EOG Resources Inc. Files Q1 2024 10-Q Report

TL;DR

<b>EOG Resources Inc. filed its Q1 2024 10-Q, detailing financial performance and balance sheet changes for the period ending March 31, 2024.</b>

AI Summary

EOG RESOURCES INC (EOG) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. EOG Resources Inc. reported its Q1 2024 financial results on May 2, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data for oil and condensate, natural gas production, and NGL reserves are included. The report details gains/losses on mark-to-market commodity and other derivative contracts. Balance sheet information as of March 31, 2024, and December 31, 2023, is provided.

Why It Matters

For investors and stakeholders tracking EOG RESOURCES INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance data for EOG Resources, crucial for assessing operational efficiency and profitability in the current energy market. The detailed breakdown of production volumes, derivative contract impacts, and balance sheet figures allows for a comprehensive understanding of the company's financial health and strategic positioning.

Risk Assessment

Risk Level: medium — EOG RESOURCES INC shows moderate risk based on this filing. The company operates in the volatile oil and gas industry, subject to significant price fluctuations and regulatory changes that can impact financial performance.

Analyst Insight

Investors should review the detailed production and financial data to assess EOG's performance against industry benchmarks and its own historical trends.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-02 — Filing Date (FILED AS OF DATE)
• 1311 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 7136517000 — Business Phone (BUSINESS PHONE)

Key Players & Entities

• EOG RESOURCES INC (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-02 (date) — FILED AS OF DATE
• 1311 (other) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (other) — STATE OF INCORPORATION
• 7136517000 (other) — BUSINESS PHONE
• 19920703 (date) — DATE OF NAME CHANGE
• 2024-01-01 (date) — period start date

FAQ

Industry Context

EOG Resources operates within the crude petroleum and natural gas industry, a sector characterized by significant capital investment, commodity price volatility, and evolving environmental regulations.

Regulatory Implications

As a publicly traded energy company, EOG Resources is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) detailing financial performance and operational activities.

What Investors Should Do

1. Analyze the reported production volumes for oil, natural gas, and NGLs to understand operational output.
2. Review the impact of derivative contracts on financial results to gauge risk management effectiveness.
3. Compare balance sheet figures from Q1 2024 to Q4 2023 to identify significant changes in assets, liabilities, and equity.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for EOG Resources in fiscal year 2024, providing updated financial and operational data compared to the previous year's Q1 results.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share EOG New York Stock Exchange

Filing Documents

• eog-20240331.htm (10-Q) — 913KB
• exh31_1q124.htm (EX-31.1) — 9KB
• exh31_2q124.htm (EX-31.2) — 9KB
• exh32_1q124.htm (EX-32.1) — 3KB
• exh32_2q124.htm (EX-32.2) — 3KB
• 0000821189-24-000021.txt (&nbsp;) — 5455KB
• eog-20240331.xsd (EX-101.SCH) — 39KB
• eog-20240331_cal.xml (EX-101.CAL) — 54KB
• eog-20240331_def.xml (EX-101.DEF) — 209KB
• eog-20240331_lab.xml (EX-101.LAB) — 557KB
• eog-20240331_pre.xml (EX-101.PRE) — 391KB
• eog-20240331_htm.xml (XML) — 680KB

FINANCIAL INFORMATION Page No

PART I. FINANCIAL INFORMATION Page No.

Financial Statements (Unaudited)

ITEM 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Income and Comprehensive Income - Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Balance Sheets - March 31, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Stockholders' Equity - Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 33

Controls and Procedures

ITEM 4. Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 34

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 34

Other Information

ITEM 5. Other Information 35

Exhibits

ITEM 6. Exhibits 36

SIGNATURES

SIGNATURES 38 -2-

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS EOG RESOURCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (In Millions, Except Per Share Data) (Unaudited) Three Months Ended March 31, 2024 2023 Operating Revenues and Other Crude Oil and Condensate $ 3,480 $ 3,182 Natural Gas Liquids 513 490 Natural Gas 382 517 Gains on Mark-to-Market Financial Commodity and Other Derivative Contracts 237 376 Gathering, Processing and Marketing 1,459 1,390 Gains on Asset Dispositions, Net 26 69 Other, Net 26 20 Total 6,123 6,044 Operating Expenses Lease and Well 396 359 Gathering, Processing and Transportation Costs 413 395 Exploration Costs 45 50 Dry Hole Costs 1 1 Impairments 19 34 Marketing Costs 1,404 1,361 Depreciation, Depletion and Amortization 1,074 798 General and Administrative 162 145 Taxes Other Than Income 338 329 Total 3,852 3,472 Operating Income 2,271 2,572 Other Income, Net 62 65 Income Before Interest Expense and Income Taxes 2,333 2,637 Interest Expense, Net 33 42 Income Before Income Taxes 2,300 2,595 Income Tax Provision 511 572 Net Income $ 1,789 $ 2,023 Net Income Per Share Basic $ 3.11 $ 3.46 Diluted $ 3.10 $ 3.45 Average Number of Common Shares Basic 575 584 Diluted 577 587 Comprehensive Income Net Income $ 1,789 $ 2,023 Other Comprehensive Income Foreign Currency Translation Adjustments 1 — Other Comprehensive Income 1 — Comprehensive Income $ 1,790 $ 2,023 The accompanying notes are an integral part of these condensed consolidated financial statements. -3- EOG RESOURCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Millions, Except Share Data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current Assets Cash and Cash Equivalents $ 5,292 $ 5,278 Accounts Receivable, Net 2,688 2,716 Inventories 1,154 1,275 Assets from Price Risk Management Activities 110 106 Other 684 560 Total 9,928 9,935 Property, Plant and Equipment Oil and Gas Properties (Successful Efforts Method) 73,

View Full Filing

View this 10-Q filing on SEC EDGAR