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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
10-Q
 
 
(Mark One)

           QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 1-9743
 
EOG RESOURCES, INC.
(Exact name of registrant as specified in its charter)
Delaware
 
47-0684736
(State or other jurisdiction
 of incorporation or organization)
 
(I.R.S. Employer
Identification No.)
1111 Bagby, Sky Lobby 2, Houston, Texas 77002
(Address of principal executive offices)       (Zip Code)
 
713-651-7000
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
EOG
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  
Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer     Accelerated filer     Non-accelerated filer 
Smaller reporting company    Emerging growth company

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  
Yes   No 

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.
Title of each class
 
Number of shares
Common Stock, par value $0.01 per share
 
581,764,095

(as of October 25, 2019)

 

    



EOG RESOURCES, INC.

TABLE OF CONTENTS



PART I.
FINANCIAL INFORMATION
Page No.
 
 
 
 
ITEM 1.
Financial Statements (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ITEM 2.
 
 
 
 
 
ITEM 3.
 
 
 
 
 
ITEM 4.
 
 
 
 
PART II.
OTHER INFORMATION
 
 
 
 
 
 
ITEM 1.
 
 
 
 
 
ITEM 2.
 
 
 
 
 
ITEM 4.
 
 
 
 
 
ITEM 6.
 
 
 
 
 
 
 
 
 

-2-

    



PART I.  FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS
EOG RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(In Thousands, Except Per Share Data)
(Unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Operating Revenues and Other
 
 
 
 
 
 
 
Crude Oil and Condensate
$
2,418,989

 
$
2,655,278

 
$
7,148,258

 
$
7,134,114

Natural Gas Liquids
164,736

 
353,704

 
569,748

 
861,473

Natural Gas
269,625

 
311,713

 
874,489

 
912,324

Gains (Losses) on Mark-to-Market Commodity Derivative Contracts
85,902

 
(52,081
)
 
242,622

 
(297,735
)
Gathering, Processing and Marketing
1,334,450

 
1,360,992

 
4,121,490

 
3,899,250

Gains (Losses) on Asset Dispositions, Net
(523
)
 
115,944

 
3,650

 
94,658

Other, Net
30,276

 
36,074

 
99,470

 
96,779

Total
4,303,455

 
4,781,624

 
13,059,727

 
12,700,863

Operating Expenses
 

 
 

 
 

 
 

Lease and Well
348,883

 
321,568

 
1,032,455

 
936,236

Transportation Costs
199,365

 
196,027

 
549,988

 
550,781

Gathering and Processing Costs
127,549

 
114,063

 
351,487

 
324,577

Exploration Costs
34,540

 
32,823

 
103,386

 
115,137

Dry Hole Costs
24,138

 
358

 
28,001

 
5,260

Impairments
105,275

 
44,617

 
289,761

 
160,934

Marketing Costs
1,343,293

 
1,326,974

 
4,114,265

 
3,853,827

Depreciation, Depletion and Amortization
953,597

 
918,180

 
2,790,496

 
2,515,445

General and Administrative
135,758

 
111,284

 
364,210

 
310,065

Taxes Other Than Income
203,098

 
209,043

 
600,418

 
582,395

Total
3,475,496

 
3,274,937

 
10,224,467

 
9,354,657

Operating Income
827,959

 
1,506,687

 
2,835,260

 
3,346,206

Other Income (Expense), Net
9,118

 
3,308

 
23,233

 
(4,516
)
Income Before Interest Expense and Income Taxes
837,077

 
1,509,995

 
2,858,493

 
3,341,690

Interest Expense, Net
39,620

 
63,632

 
144,434

 
189,032

Income Before Income Taxes
797,457

 
1,446,363

 
2,714,059

 
3,152,658

Income Tax Provision
182,335

 
255,411

 
615,670

 
626,386

Net Income
$
615,122

 
$
1,190,952

 
$
2,098,389

 
$
2,526,272

Net Income Per Share
 

 
 

 
 

 
 

Basic
$
1.06

 
$
2.06

 
$
3.63

 
$
4.38

Diluted
$
1.06

 
$
2.05

 
$
3.61

 
$
4.35

Average Number of Common Shares
 

 
 

 
 

 
 

Basic
577,839

 
577,254

 
577,498

 
576,431

Diluted
581,271

 
581,559

 
581,190

 
580,442

Comprehensive Income
 

 
 

 
 

 
 

Net Income
$
615,122

 
$
1,190,952

 
$
2,098,389

 
$
2,526,272

Other Comprehensive Income (Loss)
 

 
 

 
 

 
 

Foreign Currency Translation Adjustments
833

 
(1,952
)
 
(2,616
)
 
(179
)
Other, Net of Tax
6

 
6

 
18

 
18

Other Comprehensive Income (Loss)
839

 
(1,946
)
 
(2,598
)
 
(161
)
Comprehensive Income
$
615,961

 
$
1,189,006

 
$
2,095,791

 
$
2,526,111



The accompanying notes are an integral part of these condensed consolidated financial statements.

-3-

    



EOG RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share Data)
(Unaudited)
 
September 30,
2019
 
December 31,
2018
ASSETS
Current Assets
 
 
 
Cash and Cash Equivalents
$
1,583,105

 
$
1,555,634

Accounts Receivable, Net
1,927,996

 
1,915,215

Inventories
778,120

 
859,359

Assets from Price Risk Management Activities
122,627

 
23,806

Income Taxes Receivable
135,680

 
427,909

Other
272,203

 
275,467

Total
4,819,731

 
5,057,390

Property, Plant and Equipment
 

 
 

Oil and Gas Properties (Successful Efforts Method)
61,620,033

 
57,330,016

Other Property, Plant and Equipment
4,394,486

 
4,220,665

Total Property, Plant and Equipment
66,014,519

 
61,550,681

Less:  Accumulated Depreciation, Depletion and Amortization
(35,810,197
)
 
(33,475,162
)
Total Property, Plant and Equipment, Net
30,204,322

 
28,075,519

Deferred Income Taxes
1,998

 
777

Other Assets
1,516,218

 
800,788

Total Assets
$
36,542,269

 
$
33,934,474

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
 

 
 

Accounts Payable
$
2,395,080

 
$
2,239,850

Accrued Taxes Payable
302,774

 
214,726

Dividends Payable
166,215

 
126,971

Current Portion of Long-Term Debt
1,014,200

 
913,093

Current Portion of Operating Lease Liabilities
384,348

 

Other
211,096

 
233,724

Total
4,473,713

 
3,728,364

 
 
 
 
Long-Term Debt
4,163,115

 
5,170,169

Other Liabilities
1,858,357

 
1,258,355

Deferred Income Taxes
4,922,804

 
4,413,398

Commitments and Contingencies (Note 8)


 


 
 
 
 
Stockholders' Equity
 

 
 

Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 582,066,483 Shares Issued at September 30, 2019 and 580,408,117 Shares Issued at December 31, 2018
205,821

 
205,804

Additional Paid in Capital
5,769,073

 
5,658,794

Accumulated Other Comprehensive Loss
(3,689
)
 
(1,358
)
Retained Earnings
15,179,381

 
13,543,130

Common Stock Held in Treasury, 289,903 Shares at September 30, 2019 and 385,042 Shares at December 31, 2018
(26,306
)
 
(42,182
)
Total Stockholders' Equity
21,124,280

 
19,364,188

Total Liabilities and Stockholders' Equity
$
36,542,269

 
$
33,934,474


The accompanying notes are an integral part of these condensed consolidated financial statements.

-4-

    



EOG RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In Thousands, Except Per Share Data)
(Unaudited)
 
Common
Stock
 
Additional
Paid In
Capital
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Retained
Earnings
 
Common
Stock
Held In
Treasury
 
Total
Stockholders'
Equity
Balance at June 30, 2019
$
205,809

 
$
5,729,318

 
$
(4,528
)
 
$
14,731,609

 
$
(31,932
)
 
$
20,630,276

Net Income

 

 

 
615,122

 

 
615,122

Common Stock Issued Under Stock Plans

 

 

 

 

 

Common Stock Dividends Declared, $0.2875 Per Share

 

 

 
(167,350
)
 

 
(167,350
)
Other Comprehensive Income

 

 
839

 

 

 
839

Change in Treasury Stock - Stock Compensation Plans, Net

 
(12,220
)
 

 

 
(759
)
 
(12,979
)
Restricted Stock and Restricted Stock Units, Net
12

 
(2,270
)
 

 

 
2,258

 

Stock-Based Compensation Expenses

 
54,670

 

 

 

 
54,670

Treasury Stock Issued as Compensation

 
(425
)
 

 

 
4,127

 
3,702

Balance at September 30, 2019
$
205,821

 
$
5,769,073

 
$
(3,689
)
 
$
15,179,381

 
$
(26,306
)
 
$
21,124,280


 
Common
Stock
 
Additional
Paid In
Capital
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Retained
Earnings
 
Common
Stock
Held In
Treasury
 
Total
Stockholders'
Equity
Balance at June 30, 2018
$
205,796

 
$
5,591,643

 
$
(17,512
)
 
$
11,714,656

 
$
(42,189
)
 
$
17,452,394

Net Income

 

 

 
1,190,952

 

 
1,190,952

Common Stock Issued Under Stock Plans
2

 
(2
)
 

 

 

 

Common Stock Dividends Declared, $0.22 Per Share

 

 

 
(127,504
)
 

 
(127,504
)
Other Comprehensive Loss

 

 
(1,946
)
 

 

 
(1,946
)
Change in Treasury Stock - Stock Compensation Plans, Net

 
(7,034
)
 

 

 
(18,550
)
 
(25,584
)
Restricted Stock and Restricted Stock Units, Net
5

 
(7,548
)
 

 

 
7,543

 

Stock-Based Compensation Expenses

 
49,001

 

 

 

 
49,001

Treasury Stock Issued as Compensation

 
199

 

 

 
958

 
1,157

Balance at September 30, 2018
$
205,803

 
$
5,626,259

 
$
(19,458
)
 
$
12,778,104

 
$
(52,238
)
 
$
18,538,470


The accompanying notes are an integral part of these condensed consolidated financial statements.


-5-

    



EOG RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In Thousands, Except Per Share Data)
(Unaudited)
 
Common
Stock
 
Additional
Paid In
Capital
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Retained
Earnings
 
Common
Stock
Held In
Treasury
 
Total
Stockholders'
Equity
Balance at December 31, 2018
$
205,804

 
$
5,658,794

 
$
(1,358
)
 
$
13,543,130

 
$
(42,182
)
 
$
19,364,188

Net Income

 

 

 
2,098,389

 

 
2,098,389

Common Stock Issued Under Stock Plans

 

 

 

 

 

Common Stock Dividends Declared, $0.795 Per Share

 

 

 
(461,871
)
 

 
(461,871
)
Other Comprehensive Loss

 

 
(2,598
)
 

 

 
(2,598
)
Change in Treasury Stock - Stock Compensation Plans, Net

 
(19,295
)
 

 

 
6,719

 
(12,576
)
Restricted Stock and Restricted Stock Units, Net
17

 
(1,886
)
 

 

 
1,869

 

Stock-Based Compensation Expenses

 
132,323

 

 

 


 
132,323

Treasury Stock Issued as Compensation

 
(863
)
 

 

 
7,288

 
6,425

Cumulative Effect of Adoption of ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220)"

 

 
267

 
(267
)
 

 

Balance at September 30, 2019
$
205,821

 
$
5,769,073

 
$
(3,689
)
 
$
15,179,381

 
$
(26,306
)
 
$
21,124,280


 
Common
Stock
 
Additional
Paid In
Capital
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Retained
Earnings
 
Common
Stock
Held In
Treasury
 
Total
Stockholders'
Equity
Balance at December 31, 2017
$
205,788

 
$
5,536,547

 
$
(19,297
)
 
$
10,593,533

 
$
(33,298
)
 
$
16,283,273

Net Income

 

 

 
2,526,272

 

 
2,526,272

Common Stock Issued Under Stock Plans
7

 
(7
)
 

 

 

 

Common Stock Dividends Declared, $0.590 Per Share

 

 

 
(341,701
)
 

 
(341,701
)
Other Comprehensive Loss

 

 
(161
)
 

 

 
(161
)
Change in Treasury Stock - Stock Compensation Plans, Net

 
(23,458
)
 

 

 
(23,002
)
 
(46,460
)
Restricted Stock and Restricted Stock Units, Net
8

 
(3,421
)
 

 

 
3,413

 

Stock-Based Compensation Expenses

 
116,290

 

 

 

 
116,290

Treasury Stock Issued as Compensation

 
308

 

 

 
649

 
957

Balance at September 30, 2018
$
205,803

 
$
5,626,259

 
$
(19,458
)
 
$
12,778,104

 
$
(52,238
)
 
$
18,538,470


The accompanying notes are an integral part of these condensed consolidated financial statements.



-6-


EOG RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
 
Nine Months Ended September 30,
 
2019
 
2018
Cash Flows from Operating Activities
 
 
 
Reconciliation of Net Income to Net Cash Provided by Operating Activities:
 
 
 
Net Income
$
2,098,389

 
$
2,526,272

Items Not Requiring (Providing) Cash
 

 
 

Depreciation, Depletion and Amortization
2,790,496

 
2,515,445

Impairments
289,761

 
160,934

Stock-Based Compensation Expenses
132,323

 
116,290

Deferred Income Taxes
508,576

 
681,702

Gains on Asset Dispositions, Net
(3,650
)
 
(94,658
)
Other, Net
4,155

 
15,314

Dry Hole Costs
28,001

 
5,260

Mark-to-Market Commodity Derivative Contracts
 

 
 

Total (Gains) Losses
(242,622
)
 
297,735

Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts
139,708

 
(180,228
)
Other, Net
1,215

 
1,652

Changes in Components of Working Capital and Other Assets and Liabilities
 

 
 

Accounts Receivable
(5,855
)
 
(553,529
)
Inventories
55,598

 
(286,817
)
Accounts Payable
134,253

 
537,525

Accrued Taxes Payable
88,047

 
(36,891
)
Other Assets
394,573

 
(103,334
)
Other Liabilities
(18,315
)
 
(14,776
)
Changes in Components of Working Capital Associated with Investing and Financing Activities
(38,677
)
 
95,484

Net Cash Provided by Operating Activities
6,355,976

 
5,683,380

Investing Cash Flows
 

 
 

Additions to Oil and Gas Properties
(4,866,882
)
 
(4,571,932
)
Additions to Other Property, Plant and Equipment
(187,350
)
 
(202,384
)
Proceeds from Sales of Assets
35,409

 
11,582

Other Investing Activities

 
(19,993
)
Changes in Components of Working Capital Associated with Investing Activities
38,677

 
(95,541
)
Net Cash Used in Investing Activities
(4,980,146
)
 
(4,878,268
)
Financing Cash Flows
 

 
 

Long-Term Debt Repayments
(900,000
)
 

Dividends Paid
(420,851
)
 
(311,075
)
Treasury Stock Purchased
(22,238
)
 
(58,558
)
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan
9,558

 
12,098

Debt Issuance Costs
(5,016
)
 

Repayment of Finance Lease Liabilities
(9,638
)
 
(5,052
)
Changes in Components of Working Capital Associated with Financing Activities

 
57

Net Cash Used in Financing Activities
(1,348,185
)
 
(362,530
)
Effect of Exchange Rate Changes on Cash
(174
)
 
(2,678
)
Increase in Cash and Cash Equivalents
27,471

 
439,904

Cash and Cash Equivalents at Beginning of Period
1,555,634

 
834,228

Cash and Cash Equivalents at End of Period
$
1,583,105

 
$
1,274,132


The accompanying notes are an integral part of these condensed consolidated financial statements.

-7-

    



EOG RESOURCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.    Summary of Significant Accounting Policies

General. The condensed consolidated financial statements of EOG Resources, Inc., together with its subsidiaries (collectively, EOG), included herein have been prepared by management without audit pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Accordingly, they reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the financial results for the interim periods presented. Certain information and notes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. However, management believes that the disclosures included either on the face of the financial statements or in these notes are sufficient to make the interim information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in EOG's Annual Report on Form 10-K for the year ended December 31, 2018, filed on February 26, 2019 (EOG's 2018 Annual Report).

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The operating results for the three and nine months ended September 30, 2019, are not necessarily indicative of the results to be expected for the full year.

Effective January 1, 2019, EOG adopted the provisions of Accounting Standards Update (ASU) 2016-02, "Leases (Topic 842)" (ASU 2016-02). ASU 2016-02 and other related ASUs require that lessees recognize a right-of-use (ROU) asset and related lease liability, representing the obligation to make lease payments for certain lease transactions, on the Condensed Consolidated Balance Sheets and disclose additional leasing information.

EOG elected to adopt ASU 2016-02 and other related ASUs using the modified retrospective approach with a cumulative-effect adjustment to the opening balance of retained earnings as of the effective date. Financial results reported in periods prior to January 1, 2019, are unchanged. Additionally, EOG elected the package of practical expedients within ASU 2016-02 that allows an entity to not reassess prior to the effective date (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, or (iii) initial direct costs for any existing leases, but did not elect the practical expedient of hindsight when determining the lease term of existing contracts at the effective date. EOG also elected the practical expedient under ASU 2018-01, "Leases (Topic 842) - Land Easement Practical Expedient for Transition to Topic 842," and did not evaluate existing or expired land easements not previously accounted for as leases prior to the January 1, 2019 effective date. There was no impact to retained earnings upon adoption of ASU 2016-02 and other related ASUs. See Note 14.

2.    Stock-Based Compensation

As more fully discussed in Note 7 to the Consolidated Financial Statements included in EOG's 2018 Annual Report, EOG maintains various stock-based compensation plans. Stock-based compensation expense is included on the Condensed Consolidated Statements of Income and Comprehensive Income based upon the job function of the employees receiving the grants as follows (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Lease and Well
$
13.3

 
$
12.9

 
$
40.6

 
$
37.1

Gathering and Processing Costs
0.3

 
0.1

 
0.8

 
0.3

Exploration Costs
5.2

 
5.8

 
18.1

 
18.4

General and Administrative
35.9

 
30.2

 
72.8

 
60.5

Total
$
54.7

 
$
49.0

 
$
132.3

 
$
116.3



The Amended and Restated EOG Resources, Inc. 2008 Omnibus Equity Compensation Plan (2008 Plan) provides for grants of stock options, stock-settled stock appreciation rights (SARs), restricted stock and restricted stock units, performance units and other stock-based awards.

-8-

EOG RESOURCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)



At September 30, 2019, approximately 7.7 million common shares remained available for grant under the 2008 Plan. EOG's policy is to issue shares related to 2008 Plan grants from previously authorized unissued shares or treasury shares to the extent treasury shares are available.

Stock Options and Stock-Settled Stock Appreciation Rights and Employee Stock Purchase Plan. The fair value of stock option grants and SAR grants is estimated using the Hull-White II binomial option pricing model. The fair value of Employee Stock Purchase Plan (ESPP) grants is estimated using the Black-Scholes-Merton model. Stock-based compensation expense related to stock option, SAR and ESPP grants totaled $20.4 million and $21.7 million during the three months ended September 30, 2019 and 2018, respectively, and $47.8 million and $45.4 million during the nine months ended September 30, 2019 and 2018, respectively.

Weighted average fair values and valuation assumptions used to value stock option, SAR and ESPP grants during the nine-month periods ended September 30, 2019 and 2018 are as follows:
 
Stock Options/SARs
 
ESPP
 
Nine Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Weighted Average Fair Value of Grants
$
19.49

 
$
33.49

 
$
22.83

 
$
25.52

Expected Volatility
32.01
%
 
28.22
%
 
34.83
%
 
24.36
%
Risk-Free Interest Rate
1.69
%
 
2.68
%
 
2.28
%
 
1.86
%
Dividend Yield
1.39
%
 
0.72
%
 
1.04
%
 
0.64
%
Expected Life
5.1 years

 
5.0 years

 
0.5 years

 
0.5 years



Expected volatility is based on an equal weighting of historical volatility and implied volatility from traded options in EOG's common stock. The risk-free interest rate is based upon United States Treasury yields in effect at the time of grant. The expected life is based upon historical experience and contractual terms of stock option, SAR and ESPP grants.

The following table sets forth stock option and SAR transactions for the nine-month periods ended September 30, 2019 and 2018 (stock options and SARs in thousands):
 
Nine Months Ended September 30, 2019
 
Nine Months Ended September 30, 2018
 
Number of
Stock
Options/SARs
 
Weighted
Average
Grant
Price
 
Number of
Stock
Options/SARs
 
Weighted
Average
Grant
Price
Outstanding at January 1
8,310

 
$
96.90

 
9,103

 
$
83.89

Granted
1,946

 
75.43

 
1,884

 
126.65

Exercised (1)
(586
)
 
61.19

 
(2,144
)
 
69.62

Forfeited
(200
)
 
104.89

 
(167
)
 
91.89

Outstanding at September 30 (2)
9,470

 
$
94.53

 
8,676

 
$
96.55

Vested or Expected to Vest (3)
9,127

 
$
94.51

 
8,316

 
$
96.08

Exercisable at September 30 (4)
5,307

 
$
94.08

 
4,202

 
$
85.80



(1)
The total intrinsic value of stock options/SARs exercised during the nine months ended September 30, 2019 and 2018 was $13.3 million and $103.7 million, respectively. The intrinsic value is based upon the difference between the market price of EOG's common stock on the date of exercise and the grant price of the stock options/SARs.
(2)
The total intrinsic value of stock options/SARs outstanding at September 30, 2019 and 2018 was $4.8 million and $269.1 million, respectively. At September 30, 2019 and 2018, the weighted average remaining contractual life was 4.5 years and 4.8 years, respectively.
(3)
The total intrinsic value of stock options/SARs vested or expected to vest at September 30, 2019 and 2018 was $4.8 million and $261.9 million, respectively. At September 30, 2019 and 2018, the weighted average remaining contractual life was 4.5 years and 4.7 years, respectively.
(4)
The total intrinsic value of stock options/SARs exercisable at September 30, 2019 and 2018 was $4.7 million and $175.5 million, respectively. At September 30, 2019 and 2018, the weighted average remaining contractual life was 3.3 years and 3.4 years, respectively.

-9-

EOG RESOURCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)



At September 30, 2019, unrecognized compensation expense related to non-vested stock option, SAR and ESPP grants totaled $100.5 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 2.2 years.

Restricted Stock and Restricted Stock Units. Employees may be granted restricted (non-vested) stock and/or restricted stock units without cost to them. Stock-based compensation expense related to restricted stock and restricted stock units totaled $24.7 million and $17.5 million for the three months ended September 30, 2019 and 2018, respectively, and $71.1 million and $58.8 million for the nine months ended September 30, 2019 and 2018, respectively.

The following table sets forth restricted stock and restricted stock unit transactions for the nine-month periods ended September 30, 2019 and 2018 (shares and units in thousands):
 
Nine Months Ended September 30, 2019
 
Nine Months Ended September 30, 2018
 
Number of
Shares and
Units
 
Weighted
Average
Grant Date
Fair Value
 
Number of
Shares and
Units
 
Weighted
Average
Grant Date
Fair Value
Outstanding at January 1
3,792

 
$
96.64

 
3,905

 
$
88.57

Granted
1,728

 
80.12

 
792

 
117.67

Released (1)
(732
)
 
97.51

 
(708
)
 
77.46

Forfeited
(129
)
 
97.81

 
(150
)
 
91.36

Outstanding at September 30 (2)
4,659

 
$
90.34

 
3,839

 
$
96.52

 
(1)
The total intrinsic value of restricted stock and restricted stock units released during the nine months ended September 30, 2019 and 2018 was $61.2 million and $80.2 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the restricted stock and restricted stock units are released.
(2)
The total intrinsic value of restricted stock and restricted stock units outstanding at September 30, 2019 and 2018 was $345.8 million and $489.7 million, respectively.

At September 30, 2019, unrecognized compensation expense related to restricted stock and restricted stock units totaled $227.5 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 2.0 years.

Performance Units. EOG grants performance units annually to its executive officers without cost to them. As more fully discussed in the grant agreements, the performance metric applicable to the performance units is EOG's total shareholder return over a three-year performance period relative to the total shareholder return of a designated group of peer companies (Performance Period). Upon the application of the performance multiple at the completion of the Performance Period, a minimum of 0% and a maximum of 200% of the performance units granted could be outstanding. The fair value of the performance units is estimated using a Monte Carlo simulation. Stock-based compensation expense related to the performance unit grants totaled $9.6 million and $9.8 million for the three months ended September 30, 2019 and 2018, respectively, and $13.4 million and $12.1 million for the nine months ended September 30, 2019 and 2018, respectively.


-10-

EOG RESOURCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)


The following table sets forth the performance unit transactions for the nine-month periods ended September 30, 2019 and 2018 (units in thousands):
 
Nine Months Ended September 30, 2019
 
Nine Months Ended September 30, 2018
 
Number of
Units
 
Weighted
Average
Price per
Grant Date
 
Number of
Units
 
Weighted
Average
Price per
Grant Date
Outstanding at January 1
539

 
$
101.53

 
502

 
$
90.96

Granted
172

 
75.09

 
107

 
127.00

Granted for Performance Multiple (1)
72

 
69.43

 
72

 
101.87

Released (2)
(185
)
 
94.63

 
(148
)
 
84.43

Forfeited

 

 

 

Outstanding at September 30 (3)
598

(4)
$
92.19

 
533

 
$
101.50

 
(1)
Upon completion of the Performance Period for the performance units granted in 2015 and 2014, a performance multiple of 200% was applied to each of the grants resulting in additional grants of performance units in February 2019 and February 2018, respectively.
(2)
The total intrinsic value of performance units released during the nine months ended September 30, 2019 and 2018, was $15.4 million and $17.7 million, respectively. The intrinsic value is based upon the closing price of EOG's common stock on the date the performance units are released.
(3)
The total intrinsic value of performance units outstanding at September 30, 2019 and 2018 was approximately $44.4 million and $68.0 million, respectively.
(4)
Upon the application of the relevant performance multiple at the completion of each of the remaining Performance Periods, a minimum of 102 thousand and a maximum of 1,094 thousand performance units could be outstanding.

At September 30, 2019, unrecognized compensation expense related to performance units totaled $10.1 million. Such unrecognized expense will be amortized on a straight-line basis over a weighted average period of 2.2 years.

3.    Net Income Per Share

The following table sets forth the computation of Net Income Per Share for the three-month and nine-month periods ended September 30, 2019 and 2018 (in thousands, except per share data):