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Section 1: 8-K (8-K)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K


CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  November 1, 2018

_______________

EOG RESOURCES, INC.
(Exact name of registrant as specified in its charter)


Delaware
(State or other jurisdiction
 of incorporation)
1-9743
(Commission File
 Number)
47-0684736
(I.R.S. Employer
Identification No.)

1111 Bagby, Sky Lobby 2
Houston, Texas  77002
(Address of principal executive offices) (Zip Code)

713-651-7000
(Registrant's telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



 
 
 
 
 




EOG RESOURCES, INC.

Item 2.02     Results of Operations and Financial Condition.

On November 1, 2018, EOG Resources, Inc. issued a press release announcing third quarter 2018 financial and operational results and fourth quarter and full year 2018 forecast and benchmark commodity pricing information (see Item 7.01 below).  A copy of this release is attached as Exhibit 99.1 to this filing and is incorporated herein by reference.  This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.

Item 7.01     Regulation FD Disclosure.

Accompanying the press release announcing third quarter 2018 financial and operational results attached hereto as Exhibit 99.1 is fourth quarter and full year 2018 forecast and benchmark commodity pricing information for EOG Resources, Inc., which information is incorporated herein by reference.  This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or Securities Exchange Act of 1934, as amended.

Item 9.01     Financial Statements and Exhibits.

(d)          Exhibits

99.1          Press Release of EOG Resources, Inc. dated November 1, 2018 (including the accompanying fourth quarter and full year 2018 forecast and benchmark commodity pricing information).


2



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
EOG RESOURCES, INC.
(Registrant)
 
 
 
 
 
 
 
 
 
Date: November 1, 2018
By:
/s/ TIMOTHY K. DRIGGERS
Timothy K. Driggers
Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Duly Authorized Officer)


3
(Back To Top)

Section 2: EX-99.1 (PRESS RELEASE OF EOG RESOURCES, INC.)

Exhibit
EXHIBIT 99.1


395601030_eoglogoa13.jpg

November 1, 2018

EOG Resources Announces Outstanding Third Quarter 2018 Results
Exceeds High End of Oil and NGL Production Targets
Generates Significant Free Cash Flow
Achieves Improved Well Performance and Lower Costs in Delaware Basin
Secures 2019 Services at Competitive Prices and Raises 2018 Capex Guidance Range to $5.8-$6.0 Billion
Targets Further Well Cost Reductions in 2019

HOUSTON - EOG Resources, Inc. (EOG) today reported third quarter 2018 net income of $1.2 billion, or $2.05 per share. This compares to third quarter 2017 net income of $101 million, or $0.17 per share. Net cash from operating activities in the third quarter 2018 was $2.2 billion.

Adjusted non-GAAP net income for the third quarter 2018 was $1.0 billion, or $1.75 per share, compared to adjusted non-GAAP net income of $111 million, or $0.19 per share, for the same prior year period. Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP measures.

Third Quarter Review
EOG set a company record and exceeded the high end of its target range for crude oil volumes in the third quarter 2018 by producing 415,000 barrels of oil per day (Bopd), an increase of 27 percent compared to the same prior year period. Natural gas liquids (NGL) production increased 46 percent while natural gas volumes grew 13 percent, contributing to total company production growth of 25 percent.

Per-unit operating expenses declined during the third quarter 2018 compared to the same prior year period. General and administrative expenses fell 20 percent, transportation costs declined 15 percent and depreciation, depletion and amortization expenses fell 13 percent, all on a per-unit basis.

EOG generated $2.3 billion of discretionary cash flow in the third quarter 2018. After considering exploration and development expenditures of $1.7 billion and dividend payments of $107 million, EOG produced free cash flow during the third quarter of $503 million. Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP measures.

“EOG delivered a compelling combination of production growth, high returns and free cash flow in the third quarter 2018 due to disciplined capital allocation. These results demonstrate the value of EOG’s sustainable business model,” said William R. “Bill” Thomas, Chairman and Chief Executive Officer. “EOG is making significant progress lowering costs and improving well performance. Our culture of innovation, experimentation and entrepreneurship combined with our ability to capture and quickly analyze real-time data and make rapid changes in the field are resulting in significant performance improvements company-wide.”

Updated 2018 Outlook
EOG has raised its target for full-year 2018 crude oil production growth to 19 percent. To maintain operational continuity into 2019, the company elected to retain high performing service providers for the remainder of 2018. Approximately 65 percent of its anticipated 2019 services have been secured at competitive pricing. As a result, EOG increased its 2018 exploration and development expenditure forecast to $5.8 to $6.0 billion, excluding acquisitions and non-cash transactions. The company is on track to reduce total well costs by five percent in 2018, and targets further well cost reductions in 2019. EOG now expects to complete approximately 720 net wells in 2018, an increase of 20 net wells from its prior forecast.

“We are positioning EOG to carry the operating efficiencies gained this year into 2019. We secured a significant proportion of our service costs, which along with disciplined execution will help further reduce well costs and improve returns,” Thomas continued. “With a deep inventory of premium drilling locations across multiple plays, EOG will continue to allocate capital to



the highest return areas while maintaining a disciplined operating pace. EOG is well positioned to continue delivering its unique combination of high returns, disciplined growth and strong free cash flow for years to come.”

Operating Highlights
EOG’s South Texas Eagle Ford remained the most active area of the company in the third quarter 2018. EOG now expects to complete 290 net wells in 2018, an addition of 20 net wells from the prior forecast. EOG also continued to delineate the South Texas Austin Chalk, completing 14 wells in the third quarter.

In the Delaware Basin, EOG made significant progress on well cost reductions and optimizing targeting and development patterns. The company increased the number of wells developed in a single package and drilled longer laterals. Packages of four wells or more accounted for 87 percent of the wells brought on line in the third quarter. EOG also made additional progress towards its cost reduction goals. Drilling speeds and the pace of completion operations increased markedly during the quarter. In addition, the company now supplies nearly all of its Delaware Basin sand from local sources and has further increased its use of low-cost recycled water.

EOG continued development of its premium play in the Eastern Anadarko Basin Woodford Oil Window. EOG is testing spacing patterns and various targets across the play. The company completed 11 wells in the third quarter. EOG completed a package of four wells spaced 660 feet apart late in the second quarter. The Ted 2326 #1H-#4H were completed with an average treated lateral length of 10,000 feet per well and average 30-day initial production rates per well of 800 barrels of oil equivalent per day, or 660 Bopd, 90 barrels per day of NGLs and 0.3 million cubic feet per day of natural gas. These low-decline wells support our initial spacing assessment of 660 feet. EOG is also making significant progress reducing well costs in this new play. Recent wells have been brought to production at costs at or below the company’s $7.8 million target.

EOG continued development of its premium plays across the Rocky Mountain region. The company brought 20 wells on line in the Powder River Basin during the third quarter 2018, including 13 wells from the Turner formation. In the Wyoming DJ Basin, EOG began production from 25 wells in the third quarter 2018. EOG completed 19 wells in the Williston Basin during the third quarter as part of its seasonal development program.

Financial Review
At September 30, 2018, EOG’s total debt outstanding was $6.4 billion for a debt-to-total capitalization ratio of 26 percent. Considering cash on the balance sheet at the end of the third quarter, EOG’s net debt was $5.2 billion for a net debt-to-total capitalization ratio of 22 percent. For a reconciliation of non-GAAP measures to GAAP measures, please refer to the attached tables.

EOG reached an agreement to divest all of its U.K. operations. Closing is anticipated in the fourth quarter 2018.

During the third quarter ended September 30, 2018, EOG entered into additional crude oil derivative contracts. A comprehensive summary of EOG’s crude oil and natural gas derivative contracts is provided in the attached tables.

Third Quarter 2018 Results Webcast
Friday, November 2, 2018, 9:00 a.m. Central time (10:00 a.m. Eastern time)
Webcast will be available on EOG website for one year.
http://investors.eogresources.com/Investors
 
About EOG
EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States, Trinidad, the United Kingdom and China. To learn more visit www.eogresources.com.

Investor Contacts
David Streit 713-571-4902
Neel Panchal 713-571-4884
John Wagner 713-571-4404

Media and Investor Contact
Kimberly Ehmer 713-571-4676




This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG's future financial position, operations, performance, business strategy, returns, budgets, reserves, levels of production, 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," "goal," "may," "will," "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, reduce or otherwise control operating and capital costs, generate income or cash flows, pay down indebtedness 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, EOG has presented or referenced herein or in its accompanying disclosures certain forward-looking, non-GAAP financial measures, such as free cash flow and discretionary cash flow, and certain related estimates regarding future performance, results and financial position. These 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 the measure and estimates presented or referenced herein. 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, natural gas and related commodities;
the extent to which EOG is successful in its efforts to acquire or discover additional reserves;
the extent to which EOG is successful in its efforts to economically develop its acreage in, produce reserves and achieve anticipated production levels from, and maximize reserve recovery from, its existing and future crude oil and natural gas exploration and development projects;
the extent to which EOG is successful in its efforts to market its crude oil and condensate, natural gas liquids, natural gas and related commodity production;
the availability, proximity and capacity of, and costs associated with, appropriate gathering, processing, compression, transportation and refining facilities;
the availability, cost, terms and timing of issuance or execution of, and competition for, 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 tax laws and regulations; environmental, health and safety laws and regulations relating to air emissions, disposal of produced water, drilling fluids and other wastes, hydraulic fracturing and access to and use of water; laws and regulations imposing 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;
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 costs with respect to such properties;
the extent to which EOG's third-party-operated crude oil and natural gas properties are operated successfully and economically;
competition in the oil and gas exploration and production industry for the acquisition of licenses, leases and properties, employees and other personnel, facilities, equipment, materials and services;
the availability and cost of employees and other personnel, facilities, equipment, materials (such as water) 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 and transportation 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;
political conditions and developments around the world (such as political instability and armed conflict), including in the areas in which EOG operates;
the use of competing energy sources and the development of alternative energy sources;
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;
physical, electronic and cyber security breaches; and
the other factors described under ITEM 1A, Risk Factors, on pages 14 through 23 of EOG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, 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 and 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 estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include "potential" reserves and/or other estimated reserves 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, 2017, 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 and calculation schedules for non-GAAP financial measures can be found on the EOG website at www.eogresources.com.






EOG RESOURCES, INC.
Financial Report
(Unaudited; in millions, except per share data)
 
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues and Other
$
4,781.6

 
$
2,644.8

 
$
12,700.9

 
$
7,867.9

Net Income
$
1,191.0

 
$
100.5

 
$
2,526.3

 
$
152.1

Net Income Per Share
 
 
 
 
 
 
 
 
 
 
 
Basic
$
2.06

 
$
0.17

 
$
4.38

 
$
0.26

Diluted
$
2.05

 
$
0.17

 
$
4.35

 
$
0.26

Average Number of Common Shares
 
 
 
 
 
 
 
 
 
 
 
Basic
   
577.3

 
 
574.8

 
 
576.4

 
 
574.4

Diluted
 
581.6

 
 
578.7

 
 
580.4

 
 
578.5

 
 
 
 
 
 
 
 
 
 
 
 
Summary Income Statements
(Unaudited; in thousands, except per share data)
 
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2018
 
2017
 
2018
 
2017
Operating Revenues and Other
 
 
 
 
 
 
 
Crude Oil and Condensate
$
2,655,278

 
 $
1,451,410

 
$
7,134,114

 
$
4,326,925

Natural Gas Liquids
 
353,704

 
 
180,038

 
 
861,473

 
 
480,389

Natural Gas
 
311,713

 
 
220,402

 
 
912,324

 
 
675,012

Gains (Losses) on Mark-to-Market Commodity Derivative Contracts
 
(52,081
)
 
 
(6,606
)
 
 
(297,735
)
 
 
64,860

Gathering, Processing and Marketing
 
1,360,992

 
 
784,368

 
 
3,899,250

 
 
2,289,702

Gains (Losses) on Asset Dispositions, Net
 
115,944

 
 
(8,202
)
 
 
94,658

 
 
(33,876
)
Other, Net
 
36,074

 
 
23,434

 
 
96,779

 
 
64,869

Total
 
4,781,624

 
 
2,644,844

 
 
12,700,863

 
 
7,867,881

Operating Expenses
 
 
 
 
 
 
 
 
 
 
 
Lease and Well
 
321,568

 
 
251,943

 
 
936,236

 
 
762,906

Transportation Costs
 
196,027

 
 
183,565

 
 
550,781

 
 
548,635

Gathering and Processing Costs
 
114,063

 
 
32,590

 
 
324,577

 
 
105,480

Exploration Costs
 
32,823

 
 
30,796

 
 
115,137

 
 
122,401

Dry Hole Costs
 
358

 
 
50

 
 
5,260

 
 
77

Impairments
 
44,617

 
 
53,677

 
 
160,934

 
 
325,798

Marketing Costs
 
1,326,974

 
 
793,536

 
 
3,853,827

 
 
2,320,671

Depreciation, Depletion and Amortization
 
918,180

 
 
846,222

 
 
2,515,445

 
 
2,527,642

General and Administrative
 
111,284

 
 
111,717

 
 
310,065

 
 
317,462

Taxes Other Than Income
 
209,043

 
 
125,912

 
 
582,395

 
 
386,319

Total
 
3,274,937

 
 
2,430,008

 
 
9,354,657

 
 
7,417,391

 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
 
1,506,687

 
 
214,836

 
 
3,346,206

 
 
450,490

 
 
 
 
 
 
 
 
 
 
 
 
Other Income (Expense), Net
 
3,308

 
 
226

 
 
(4,516
)
 
 
8,349

 
 
 
 
 
 
 
 
 
 
 
 
Income Before Interest Expense and Income Taxes
 
1,509,995

 
 
215,062

 
 
3,341,690

 
 
458,839

 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense, Net
 
63,632

 
 
69,082

 
 
189,032

 
 
211,010

 
 
 
 
 
 
 
 
 
 
 
 
Income Before Income Taxes
 
1,446,363

 
 
145,980

 
 
3,152,658

 
 
247,829

 
 
 
 
 
 
 
 
 
 
 
 
Income Tax Provision
 
255,411

 
 
45,439

 
 
626,386

 
 
95,718

 
 
 
 
 
 
 
 
 
 
 
 
Net Income
$
1,190,952

 
 $
100,541

 
$
2,526,272

 
$
152,111

 
 
 
 
 
 
 
 
 
 
 
 
Dividends Declared per Common Share
$
0.2200

 
$
0.1675

 
$
0.5900

 
$
0.5025

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





EOG RESOURCES, INC.
Operating Highlights
(Unaudited)
 
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2018
 
2017
 
2018
 
2017
Wellhead Volumes and Prices
 
 
 
Crude Oil and Condensate Volumes (MBbld) (A)
 
 
 
United States
 
409.2

 
 
327.1

 
 
382.9

 
 
324.3

Trinidad
 
0.8

 
 
0.8

 
 
0.8

 
 
0.8

Other International (B)
 
5.0

 
 

 
 
4.1

 
 
1.0

Total
 
415.0

 
 
327.9

 
 
387.8

 
 
326.1

 
 
 
 
 
 
 
 
 
 
 
 
Average Crude Oil and Condensate Prices ($/Bbl) (C)
 
 
 
 
 
 
 
 
 
 
 
United States
$
69.53

 
$
48.06

 
$
67.35

 
$
48.61

Trinidad
 
61.71

 
 
39.42

 
 
58.91

 
 
40.24

Other International (B)
 
72.81

 
 

 
 
71.83

 
 
51.55

Composite
 
69.55

 
 
48.11

 
 
67.38

 
 
48.60

 
 
 
 
 
 
 
 
 
 
 
 
Natural Gas Liquids Volumes (MBbld) (A)
 
 
 
 
 
 
 
 
 
 
 
United States
 
127.8

 
 
87.4

 
 
113.9

 
 
84.3

Other International (B)
 

 
 

 
 

 
 

Total
 
127.8

 
 
87.4

 
 
113.9

 
 
84.3

 
 
 
 
 
 
 
 
 
 
 
 
Average Natural Gas Liquids Prices ($/Bbl) (C)
 
 
 
 
 
 
 
 
 
 
 
United States
$
30.09

 
$
22.38

 
$
27.71

 
$
20.87

Other International (B)
 

 
 

 
 

 
 

Composite
 
30.09

 
 
22.38

 
 
27.71

 
 
20.87

 
 
 
 
 
 
 
 
 
 
 
 
Natural Gas Volumes (MMcfd) (A)
 
 
 
 
 
 
 
 
 
 
 
United States
 
948

 
 
748

 
 
905

 
 
744

Trinidad
 
260

 
 
323

 
 
278

 
 
317

Other International (B)
 
28

 
 
25

 
 
31

 
 
22

Total
 
1,236

 
 
1,096

 
 
1,214

 
 
1,083

 
 
 
 
 
 
 
 
 
 
 
 
Average Natural Gas Prices ($/Mcf) (C)
 
 
 
 
 
 
 
 
 
 
 
United States
$
2.67

 
$
2.20

 
$
2.66

 
$
2.22

Trinidad
 
2.88

 
 
2.04

 
 
2.91

 
 
2.33

Other International (B)
 
3.83

 
 
3.74

 
 
4.10

 
 
3.72

Composite
 
2.74

(D) 
 
2.19

 
 
2.75

(D) 
 
2.28

 
 
 
 
 
 
 
 
 
 
 
 
Crude Oil Equivalent Volumes (MBoed) (E)
 
 
 
 
 
 
 
 
 
 
 
United States
 
695.0

 
 
539.2

 
 
647.6

 
 
532.6

Trinidad
 
44.1

 
 
54.6

 
 
47.2

 
 
53.6

Other International (B)
 
9.7

 
 
4.3

 
 
9.2

 
 
4.8

Total
 
748.8

 
 
598.1

 
 
704.0

 
 
591.0

 
 
 
 
 
 
 
 
 
 
 
 
Total MMBoe (E)
 
68.9

 
 
55.0

 
 
192.2

 
 
161.3


(A)
Thousand barrels per day or million cubic feet per day, as applicable.
(B)
Other International includes EOG's United Kingdom, 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 quarterly period ended September 30, 2018).
(D)
Includes positive revenue adjustments of $0.49 per Mcf and $0.43 per Mcf for the three and nine months ended September 30, 2018, respectively, related to the adoption of ASU 2014-09, "Revenue From Contracts with Customers" (ASU 2014-09). (see Note 1 to the Condensed Consolidated Financial Statements in EOG's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018). In connection with the adoption of ASU 2014-09, EOG presents natural gas processing fees for certain processing and marketing agreements as Gathering and Processing Costs, instead of as a deduction to Revenues.
(E)
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.






EOG RESOURCES, INC.
Summary Balance Sheets
(Unaudited; in thousands, except share data)
 
 
September 30,
 
December 31,
 
2018
 
2017
ASSETS
Current Assets
 
 
 
 
 
Cash and Cash Equivalents
$
1,274,132

 
$
834,228

Accounts Receivable, Net
 
2,151,247

 
 
1,597,494

Inventories
 
766,964

 
 
483,865

Assets from Price Risk Management Activities
 
1,569

 
 
7,699

Income Taxes Receivable
 
320,938

 
 
113,357

Other
 
302,242

 
 
242,465

Total
 
4,817,092

 
 
3,279,108

 
Property, Plant and Equipment
 
 
 
 
 
Oil and Gas Properties (Successful Efforts Method)
 
56,799,237

 
 
52,555,741

Other Property, Plant and Equipment
 
4,191,958

 
 
3,960,759

Total Property, Plant and Equipment
 
60,991,195

 
 
56,516,500

Less: Accumulated Depreciation, Depletion and Amortization
 
(33,043,454
)
 
 
(30,851,463
)
Total Property, Plant and Equipment, Net
 
27,947,741

 
 
25,665,037

Deferred Income Taxes
 
16,880

 
 
17,506

Other Assets
 
856,023

 
 
871,427

Total Assets
$
33,637,736

 
$
29,833,078

 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
 
 
 
 
 
Accounts Payable
$
2,435,773

 
$
1,847,131

Accrued Taxes Payable
 
249,234

 
 
148,874

Dividends Payable
 
126,829

 
 
96,410

Liabilities from Price Risk Management Activities
 
132,618

 
 
50,429

Current Portion of Long-Term Debt
 
1,262,874

 
 
356,235

Other
 
217,819

 
 
226,463

Total
 
4,425,147

 
 
2,725,542

 
 
 
 
 
 
 
 
 
 
 
 
Long-Term Debt
 
5,171,949

 
 
6,030,836

Other Liabilities
 
1,302,249

 
 
1,275,213

Deferred Income Taxes
 
4,199,921

 
 
3,518,214

Commitments and Contingencies
 
 
 
 
 
 
 
 
 
 
 
Stockholders' Equity
 
 
 
 
 
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 580,308,937 Shares Issued at September 30, 2018 and 578,827,768 Shares Issued at December 31, 2017
 
205,803

 
 
205,788

Additional Paid in Capital
 
5,626,259

 
 
5,536,547

Accumulated Other Comprehensive Loss
 
(19,458
)
 
 
(19,297
)
Retained Earnings
 
12,778,104

 
 
10,593,533

Common Stock Held in Treasury, 478,042 Shares at September 30, 2018 and 350,961 Shares at December 31, 2017
 
(52,238
)
 
 
(33,298
)
Total Stockholders' Equity
 
18,538,470

 
 
16,283,273

Total Liabilities and Stockholders' Equity
$
33,637,736

 
$
29,833,078








EOG RESOURCES, INC.
Summary Statements of Cash Flows
(Unaudited; in thousands)
 
Nine Months Ended
 
September 30,
 
2018
 
2017
Cash Flows from Operating Activities
 
 
 
 
 
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
 
 
 
 
 
Net Income
$
2,526,272

 
$
152,111

Items Not Requiring (Providing) Cash
 
 
 
 
 
Depreciation, Depletion and Amortization
 
2,515,445

 
 
2,527,642

Impairments
 
160,934

 
 
325,798

Stock-Based Compensation Expenses
 
116,290

 
 
101,537

Deferred Income Taxes
 
681,702

 
 
114,850

(Gains) Losses on Asset Dispositions, Net
 
(94,658
)
 
 
33,876

Other, Net
 
15,314

 
 
(4,514
)
Dry Hole Costs
 
5,260

 
 
77

Mark-to-Market Commodity Derivative Contracts
 
 
 
 
 
Total (Gains) Losses
 
297,735

 
 
(64,860
)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts
 
(180,228
)
 
 
4,730

Other, Net
 
1,652

 
 
270

Changes in Components of Working Capital and Other Assets and Liabilities
 
 
 
 
 
Accounts Receivable
 
(553,529
)
 
 
(25,445
)
Inventories
 
(286,817
)
 
 
(17,674
)
Accounts Payable
 
537,525

 
 
112,894

Accrued Taxes Payable
 
(36,891
)
 
 
(49,967
)
Other Assets
 
(103,334
)
 
 
(83,940
)
Other Liabilities
 
(14,776
)
 
 
(69,224
)
Changes in Components of Working Capital Associated with Investing and Financing Activities
 
95,484

 
 
(120,373
)
Net Cash Provided by Operating Activities
 
5,683,380

 
 
2,937,788

 
 
 
 
 
 
Investing Cash Flows
 
 
 
 
 
Additions to Oil and Gas Properties
 
(4,571,932
)
 
 
(2,927,988
)
Additions to Other Property, Plant and Equipment
 
(202,384
)
 
 
(139,558
)
Proceeds from Sales of Assets
 
11,582

 
 
191,593

Other Investing Activities
 
(19,993
)
 
 

Changes in Components of Working Capital Associated with Investing Activities
 
(95,541
)
 
 
120,469

Net Cash Used in Investing Activities
 
(4,878,268
)
 
 
(2,755,484
)
 
 
 
 
 
 
Financing Cash Flows
 
 
 
 
 
Long-Term Debt Repayments
 

 
 
(600,000
)
Dividends Paid
 
(311,075
)
 
 
(289,261
)
Treasury Stock Purchased
 
(58,558
)
 
 
(50,374
)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan
 
12,098

 
 
11,174

Repayment of Capital Lease Obligation
 
(5,052
)
 
 
(4,897
)
Changes in Components of Working Capital Associated with Financing Activities
 
57

 
 
(96
)
Net Cash Used in Financing Activities
 
(362,530
)
 
 
(933,454
)
 
 
 
 
 
 
Effect of Exchange Rate Changes on Cash
 
(2,678
)
 
 
(2,607
)
 
 
 
 
 
 
Increase (Decrease) in Cash and Cash Equivalents
 
439,904

 
 
(753,757
)
Cash and Cash Equivalents at Beginning of Period
 
834,228

 
 
1,599,895

Cash and Cash Equivalents at End of Period
$
1,274,132

 
$
846,138






EOG RESOURCES, INC.
Third Quarter 2018 Well Results by Play
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wells Online
 
 
 
Initial Gross 30-Day Average Production Rate
 
 
Gross
 
Net
 
Lateral Length
(ft)
 
Crude Oil and Condensate
(Bbld) (A)
 
Natural Gas Liquids
(Bbld) (A)
 
Natural Gas
(MMcfd) (A)
 
Crude Oil Equivalent
(Boed) (B)
Delaware Basin
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wolfcamp
 
61

 
58

 
7,100

 
1,655

 
505

 
2.9

 
2,640

Bone Spring
 
4

 
4

 
5,200

 
1,135

 
270

 
1.6

 
1,675

Leonard
 
6

 
5

 
4,500

 
995

 
325

 
1.9

 
1,645

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
South Texas Eagle Ford
 
90

 
83

 
7,300

 
1,235

 
155

 
0.9

 
1,540

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
South Texas Austin Chalk
 
14

 
10

 
5,000

 
1,815

 
340

 
2.0

 
2,485

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Powder River Basin Turner
 
13

 
11

 
7,500

 
795

 
320

 
3.7

 
1,730

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DJ Basin Codell
 
25

 
19

 
10,100

 
915

 
105

 
0.4

 
1,090

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Williston Basin Bakken/Three Forks
 
19

 
12

 
9,400

 
1,135

 
130

 
0.6

 
1,370

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anadarko Basin Woodford Oil Window
 
11

 
9

 
8,500

 
720

 
120

 
0.4

 
915

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(A) Barrels per day or million cubic feet per day, as applicable.
(B) Barrels of oil equivalent per day; includes crude oil and condensate, natural gas liquids and natural gas. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or natural gas liquids to 6.0 thousand cubic feet of natural gas.






EOG RESOURCES, INC.
Quantitative Reconciliation of Adjusted Net Income (Non-GAAP)
To Net Income (GAAP)
(Unaudited; in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following chart adjusts the three-month and nine-month periods ended September 30, 2018 and 2017 reported Net Income (GAAP) to reflect actual net cash received from (payments for) settlements of commodity derivative contracts by eliminating the unrealized mark-to-market (gains) losses from these transactions, to eliminate the net (gains) losses on asset dispositions in 2018 and 2017, to add back impairment charges related to certain of EOG's assets in 2018 and 2017, to add back an early lease termination payment as the result of a legal settlement in 2017, to add back the transaction costs for the formation of a joint venture in 2017 and to eliminate certain adjustments in 2018 related to the 2017 U.S. tax reform. 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
Three Months Ended
 
 
September 30, 2018
 
 
September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Before Tax
 
 
Income Tax Impact
 
 
After
Tax
 
 
Diluted Earnings per Share
 
 
Before Tax
 
 
Income Tax Impact
 
 
After
Tax
 
 
Diluted Earnings per Share
Reported Net Income (GAAP)
$
1,446,363

 
$
(255,411
)
 
$
1,190,952

 
$
2.05

 
$
145,980

 
$
(45,439
)
 
$
100,541

 
$
0.17

Adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Losses on Mark-to-Market Commodity Derivative Contracts
 
52,081

 
 
(11,472
)
 
 
40,609

 
 
0.07

 
 
6,606

 
 
(2,368
)
 
 
4,238

 
 
0.01

Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts
 
(91,894
)
 
 
20,241

 
 
(71,653
)
 
 
(0.12
)
 
 
2,139

 
 
(767
)
 
 
1,372

 
 

Add: Net (Gains) Losses on Asset Dispositions
 
(115,944
)
 
 
28,934

 
 
(87,010
)
 
 
(0.15
)
 
 
8,202

 
 
(3,068
)
 
 
5,134

 
 
0.01

Less: Tax Reform Impact
 

 
 
(57,127
)
 
 
(57,127
)
 
 
(0.10
)
 
 

 
 

 
 

 
 

Adjustments to Net Income
 
(155,757
)
 
 
(19,424
)
 
 
(175,181
)
 
 
(0.30
)
 
 
16,947

 
 
(6,203
)
 
 
10,744

 
 
0.02

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted Net Income (Non-GAAP)
$
1,290,606

 
$
(274,835
)
 
$
1,015,771

 
$
1.75

 
$
162,927

 
$
(51,642
)
 
$
111,285

 
$
0.19

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Number of Common Shares (GAAP)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
 
 
 
577,254

 
 
 
 
 
 
 
 
 
 
 
574,783

Diluted
 
 
 
 
 
 
 
 
 
 
581,559

 
 
 
 
 
 
 
 
 
 
 
578,736









 
 
Nine Months Ended
 
 
Nine Months Ended
 
 
September 30, 2018
 
 
September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Before
Tax
 
 
Income Tax Impact
 
 
After
Tax
 
 
Diluted Earnings per Share
 
 
Before
Tax
 
 
Income Tax Impact
 
 
After
Tax
 
 
Diluted Earnings per Share
Reported Net Income (GAAP)
$
3,152,658
 
$
(626,386)
 
$
2,526,272

 
$
4.35

 
$
247,829
 
$
(95,718)
 
$
152,111
 
$
0.26

Adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Gains) Losses on Mark-to-Market Commodity Derivative Contracts
 
297,735
 
 
(65,582)
 
 
232,153

 
 
0.40

 
 
(64,860)
 
 
23,249
 
 
(41,611)
 
 
(0.07
)
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts
 
(180,228)
 
 
39,699
 
 
(140,529
)
 
 
(0.24
)
 
 
4,730
 
 
(1,695)
 
 
3,035
 
 
0.01

Add: Net (Gains) Losses on Asset Dispositions
 
(94,658)
 
 
24,235
 
 
(70,423
)
 
 
(0.12
)
 
 
33,876
 
 
(11,955)
 
 
21,921
 
 
0.04

Add: Impairments
 
20,876
 
 
(4,598)
 
 
16,278

 
 
0.03

 
 
161,148
 
 
(57,764)
 
 
103,384
 
 
0.18

Add: Legal Settlement - Early Lease Termination
 
 
 
 
 

 
 

 
 
10,202
 
 
(3,657)
 
 
6,545
 
 
0.01

Add: Joint Venture Transaction Costs
 
 
 
 
 

 
 

 
 
3,056
 
 
(1,095)
 
 
1,961
 
 

Less: Tax Reform Impact
 
 
 
(63,651)
 
 
(63,651
)
 
 
(0.11
)
 
 
 
 
 
 
 
 

Adjustments to Net Income
 
43,725
 
 
(69,897)
 
 
(26,172
)
 
 
(0.04
)
 
 
148,152
 
 
(52,917)
 
 
95,235
 
 
0.17

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted Net Income (Non-GAAP)
$
3,196,383
 
$
(696,283)
 
$
2,500,100

 
$
4.31

 
$
395,981
 
$
(148,635)
 
$
247,346
 
$
0.43

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Number of Common Shares (GAAP)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
 
 
 
576,431

 
 
 
 
 
 
 
 
 
 
 
574,370

Diluted
 
 
 
 
 
 
 
 
 
 
580,442

 
 
 
 
 
 
 
 
 
 
 
578,453








EOG RESOURCES, INC.
Quantitative Reconciliation of Discretionary Cash Flow (Non-GAAP)
To Net Cash Provided by Operating Activities (GAAP)
(Unaudited; in thousands)

Calculation of Free Cash Flow (Non-GAAP)
(Unaudited; in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
The following chart reconciles the three-month and nine-month periods ended September 30, 2018 and 2017 Net Cash Provided by Operating Activities (GAAP) to Discretionary Cash Flow (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 Exploration Costs (excluding Stock-Based Compensation Expenses), Other Non-Current Income Taxes - Net Receivable (Payable), Changes in Components of Working Capital and Other Assets and Liabilities, and Changes in Components of Working Capital Associated with Investing and Financing Activities. EOG defines Free Cash Flow (Non-GAAP) for a given period as Discretionary Cash Flow (Non-GAAP) (see below reconciliation) for such period less the total cash capital expenditures excluding acquisitions incurred (Non-GAAP) during such period and dividends paid (GAAP) during such period, as is illustrated below for the three months and nine months ended September 30, 2018. EOG management uses this information for comparative purposes within the industry.
 
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
Net Cash Provided by Operating Activities (GAAP)
$
2,189,597

 
$
961,363

 
$
5,683,380

 
$
2,937,788

 
 
 
 
 
 
 
 
 
 
 
 
Adjustments:
 
 
 
 
 
 
 
 
 
 
 
Exploration Costs (excluding Stock-Based Compensation Expenses)
 
27,032

 
 
26,132

 
 
96,716

 
 
106,268

Other Non-Current Income Taxes - Net Receivable (Payable)
 
(129,941
)
 
 

 
 
62,421

 
 

Changes in Components of Working Capital and Other Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
Accounts Receivable
 
243,778

 
 
129,231

 
 
553,529

 
 
25,445

Inventories
 
94,598

 
 
11,545

 
 
286,817

 
 
17,674

Accounts Payable
 
(81,548
)
 
 
(36,190
)
 
 
(537,525
)
 
 
(112,894
)
Accrued Taxes Payable
 
59,426

 
 
10,843

 
 
36,891

 
 
49,967

Other Assets
 
40,491

 
 
22,851

 
 
103,334

 
 
83,940

Other Liabilities
 
(38,392
)
 
 
2,355

 
 
14,776

 
 
69,224

Changes in Components of Working Capital Associated with Investing and Financing Activities
 
(122,763
)
 
 
41,235

 
 
(95,484
)
 
 
120,373

 
 
 
 
 
 
 
 
 
 
 
 
Discretionary Cash Flow (Non-GAAP)
$
2,282,278

 
$
1,169,365

 
$
6,204,855

 
$
3,297,785

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discretionary Cash Flow (Non-GAAP) - Percentage Increase
 
95
%
 
 
 
 
 
88
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discretionary Cash Flow (Non-GAAP)
$
2,282,278

 
 
 
 
$
6,204,855

 
 
 
Less:
 
 
 
 
 
 
 
 
 
 
 
Total Cash Expenditures Excluding Acquisitions (Non-GAAP) (a)
 
(1,671,922
)
 
 
 
 
 
(4,869,951
)
 
 
 
Dividends Paid (GAAP)
 
(107,465
)
 
 
 
 
 
(311,075
)
 
 
 
Free Cash Flow (Non-GAAP)
$
502,891

 
 
 
 
$
1,023,829

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





(a) See below reconciliation of Total Expenditures (GAAP) to Total Cash Expenditures Excluding Acquisitions (Non-GAAP) for the three months and nine months ended September 30, 2018:
 
 
 
 
 
 
 
 
 
 
 
 
Total Expenditures (GAAP)
$
1,828,348

 
 
 
 
$
5,201,921

 
 
 
Less:
 
 
 
 
 
 
 
 
 
 
 
Asset Retirement Costs
 
(10,834
)
 
 
 
 
 
(41,789
)
 
 
 
Non-Cash Expenditures of Other Property, Plant and Equipment
 
(1,257
)
 
 
 
 
 
(48,937
)
 
 
 
Non-Cash Acquisition Costs of Unproved Properties
 
(101,821
)
 
 
 
 
 
(161,823
)
 
 
 
Acquisition Costs of Proved Properties
 
(42,514
)
 
 
 
 
 
(79,421
)
 
 
 
Total Cash Expenditures Excluding Acquisitions (Non-GAAP)
$
1,671,922

 
 
 
 
$
4,869,951

 
 
 






EOG RESOURCES, INC.
Quantitative Reconciliation of Adjusted Earnings Before Interest Expense, Net,
Income Taxes, Depreciation, Depletion and Amortization, Exploration Costs,
Dry Hole Costs, Impairments and Additional Items (Adjusted EBITDAX)
(Non-GAAP) to Net Income (GAAP)
(Unaudited; in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
The following chart adjusts the three-month and nine-month periods ended September 30, 2018 and 2017 reported Net Income (GAAP) to Earnings Before Interest Expense (Net), Income Taxes (Income Tax Provision), 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 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 (GAAP) to add back Interest Expense (Net), Income Taxes (Income Tax Provision), 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
Net Income (GAAP)
$
1,190,952

 
$
100,541

 
$
2,526,272

 
$
152,111

 
 
 
 
 
 
 
 
 
 
 
 
Adjustments:
 
 
 
 
 
 
 
 
 
 
 
Interest Expense, Net
 
63,632

 
 
69,082

 
 
189,032

 
 
211,010

Income Tax Provision
 
255,411

 
 
45,439

 
 
626,386

 
 
95,718

Depreciation, Depletion and Amortization
 
918,180

 
 
846,222

 
 
2,515,445

 
 
2,527,642

Exploration Costs
 
32,823

 
 
30,796

 
 
115,137

 
 
122,401

Dry Hole Costs
 
358

 
 
50

 
 
5,260

 
 
77

Impairments
 
44,617

 
 
53,677

 
 
160,934

 
 
325,798

EBITDAX (Non-GAAP)