Table of Contents | ![]() | ||||
Third Quarter 2020 | |||||
Supplemental Financial and Operating Data | Page | ||||
Income Statements | |||||
Wellhead Volumes and Prices | |||||
Balance Sheets | |||||
Cash Flows Statements | |||||
Non-GAAP Financial Measures | |||||
Adjusted Net Income (Loss) | |||||
Discretionary Cash Flow and Free Cash Flow | |||||
Total Expenditures | |||||
EBITDAX and Adjusted EBITDAX | |||||
Net Debt-to-Total Capitalization Ratio | |||||
Reserve Replacement Cost Data | |||||
Financial Commodity Derivative Contracts | |||||
Direct After-Tax Rate of Return | |||||
ROCE & ROE | |||||
Cost per Barrel of Oil Equivalent | |||||
Quarter and Full Year Guidance |
Income Statements | ![]() | ||||||||||||||||||||||
In thousands of USD, except per share data (Unaudited) | |||||||||||||||||||||||
3Q 2020 | 3Q 2019 | YTD 2020 | YTD 2019 | ||||||||||||||||||||
Operating Revenues and Other | |||||||||||||||||||||||
Crude Oil and Condensate | 1,394,622 | 2,418,989 | 4,074,747 | 7,148,258 | |||||||||||||||||||
Natural Gas Liquids | 184,771 | 164,736 | 439,215 | 569,748 | |||||||||||||||||||
Natural Gas | 183,790 | 269,625 | 535,250 | 874,489 | |||||||||||||||||||
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts | (3,978) | 85,902 | 1,075,433 | 242,622 | |||||||||||||||||||
Gathering, Processing and Marketing | 538,955 | 1,334,450 | 1,940,387 | 4,121,490 | |||||||||||||||||||
Gains (Losses) on Asset Dispositions, Net | (70,976) | (523) | (41,283) | 3,650 | |||||||||||||||||||
Other, Net | 18,300 | 30,276 | 42,801 | 99,470 | |||||||||||||||||||
Total | 2,245,484 | 4,303,455 | 8,066,550 | 13,059,727 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Lease and Well | 227,473 | 348,883 | 802,478 | 1,032,455 | |||||||||||||||||||
Transportation Costs | 180,257 | 199,365 | 540,281 | 549,988 | |||||||||||||||||||
Gathering and Processing Costs | 114,790 | 127,549 | 340,039 | 351,487 | |||||||||||||||||||
Exploration Costs | 38,413 | 34,540 | 105,373 | 103,386 | |||||||||||||||||||
Dry Hole Costs | 12,604 | 24,138 | 13,063 | 28,001 | |||||||||||||||||||
Impairments | 78,990 | 105,275 | 1,957,340 | 289,761 | |||||||||||||||||||
Marketing Costs | 521,351 | 1,343,293 | 2,074,788 | 4,114,265 | |||||||||||||||||||
Depreciation, Depletion and Amortization | 823,050 | 953,597 | 2,529,789 | 2,790,496 | |||||||||||||||||||
General and Administrative | 124,460 | 135,758 | 370,588 | 364,210 | |||||||||||||||||||
Taxes Other Than Income | 126,810 | 203,098 | 364,489 | 600,418 | |||||||||||||||||||
Total | 2,248,198 | 3,475,496 | 9,098,228 | 10,224,467 | |||||||||||||||||||
Operating Income (Loss) | (2,714) | 827,959 | (1,031,678) | 2,835,260 | |||||||||||||||||||
Other Income, Net | 3,401 | 9,118 | 17,009 | 23,233 | |||||||||||||||||||
Income (Loss) Before Interest Expense and Income Taxes | 687 | 837,077 | (1,014,669) | 2,858,493 | |||||||||||||||||||
Interest Expense, Net | 53,242 | 39,620 | 152,145 | 144,434 | |||||||||||||||||||
Income (Loss) Before Income Taxes | (52,555) | 797,457 | (1,166,814) | 2,714,059 | |||||||||||||||||||
Income Tax Provision (Benefit) | (10,088) | 182,335 | (224,776) | 615,670 | |||||||||||||||||||
Net Income (Loss) | (42,467) | 615,122 | (942,038) | 2,098,389 | |||||||||||||||||||
Dividends Declared per Common Share | 0.3750 | 0.2875 | 1.1250 | 0.7950 | |||||||||||||||||||
Net Income (Loss) Per Share | |||||||||||||||||||||||
Basic | (0.07) | 1.06 | (1.63) | 3.63 | |||||||||||||||||||
Diluted | (0.07) | 1.06 | (1.63) | 3.61 | |||||||||||||||||||
Average Number of Common Shares | |||||||||||||||||||||||
Basic | 579,055 | 577,839 | 578,740 | 577,498 | |||||||||||||||||||
Diluted | 579,055 | 581,271 | 578,740 | 581,190 |
Wellhead Volumes and Prices | ![]() | ||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
3Q 2020 | 3Q 2019 | % Change | YTD 2020 | YTD 2019 | % Change | ||||||||||||||||||||||||||||||
Crude Oil and Condensate Volumes (MBbld) (A) | |||||||||||||||||||||||||||||||||||
United States | 376.6 | 463.2 | -19 | % | 396.6 | 451.2 | -12 | % | |||||||||||||||||||||||||||
Trinidad | 1.0 | 0.8 | 25 | % | 0.5 | 0.7 | -29 | % | |||||||||||||||||||||||||||
Other International (B) | — | 0.1 | -100 | % | 0.2 | 0.1 | 100 | % | |||||||||||||||||||||||||||
Total | 377.6 | 464.1 | -19 | % | 397.3 | 452.0 | -12 | % | |||||||||||||||||||||||||||
Average Crude Oil and Condensate Prices ($/Bbl) (C) | |||||||||||||||||||||||||||||||||||
United States | 40.19 | 56.67 | -29 | % | 37.45 | 57.95 | -35 | % | |||||||||||||||||||||||||||
Trinidad | 25.41 | 48.36 | -47 | % | 26.35 | 47.26 | -44 | % | |||||||||||||||||||||||||||
Other International (B) | 25.29 | 59.87 | -58 | % | 45.09 | 58.43 | -23 | % | |||||||||||||||||||||||||||
Composite | 40.15 | 56.66 | -29 | % | 37.44 | 57.93 | -35 | % | |||||||||||||||||||||||||||
Natural Gas Liquids Volumes (MBbld) (A) | |||||||||||||||||||||||||||||||||||
United States | 140.1 | 141.3 | -1 | % | 134.2 | 130.8 | 3 | % | |||||||||||||||||||||||||||
Other International (B) | — | — | — | — | |||||||||||||||||||||||||||||||
Total | 140.1 | 141.3 | -1 | % | 134.2 | 130.8 | 3 | % | |||||||||||||||||||||||||||
Average Natural Gas Liquids Prices ($/Bbl) (C) | |||||||||||||||||||||||||||||||||||
United States | 14.34 | 12.67 | 13 | % | 11.95 | 15.96 | -25 | % | |||||||||||||||||||||||||||
Other International (B) | — | — | — | — | |||||||||||||||||||||||||||||||
Composite | 14.34 | 12.67 | 13 | % | 11.95 | 15.96 | -25 | % | |||||||||||||||||||||||||||
Natural Gas Volumes (MMcfd) (A) | |||||||||||||||||||||||||||||||||||
United States | 1,008 | 1,079 | -7 | % | 1,029 | 1,043 | -1 | % | |||||||||||||||||||||||||||
Trinidad | 151 | 260 | -42 | % | 175 | 267 | -34 | % | |||||||||||||||||||||||||||
Other International (B) | 31 | 34 | -9 | % | 34 | 36 | -6 | % | |||||||||||||||||||||||||||
Total | 1,190 | 1,373 | -13 | % | 1,238 | 1,346 | -8 | % | |||||||||||||||||||||||||||
Average Natural Gas Prices ($/Mcf) (C) | |||||||||||||||||||||||||||||||||||
United States | 1.49 | 1.97 | -25 | % | 1.38 | 2.23 | -38 | % | |||||||||||||||||||||||||||
Trinidad | 2.35 | 2.52 | -7 | % | 2.20 | 2.71 | -19 | % | |||||||||||||||||||||||||||
Other International (B) | 4.73 | 4.25 | 11 | % | 4.45 | 4.29 | 4 | % | |||||||||||||||||||||||||||
Composite | 1.68 | 2.13 | -21 | % | 1.58 | 2.38 | -34 | % | |||||||||||||||||||||||||||
Crude Oil Equivalent Volumes (MBoed) (D) | |||||||||||||||||||||||||||||||||||
United States | 684.7 | 784.3 | -13 | % | 702.3 | 755.8 | -7 | % | |||||||||||||||||||||||||||
Trinidad | 26.2 | 44.1 | -41 | % | 29.8 | 45.1 | -34 | % | |||||||||||||||||||||||||||
Other International (B) | 5.1 | 5.8 | -12 | % | 5.7 | 6.2 | -8 | % | |||||||||||||||||||||||||||
Total | 716.0 | 834.2 | -14 | % | 737.8 | 807.1 | -9 | % | |||||||||||||||||||||||||||
Total MMBoe (D) | 65.9 | 76.7 | -14 | % | 202.2 | 220.3 | -8 | % | |||||||||||||||||||||||||||
(A) Thousand barrels per day or million cubic feet per day, as applicable. | |||||||||||||||||||||||||||||||||||
(B) Other International includes EOG's China and Canada operations. | |||||||||||||||||||||||||||||||||||
(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 fiscal quarter ended September 30, 2020). | |||||||||||||||||||||||||||||||||||
(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. |
Balance Sheets | ![]() | ||||||||||
In thousands of USD, except share data (Unaudited) | |||||||||||
September 30, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
Current Assets | |||||||||||
Cash and Cash Equivalents | 3,065,556 | 2,027,972 | |||||||||
Accounts Receivable, Net | 1,134,346 | 2,001,658 | |||||||||
Inventories | 668,541 | 767,297 | |||||||||
Assets from Price Risk Management Activities | 18,417 | 1,299 | |||||||||
Income Taxes Receivable | 3,182 | 151,665 | |||||||||
Other | 205,015 | 323,448 | |||||||||
Total | 5,095,057 | 5,273,339 | |||||||||
Property, Plant and Equipment | |||||||||||
Oil and Gas Properties (Successful Efforts Method) | 64,020,452 | 62,830,415 | |||||||||
Other Property, Plant and Equipment | 4,402,091 | 4,472,246 | |||||||||
Total Property, Plant and Equipment | 68,422,543 | 67,302,661 | |||||||||
Less: Accumulated Depreciation, Depletion and Amortization | (39,789,537) | (36,938,066) | |||||||||
Total Property, Plant and Equipment, Net | 28,633,006 | 30,364,595 | |||||||||
Deferred Income Taxes | 1,916 | 2,363 | |||||||||
Other Assets | 1,344,039 | 1,484,311 | |||||||||
Total Assets | 35,074,018 | 37,124,608 | |||||||||
Current Liabilities | |||||||||||
Accounts Payable | 1,245,029 | 2,429,127 | |||||||||
Accrued Taxes Payable | 267,245 | 254,850 | |||||||||
Dividends Payable | 217,334 | 166,273 | |||||||||
Liabilities from Price Risk Management Activities | 23,486 | 20,194 | |||||||||
Current Portion of Long-Term Debt | 770,831 | 1,014,524 | |||||||||
Current Portion of Operating Lease Liabilities | 255,357 | 369,365 | |||||||||
Other | 240,760 | 232,655 | |||||||||
Total | 3,020,042 | 4,486,988 | |||||||||
Long-Term Debt | 4,949,902 | 4,160,919 | |||||||||
Other Liabilities | 2,151,092 | 1,789,884 | |||||||||
Deferred Income Taxes | 4,804,656 | 5,046,101 | |||||||||
Commitments and Contingencies | |||||||||||
Stockholders' Equity | |||||||||||
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 583,668,294 Shares Issued at September 30, 2020 and 582,213,016 Shares Issued at December 31, 2019 | 205,837 | 205,822 | |||||||||
Additional Paid in Capital | 5,916,213 | 5,817,475 | |||||||||
Accumulated Other Comprehensive Loss | (7,930) | (4,652) | |||||||||
Retained Earnings | 14,051,197 | 15,648,604 | |||||||||
Common Stock Held in Treasury, 322,591 Shares at September 30, 2020 and 298,820 Shares at December 31, 2019 | (16,991) | (26,533) | |||||||||
Total Stockholders' Equity | 20,148,326 | 21,640,716 | |||||||||
Total Liabilities and Stockholders' Equity | 35,074,018 | 37,124,608 |
Cash Flows Statements | ![]() | ||||||||||||||||||||||
In thousands of USD (Unaudited) | |||||||||||||||||||||||
3Q 2020 | 3Q 2019 | YTD 2020 | YTD 2019 | ||||||||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||||||||
Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities: | |||||||||||||||||||||||
Net Income (Loss) | (42,467) | 615,122 | (942,038) | 2,098,389 | |||||||||||||||||||
Items Not Requiring (Providing) Cash | |||||||||||||||||||||||
Depreciation, Depletion and Amortization | 823,050 | 953,597 | 2,529,789 | 2,790,496 | |||||||||||||||||||
Impairments | 78,990 | 105,275 | 1,957,340 | 289,761 | |||||||||||||||||||
Stock-Based Compensation Expenses | 33,811 | 54,670 | 113,454 | 132,323 | |||||||||||||||||||
Deferred Income Taxes | (33,311) | 184,282 | (241,003) | 508,576 | |||||||||||||||||||
(Gains) Losses on Asset Dispositions, Net | 70,976 | 523 | 41,283 | (3,650) | |||||||||||||||||||
Other, Net | 1,465 | (1,284) | 1,636 | 4,155 | |||||||||||||||||||
Dry Hole Costs | 12,604 | 24,138 | 13,063 | 28,001 | |||||||||||||||||||
Mark-to-Market Commodity Derivative Contracts | |||||||||||||||||||||||
Total (Gains) Losses | 3,978 | (85,902) | (1,075,433) | (242,622) | |||||||||||||||||||
Net Cash Received from Settlements of Commodity Derivative Contracts | 275,133 | 108,418 | 998,894 | 139,708 | |||||||||||||||||||
Other, Net | (465) | (424) | (1,185) | 1,215 | |||||||||||||||||||
Changes in Components of Working Capital and Other Assets and Liabilities | |||||||||||||||||||||||
Accounts Receivable | (260,829) | 63,891 | 930,628 | (5,855) | |||||||||||||||||||
Inventories | 7,439 | 66,857 | 92,014 | 55,598 | |||||||||||||||||||
Accounts Payable | (37,755) | 7,400 | (1,222,473) | 134,253 | |||||||||||||||||||
Accrued Taxes Payable | 73,482 | 34,767 | 12,395 | 88,047 | |||||||||||||||||||
Other Assets | 161,879 | (92,814) | 414,857 | 394,573 | |||||||||||||||||||
Other Liabilities | 51,664 | 39,791 | (12,739) | (18,315) | |||||||||||||||||||
Changes in Components of Working Capital Associated with Investing and Financing Activities | (6,091) | (16,643) | 276,063 | (38,677) | |||||||||||||||||||
Net Cash Provided by Operating Activities | 1,213,553 | 2,061,664 | 3,886,545 | 6,355,976 | |||||||||||||||||||
Investing Cash Flows | |||||||||||||||||||||||
Additions to Oil and Gas Properties | (468,487) | (1,420,385) | (2,458,520) | (4,866,882) | |||||||||||||||||||
Additions to Other Property, Plant and Equipment | (17,652) | (70,469) | (165,018) | (187,350) | |||||||||||||||||||
Proceeds from Sales of Assets | 145,575 | 17,767 | 188,943 | 35,409 | |||||||||||||||||||
Changes in Components of Working Capital Associated with Investing Activities | 6,091 | 16,621 | (276,063) | 38,677 | |||||||||||||||||||
Net Cash Used in Investing Activities | (334,473) | (1,456,466) | (2,710,658) | (4,980,146) | |||||||||||||||||||
Financing Cash Flows | |||||||||||||||||||||||
Long-Term Debt Borrowings | — | — | 1,483,852 | — | |||||||||||||||||||
Long-Term Debt Repayments | — | — | (1,000,000) | (900,000) | |||||||||||||||||||
Dividends Paid | (217,142) | (166,170) | (601,242) | (420,851) | |||||||||||||||||||
Treasury Stock Purchased | (9,764) | (13,835) | (14,821) | (22,238) | |||||||||||||||||||
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan | — | 863 | 8,614 | 9,558 | |||||||||||||||||||
Debt Issuance Costs | — | (114) | (2,635) | (5,016) | |||||||||||||||||||
Repayment of Finance Lease Liabilities | (4,864) | (3,235) | (13,309) | (9,638) | |||||||||||||||||||
Changes in Components of Working Capital Associated with Financing Activities | — | 22 | — | — | |||||||||||||||||||
Net Cash Used in Financing Activities | (231,770) | (182,469) | (139,541) | (1,348,185) | |||||||||||||||||||
Effect of Exchange Rate Changes on Cash | 1,745 | (109) | 1,238 | (174) | |||||||||||||||||||
Increase in Cash and Cash Equivalents | 649,055 | 422,620 | 1,037,584 | 27,471 | |||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 2,416,501 | 1,160,485 | 2,027,972 | 1,555,634 | |||||||||||||||||||
Cash and Cash Equivalents at End of Period | 3,065,556 | 1,583,105 | 3,065,556 | 1,583,105 |
Non-GAAP Financial Measures | ![]() | |||||||||||||
Adjusted Net Income (Loss) | ![]() | ||||||||||||||||||||||
In thousands of USD, except per share data (Unaudited) | |||||||||||||||||||||||
3Q 2020 | |||||||||||||||||||||||
Before Tax | Income Tax Impact | After Tax | Diluted Earnings per Share | ||||||||||||||||||||
Reported Net Loss (GAAP) | (52,555) | 10,088 | (42,467) | (0.07) | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Losses on Mark-to-Market Commodity Derivative Contracts | 3,978 | (873) | 3,105 | (0.01) | |||||||||||||||||||
Net Cash Received from Settlements of Commodity Derivative Contracts | 275,133 | (60,386) | 214,747 | 0.37 | |||||||||||||||||||
Add: Losses on Asset Dispositions, Net | 70,976 | (15,600) | 55,376 | 0.10 | |||||||||||||||||||
Add: Certain Impairments | 26,531 | (5,636) | 20,895 | 0.04 | |||||||||||||||||||
Adjustments to Net Income (Loss) | 376,618 | (82,495) | 294,123 | 0.50 | |||||||||||||||||||
Adjusted Net Income (Non-GAAP) | 324,063 | (72,407) | 251,656 | 0.43 | |||||||||||||||||||
Average Number of Common Shares (GAAP) | |||||||||||||||||||||||
Basic | 579,055 | ||||||||||||||||||||||
Diluted | 579,055 | ||||||||||||||||||||||
Average Number of Common Shares (Non-GAAP) | |||||||||||||||||||||||
Basic | 579,055 | ||||||||||||||||||||||
Diluted | 580,609 |
3Q 2019 | |||||||||||||||||||||||
Before Tax | Income Tax Impact | After Tax | Diluted Earnings per Share | ||||||||||||||||||||
Reported Net Income (GAAP) | 797,457 | (182,335) | 615,122 | 1.06 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Gains on Mark-to-Market Commodity Derivative Contracts | (85,902) | 18,854 | (67,048) | (0.12) | |||||||||||||||||||
Net Cash Received from Settlements of Commodity Derivative Contracts | 108,418 | (23,796) | 84,622 | 0.15 | |||||||||||||||||||
Add: Losses on Asset Dispositions, Net | 523 | (89) | 434 | — | |||||||||||||||||||
Add: Certain Impairments | 27,215 | (5,973) | 21,242 | 0.04 | |||||||||||||||||||
Adjustments to Net Income (Loss) | 50,254 | (11,004) | 39,250 | 0.07 | |||||||||||||||||||
Adjusted Net Income (Non-GAAP) | 847,711 | (193,339) | 654,372 | 1.13 | |||||||||||||||||||
Average Number of Common Shares (GAAP) | |||||||||||||||||||||||
Basic | 577,839 | ||||||||||||||||||||||
Diluted | 581,271 | ||||||||||||||||||||||
Average Number of Common Shares (Non-GAAP) | 577,839 | ||||||||||||||||||||||
Basic | 581,271 | ||||||||||||||||||||||
Diluted |
Adjusted Net Income (Loss) | ![]() | ||||||||||||||||||||||
In thousands of USD, except per share data (Unaudited) | |||||||||||||||||||||||
YTD 2020 | |||||||||||||||||||||||
Before Tax | Income Tax Impact | After Tax | Diluted Earnings per Share | ||||||||||||||||||||
Reported Net Loss (GAAP) | (1,166,814) | 224,776 | (942,038) | (1.63) | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Gains on Mark-to-Market Commodity Derivative Contracts | (1,075,433) | 236,036 | (839,397) | (1.45) | |||||||||||||||||||
Net Cash Received from Settlements of Commodity Derivative Contracts | 998,894 | (219,237) | 779,657 | 1.35 | |||||||||||||||||||
Add: Losses on Asset Dispositions, Net | 41,283 | (9,057) | 32,226 | 0.06 | |||||||||||||||||||
Add: Certain Impairments | 1,782,014 | (373,960) | 1,408,054 | 2.43 | |||||||||||||||||||
Adjustments to Net Income (Loss) | 1,746,758 | (366,218) | 1,380,540 | 2.39 | |||||||||||||||||||
Adjusted Net Income (Non-GAAP) | 579,944 | (141,442) | 438,502 | 0.76 | |||||||||||||||||||
Average Number of Common Shares (GAAP) | |||||||||||||||||||||||
Basic | 578,740 | ||||||||||||||||||||||
Diluted | 578,740 | ||||||||||||||||||||||
Average Number of Common Shares (Non-GAAP) | |||||||||||||||||||||||
Basic | 578,740 | ||||||||||||||||||||||
Diluted | 580,301 |
YTD 2019 | |||||||||||||||||||||||
Before Tax | Income Tax Impact | After Tax | Diluted Earnings per Share | ||||||||||||||||||||
Reported Net Income (GAAP) | 2,714,059 | (615,670) | 2,098,389 | 3.61 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Gains on Mark-to-Market Commodity Derivative Contracts | (242,622) | 53,251 | (189,371) | (0.34) | |||||||||||||||||||
Net Cash Received from Settlements of Commodity Derivative Contracts | 139,708 | (30,663) | 109,045 | 0.19 | |||||||||||||||||||
Add: Gains on Asset Dispositions, Net | (3,650) | 910 | (2,740) | — | |||||||||||||||||||
Add: Certain Impairments | 116,249 | (25,514) | 90,735 | 0.16 | |||||||||||||||||||
Adjustments to Net Income (Loss) | 9,685 | (2,016) | 7,669 | 0.01 | |||||||||||||||||||
Adjusted Net Income (Non-GAAP) | 2,723,744 | (617,686) | 2,106,058 | 3.62 | |||||||||||||||||||
Average Number of Common Shares (GAAP) | |||||||||||||||||||||||
Basic | 577,498 | ||||||||||||||||||||||
Diluted | 581,190 | ||||||||||||||||||||||
Average Number of Common Shares (Non-GAAP) | |||||||||||||||||||||||
Basic | 577,498 | ||||||||||||||||||||||
Diluted | 581,190 |
Discretionary Cash Flow and Free Cash Flow | ![]() | ||||||||||||||||||||||
In thousands of USD (Unaudited) | |||||||||||||||||||||||
3Q 2020 | 3Q 2019 | YTD 2020 | YTD 2019 | ||||||||||||||||||||
Net Cash Provided by Operating Activities (GAAP) | 1,213,553 | 2,061,664 | 3,886,545 | 6,355,976 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Exploration Costs (excluding Stock-Based Compensation Expenses) | 37,380 | 29,374 | 90,346 | 85,250 | |||||||||||||||||||
Other Non-Current Income Taxes - Net Receivable | — | 33,855 | 112,704 | 179,537 | |||||||||||||||||||
Changes in Components of Working Capital and Other Assets and Liabilities | |||||||||||||||||||||||
Accounts Receivable | 260,829 | (63,891) | (930,628) | 5,855 | |||||||||||||||||||
Inventories | (7,439) | (66,857) | (92,014) | (55,598) | |||||||||||||||||||
Accounts Payable | 37,755 | (7,400) | 1,222,473 | (134,253) | |||||||||||||||||||
Accrued Taxes Payable | (73,482) | (34,767) | (12,395) | (88,047) | |||||||||||||||||||
Other Assets | (161,879) | 92,814 | (414,857) | (394,573) | |||||||||||||||||||
Other Liabilities | (51,664) | (39,791) | 12,739 | 18,315 | |||||||||||||||||||
Changes in Components of Working Capital Associated with Investing and Financing Activities | 6,091 | 16,643 | (276,063) | 38,677 | |||||||||||||||||||
Discretionary Cash Flow (Non-GAAP) | 1,261,144 | 2,021,644 | 3,598,850 | 6,011,139 | |||||||||||||||||||
Discretionary Cash Flow (Non-GAAP) - Percentage Decrease | -38 | % | -40 | % | |||||||||||||||||||
Discretionary Cash Flow (Non-GAAP) | 1,261,144 | 2,021,644 | 3,598,850 | 6,011,139 | |||||||||||||||||||
Less: | |||||||||||||||||||||||
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a) | (499,305) | (1,518,019) | (2,661,641) | (4,846,221) | |||||||||||||||||||
Free Cash Flow (Non-GAAP) (b) | 761,839 | 503,625 | 937,209 | 1,164,918 | |||||||||||||||||||
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) for the three-month and nine-month periods ended September 30, 2020 and 2019: | |||||||||||||||||||||||
Total Expenditures (GAAP) | 645,534 | 1,629,343 | 3,005,723 | 5,394,389 | |||||||||||||||||||
Less: | |||||||||||||||||||||||
Asset Retirement Costs | (42,650) | (90,970) | (68,213) | (151,551) | |||||||||||||||||||
Non-Cash Expenditures of Other Property, Plant and Equipment | — | — | (60) | (586) | |||||||||||||||||||
Non-Cash Acquisition Costs of Unproved Properties | (80,757) | (10,666) | (128,488) | (64,387) | |||||||||||||||||||
Non-Cash Finance Leases | — | — | (73,277) | — | |||||||||||||||||||
Acquisition Costs of Proved Properties | (22,822) | (9,688) | (74,044) | (331,644) | |||||||||||||||||||
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) | 499,305 | 1,518,019 | 2,661,641 | 4,846,221 | |||||||||||||||||||
(b) To better align the presentation of free cash flow for comparative purposes within the industry, free cash flow excludes dividends paid (GAAP) as a reconciling item for the three-month and nine-month periods ending September 30, 2020. The comparative prior periods shown have been revised to conform to this presentation. | |||||||||||||||||||||||
Maintenance Capital Expenditures | |||||||||||||||||||||||
The capital expenditures required to fund drilling and infrastructure requirements to keep U.S. oil production in 2021 flat relative to anticipated 4Q 2020 U.S. oil production. |
Discretionary Cash Flow and Free Cash Flow | ![]() | ||||||||||||||||
In thousands of USD (Unaudited) | |||||||||||||||||
FY 2019 | FY 2018 | FY 2017 | |||||||||||||||
Net Cash Provided by Operating Activities (GAAP) | 8,163,180 | 7,768,608 | 4,265,336 | ||||||||||||||
Adjustments: | |||||||||||||||||
Exploration Costs (excluding Stock-Based Compensation Expenses) | 113,733 | 123,986 | 122,688 | ||||||||||||||
Other Non-Current Income Taxes - Net (Payable) Receivable | 238,711 | 148,993 | (513,404) | ||||||||||||||
Changes in Components of Working Capital and Other Assets and Liabilities | |||||||||||||||||
Accounts Receivable | 91,792 | 368,180 | 392,131 | ||||||||||||||
Inventories | (90,284) | 395,408 | 174,548 | ||||||||||||||
Accounts Payable | (168,539) | (439,347) | (324,192) | ||||||||||||||
Accrued Taxes Payable | (40,122) | 92,461 | 63,937 | ||||||||||||||
Other Assets | (358,001) | 125,435 | 658,609 | ||||||||||||||
Other Liabilities | 56,619 | (10,949) | 89,871 | ||||||||||||||
Changes in Components of Working Capital Associated with Investing and Financing Activities | 115,061 | (301,083) | (89,992) | ||||||||||||||
Discretionary Cash Flow (Non-GAAP) | 8,122,150 | 8,271,692 | 4,839,532 | ||||||||||||||
Discretionary Cash Flow (Non-GAAP) - Percentage Increase (Decrease) | -2 | % | 71 | % | 76 | % | |||||||||||
Discretionary Cash Flow (Non-GAAP) | 8,122,150 | 8,271,692 | 4,839,532 | ||||||||||||||
Less: | |||||||||||||||||
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a) | (6,234,454) | (6,172,950) | (4,228,859) | ||||||||||||||
Free Cash Flow (Non-GAAP) (b) | 1,887,696 | 2,098,742 | 610,673 | ||||||||||||||
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) for the twelve-month periods ended December 31, 2019, 2018 and 2017: | |||||||||||||||||
Total Expenditures (GAAP) | 6,900,450 | 6,706,359 | 4,612,746 | ||||||||||||||
Less: | |||||||||||||||||
Asset Retirement Costs | (186,088) | (69,699) | (55,592) | ||||||||||||||
Non-Cash Expenditures of Other Property, Plant and Equipment | (2,266) | (49,484) | — | ||||||||||||||
Non-Cash Acquisition Costs of Unproved Properties | (97,704) | (290,542) | (255,711) | ||||||||||||||
Acquisition Costs of Proved Properties | (379,938) | (123,684) | (72,584) | ||||||||||||||
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) | 6,234,454 | 6,172,950 | 4,228,859 | ||||||||||||||
(b) To better align the presentation of free cash flow for comparative purposes within the industry, free cash flow excludes dividends paid (GAAP) as a reconciling item for the twelve-month period ending December 31, 2019. The comparative prior periods shown have been revised to conform to this presentation. |
Discretionary Cash Flow and Free Cash Flow | ![]() | ||||||||||||||||||||||||||||
In thousands of USD (Unaudited) | |||||||||||||||||||||||||||||
FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | |||||||||||||||||||||||||
Net Cash Provided by Operating Activities (GAAP) | 2,359,063 | 3,595,165 | 8,649,155 | 7,329,414 | 5,236,777 | ||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Exploration Costs (excluding Stock-Based Compensation Expenses) | 104,199 | 124,011 | 157,453 | 134,531 | 159,182 | ||||||||||||||||||||||||
Excess Tax Benefits from Stock-Based Compensation | 29,357 | 26,058 | 99,459 | 55,831 | 67,035 | ||||||||||||||||||||||||
Changes in Components of Working Capital and Other Assets and Liabilities | |||||||||||||||||||||||||||||
Accounts Receivable | 232,799 | (641,412) | (84,982) | 23,613 | 178,683 | ||||||||||||||||||||||||
Inventories | (170,694) | (58,450) | 161,958 | (53,402) | 156,762 | ||||||||||||||||||||||||
Accounts Payable | 74,048 | 1,409,197 | (543,630) | (178,701) | 17,150 | ||||||||||||||||||||||||
Accrued Taxes Payable | (92,782) | (11,798) | (16,486) | (75,142) | (78,094) | ||||||||||||||||||||||||
Other Assets | 40,636 | (118,143) | 14,448 | 109,567 | 118,520 | ||||||||||||||||||||||||
Other Liabilities | 16,225 | 66,257 | (75,420) | 20,382 | (36,114) | ||||||||||||||||||||||||
Changes in Components of Working Capital Associated with Investing and Financing Activities | 156,102 | (499,767) | 103,414 | 51,361 | (74,158) | ||||||||||||||||||||||||
Discretionary Cash Flow (Non-GAAP) | 2,748,953 | 3,891,118 | 8,465,369 | 7,417,454 | 5,745,743 | ||||||||||||||||||||||||
Discretionary Cash Flow (Non-GAAP) - Percentage Increase (Decrease) | -29 | % | -54 | % | 14 | % | 29 | % | |||||||||||||||||||||
Discretionary Cash Flow (Non-GAAP) | 2,748,953 | 3,891,118 | 8,465,369 | 7,417,454 | 5,745,743 | ||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) (a) | (2,706,397) | (4,682,326) | (8,292,090) | (7,101,791) | (7,539,994) | ||||||||||||||||||||||||
Free Cash Flow (Non-GAAP) (b) | 42,556 | (791,208) | 173,279 | 315,663 | (1,794,251) | ||||||||||||||||||||||||
(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) for the twelve-month periods ended December 31, 2016, 2015, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||
Total Expenditures (GAAP) | 6,554,053 | 5,216,413 | 8,631,906 | 7,361,457 | 7,753,828 | ||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Asset Retirement Costs | 19,865 | (53,470) | (195,630) | (134,445) | (126,987) | ||||||||||||||||||||||||
Non-Cash Expenditures of Other Property, Plant and Equipment | (16,585) | — | — | — | (65,791) | ||||||||||||||||||||||||
Non-Cash Acquisition Costs of Unproved Properties | (3,101,913) | — | (5,085) | (5,007) | (20,317) | ||||||||||||||||||||||||
Acquisition Costs of Proved Properties | (749,023) | (480,617) | (139,101) | (120,214) | (739) | ||||||||||||||||||||||||
Total Cash Capital Expenditures Before Acquisitions (Non-GAAP) | 2,706,397 | 4,682,326 | 8,292,090 | 7,101,791 | 7,539,994 | ||||||||||||||||||||||||
(b) To better align the presentation of free cash flow for comparative purposes within the industry, the presentation of free cash flow for the comparative prior periods shown has been revised to exclude dividends paid (GAAP) as a reconciling item. |
Total Expenditures | ![]() | ||||||||||||||||||||||||||||
In millions of USD (Unaudited) | |||||||||||||||||||||||||||||
3Q 2020 | 3Q 2019 | FY 2019 | FY 2018 | FY 2017 | |||||||||||||||||||||||||
Exploration and Development Drilling | 378 | 1,173 | 4,951 | 4,935 | 3,132 | ||||||||||||||||||||||||
Facilities | 38 | 161 | 629 | 625 | 575 | ||||||||||||||||||||||||
Leasehold Acquisitions | 88 | 56 | 276 | 488 | 427 | ||||||||||||||||||||||||
Property Acquisitions | 23 | 10 | 380 | 124 | 73 | ||||||||||||||||||||||||
Capitalized Interest | 7 | 10 | 38 | 24 | 27 | ||||||||||||||||||||||||
Subtotal | 534 | 1,410 | 6,274 | 6,196 | 4,234 | ||||||||||||||||||||||||
Exploration Costs | 38 | 34 | 140 | 149 | 145 | ||||||||||||||||||||||||
Dry Hole Costs | 13 | 24 | 28 | 5 | 5 | ||||||||||||||||||||||||
Exploration and Development Expenditures | 585 | 1,468 | 6,442 | 6,350 | 4,384 | ||||||||||||||||||||||||
Asset Retirement Costs | 44 | 91 | 186 | 70 | 56 | ||||||||||||||||||||||||
Total Exploration and Development Expenditures | 629 | 1,559 | 6,628 | 6,420 | 4,440 | ||||||||||||||||||||||||
Other Property, Plant and Equipment | 17 | 70 | 272 | 286 | 173 | ||||||||||||||||||||||||
Total Expenditures | 646 | 1,629 | 6,900 | 6,706 | 4,613 |
EBITDAX and Adjusted EBITDAX | ![]() | ||||||||||||||||||||||
In thousands of USD (Unaudited) | |||||||||||||||||||||||
3Q 2020 | 3Q 2019 | YTD 2020 | YTD 2019 | ||||||||||||||||||||
Net Income (Loss) (GAAP) | (42,467) | 615,122 | (942,038) | 2,098,389 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Interest Expense, Net | 53,242 | 39,620 | 152,145 | 144,434 | |||||||||||||||||||
Income Tax Provision (Benefit) | (10,088) | 182,335 | (224,776) | 615,670 | |||||||||||||||||||
Depreciation, Depletion and Amortization | 823,050 | 953,597 | 2,529,789 | 2,790,496 | |||||||||||||||||||
Exploration Costs | 38,413 | 34,540 | 105,373 | 103,386 | |||||||||||||||||||
Dry Hole Costs | 12,604 | 24,138 | 13,063 | 28,001 | |||||||||||||||||||
Impairments | 78,990 | 105,275 | 1,957,340 | 289,761 | |||||||||||||||||||
EBITDAX (Non-GAAP) | 953,744 | 1,954,627 | 3,590,896 | 6,070,137 | |||||||||||||||||||
(Gains) Losses on MTM Commodity Derivative Contracts | 3,978 | (85,902) | (1,075,433) | (242,622) | |||||||||||||||||||
Net Cash Received from Settlements of Commodity Derivative Contracts | 275,133 | 108,418 | 998,894 | 139,708 | |||||||||||||||||||
(Gains) Losses on Asset Dispositions, Net | 70,976 | 523 | 41,283 | (3,650) | |||||||||||||||||||
Adjusted EBITDAX (Non-GAAP) | 1,303,831 | 1,977,666 | 3,555,640 | 5,963,573 | |||||||||||||||||||
Adjusted EBITDAX (Non-GAAP) - Percentage Decrease | -34 | % | -40 | % | |||||||||||||||||||
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) | |||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||
Total Stockholders' Equity - (a) | 20,148 | 20,388 | 21,471 | ||||||||||||||
Current and Long-Term Debt (GAAP) - (b) | 5,721 | 5,724 | 5,222 | ||||||||||||||
Less: Cash | (3,066) | (2,417) | (2,907) | ||||||||||||||
Net Debt (Non-GAAP) - (c) | 2,655 | 3,307 | 2,315 | ||||||||||||||
Total Capitalization (GAAP) - (a) + (b) | 25,869 | 26,112 | 26,693 | ||||||||||||||
Total Capitalization (Non-GAAP) - (a) + (c) | 22,803 | 23,695 | 23,786 | ||||||||||||||
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] | 22 | % | 22 | % | 20 | % | |||||||||||
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | 12 | % | 14 | % | 10 | % |
Net Debt-to-Total Capitalization Ratio | ![]() | ||||||||||||||||||||||
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 | % | 20 | % | 20 | % | 23 | % | |||||||||||||||
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | 13 | % | 15 | % | 16 | % | 20 | % |
Net Debt-to-Total Capitalization Ratio | ![]() | ||||||||||||||||||||||
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)] | 24 | % | 26 | % | 27 | % | 28 | % | |||||||||||||||
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | 19 | % | 22 | % | 24 | % | 25 | % |
Net Debt-to-Total Capitalization Ratio | ![]() | ||||||||||||||||||||||
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 | % | 31 | % | 33 | % | 33 | % | |||||||||||||||
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | 25 | % | 28 | % | 28 | % | 28 | % |
Net Debt-to-Total Capitalization Ratio | ![]() | ||||||||||||||||||||||||||||
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 | 6,660 | ||||||||||||||||||||||||
Less: Cash | (1,600) | (1,049) | (780) | (668) | (719) | ||||||||||||||||||||||||
Net Debt (Non-GAAP) - (c) | 5,386 | 5,937 | 6,206 | 6,318 | 5,941 | ||||||||||||||||||||||||
Total Capitalization (GAAP) - (a) + (b) | 20,968 | 18,784 | 19,043 | 19,391 | 19,603 | ||||||||||||||||||||||||
Total Capitalization (Non-GAAP) - (a) + (c) | 19,368 | 17,735 | 18,263 | 18,723 | 18,884 | ||||||||||||||||||||||||
Debt-to-Total Capitalization (GAAP) - (b) / [(a) + (b)] | 33 | % | 37 | % | 37 | % | 36 | % | 34 | % | |||||||||||||||||||
Net Debt-to-Total Capitalization (Non-GAAP) - (c) / [(a) + (c)] | 28 | % | 33 | % | 34 | % | 34 | % | 31 | % |
Reserve Replacement Cost Data | ![]() | ||||||||||||||||||||||||||||||||||
In millions of USD, except reserves and ratio data (Unaudited) | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||
Total Costs Incurred in Exploration and Development Activities (GAAP) | 6,628.2 | 6,419.7 | 4,439.4 | 6,445.2 | 4,928.3 | 7,904.8 | |||||||||||||||||||||||||||||
Less: Asset Retirement Costs | (186.1) | (69.7) | (55.6) | 19.9 | (53.5) | (195.6) | |||||||||||||||||||||||||||||
Non-Cash Acquisition Costs of Unproved Properties | (97.7) | (290.5) | (255.7) | (3,101.8) | — | — | |||||||||||||||||||||||||||||
Acquisition Costs of Proved Properties | (379.9) | (123.7) | (72.6) | (749.0) | (480.6) | (139.1) | |||||||||||||||||||||||||||||
Total Exploration and Development Expenditures for Drilling Only (Non-GAAP) - (a) | 5,964.5 | 5,935.8 | 4,055.5 | 2,614.3 | 4,394.2 | 7,570.1 | |||||||||||||||||||||||||||||
Total Costs Incurred in Exploration and Development Activities (GAAP) | 6,628.2 | 6,419.7 | 4,439.4 | 6,445.2 | 4,928.3 | 7,904.8 | |||||||||||||||||||||||||||||
Less: Asset Retirement Costs | (186.1) | (69.7) | (55.6) | 19.9 | (53.5) | (195.6) | |||||||||||||||||||||||||||||
Non-Cash Acquisition Costs of Unproved Properties | (97.7) | (290.5) | (255.7) | (3,101.8) | — | — | |||||||||||||||||||||||||||||
Non-Cash Acquisition Costs of Proved Properties | (52.3) | (70.9) | (26.2) | (732.3) | — | — | |||||||||||||||||||||||||||||
Total Exploration and Development Expenditures (Non-GAAP) - (b) | 6,292.1 | 5,988.6 | 4,101.9 | 2,631.0 | 4,874.8 | 7,709.2 | |||||||||||||||||||||||||||||
Net Proved Reserve Additions From All Sources - Oil Equivalents (MMBoe) | |||||||||||||||||||||||||||||||||||
Revisions Due to Price - (c) | (59.7) | 34.8 | 154.0 | (100.7) | (573.8) | 52.2 | |||||||||||||||||||||||||||||
Revisions Other Than Price | (0.3) | (39.5) | 48.0 | 252.9 | 107.2 | 48.4 | |||||||||||||||||||||||||||||
Purchases in Place | 16.8 | 11.6 | 2.3 | 42.3 | 56.2 | 14.4 | |||||||||||||||||||||||||||||
Extensions, Discoveries and Other Additions - (d) | 750.0 | 669.7 | 420.8 | 209.0 | 245.9 | 519.2 | |||||||||||||||||||||||||||||
Total Proved Reserve Additions - (e) | 706.8 | 676.6 | 625.1 | 403.5 | (164.5) | 634.2 | |||||||||||||||||||||||||||||
Sales in Place | (4.6) | (10.8) | (20.7) | (167.6) | (3.5) | (36.3) | |||||||||||||||||||||||||||||
Net Proved Reserve Additions From All Sources | 702.2 | 665.8 | 604.4 | 235.9 | (168.0) | 597.9 | |||||||||||||||||||||||||||||
Production | 300.9 | 265.0 | 224.4 | 207.1 | 211.2 | 219.1 | |||||||||||||||||||||||||||||
Reserve Replacement Costs ($ / Boe) | |||||||||||||||||||||||||||||||||||
Total Drilling, Before Revisions - (a / d) | 7.95 | 8.86 | 9.64 | 12.51 | 17.87 | 14.58 | |||||||||||||||||||||||||||||
All-in Total, Net of Revisions - (b / e) | 8.90 | 8.85 | 6.56 | 6.52 | (29.63) | 12.16 | |||||||||||||||||||||||||||||
All-in Total, Excluding Revisions Due to Price - (b / ( e - c)) | 8.21 | 9.33 | 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. | ||||||||||||||
ICE Brent Differential Basis Swap Contracts | ||||||||||||||
Prices received by EOG for its crude oil production generally vary from NYMEX WTI prices due to adjustments for delivery location (basis) and other factors. EOG has entered into crude oil basis swap contracts in order to fix the differential between ICE Brent pricing and pricing in Cushing, Oklahoma (ICE Brent Differential). Presented below is a comprehensive summary of EOG's ICE Brent Differential basis swap contracts through October 30, 2020. The weighted average price differential expressed in $/Bbl represents the amount of addition to Cushing, Oklahoma, prices for the notional volumes expressed in Bbld covered by the basis swap contracts. | ||||||||||||||
2020 | Volume (Bbld) | Weighted Average Price Differential ($/Bbl) | ||||||||||||
May 2020 (CLOSED) | 10,000 | 4.92 |
Houston Differential Basis Swap Contracts | ||||||||||||||
EOG has also entered into crude oil basis swap contracts in order to fix the differential between pricing in Houston, Texas, and Cushing, Oklahoma (Houston Differential). Presented below is a comprehensive summary of EOG's Houston Differential basis swap contracts through October 30, 2020. The weighted average price differential expressed in $/Bbl represents the amount of addition to Cushing, Oklahoma, prices for the notional volumes expressed in Bbld covered by the basis swap contracts. | ||||||||||||||
2020 | Volume (Bbld) | Weighted Average Price Differential ($/Bbl) | ||||||||||||
May 2020 (CLOSED) | 10,000 | 1.55 |
Roll Differential Swap Contracts | ||||||||||||||
EOG has also entered into crude oil swaps in order to fix the differential in pricing between the NYMEX calendar month average and the physical crude oil delivery month (Roll Differential). Presented below is a comprehensive summary of EOG's Roll Differential swap contracts through October 30, 2020. The weighted average price differential expressed in $/Bbl represents the amount of net addition (reduction) to delivery month prices for the notional volumes expressed in Bbld covered by the swap contracts. | ||||||||||||||
2020 | Volume (Bbld) | Weighted Average Price Differential ($/Bbl) | ||||||||||||
February 1, 2020 through June 30, 2020 (CLOSED) | 10,000 | 0.70 | ||||||||||||
July 1, 2020 through September 30, 2020 (CLOSED) | 88,000 | (1.16) | ||||||||||||
October 1, 2020 through November 30, 2020 (CLOSED) | 66,000 | (1.16) | ||||||||||||
December 2020 | 66,000 | (1.16) |
In May 2020, EOG entered into crude oil Roll Differential swap contracts for the period from July 1, 2020 through September 30, 2020, with notional volumes of 22,000 Bbld at a weighted average price differential of $(0.43) per Bbl, and for the period from October 1, 2020 through December 31, 2020, with notional volumes of 44,000 Bbld at a weighted average price differential of $(0.73) per Bbl. These contracts partially offset certain outstanding Roll Differential swap contracts for the same time periods and volumes at a weighted average price differential of $(1.16) per Bbl. EOG paid net cash of $2.6 million through October 30, 2020, for the settlement of certain of these contracts and expects to pay $0.6 million during the remainder of 2020 for the settlement of the remaining contracts. The offsetting contracts were excluded from the above table. | ||||||||||||||
Crude Oil NYMEX WTI Price Swap Contracts | ||||||||||||||
Presented below is a comprehensive summary of EOG's crude oil NYMEX WTI price swap contracts through October 30, 2020, with notional volumes expressed in Bbld and prices expressed in $/Bbl. | ||||||||||||||
2020 | Volume (Bbld) | Weighted Average Price ($/Bbl) | ||||||||||||
January 1, 2020 through March 31, 2020 (CLOSED) | 200,000 | 59.33 | ||||||||||||
April 1, 2020 through May 31, 2020 (CLOSED) | 265,000 | 51.36 | ||||||||||||
In April and May 2020, EOG entered into crude oil NYMEX WTI price swap contracts for the period from June 1, 2020 through June 30, 2020, with notional volumes of 265,000 Bbld at a weighted average price of $33.80 per Bbl, for the period from July 1, 2020 through July 31, 2020, with notional volumes of 254,000 Bbld at a weighted average price of $33.75 per Bbl, for the period from August 1, 2020 through September 30, 2020, with notional volumes of 154,000 Bbld at a weighted average price of $34.18 per Bbl and for the period from October 1, 2020 through December 31, 2020, with notional volumes of 47,000 Bbld at a weighted average price of $30.04 per Bbl. These contracts offset the remaining NYMEX WTI price swap contracts for the same time periods and volumes at a weighted average price of $51.36 per Bbl for the period from June 1, 2020 through June 30, 2020, $42.36 per Bbl for the period from July 1, 2020 through July 31, 2020, $50.42 per Bbl for the period from August 1, 2020 through September 30, 2020 and $31.00 per Bbl for the period from October 1, 2020 through December 31, 2020. EOG received net cash of $359.9 million through October 30, 2020, for the settlement of certain of these contracts, and expects to receive net cash of $4.1 million during the remainder of 2020 for the settlement of the remaining contracts. The offsetting contracts were excluded from the above table. |
Crude Oil ICE Brent Price Swap Contracts | ||||||||||||||
Presented below is a comprehensive summary of EOG's crude oil ICE Brent price swap contracts through October 30, 2020, with notional volumes expressed in Bbld and prices expressed in $/Bbl. | ||||||||||||||
2020 | Volume (Bbld) | Weighted Average Price ($/Bbl) | ||||||||||||
April 2020 (CLOSED) | 75,000 | 25.66 | ||||||||||||
May 2020 (CLOSED) | 35,000 | 26.53 |
Mont Belvieu Propane Price Swap Contracts | ||||||||||||||
Presented below is a comprehensive summary of EOG's Mont Belvieu propane (non-TET) financial price swap contracts (Mont Belvieu Propane Price Swap Contracts) through October 30, 2020, with notional volumes expressed in Bbld and prices expressed in $/Bbl. | ||||||||||||||
2020 | Volume (Bbld) | Weighted Average Price ($/Bbl) | ||||||||||||
January 1, 2020 through February 29, 2020 (CLOSED) | 4,000 | 21.34 | ||||||||||||
March 1, 2020 through April 30, 2020 (CLOSED) | 25,000 | 17.92 | ||||||||||||
In April and May 2020, EOG entered into Mont Belvieu Propane Price Swap Contracts for the period from May 1, 2020 through December 31, 2020, with notional volumes of 25,000 Bbld at a weighted average price of $16.41 per Bbl. These contracts offset the remaining Mont Belvieu Propane Price Swap Contracts for the same time period with notional volumes of 25,000 Bbld at a weighted average price of $17.92 per Bbl. EOG received net cash of $5.7 million through October 30, 2020, for the settlement of certain of these contracts, and expects to receive net cash of $3.5 million during the remainder of 2020 for the settlement of the remaining contracts. The offsetting contracts were excluded from the above table. |
Natural Gas Price Swap Contracts | ||||||||||||||
Presented below is a comprehensive summary of EOG's natural gas price swap contracts through October 30, 2020, with notional volumes expressed in MMBtud and prices expressed in $/MMBtu. | ||||||||||||||
2021 | Volume (MMBtud) | Weighted Average Price ($/MMBtu) | ||||||||||||
January 1, 2021 through December 31, 2021 | 500,000 | 2.99 |
Natural Gas Collar Contracts | ||||||||||||||||||||
EOG has entered into natural gas collar contracts, which establish ceiling and floor prices for the sale of notional volumes of natural gas as specified in the collar contracts. The collars require that EOG pay the difference between the ceiling price and the NYMEX Henry Hub natural gas price for the contract month (Henry Hub Index Price) in the event the Henry Hub Index Price is above the ceiling price. The collars grant EOG the right to receive the difference between the floor price and the Henry Hub Index Price in the event the Henry Hub Index Price is below the floor price. In March 2020, EOG executed the early termination provision granting EOG the right to terminate certain 2020 natural gas collar contracts with notional volumes of 250,000 MMBtud at a weighted average ceiling price of $2.50 per MMBtu and a weighted average floor price of $2.00 per MMBtu for the period from April 1, 2020 through July 31, 2020. EOG received net cash of $7.8 million for the settlement of these contracts. Presented below is a comprehensive summary of EOG's natural gas collar contracts through October 30, 2020, with notional volumes expressed in MMBtud and prices expressed in $/MMBtu. | ||||||||||||||||||||
2020 | Volume (MMBtud) | Weighted Average Ceiling Price ($/MMBtu) | Weighted Average Floor Price ($/MMBtu) | |||||||||||||||||
April 1, 2020 through July 31, 2020 (CLOSED) | 250,000 | 2.50 | 2.00 | |||||||||||||||||
In April 2020, EOG entered into natural gas collar contracts for the period from August 1, 2020 through October 31, 2020, with notional volumes of 250,000 MMBtud at a ceiling price of $2.50 per MMBtu and a floor price of $2.00 per MMBtu. These contracts offset the remaining natural gas collar contracts for the same time period with notional volumes of 250,000 MMBtud at a ceiling price of $2.50 per MMBtu and a floor price of $2.00 per MMBtu. EOG received net cash of $1.1 million through October 30, 2020, for the settlement of these contracts. The offsetting contracts were excluded from the above table. |
Rockies Differential Basis Swap Contracts | ||||||||||||||
Prices received by EOG for its natural gas production generally vary from NYMEX Henry Hub prices due to adjustments for delivery location (basis) and other factors. EOG has entered into natural gas basis swap contracts in order to fix the differential between pricing in the Rocky Mountain area and NYMEX Henry Hub prices (Rockies Differential). Presented below is a comprehensive summary of EOG's Rockies Differential basis swap contracts through October 30, 2020. The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts. | ||||||||||||||
2020 | Volume (MMBtud) | Weighted Average Price Differential ($/MMBtu) | ||||||||||||
January 1, 2020 through October 31, 2020 (CLOSED) | 30,000 | 0.55 | ||||||||||||
November 1, 2020 through December 31, 2020 | 30,000 | 0.55 |
HSC Differential Basis Swap Contracts | ||||||||||||||
EOG has also entered into natural gas basis swap contracts in order to fix the differential between pricing at the Houston Ship Channel (HSC) and NYMEX Henry Hub prices (HSC Differential). In March 2020, EOG executed the early termination provision granting EOG the right to terminate certain 2020 HSC Differential basis swaps with notional volumes of 60,000 MMBtud at a weighted average price differential of $0.05 per MMBtu for the period from April 1, 2020 through December 31, 2020. EOG paid net cash of $0.4 million for the settlement of these contracts. Presented below is a comprehensive summary of EOG's HSC Differential basis swap contracts through October 30, 2020. The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts. | ||||||||||||||
2020 | Volume (MMBtud) | Weighted Average Price Differential ($/MMBtu) | ||||||||||||
January 1, 2020 through December 31, 2020 (CLOSED) | 60,000 | 0.05 |
Waha Differential Basis Swap Contracts | ||||||||||||||
EOG has also entered into natural gas basis swap contracts in order to fix the differential between pricing at the Waha Hub in West Texas and NYMEX Henry Hub prices (Waha Differential). Presented below is a comprehensive summary of EOG's Waha Differential basis swap contracts through October 30, 2020. The weighted average price differential expressed in $/MMBtu represents the amount of reduction to NYMEX Henry Hub prices for the notional volumes expressed in MMBtud covered by the basis swap contracts. | ||||||||||||||
2020 | Volume (MMBtud) | Weighted Average Price Differential ($/MMBtu) | ||||||||||||
January 1, 2020 through April 30, 2020 (CLOSED) | 50,000 | 1.40 | ||||||||||||
In April 2020, EOG entered into Waha Differential basis swap contracts for the period from May 1, 2020 through December 31, 2020, with notional volumes of 50,000 MMBtud at a weighted average price differential of $0.43 per MMBtu. These contracts offset the remaining Waha Differential basis swap contracts for the same time period with notional volumes of 50,000 MMBtud at a weighted average price differential of $1.40 per MMBtu. EOG paid net cash of $8.9 million through October 30, 2020, for the settlement of certain of these contracts, and expects to pay net cash of $3.0 million during the remainder of 2020 for the settlement of the remaining contracts. The offsetting contracts were excluded from the above table. |
Definitions | |||||||||||
Bbld | Barrels per day | ||||||||||
$/Bbl | Dollars per barrel | ||||||||||
ICE | Intercontinental Exchange | ||||||||||
MMBtud | Million British thermal units per day | ||||||||||
$/MMBtu | Dollars per million British thermal units | ||||||||||
NYMEX | U.S. New York Mercantile Exchange | ||||||||||
WTI | West Texas Intermediate |
Direct After-Tax Rate of Return | ![]() | ||||
The calculation of our direct after-tax rate of return (ATROR) with respect to our 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 our direct net costs incurred in drilling or acquiring (as the case may be) such wells or well (as the case may be). As such, our 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 facilities | |||||
Excludes Indirect Capital | |||||
- Gathering and Processing and other Midstream | |||||
- Land, Seismic, Geological and Geophysical | |||||
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 Facilities | |||||
- Gathering and Processing | |||||
Includes Legacy Gas Capital and Capital from Mature Wells |
ROCE & ROE | ![]() | ||||||||||||||||
In millions of USD, except ratio data (Unaudited) | |||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||
Net Interest Expense (GAAP) | 185 | 245 | |||||||||||||||
Tax Benefit Imputed (based on 21%) | (39) | (51) | |||||||||||||||
After-Tax Net Interest Expense (Non-GAAP) - (a) | 146 | 194 | |||||||||||||||
Net Income (GAAP) - (b) | 2,735 | 3,419 | |||||||||||||||
Adjustments to Net Income, Net of Tax (See Below Detail) (1) | 158 | (201) | |||||||||||||||
Adjusted Net Income (Non-GAAP) - (c) | 2,893 | 3,218 | |||||||||||||||
Total Stockholders' Equity - (d) | 21,641 | 19,364 | 16,283 | ||||||||||||||
Average Total Stockholders' Equity * - (e) | 20,503 | 17,824 | |||||||||||||||
Current and Long-Term Debt (GAAP) - (f) | 5,175 | 6,083 | 6,387 | ||||||||||||||
Less: Cash | (2,028) | (1,556) | (834) | ||||||||||||||
Net Debt (Non-GAAP) - (g) | 3,147 | 4,527 | 5,553 | ||||||||||||||
Total Capitalization (GAAP) - (d) + (f) | 26,816 | 25,447 | 22,670 | ||||||||||||||
Total Capitalization (Non-GAAP) - (d) + (g) | 24,788 | 23,891 | 21,836 | ||||||||||||||
Average Total Capitalization (Non-GAAP) * - (h) | 24,340 | 22,864 | |||||||||||||||
Return on Capital Employed (ROCE) | |||||||||||||||||
GAAP Net Income - [(a) + (b)] / (h) | 11.8 | % | 15.8 | % | |||||||||||||
Non-GAAP Adjusted Net Income - [(a) + (c)] / (h) | 12.5 | % | 14.9 | % | |||||||||||||
Return on Equity (ROE) | |||||||||||||||||
GAAP Net Income - (b) / (e) | 13.3 | % | 19.2 | % | |||||||||||||
Non-GAAP Adjusted Net Income - (c) / (e) | 14.1 | % | 18.1 | % | |||||||||||||
* Average for the current and immediately preceding year | |||||||||||||||||
(1) Detail of adjustments to Net Income (GAAP): | |||||||||||||||||
Before Tax | Income Tax Impact | After Tax | |||||||||||||||
Year Ended December 31, 2019 | |||||||||||||||||
Adjustments: | |||||||||||||||||
Add: Mark-to-Market Commodity Derivative Contracts Impact | 51 | (11) | 40 | ||||||||||||||
Add: Impairments of Certain Assets | 275 | (60) | 215 | ||||||||||||||
Less: Net Gains on Asset Dispositions | (124) | 27 | (97) | ||||||||||||||
Total | 202 | (44) | 158 | ||||||||||||||
Year Ended December 31, 2018 | |||||||||||||||||
Adjustments: | |||||||||||||||||
Add: Mark-to-Market Commodity Derivative Contracts Impact | (93) | 20 | (73) | ||||||||||||||
Add: Impairments of Certain Assets | 153 | (34) | 119 | ||||||||||||||
Less: Net Gains on Asset Dispositions | (175) | 38 | (137) | ||||||||||||||
Less: Tax Reform Impact | — | (110) | (110) | ||||||||||||||
Total | (115) | (86) | (201) |
ROCE & ROE | ![]() | ||||||||||||||||||||||||||||
In millions of USD, except ratio data (Unaudited) | |||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||
Net Interest Expense (GAAP) | 274 | 282 | 237 | 201 | 235 | ||||||||||||||||||||||||
Tax Benefit Imputed (based on 35%) | (96) | (99) | (83) | (70) | (82) | ||||||||||||||||||||||||
After-Tax Net Interest Expense (Non-GAAP) - (a) | 178 | 183 | 154 | 131 | 153 | ||||||||||||||||||||||||
Net Income (Loss) (GAAP) - (b) | 2,583 | (1,097) | (4,525) | 2,915 | 2,197 | ||||||||||||||||||||||||
Total Stockholders' Equity - (d) | 16,283 | 13,982 | 12,943 | 17,713 | 15,418 | ||||||||||||||||||||||||
Average Total Stockholders' Equity* - (e) | 15,133 | 13,463 | 15,328 | 16,566 | 14,352 | ||||||||||||||||||||||||
Current and Long-Term Debt (GAAP) - (f) | 6,387 | 6,986 | 6,655 | 5,906 | 5,909 | ||||||||||||||||||||||||
Less: Cash | (834) | (1,600) | (719) | (2,087) | (1,318) | ||||||||||||||||||||||||
Net Debt (Non-GAAP) - (g) | 5,553 | 5,386 | 5,936 | 3,819 | 4,591 | ||||||||||||||||||||||||
Total Capitalization (GAAP) - (d) + (f) | 22,670 | 20,968 | 19,598 | 23,619 | 21,327 | ||||||||||||||||||||||||
Total Capitalization (Non-GAAP) - (d) + (g) | 21,836 | 19,368 | 18,879 | 21,532 | 20,009 | ||||||||||||||||||||||||
Average Total Capitalization (Non-GAAP)* - (h) | 20,602 | 19,124 | 20,206 | 20,771 | 19,365 | ||||||||||||||||||||||||
Return on Capital Employed (ROCE) | |||||||||||||||||||||||||||||
GAAP Net Income (Loss) - [(a) + (b)] / (h) | 13.4 | % | -4.8 | % | -21.6 | % | 14.7 | % | 12.1 | % | |||||||||||||||||||
Return on Equity (ROE) | |||||||||||||||||||||||||||||
GAAP Net Income (Loss) - (b) / (e) | 17.1 | % | -8.1 | % | -29.5 | % | 17.6 | % | 15.3 | % | |||||||||||||||||||
* Average for the current and immediately preceding year |
ROCE & ROE | ![]() | ||||||||||||||||||||||||||||
In millions of USD, except ratio data (Unaudited) | |||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||
Net Interest Expense (GAAP) | 214 | 210 | 130 | 101 | 52 | ||||||||||||||||||||||||
Tax Benefit Imputed (based on 35%) | (75) | (74) | (46) | (35) | (18) | ||||||||||||||||||||||||
After-Tax Net Interest Expense (Non-GAAP) - (a) | 139 | 136 | 84 | 66 | 34 | ||||||||||||||||||||||||
Net Income (GAAP) - (b) | 570 | 1,091 | 161 | 547 | 2,437 | ||||||||||||||||||||||||
Total Stockholders' Equity - (d) | 13,285 | 12,641 | 10,232 | 9,998 | 9,015 | ||||||||||||||||||||||||
Average Total Stockholders' Equity* - (e) | 12,963 | 11,437 | 10,115 | 9,507 | 8,003 | ||||||||||||||||||||||||
Current and Long-Term Debt (GAAP) - (f) | 6,312 | 5,009 | 5,223 | 2,797 | 1,897 | ||||||||||||||||||||||||
Less: Cash | (876) | (616) | (789) | (686) | (331) | ||||||||||||||||||||||||
Net Debt (Non-GAAP) - (g) | 5,436 | 4,393 | 4,434 | 2,111 | 1,566 | ||||||||||||||||||||||||
Total Capitalization (GAAP) - (d) + (f) | 19,597 | 17,650 | 15,455 | 12,795 | 10,912 | ||||||||||||||||||||||||
Total Capitalization (Non-GAAP) - (d) + (g) | 18,721 | 17,034 | 14,666 | 12,109 | 10,581 | ||||||||||||||||||||||||
Average Total Capitalization (Non-GAAP)* - (h) | 17,878 | 15,850 | 13,388 | 11,345 | 9,351 | ||||||||||||||||||||||||
Return on Capital Employed (ROCE) | |||||||||||||||||||||||||||||
GAAP Net Income - [(a) + (b)] / (h) | 4.0 | % | 7.7 | % | 1.8 | % | 5.4 | % | 26.4 | % | |||||||||||||||||||
Return on Equity (ROE) | |||||||||||||||||||||||||||||
GAAP Net Income - (b) / (e) | 4.4 | % | 9.5 | % | 1.6 | % | 5.8 | % | 30.5 | % | |||||||||||||||||||
* Average for the current and immediately preceding year |
ROCE & ROE | ![]() | ||||||||||||||||||||||||||||
In millions of USD, except ratio data (Unaudited) | |||||||||||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||||||
Net Interest Expense (GAAP) | 47 | 43 | 63 | 63 | 59 | ||||||||||||||||||||||||
Tax Benefit Imputed (based on 35%) | (16) | (15) | (22) | (22) | (21) | ||||||||||||||||||||||||
After-Tax Net Interest Expense (Non-GAAP) - (a) | 31 | 28 | 41 | 41 | 38 | ||||||||||||||||||||||||
Net Income (GAAP) - (b) | 1,090 | 1,300 | 1,260 | 625 | 430 | ||||||||||||||||||||||||
Total Stockholders' Equity - (d) | 6,990 | 5,600 | 4,316 | 2,945 | 2,223 | ||||||||||||||||||||||||
Average Total Stockholders' Equity* - (e) | 6,295 | 4,958 | 3,631 | 2,584 | 1,948 | ||||||||||||||||||||||||
Current and Long-Term Debt (GAAP) - (f) | 1,185 | 733 | 985 | 1,078 | 1,109 | ||||||||||||||||||||||||
Less: Cash | (54) | (218) | (644) | (21) | (4) | ||||||||||||||||||||||||
Net Debt (Non-GAAP) - (g) | 1,131 | 515 | 341 | 1,057 | 1,105 | ||||||||||||||||||||||||
Total Capitalization (GAAP) - (d) + (f) | 8,175 | 6,333 | 5,301 | 4,023 | 3,332 | ||||||||||||||||||||||||
Total Capitalization (Non-GAAP) - (d) + (g) | 8,121 | 6,115 | 4,657 | 4,002 | 3,328 | ||||||||||||||||||||||||
Average Total Capitalization (Non-GAAP)* - (h) | 7,118 | 5,386 | 4,330 | 3,665 | 3,068 | ||||||||||||||||||||||||
Return on Capital Employed (ROCE) | |||||||||||||||||||||||||||||
GAAP Net Income - [(a) + (b)] / (h) | 15.7 | % | 24.7 | % | 30.0 | % | 18.2 | % | 15.3 | % | |||||||||||||||||||
Return on Equity (ROE) | |||||||||||||||||||||||||||||
GAAP Net Income - (b) / (e) | 17.3 | % | 26.2 | % | 34.7 | % | 24.2 | % | 22.1 | % | |||||||||||||||||||
* Average for the current and immediately preceding year |
ROCE & ROE | ![]() | ||||||||||||||||||||||||||||
In millions of USD, except ratio data (Unaudited) | |||||||||||||||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||||||||||
Net Interest Expense (GAAP) | 60 | 45 | 61 | 62 | |||||||||||||||||||||||||
Tax Benefit Imputed (based on 35%) | (21) | (16) | (21) | (22) | |||||||||||||||||||||||||
After-Tax Net Interest Expense (Non-GAAP) - (a) | 39 | 29 | 40 | 40 | |||||||||||||||||||||||||
Net Income (GAAP) - (b) | 87 | 399 | 397 | 569 | |||||||||||||||||||||||||
Total Stockholders' Equity - (d) | 1,672 | 1,643 | 1,381 | 1,130 | 1,280 | ||||||||||||||||||||||||
Average Total Stockholders' Equity* - (e) | 1,658 | 1,512 | 1,256 | 1,205 | |||||||||||||||||||||||||
Current and Long-Term Debt (GAAP) - (f) | 1,145 | 856 | 859 | 990 | 1,143 | ||||||||||||||||||||||||
Less: Cash | (10) | (3) | (20) | (25) | (6) | ||||||||||||||||||||||||
Net Debt (Non-GAAP) - (g) | 1,135 | 853 | 839 | 965 | 1,137 | ||||||||||||||||||||||||
Total Capitalization (GAAP) - (d) + (f) | 2,817 | 2,499 | 2,240 | 2,120 | 2,423 | ||||||||||||||||||||||||
Total Capitalization (Non-GAAP) - (d) + (g) | 2,807 | 2,496 | 2,220 | 2,095 | 2,417 | ||||||||||||||||||||||||
Average Total Capitalization (Non-GAAP)* - (h) | 2,652 | 2,358 | 2,158 | 2,256 | |||||||||||||||||||||||||
Return on Capital Employed (ROCE) | |||||||||||||||||||||||||||||
GAAP Net Income - [(a) + (b)] / (h) | 4.8 | % | 18.2 | % | 20.2 | % | 27.0 | % | |||||||||||||||||||||
Return on Equity (ROE) | |||||||||||||||||||||||||||||
GAAP Net Income - (b) / (e) | 5.2 | % | 26.4 | % | 31.6 | % | 47.2 | % | |||||||||||||||||||||
* Average for the current and immediately preceding year |
Costs per Barrel of Oil Equivalent | ![]() | ||||||||||||||||||||||
In thousands of USD, except Boe and per Boe amounts (Unaudited) | |||||||||||||||||||||||
1Q 2020 | 2Q 2020 | 3Q 2020 | YTD 2020 | ||||||||||||||||||||
Cost per Barrel of Oil Equivalent (Boe) Calculation | |||||||||||||||||||||||
Volume - Thousand Barrels of Oil Equivalent - (a) | 79,548 | 56,733 | 65,873 | 202,153 | |||||||||||||||||||
Crude Oil and Condensate | 2,065,498 | 614,627 | 1,394,622 | 4,074,747 | |||||||||||||||||||
Natural Gas Liquids | 160,535 | 93,909 | 184,771 | 439,215 | |||||||||||||||||||
Natural Gas | 209,764 | 141,696 | 183,790 | 535,250 | |||||||||||||||||||
Total Wellhead Revenues - (b) | 2,435,797 | 850,232 | 1,763,183 | 5,049,212 | |||||||||||||||||||
Operating Costs | |||||||||||||||||||||||
Lease and Well | 329,659 | 245,346 | 227,473 | 802,478 | |||||||||||||||||||
Transportation Costs | 208,296 | 151,728 | 180,257 | 540,281 | |||||||||||||||||||
Gathering and Processing Costs | 128,482 | 96,767 | 114,790 | 340,039 | |||||||||||||||||||
General and Administrative | 114,273 | 131,855 | 124,460 | 370,588 | |||||||||||||||||||
Taxes Other Than Income | 157,360 | 80,319 | 126,810 | 364,489 | |||||||||||||||||||
Interest Expense, Net | 44,690 | 54,213 | 53,242 | 152,145 | |||||||||||||||||||
Total Cash Operating Cost (excluding DD&A and Total Exploration Costs) - (c) | 982,760 | 760,228 | 827,032 | 2,570,020 | |||||||||||||||||||
Depreciation, Depletion and Amortization (DD&A) | 1,000,060 | 706,679 | 823,050 | 2,529,789 | |||||||||||||||||||
Total Operating Cost (excluding Total Exploration Costs) - (d) | 1,982,820 | 1,466,907 | 1,650,082 | 5,099,809 | |||||||||||||||||||
Exploration Costs | 39,677 | 27,283 | 38,413 | 105,373 | |||||||||||||||||||
Dry Hole Costs | 372 | 87 | 12,604 | 13,063 | |||||||||||||||||||
Impairments | 1,572,935 | 305,415 | 78,990 | 1,957,340 | |||||||||||||||||||
Total Exploration Costs | 1,612,984 | 332,785 | 130,007 | 2,075,776 | |||||||||||||||||||
Less: Certain Impairments (Non-GAAP) | (1,516,316) | (239,167) | (26,531) | (1,782,014) | |||||||||||||||||||
Total Exploration Costs (Non-GAAP) | 96,668 | 93,618 | 103,476 | 293,762 | |||||||||||||||||||
Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e) | 2,079,488 | 1,560,525 | 1,753,558 | 5,393,571 | |||||||||||||||||||
Composite Average Wellhead Revenue per Boe - (b) / (a) | 30.62 | 14.99 | 26.77 | 24.98 | |||||||||||||||||||
Total Cash Operating Cost per Boe (excluding DD&A and Total Exploration Costs) - (c) / (a) | 12.36 | 13.40 | 12.56 | 12.70 | |||||||||||||||||||
Composite Average Margin per Boe (excluding DD&A and Total Exploration Costs) - [(b) / (a) - (c) / (a)] | 18.26 | 1.59 | 14.21 | 12.28 | |||||||||||||||||||
Total Operating Cost per Boe (excluding Total Exploration Costs) - (d) / (a) | 24.93 | 25.86 | 25.05 | 25.21 | |||||||||||||||||||
Composite Average Margin per Boe (excluding Total Exploration Costs) - [(b) / (a) - (d) / (a)] | 5.69 | (10.87) | 1.72 | (0.23) | |||||||||||||||||||
Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) - (e) / (a) | 26.15 | 27.51 | 26.62 | 26.66 | |||||||||||||||||||
Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs) - [(b) / (a) - (e) / (a)] | 4.47 | (12.52) | 0.15 | (1.68) |
Costs per Barrel of Oil Equivalent | ![]() | ||||||||||||||||
In thousands of USD, except Boe and per Boe amounts (Unaudited) | |||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||
Cost per Barrel of Oil Equivalent (Boe) Calculation | |||||||||||||||||
Volume - Thousand Barrels of Oil Equivalent - (a) | 298,565 | 262,516 | 222,251 | ||||||||||||||
Crude Oil and Condensate | 9,612,532 | 9,517,440 | 6,256,396 | ||||||||||||||
Natural Gas Liquids | 784,818 | 1,127,510 | 729,561 | ||||||||||||||
Natural Gas | 1,184,095 | 1,301,537 | 921,934 | ||||||||||||||
Total Wellhead Revenues - (b) | 11,581,445 | 11,946,487 | 7,907,891 | ||||||||||||||
Operating Costs | |||||||||||||||||
Lease and Well | 1,366,993 | 1,282,678 | 1,044,847 | ||||||||||||||
Transportation Costs | 758,300 | 746,876 | 740,352 | ||||||||||||||
Gathering and Processing Costs | 479,102 | 436,973 | 148,775 | ||||||||||||||
General and Administrative | 489,397 | 426,969 | 434,467 | ||||||||||||||
Less: Legal Settlement - Early Leasehold Termination | — | — | (10,202) | ||||||||||||||
Less: Joint Venture Transaction Costs | — | — | (3,056) | ||||||||||||||
Less: Joint Interest Billings Deemed Uncollectible | — | — | (4,528) | ||||||||||||||
General and Administrative (Non-GAAP) | 489,397 | 426,969 | 416,681 | ||||||||||||||
Taxes Other Than Income | 800,164 | 772,481 | 544,662 | ||||||||||||||
Interest Expense, Net | 185,129 | 245,052 | 274,372 | ||||||||||||||
Total Cash Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c) | 4,079,085 | 3,911,029 | 3,169,689 | ||||||||||||||
Depreciation, Depletion and Amortization (DD&A) | 3,749,704 | 3,435,408 | 3,409,387 | ||||||||||||||
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (d) | 7,828,789 | 7,346,437 | 6,579,076 | ||||||||||||||
Exploration Costs | 139,881 | 148,999 | 145,342 | ||||||||||||||
Dry Hole Costs | 28,001 | 5,405 | 4,609 | ||||||||||||||
Impairments | 517,896 | 347,021 | 479,240 | ||||||||||||||
Total Exploration Costs | 685,778 | 501,425 | 629,191 | ||||||||||||||
Less: Certain Impairments (Non-GAAP) | (274,974) | (152,671) | (261,452) | ||||||||||||||
Total Exploration Costs (Non-GAAP) | 410,804 | 348,754 | 367,739 | ||||||||||||||
Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e) | 8,239,593 | 7,695,191 | 6,946,815 | ||||||||||||||
Cost per Barrel of Oil Equivalent | ![]() | ||||||||||||||||
In thousands of USD, except Boe and per Boe amounts (Unaudited) | |||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||
Composite Average Wellhead Revenue per Boe - (b) / (a) | 38.79 | 45.51 | 35.58 | ||||||||||||||
Total Cash Operating Cost per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c) / (a) | 13.66 | 14.90 | 14.25 | ||||||||||||||
Composite Average Margin per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) - [(b) / (a) - (c) / (a)] | 25.13 | 30.61 | 21.33 | ||||||||||||||
Total Operating Cost per Boe (Non-GAAP) (excluding Total Exploration Costs) - (d) / (a) | 26.22 | 27.99 | 29.59 | ||||||||||||||
Composite Average Margin per Boe (Non-GAAP) (excluding Total Exploration Costs) - [(b) / (a) - (d) / (a)] | 12.57 | 17.52 | 5.99 | ||||||||||||||
Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) - (e) / (a) | 27.60 | 29.32 | 31.24 | ||||||||||||||
Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs) - [(b) / (a) - (e) / (a)] | 11.19 | 16.19 | 4.34 |
Cost per Barrel of Oil Equivalent | ![]() | ||||||||||||||||
In thousands of USD, except Boe and per Boe amounts (Unaudited) | |||||||||||||||||
2016 | 2015 | 2014 | |||||||||||||||
Cost per Barrel of Oil Equivalent (Boe) Calculation | |||||||||||||||||
Volume - Thousand Barrels of Oil Equivalent - (a) | 204,929 | 208,862 | 217,073 | ||||||||||||||
Crude Oil and Condensate | 4,317,341 | 4,934,562 | 9,742,480 | ||||||||||||||
Natural Gas Liquids | 437,250 | 407,658 | 934,051 | ||||||||||||||
Natural Gas | 742,152 | 1,061,038 | 1,916,386 | ||||||||||||||
Total Wellhead Revenues - (b) | 5,496,743 | 6,403,258 | 12,592,917 | ||||||||||||||
Operating Costs | |||||||||||||||||
Lease and Well | 927,452 | 1,182,282 | 1,416,413 | ||||||||||||||
Transportation Costs | 764,106 | 849,319 | 972,176 | ||||||||||||||
Gathering and Processing Costs | 122,901 | 146,156 | 145,800 | ||||||||||||||
General and Administrative | 394,815 | 366,594 | 402,010 | ||||||||||||||
Less: Voluntary Retirement Expense | (42,054) | — | — | ||||||||||||||
Less: Acquisition Costs | (5,100) | — | — | ||||||||||||||
Less: Legal Settlement - Early Leasehold Termination | — | (19,355) | — | ||||||||||||||
General and Administrative (Non-GAAP) | 347,661 | 347,239 | 402,010 | ||||||||||||||
Taxes Other Than Income | 349,710 | 421,744 | 757,564 | ||||||||||||||
Interest Expense, Net | 281,681 | 237,393 | 201,458 | ||||||||||||||
Total Cash Operating Cost (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c) | 2,793,511 | 3,184,133 | 3,895,421 | ||||||||||||||
Depreciation, Depletion and Amortization (DD&A) | 3,553,417 | 3,313,644 | 3,997,041 | ||||||||||||||
Total Operating Cost (Non-GAAP) (excluding Total Exploration Costs) - (d) | 6,346,928 | 6,497,777 | 7,892,462 | ||||||||||||||
Exploration Costs | 124,953 | 149,494 | 184,388 | ||||||||||||||
Dry Hole Costs | 10,657 | 14,746 | 48,490 | ||||||||||||||
Impairments | 620,267 | 6,613,546 | 743,575 | ||||||||||||||
Total Exploration Costs | 755,877 | 6,777,786 | 976,453 | ||||||||||||||
Less: Certain Impairments (Non-GAAP) | (320,617) | (6,307,593) | (824,312) | ||||||||||||||
Total Exploration Costs (Non-GAAP) | 435,260 | 470,193 | 152,141 | ||||||||||||||
Total Operating Cost (Non-GAAP) (including Total Exploration Costs) - (e) | 6,782,188 | 6,967,970 | 8,044,603 | ||||||||||||||
Cost per Barrel of Oil Equivalent | ![]() | ||||||||||||||||
In thousands of USD, except Boe and per Boe amounts (Unaudited) | |||||||||||||||||
2016 | 2015 | 2014 | |||||||||||||||
Composite Average Wellhead Revenue per Boe - (b) / (a) | 26.82 | 30.66 | 58.01 | ||||||||||||||
Total Cash Operating Cost per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) - (c) / (a) | 13.64 | 15.25 | 17.95 | ||||||||||||||
Composite Average Margin per Boe (Non-GAAP) (excluding DD&A and Total Exploration Costs) - [(b) / (a) - (c) / (a)] | 13.18 | 15.41 | 40.06 | ||||||||||||||
Total Operating Cost per Boe (Non-GAAP) (excluding Total Exploration Costs) - (d) / (a) | 30.98 | 31.11 | 36.38 | ||||||||||||||
Composite Average Margin per Boe (Non-GAAP) (excluding Total Exploration Costs) - [(b) / (a) - (d) / (a)] | (4.16) | (0.45) | 21.63 | ||||||||||||||
Total Operating Cost per Boe (Non-GAAP) (including Total Exploration Costs) - (e) / (a) | 33.10 | 33.36 | 37.08 | ||||||||||||||
Composite Average Margin per Boe (Non-GAAP) (including Total Exploration Costs) - [(b) / (a) - (e) / (a)] | (6.28) | (2.70) | 20.93 |
Quarter and Full Year Guidance | ![]() | ||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
(a) Fourth Quarter and Full Year 2020 Forecast | |||||||||||||||||||||||||||||||||||||||||||||||
The forecast items for the fourth quarter and full year 2020 set forth below 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. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) Capital Expenditures | |||||||||||||||||||||||||||||||||||||||||||||||
The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Exploration Costs, Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs and any Non-Cash Transactions. | |||||||||||||||||||||||||||||||||||||||||||||||
(c) Benchmark Commodity Pricing | |||||||||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||||||||
Estimated Ranges for Fourth Quarter and Full Year 2020 | 4Q 2020 | FY 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Daily Sales Volumes | |||||||||||||||||||||||||||||||||||||||||||||||
Crude Oil and Condensate Volumes (MBbld) | |||||||||||||||||||||||||||||||||||||||||||||||
United States | 435.0 | - | 445.0 | 406.3 | - | 408.8 | |||||||||||||||||||||||||||||||||||||||||
Trinidad | 1.6 | - | 2.0 | 0.8 | - | 0.9 | |||||||||||||||||||||||||||||||||||||||||
Other International | 0.0 | - | 0.2 | 0.1 | - | 0.1 | |||||||||||||||||||||||||||||||||||||||||
Total | 436.6 | - | 447.2 | 407.2 | - | 409.8 | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Liquids Volumes (MBbld) | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 140.0 | - | 150.0 | 137.2 | - | 139.7 | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Volumes (MMcfd) | |||||||||||||||||||||||||||||||||||||||||||||||
United States | 1,040 | - | 1,100 | 1,032 | - | 1,047 | |||||||||||||||||||||||||||||||||||||||||
Trinidad | 170 | - | 190 | 174 | - | 179 | |||||||||||||||||||||||||||||||||||||||||
Other International | 20 | - | 30 | 30 | - | 33 | |||||||||||||||||||||||||||||||||||||||||
Total | 1,230 | - | 1,320 | 1,236 | - | 1,259 | |||||||||||||||||||||||||||||||||||||||||
Crude Oil Equivalent Volumes (MBoed) | |||||||||||||||||||||||||||||||||||||||||||||||
United States | 748.3 | - | 778.3 | 715.4 | - | 722.9 | |||||||||||||||||||||||||||||||||||||||||
Trinidad | 29.9 | - | 33.7 | 29.8 | - | 30.8 | |||||||||||||||||||||||||||||||||||||||||
Other International | 3.3 | - | 5.2 | 5.1 | - | 5.6 | |||||||||||||||||||||||||||||||||||||||||
Total | 781.5 | - | 817.2 | 750.3 | - | 759.3 | |||||||||||||||||||||||||||||||||||||||||
Capital Expenditures ($MM) | 830 | - | 930 | 3,400 | 3,600 |
Quarter and Full Year Guidance | ![]() | ||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Estimated Ranges for Fourth Quarter and Full Year 2020 | 4Q 2020 | FY 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Operating Costs | |||||||||||||||||||||||||||||||||||||||||||||||
Unit Costs ($/Boe) | |||||||||||||||||||||||||||||||||||||||||||||||
Lease and Well | 3.80 | - | 4.30 | 3.92 | - | 4.05 | |||||||||||||||||||||||||||||||||||||||||
Transportation Costs | 2.55 | - | 2.95 | 2.64 | - | 2.74 | |||||||||||||||||||||||||||||||||||||||||
Gathering and Processing | 1.75 | - | 1.85 | 1.70 | - | 1.72 | |||||||||||||||||||||||||||||||||||||||||
Depreciation, Depletion and Amortization | 12.20 | - | 12.70 | 12.41 | - | 12.54 | |||||||||||||||||||||||||||||||||||||||||
General and Administrative | 1.80 | - | 1.90 | 1.82 | - | 1.85 | |||||||||||||||||||||||||||||||||||||||||
Expenses ($MM) | |||||||||||||||||||||||||||||||||||||||||||||||
Exploration and Dry Hole | 45 | - | 55 | 163 | - | 173 | |||||||||||||||||||||||||||||||||||||||||
Impairment | 100 | - | 150 | 265 | - | 315 | |||||||||||||||||||||||||||||||||||||||||
Capitalized Interest | 5 | - | 10 | 29 | - | 34 | |||||||||||||||||||||||||||||||||||||||||
Net Interest | 51 | - | 56 | 203 | - | 208 | |||||||||||||||||||||||||||||||||||||||||
Taxes Other Than Income (% of Wellhead Revenue) | 6.0 | % | - | 8.0 | % | 6.7 | % | - | 7.8 | % | |||||||||||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||||||||||||||||||||
Effective Rate | 20 | % | - | 25 | % | 16 | % | - | 21 | % | |||||||||||||||||||||||||||||||||||||
Current Tax (Benefit) / Expense ($MM) | 10 | - | 50 | (85) | - | (45) | |||||||||||||||||||||||||||||||||||||||||
Pricing - (Refer to Benchmark Commodity Pricing in text) | |||||||||||||||||||||||||||||||||||||||||||||||
Crude Oil and Condensate ($/Bbl) | |||||||||||||||||||||||||||||||||||||||||||||||
Differentials | |||||||||||||||||||||||||||||||||||||||||||||||
United States - above (below) WTI | (1.85) | - | 0.15 | (1.07) | - | (0.52) | |||||||||||||||||||||||||||||||||||||||||
Trinidad - above (below) WTI | (14.40) | - | (12.40) | (12.52) | - | (11.40) | |||||||||||||||||||||||||||||||||||||||||
Other International - above (below) WTI | (8.00) | - | (2.00) | 2.18 | - | 3.68 | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Liquids | |||||||||||||||||||||||||||||||||||||||||||||||
Realizations as % of WTI | 34 | % | - | 46 | % | 32 | % | - | 35 | % | |||||||||||||||||||||||||||||||||||||
Natural Gas ($/Mcf) | |||||||||||||||||||||||||||||||||||||||||||||||
Differentials | |||||||||||||||||||||||||||||||||||||||||||||||
United States - above (below) NYMEX Henry Hub | (0.60) | - | (0.20) | (0.54) | - | (0.43) | |||||||||||||||||||||||||||||||||||||||||
Realizations | |||||||||||||||||||||||||||||||||||||||||||||||
Trinidad | 3.15 | - | 3.65 | 2.44 | - | 2.59 | |||||||||||||||||||||||||||||||||||||||||
Other International | 4.35 | - | 4.85 | 4.44 | - | 4.54 |
Definitions | |||||||||||||||||||||||||||||||||||||||||||||||
$/Bbl | U.S. Dollars per barrel | ||||||||||||||||||||||||||||||||||||||||||||||
$/Boe | U.S. Dollars per barrel of oil equivalent | ||||||||||||||||||||||||||||||||||||||||||||||
$/Mcf | U.S. Dollars per thousand cubic feet | ||||||||||||||||||||||||||||||||||||||||||||||
$MM | U.S. Dollars in millions | ||||||||||||||||||||||||||||||||||||||||||||||
MBbld | Thousand barrels per day | ||||||||||||||||||||||||||||||||||||||||||||||
MBoed | Thousand barrels of oil equivalent per day | ||||||||||||||||||||||||||||||||||||||||||||||
MMcfd | Million cubic feet per day | ||||||||||||||||||||||||||||||||||||||||||||||
NYMEX | U.S. New York Mercantile Exchange | ||||||||||||||||||||||||||||||||||||||||||||||
WTI | West Texas Intermediate |