HOUSTON , Feb. 23, 2023 /PRNewswire/ -- EOG Resources, Inc. (EOG) today reported fourth quarter and full-year 2022 results. The attached supplemental financial tables and schedules for the reconciliation of non-GAAP measures to GAAP measures and related definitions, along with a related presentation, are also available on EOG's website at http://investors.eogresources.com/investors .
Key Financial Results
In millions of USD, except per-share, per-Boe and ratio data |
||||||||||||
|
||||||||||||
|
|
|
4Q 2022 |
|
3Q 2022 |
|
4Q 2021 |
|
FY 2022 |
|
FY 2021 |
|
GAAP |
Total Revenue |
|
6,719 |
|
7,593 |
|
6,044 |
|
25,702 |
|
18,642 |
|
Net Income |
|
2,277 |
|
2,854 |
|
1,985 |
|
7,759 |
|
4,664 |
|
|
Net Income Per Share |
|
3.87 |
|
4.86 |
|
3.39 |
|
13.22 |
|
7.99 |
|
|
Net Cash Provided by Operating Activities |
|
3,444 |
|
4,773 |
|
3,166 |
|
11,093 |
|
8,791 |
|
|
Total Expenditures |
|
1,535 |
|
1,410 |
|
1,137 |
|
5,610 |
|
4,255 |
|
|
Current and Long-Term Debt |
|
5,078 |
|
5,084 |
|
5,109 |
|
5,078 |
|
5,109 |
|
|
Cash and Cash Equivalents |
|
5,972 |
5,272 |
5,209 |
5,972 |
5,209 |
|
|||||
Debt-to-Total Capitalization |
|
17.0 |
% |
17.6 |
% |
18.7 |
% |
17.0 |
% |
18.7 |
% |
|
Cash Operating Costs ($/Boe) |
|
10.82 |
|
10.89 |
|
10.56 |
|
10.52 |
|
10.14 |
|
|
General and Administrative Costs ($/Boe) |
|
1.87 |
|
1.92 |
|
1.75 |
|
1.72 |
|
1.69 |
|
|
|
||||||||||||
Non- GAAP |
Adjusted Net Income |
|
1,941 |
|
2,179 |
|
1,806 |
|
8,080 |
|
5,028 |
|
Adjusted Net Income Per Share |
|
3.30 |
|
3.71 |
|
3.09 |
|
13.76 |
|
8.61 |
|
|
CFO before Changes in Working Capital |
|
3,091 |
|
3,432 |
|
3,069 |
|
12,252 |
|
9,309 |
|
|
Capital Expenditures |
|
1,361 |
|
1,166 |
|
1,015 |
|
4,607 |
|
3,755 |
|
|
Free Cash Flow |
|
1,730 |
|
2,266 |
|
2,054 |
|
7,645 |
|
5,554 |
|
|
Net Debt |
|
(894) |
|
(188) |
|
(100) |
|
(894) |
|
(100) |
|
|
Net Debt-to-Total Capitalization |
|
(3.7) |
% |
(0.8) |
% |
(0.5) |
% |
(3.7) |
% |
(0.5) |
% |
|
Cash Operating Costs ($/Boe) 1 |
|
10.82 |
|
10.70 |
|
10.56 |
|
10.47 |
|
10.14 |
|
|
General and Administrative Costs ($/Boe) 1 |
|
1.87 |
|
1.73 |
|
1.75 |
|
1.67 |
|
1.69 |
|
Fourth Quarter Highlights
Full Year 2022 Highlights and 2023 Capital Plan
Fourth Quarter and Full-Year 2022 Highlights
Volumes and Capital Expenditures
Wellhead Volumes |
4Q 2022 |
|
4Q 2022 |
|
3Q 2022
|
|
4Q 2021
|
|
FY 2022
|
|
FY 2021
|
Crude Oil and Condensate (MBod) |
465.6 |
|
465.0 |
|
465.1 |
|
450.6 |
|
461.3 |
|
445.0 |
Natural Gas Liquids (MBbld) |
189.0 |
|
195.0 |
|
209.3 |
|
156.9 |
|
197.7 |
|
144.5 |
Natural Gas (MMcfd) |
1,527 |
|
1,550 |
|
1,469 |
|
1,534 |
|
1,495 |
|
1,436 |
Total Crude Oil Equivalent (MBoed) |
909.1 |
|
918.4 |
|
919.2 |
|
863.1 |
|
908.2 |
|
828.9 |
|
|||||||||||
Cash Capital Expenditures before Acquisitions ($MM) |
1,361 |
|
1,350 |
|
1,166 |
|
1,015 |
|
4,607 |
|
3,755 |
From Ezra Yacob, Chairman and Chief Executive Officer
"EOG's 2022 results benefited from our growing portfolio of high-return plays. In a challenging inflationary environment, we leveraged the flexibility provided by our multi-basin plays and decentralized structure to deliver exceptional performance that was within two percent of our original plan for volumes and capital expenditures. Credit goes to the innovative and entrepreneurial teams working collaboratively across our multi-basin portfolio.
"Our commitment to decentralized exploration resulted in the addition of a new premium play – the Ohio Utica Combo – and advancements in our other emerging plays, South Texas Dorado and Southern Powder River Basin. We also progressed several exploration prospects.
"We reduced our GHG intensity and methane emissions percentage, achieving our 2025 targets. We also deployed a new continuous leak detection system called iSenseSM and recently began operations at our first carbon capture and storage site.
"EOG's financial performance was equally strong, highlighted by record net income and returns on capital. We returned $5.1 billion to shareholders, representing 67% of free cash flow, well above our minimum 60% commitment. The strong price environment in 2022 also allowed us to improve our financial position, reducing net debt by $794 million.
"EOG is in a better position than ever to play a significant role in the long-term future of energy and deliver value for our shareholders. And we continue to get better - our 2023 plan positions us to continue to lower our cost structure. We remain committed to returning cash through a sustainable, growing regular dividend, which is supported by our low cost structure and an impeccable balance sheet."
Fourth Quarter 2022 Financial Performance
Earnings per Share 4Q 2022 vs 3Q 2022
Prices
Volumes
Per-Unit Costs
Hedges
Change in Cash 4Q 2022 vs 3Q 2022
Free Cash Flow
Working Capital and Dividends
Full-Year 2022 Financial Performance
Earnings per Share 2022 vs 2021
Prices
Volumes
Per-Unit Costs
Hedges
Change in Cash 2022 vs 2021
Free Cash Flow
Dividends
Fourth Quarter 2022 Operating Performance
Lease and Well
Per-unit LOE costs increased $0.27 in 4Q compared with 3Q and were within the guidance range. Higher well maintenance and water handling costs were the primary drivers of the increase.
Transportation, Gathering and Processing
Per-unit transportation and G&P costs declined in 4Q and were below the guidance midpoints, primarily due to lower fuel prices.
General
and Administrative
Per-unit G&A costs in 4Q were above the guidance range and prior quarter because of higher employee-related expenses.
Depreciation, Depletion and Amortization
Per-unit DD&A costs in 4Q decreased $0.21 compared with 3Q and were below the guidance range. The addition of lower-cost reserves in the Delaware Basin drove most of the decrease.
2022 Reserves; Regular and Special Dividend
Finding and Development Cost
Finding and development cost, excluding price revisions, decreased 8% in 2022 to $5.13 per Boe. Proved developed finding cost, excluding price revisions, was $6.62 per Boe in 2022. For the 35th consecutive year, internal reserves estimates were within five percent of estimates independently prepared by DeGolyer and McNaughton.
Reserve Replacement
Total proved reserves increased 13% in 2022. Extensions and discoveries added 560 MMBoe of proved reserves in 2022. Revisions other than price increased proved reserves by 325 MMBoe. Net proved reserve additions from all sources, excluding price revisions, replaced 244% of 2022 total production and 279% of liquids production.
Regular Dividend and Special Dividend
The Board of Directors today declared a dividend of $0.825 per share on EOG's common stock. The dividend will be payable April 28, 2023, to stockholders of record as of April 14, 2023. The indicated annual rate is $3.30 per share. The Board of Directors today also declared a special dividend of $1.00 per share on EOG's Common Stock. The special dividend will be payable March 30, 2023, to stockholders of record as of March 16, 2023.
2022 ESG Performance3 – Approximate Preliminary Results
EOG reduced its Scope 1 GHG intensity rate by 4% and its methane emissions percentage by 17% during 2022 to meet the company's 2025 targets. Wellhead gas capture increased to 99.9% from 99.8% in 2021. Water sourced from reuse increased to 58% from 55% in 2021.
2023 Capital Program
Total expenditures for 2023 are expected to range from $5.8 to $6.2 billion, including exploration and development drilling, facilities, leasehold acquisitions, capitalized interest, other property, plant and equipment, and excluding property acquisitions, asset retirement costs and non-cash exchanges. The capital program also excludes certain exploration costs incurred as operating expenses.
The disciplined capital program is allocated across EOG's high-return, multi-basin drilling portfolio. It is anchored by steady development in the Delaware Basin, with increased activity focused on the Eagle Ford and on EOG's emerging premium plays - the Powder River Basin, South Texas Dorado and Ohio Utica Shale.
About $4.4 billion of the capital program is allocated to EOG's existing and emerging premium areas. The capital program also funds investment in international plays, high-potential exploration and environmental and infrastructure projects.
Fourth Quarter 2022 Results vs Guidance |
|||||||
(Unaudited) |
|||||||
See "Endnotes" below for related discussion and definitions. |
|
|
|
|
|
|
|
Crude Oil and Condensate Volumes (MBod) |
4Q 2022 |
4Q 2022 |
Variance |
3Q 2022 |
2Q 2022 |
1Q 2022 |
4Q 2021 |
United States |
465.1 |
464.4 |
0.7 |
464.6 |
463.5 |
449.4 |
449.7 |
Trinidad |
0.5 |
0.6 |
(0.1) |
0.5 |
0.6 |
0.7 |
0.9 |
Other International |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Total |
465.6 |
465.0 |
0.6 |
465.1 |
464.1 |
450.1 |
450.6 |
Natural Gas Liquids Volumes (MBbld) |
|||||||
Total |
189.0 |
195.0 |
(6.0) |
209.3 |
201.9 |
190.3 |
156.9 |
Natural Gas Volumes (MMcfd) |
|||||||
United States |
1,378 |
1,400 |
(22) |
1,306 |
1,324 |
1,249 |
1,328 |
Trinidad |
149 |
150 |
(1) |
163 |
204 |
209 |
206 |
Other International |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Total |
1,527 |
1,550 |
(23) |
1,469 |
1,528 |
1,458 |
1,534 |
|
|||||||
Total Crude Oil Equivalent Volumes (MBoed) |
909.1 |
918.4 |
(9.3) |
919.2 |
920.7 |
883.3 |
863.1 |
Total MMBoe |
83.6 |
84.5 |
(0.9) |
84.6 |
83.8 |
79.5 |
79.4 |
|
|||||||
Benchmark Price |
|||||||
Oil (WTI) ($/Bbl) |
82.63 |
|
|
91.64 |
108.42 |
94.38 |
77.17 |
Natural Gas (HH) ($/Mcf) |
6.27 |
|
|
8.18 |
7.17 |
4.91 |
5.83 |
|
|||||||
Crude Oil and Condensate - above (below) WTI 8 ($/Bbl) |
|||||||
United States |
3.05 |
2.70 |
0.35 |
4.41 |
2.84 |
1.64 |
1.14 |
Trinidad |
(7.42) |
(7.50) |
0.08 |
(6.66) |
(10.13) |
(10.56) |
(10.31) |
Natural Gas Liquids - Realizations as % of WTI |
|||||||
Total |
34.6 % |
30.0 % |
4.6 % |
39.3 % |
39.0 % |
42.1 % |
52.4 % |
Natural Gas - above (below) NYMEX Henry Hub 9 ($/Mcf) |
|||||||
United States |
(0.15) |
0.25 |
(0.40) |
1.17 |
0.60 |
0.90 |
0.57 |
Natural Gas Realizations 6 ($/Mcf) |
|||||||
Trinidad |
3.97 |
3.85 |
0.12 |
7.45 |
3.42 |
3.36 |
3.48 |
|
|||||||
Total Expenditures (GAAP) ($MM) |
1,535 |
|
|
1,410 |
1,521 |
1,144 |
1,137 |
Capital Expenditures (non-GAAP) ($MM) |
1,361 |
1,350 |
11 |
1,166 |
1,071 |
1,009 |
1,015 |
|
|||||||
Operating Unit Costs ($/Boe) |
|||||||
Lease and Well |
4.23 |
4.10 |
0.13 |
3.96 |
3.87 |
4.00 |
4.09 |
Transportation Costs |
2.83 |
2.90 |
(0.07) |
3.04 |
2.91 |
2.87 |
2.87 |
Gathering and Processing |
1.89 |
1.90 |
(0.01) |
1.97 |
1.81 |
1.81 |
1.85 |
General and Administrative (GAAP) |
1.87 |
1.75 |
0.12 |
1.92 |
1.53 |
1.56 |
1.75 |
General and Administrative (non-GAAP) 1 |
1.87 |
1.75 |
0.12 |
1.73 |
1.53 |
1.56 |
1.75 |
Cash Operating Costs (GAAP) |
10.82 |
10.65 |
0.17 |
10.89 |
10.12 |
10.24 |
10.56 |
Cash Operating Costs (non-GAAP) |
10.82 |
10.65 |
0.17 |
10.70 |
10.12 |
10.24 |
10.56 |
Depreciation, Depletion and Amortization |
10.50 |
10.85 |
(0.35) |
10.71 |
10.87 |
10.65 |
11.46 |
|
|||||||
Expenses ($MM) |
|||||||
Exploration and Dry Hole |
48 |
55 |
(7) |
53 |
55 |
48 |
85 |
Impairment (GAAP) |
142 |
|
|
94 |
91 |
55 |
206 |
Impairment (excluding certain impairments (non-GAAP)) 7 |
111 |
90 |
21 |
48 |
55 |
55 |
206 |
Capitalized Interest |
11 |
13 |
(2) |
11 |
7 |
8 |
9 |
Net Interest |
42 |
43 |
(1) |
41 |
48 |
48 |
38 |
|
|||||||
TOTI (% of Wellhead Revenue) (GAAP) |
7.8 % |
7.5 % |
0.3 % |
5.5 % |
7.3 % |
7.4 % |
6.8 % |
TOTI (% of Wellhead Revenue) (non-GAAP)1 |
7.8 % |
7.5 % |
0.3 % |
7.4 % |
7.3 % |
7.4 % |
6.8 % |
Income Taxes |
|||||||
Effective Rate |
20.4 % |
22.5 % |
(2.1 %) |
22.1 % |
22.3 % |
21.7 % |
20.5 % |
Current Tax (Benefit) / Expense ($MM) |
409 |
500 |
(91) |
481 |
745 |
573 |
393 |
First Quarter and Full-Year 2023 Guidance4 |
|||||||||||
(Unaudited) |
|||||||||||
See "Endnotes" below for related discussion and definitions. |
1Q 2023 Guidance Range |
1Q 2023 |
FY 2023 Guidance Range |
FY 2023 Midpoint |
2022 Actual |
2021 Actual |
2020 Actual |
||||
Crude Oil and Condensate Volumes (MBod) |
|
|
|
|
|
|
|
|
|
|
|
United States |
449.0 |
- |
459.0 |
454.0 |
468.5 |
- |
478.5 |
473.5 |
460.7 |
443.4 |
408.1 |
Trinidad |
0.4 |
- |
0.6 |
0.5 |
0.2 |
- |
0.4 |
0.3 |
0.6 |
1.5 |
1.0 |
Other International |
0.0 |
- |
0.0 |
0.0 |
0.0 |
- |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
Total |
449.4 |
- |
459.6 |
454.5 |
468.7 |
- |
478.9 |
473.8 |
461.3 |
445.0 |
409.2 |
Natural Gas Liquids Volumes (MBbld) |
|
|
|
|
|
|
|
|
|
|
|
Total |
199.0 |
- |
209.0 |
204.0 |
197.0 |
- |
247.0 |
222.0 |
197.7 |
144.5 |
136.0 |
Natural Gas Volumes (MMcfd) |
|
|
|
|
|
|
|
|
|
|
|
United States |
1,390 |
- |
1,460 |
1,425 |
1,545 |
- |
1,645 |
1,595 |
1,315 |
1,210 |
1,040 |
Trinidad |
135 |
- |
165 |
150 |
125 |
- |
165 |
145 |
180 |
217 |
180 |
Other International |
0 |
- |
0 |
0 |
0 |
- |
0 |
0 |
0 |
9 |
32 |
Total |
1,525 |
- |
1,625 |
1,575 |
1,670 |
- |
1,810 |
1,740 |
1,495 |
1,436 |
1,252 |
Crude Oil Equivalent Volumes (MBoed) |
|
|
|
|
|
|
|
|
|
|
|
United States |
879.7 |
- |
911.3 |
895.5 |
923.0 |
- |
999.7 |
961.4 |
877.5 |
789.6 |
717.5 |
Trinidad |
22.9 |
- |
28.1 |
25.5 |
21.0 |
- |
27.9 |
24.5 |
30.7 |
37.7 |
30.9 |
Other International |
0.0 |
- |
0.0 |
0.0 |
0.0 |
- |
0.0 |
0.0 |
0.0 |
1.6 |
5.4 |
Total |
902.6 |
- |
939.4 |
921.0 |
944.0 |
- |
1,027.6 |
985.9 |
908.2 |
828.9 |
753.8 |
|
|
|
|
|
|
|
|
|
|
|
|
Benchmark Price |
|
|
|
|
|
|
|
|
|
|
|
Oil (WTI) ($/Bbl) |
|
|
|
|
|
|
|
|
94.23 |
67.96 |
39.40 |
Natural Gas (HH) ($/Mcf) |
|
|
|
|
|
|
|
|
6.64 |
3.85 |
2.08 |
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil and Condensate - above (below) WTI 8 ($/Bbl) |
|
|
|
|
|
|
|
|
|
|
|
United States |
0.00 |
- |
1.00 |
0.50 |
0.00 |
- |
2.00 |
1.00 |
2.99 |
0.58 |
(0.75) |
Trinidad |
(9.00) |
- |
(7.00) |
(8.00) |
(9.00) |
- |
(7.00) |
(8.00) |
(8.07) |
(11.70) |
(9.20) |
Natural Gas Liquids - Realizations as % of WTI |
|
|
|
|
|
|
|
|
|
|
|
Total |
27.0 % |
- |
37.0 % |
32.0 % |
27.0 % |
- |
39.0 % |
33.0 % |
39.0 % |
50.5 % |
34.0 % |
Natural Gas - above (below) NYMEX Henry Hub 9 ($/Mcf) |
|
|
|
|
|
|
|
|
|
|
|
United States |
0.00 |
- |
0.40 |
0.20 |
(0.80) |
- |
1.20 |
0.20 |
0.63 |
1.03 |
(0.47) |
Natural Gas Realizations 6 ($/Mcf) |
|
|
|
|
|
|
|
|
|
|
|
Trinidad |
3.00 |
- |
4.00 |
3.50 |
3.25 |
- |
4.25 |
3.75 |
4.43 |
3.40 |
2.57 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenditures (GAAP) ($MM) |
|
|
|
|
|
|
|
|
5,610 |
4,255 |
4,113 |
Capital Expenditures 5 (non-GAAP) ($MM) |
1,500 |
- |
1,700 |
1,600 |
5,800 |
- |
6,200 |
6,000 |
4,607 |
3,755 |
3,344 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Unit Costs ($/Boe) |
|
|
|
|
|
|
|
|
|
|
|
Lease and Well |
4.10 |
- |
4.70 |
4.40 |
3.85 |
- |
4.50 |
4.18 |
4.02 |
3.75 |
3.85 |
Transportation Costs |
2.80 |
- |
3.20 |
3.00 |
2.70 |
- |
3.10 |
2.90 |
2.91 |
2.85 |
2.66 |
Gathering and Processing |
1.80 |
- |
2.00 |
1.90 |
1.72 |
- |
2.02 |
1.87 |
1.87 |
1.85 |
1.66 |
General and Administrative (GAAP) |
1.60 |
- |
2.00 |
1.80 |
1.65 |
- |
1.75 |
1.70 |
1.72 |
1.69 |
1.75 |
General and Administrative (non-GAAP) 1 |
|
|
|
|
|
|
|
|
1.67 |
1.69 |
1.75 |
Cash Operating Costs (GAAP) |
10.30 |
- |
11.90 |
11.10 |
9.92 |
- |
11.37 |
10.65 |
10.52 |
10.14 |
9.92 |
Cash Operating Costs (non-GAAP) |
|
|
|
|
|
|
|
|
10.47 |
10.14 |
9.92 |
Depreciation, Depletion and Amortization |
9.40 |
- |
10.60 |
10.00 |
9.50 |
- |
10.50 |
10.00 |
10.69 |
12.07 |
12.32 |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses ($MM) |
|
|
|
|
|
|
|
|
|
|
|
Exploration and Dry Hole |
45 |
- |
85 |
65 |
170 |
- |
230 |
200 |
204 |
225 |
159 |
Impairment (GAAP) |
|
|
|
|
|
|
|
|
382 |
376 |
2,100 |
Impairment (excluding certain impairments (non-GAAP)) 7 |
50 |
- |
150 |
100 |
200 |
- |
360 |
280 |
269 |
361 |
232 |
Capitalized Interest |
8 |
- |
12 |
10 |
37 |
- |
41 |
39 |
36 |
33 |
31 |
Net Interest |
39 |
- |
43 |
41 |
138 |
- |
142 |
140 |
179 |
178 |
205 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTI (% of Wellhead Revenue) (GAAP) |
7.5 % |
- |
9.5 % |
8.5 % |
7.0 % |
- |
9.0 % |
8.0 % |
7.0 % |
6.8 % |
6.6 % |
TOTI (% of Wellhead Revenue) (non-GAAP) 1 |
|
|
|
|
|
|
|
|
7.5 % |
6.8 % |
6.6 % |
Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
Effective Rate |
19.0 % |
- |
24.0 % |
21.5 % |
19.0 % |
- |
24.0 % |
21.5 % |
21.7 % |
21.4 % |
18.2 % |
Current Tax (Benefit) / Expense ($MM) |
310 |
- |
410 |
360 |
1,200 |
- |
1,600 |
1,400 |
2,208 |
1,393 |
(61) |
Fourth Quarter 2022 Results Webcast
Friday, February 24, 2023, 9:00 a.m. Central time (10:00 a.m. Eastern time) Webcast will be available on EOG's website for one year. http://investors.eogresources.com/Investors
About EOG
EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States and Trinidad. To learn more visit www.eogresources.com.
Investor Contacts
David Streit 713–571–4902
Neel Panchal 713–571–4884
Shelby O'Connor 713-571-4560
Media Contact
Kimberly Ehmer 713–571–4676
|
|
Endnotes |
|
1) |
Third quarter 2022 TOTI (% of Wellhead Revenue) (non-GAAP) and General and Administrative Costs (non-GAAP) exclude a state severance tax refund and related consulting fees, respectively, as reflected in the accompanying Adjusted Net Income (Loss) reconciliation schedule. |
2) |
Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, impairments and marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate. |
3) |
The data utilized in calculating these metrics is subject to certain reporting rules, regulatory reviews, definitions, calculation methodologies, adjustments and other factors. These metrics are subject to change, if updated data or other information becomes available. Any updates to these metrics will be set forth in materials posted to the Sustainability section of the EOG website. 2022 metrics remain subject to final verification. Comparisons relative to prior year end reflect rounding. |
4) |
The forecast items for the first quarter and full year 2023 set forth above for EOG are based on currently available information and expectations as of the date of this press release. EOG undertakes no obligation, other than as required by applicable law, to update or revise this forecast, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise. This forecast, which should be read in conjunction with this press release and EOG's related Current Report on Form 8-K filing, replaces and supersedes any previously issued guidance or forecast. |
5) |
The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses. |
6) |
The third quarter and full-year 2022 realized natural gas price for Trinidad includes a one-time pricing adjustment of $3.37/Mcf and $0.76/Mcf, respectively, for prior-period production following a contract amendment with the National Gas Company of Trinidad and Tobago Limited (NGC). |
7) |
In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total impairment costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG's control (versus, for example, impairments that are due to EOG's proved oil and gas properties not being as productive as it originally estimated). |
8) |
EOG bases United States and Trinidad crude oil and condensate price differentials upon the West Texas Intermediate crude oil price at Cushing, Oklahoma, using the simple average of the NYMEX settlement prices for each trading day within the applicable calendar month. |
9) |
EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the NYMEX Last Day Settle price for each of the applicable months. |
Glossary |
|
Acq |
Acquisitions |
ATROR |
After-tax rate of return |
Bbl |
Barrel |
Bn |
Billion |
Boe |
Barrels of oil equivalent |
Bopd |
Barrels of oil per day |
CAGR |
Compound annual growth rate |
Capex |
Capital expenditures |
CFO |
Cash flow provided by operating activities before changes in working capital |
CO2e |
Carbon dioxide equivalent |
DD&A |
Depreciation, Depletion and Amortization |
Disc |
Discoveries |
Divest |
Divestitures |
EPS |
Earnings per share |
Ext |
Extensions |
G&A |
General and administrative expense |
G&P |
Gathering and processing expense |
GHG |
Greenhouse gas |
HH |
Henry Hub |
LOE |
Lease operating expense, or lease and well expense |
MBbld |
Thousand barrels of liquids per day |
MBod |
Thousand barrels of oil per day |
MBoe |
Thousand barrels of oil equivalent |
MBoed |
Thousand barrels of oil equivalent per day |
Mcf |
Thousand cubic feet of natural gas |
MMBoe |
Million barrels of oil equivalent |
MMcfd |
Million cubic feet of natural gas per day |
NGLs |
Natural gas liquids |
NYMEX |
U.S. New York Mercantile Exchange |
OTP |
Other than price |
QoQ |
Quarter over quarter |
TOTI |
Taxes other than income |
Trans |
Transportation expense |
USD |
United States dollar |
WTI |
West Texas Intermediate |
YoY |
Year over year |
$MM |
Million United States dollars |
$/Bbl |
U.S. Dollars per barrel |
$/Boe |
U.S. Dollars per barrel of oil equivalent |
$/Mcf |
U.S. Dollars per thousand cubic feet |
This press release may include 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, 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, or pay and/or increase dividends 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. Furthermore, this press release and any accompanying disclosures may include or reference certain forward–looking, non–GAAP financial measures, such as free cash flow and cash flow from operations before changes in working capital, and certain related estimates regarding future performance, results and financial position. Because we provide these measures on a forward–looking basis, we cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward–looking GAAP measures, such as future changes in working capital. Accordingly, we are unable to present a quantitative reconciliation of such forward–looking, non–GAAP financial measures to the respective most directly comparable forward–looking GAAP financial measures. Management believes these forward–looking, non–GAAP measures may be a useful tool for the investment community in comparing EOG's forecasted financial performance to the forecasted financial performance of other companies in the industry. Any such forward–looking measures and estimates are intended to be illustrative only and are not intended to reflect the results that EOG will necessarily achieve for the period(s) presented; EOG's actual results may differ materially from such measures and estimates. 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:
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.
The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose not only "proved" reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also "probable" reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as "possible" reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). Statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve or resource estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include "potential" reserves, "resource potential" and/or other estimated reserves or estimated resources not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in EOG's Annual Report on Form 10–K for the fiscal year ended December 31, 2022, available from EOG at P.O. Box 4362, Houston, Texas 77210–4362 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1–800–SEC–0330 or from the SEC's website at www.sec.gov. In addition, reconciliation schedules and definitions for non–GAAP financial measures can be found on the EOG website at www.eogresources.com.
Income Statements |
|||||||||
In millions of USD, except share data (in millions) and per share data (Unaudited) |
|
|
|
|
|||||
|
4Q 2022 |
|
3Q 2022 |
|
4Q 2021 |
|
FY 2022 |
|
FY 2021 |
Operating Revenues and Other |
|
|
|
|
|
|
|
|
|
Crude Oil and Condensate |
3,670 |
|
4,109 |
|
3,246 |
|
16,367 |
|
11,125 |
Natural Gas Liquids |
497 |
|
693 |
|
583 |
|
2,648 |
|
1,812 |
Natural Gas |
830 |
|
1,235 |
|
847 |
|
3,781 |
|
2,444 |
Gains (Losses) on Mark-to-Market Financial |
233 |
|
(18) |
|
136 |
|
(3,982) |
|
(1,152) |
Gathering, Processing and Marketing |
1,497 |
|
1,561 |
|
1,232 |
|
6,696 |
|
4,288 |
Gains (Losses) on Asset Dispositions, Net |
(27) |
|
(21) |
|
(29) |
|
74 |
|
17 |
Other, Net |
19 |
|
34 |
|
29 |
|
118 |
|
108 |
Total |
6,719 |
|
7,593 |
|
6,044 |
|
25,702 |
|
18,642 |
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
Lease and Well |
354 |
|
335 |
|
325 |
|
1,331 |
|
1,135 |
Transportation Costs |
237 |
|
257 |
|
228 |
|
966 |
|
863 |
Gathering and Processing Costs |
158 |
|
167 |
|
147 |
|
621 |
|
559 |
Exploration Costs |
44 |
|
35 |
|
42 |
|
159 |
|
154 |
Dry Hole Costs |
4 |
|
18 |
|
43 |
|
45 |
|
71 |
Impairments |
142 |
|
94 |
|
206 |
|
382 |
|
376 |
Marketing Costs |
1,504 |
|
1,621 |
|
1,160 |
|
6,535 |
|
4,173 |
Depreciation, Depletion and Amortization |
878 |
|
906 |
|
910 |
|
3,542 |
|
3,651 |
General and Administrative |
156 |
|
162 |
|
139 |
|
570 |
|
511 |
Taxes Other Than Income |
389 |
|
334 |
|
316 |
|
1,585 |
|
1,047 |
Total |
3,866 |
|
3,929 |
|
3,516 |
|
15,736 |
|
12,540 |
|
|
|
|
|
|
|
|
|
|
Operating Income |
2,853 |
|
3,664 |
|
2,528 |
|
9,966 |
|
6,102 |
Other Income, Net |
48 |
|
40 |
|
9 |
|
114 |
|
9 |
Income Before Interest Expense and Income |
2,901 |
|
3,704 |
|
2,537 |
|
10,080 |
|
6,111 |
Interest Expense, Net |
42 |
|
41 |
|
38 |
|
179 |
|
178 |
Income Before Income Taxes |
2,859 |
|
3,663 |
|
2,499 |
|
9,901 |
|
5,933 |
Income Tax Provision |
582 |
|
809 |
|
514 |
|
2,142 |
|
1,269 |
Net Income |
2,277 |
|
2,854 |
|
1,985 |
|
7,759 |
|
4,664 |
|
|
|
|
|
|
|
|
|
|
Dividends Declared per Common Share |
2.3250 |
|
2.2500 |
|
2.7500 |
|
8.8750 |
|
4.9875 |
Net Income Per Share |
|
|
|
|
|
|
|
|
|
Basic |
3.90 |
|
4.90 |
|
3.42 |
|
13.31 |
|
8.03 |
Diluted |
3.87 |
|
4.86 |
|
3.39 |
|
13.22 |
|
7.99 |
Average Number of Common Shares |
|
|
|
|
|
|
|
|
|
Basic |
584 |
|
583 |
|
581 |
|
583 |
|
581 |
Diluted |
588 |
|
587 |
|
585 |
|
587 |
|
584 |
Wellhead Volumes and Prices |
|||||||||||||
(Unaudited) |
|
|
|||||||||||
|
4Q 2022 |
|
4Q 2021 |
|
% Change |
|
3Q 2022 |
|
FY 2022 |
|
FY 2021 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil and Condensate Volumes |
|
|
|
|
|
|
|
|
|
|
|
||
United States |
465.1 |
|
449.7 |
|
3 % |
|
464.6 |
|
460.7 |
|
443.4 |
|
4 % |
Trinidad |
0.5 |
|
0.9 |
|
-44 % |
|
0.5 |
|
0.6 |
|
1.5 |
|
-60 % |
Other International (B) |
— |
|
— |
|
|
|
— |
|
— |
|
0.1 |
|
-100 % |
Total |
465.6 |
|
450.6 |
|
3 % |
|
465.1 |
|
461.3 |
|
445.0 |
|
4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Crude Oil and Condensate |
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
$ 85.68 |
|
$ 78.31 |
|
9 % |
|
$ 96.05 |
|
$ 97.22 |
|
$ 68.54 |
|
42 % |
Trinidad |
75.21 |
|
66.86 |
|
12 % |
|
84.98 |
|
86.16 |
|
56.26 |
|
53 % |
Other International (B) |
— |
|
— |
|
|
|
— |
|
— |
|
42.36 |
|
-100 % |
Composite |
85.67 |
|
78.29 |
|
9 % |
|
96.04 |
|
97.21 |
|
68.50 |
|
42 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids Volumes (MBbld) (A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
189.0 |
|
156.9 |
|
20 % |
|
209.3 |
|
197.7 |
|
144.5 |
|
37 % |
Total |
189.0 |
|
156.9 |
|
20 % |
|
209.3 |
|
197.7 |
|
144.5 |
|
37 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Natural Gas Liquids Prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
$ 28.55 |
|
$ 40.40 |
|
-29 % |
|
$ 36.02 |
|
$ 36.70 |
|
$ 34.35 |
|
7 % |
Composite |
28.55 |
|
40.40 |
|
-29 % |
|
36.02 |
|
36.70 |
|
34.35 |
|
7 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Volumes (MMcfd) (A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
1,378 |
|
1,328 |
|
4 % |
|
1,306 |
|
1,315 |
|
1,210 |
|
9 % |
Trinidad |
149 |
|
206 |
|
-28 % |
|
163 |
|
180 |
|
217 |
|
-17 % |
Other International (B) |
— |
|
— |
|
|
|
— |
|
— |
|
9 |
|
-100 % |
Total |
1,527 |
|
1,534 |
|
0 % |
|
1,469 |
|
1,495 |
|
1,436 |
|
4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Natural Gas Prices ($/Mcf) (C) |
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
$ 6.12 |
|
$ 6.40 |
|
-4 % |
|
$ 9.35 |
|
$ 7.27 |
|
$ 4.88 |
|
49 % |
Trinidad |
3.97 |
|
3.48 |
|
14 % |
|
7.45 |
(E) |
4.43 |
(E) |
3.40 |
|
30 % |
Other International (B) |
— |
|
— |
|
|
|
— |
|
— |
|
5.67 |
|
-100 % |
Composite |
5.91 |
|
6.00 |
|
-2 % |
|
9.14 |
|
6.93 |
|
4.66 |
|
49 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil Equivalent Volumes (MBoed) |
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
883.8 |
|
827.8 |
|
7 % |
|
891.6 |
|
877.5 |
|
789.6 |
|
11 % |
Trinidad |
25.3 |
|
35.3 |
|
-28 % |
|
27.6 |
|
30.7 |
|
37.7 |
|
-19 % |
Other International (B) |
— |
|
— |
|
|
|
— |
|
— |
|
1.6 |
|
-100 % |
Total |
909.1 |
|
863.1 |
|
5 % |
|
919.2 |
|
908.2 |
|
828.9 |
|
10 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total MMBoe (D) |
83.6 |
|
79.4 |
|
5 % |
|
84.6 |
|
331.5 |
|
302.5 |
|
10 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) |
Thousand barrels per day or million cubic feet per day, as applicable. |
(B) |
Other International includes EOG's China and Canada operations. The China operations were sold in the second quarter of 2021. |
(C) |
Dollars per barrel or per thousand cubic feet, as applicable. Excludes the impact of financial commodity derivative instruments (see Note 12 |
(D) |
Thousand barrels of oil equivalent per day or million barrels of oil equivalent, as applicable; includes crude oil and condensate, NGLs and natural |
(E) |
Includes revenue adjustment of $3.37 per Mcf and $0.76 per Mcf ($0.37 per Mcf and $0.09 per Mcf of EOG's composite wellhead natural gas |
Balance Sheets |
|||
In millions of USD, except share data (Unaudited) |
|||
|
December 31, |
|
December 31, |
|
2022 |
|
2021 |
Current Assets |
|
|
|
Cash and Cash Equivalents |
5,972 |
|
5,209 |
Accounts Receivable, Net |
2,774 |
|
2,335 |
Inventories |
1,058 |
|
584 |
Income Taxes Receivable |
97 |
|
— |
Other |
574 |
|
456 |
Total |
10,475 |
|
8,584 |
|
|||
Property, Plant and Equipment |
|
|
|
Oil and Gas Properties (Successful Efforts Method) |
67,322 |
|
67,644 |
Other Property, Plant and Equipment |
4,786 |
|
4,753 |
Total Property, Plant and Equipment |
72,108 |
|
72,397 |
Less: Accumulated Depreciation, Depletion and Amortization |
(42,679) |
|
(43,971) |
Total Property, Plant and Equipment, Net |
29,429 |
|
28,426 |
Deferred Income Taxes |
33 |
|
11 |
Other Assets |
1,434 |
|
1,215 |
Total Assets |
41,371 |
|
38,236 |
|
|||
Current Liabilities |
|
|
|
Accounts Payable |
2,532 |
|
2,242 |
Accrued Taxes Payable |
405 |
|
518 |
Dividends Payable |
482 |
|
436 |
Liabilities from Price Risk Management Activities |
169 |
|
269 |
Current Portion of Long-Term Debt |
1,283 |
|
37 |
Current Portion of Operating Lease Liabilities |
296 |
|
240 |
Other |
346 |
|
300 |
Total |
5,513 |
|
4,042 |
|
|
|
|
Long-Term Debt |
3,795 |
|
5,072 |
Other Liabilities |
2,574 |
|
2,193 |
Deferred Income Taxes |
4,710 |
|
4,749 |
Commitments and Contingencies |
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 588,396,757 |
206 |
|
206 |
Additional Paid in Capital |
6,187 |
|
6,087 |
Accumulated Other Comprehensive Loss |
(8) |
|
(12) |
Retained Earnings |
18,472 |
|
15,919 |
Common Stock Held in Treasury, 700,281 Shares and 257,268 Shares at |
(78) |
|
(20) |
Total Stockholders' Equity |
24,779 |
|
22,180 |
Total Liabilities and Stockholders' Equity |
41,371 |
|
38,236 |
Cash Flows Statements |
|||||||||
In millions of USD (Unaudited) |
|
|
|
|
|
|
|
|
|
|
4Q 2022 |
|
3Q 2022 |
|
4Q 2021 |
|
FY 2022 |
|
FY 2021 |
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income to Net Cash Provided by |
|
|
|
|
|
|
|
|
|
Net Income |
2,277 |
|
2,854 |
|
1,985 |
|
7,759 |
|
4,664 |
Items Not Requiring (Providing) Cash |
|
|
|
|
|
|
|
|
|
Depreciation, Depletion and Amortization |
878 |
|
906 |
|
910 |
|
3,542 |
|
3,651 |
Impairments |
142 |
|
94 |
|
206 |
|
382 |
|
376 |
Stock-Based Compensation Expenses |
34 |
|
34 |
|
35 |
|
133 |
|
152 |
Deferred Income Taxes |
179 |
|
327 |
|
122 |
|
(61) |
|
(122) |
(Gains) Losses on Asset Dispositions, Net |
27 |
|
21 |
|
29 |
|
(74) |
|
(17) |
Other, Net |
15 |
|
(5) |
|
(2) |
|
— |
|
13 |
Dry Hole Costs |
4 |
|
18 |
|
43 |
|
45 |
|
71 |
Mark-to-Market Financial Commodity Derivative |
(233) |
|
18 |
|
(136) |
|
3,982 |
|
1,152 |
Net Cash Payments for Settlements of Financial |
(244) |
|
(847) |
|
(122) |
|
(3,501) |
|
(638) |
Other, Net |
12 |
|
12 |
|
(1) |
|
45 |
|
7 |
Changes in Components of Working Capital and Other |
|
|
|
|
|
|
|
|
|
Accounts Receivable |
661 |
|
392 |
|
(182) |
|
(347) |
|
(821) |
Inventories |
(223) |
|
(140) |
|
(108) |
|
(534) |
|
(13) |
Accounts Payable |
(211) |
|
(88) |
|
341 |
|
90 |
|
456 |
Accrued Taxes Payable |
(137) |
|
(53) |
|
26 |
|
(113) |
|
312 |
Other Assets |
(93) |
|
(129) |
|
(81) |
|
(364) |
|
(136) |
Other Liabilities |
282 |
|
1,269 |
|
201 |
|
(266) |
|
(116) |
Changes in Components of Working Capital Associated |
74 |
|
90 |
|
(100) |
|
375 |
|
(200) |
Net Cash Provided by Operating Activities |
3,444 |
|
4,773 |
|
3,166 |
|
11,093 |
|
8,791 |
Investing Cash Flows |
|
|
|
|
|
|
|
|
|
Additions to Oil and Gas Properties |
(1,229) |
|
(1,102) |
|
(949) |
|
(4,619) |
|
(3,638) |
Additions to Other Property, Plant and Equipment |
(133) |
|
(103) |
|
(65) |
|
(381) |
|
(212) |
Proceeds from Sales of Assets |
39 |
|
79 |
|
77 |
|
349 |
|
231 |
Other Investing Activities |
— |
|
— |
|
— |
|
(30) |
|
— |
Changes in Components of Working Capital Associated |
(74) |
|
(90) |
|
100 |
|
(375) |
|
200 |
Net Cash Used in Investing Activities |
(1,397) |
|
(1,216) |
|
(837) |
|
(5,056) |
|
(3,419) |
Financing Cash Flows |
|
|
|
|
|
|
|
|
|
Long-Term Debt Repayments |
— |
|
— |
|
— |
|
— |
|
(750) |
Dividends Paid |
(1,327) |
|
(1,312) |
|
(1,406) |
|
(5,148) |
|
(2,684) |
Treasury Stock Purchased |
(23) |
|
(37) |
|
(8) |
|
(118) |
|
(41) |
Proceeds from Stock Options Exercised and Employee |
11 |
|
— |
|
10 |
|
28 |
|
19 |
Repayment of Finance Lease Liabilities |
(8) |
|
(8) |
|
(10) |
|
(35) |
|
(37) |
Net Cash Used in Financing Activities |
(1,347) |
|
(1,357) |
|
(1,414) |
|
(5,273) |
|
(3,493) |
Effect of Exchange Rate Changes on Cash |
— |
|
(1) |
|
1 |
|
(1) |
|
1 |
Increase in Cash and Cash Equivalents |
700 |
|
2,199 |
|
916 |
|
763 |
|
1,880 |
Cash and Cash Equivalents at Beginning of Period |
5,272 |
|
3,073 |
|
4,293 |
|
5,209 |
|
3,329 |
Cash and Cash Equivalents at End of Period |
5,972 |
|
5,272 |
|
5,209 |
|
5,972 |
|
5,209 |
Non-GAAP Financial Measures |
|
|
|
To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), EOG's quarterly earnings releases and related conference calls, accompanying investor presentation slides and presentation slides for investor conferences contain certain financial measures that are not prepared or presented in accordance with GAAP. These non-GAAP financial measures may include, but are not limited to, Adjusted Net Income (Loss), Cash Flow from Operations Before Working Capital, Free Cash Flow, Net Debt and related statistics. |
|
|
|
A reconciliation of each of these measures to their most directly comparable GAAP financial measure and related discussion is included in the tables on the following pages and can also be found in the "Reconciliations & Guidance" section of the "Investors" page of the EOG website at www.eogresources.com. |
|
|
|
As further discussed in the tables on the following pages, EOG believes these measures may be useful to investors who follow the practice of some industry analysts who make certain adjustments to GAAP measures (for example, to exclude non-recurring items) to facilitate comparisons to others in EOG's industry, and who utilize non-GAAP measures in their calculations of certain statistics (for example, return on capital employed and return on equity) used to evaluate EOG's performance. |
|
|
|
EOG believes that the non-GAAP measures presented, when viewed in combination with its financial and operating results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the company's performance. As is discussed in the tables on the following pages, EOG uses these non-GAAP measures for purposes of (i) comparing EOG's financial and operating performance with the financial and operating performance of other companies in the industry and (ii) analyzing EOG's financial and operating performance across periods. |
|
|
|
The non-GAAP measures presented should not be considered in isolation, and should not be considered as a substitute for, or as an alternative to, EOG's reported Net Income (Loss), Long-Term Debt (including Current Portion of Long-Term Debt), Net Cash Provided by Operating Activities and other financial results calculated in accordance with GAAP. The non-GAAP measures presented should be read in conjunction with EOG's consolidated financial statements prepared in accordance with GAAP. |
|
|
|
In addition, because not all companies use identical calculations, EOG's presentation of non-GAAP measures may not be comparable to, and may be calculated differently from, similarly titled measures disclosed by other companies, including its peer companies. EOG may also change the calculation of one or more of its non-GAAP measures from time to time – for example, to account for changes in its business and operations or to more closely conform to peer company or industry analysts' practices. |
|
Adjusted Net Income (Loss) |
|||||||
In millions of USD, except share data (in millions) and per share data (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables adjust the reported Net Income (Loss) (GAAP) to reflect actual net cash received from (payments for) settlements of financial commodity derivative contracts by eliminating the unrealized mark-to-market (gains) losses from these transactions, to eliminate the net (gains) losses on asset dispositions, to add back impairment charges related to certain of EOG's assets (which are generally (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets), and to make certain other adjustments to exclude non-recurring and certain other items as further described below. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to match hedge realizations to production settlement months and make certain other adjustments to exclude non-recurring and certain other items. EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry. |
|||||||
|
|
|
|
|
|
|
|
|
4Q 2022 |
||||||
|
Before
|
|
Income Tax |
|
After
|
|
Diluted |
|
|
|
|
|
|
|
|
Reported Net Income (GAAP) |
2,859 |
|
(582) |
|
2,277 |
|
3.87 |
Adjustments: |
|
|
|
|
|
|
|
Gains on Mark-to-Market Financial Commodity Derivative Contracts, |
(233) |
|
57 |
|
(176) |
|
(0.31) |
Net Cash Payments for Settlements of Financial Commodity |
(244) |
|
48 |
|
(196) |
|
(0.33) |
Less: Losses on Asset Dispositions, Net |
27 |
|
(6) |
|
21 |
|
0.04 |
Add: Certain Impairments |
31 |
|
(16) |
|
15 |
|
0.03 |
Adjustments to Net Income |
(419) |
|
83 |
|
(336) |
|
(0.57) |
|
|
|
|
|
|
|
|
Adjusted Net Income (Non-GAAP) |
2,440 |
|
(499) |
|
1,941 |
|
3.30 |
|
|
|
|
|
|
|
|
Average Number of Common Shares (Non-GAAP) |
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
584 |
Diluted |
|
|
|
|
|
|
588 |
|
|
|
|
|
|
|
|
|
|
(1) |
Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG subtracts from reported Net Income (Loss) (GAAP) |
Adjusted Net Income (Loss) (Continued) |
|||||||
In millions of USD, except share data (in millions) and per share data (Unaudited) |
|
|
|
|
|
|
|
|
3Q 2022 |
||||||
|
Before
|
|
Income Tax |
|
After
|
|
Diluted |
|
|
|
|
|
|
|
|
Reported Net Income (GAAP) |
3,663 |
|
(809) |
|
2,854 |
|
4.86 |
Adjustments: |
|
|
|
|
|
|
|
Losses on Mark-to-Market Financial Commodity Derivative Contracts, |
18 |
|
(4) |
|
14 |
|
0.03 |
Net Cash Payments for Settlements of Financial Commodity |
(847) |
|
184 |
|
(663) |
|
(1.13) |
Add: Losses on Asset Dispositions, Net |
21 |
|
(3) |
|
18 |
|
0.03 |
Add: Certain Impairments |
46 |
|
(8) |
|
38 |
|
0.06 |
Less: Severance Tax Refund |
(115) |
|
25 |
|
(90) |
|
(0.15) |
Add: Severance Tax Consulting Fees |
16 |
|
(3) |
|
13 |
|
0.02 |
Less: Interest on Severance Tax Refund |
(7) |
|
2 |
|
(5) |
|
(0.01) |
Adjustments to Net Income |
(868) |
|
193 |
|
(675) |
|
(1.15) |
|
|
|
|
|
|
|
|
Adjusted Net Income (Non-GAAP) |
2,795 |
|
(616) |
|
2,179 |
|
3.71 |
|
|
|
|
|
|
|
|
Average Number of Common Shares (Non-GAAP) |
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
583 |
Diluted |
|
|
|
|
|
|
587 |
|
|
||||||
(1) |
Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG subtracts from reported Net Income (Loss) (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended September 30, 2022, such amount was $847 million, of which $63 million was related to the early termination of certain contracts. |
||||||
|
|
|||||||
|
4Q 2021 |
||||||
|
Before
|
|
Income Tax |
|
After
|
|
Diluted |
|
|
|
|
|
|
|
|
Reported Net Income (GAAP) |
2,499 |
|
(514) |
|
1,985 |
|
3.39 |
Adjustments: |
|
|
|
|
|
|
|
Gains on Mark-to-Market Financial Commodity Derivative Contracts, |
(136) |
|
32 |
|
(104) |
|
(0.17) |
Net Cash Payments for Settlements of Financial Commodity |
(122) |
|
25 |
|
(97) |
|
(0.17) |
Add: Losses on Asset Dispositions, Net |
29 |
|
(7) |
|
22 |
|
0.04 |
Add: Certain Impairments |
— |
|
— |
|
— |
|
— |
Adjustments to Net Income |
(229) |
|
50 |
|
(179) |
|
(0.30) |
|
|
|
|
|
|
|
|
Adjusted Net Income (Non-GAAP) |
2,270 |
|
(464) |
|
1,806 |
|
3.09 |
|
|
|
|
|
|
|
|
Average Number of Common Shares (Non-GAAP) |
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
581 |
Diluted |
|
|
|
|
|
|
585 |
|
|
||||||
(1) |
Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG subtracts from reported Net Income (Loss) (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the three months ended December 31, 2021, such amount was $122 million. |
||||||
|
|
Adjusted Net Income (Loss) (Continued) |
|||||||
In millions of USD, except share data (in millions) and per share data (Unaudited) |
|||||||
|
FY 2022 |
||||||
|
Before
|
|
Income Tax |
|
After
|
|
Diluted |
|
|
|
|
|
|
|
|
Reported Net Income (GAAP) |
9,901 |
|
(2,142) |
|
7,759 |
|
13.22 |
Adjustments: |
|
|
|
|
|
|
|
Losses on Mark-to-Market Financial Commodity Derivative Contracts, |
3,982 |
|
(858) |
|
3,124 |
|
5.32 |
Net Cash Payments for Settlements of Financial Commodity |
(3,501) |
|
755 |
|
(2,746) |
|
(4.68) |
Less: Gains on Asset Dispositions, Net |
(74) |
|
17 |
|
(57) |
|
(0.10) |
Add: Certain Impairments |
113 |
|
(31) |
|
82 |
|
0.14 |
Less: Severance Tax Refund |
(115) |
|
25 |
|
(90) |
|
(0.15) |
Add: Severance Tax Consulting Fees |
16 |
|
(3) |
|
13 |
|
0.02 |
Less: Interest on Severance Tax Refund |
(7) |
|
2 |
|
(5) |
|
(0.01) |
Adjustments to Net Income |
414 |
|
(93) |
|
321 |
|
0.54 |
|
|
|
|
|
|
|
|
Adjusted Net Income (Non-GAAP) |
10,315 |
|
(2,235) |
|
8,080 |
|
13.76 |
|
|
|
|
|
|
|
|
Average Number of Common Shares (Non-GAAP) |
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
583 |
Diluted |
|
|
|
|
|
|
587 |
|
|
|
|
|
|
|
|
(1) |
Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG subtracts from reported Net Income (Loss) (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2022, such amount was $3,501 million, of which $1,391 million was related to the early termination of certain contracts. |
Adjusted Net Income (Loss) (Continued) |
|||||||
In millions of USD, except share data (in millions) and per share data (Unaudited) |
|||||||
|
FY 2021 |
||||||
|
Before
|
|
Income Tax |
|
After
|
|
Diluted |
|
|
|
|
|
|
|
|
Reported Net Income (GAAP) |
5,933 |
|
(1,269) |
|
4,664 |
|
7.99 |
Adjustments: |
|
|
|
|
|
|
|
Losses on Mark-to-Market Financial Commodity Derivative Contracts, |
1,152 |
|
(250) |
|
902 |
|
1.54 |
Net Cash Payments for Settlements of Financial Commodity |
(638) |
|
138 |
|
(500) |
|
(0.86) |
Less: Gains on Asset Dispositions, Net |
(17) |
|
9 |
|
(8) |
|
(0.01) |
Add: Certain Impairments |
15 |
|
— |
|
15 |
|
0.03 |
Less: Tax Benefits Related to Exiting Canada Operations |
— |
|
(45) |
|
(45) |
|
(0.08) |
Adjustments to Net Income |
512 |
|
(148) |
|
364 |
|
0.62 |
|
|
|
|
|
|
|
|
Adjusted Net Income (Non-GAAP) |
6,445 |
|
(1,417) |
|
5,028 |
|
8.61 |
|
|
|
|
|
|
|
|
Average Number of Common Shares (Non-GAAP) |
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
581 |
Diluted |
|
|
|
|
|
|
584 |
|
|
||||||
(1) |
Consistent with its customary practice, in calculating Adjusted Net Income (Loss) (non-GAAP), EOG subtracts from reported Net Income (Loss) (GAAP) the total net cash paid for settlements of financial commodity derivative contracts during such period. For the twelve months ended December 31, 2021, such amount was $638 million. |
Adjusted Net Income Per Share |
|||
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited) |
|||
|
|
|
|
3Q 2022 Adjusted Net Income per Share (Non-GAAP) |
|
|
3.71 |
|
|
|
|
Realized Price |
|
|
|
4Q 2022 Composite Average Wellhead Revenue per Boe |
59.74 |
|
|
Less: 3Q 2022 Composite Average Wellhead Revenue per Boe |
(71.40) |
|
|
Subtotal |
(11.66) |
|
|
Multiplied by: 4Q 2022 Crude Oil Equivalent Volumes (MMBoe) |
83.6 |
|
|
Total Change in Revenue |
(975) |
|
|
Less: Income Tax Benefit (Provision) Imputed (based on 23%) |
224 |
|
|
Change in Net Income |
(751) |
|
|
Change in Diluted Earnings per Share |
|
|
(1.28) |
|
|
|
|
Wellhead Volumes |
|
|
|
4Q 2022 Crude Oil Equivalent Volumes (MMBoe) |
83.6 |
|
|
Less: 3Q 2022 Crude Oil Equivalent Volumes (MMBoe) |
(84.6) |
|
|
Subtotal |
(1.0) |
|
|
Multiplied by: 4Q 2022 Composite Average Margin per Boe (Non-GAAP) (Including Total |
31.37 |
|
|
Change in Revenue |
(31) |
|
|
Less: Income Tax Benefit (Provision) Imputed (based on 23%) |
7 |
|
|
Change in Net Income |
(24) |
|
|
Change in Diluted Earnings per Share |
|
|
(0.04) |
|
|
|
|
Certain Operating Costs per Boe |
|
|
|
3Q 2022 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe (refer to "Revenues, |
21.41 |
|
|
Less: 4Q 2022 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe (refer to |
(21.32) |
|
|
Subtotal |
0.09 |
|
|
Multiplied by: 4Q 2022 Crude Oil Equivalent Volumes (MMBoe) |
83.6 |
|
|
Change in Before-Tax Net Income |
8 |
|
|
Less: Income Tax Benefit (Provision) Imputed (based on 23%) |
(2) |
|
|
Change in Net Income |
6 |
|
|
Change in Diluted Earnings per Share |
|
|
0.01 |
|
|||
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts |
|
|
|
4Q 2022 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative |
(244) |
|
|
Less: Income Tax Benefit (Provision) |
48 |
|
|
After Tax - (a) |
(196) |
|
|
3Q 2022 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative |
(847) |
|
|
Less: Income Tax Benefit (Provision) |
184 |
|
|
After Tax - (b) |
(663) |
|
|
Change in Net Income - (a) - (b) |
467 |
|
|
Change in Diluted Earnings per Share |
|
|
0.79 |
|
|
|
|
Other (1) |
|
|
0.11 |
|
|
|
|
4Q 2022 Adjusted Net Income per Share (Non-GAAP) |
|
|
3.30 |
|
|
|
|
4Q 2022 Average Number of Common Shares (Non-GAAP) - Diluted |
588 |
|
|
|
|
|
|
|
|
(1) |
Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, |
Adjusted Net Income per Share |
|||
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited) |
|||
|
|
|
|
FY 2021 Adjusted Net Income per Share (Non-GAAP) |
|
|
8.61 |
|
|
|
|
Realized Price |
|
|
|
FY 2022 Composite Average Wellhead Revenue per Boe |
68.77 |
|
|
Less: FY 2021 Composite Average Wellhead Revenue per Boe |
(50.84) |
|
|
Subtotal |
17.93 |
|
|
Multiplied by: FY 2022 Crude Oil Equivalent Volumes (MMBoe) |
331.5 |
|
|
Total Change in Revenue |
5,944 |
|
|
Less: Income Tax Benefit (Provision) Imputed (based on 23%) |
(1,367) |
|
|
Change in Net Income |
4,577 |
|
|
Change in Diluted Earnings per Share |
|
|
7.80 |
|
|
|
|
Wellhead Volumes |
|
|
|
FY 2022 Crude Oil Equivalent Volumes (MMBoe) |
331.5 |
|
|
Less: FY 2021 Crude Oil Equivalent Volumes (MMBoe) |
(302.5) |
|
|
Subtotal |
29.0 |
|
|
Multiplied by: FY 2022 Composite Average Margin per Boe (Non-GAAP)
|
40.51 |
|
|
Change in Revenue |
1,175 |
|
|
Less: Income Tax Benefit (Provision) Imputed (based on 23%) |
(270) |
|
|
Change in Net Income |
905 |
|
|
Change in Diluted Earnings per Share |
|
|
1.54 |
|
|
|
|
Certain Operating Costs per Boe |
|
|
|
FY 2021 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe (refer to "Revenues, |
22.21 |
|
|
Less: FY 2022 Total Cash Operating Costs (Non-GAAP) and Total DD&A per Boe (refer to |
(21.16) |
|
|
Subtotal |
1.05 |
|
|
Multiplied by: FY 2022 Crude Oil Equivalent Volumes (MMBoe) |
331.5 |
|
|
Change in Before-Tax Net Income |
348 |
|
|
Less: Income Tax Benefit (Provision) Imputed (based on 23%) |
(80) |
|
|
Change in Net Income |
268 |
|
|
Change in Diluted Earnings per Share |
|
|
0.46 |
|
|
|
|
|
|
|
|
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts |
|
|
|
FY 2022 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative |
(3,501) |
|
|
Less: Income Tax Benefit (Provision) |
755 |
|
|
After Tax - (a) |
(2,746) |
|
|
FY 2021 Net Cash Received from (Payments for) Settlement of Financial Commodity Derivative |
(638) |
|
|
Less: Income Tax Benefit (Provision) |
138 |
|
|
After Tax - (b) |
(500) |
|
|
Change in Net Income - (a) - (b) |
(2,246) |
|
|
Change in Diluted Earnings per Share |
|
|
(3.83) |
|
|
|
|
Other (1) |
|
|
(0.82) |
|
|
|
|
FY 2022 Adjusted Net Income per Share (Non-GAAP) |
|
|
13.76 |
|
|
|
|
FY 2022 Average Number of Common Shares (Non-GAAP) - Diluted |
587 |
|
|
|
|
|
|
|
|
(1) |
Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, |
Net Income per Share |
|||
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited) |
|||
|
|
|
|
3Q 2022 Net Income per Share (GAAP) |
|
|
4.86 |
|
|
|
|
Realized Price |
|
|
|
4Q 2022 Composite Average Wellhead Revenue per Boe |
59.74 |
|
|
Less: 3Q 2022 Composite Average Wellhead Revenue per Boe |
(71.40) |
|
|
Subtotal |
(11.66) |
|
|
Multiplied by: 4Q 2022 Crude Oil Equivalent Volumes (MMBoe) |
83.6 |
|
|
Total Change in Revenue |
(975) |
|
|
Less: Income Tax Benefit (Provision) Imputed (based on 23%) |
224 |
|
|
Change in Net Income |
(751) |
|
|
Change in Diluted Earnings per Share |
|
|
(1.28) |
|
|
|
|
Wellhead Volumes |
|
|
|
4Q 2022 Crude Oil Equivalent Volumes (MMBoe) |
83.6 |
|
|
Less: 3Q 2022 Crude Oil Equivalent Volumes (MMBoe) |
(84.6) |
|
|
Subtotal |
(1.0) |
|
|
Multiplied by: 4Q 2022 Composite Average Margin per Boe (Non-GAAP)
|
31.37 |
|
|
Change in Revenue |
(31) |
|
|
Less: Income Tax Benefit (Provision) Imputed (based on 23%) |
7 |
|
|
Change in Net Income |
(24) |
|
|
Change in Diluted Earnings per Share |
|
|
(0.04) |
|
|
|
|
Certain Operating Costs per Boe |
|
|
|
3Q 2022 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (refer to "Revenues, Costs |
21.60 |
|
|
Less: 4Q 2022 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (refer to "Revenues, |
(21.32) |
|
|
Subtotal |
0.28 |
|
|
Multiplied by: 4Q 2022 Crude Oil Equivalent Volumes (MMBoe) |
83.6 |
|
|
Change in Before-Tax Net Income |
23 |
|
|
Less: Income Tax Benefit (Provision) Imputed (based on 23%) |
(5) |
|
|
Change in Net Income |
18 |
|
|
Change in Diluted Earnings per Share |
|
|
0.03 |
|
|
|
|
Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts, Net |
|
|
|
4Q 2022 Net Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts |
233 |
|
|
Less: 3Q 2022 Net (Gains) Losses on Mark-to-Market Financial Commodity Derivative Contracts |
18 |
|
|
Subtotal |
251 |
|
|
Less: Income Tax Benefit (Provision) Imputed (based on 23%) |
(58) |
|
|
Change in Net Income |
193 |
|
|
Change in Diluted Earnings per Share |
|
|
0.33 |
|
|
|
|
Other (1) |
|
|
(0.03) |
|
|
|
|
4Q 2022 Net Income per Share (GAAP) |
|
|
3.87 |
|
|
|
|
4Q 2022 Average Number of Common Shares (GAAP) - Diluted |
588 |
|
|
|
|
|
|
|
|
(1) |
Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, |
Net Income per Share |
|||
In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited) |
|||
|
|
|
|
FY 2021 Net Income per Share (GAAP) |
|
|
7.99 |
|
|
|
|
Realized Price |
|
|
|
FY 2022 Composite Average Wellhead Revenue per Boe |
68.77 |
|
|
Less: FY 2021 Composite Average Wellhead Revenue per Boe |
(50.84) |
|
|
Subtotal |
17.93 |
|
|
Multiplied by: FY 2022 Crude Oil Equivalent Volumes (MMBoe) |
331.5 |
|
|
Total Change in Revenue |
5,944 |
|
|
Less: Income Tax Benefit (Provision) Imputed (based on 23%) |
(1,367) |
|
|
Change in Net Income |
4,577 |
|
|
Change in Diluted Earnings per Share |
|
|
7.80 |
|
|
|
|
Wellhead Volumes |
|
|
|
FY 2022 Crude Oil Equivalent Volumes (MMBoe) |
331.5 |
|
|
Less: FY 2021 Crude Oil Equivalent Volumes (MMBoe) |
(302.5) |
|
|
Subtotal |
29.0 |
|
|
Multiplied by: FY 2022 Composite Average Margin per Boe (Non-GAAP)
|
40.51 |
|
|
Change in Revenue |
1,175 |
|
|
Less: Income Tax Benefit (Provision) Imputed (based on 23%) |
(270) |
|
|
Change in Net Income |
905 |
|
|
Change in Diluted Earnings per Share |
|
|
1.54 |
|
|
|
|
Certain Operating Costs per Boe |
|
|
|
FY 2021 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (refer to "Revenues, Costs |
22.21 |
|
|
Less: FY 2022 Total Cash Operating Costs (GAAP) and Total DD&A per Boe (refer to "Revenues, |
(21.21) |
|
|
Subtotal |
1.00 |
|
|
Multiplied by: FY 2022 Crude Oil Equivalent Volumes (MMBoe) |
331.5 |
|
|
Change in Before-Tax Net Income |
332 |
|
|
Less: Income Tax Benefit (Provision) Imputed (based on 23%) |
(76) |
|
|
Change in Net Income |
256 |
|
|
Change in Diluted Earnings per Share |
|
|
0.44 |
|
|
|
|
Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts, Net |
|
|
|
FY 2022 Net Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts |
(3,982) |
|
|
Less: FY 2021 Net (Gains) Losses on Mark-to-Market Financial Commodity Derivative Contracts |
1,152 |
|
|
Subtotal |
(2,830) |
|
|
Less: Income Tax Benefit (Provision) Imputed (based on 23%) |
651 |
|
|
Change in Net Income |
(2,179) |
|
|
Change in Diluted Earnings per Share |
|
|
(3.71) |
|
|
|
|
Other (1) |
|
|
(0.84) |
|
|
|
|
FY 2022 Net Income per Share (GAAP) |
|
|
13.22 |
|
|
|
|
FY 2022 Average Number of Common Shares (GAAP) - Diluted |
587 |
|
|
|
|
|
|
|
|
(1) |
Includes gathering, processing and marketing revenue, gains (losses) on asset dispositions, other revenue, exploration, dry hole, |
Cash Flow from Operations and Free Cash Flow |
|||||||||
In millions of USD (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Cash Flow from Operations Before Working Capital (Non-GAAP). EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust Net Cash Provided by Operating Activities for Changes in Components of Working Capital and Other Assets and Liabilities, Changes in Components of Working Capital Associated with Investing and Financing Activities and certain other adjustments to exclude non-recurring and certain other items as further described below. EOG defines Free Cash Flow (Non-GAAP) for a given period as Cash Flow from Operations Before Working Capital (Non-GAAP) (see below reconciliation) for such period less the total capital expenditures (Non-GAAP) during such period, as is illustrated below. EOG management uses this information for comparative purposes within the industry. To further the comparability of EOG's financial results with those of EOG's peer companies and other companies in the industry, EOG now utilizes Cash Flow from Operations Before Working Capital (Non-GAAP), instead of Discretionary Cash Flow (Non-GAAP), in calculating its Free Cash Flow (Non-GAAP). Accordingly, Free Cash Flow (Non-GAAP) for the fourth, third, second and first quarter of 2022 and twelve-month period ended December 31 2022, have been calculated on such basis, and the calculations of Free Cash Flow (Non-GAAP) for each of the prior periods shown have been revised and conformed. |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
4Q 2022 |
|
3Q 2022 |
|
2Q 2022 |
|
1Q 2022 |
|
4Q 2021 |
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities (GAAP) |
3,444 |
|
4,773 |
|
2,048 |
|
828 |
|
3,166 |
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Changes in Components of Working Capital and Other Assets and Liabilities |
|
|
|
|
|
|
|
|
|
Accounts Receivable |
(661) |
|
(392) |
|
522 |
|
878 |
|
182 |
Inventories |
223 |
|
140 |
|
157 |
|
14 |
|
108 |
Accounts Payable |
211 |
|
88 |
|
(259) |
|
(130) |
|
(341) |
Accrued Taxes Payable |
137 |
|
53 |
|
536 |
|
(613) |
|
(26) |
Other Assets |
93 |
|
129 |
|
(71) |
|
213 |
|
81 |
Other Liabilities |
(282) |
|
(1,269) |
|
(433) |
|
2,250 |
|
(201) |
Changes in Components of Working Capital Associated with Investing Activities |
(74) |
|
(90) |
|
(143) |
|
(68) |
|
100 |
Cash Flow from Operations Before Working Capital (Non-GAAP) |
3,091 |
|
3,432 |
|
2,357 |
|
3,372 |
|
3,069 |
|
|
|
|
|
|
|
|
|
|
Cash Flow from Operations Before Working Capital (Non-GAAP) |
3,091 |
|
3,432 |
|
2,357 |
|
3,372 |
|
3,069 |
Less: |
|
|
|
|
|
|
|
|
|
Total Capital Expenditures (Non-GAAP) (a) |
(1,361) |
|
(1,166) |
|
(1,071) |
|
(1,009) |
|
(1,015) |
Free Cash Flow (Non-GAAP) |
1,730 |
|
2,266 |
|
1,286 |
|
2,363 |
|
2,054 |
|
|
|
|
|
|
|
|
|
|
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP): |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
4Q 2022 |
|
3Q 2022 |
|
2Q 2022 |
|
1Q 2022 |
|
4Q 2021 |
|
|
|
|
|
|
|
|
|
|
Total Expenditures (GAAP) |
1,535 |
|
1,410 |
|
1,521 |
|
1,144 |
|
1,137 |
Less: |
|
|
|
|
|
|
|
|
|
Asset Retirement Costs |
(89) |
|
(139) |
|
(43) |
|
(27) |
|
(71) |
Non-Cash Acquisition Costs of Unproved Properties |
(20) |
|
(28) |
|
(21) |
|
(58) |
|
(8) |
Acquisition Costs of Proved Properties |
(21) |
|
(42) |
|
(351) |
|
(5) |
|
(1) |
Exploration Costs |
(44) |
|
(35) |
|
(35) |
|
(45) |
|
(42) |
Total Capital Expenditures (Non-GAAP) |
1,361 |
|
1,166 |
|
1,071 |
|
1,009 |
|
1,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2022 |
|
FY 2021 |
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities (GAAP) |
|
|
|
|
|
|
11,093 |
|
8,791 |
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Changes in Components of Working Capital and Other Assets and Liabilities |
|
|
|
|
|
|
|||
Accounts Receivable |
|
|
|
|
|
|
347 |
|
821 |
Inventories |
|
|
|
|
|
|
534 |
|
13 |
Accounts Payable |
|
|
|
|
|
|
(90) |
|
(456) |
Accrued Taxes Payable |
|
|
|
|
|
|
113 |
|
(312) |
Other Assets |
|
|
|
|
|
|
364 |
|
136 |
Other Liabilities |
|
|
|
|
|
|
266 |
|
116 |
Changes in Components of Working Capital Associated with Investing Activities |
|
|
|
(375) |
|
200 |
|||
Cash Flow from Operations Before Working Capital (Non-GAAP) |
|
|
|
12,252 |
|
9,309 |
|||
|
|
|
|
|
|
|
|
|
|
Cash Flow from Operations Before Working Capital (Non-GAAP) |
|
|
|
12,252 |
|
9,309 |
|||
Less: |
|
|
|
|
|
|
|
|
|
Total Capital Expenditures (Non-GAAP) (a) |
|
|
|
|
|
|
(4,607) |
|
(3,755) |
Free Cash Flow (Non-GAAP) |
|
|
|
|
|
|
7,645 |
|
5,554 |
|
|
|
|
|
|
|
|
|
|
(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP): |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2022 |
|
FY 2021 |
|
|
|
|
|
|
|
|
|
|
Total Expenditures (GAAP) |
|
|
|
|
|
|
5,610 |
|
4,255 |
Less: |
|
|
|
|
|
|
|
|
|
Asset Retirement Costs |
|
|
|
|
|
|
(298) |
|
(127) |
Non-Cash Acquisition Costs of Unproved Properties |
|
|
|
(127) |
|
(45) |
|||
Non-Cash Finance Leases |
|
|
|
|
|
|
— |
|
(74) |
Acquisition Costs of Proved Properties |
|
|
|
|
|
|
(419) |
|
(100) |
Exploration Costs |
|
|
|
|
|
|
(159) |
|
(154) |
Total Capital Expenditures (Non-GAAP) |
|
|
|
|
|
|
4,607 |
|
3,755 |
Net Debt-to-Total Capitalization Ratio |
|||||||||
In millions of USD, except ratio data (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables reconcile Current and Long-Term Debt (GAAP) to Net Debt (Non-GAAP) and Total Capitalization (GAAP) to Total Capitalization (Non-GAAP), as used in the Net Debt-to-Total Capitalization ratio calculation. A portion of the cash is associated with international subsidiaries; tax considerations may impact debt paydown. EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize Net Debt and Total Capitalization (Non-GAAP) in their Net Debt-to-Total Capitalization ratio calculation. EOG management uses this information for comparative purposes within the industry. |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
|
|
|
|
|
|
|
|
Total Stockholders' Equity - (a) |
24,779 |
|
23,849 |
|
22,312 |
|
21,540 |
|
22,180 |
|
|
|
|
|
|
|
|
|
|
Current and Long-Term Debt (GAAP) - (b) |
5,078 |
|
5,084 |
|
5,091 |
|
5,099 |
|
5,109 |
Less: Cash |
(5,972) |
|
(5,272) |
|
(3,073) |
|
(4,009) |
|
(5,209) |
Net Debt (Non-GAAP) - (c) |
(894) |
|
(188) |
|
2,018 |
|
1,090 |
|
(100) |
|
|
|
|
|
|
|
|
|
|
Total Capitalization (GAAP) - (a) + (b) |
29,857 |
|
28,933 |
|
27,403 |
|
26,639 |
|
27,289 |
|
|
|
|
|
|
|
|
|
|
Total Capitalization (Non-GAAP) - (a) + (c) |
23,885 |
|
23,661 |
|
24,330 |
|
22,630 |
|
22,080 |
|
|
|
|
|
|
|
|
|
|
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] |
17.0 % |
|
17.6 % |
|
18.6 % |
|
19.1 % |
|
18.7 % |
|
|
|
|
|
|
|
|
|
|
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] |
-3.7 % |
|
-0.8 % |
|
8.3 % |
|
4.8 % |
|
-0.5 % |
Proved Reserves and Reserve Replacement Data |
|||||||
(Unaudited) |
|||||||
|
|
|
|
|
|
|
|
2022 Net Proved Reserves Reconciliation Summary |
United States |
|
Trinidad |
|
Other International |
|
Total |
Crude Oil and Condensate (MMBbl) |
|
|
|
|
|
|
|
Beginning Reserves |
1,546 |
|
2 |
|
— |
|
1,548 |
Revisions |
120 |
|
— |
|
— |
|
120 |
Purchases in Place |
7 |
|
— |
|
— |
|
7 |
Extensions, Discoveries and Other Additions |
175 |
|
— |
|
— |
|
175 |
Sales in Place |
(21) |
|
— |
|
— |
|
(21) |
Production |
(168) |
|
— |
|
— |
|
(168) |
Ending Reserves |
1,659 |
|
2 |
|
— |
|
1,661 |
|
|
|
|
|
|
|
|
Natural Gas Liquids (MMBbl) |
|
|
|
|
|
|
|
Beginning Reserves |
829 |
|
— |
|
— |
|
829 |
Revisions |
258 |
|
— |
|
— |
|
258 |
Purchases in Place |
4 |
|
— |
|
— |
|
4 |
Extensions, Discoveries and Other Additions |
140 |
|
— |
|
— |
|
140 |
Sales in Place |
(14) |
|
— |
|
— |
|
(14) |
Production |
(72) |
|
— |
|
— |
|
(72) |
Ending Reserves |
1,145 |
|
— |
|
— |
|
1,145 |
|
|
|
|
|
|
|
|
Natural Gas (Bcf) |
|
|
|
|
|
|
|
Beginning Reserves |
7,907 |
|
315 |
|
— |
|
8,222 |
Revisions |
(271) |
|
18 |
|
— |
|
(253) |
Purchases in Place |
32 |
|
— |
|
— |
|
32 |
Extensions, Discoveries and Other Additions |
1,414 |
|
51 |
|
— |
|
1,465 |
Sales in Place |
(316) |
|
— |
|
— |
|
(316) |
Production |
(493) |
|
(66) |
|
— |
|
(559) |
Ending Reserves |
8,273 |
|
318 |
|
— |
|
8,591 |
|
|
|
|
|
|
|
|
Oil Equivalents (MMBoe) |
|
|
|
|
|
|
|
Beginning Reserves |
3,693 |
|
54 |
|
— |
|
3,747 |
Revisions |
333 |
|
3 |
|
— |
|
336 |
Purchases in Place |
16 |
|
— |
|
— |
|
16 |
Extensions, Discoveries and Other Additions |
551 |
|
9 |
|
— |
|
560 |
Sales in Place |
(88) |
|
— |
|
— |
|
(88) |
Production |
(322) |
|
(11) |
|
— |
|
(333) |
Ending Reserves |
4,183 |
|
55 |
|
— |
|
4,238 |
|
|
|
|
|
|
|
|
Net Proved Developed Reserves (MMBoe) |
|
|
|
|
|
|
|
At December 31, 2021 |
1,926 |
|
22 |
|
— |
|
1,948 |
At December 31, 2022 |
2,162 |
|
23 |
|
— |
|
2,185 |
|
|
|
|
|
|
|
|
2022 Exploration and Development Expenditures ($ Millions) |
|||||||
|
|
|
|
|
|
|
|
Acquisition Cost of Unproved Properties |
186 |
|
— |
|
— |
|
186 |
Exploration Costs |
263 |
|
84 |
|
17 |
|
364 |
Development Costs |
3,898 |
|
64 |
|
— |
|
3,962 |
Total Drilling |
4,347 |
|
148 |
|
17 |
|
4,512 |
Acquisition Cost of Proved Properties |
419 |
|
— |
|
— |
|
419 |
Asset Retirement Costs |
208 |
|
81 |
|
9 |
|
298 |
Total Exploration and Development Expenditures |
4,974 |
|
229 |
|
26 |
|
5,229 |
Gathering, Processing and Other |
381 |
|
1 |
|
(1) |
|
381 |
Total Expenditures |
5,355 |
|
230 |
|
25 |
|
5,610 |
Proceeds from Sales in Place |
(349) |
|
— |
|
— |
|
(349) |
Net Expenditures |
5,006 |
|
230 |
|
25 |
|
5,261 |
|
|
|
|
|
|
|
|
Reserve Replacement Costs ($ / Boe) * |
|
|
|
|
|
|
|
All-in Total, Net of Revisions |
4.96 |
|
11.92 |
|
— |
|
5.06 |
All-in Total, Excluding Revisions Due to Price |
5.03 |
|
11.92 |
|
— |
|
5.13 |
|
|
|
|
|
|
|
|
Reserve Replacement * |
|
|
|
|
|
|
|
Drilling Only |
171 % |
|
82 % |
|
0 % |
|
168 % |
All-in Total, Net of Revisions and Dispositions |
252 % |
|
109 % |
|
0 % |
|
247 % |
All-in Total, Excluding Revisions Due to Price |
249 % |
|
109 % |
|
0 % |
|
244 % |
All-in Total, Liquids |
279 % |
|
0 % |
|
0 % |
|
279 % |
|
|
|
|
|
|
|
|
* See following reconciliation schedule for calculation methodology |
Reserve Replacement Cost Data |
|||||||
(Unaudited; in millions, except ratio data) |
|
|
|
|
|
|
|
|
|||||||
For the Twelve Months Ended December 31, 2022 |
United States |
|
Trinidad |
|
Other International |
|
Total |
|
|
|
|
|
|
|
|
Total Costs Incurred in Exploration and Development Activities (GAAP) |
4,974 |
|
229 |
|
26 |
|
5,229 |
Less: Asset Retirement Costs |
(208) |
|
(81) |
|
(9) |
|
(298) |
Non-Cash Acquisition Costs of Unproved Properties |
(127) |
|
— |
|
— |
|
(127) |
Total Acquisition Costs of Proved Properties |
(419) |
|
— |
|
— |
|
(419) |
Exploration Expenses |
(145) |
|
(5) |
|
(9) |
|
(159) |
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a) |
4,075 |
|
143 |
|
8 |
|
4,226 |
|
|
|
|
|
|
|
|
Total Costs Incurred in Exploration and Development Activities (GAAP) |
4,974 |
|
229 |
|
26 |
|
5,229 |
Less: Asset Retirement Costs |
(208) |
|
(81) |
|
(9) |
|
(298) |
Non-Cash Acquisition Costs of Unproved Properties |
(127) |
|
— |
|
— |
|
(127) |
Non-Cash Acquisition Costs of Proved Properties |
(26) |
|
— |
|
— |
|
(26) |
Exploration Expenses |
(145) |
|
(5) |
|
(9) |
|
(159) |
Total Exploration and Development Expenditures (Non-GAAP) - (b) |
4,468 |
|
143 |
|
8 |
|
4,619 |
|
|
|
|
|
|
|
|
Total Expenditures (GAAP) |
5,355 |
|
230 |
|
25 |
|
5,610 |
Less: Asset Retirement Costs |
(208) |
|
(81) |
|
(9) |
|
(298) |
Non-Cash Acquisition Costs of Unproved Properties |
(127) |
|
— |
|
— |
|
(127) |
Non-Cash Acquisition Costs of Proved Properties |
(26) |
|
— |
|
— |
|
(26) |
Exploration Expenses |
(145) |
|
(5) |
|
(9) |
|
(159) |
Total Cash Expenditures (Non-GAAP) |
4,849 |
|
144 |
|
7 |
|
5,000 |
|
|
|
|
|
|
|
|
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe) |
|
|
|
|
|
|
|
Revisions Due to Price - (c) |
11 |
|
— |
|
— |
|
11 |
Revisions Other Than Price |
322 |
|
3 |
|
— |
|
325 |
Purchases in Place |
16 |
|
— |
|
— |
|
16 |
Extensions, Discoveries and Other Additions - (d) |
551 |
|
9 |
|
— |
|
560 |
Total Proved Reserve Additions - (e) |
900 |
|
12 |
|
— |
|
912 |
Sales in Place |
(88) |
|
— |
|
— |
|
(88) |
Net Proved Reserve Additions From All Sources - (f) |
812 |
|
12 |
|
— |
|
824 |
|
|
|
|
|
|
|
|
Production - (g) |
322 |
|
11 |
|
— |
|
333 |
|
|
|
|
|
|
|
|
Reserve Replacement Costs ($ / Boe) |
|
|
|
|
|
|
|
Total Drilling, Before Revisions - (a / d) |
7.40 |
|
15.89 |
|
— |
|
7.55 |
All-in Total, Net of Revisions - (b / e) |
4.96 |
|
11.92 |
|
— |
|
5.06 |
All-in Total, Excluding Revisions Due to Price - (b / (e - c)) |
5.03 |
|
11.92 |
|
— |
|
5.13 |
|
|
|
|
|
|
|
|
Reserve Replacement |
|
|
|
|
|
|
|
Drilling Only - (d / g) |
171 % |
|
82 % |
|
0 % |
|
168 % |
All-in Total, Net of Revisions and Dispositions - (f / g) |
252 % |
|
109 % |
|
0 % |
|
247 % |
All-in Total, Excluding Revisions Due to Price - ((f - c) / g) |
249 % |
|
109 % |
|
0 % |
|
244 % |
|
|
|
|
|
|
|
|
For the Twelve Months Ended December 31, 2022 |
United States |
|
Trinidad |
|
Other International |
|
Total |
|
|
|
|
|
|
|
|
Net Proved Reserve Additions From All Sources - Liquids (MMBbl) |
|
|
|
|
|
|
|
Revisions |
378 |
|
— |
|
— |
|
378 |
Purchases in Place |
11 |
|
— |
|
— |
|
11 |
Extensions, Discoveries and Other Additions - (h) |
315 |
|
— |
|
— |
|
315 |
Total Proved Reserve Additions |
704 |
|
— |
|
— |
|
704 |
Sales in Place |
(35) |
|
— |
|
— |
|
(35) |
Net Proved Reserve Additions From All Sources - (i) |
669 |
|
— |
|
— |
|
669 |
|
|
|
|
|
|
|
|
Production - (j) |
240 |
|
— |
|
— |
|
240 |
|
|
|
|
|
|
|
|
Reserve Replacement - Liquids |
|
|
|
|
|
|
|
Drilling Only - (h / j) |
131 % |
|
0 % |
|
0 % |
|
131 % |
All-in Total, Net of Revisions and Dispositions - (i / j) |
279 % |
|
0 % |
|
0 % |
|
279 % |
Reserve Replacement Cost Data (Continued) |
|
(Unaudited; in millions, except ratio data) |
|
|
|
For the Twelve Months Ended December 31, 2022 |
|
|
|
Proved Developed Reserve Replacement Costs ($ / Boe) |
Total |
Total Costs Incurred in Exploration and Development Activities (GAAP) |
5,229 |
Less: Asset Retirement Costs |
(298) |
Acquisition Costs of Unproved Properties |
(186) |
Acquisition Costs of Proved Properties |
(419) |
Exploration Expenses |
(159) |
Drillbit Exploration and Development Expenditures (Non-GAAP) - (k) |
4,167 |
|
|
Total Proved Reserves - Extensions, Discoveries and Other Additions (MMBoe) |
560 |
Add: Conversion of Proved Undeveloped Reserves to Proved Developed |
293 |
Less: Proved Undeveloped Extensions and Discoveries |
(410) |
Proved Developed Reserves - Extensions and Discoveries (MMBoe) |
443 |
|
|
Total Proved Reserves - Revisions (MMBoe) |
336 |
Less: Proved Undeveloped Reserves - Revisions |
(141) |
Proved Developed - Revisions Due to Price |
(9) |
Proved Developed Reserves - Revisions Other Than Price (MMBoe) |
186 |
|
|
Proved Developed Reserves - Extensions and Discoveries Plus Revisions Other Than Price (MMBoe) - (l) |
629 |
|
|
Proved Developed Reserve Replacement Costs Excluding Revisions Due to Price ($ / Boe) - (k / l) |
6.62 |
Reserve Replacement Cost Data |
|||||
In millions of USD, except reserves and ratio data (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
The following table reconciles Total Costs Incurred in Exploration and Development Activities (GAAP) to Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) and Total Exploration and Development Expenditures (Non-GAAP), as used in the calculation of Reserve Replacement Costs per Boe. There are numerous ways that industry participants present Reserve Replacement Costs, including "Drilling Only" and "All-In", which reflect total exploration and development expenditures divided by total net proved reserve additions from extensions and discoveries only, or from all sources. Combined with Reserve Replacement, these statistics (and the non-GAAP measures used in calculating such statistics) provide management and investors with an indication of the results of the current year capital investment program. Reserve Replacement Cost statistics (and the non-GAAP measures used in calculating such statistics) are widely recognized and reported by industry participants and are used by EOG management and other third parties for comparative purposes within the industry. Please note that the actual cost of adding reserves will vary from the reported statistics due to timing differences in reserve bookings and capital expenditures. Accordingly, some analysts use three or five year averages of reported statistics, while others prefer to estimate future costs. EOG has not included future capital costs to develop proved undeveloped reserves in exploration and development expenditures. In addition, to further the comparability of the results of EOG's current-year capital investment program with those of EOG's peer companies and other companies in the industry, EOG now deducts Exploration Expenses, as illustrated below, in calculating Total Exploration and Development Expenditures for Drilling Only (Non-GAAP), Total Exploration and Development Expenditures (Non-GAAP), Total Cash Expenditures (Non-GAAP), Drillbit Exploration and Development Expenditures (Non-GAAP) and the related Reserve Replacement Costs metrics. Accordingly, Total Exploration and Development Expenditures for Drilling Only (Non-GAAP), Total Exploration and Development Expenditures (Non-GAAP), Total Cash Expenditures (Non-GAAP), Drillbit Exploration and Development Expenditures (Non-GAAP) and the related Reserve Replacement Costs metrics, in each case for fiscal year 2022, have been calculated on such basis, and the calculations for each of the prior periods shown have been revised and conformed. |
|||||
|
|
|
|
|
|
|
2022 |
|
2021 |
|
2020 |
|
|
|
|
|
|
Total Costs Incurred in Exploration and Development Activities (GAAP) |
5,229 |
|
3,969 |
|
3,718 |
Less: Asset Retirement Costs |
(298) |
|
(127) |
|
(117) |
Non-Cash Acquisition Costs of Unproved Properties |
(127) |
|
(45) |
|
(197) |
Acquisition Costs of Proved Properties |
(419) |
|
(100) |
|
(135) |
Exploration Expenses |
(159) |
|
(154) |
|
(146) |
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a) |
4,226 |
|
3,543 |
|
3,123 |
|
|
|
|
|
|
Total Costs Incurred in Exploration and Development Activities (GAAP) |
5,229 |
|
3,969 |
|
3,718 |
Less: Asset Retirement Costs |
(298) |
|
(127) |
|
(117) |
Non-Cash Acquisition Costs of Unproved Properties |
(127) |
|
(45) |
|
(197) |
Non-Cash Acquisition Costs of Proved Properties |
(26) |
|
(5) |
|
(15) |
Exploration Expenses |
(159) |
|
(154) |
|
(146) |
Total Exploration and Development Expenditures (Non-GAAP) - (b) |
4,619 |
|
3,638 |
|
3,243 |
|
|
|
|
|
|
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe) |
|
|
|
|
|
Revisions Due to Price - (c) |
11 |
|
194 |
|
(278) |
Revisions Other Than Price |
325 |
|
(308) |
|
(89) |
Purchases in Place |
16 |
|
9 |
|
10 |
Extensions, Discoveries and Other Additions - (d) |
560 |
|
952 |
|
564 |
Total Proved Reserve Additions - (e) |
912 |
|
847 |
|
207 |
Sales in Place |
(88) |
|
(11) |
|
(31) |
Net Proved Reserve Additions From All Sources |
824 |
|
836 |
|
176 |
|
|
|
|
|
|
Production |
333 |
|
309 |
|
285 |
|
|
|
|
|
|
Reserve Replacement Costs ($ / Boe) |
|
|
|
|
|
Total Drilling, Before Revisions - (a / d) |
7.55 |
|
3.72 |
|
5.54 |
All-in Total, Net of Revisions - (b / e) |
5.06 |
|
4.30 |
|
15.67 |
All-in Total, Excluding Revisions Due to Price - (b / ( e - c)) |
5.13 |
|
5.57 |
|
6.69 |
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
|
|
|
|
|
|
Total Costs Incurred in Exploration and Development Activities (GAAP) |
6,628 |
|
6,420 |
|
4,440 |
Less: Asset Retirement Costs |
(186) |
|
(70) |
|
(56) |
Non-Cash Acquisition Costs of Unproved Properties |
(98) |
|
(291) |
|
(256) |
Acquisition Costs of Proved Properties |
(380) |
|
(124) |
|
(73) |
Exploration Expenses |
(140) |
|
(149) |
|
(145) |
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a) |
5,824 |
|
5,786 |
|
3,910 |
|
|
|
|
|
|
Total Costs Incurred in Exploration and Development Activities (GAAP) |
6,628 |
|
6,420 |
|
4,440 |
Less: Asset Retirement Costs |
(186) |
|
(70) |
|
(56) |
Non-Cash Acquisition Costs of Unproved Properties |
(98) |
|
(291) |
|
(256) |
Non-Cash Acquisition Costs of Proved Properties |
(52) |
|
(71) |
|
(26) |
Exploration Expenses |
(140) |
|
(149) |
|
(145) |
Total Exploration and Development Expenditures (Non-GAAP) - (b) |
6,152 |
|
5,839 |
|
3,957 |
|
|
|
|
|
|
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe) |
|
|
|
|
|
Revisions Due to Price - (c) |
(60) |
|
35 |
|
154 |
Revisions Other Than Price |
— |
|
(40) |
|
48 |
Purchases in Place |
17 |
|
12 |
|
2 |
Extensions, Discoveries and Other Additions - (d) |
750 |
|
670 |
|
421 |
Total Proved Reserve Additions - (e) |
707 |
|
677 |
|
625 |
Sales in Place |
(5) |
|
(11) |
|
(21) |
Net Proved Reserve Additions From All Sources |
702 |
|
666 |
|
604 |
|
|
|
|
|
|
Production |
301 |
|
265 |
|
224 |
|
|
|
|
|
|
Reserve Replacement Costs ($ / Boe) |
|
|
|
|
|
Total Drilling, Before Revisions - (a / d) |
7.77 |
|
8.64 |
|
9.29 |
All-in Total, Net of Revisions - (b / e) |
8.70 |
|
8.62 |
|
6.33 |
All-in Total, Excluding Revisions Due to Price - (b / ( e - c)) |
8.02 |
|
9.10 |
|
8.40 |
Definitions |
|
$/Boe |
U.S. Dollars per barrel of oil equivalent |
MMBoe |
Million barrels of oil equivalent |
View original content:https://www.prnewswire.com/news-releases/eog-resources-reports-fourth-quarter-and-full-year-2022-results-announces-2023-capital-plan-301754895.html
SOURCE EOG Resources, Inc.