Stockholders, or your resignation from the Board pursuant to Section 11 (or a successor section) of the Company’s Corporate Governance Guidelines (or any corresponding successor document) is accepted, all forfeiture restrictions on the Restricted Stock Units awarded hereunder shall lapse and all shares of Company common stock represented by the Restricted Stock Units shall be distributed to you as soon as administratively practicable following the expiration of your term as a director, but no later than 60 days after such date.
Due to Cause. If you are removed from the Board for cause prior to the Vesting Date, this Award shall terminate and all Restricted Stock Units awarded hereunder shall be forfeited and canceled. For purposes of this Agreement, “cause” shall mean gross negligence or willful misconduct in the performance of your duties as a Director, or final conviction of a felony or of a misdemeanor involving moral turpitude.
Due to a Change in Control. If your membership on the Board terminates during the two-year period following a Change in Control of the Company prior to the Vesting Date, all forfeiture restrictions on the Restricted Stock Units awarded hereunder shall lapse as of the date of termination of your Board membership and all shares of Company common stock represented by the Restricted Stock Units shall be distributed to you as soon as administratively practicable following the effective date of termination of your Board membership, but no later than 60 days after such date; provided, however, that if the event constituting the Change in Control of the Company does not qualify as a change in effective ownership or control of the Company for purposes of Section 409A, then, pursuant to Section 12.2 of the Plan, such distribution shall be delayed until the earliest time that such distribution would be Permissible under Section 409A.
Deferral of Award. Subject to the foregoing and contingent on you remaining on the Board until the Vesting Date, if you have elected for your Restricted Stock Units to be treated upon vesting as “phantom” shares in accordance with the terms of the EOG Resources, Inc. 409A Deferred Compensation Plan (as amended, the “Deferral Plan”), then this Award shall, from the date that is 12 months from the Date of Grant, be governed by the terms of the Deferral Plan and this Agreement, and you will have no voting rights with respect to the Company common stock represented by such “phantom” shares until such time as shares of Company common stock are issued to you in accordance with the Deferral Plan.
Delivery of Documents. By accepting the terms of this Agreement, you consent to the electronic delivery of documents related to your current or future participation in the Plan (including the Plan documents; this Agreement; any prospectus or other documents describing the terms and conditions of the Plan and this Award; and the Company’s annual report to stockholders, Annual Report on Form 10-K and definitive proxy statement), and you acknowledge that such electronic delivery may be made by the Company, in its sole discretion, by one or more of the following methods: (i) the posting of such documents on the Company’s intranet website or external website; (ii) the posting of such documents on the Fidelity Brokerage Services LLC (FMR LLC) website; (iii) the delivery of such documents via the Fidelity Brokerage Services LLC (FMR LLC) website; (iv) the posting of such documents to another Company intranet website or third party internet website accessible by you; or (v) delivery via electronic mail, by attaching such documents to such electronic email and/or including a link to such documents on a Company intranet website or external website or third party internet website accessible by you. Notwithstanding the foregoing, you also acknowledge that the Company may, in its sole discretion (and as an alternative to, or in addition to, electronic delivery) deliver a paper copy of any such documents to you. You further acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost to you by contacting the Company (Attention: Human Resources Department) by telephone or in writing.
EXHIBIT 31.1
CERTIFICATIONS
I, Ezra Y. Yacob, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of EOG Resources, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: August 1, 2024
/s/ EZRA Y. YACOB
Ezra Y. Yacob
Chairman of the Board and Chief Executive Officer
(Principal Executive Officer)
EXHIBIT 31.2
CERTIFICATIONS
I, Ann D. Janssen, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of EOG Resources, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: August 1, 2024
/s/ ANN D. JANSSEN
Ann D. Janssen
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
EXHIBIT 32.1
CERTIFICATION OF PERIODIC REPORT
I, Ezra Y. Yacob, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:
(1)The Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: August 1, 2024
/s/ EZRA Y. YACOB
Ezra Y. Yacob
Chairman of the Board and Chief Executive Officer
(Principal Executive Officer)
EXHIBIT 32.2
CERTIFICATION OF PERIODIC REPORT
I, Ann D. Janssen, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:
(1)The Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: August 1, 2024
/s/ ANN D. JANSSEN
Ann D. Janssen
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
v3.24.2.u1
Cover - shares
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Jun. 30, 2024 |
Jul. 25, 2024 |
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EOG RESOURCES, INC.
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DE
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Entity Tax Identification Number |
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1111 Bagby
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Houston
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EOG
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Operating Revenues and Other |
|
|
|
|
Gains (Losses) on Asset Dispositions, Net |
$ 20
|
$ (9)
|
$ 46
|
$ 60
|
Total |
6,025
|
5,573
|
12,148
|
11,617
|
Operating Expenses |
|
|
|
|
Lease and Well |
390
|
348
|
786
|
707
|
Gathering, Processing and Transportation Costs |
423
|
396
|
836
|
791
|
Exploration Costs |
34
|
47
|
79
|
97
|
Dry Hole Costs |
5
|
0
|
6
|
1
|
Impairments |
81
|
35
|
100
|
69
|
Marketing Costs |
1,490
|
1,456
|
2,894
|
2,817
|
Depreciation, Depletion and Amortization |
984
|
866
|
2,058
|
1,664
|
General and Administrative |
151
|
142
|
313
|
287
|
Taxes Other Than Income |
337
|
313
|
675
|
642
|
Total |
3,895
|
3,603
|
7,747
|
7,075
|
Operating Income |
2,130
|
1,970
|
4,401
|
4,542
|
Other Income, Net |
66
|
51
|
128
|
116
|
Income Before Interest Expense and Income Taxes |
2,196
|
2,021
|
4,529
|
4,658
|
Interest Expense, Net |
36
|
35
|
69
|
77
|
Income Before Income Taxes |
2,160
|
1,986
|
4,460
|
4,581
|
Income Tax Provision |
470
|
433
|
981
|
1,005
|
Net Income |
$ 1,690
|
$ 1,553
|
$ 3,479
|
$ 3,576
|
Net Income Per Share |
|
|
|
|
Basic (in USD per share) |
$ 2.97
|
$ 2.68
|
$ 6.08
|
$ 6.14
|
Diluted (in USD per share) |
$ 2.95
|
$ 2.66
|
$ 6.05
|
$ 6.10
|
Average Number of Common Shares |
|
|
|
|
Basic (in shares) |
569
|
580
|
572
|
582
|
Diluted (in shares) |
572
|
584
|
575
|
586
|
Comprehensive Income |
|
|
|
|
Net Income |
$ 1,690
|
$ 1,553
|
$ 3,479
|
$ 3,576
|
Other Comprehensive Income (Loss) |
|
|
|
|
Foreign Currency Translation Adjustments |
0
|
(1)
|
1
|
(1)
|
Other Comprehensive Income (Loss) |
0
|
(1)
|
1
|
(1)
|
Comprehensive Income |
1,690
|
1,552
|
3,480
|
3,575
|
Crude Oil and Condensate |
|
|
|
|
Operating Revenues and Other |
|
|
|
|
Revenue from contract with customer |
3,692
|
3,252
|
7,172
|
6,434
|
Natural Gas Liquids |
|
|
|
|
Operating Revenues and Other |
|
|
|
|
Revenue from contract with customer |
515
|
409
|
1,028
|
899
|
Natural Gas |
|
|
|
|
Operating Revenues and Other |
|
|
|
|
Revenue from contract with customer |
303
|
334
|
685
|
851
|
Gains (Losses) on Mark-to-Market Financial Commodity and Other Derivative Contracts |
|
|
|
|
Operating Revenues and Other |
|
|
|
|
Revenue not from contract with customer |
(47)
|
101
|
190
|
477
|
Gathering, Processing and Marketing |
|
|
|
|
Operating Revenues and Other |
|
|
|
|
Revenue from contract with customer |
1,519
|
1,465
|
2,978
|
2,855
|
Other, Net |
|
|
|
|
Operating Revenues and Other |
|
|
|
|
Revenue not from contract with customer |
$ 23
|
$ 21
|
$ 49
|
$ 41
|
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v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
Current Assets |
|
|
Cash and Cash Equivalents |
$ 5,431
|
$ 5,278
|
Accounts Receivable, Net |
2,657
|
2,716
|
Inventories |
1,069
|
1,275
|
Assets from Price Risk Management Activities |
4
|
106
|
Income Taxes Receivable |
2
|
0
|
Other |
640
|
560
|
Total |
9,803
|
9,935
|
Property, Plant and Equipment |
|
|
Oil and Gas Properties (Successful Efforts Method) |
74,615
|
72,090
|
Other Property, Plant and Equipment |
6,078
|
5,497
|
Total Property, Plant and Equipment |
80,693
|
77,587
|
Less: Accumulated Depreciation, Depletion and Amortization |
(47,049)
|
(45,290)
|
Total Property, Plant and Equipment, Net |
33,644
|
32,297
|
Deferred Income Taxes |
44
|
42
|
Other Assets |
1,733
|
1,583
|
Total Assets |
45,224
|
43,857
|
Current Liabilities |
|
|
Accounts Payable |
2,436
|
2,437
|
Accrued Taxes Payable |
600
|
466
|
Dividends Payable |
516
|
526
|
Liabilities from Price Risk Management Activities |
8
|
0
|
Current Portion of Long-Term Debt |
534
|
34
|
Current Portion of Operating Lease Liabilities |
303
|
325
|
Other |
231
|
286
|
Total |
4,628
|
4,074
|
Long-Term Debt |
3,250
|
3,765
|
Other Liabilities |
2,456
|
2,526
|
Deferred Income Taxes |
5,731
|
5,402
|
Commitments and Contingencies (Note 8) |
|
|
Stockholders' Equity |
|
|
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 588,843,718 Shares Issued at June 30, 2024 and 588,748,473 Shares Issued at December 31, 2023 |
206
|
206
|
Additional Paid in Capital |
6,219
|
6,166
|
Accumulated Other Comprehensive Loss |
(8)
|
(9)
|
Retained Earnings |
25,071
|
22,634
|
Common Stock Held in Treasury, 19,493,866 Shares at June 30, 2024 and 7,888,105 Shares at December 31, 2023 |
(2,329)
|
(907)
|
Total Stockholders' Equity |
29,159
|
28,090
|
Total Liabilities and Stockholders' Equity |
$ 45,224
|
$ 43,857
|
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v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value (in USD per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized (in shares) |
1,280,000,000
|
1,280,000,000
|
Common stock, shares issued (in shares) |
588,843,718
|
588,748,473
|
Common stock held in treasury (in shares) |
19,493,866
|
7,888,105
|
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions |
Total |
Common Stock |
Additional Paid In Capital |
Accumulated Other Comprehensive Loss |
Retained Earnings |
Common Stock Held In Treasury |
Beginning balance at Dec. 31, 2022 |
$ 24,779
|
$ 206
|
$ 6,187
|
$ (8)
|
$ 18,472
|
$ (78)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net Income |
3,576
|
|
|
|
3,576
|
|
Common stock dividends declared |
(1,551)
|
|
|
|
(1,551)
|
|
Other Comprehensive Income (Loss) |
(1)
|
|
|
(1)
|
|
|
Common Stock Issued Under Stock Plans |
0
|
|
0
|
|
|
|
Restricted Stock and Restricted Stock Units, Net |
0
|
|
(2)
|
|
|
2
|
Stock-Based Compensation Expenses |
69
|
|
69
|
|
|
0
|
Treasury Stock Repurchased |
(615)
|
|
0
|
|
|
(615)
|
Change in Treasury Stock - Stock Compensation Plans, Net |
0
|
|
3
|
|
|
(3)
|
Ending balance at Jun. 30, 2023 |
26,257
|
206
|
6,257
|
(9)
|
20,497
|
(694)
|
Beginning balance at Mar. 31, 2023 |
25,447
|
206
|
6,219
|
(8)
|
19,423
|
(393)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net Income |
1,553
|
|
|
|
1,553
|
|
Common stock dividends declared |
(479)
|
|
|
|
(479)
|
|
Other Comprehensive Income (Loss) |
(1)
|
|
|
(1)
|
|
|
Restricted Stock and Restricted Stock Units, Net |
0
|
|
(3)
|
|
|
3
|
Stock-Based Compensation Expenses |
35
|
|
35
|
|
|
0
|
Treasury Stock Repurchased |
(305)
|
|
|
|
|
(305)
|
Change in Treasury Stock - Stock Compensation Plans, Net |
7
|
|
6
|
|
|
1
|
Ending balance at Jun. 30, 2023 |
26,257
|
206
|
6,257
|
(9)
|
20,497
|
(694)
|
Beginning balance at Dec. 31, 2023 |
28,090
|
206
|
6,166
|
(9)
|
22,634
|
(907)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net Income |
3,479
|
|
|
|
3,479
|
|
Common stock dividends declared |
(1,042)
|
|
|
|
(1,042)
|
|
Other Comprehensive Income (Loss) |
1
|
|
|
1
|
|
|
Common Stock Issued Under Stock Plans |
0
|
|
0
|
|
|
|
Restricted Stock and Restricted Stock Units, Net |
0
|
|
(16)
|
|
|
16
|
Stock-Based Compensation Expenses |
90
|
|
90
|
|
|
|
Treasury Stock Repurchased |
(1,453)
|
|
|
|
|
(1,453)
|
Change in Treasury Stock - Stock Compensation Plans, Net |
(6)
|
|
(21)
|
|
|
15
|
Ending balance at Jun. 30, 2024 |
29,159
|
206
|
6,219
|
(8)
|
25,071
|
(2,329)
|
Beginning balance at Mar. 31, 2024 |
28,636
|
206
|
6,188
|
(8)
|
23,897
|
(1,647)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net Income |
1,690
|
|
|
|
1,690
|
|
Common stock dividends declared |
(516)
|
|
|
|
(516)
|
|
Other Comprehensive Income (Loss) |
0
|
|
|
0
|
|
|
Restricted Stock and Restricted Stock Units, Net |
0
|
|
(5)
|
|
|
5
|
Stock-Based Compensation Expenses |
45
|
|
45
|
|
|
|
Treasury Stock Repurchased |
(697)
|
|
|
|
|
(697)
|
Change in Treasury Stock - Stock Compensation Plans, Net |
1
|
|
(9)
|
|
|
10
|
Ending balance at Jun. 30, 2024 |
$ 29,159
|
$ 206
|
$ 6,219
|
$ (8)
|
$ 25,071
|
$ (2,329)
|
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash Flows from Operating Activities |
|
|
Net Income |
$ 3,479
|
$ 3,576
|
Items Not Requiring (Providing) Cash |
|
|
Depreciation, Depletion and Amortization |
2,058
|
1,664
|
Impairments |
100
|
69
|
Stock-Based Compensation Expenses |
90
|
69
|
Deferred Income Taxes |
327
|
428
|
Gains on Asset Dispositions, Net |
(46)
|
(60)
|
Other, Net |
12
|
6
|
Dry Hole Costs |
6
|
1
|
Mark-to-Market Financial Commodity and Other Derivative Contracts |
|
|
Gains, Net |
(190)
|
(477)
|
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts |
134
|
(153)
|
Other, Net |
0
|
(1)
|
Changes in Components of Working Capital and Other Assets and Liabilities |
|
|
Accounts Receivable |
91
|
475
|
Inventories |
192
|
(303)
|
Accounts Payable |
(29)
|
(308)
|
Accrued Taxes Payable |
134
|
20
|
Other Assets |
(119)
|
95
|
Other Liabilities |
(91)
|
146
|
Changes in Components of Working Capital Associated with Investing Activities |
(356)
|
285
|
Net Cash Provided by Operating Activities |
5,792
|
5,532
|
Investing Cash Flows |
|
|
Additions to Oil and Gas Properties |
(2,842)
|
(2,646)
|
Additions to Other Property, Plant and Equipment |
(663)
|
(499)
|
Proceeds from Sales of Assets |
19
|
121
|
Changes in Components of Working Capital Associated with Investing Activities |
356
|
(285)
|
Net Cash Used in Investing Activities |
(3,130)
|
(3,309)
|
Financing Cash Flows |
|
|
Long-Term Debt Repayments |
0
|
(1,250)
|
Dividends Paid |
(1,045)
|
(1,547)
|
Treasury Stock Purchased |
(1,458)
|
(619)
|
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan |
11
|
9
|
Debt Issuance Costs |
0
|
(8)
|
Repayment of Finance Lease Liabilities |
(17)
|
(16)
|
Net Cash Used in Financing Activities |
(2,509)
|
(3,431)
|
Effect of Exchange Rate Changes on Cash |
0
|
0
|
Increase (Decrease) in Cash and Cash Equivalents |
153
|
(1,208)
|
Cash and Cash Equivalents at Beginning of Period |
5,278
|
5,972
|
Cash and Cash Equivalents at End of Period |
$ 5,431
|
$ 4,764
|
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v3.24.2.u1
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Summary of Significant Accounting Policies General. The condensed consolidated financial statements of EOG Resources, Inc., together with its subsidiaries (collectively, EOG), included herein have been prepared by management without audit pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Accordingly, they reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the financial results for the interim periods presented. Certain information and notes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. However, management believes that the disclosures included either on the face of the financial statements or in these notes are sufficient to make the interim information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in EOG's Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 22, 2024 (EOG's 2023 Annual Report).
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The operating results for the three and six months ended June 30, 2024, are not necessarily indicative of the results to be expected for the full year.
Change in Presentation. Effective January 1, 2024, EOG combined Transportation Costs and Gathering and Processing Costs into one line item titled Gathering, Processing and Transportation Costs within the Condensed Consolidated Statements of Income and Comprehensive Income. This presentation has been conformed for all periods presented and had no impact on previously reported Net Income.
Recently Issued Accounting Standards. In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. The rules amending Regulation S-X will require public entities to provide certain climate-related information in their annual reports and registration statements. The rules will be effective for large accelerated filers commencing with the fiscal period beginning January 1, 2025. In April 2024, the SEC voluntarily issued an administrative stay of the implementation of the rules, pending judicial review. EOG is evaluating the impact of the final rules on its consolidated financial statements and disclosures.
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v3.24.2.u1
Stock-Based Compensation
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-Based Compensation |
Stock-Based Compensation As more fully discussed in Note 7 to the Consolidated Financial Statements included in EOG's 2023 Annual Report, EOG maintains various stock-based compensation plans. Stock-based compensation expense is included on the Condensed Consolidated Statements of Income and Comprehensive Income based upon the job function of the employees receiving the grants as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Lease and Well | $ | 15 | | | $ | 11 | | | $ | 28 | | | $ | 23 | | Gathering, Processing and Transportation Costs | 1 | | | 1 | | | 3 | | | 2 | | Exploration Costs | 6 | | | 5 | | | 12 | | | 10 | | General and Administrative | 23 | | | 18 | | | 47 | | | 34 | | Total | $ | 45 | | | $ | 35 | | | $ | 90 | | | $ | 69 | |
At June 30, 2024, approximately 15 million common shares remained available for grant under the EOG Resources, Inc. 2021 Omnibus Equity Compensation Plan (2021 Plan). EOG's policy is to issue shares related to the 2021 Plan grants from previously authorized unissued shares or treasury shares to the extent treasury shares are available.
Stock Options and Stock-Settled Stock Appreciation Rights and Employee Stock Purchase Plan. The fair value of stock option grants and of stock-settled stock appreciation rights (SARs) grants is estimated using the Hull-White II binomial option pricing model. The fair value of Employee Stock Purchase Plan (ESPP) grants is estimated using the Black-Scholes-Merton model. Stock-based compensation expense related to stock option, SAR and ESPP grants totaled $5 million and $6 million during the three months ended June 30, 2024 and 2023, respectively, and $9 million and $12 million during the six months ended June 30, 2024 and 2023, respectively.
EOG did not grant any stock options or SARs during the six-month periods ended June 30, 2024 and 2023. Weighted average fair values and valuation assumptions used to value ESPP grants during the six-month periods ended June 30, 2024 and 2023 are as follows: | | | | | | | | | | | | | | | | | ESPP | | | | Six Months Ended June 30, | | | | 2024 | | 2023 | Weighted Average Fair Value of Grants | | | $ | 26.10 | | | $ | 32.31 | | Expected Volatility | | | 27.58 | % | | 42.97 | % | Risk-Free Interest Rate | | | 5.11 | % | | 4.66 | % | Dividend Yield | | | 2.91 | % | | 2.47 | % | Expected Life | | | 0.5 years | | 0.5 years |
Expected volatility is based on an equal weighting of historical volatility and implied volatility from traded options in EOG's common stock. The risk-free interest rate is based upon United States Treasury yields in effect at the time of grant. The expected life is based upon historical experience and contractual terms of ESPP grants.
The following table sets forth stock option and SAR transactions for the six-month periods ended June 30, 2024 and 2023 (stock options and SARs in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Six Months Ended June 30, 2023 | | Number of Stock Options/SARs | | Weighted Average Exercise Price | | Number of Stock Options/SARs | | Weighted Average Exercise Price | Outstanding at January 1 | 2,843 | | | $ | 79.22 | | | 4,225 | | | $ | 77.49 | | Exercised (1) | (600) | | | 70.87 | | | (300) | | | 77.26 | | Forfeited | (22) | | | 81.55 | | | (57) | | | 87.49 | | Outstanding at June 30 (2) | 2,221 | | | $ | 81.45 | | | 3,868 | | | $ | 77.37 | | Vested or Expected to Vest (3) | 2,177 | | | $ | 81.44 | | | 3,727 | | | $ | 77.74 | | Exercisable at June 30 (4) | 1,709 | | | $ | 81.34 | | | 2,178 | | | $ | 84.87 | |
(1)The total intrinsic value of stock options/SARs exercised during the six months ended June 30, 2024 and 2023 was $35 million and $13 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the exercise price of the stock options/SARs. (2)The total intrinsic value of stock options/SARs outstanding at June 30, 2024 and 2023 was $99 million and $150 million, respectively. At June 30, 2024 and 2023, the weighted average remaining contractual life was 2.9 years and 3.7 years, respectively. (3)The total intrinsic value of stock options/SARs vested or expected to vest at June 30, 2024 and 2023 was $97 million and $143 million, respectively. At June 30, 2024 and 2023, the weighted average remaining contractual life was 2.8 years and 3.6 years, respectively. (4)The total intrinsic value of stock options/SARs exercisable at June 30, 2024 and 2023 was $77 million and $71 million, respectively. At June 30, 2024 and 2023, the weighted average remaining contractual life was 2.4 years and 2.7 years, respectively. At June 30, 2024, unrecognized compensation expense related to non-vested stock option, SAR and ESPP grants totaled $6 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 0.2 years.
Restricted Stock and Restricted Stock Units. Employees may be granted restricted (non-vested) stock and/or restricted stock units without cost to them. Stock-based compensation expense related to restricted stock and restricted stock units totaled $37 million and $27 million for the three months ended June 30, 2024 and 2023, respectively, and $74 million and $52 million for the six months ended June 30, 2024 and 2023, respectively.
The following table sets forth restricted stock and restricted stock unit transactions for the six-month periods ended June 30, 2024 and 2023 (shares and units in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Six Months Ended June 30, 2023 | | Number of Shares and Units | | Weighted Average Grant Date Fair Value | | Number of Shares and Units | | Weighted Average Grant Date Fair Value | Outstanding at January 1 | 4,364 | | | $ | 111.24 | | | 4,113 | | | $ | 80.77 | | Granted | 84 | | | 119.32 | | | 81 | | | 117.05 | | Released (1) | (163) | | | 100.09 | | | (71) | | | 70.07 | | Forfeited | (119) | | | 113.36 | | | (67) | | | 83.26 | | Outstanding at June 30 (2) | 4,166 | | | $ | 111.78 | | | 4,056 | | | $ | 81.63 | |
(1)The total intrinsic value of restricted stock and restricted stock units released during the six months ended June 30, 2024 and 2023, was $20 million and $8 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released. (2)The total intrinsic value of restricted stock and restricted stock units outstanding at June 30, 2024 and 2023, was $524 million and $464 million, respectively.
At June 30, 2024, unrecognized compensation expense related to restricted stock and restricted stock units totaled $281 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.3 years.
Performance Units. EOG grants restricted stock units with performance-based conditions (Performance Units) annually to its executive officers without cost to them. For the grants made prior to September 2022, as more fully discussed in the grant agreements, the applicable performance metric is EOG's total shareholder return (TSR) over a three-year performance period (Performance Period) relative to the TSR over the same period of a designated group of peer companies. Upon the application of the applicable performance multiple at the completion of the Performance Period, a minimum of 0% and a maximum of 200% of the Performance Units granted could be outstanding.
For the grants made beginning in September 2022, as more fully discussed in the grant agreements, the applicable performance metrics are 1) EOG's TSR over the Performance Period relative to the TSR over the same period of a designated group of peer companies and 2) EOG's average return on capital employed (ROCE) over the Performance Period. At the end of the Performance Period, a performance multiple based on EOG's relative TSR ranking will be determined, with a minimum performance multiple of 0% and a maximum performance multiple of 200%. A specified modifier ranging from -70% to +70% will then be applied to the performance multiple based on EOG's average ROCE over the Performance Period, provided that in no event shall the performance multiple, after applying the ROCE modifier, be less than 0% or exceed 200%. Furthermore, if EOG's TSR over the Performance Period is negative (i.e., less than 0%), the performance multiple will be capped at 100%, regardless of EOG's relative TSR ranking or three-year average ROCE.
The fair value of the Performance Units is estimated using a Monte Carlo simulation. Stock-based compensation expense related to the Performance Unit grants totaled $3 million and $2 million for the three months ended June 30, 2024 and 2023, respectively, and $7 million and $5 million for the six months ended June 30, 2024 and 2023, respectively. The following table sets forth the Performance Unit transactions for the six-month periods ended June 30, 2024 and 2023 (units in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Six Months Ended June 30, 2023 | | Number of Units | | Weighted Average Grant Date Fair Value | | Number of Units | | Weighted Average Grant Date Fair Value | Outstanding at January 1 | 630 | | | $ | 95.49 | | | 688 | | | $ | 83.82 | | Granted | 6 | | | 125.28 | | | — | | | — | | Released (1) | (45) | | | 43.33 | | | (86) | | | 79.98 | | Forfeited for Performance Multiple (2) | (135) | | | 43.33 | | | (86) | | | 79.98 | | Outstanding at June 30 (3) | 456 | | (4) | $ | 116.45 | | | 516 | | | $ | 85.10 | |
(1)The total intrinsic value of Performance Units released was $5 million and $10 million for the six months ended June 30, 2024 and 2023, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the Performance Units are released. (2)Upon completion of the Performance Period for the Performance Units granted in 2020 and 2019, a performance multiple of 25% and 50% was applied to each of the grants resulting in a forfeiture of Performance Units in February 2024 and February 2023, respectively. (3)The total intrinsic value of Performance Units outstanding at June 30, 2024 and 2023, was approximately $57 million and $59 million, respectively. (4)Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of zero and a maximum of 913 Performance Units could be outstanding.
At June 30, 2024, unrecognized compensation expense related to Performance Units totaled $11 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 1.3 years.
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.2.u1
Net Income Per Share
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Net Income Per Share |
Net Income Per Share The following table sets forth the computation of Net Income Per Share for the three-month and six-month periods ended June 30, 2024 and 2023 (in millions, except per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Numerator for Basic and Diluted Earnings Per Share - | | | | | | | | Net Income | $ | 1,690 | | | $ | 1,553 | | | $ | 3,479 | | | $ | 3,576 | | Denominator for Basic Earnings Per Share - | | | | | | | | Weighted Average Shares | 569 | | | 580 | | | 572 | | | 582 | | Potential Dilutive Common Shares - | | | | | | | | Stock Options/SARs/ESPP | 1 | | | 1 | | | 1 | | | 1 | | Restricted Stock/Units and Performance Units | 2 | | | 3 | | | 2 | | | 3 | | Denominator for Diluted Earnings Per Share - | | | | | | | | Adjusted Diluted Weighted Average Shares | 572 | | | 584 | | | 575 | | | 586 | | Net Income Per Share | | | | | | | | Basic | $ | 2.97 | | | $ | 2.68 | | | $ | 6.08 | | | $ | 6.14 | | Diluted | $ | 2.95 | | | $ | 2.66 | | | $ | 6.05 | | | $ | 6.10 | |
The diluted earnings per share calculation excludes stock option, SAR and ESPP grants that were anti-dilutive. Shares underlying the excluded stock option, SAR and ESPP grants were zero and 1 million for the three-month periods ended June 30, 2024 and 2023, respectively, and zero and 1 million for the six-month periods ended June 30, 2024 and 2023, respectively.
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- DefinitionThe entire disclosure for earnings per share.
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v3.24.2.u1
Supplemental Cash Flow Information
|
6 Months Ended |
Jun. 30, 2024 |
Supplemental Cash Flow Information [Abstract] |
|
Supplemental Cash Flow Information |
Supplemental Cash Flow Information Net cash paid for interest and income taxes was as follows for the six-month periods ended June 30, 2024 and 2023 (in millions): | | | | | | | | | | | | | Six Months Ended June 30, | | 2024 | | 2023 | Interest (1) | $ | 66 | | | $ | 93 | | Income Taxes, Net of Refunds Received | $ | 584 | | | $ | 487 | |
(1)Net of capitalized interest of $20 million and $16 million for the six months ended June 30, 2024 and 2023, respectively.
EOG's accrued capital expenditures and amounts recorded within accounts payable at June 30, 2024 and 2023 were $756 million and $722 million, respectively.
Non-cash investing activities for the six months ended June 30, 2024 and 2023, included additions of $89 million and $103 million, respectively, to EOG's oil and gas properties as a result of property exchanges.
Operating activities for the six months ended June 30, 2023, included net cash received of $324 million related to the change in collateral posted for financial commodity derivative contracts. EOG had no collateral posted or held during the six months ended June 30, 2024. For related discussion, see Note 12. This amount is reflected in Other Liabilities within the Changes in Components of Working Capital and Other Assets and Liabilities line item on the Condensed Consolidated Statements of Cash Flows.
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- DefinitionThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
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v3.24.2.u1
Segment Information
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
Segment Information |
Segment Information Selected financial information by reportable segment is presented below for the three-month and six-month periods ended June 30, 2024 and 2023 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Operating Revenues and Other | | | | | | | | United States | $ | 5,956 | | | $ | 5,520 | | | $ | 12,016 | | | $ | 11,461 | | Trinidad | 69 | | | 52 | | | 132 | | | 155 | | Other International (1) | — | | | 1 | | | — | | | 1 | | Total | $ | 6,025 | | | $ | 5,573 | | | $ | 12,148 | | | $ | 11,617 | | Operating Income (Loss) | | | | | | | | United States | $ | 2,147 | | | $ | 1,961 | | | $ | 4,411 | | | $ | 4,473 | | Trinidad | 16 | | | 16 | | | 32 | | | 82 | | Other International (1) | (33) | | | (7) | | | (42) | | | (13) | | Total | 2,130 | | | 1,970 | | | 4,401 | | | 4,542 | | Reconciling Items | | | | | | | | Other Income, Net | 66 | | | 51 | | | 128 | | | 116 | | Interest Expense, Net | (36) | | | (35) | | | (69) | | | (77) | | Income Before Income Taxes | $ | 2,160 | | | $ | 1,986 | | | $ | 4,460 | | | $ | 4,581 | |
(1) Other International primarily consists of EOG's international exploration programs and Canada operations. EOG is continuing the process of exiting its Canada operations. EOG began an exploration program in Australia in the third quarter of 2021. Total assets by reportable segment are presented below at June 30, 2024 and December 31, 2023 (in millions): | | | | | | | | | | | | | At June 30, 2024 | | At December 31, 2023 | Total Assets | | | | United States | $ | 43,953 | | | $ | 42,674 | | Trinidad | 1,130 | | | 1,063 | | Other International (1) | 141 | | | 120 | | Total | $ | 45,224 | | | $ | 43,857 | |
(1) Other International primarily consists of EOG's international exploration programs and Canada operations. EOG is continuing the process of exiting its Canada operations. EOG began an exploration program in Australia in the third quarter of 2021.
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v3.24.2.u1
Asset Retirement Obligations
|
6 Months Ended |
Jun. 30, 2024 |
Asset Retirement Obligation [Abstract] |
|
Asset Retirement Obligations |
Asset Retirement Obligations The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of short-term and long-term legal obligations associated with the retirement of property, plant and equipment for the six-month periods ended June 30, 2024 and 2023 (in millions): | | | | | | | | | | | | | Six Months Ended June 30, | | 2024 | | 2023 | Carrying Amount at January 1 | $ | 1,506 | | | $ | 1,328 | | Liabilities Incurred | 33 | | | 18 | | Liabilities Settled (1) | (32) | | | (50) | | Accretion | 30 | | | 25 | | Revisions | (84) | | | 3 | | Foreign Currency Translations | (3) | | | 2 | | Carrying Amount at June 30 | $ | 1,450 | | | $ | 1,326 | | | | | | Current Portion | $ | 51 | | | $ | 37 | | Noncurrent Portion | $ | 1,399 | | | $ | 1,289 | |
(1)Includes settlements related to asset sales and property exchanges.
The current and noncurrent portions of EOG's asset retirement obligations are included in Current Liabilities - Other and Other Liabilities, respectively, on the Condensed Consolidated Balance Sheets.
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- DefinitionThe entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
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v3.24.2.u1
Exploratory Well Costs
|
6 Months Ended |
Jun. 30, 2024 |
Oil and Gas, Capitalized Exploratory Well Cost [Abstract] |
|
Exploratory Well Costs |
Exploratory Well Costs EOG's net changes in capitalized exploratory well costs for the six-month period ended June 30, 2024, are presented below (in millions): | | | | | | | Six Months Ended June 30, 2024 | Balance at January 1 | $ | 76 | | Additions Pending the Determination of Proved Reserves | 54 | | Reclassifications to Proved Properties | (52) | | Costs Charged to Expense (1) | (1) | | Balance at June 30 | $ | 77 | |
(1) Includes capitalized exploratory well costs charged to dry hole costs.
At June 30, 2024, EOG had one exploratory well capitalized for a period of greater than one year.
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v3.24.2.u1
Commitment and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies There are currently various suits and claims pending against EOG that have arisen in the ordinary course of EOG's business, including contract disputes, personal injury and property damage claims and title disputes. While the ultimate outcome and impact on EOG cannot be predicted, management believes that the resolution of these suits and claims will not, individually or in the aggregate, have a material adverse effect on EOG's consolidated financial position, results of operations or cash flow. EOG records reserves for contingencies when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.2.u1
Pension and Postretirement Benefits
|
6 Months Ended |
Jun. 30, 2024 |
Retirement Benefits [Abstract] |
|
Pension and Postretirement Benefits |
Pension and Postretirement Benefits Pension Plans. EOG has a defined contribution pension plan in place for most of its employees in the United States. EOG's contributions to the pension plan are based on various percentages of compensation and, in some instances, are based upon the amount of the employees' contributions. EOG's total costs recognized for the pension plan were $30 million and $28 million for the six months ended June 30, 2024 and 2023, respectively. In addition, EOG's Trinidadian subsidiary maintains a contributory defined benefit pension plan and a matched savings plan, both of which are available to most of the employees of the Trinidadian subsidiary, the costs of which are not material. Postretirement Health Care. EOG has postretirement medical and dental benefits in place for eligible United States and Trinidad employees and their eligible dependents, the costs of which are not material.
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- DefinitionThe entire disclosure for retirement benefits.
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v3.24.2.u1
Long-Term Debt and Common Stock
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Long-Term Debt and Common Stock |
Long-Term Debt and Common Stock Long-Term Debt. EOG had no outstanding commercial paper borrowings at June 30, 2024 and December 31, 2023, and did not utilize any commercial paper borrowings during the six months ended June 30, 2024 and 2023.
At June 30, 2024, the $500 million aggregate principal amount of EOG's 3.15% Senior Notes due 2025 were classified as Current Portion of Long-Term Debt on the Condensed Consolidated Balance Sheets.
EOG currently has a $1.9 billion senior unsecured Revolving Credit Agreement (Agreement) with domestic and foreign lenders (Banks). The Agreement has a scheduled maturity date of June 7, 2028, and includes an option for EOG to extend, on up to two occasions, the term for successive one-year periods subject to certain terms and conditions. The Agreement (i) commits the Banks to provide advances up to an aggregate principal amount of $1.9 billion at any one time outstanding, with an option for EOG to request increases in the aggregate commitments to an amount not to exceed $3.0 billion, subject to certain terms and conditions, and (ii) includes a swingline subfacility and a letter of credit subfacility. Advances under the Agreement will accrue interest based, at EOG's option, on either the Secured Overnight Financing Rate (SOFR) plus 0.1% plus an applicable margin or the base rate (as defined in the Agreement) plus an applicable margin. The applicable margin used in connection with interest rates and fees will be based on EOG's credit rating for its senior unsecured long-term debt at the applicable time. The Agreement contains representations, warranties, covenants and events of default that EOG believes are customary for investment-grade, senior unsecured commercial bank credit agreements, including a financial covenant for the maintenance of a ratio of total debt-to-capitalization (as such terms are defined in the Agreement) of no greater that 65%. At June 30, 2024, EOG was in compliance with this financial covenant. At June 30, 2024, and December 31, 2023, there were no borrowings or letters of credit outstanding under the Agreement. The SOFR and base rate (inclusive of the applicable margins), had there been any amounts borrowed under the Agreement at June 30, 2024, would have been 6.34% and 8.50%, respectively.
Common Stock. In November 2021, the Board of Directors (Board) established a new share repurchase authorization that allows for the repurchase by EOG of up to $5 billion of its common stock (November 2021 Authorization). Under the November 2021 Authorization, EOG may repurchase shares from time to time, at management's discretion, in accordance with applicable securities laws, including through open market transactions, privately negotiated transactions or any combination thereof. The timing and amount of repurchases is at the discretion of EOG's management and depends on a variety of factors, including the trading price of EOG's common stock, corporate and regulatory requirements, and other market and economic conditions. Repurchased shares are held as treasury shares and are available for general corporate purposes. The November 2021 Authorization has no time limit, does not require EOG to repurchase a specific number of shares and may be modified, suspended, or terminated by the Board at any time. During the six months ended June 30, 2024, EOG repurchased 11.9 million shares of common stock for approximately $1,440 million (inclusive of transaction fees and commissions) pursuant to the November 2021 Authorization. As of June 30, 2024, approximately $2.6 billion remained available for repurchases under the November 2021 Authorization. Included in the Treasury Stock Repurchased amounts on the Condensed Consolidated Statements of Stockholders' Equity for the six months ended June 30, 2024, is $13 million of estimated federal excise taxes.
On February 22, 2024, the Board declared a quarterly cash dividend on the common stock of $0.91 per share paid on April 30, 2024, to stockholders of record as of April 16, 2024.
On May 2, 2024, the Board declared a quarterly cash dividend on the common stock of $0.91 per share paid on July 31, 2024, to stockholders of record as of July 17, 2024.
On August 1, 2024, the Board declared a quarterly cash dividend on the common stock of $0.91 per share to be paid on October 31, 2024, to stockholders of record as of October 17, 2024.
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v3.24.2.u1
Fair Value Measurements
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
Fair Value Measurements Recurring Fair Value Measurements. As more fully discussed in Note 13 to the Consolidated Financial Statements included in EOG's 2023 Annual Report, certain of EOG's financial and nonfinancial assets and liabilities are reported at fair value on the Condensed Consolidated Balance Sheets. The following table provides fair value measurement information within the fair value hierarchy for certain of EOG's financial assets and liabilities carried at fair value on a recurring basis at June 30, 2024 and December 31, 2023 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using: | | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | At June 30, 2024 | | | | | | | | Financial Assets: | | | | | | | | Natural Gas Swaps | $ | — | | | $ | 4 | | | $ | — | | | $ | 4 | | Natural Gas Basis Swaps | — | | | 2 | | | — | | | 2 | | Brent Crude Oil (Brent) Linked Gas Sales Contract | — | | | — | | | 133 | | | 133 | | Financial Liabilities: | | | | | | | | Natural Gas Swaps | — | | | 79 | | | — | | | 79 | | | | | | | | | | At December 31, 2023 | | | | | | | | Financial Assets: | | | | | | | | Natural Gas Swaps | $ | — | | | $ | 105 | | | $ | — | | | $ | 105 | | Natural Gas Basis Swaps | — | | | 2 | | | — | | | 2 | | Financial Liabilities: | | | | | | | | Natural Gas Swaps | — | | | 104 | | | — | | | 104 | |
See Note 12 for the balance sheet amounts and classification of EOG's financial commodity and other derivative instruments at June 30, 2024 and December 31, 2023.
The estimated fair value of financial commodity and other derivative contracts was based upon forward commodity price curves based on quoted market prices. For the Brent Linked Gas Sales Contract, the estimated fair value was based on EOG's estimates of (and assumptions regarding) significant Level 3 inputs, including future crude oil and natural gas prices. These Level 3 inputs are immaterial to the financial statements. Financial commodity and other derivative contracts were valued utilizing an independent third-party derivative valuation provider who uses various types of valuation models, as applicable.
Non-Recurring Fair Value Measurements. The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and is based on internal estimates of future retirement costs associated with property, plant and equipment. Significant Level 3 inputs used in the calculation of asset retirement obligations include plugging costs and reserve lives. A reconciliation of EOG's asset retirement obligations is presented in Note 6.
When circumstances indicate that proved oil and gas properties may be impaired, EOG compares expected undiscounted future cash flows at a depreciation, depletion and amortization group level to the unamortized capitalized cost of the group. If the expected undiscounted future cash flows, based on EOG's estimates of (and assumptions regarding) significant Level 3 inputs, including future crude oil, natural gas liquids (NGLs) and natural gas prices, operating costs, development expenditures, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized cost, the capitalized cost is reduced to fair value. Fair value is generally calculated using the Income Approach described in the Financial Accounting Standards Board's Fair Value Measurement Topic of the Accounting Standards Codification (ASC). In certain instances, EOG utilizes accepted offers from third-party purchasers as the basis for determining fair value. EOG utilized average prices per acre from comparable market transactions and estimated discounted cash flows as the basis for determining the fair value of unproved and proved properties, respectively, received in non-cash property exchanges. See Note 4.
Fair Value Disclosures. EOG's financial instruments, other than financial commodity and other derivative contracts, consist of cash and cash equivalents, accounts receivable, accounts payable and current and long-term debt. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value.
At both June 30, 2024 and December 31, 2023, EOG had outstanding $3,640 million aggregate principal amount of senior notes, which had estimated fair values at such dates of approximately $3,475 million and $3,574 million, respectively. The estimated fair value of debt was based upon quoted market prices and, where such prices were not available, other observable (Level 2) inputs regarding interest rates available to EOG at the end of each respective period.
Natural Gas Sales Linked to Brent Crude Oil. In February 2024, EOG entered into a 10-year agreement, commencing in 2027, to sell 180,000 million British Thermal Units per day (MMBtud) of its domestic natural gas production, with 140,000 MMBtud to be sold at a price indexed to Brent and the remaining volumes to be sold at a price indexed to Brent or a U.S. Gulf Coast gas index. It was determined that this agreement meets the definition of a derivative under the Derivatives and Hedging Topic of the ASC and does not qualify for the normal purchases and normal sales scope exception. As such, this agreement is accounted for as a derivative using the mark-to-market accounting method. Changes in the fair value are recognized as gains or losses in the period of change on the Condensed Consolidated Statements of Income and Comprehensive Income.
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v3.24.2.u1
Risk Management Activities
|
6 Months Ended |
Jun. 30, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Risk Management Activities |
Risk Management Activities Commodity Price Risk. As more fully discussed in Note 12 to the Consolidated Financial Statements included in EOG's 2023 Annual Report, EOG engages in price risk management activities from time to time. These activities are intended to manage EOG's exposure to fluctuations in commodity prices for crude oil, NGLs and natural gas. EOG utilizes financial commodity derivative instruments, primarily price swap, option, swaption, collar and basis swap contracts, as a means to manage this price risk. EOG has not designated any of its financial commodity and other derivative contracts as accounting hedges and, accordingly, accounts for financial commodity and other derivative contracts using the mark-to-market accounting method.
Financial Commodity Derivative Contracts. Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the six-month period ended June 30, 2024 (closed) and outstanding as of June 30, 2024. Natural gas volumes are presented in MMBtud and prices are presented in dollars per million British Thermal Units ($/MMBtu).
| | | | | | | | | | | | | | | | | | | | | Natural Gas Financial Price Swap Contracts | | | | | Contracts Sold | Period | | Settlement Index | | Volume (MMBtud in thousands) | | Weighted Average Price ($/MMBtu) | | | | | | | | January - July 2024 (closed) | | New York Mercantile Exchange (NYMEX) Henry Hub | | 725 | | | $ | 3.07 | | August - December 2024 | | NYMEX Henry Hub | | 725 | | | 3.07 | | January - December 2025 | | NYMEX Henry Hub | | 725 | | | 3.07 | |
| | | | | | | | | | | | | | | | | | | | | Natural Gas Basis Swap Contracts | | | | | Contracts Sold | Period | | Settlement Index | | Volume (MMBtud in thousands) | | Weighted Average Price Differential ($/MMBtu) | | | | | | | | January - June 2024 (closed) | | NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1) | | 10 | | | $ | 0.00 | | July - December 2024 | | NYMEX Henry Hub HSC Differential | | 10 | | | 0.00 | | January - December 2025 | | NYMEX Henry Hub HSC Differential | | 10 | | | 0.00 | |
(1) This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices.
Financial Commodity and Other Derivative Instruments Location on Balance Sheet. The following table sets forth the amounts and classification of EOG's outstanding financial commodity and other derivative instruments at June 30, 2024 and December 31, 2023. Certain amounts may be presented on a net basis on the Condensed Consolidated Financial Statements when such amounts are with the same counterparty and subject to a master netting arrangement (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value at | Description | | Location on Balance Sheet | | June 30, 2024 | | December 31, 2023 | Asset Derivatives | | | | | | | Crude oil, NGLs and natural gas financial derivative contracts - | | | | | | | Current portion | | Assets from Price Risk Management Activities (1) | | $ | 4 | | | $ | 106 | | Brent Linked Gas Sales Contract - | | | | | | | Noncurrent Portion | | Other Assets (2) | | 133 | | | — | | Liability Derivatives | | | | | | | Crude oil, NGLs and natural gas financial derivative contracts - | | | | | | | Current Portion | | Liabilities from Price Risk Management Activities (3) | | $ | 8 | | | $ | — | | Noncurrent portion | | Other Liabilities (4) | | 69 | | | 103 | |
(1) The current portion of Assets from Price Risk Management Activities consists of gross assets of $4 million and $106 million at June 30, 2024 and December 31, 2023, respectively. (2) The noncurrent portion related to the Brent Linked Gas Sales Contract consists of gross assets of $133 million at June 30, 2024. (3) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $9 million, partially offset by gross assets of $1 million at June 30, 2024. (4) The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $70 million, partially offset by gross assets of $1 million at June 30, 2024. The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $104 million, partially offset by gross assets of $1 million at December 31, 2023.
Credit Risk. Notional contract amounts are used to express the magnitude of a derivative. The amounts potentially subject to credit risk, in the event of nonperformance by the counterparties, are equal to the fair value of such contracts (see Note 11). EOG evaluates its exposures to significant counterparties on an ongoing basis, including those arising from physical and financial transactions. In some instances, EOG renegotiates payment terms and/or requires collateral, parent guarantees or letters of credit to minimize credit risk. All of EOG's financial commodity derivative instruments are covered by International Swap Dealers Association Master Agreements (ISDAs) with counterparties. The ISDAs may contain provisions that require EOG, if it is the party in a net liability position, to post collateral when the amount of the net liability exceeds the threshold level specified for EOG's then-current credit ratings. In addition, the ISDAs may also provide that, as a result of certain circumstances, including certain events that cause EOG's credit ratings to become materially weaker than its then-current ratings, the counterparty may require all outstanding derivatives under the ISDAs to be settled immediately. See Note 11 for the aggregate fair value of all derivative instruments that were in a net liability position at both June 30, 2024 and December 31, 2023. EOG had no collateral posted and no collateral held at June 30, 2024 or December 31, 2023. EOG had no collateral posted and no collateral held at July 31, 2024.
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v3.24.2.u1
Acquisitions and Divestitures
|
6 Months Ended |
Jun. 30, 2024 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Acquisitions and Divestitures |
Acquisitions and Divestitures During the six months ended June 30, 2024, EOG paid cash of $134 million, primarily to acquire a gathering system in South Texas. Additionally, during the six months ended June 30, 2024, EOG recognized net gains on asset dispositions of $46 million and received proceeds of $19 million, primarily due to lease exchanges and dispositions in the Delaware Basin and the Eagle Ford, as well as the sale of certain other assets.
During the six months ended June 30, 2023, EOG paid cash of $135 million, primarily to acquire a gathering and processing system in the Powder River Basin. Additionally, during the six months ended June 30, 2023, EOG recognized net gains on asset dispositions of $60 million and received proceeds of $121 million, primarily due to the sale of EOG's equity interest in ammonia plant investments in Trinidad, along with certain legacy assets in the Texas Panhandle.
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v3.24.2.u1
Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure |
|
|
|
|
Net Income |
$ 1,690
|
$ 1,553
|
$ 3,479
|
$ 3,576
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- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Recently Issued Accounting Standards |
Recently Issued Accounting Standards. In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. The rules amending Regulation S-X will require public entities to provide certain climate-related information in their annual reports and registration statements. The rules will be effective for large accelerated filers commencing with the fiscal period beginning January 1, 2025. In April 2024, the SEC voluntarily issued an administrative stay of the implementation of the rules, pending judicial review. EOG is evaluating the impact of the final rules on its consolidated financial statements and disclosures.
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v3.24.2.u1
Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs |
Stock-based compensation expense is included on the Condensed Consolidated Statements of Income and Comprehensive Income based upon the job function of the employees receiving the grants as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Lease and Well | $ | 15 | | | $ | 11 | | | $ | 28 | | | $ | 23 | | Gathering, Processing and Transportation Costs | 1 | | | 1 | | | 3 | | | 2 | | Exploration Costs | 6 | | | 5 | | | 12 | | | 10 | | General and Administrative | 23 | | | 18 | | | 47 | | | 34 | | Total | $ | 45 | | | $ | 35 | | | $ | 90 | | | $ | 69 | |
|
Schedule of Weighted Average Fair Values and Valuation Assumptions |
Weighted average fair values and valuation assumptions used to value ESPP grants during the six-month periods ended June 30, 2024 and 2023 are as follows: | | | | | | | | | | | | | | | | | ESPP | | | | Six Months Ended June 30, | | | | 2024 | | 2023 | Weighted Average Fair Value of Grants | | | $ | 26.10 | | | $ | 32.31 | | Expected Volatility | | | 27.58 | % | | 42.97 | % | Risk-Free Interest Rate | | | 5.11 | % | | 4.66 | % | Dividend Yield | | | 2.91 | % | | 2.47 | % | Expected Life | | | 0.5 years | | 0.5 years |
|
Schedule of Stock Options and SARs Transactions |
The following table sets forth stock option and SAR transactions for the six-month periods ended June 30, 2024 and 2023 (stock options and SARs in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Six Months Ended June 30, 2023 | | Number of Stock Options/SARs | | Weighted Average Exercise Price | | Number of Stock Options/SARs | | Weighted Average Exercise Price | Outstanding at January 1 | 2,843 | | | $ | 79.22 | | | 4,225 | | | $ | 77.49 | | Exercised (1) | (600) | | | 70.87 | | | (300) | | | 77.26 | | Forfeited | (22) | | | 81.55 | | | (57) | | | 87.49 | | Outstanding at June 30 (2) | 2,221 | | | $ | 81.45 | | | 3,868 | | | $ | 77.37 | | Vested or Expected to Vest (3) | 2,177 | | | $ | 81.44 | | | 3,727 | | | $ | 77.74 | | Exercisable at June 30 (4) | 1,709 | | | $ | 81.34 | | | 2,178 | | | $ | 84.87 | |
(1)The total intrinsic value of stock options/SARs exercised during the six months ended June 30, 2024 and 2023 was $35 million and $13 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the exercise price of the stock options/SARs. (2)The total intrinsic value of stock options/SARs outstanding at June 30, 2024 and 2023 was $99 million and $150 million, respectively. At June 30, 2024 and 2023, the weighted average remaining contractual life was 2.9 years and 3.7 years, respectively. (3)The total intrinsic value of stock options/SARs vested or expected to vest at June 30, 2024 and 2023 was $97 million and $143 million, respectively. At June 30, 2024 and 2023, the weighted average remaining contractual life was 2.8 years and 3.6 years, respectively. (4)The total intrinsic value of stock options/SARs exercisable at June 30, 2024 and 2023 was $77 million and $71 million, respectively. At June 30, 2024 and 2023, the weighted average remaining contractual life was 2.4 years and 2.7 years, respectively.
|
Schedule of Restricted Stock and Restricted Stock Unit Transactions |
The following table sets forth restricted stock and restricted stock unit transactions for the six-month periods ended June 30, 2024 and 2023 (shares and units in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Six Months Ended June 30, 2023 | | Number of Shares and Units | | Weighted Average Grant Date Fair Value | | Number of Shares and Units | | Weighted Average Grant Date Fair Value | Outstanding at January 1 | 4,364 | | | $ | 111.24 | | | 4,113 | | | $ | 80.77 | | Granted | 84 | | | 119.32 | | | 81 | | | 117.05 | | Released (1) | (163) | | | 100.09 | | | (71) | | | 70.07 | | Forfeited | (119) | | | 113.36 | | | (67) | | | 83.26 | | Outstanding at June 30 (2) | 4,166 | | | $ | 111.78 | | | 4,056 | | | $ | 81.63 | |
(1)The total intrinsic value of restricted stock and restricted stock units released during the six months ended June 30, 2024 and 2023, was $20 million and $8 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released. (2)The total intrinsic value of restricted stock and restricted stock units outstanding at June 30, 2024 and 2023, was $524 million and $464 million, respectively.
|
Schedule of Performance Award Transactions |
The following table sets forth the Performance Unit transactions for the six-month periods ended June 30, 2024 and 2023 (units in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Six Months Ended June 30, 2023 | | Number of Units | | Weighted Average Grant Date Fair Value | | Number of Units | | Weighted Average Grant Date Fair Value | Outstanding at January 1 | 630 | | | $ | 95.49 | | | 688 | | | $ | 83.82 | | Granted | 6 | | | 125.28 | | | — | | | — | | Released (1) | (45) | | | 43.33 | | | (86) | | | 79.98 | | Forfeited for Performance Multiple (2) | (135) | | | 43.33 | | | (86) | | | 79.98 | | Outstanding at June 30 (3) | 456 | | (4) | $ | 116.45 | | | 516 | | | $ | 85.10 | |
(1)The total intrinsic value of Performance Units released was $5 million and $10 million for the six months ended June 30, 2024 and 2023, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the Performance Units are released. (2)Upon completion of the Performance Period for the Performance Units granted in 2020 and 2019, a performance multiple of 25% and 50% was applied to each of the grants resulting in a forfeiture of Performance Units in February 2024 and February 2023, respectively. (3)The total intrinsic value of Performance Units outstanding at June 30, 2024 and 2023, was approximately $57 million and $59 million, respectively. (4)Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of zero and a maximum of 913 Performance Units could be outstanding.
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v3.24.2.u1
Net Income Per Share (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of Computation of Net Income Per Share |
The following table sets forth the computation of Net Income Per Share for the three-month and six-month periods ended June 30, 2024 and 2023 (in millions, except per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Numerator for Basic and Diluted Earnings Per Share - | | | | | | | | Net Income | $ | 1,690 | | | $ | 1,553 | | | $ | 3,479 | | | $ | 3,576 | | Denominator for Basic Earnings Per Share - | | | | | | | | Weighted Average Shares | 569 | | | 580 | | | 572 | | | 582 | | Potential Dilutive Common Shares - | | | | | | | | Stock Options/SARs/ESPP | 1 | | | 1 | | | 1 | | | 1 | | Restricted Stock/Units and Performance Units | 2 | | | 3 | | | 2 | | | 3 | | Denominator for Diluted Earnings Per Share - | | | | | | | | Adjusted Diluted Weighted Average Shares | 572 | | | 584 | | | 575 | | | 586 | | Net Income Per Share | | | | | | | | Basic | $ | 2.97 | | | $ | 2.68 | | | $ | 6.08 | | | $ | 6.14 | | Diluted | $ | 2.95 | | | $ | 2.66 | | | $ | 6.05 | | | $ | 6.10 | |
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- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
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v3.24.2.u1
Supplemental Cash Flow Information (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Supplemental Cash Flow Information [Abstract] |
|
Schedule of Net Cash Paid For Interest and Income Taxes |
Net cash paid for interest and income taxes was as follows for the six-month periods ended June 30, 2024 and 2023 (in millions): | | | | | | | | | | | | | Six Months Ended June 30, | | 2024 | | 2023 | Interest (1) | $ | 66 | | | $ | 93 | | Income Taxes, Net of Refunds Received | $ | 584 | | | $ | 487 | |
(1)Net of capitalized interest of $20 million and $16 million for the six months ended June 30, 2024 and 2023, respectively.
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- DefinitionTabular disclosure of supplemental cash flow information for the periods presented.
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v3.24.2.u1
Segment Information (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
Schedule of Selected Financial Information by Reportable Segment |
Selected financial information by reportable segment is presented below for the three-month and six-month periods ended June 30, 2024 and 2023 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Operating Revenues and Other | | | | | | | | United States | $ | 5,956 | | | $ | 5,520 | | | $ | 12,016 | | | $ | 11,461 | | Trinidad | 69 | | | 52 | | | 132 | | | 155 | | Other International (1) | — | | | 1 | | | — | | | 1 | | Total | $ | 6,025 | | | $ | 5,573 | | | $ | 12,148 | | | $ | 11,617 | | Operating Income (Loss) | | | | | | | | United States | $ | 2,147 | | | $ | 1,961 | | | $ | 4,411 | | | $ | 4,473 | | Trinidad | 16 | | | 16 | | | 32 | | | 82 | | Other International (1) | (33) | | | (7) | | | (42) | | | (13) | | Total | 2,130 | | | 1,970 | | | 4,401 | | | 4,542 | | Reconciling Items | | | | | | | | Other Income, Net | 66 | | | 51 | | | 128 | | | 116 | | Interest Expense, Net | (36) | | | (35) | | | (69) | | | (77) | | Income Before Income Taxes | $ | 2,160 | | | $ | 1,986 | | | $ | 4,460 | | | $ | 4,581 | |
(1) Other International primarily consists of EOG's international exploration programs and Canada operations. EOG is continuing the process of exiting its Canada operations. EOG began an exploration program in Australia in the third quarter of 2021.
|
Schedule of Assets by Reportable Segment |
Total assets by reportable segment are presented below at June 30, 2024 and December 31, 2023 (in millions): | | | | | | | | | | | | | At June 30, 2024 | | At December 31, 2023 | Total Assets | | | | United States | $ | 43,953 | | | $ | 42,674 | | Trinidad | 1,130 | | | 1,063 | | Other International (1) | 141 | | | 120 | | Total | $ | 45,224 | | | $ | 43,857 | |
(1) Other International primarily consists of EOG's international exploration programs and Canada operations. EOG is continuing the process of exiting its Canada operations. EOG began an exploration program in Australia in the third quarter of 2021.
|
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- DefinitionTabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.
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v3.24.2.u1
Asset Retirement Obligations (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Asset Retirement Obligation [Abstract] |
|
Schedule of Asset Retirement Obligation Rollforward Analysis |
The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of short-term and long-term legal obligations associated with the retirement of property, plant and equipment for the six-month periods ended June 30, 2024 and 2023 (in millions): | | | | | | | | | | | | | Six Months Ended June 30, | | 2024 | | 2023 | Carrying Amount at January 1 | $ | 1,506 | | | $ | 1,328 | | Liabilities Incurred | 33 | | | 18 | | Liabilities Settled (1) | (32) | | | (50) | | Accretion | 30 | | | 25 | | Revisions | (84) | | | 3 | | Foreign Currency Translations | (3) | | | 2 | | Carrying Amount at June 30 | $ | 1,450 | | | $ | 1,326 | | | | | | Current Portion | $ | 51 | | | $ | 37 | | Noncurrent Portion | $ | 1,399 | | | $ | 1,289 | |
(1)Includes settlements related to asset sales and property exchanges.
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v3.24.2.u1
Exploratory Well Costs (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Oil and Gas, Capitalized Exploratory Well Cost [Abstract] |
|
Schedule of Net Changes in Capitalized Exploratory Well Costs |
EOG's net changes in capitalized exploratory well costs for the six-month period ended June 30, 2024, are presented below (in millions): | | | | | | | Six Months Ended June 30, 2024 | Balance at January 1 | $ | 76 | | Additions Pending the Determination of Proved Reserves | 54 | | Reclassifications to Proved Properties | (52) | | Costs Charged to Expense (1) | (1) | | Balance at June 30 | $ | 77 | |
(1) Includes capitalized exploratory well costs charged to dry hole costs.
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v3.24.2.u1
Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis |
The following table provides fair value measurement information within the fair value hierarchy for certain of EOG's financial assets and liabilities carried at fair value on a recurring basis at June 30, 2024 and December 31, 2023 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using: | | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | At June 30, 2024 | | | | | | | | Financial Assets: | | | | | | | | Natural Gas Swaps | $ | — | | | $ | 4 | | | $ | — | | | $ | 4 | | Natural Gas Basis Swaps | — | | | 2 | | | — | | | 2 | | Brent Crude Oil (Brent) Linked Gas Sales Contract | — | | | — | | | 133 | | | 133 | | Financial Liabilities: | | | | | | | | Natural Gas Swaps | — | | | 79 | | | — | | | 79 | | | | | | | | | | At December 31, 2023 | | | | | | | | Financial Assets: | | | | | | | | Natural Gas Swaps | $ | — | | | $ | 105 | | | $ | — | | | $ | 105 | | Natural Gas Basis Swaps | — | | | 2 | | | — | | | 2 | | Financial Liabilities: | | | | | | | | Natural Gas Swaps | — | | | 104 | | | — | | | 104 | |
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v3.24.2.u1
Risk Management Activities (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Schedule of Derivative Instruments |
Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the six-month period ended June 30, 2024 (closed) and outstanding as of June 30, 2024. Natural gas volumes are presented in MMBtud and prices are presented in dollars per million British Thermal Units ($/MMBtu). | | | | | | | | | | | | | | | | | | | | | Natural Gas Financial Price Swap Contracts | | | | | Contracts Sold | Period | | Settlement Index | | Volume (MMBtud in thousands) | | Weighted Average Price ($/MMBtu) | | | | | | | | January - July 2024 (closed) | | New York Mercantile Exchange (NYMEX) Henry Hub | | 725 | | | $ | 3.07 | | August - December 2024 | | NYMEX Henry Hub | | 725 | | | 3.07 | | January - December 2025 | | NYMEX Henry Hub | | 725 | | | 3.07 | |
| | | | | | | | | | | | | | | | | | | | | Natural Gas Basis Swap Contracts | | | | | Contracts Sold | Period | | Settlement Index | | Volume (MMBtud in thousands) | | Weighted Average Price Differential ($/MMBtu) | | | | | | | | January - June 2024 (closed) | | NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1) | | 10 | | | $ | 0.00 | | July - December 2024 | | NYMEX Henry Hub HSC Differential | | 10 | | | 0.00 | | January - December 2025 | | NYMEX Henry Hub HSC Differential | | 10 | | | 0.00 | |
(1) This settlement index is used to fix the differential between pricing at the Houston Ship Channel and NYMEX Henry Hub prices.
|
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
The following table sets forth the amounts and classification of EOG's outstanding financial commodity and other derivative instruments at June 30, 2024 and December 31, 2023. Certain amounts may be presented on a net basis on the Condensed Consolidated Financial Statements when such amounts are with the same counterparty and subject to a master netting arrangement (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value at | Description | | Location on Balance Sheet | | June 30, 2024 | | December 31, 2023 | Asset Derivatives | | | | | | | Crude oil, NGLs and natural gas financial derivative contracts - | | | | | | | Current portion | | Assets from Price Risk Management Activities (1) | | $ | 4 | | | $ | 106 | | Brent Linked Gas Sales Contract - | | | | | | | Noncurrent Portion | | Other Assets (2) | | 133 | | | — | | Liability Derivatives | | | | | | | Crude oil, NGLs and natural gas financial derivative contracts - | | | | | | | Current Portion | | Liabilities from Price Risk Management Activities (3) | | $ | 8 | | | $ | — | | Noncurrent portion | | Other Liabilities (4) | | 69 | | | 103 | |
(1) The current portion of Assets from Price Risk Management Activities consists of gross assets of $4 million and $106 million at June 30, 2024 and December 31, 2023, respectively. (2) The noncurrent portion related to the Brent Linked Gas Sales Contract consists of gross assets of $133 million at June 30, 2024. (3) The current portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $9 million, partially offset by gross assets of $1 million at June 30, 2024. (4) The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $70 million, partially offset by gross assets of $1 million at June 30, 2024. The noncurrent portion of Liabilities from Price Risk Management Activities consists of gross liabilities of $104 million, partially offset by gross assets of $1 million at December 31, 2023.
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- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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v3.24.2.u1
Stock Based Compensation - Schedule of Stock Options and SARs Transactions (Details) - Stock Options/SARs - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Number of Stock Options/SARs |
|
|
Beginning balance (in shares) |
2,843
|
4,225
|
Exercised (in shares) |
(600)
|
(300)
|
Forfeited (in shares) |
(22)
|
(57)
|
Ending balance (in shares) |
2,221
|
3,868
|
Vested or Expected to Vest (in shares) |
2,177
|
3,727
|
Exercisable (in shares) |
1,709
|
2,178
|
Weighted Average Exercise Price |
|
|
Beginning balance (in USD per share) |
$ 79.22
|
$ 77.49
|
Exercised (in USD per share) |
70.87
|
77.26
|
Forfeited (in USD per share) |
81.55
|
87.49
|
Ending balance (in USD per share) |
81.45
|
77.37
|
Vested or Expected to Vest (in USD per share) |
81.44
|
77.74
|
Exercisable (in USD per share) |
$ 81.34
|
$ 84.87
|
Additional Disclosures |
|
|
Intrinsic value of stock options/SARs exercised |
$ 35
|
$ 13
|
Intrinsic value of stock options/SARs outstanding |
$ 99
|
$ 150
|
Weighted average remaining contractual life for stock options/SARs outstanding (in years) |
2 years 10 months 24 days
|
3 years 8 months 12 days
|
Intrinsic value of stock options/SARs vested or expected to vest |
$ 97
|
$ 143
|
Weighted average remaining contractual life for stock options/SARs vested or expected to vest (in years) |
2 years 9 months 18 days
|
3 years 7 months 6 days
|
Aggregate intrinsic value for exercisable units |
$ 77
|
$ 71
|
Weighted average remaining contractual life for exercisable options/SARs (in years) |
2 years 4 months 24 days
|
2 years 8 months 12 days
|
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Net Income Per Share - Schedule of Computation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Numerator for Basic and Diluted Earnings Per Share - |
|
|
|
|
Net Income -Basic |
$ 1,690
|
$ 1,553
|
$ 3,479
|
$ 3,576
|
Net Income - Diluted |
$ 1,690
|
$ 1,553
|
$ 3,479
|
$ 3,576
|
Denominator for Basic Earnings Per Share - |
|
|
|
|
Weighted Average Shares (in shares) |
569
|
580
|
572
|
582
|
Denominator for Diluted Earnings Per Share - |
|
|
|
|
Adjusted Diluted Weighted Average Shares (in shares) |
572
|
584
|
575
|
586
|
Net Income Per Share |
|
|
|
|
Basic (in USD per share) |
$ 2.97
|
$ 2.68
|
$ 6.08
|
$ 6.14
|
Diluted ( in USD per share) |
$ 2.95
|
$ 2.66
|
$ 6.05
|
$ 6.10
|
Stock Options/SARs/ESPP |
|
|
|
|
Potential Dilutive Common Shares - |
|
|
|
|
Common shares attributable to dilutive effect of share-based payment arrangements (in shares) |
1
|
1
|
1
|
1
|
Restricted Stock/Units and Performance Units |
|
|
|
|
Potential Dilutive Common Shares - |
|
|
|
|
Common shares attributable to dilutive effect of share-based payment arrangements (in shares) |
2
|
3
|
2
|
3
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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Segment Information - Schedule of Selected Financial Information by Reportable Segment (Details) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Selected Information [Line Items] |
|
|
|
|
Operating Revenues and Other |
$ 6,025
|
$ 5,573
|
$ 12,148
|
$ 11,617
|
Operating Income (Loss) |
2,130
|
1,970
|
4,401
|
4,542
|
Other Income, Net |
66
|
51
|
128
|
116
|
Interest Expense, Net |
(36)
|
(35)
|
(69)
|
(77)
|
Income Before Income Taxes |
2,160
|
1,986
|
4,460
|
4,581
|
Operating Segments |
|
|
|
|
Selected Information [Line Items] |
|
|
|
|
Operating Revenues and Other |
6,025
|
5,573
|
12,148
|
11,617
|
Operating Income (Loss) |
2,130
|
1,970
|
4,401
|
4,542
|
Segment Reconciling Items |
|
|
|
|
Selected Information [Line Items] |
|
|
|
|
Other Income, Net |
66
|
51
|
128
|
116
|
Interest Expense, Net |
(36)
|
(35)
|
(69)
|
(77)
|
United States | Operating Segments |
|
|
|
|
Selected Information [Line Items] |
|
|
|
|
Operating Revenues and Other |
5,956
|
5,520
|
12,016
|
11,461
|
Operating Income (Loss) |
2,147
|
1,961
|
4,411
|
4,473
|
Trinidad | Operating Segments |
|
|
|
|
Selected Information [Line Items] |
|
|
|
|
Operating Revenues and Other |
69
|
52
|
132
|
155
|
Operating Income (Loss) |
16
|
16
|
32
|
82
|
Other International | Operating Segments |
|
|
|
|
Selected Information [Line Items] |
|
|
|
|
Operating Revenues and Other |
0
|
1
|
0
|
1
|
Operating Income (Loss) |
$ (33)
|
$ (7)
|
$ (42)
|
$ (13)
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v3.24.2.u1
Long-Term Debt and Common Stock (Details) $ / shares in Units, shares in Millions |
|
|
|
3 Months Ended |
6 Months Ended |
|
|
Aug. 01, 2024
$ / shares
|
May 02, 2024
$ / shares
|
Feb. 22, 2024
$ / shares
|
Jun. 30, 2024
USD ($)
extension
$ / shares
|
Jun. 30, 2023
$ / shares
|
Jun. 30, 2024
USD ($)
extension
$ / shares
shares
|
Jun. 30, 2023
$ / shares
|
Dec. 31, 2023
USD ($)
|
Nov. 30, 2021
USD ($)
|
Debt Instrument Table [Line Items] |
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
|
$ 534,000,000
|
|
$ 534,000,000
|
|
$ 34,000,000
|
|
Stock repurchase program, authorized amount |
|
|
|
|
|
|
|
|
$ 5,000,000,000
|
Stock repurchased during period, shares | shares |
|
|
|
|
|
11.9
|
|
|
|
Stock repurchased during period, value |
|
|
|
|
|
$ 1,440,000,000
|
|
|
|
Stock repurchase program, remaining authorized repurchase amount |
|
|
|
$ 2,600,000,000
|
|
2,600,000,000
|
|
|
|
Estimated federal excise taxes |
|
|
|
|
|
$ 13,000,000
|
|
|
|
Common stock dividends declared (in USD per share) | $ / shares |
|
$ 0.91
|
$ 0.91
|
$ 0.91
|
$ 0.825
|
$ 1.82
|
$ 2.65
|
|
|
Subsequent Event |
|
|
|
|
|
|
|
|
|
Debt Instrument Table [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock dividends declared (in USD per share) | $ / shares |
$ 0.91
|
|
|
|
|
|
|
|
|
Revolving Credit Agreement | Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
Debt Instrument Table [Line Items] |
|
|
|
|
|
|
|
|
|
Line of credit facility, maximum borrowing capacity |
|
|
|
$ 1,900,000,000
|
|
$ 1,900,000,000
|
|
|
|
Line of credit facility, maturity term extensions | extension |
|
|
|
2
|
|
2
|
|
|
|
Line of credit facility, extension period |
|
|
|
1 year
|
|
1 year
|
|
|
|
Line of credit facility increase additional borrowings (not to exceed) |
|
|
|
|
|
$ 3,000,000,000
|
|
|
|
Maximum total debt to total capitalization ratio allowed under financial covenant |
|
|
|
65.00%
|
|
65.00%
|
|
|
|
Revolving Credit Agreement | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) |
|
|
|
|
|
|
|
|
|
Debt Instrument Table [Line Items] |
|
|
|
|
|
|
|
|
|
Debt Instrument, basis spread on base rate (as a percent) |
|
|
|
|
|
0.10%
|
|
|
|
Revolving Credit Agreement | Revolving Credit Facility | Eurodollar |
|
|
|
|
|
|
|
|
|
Debt Instrument Table [Line Items] |
|
|
|
|
|
|
|
|
|
Weighted average interest rate (in hundredths) |
|
|
|
|
|
6.34%
|
|
|
|
Revolving Credit Agreement | Revolving Credit Facility | Base Rate |
|
|
|
|
|
|
|
|
|
Debt Instrument Table [Line Items] |
|
|
|
|
|
|
|
|
|
Weighted average interest rate (in hundredths) |
|
|
|
|
|
8.50%
|
|
|
|
Commercial Paper |
|
|
|
|
|
|
|
|
|
Debt Instrument Table [Line Items] |
|
|
|
|
|
|
|
|
|
Line of credit facility, current borrowing capacity |
|
|
|
$ 0
|
|
$ 0
|
|
$ 0
|
|
Senior Notes | Senior Notes Due 2025 |
|
|
|
|
|
|
|
|
|
Debt Instrument Table [Line Items] |
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
|
$ 500,000,000
|
|
$ 500,000,000
|
|
|
|
Debt instrument, interest rate (as a percent) |
|
|
|
3.15%
|
|
3.15%
|
|
|
|
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v3.24.2.u1
Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Commodity Contract - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
Natural Gas Swaps | Price Swaps |
|
|
Financial Assets: |
|
|
Assets, fair value disclosure |
$ 4
|
$ 105
|
Natural Gas Swaps | Price Swaps | Quoted Prices in Active Markets (Level 1) |
|
|
Financial Assets: |
|
|
Assets, fair value disclosure |
0
|
0
|
Natural Gas Swaps | Price Swaps | Significant Other Observable Inputs (Level 2) |
|
|
Financial Assets: |
|
|
Assets, fair value disclosure |
4
|
105
|
Natural Gas Swaps | Price Swaps | Significant Unobservable Inputs (Level 3) |
|
|
Financial Assets: |
|
|
Assets, fair value disclosure |
0
|
0
|
Natural Gas | Basis Swaps |
|
|
Financial Assets: |
|
|
Assets, fair value disclosure |
2
|
2
|
Natural Gas | Basis Swaps | Quoted Prices in Active Markets (Level 1) |
|
|
Financial Assets: |
|
|
Assets, fair value disclosure |
0
|
0
|
Natural Gas | Basis Swaps | Significant Other Observable Inputs (Level 2) |
|
|
Financial Assets: |
|
|
Assets, fair value disclosure |
2
|
2
|
Natural Gas | Basis Swaps | Significant Unobservable Inputs (Level 3) |
|
|
Financial Assets: |
|
|
Assets, fair value disclosure |
0
|
0
|
Natural Gas | Price Swaps |
|
|
Financial Liabilities: |
|
|
Liabilities, fair value disclosure |
79
|
104
|
Natural Gas | Price Swaps | Quoted Prices in Active Markets (Level 1) |
|
|
Financial Liabilities: |
|
|
Liabilities, fair value disclosure |
0
|
0
|
Natural Gas | Price Swaps | Significant Other Observable Inputs (Level 2) |
|
|
Financial Liabilities: |
|
|
Liabilities, fair value disclosure |
79
|
104
|
Natural Gas | Price Swaps | Significant Unobservable Inputs (Level 3) |
|
|
Financial Liabilities: |
|
|
Liabilities, fair value disclosure |
0
|
$ 0
|
Brent Crude Oil (Brent) Linked Gas Sales Contract |
|
|
Financial Assets: |
|
|
Assets, fair value disclosure |
133
|
|
Brent Crude Oil (Brent) Linked Gas Sales Contract | Quoted Prices in Active Markets (Level 1) |
|
|
Financial Assets: |
|
|
Assets, fair value disclosure |
0
|
|
Brent Crude Oil (Brent) Linked Gas Sales Contract | Significant Other Observable Inputs (Level 2) |
|
|
Financial Assets: |
|
|
Assets, fair value disclosure |
0
|
|
Brent Crude Oil (Brent) Linked Gas Sales Contract | Significant Unobservable Inputs (Level 3) |
|
|
Financial Assets: |
|
|
Assets, fair value disclosure |
$ 133
|
|
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1 Months Ended |
|
|
Feb. 29, 2024
MMBTU
|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Fair Value Disclosures [Abstract] |
|
|
|
Aggregate principal amount of current and long-term debt | $ |
|
$ 3,640
|
$ 3,640
|
Estimated fair value of debt | $ |
|
$ 3,475
|
$ 3,574
|
Long-term purchase commitment, period |
10 years
|
|
|
Oil and gas, average sale price | MMBTU |
180
|
|
|
Oil and gas, sell price indexed | MMBTU |
140
|
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Jun. 30, 2024 |
Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] |
|
|
Derivative Liability, Current |
$ 8
|
$ 0
|
Other Liabilities |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Derivative liability, fair value, gross liability |
70
|
104
|
Derivative liability offset |
1
|
1
|
Price Risk Derivative |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Derivative asset, fair value, gross asset |
133
|
|
Derivative Liability, Current |
8
|
0
|
Derivative liability, noncurrent |
69
|
103
|
Derivative liability, fair value, gross liability |
9
|
|
Derivative liability asset offset |
1
|
|
Price Risk Derivative | Assets From Price Risk Management Activities |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Derivative asset, fair value, gross asset |
4
|
106
|
Price Risk Derivative | Other Assets |
|
|
Derivatives, Fair Value [Line Items] |
|
|
Derivative asset, fair value, gross asset |
$ 133
|
$ 0
|
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EOG Resources (NYSE:EOG)
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