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EOG Resources, Inc.

$EOG
$110.44
Капитализция: $64.7B
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О компании

EOG Resources, Inc. осуществляет разведку, разработку нефтегазовых месторождений, добычу и реализацию природного газа и нефти. EOG Resources, Inc. ведет свою деятельность в США, Канаде, Тринидаде и Тобаго, Соединенном Королевстве, Китае, показать больше
а также в других регионах. EOG Resources, Inc. была основана в 1999 году и является корпорацией, учрежденной в соответствии с законодательством штата Делавэр.
EOG Resources, Inc., together with its subsidiaries, explores for, develops, produces, and markets crude oil, and natural gas and natural gas liquids. Its principal producing areas are in New Mexico and Texas in the United States the Republic of Trinidad and Tobago the People's Republic of China and the Sultanate of Oman. As of December 31, 2020, it had total estimated net proved reserves of 3,220 million barrels of oil equivalent, including 1,514 million barrels (MMBbl) of crude oil and condensate reserves 813 MMBbl of natural gas liquid reserves and 5,360 billion cubic feet of natural gas reserves. The company was formerly known as Enron Oil & Gas Company. EOG Resources, Inc. was incorporated in 1985 and is headquartered in Houston, Texas.
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EOG Resources Reports First Quarter 2022 Results; Adds Quantitative Guidance to Cash Return Framework and Declares $1.80 per Share Special Dividend

EOG Resources сообщает о результатах за первый квартал 2022 года; Добавляет количественное руководство к системе возврата денежных средств и объявляет специальный дивиденд в размере 1,80 доллара США на акцию

5 мая 2022 г.

HOUSTON, May 5, 2022 /PRNewswire/ -- EOG Resources, Inc. (EOG) today reported first quarter 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 and ratio data



1Q 2022


4Q 2021


1Q 2021


GAAP

Total Revenue

3,983


6,044


3,694


Net Income

390


1,985


677


Net Income Per Share

0.67


3.39


1.16


Net Cash Provided by Operating Activities

828


3,166


1,870


Total Expenditures

1,144


1,137


1,067


Current and Long-Term Debt

5,099


5,109


5,133


Cash and Cash Equivalents

4,009


5,209


3,388


Debt-to-Total Capitalization

19.1%


18.7%


19.8%



Non- GAAP

Adjusted Net Income

2,346


1,806


946


Adjusted Net Income Per Share

4.00


3.09


1.62


CFO before Changes in Working Capital

3,372


3,069


1,982


Capital Expenditures

1,009


1,015


912


Free Cash Flow

2,363


2,054


1,070


Net Debt

1,090


(100)


1,745


Net Debt-to-Total Capitalization

4.8%


(0.5)%


7.8%


First Quarter 2022 Highlights

  • Announced guidance to return minimum 60% of free cash flow to shareholders each year
  • Declared special dividend of $1.80 per share and regular dividend of $0.75 per share
  • Earned adjusted net income of $2.3 billion, or $4.00 per share
  • Generated $2.4 billion of free cash flow
  • Oil, NGL and natural gas production above guidance midpoints
  • Capital expenditures near low end of guidance range
  • Total per-unit cash operating costs below guidance midpoint

First Quarter 2022 Highlights

Volumes and Capital Expenditures

Wellhead Volumes

1Q 2022


1Q 2022
Guidance
Midpoint


4Q 2021


1Q 2021

Crude Oil and Condensate (MBod)

450.1


447.8


450.6


431.0

Natural Gas Liquids (MBbld)

190.3


187.0


156.9


124.3

Natural Gas (MMcfd)

1,458


1,435


1,534


1,342

Total Crude Oil Equivalent (MBoed)

883.3


874.0


863.1


778.9





Capital Expenditures ($MM)

1,009


1,100


1,015


912

From Ezra Yacob, Chief Executive Officer

"EOG is off to a great start in 2022. We extended our track record of reliable execution with strong first quarter results. Production volumes, capital expenditures and overall operating costs were each better than expected. Despite challenges from rising inflation and supply chain constraints since we announced our 2022 plan at the start of the year, we remain well positioned to deliver within our production and capital expenditure targets. Consistent with the EOG culture, our employees continue to find new innovations and efficiencies to meet our goals for the year.

"Along with strong operating execution, EOG continues to deliver on our long-term free cash flow priorities. In addition to the $0.75 per share regular dividend, we declared a $1.80 per share special dividend. We also initiated new cash return guidance to provide greater transparency to capital allocation, committing to return at least 60 percent of free cash flow to shareholders each year. Our financial strategy aims to create long-term shareholder value and our free cash flow priorities and cash return guidance remain consistent with this goal.

"Our 2022 game plan is on track, guided by our long-term strategy focused on returns. EOG's competitive advantage includes a diverse portfolio of plays across multiple basins, powered by our high-performing people and unique culture. Our pristine balance sheet and commitment to low-cost exploration continue to serve us well. We are well positioned to be among the lowest cost, highest return, lowest emissions producers, playing a significant role in the long-term future of energy."

First Quarter 2022 Financial Performance

Adjusted Earnings per Share 1Q 2022 vs 4Q 2021

Prices and HedgesCrude oil prices increased significantly in 1Q compared with 4Q, partially offset by declines in natural gas and NGL prices. In addition, cash paid for hedge settlements in 1Q increased by $174 million compared with 4Q.

VolumesTotal company crude oil production in 1Q of 450,100 Bopd was above the midpoint of the guidance range and in-line with 4Q. NGL production was above the midpoint of the guidance range and increased 21% compared with 4Q due to increased extraction of ethane. Natural gas production declined 5% compared with 4Q, also related to extraction of ethane. Total company equivalent daily volumes increased 2% compared with 4Q.

Per-Unit CostsLower impairment and DD&A costs were the largest contributors to the overall reduction in per-unit costs in 1Q compared with 4Q. Compared with 4Q, per-unit cash operating costs decreased $0.32 per BOE due to lower G&A, G&P and LOE costs.

Change in Cash 1Q 2022 vs 4Q 2021

Free Cash FlowEOG generated cash flow from operations before changes in working capital of $3.4 billion in 1Q. The company incurred $1.0 billion of cash capital expenditures, resulting in $2.4 billion of free cash flow.

Working CapitalChanges in working capital in 1Q represented a use of cash of $2.6 billion. Most of the change is due to an increase in collateral EOG has posted with counterparties to financial commodity derivative contracts that are in a net liability position.

First Quarter 2022 Operating Performance

Lease and WellPer-unit LOE costs declined $0.09 in 1Q compared with 4Q but were $0.10 above the 1Q guidance midpoint. Fuel and power costs increased more than forecast during 1Q. Workover and labor costs declined in 1Q compared with 4Q, but the reduction was less than forecast.

Depreciation, Depletion and AmortizationPer-unit DD&A costs in 1Q were lower than the guidance midpoint and declined 7% compared with 4Q due to positive price-related reserve revisions and the addition of new reserves at lower finding costs.

Transportation, Gathering and ProcessingPer-unit transportation and G&P costs in 1Q were in-line with 4Q and the guidance midpoints.

General and AdministrativePer-unit G&A costs declined 11% compared with 4Q and were below the guidance midpoint due to lower employee-related costs.

Free Cash Flow Allocation Actions

Regular Dividend and Special DividendThe Board of Directors today declared a regular dividend of $0.75 per share on EOG's common stock. The regular dividend will be payable July 29, 2022, to stockholders of record as of July 15, 2022. The indicated annual rate is $3.00 per share. The Board of Directors today also declared a special dividend of $1.80 per share on EOG's common stock. The special dividend will be payable June 30, 2022, to stockholders of record as of June 15, 2022.

Cash Return GuidanceEOG announced its commitment to return a minimum of 60% of free cash flow to shareholders each year. This additional transparency complements the company's long-standing free cash flow priorities. It also reflects EOG's determination to continue to deliver on all its priorities, including returning additional cash to shareholders through special dividends or opportunistic share repurchases. The highest priority remains paying a sustainable and growing regular dividend. The $0.75 per share regular dividend declared today represents a $3.00 per share indicated annual rate. This is an 86% increase from the $1.61 per share regular dividends paid in 2021. EOG today also declared a special dividend of $1.80 per share. Combined with the $1.00 per share special dividend declared in February, EOG has committed to return $1.6 billion to shareholders through special dividends to-date in 2022.

First Quarter 2022 Results vs Guidance

(Unaudited)


Crude Oil and Condensate Volumes (MBod)

1Q 2022

1Q 2022
Guidance
Midpoint

Variance

4Q 2021

3Q 2021

2Q 2021

1Q 2021

United States

449.4

447.0

2.4

449.7

448.3

446.9

428.7

Trinidad

0.7

0.8

(0.1)

0.9

1.2

1.7

2.2

Other International

0.0

0.0

0.0

0.0

0.0

0.0

0.1

Total

450.1

447.8

2.3

450.6

449.5

448.6

431.0

Natural Gas Liquids Volumes (MBbld)

Total

190.3

187.0

3.3

156.9

157.9

138.5

124.3

Natural Gas Volumes (MMcfd)

United States

1,249

1,235

14

1,328

1,210

1,199

1,100

Trinidad

209

200

9

206

212

233

217

Other International

0

0

0

0

0

13

25

Total

1,458

1,435

23

1,534

1,422

1,445

1,342


Total Crude Oil Equivalent Volumes (MBoed)

883.3

874.0

9.3

863.1

844.4

828.0

778.9

Total MMBoe

79.5

78.7

0.8

79.4

77.7

75.3

70.1


Benchmark Price

Oil (WTI) ($/Bbl)

94.38



77.17

70.55

66.06

57.80

Natural Gas (HH) ($/Mcf)

4.91



5.83

4.01

2.83

2.69


Crude Oil and Condensate - above (below) WTI ($/Bbl)

United States

1.64

1.50

0.14

1.14

0.33

0.10

0.27

Trinidad

(10.56)

(11.00)

0.44

(10.31)

(10.36)

(9.80)

(8.03)


Natural Gas Liquids - Realizations as % of WTI

42.1%

42.0%

0.1%

52.4%

53.5%

44.1%

48.5%


Natural Gas - above (below) NYMEX Henry Hub ($/Mcf)

United States

0.90

0.90

0.00

0.57

0.49

0.16

2.83

Natural Gas Realizations ($/Mcf)

Trinidad

3.36

3.35

0.01

3.48

3.39

3.37

3.38


Total Expenditures (GAAP) ($MM)

1,144



1,137

962

1,089

1,067

Capital Expenditures (non-GAAP) ($MM)

1,009

1,100

(91)

1,015

891

937

912


Operating Unit Costs ($/Boe)

Lease and Well

4.00

3.90

0.10

4.09

3.48

3.58

3.85

Transportation Costs

2.87

2.85

0.02

2.87

2.82

2.84

2.88

Gathering and Processing

1.81

1.85

(0.04)

1.85

1.87

1.70

1.98

General and Administrative

1.56

1.65

(0.09)

1.75

1.83

1.59

1.57

Cash Operating Costs

10.24

10.25

(0.01)

10.56

10.00

9.71

10.28

Depreciation, Depletion and Amortization

10.65

10.75

(0.10)

11.46

11.93

12.13

12.84


Expenses ($MM)

Exploration and Dry Hole

48

45

3

85

48

49

44

Impairment (GAAP)

55



206

82

44

44

Impairment (excluding certain impairments (non-GAAP))3

55

80

(25)

206

69

43

43

Capitalized Interest

8

8

0

9

8

8

8

Net Interest

48

43

5

38

48

45

47


Taxes Other Than Income (% of Wellhead Revenue)

7.4%

7.5%

(0.1%)

6.8%

6.8%

6.9%

6.7%

Income Taxes

Effective Rate

21.7%

22.5%

(0.8%)

20.5%

23.4%

19.3%

23.2%

Current Tax (Benefit) / Expense ($MM)

573

490

83

393

446

313

240

Second Quarter and Full-Year 2022 Guidance4

(Unaudited)





See "Endnotes" below for related discussion and definitions.

2Q 2022
Guidance Range


FY 2022
Guidance Range


2021
Actual


2020
Actual

Crude Oil and Condensate Volumes (MBod)












United States

453.0

-

463.0


454.5

-

466.5


443.4


408.1

Trinidad

0.0

-

1.0


0.4

-

0.6


1.5


1.0

Other International

0.0

-

0.0


0.0

-

0.0


0.1


0.1

Total

453.0

-

464.0


454.9

-

467.1


445.0


409.2

Natural Gas Liquids Volumes (MBbld)












Total

178.0

-

208.0


170.0

-

210.0


144.5


136.0

Natural Gas Volumes (MMcfd)












United States

1,230

-

1,330


1,240

-

1,340


1,210


1,040

Trinidad

170

-

200


160

-

200


217


180

Other International

0

-

0


0

-

0


9


32

Total

1,400

-

1,530


1,400

-

1,540


1,436


1,252

Crude Oil Equivalent Volumes (MBoed)












United States

836.0

-

892.7


831.2

-

899.8


789.6


717.5

Trinidad

28.3

-

34.3


27.1

-

33.9


37.7


30.9

Other International

0.0

-

0.0


0.0

-

0.0


1.6


5.4

Total

864.3

-

927.0


858.3

-

933.7


828.9


753.8













Benchmark Price












Oil (WTI) ($/Bbl)









67.96


39.40

Natural Gas (HH) ($/Mcf)









3.85


2.08













Crude Oil and Condensate Differentials - above (below) WTI5 ($/Bbl)




United States

2.30

-

3.30


1.00

-

3.00


0.58


(0.75)

Trinidad

(9.50)

-

(7.50)


(11.00)

-

(9.00)


(11.70)


(9.20)

Natural Gas Liquids - Realizations as % of WTI












Total

35.0%

-

45.0%


34.0%

-

49.0%


50.5%


34.0%

Natural Gas Differentials - above (below) NYMEX Henry Hub6 ($/Mcf)




United States

0.25

-

1.25


(0.35)

-

1.65


1.03


(0.47)

Natural Gas Realizations ($/Mcf)












Trinidad

3.15

-

3.65


2.90

-

3.90


3.40


2.57













Total Expenditures (GAAP) ($MM)









4,255


4,113

Capital Expenditures7 (non-GAAP) ($MM)

1,100

-

1,300


4,300

-

4,700


3,755


3,344













Operating Unit Costs ($/Boe)












Lease and Well

3.45

-

4.15


3.55

-

4.15


3.75


3.85

Transportation Costs

2.75

-

3.15


2.65

-

3.15


2.85


2.66

Gathering and Processing

1.80

-

2.00


1.70

-

2.00


1.85


1.66

General and Administrative

1.70

-

2.00


1.70

-

1.80


1.69


1.75

Cash Operating Costs

9.70

-

11.30


9.60

-

11.10


10.14


9.92

Depreciation, Depletion and Amortization

10.50

-

11.10


10.15

-

11.15


12.07


12.32













Expenses ($MM)












Exploration and Dry Hole

35

-

45


150

-

190


225


159

Impairment (GAAP)









376


2,100

Impairment (excluding certain impairments (non-GAAP))2

60

-

110


300

-

340


361


232

Capitalized Interest

5

-

10


25

-

35


33


31

Net Interest

45

-

50


180

-

190


178


205













Taxes Other Than Income (% of Wellhead Revenue)

6.0%

-

8.0%


7.0%

-

8.0%


6.8%


6.6%

Income Taxes












Effective Rate

20.0%

-

25.0%


20.0%

-

25.0%


21.4%


18.2%

Current Tax (Benefit) / Expense ($MM)

630

-

730


2,350

-

2,650


1,393


(61)

First Quarter 2022 Results Webcast

Friday, May 6, 2022, 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 EOGEOG 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 ContactsDavid Streit 713‐571‐4902 Neel Panchal 713‐571‐4884

Media and Investor ContactKimberly Ehmer 713‐571‐4676

Endnotes

1)

Includes gathering, processing and marketing revenue, other revenue, marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.



2)

Based on full-year 2022 guidance, as of May 5, 2022. Assumes $3.25 Henry Hub natural gas price for 2022. Includes ~$1.3 Bn cash paid for settlement of derivative contracts.



3)

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 exploration 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).



4)

The forecast items for the second quarter and full year 2022 set forth above for EOG Resources, Inc. (EOG) are based on current available information and expectations as of the date of the accompanying 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 the accompanying press release and EOG's related Current Report on Form 8-K filing, replaces and supersedes any previously issued guidance or forecast.



5)

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.



6)

EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the simple average of the NYMEX settlement prices for the last three trading days of the applicable month.



7)

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.

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

OTP

Other than price

NYMEX

U.S. New York Mercantile Exchange

QoQ

Quarter over quarter

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 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 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 these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. 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:

  • the timing, extent and duration of changes in prices for, supplies of, and demand for, crude oil and condensate, natural gas liquids (NGLs), natural gasand 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, operating and capital costs 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 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;
  • the availability, proximity and capacity of, and costs associated with, appropriate gathering, processing, compression, storage, transportation, refining, 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 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 and natural gas; laws and regulations with respect to 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; 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;
  • EOG's ability to effectively integrate acquired crude oil and natural gas properties into its operations, fully identify existing and potential problems with respect to such properties and accurately estimate reserves, production and drilling, completing and operating costs 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 withapplicable 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 and other personnel, facilities, equipment, materials (such as water, sand 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, 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, including the COVID-19 pandemic;
  • 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 conflict), 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 fiscal year ended December 31, 2021 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.

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, 2021, 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)


1Q 2022


4Q 2021


1Q 2021

Operating Revenues and Other






Crude Oil and Condensate

3,889


3,246


2,251

Natural Gas Liquids

681


583


314

Natural Gas

716


847


625

Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts

(2,820)


136


(367)

Gathering, Processing and Marketing

1,469


1,232


848

Gains (Losses) on Asset Dispositions, Net

25


(29)


(6)

Other, Net

23


29


29

Total

3,983


6,044


3,694







Operating Expenses






Lease and Well

318


325


270

Transportation Costs

228


228


202

Gathering and Processing Costs

144


147


139

Exploration Costs

45


42


33

Dry Hole Costs

3


43


11

Impairments

55


206


44

Marketing Costs

1,283


1,160


838

Depreciation, Depletion and Amortization

847


910


900

General and Administrative

124


139


110

Taxes Other Than Income

390


316


215

Total

3,437


3,516


2,762







Operating Income

546


2,528


932

Other Income (Expense), Net

(1)


9


(4)

Income Before Interest Expense and Income Taxes

545


2,537


928

Interest Expense, Net

48


38


47

Income Before Income Taxes

497


2,499


881

Income Tax Provision

107


514


204

Net Income

390


1,985


677







Dividends Declared per Common Share

1.7500


2.7500


0.4125

Net Income Per Share






Basic

0.67


3.42


1.17

Diluted

0.67


3.39


1.16

Average Number of Common Shares






Basic

582


581


580

Diluted

586


585


583

Wellhead Volumes and Prices

(Unaudited)


1Q 2022


1Q 2021


% Change


4Q 2021









Crude Oil and Condensate Volumes (MBbld) (A)








United States

449.4


428.7


5 %


449.7

Trinidad

0.7


2.2


-68 %


0.9

Other International (B)


0.1


-100 %


Total

450.1


431.0


4 %


450.6









Average Crude Oil and Condensate Prices ($/Bbl) (C)








United States

96.02


58.07


65 %


78.31

Trinidad

83.82


49.77


68 %


66.86

Other International (B)


38.61


-100 %


Composite

96.00


58.02


65 %


78.29




58.02





Natural Gas Liquids Volumes (MBbld) (A)








United States

190.3


124.3


53 %


156.9

Total

190.3


124.3


53 %


156.9









Average Natural Gas Liquids Prices ($/Bbl) (C)








United States

39.77


28.03


42 %


40.40

Composite

39.77


28.03


42 %


40.40









Natural Gas Volumes (MMcfd) (A)








United States

1,249


1,100


14 %


1,328

Trinidad

209


217


-4 %


206

Other International (B)


25


-100 %


Total

1,458


1,342


9 %


1,534









Average Natural Gas Prices ($/Mcf) (C)








United States

5.81


5.52


5 %


6.40

Trinidad

3.36


3.38


-1 %


3.48

Other International (B)


5.66


-100 %


Composite

5.46


5.17


6 %


6.00









Crude Oil Equivalent Volumes (MBoed) (D)








United States

847.8


736.4


15 %


827.8

Trinidad

35.5


38.5


-8 %


35.3

Other International (B)


4.0


-100 %


Total

883.3


778.9


13 %


863.1









Total MMBoe (D)

79.5


70.1


13 %


79.4










(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 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022).

(D)

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.

In millions of USD, except share data (Unaudited)


March 31,


December 31,


2022


2021

Current Assets




Cash and Cash Equivalents

4,009


5,209

Accounts Receivable, Net

3,213


2,335

Inventories

586


584

Other

671


456

Total

8,479


8,584


Property, Plant and Equipment




Oil and Gas Properties (Successful Efforts Method)

65,408


67,644

Other Property, Plant and Equipment

4,801


4,753

Total Property, Plant and Equipment

70,209


72,397

Less:  Accumulated Depreciation, Depletion and Amortization

(41,747)


(43,971)

Total Property, Plant and Equipment, Net

28,462


28,426

Deferred Income Taxes

13


11

Other Assets

1,143


1,215

Total Assets

38,097


38,236


Current Liabilities




Accounts Payable

2,660


2,242

Accrued Taxes Payable

1,130


518

Dividends Payable

436


436

Liabilities from Price Risk Management Activities

260


269

Current Portion of Long-Term Debt

1,283


37

Current Portion of Operating Lease Liabilities

223


240

Other

272


300

Total

6,264


4,042





Long-Term Debt

3,816


5,072

Other Liabilities

2,191


2,193

Deferred Income Taxes

4,286


4,749

Commitments and Contingencies








Stockholders' Equity




Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 585,944,344 
     Shares Issued at March 31, 2022 and 585,521,512 Shares Issued at December
      31, 2021

206


206

Additional Paid in Capital

6,095


6,087

Accumulated Other Comprehensive Loss

(13)


(12)

Retained Earnings

15,283


15,919

Common Stock Held in Treasury, 290,472 Shares at March 31, 2022 and 257,268 
     Shares at December 31, 2021

(31)


(20)

Total Stockholders' Equity

21,540


22,180

Total Liabilities and Stockholders' Equity

38,097


38,236

Cash Flows Statements

In millions of USD (Unaudited)


1Q 2022


4Q 2021


1Q 2021

Cash Flows from Operating Activities






Reconciliation of Net Income to Net Cash Provided by Operating Activities:






Net Income

390


1,985


677

Items Not Requiring (Providing) Cash






Depreciation, Depletion and Amortization

847


910


900

Impairments

55


206


44

Stock-Based Compensation Expenses

35


35


35

Deferred Income Taxes

(465)


122


(36)

(Gains) Losses on Asset Dispositions, Net

(25)


29


6

Other, Net

6


(2)


7

Dry Hole Costs

3


43


11

Mark-to-Market Financial Commodity Derivative Contracts Total (Gains) Losses

2,820


(136)


367

Net Cash Payments for Settlements of Financial Commodity Derivative Contracts

(296)


(122)


(30)

Other, Net

2


(1)


1

Changes in Components of Working Capital and Other Assets and Liabilities






Accounts Receivable

(878)


(182)


(308)

Inventories

(14)


(108)


64

Accounts Payable

130


341


172

Accrued Taxes Payable

613


26


243

Other Assets

(213)


(81)


(103)

Other Liabilities

(2,250)


201


(89)

Changes in Components of Working Capital Associated with Investing Activities

68


(100)


(91)

Net Cash Provided by Operating Activities

828


3,166


1,870

Investing Cash Flows






Additions to Oil and Gas Properties

(939)


(949)


(875)

Additions to Other Property, Plant and Equipment

(70)


(65)


(42)

Proceeds from Sales of Assets

121


77


5

Changes in Components of Working Capital Associated with Investing Activities

(68)


100


91

Net Cash Used in Investing Activities

(956)


(837)


(821)

Financing Cash Flows






Long-Term Debt Repayments



(750)

Dividends Paid

(1,023)


(1,406)


(219)

Treasury Stock Purchased

(43)


(8)


(10)

Proceeds from Stock Options Exercised and Employee Stock Purchase Plan

4


10


Repayment of Finance Lease Liabilities

(10)


(10)


(9)

Net Cash Used in Financing Activities

(1,072)


(1,414)


(988)

Effect of Exchange Rate Changes on Cash


1


(2)

Increase (Decrease)  in Cash and Cash Equivalents

(1,200)


916


59

Cash and Cash Equivalents at Beginning of Period

5,209


4,293


3,329

Cash and Cash Equivalents at End of Period

4,009


5,209


3,388

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, Adjusted EBITDAX, 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) - see "Revenues, Costs and Margins Per Barrel of Oil Equivalent" below for additional related discussion) 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.










1Q 2022


Before

Tax


Income Tax
Impact


After

Tax


Diluted
 Earnings
per Share









Reported Net Income (GAAP)

497


(107)


390


0.67

Adjustments:








Losses on Mark-to-Market Financial Commodity Derivative Contracts

2,820


(612)


2,208


3.76

Net Cash Payments for Settlements of Financial Commodity Derivative Contracts

(296)


64


(232)


(0.40)

Add: Gains on Asset Dispositions, Net

(25)


5


(20)


(0.03)

Adjustments to Net Income

2,499


(543)


1,956


3.33









Adjusted Net Income (Non-GAAP)

2,996


(650)


2,346


4.00









Average Number of Common Shares (Non-GAAP)








Basic







582

Diluted







586

Adjusted Net Income (Loss)

(Continued)







In millions of USD, except share data (in millions) and per share data (Unaudited)


4Q 2021


Before

Tax


Income Tax
Impact


After

Tax


Diluted
Earnings
per Share









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 Derivative Contracts

(122)


25


(97)


(0.17)

Add: Losses on Asset Dispositions, Net

29


(7)


22


0.04

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


1Q 2021


Before

Tax


Income Tax
Impact


After

Tax


Diluted
Earnings
per Share









Reported Net Income (GAAP)

881


(204)


677


1.16

Adjustments:








Losses on Mark-to-Market Financial Commodity Derivative Contracts

367


(81)


286


0.49

Net Cash Payments for Settlements of Financial Commodity Derivative Contracts

(30)


7


(23)


(0.04)

Add: Losses on Asset Dispositions, Net

6


(1)


5


0.01

Add: Certain Impairments

1



1


Adjustments to Net Income

344


(75)


269


0.46









Adjusted Net Income (Non-GAAP)

1,225


(279)


946


1.62









Average Number of Common Shares (Non-GAAP)








Basic







580

Diluted







583

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)





4Q 2021 Adjusted Net Income per Share (Non-GAAP)



3.09





Realized Price




1Q 2022 Composite Average Wellhead Revenue per Boe

66.50



Less:  4Q 2021 Composite Average Welhead Revenue per Boe

(58.88)



Subtotal

7.62



Multiplied by: 1Q 2022 Crude Oil Equivalent Volumes (MMBoe)

79.5



Total Change in Revenue

606



Less: Income Tax Benefit (Provision) Imputed (based on 23%)

(139)



Change in Net Income

467



Change in Diluted Earnings per Share



0.80





Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts



1Q 2022 Net Cash Received from (Payments for) Settlement of Financial 
     Commodity Derivative Contracts

(296)



Less:  Income Tax Benefit (Provision)

64



After Tax - (a)

(232)



4Q 2021 Net Cash Received from (Payments for) Settlement of Financial 
     Commodity Derivative Contracts

(122)



Less:  Income Tax Benefit (Provision)

25



After Tax - (b)

(97)



Change in Net Income - (a) - (b)

(135)



Change in Diluted Earnings per Share



(0.23)





Wellhead Volumes




1Q 2022 Crude Oil Equivalent Volumes (MMBoe)

79.5



Less:  4Q 2021 Crude Oil Equivalent Volumes (MMBoe)

(79.4)



Subtotal

0.1



Multiplied by:  1Q 2022 Composite Average Margin per Boe (Non-GAAP) (Including 
     Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil 
     Equivalent" schedule)

38.80



Change in Revenue

4



Less:  Income Tax Benefit (Provision) Imputed (based on 23%)

(1)



Change in Net Income

3



Change in Diluted Earnings per Share



Adjusted Net Income Per Share

(Continued)

In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)





Operating Cost per Boe




4Q 2021 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration 
     Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" 
     schedule)

30.14



Less:  4Q 2021 Taxes Other Than Income

(3.98)



Less:  1Q 2022 Total Operating Cost per Boe (Non-GAAP) (including Total 
     Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil 
     Equivalent" schedule)

(27.70)



Add: 1Q 2022 Taxes Other Than Income

4.91



Subtotal

3.37



Multiplied by:  1Q 2022 Crude Oil Equivalent Volumes (MMBoe)

79.5



Change in Before-Tax Net Income

268



Less:  Income Tax Benefit (Provision) Imputed (based on 23%)

(62)



Change in Net Income

206



Change in Diluted Earnings per Share



0.35





Other (1)



(0.01)





1Q 2022 Adjusted Net Income per Share (Non-GAAP)



4.00





1Q 2022 Average Number of Common Shares (Non-GAAP) - Diluted

586








(1)

Includes gathering, processing and marketing revenue, other revenue, marketing costs, taxes other than income, other income (expense), interest expense and the effect of changes in the effective income tax rate.

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 three-month period ended March 31, 2022 has 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.












1Q 2022


4Q 2021


3Q 2021


2Q 2021


1Q 2021











Net Cash Provided by Operating Activities (GAAP)

828


3,166


2,196


1,559


1,870











Adjustments:










Changes in Components of Working Capital and 
     Other Assets and Liabilities










Accounts Receivable

878


182


145


186


308

Inventories

14


108


6


(37)


(64)

Accounts Payable

(130)


(341)


68


(11)


(172)

Accrued Taxes Payable

(613)


(26)


(206)


163


(243)

Other Assets

213


81


(167)


119


103

Other Liabilities

2,250


(201)


260


(32)


89

Changes in Components of Working Capital 
     Associated with Investing Activities

(68)


100


(45)


54


91

Cash Flow from Operations Before Working Capital 
     (Non-GAAP)

3,372


3,069


2,257


2,001


1,982











Cash Flow from Operations Before Working Capital 
     (Non-GAAP)

3,372


3,069


2,257


2,001


1,982

Less:










Total Capital Expenditures (Non-GAAP) (a)

(1,009)


(1,015)


(891)


(937)


(912)

Free Cash Flow (Non-GAAP)

2,363


2,054


1,366


1,064


1,070











(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):












1Q 2022


4Q 2021


3Q 2021


2Q 2021


1Q 2021











Total Expenditures (GAAP)

1,144


1,137


962


1,089


1,067

Less:










Asset Retirement Costs

(27)


(71)


(8)


(31)


(17)

Non-Cash Acquisition Costs of Unproved 
     Properties

(58)


(8)


(15)



(22)

Non-Cash Finance Leases





(74)

Acquisition Costs of Proved Properties

(5)


(1)


(4)


(86)


(9)

Exploration Costs

(45)


(42)


(44)


(35)


(33)

Total Capital Expenditures (Non-GAAP)

1,009


1,015


891


937


912

Cash Flow from Operations and Free Cash Flow

(Continued)


In millions of USD (Unaudited)








FY 2021


FY 2020


FY 2019







Net Cash Provided by Operating Activities (GAAP)

8,791


5,008


8,163







Adjustments:






Changes in Components of Working Capital and Other Assets and Liabilities






Accounts Receivable

821


(467)


92

Inventories

13


(123)


(90)

Accounts Payable

(456)


795


(169)

Accrued Taxes Payable

(312)


49


(40)

Other Assets

136


(325)


(358)

Other Liabilities

116


(8)


57

Changes in Components of Working Capital Associated with Investing and Financing 
     Activities

200


(75)


115

Other Non-Current Income Taxes - Net Receivable


113


239

Cash Flow from Operations Before Working Capital (Non-GAAP)

9,309


4,967


8,009







Cash Flow from Operations Before Working Capital (Non-GAAP)

9,309


4,967


8,009

Less:






Total Capital Expenditures (Non-GAAP) (a)

(3,755)


(3,344)


(6,094)

Free Cash Flow (Non-GAAP)

5,554


1,623


1,915







(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):







Total Expenditures (GAAP)

4,255


4,113


6,900

Less:






Asset Retirement Costs

(127)


(117)


(186)

Non-Cash Expenditures of Other Property, Plant and Equipment



(2)

Non-Cash Acquisition Costs of Unproved Properties

(45)


(197)


(98)

Non-Cash Finance Leases

(74)


(174)


Acquisition Costs of Proved Properties

(100)


(135)


(380)

Exploration Costs

(154)


(146)


(140)

Total Capital Expenditures (Non-GAAP)

3,755


3,344


6,094







Cash Flow from Operations and Free Cash Flow

(Continued)


In millions of USD (Unaudited)








FY 2018


FY 2017


FY 2016







Net Cash Provided by Operating Activities (GAAP)

7,769


4,265


2,359







Adjustments:






Changes in Components of Working Capital and Other Assets and Liabilities






Accounts Receivable

368


392


233

Inventories

395


175


(171)

Accounts Payable

(439)


(324)


74

Accrued Taxes Payable

92


64


(93)

Other Assets

125


659


41

Other Liabilities

(11)


90


16

Changes in Components of Working Capital Associated with Investing and Financing 
     Activities

(301)


(90)


156

Other Non-Current Income Taxes - Net (Payable) Receivable

149


(513)


Excess Tax Benefits from Stock-Based Compensation



30

Cash Flow from Operations Before Working Capital (Non-GAAP)

8,147


4,718


2,645







Cash Flow from Operations Before Working Capital (Non-GAAP)

8,147


4,718


2,645

Less:






Total Capital Expenditures (Non-GAAP) (a)

(6,023)


(4,083)


(2,581)

Free Cash Flow (Non-GAAP)

2,124


635


64







(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):







Total Expenditures (GAAP)

6,706


4,613


6,554

Less:






Asset Retirement Costs

(70)


(56)


20

Non-Cash Expenditures of Other Property, Plant and Equipment

(1)



(17)

Non-Cash Acquisition Costs of Unproved Properties

(291)


(256)


(3,102)

Non-Cash Finance Leases

(48)



Acquisition Costs of Proved Properties

(124)


(73)


(749)

Exploration Costs

(149)


(145)


(125)

Total Capital Expenditures (Non-GAAP)

6,023


4,083


2,581







Total Expenditures

In millions of USD (Unaudited)
















1Q 2022


4Q 2021


3Q 2021


2Q 2021


1Q 2021













Exploration and Development Drilling



813


767


653


711


733

Facilities



109


118


100


105


82

Leasehold Acquisitions



64


21


90


46


58

Property Acquisitions



5


1


4


86


9

Capitalized Interest



8


9


9


7


8

Subtotal



999


916


856


955


890

Exploration Costs



45


42


44


35


33

Dry Hole Costs



3


43


4


13


11

Exploration and Development Expenditures



1,047


1,001


904


1,003


934

Asset Retirement Costs



27


71


8


31


17

Total Exploration and Development Expenditures



1,074


1,072


912


1,034


951

Other Property, Plant and Equipment



70


65


50


55


116

Total Expenditures



1,144


1,137


962


1,089


1,067

Total Expenditures

(Continued)










In millions of USD (Unaudited)














FY 2021


FY 2020


FY 2019


FY 2018


FY 2017


FY 2016













Exploration and Development Drilling

2,864


2,664


4,951


4,935


3,132


1,957

Facilities

405


347


629


625


575


375

Leasehold Acquisitions

215


265


276


488


427


3,217

Property Acquisitions

100


135


380


124


73


749

Capitalized Interest

33


31


38


24


27


31

Subtotal

3,617


3,442


6,274


6,196


4,234


6,329

Exploration Costs

154


146


140


149


145


125

Dry Hole Costs

71


13


28


5


5


11

Exploration and Development Expenditures

3,842


3,601


6,442


6,350


4,384


6,465

Asset Retirement Costs

127


117


186


70


56


(20)

Total Exploration and Development Expenditures

3,969


3,718


6,628


6,420


4,440


6,445

Other Property, Plant and Equipment

286


395


272


286


173


109

Total Expenditures

4,255


4,113


6,900


6,706


4,613


6,554

EBITDAX and Adjusted EBITDAX

In millions of USD (Unaudited)





The following table adjusts the reported Net Income (Loss) (GAAP) to Earnings Before Interest Expense, Net, Income Taxes (Income Tax Provision (Benefit)), Depreciation, Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments (EBITDAX) (Non-GAAP) and further adjusts such amount to reflect actual Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts by eliminating the unrealized Mark-to-Market (MTM) (Gains) Losses from these transactions and to eliminate the (Gains) Losses on Asset Dispositions (Net).  EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported Net Income (Loss) (GAAP) to add back Interest Expense, Net, Income Taxes (Income Tax Provision (Benefit)), Depreciation, Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments and further adjust such amount to match 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.






1Q 2022


1Q 2021





Net Income (GAAP)

390


677





Adjustments:




Interest Expense, Net

48


47

Income Tax Provision

107


204

Depreciation, Depletion and Amortization

847


900

Exploration Costs

45


33

Dry Hole Costs

3


11

Impairments

55


44

EBITDAX (Non-GAAP)

1,495


1,916

Losses on MTM Financial Commodity Derivative Contracts

2,820


367

Net Cash Payments for Settlements of Commodity Derivative Contracts

(296)


(30)

(Gains) Losses on Asset Dispositions, Net

(25)


6





Adjusted EBITDAX (Non-GAAP)

3,994


2,259





Definitions




EBITDAX - Earnings Before Interest Expense, Net; Income Tax Provision (Benefit); Depreciation, Depletion and Amortization; Exploration Costs; Dry Hole Costs; and Impairments

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.












March 31,
2022


December 31,
2021


September 30,

2021


June 30,

2021


March 31,

2021











Total Stockholders' Equity - (a)

21,540


22,180


21,765


20,881


20,762











Current and Long-Term Debt (GAAP) - (b)

5,099


5,109


5,117


5,125


5,133

Less: Cash

(4,009)


(5,209)


(4,293)


(3,880)


(3,388)

Net Debt (Non-GAAP) - (c)

1,090


(100)


824


1,245


1,745











Total Capitalization (GAAP) - (a) + (b)

26,639


27,289


26,882


26,006


25,895











Total Capitalization (Non-GAAP) - (a) + (c)

22,630


22,080


22,589


22,126


22,507











Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]

19.1%


18.7%


19.0%


19.7%


19.8%











Net Debt-to-Total Capitalization (Non-GAAP) - (c) / 
     [(a) + (c)]

4.8%


-0.5%


3.6%


5.6%


7.8%

Net Debt-to-Total Capitalization Ratio

(Continued)





In millions of USD, except ratio data (Unaudited)










December 31,

2020


September 30,

2020


June 30,

2020


March 31,

2020









Total Stockholders' Equity - (a)

20,302


20,148


20,388


21,471









Current and Long-Term Debt (GAAP) - (b)

5,816


5,721


5,724


5,222

Less: Cash

(3,329)


(3,066)


(2,417)


(2,907)

Net Debt (Non-GAAP) - (c)

2,487


2,655


3,307


2,315









Total Capitalization (GAAP) - (a) + (b)

26,118


25,869


26,112


26,693









Total Capitalization (Non-GAAP) - (a) + (c)

22,789


22,803


23,695


23,786









Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]

22.3%


22.1%


21.9%


19.6%









Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]

10.9%


11.6%


14.0%


9.7%

Net Debt-to-Total Capitalization Ratio

(Continued)





In millions of USD, except ratio data (Unaudited)


December 31,
2019


September 30,
2019


June 30,

2019


March 31,

2019









Total Stockholders' Equity - (a)

21,641


21,124


20,630


19,904









Current and Long-Term Debt (GAAP) - (b)

5,175


5,177


5,179


6,081

Less: Cash

(2,028)


(1,583)


(1,160)


(1,136)

Net Debt (Non-GAAP) - (c)

3,147


3,594


4,019


4,945









Total Capitalization (GAAP) - (a) + (b)

26,816


26,301


25,809


25,985









Total Capitalization (Non-GAAP) - (a) + (c)

24,788


24,718


24,649


24,849









Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]

19.3%


19.7%


20.1%


23.4%









Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]

12.7%


14.5%


16.3%


19.9%

Net Debt-to-Total Capitalization Ratio

(Continued)





In millions of USD, except ratio data (Unaudited)


December 31,

2018


September 30,

2018


June 30,

2018


March 31,

2018








Total Stockholders' Equity - (a)

19,364


18,538


17,452


16,841









Current and Long-Term Debt (GAAP) - (b)

6,083


6,435


6,435


6,435

Less: Cash

(1,556)


(1,274)


(1,008)


(816)

Net Debt (Non-GAAP) - (c)

4,527


5,161


5,427


5,619









Total Capitalization (GAAP) - (a) + (b)

25,447


24,973


23,887


23,276









Total Capitalization (Non-GAAP) - (a) + (c)

23,891


23,699


22,879


22,460









Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]

23.9%


25.8%


26.9%


27.6%









Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]

18.9%


21.8%


23.7%


25.0%

Net Debt-to-Total Capitalization Ratio

(Continued)





In millions of USD, except ratio data (Unaudited)


December 31,

2017


September 30,

2017


June 30,

2017


March 31,

2017








Total Stockholders' Equity - (a)

16,283


13,922


13,902


13,928









Current and Long-Term Debt (GAAP) - (b)

6,387


6,387


6,987


6,987

Less: Cash

(834)


(846)


(1,649)


(1,547)

Net Debt (Non-GAAP) - (c)

5,553


5,541


5,338


5,440









Total Capitalization (GAAP) - (a) + (b)

22,670


20,309


20,889


20,915









Total Capitalization (Non-GAAP) - (a) + (c)

21,836


19,463


19,240


19,368









Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]

28.2%


31.4%


33.4%


33.4%









Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]

25.4%


28.5%


27.7%


28.1%

Net Debt-to-Total Capitalization Ratio

(Continued)



In millions of USD, except ratio data (Unaudited)


December 31,
2016


September 30,
2016


June 30,

2016


March 31,

2016


December 31,

2015










Total Stockholders' Equity - (a)

13,982


11,798


12,057


12,405


12,943











Current and Long-Term Debt (GAAP) - (b)

6,986


6,986


6,986


6,986


6,656

Less: Cash

(1,600)


(1,049)


(780)


(668)


(719)

Net Debt (Non-GAAP) - (c)

5,386


5,937


6,206


6,318


5,937











Total Capitalization (GAAP) - (a) + (b)

20,968


18,784


19,043


19,391


19,599











Total Capitalization (Non-GAAP) - (a) + (c)

19,368


17,735


18,263


18,723


18,880











Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]

33.3%


37.2%


36.7%


36.0%


34.0%











Net Debt-to-Total Capitalization (Non-GAAP) - (c) / 
     [(a) + (c)]

27.8%


33.5%


34.0%


33.7%


31.4%

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.










2021


2020


2019


2018









Total Costs Incurred in Exploration and Development Activities (GAAP)

3,969


3,718


6,628


6,420

Less:  Asset Retirement Costs

(127)


(117)


(186)


(70)

Non-Cash Acquisition Costs of Unproved Properties

(45)


(197)


(98)


(291)

Acquisition Costs of Proved Properties

(100)


(135)


(380)


(124)

Total Exploration and Development Expenditures for Drilling Only (Non-
     GAAP) - (a)

3,697


3,269


5,964


5,935









Total Costs Incurred in Exploration and Development Activities (GAAP)

3,969


3,718


6,628


6,420

Less:  Asset Retirement Costs

(127)


(117)


(186)


(70)

Non-Cash Acquisition Costs of Unproved Properties

(45)


(197)


(98)


(291)

Non-Cash Acquisition Costs of Proved Properties

(5)


(15)


(52)


(71)

Total Exploration and Development Expenditures (Non-GAAP) - (b)

3,792


3,389


6,292


5,988









Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)








Revisions Due to Price - (c)

194


(278)


(60)


35

Revisions Other Than Price

(308)


(89)



(40)

Purchases in Place

9


10


17


12

Extensions, Discoveries and Other Additions - (d)

952


564


750


670

Total Proved Reserve Additions - (e)

847


207


707


677

Sales in Place

(11)


(31)


(5)


(11)

Net Proved Reserve Additions From All Sources

836


176


702


666









Production

309


285


301


265









Reserve Replacement Costs ($ / Boe)








Total Drilling, Before Revisions - (a / d)

3.88


5.79


7.95


8.86

All-in Total, Net of Revisions - (b / e)

4.48


16.32


8.90


8.85

All-in Total, Excluding Revisions Due to Price -  (b / ( e - c))

5.81


6.98


8.21


9.33

Reserve Replacement Cost Data

(Continued)






In millions of USD, except reserves and ratio data (Unaudited)










2017


2016


2015


2014









Total Costs Incurred in Exploration and Development Activities (GAAP)

4,440


6,445


4,928


7,905

Less:  Asset Retirement Costs

(56)


20


(53)


(196)

Non-Cash Acquisition Costs of Unproved Properties

(256)


(3,102)



Acquisition Costs of Proved Properties

(73)


(749)


(481)


(139)

Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)

4,055


2,614


4,394


7,570









Total Costs Incurred in Exploration and Development Activities (GAAP)

4,440


6,445


4,928


7,905

Less:  Asset Retirement Costs

(56)


20


(53)


(196)

Non-Cash Acquisition Costs of Unproved Properties

(256)


(3,102)



Non-Cash Acquisition Costs of Proved Properties

(26)


(732)



Total Exploration and Development Expenditures (Non-GAAP) - (b)

4,102


2,631


4,875


7,709









Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)








Revisions Due to Price - (c)

154


(101)


(574)


52

Revisions Other Than Price

48


253


107


49

Purchases in Place

2


42


56


14

Extensions, Discoveries and Other Additions - (d)

421


209


246


519

Total Proved Reserve Additions - (e)

625


403


(165)


634

Sales in Place

(21)


(168)


(4)


(36)

Net Proved Reserve Additions From All Sources

604


235


(169)


598









Production

224


206


210


220









Reserve Replacement Costs ($ / Boe)








Total Drilling, Before Revisions - (a / d)

9.64


12.51


17.87


14.58

All-in Total, Net of Revisions - (b / e)

6.56


6.52


(29.63)


12.16

All-in Total, Excluding Revisions Due to Price -  (b / ( e - c))

8.71


5.22


11.91


13.25

Definitions


$/Boe

U.S. Dollars per barrel of oil equivalent

MMBoe

Million barrels of oil equivalent

Financial Commodity Derivative Contracts

EOG accounts for financial commodity derivative contracts using the mark-to-market accounting method.


Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the period from January 1, 2022 to May 4, 2022 (closed) and outstanding as of May 4, 2022. 

Crude Oil Financial Price Swap Contracts





Contracts Sold


Contracts Purchased

Period


Settlement Index


Volume

(MBbld)


Weighted
Average Price

($/Bbl)


Volume
(MBbld)


Weighted
Average Price
($/Bbl)

January  - March 2022 (closed)


NYMEX WTI


140


$               65.58



$                    —

April 2022 (closed)


NYMEX WTI


140


65.62



May - June 2022


NYMEX WTI


140


65.62



July - September 2022


NYMEX WTI


140


65.59



October - December 2022 
     (closed) (1)


NYMEX WTI


53


66.11



October - December 2022


NYMEX WTI


87


65.41


87


88.85

January - March 2023


NYMEX WTI


150


67.92



April - June 2023


NYMEX WTI


120


67.79



July - September 2023


NYMEX WTI


100


70.15



October - December 2023


NYMEX WTI


69


69.41





(1)

In April 2022, EOG executed the early termination provision granting EOG the right to terminate certain of its October - December 2022 crude oil financial price swap contracts which were open at that time.  EOG paid net cash of $114 million for the settlement of these contracts.

Crude Oil Basis Swap Contracts





Contracts Sold

Period


Settlement Index


Volume

(MBbld)


Weighted Average
Price Differential

($/Bbl)

January - May 2022 (closed)


NYMEX WTI Roll Differential (1)


125


$                                    0.15

June - December 2022


NYMEX WTI Roll Differential (1)


125


0.15



(1)

This settlement index is used to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month.

Financial Commodity Derivative Contracts

(Continued)






Natural Gas Financial Price Swap Contracts





Contracts Sold

Period


Settlement Index


Volume

(MMBtud in
thousands)


Weighted Average Price
($/MMBtu)

January - May 2022 (closed)


NYMEX Henry Hub


725


$                                    3.57

June - December 2022


NYMEX Henry Hub


725


3.57

January - December 2023


NYMEX Henry Hub


725


3.18

January - 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 - May 2022 (closed)


NYMEX Henry Hub HSC Differential (1)


210


$                                   (0.01)

June - December 2022


NYMEX Henry Hub HSC Differential (1)


210


(0.01)

January - December 2023


NYMEX Henry Hub HSC Differential (1)


135


(0.01)

January - December 2024


NYMEX Henry Hub HSC Differential (1)


10


0.00

January - December 2025


NYMEX Henry Hub HSC Differential (1)


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.

Glossary:


$/Bbl

Dollars per barrel

$/MMBtu

Dollars per million British Thermal Units

Bbl

Barrel

EOG

EOG Resources, Inc.

HSC

Houston Ship Channel

MBbld

Thousand barrels per day

MMBtu

Million British Thermal Units

MMBtud

Million British Thermal Units per day

NGL

Natural Gas Liquids

NYMEX

New York Mercantile Exchange

WTI

West Texas Intermediate

Direct After-Tax Rate of Return


The calculation of EOG's direct after-tax rate of return (ATROR) with respect to EOG's capital expenditure program for a particular play or well is based on the estimated recoverable reserves ("net" to EOG's interest) for all wells in such play or such well (as the case may be), the estimated net present value (NPV) of the future net cash flows from such reserves (for which we utilize certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring (as the case may be) such wells or well (as the case may be).  As such, EOG's direct ATROR with respect to our capital expenditures for a particular play or well cannot be calculated from our consolidated financial statements.



Direct ATROR


Based on Cash Flow and Time Value of Money


  - Estimated future commodity prices and operating costs


  - Costs incurred to drill, complete and equip a well, including wellsite  facilities and flowback


Excludes Indirect Capital


  - Gathering and Processing and other Midstream


  - Land, Seismic, Geological and Geophysical


  - Offsite Production Facilities




Payback ~12 Months on 100% Direct ATROR Wells


First Five Years ~1/2 Estimated Ultimate Recovery Produced but ~3/4 of NPV Captured




Return on Equity / Return on Capital Employed


Based on GAAP Accrual Accounting


Includes All Indirect Capital and Growth Capital for Infrastructure


  - Eagle Ford, Bakken, Permian and Powder River Basin Facilities


  - Gathering and Processing


Includes Legacy Gas Capital and Capital from Mature Wells


In millions of USD, except ratio data (Unaudited)









The following tables reconcile Interest Expense, Net (GAAP), Net Income (Loss) (GAAP), Current and Long-Term Debt (GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest Expense (Non-GAAP), Adjusted Net Income (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization (Non-GAAP), respectively, as used in the Return on Capital Employed (ROCE) and Return on Equity (ROE) calculations.  EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize After-Tax Net Interest Expense, Adjusted Net Income, Net Debt and Total Capitalization (Non-GAAP) in their ROCE and ROE calculations.  EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.










2021


2020


2019


2018









Interest Expense, Net (GAAP)

178


205


185


245

Tax Benefit Imputed (based on 21%)

(37)


(43)


(39)


(51)

After-Tax Net Interest Expense (Non-GAAP) - (a)

141


162


146


194









Net Income (Loss) (GAAP) - (b)

4,664


(605)


2,735


3,419

Adjustments to Net Income (Loss), Net of Tax (See Below Detail) (1)

364


1,455


158


(201)

Adjusted Net Income (Non-GAAP) - (c)

5,028


850


2,893


3,218









Total Stockholders' Equity - (d)

22,180


20,302


21,641


19,364









Average Total Stockholders' Equity * - (e)

21,241


20,972


20,503


17,824









Current and Long-Term Debt (GAAP) - (f)

5,109


5,816


5,175


6,083

Less:  Cash

(5,209)


(3,329)


(2,028)


(1,556)

Net Debt (Non-GAAP) - (g)

(100)


2,487


3,147


4,527









Total Capitalization (GAAP) - (d) + (f)

27,289


26,118


26,816


25,447









Total Capitalization (Non-GAAP) - (d) + (g)

22,080


22,789


24,788


23,891









Average Total Capitalization (Non-GAAP) * - (h)

22,435


23,789


24,340


22,864









Return on Capital Employed (ROCE)








Calculated Using GAAP Net Income (Loss) - [(a) + (b)] / (h) (Non-
     GAAP)

21.4%


-1.9%


11.8%


15.8%

Calculated Using Non-GAAP Adjusted Net Income - [(a) + (c)] / (h) 
     (Non-GAAP)

23.0%


4.3%


12.5%


14.9%









Return on Equity (ROE)








Calculated Using GAAP Net Income (Loss) - (b) / (e) (GAAP)

22.0%


-2.9%


13.3%


19.2%

Calculated Using Non-GAAP Adjusted Net Income - (c) / (e) (Non-
     GAAP)

23.7%


4.1%


14.1%


18.1%









* Average for the current and immediately preceding year








ROCE & ROE

(Continued)









(1) Detail of adjustments to Net Income (Loss) (GAAP):











Before

Tax


Income Tax
Impact


After

Tax

Year Ended December 31, 2021








Adjustments:








Add:  Mark-to-Market Financial Commodity Derivative Contracts Impact



514


(112)


402

Add:  Certain Impairments



15



15

Less:  Gains on Asset Dispositions, Net



(17)


9


(8)

Less:  Tax Benefits Related to Exiting Canada Operations




(45)


(45)

Total



512


(148)


364









Year Ended December 31, 2020








Adjustments:








Add:  Mark-to-Market Financial Commodity Derivative Contracts Impact



(74)


16


(58)

Add:  Certain Impairments



1,868


(392)


1,476

Add:  Losses on Asset Dispositions, Net



47


(10)


37

Total



1,841


(386)


1,455









Year Ended December 31, 2019








Adjustments:








Add:  Mark-to-Market Financial Commodity Derivative Contracts Impact



51


(11)


40

Add:  Certain Impairments



275


(60)


215

Less:  Gains on Asset Dispositions, Net



(124)


27


(97)

Total



202


(44)


158









Year Ended December 31, 2018








Adjustments:








Add:  Mark-to-Market Financial Commodity Derivative Contracts Impact



(93)


20


(73)

Add:  Certain Impairments



153


(34)


119

Less:  Gains on Asset Dispositions, Net



(175)


38


(137)

Less:  Tax Reform Impact




(110)


(110)

Total



(115)


(86)


(201)

ROCE & ROE

In millions of USD, except ratio data (Unaudited)


The following tables reconcile Interest Expense, Net (GAAP), Current and Long-Term Debt (GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest Expense (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization (Non-GAAP), respectively, as used in the Return on Capital Employed (ROCE) and Return on Equity (ROE) calculations.  EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize After-Tax Net Interest Expense, Net Debt and Total Capitalization (Non-GAAP) in their ROCE calculation.  EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.












2017


2016


2015









Interest Expense, Net (GAAP)



274


282


237

Tax Benefit Imputed (based on 35%)



(96)


(99)


(83)

After-Tax Net Interest Expense (Non-GAAP) - (a)



178


183


154









Net Income (Loss) (GAAP) - (b)



2,583


(1,097)


(4,525)









Total Stockholders' Equity - (d)



16,283


13,982


12,943









Average Total Stockholders' Equity* - (e)



15,133


13,463


15,328









Current and Long-Term Debt (GAAP) - (f)



6,387


6,986


6,655

Less:  Cash



(834)


(1,600)


(719)

Net Debt (Non-GAAP) - (g)



5,553


5,386


5,936









Total Capitalization (GAAP) - (d) + (f)



22,670


20,968


19,598









Total Capitalization (Non-GAAP) - (d) + (g)



21,836


19,368


18,879









Average Total Capitalization (Non-GAAP)* - (h)



20,602


19,124


20,206









Return on Capital Employed (ROCE)








Calculated Using GAAP Net Income (Loss) - [(a) + (b)] / (h) 
     (Non-GAAP)



13.4 %


-4.8 %


-21.6 %









Return on Equity (ROE)








Calculated Using GAAP Net Income (Loss) - (b) / (e) (GAAP)



17.1 %


-8.1 %


-29.5 %



* Average for the current and immediately preceding year

ROCE & ROE

(Continued)

In millions of USD, except ratio data (Unaudited)























2014


2013


2012


2011











Interest Expense, Net (GAAP)



201


235


214



Tax Benefit Imputed (based on 35%)



(70)


(82)


(75)



After-Tax Net Interest Expense (Non-GAAP) - (a)



131


153


139













Net Income (GAAP) - (b)



2,915


2,197


570













Total Stockholders' Equity - (d)



17,713


15,418


13,285


12,641











Average Total Stockholders' Equity* - (e)



16,566


14,352


12,963













Current and Long-Term Debt (GAAP) - (f)



5,906


5,909


6,312


5,009

Less:  Cash



(2,087)


(1,318)


(876)


(616)

Net Debt (Non-GAAP) - (g)



3,819


4,591


5,436


4,393











Total Capitalization (GAAP) - (d) + (f)



23,619


21,327


19,597


17,650











Total Capitalization (Non-GAAP) - (d) + (g)



21,532


20,009


18,721


17,034











Average Total Capitalization (Non-GAAP)* - (h)



20,771


19,365


17,878













Return on Capital Employed (ROCE)










Calculated Using GAAP Net Income - [(a) + (b)] / (h) (Non-
     GAAP)



14.7 %


12.1 %


4.0 %













Return on Equity (ROE)










Calculated Using GAAP Net Income - (b) / (e) (GAAP)



17.6 %


15.3 %


4.4 %





* Average for the current and immediately preceding year

Revenues, Costs and Margins Per Barrel of Oil Equivalent

In millions of USD, except Boe and per Boe amounts (Unaudited)











EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or margin per barrel of oil equivalent (Boe). Certain of these components are adjusted for non-recurring and certain other items, as further discussed below.

EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.












1Q 2022


4Q 2021


3Q 2021


2Q 2021


1Q 2021











Volume - Million Barrels of Oil Equivalent - (a)

79.5


79.4


77.7


75.3


70.1











Total Operating Revenues and Other (b)

3,983


6,044


4,765


4,139


3,694

Total Operating Expenses (c)

3,437


3,516


3,294


2,968


2,762

Operating Income (d)

546


2,528


1,471


1,171


932











Wellhead Revenues










Crude Oil and Condensate

3,889


3,246


2,929


2,699


2,251

Natural Gas Liquids

681


583


548


367


314

Natural Gas

716


847


568


404


625

Total Wellhead Revenues - (e)

5,286


4,676


4,045


3,470


3,190











Operating Costs










Lease and Well

318


325


270


270


270

Transportation Costs

228


228


219


214


202

Gathering and Processing Costs

144


147


145


128


139

General and Administrative

124


139


142


120


110

Taxes Other Than Income

390


316


277


239


215

Interest Expense, Net

48


38


48


45


47

Total Operating Cost (excluding DD&A and Total Exploration 
     Costs) (f)

1,252


1,193


1,101


1,016


983











Depreciation, Depletion and Amortization (DD&A)

847


910


927


914


900











Total Operating Cost (excluding Total Exploration Costs) - (g)

2,099


2,103


2,028


1,930


1,883











Exploration Costs

45


42


44


35


33

Dry Hole Costs

3


43


4


13


11

Impairments

55


206


82


44


44

Total Exploration Costs (GAAP)

103


291


130


92


88

Less:  Certain Impairments (1)



(13)


(1)


(1)

Total Exploration Costs (Non-GAAP)

103


291


117


91


87











Total Operating Cost (including Total Exploration Costs 
     (GAAP)) - (h)

2,202


2,394


2,158


2,022


1,971

Total Operating Cost (including Total Exploration Costs 
     (Non-GAAP)) - (i)

2,202


2,394


2,145


2,021


1,970











Total Wellhead Revenues less Total Operating Cost

     (including Total Exploration Costs (GAAP))

3,084


2,282


1,887


1,448


1,219

Total Wellhead Revenues less Total Operating Cost

     (including Total Exploration Costs (Non-GAAP))

3,084


2,282


1,900


1,449


1,220

Revenues, Costs and Margins Per Barrel of Oil Equivalent

(Continued)

In millions of USD, except Boe and per Boe amounts (Unaudited)





















1Q 2022


4Q 2021


3Q 2021


2Q 2021


1Q 2021











Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)




















Composite Average Operating Revenues and Other per Boe

    - (b) / (a)

50.10


76.12


61.33


54.97


52.70

Composite Average Operating Expenses per Boe - (c) / (a)

43.23


44.28


42.40


39.42


39.40

Composite Average Operating Income per Boe

    - (d) / (a)

6.87


31.84


18.93


15.55


13.30











Composite Average Wellhead Revenue per Boe - (e) / (a)

66.50


58.88


52.07


46.07


45.49











Total Operating Cost per Boe (excluding DD&A and Total 
     Exploration Costs) -   (f) / (a)

15.75


15.02


14.19


13.48


14.02











Composite Average Margin per Boe (excluding DD&A and 
     Total Exploration Costs) - [(e) / (a) - (f) / (a)]

50.75


43.86


37.88


32.59


31.47











Total Operating Cost per Boe (excluding Total Exploration

     Costs) - (g) / (a)

26.40


26.48


26.12


25.61


26.86











Composite Average Margin per Boe (excluding Total 
     Exploration Costs) - [(e) / (a) - (g) / (a)]

40.10


32.40


25.95


20.46


18.63











Total Operating Cost per Boe (including Total Exploration

    Costs) - (h) / (a)

27.70


30.15


27.79


26.85


28.12











Composite Average Margin per Boe (including Total 
     Exploration Costs) - [(e) / (a) - (h) / (a)]

38.80


28.73


24.28


19.22


17.37











Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)




















Total Operating Cost per Boe (including Total Exploration

     Costs) - (i) / (a)

27.70


30.14


27.62


26.82


28.11











Composite Average Margin per Boe (including Total

     Exploration Costs) - [(e) / (a) - (i) / (a)]

38.80


28.74


24.45


19.25


17.38












(1)

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 exploration 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).

Revenues, Costs and Margins Per Barrel of Oil Equivalent

(Continued)

In millions of USD, except Boe and per Boe amounts (Unaudited)












2021


2020


2019


2018


2017











Volume - Million Barrels of Oil Equivalent - (a)

302.5


275.9


298.6


262.5


222.3











Total Operating Revenues and Other (b)

18,642


11,032


17,380


17,275


11,208

Total Operating Expenses (c)

12,540


11,576


13,681


12,806


10,282

Operating Income (Loss) (d)

6,102


(544)


3,699


4,469


926











Wellhead Revenues










Crude Oil and Condensate

11,125


5,786


9,613


9,517


6,256

Natural Gas Liquids

1,812


668


785


1,128


730

Natural Gas

2,444


837


1,184


1,302


922

Total Wellhead Revenues - (e)

15,381


7,291


11,582


11,947


7,908











Operating Costs










Lease and Well

1,135


1,063


1,367


1,283


1,045

Transportation Costs

863


735


758


747


740

Gathering and Processing Costs

559


459


479


437


149

General and Administrative (GAAP)

511


484


489


427


434

Less:  Legal Settlement - Early Leasehold Termination





(10)

Less:  Joint Venture Transaction Costs





(3)

Less:  Joint Interest Billings Deemed Uncollectible





(5)

General and Administrative (Non-GAAP) (1)

511


484


489


427


416

Taxes Other Than Income

1,047


478


800


772


545

Interest Expense, Net

178


205


185


245


274

Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs)
- (f)

4,293


3,424


4,078


3,911


3,187

Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration
Costs) - (g)

4,293


3,424


4,078


3,911


3,169











Depreciation, Depletion and Amortization (DD&A)

3,651


3,400


3,750


3,435


3,409











Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)

7,944


6,824


7,828


7,346


6,596

Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)

7,944


6,824


7,828


7,346


6,578











Exploration Costs

154


146


140


149


145

Dry Hole Costs

71


13


28


5


5

Impairments

376


2,100


518


347


479

Total Exploration Costs (GAAP)

601

601

2,259


686


501


629

Less:  Certain Impairments (2)

(15)


(1,868)


(275)


(153)


(261)

Total Exploration Costs (Non-GAAP)

586


391


411


348


368











Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - 
     (j)

8,545


9,083


8,514


7,847


7,225

Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-
     GAAP)) - (k)

8,530


7,215


8,239


7,694


6,946











Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total  
     Exploration Costs (GAAP))

6,836


(1,792)


3,068


4,100


683

Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including 
     Total Exploration Costs (Non-GAAP))

6,851


76


3,343


4,253


962











Revenues, Costs and Margins Per Barrel of Oil Equivalent

(Continued)

In millions of USD, except Boe and per Boe amounts (Unaudited)











2021


2020


2019


2018


2017











Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)




















Composite Average Operating Revenues and Other per Boe - (b) / (a)

61.63


39.99


58.20


65.81


50.42

Composite Average Operating Expenses per Boe - (c) / (a)

41.46


41.96


45.81


48.79


46.25

Composite Average Operating Income (Loss) per Boe - (d) / (a)

20.17


(1.97)


12.39


17.02


4.17











Composite Average Wellhead Revenue per Boe - (e) / (a)

50.84


26.42


38.79


45.51


35.58











Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) -   
     (f) / (a)

14.19


12.39


13.66


14.90


14.34











Composite Average Margin per Boe (excluding DD&A and Total 
     Exploration Costs) - [(e) / (a) - (f) / (a)]

36.65


14.03


25.13


30.61


21.24











Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)

26.26


24.71


26.22


27.99


29.67











Composite Average Margin per Boe (excluding Total Exploration Costs) - 
     [(e) / (a) - (h) / (a)]

24.58


1.71


12.57


17.52


5.91











Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)

28.25


32.92


28.51


29.89


32.50











Composite Average Margin per Boe (including Total Exploration Costs) - 
     [(e) / (a) - (j) / (a)]

22.59


(6.50)


10.28


15.62


3.08











Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)




















Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) -   
     (g) / (a)

14.19


12.39


13.66


14.90


14.25











Composite Average Margin per Boe (excluding DD&A and Total 
     Exploration Costs) - [(e) / (a) - (g) / (a)]

36.65


14.03


25.13


30.61


21.33











Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)

26.26


24.71


26.22


27.99


29.59











Composite Average Margin per Boe (excluding Total Exploration Costs) - 
     [(e) / (a) - (i) / (a)]

24.58


1.71


12.57


17.52


5.99











Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)

28.20


26.13


27.60


29.32


31.24











Composite Average Margin per Boe (including Total Exploration Costs) - 
     [(e) / (a) - (k) / (a)]

22.64


0.29


11.19


16.19


4.34












(1)

EOG believes excluding the above-referenced items from general and administrative expense is appropriate and provides useful information to investors, as EOG views such items as non-recurring.  



(2)

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 exploration 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).

Revenues, Costs and Margins Per Barrel of Oil Equivalent

(Continued)

In millions of USD, except Boe and per Boe amounts (Unaudited)










2016


2015


2014








Volume - Million Barrels of Oil Equivalent - (a)


205.0


208.9


217.1








Total Operating Revenues and Other (b)


7,651


8,757


18,035

Total Operating Expenses (c)


8,876


15,443


12,793

Operating Income (Loss) (d)


(1,225)


(6,686)


5,242








Wellhead Revenues







Crude Oil and Condensate


4,317


4,935


9,742

Natural Gas Liquids


437


408


934

Natural Gas


742


1,061


1,916

Total Wellhead Revenues - (e)


5,496


6,404


12,592








Operating Costs







Lease and Well


927


1,182


1,416

Transportation Costs


764


849


972

Gathering and Processing Costs


123


146


146

General and Administrative (GAAP)


395


367


402

Less:  Voluntary Retirement Expense


(42)



Less: Acquisition Costs


(5)



Less:  Legal Settlement - Early Leasehold Termination



(19)


General and Administrative (Non-GAAP) (1)


348


348


402

Taxes Other Than Income


350


422


758

Interest Expense, Net


282


237


201

Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)


2,841


3,203


3,895

Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)


2,794


3,184


3,895








Depreciation, Depletion and Amortization (DD&A)


3,553


3,314


3,997








Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)


6,394


6,517


7,892

Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)


6,347


6,498


7,892








Exploration Costs


125


149


184

Dry Hole Costs


11


15


48

Impairments


620


6,614


744

Total Exploration Costs (GAAP)


756


6,778


976

Less:  Certain Impairments (2)


(321)


(6,308)


(824)

Total Exploration Costs (Non-GAAP)


435


470


152








Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)


7,150


13,295


8,868

Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)


6,782


6,968


8,044








Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total

    Exploration Costs (GAAP))


(1,654)


(6,891)


3,724

Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total   

    Exploration Costs (Non-GAAP))


(1,286)


(564)


4,548

Revenues, Costs and Margins Per Barrel of Oil Equivalent

(Continued)

In millions of USD, except Boe and per Boe amounts (Unaudited)









2016


2015


2014








Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)














Composite Average Operating Revenues and Other per Boe - (b) / (a)


37.32


41.92


83.07

Composite Average Operating Expenses per Boe - (c) / (a)


43.30


73.93


58.92

Composite Average Operating Income (Loss) per Boe - (d) / (a)


(5.98)


(32.01)


24.15








Composite Average Wellhead Revenue per Boe - (e) / (a)


26.82


30.66


58.01








Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) -   (f) / (a)


13.86


15.33


17.95








Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / 
     (a) - (f) / (a)]


12.96


15.33


40.06








Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)


31.19


31.20


36.38








Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / 
     (a)]


(4.37)


(0.54)


21.63








Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)


34.88


63.64


40.85








Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / 
     (a)]


(8.06)


(32.98)


17.16








Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)














Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) -   (g) / (a)


13.64


15.25


17.95








Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / 
     (a) - (g) / (a)]


13.18


15.41


40.06








Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)


30.98


31.11


36.38








Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / 
     (a)]


(4.16)


(0.45)


21.63








Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)


33.10


33.36


37.08








Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / 
     (a)]


(6.28)


(2.70)


20.93









(1)

EOG believes excluding the above-referenced items from general and administrative expense is appropriate and provides useful information to investors, as EOG views such items as non-recurring.  



(2)

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 exploration 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).

SOURCE EOG Resources, Inc.

ХЬЮСТОН, 5 мая 2022 года /PRNewswire/ -- EOG Resources, Inc. (EOG) сегодня сообщила о результатах за первый квартал 2022 года. Прилагаемые дополнительные финансовые таблицы и графики для сверки показателей, не относящихся к GAAP, с показателями GAAP и соответствующими определениями, а также соответствующая презентация также доступны на веб-сайте EOG по адресу http://investors.eogresources.com/investors .

Основные Финансовые Результаты

In millions of USD, except per-share and ratio data



1Q 2022


4Q 2021


1Q 2021


GAAP

Total Revenue

3,983


6,044


3,694


Net Income

390


1,985


677


Net Income Per Share

0.67


3.39


1.16


Net Cash Provided by Operating Activities

828


3,166


1,870


Total Expenditures

1,144


1,137


1,067


Current and Long-Term Debt

5,099


5,109


5,133


Cash and Cash Equivalents

4,009


5,209


3,388


Debt-to-Total Capitalization

19.1%


18.7%


19.8%



Non- GAAP

Adjusted Net Income

2,346


1,806


946


Adjusted Net Income Per Share

4.00


3.09


1.62


CFO before Changes in Working Capital

3,372


3,069


1,982


Capital Expenditures

1,009


1,015


912


Free Cash Flow

2,363


2,054


1,070


Net Debt

1,090


(100)


1,745


Net Debt-to-Total Capitalization

4.8%


(0.5)%


7.8%


Основные моменты первого квартала 2022 года

  • Объявленное руководство по возврату акционерам не менее 60% свободного денежного потока каждый год
  • Объявленные специальные дивиденды в размере 1,80 доллара на акцию и регулярные дивиденды в размере 0,75 доллара на акцию
  • Скорректированная чистая прибыль составила 2,3 миллиарда долларов, или 4,00 доллара на акцию
  • Свободный денежный поток составил 2,4 миллиарда долларов
  • Добыча нефти, ШФЛУ и природного газа превысила прогнозные средние значения
  • Капитальные затраты близки к нижней границе диапазона ориентиров
  • Общие операционные расходы на единицу наличных средств ниже среднего уровня, установленного руководством

Основные моменты первого квартала 2022 года

Объемы и капитальные затраты

Wellhead Volumes

1Q 2022


1Q 2022
Guidance
Midpoint


4Q 2021


1Q 2021

Crude Oil and Condensate (MBod)

450.1


447.8


450.6


431.0

Natural Gas Liquids (MBbld)

190.3


187.0


156.9


124.3

Natural Gas (MMcfd)

1,458


1,435


1,534


1,342

Total Crude Oil Equivalent (MBoed)

883.3


874.0


863.1


778.9





Capital Expenditures ($MM)

1,009


1,100


1,015


912

От Эзры Якоба, Главного исполнительного директора

"EOG отлично стартует в 2022 году. Мы расширили наш послужной список надежного исполнения благодаря высоким результатам первого квартала. Объемы производства, капитальные затраты и общие эксплуатационные расходы оказались лучше, чем ожидалось. Несмотря на проблемы, связанные с ростом инфляции и ограничениями в цепочке поставок, с тех пор как мы объявили о нашем плане на 2022 год в начале года, мы по-прежнему в хороших условиях для достижения наших производственных и капитальных целей. В соответствии с культурой EOG наши сотрудники продолжают находить новые инновации и способы повышения эффективности для достижения наших целей на год.

"Наряду с высокими операционными показателями EOG продолжает выполнять наши долгосрочные приоритеты в области свободного денежного потока. В дополнение к регулярным дивидендам в размере 0,75 доллара на акцию мы объявили специальные дивиденды в размере 1,80 доллара на акцию. Мы также инициировали новое руководство по возврату денежных средств, чтобы обеспечить большую прозрачность распределения капитала, взяв на себя обязательство возвращать акционерам не менее 60 процентов свободного денежного потока каждый год. Наша финансовая стратегия направлена на создание долгосрочной акционерной стоимости, и наши приоритеты в отношении свободного денежного потока и рекомендации по возврату денежных средств остаются в соответствии с этой целью.

"Наш план игры на 2022 год находится на верном пути, руководствуясь нашей долгосрочной стратегией, ориентированной на отдачу. Конкурентное преимущество EOG включает в себя разнообразное портфолио игр в нескольких бассейнах, основанное на наших высокоэффективных сотрудниках и уникальной культуре. Наш безупречный баланс и приверженность малозатратным разведочным работам продолжают хорошо служить нам. Мы занимаем хорошие позиции, чтобы войти в число производителей с наименьшими затратами, наибольшей отдачей и наименьшими выбросами, играя важную роль в долгосрочном будущем энергетики".

Финансовые показатели за Первый квартал 2022 года

Скорректированная прибыль на акцию в 1 квартале 2022 года по сравнению с 4 кварталом 2021 года

Цены и хеджирование цены на нефть значительно выросли в 1 квартале по сравнению с 4 кварталом, что частично компенсировалось снижением цен на природный газ и ШФЛУ. Кроме того, денежные средства, выплаченные за расчеты по хеджированию в 1 квартале, увеличились на 174 миллиона долларов по сравнению с 4 кварталом.

Общий объем добычи сырой нефти компанией в 1 квартале составил 450 100 баррелей в сутки, что выше средней точки прогнозного диапазона и соответствует 4 кварталу. Производство ШФЛУ превысило среднюю точку контрольного диапазона и увеличилось на 21% по сравнению с 4 кварталом из-за увеличения извлечения этана. Добыча природного газа снизилась на 5% по сравнению с 4 кварталом, что также связано с добычей этана. Общий эквивалент ежедневных объемов компании увеличился на 2% по сравнению с 4 кварталом.

Удельные затраты Снижение обесценения и затраты на НИОКР внесли наибольший вклад в общее снижение удельных затрат в 1 квартале по сравнению с 4 кварталом. По сравнению с 4 кварталом операционные расходы на единицу денежных средств снизились на 0,32 доллара США в расчете на БНЭ из-за снижения затрат на G&A, G&P и LOE.

Изменение денежных средств в 1 квартале 2022 года по сравнению с 4 кварталом 2021 года

Свободный денежный потокeog генерировал денежный поток от операций до изменения оборотного капитала в размере 3,4 миллиарда долларов в 1 квартале. Компания понесла денежные капитальные затраты в размере 1,0 миллиарда долларов, что привело к свободному денежному потоку в размере 2,4 миллиарда долларов.

Оборотный Капитализменение оборотного капитала в 1 квартале представляло собой использование денежных средств в размере 2,6 миллиарда долларов. Большая часть изменений связана с увеличением обеспечения, которое EOG разместила у контрагентов по производным финансовым инструментам, которые находятся в позиции чистых обязательств.

Операционные показатели за Первый квартал 2022 Года

Затраты на аренду и обслуживание скважин снизились на 0,09 доллара США в 1 квартале по сравнению с 4 кварталом, но были на 0,10 доллара выше средней точки прогноза на 1 квартал. Расходы на топливо и электроэнергию выросли больше, чем прогнозировалось в течение 1 квартала. Затраты на капитальный ремонт и оплату труда снизились в 1 квартале по сравнению с 4 кварталом, но сокращение оказалось меньше прогноза.

Затраты на амортизацию, истощение и амортизацию на единицу затрат на НИОКР в 1 квартале были ниже прогнозируемой средней точки и снизились на 7% по сравнению с 4 кварталом из-за положительного пересмотра запасов, связанного с ценами, и добавления новых запасов при более низких затратах на поиск.

Затраты на транспортировку, сбор и обработку на единицу продукции, а также на G&P в 1 квартале соответствовали 4 кварталу и средним показателям руководства.

Общие и административные расходы на НИОКР снизились на 11% по сравнению с 4 кварталом и были ниже среднего уровня из-за снижения расходов, связанных с персоналом.

Действия по Распределению Свободного Денежного Потока

Регулярные дивиденды и Специальные дивиденды Совет директоров сегодня объявил о выплате регулярных дивидендов в размере 0,75 доллара на акцию по обыкновенным акциям EOG. Регулярные дивиденды будут выплачены 29 июля 2022 года акционерам, зарегистрированным по состоянию на 15 июля 2022 года. Указанная годовая ставка составляет 3,00 доллара за акцию. Совет директоров сегодня также объявил о специальном дивиденде в размере 1,80 доллара на акцию по обыкновенным акциям EOG. Специальные дивиденды будут выплачены 30 июня 2022 года акционерам, зарегистрированным по состоянию на 15 июня 2022 года.

Руководство по возврату денежных средств COG объявило о своем обязательстве ежегодно возвращать акционерам не менее 60% свободного денежного потока. Эта дополнительная прозрачность дополняет давние приоритеты компании в отношении свободного денежного потока. Это также отражает решимость EOG продолжать выполнять все свои приоритеты, включая возврат дополнительных денежных средств акционерам за счет специальных дивидендов или оппортунистического выкупа акций. Наивысшим приоритетом остается выплата устойчивых и растущих регулярных дивидендов. Объявленные сегодня регулярные дивиденды в размере 0,75 доллара на акцию представляют собой указанную годовую ставку в размере 3,00 доллара на акцию. Это на 86% больше, чем регулярные дивиденды в размере 1,61 доллара на акцию, выплаченные в 2021 году. EOG сегодня также объявила о специальных дивидендах в размере 1,80 доллара на акцию. В сочетании со специальным дивидендом в размере 1,00 доллара на акцию, объявленным в феврале, EOG обязалась вернуть акционерам 1,6 миллиарда долларов в виде специальных дивидендов на сегодняшний день в 2022 году.

Результаты первого квартала 2022 года в сравнении с прогнозами

(Unaudited)


Crude Oil and Condensate Volumes (MBod)

1Q 2022

1Q 2022
Guidance
Midpoint

Variance

4Q 2021

3Q 2021

2Q 2021

1Q 2021

United States

449.4

447.0

2.4

449.7

448.3

446.9

428.7

Trinidad

0.7

0.8

(0.1)

0.9

1.2

1.7

2.2

Other International

0.0

0.0

0.0

0.0

0.0

0.0

0.1

Total

450.1

447.8

2.3

450.6

449.5

448.6

431.0

Natural Gas Liquids Volumes (MBbld)

Total

190.3

187.0

3.3

156.9

157.9

138.5

124.3

Natural Gas Volumes (MMcfd)

United States

1,249

1,235

14

1,328

1,210

1,199

1,100

Trinidad

209

200

9

206

212

233

217

Other International

0

0

0

0

0

13

25

Total

1,458

1,435

23

1,534

1,422

1,445

1,342


Total Crude Oil Equivalent Volumes (MBoed)

883.3

874.0

9.3

863.1

844.4

828.0

778.9

Total MMBoe

79.5

78.7

0.8

79.4

77.7

75.3

70.1


Benchmark Price

Oil (WTI) ($/Bbl)

94.38



77.17

70.55

66.06

57.80

Natural Gas (HH) ($/Mcf)

4.91



5.83

4.01

2.83

2.69


Crude Oil and Condensate - above (below) WTI ($/Bbl)

United States

1.64

1.50

0.14

1.14

0.33

0.10

0.27

Trinidad

(10.56)

(11.00)

0.44

(10.31)

(10.36)

(9.80)

(8.03)


Natural Gas Liquids - Realizations as % of WTI

42.1%

42.0%

0.1%

52.4%

53.5%

44.1%

48.5%


Natural Gas - above (below) NYMEX Henry Hub ($/Mcf)

United States

0.90

0.90

0.00

0.57

0.49

0.16

2.83

Natural Gas Realizations ($/Mcf)

Trinidad

3.36

3.35

0.01

3.48

3.39

3.37

3.38


Total Expenditures (GAAP) ($MM)

1,144



1,137

962

1,089

1,067

Capital Expenditures (non-GAAP) ($MM)

1,009

1,100

(91)

1,015

891

937

912


Operating Unit Costs ($/Boe)

Lease and Well

4.00

3.90

0.10

4.09

3.48

3.58

3.85

Transportation Costs

2.87

2.85

0.02

2.87

2.82

2.84

2.88

Gathering and Processing

1.81

1.85

(0.04)

1.85

1.87

1.70

1.98

General and Administrative

1.56

1.65

(0.09)

1.75

1.83

1.59

1.57

Cash Operating Costs

10.24

10.25

(0.01)

10.56

10.00

9.71

10.28

Depreciation, Depletion and Amortization

10.65

10.75

(0.10)

11.46

11.93

12.13

12.84


Expenses ($MM)

Exploration and Dry Hole

48

45

3

85

48

49

44

Impairment (GAAP)

55



206

82

44

44

Impairment (excluding certain impairments (non-GAAP))3

55

80

(25)

206

69

43

43

Capitalized Interest

8

8

0

9

8

8

8

Net Interest

48

43

5

38

48

45

47


Taxes Other Than Income (% of Wellhead Revenue)

7.4%

7.5%

(0.1%)

6.8%

6.8%

6.9%

6.7%

Income Taxes

Effective Rate

21.7%

22.5%

(0.8%)

20.5%

23.4%

19.3%

23.2%

Current Tax (Benefit) / Expense ($MM)

573

490

83

393

446

313

240

Руководство на второй квартал и весь 2022 год4

(Unaudited)





See "Endnotes" below for related discussion and definitions.

2Q 2022
Guidance Range


FY 2022
Guidance Range


2021
Actual


2020
Actual

Crude Oil and Condensate Volumes (MBod)












United States

453.0

-

463.0


454.5

-

466.5


443.4


408.1

Trinidad

0.0

-

1.0


0.4

-

0.6


1.5


1.0

Other International

0.0

-

0.0


0.0

-

0.0


0.1


0.1

Total

453.0

-

464.0


454.9

-

467.1


445.0


409.2

Natural Gas Liquids Volumes (MBbld)












Total

178.0

-

208.0


170.0

-

210.0


144.5


136.0

Natural Gas Volumes (MMcfd)












United States

1,230

-

1,330


1,240

-

1,340


1,210


1,040

Trinidad

170

-

200


160

-

200


217


180

Other International

0

-

0


0

-

0


9


32

Total

1,400

-

1,530


1,400

-

1,540


1,436


1,252

Crude Oil Equivalent Volumes (MBoed)












United States

836.0

-

892.7


831.2

-

899.8


789.6


717.5

Trinidad

28.3

-

34.3


27.1

-

33.9


37.7


30.9

Other International

0.0

-

0.0


0.0

-

0.0


1.6


5.4

Total

864.3

-

927.0


858.3

-

933.7


828.9


753.8













Benchmark Price












Oil (WTI) ($/Bbl)









67.96


39.40

Natural Gas (HH) ($/Mcf)









3.85


2.08













Crude Oil and Condensate Differentials - above (below) WTI5 ($/Bbl)




United States

2.30

-

3.30


1.00

-

3.00


0.58


(0.75)

Trinidad

(9.50)

-

(7.50)


(11.00)

-

(9.00)


(11.70)


(9.20)

Natural Gas Liquids - Realizations as % of WTI












Total

35.0%

-

45.0%


34.0%

-

49.0%


50.5%


34.0%

Natural Gas Differentials - above (below) NYMEX Henry Hub6 ($/Mcf)




United States

0.25

-

1.25


(0.35)

-

1.65


1.03


(0.47)

Natural Gas Realizations ($/Mcf)












Trinidad

3.15

-

3.65


2.90

-

3.90


3.40


2.57













Total Expenditures (GAAP) ($MM)









4,255


4,113

Capital Expenditures7 (non-GAAP) ($MM)

1,100

-

1,300


4,300

-

4,700


3,755


3,344













Operating Unit Costs ($/Boe)












Lease and Well

3.45

-

4.15


3.55

-

4.15


3.75


3.85

Transportation Costs

2.75

-

3.15


2.65

-

3.15


2.85


2.66

Gathering and Processing

1.80

-

2.00


1.70

-

2.00


1.85


1.66

General and Administrative

1.70

-

2.00


1.70

-

1.80


1.69


1.75

Cash Operating Costs

9.70

-

11.30


9.60

-

11.10


10.14


9.92

Depreciation, Depletion and Amortization

10.50

-

11.10


10.15

-

11.15


12.07


12.32













Expenses ($MM)












Exploration and Dry Hole

35

-

45


150

-

190


225


159

Impairment (GAAP)









376


2,100

Impairment (excluding certain impairments (non-GAAP))2

60

-

110


300

-

340


361


232

Capitalized Interest

5

-

10


25

-

35


33


31

Net Interest

45

-

50


180

-

190


178


205













Taxes Other Than Income (% of Wellhead Revenue)

6.0%

-

8.0%


7.0%

-

8.0%


6.8%


6.6%

Income Taxes












Effective Rate

20.0%

-

25.0%


20.0%

-

25.0%


21.4%


18.2%

Current Tax (Benefit) / Expense ($MM)

630

-

730


2,350

-

2,650


1,393


(61)

Веб-Трансляция результатов Первого Квартала 2022 года

Пятница, 6 мая 2022 года, 9:00 утра по Центральному времени (10:00 утра по Восточному времени) Веб-трансляция будет доступна на веб-сайте EOG в течение одного года.

http://investors.eogresources.com/Investors

О компании EOGEOG Resources, Inc. (NYSE: EOG) - одна из крупнейших компаний по разведке и добыче сырой нефти и природного газа в Соединенных Штатах с доказанными запасами в Соединенных Штатах и Тринидаде. Чтобы узнать больше, посетите www.eogresources.com .

Контакты для инвесторов Дэвид Стрейт 713-571-4902 Нил Панчал 713-571-4884

Контакты для СМИ и инвесторов Кимберли Эмер 713-571-4676

Endnotes

1)

Includes gathering, processing and marketing revenue, other revenue, marketing costs, taxes other than income, other income (expense), interest expense and the impact of changes in the effective income tax rate.



2)

Based on full-year 2022 guidance, as of May 5, 2022. Assumes $3.25 Henry Hub natural gas price for 2022. Includes ~$1.3 Bn cash paid for settlement of derivative contracts.



3)

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 exploration 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).



4)

The forecast items for the second quarter and full year 2022 set forth above for EOG Resources, Inc. (EOG) are based on current available information and expectations as of the date of the accompanying 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 the accompanying press release and EOG's related Current Report on Form 8-K filing, replaces and supersedes any previously issued guidance or forecast.



5)

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.



6)

EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the simple average of the NYMEX settlement prices for the last three trading days of the applicable month.



7)

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.

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

OTP

Other than price

NYMEX

U.S. New York Mercantile Exchange

QoQ

Quarter over quarter

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

Настоящий пресс‐релиз может содержать заявления прогнозного характера по смыслу раздела 27A Закона о ценных бумагах 1933 года с внесенными в него поправками и Раздела 21E Закона о ценных бумагах и биржах 1934 года с внесенными в него поправками. Все заявления, кроме заявлений об исторических фактах, включая, среди прочего, заявления и прогнозы относительно будущего финансового положения EOG, операций, результатов деятельности, бизнес-стратегии, целей, доходности и нормы прибыли, бюджетов, резервов, уровней производства, капитальных затрат, затрат и продаж активов, заявления относительно будущих товарных цены и заявления, касающиеся планов и целей руководства EOG в отношении будущих операций, являются прогнозными заявлениями. EOG обычно использует такие слова, как "ожидать", "предвидеть", "оценивать", "проект", "стратегия", "намереваться", "планировать", "цель", "цели", "амбиции", "инициатива", "цель", "возможно", "будет, "сосредоточен на", "должен" и "верю" или отрицательное значение этих терминов или других вариантов или сопоставимой терминологии для определения его прогнозных заявлений. В частности, заявления, явные или подразумеваемые, касающиеся будущих операционных результатов и прибыли EOG или способности EOG восполнять или увеличивать запасы, увеличивать добычу, генерировать доходность и нормы прибыли, заменять или увеличивать места бурения, сокращать или иным образом контролировать операционные расходы и капитальные затраты, генерировать денежные потоки, выплачивать или рефинансирование задолженности, достижение, достижение или иное выполнение инициатив, планов, целей, амбиций или целевых показателей в отношении выбросов, других экологических вопросов, вопросов безопасности или других вопросов ESG (экологических / социальных / управленческих), или выплата и / или увеличение дивидендов являются прогнозными заявлениями.Прогнозные заявления не являются гарантией эффективности. Хотя EOG считает, что ожидания, отраженные в ее прогнозных заявлениях, являются разумными и основаны на разумных предположениях, нельзя дать никаких гарантий в том, что эти предположения точны или что какие‐либо из этих ожиданий будут достигнуты (полностью или вообще) или окажутся правильными. Кроме того, на прогнозные заявления EOG могут повлиять известные, неизвестные или непредвиденные в настоящее время риски, события или обстоятельства, которые могут находиться вне контроля EOG. Кроме того, этот пресс‐релиз и любая сопутствующая информация могут включать или ссылаться на определенные прогнозные финансовые показатели, не относящиеся к GAAP, такие как свободный денежный поток и денежный поток от операций до изменения оборотного капитала, а также некоторые соответствующие оценки будущих результатов, результатов и финансового положения. Поскольку мы предоставляем эти меры на основе прогнозов, мы не можем надежно или разумно предсказать некоторые из необходимых компонентов наиболее непосредственно сопоставимых прогнозов    Показатели GAAP, такие как будущие изменения в оборотном капитале. Соответственно, мы не можем представить количественную сверку таких прогнозных финансовых показателей, не относящихся к GAAP, с соответствующими наиболее непосредственно сопоставимыми прогнозными финансовыми показателями GAAP. Руководство считает, что эти прогнозные показатели, не относящиеся к GAAP, могут быть полезным инструментом для инвестиционного сообщества при сравнении прогнозируемых финансовых показателей EOG с прогнозируемыми финансовыми показателями других компаний отрасли. Любые такие прогнозные показатели и оценки предназначены только для иллюстрации и не предназначены для отражения результатов, которых EOG обязательно достигнет за представленный период (периоды); фактические результаты EOG могут существенно отличаться от таких показателей и оценок. Важные факторы, которые могут привести к тому, что фактические результаты EOG будут существенно отличаться от ожиданий, отраженных в прогнозных заявлениях EOG, включают, среди прочего:

  • сроки, масштабы и продолжительность изменений цен, поставок и спроса на сырую нефть и конденсат, сжиженный природный газ (ШФЛУ), природный газ и связанные с ними товары;
  • степень успеха EOG в ее усилиях по приобретению или обнаружению дополнительных запасов;
  • степень, в которой EOG успешна в своих усилиях по (i) экономическому освоению своих площадей, (ii) добыче запасов и достижению ожидаемых уровней добычи и норм прибыли, (iii) снижению или иному контролю связанных с бурением, завершением работ, эксплуатационными и капитальными затратами и (iv) максимизации извлечение запасов из существующих и будущих проектов по разведке и разработке сырой нефти и природного газа, а также связанных с ними потенциальных и существующих мест бурения;
  • степень успеха EOG в ее усилиях по продвижению на рынок своей добычи сырой нефти и конденсата, ШФЛУ и природного газа;
  • угрозы безопасности, включая угрозы кибербезопасности и сбои в нашем бизнесе и операциях в результате взломов наших систем информационных технологий, физических взломов наших объектов и другой инфраструктуры или взломов систем информационных технологий, объектов и инфраструктуры третьих сторон, с которыми мы ведем бизнес;
  • наличие, близость и мощность, а также связанные с ними затраты на соответствующие объекты по сбору, переработке, сжатию, хранению, транспортировке, переработке и экспорту;
  • доступность, стоимость, условия и сроки выдачи или оформления лицензий и договоров аренды на добычу полезных ископаемых, а также правительственных и других разрешений и разрешений на проезд, а также способность EOG сохранять лицензии и договоры аренды на добычу полезных ископаемых;
  • влияние и изменения в государственной политике, законах и нормативных актах, включая связанные с изменением климата нормативные акты, политику и инициативы (например, в отношении выбросов в атмосферу); налоговые законы и нормативные акты (включая, но не ограничиваясь, законодательством о налоге на выбросы углерода); законы об охране окружающей среды, здоровья и безопасности и правила, касающиеся удаления добытой воды, буровых растворов и других отходов, гидроразрыва пласта и доступа к воде и ее использования; законы и правила, касающиеся аренды площадей и выдачи разрешений на бурение нефтяных и газовых скважин и расчета лицензионных платежей в отношении добычи нефти и газа; законы и правила, устанавливающие дополнительные разрешения и требования к раскрытию информации, дополнительные эксплуатационные ограничения и условия или ограничения на операции по бурению и завершению работ, а также на транспортировку сырой нефти и природного газа; законы и правила в отношении производных финансовых инструментов и деятельности по хеджированию; а также законы и правила в отношении импорта и экспорта сырой нефти, природного газа и связанных с ними товаров;
  • влияние политики и инициатив, связанных с изменением климата, на уровне корпораций и/или сообщества инвесторов и другие потенциальные изменения, связанные с изменением климата, такие как (но не ограничиваясь ими) изменения в потребительском и промышленном/коммерческом поведении, предпочтениях и взглядах в отношении производства и потребления энергии; повышение доступности и увеличение потребительского и промышленного/коммерческого спроса на конкурирующие источники энергии (включая альтернативные источники энергии); технологические достижения в области производства, передачи, хранения и потребления энергии; потребности в альтернативном топливе; меры по энергосбережению; снижение спроса и доступности услуг и объектов, связанных с разведка и добыча сырой нефти, ШФЛУ и природного газа; и негативное восприятие нефтегазовой отрасли и, в свою очередь, репутационные риски, связанные с разведкой и добычей сырой нефти, ШФЛУ и природного газа;
  • Способность EOG эффективно интегрировать приобретенные свойства сырой нефти и природного газа в свою деятельность, полностью выявлять существующие и потенциальные проблемы в отношении таких свойств и точно оценивать запасы, добычу и затраты на бурение, завершение и эксплуатацию в отношении таких свойств;
  • степень, в которой эксплуатируемые третьими сторонами объекты EOG по добыче сырой нефти и природного газа эксплуатируются успешно, экономично и в соответствии с применимыми законами и правилами;
  • конкуренция в отрасли разведки и добычи нефти и газа за приобретение лицензий, договоров аренды и недвижимости;
  • доступность и стоимость, а также конкуренция в отрасли разведки и добычи нефти и газа для сотрудников и другого персонала, объектов, оборудования, материалов (таких как вода, песок и трубы) и услуг;
  • точность оценок резервов, которые по своей природе требуют профессионального суждения и поэтому могут быть неточными;
  • погода, включая ее влияние на спрос на сырую нефть и природный газ, и связанные с погодой задержки в бурении, а также в установке и эксплуатации (EOG или третьими сторонами) объектов добычи, сбора, переработки, переработки, сжатия, хранения, транспортировки и экспорта;
  • способность клиентов EOG и других контрагентов по контракту выполнять свои обязательства перед EOG и, в связи с этим, получать доступ к рынкам кредитов и капитала для получения финансирования, необходимого для выполнения их обязательств перед EOG;
  • Способность EOG получить доступ к рынку коммерческих ценных бумаг и другим рынкам кредитования и капитала для получения финансирования на условиях, которые она считает приемлемыми, если таковые вообще имеются, и иным образом удовлетворить свои требования к капитальным затратам;
  • степень, в которой EOG успешно завершает запланированную утилизацию активов;
  • масштабы и последствия любых действий по хеджированию, осуществляемых EOG;
  • сроки и масштабы изменений обменных курсов иностранных валют, процентных ставок, темпов инфляции, условий на мировых и внутренних финансовых рынках, а также глобальных и внутренних общих экономических условий;
  • продолжительность и экономические и финансовые последствия эпидемий, пандемий или других проблем общественного здравоохранения, включая пандемию COVID-19;
  • геополитические факторы и политические условия и события по всему миру (такие как введение тарифов или торговых или других экономических санкций, политическая нестабильность и вооруженные конфликты), в том числе в областях, в которых работает EOG;
  • степень, в которой EOG несет незастрахованные убытки и обязательства или убытки и обязательства, превышающие ее страховое покрытие;
  • акты войны и терроризма и меры реагирования на эти акты; и
  • другие факторы, описанные в ПУНКТЕ 1A, Факторы риска Годового отчета EOG по форме 10-K за финансовый год, закончившийся 31 декабря 2021 года, и любые обновления этих факторов, изложенные в последующих квартальных отчетах EOG по форме 10-Q или Текущих отчетах по форме 8-K.

В свете этих рисков, неопределенностей и допущений события, ожидаемые в прогнозных заявлениях EOG, могут не произойти, и, если какое-либо из таких событий произойдет, мы, возможно, не предвидели время их наступления или продолжительность или степень их влияния на наши фактические результаты. Соответственно, вы не должны чрезмерно полагаться на какие-либо прогнозные заявления EOG. Прогнозные заявления EOG относятся только к сделанной дате, и EOG не берет на себя никаких обязательств, кроме как в соответствии с требованиями применимого законодательства, обновлять или пересматривать свои прогнозные заявления, будь то в результате новой информации, последующих событий, ожидаемых или непредвиденных обстоятельств или иным образом.

Комиссия по ценным бумагам и биржам США (SEC) разрешает нефтегазовым компаниям в своих заявках в SEC раскрывать не только "доказанные" запасы (т.е. количества нефти и газа, которые, по оценкам, могут быть извлечены с высокой степенью достоверности), но и "вероятные" запасы (т.е. количества нефти и газа, которые с такой же вероятностью могут быть извлечены, как и не будут извлечены), а также "возможные" запасы (т.е. дополнительные количества нефти и газа, которые могут быть извлечены, но с меньшей вероятностью, чем вероятные запасы). Данные о запасах являются лишь оценочными и могут не соответствовать конечным объемам добытых нефти и газа. Любые оценки запасов или ресурсов, представленные в этом пресс-релизе, которые специально не обозначены как оценки доказанных запасов, могут включать "потенциальные" запасы, "ресурсный потенциал" и/или другие оценочные запасы или оценочные ресурсы, не обязательно рассчитанные в соответствии с последними руководящими принципами SEC по отчетности о запасах или предусмотренные ими. Инвесторам настоятельно рекомендуется внимательно ознакомиться с информацией, содержащейся в Годовом отчете EOG по форме 10‐K за финансовый год, закончившийся 31 декабря 2021 года, который можно получить в EOG по адресу: Почтовый ящик 4362, Хьюстон, Техас 77210-4362 (Attn: Отношения с инвесторами). Вы также можете получить этот отчет от SEC, позвонив по телефону 1-800‐SEC‐0330 или с веб-сайта SEC по адресу www.sec.gov . Кроме того, графики сверки и определения финансовых показателей, не относящихся к GAAP, можно найти на веб‐сайте EOG по адресу www.eogresources.com .

Отчеты о прибылях и убытках

In millions of USD, except share data (in millions) and per share data (Unaudited)


1Q 2022


4Q 2021


1Q 2021

Operating Revenues and Other






Crude Oil and Condensate

3,889


3,246


2,251

Natural Gas Liquids

681


583


314

Natural Gas

716


847


625

Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts

(2,820)


136


(367)

Gathering, Processing and Marketing

1,469


1,232


848

Gains (Losses) on Asset Dispositions, Net

25


(29)


(6)

Other, Net

23


29


29

Total

3,983


6,044


3,694







Operating Expenses






Lease and Well

318


325


270

Transportation Costs

228


228


202

Gathering and Processing Costs

144


147


139

Exploration Costs

45


42


33

Dry Hole Costs

3


43


11

Impairments

55


206


44

Marketing Costs

1,283


1,160


838

Depreciation, Depletion and Amortization

847


910


900

General and Administrative

124


139


110

Taxes Other Than Income

390


316


215

Total

3,437


3,516


2,762







Operating Income

546


2,528


932

Other Income (Expense), Net

(1)


9


(4)

Income Before Interest Expense and Income Taxes

545


2,537


928

Interest Expense, Net

48


38


47

Income Before Income Taxes

497


2,499


881

Income Tax Provision

107


514


204

Net Income

390


1,985


677







Dividends Declared per Common Share

1.7500


2.7500


0.4125

Net Income Per Share






Basic

0.67


3.42


1.17

Diluted

0.67


3.39


1.16

Average Number of Common Shares






Basic

582


581


580

Diluted

586


585


583

Устьевые объемы и цены

(Unaudited)


1Q 2022


1Q 2021


% Change


4Q 2021









Crude Oil and Condensate Volumes (MBbld) (A)








United States

449.4


428.7


5 %


449.7

Trinidad

0.7


2.2


-68 %


0.9

Other International (B)


0.1


-100 %


Total

450.1


431.0


4 %


450.6









Average Crude Oil and Condensate Prices ($/Bbl) (C)








United States

96.02


58.07


65 %


78.31

Trinidad

83.82


49.77


68 %


66.86

Other International (B)


38.61


-100 %


Composite

96.00


58.02


65 %


78.29




58.02





Natural Gas Liquids Volumes (MBbld) (A)








United States

190.3


124.3


53 %


156.9

Total

190.3


124.3


53 %


156.9









Average Natural Gas Liquids Prices ($/Bbl) (C)








United States

39.77


28.03


42 %


40.40

Composite

39.77


28.03


42 %


40.40









Natural Gas Volumes (MMcfd) (A)








United States

1,249


1,100


14 %


1,328

Trinidad

209


217


-4 %


206

Other International (B)


25


-100 %


Total

1,458


1,342


9 %


1,534









Average Natural Gas Prices ($/Mcf) (C)








United States

5.81


5.52


5 %


6.40

Trinidad

3.36


3.38


-1 %


3.48

Other International (B)


5.66


-100 %


Composite

5.46


5.17


6 %


6.00









Crude Oil Equivalent Volumes (MBoed) (D)








United States

847.8


736.4


15 %


827.8

Trinidad

35.5


38.5


-8 %


35.3

Other International (B)


4.0


-100 %


Total

883.3


778.9


13 %


863.1









Total MMBoe (D)

79.5


70.1


13 %


79.4










(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 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022).

(D)

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.

In millions of USD, except share data (Unaudited)


March 31,


December 31,


2022


2021

Current Assets




Cash and Cash Equivalents

4,009


5,209

Accounts Receivable, Net

3,213


2,335

Inventories

586


584

Other

671


456

Total

8,479


8,584


Property, Plant and Equipment




Oil and Gas Properties (Successful Efforts Method)

65,408


67,644

Other Property, Plant and Equipment

4,801


4,753

Total Property, Plant and Equipment

70,209


72,397

Less:  Accumulated Depreciation, Depletion and Amortization

(41,747)


(43,971)

Total Property, Plant and Equipment, Net

28,462


28,426

Deferred Income Taxes

13


11

Other Assets

1,143


1,215

Total Assets

38,097


38,236


Current Liabilities




Accounts Payable

2,660


2,242

Accrued Taxes Payable

1,130


518

Dividends Payable

436


436

Liabilities from Price Risk Management Activities

260


269

Current Portion of Long-Term Debt

1,283


37

Current Portion of Operating Lease Liabilities

223


240

Other

272


300

Total

6,264


4,042





Long-Term Debt

3,816


5,072

Other Liabilities

2,191


2,193

Deferred Income Taxes

4,286


4,749

Commitments and Contingencies








Stockholders' Equity




Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 585,944,344 
     Shares Issued at March 31, 2022 and 585,521,512 Shares Issued at December
      31, 2021

206


206

Additional Paid in Capital

6,095


6,087

Accumulated Other Comprehensive Loss

(13)


(12)

Retained Earnings

15,283


15,919

Common Stock Held in Treasury, 290,472 Shares at March 31, 2022 and 257,268 
     Shares at December 31, 2021

(31)


(20)

Total Stockholders' Equity

21,540


22,180

Total Liabilities and Stockholders' Equity

38,097


38,236

Отчеты о движении денежных средств

In millions of USD (Unaudited)


1Q 2022


4Q 2021


1Q 2021

Cash Flows from Operating Activities






Reconciliation of Net Income to Net Cash Provided by Operating Activities:






Net Income

390


1,985


677

Items Not Requiring (Providing) Cash






Depreciation, Depletion and Amortization

847


910


900

Impairments

55


206


44

Stock-Based Compensation Expenses

35


35


35

Deferred Income Taxes

(465)


122


(36)

(Gains) Losses on Asset Dispositions, Net

(25)


29


6

Other, Net

6


(2)


7

Dry Hole Costs

3


43


11

Mark-to-Market Financial Commodity Derivative Contracts Total (Gains) Losses

2,820


(136)


367

Net Cash Payments for Settlements of Financial Commodity Derivative Contracts

(296)


(122)


(30)

Other, Net

2


(1)


1

Changes in Components of Working Capital and Other Assets and Liabilities






Accounts Receivable

(878)


(182)


(308)

Inventories

(14)


(108)


64

Accounts Payable

130


341


172

Accrued Taxes Payable

613


26


243

Other Assets

(213)


(81)


(103)

Other Liabilities

(2,250)


201


(89)

Changes in Components of Working Capital Associated with Investing Activities

68


(100)


(91)

Net Cash Provided by Operating Activities

828


3,166


1,870

Investing Cash Flows






Additions to Oil and Gas Properties

(939)


(949)


(875)

Additions to Other Property, Plant and Equipment

(70)


(65)


(42)

Proceeds from Sales of Assets

121


77


5

Changes in Components of Working Capital Associated with Investing Activities

(68)


100


91

Net Cash Used in Investing Activities

(956)


(837)


(821)

Financing Cash Flows






Long-Term Debt Repayments



(750)

Dividends Paid

(1,023)


(1,406)


(219)

Treasury Stock Purchased

(43)


(8)


(10)

Proceeds from Stock Options Exercised and Employee Stock Purchase Plan

4


10


Repayment of Finance Lease Liabilities

(10)


(10)


(9)

Net Cash Used in Financing Activities

(1,072)


(1,414)


(988)

Effect of Exchange Rate Changes on Cash


1


(2)

Increase (Decrease)  in Cash and Cash Equivalents

(1,200)


916


59

Cash and Cash Equivalents at Beginning of Period

5,209


4,293


3,329

Cash and Cash Equivalents at End of Period

4,009


5,209


3,388

Финансовые показатели, Не относящиеся к ОПБУ


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, Adjusted EBITDAX, 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. 

Скорректированный Чистый Доход (Убыток)

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) - see "Revenues, Costs and Margins Per Barrel of Oil Equivalent" below for additional related discussion) 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.










1Q 2022


Before

Tax


Income Tax
Impact


After

Tax


Diluted
 Earnings
per Share









Reported Net Income (GAAP)

497


(107)


390


0.67

Adjustments:








Losses on Mark-to-Market Financial Commodity Derivative Contracts

2,820


(612)


2,208


3.76

Net Cash Payments for Settlements of Financial Commodity Derivative Contracts

(296)


64


(232)


(0.40)

Add: Gains on Asset Dispositions, Net

(25)


5


(20)


(0.03)

Adjustments to Net Income

2,499


(543)


1,956


3.33









Adjusted Net Income (Non-GAAP)

2,996


(650)


2,346


4.00









Average Number of Common Shares (Non-GAAP)








Basic







582

Diluted







586

Adjusted Net Income (Loss)

(Continued)







In millions of USD, except share data (in millions) and per share data (Unaudited)


4Q 2021


Before

Tax


Income Tax
Impact


After

Tax


Diluted
Earnings
per Share









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 Derivative Contracts

(122)


25


(97)


(0.17)

Add: Losses on Asset Dispositions, Net

29


(7)


22


0.04

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


1Q 2021


Before

Tax


Income Tax
Impact


After

Tax


Diluted
Earnings
per Share









Reported Net Income (GAAP)

881


(204)


677


1.16

Adjustments:








Losses on Mark-to-Market Financial Commodity Derivative Contracts

367


(81)


286


0.49

Net Cash Payments for Settlements of Financial Commodity Derivative Contracts

(30)


7


(23)


(0.04)

Add: Losses on Asset Dispositions, Net

6


(1)


5


0.01

Add: Certain Impairments

1



1


Adjustments to Net Income

344


(75)


269


0.46









Adjusted Net Income (Non-GAAP)

1,225


(279)


946


1.62









Average Number of Common Shares (Non-GAAP)








Basic







580

Diluted







583

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)





4Q 2021 Adjusted Net Income per Share (Non-GAAP)



3.09





Realized Price




1Q 2022 Composite Average Wellhead Revenue per Boe

66.50



Less:  4Q 2021 Composite Average Welhead Revenue per Boe

(58.88)



Subtotal

7.62



Multiplied by: 1Q 2022 Crude Oil Equivalent Volumes (MMBoe)

79.5



Total Change in Revenue

606



Less: Income Tax Benefit (Provision) Imputed (based on 23%)

(139)



Change in Net Income

467



Change in Diluted Earnings per Share



0.80





Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts



1Q 2022 Net Cash Received from (Payments for) Settlement of Financial 
     Commodity Derivative Contracts

(296)



Less:  Income Tax Benefit (Provision)

64



After Tax - (a)

(232)



4Q 2021 Net Cash Received from (Payments for) Settlement of Financial 
     Commodity Derivative Contracts

(122)



Less:  Income Tax Benefit (Provision)

25



After Tax - (b)

(97)



Change in Net Income - (a) - (b)

(135)



Change in Diluted Earnings per Share



(0.23)





Wellhead Volumes




1Q 2022 Crude Oil Equivalent Volumes (MMBoe)

79.5



Less:  4Q 2021 Crude Oil Equivalent Volumes (MMBoe)

(79.4)



Subtotal

0.1



Multiplied by:  1Q 2022 Composite Average Margin per Boe (Non-GAAP) (Including 
     Total Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil 
     Equivalent" schedule)

38.80



Change in Revenue

4



Less:  Income Tax Benefit (Provision) Imputed (based on 23%)

(1)



Change in Net Income

3



Change in Diluted Earnings per Share



Adjusted Net Income Per Share

(Continued)

In millions of USD, except share data (in millions), per share data, production volume data and per Boe data (Unaudited)





Operating Cost per Boe




4Q 2021 Total Operating Cost per Boe (Non-GAAP) (including Total Exploration 
     Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil Equivalent" 
     schedule)

30.14



Less:  4Q 2021 Taxes Other Than Income

(3.98)



Less:  1Q 2022 Total Operating Cost per Boe (Non-GAAP) (including Total 
     Exploration Costs) (refer to "Revenues, Costs and Margins Per Barrel of Oil 
     Equivalent" schedule)

(27.70)



Add: 1Q 2022 Taxes Other Than Income

4.91



Subtotal

3.37



Multiplied by:  1Q 2022 Crude Oil Equivalent Volumes (MMBoe)

79.5



Change in Before-Tax Net Income

268



Less:  Income Tax Benefit (Provision) Imputed (based on 23%)

(62)



Change in Net Income

206



Change in Diluted Earnings per Share



0.35





Other (1)



(0.01)





1Q 2022 Adjusted Net Income per Share (Non-GAAP)



4.00





1Q 2022 Average Number of Common Shares (Non-GAAP) - Diluted

586








(1)

Includes gathering, processing and marketing revenue, other revenue, marketing costs, taxes other than income, other income (expense), interest expense and the effect of changes in the effective income tax rate.

Денежный поток от операций и Свободный денежный поток

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 three-month period ended March 31, 2022 has 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.












1Q 2022


4Q 2021


3Q 2021


2Q 2021


1Q 2021











Net Cash Provided by Operating Activities (GAAP)

828


3,166


2,196


1,559


1,870











Adjustments:










Changes in Components of Working Capital and 
     Other Assets and Liabilities










Accounts Receivable

878


182


145


186


308

Inventories

14


108


6


(37)


(64)

Accounts Payable

(130)


(341)


68


(11)


(172)

Accrued Taxes Payable

(613)


(26)


(206)


163


(243)

Other Assets

213


81


(167)


119


103

Other Liabilities

2,250


(201)


260


(32)


89

Changes in Components of Working Capital 
     Associated with Investing Activities

(68)


100


(45)


54


91

Cash Flow from Operations Before Working Capital 
     (Non-GAAP)

3,372


3,069


2,257


2,001


1,982











Cash Flow from Operations Before Working Capital 
     (Non-GAAP)

3,372


3,069


2,257


2,001


1,982

Less:










Total Capital Expenditures (Non-GAAP) (a)

(1,009)


(1,015)


(891)


(937)


(912)

Free Cash Flow (Non-GAAP)

2,363


2,054


1,366


1,064


1,070











(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):












1Q 2022


4Q 2021


3Q 2021


2Q 2021


1Q 2021











Total Expenditures (GAAP)

1,144


1,137


962


1,089


1,067

Less:










Asset Retirement Costs

(27)


(71)


(8)


(31)


(17)

Non-Cash Acquisition Costs of Unproved 
     Properties

(58)


(8)


(15)



(22)

Non-Cash Finance Leases





(74)

Acquisition Costs of Proved Properties

(5)


(1)


(4)


(86)


(9)

Exploration Costs

(45)


(42)


(44)


(35)


(33)

Total Capital Expenditures (Non-GAAP)

1,009


1,015


891


937


912

Cash Flow from Operations and Free Cash Flow

(Continued)


In millions of USD (Unaudited)








FY 2021


FY 2020


FY 2019







Net Cash Provided by Operating Activities (GAAP)

8,791


5,008


8,163







Adjustments:






Changes in Components of Working Capital and Other Assets and Liabilities






Accounts Receivable

821


(467)


92

Inventories

13


(123)


(90)

Accounts Payable

(456)


795


(169)

Accrued Taxes Payable

(312)


49


(40)

Other Assets

136


(325)


(358)

Other Liabilities

116


(8)


57

Changes in Components of Working Capital Associated with Investing and Financing 
     Activities

200


(75)


115

Other Non-Current Income Taxes - Net Receivable


113


239

Cash Flow from Operations Before Working Capital (Non-GAAP)

9,309


4,967


8,009







Cash Flow from Operations Before Working Capital (Non-GAAP)

9,309


4,967


8,009

Less:






Total Capital Expenditures (Non-GAAP) (a)

(3,755)


(3,344)


(6,094)

Free Cash Flow (Non-GAAP)

5,554


1,623


1,915







(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):







Total Expenditures (GAAP)

4,255


4,113


6,900

Less:






Asset Retirement Costs

(127)


(117)


(186)

Non-Cash Expenditures of Other Property, Plant and Equipment



(2)

Non-Cash Acquisition Costs of Unproved Properties

(45)


(197)


(98)

Non-Cash Finance Leases

(74)


(174)


Acquisition Costs of Proved Properties

(100)


(135)


(380)

Exploration Costs

(154)


(146)


(140)

Total Capital Expenditures (Non-GAAP)

3,755


3,344


6,094







Cash Flow from Operations and Free Cash Flow

(Continued)


In millions of USD (Unaudited)








FY 2018


FY 2017


FY 2016







Net Cash Provided by Operating Activities (GAAP)

7,769


4,265


2,359







Adjustments:






Changes in Components of Working Capital and Other Assets and Liabilities






Accounts Receivable

368


392


233

Inventories

395


175


(171)

Accounts Payable

(439)


(324)


74

Accrued Taxes Payable

92


64


(93)

Other Assets

125


659


41

Other Liabilities

(11)


90


16

Changes in Components of Working Capital Associated with Investing and Financing 
     Activities

(301)


(90)


156

Other Non-Current Income Taxes - Net (Payable) Receivable

149


(513)


Excess Tax Benefits from Stock-Based Compensation



30

Cash Flow from Operations Before Working Capital (Non-GAAP)

8,147


4,718


2,645







Cash Flow from Operations Before Working Capital (Non-GAAP)

8,147


4,718


2,645

Less:






Total Capital Expenditures (Non-GAAP) (a)

(6,023)


(4,083)


(2,581)

Free Cash Flow (Non-GAAP)

2,124


635


64







(a) See below reconciliation of Total Expenditures (GAAP) to Total Capital Expenditures (Non-GAAP):







Total Expenditures (GAAP)

6,706


4,613


6,554

Less:






Asset Retirement Costs

(70)


(56)


20

Non-Cash Expenditures of Other Property, Plant and Equipment

(1)



(17)

Non-Cash Acquisition Costs of Unproved Properties

(291)


(256)


(3,102)

Non-Cash Finance Leases

(48)



Acquisition Costs of Proved Properties

(124)


(73)


(749)

Exploration Costs

(149)


(145)


(125)

Total Capital Expenditures (Non-GAAP)

6,023


4,083


2,581







Общие расходы

In millions of USD (Unaudited)
















1Q 2022


4Q 2021


3Q 2021


2Q 2021


1Q 2021













Exploration and Development Drilling



813


767


653


711


733

Facilities



109


118


100


105


82

Leasehold Acquisitions



64


21


90


46


58

Property Acquisitions



5


1


4


86


9

Capitalized Interest



8


9


9


7


8

Subtotal



999


916


856


955


890

Exploration Costs



45


42


44


35


33

Dry Hole Costs



3


43


4


13


11

Exploration and Development Expenditures



1,047


1,001


904


1,003


934

Asset Retirement Costs



27


71


8


31


17

Total Exploration and Development Expenditures



1,074


1,072


912


1,034


951

Other Property, Plant and Equipment



70


65


50


55


116

Total Expenditures



1,144


1,137


962


1,089


1,067

Total Expenditures

(Continued)










In millions of USD (Unaudited)














FY 2021


FY 2020


FY 2019


FY 2018


FY 2017


FY 2016













Exploration and Development Drilling

2,864


2,664


4,951


4,935


3,132


1,957

Facilities

405


347


629


625


575


375

Leasehold Acquisitions

215


265


276


488


427


3,217

Property Acquisitions

100


135


380


124


73


749

Capitalized Interest

33


31


38


24


27


31

Subtotal

3,617


3,442


6,274


6,196


4,234


6,329

Exploration Costs

154


146


140


149


145


125

Dry Hole Costs

71


13


28


5


5


11

Exploration and Development Expenditures

3,842


3,601


6,442


6,350


4,384


6,465

Asset Retirement Costs

127


117


186


70


56


(20)

Total Exploration and Development Expenditures

3,969


3,718


6,628


6,420


4,440


6,445

Other Property, Plant and Equipment

286


395


272


286


173


109

Total Expenditures

4,255


4,113


6,900


6,706


4,613


6,554

Показатель EBITDAX и скорректированный показатель EBITDAX

In millions of USD (Unaudited)





The following table adjusts the reported Net Income (Loss) (GAAP) to Earnings Before Interest Expense, Net, Income Taxes (Income Tax Provision (Benefit)), Depreciation, Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments (EBITDAX) (Non-GAAP) and further adjusts such amount to reflect actual Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts by eliminating the unrealized Mark-to-Market (MTM) (Gains) Losses from these transactions and to eliminate the (Gains) Losses on Asset Dispositions (Net).  EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who adjust reported Net Income (Loss) (GAAP) to add back Interest Expense, Net, Income Taxes (Income Tax Provision (Benefit)), Depreciation, Depletion and Amortization, Exploration Costs, Dry Hole Costs and Impairments and further adjust such amount to match 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.






1Q 2022


1Q 2021





Net Income (GAAP)

390


677





Adjustments:




Interest Expense, Net

48


47

Income Tax Provision

107


204

Depreciation, Depletion and Amortization

847


900

Exploration Costs

45


33

Dry Hole Costs

3


11

Impairments

55


44

EBITDAX (Non-GAAP)

1,495


1,916

Losses on MTM Financial Commodity Derivative Contracts

2,820


367

Net Cash Payments for Settlements of Commodity Derivative Contracts

(296)


(30)

(Gains) Losses on Asset Dispositions, Net

(25)


6





Adjusted EBITDAX (Non-GAAP)

3,994


2,259





Definitions




EBITDAX - Earnings Before Interest Expense, Net; Income Tax Provision (Benefit); Depreciation, Depletion and Amortization; Exploration Costs; Dry Hole Costs; and Impairments

Отношение чистого долга к общей капитализации

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.












March 31,
2022


December 31,
2021


September 30,

2021


June 30,

2021


March 31,

2021











Total Stockholders' Equity - (a)

21,540


22,180


21,765


20,881


20,762











Current and Long-Term Debt (GAAP) - (b)

5,099


5,109


5,117


5,125


5,133

Less: Cash

(4,009)


(5,209)


(4,293)


(3,880)


(3,388)

Net Debt (Non-GAAP) - (c)

1,090


(100)


824


1,245


1,745











Total Capitalization (GAAP) - (a) + (b)

26,639


27,289


26,882


26,006


25,895











Total Capitalization (Non-GAAP) - (a) + (c)

22,630


22,080


22,589


22,126


22,507











Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]

19.1%


18.7%


19.0%


19.7%


19.8%











Net Debt-to-Total Capitalization (Non-GAAP) - (c) / 
     [(a) + (c)]

4.8%


-0.5%


3.6%


5.6%


7.8%

Net Debt-to-Total Capitalization Ratio

(Continued)





In millions of USD, except ratio data (Unaudited)










December 31,

2020


September 30,

2020


June 30,

2020


March 31,

2020









Total Stockholders' Equity - (a)

20,302


20,148


20,388


21,471









Current and Long-Term Debt (GAAP) - (b)

5,816


5,721


5,724


5,222

Less: Cash

(3,329)


(3,066)


(2,417)


(2,907)

Net Debt (Non-GAAP) - (c)

2,487


2,655


3,307


2,315









Total Capitalization (GAAP) - (a) + (b)

26,118


25,869


26,112


26,693









Total Capitalization (Non-GAAP) - (a) + (c)

22,789


22,803


23,695


23,786









Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]

22.3%


22.1%


21.9%


19.6%









Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]

10.9%


11.6%


14.0%


9.7%

Net Debt-to-Total Capitalization Ratio

(Continued)





In millions of USD, except ratio data (Unaudited)


December 31,
2019


September 30,
2019


June 30,

2019


March 31,

2019









Total Stockholders' Equity - (a)

21,641


21,124


20,630


19,904









Current and Long-Term Debt (GAAP) - (b)

5,175


5,177


5,179


6,081

Less: Cash

(2,028)


(1,583)


(1,160)


(1,136)

Net Debt (Non-GAAP) - (c)

3,147


3,594


4,019


4,945









Total Capitalization (GAAP) - (a) + (b)

26,816


26,301


25,809


25,985









Total Capitalization (Non-GAAP) - (a) + (c)

24,788


24,718


24,649


24,849









Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]

19.3%


19.7%


20.1%


23.4%









Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]

12.7%


14.5%


16.3%


19.9%

Net Debt-to-Total Capitalization Ratio

(Continued)





In millions of USD, except ratio data (Unaudited)


December 31,

2018


September 30,

2018


June 30,

2018


March 31,

2018








Total Stockholders' Equity - (a)

19,364


18,538


17,452


16,841









Current and Long-Term Debt (GAAP) - (b)

6,083


6,435


6,435


6,435

Less: Cash

(1,556)


(1,274)


(1,008)


(816)

Net Debt (Non-GAAP) - (c)

4,527


5,161


5,427


5,619









Total Capitalization (GAAP) - (a) + (b)

25,447


24,973


23,887


23,276









Total Capitalization (Non-GAAP) - (a) + (c)

23,891


23,699


22,879


22,460









Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]

23.9%


25.8%


26.9%


27.6%









Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]

18.9%


21.8%


23.7%


25.0%

Net Debt-to-Total Capitalization Ratio

(Continued)





In millions of USD, except ratio data (Unaudited)


December 31,

2017


September 30,

2017


June 30,

2017


March 31,

2017








Total Stockholders' Equity - (a)

16,283


13,922


13,902


13,928









Current and Long-Term Debt (GAAP) - (b)

6,387


6,387


6,987


6,987

Less: Cash

(834)


(846)


(1,649)


(1,547)

Net Debt (Non-GAAP) - (c)

5,553


5,541


5,338


5,440









Total Capitalization (GAAP) - (a) + (b)

22,670


20,309


20,889


20,915









Total Capitalization (Non-GAAP) - (a) + (c)

21,836


19,463


19,240


19,368









Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]

28.2%


31.4%


33.4%


33.4%









Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)]

25.4%


28.5%


27.7%


28.1%

Net Debt-to-Total Capitalization Ratio

(Continued)



In millions of USD, except ratio data (Unaudited)


December 31,
2016


September 30,
2016


June 30,

2016


March 31,

2016


December 31,

2015










Total Stockholders' Equity - (a)

13,982


11,798


12,057


12,405


12,943











Current and Long-Term Debt (GAAP) - (b)

6,986


6,986


6,986


6,986


6,656

Less: Cash

(1,600)


(1,049)


(780)


(668)


(719)

Net Debt (Non-GAAP) - (c)

5,386


5,937


6,206


6,318


5,937











Total Capitalization (GAAP) - (a) + (b)

20,968


18,784


19,043


19,391


19,599











Total Capitalization (Non-GAAP) - (a) + (c)

19,368


17,735


18,263


18,723


18,880











Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)]

33.3%


37.2%


36.7%


36.0%


34.0%











Net Debt-to-Total Capitalization (Non-GAAP) - (c) / 
     [(a) + (c)]

27.8%


33.5%


34.0%


33.7%


31.4%

Данные о Стоимости Замещения Резерва

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.










2021


2020


2019


2018









Total Costs Incurred in Exploration and Development Activities (GAAP)

3,969


3,718


6,628


6,420

Less:  Asset Retirement Costs

(127)


(117)


(186)


(70)

Non-Cash Acquisition Costs of Unproved Properties

(45)


(197)


(98)


(291)

Acquisition Costs of Proved Properties

(100)


(135)


(380)


(124)

Total Exploration and Development Expenditures for Drilling Only (Non-
     GAAP) - (a)

3,697


3,269


5,964


5,935









Total Costs Incurred in Exploration and Development Activities (GAAP)

3,969


3,718


6,628


6,420

Less:  Asset Retirement Costs

(127)


(117)


(186)


(70)

Non-Cash Acquisition Costs of Unproved Properties

(45)


(197)


(98)


(291)

Non-Cash Acquisition Costs of Proved Properties

(5)


(15)


(52)


(71)

Total Exploration and Development Expenditures (Non-GAAP) - (b)

3,792


3,389


6,292


5,988









Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)








Revisions Due to Price - (c)

194


(278)


(60)


35

Revisions Other Than Price

(308)


(89)



(40)

Purchases in Place

9


10


17


12

Extensions, Discoveries and Other Additions - (d)

952


564


750


670

Total Proved Reserve Additions - (e)

847


207


707


677

Sales in Place

(11)


(31)


(5)


(11)

Net Proved Reserve Additions From All Sources

836


176


702


666









Production

309


285


301


265









Reserve Replacement Costs ($ / Boe)








Total Drilling, Before Revisions - (a / d)

3.88


5.79


7.95


8.86

All-in Total, Net of Revisions - (b / e)

4.48


16.32


8.90


8.85

All-in Total, Excluding Revisions Due to Price -  (b / ( e - c))

5.81


6.98


8.21


9.33

Reserve Replacement Cost Data

(Continued)






In millions of USD, except reserves and ratio data (Unaudited)










2017


2016


2015


2014









Total Costs Incurred in Exploration and Development Activities (GAAP)

4,440


6,445


4,928


7,905

Less:  Asset Retirement Costs

(56)


20


(53)


(196)

Non-Cash Acquisition Costs of Unproved Properties

(256)


(3,102)



Acquisition Costs of Proved Properties

(73)


(749)


(481)


(139)

Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a)

4,055


2,614


4,394


7,570









Total Costs Incurred in Exploration and Development Activities (GAAP)

4,440


6,445


4,928


7,905

Less:  Asset Retirement Costs

(56)


20


(53)


(196)

Non-Cash Acquisition Costs of Unproved Properties

(256)


(3,102)



Non-Cash Acquisition Costs of Proved Properties

(26)


(732)



Total Exploration and Development Expenditures (Non-GAAP) - (b)

4,102


2,631


4,875


7,709









Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe)








Revisions Due to Price - (c)

154


(101)


(574)


52

Revisions Other Than Price

48


253


107


49

Purchases in Place

2


42


56


14

Extensions, Discoveries and Other Additions - (d)

421


209


246


519

Total Proved Reserve Additions - (e)

625


403


(165)


634

Sales in Place

(21)


(168)


(4)


(36)

Net Proved Reserve Additions From All Sources

604


235


(169)


598









Production

224


206


210


220









Reserve Replacement Costs ($ / Boe)








Total Drilling, Before Revisions - (a / d)

9.64


12.51


17.87


14.58

All-in Total, Net of Revisions - (b / e)

6.56


6.52


(29.63)


12.16

All-in Total, Excluding Revisions Due to Price -  (b / ( e - c))

8.71


5.22


11.91


13.25

Definitions


$/Boe

U.S. Dollars per barrel of oil equivalent

MMBoe

Million barrels of oil equivalent

Производные контракты на финансовые товары

EOG accounts for financial commodity derivative contracts using the mark-to-market accounting method.


Presented below is a comprehensive summary of EOG's financial commodity derivative contracts settled during the period from January 1, 2022 to May 4, 2022 (closed) and outstanding as of May 4, 2022. 

Crude Oil Financial Price Swap Contracts





Contracts Sold


Contracts Purchased

Period


Settlement Index


Volume

(MBbld)


Weighted
Average Price

($/Bbl)


Volume
(MBbld)


Weighted
Average Price
($/Bbl)

January  - March 2022 (closed)


NYMEX WTI


140


$               65.58



$                    —

April 2022 (closed)


NYMEX WTI


140


65.62



May - June 2022


NYMEX WTI


140


65.62



July - September 2022


NYMEX WTI


140


65.59



October - December 2022 
     (closed) (1)


NYMEX WTI


53


66.11



October - December 2022


NYMEX WTI


87


65.41


87


88.85

January - March 2023


NYMEX WTI


150


67.92



April - June 2023


NYMEX WTI


120


67.79



July - September 2023


NYMEX WTI


100


70.15



October - December 2023


NYMEX WTI


69


69.41





(1)

In April 2022, EOG executed the early termination provision granting EOG the right to terminate certain of its October - December 2022 crude oil financial price swap contracts which were open at that time.  EOG paid net cash of $114 million for the settlement of these contracts.

Crude Oil Basis Swap Contracts





Contracts Sold

Period


Settlement Index


Volume

(MBbld)


Weighted Average
Price Differential

($/Bbl)

January - May 2022 (closed)


NYMEX WTI Roll Differential (1)


125


$                                    0.15

June - December 2022


NYMEX WTI Roll Differential (1)


125


0.15



(1)

This settlement index is used to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month.

Financial Commodity Derivative Contracts

(Continued)






Natural Gas Financial Price Swap Contracts





Contracts Sold

Period


Settlement Index


Volume

(MMBtud in
thousands)


Weighted Average Price
($/MMBtu)

January - May 2022 (closed)


NYMEX Henry Hub


725


$                                    3.57

June - December 2022


NYMEX Henry Hub


725


3.57

January - December 2023


NYMEX Henry Hub


725


3.18

January - 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 - May 2022 (closed)


NYMEX Henry Hub HSC Differential (1)


210


$                                   (0.01)

June - December 2022


NYMEX Henry Hub HSC Differential (1)


210


(0.01)

January - December 2023


NYMEX Henry Hub HSC Differential (1)


135


(0.01)

January - December 2024


NYMEX Henry Hub HSC Differential (1)


10


0.00

January - December 2025


NYMEX Henry Hub HSC Differential (1)


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.

Glossary:


$/Bbl

Dollars per barrel

$/MMBtu

Dollars per million British Thermal Units

Bbl

Barrel

EOG

EOG Resources, Inc.

HSC

Houston Ship Channel

MBbld

Thousand barrels per day

MMBtu

Million British Thermal Units

MMBtud

Million British Thermal Units per day

NGL

Natural Gas Liquids

NYMEX

New York Mercantile Exchange

WTI

West Texas Intermediate

Прямая норма прибыли после уплаты налогов


The calculation of EOG's direct after-tax rate of return (ATROR) with respect to EOG's capital expenditure program for a particular play or well is based on the estimated recoverable reserves ("net" to EOG's interest) for all wells in such play or such well (as the case may be), the estimated net present value (NPV) of the future net cash flows from such reserves (for which we utilize certain assumptions regarding future commodity prices and operating costs) and EOG's direct net costs incurred in drilling or acquiring (as the case may be) such wells or well (as the case may be).  As such, EOG's direct ATROR with respect to our capital expenditures for a particular play or well cannot be calculated from our consolidated financial statements.



Direct ATROR


Based on Cash Flow and Time Value of Money


  - Estimated future commodity prices and operating costs


  - Costs incurred to drill, complete and equip a well, including wellsite  facilities and flowback


Excludes Indirect Capital


  - Gathering and Processing and other Midstream


  - Land, Seismic, Geological and Geophysical


  - Offsite Production Facilities




Payback ~12 Months on 100% Direct ATROR Wells


First Five Years ~1/2 Estimated Ultimate Recovery Produced but ~3/4 of NPV Captured




Return on Equity / Return on Capital Employed


Based on GAAP Accrual Accounting


Includes All Indirect Capital and Growth Capital for Infrastructure


  - Eagle Ford, Bakken, Permian and Powder River Basin Facilities


  - Gathering and Processing


Includes Legacy Gas Capital and Capital from Mature Wells


In millions of USD, except ratio data (Unaudited)









The following tables reconcile Interest Expense, Net (GAAP), Net Income (Loss) (GAAP), Current and Long-Term Debt (GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest Expense (Non-GAAP), Adjusted Net Income (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization (Non-GAAP), respectively, as used in the Return on Capital Employed (ROCE) and Return on Equity (ROE) calculations.  EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize After-Tax Net Interest Expense, Adjusted Net Income, Net Debt and Total Capitalization (Non-GAAP) in their ROCE and ROE calculations.  EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.










2021


2020


2019


2018









Interest Expense, Net (GAAP)

178


205


185


245

Tax Benefit Imputed (based on 21%)

(37)


(43)


(39)


(51)

After-Tax Net Interest Expense (Non-GAAP) - (a)

141


162


146


194









Net Income (Loss) (GAAP) - (b)

4,664


(605)


2,735


3,419

Adjustments to Net Income (Loss), Net of Tax (See Below Detail) (1)

364


1,455


158


(201)

Adjusted Net Income (Non-GAAP) - (c)

5,028


850


2,893


3,218









Total Stockholders' Equity - (d)

22,180


20,302


21,641


19,364









Average Total Stockholders' Equity * - (e)

21,241


20,972


20,503


17,824









Current and Long-Term Debt (GAAP) - (f)

5,109


5,816


5,175


6,083

Less:  Cash

(5,209)


(3,329)


(2,028)


(1,556)

Net Debt (Non-GAAP) - (g)

(100)


2,487


3,147


4,527









Total Capitalization (GAAP) - (d) + (f)

27,289


26,118


26,816


25,447









Total Capitalization (Non-GAAP) - (d) + (g)

22,080


22,789


24,788


23,891









Average Total Capitalization (Non-GAAP) * - (h)

22,435


23,789


24,340


22,864









Return on Capital Employed (ROCE)








Calculated Using GAAP Net Income (Loss) - [(a) + (b)] / (h) (Non-
     GAAP)

21.4%


-1.9%


11.8%


15.8%

Calculated Using Non-GAAP Adjusted Net Income - [(a) + (c)] / (h) 
     (Non-GAAP)

23.0%


4.3%


12.5%


14.9%









Return on Equity (ROE)








Calculated Using GAAP Net Income (Loss) - (b) / (e) (GAAP)

22.0%


-2.9%


13.3%


19.2%

Calculated Using Non-GAAP Adjusted Net Income - (c) / (e) (Non-
     GAAP)

23.7%


4.1%


14.1%


18.1%









* Average for the current and immediately preceding year








ROCE & ROE

(Continued)









(1) Detail of adjustments to Net Income (Loss) (GAAP):











Before

Tax


Income Tax
Impact


After

Tax

Year Ended December 31, 2021








Adjustments:








Add:  Mark-to-Market Financial Commodity Derivative Contracts Impact



514


(112)


402

Add:  Certain Impairments



15



15

Less:  Gains on Asset Dispositions, Net



(17)


9


(8)

Less:  Tax Benefits Related to Exiting Canada Operations




(45)


(45)

Total



512


(148)


364









Year Ended December 31, 2020








Adjustments:








Add:  Mark-to-Market Financial Commodity Derivative Contracts Impact



(74)


16


(58)

Add:  Certain Impairments



1,868


(392)


1,476

Add:  Losses on Asset Dispositions, Net



47


(10)


37

Total



1,841


(386)


1,455









Year Ended December 31, 2019








Adjustments:








Add:  Mark-to-Market Financial Commodity Derivative Contracts Impact



51


(11)


40

Add:  Certain Impairments



275


(60)


215

Less:  Gains on Asset Dispositions, Net



(124)


27


(97)

Total



202


(44)


158









Year Ended December 31, 2018








Adjustments:








Add:  Mark-to-Market Financial Commodity Derivative Contracts Impact



(93)


20


(73)

Add:  Certain Impairments



153


(34)


119

Less:  Gains on Asset Dispositions, Net



(175)


38


(137)

Less:  Tax Reform Impact




(110)


(110)

Total



(115)


(86)


(201)

ROCE & ROE

In millions of USD, except ratio data (Unaudited)


The following tables reconcile Interest Expense, Net (GAAP), Current and Long-Term Debt (GAAP) and Total Capitalization (GAAP) to After-Tax Net Interest Expense (Non-GAAP), Net Debt (Non-GAAP) and Total Capitalization (Non-GAAP), respectively, as used in the Return on Capital Employed (ROCE) and Return on Equity (ROE) calculations.  EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who utilize After-Tax Net Interest Expense, Net Debt and Total Capitalization (Non-GAAP) in their ROCE calculation.  EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.












2017


2016


2015









Interest Expense, Net (GAAP)



274


282


237

Tax Benefit Imputed (based on 35%)



(96)


(99)


(83)

After-Tax Net Interest Expense (Non-GAAP) - (a)



178


183


154









Net Income (Loss) (GAAP) - (b)



2,583


(1,097)


(4,525)









Total Stockholders' Equity - (d)



16,283


13,982


12,943









Average Total Stockholders' Equity* - (e)



15,133


13,463


15,328









Current and Long-Term Debt (GAAP) - (f)



6,387


6,986


6,655

Less:  Cash



(834)


(1,600)


(719)

Net Debt (Non-GAAP) - (g)



5,553


5,386


5,936









Total Capitalization (GAAP) - (d) + (f)



22,670


20,968


19,598









Total Capitalization (Non-GAAP) - (d) + (g)



21,836


19,368


18,879









Average Total Capitalization (Non-GAAP)* - (h)



20,602


19,124


20,206









Return on Capital Employed (ROCE)








Calculated Using GAAP Net Income (Loss) - [(a) + (b)] / (h) 
     (Non-GAAP)



13.4 %


-4.8 %


-21.6 %









Return on Equity (ROE)








Calculated Using GAAP Net Income (Loss) - (b) / (e) (GAAP)



17.1 %


-8.1 %


-29.5 %



* Average for the current and immediately preceding year

ROCE & ROE

(Continued)

In millions of USD, except ratio data (Unaudited)























2014


2013


2012


2011











Interest Expense, Net (GAAP)



201


235


214



Tax Benefit Imputed (based on 35%)



(70)


(82)


(75)



After-Tax Net Interest Expense (Non-GAAP) - (a)



131


153


139













Net Income (GAAP) - (b)



2,915


2,197


570













Total Stockholders' Equity - (d)



17,713


15,418


13,285


12,641











Average Total Stockholders' Equity* - (e)



16,566


14,352


12,963













Current and Long-Term Debt (GAAP) - (f)



5,906


5,909


6,312


5,009

Less:  Cash



(2,087)


(1,318)


(876)


(616)

Net Debt (Non-GAAP) - (g)



3,819


4,591


5,436


4,393











Total Capitalization (GAAP) - (d) + (f)



23,619


21,327


19,597


17,650











Total Capitalization (Non-GAAP) - (d) + (g)



21,532


20,009


18,721


17,034











Average Total Capitalization (Non-GAAP)* - (h)



20,771


19,365


17,878













Return on Capital Employed (ROCE)










Calculated Using GAAP Net Income - [(a) + (b)] / (h) (Non-
     GAAP)



14.7 %


12.1 %


4.0 %













Return on Equity (ROE)










Calculated Using GAAP Net Income - (b) / (e) (GAAP)



17.6 %


15.3 %


4.4 %





* Average for the current and immediately preceding year

Доходы, Затраты и прибыль на Баррель нефтяного эквивалента

In millions of USD, except Boe and per Boe amounts (Unaudited)











EOG believes this presentation may be useful to investors who follow the practice of some industry analysts who review certain components and/or groups of components of revenues, costs and/or margin per barrel of oil equivalent (Boe). Certain of these components are adjusted for non-recurring and certain other items, as further discussed below.

EOG management uses this information for purposes of comparing its financial performance with the financial performance of other companies in the industry.












1Q 2022


4Q 2021


3Q 2021


2Q 2021


1Q 2021











Volume - Million Barrels of Oil Equivalent - (a)

79.5


79.4


77.7


75.3


70.1











Total Operating Revenues and Other (b)

3,983


6,044


4,765


4,139


3,694

Total Operating Expenses (c)

3,437


3,516


3,294


2,968


2,762

Operating Income (d)

546


2,528


1,471


1,171


932











Wellhead Revenues










Crude Oil and Condensate

3,889


3,246


2,929


2,699


2,251

Natural Gas Liquids

681


583


548


367


314

Natural Gas

716


847


568


404


625

Total Wellhead Revenues - (e)

5,286


4,676


4,045


3,470


3,190











Operating Costs










Lease and Well

318


325


270


270


270

Transportation Costs

228


228


219


214


202

Gathering and Processing Costs

144


147


145


128


139

General and Administrative

124


139


142


120


110

Taxes Other Than Income

390


316


277


239


215

Interest Expense, Net

48


38


48


45


47

Total Operating Cost (excluding DD&A and Total Exploration 
     Costs) (f)

1,252


1,193


1,101


1,016


983











Depreciation, Depletion and Amortization (DD&A)

847


910


927


914


900











Total Operating Cost (excluding Total Exploration Costs) - (g)

2,099


2,103


2,028


1,930


1,883











Exploration Costs

45


42


44


35


33

Dry Hole Costs

3


43


4


13


11

Impairments

55


206


82


44


44

Total Exploration Costs (GAAP)

103


291


130


92


88

Less:  Certain Impairments (1)



(13)


(1)


(1)

Total Exploration Costs (Non-GAAP)

103


291


117


91


87











Total Operating Cost (including Total Exploration Costs 
     (GAAP)) - (h)

2,202


2,394


2,158


2,022


1,971

Total Operating Cost (including Total Exploration Costs 
     (Non-GAAP)) - (i)

2,202


2,394


2,145


2,021


1,970











Total Wellhead Revenues less Total Operating Cost

     (including Total Exploration Costs (GAAP))

3,084


2,282


1,887


1,448


1,219

Total Wellhead Revenues less Total Operating Cost

     (including Total Exploration Costs (Non-GAAP))

3,084


2,282


1,900


1,449


1,220

Revenues, Costs and Margins Per Barrel of Oil Equivalent

(Continued)

In millions of USD, except Boe and per Boe amounts (Unaudited)





















1Q 2022


4Q 2021


3Q 2021


2Q 2021


1Q 2021











Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)




















Composite Average Operating Revenues and Other per Boe

    - (b) / (a)

50.10


76.12


61.33


54.97


52.70

Composite Average Operating Expenses per Boe - (c) / (a)

43.23


44.28


42.40


39.42


39.40

Composite Average Operating Income per Boe

    - (d) / (a)

6.87


31.84


18.93


15.55


13.30











Composite Average Wellhead Revenue per Boe - (e) / (a)

66.50


58.88


52.07


46.07


45.49











Total Operating Cost per Boe (excluding DD&A and Total 
     Exploration Costs) -   (f) / (a)

15.75


15.02


14.19


13.48


14.02











Composite Average Margin per Boe (excluding DD&A and 
     Total Exploration Costs) - [(e) / (a) - (f) / (a)]

50.75


43.86


37.88


32.59


31.47











Total Operating Cost per Boe (excluding Total Exploration

     Costs) - (g) / (a)

26.40


26.48


26.12


25.61


26.86











Composite Average Margin per Boe (excluding Total 
     Exploration Costs) - [(e) / (a) - (g) / (a)]

40.10


32.40


25.95


20.46


18.63











Total Operating Cost per Boe (including Total Exploration

    Costs) - (h) / (a)

27.70


30.15


27.79


26.85


28.12











Composite Average Margin per Boe (including Total 
     Exploration Costs) - [(e) / (a) - (h) / (a)]

38.80


28.73


24.28


19.22


17.37











Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)




















Total Operating Cost per Boe (including Total Exploration

     Costs) - (i) / (a)

27.70


30.14


27.62


26.82


28.11











Composite Average Margin per Boe (including Total

     Exploration Costs) - [(e) / (a) - (i) / (a)]

38.80


28.74


24.45


19.25


17.38












(1)

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 exploration 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).

Revenues, Costs and Margins Per Barrel of Oil Equivalent

(Continued)

In millions of USD, except Boe and per Boe amounts (Unaudited)












2021


2020


2019


2018


2017











Volume - Million Barrels of Oil Equivalent - (a)

302.5


275.9


298.6


262.5


222.3











Total Operating Revenues and Other (b)

18,642


11,032


17,380


17,275


11,208

Total Operating Expenses (c)

12,540


11,576


13,681


12,806


10,282

Operating Income (Loss) (d)

6,102


(544)


3,699


4,469


926











Wellhead Revenues










Crude Oil and Condensate

11,125


5,786


9,613


9,517


6,256

Natural Gas Liquids

1,812


668


785


1,128


730

Natural Gas

2,444


837


1,184


1,302


922

Total Wellhead Revenues - (e)

15,381


7,291


11,582


11,947


7,908











Operating Costs










Lease and Well

1,135


1,063


1,367


1,283


1,045

Transportation Costs

863


735


758


747


740

Gathering and Processing Costs

559


459


479


437


149

General and Administrative (GAAP)

511


484


489


427


434

Less:  Legal Settlement - Early Leasehold Termination





(10)

Less:  Joint Venture Transaction Costs





(3)

Less:  Joint Interest Billings Deemed Uncollectible





(5)

General and Administrative (Non-GAAP) (1)

511


484


489


427


416

Taxes Other Than Income

1,047


478


800


772


545

Interest Expense, Net

178


205


185


245


274

Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs)
- (f)

4,293


3,424


4,078


3,911


3,187

Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration
Costs) - (g)

4,293


3,424


4,078


3,911


3,169











Depreciation, Depletion and Amortization (DD&A)

3,651


3,400


3,750


3,435


3,409











Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)

7,944


6,824


7,828


7,346


6,596

Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)

7,944


6,824


7,828


7,346


6,578











Exploration Costs

154


146


140


149


145

Dry Hole Costs

71


13


28


5


5

Impairments

376


2,100


518


347


479

Total Exploration Costs (GAAP)

601

601

2,259


686


501


629

Less:  Certain Impairments (2)

(15)


(1,868)


(275)


(153)


(261)

Total Exploration Costs (Non-GAAP)

586


391


411


348


368











Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - 
     (j)

8,545


9,083


8,514


7,847


7,225

Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-
     GAAP)) - (k)

8,530


7,215


8,239


7,694


6,946











Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total  
     Exploration Costs (GAAP))

6,836


(1,792)


3,068


4,100


683

Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including 
     Total Exploration Costs (Non-GAAP))

6,851


76


3,343


4,253


962











Revenues, Costs and Margins Per Barrel of Oil Equivalent

(Continued)

In millions of USD, except Boe and per Boe amounts (Unaudited)











2021


2020


2019


2018


2017











Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)




















Composite Average Operating Revenues and Other per Boe - (b) / (a)

61.63


39.99


58.20


65.81


50.42

Composite Average Operating Expenses per Boe - (c) / (a)

41.46


41.96


45.81


48.79


46.25

Composite Average Operating Income (Loss) per Boe - (d) / (a)

20.17


(1.97)


12.39


17.02


4.17











Composite Average Wellhead Revenue per Boe - (e) / (a)

50.84


26.42


38.79


45.51


35.58











Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) -   
     (f) / (a)

14.19


12.39


13.66


14.90


14.34











Composite Average Margin per Boe (excluding DD&A and Total 
     Exploration Costs) - [(e) / (a) - (f) / (a)]

36.65


14.03


25.13


30.61


21.24











Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)

26.26


24.71


26.22


27.99


29.67











Composite Average Margin per Boe (excluding Total Exploration Costs) - 
     [(e) / (a) - (h) / (a)]

24.58


1.71


12.57


17.52


5.91











Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)

28.25


32.92


28.51


29.89


32.50











Composite Average Margin per Boe (including Total Exploration Costs) - 
     [(e) / (a) - (j) / (a)]

22.59


(6.50)


10.28


15.62


3.08











Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)




















Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) -   
     (g) / (a)

14.19


12.39


13.66


14.90


14.25











Composite Average Margin per Boe (excluding DD&A and Total 
     Exploration Costs) - [(e) / (a) - (g) / (a)]

36.65


14.03


25.13


30.61


21.33











Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)

26.26


24.71


26.22


27.99


29.59











Composite Average Margin per Boe (excluding Total Exploration Costs) - 
     [(e) / (a) - (i) / (a)]

24.58


1.71


12.57


17.52


5.99











Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)

28.20


26.13


27.60


29.32


31.24











Composite Average Margin per Boe (including Total Exploration Costs) - 
     [(e) / (a) - (k) / (a)]

22.64


0.29


11.19


16.19


4.34












(1)

EOG believes excluding the above-referenced items from general and administrative expense is appropriate and provides useful information to investors, as EOG views such items as non-recurring.  



(2)

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 exploration 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).

Revenues, Costs and Margins Per Barrel of Oil Equivalent

(Continued)

In millions of USD, except Boe and per Boe amounts (Unaudited)










2016


2015


2014








Volume - Million Barrels of Oil Equivalent - (a)


205.0


208.9


217.1








Total Operating Revenues and Other (b)


7,651


8,757


18,035

Total Operating Expenses (c)


8,876


15,443


12,793

Operating Income (Loss) (d)


(1,225)


(6,686)


5,242








Wellhead Revenues







Crude Oil and Condensate


4,317


4,935


9,742

Natural Gas Liquids


437


408


934

Natural Gas


742


1,061


1,916

Total Wellhead Revenues - (e)


5,496


6,404


12,592








Operating Costs







Lease and Well


927


1,182


1,416

Transportation Costs


764


849


972

Gathering and Processing Costs


123


146


146

General and Administrative (GAAP)


395


367


402

Less:  Voluntary Retirement Expense


(42)



Less: Acquisition Costs


(5)



Less:  Legal Settlement - Early Leasehold Termination



(19)


General and Administrative (Non-GAAP) (1)


348


348


402

Taxes Other Than Income


350


422


758

Interest Expense, Net


282


237


201

Total Operating Cost (GAAP) (excluding DD&A and Total Exploration Costs) - (f)


2,841


3,203


3,895

Total Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (g)


2,794


3,184


3,895








Depreciation, Depletion and Amortization (DD&A)


3,553


3,314


3,997








Total Operating Cost (GAAP) (excluding Total Exploration Costs) - (h)


6,394


6,517


7,892

Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (i)


6,347


6,498


7,892








Exploration Costs


125


149


184

Dry Hole Costs


11


15


48

Impairments


620


6,614


744

Total Exploration Costs (GAAP)


756


6,778


976

Less:  Certain Impairments (2)


(321)


(6,308)


(824)

Total Exploration Costs (Non-GAAP)


435


470


152








Total Operating Cost (GAAP) (including Total Exploration Costs (GAAP)) - (j)


7,150


13,295


8,868

Total Operating Cost (Non-GAAP) (including Total Exploration Costs (Non-GAAP)) - (k)


6,782


6,968


8,044








Total Wellhead Revenues less Total Operating Cost (GAAP) (including Total

    Exploration Costs (GAAP))


(1,654)


(6,891)


3,724

Total Wellhead Revenues less Total Operating Cost (Non-GAAP) (including Total   

    Exploration Costs (Non-GAAP))


(1,286)


(564)


4,548

Revenues, Costs and Margins Per Barrel of Oil Equivalent

(Continued)

In millions of USD, except Boe and per Boe amounts (Unaudited)









2016


2015


2014








Per Barrel of Oil Equivalent (Boe) Calculations (GAAP)














Composite Average Operating Revenues and Other per Boe - (b) / (a)


37.32


41.92


83.07

Composite Average Operating Expenses per Boe - (c) / (a)


43.30


73.93


58.92

Composite Average Operating Income (Loss) per Boe - (d) / (a)


(5.98)


(32.01)


24.15








Composite Average Wellhead Revenue per Boe - (e) / (a)


26.82


30.66


58.01








Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) -   (f) / (a)


13.86


15.33


17.95








Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / 
     (a) - (f) / (a)]


12.96


15.33


40.06








Total Operating Cost per Boe (excluding Total Exploration Costs) - (h) / (a)


31.19


31.20


36.38








Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (h) / 
     (a)]


(4.37)


(0.54)


21.63








Total Operating Cost per Boe (including Total Exploration Costs) - (j) / (a)


34.88


63.64


40.85








Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (j) / 
     (a)]


(8.06)


(32.98)


17.16








Per Barrel of Oil Equivalent (Boe) Calculations (Non-GAAP)














Total Operating Cost per Boe (excluding DD&A and Total Exploration Costs) -   (g) / (a)


13.64


15.25


17.95








Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(e) / 
     (a) - (g) / (a)]


13.18


15.41


40.06








Total Operating Cost per Boe (excluding Total Exploration Costs) - (i) / (a)


30.98


31.11


36.38








Composite Average Margin per Boe (excluding Total Exploration Costs) - [(e) / (a) - (i) / 
     (a)]


(4.16)


(0.45)


21.63








Total Operating Cost per Boe (including Total Exploration Costs) - (k) / (a)


33.10


33.36


37.08








Composite Average Margin per Boe (including Total Exploration Costs) - [(e) / (a) - (k) / 
     (a)]


(6.28)


(2.70)


20.93









(1)

EOG believes excluding the above-referenced items from general and administrative expense is appropriate and provides useful information to investors, as EOG views such items as non-recurring.  



(2)

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 exploration 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).

ИСТОЧНИК EOG Resources, Inc.

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27.06.2022, 09:01 МСК Eco Acquires Additional Interest in Block 3B/4B TORONTO, ON / ACCESSWIRE / June 27, 2022 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, has signed a farmout agreement (the "Agreement") pursuant to which its wholly owned subsidiary, Azinam Limited ("Azinam"), will acquire an additional 6.25% Participating Interest in Block 3B/4B, offshore South Africa from the Lunn Family Trust (the "Vendor"), one of the shareholders of Ricocure (Proprietary) Limited ("Ricocure"), subject to the satisfaction of customary conditions precedent including, but not limited to, the receipt of requisite regulatory approvals from the government of South Africa and the TSX Venture Exchange (the "TSXV") (the "Acquisition").Eco приобретает дополнительную долю в блоках 3B/4B ТОРОНТО, ON / ACCESSWIRE / 27 июня 2022 г. / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), компания по разведке нефти и газа, специализирующаяся на шельфе Atlantic Margins, подписала соглашение об отчуждении ( «Соглашение»), в соответствии с которым его дочерняя компания, Azinam Limited («Azinam»), приобретет дополнительную долю участия в размере 6,25% в Блоке 3B/4B на шельфе Южной Африки у Lunn Family Trust («Продавец»), один из акционеров Ricocure (Proprietary) Limited («Ricocure»), при условии соблюдения обычных предварительных условий, включая, помимо прочего, получение необходимых разрешений регулирующих органов от правительства Южной Африки и TSX Venture Exchange (далее «TSXV») («Приобретение»).

22.06.2022, 09:00 МСК Eco (Atlantic) Oil and Gas Ltd. Announces Operations Update: Gazania, Block 2B, South Africa TORONTO, ON / ACCESSWIRE / June 22, 2022 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, provides an update on the operations for its planned Gazania-1 Well, offshore South Africa. Eco through its wholly owned subsidiary Azinam South Africa Limited Operates and holds a 50% working interest ("WI") in Block 2B, plans to spud the Gazania-1 well, 25km offshore the Northern Cape in South Africa in September 2022. The well will take approximately 25 days to drill.Eco (Atlantic) Oil and Gas Ltd. сообщает об операционной деятельности: Газания, блок 2B, Южная Африка ТОРОНТО, ВКЛ. / ACCESSWIRE / 22 июня 2022 г. / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), компания по разведке нефти и газа, специализирующаяся на морских атлантических окраинах, предоставляет обновленную информацию о своей деятельности. для своей планируется Газания-1 Ну шельф ЮАР. Eco через свою дочернюю компанию, находящуюся в полной собственности Azinam South Africa Limited, работает и владеет 50% рабочей долей («WI») в Блоке 2B, планирует бурение скважины Газания-1 в 25 км от берега Северного Кейпа в Южной Африке в сентябре 2022 года. Скважина бурение займет около 25 дней.
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