Delaware | 47-0684736 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
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 |
Page | ||||||||
PART I | ||||||||
ITEM 1. | Business | ||||||||
General | |||||||||
Exploration and Production | |||||||||
Marketing | |||||||||
Wellhead Volumes and Prices | |||||||||
Other Matters | |||||||||
Information About Our Executive Officers | |||||||||
ITEM 1A. | Risk Factors | ||||||||
ITEM 1B. | Unresolved Staff Comments | ||||||||
ITEM 2. | Properties | ||||||||
Oil and Gas Exploration and Production - Properties and Reserves | |||||||||
ITEM 3. | Legal Proceedings | ||||||||
ITEM 4. | Mine Safety Disclosures | ||||||||
PART II | |||||||||
ITEM 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | ||||||||
ITEM 6. | |||||||||
ITEM 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | ||||||||
ITEM 7A. | Quantitative and Qualitative Disclosures About Market Risk | ||||||||
ITEM 8. | Financial Statements and Supplementary Data | ||||||||
ITEM 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | ||||||||
ITEM 9A. | Controls and Procedures | ||||||||
ITEM 9B. | Other Information | ||||||||
ITEM 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | ||||||||
PART III | |||||||||
ITEM 10. | Directors, Executive Officers and Corporate Governance | ||||||||
ITEM 11. | Executive Compensation | ||||||||
ITEM 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | ||||||||
ITEM 13. | Certain Relationships and Related Transactions, and Director Independence | ||||||||
ITEM 14. | Principal Accounting Fees and Services | ||||||||
PART IV | |||||||||
ITEM 15. | |||||||||
ITEM 16. | Form 10-K Summary | ||||||||
SIGNATURES |
2019 | 2020 | |||||||||||||
Area of Operation | Crude Oil & Condensate Volumes (MBbld) (1) | Natural Gas Liquids Volumes (MBbld) (1) | Natural Gas Volumes (MMcfd) (1) | Total Net Acres (2) | Net Well Completions | Expected Net Well Completions | ||||||||
Eagle Ford | 187 | 30 | 146 | 579,000 | 321 | 300 | ||||||||
Austin Chalk | 15 | 7 | 41 | — | (3) | 14 | 6 | |||||||
Delaware Basin | 174 | 65 | 402 | 389,000 | 276 | 350 | ||||||||
Rocky Mountain Area | 62 | 15 | 188 | 1,264,000 | 96 | 95 | ||||||||
Upper Gulf Coast | — | — | 10 | 360,000 | 1 | — | ||||||||
Mid-Continent | 10 | 2 | 20 | 120,000 | 32 | 20 | ||||||||
Fort Worth Basin | 2 | 12 | 67 | 146,000 | — | — | ||||||||
South Texas | 1 | 1 | 102 | 564,000 | 15 | 15 | ||||||||
Marcellus Shale | — | — | 68 | 151,000 | — | — |
2022 | 2023 | |||||||||||||||||||||||||
Area of Operation | Crude Oil & Condensate Volumes (MBbld) (1) | Natural Gas Liquids Volumes (MBbld) (1) | Natural Gas Volumes (MMcfd) (1) | Total Net Acres (in thousands) | Net Well Completions | Expected Net Well Completions | ||||||||||||||||||||
Delaware Basin | 277.0 | 138.8 | 764 | 395 | 358 | 365 | ||||||||||||||||||||
South Texas | 133.3 | 32.7 | 336 | 1,139 | 125 | 185 | ||||||||||||||||||||
Rocky Mountain | 42.1 | 13.7 | 135 | 764 | 31 | 55 | ||||||||||||||||||||
Other Areas | 8.3 | 12.5 | 80 | 1,184 | 19 | 20 | ||||||||||||||||||||
Total | 460.7 | 197.7 | 1,315 | 3,482 | 533 | 625 | ||||||||||||||||||||
Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
Crude Oil and Condensate Volumes (MMBbl) (1) | |||||||||||||||||
United States: | |||||||||||||||||
Eagle Ford Play | 46.6 | 51.8 | 54.6 | ||||||||||||||
Delaware Basin | 101.1 | 84.3 | 67.0 | ||||||||||||||
Other | 20.3 | 25.7 | 27.8 | ||||||||||||||
United States | 168.0 | 161.8 | 149.4 | ||||||||||||||
Trinidad | 0.3 | 0.5 | 0.4 | ||||||||||||||
Other International (2) | — | — | — | ||||||||||||||
Total | 168.3 | 162.3 | 149.8 | ||||||||||||||
Natural Gas Liquids Volumes (MMBbl) (1) | |||||||||||||||||
United States: | |||||||||||||||||
Eagle Ford Play | 10.5 | 9.0 | 9.7 | ||||||||||||||
Delaware Basin | 50.7 | 30.9 | 27.7 | ||||||||||||||
Other | 10.9 | 12.8 | 12.4 | ||||||||||||||
United States | 72.1 | 52.7 | 49.8 | ||||||||||||||
Other International (2) | — | — | — | ||||||||||||||
Total | 72.1 | 52.7 | 49.8 | ||||||||||||||
Natural Gas Volumes (Bcf) (1) | |||||||||||||||||
United States: | |||||||||||||||||
Eagle Ford Play | 52 | 55 | 53 | ||||||||||||||
Delaware Basin | 279 | 238 | 168 | ||||||||||||||
Other | 149 | 149 | 160 | ||||||||||||||
United States | 480 | 442 | 381 | ||||||||||||||
Trinidad | 66 | 79 | 66 | ||||||||||||||
Other International (2) | — | 3 | 11 | ||||||||||||||
Total | 546 | 524 | 458 | ||||||||||||||
Crude Oil Equivalent Volumes (MMBoe) (3) | |||||||||||||||||
United States: | |||||||||||||||||
Eagle Ford Play | 65.8 | 70.0 | 73.1 | ||||||||||||||
Delaware Basin | 198.3 | 154.9 | 122.7 | ||||||||||||||
Other | 56.0 | 63.3 | 66.9 | ||||||||||||||
United States | 320.1 | 288.2 | 262.7 | ||||||||||||||
Trinidad | 11.4 | 13.7 | 11.4 | ||||||||||||||
Other International (2) | — | 0.6 | 1.8 | ||||||||||||||
Total | 331.5 | 302.5 | 275.9 |
Year Ended December 31 | 2019 | 2018 | 2017 | |||||
Crude Oil and Condensate Volumes (MMBbl) (1) | ||||||||
United States: | ||||||||
Eagle Ford | 68.3 | 62.4 | 57.4 | |||||
Delaware Basin | 63.4 | 46.3 | 31.6 | |||||
Other | 34.6 | 35.4 | 33.2 | |||||
United States | 166.3 | 144.1 | 122.2 | |||||
Trinidad | 0.2 | 0.3 | 0.3 | |||||
Other International (2) | 0.1 | 1.6 | 0.2 | |||||
Total | 166.6 | 146.0 | 122.7 | |||||
Natural Gas Liquids Volumes (MMBbl) (1) | ||||||||
United States: | ||||||||
Eagle Ford | 10.7 | 11.4 | 9.4 | |||||
Delaware Basin | 23.5 | 15.8 | 8.8 | |||||
Other | 14.7 | 15.3 | 14.1 | |||||
United States | 48.9 | 42.5 | 32.3 | |||||
Other International (2) | — | — | — | |||||
Total | 48.9 | 42.5 | 32.3 | |||||
Natural Gas Volumes (Bcf) (1) | ||||||||
United States: | ||||||||
Eagle Ford | 53 | 58 | 55 | |||||
Delaware Basin | 147 | 110 | 81 | |||||
Other | 190 | 169 | 143 | |||||
United States | 390 | 337 | 279 | |||||
Trinidad | 95 | 97 | 114 | |||||
Other International (2) | 14 | 11 | 9 | |||||
Total | 499 | 445 | 402 | |||||
Crude Oil Equivalent Volumes (MMBoe) (3) | ||||||||
United States: | ||||||||
Eagle Ford | 87.8 | 83.5 | 76.0 | |||||
Delaware Basin | 111.4 | 80.3 | 53.9 | |||||
Other | 81.0 | 78.8 | 71.2 | |||||
United States | 280.2 | 242.6 | 201.1 | |||||
Trinidad | 16.0 | 16.5 | 19.4 | |||||
Other International (2) | 2.4 | 3.4 | 1.8 | |||||
Total | 298.6 | 262.5 | 222.3 |
Year Ended December 31 | 2019 | 2018 | 2017 | ||||||||
Average Crude Oil and Condensate Prices ($/Bbl) (4) | |||||||||||
United States | $ | 57.74 | $ | 65.16 | $ | 50.91 | |||||
Trinidad | 47.16 | 57.26 | 42.30 | ||||||||
Other International (2) | 57.40 | 71.45 | 57.20 | ||||||||
Composite | 57.72 | 65.21 | 50.91 | ||||||||
Average Natural Gas Liquids Prices ($/Bbl) (4) | |||||||||||
United States | $ | 16.03 | $ | 26.60 | $ | 22.61 | |||||
Other International (2) | — | — | — | ||||||||
Composite | 16.03 | 26.60 | 22.61 | ||||||||
Average Natural Gas Prices ($/Mcf) (4) | |||||||||||
United States | $ | 2.22 | $ | 2.88 | $ | 2.20 | |||||
Trinidad | 2.72 | 2.94 | 2.38 | ||||||||
Other International (2) | 4.44 | 4.08 | 3.89 | ||||||||
Composite | 2.38 | 2.92 | (5) | 2.29 |
Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
Average Crude Oil and Condensate Prices ($/Bbl) (4) | |||||||||||||||||
United States | $ | 97.22 | $ | 68.54 | $ | 38.65 | |||||||||||
Trinidad | 86.16 | 56.26 | 30.20 | ||||||||||||||
Other International (2) | — | 42.36 | 43.08 | ||||||||||||||
Composite | 97.21 | 68.50 | 38.63 | ||||||||||||||
Average Natural Gas Liquids Prices ($/Bbl) (4) | |||||||||||||||||
United States | $ | 36.70 | $ | 34.35 | $ | 13.41 | |||||||||||
Other International (2) | — | — | — | ||||||||||||||
Composite | 36.70 | 34.35 | 13.41 | ||||||||||||||
Average Natural Gas Prices ($/Mcf) (4) | |||||||||||||||||
United States | $ | 7.27 | $ | 4.88 | $ | 1.61 | |||||||||||
Trinidad | 4.43 | (5) | 3.40 | 2.57 | |||||||||||||
Other International (2) | — | 5.67 | 4.66 | ||||||||||||||
Composite | 6.93 | 4.66 | 1.83 |
Name | Age | Position | ||||||||||||
Chairman of the Board and Chief Executive Officer | ||||||||||||||
Lloyd W. Helms, Jr. | President and Chief Operating Officer | |||||||||||||
Kenneth W. Boedeker | Executive Vice President, Exploration and Production | |||||||||||||
43 | Executive Vice President, Exploration and Production | |||||||||||||
Timothy K. Driggers | Executive Vice President and Chief Financial Officer | |||||||||||||
Michael P. Donaldson | Executive Vice President, General Counsel and Corporate Secretary |
Developed | Undeveloped | Total | |||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||
United States | 2,062 | 1,630 | 2,753 | 1,852 | 4,815 | 3,482 | |||||||||||||||||||||||||||||
Trinidad | 77 | 65 | 216 | 125 | 293 | 190 | |||||||||||||||||||||||||||||
Australia | — | — | 1,009 | 1,009 | 1,009 | 1,009 | |||||||||||||||||||||||||||||
Total | 2,139 | 1,695 | 3,978 | 2,986 | 6,117 | 4,681 |
Developed | Undeveloped | Total | |||||||||||||||
Gross | Net | Gross | Net | Gross | Net | ||||||||||||
United States | 2,773,841 | 2,034,901 | 3,083,256 | 2,272,783 | 5,857,097 | 4,307,684 | |||||||||||
Trinidad | 79,277 | 67,474 | 201,435 | 115,274 | 280,712 | 182,748 | |||||||||||
China | 130,548 | 130,548 | — | — | 130,548 | 130,548 | |||||||||||
Canada | 39,842 | 35,613 | 103,618 | 96,494 | 143,460 | 132,107 | |||||||||||
Total | 3,023,508 | 2,268,536 | 3,388,309 | 2,484,551 | 6,411,817 | 4,753,087 |
Crude Oil | Natural Gas | Total | |||||||||||||||
Gross | Net | Gross | Net | Gross | Net | ||||||||||||
United States | 9,798 | 6,882 | 5,133 | 2,735 | 14,931 | 9,617 | |||||||||||
Trinidad | 2 | 2 | 30 | 24 | 32 | 26 | |||||||||||
China | — | — | 38 | 38 | 38 | 38 | |||||||||||
Canada | — | — | 24 | 23 | 24 | 23 | |||||||||||
Total (1) | 9,800 | 6,884 | 5,225 | 2,820 | 15,025 | 9,704 |
Crude Oil | Natural Gas | Total | |||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||
United States | 8,918 | 6,369 | 3,579 | 1,805 | 12,497 | 8,174 | |||||||||||||||||||||||||||||
Trinidad | 2 | 2 | 35 | 29 | 37 | 31 | |||||||||||||||||||||||||||||
Total (1) | 8,920 | 6,371 | 3,614 | 1,834 | 12,534 | 8,205 |
Gross Development Wells Completed | Gross Exploratory Wells Completed | ||||||||||||||||||||||||||||||||||||||||||||||
Crude Oil | Natural Gas | Dry Hole | Total | Crude Oil | Natural Gas | Dry Hole | Total | ||||||||||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||||||||
United States | 462 | 133 | 11 | 606 | 3 | — | 8 | 11 | |||||||||||||||||||||||||||||||||||||||
Trinidad | — | — | — | — | — | 2 | 1 | 3 | |||||||||||||||||||||||||||||||||||||||
Total | 462 | 133 | 11 | 606 | 3 | 2 | 9 | 14 | |||||||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||||||||
United States | 474 | 72 | 5 | 551 | 10 | 1 | 1 | 12 | |||||||||||||||||||||||||||||||||||||||
Trinidad | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Oman | — | — | — | — | — | — | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
Total | 474 | 72 | 5 | 551 | 10 | 1 | 4 | 15 | |||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||||||||
United States | 580 | 13 | 15 | 608 | 3 | — | 4 | 7 | |||||||||||||||||||||||||||||||||||||||
Trinidad | — | — | — | — | — | 3 | — | 3 | |||||||||||||||||||||||||||||||||||||||
Total | 580 | 13 | 15 | 608 | 3 | 3 | 4 | 10 |
Gross Development Wells Completed | Gross Exploratory Wells Completed | ||||||||||||||||||||||
Crude Oil | Natural Gas | Dry Hole | Total | Crude Oil | Natural Gas | Dry Hole | Total | ||||||||||||||||
2019 | |||||||||||||||||||||||
United States | 833 | 26 | 14 | 873 | 4 | — | 1 | 5 | |||||||||||||||
Trinidad | — | 1 | — | 1 | — | — | 1 | 1 | |||||||||||||||
China | — | 2 | — | 2 | — | — | 1 | 1 | |||||||||||||||
Total | 833 | 29 | 14 | 876 | 4 | — | 3 | 7 | |||||||||||||||
2018 | |||||||||||||||||||||||
United States | 834 | 39 | 22 | 895 | — | — | 1 | 1 | |||||||||||||||
Trinidad | — | — | — | — | — | — | — | — | |||||||||||||||
China | — | 1 | — | 1 | — | 2 | — | 2 | |||||||||||||||
Total | 834 | 40 | 22 | 896 | — | 2 | 1 | 3 | |||||||||||||||
2017 | |||||||||||||||||||||||
United States | 568 | 22 | 13 | 603 | — | — | 1 | 1 | |||||||||||||||
Trinidad | — | 8 | — | 8 | — | 1 | — | 1 | |||||||||||||||
China | — | 3 | — | 3 | — | — | 1 | 1 | |||||||||||||||
Total | 568 | 33 | 13 | 614 | — | 1 | 2 | 3 |
Net Development Wells Completed | Net Exploratory Wells Completed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Development Wells Completed | Net Exploratory Wells Completed | Crude Oil | Natural Gas | Dry Hole | Total | Crude Oil | Natural Gas | Dry Hole | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crude Oil | Natural Gas | Dry Hole | Total | Crude Oil | Natural Gas | Dry Hole | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 721 | 22 | 12 | 755 | 4 | — | 1 | 5 | United States | 395 | 117 | 10 | 522 | 3 | — | 8 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Trinidad | — | 1 | — | 1 | — | — | 1 | 1 | Trinidad | — | — | — | — | — | 2 | 1 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
China | — | 2 | — | 2 | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 721 | 25 | 12 | 758 | 4 | — | 3 | 7 | Total | 395 | 117 | 10 | 522 | 3 | 2 | 9 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 704 | 37 | 18 | 759 | — | — | 1 | 1 | United States | 434 | 66 | 4 | 504 | 10 | 1 | 1 | 12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Trinidad | — | — | — | — | — | — | — | — | Trinidad | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
China | — | 1 | — | 1 | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oman | Oman | — | — | — | — | — | — | 3 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 704 | 38 | 18 | 760 | — | 2 | 1 | 3 | Total | 434 | 66 | 4 | 504 | 10 | 1 | 4 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 490 | 21 | 13 | 524 | — | — | 1 | 1 | United States | 516 | 12 | 15 | 543 | 2 | — | 3 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Trinidad | — | 6 | — | 6 | — | 1 | — | 1 | Trinidad | — | — | — | — | — | 2 | — | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
China | — | 3 | — | 3 | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 490 | 30 | 13 | 533 | — | 1 | 2 | 3 | Total | 516 | 12 | 15 | 543 | 2 | 2 | 3 | 7 |
Wells in Progress at End of Period | Wells in Progress at End of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | |||||||||||||||||||||||||||||||||||||||||
United States | 317 | 286 | 297 | 238 | 247 | 208 | United States | 251 | 213 | 191 | 167 | 155 | 147 | |||||||||||||||||||||||||||||||||||||||
Trinidad | 1 | 1 | — | — | — | — | Trinidad | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||
China | 3 | 3 | 4 | 4 | 1 | 1 | China | — | — | — | — | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
Oman | Oman | — | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||
Total | 321 | 290 | 301 | 242 | 248 | 209 | Total | 252 | 214 | 192 | 168 | 160 | 152 |
Drilled Uncompleted Wells at End of Period | Drilled Uncompleted Wells at End of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | |||||||||||||||||||||||||||||||||||||||||
United States | 188 | 165 | 168 | 137 | 147 | 121 | United States | 122 | 98 | 121 | 105 | 89 | 86 | |||||||||||||||||||||||||||||||||||||||
China | 3 | 3 | 3 | 3 | 1 | 1 | China | — | — | — | — | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
Total | 191 | 168 | 171 | 140 | 148 | 122 | Total | 122 | 98 | 121 | 105 | 92 | 89 |
Gross Acquired Wells | Net Acquired Wells | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Acquired Wells | Net Acquired Wells | Crude Oil | Natural Gas | Total | Crude Oil | Natural Gas | Total | |||||||||||||||||||||||||||||||||||||||||||||
Crude Oil | Natural Gas | Total | Crude Oil | Natural Gas | Total | |||||||||||||||||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 9 | 45 | 54 | 9 | 37 | 46 | United States | 25 | 5 | 30 | 19 | 1 | 20 | |||||||||||||||||||||||||||||||||||||||
Total | 9 | 45 | 54 | 9 | 37 | 46 | Total | 25 | 5 | 30 | 19 | 1 | 20 | |||||||||||||||||||||||||||||||||||||||
2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 15 | 13 | 28 | 10 | 6 | 16 | United States | 2 | 14 | 16 | 1 | 13 | 14 | |||||||||||||||||||||||||||||||||||||||
Total | 15 | 13 | 28 | 10 | 6 | 16 | Total | 2 | 14 | 16 | 1 | 13 | 14 | |||||||||||||||||||||||||||||||||||||||
2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 12 | 3 | 15 | 6 | 2 | 8 | United States | 80 | 3 | 83 | 70 | 3 | 73 | |||||||||||||||||||||||||||||||||||||||
Total | 12 | 3 | 15 | 6 | 2 | 8 | Total | 80 | 3 | 83 | 70 | 3 | 73 |
Period | (a) Total Number of Shares Purchased (1) | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||
October 1, 2019 - October 31, 2019 | 18,117 | $ | 71.38 | — | 6,386,200 | |||||||
November 1, 2019 - November 30, 2019 | 2,122 | 71.27 | — | 6,386,200 | ||||||||
December 1, 2019 - December 31, 2019 | 18,628 | 78.60 | — | 6,386,200 | ||||||||
Total | 38,867 | $ | 74.84 |
Period | (a) Total Number of Shares Purchased (1) | (b) Average Price Paid per Share | (c) Total Number of Shares or Value of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||||||||||||||||
October 1, 2022 - October 31, 2022 | 76,033 | $ | 128.00 | — | $ | 5,000,000,000 | ||||||||||||||||||||
November 1, 2022 - November 30, 2022 | 86,759 | 145.63 | — | $ | 5,000,000,000 | |||||||||||||||||||||
December 1, 2022 - December 31, 2022 | 4,793 | 133.85 | — | $ | 5,000,000,000 | |||||||||||||||||||||
Total | 167,585 | 137.30 |
2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||||||||||||||||
EOG | $ | 100.00 | $ | 81.33 | $ | 79.03 | $ | 48.50 | $ | 91.51 | $ | 143.55 | |||||||||||||||||||||||
S&P 500 | $ | 100.00 | $ | 95.62 | $ | 125.72 | $ | 148.85 | $ | 191.58 | $ | 156.88 | |||||||||||||||||||||||
S&P O&G E&P | $ | 100.00 | $ | 80.50 | $ | 90.17 | $ | 58.24 | $ | 108.95 | $ | 172.69 |
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||
EOG | $ | 100.00 | $ | 77.47 | $ | 111.59 | $ | 119.93 | $ | 97.55 | $ | 94.81 | |||||||||||
S&P 500 | $ | 100.00 | $ | 101.39 | $ | 113.52 | $ | 138.30 | $ | 132.24 | $ | 173.88 | |||||||||||
S&P O&G E&P | $ | 100.00 | $ | 65.85 | $ | 87.47 | $ | 81.96 | $ | 65.98 | $ | 73.91 |
Year Ended December 31 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Statement of Income Data: | ||||||||||||||||||||
Operating Revenues and Other (1) | $ | 17,379,973 | $ | 17,275,399 | $ | 11,208,320 | $ | 7,650,632 | $ | 8,757,428 | ||||||||||
Operating Income (Loss) | $ | 3,699,011 | $ | 4,469,346 | $ | 926,402 | $ | (1,225,281 | ) | $ | (6,686,079 | ) | ||||||||
Net Income (Loss) | $ | 2,734,910 | $ | 3,419,040 | $ | 2,582,579 | $ | (1,096,686 | ) | $ | (4,524,515 | ) | ||||||||
Net Income (Loss) Per Share | ||||||||||||||||||||
Basic | $ | 4.73 | $ | 5.93 | $ | 4.49 | $ | (1.98 | ) | $ | (8.29 | ) | ||||||||
Diluted | $ | 4.71 | $ | 5.89 | $ | 4.46 | $ | (1.98 | ) | $ | (8.29 | ) | ||||||||
Dividends Per Common Share | $ | 1.0825 | $ | 0.81 | $ | 0.67 | $ | 0.67 | $ | 0.67 | ||||||||||
Average Number of Common Shares | ||||||||||||||||||||
Basic | 577,670 | 576,578 | 574,620 | 553,384 | 545,697 | |||||||||||||||
Diluted | 580,777 | 580,441 | 578,693 | 553,384 | 545,697 |
At December 31 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Total Property, Plant and Equipment, Net | $ | 30,364,595 | $ | 28,075,519 | $ | 25,665,037 | $ | 25,707,078 | $ | 24,210,721 | ||||||||||
Total Assets (2) (3) (4) | 37,124,608 | 33,934,474 | 29,833,078 | 29,299,201 | 26,834,908 | |||||||||||||||
Total Debt (4) | 5,175,443 | 6,083,262 | 6,387,071 | 6,986,358 | 6,655,490 | |||||||||||||||
Total Stockholders' Equity | 21,640,716 | 19,364,188 | 16,283,273 | 13,981,581 | 12,943,035 |
Year Ended December 31 | 2019 | 2018 | 2017 | |||||||||
Crude Oil and Condensate Volumes (MBbld) (1) | ||||||||||||
United States | 455.5 | 394.8 | 335.0 | |||||||||
Trinidad | 0.6 | 0.8 | 0.9 | |||||||||
Other International (2) | 0.1 | 4.3 | 0.8 | |||||||||
Total | 456.2 | 399.9 | 336.7 | |||||||||
Average Crude Oil and Condensate Prices ($/Bbl) (3) | ||||||||||||
United States | $ | 57.74 | $ | 65.16 | $ | 50.91 | ||||||
Trinidad | 47.16 | 57.26 | 42.30 | |||||||||
Other International (2) | 57.40 | 71.45 | 57.20 | |||||||||
Composite | 57.72 | 65.21 | 50.91 | |||||||||
Natural Gas Liquids Volumes (MBbld) (1) | ||||||||||||
United States | 134.1 | 116.1 | 88.4 | |||||||||
Other International (2) | — | — | — | |||||||||
Total | 134.1 | 116.1 | 88.4 | |||||||||
Average Natural Gas Liquids Prices ($/Bbl) (3) | ||||||||||||
United States | $ | 16.03 | $ | 26.60 | $ | 22.61 | ||||||
Other International (2) | — | — | — | |||||||||
Composite | 16.03 | 26.60 | 22.61 | |||||||||
Natural Gas Volumes (MMcfd) (1) | ||||||||||||
United States | 1,069 | 923 | 765 | |||||||||
Trinidad | 260 | 266 | 313 | |||||||||
Other International (2) | 37 | 30 | 25 | |||||||||
Total | 1,366 | 1,219 | 1,103 | |||||||||
Average Natural Gas Prices ($/Mcf) (3) | ||||||||||||
United States | $ | 2.22 | $ | 2.88 | $ | 2.20 | ||||||
Trinidad | 2.72 | 2.94 | 2.38 | |||||||||
Other International (2) | 4.44 | 4.08 | 3.89 | |||||||||
Composite | 2.38 | 2.92 | (4) | 2.29 | ||||||||
Crude Oil Equivalent Volumes (MBoed) (5) | ||||||||||||
United States | 767.8 | 664.7 | 551.0 | |||||||||
Trinidad | 44.0 | 45.1 | 53.0 | |||||||||
Other International (2) | 6.2 | 9.4 | 4.9 | |||||||||
Total | 818.0 | 719.2 | 608.9 | |||||||||
Total MMBoe (5) | 298.6 | 262.5 | 222.3 |
Year Ended December 31 | 2022 | 2021 | 2020 | |||||||||||||||||
Crude Oil and Condensate Volumes (MBbld) (1) | ||||||||||||||||||||
United States | 460.7 | 443.4 | 408.1 | |||||||||||||||||
Trinidad | 0.6 | 1.5 | 1.0 | |||||||||||||||||
Other International (2) | — | 0.1 | 0.1 | |||||||||||||||||
Total | 461.3 | 445.0 | 409.2 | |||||||||||||||||
Average Crude Oil and Condensate Prices ($/Bbl) (3) | ||||||||||||||||||||
United States | $ | 97.22 | $ | 68.54 | $ | 38.65 | ||||||||||||||
Trinidad | 86.16 | 56.26 | 30.20 | |||||||||||||||||
Other International (2) | — | 42.36 | 43.08 | |||||||||||||||||
Composite | 97.21 | 68.50 | 38.63 | |||||||||||||||||
Natural Gas Liquids Volumes (MBbld) (1) | ||||||||||||||||||||
United States | 197.7 | 144.5 | 136.0 | |||||||||||||||||
Other International (2) | — | — | — | |||||||||||||||||
Total | 197.7 | 144.5 | 136.0 | |||||||||||||||||
Average Natural Gas Liquids Prices ($/Bbl) (3) | ||||||||||||||||||||
United States | $ | 36.70 | $ | 34.35 | $ | 13.41 | ||||||||||||||
Other International (2) | — | — | — | |||||||||||||||||
Composite | 36.70 | 34.35 | 13.41 | |||||||||||||||||
Natural Gas Volumes (MMcfd) (1) | ||||||||||||||||||||
United States | 1,315 | 1,210 | 1,040 | |||||||||||||||||
Trinidad | 180 | 217 | 180 | |||||||||||||||||
Other International (2) | — | 9 | 32 | |||||||||||||||||
Total | 1,495 | 1,436 | 1,252 | |||||||||||||||||
Average Natural Gas Prices ($/Mcf) (3) | ||||||||||||||||||||
United States | $ | 7.27 | $ | 4.88 | $ | 1.61 | ||||||||||||||
Trinidad | 4.43 | (5) | 3.40 | 2.57 | ||||||||||||||||
Other International (2) | — | 5.67 | 4.66 | |||||||||||||||||
Composite | 6.93 | 4.66 | 1.83 | |||||||||||||||||
Crude Oil Equivalent Volumes (MBoed) (4) | ||||||||||||||||||||
United States | 877.5 | 789.6 | 717.5 | |||||||||||||||||
Trinidad | 30.7 | 37.7 | 30.9 | |||||||||||||||||
Other International (2) | — | 1.6 | 5.4 | |||||||||||||||||
Total | 908.2 | 828.9 | 753.8 | |||||||||||||||||
Total MMBoe (4) | 331.5 | 302.5 | 275.9 |
2019 | 2018 | ||||||
Lease and Well | $ | 4.58 | $ | 4.89 | |||
Transportation Costs | 2.54 | 2.85 | |||||
Depreciation, Depletion and Amortization (DD&A) - | |||||||
Oil and Gas Properties | 12.25 | 12.65 | |||||
Other Property, Plant and Equipment | 0.31 | 0.44 | |||||
General and Administrative (G&A) | 1.64 | 1.63 | |||||
Net Interest Expense | 0.62 | 0.93 | |||||
Total (1) | $ | 21.94 | $ | 23.39 |
2022 | 2021 | ||||||||||
Lease and Well | $ | 4.02 | $ | 3.75 | |||||||
Transportation Costs | 2.91 | 2.85 | |||||||||
Gathering and Processing Costs | 1.87 | 1.85 | |||||||||
Depreciation, Depletion and Amortization (DD&A) - | |||||||||||
Oil and Gas Properties | 10.21 | 11.58 | |||||||||
Other Property, Plant and Equipment | 0.48 | 0.49 | |||||||||
General and Administrative (G&A) | 1.72 | 1.69 | |||||||||
Net Interest Expense | 0.54 | 0.59 | |||||||||
Total (1) | $ | 21.75 | $ | 22.80 |
2022 | 2021 | ||||||||||
Proved properties | $ | 120 | $ | 20 | |||||||
Unproved properties | 206 | 310 | |||||||||
Other assets | 29 | 28 | |||||||||
Inventories | 25 | 13 | |||||||||
Firm commitment contracts | 2 | 5 | |||||||||
Total | $ | 382 | $ | 376 |
2019 | 2018 | ||||||
Proved properties | $ | 207 | $ | 121 | |||
Unproved properties | 220 | 173 | |||||
Other assets | 91 | 49 | |||||
Inventories | — | 4 | |||||
Total | $ | 518 | $ | 347 |
2018 | 2017 | ||||||
Lease and Well | $ | 4.89 | $ | 4.70 | |||
Transportation Costs | 2.85 | 3.33 | |||||
Depreciation, Depletion and Amortization (DD&A) - | |||||||
Oil and Gas Properties | 12.65 | 14.83 | |||||
Other Property, Plant and Equipment | 0.44 | 0.51 | |||||
General and Administrative (G&A) | 1.63 | 1.95 | |||||
Net Interest Expense | 0.93 | 1.23 | |||||
Total (1) | $ | 23.39 | $ | 26.55 |
2021 | 2020 | ||||||||||
Lease and Well | $ | 3.75 | $ | 3.85 | |||||||
Transportation Costs | 2.85 | 2.66 | |||||||||
Gathering and Processing Costs | 1.85 | 1.66 | |||||||||
Depreciation, Depletion and Amortization (DD&A) - | |||||||||||
Oil and Gas Properties | 11.58 | 11.85 | |||||||||
Other Property, Plant and Equipment | 0.49 | 0.47 | |||||||||
General and Administrative (G&A) | 1.69 | 1.75 | |||||||||
Net Interest Expense | 0.59 | 0.74 | |||||||||
Total (1) | $ | 22.80 | $ | 22.98 |
2021 | 2020 | ||||||||||
Proved properties | $ | 20 | $ | 1,268 | |||||||
Unproved properties | 310 | 472 | |||||||||
Other assets | 28 | 300 | |||||||||
Inventories | 13 | — | |||||||||
Firm commitment contracts | 5 | 60 | |||||||||
Total | $ | 376 | $ | 2,100 |
2018 | 2017 | ||||||
Proved properties | $ | 121 | $ | 224 | |||
Unproved properties | 173 | 211 | |||||
Other assets | 49 | 28 | |||||
Inventories | 4 | — | |||||
Total | $ | 347 | $ | 463 |
2019 | 2018 | 2017 | |||||||||
Expenditure Category | |||||||||||
Capital | |||||||||||
Exploration and Development Drilling | $ | 4,951 | $ | 4,935 | $ | 3,132 | |||||
Facilities | 629 | 625 | 575 | ||||||||
Leasehold Acquisitions (1) | 276 | 488 | 427 | ||||||||
Property Acquisitions (2) | 380 | 124 | 73 | ||||||||
Capitalized Interest | 38 | 24 | 27 | ||||||||
Subtotal | 6,274 | 6,196 | 4,234 | ||||||||
Exploration Costs | 140 | 149 | 145 | ||||||||
Dry Hole Costs | 28 | 5 | 5 | ||||||||
Exploration and Development Expenditures | 6,442 | 6,350 | 4,384 | ||||||||
Asset Retirement Costs | 186 | 70 | 56 | ||||||||
Total Exploration and Development Expenditures | 6,628 | 6,420 | 4,440 | ||||||||
Other Property, Plant and Equipment (3) | 272 | 286 | 173 | ||||||||
Total Expenditures | $ | 6,900 | $ | 6,706 | $ | 4,613 |
2022 | 2021 | 2020 | |||||||||||||||
Expenditure Category | |||||||||||||||||
Capital | |||||||||||||||||
Exploration and Development Drilling | $ | 3,675 | $ | 2,864 | $ | 2,664 | |||||||||||
Facilities | 411 | 405 | 347 | ||||||||||||||
Leasehold Acquisitions (1) | 186 | 215 | 265 | ||||||||||||||
Property Acquisitions (2) | 419 | 100 | 135 | ||||||||||||||
Capitalized Interest | 36 | 33 | 31 | ||||||||||||||
Subtotal | 4,727 | 3,617 | 3,442 | ||||||||||||||
Exploration Costs | 159 | 154 | 146 | ||||||||||||||
Dry Hole Costs | 45 | 71 | 13 | ||||||||||||||
Exploration and Development Expenditures | 4,931 | 3,842 | 3,601 | ||||||||||||||
Asset Retirement Costs | 298 | 127 | 117 | ||||||||||||||
Total Exploration and Development Expenditures | 5,229 | 3,969 | 3,718 | ||||||||||||||
Other Property, Plant and Equipment (3) | 381 | 286 | 395 | ||||||||||||||
Total Expenditures | $ | 5,610 | $ | 4,255 | $ | 4,113 |
Crude Oil Financial Price Swap Contracts | ||||||||||||||||||||||||||||||||
Contracts Sold | Contracts Purchased | |||||||||||||||||||||||||||||||
Period | Settlement Index | Volume (MBbld) | Weighted Average Price ($/Bbl) | Volume (MBbld) | Weighted Average Price ($/Bbl) | |||||||||||||||||||||||||||
January - March 2022 (closed) | NYMEX WTI | 140 | $ | 65.58 | — | $ | — | |||||||||||||||||||||||||
April - June 2022 (closed) | NYMEX WTI | 140 | 65.62 | — | — | |||||||||||||||||||||||||||
July - September 2022 (closed) | NYMEX WTI | 140 | 65.59 | — | — | |||||||||||||||||||||||||||
October - December 2022 (closed) (1) | NYMEX WTI | 53 | 66.11 | — | — | |||||||||||||||||||||||||||
October - December 2022 (closed) | NYMEX WTI | 87 | 65.41 | 87 | 88.85 | |||||||||||||||||||||||||||
January - March 2023 (closed) (1) (2) | NYMEX WTI | 55 | 67.96 | — | — | |||||||||||||||||||||||||||
January 2023 (closed) | NYMEX WTI | 95 | 67.90 | 6 | 102.26 | |||||||||||||||||||||||||||
February - March 2023 | NYMEX WTI | 95 | 67.90 | 6 | 102.26 | |||||||||||||||||||||||||||
April - May 2023 (closed) (1) | NYMEX WTI | 29 | 68.28 | — | — | |||||||||||||||||||||||||||
April - May 2023 | NYMEX WTI | 91 | 67.63 | 2 | 98.15 | |||||||||||||||||||||||||||
June 2023 (closed) (1) | NYMEX WTI | 118 | 67.77 | — | — | |||||||||||||||||||||||||||
June 2023 | NYMEX WTI | 2 | 69.10 | 2 | 98.15 | |||||||||||||||||||||||||||
July - September 2023 (closed) (1) | NYMEX WTI | 100 | 70.15 | — | — | |||||||||||||||||||||||||||
October - December 2023 (closed) (1) | NYMEX WTI | 69 | 69.41 | — | — |
Midland Differential Basis Swap Contracts | ||||||||
Volume (Bbld) | Weighted Average Price Differential ($/Bbl) | |||||||
2019 | ||||||||
January 1, 2019 through December 31, 2019 (closed) | 20,000 | $ | 1.075 |
Gulf Coast Differential Basis Swap Contracts | ||||||||
Volume (Bbld) | Weighted Average Price Differential ($/Bbl) | |||||||
2019 | ||||||||
January 1, 2019 through December 31, 2019 (closed) | 13,000 | $ | 5.572 |
Crude Oil Basis Swap Contracts | ||||||||||||||||||||
Contracts Sold | ||||||||||||||||||||
Period | Settlement Index | Volume (MBbld) | Weighted Average Price Differential ($/Bbl) | |||||||||||||||||
January - December 2022 (closed) | NYMEX WTI Roll Differential (1) | 125 | $ | 0.15 |
Roll Differential Swap Contracts | ||||||||
Volume (Bbld) | Weighted Average Price Differential ($/Bbl) | |||||||
2020 | ||||||||
February 2020 (closed) | 10,000 | $ | 0.70 | |||||
March 1, 2020 through December 31, 2020 | 10,000 | 0.70 |
Crude Oil Price Swap Contracts | ||||||||
Volume (Bbld) | Weighted Average Price ($/Bbl) | |||||||
2019 | ||||||||
April 2019 (closed) | 25,000 | $ | 60.00 | |||||
May 1, 2019 through December 31, 2019 (closed) | 150,000 | 62.50 | ||||||
2020 | ||||||||
January 2020 (closed) | 200,000 | $ | 59.33 | |||||
February 1, 2020 through March 31, 2020 | 200,000 | 59.33 | ||||||
April 1, 2020 through June 30, 2020 | 200,000 | 59.59 | ||||||
July 1, 2020 through September 30, 2020 | 107,000 | 58.94 |
Mont Belvieu Propane Price Swap Contracts | ||||||||
Volume (Bbld) | Weighted Average Price ($/Bbl) | |||||||
2020 | ||||||||
January 2020 (closed) | 4,000 | $ | 21.34 | |||||
February 2020 | 4,000 | 21.34 | ||||||
March 1, 2020 through December 31, 2020 | 25,000 | 17.92 |
Natural Gas Financial Price Swap Contracts | ||||||||||||||||||||
Contracts Sold | ||||||||||||||||||||
Period | Settlement Index | Volume (MMBtud in thousands) | Weighted Average Price ($/MMBtu) | |||||||||||||||||
January - September 2022 (closed) | NYMEX Henry Hub | 725 | $ | 3.57 | ||||||||||||||||
October - December 2022 (closed) (1) | NYMEX Henry Hub | 425 | 3.05 | |||||||||||||||||
October - December 2022 (closed) | NYMEX Henry Hub | 300 | 4.32 | |||||||||||||||||
January - December 2023 (closed) (1) | NYMEX Henry Hub | 425 | 3.05 | |||||||||||||||||
January - February 2023 (closed) | NYMEX Henry Hub | 300 | 3.36 | |||||||||||||||||
March - December 2023 | NYMEX Henry Hub | 300 | 3.36 | |||||||||||||||||
January - December 2024 | NYMEX Henry Hub | 725 | 3.07 | |||||||||||||||||
January - December 2025 | NYMEX Henry Hub | 725 | 3.07 |
Natural Gas Price Swap Contracts | ||||||||
Volume (MMBtud) | Weighted Average Price ($/MMBtu) | |||||||
2019 | ||||||||
April 1, 2019 through October 31, 2019 (closed) | 250,000 | $ | 2.90 |
Natural Gas Collar Contracts | ||||||||||||
Weighted Average Price ($/MMBtu) | ||||||||||||
Volume (MMBtud) | Ceiling Price | Floor Price | ||||||||||
2020 | ||||||||||||
April 1, 2020 through October 31, 2020 | 250,000 | $ | 2.50 | $ | 2.00 |
Rockies Differential Basis Swap Contracts | ||||||||
Volume (MMBtud) | Weighted Average Price Differential ($/MMBtu) | |||||||
2020 | ||||||||
January 1, 2020 through February 29, 2020 (closed) | 30,000 | $ | 0.55 | |||||
March 1, 2020 through December 31, 2020 | 30,000 | 0.55 |
Natural Gas Basis Swap Contracts | ||||||||||||||||||||
Contracts Sold | ||||||||||||||||||||
Period | Settlement Index | Volume (MMBtud in thousands) | Weighted Average Price Differential ($/MMBtu) | |||||||||||||||||
January - December 2022 (closed) | NYMEX Henry Hub HSC Differential (1) | 210 | $ | 0.01 | ||||||||||||||||
January - February 2023 (closed) | NYMEX Henry Hub HSC Differential | 135 | 0.01 | |||||||||||||||||
March - December 2023 | NYMEX Henry Hub HSC Differential | 135 | 0.01 | |||||||||||||||||
January - December 2024 | NYMEX Henry Hub HSC Differential | 10 | 0.00 | |||||||||||||||||
January - December 2025 | NYMEX Henry Hub HSC Differential | 10 | 0.00 |
HSC Differential Basis Swap Contracts | ||||||||
Volume (MMBtud) | Weighted Average Price Differential ($/MMBtu) | |||||||
2020 | ||||||||
January 1, 2020 through February 29, 2020 (closed) | 60,000 | $ | 0.05 | |||||
March 1, 2020 through December 31, 2020 | 60,000 | 0.05 |
Waha Differential Basis Swap Contracts | ||||||||
Volume (MMBtud) | Weighted Average Price Differential ($/MMBtu) | |||||||
2020 | ||||||||
January 1, 2020 through February 29, 2020 (closed) | 50,000 | $ | 1.40 | |||||
March 1, 2020 through December 31, 2020 | 50,000 | 1.40 |
Contractual Obligations (1) (2) | Total | 2020 | 2021-2022 | 2023-2024 | 2025 & Beyond | |||||||||||||||
Current and Long-Term Debt | $ | 5,140 | $ | 1,000 | $ | 750 | $ | 1,250 | $ | 2,140 | ||||||||||
Interest Payments on Long-Term Debt | 1,059 | 169 | 258 | 193 | 439 | |||||||||||||||
Finance Leases (3) | 64 | 15 | 27 | 16 | 6 | |||||||||||||||
Operating Leases (3) | 850 | 390 | 335 | 85 | 40 | |||||||||||||||
Leases Effective, Not Commenced (3) | 699 | 80 | 132 | 134 | 353 | |||||||||||||||
Transportation and Storage Service Commitments (4) | 6,034 | 914 | 1,632 | 1,130 | 2,358 | |||||||||||||||
Purchase and Service Obligations | 1,222 | 399 | 498 | 152 | 173 | |||||||||||||||
Total Contractual Obligations | $ | 15,068 | $ | 2,967 | $ | 3,632 | $ | 2,960 | $ | 5,509 |
Finance Leases (1) | $ | 37 | |||
Operating Leases (1) | 323 | ||||
Leases Effective, Not Commenced (1) | 111 | ||||
Transportation and Storage Service Commitments (2) (3) | 832 | ||||
Purchase and Service Obligations (3) | 529 | ||||
Total Cash Requirements | $ | 1,832 |
Section of Bylaws | Description of Amendment | |||||||
Place of Meetings (Art. II, § 1) | To provide that stockholder meetings may be held by means of remote communication in accordance with Section 211(a) of the DGCL. | |||||||
Quorum; Adjournment of Meetings (Art. II, § 2) | To provide that, to the fullest extent permitted by law, the Board may postpone, reschedule or cancel any previously scheduled stockholder meeting before it is to be held. | |||||||
Notice of Stockholder Business and Nominations (Art. II § 3) | To provide that a stockholder submitting a director nomination or other proposal shall represent that it will continue to be a stockholder through the annual meeting date and will appear at the meeting (in person or by proxy) to make such nomination/proposal. To expand existing information requirements for submitting a director nomination or other proposal to cover the submitting stockholder's beneficial owners and their respective affiliates and associates. To provide that a stockholder giving notice of a director nomination shall provide: (i) evidence of compliance with Rule 14a-19 (the SEC's universal proxy rules) no later than five business days prior to the applicable stockholders meeting, (ii) all information required to be set forth in a Schedule 13D (e.g., investment purpose for buying EOG shares and the source of funds for the share purchases), (iii) the names of all solicitation participants and (iv) a representation that at least 67% of EOG's voting stock will be solicited by the stockholder. To provide that a stockholder proposal to amend EOG's bylaws shall include the full text of the proposed amendment(s). | |||||||
Stockholder List (Art. II, § 7) | To remove requirement that a list of EOG's stockholders be made available at stockholder meetings. | |||||||
Proxies (Art. II, § 8) | To provide that a stockholder soliciting proxies must use a proxy card color other than white. | |||||||
Conduct of Meetings (Art. II, § 10) | To provide that the Board, the chairman of the meeting and the Chairman of the Board may make rules and procedures for the conduct of stockholder meetings as they shall deem necessary (e.g., the opening and closing of polls and time allotted to questions and comments from attendees). | |||||||
Emergency Bylaws (Art. VII, § 7) | To permit a subset of the Board to take certain actions during an emergency condition (e.g., catastrophe or similar emergency condition). |
Plan Category | (a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | (b) Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (1) | (c) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) | ||||||||
Equity Compensation Plans Approved by EOG Stockholders | 10,967,766 | (2) | $ | 94.53 | 9,116,617 | (3) | |||||
Equity Compensation Plans Not Approved by EOG Stockholders | 224,225 | (4) | N/A | 207,752 | (5) | ||||||
Total | 11,191,991 | $ | 94.53 | 9,324,369 |
Plan Category | (a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | (b) Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (1) | (c) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) | ||||||||||||||||||||
Equity Compensation Plans Approved by EOG Stockholders | 5,653,833 | (2) | $ | 77.49 | 17,803,386 | (3) | |||||||||||||||||
Equity Compensation Plans Not Approved by EOG Stockholders | 340,078 | (4) | N/A | 107,719 | (5) | ||||||||||||||||||
Total | 5,993,911 | 17,911,105 |
Page | |||||
Consolidated Financial Statements: | |||||
Management's Responsibility for Financial Reporting | F- | ||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | F- | ||||
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for Each of the Three Years in the Period Ended December 31, | F- | ||||
Consolidated Balance Sheets - December 31, | F- | ||||
Consolidated Statements of Stockholders' Equity for Each of the Three Years in the Period Ended December 31, | F- | ||||
Consolidated Statements of Cash Flows for Each of the Three Years in the Period Ended December 31, | F- | ||||
Notes to Consolidated Financial Statements | F- | ||||
Supplemental Information to Consolidated Financial Statements | F- |
TIMOTHY K. DRIGGERS | ||||||||
Chairman of the Board and Chief Executive Officer | Executive Vice President and Chief Financial Officer | |||||||
Houston, Texas | ||||||||
Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
Operating Revenues and Other | |||||||||||||||||
Crude Oil and Condensate | $ | 16,367 | $ | 11,125 | $ | 5,786 | |||||||||||
Natural Gas Liquids | 2,648 | 1,812 | 668 | ||||||||||||||
Natural Gas | 3,781 | 2,444 | 837 | ||||||||||||||
Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts, Net | (3,982) | (1,152) | 1,145 | ||||||||||||||
Gathering, Processing and Marketing | 6,696 | 4,288 | 2,583 | ||||||||||||||
Gains (Losses) on Asset Dispositions, Net | 74 | 17 | (47) | ||||||||||||||
Other, Net | 118 | 108 | 60 | ||||||||||||||
Total | 25,702 | 18,642 | 11,032 | ||||||||||||||
Operating Expenses | |||||||||||||||||
Lease and Well | 1,331 | 1,135 | 1,063 | ||||||||||||||
Transportation Costs | 966 | 863 | 735 | ||||||||||||||
Gathering and Processing Costs | 621 | 559 | 459 | ||||||||||||||
Exploration Costs | 159 | 154 | 146 | ||||||||||||||
Dry Hole Costs | 45 | 71 | 13 | ||||||||||||||
Impairments | 382 | 376 | 2,100 | ||||||||||||||
Marketing Costs | 6,535 | 4,173 | 2,698 | ||||||||||||||
Depreciation, Depletion and Amortization | 3,542 | 3,651 | 3,400 | ||||||||||||||
General and Administrative | 570 | 511 | 484 | ||||||||||||||
Taxes Other Than Income | 1,585 | 1,047 | 478 | ||||||||||||||
Total | 15,736 | 12,540 | 11,576 | ||||||||||||||
Operating Income (Loss) | 9,966 | 6,102 | (544) | ||||||||||||||
Other Income, Net | 114 | 9 | 10 | ||||||||||||||
Income (Loss) Before Interest Expense and Income Taxes | 10,080 | 6,111 | (534) | ||||||||||||||
Interest Expense | |||||||||||||||||
Incurred | 215 | 211 | 236 | ||||||||||||||
Capitalized | (36) | (33) | (31) | ||||||||||||||
Net Interest Expense | 179 | 178 | 205 | ||||||||||||||
Income (Loss) Before Income Taxes | 9,901 | 5,933 | (739) | ||||||||||||||
Income Tax Provision (Benefit) | 2,142 | 1,269 | (134) | ||||||||||||||
Net Income (Loss) | $ | 7,759 | $ | 4,664 | $ | (605) | |||||||||||
Net Income (Loss) Per Share | |||||||||||||||||
Basic | $ | 13.31 | $ | 8.03 | $ | (1.04) | |||||||||||
Diluted | $ | 13.22 | $ | 7.99 | $ | (1.04) | |||||||||||
Average Number of Common Shares | |||||||||||||||||
Basic | 583 | 581 | 579 | ||||||||||||||
Diluted | 587 | 584 | 579 | ||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||
Net Income (Loss) | $ | 7,759 | $ | 4,664 | $ | (605) | |||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||
Foreign Currency Translation Adjustments | 4 | (1) | (7) | ||||||||||||||
Other, Net of Tax | — | 1 | — | ||||||||||||||
Other Comprehensive Income (Loss) | 4 | — | (7) | ||||||||||||||
Comprehensive Income (Loss) | $ | 7,763 | $ | 4,664 | $ | (612) |
Year Ended December 31 | 2019 | 2018 | 2017 | ||||||||
Operating Revenues and Other | |||||||||||
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 | ||||||||
Gains (Losses) on Mark-to-Market Commodity Derivative Contracts | 180,275 | (165,640 | ) | 19,828 | |||||||
Gathering, Processing and Marketing | 5,360,282 | 5,230,355 | 3,298,087 | ||||||||
Gains (Losses) on Asset Dispositions, Net | 123,613 | 174,562 | (99,096 | ) | |||||||
Other, Net | 134,358 | 89,635 | 81,610 | ||||||||
Total | 17,379,973 | 17,275,399 | 11,208,320 | ||||||||
Operating Expenses | |||||||||||
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 | ||||||||
Exploration Costs | 139,881 | 148,999 | 145,342 | ||||||||
Dry Hole Costs | 28,001 | 5,405 | 4,609 | ||||||||
Impairments | 517,896 | 347,021 | 479,240 | ||||||||
Marketing Costs | 5,351,524 | 5,203,243 | 3,330,237 | ||||||||
Depreciation, Depletion and Amortization | 3,749,704 | 3,435,408 | 3,409,387 | ||||||||
General and Administrative | 489,397 | 426,969 | 434,467 | ||||||||
Taxes Other Than Income | 800,164 | 772,481 | 544,662 | ||||||||
Total | 13,680,962 | 12,806,053 | 10,281,918 | ||||||||
Operating Income | 3,699,011 | 4,469,346 | 926,402 | ||||||||
Other Income, Net | 31,385 | 16,704 | 9,152 | ||||||||
Income Before Interest Expense and Income Taxes | 3,730,396 | 4,486,050 | 935,554 | ||||||||
Interest Expense | |||||||||||
Incurred | 223,421 | 269,549 | 301,801 | ||||||||
Capitalized | (38,292 | ) | (24,497 | ) | (27,429 | ) | |||||
Net Interest Expense | 185,129 | 245,052 | 274,372 | ||||||||
Income Before Income Taxes | 3,545,267 | 4,240,998 | 661,182 | ||||||||
Income Tax Provision (Benefit) | 810,357 | 821,958 | (1,921,397 | ) | |||||||
Net Income | $ | 2,734,910 | $ | 3,419,040 | $ | 2,582,579 | |||||
Net Income Per Share | |||||||||||
Basic | $ | 4.73 | $ | 5.93 | $ | 4.49 | |||||
Diluted | $ | 4.71 | $ | 5.89 | $ | 4.46 | |||||
Average Number of Common Shares | |||||||||||
Basic | 577,670 | 576,578 | 574,620 | ||||||||
Diluted | 580,777 | 580,441 | 578,693 | ||||||||
Comprehensive Income | |||||||||||
Net Income | $ | 2,734,910 | $ | 3,419,040 | $ | 2,582,579 | |||||
Other Comprehensive Income (Loss) | |||||||||||
Foreign Currency Translation Adjustments | (2,883 | ) | 16,816 | 2,799 | |||||||
Other, Net of Tax | (678 | ) | 1,123 | (3,086 | ) | ||||||
Other Comprehensive Income (Loss) | (3,561 | ) | 17,939 | (287 | ) | ||||||
Comprehensive Income | $ | 2,731,349 | $ | 3,436,979 | $ | 2,582,292 |
At December 31 | 2019 | 2018 | |||||
ASSETS | |||||||
Current Assets | |||||||
Cash and Cash Equivalents | $ | 2,027,972 | $ | 1,555,634 | |||
Accounts Receivable, Net | 2,001,658 | 1,915,215 | |||||
Inventories | 767,297 | 859,359 | |||||
Assets from Price Risk Management Activities | 1,299 | 23,806 | |||||
Income Taxes Receivable | 151,665 | 427,909 | |||||
Other | 323,448 | 275,467 | |||||
Total | 5,273,339 | 5,057,390 | |||||
Property, Plant and Equipment | |||||||
Oil and Gas Properties (Successful Efforts Method) | 62,830,415 | 57,330,016 | |||||
Other Property, Plant and Equipment | 4,472,246 | 4,220,665 | |||||
Total Property, Plant and Equipment | 67,302,661 | 61,550,681 | |||||
Less: Accumulated Depreciation, Depletion and Amortization | (36,938,066 | ) | (33,475,162 | ) | |||
Total Property, Plant and Equipment, Net | 30,364,595 | 28,075,519 | |||||
Deferred Income Taxes | 2,363 | 777 | |||||
Other Assets | 1,484,311 | 800,788 | |||||
Total Assets | $ | 37,124,608 | $ | 33,934,474 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current Liabilities | |||||||
Accounts Payable | $ | 2,429,127 | $ | 2,239,850 | |||
Accrued Taxes Payable | 254,850 | 214,726 | |||||
Dividends Payable | 166,273 | 126,971 | |||||
Liabilities from Price Risk Management Activities | 20,194 | — | |||||
Current Portion of Long-Term Debt | 1,014,524 | 913,093 | |||||
Current Portion of Operating Lease Liabilities | 369,365 | — | |||||
Other | 232,655 | 233,724 | |||||
Total | 4,486,988 | 3,728,364 | |||||
Long-Term Debt | 4,160,919 | 5,170,169 | |||||
Other Liabilities | 1,789,884 | 1,258,355 | |||||
Deferred Income Taxes | 5,046,101 | 4,413,398 | |||||
Commitments and Contingencies (Note 8) | |||||||
Stockholders' Equity | |||||||
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 582,213,016 Shares and 580,408,117 Shares Issued at December 31, 2019 and 2018, respectively | 205,822 | 205,804 | |||||
Additional Paid in Capital | 5,817,475 | 5,658,794 | |||||
Accumulated Other Comprehensive Loss | (4,652 | ) | (1,358 | ) | |||
Retained Earnings | 15,648,604 | 13,543,130 | |||||
Common Stock Held in Treasury, 298,820 Shares and 385,042 Shares at December 31, 2019 and 2018, respectively | (26,533 | ) | (42,182 | ) | |||
Total Stockholders' Equity | 21,640,716 | 19,364,188 | |||||
Total Liabilities and Stockholders' Equity | $ | 37,124,608 | $ | 33,934,474 |
At December 31 | 2022 | 2021 | |||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and Cash Equivalents | $ | 5,972 | $ | 5,209 | |||||||
Accounts Receivable, Net | 2,774 | 2,335 | |||||||||
Inventories | 1,058 | 584 | |||||||||
Income Taxes Receivable | 97 | — | |||||||||
Other | 574 | 456 | |||||||||
Total | 10,475 | 8,584 | |||||||||
Property, Plant and Equipment | |||||||||||
Oil and Gas Properties (Successful Efforts Method) | 67,322 | 67,644 | |||||||||
Other Property, Plant and Equipment | 4,786 | 4,753 | |||||||||
Total Property, Plant and Equipment | 72,108 | 72,397 | |||||||||
Less: Accumulated Depreciation, Depletion and Amortization | (42,679) | (43,971) | |||||||||
Total Property, Plant and Equipment, Net | 29,429 | 28,426 | |||||||||
Deferred Income Taxes | 33 | 11 | |||||||||
Other Assets | 1,434 | 1,215 | |||||||||
Total Assets | $ | 41,371 | $ | 38,236 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts Payable | $ | 2,532 | $ | 2,242 | |||||||
Accrued Taxes Payable | 405 | 518 | |||||||||
Dividends Payable | 482 | 436 | |||||||||
Liabilities from Price Risk Management Activities | 169 | 269 | |||||||||
Current Portion of Long-Term Debt | 1,283 | 37 | |||||||||
Current Portion of Operating Lease Liabilities | 296 | 240 | |||||||||
Other | 346 | 300 | |||||||||
Total | 5,513 | 4,042 | |||||||||
Long-Term Debt | 3,795 | 5,072 | |||||||||
Other Liabilities | 2,574 | 2,193 | |||||||||
Deferred Income Taxes | 4,710 | 4,749 | |||||||||
Commitments and Contingencies (Note 8) | |||||||||||
Stockholders' Equity | |||||||||||
Common Stock, $0.01 Par, 1,280,000,000 Shares Authorized and 588,396,757 Shares and 585,521,512 Shares Issued at December 31, 2022 and 2021, respectively | 206 | 206 | |||||||||
Additional Paid in Capital | 6,187 | 6,087 | |||||||||
Accumulated Other Comprehensive Loss | (8) | (12) | |||||||||
Retained Earnings | 18,472 | 15,919 | |||||||||
Common Stock Held in Treasury, 700,281 Shares and 257,268 Shares at December 31, 2022 and 2021, respectively | (78) | (20) | |||||||||
Total Stockholders' Equity | 24,779 | 22,180 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 41,371 | $ | 38,236 |
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, 2019 | $ | 206 | $ | 5,817 | $ | (5) | $ | 15,649 | $ | (27) | $ | 21,640 | |||||||||||||||||||||||
Net Loss | — | — | — | (605) | — | (605) | |||||||||||||||||||||||||||||
Common Stock Issued Under Stock Plans | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Common Stock Dividends Declared, $1.50 Per Share | — | — | — | (874) | — | (874) | |||||||||||||||||||||||||||||
Other Comprehensive Loss | — | — | (7) | — | — | (7) | |||||||||||||||||||||||||||||
Change in Treasury Stock - Stock Compensation Plans, Net | — | (9) | — | — | 9 | — | |||||||||||||||||||||||||||||
Restricted Stock and Restricted Stock Units, Net | — | (9) | — | — | 9 | — | |||||||||||||||||||||||||||||
Stock-Based Compensation Expenses | — | 146 | — | — | — | 146 | |||||||||||||||||||||||||||||
Treasury Stock Issued as Compensation | — | — | — | — | 2 | 2 | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | 206 | 5,945 | (12) | 14,170 | (7) | 20,302 | |||||||||||||||||||||||||||||
Net Income | — | — | — | 4,664 | — | 4,664 | |||||||||||||||||||||||||||||
Common Stock Issued Under Stock Plans | — | 17 | — | — | — | 17 | |||||||||||||||||||||||||||||
Common Stock Dividends Declared, $4.9875 Per Share | — | — | — | (2,915) | — | (2,915) | |||||||||||||||||||||||||||||
Other Comprehensive Loss | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Change in Treasury Stock - Stock Compensation Plans, Net | — | (22) | — | — | (18) | (40) | |||||||||||||||||||||||||||||
Restricted Stock and Restricted Stock Units, Net | — | (5) | — | — | 5 | — | |||||||||||||||||||||||||||||
Stock-Based Compensation Expenses | — | 152 | — | — | — | 152 | |||||||||||||||||||||||||||||
Treasury Stock Issued as Compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | 206 | 6,087 | (12) | 15,919 | (20) | 22,180 | |||||||||||||||||||||||||||||
Net Income | — | — | — | 7,759 | — | 7,759 | |||||||||||||||||||||||||||||
Common Stock Issued Under Stock Plans | — | 24 | — | — | — | 24 | |||||||||||||||||||||||||||||
Common Stock Dividends Declared, $8.875 Per Share | — | — | — | (5,206) | — | (5,206) | |||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | 4 | — | — | 4 | |||||||||||||||||||||||||||||
Change in Treasury Stock - Stock Compensation Plans, Net | — | (55) | — | — | (61) | (116) | |||||||||||||||||||||||||||||
Restricted Stock and Restricted Stock Units, Net | — | (2) | — | — | 2 | — | |||||||||||||||||||||||||||||
Stock-Based Compensation Expenses | — | 133 | — | — | — | 133 | |||||||||||||||||||||||||||||
Treasury Stock Issued as Compensation | — | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | 206 | $ | 6,187 | $ | (8) | $ | 18,472 | $ | (78) | $ | 24,779 |
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, 2016 | $ | 205,770 | $ | 5,420,385 | $ | (19,010 | ) | $ | 8,398,118 | $ | (23,682 | ) | $ | 13,981,581 | |||||||||
Net Income | — | — | — | 2,582,579 | — | 2,582,579 | |||||||||||||||||
Common Stock Issued Under Stock Plans | 7 | 7,082 | — | — | — | 7,089 | |||||||||||||||||
Common Stock Dividends Declared, $0.67 Per Share | — | — | — | (387,164 | ) | — | (387,164 | ) | |||||||||||||||
Other Comprehensive Loss | — | — | (287 | ) | — | — | (287 | ) | |||||||||||||||
Change in Treasury Stock - Stock Compensation Plans, Net | — | (27,348 | ) | — | — | (9,395 | ) | (36,743 | ) | ||||||||||||||
Restricted Stock and Restricted Stock Units, Net | 11 | 2,552 | — | — | (2,563 | ) | — | ||||||||||||||||
Stock-Based Compensation Expenses | — | 133,849 | — | — | — | 133,849 | |||||||||||||||||
Treasury Stock Issued as Compensation | — | 27 | — | — | 2,342 | 2,369 | |||||||||||||||||
Balance at December 31, 2017 | 205,788 | 5,536,547 | (19,297 | ) | 10,593,533 | (33,298 | ) | 16,283,273 | |||||||||||||||
Net Income | — | — | — | 3,419,040 | — | 3,419,040 | |||||||||||||||||
Common Stock Issued Under Stock Plans | 8 | 5,612 | — | — | — | 5,620 | |||||||||||||||||
Common Stock Dividends Declared, $0.81 Per Share | — | — | — | (469,443 | ) | — | (469,443 | ) | |||||||||||||||
Other Comprehensive Income | — | — | 17,939 | — | — | 17,939 | |||||||||||||||||
Change in Treasury Stock - Stock Compensation Plans, Net | — | (35,118 | ) | — | — | (13,336 | ) | (48,454 | ) | ||||||||||||||
Restricted Stock and Restricted Stock Units, Net | 8 | (3,891 | ) | — | — | 3,883 | — | ||||||||||||||||
Stock-Based Compensation Expenses | — | 155,337 | — | — | — | 155,337 | |||||||||||||||||
Treasury Stock Issued as Compensation | — | 307 | — | — | 569 | 876 | |||||||||||||||||
Balance at December 31, 2018 | 205,804 | 5,658,794 | (1,358 | ) | 13,543,130 | (42,182 | ) | 19,364,188 | |||||||||||||||
Net Income | — | — | — | 2,734,910 | — | 2,734,910 | |||||||||||||||||
Common Stock Issued Under Stock Plans | 1 | (9 | ) | — | — | — | (8 | ) | |||||||||||||||
Common Stock Dividends Declared, $1.0825 Per Share | — | — | — | (629,169 | ) | — | (629,169 | ) | |||||||||||||||
Other Comprehensive Loss | — | — | (3,561 | ) | — | — | (3,561 | ) | |||||||||||||||
Change in Treasury Stock - Stock Compensation Plans, Net | — | (10,637 | ) | — | — | 3,784 | (6,853 | ) | |||||||||||||||
Restricted Stock and Restricted Stock Units, Net | 17 | (4,566 | ) | — | — | 4,549 | — | ||||||||||||||||
Stock-Based Compensation Expenses | — | 174,738 | — | — | — | 174,738 | |||||||||||||||||
Treasury Stock Issued as Compensation | — | (845 | ) | — | — | 7,316 | 6,471 | ||||||||||||||||
Cumulative Effect of Accounting Changes | — | — | 267 | (267 | ) | — | — | ||||||||||||||||
Balance at December 31, 2019 | $ | 205,822 | $ | 5,817,475 | $ | (4,652 | ) | $ | 15,648,604 | $ | (26,533 | ) | $ | 21,640,716 |
Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||
Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities: | |||||||||||||||||
Net Income (Loss) | $ | 7,759 | $ | 4,664 | $ | (605) | |||||||||||
Items Not Requiring (Providing) Cash | |||||||||||||||||
Depreciation, Depletion and Amortization | 3,542 | 3,651 | 3,400 | ||||||||||||||
Impairments | 382 | 376 | 2,100 | ||||||||||||||
Stock-Based Compensation Expenses | 133 | 152 | 146 | ||||||||||||||
Deferred Income Taxes | (61) | (122) | (186) | ||||||||||||||
(Gains) Losses on Asset Dispositions, Net | (74) | (17) | 47 | ||||||||||||||
Other, Net | — | 13 | 12 | ||||||||||||||
Dry Hole Costs | 45 | 71 | 13 | ||||||||||||||
Mark-to-Market Financial Commodity Derivative Contracts | |||||||||||||||||
(Gains) Losses, Net | 3,982 | 1,152 | (1,145) | ||||||||||||||
Net Cash Received from (Payments for) Settlements of Financial Commodity Derivative Contracts | (3,501) | (638) | 1,071 | ||||||||||||||
Other, Net | 45 | 7 | 1 | ||||||||||||||
Changes in Components of Working Capital and Other Assets and Liabilities | |||||||||||||||||
Accounts Receivable | (347) | (821) | 467 | ||||||||||||||
Inventories | (534) | (13) | 123 | ||||||||||||||
Accounts Payable | 90 | 456 | (795) | ||||||||||||||
Accrued Taxes Payable | (113) | 312 | (49) | ||||||||||||||
Other Assets | (364) | (136) | 325 | ||||||||||||||
Other Liabilities | (266) | (116) | 8 | ||||||||||||||
Changes in Components of Working Capital Associated with Investing Activities | 375 | (200) | 75 | ||||||||||||||
Net Cash Provided by Operating Activities | 11,093 | 8,791 | 5,008 | ||||||||||||||
Investing Cash Flows | |||||||||||||||||
Additions to Oil and Gas Properties | (4,619) | (3,638) | (3,244) | ||||||||||||||
Additions to Other Property, Plant and Equipment | (381) | (212) | (221) | ||||||||||||||
Proceeds from Sales of Assets | 349 | 231 | 192 | ||||||||||||||
Other Investing Activities | (30) | — | — | ||||||||||||||
Changes in Components of Working Capital Associated with Investing Activities | (375) | 200 | (75) | ||||||||||||||
Net Cash Used in Investing Activities | (5,056) | (3,419) | (3,348) | ||||||||||||||
Financing Cash Flows | |||||||||||||||||
Long-Term Debt Borrowings | — | — | 1,484 | ||||||||||||||
Long-Term Debt Repayments | — | (750) | (1,000) | ||||||||||||||
Dividends Paid | (5,148) | (2,684) | (821) | ||||||||||||||
Treasury Stock Purchased | (118) | (41) | (16) | ||||||||||||||
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan | 28 | 19 | 16 | ||||||||||||||
Debt Issuance Costs | — | — | (3) | ||||||||||||||
Repayment of Finance Lease Liabilities | (35) | (37) | (19) | ||||||||||||||
Net Cash Used in Financing Activities | (5,273) | (3,493) | (359) | ||||||||||||||
Effect of Exchange Rate Changes on Cash | (1) | 1 | — | ||||||||||||||
Increase in Cash and Cash Equivalents | 763 | 1,880 | 1,301 | ||||||||||||||
Cash and Cash Equivalents at Beginning of Year | 5,209 | 3,329 | 2,028 | ||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 5,972 | $ | 5,209 | $ | 3,329 |
Year Ended December 31 | 2019 | 2018 | 2017 | ||||||||
Cash Flows from Operating Activities | |||||||||||
Reconciliation of Net Income to Net Cash Provided by Operating Activities: | |||||||||||
Net Income | $ | 2,734,910 | $ | 3,419,040 | $ | 2,582,579 | |||||
Items Not Requiring (Providing) Cash | |||||||||||
Depreciation, Depletion and Amortization | 3,749,704 | 3,435,408 | 3,409,387 | ||||||||
Impairments | 517,896 | 347,021 | 479,240 | ||||||||
Stock-Based Compensation Expenses | 174,738 | 155,337 | 133,849 | ||||||||
Deferred Income Taxes | 631,658 | 894,156 | (1,473,872 | ) | |||||||
(Gains) Losses on Asset Dispositions, Net | (123,613 | ) | (174,562 | ) | 99,096 | ||||||
Other, Net | 4,496 | 7,066 | 6,546 | ||||||||
Dry Hole Costs | 28,001 | 5,405 | 4,609 | ||||||||
Mark-to-Market Commodity Derivative Contracts | |||||||||||
Total (Gains) Losses | (180,275 | ) | 165,640 | (19,828 | ) | ||||||
Net Cash Received from (Payments for) Settlements of Commodity Derivative Contracts | 231,229 | (258,906 | ) | 7,438 | |||||||
Other, Net | 962 | 3,108 | 1,204 | ||||||||
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 | |||||||
Net Cash Provided by Operating Activities | 8,163,180 | 7,768,608 | 4,265,336 | ||||||||
Investing Cash Flows | |||||||||||
Additions to Oil and Gas Properties | (6,151,885 | ) | (5,839,294 | ) | (3,950,918 | ) | |||||
Additions to Other Property, Plant and Equipment | (270,641 | ) | (237,181 | ) | (173,324 | ) | |||||
Proceeds from Sales of Assets | 140,292 | 227,446 | 226,768 | ||||||||
Other Investing Activities | (10,000 | ) | (19,993 | ) | — | ||||||
Changes in Components of Working Capital Associated with Investing Activities | 115,061 | (301,140 | ) | (89,935 | ) | ||||||
Net Cash Used in Investing Activities | (6,177,173 | ) | (6,170,162 | ) | (3,987,409 | ) | |||||
Financing Cash Flows | |||||||||||
Long-Term Debt Repayments | (900,000 | ) | (350,000 | ) | (600,000 | ) | |||||
Dividends Paid | (588,200 | ) | (438,045 | ) | (386,531 | ) | |||||
Treasury Stock Purchased | (25,152 | ) | (63,456 | ) | (63,408 | ) | |||||
Proceeds from Stock Options Exercised and Employee Stock Purchase Plan | 17,946 | 20,560 | 20,840 | ||||||||
Debt Issuance Costs | (5,016 | ) | — | — | |||||||
Repayment of Finance Lease Obligation | (12,899 | ) | (8,219 | ) | (6,555 | ) | |||||
Changes in Components of Working Capital Associated with Financing Activities | — | 57 | (57 | ) | |||||||
Net Cash Used in Financing Activities | (1,513,321 | ) | (839,103 | ) | (1,035,711 | ) | |||||
Effect of Exchange Rate Changes on Cash | (348 | ) | (37,937 | ) | (7,883 | ) | |||||
Increase (Decrease) in Cash and Cash Equivalents | 472,338 | 721,406 | (765,667 | ) | |||||||
Cash and Cash Equivalents at Beginning of Year | 1,555,634 | 834,228 | 1,599,895 | ||||||||
Cash and Cash Equivalents at End of Year | $ | 2,027,972 | $ | 1,555,634 | $ | 834,228 |
As Reported | Amounts Without Adoption of ASU 2014-09 | Effect of Change | |||||||||
Operating Revenues and Other | |||||||||||
Crude Oil and Condensate | $ | 9,517,440 | $ | 9,517,440 | $ | — | |||||
Natural Gas Liquids | 1,127,510 | 1,121,237 | 6,273 | ||||||||
Natural Gas | 1,301,537 | 1,104,095 | 197,442 | ||||||||
Gathering, Processing and Marketing | 5,230,355 | 5,211,136 | 19,219 | ||||||||
Total Operating Revenues and Other | 17,275,399 | 17,052,465 | 222,934 | ||||||||
Operating Expenses | |||||||||||
Gathering and Processing Costs | 436,973 | 233,258 | 203,715 | ||||||||
Marketing Costs | 5,203,243 | 5,184,024 | 19,219 | ||||||||
Total Operating Expenses | 12,806,053 | 12,583,119 | 222,934 | ||||||||
Operating Income | 4,469,346 | 4,469,346 | — |
2022 | 2021 | ||||||||||
2.625% Senior Notes due 2023 | $ | 1,250 | $ | 1,250 | |||||||
3.15% Senior Notes due 2025 | 500 | 500 | |||||||||
4.15% Senior Notes due 2026 | 750 | 750 | |||||||||
6.65% Senior Notes due 2028 | 140 | 140 | |||||||||
4.375% Senior Notes due 2030 | 750 | 750 | |||||||||
3.90% Senior Notes due 2035 | 500 | 500 | |||||||||
5.10% Senior Notes due 2036 | 250 | 250 | |||||||||
4.950% Senior Notes due 2050 | 750 | 750 | |||||||||
Long-Term Debt | 4,890 | 4,890 | |||||||||
Finance Leases (see Note 18) | 215 | 250 | |||||||||
Less: Current Portion of Long-Term Debt | 1,283 | 37 | |||||||||
Unamortized Debt Discount | 23 | 27 | |||||||||
Debt Issuance Costs | 4 | 4 | |||||||||
Total Long-Term Debt | $ | 3,795 | $ | 5,072 |
2019 | 2018 | ||||||
5.625% Senior Notes due 2019 | $ | — | $ | 900,000 | |||
4.40% Senior Notes due 2020 | 500,000 | 500,000 | |||||
2.45% Senior Notes due 2020 | 500,000 | 500,000 | |||||
4.100% Senior Notes due 2021 | 750,000 | 750,000 | |||||
2.625% Senior Notes due 2023 | 1,250,000 | 1,250,000 | |||||
3.15% Senior Notes due 2025 | 500,000 | 500,000 | |||||
4.15% Senior Notes due 2026 | 750,000 | 750,000 | |||||
6.65% Senior Notes due 2028 | 140,000 | 140,000 | |||||
3.90% Senior Notes due 2035 | 500,000 | 500,000 | |||||
5.10% Senior Notes due 2036 | 250,000 | 250,000 | |||||
Long-Term Debt | 5,140,000 | 6,040,000 | |||||
Finance Leases (see Note 18) | 57,900 | 71,571 | |||||
Less: Current Portion of Long-Term Debt | 1,014,524 | 913,093 | |||||
Unamortized Debt Discount | 19,528 | 24,640 | |||||
Debt Issuance Costs | 2,929 | 3,669 | |||||
Total Long-Term Debt | $ | 4,160,919 | $ | 5,170,169 |
Common Shares | |||||||||||||||||||||||||
Common Shares | Issued | Treasury | Outstanding | ||||||||||||||||||||||
Issued | Treasury | Outstanding | |||||||||||||||||||||||
Balance at December 31, 2016 | 576,950 | (250 | ) | 576,700 | |||||||||||||||||||||
Balance at December 31, 2019 | Balance at December 31, 2019 | 582,213 | (299) | 581,914 | |||||||||||||||||||||
Common Stock Issued Under Stock-Based Compensation Plans | 1,878 | — | 1,878 | Common Stock Issued Under Stock-Based Compensation Plans | 1,482 | — | 1,482 | ||||||||||||||||||
Treasury Stock Purchased (1) | — | (686 | ) | (686 | ) | Treasury Stock Purchased (1) | — | (389) | (389) | ||||||||||||||||
Common Stock Issued Under Employee Stock Purchase Plan | — | 180 | 180 | Common Stock Issued Under Employee Stock Purchase Plan | — | 377 | 377 | ||||||||||||||||||
Treasury Stock Issued Under Stock-Based Compensation Plans | — | 405 | 405 | Treasury Stock Issued Under Stock-Based Compensation Plans | — | 187 | 187 | ||||||||||||||||||
Balance at December 31, 2017 | 578,828 | (351 | ) | 578,477 | |||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | 583,695 | (124) | 583,571 | |||||||||||||||||||||
Common Stock Issued Under Stock-Based Compensation Plans | 1,580 | — | 1,580 | Common Stock Issued Under Stock-Based Compensation Plans | 1,511 | — | 1,511 | ||||||||||||||||||
Treasury Stock Purchased (1) | — | (539 | ) | (539 | ) | Treasury Stock Purchased (1) | — | (504) | (504) | ||||||||||||||||
Common Stock Issued Under Employee Stock Purchase Plan | — | 180 | 180 | Common Stock Issued Under Employee Stock Purchase Plan | 316 | — | 316 | ||||||||||||||||||
Treasury Stock Issued Under Stock-Based Compensation Plans | — | 325 | 325 | Treasury Stock Issued Under Stock-Based Compensation Plans | — | 371 | 371 | ||||||||||||||||||
Balance at December 31, 2018 | 580,408 | (385 | ) | 580,023 | |||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | 585,522 | (257) | 585,265 | |||||||||||||||||||||
Common Stock Issued Under Stock-Based Compensation Plans | 1,688 | — | 1,688 | Common Stock Issued Under Stock-Based Compensation Plans | 2,674 | — | 2,674 | ||||||||||||||||||
Treasury Stock Purchased (1) | — | (310 | ) | (310 | ) | Treasury Stock Purchased (1) | — | (997) | (997) | ||||||||||||||||
Common Stock Issued Under Employee Stock Purchase Plan | 117 | 106 | 223 | Common Stock Issued Under Employee Stock Purchase Plan | 201 | — | 201 | ||||||||||||||||||
Treasury Stock Issued Under Stock-Based Compensation Plans | — | 290 | 290 | Treasury Stock Issued Under Stock-Based Compensation Plans | — | 554 | 554 | ||||||||||||||||||
Balance at December 31, 2019 | 582,213 | (299 | ) | 581,914 | |||||||||||||||||||||
Balance at December 31, 2022 | Balance at December 31, 2022 | 588,397 | (700) | 587,697 |
Foreign Currency Translation Adjustment | Other | Total | |||||||||||||||
December 31, 2020 | $ | (10) | $ | (2) | $ | (12) | |||||||||||
Other comprehensive income (loss) before taxes | (1) | 1 | — | ||||||||||||||
Tax effects | — | — | — | ||||||||||||||
Other comprehensive loss | (1) | 1 | — | ||||||||||||||
December 31, 2021 | (11) | (1) | (12) | ||||||||||||||
Other comprehensive income (loss) before taxes | 4 | — | 4 | ||||||||||||||
Tax effects | — | — | — | ||||||||||||||
Other comprehensive income (loss) | 4 | — | 4 | ||||||||||||||
December 31, 2022 | $ | (7) | $ | (1) | $ | (8) |
Foreign Currency Translation Adjustment | Other | Total | |||||||||
December 31, 2017 | $ | (16,642 | ) | $ | (2,655 | ) | $ | (19,297 | ) | ||
Other comprehensive income before reclassifications | 2,451 | 1,131 | 3,582 | ||||||||
Amounts reclassified out of other comprehensive income (loss) (1) | 14,365 | — | 14,365 | ||||||||
Tax effects | — | (8 | ) | (8 | ) | ||||||
Other comprehensive income | 16,816 | 1,123 | 17,939 | ||||||||
December 31, 2018 | 174 | (1,532 | ) | (1,358 | ) | ||||||
Cumulative effect of accounting changes | — | 267 | 267 | ||||||||
Other comprehensive loss before reclassifications | (2,883 | ) | (533 | ) | (3,416 | ) | |||||
Tax effects | — | (145 | ) | (145 | ) | ||||||
Other comprehensive loss | (2,883 | ) | (678 | ) | (3,561 | ) | |||||
December 31, 2019 | $ | (2,709 | ) | $ | (1,943 | ) | $ | (4,652 | ) |
2022 | 2021 | ||||||||||
Deferred Income Tax Assets (Liabilities) | |||||||||||
Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Under Book Depreciation, Depletion and Amortization | $ | (18) | $ | (19) | |||||||
Foreign Asset Retirement Obligations | 81 | 51 | |||||||||
Foreign Accrued Expenses and Liabilities | 13 | 15 | |||||||||
Foreign Net Operating Loss | 82 | 80 | |||||||||
Foreign Valuation Allowances | (116) | (111) | |||||||||
Foreign Other | (9) | (5) | |||||||||
Total Net Deferred Income Tax Assets | $ | 33 | $ | 11 | |||||||
Deferred Income Tax (Assets) Liabilities | |||||||||||
Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization | $ | 5,291 | $ | 5,063 | |||||||
Financial Commodity Derivative Contracts | (421) | (97) | |||||||||
Deferred Compensation Plans | (58) | (57) | |||||||||
Equity Awards | (60) | (86) | |||||||||
Other | (42) | (74) | |||||||||
Total Net Deferred Income Tax Liabilities | $ | 4,710 | $ | 4,749 | |||||||
Total Net Deferred Income Tax Liabilities | $ | 4,677 | $ | 4,738 |
2019 | 2018 | |||||||
Deferred Income Tax Assets (Liabilities) | ||||||||
Foreign Oil and Gas Exploration and Development Costs Deducted for Tax Under Book Depreciation, Depletion and Amortization | $ | 5,825 | $ | 4,359 | ||||
Foreign Net Operating Loss | 66,675 | 55,175 | ||||||
Foreign Valuation Allowances | (70,455 | ) | (58,932 | ) | ||||
Foreign Other | 318 | 175 | ||||||
Total Net Deferred Income Tax Assets | $ | 2,363 | $ | 777 | ||||
Deferred Income Tax (Assets) Liabilities | ||||||||
Oil and Gas Exploration and Development Costs Deducted for Tax Over Book Depreciation, Depletion and Amortization | $ | 5,277,550 | $ | 4,583,517 | (1) | |||
Commodity Hedging Contracts | (4,699 | ) | 4,883 | |||||
Deferred Compensation Plans | (47,650 | ) | (39,086 | ) | ||||
Accrued Expenses and Liabilities | (8,502 | ) | (19,097 | ) | ||||
Equity Awards | (108,324 | ) | (93,977 | ) | ||||
Alternative Minimum Tax Credit Carryforward | (31,904 | ) | — | |||||
Undistributed Foreign Earnings | 15,746 | 22,945 | ||||||
Other | (46,116 | ) | (45,787 | ) | ||||
Total Net Deferred Income Tax Liabilities | $ | 5,046,101 | $ | 4,413,398 | ||||
Total Net Deferred Income Tax Liabilities | $ | 5,043,738 | $ | 4,412,621 |
2022 | 2021 | 2020 | |||||||||||||||
United States | $ | 9,752 | $ | 5,787 | $ | (756) | |||||||||||
Foreign | 149 | 146 | 17 | ||||||||||||||
Total | $ | 9,901 | $ | 5,933 | $ | (739) |
2019 | 2018 | 2017 | |||||||||
United States | $ | 3,466,578 | $ | 4,084,156 | $ | 621,610 | |||||
Foreign | 78,689 | 156,842 | 39,572 | ||||||||
Total | $ | 3,545,267 | $ | 4,240,998 | $ | 661,182 |
2019 | 2018 | 2017 | |||||||||
Current: | |||||||||||
Federal | $ | (152,258 | ) | $ | (303,853 | ) | $ | 33,058 | |||
State | 10,819 | 17,048 | (2,502 | ) | |||||||
Foreign | 81,426 | 65,615 | 35,323 | ||||||||
Total | (60,013 | ) | (221,190 | ) | 65,879 | ||||||
Deferred: | |||||||||||
Federal | 626,901 | 862,075 | (1,504,288 | ) | |||||||
State | 32,541 | 43,293 | 26,942 | ||||||||
Foreign | (27,784 | ) | (11,212 | ) | 3,474 | ||||||
Total | 631,658 | 894,156 | (1,473,872 | ) | |||||||
Other Non-Current: (1) | |||||||||||
Federal | 245,125 | 148,992 | (513,404 | ) | |||||||
Foreign | (6,413 | ) | — | — | |||||||
Total | 238,712 | 148,992 | (513,404 | ) | |||||||
Income Tax Provision (Benefit) | $ | 810,357 | $ | 821,958 | $ | (1,921,397 | ) |
2022 | 2021 | 2020 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 2,020 | $ | 1,203 | $ | (108) | |||||||||||
State | 126 | 85 | 7 | ||||||||||||||
Foreign | 62 | 105 | 40 | ||||||||||||||
Total | 2,208 | 1,393 | (61) | ||||||||||||||
Deferred: | |||||||||||||||||
Federal | (2) | (41) | (153) | ||||||||||||||
State | (37) | (62) | (15) | ||||||||||||||
Foreign | (22) | (19) | (18) | ||||||||||||||
Total | (61) | (122) | (186) | ||||||||||||||
Other Non-Current: (1) | |||||||||||||||||
Federal | — | — | 113 | ||||||||||||||
Foreign | (5) | (2) | — | ||||||||||||||
Total | (5) | (2) | 113 | ||||||||||||||
Income Tax Provision (Benefit) | $ | 2,142 | $ | 1,269 | $ | (134) |
2022 | 2021 | 2020 | |||||||||||||||
Statutory Federal Income Tax Rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
State Income Tax, Net of Federal Benefit | 0.7 | 0.3 | 0.9 | ||||||||||||||
Income Tax Provision Related to Foreign Operations | — | 0.9 | (0.1) | ||||||||||||||
Income Tax Provision Related to Canadian Operations | — | — | (2.4) | ||||||||||||||
Stock-Based Compensation | — | 0.2 | (2.9) | ||||||||||||||
Other | — | (1.0) | 1.7 | ||||||||||||||
Effective Income Tax Rate | 21.7 | % | 21.4 | % | 18.2 | % |
2019 | 2018 | 2017 | |||||||
Statutory Federal Income Tax Rate | 21.00 | % | 21.00 | % | 35.00 | % | |||
State Income Tax, Net of Federal Benefit | 0.97 | 1.12 | 3.38 | ||||||
Income Tax Provision Related to Foreign Operations | 0.87 | 0.51 | (0.30 | ) | |||||
Income Tax Provision Related to United Kingdom Operations | — | — | 1.78 | ||||||
Income Tax Provision Related to Canadian Operations | — | — | 2.30 | ||||||
TCJA (1) | — | (2.60 | ) | (2) | (328.10 | ) | (3) | ||
Share-Based Compensation | 0.02 | (0.47 | ) | (4.63 | ) | ||||
Other | — | (0.18 | ) | (0.03 | ) | ||||
Effective Income Tax Rate | 22.86 | % | 19.38 | % | (290.60 | )% |
2019 | 2018 | 2017 | |||||||||
Beginning Balance | $ | 167,142 | $ | 466,421 | $ | 383,221 | |||||
Increase (1) | 30,673 | 23,062 | 67,333 | ||||||||
Decrease (2) | (75 | ) | (26,219 | ) | (13,687 | ) | |||||
Other (3) | 3,091 | (296,122 | ) | 29,554 | |||||||
Ending Balance | $ | 200,831 | $ | 167,142 | $ | 466,421 |
2022 | 2021 | 2020 | |||||||||||||||
Beginning Balance | $ | 219 | $ | 219 | $ | 201 | |||||||||||
Increase (1) | 27 | 15 | 25 | ||||||||||||||
Decrease (2) | (33) | (14) | (11) | ||||||||||||||
Other (3) | (6) | (1) | 4 | ||||||||||||||
Ending Balance | $ | 207 | $ | 219 | $ | 219 |
2022 | 2021 | 2020 | |||||||||||||||
Lease and Well | $ | 40 | $ | 49 | $ | 52 | |||||||||||
Gathering and Processing Costs | 4 | 3 | 1 | ||||||||||||||
Exploration Costs | 15 | 20 | 21 | ||||||||||||||
General and Administrative | 74 | 80 | 72 | ||||||||||||||
Total | $ | 133 | $ | 152 | $ | 146 |
2019 | 2018 | 2017 | |||||||||
Lease and Well | $ | 56 | $ | 51 | $ | 41 | |||||
Gathering and Processing Costs | 1 | 1 | 1 | ||||||||
Exploration Costs | 26 | 25 | 23 | ||||||||
General and Administrative | 92 | 78 | 69 | ||||||||
Total | $ | 175 | $ | 155 | $ | 134 |
Grant Type | Vesting Schedule | |||||||
Stock Options/SARs | Vesting in increments of | |||||||
Restricted Stock/Restricted Stock Units | "Cliff" vesting three years from the date of grant | |||||||
Performance Units | "Cliff" vesting |
Stock Options/SARs | ESPP | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Weighted Average Fair Value of Grants | $ | 28.30 | $ | 24.92 | $ | 11.06 | $ | 26.62 | $ | 18.12 | $ | 19.14 | |||||||||||||||||||||||
Expected Volatility | 42.20 | % | 42.24 | % | 44.47 | % | 43.00 | % | 51.27 | % | 53.48 | % | |||||||||||||||||||||||
Risk-Free Interest Rate | 0.89 | % | 0.50 | % | 0.21 | % | 1.30 | % | 0.07 | % | 0.90 | % | |||||||||||||||||||||||
Dividend Yield | 3.28 | % | 2.26 | % | 3.27 | % | 2.89 | % | 2.89 | % | 2.27 | % | |||||||||||||||||||||||
Expected Life | 5.3 years | 5.2 years | 5.2 years | 0.5 years | 0.5 years | 0.5 years |
Stock Options/SARs | ESPP | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||
Weighted Average Fair Value of Grants | $ | 19.49 | $ | 33.46 | $ | 23.95 | $ | 22.83 | $ | 25.75 | $ | 22.20 | |||||||||||
Expected Volatility | 32.02 | % | 28.23 | % | 28.28 | % | 34.78 | % | 24.59 | % | 27.12 | % | |||||||||||
Risk-Free Interest Rate | 1.69 | % | 2.68 | % | 1.52 | % | 2.27 | % | 1.89 | % | 0.88 | % | |||||||||||
Dividend Yield | 1.39 | % | 0.72 | % | 0.75 | % | 1.04 | % | 0.64 | % | 0.71 | % | |||||||||||
Expected Life | 5.1 years | 5.0 years | 5.1 years | 0.5 years | 0.5 years | 0.5 years |
2019 | 2018 | 2017 | ||||||||||||||||||
Number of Stock Options/ SARs | Weighted Average Grant Price | 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 | 9,850 | $ | 75.53 | |||||||||||
Granted | 1,965 | 75.39 | 1,906 | 126.49 | 2,274 | 96.27 | ||||||||||||||
Exercised (1) | (606 | ) | 61.43 | (2,493 | ) | 72.21 | (2,574 | ) | 61.12 | |||||||||||
Forfeited | (274 | ) | 102.57 | (206 | ) | 94.43 | (447 | ) | 93.84 | |||||||||||
Outstanding at December 31 | 9,395 | 94.53 | 8,310 | 96.90 | 9,103 | 83.89 | ||||||||||||||
Stock Options/SARs Exercisable at December 31 | 5,275 | 94.21 | 3,969 | 85.82 | 4,510 | 75.76 |
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Number of Stock Options/ SARs | Weighted Average Grant Price | Number of Stock Options/ SARs | Weighted Average Grant Price | Number of Stock Options/ SARs | Weighted Average Grant Price | ||||||||||||||||||||||||||||||
Outstanding at January 1 | 9,969 | $ | 84.37 | 10,186 | $ | 84.08 | 9,395 | $ | 94.53 | ||||||||||||||||||||||||||
Granted | 2 | 97.64 | 1,982 | 81.68 | 1,996 | 37.63 | |||||||||||||||||||||||||||||
Exercised (1) | (5,526) | 89.70 | (1,130) | 63.98 | (23) | 69.59 | |||||||||||||||||||||||||||||
Forfeited | (220) | 82.74 | (1,069) | 98.15 | (1,182) | 88.93 | |||||||||||||||||||||||||||||
Outstanding at December 31 | 4,225 | 77.49 | 9,969 | 84.37 | 10,186 | 84.08 | |||||||||||||||||||||||||||||
Stock Options/SARs Exercisable at December 31 | 2,462 | 84.53 | 6,197 | 95.33 | 6,343 | 96.41 |
Stock Options/SARs Outstanding | Stock Options/SARs Exercisable | |||||||||||||||||||||||||
Range of Grant Prices | Stock Options/ SARs | Weighted Average Remaining Life (Years) | Weighted Average Grant Price | Aggregate Intrinsic Value(1) | Stock Options/ SARs | Weighted Average Remaining Life (Years) | Weighted Average Grant Price | Aggregate Intrinsic Value (1) | ||||||||||||||||||
$ 59.00 to $ 74.99 | 979 | 3 | $ | 69.43 | 953 | 3 | $ | 69.37 | ||||||||||||||||||
75.00 to 75.99 | 1,894 | 7 | 75.09 | 8 | 1 | 75.09 | ||||||||||||||||||||
76.00 to 95.99 | 1,979 | 3 | 91.35 | 1,607 | 2 | 90.67 | ||||||||||||||||||||
96.00 to 96.99 | 1,871 | 4 | 96.29 | 1,234 | 4 | 96.29 | ||||||||||||||||||||
97.00 to 125.99 | 923 | 2 | 102.72 | 862 | 2 | 102.20 | ||||||||||||||||||||
126.00 to 129.99 | 1,749 | 6 | 127.01 | 611 | 5 | 127.01 | ||||||||||||||||||||
9,395 | 4 | 94.53 | $ | 30,534 | 5,275 | 3 | 94.21 | $ | 13,839 |
Stock Options/SARs Outstanding | Stock Options/SARs Exercisable | |||||||||||||||||||||||||||||||||||||||||||||||||
Range of Grant Prices | Stock Options/ SARs | Weighted Average Remaining Life (Years) | Weighted Average Grant Price | Aggregate Intrinsic Value(1) | Stock Options/ SARs | Weighted Average Remaining Life (Years) | Weighted Average Grant Price | Aggregate Intrinsic Value (1) | ||||||||||||||||||||||||||||||||||||||||||
$ 34.00 to $ 52.99 | 1,029 | 4 | $ | 37.52 | 466 | 4 | $ | 37.51 | ||||||||||||||||||||||||||||||||||||||||||
53.00 to 80.99 | 593 | 3 | 74.98 | 584 | 3 | 75.04 | ||||||||||||||||||||||||||||||||||||||||||||
81.00 to 81.99 | 1,513 | 6 | 81.81 | 331 | 5 | 81.81 | ||||||||||||||||||||||||||||||||||||||||||||
82.00 to 96.99 | 562 | 1 | 95.62 | 553 | 1 | 95.75 | ||||||||||||||||||||||||||||||||||||||||||||
97.00 to 129.99 | 528 | 3 | 126.51 | 528 | 3 | 126.53 | ||||||||||||||||||||||||||||||||||||||||||||
4,225 | 4 | 77.49 | $ | 220 | 2,462 | 3 | 84.53 | $ | 111 |
2022 | 2021 | 2020 | |||||||||||||||
Approximate Number of Participants | 1,969 | 2,036 | 2,063 | ||||||||||||||
Shares Purchased | 201 | 316 | 377 | ||||||||||||||
Aggregate Purchase Price | $ | 17,250 | $ | 17,224 | $ | 16,103 |
2019 | 2018 | 2017 | |||||||||
Approximate Number of Participants | 1,998 | 1,934 | 1,870 | ||||||||
Shares Purchased | 224 | 180 | 180 | ||||||||
Aggregate Purchase Price | $ | 16,533 | $ | 14,887 | $ | 13,997 |
2019 | 2018 | 2017 | ||||||||||||||||||
Number of Shares and Units | Weighted Average Grant Date Fair Value | 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 | 3,962 | $ | 79.63 | |||||||||||
Granted | 1,749 | 80.01 | 812 | 117.55 | 1,095 | 97.34 | ||||||||||||||
Released (1) | (855 | ) | 96.93 | (740 | ) | 78.16 | (929 | ) | 61.51 | |||||||||||
Forfeited | (140 | ) | 97.54 | (185 | ) | 92.12 | (223 | ) | 85.45 | |||||||||||
Outstanding at December 31 (2) | 4,546 | 90.16 | 3,792 | 96.64 | 3,905 | 88.57 |
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Number of Shares and Units | Weighted Average Grant Date Fair Value | 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 | 4,680 | $ | 69.37 | 4,742 | $ | 74.97 | 4,546 | $ | 90.16 | ||||||||||||||||||||||||||
Granted | 1,637 | 113.21 | 1,422 | 81.50 | 1,488 | 38.10 | |||||||||||||||||||||||||||||
Released (1) | (2,019) | 81.76 | (1,388) | 101.00 | (1,213) | 85.92 | |||||||||||||||||||||||||||||
Forfeited | (185) | 68.89 | (96) | 68.26 | (79) | 86.52 | |||||||||||||||||||||||||||||
Outstanding at December 31 (2) | 4,113 | 80.77 | 4,680 | 69.37 | 4,742 | 74.97 |
(1) |
2022 | 2021 | 2020 | |||||||||||||||
Weighted Average Fair Value of Grants | $ | 126.55 | $ | 95.16 | $ | 42.77 | |||||||||||
Expected Volatility | 56.11 | % | 53.80 | % | 47.27 | % | |||||||||||
Risk-Free Interest Rate | 4.01 | % | 0.59 | % | 0.16 | % |
2019 | 2018 | 2017 | |||||||||
Weighted Average Fair Value of Grants | $ | 79.98 | $ | 136.74 | $ | 113.81 | |||||
Expected Volatility | 29.20 | % | 29.92 | % | 32.19 | % | |||||
Risk-Free Interest Rate | 1.51 | % | 2.85 | % | 1.60 | % |
2019 | 2018 | 2017 | ||||||||||||||||||||
Number of Units and Shares | Weighted Average Price per Grant Date | Number of Units and Shares | Weighted Average Price per Grant Date | Number of Units and Shares | Weighted Average Price per Grant Date | |||||||||||||||||
Outstanding at January 1 | 539 | $ | 101.53 | 502 | $ | 90.96 | 545 | $ | 80.92 | |||||||||||||
Granted | 172 | 75.09 | 113 | 125.73 | 78 | 96.29 | ||||||||||||||||
Granted for Performance Multiple (1) | 72 | 69.43 | 72 | 101.87 | 119 | 84.43 | ||||||||||||||||
Released (2) | (185 | ) | 94.63 | (148 | ) | 84.43 | (240 | ) | 66.69 | |||||||||||||
Forfeited | — | — | — | — | — | — | ||||||||||||||||
Outstanding at December 31 (3) | 598 | (4 | ) | 92.19 | 539 | 101.53 | 502 | 90.96 |
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Number of Units | Weighted Average Grant Date Fair Value | Number of Units | Weighted Average Grant Date Fair Value | Number of Units | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||||||||||||
Outstanding at January 1 | 679 | $ | 84.97 | 613 | $ | 88.38 | 598 | $ | 103.91 | |||||||||||||||||||||||||||||
Granted | 122 | 126.55 | 222 | 95.16 | 172 | 42.77 | ||||||||||||||||||||||||||||||||
Granted for Performance Multiple (1) | — | — | 19 | 113.81 | 66 | 119.10 | ||||||||||||||||||||||||||||||||
Released (2) | (57) | 136.74 | (175) | 113.06 | (223) | 103.87 | ||||||||||||||||||||||||||||||||
Forfeited for Performance Multiple (3) | (56) | 136.74 | — | — | — | — | ||||||||||||||||||||||||||||||||
Outstanding at December 31 (4) | 688 | (5) | 83.82 | 679 | 84.97 | 613 | 88.38 |
Total Minimum Commitments | |||||
2023 | $ | 1,362 | |||
2024 | 1,149 | ||||
2025 | 984 | ||||
2026 | 791 | ||||
2027 | 642 | ||||
2028 and beyond | 1,570 | ||||
$ | 6,498 |
Total Minimum Commitments | |||
2020 | $ | 1,312 | |
2021 | 1,103 | ||
2022 | 1,027 | ||
2023 | 764 | ||
2024 | 519 | ||
2025 and beyond | 2,531 | ||
$ | 7,256 |
2022 | 2021 | 2020 | |||||||||||||||
Numerator for Basic and Diluted Earnings per Share - | |||||||||||||||||
Net Income (Loss) | $ | 7,759 | $ | 4,664 | $ | (605) | |||||||||||
Denominator for Basic Earnings per Share - | |||||||||||||||||
Weighted Average Shares | 583 | 581 | 579 | ||||||||||||||
Potential Dilutive Common Shares - | |||||||||||||||||
Stock Options/SARs | 2 | — | — | ||||||||||||||
Restricted Stock/Units and Performance Units | 2 | 3 | — | ||||||||||||||
Denominator for Diluted Earnings per Share - | |||||||||||||||||
Adjusted Diluted Weighted Average Shares | 587 | 584 | 579 | ||||||||||||||
Net Income (Loss) Per Share | |||||||||||||||||
Basic | $ | 13.31 | $ | 8.03 | $ | (1.04) | |||||||||||
Diluted | $ | 13.22 | $ | 7.99 | $ | (1.04) |
2019 | 2018 | 2017 | |||||||||
Numerator for Basic and Diluted Earnings per Share - | |||||||||||
Net Income | $ | 2,734,910 | $ | 3,419,040 | $ | 2,582,579 | |||||
Denominator for Basic Earnings per Share - | |||||||||||
Weighted Average Shares | 577,670 | 576,578 | 574,620 | ||||||||
Potential Dilutive Common Shares - | |||||||||||
Stock Options/SARs | 258 | 1,137 | 1,466 | ||||||||
Restricted Stock/Units and Performance Units | 2,849 | 2,726 | 2,607 | ||||||||
Denominator for Diluted Earnings per Share - | |||||||||||
Adjusted Diluted Weighted Average Shares | 580,777 | 580,441 | 578,693 | ||||||||
Net Income Per Share | |||||||||||
Basic | $ | 4.73 | $ | 5.93 | $ | 4.49 | |||||
Diluted | $ | 4.71 | $ | 5.89 | $ | 4.46 |
2022 | 2021 | 2020 | |||||||||||||||
Interest, Net of Capitalized Interest | $ | 173 | $ | 185 | $ | 205 | |||||||||||
Income Taxes, Net of Refunds Received | $ | 2,475 | $ | 1,114 | $ | (206) |
2019 | 2018 | 2017 | |||||||||
Interest, Net of Capitalized Interest | $ | 186,546 | $ | 243,279 | $ | 275,305 | |||||
Income Taxes, Net of Refunds Received | $ | (291,849 | ) | $ | 75,634 | $ | 188,946 |
United States | Trinidad | Other International (1) | Total | ||||||||||||||||||||
2022 | |||||||||||||||||||||||
Crude Oil and Condensate | $ | 16,349 | $ | 18 | $ | — | $ | 16,367 | |||||||||||||||
Natural Gas Liquids | 2,648 | — | — | 2,648 | |||||||||||||||||||
Natural Gas | 3,489 | 292 | — | 3,781 | |||||||||||||||||||
Losses on Mark-to-Market Financial Commodity Derivative Contracts, Net | (3,982) | — | — | (3,982) | |||||||||||||||||||
Gathering, Processing and Marketing | 6,695 | 1 | — | 6,696 | |||||||||||||||||||
Gains (Losses) on Asset Dispositions, Net | 77 | (4) | 1 | 74 | |||||||||||||||||||
Other, Net | 118 | — | — | 118 | |||||||||||||||||||
Operating Revenues and Other (2) | 25,394 | 307 | 1 | 25,702 | |||||||||||||||||||
Depreciation, Depletion and Amortization | 3,469 | 73 | — | 3,542 | |||||||||||||||||||
Operating Income (Loss) (3) | 9,880 | 122 | (36) | 9,966 | |||||||||||||||||||
Interest Income | 81 | 2 | 2 | 85 | |||||||||||||||||||
Other Income (Expense) | (17) | 46 | — | 29 | |||||||||||||||||||
Net Interest Expense | 179 | — | — | 179 | |||||||||||||||||||
Income (Loss) Before Income Taxes | 9,765 | 170 | (34) | 9,901 | |||||||||||||||||||
Income Tax Provision | 2,106 | 35 | 1 | 2,142 | |||||||||||||||||||
Additions to Oil and Gas Properties, Excluding Dry Hole Costs | 4,599 | 122 | 6 | 4,727 | |||||||||||||||||||
Total Property, Plant and Equipment, Net | 29,109 | 307 | 13 | 29,429 | |||||||||||||||||||
Total Assets | 40,349 | 879 | 143 | 41,371 |
2021 | |||||||||||||||||||||||
Crude Oil and Condensate | $ | 11,094 | $ | 31 | $ | — | $ | 11,125 | |||||||||||||||
Natural Gas Liquids | 1,812 | — | — | 1,812 | |||||||||||||||||||
Natural Gas | 2,156 | 270 | 18 | 2,444 | |||||||||||||||||||
Losses on Mark-to-Market Financial Commodity Derivative Contracts, Net | (1,152) | — | — | (1,152) | |||||||||||||||||||
Gathering, Processing and Marketing | 4,287 | 1 | — | 4,288 | |||||||||||||||||||
Gains (Losses) on Asset Dispositions, Net | (40) | (2) | 59 | 17 | |||||||||||||||||||
Other, Net | 108 | — | — | 108 | |||||||||||||||||||
Operating Revenues and Other (4) | 18,265 | 300 | 77 | 18,642 | |||||||||||||||||||
Depreciation, Depletion and Amortization | 3,558 | 87 | 6 | 3,651 | |||||||||||||||||||
Operating Income (Loss) (5) | 6,013 | 151 | (62) | 6,102 | |||||||||||||||||||
Interest Income | 3 | — | — | 3 | |||||||||||||||||||
Other Income (Expense) | (14) | 8 | 12 | 6 | |||||||||||||||||||
Net Interest Expense | 178 | — | — | 178 | |||||||||||||||||||
Income (Loss) Before Income Taxes | 5,824 | 159 | (50) | 5,933 | |||||||||||||||||||
Income Tax Provision (Benefit) | 1,247 | 66 | (44) | 1,269 | |||||||||||||||||||
Additions to Oil and Gas Properties, Excluding Dry Hole Costs | 3,557 | 55 | 5 | 3,617 | |||||||||||||||||||
Total Property, Plant and Equipment, Net | 28,213 | 204 | 9 | 28,426 | |||||||||||||||||||
Total Assets | 37,436 | 637 | 163 | 38,236 |
United States | Trinidad | Other International (1) | Total | ||||||||||||
2019 | |||||||||||||||
Crude Oil and Condensate | $ | 9,599,125 | $ | 11,138 | $ | 2,269 | $ | 9,612,532 | |||||||
Natural Gas Liquids | 784,818 | — | — | 784,818 | |||||||||||
Natural Gas | 866,911 | 258,819 | 58,365 | 1,184,095 | |||||||||||
Gains on Mark-to-Market Commodity Derivative Contracts | 180,275 | — | — | 180,275 | |||||||||||
Gathering, Processing and Marketing | 5,355,463 | 4,819 | — | 5,360,282 | |||||||||||
Gains (Losses) on Asset Dispositions, Net | 131,446 | (3,688 | ) | (4,145 | ) | 123,613 | |||||||||
Other, Net | 134,325 | 18 | 15 | 134,358 | |||||||||||
Operating Revenues and Other (2) | 17,052,363 | 271,106 | 56,504 | 17,379,973 | |||||||||||
Depreciation, Depletion and Amortization | 3,652,294 | 79,389 | 18,021 | 3,749,704 | |||||||||||
Operating Income (Loss) | 3,618,907 | 112,790 | (32,686 | ) | 3,699,011 | ||||||||||
Interest Income | 22,122 | 3,686 | 218 | 26,026 | |||||||||||
Other Income | 3,235 | 727 | 1,397 | 5,359 | |||||||||||
Net Interest Expense | 192,587 | — | (7,458 | ) | 185,129 | ||||||||||
Income (Loss) Before Income Taxes | 3,451,677 | 117,203 | (23,613 | ) | 3,545,267 | ||||||||||
Income Tax Provision | 760,881 | 40,901 | 8,575 | 810,357 | |||||||||||
Additions to Oil and Gas Properties, Excluding Dry Hole Costs | 6,208,394 | 53,325 | 12,233 | 6,273,952 | |||||||||||
Total Property, Plant and Equipment, Net | 30,101,857 | 184,606 | 78,132 | 30,364,595 | |||||||||||
Total Assets | 36,274,942 | 705,747 | 143,919 | 37,124,608 |
United States | Trinidad | Other International (1) | Total | ||||||||||||
2018 | |||||||||||||||
Crude Oil and Condensate | $ | 9,390,244 | $ | 17,059 | $ | 110,137 | $ | 9,517,440 | |||||||
Natural Gas Liquids | 1,127,510 | — | — | 1,127,510 | |||||||||||
Natural Gas | 970,866 | 285,053 | 45,618 | 1,301,537 | |||||||||||
Losses on Mark-to-Market Commodity Derivative Contracts | (165,640 | ) | — | — | (165,640 | ) | |||||||||
Gathering, Processing and Marketing | 5,227,051 | 3,304 | — | 5,230,355 | |||||||||||
Gains on Asset Dispositions, Net | 154,852 | 4,493 | 15,217 | 174,562 | |||||||||||
Other, Net | 89,708 | (49 | ) | (24 | ) | 89,635 | |||||||||
Operating Revenues and Other (3) | 16,794,591 | 309,860 | 170,948 | 17,275,399 | |||||||||||
Depreciation, Depletion and Amortization | 3,296,499 | 91,971 | 46,938 | 3,435,408 | |||||||||||
Operating Income (Loss) | 4,334,364 | 147,240 | (12,258 | ) | 4,469,346 | ||||||||||
Interest Income | 9,326 | 1,612 | 608 | 11,546 | |||||||||||
Other Income (Expense) | 9,580 | 2,436 | (6,858 | ) | 5,158 | ||||||||||
Net Interest Expense | 253,352 | — | (8,300 | ) | 245,052 | ||||||||||
Income (Loss) Before Income Taxes | 4,099,918 | 151,288 | (10,208 | ) | 4,240,998 | ||||||||||
Income Tax Provision | 765,986 | 54,272 | 1,700 | 821,958 | |||||||||||
Additions to Oil and Gas Properties, Excluding Dry Hole Costs | 6,155,874 | 1,618 | 37,838 | 6,195,330 | |||||||||||
Total Property, Plant and Equipment, Net | 27,786,086 | 210,183 | 79,250 | 28,075,519 | |||||||||||
Total Assets | 33,178,733 | 629,633 | 126,108 | 33,934,474 | |||||||||||
2017 | |||||||||||||||
Crude Oil and Condensate | $ | 6,225,711 | $ | 13,572 | $ | 17,113 | $ | 6,256,396 | |||||||
Natural Gas Liquids | 729,545 | — | 16 | 729,561 | |||||||||||
Natural Gas | 615,512 | 271,101 | 35,321 | 921,934 | |||||||||||
Gains on Mark-to-Market Commodity Derivative Contracts | 19,828 | — | — | 19,828 | |||||||||||
Gathering, Processing and Marketing | 3,298,098 | (11 | ) | — | 3,298,087 | ||||||||||
Losses on Asset Dispositions, Net | (98,233 | ) | (8 | ) | (855 | ) | (99,096 | ) | |||||||
Other, Net | 81,610 | 59 | (59 | ) | 81,610 | ||||||||||
Operating Revenues and Other (4) | 10,872,071 | 284,713 | 51,536 | 11,208,320 | |||||||||||
Depreciation, Depletion and Amortization | 3,269,196 | 115,321 | 24,870 | 3,409,387 | |||||||||||
Operating Income (Loss) | 933,571 | 101,010 | (108,179 | ) | 926,402 | ||||||||||
Interest Income | 3,223 | 2,201 | 2,289 | 7,713 | |||||||||||
Other Income (Expense) | (9,659 | ) | 3,337 | 7,761 | 1,439 | ||||||||||
Net Interest Expense | 303,941 | — | (29,569 | ) | 274,372 | ||||||||||
Income (Loss) Before Income Taxes | 623,194 | 106,548 | (68,560 | ) | 661,182 | ||||||||||
Income Tax Provision (Benefit) | (1,964,343 | ) | 38,798 | 4,148 | (1,921,397 | ) | |||||||||
Additions to Oil and Gas Properties, Excluding Dry Hole Costs | 4,067,359 | 145,937 | 14,932 | 4,228,228 | |||||||||||
Total Property, Plant and Equipment, Net | 25,125,427 | 313,357 | 226,253 | 25,665,037 | |||||||||||
Total Assets | 28,312,599 | 974,477 | 546,002 | 29,833,078 |
United States | Trinidad | Other International (1) | Total | ||||||||||||||||||||
2020 | |||||||||||||||||||||||
Crude Oil and Condensate | $ | 5,774 | $ | 11 | $ | 1 | $ | 5,786 | |||||||||||||||
Natural Gas Liquids | 668 | — | — | 668 | |||||||||||||||||||
Natural Gas | 614 | 169 | 54 | 837 | |||||||||||||||||||
Gains on Mark-to-Market Financial Commodity Derivative Contracts, Net | 1,145 | — | — | 1,145 | |||||||||||||||||||
Gathering, Processing and Marketing | 2,581 | 2 | — | 2,583 | |||||||||||||||||||
Losses on Asset Dispositions, Net | (47) | — | — | (47) | |||||||||||||||||||
Other, Net | 60 | — | — | 60 | |||||||||||||||||||
Operating Revenues and Other (6) | 10,795 | 182 | 55 | 11,032 | |||||||||||||||||||
Depreciation, Depletion and Amortization | 3,324 | 60 | 16 | 3,400 | |||||||||||||||||||
Operating Income (Loss) (7) | (546) | 75 | (73) | (544) | |||||||||||||||||||
Interest Income | 11 | 1 | — | 12 | |||||||||||||||||||
Other Expense | — | (2) | — | (2) | |||||||||||||||||||
Net Interest Expense | 205 | — | — | 205 | |||||||||||||||||||
Income (Loss) Before Income Taxes | (740) | 74 | (73) | (739) | |||||||||||||||||||
Income Tax Provision (Benefit) | (157) | 15 | 8 | (134) |
(1)Other International primarily consists of EOG's China and Canada operations. The China operations were sold in the second quarter of 2021. EOG began exploration programs in Australia in the third quarter of 2021 and in Oman in the third quarter of 2020. The decision was reached in the fourth quarter of 2021 to exit Block 36 and Block 49 in Oman. |
Midland Differential Basis Swap Contracts | ||||||||
Volume (Bbld) | Weighted Average Price Differential ($/Bbl) | |||||||
2019 | ||||||||
January 1, 2019 through December 31, 2019 (closed) | 20,000 | $ | 1.075 |
Gulf Coast Differential Basis Swap Contracts | ||||||||
Volume (Bbld) | Weighted Average Price Differential ($/Bbl) | |||||||
2019 | ||||||||
January 1, 2019 through December 31, 2019 (closed) | 13,000 | $ | 5.572 |
Crude Oil Price Swap Contracts | ||||||||
Volume (Bbld) | Weighted Average Price ($/Bbl) | |||||||
2019 | ||||||||
April 2019 (closed) | 25,000 | $ | 60.00 | |||||
May 1, 2019 through December 31, 2019 (closed) | 150,000 | 62.50 | ||||||
2020 | ||||||||
January 1, 2020 through March 31, 2020 | 200,000 | $ | 59.33 | |||||
April 1, 2020 through June 30, 2020 | 150,000 | 59.03 | ||||||
July 1, 2020 through September 30, 2020 | 50,000 | 58.32 |
Mont Belvieu Propane Price Swap Contracts | ||||||||
Volume (Bbld) | Weighted Average Price ($/Bbl) | |||||||
2020 | ||||||||
January 1, 2020 through December 31, 2020 | 4,000 | $ | 21.34 |
Natural Gas Price Swap Contracts | ||||||||
Volume (MMBtud) | Weighted Average Price ($/MMBtu) | |||||||
2019 | ||||||||
April 1, 2019 through October 31, 2019 (closed) | 250,000 | $ | 2.90 |
Crude Oil Financial Price Swap Contracts | ||||||||||||||||||||||||||||||||
Contracts Sold | Contracts Purchased | |||||||||||||||||||||||||||||||
Period | Settlement Index | Volume (MBbld) | Weighted Average Price ($/Bbl) | Volume (MBbld) | Weighted Average Price ($/Bbl) | |||||||||||||||||||||||||||
January - March 2022 (closed) | NYMEX WTI | 140 | $ | 65.58 | — | $ | — | |||||||||||||||||||||||||
April - June 2022 (closed) | NYMEX WTI | 140 | 65.62 | — | — | |||||||||||||||||||||||||||
July - September 2022 (closed) | NYMEX WTI | 140 | 65.59 | — | — | |||||||||||||||||||||||||||
October - December 2022 (closed) (1) | NYMEX WTI | 53 | 66.11 | — | — | |||||||||||||||||||||||||||
October - December 2022 (closed) | NYMEX WTI | 87 | 65.41 | 87 | 88.85 | |||||||||||||||||||||||||||
January - March 2023 (closed) (1) (2) | NYMEX WTI | 55 | 67.96 | — | — | |||||||||||||||||||||||||||
January - March 2023 | NYMEX WTI | 95 | 67.90 | 6 | 102.26 | |||||||||||||||||||||||||||
April - May 2023 (closed) (1) | NYMEX WTI | 29 | 68.28 | — | — | |||||||||||||||||||||||||||
April - May 2023 | NYMEX WTI | 91 | 67.63 | 2 | 98.15 | |||||||||||||||||||||||||||
June 2023 (closed) (1) | NYMEX WTI | 118 | 67.77 | — | — | |||||||||||||||||||||||||||
June 2023 | NYMEX WTI | 2 | 69.10 | 2 | 98.15 | |||||||||||||||||||||||||||
July - September 2023 (closed) (1) | NYMEX WTI | 100 | 70.15 | — | — | |||||||||||||||||||||||||||
October - December 2023 (closed) (1) | NYMEX WTI | 69 | 69.41 | — | — |
Crude Oil Basis Swap Contracts | ||||||||||||||||||||
Contracts Sold | ||||||||||||||||||||
Period | Settlement Index | Volume (MBbld) | Weighted Average Price Differential ($/Bbl) | |||||||||||||||||
January - December 2022 (closed) | NYMEX WTI Roll Differential (1) | 125 | $ | 0.15 |
Natural Gas Financial Price Swap Contracts | ||||||||||||||||||||
Contracts Sold | ||||||||||||||||||||
Period | Settlement Index | Volume (MMBtud in thousands) | Weighted Average Price ($/MMBtu) | |||||||||||||||||
January - September 2022 (closed) | NYMEX Henry Hub | 725 | $ | 3.57 | ||||||||||||||||
October - December 2022 (closed) (1) | NYMEX Henry Hub | 425 | 3.05 | |||||||||||||||||
October - December 2022 (closed) | NYMEX Henry Hub | 300 | 4.32 | |||||||||||||||||
January - December 2023 (closed) (1) | NYMEX Henry Hub | 425 | 3.05 | |||||||||||||||||
January 2023 (closed) | NYMEX Henry Hub | 300 | 3.36 | |||||||||||||||||
February - December 2023 | NYMEX Henry Hub | 300 | 3.36 | |||||||||||||||||
January - December 2024 | NYMEX Henry Hub | 725 | 3.07 | |||||||||||||||||
January - December 2025 | NYMEX Henry Hub | 725 | 3.07 |
Rockies Differential Basis Swap Contracts | ||||||||
Volume (MMBtud) | Weighted Average Price Differential ($/MMBtu) | |||||||
2020 | ||||||||
January 1, 2020 through December 31, 2020 | 30,000 | $ | 0.55 |
Natural Gas Basis Swap Contracts | ||||||||||||||||||||
Contracts Sold | ||||||||||||||||||||
Period | Settlement Index | Volume (MMBtud in thousands) | Weighted Average Price ($/MMBtu) | |||||||||||||||||
January - December 2022 (closed) | NYMEX Henry Hub Houston Ship Channel (HSC) Differential (1) | 210 | $ | 0.01 | ||||||||||||||||
January - December 2023 | NYMEX Henry Hub HSC Differential | 135 | 0.01 | |||||||||||||||||
January - December 2024 | NYMEX Henry Hub HSC Differential | 10 | 0.00 | |||||||||||||||||
January - December 2025 | NYMEX Henry Hub HSC Differential | 10 | 0.00 |
HSC Differential Basis Swap Contracts | ||||||||
Volume (MMBtud) | Weighted Average Price Differential ($/MMBtu) | |||||||
2020 | ||||||||
January 1, 2020 through December 31, 2020 | 60,000 | $ | 0.05 |
Waha Differential Basis Swap Contracts | ||||||||
Volume (MMBtud) | Weighted Average Price Differential ($/MMBtu) | |||||||
2020 | ||||||||
January 1, 2020 through December 31, 2020 | 50,000 | $ | 1.40 |
Fair Value at December 31, | ||||||||||
Description | Location on Balance Sheet | 2019 | 2018 | |||||||
Asset Derivatives | ||||||||||
Crude oil, NGLs and natural gas derivative contracts - | ||||||||||
Current portion | Assets from Price Risk Management Activities (1) | $ | 1,299 | $ | 23,806 | |||||
Liability Derivatives | ||||||||||
Crude oil, NGLs and natural gas derivative contracts - | ||||||||||
Current portion | Liabilities from Price Risk Management Activities (2) | $ | 20,194 | $ | — |
Fair Value at December 31, | ||||||||||||||||||||
Description | Location on Balance Sheet | 2022 | 2021 | |||||||||||||||||
Asset Derivatives | ||||||||||||||||||||
Crude oil, NGLs and natural gas financial derivative contracts - | ||||||||||||||||||||
Noncurrent portion | Other Assets | $ | — | $ | 6 | |||||||||||||||
Liability Derivatives | ||||||||||||||||||||
Crude oil, NGLs and natural gas financial derivative contracts - | ||||||||||||||||||||
Current portion | Liabilities from Price Risk Management Activities (1) | $ | 169 | $ | 269 | |||||||||||||||
Noncurrent Portion | Other Liabilities (2) | 371 | 37 |
Fair Value Measurements Using: | |||||||||||||||||||||||
Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||
At December 31, 2022 | |||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||
Natural Gas Basis Swaps | $ | — | $ | 29 | $ | — | $ | 29 | |||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||
Natural Gas Swaps | — | 703 | — | 703 | |||||||||||||||||||
Crude Oil Swaps | — | 190 | — | 190 | |||||||||||||||||||
At December 31, 2021 | |||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||
Natural Gas Swaps | $ | — | $ | 29 | $ | — | $ | 29 | |||||||||||||||
Natural Gas Basis Swaps | — | 2 | — | 2 | |||||||||||||||||||
Crude Oil Swaps | — | 15 | — | 15 | |||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||
Crude Oil Roll Differential Swaps | — | 24 | — | 24 | |||||||||||||||||||
Natural Gas Swaps | — | 121 | — | 121 | |||||||||||||||||||
Crude Oil Swaps | — | 340 | — | 340 | |||||||||||||||||||
Natural Gas Basis Swaps | — | 1 | — | 1 |
Fair Value Measurements Using: | |||||||||||||||
Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
At December 31, 2019 | |||||||||||||||
Financial Assets (1): | |||||||||||||||
Natural Gas Liquids Swaps | $ | — | $ | 3,401 | $ | — | $ | 3,401 | |||||||
Natural Gas Basis Swaps | — | 970 | — | 970 | |||||||||||
Financial Liabilities (2): | |||||||||||||||
Crude Oil Swaps | — | 23,266 | — | 23,266 | |||||||||||
At December 31, 2018 | |||||||||||||||
Financial Assets (1): | |||||||||||||||
Crude Oil Swaps | $ | — | $ | 23,806 | $ | — | $ | 23,806 |
2022 | 2021 | 2020 | |||||||||||||||
Proved properties (1) | $ | 120 | $ | 20 | $ | 1,268 | |||||||||||
Unproved properties (2) | 206 | 310 | 472 | ||||||||||||||
Other assets (3) | 29 | 28 | 300 | ||||||||||||||
Inventories | 25 | 13 | — | ||||||||||||||
Firm commitment contracts (4) | 2 | 5 | 60 | ||||||||||||||
Total | $ | 382 | $ | 376 | $ | 2,100 |
2022 | 2021 | ||||||||||
Carrying Amount at Beginning of Period | $ | 1,231 | $ | 1,217 | |||||||
Liabilities Incurred | 100 | 81 | |||||||||
Liabilities Settled (1) | (215) | (131) | |||||||||
Accretion | 43 | 44 | |||||||||
Revisions | 173 | 20 | |||||||||
Foreign Currency Translations | (4) | — | |||||||||
Carrying Amount at End of Period | $ | 1,328 | $ | 1,231 | |||||||
Current Portion | $ | 38 | $ | 43 | |||||||
Noncurrent Portion | $ | 1,290 | $ | 1,188 |
2019 | 2018 | ||||||
Carrying Amount at Beginning of Period | $ | 954,377 | $ | 946,848 | |||
Liabilities Incurred | 98,874 | 79,057 | |||||
Liabilities Settled (1) | (58,673 | ) | (70,829 | ) | |||
Accretion | 43,462 | 36,622 | |||||
Revisions | 72,425 | (38,932 | ) | ||||
Foreign Currency Translations | 245 | 1,611 | |||||
Carrying Amount at End of Period | $ | 1,110,710 | $ | 954,377 | |||
Current Portion | $ | 37,127 | $ | 26,214 | |||
Noncurrent Portion | $ | 1,073,583 | $ | 928,163 |
2019 | 2018 | 2017 | |||||||||
Balance at January 1 | $ | 4,121 | $ | 2,167 | $ | — | |||||
Additions Pending the Determination of Proved Reserves | 83,175 | 10,304 | 27,487 | ||||||||
Reclassifications to Proved Properties | (39,325 | ) | (7,917 | ) | (20,802 | ) | |||||
Costs Charged to Expense (1) | (22,074 | ) | (433 | ) | (4,518 | ) | |||||
Balance at December 31 | $ | 25,897 | $ | 4,121 | $ | 2,167 |
2022 | 2021 | 2020 | |||||||||||||||
Balance at January 1 | $ | 7 | $ | 29 | $ | 26 | |||||||||||
Additions Pending the Determination of Proved Reserves | 135 | 73 | 108 | ||||||||||||||
Reclassifications to Proved Properties | (88) | (41) | (81) | ||||||||||||||
Costs Charged to Expense (1) | (39) | (54) | (24) | ||||||||||||||
Balance at December 31 | $ | 15 | $ | 7 | $ | 29 |
2022 | 2021 | 2020 | |||||||||||||||
Capitalized exploratory well costs that have been capitalized for a period of one year or less | $ | 15 | $ | 7 | $ | 26 | |||||||||||
Capitalized exploratory well costs that have been capitalized for a period greater than one year (1) | — | — | 3 | ||||||||||||||
Balance at December 31 | $ | 15 | $ | 7 | $ | 29 | |||||||||||
Number of exploratory wells that have been capitalized for a period greater than one year | — | — | 1 |
Year Ended December 31, 2019 | |||
Operating Lease Cost | $ | 497 | |
Finance Lease Cost: | |||
Amortization of Lease Assets | 13 | ||
Interest on Lease Liabilities | 2 | ||
Variable Lease Cost | 138 | ||
Short-Term Lease Cost | 333 | ||
Total Lease Cost | $ | 983 |
2022 | 2021 | 2020 | |||||||||||||||
Operating Lease Cost (1) | $ | 282 | $ | 295 | $ | 393 | |||||||||||
Finance Lease Cost: | |||||||||||||||||
Amortization of Lease Assets | 36 | 39 | 21 | ||||||||||||||
Interest on Lease Liabilities | 6 | 7 | 4 | ||||||||||||||
Variable Lease Cost | 71 | 63 | 91 | ||||||||||||||
Short-Term Lease Cost | 425 | 257 | 194 | ||||||||||||||
Total Lease Cost | $ | 820 | $ | 661 | $ | 703 |
Description | Location on Balance Sheet | Amount | ||||
Assets | ||||||
Operating Leases | Other Assets | $ | 773 | |||
Finance Leases | Property, Plant and Equipment, Net (1) | 53 | ||||
Total | $ | 826 | ||||
Liabilities | ||||||
Current | ||||||
Operating Leases | Current Portion of Operating Lease Liabilities | $ | 369 | |||
Finance Leases | Current Portion of Long-Term Debt | 15 | ||||
Long-Term | ||||||
Operating Leases | Other Liabilities | 430 | ||||
Finance Leases | Long-Term Debt | 43 | ||||
Total | $ | 857 |
Description | Location on Balance Sheet | 2022 | 2021 | |||||||||||||||||
Assets | ||||||||||||||||||||
Operating Leases | Other Assets | $ | 846 | $ | 743 | |||||||||||||||
Finance Leases | Property, Plant and Equipment, Net (1) | 203 | 241 | |||||||||||||||||
Total | $ | 1,049 | $ | 984 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Current | ||||||||||||||||||||
Operating Leases | Current Portion of Operating Lease Liabilities | $ | 296 | $ | 240 | |||||||||||||||
Finance Leases | Current Portion of Long-Term Debt | 33 | 37 | |||||||||||||||||
Long-Term | ||||||||||||||||||||
Operating Leases | Other Liabilities | 584 | 558 | |||||||||||||||||
Finance Leases | Long-Term Debt | 182 | 213 | |||||||||||||||||
Total | $ | 1,095 | $ | 1,048 |
2022 | 2021 | ||||||||||
Weighted Average Remaining Lease Term (in years): | |||||||||||
Operating Leases | 4.9 | 5.3 | |||||||||
Finance Leases | 6.5 | 7.0 | |||||||||
Weighted Average Discount Rate: | |||||||||||
Operating Leases | 3.4 | % | 3.0 | % | |||||||
Finance Leases | 2.6 | % | 2.6 | % |
2022 | 2021 | 2020 | |||||||||||||||
Repayment of Operating Lease Liabilities Associated with Operating Activities | $ | 199 | $ | 207 | $ | 223 | |||||||||||
Repayment of Operating Lease Liabilities Associated with Investing Activities | 95 | 98 | 130 | ||||||||||||||
Repayment of Finance Lease Liabilities | 35 | 37 | 19 |
Year Ended December 31, 2019 | |||
Repayment of Operating Lease Liabilities Associated with Operating Activities | $ | 225 | |
Repayment of Operating Lease Liabilities Associated with Investing Activities | 270 | ||
Repayment of Finance Lease Liabilities | 13 |
Operating Leases | Finance Leases | ||||||||||
2023 | $ | 323 | $ | 37 | |||||||
2024 | 213 | 37 | |||||||||
2025 | 106 | 36 | |||||||||
2026 | 80 | 30 | |||||||||
2027 | 70 | 30 | |||||||||
2028 and Beyond | 172 | 65 | |||||||||
Total Lease Payments | 964 | 235 | |||||||||
Less: Discount to Present Value | 84 | 20 | |||||||||
Total Lease Liabilities | 880 | 215 | |||||||||
Less: Current Portion of Lease Liabilities | 296 | 33 | |||||||||
Long-Term Lease Liabilities | $ | 584 | $ | 182 |
Operating Leases | Finance Leases | ||||||
2020 | $ | 390 | $ | 15 | |||
2021 | 209 | 15 | |||||
2022 | 126 | 12 | |||||
2023 | 56 | 8 | |||||
2024 | 29 | 8 | |||||
2025 and Beyond | 40 | 6 | |||||
Total Lease Payments | 850 | 64 | |||||
Less: Discount to Present Value | 51 | 6 | |||||
Total Lease Liabilities | 799 | 58 | |||||
Less: Current Portion of Lease Liabilities | 369 | 15 | |||||
Long-Term Lease Liabilities | $ | 430 | $ | 43 |
Operating Leases | Finance Leases | ||||||
2019 | $ | 380 | $ | 15 | |||
2020 | 213 | 15 | |||||
2021 | 86 | 15 | |||||
2022 | 39 | 12 | |||||
2023 | 30 | 8 | |||||
2024 and Beyond | 62 | 14 | |||||
Total Lease Payments | $ | 810 | $ | 79 |
United States | Trinidad | Other International (1) | Total | ||||||||||||||||||||
NET PROVED RESERVES | |||||||||||||||||||||||
Crude Oil (MMBbl) (2) | |||||||||||||||||||||||
Net proved reserves at December 31, 2019 | 1,694 | — | — | 1,694 | |||||||||||||||||||
Revisions of previous estimates | (225) | — | — | (225) | |||||||||||||||||||
Purchases in place | 2 | — | — | 2 | |||||||||||||||||||
Extensions, discoveries and other additions | 194 | 1 | — | 195 | |||||||||||||||||||
Sales in place | (3) | — | — | (3) | |||||||||||||||||||
Production | (149) | — | — | (149) | |||||||||||||||||||
Net proved reserves at December 31, 2020 | 1,513 | 1 | — | 1,514 | |||||||||||||||||||
Revisions of previous estimates | (116) | — | — | (116) | |||||||||||||||||||
Purchases in place | 2 | — | — | 2 | |||||||||||||||||||
Extensions, discoveries and other additions | 311 | 1 | — | 312 | |||||||||||||||||||
Sales in place | (2) | — | — | (2) | |||||||||||||||||||
Production | (162) | — | — | (162) | |||||||||||||||||||
Net proved reserves at December 31, 2021 | 1,546 | 2 | — | 1,548 | |||||||||||||||||||
Revisions of previous estimates | 120 | — | — | 120 | |||||||||||||||||||
Purchases in place | 7 | — | — | 7 | |||||||||||||||||||
Extensions, discoveries and other additions | 175 | — | — | 175 | |||||||||||||||||||
Sales in place | (21) | — | — | (21) | |||||||||||||||||||
Production | (168) | — | — | (168) | |||||||||||||||||||
Net proved reserves at December 31, 2022 | 1,659 | 2 | — | 1,661 | |||||||||||||||||||
Natural Gas Liquids (MMBbl) (2) | |||||||||||||||||||||||
Net proved reserves at December 31, 2019 | 740 | — | — | 740 | |||||||||||||||||||
Revisions of previous estimates | (60) | — | — | (60) | |||||||||||||||||||
Purchases in place | 4 | — | — | 4 | |||||||||||||||||||
Extensions, discoveries and other additions | 180 | — | — | 180 | |||||||||||||||||||
Sales in place | (1) | — | — | (1) | |||||||||||||||||||
Production | (50) | — | — | (50) | |||||||||||||||||||
Net proved reserves at December 31, 2020 | 813 | — | — | 813 | |||||||||||||||||||
Revisions of previous estimates | (128) | — | — | (128) | |||||||||||||||||||
Purchases in place | 3 | — | — | 3 | |||||||||||||||||||
Extensions, discoveries and other additions | 194 | — | — | 194 | |||||||||||||||||||
Sales in place | — | — | — | — | |||||||||||||||||||
Production | (53) | — | — | (53) | |||||||||||||||||||
Net proved reserves at December 31, 2021 | 829 | — | — | 829 | |||||||||||||||||||
Revisions of previous estimates | 258 | — | — | 258 | |||||||||||||||||||
Purchases in place | 4 | — | — | 4 | |||||||||||||||||||
Extensions, discoveries and other additions | 140 | — | — | 140 | |||||||||||||||||||
Sales in place | (14) | — | — | (14) | |||||||||||||||||||
Production | (72) | — | — | (72) | |||||||||||||||||||
Net proved reserves at December 31, 2022 | 1,145 | — | — | 1,145 |
United States | Trinidad | Other International (1) | Total | ||||||||
NET PROVED RESERVES | |||||||||||
Crude Oil (MBbl) (2) | |||||||||||
Net proved reserves at December 31, 2016 | 1,168,491 | 839 | 8,255 | 1,177,585 | |||||||
Revisions of previous estimates | 57,935 | 80 | (179 | ) | 57,836 | ||||||
Purchases in place | 1,111 | — | — | 1,111 | |||||||
Extensions, discoveries and other additions | 207,137 | 301 | 119 | 207,557 | |||||||
Sales in place | (8,393 | ) | — | — | (8,393 | ) | |||||
Production | (122,210 | ) | (322 | ) | (191 | ) | (122,723 | ) | |||
Net proved reserves at December 31, 2017 | 1,304,071 | 898 | 8,004 | 1,312,973 | |||||||
Revisions of previous estimates | (13,237 | ) | (183 | ) | 44 | (13,376 | ) | ||||
Purchases in place | 2,743 | — | — | 2,743 | |||||||
Extensions, discoveries and other additions | 383,003 | — | 15 | 383,018 | |||||||
Sales in place | (768 | ) | — | (6,310 | ) | (7,078 | ) | ||||
Production | (144,128 | ) | (298 | ) | (1,542 | ) | (145,968 | ) | |||
Net proved reserves at December 31, 2018 | 1,531,684 | 417 | 211 | 1,532,312 | |||||||
Revisions of previous estimates | (42,959 | ) | 85 | (8 | ) | (42,882 | ) | ||||
Purchases in place | 2,859 | — | — | 2,859 | |||||||
Extensions, discoveries and other additions | 369,968 | — | 28 | 369,996 | |||||||
Sales in place | (1,282 | ) | — | — | (1,282 | ) | |||||
Production | (166,310 | ) | (236 | ) | (40 | ) | (166,586 | ) | |||
Net proved reserves at December 31, 2019 | 1,693,960 | 266 | 191 | 1,694,417 | |||||||
Natural Gas Liquids (MBbl) (2) | |||||||||||
Net proved reserves at December 31, 2016 | 416,366 | — | — | 416,366 | |||||||
Revisions of previous estimates | 46,843 | — | — | 46,843 | |||||||
Purchases in place | 421 | — | — | 421 | |||||||
Extensions, discoveries and other additions | 75,003 | — | — | 75,003 | |||||||
Sales in place | (2,887 | ) | — | — | (2,887 | ) | |||||
Production | (32,273 | ) | — | — | (32,273 | ) | |||||
Net proved reserves at December 31, 2017 | 503,473 | — | — | 503,473 | |||||||
Revisions of previous estimates | 23,942 | — | — | 23,942 | |||||||
Purchases in place | 2,006 | — | — | 2,006 | |||||||
Extensions, discoveries and other additions | 127,409 | — | — | 127,409 | |||||||
Sales in place | (41 | ) | — | — | (41 | ) | |||||
Production | (42,460 | ) | — | — | (42,460 | ) | |||||
Net proved reserves at December 31, 2018 | 614,329 | — | — | 614,329 | |||||||
Revisions of previous estimates | 5,380 | — | — | 5,380 | |||||||
Purchases in place | 1,948 | — | — | 1,948 | |||||||
Extensions, discoveries and other additions | 167,782 | — | — | 167,782 | |||||||
Sales in place | (855 | ) | — | — | (855 | ) | |||||
Production | (48,892 | ) | — | — | (48,892 | ) | |||||
Net proved reserves at December 31, 2019 | 739,692 | — | — | 739,692 |
United States | Trinidad | Other International (1) | Total | ||||||||||||||||||||
Natural Gas (Bcf) (3) | |||||||||||||||||||||||
Net proved reserves at December 31, 2019 | 5,035 | 276 | 59 | 5,370 | |||||||||||||||||||
Revisions of previous estimates | (498) | 5 | 1 | (492) | |||||||||||||||||||
Purchases in place | 26 | — | — | 26 | |||||||||||||||||||
Extensions, discoveries and other additions | 1,078 | 54 | — | 1,132 | |||||||||||||||||||
Sales in place | (157) | — | — | (157) | |||||||||||||||||||
Production | (441) | (66) | (12) | (519) | |||||||||||||||||||
Net proved reserves at December 31, 2020 | 5,043 | 269 | 48 | 5,360 | |||||||||||||||||||
Revisions of previous estimates | 754 | 26 | 3 | 783 | |||||||||||||||||||
Purchases in place | 23 | — | — | 23 | |||||||||||||||||||
Extensions, discoveries and other additions | 2,574 | 100 | — | 2,674 | |||||||||||||||||||
Sales in place | (4) | — | (48) | (52) | |||||||||||||||||||
Production | (483) | (80) | (3) | (566) | |||||||||||||||||||
Net proved reserves at December 31, 2021 | 7,907 | 315 | — | 8,222 | |||||||||||||||||||
Revisions of previous estimates | (271) | 18 | — | (253) | |||||||||||||||||||
Purchases in place | 32 | — | — | 32 | |||||||||||||||||||
Extensions, discoveries and other additions | 1,414 | 51 | — | 1,465 | |||||||||||||||||||
Sales in place | (316) | — | — | (316) | |||||||||||||||||||
Production | (493) | (66) | — | (559) | |||||||||||||||||||
Net proved reserves at December 31, 2022 | 8,273 | 318 | — | 8,591 |
United States | Trinidad | Other International (1) | Total | ||||||||
Natural Gas (Bcf) (3) | |||||||||||
Net proved reserves at December 31, 2016 | 3,021.2 | 280.9 | 15.8 | 3,317.9 | |||||||
Revisions of previous estimates | 602.8 | (27.4 | ) | 8.6 | 584.0 | ||||||
Purchases in place | 4.8 | — | — | 4.8 | |||||||
Extensions, discoveries and other additions | 619.3 | 174.2 | 35.9 | 829.4 | |||||||
Sales in place | (56.4 | ) | — | — | (56.4 | ) | |||||
Production | (293.2 | ) | (114.3 | ) | (9.1 | ) | (416.6 | ) | |||
Net proved reserves at December 31, 2017 | 3,898.5 | 313.4 | 51.2 | 4,263.1 | |||||||
Revisions of previous estimates | (127.2 | ) | 20.7 | 15.0 | (91.5 | ) | |||||
Purchases in place | 41.3 | — | — | 41.3 | |||||||
Extensions, discoveries and other additions | 951.4 | — | 4.6 | 956.0 | |||||||
Sales in place | (22.2 | ) | — | — | (22.2 | ) | |||||
Production | (351.2 | ) | (97.1 | ) | (11.2 | ) | (459.5 | ) | |||
Net proved reserves at December 31, 2018 | 4,390.6 | 237.0 | 59.6 | 4,687.2 | |||||||
Revisions of previous estimates | (184.4 | ) | 47.0 | 2.6 | (134.8 | ) | |||||
Purchases in place | 71.7 | — | — | 71.7 | |||||||
Extensions, discoveries and other additions | 1,175.9 | 87.5 | 9.7 | 1,273.1 | |||||||
Sales in place | (14.5 | ) | — | — | (14.5 | ) | |||||
Production | (404.5 | ) | (95.4 | ) | (13.1 | ) | (513.0 | ) | |||
Net proved reserves at December 31, 2019 | 5,034.8 | 276.1 | 58.8 | 5,369.7 | |||||||
Oil Equivalents (MBoe) (2) | |||||||||||
Net proved reserves at December 31, 2016 | 2,088,392 | 47,661 | 10,880 | 2,146,933 | |||||||
Revisions of previous estimates | 205,262 | (4,493 | ) | 1,249 | 202,018 | ||||||
Purchases in place | 2,332 | — | — | 2,332 | |||||||
Extensions, discoveries and other additions | 385,354 | 29,340 | 6,104 | 420,798 | |||||||
Sales in place | (20,687 | ) | — | — | (20,687 | ) | |||||
Production | (203,351 | ) | (19,366 | ) | (1,707 | ) | (224,424 | ) | |||
Net proved reserves at December 31, 2017 | 2,457,302 | 53,142 | 16,526 | 2,526,970 | |||||||
Revisions of previous estimates | (10,500 | ) | 3,272 | 2,544 | (4,684 | ) | |||||
Purchases in place | 11,640 | — | — | 11,640 | |||||||
Extensions, discoveries and other additions | 668,972 | — | 778 | 669,750 | |||||||
Sales in place | (4,509 | ) | — | (6,310 | ) | (10,819 | ) | ||||
Production | (245,127 | ) | (16,478 | ) | (3,406 | ) | (265,011 | ) | |||
Net proved reserves at December 31, 2018 | 2,877,778 | 39,936 | 10,132 | 2,927,846 | |||||||
Revisions of previous estimates | (68,317 | ) | 7,915 | 431 | (59,971 | ) | |||||
Purchases in place | 16,761 | — | — | 16,761 | |||||||
Extensions, discoveries and other additions | 733,730 | 14,577 | 1,661 | 749,968 | |||||||
Sales in place | (4,555 | ) | — | — | (4,555 | ) | |||||
Production | (282,619 | ) | (16,130 | ) | (2,232 | ) | (300,981 | ) | |||
Net proved reserves at December 31, 2019 | 3,272,778 | 46,298 | 9,992 | 3,329,068 |
United States | Trinidad | Other International (1) | Total | ||||||||||||||||||||
Oil Equivalents (MMBoe) (2) | |||||||||||||||||||||||
Net proved reserves at December 31, 2019 | 3,273 | 46 | 10 | 3,329 | |||||||||||||||||||
Revisions of previous estimates (4) | (368) | 1 | — | (367) | |||||||||||||||||||
Purchases in place | 10 | — | — | 10 | |||||||||||||||||||
Extensions, discoveries and other additions (5) | 554 | 10 | — | 564 | |||||||||||||||||||
Sales in place | (31) | — | — | (31) | |||||||||||||||||||
Production | (272) | (11) | (2) | (285) | |||||||||||||||||||
Net proved reserves at December 31, 2020 | 3,166 | 46 | 8 | 3,220 | |||||||||||||||||||
Revisions of previous estimates (4) | (118) | 4 | — | (114) | |||||||||||||||||||
Purchases in place | 9 | — | — | 9 | |||||||||||||||||||
Extensions, discoveries and other additions (6) | 934 | 18 | — | 952 | |||||||||||||||||||
Sales in place | (3) | — | (8) | (11) | |||||||||||||||||||
Production | (295) | (14) | — | (309) | |||||||||||||||||||
Net proved reserves at December 31, 2021 | 3,693 | 54 | — | 3,747 | |||||||||||||||||||
Revisions of previous estimates (4) | 333 | 3 | — | 336 | |||||||||||||||||||
Purchases in place | 16 | — | — | 16 | |||||||||||||||||||
Extensions, discoveries and other additions (7) | 551 | 9 | — | 560 | |||||||||||||||||||
Sales in place | (88) | — | — | (88) | |||||||||||||||||||
Production | (322) | (11) | — | (333) | |||||||||||||||||||
Net proved reserves at December 31, 2022 | 4,183 | 55 | — | 4,238 |
United States | Trinidad | Other International (1) | Total | ||||||||
NET PROVED DEVELOPED RESERVES | |||||||||||
Crude Oil (MBbl) | |||||||||||
December 31, 2016 | 507,531 | 839 | 8,255 | 516,625 | |||||||
December 31, 2017 | 605,405 | 898 | 7,933 | 614,236 | |||||||
December 31, 2018 | 712,218 | 417 | 150 | 712,785 | |||||||
December 31, 2019 | 801,189 | 266 | 143 | 801,598 | |||||||
Natural Gas Liquids (MBbl) | |||||||||||
December 31, 2016 | 230,219 | — | — | 230,219 | |||||||
December 31, 2017 | 286,872 | — | — | 286,872 | |||||||
December 31, 2018 | 341,386 | — | — | 341,386 | |||||||
December 31, 2019 | 387,253 | — | — | 387,253 | |||||||
Natural Gas (Bcf) | |||||||||||
December 31, 2016 | 1,804.4 | 262.2 | 15.8 | 2,082.4 | |||||||
December 31, 2017 | 2,450.8 | 299.2 | 29.3 | 2,779.3 | |||||||
December 31, 2018 | 2,699.0 | 223.9 | 40.9 | 2,963.8 | |||||||
December 31, 2019 | 2,974.6 | 177.7 | 41.8 | 3,194.1 | |||||||
Oil Equivalents (MBoe) | |||||||||||
December 31, 2016 | 1,038,483 | 44,543 | 10,880 | 1,093,906 | |||||||
December 31, 2017 | 1,300,758 | 50,779 | 12,798 | 1,364,335 | |||||||
December 31, 2018 | 1,503,441 | 37,746 | 6,950 | 1,548,137 | |||||||
December 31, 2019 | 1,684,209 | 29,886 | 7,117 | 1,721,212 | |||||||
NET PROVED UNDEVELOPED RESERVES | |||||||||||
Crude Oil (MBbl) | |||||||||||
December 31, 2016 | 660,690 | — | — | 660,690 | |||||||
December 31, 2017 | 698,666 | — | 71 | 698,737 | |||||||
December 31, 2018 | 819,466 | — | 61 | 819,527 | |||||||
December 31, 2019 | 892,771 | — | 48 | 892,819 | |||||||
Natural Gas Liquids (MBbl) | |||||||||||
December 31, 2016 | 186,147 | — | — | 186,147 | |||||||
December 31, 2017 | 216,601 | — | — | 216,601 | |||||||
December 31, 2018 | 272,943 | — | — | 272,943 | |||||||
December 31, 2019 | 352,439 | — | — | 352,439 | |||||||
Natural Gas (Bcf) | |||||||||||
December 31, 2016 | 1,216.8 | 18.7 | — | 1,235.5 | |||||||
December 31, 2017 | 1,447.7 | 14.2 | 21.9 | 1,483.8 | |||||||
December 31, 2018 | 1,691.6 | 13.1 | 18.7 | 1,723.4 | |||||||
December 31, 2019 | 2,060.2 | 98.4 | 17.0 | 2,175.6 | |||||||
Oil Equivalents (MBoe) | |||||||||||
December 31, 2016 | 1,049,909 | 3,118 | — | 1,053,027 | |||||||
December 31, 2017 | 1,156,544 | 2,363 | 3,728 | 1,162,635 | |||||||
December 31, 2018 | 1,374,337 | 2,190 | 3,182 | 1,379,709 | |||||||
December 31, 2019 | 1,588,569 | 16,412 | 2,875 | 1,607,856 |
United States | Trinidad | Other International (1) | Total | ||||||||||||||||||||
NET PROVED DEVELOPED RESERVES | |||||||||||||||||||||||
Crude Oil (MMBbl) | |||||||||||||||||||||||
December 31, 2019 | 801 | — | — | 801 | |||||||||||||||||||
December 31, 2020 | 792 | 1 | — | 793 | |||||||||||||||||||
December 31, 2021 | 886 | — | — | 886 | |||||||||||||||||||
December 31, 2022 | 948 | — | 948 | ||||||||||||||||||||
Natural Gas Liquids (MMBbl) | |||||||||||||||||||||||
December 31, 2019 | 387 | — | — | 387 | |||||||||||||||||||
December 31, 2020 | 392 | — | — | 392 | |||||||||||||||||||
December 31, 2021 | 416 | — | — | 416 | |||||||||||||||||||
December 31, 2022 | 561 | — | — | 561 | |||||||||||||||||||
Natural Gas (Bcf) | |||||||||||||||||||||||
December 31, 2019 | 2,974 | 178 | 42 | 3,194 | |||||||||||||||||||
December 31, 2020 | 2,586 | 171 | 32 | 2,789 | |||||||||||||||||||
December 31, 2021 | 3,743 | 131 | — | 3,874 | |||||||||||||||||||
December 31, 2022 | 3,920 | 137 | — | 4,057 | |||||||||||||||||||
Oil Equivalents (MMBoe) | |||||||||||||||||||||||
December 31, 2019 | 1,684 | 30 | 7 | 1,721 | |||||||||||||||||||
December 31, 2020 | 1,614 | 30 | 5 | 1,649 | |||||||||||||||||||
December 31, 2021 | 1,926 | 22 | — | 1,948 | |||||||||||||||||||
December 31, 2022 | 2,162 | 23 | — | 2,185 | |||||||||||||||||||
NET PROVED UNDEVELOPED RESERVES | |||||||||||||||||||||||
Crude Oil (MMBbl) | |||||||||||||||||||||||
December 31, 2019 | 893 | — | — | 893 | |||||||||||||||||||
December 31, 2020 | 721 | — | — | 721 | |||||||||||||||||||
December 31, 2021 | 660 | 2 | — | 662 | |||||||||||||||||||
December 31, 2022 | 711 | 2 | — | 713 | |||||||||||||||||||
Natural Gas Liquids (MMBbl) | |||||||||||||||||||||||
December 31, 2019 | 353 | — | — | 353 | |||||||||||||||||||
December 31, 2020 | 421 | — | — | 421 | |||||||||||||||||||
December 31, 2021 | 413 | — | — | 413 | |||||||||||||||||||
December 31, 2022 | 584 | — | — | 584 | |||||||||||||||||||
Natural Gas (Bcf) | |||||||||||||||||||||||
December 31, 2019 | 2,061 | 98 | 17 | 2,176 | |||||||||||||||||||
December 31, 2020 | 2,457 | 98 | 16 | 2,571 | |||||||||||||||||||
December 31, 2021 | 4,164 | 184 | — | 4,348 | |||||||||||||||||||
December 31, 2022 | 4,353 | 181 | — | 4,534 | |||||||||||||||||||
Oil Equivalents (MMBoe) | |||||||||||||||||||||||
December 31, 2019 | 1,589 | 16 | 3 | 1,608 | |||||||||||||||||||
December 31, 2020 | 1,552 | 16 | 3 | 1,571 | |||||||||||||||||||
December 31, 2021 | 1,767 | 32 | — | 1,799 | |||||||||||||||||||
December 31, 2022 | 2,021 | 32 | — | 2,053 |
2022 | 2021 | 2020 | |||||||||||||||
Balance at January 1 | 1,799 | 1,571 | 1,608 | ||||||||||||||
Extensions and Discoveries (1) | 410 | 779 | 456 | ||||||||||||||
Revisions (2) | 141 | (305) | (277) | ||||||||||||||
Acquisition of Reserves | 10 | — | — | ||||||||||||||
Sale of Reserves | (14) | (3) | (4) | ||||||||||||||
Conversion to Proved Developed Reserves | (293) | (243) | (212) | ||||||||||||||
Balance at December 31 | 2,053 | 1,799 | 1,571 |
2019 | 2018 | 2017 | ||||||
Balance at January 1 | 1,379,709 | 1,162,635 | 1,053,027 | |||||
Extensions and Discoveries | 578,317 | 490,725 | 237,378 | |||||
Revisions | (49,837 | ) | (8,244 | ) | 33,127 | |||
Acquisition of Reserves | 1,711 | 311 | — | |||||
Sale of Reserves | — | — | (8,253 | ) | ||||
Conversion to Proved Developed Reserves | (302,044 | ) | (265,718 | ) | (152,644 | ) | ||
Balance at December 31 | 1,607,856 | 1,379,709 | 1,162,635 |
Year Ended December 31, 2022 | |||||||||||||||||||||||
Review of Updated Plan | Revision to Net Proved Reserves (MMBoe) | Revision to Net PUD Reserves (MMBoe) | Explanation | ||||||||||||||||||||
Revision related to addition of PUD reserves pursuant to review of updated drilling and development plan | 79 | 79 | See above related discussion. | ||||||||||||||||||||
Evaluation of Inter-Related Factors | |||||||||||||||||||||||
Prices for crude oil, NGLs and natural gas | 11 | 2 | Upward revisions attributable to an increase in the average prices used in EOG's year-end 2022 reserves estimates as compared to the average prices used in EOG's year-end 2021 reserves estimates. | ||||||||||||||||||||
Well performance forecasts | 104 | (9) | Revisions attributable to EOG's forecasted changes in well performance in certain locations. | ||||||||||||||||||||
Marketing-related changes (e.g., ethane recovery elections) relating to the sale of production | 151 | 68 | Upward revisions attributable to EOG's "ethane recovery" elections during 2022 - that is, EOG's elections to increase receipt of ethane (an NGL) from the natural gas stream and reduce the total volume of residue natural gas at the tailgate of the processing plant. The additional NGL reserves attributable to such elections outweigh the lower natural gas reserves. | ||||||||||||||||||||
Ownership interest changes | (2) | 1 | Revisions attributable to ownership interest changes. | ||||||||||||||||||||
Changes in Opex | (7) | 0 | Downward revision attributable to increased Opex, resulting in a decrease in reserves that are economically producible. | ||||||||||||||||||||
Net Revisions Attributable to Inter-Related Factors | 257 | 62 | |||||||||||||||||||||
Total Revisions | 336 | 141 |
Year Ended December 31, 2021 | |||||||||||||||||||||||
Review of Updated Plan | Revision to Net Proved Reserves (MMBoe) | Revision to Net PUD Reserves (MMBoe) | Explanation | ||||||||||||||||||||
Revision related to removal of PUD reserves pursuant to review of updated drilling and development plan | (250) | (250) | See above related discussion. | ||||||||||||||||||||
Evaluation of Inter-Related Factors | |||||||||||||||||||||||
Prices for crude oil, NGLs and natural gas | 194 | 29 | Upward revisions attributable to an increase in the average prices used in EOG's year-end 2021 reserves estimates as compared to the average prices used in EOG's year-end 2020 reserves estimates. | ||||||||||||||||||||
Well performance forecasts | (13) | (51) | Downward revisions attributable to EOG's forecasted decrease in well performance in certain locations. | ||||||||||||||||||||
Marketing-related changes (e.g., ethane rejection elections) relating to the sale of production | (69) | (38) | Downward revisions attributable to EOG's "ethane rejection" elections during 2021 - that is, EOG's elections to reduce receipt of ethane (an NGL) from the natural gas stream and instead receive residue natural gas (that includes ethane) at the tailgate of the processing plant. The additional natural gas reserves attributable to such elections are outweighed by lower NGLs reserves. | ||||||||||||||||||||
Ownership interest changes | 8 | 0 | Upward revision attributable to ownership interest changes. | ||||||||||||||||||||
Changes in Opex | 16 | 5 | Upward revisions attributable to improved/lower Opex, resulting in an increase in reserves that are economically producible. | ||||||||||||||||||||
Net Revisions Attributable to Inter-Related Factors | 136 | (55) | |||||||||||||||||||||
Total Revisions | (114) | (305) |
Year Ended December 31, 2020 | |||||||||||||||||||||||
Review of Updated Plan | Revision to Net Proved Reserves (MMBoe) | Revision to Net PUD Reserves (MMBoe) | Explanation | ||||||||||||||||||||
Revision related to removal of PUD reserves pursuant to review of updated drilling and development plan | (294) | (294) | See above related discussion. | ||||||||||||||||||||
Evaluation of Inter-Related Factors | |||||||||||||||||||||||
Prices for crude oil, NGLs and natural gas | (278) | (77) | Downward revisions attributable to a decrease in the average prices used in EOG's year-end 2020 reserves estimates as compared to the average prices used in EOG's year-end 2019 reserves estimates. | ||||||||||||||||||||
Well performance forecasts | 26 | 11 | Upward revisions attributable to EOG's forecasted increase in well performance in certain locations. | ||||||||||||||||||||
Ownership interest changes | 41 | 25 | Upward revisions attributable to ownership interest changes. | ||||||||||||||||||||
Changes in Opex | 93 | 28 | Upward revisions attributable to improved/lower Opex, resulting in an increase in reserves that are economically producible. | ||||||||||||||||||||
Investment Changes | 45 | 30 | Changes in future investments in wells and/or recompletions. | ||||||||||||||||||||
Net Revisions Attributable to Inter-Related Factors | (73) | 17 | |||||||||||||||||||||
Total Revisions | (367) | (277) |
2022 | 2021 | ||||||||||
Proved properties | $ | 64,657 | $ | 64,876 | |||||||
Unproved properties | 2,665 | 2,768 | |||||||||
Total | 67,322 | 67,644 | |||||||||
Accumulated depreciation, depletion and amortization | (40,791) | (41,907) | |||||||||
Net capitalized costs | $ | 26,531 | $ | 25,737 |
2019 | 2018 | ||||||
Proved properties | $ | 59,229,686 | $ | 53,624,809 | |||
Unproved properties | 3,600,729 | 3,705,207 | |||||
Total | 62,830,415 | 57,330,016 | |||||
Accumulated depreciation, depletion and amortization | (35,033,085 | ) | (31,674,085 | ) | |||
Net capitalized costs | $ | 27,797,330 | $ | 25,655,931 |
United States | Trinidad | Other International (1) | Total | ||||||||||||
2019 | |||||||||||||||
Acquisition Costs of Properties | |||||||||||||||
Unproved (2) | $ | 276,092 | $ | — | $ | — | $ | 276,092 | |||||||
Proved (3) | 379,938 | — | — | 379,938 | |||||||||||
Subtotal | 656,030 | — | — | 656,030 | |||||||||||
Exploration Costs | 213,505 | 46,616 | 13,218 | 273,339 | |||||||||||
Development Costs (4) | 5,661,753 | 25,007 | 12,096 | 5,698,856 | |||||||||||
Total | $ | 6,531,288 | $ | 71,623 | $ | 25,314 | $ | 6,628,225 | |||||||
2018 | |||||||||||||||
Acquisition Costs of Properties | |||||||||||||||
Unproved (5) | $ | 486,081 | $ | 1,258 | $ | — | $ | 487,339 | |||||||
Proved (6) | 123,684 | — | — | 123,684 | |||||||||||
Subtotal | 609,765 | 1,258 | — | 611,023 | |||||||||||
Exploration Costs | 157,222 | 22,511 | 13,895 | 193,628 | |||||||||||
Development Costs (7) | 5,605,264 | (12,863 | ) | 22,628 | 5,615,029 | ||||||||||
Total | $ | 6,372,251 | $ | 10,906 | $ | 36,523 | $ | 6,419,680 | |||||||
2017 | |||||||||||||||
Acquisition Costs of Properties | |||||||||||||||
Unproved (8) | $ | 424,118 | $ | 2,422 | $ | — | $ | 426,540 | |||||||
Proved (9) | 72,584 | — | — | 72,584 | |||||||||||
Subtotal | 496,702 | 2,422 | — | 499,124 | |||||||||||
Exploration Costs | 144,499 | 62,547 | 16,553 | 223,599 | |||||||||||
Development Costs (10) | 3,590,899 | 109,491 | 16,297 | 3,716,687 | |||||||||||
Total | $ | 4,232,100 | $ | 174,460 | $ | 32,850 | $ | 4,439,410 |
United States | Trinidad | Other International (1) | Total | ||||||||||||||||||||
2022 | |||||||||||||||||||||||
Acquisition Costs of Properties | |||||||||||||||||||||||
Unproved (2) | $ | 186 | $ | — | $ | — | $ | 186 | |||||||||||||||
Proved (3) | 419 | — | — | 419 | |||||||||||||||||||
Subtotal | 605 | — | — | 605 | |||||||||||||||||||
Exploration Costs | 263 | 84 | 17 | 364 | |||||||||||||||||||
Development Costs (4) | 4,106 | 145 | 9 | 4,260 | |||||||||||||||||||
Total | $ | 4,974 | $ | 229 | $ | 26 | $ | 5,229 | |||||||||||||||
2021 | |||||||||||||||||||||||
Acquisition Costs of Properties | |||||||||||||||||||||||
Unproved (5) | $ | 207 | $ | — | $ | 8 | $ | 215 | |||||||||||||||
Proved (6) | 100 | — | — | 100 | |||||||||||||||||||
Subtotal | 307 | — | 8 | 315 | |||||||||||||||||||
Exploration Costs | 296 | 7 | 51 | 354 | |||||||||||||||||||
Development Costs (7) | 3,206 | 77 | 17 | 3,300 | |||||||||||||||||||
Total | $ | 3,809 | $ | 84 | $ | 76 | $ | 3,969 | |||||||||||||||
2020 | |||||||||||||||||||||||
Acquisition Costs of Properties | |||||||||||||||||||||||
Unproved (8) | $ | 265 | $ | — | $ | — | $ | 265 | |||||||||||||||
Proved (9) | 97 | — | 38 | 135 | |||||||||||||||||||
Subtotal | 362 | — | 38 | 400 | |||||||||||||||||||
Exploration Costs | 203 | 81 | 12 | 296 | |||||||||||||||||||
Development Costs (10) | 2,998 | 4 | 20 | 3,022 | |||||||||||||||||||
Total | $ | 3,563 | $ | 85 | $ | 70 | $ | 3,718 |
(1)Other International primarily consists |
United States | Trinidad | Other International (2) | Total | ||||||||||||
2019 | |||||||||||||||
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues | $ | 11,250,853 | $ | 269,957 | $ | 60,635 | $ | 11,581,445 | |||||||
Other | 134,325 | 18 | 15 | 134,358 | |||||||||||
Total | 11,385,178 | 269,975 | 60,650 | 11,715,803 | |||||||||||
Exploration Costs | 130,302 | 4,290 | 5,289 | 139,881 | |||||||||||
Dry Hole Costs | 11,133 | 13,033 | 3,835 | 28,001 | |||||||||||
Transportation Costs | 753,558 | 4,014 | 728 | 758,300 | |||||||||||
Gathering and Processing Costs | 479,102 | — | — | 479,102 | |||||||||||
Production Costs | 2,063,078 | 30,539 | 40,369 | 2,133,986 | |||||||||||
Impairments | 510,948 | 5,713 | 1,235 | 517,896 | |||||||||||
Depreciation, Depletion and Amortization | 3,560,609 | 79,156 | 17,832 | 3,657,597 | |||||||||||
Income (Loss) Before Income Taxes | 3,876,448 | 133,230 | (8,638 | ) | 4,001,040 | ||||||||||
Income Tax Provision | 884,450 | 54,980 | 3,152 | 942,582 | |||||||||||
Results of Operations | $ | 2,991,998 | $ | 78,250 | $ | (11,790 | ) | $ | 3,058,458 | ||||||
2018 | |||||||||||||||
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues | $ | 11,488,620 | $ | 302,112 | $ | 155,755 | $ | 11,946,487 | |||||||
Other | 89,708 | (49 | ) | (24 | ) | 89,635 | |||||||||
Total | 11,578,328 | 302,063 | 155,731 | 12,036,122 | |||||||||||
Exploration Costs | 121,572 | 21,402 | 6,025 | 148,999 | |||||||||||
Dry Hole Costs | 4,983 | — | 422 | 5,405 | |||||||||||
Transportation Costs | 742,792 | 3,236 | 848 | 746,876 | |||||||||||
Gathering and Processing Costs (3) | 404,471 | — | 32,502 | 436,973 | |||||||||||
Production Costs | 1,924,504 | 33,506 | 70,073 | 2,028,083 | |||||||||||
Impairments | 344,595 | — | 2,426 | 347,021 | |||||||||||
Depreciation, Depletion and Amortization | 3,181,801 | 91,788 | 46,687 | 3,320,276 | |||||||||||
Income (Loss) Before Income Taxes | 4,853,610 | 152,131 | (3,252 | ) | 5,002,489 | ||||||||||
Income Tax Provision | 1,086,077 | 12,170 | 1,898 | 1,100,145 | |||||||||||
Results of Operations | $ | 3,767,533 | $ | 139,961 | $ | (5,150 | ) | $ | 3,902,344 | ||||||
2017 | |||||||||||||||
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues | $ | 7,570,768 | $ | 284,673 | $ | 52,450 | $ | 7,907,891 | |||||||
Other | 81,610 | 59 | (59 | ) | 81,610 | ||||||||||
Total | 7,652,378 | 284,732 | 52,391 | 7,989,501 | |||||||||||
Exploration Costs | 113,334 | 26,245 | 5,763 | 145,342 | |||||||||||
Dry Hole Costs | 91 | — | 4,518 | 4,609 | |||||||||||
Transportation Costs | 737,403 | 1,885 | 1,064 | 740,352 | |||||||||||
Production Costs | 1,446,333 | 27,839 | 88,038 | 1,562,210 | |||||||||||
Impairments | 477,223 | — | 2,017 | 479,240 | |||||||||||
Depreciation, Depletion and Amortization | 3,157,056 | 115,174 | 24,536 | 3,296,766 | |||||||||||
Income (Loss) Before Income Taxes | 1,720,938 | 113,589 | (73,545 | ) | 1,760,982 | ||||||||||
Income Tax Provision (Benefit) | 625,562 | 24,882 | (1,342 | ) | 649,102 | ||||||||||
Results of Operations | $ | 1,095,376 | $ | 88,707 | $ | (72,203 | ) | $ | 1,111,880 |
United States | Trinidad | Other International (2) | Total | ||||||||||||||||||||
2022 | |||||||||||||||||||||||
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues | $ | 22,486 | $ | 310 | $ | — | $ | 22,796 | |||||||||||||||
Other | 118 | — | — | 118 | |||||||||||||||||||
Total | 22,604 | 310 | — | 22,914 | |||||||||||||||||||
Exploration Costs | 145 | 4 | 10 | 159 | |||||||||||||||||||
Dry Hole Costs | 22 | 21 | 2 | 45 | |||||||||||||||||||
Transportation Costs | 966 | — | — | 966 | |||||||||||||||||||
Gathering and Processing Costs | 621 | — | — | 621 | |||||||||||||||||||
Production Costs | 2,833 | 41 | 2 | 2,876 | |||||||||||||||||||
Impairments | 340 | 28 | 14 | 382 | |||||||||||||||||||
Depreciation, Depletion and Amortization | 3,314 | 72 | — | 3,386 | |||||||||||||||||||
Income (Loss) Before Income Taxes | 14,363 | 144 | (28) | 14,479 | |||||||||||||||||||
Income Tax Provision | 3,129 | 60 | (2) | 3,187 | |||||||||||||||||||
Results of Operations | $ | 11,234 | $ | 84 | $ | (26) | $ | 11,292 | |||||||||||||||
2021 | |||||||||||||||||||||||
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues | $ | 15,062 | $ | 301 | $ | 18 | $ | 15,381 | |||||||||||||||
Other | 108 | — | — | 108 | |||||||||||||||||||
Total | 15,170 | 301 | 18 | 15,489 | |||||||||||||||||||
Exploration Costs | 137 | 5 | 12 | 154 | |||||||||||||||||||
Dry Hole Costs | 29 | — | 42 | 71 | |||||||||||||||||||
Transportation Costs | 863 | — | — | 863 | |||||||||||||||||||
Gathering and Processing Costs | 559 | — | — | 559 | |||||||||||||||||||
Production Costs | 2,108 | 39 | 8 | 2,155 | |||||||||||||||||||
Impairments | 312 | 3 | 61 | 376 | |||||||||||||||||||
Depreciation, Depletion and Amortization | 3,411 | 87 | 6 | 3,504 | |||||||||||||||||||
Income (Loss) Before Income Taxes | 7,751 | 167 | (111) | 7,807 | |||||||||||||||||||
Income Tax Provision | 1,690 | 73 | (1) | 1,762 | |||||||||||||||||||
Results of Operations | $ | 6,061 | $ | 94 | $ | (110) | $ | 6,045 | |||||||||||||||
2020 | |||||||||||||||||||||||
Crude Oil and Condensate, Natural Gas Liquids and Natural Gas Revenues | $ | 7,056 | $ | 180 | $ | 55 | $ | 7,291 | |||||||||||||||
Other | 60 | — | — | 60 | |||||||||||||||||||
Total | 7,116 | 180 | 55 | 7,351 | |||||||||||||||||||
Exploration Costs | 136 | 2 | 8 | 146 | |||||||||||||||||||
Dry Hole Costs | 13 | — | — | 13 | |||||||||||||||||||
Transportation Costs | 734 | 1 | — | 735 | |||||||||||||||||||
Gathering and Processing Costs | 459 | — | — | 459 | |||||||||||||||||||
Production Costs | 1,480 | 27 | 10 | 1,517 | |||||||||||||||||||
Impairments | 2,018 | 1 | 81 | 2,100 | |||||||||||||||||||
Depreciation, Depletion and Amortization | 3,192 | 60 | 16 | 3,268 | |||||||||||||||||||
Income (Loss) Before Income Taxes | (916) | 89 | (60) | (887) | |||||||||||||||||||
Income Tax Provision | (220) | 24 | 3 | (193) | |||||||||||||||||||
Results of Operations | $ | (696) | $ | 65 | $ | (63) | $ | (694) |
United States | Trinidad | Other International (1) | Composite | ||||||||||||
Year Ended December 31, 2019 | $ | 4.59 | $ | 1.85 | $ | 18.26 | $ | 4.54 | |||||||
Year Ended December 31, 2018 | $ | 4.84 | $ | 1.67 | $ | 20.19 | $ | 4.84 | |||||||
Year Ended December 31, 2017 | $ | 4.58 | $ | 1.39 | $ | 50.86 | $ | 4.66 |
United States | Trinidad | Other International (1) | Composite | ||||||||||||||||||||
Year Ended December 31, 2022 | $ | 4.02 | $ | 3.11 | $ | — | $ | 3.99 | |||||||||||||||
Year Ended December 31, 2021 | $ | 3.71 | $ | 2.32 | $ | 16.13 | $ | 3.67 | |||||||||||||||
Year Ended December 31, 2020 | $ | 3.75 | $ | 2.33 | $ | 6.78 | $ | 3.72 |
United States | Trinidad | Other International (1) | Total | ||||||||||||
2019 | |||||||||||||||
Future cash inflows (2) | $ | 120,359,769 | $ | 813,102 | $ | 305,491 | $ | 121,478,362 | |||||||
Future production costs | (42,387,801 | ) | (166,705 | ) | (87,381 | ) | (42,641,887 | ) | |||||||
Future development costs | (20,355,746 | ) | (212,303 | ) | (18,400 | ) | (20,586,449 | ) | |||||||
Future income taxes | (11,459,567 | ) | (73,508 | ) | (32,423 | ) | (11,565,498 | ) | |||||||
Future net cash flows | 46,156,655 | 360,586 | 167,287 | 46,684,528 | |||||||||||
Discount to present value at 10% annual rate | (21,042,593 | ) | (86,009 | ) | (35,161 | ) | (21,163,763 | ) | |||||||
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves | $ | 25,114,062 | $ | 274,577 | $ | 132,126 | $ | 25,520,765 | |||||||
2018 | |||||||||||||||
Future cash inflows (3) | $ | 133,066,375 | $ | 749,695 | $ | 303,620 | $ | 134,119,690 | |||||||
Future production costs | (42,351,174 | ) | (204,444 | ) | (99,024 | ) | (42,654,642 | ) | |||||||
Future development costs | (16,577,794 | ) | (78,199 | ) | (11,900 | ) | (16,667,893 | ) | |||||||
Future income taxes | (14,756,011 | ) | (174,382 | ) | (31,748 | ) | (14,962,141 | ) | |||||||
Future net cash flows | 59,381,396 | 292,670 | 160,948 | 59,835,014 | |||||||||||
Discount to present value at 10% annual rate | (27,348,744 | ) | (26,832 | ) | (33,483 | ) | (27,409,059 | ) | |||||||
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves | $ | 32,032,652 | $ | 265,838 | $ | 127,465 | $ | 32,425,955 | |||||||
2017 | |||||||||||||||
Future cash inflows (4) | $ | 83,652,363 | $ | 904,141 | $ | 664,560 | $ | 85,221,064 | |||||||
Future production costs | (32,018,812 | ) | (239,213 | ) | (311,383 | ) | (32,569,408 | ) | |||||||
Future development costs | (13,395,873 | ) | (84,379 | ) | (58,543 | ) | (13,538,795 | ) | |||||||
Future income taxes | (5,948,453 | ) | (195,855 | ) | (16,233 | ) | (6,160,541 | ) | |||||||
Future net cash flows | 32,289,225 | 384,694 | 278,401 | 32,952,320 | |||||||||||
Discount to present value at 10% annual rate | (14,532,290 | ) | (52,267 | ) | (40,103 | ) | (14,624,660 | ) | |||||||
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves | $ | 17,756,935 | $ | 332,427 | $ | 238,298 | $ | 18,327,660 |
United States | Trinidad | Other International (1) | Total | ||||||||||||||||||||
2022 | |||||||||||||||||||||||
Future cash inflows (2) | $ | 259,217 | $ | 1,189 | $ | — | $ | 260,406 | |||||||||||||||
Future production costs | (58,021) | (248) | — | (58,269) | |||||||||||||||||||
Future development costs (3) | (17,837) | (471) | — | (18,308) | |||||||||||||||||||
Future income taxes | (39,560) | (31) | — | (39,591) | |||||||||||||||||||
Future net cash flows | 143,799 | 439 | — | 144,238 | |||||||||||||||||||
Discount to present value at 10% annual rate | (69,587) | (79) | — | (69,666) | |||||||||||||||||||
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves | $ | 74,212 | $ | 360 | $ | — | $ | 74,572 | |||||||||||||||
2021 | |||||||||||||||||||||||
Future cash inflows (4) | $ | 166,316 | $ | 1,135 | $ | — | $ | 167,451 | |||||||||||||||
Future production costs | (44,905) | (258) | — | (45,163) | |||||||||||||||||||
Future development costs (5) | (13,885) | (380) | — | (14,265) | |||||||||||||||||||
Future income taxes | (22,831) | (84) | — | (22,915) | |||||||||||||||||||
Future net cash flows | 84,695 | 413 | — | 85,108 | |||||||||||||||||||
Discount to present value at 10% annual rate | (38,834) | (88) | — | (38,922) | |||||||||||||||||||
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves | $ | 45,861 | $ | 325 | $ | — | $ | 46,186 | |||||||||||||||
2020 | |||||||||||||||||||||||
Future cash inflows (6) | $ | 73,727 | $ | 901 | $ | 281 | $ | 74,909 | |||||||||||||||
Future production costs | (34,619) | (153) | (54) | (34,826) | |||||||||||||||||||
Future development costs (7) | (15,159) | (227) | (18) | (15,404) | |||||||||||||||||||
Future income taxes | (4,337) | (81) | (24) | (4,442) | |||||||||||||||||||
Future net cash flows | 19,612 | 440 | 185 | 20,237 | |||||||||||||||||||
Discount to present value at 10% annual rate | (8,410) | (101) | (36) | (8,547) | |||||||||||||||||||
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves | $ | 11,202 | $ | 339 | $ | 149 | $ | 11,690 |
(1) |
United States | Trinidad | Other International (1) | Total | ||||||||||||
December 31, 2016 | $ | 8,493,727 | $ | 185,750 | $ | 132,680 | $ | 8,812,157 | |||||||
Sales and transfers of oil and gas produced, net of production costs | (5,387,031 | ) | (254,948 | ) | 36,649 | (5,605,330 | ) | ||||||||
Net changes in prices and production costs | 6,606,908 | 436,969 | 77,668 | 7,121,545 | |||||||||||
Extensions, discoveries, additions and improved recovery, net of related costs | 3,644,041 | 270,255 | 43,952 | 3,958,248 | |||||||||||
Development costs incurred | 1,435,600 | 4,700 | — | 1,440,300 | |||||||||||
Revisions of estimated development cost | (114,464 | ) | 9,683 | (20,096 | ) | (124,877 | ) | ||||||||
Revisions of previous quantity estimates | 2,460,498 | (58,373 | ) | 36,146 | 2,438,271 | ||||||||||
Accretion of discount | 849,373 | 24,066 | 13,268 | 886,707 | |||||||||||
Net change in income taxes | (1,918,989 | ) | (114,575 | ) | (10,099 | ) | (2,043,663 | ) | |||||||
Purchases of reserves in place | 30,362 | — | — | 30,362 | |||||||||||
Sales of reserves in place | (76,527 | ) | — | — | (76,527 | ) | |||||||||
Changes in timing and other | 1,733,437 | (171,100 | ) | (71,870 | ) | 1,490,467 | |||||||||
December 31, 2017 | 17,756,935 | 332,427 | 238,298 | 18,327,660 | |||||||||||
Sales and transfers of oil and gas produced, net of production costs | (8,416,853 | ) | (265,370 | ) | (52,399 | ) | (8,734,622 | ) | |||||||
Net changes in prices and production costs | 12,750,466 | 84,353 | 21,610 | 12,856,429 | |||||||||||
Extensions, discoveries, additions and improved recovery, net of related costs | 8,418,666 | — | 12,287 | 8,430,953 | |||||||||||
Development costs incurred | 2,732,560 | — | 12,600 | 2,745,160 | |||||||||||
Revisions of estimated development cost | (410,741 | ) | 4,030 | (3,814 | ) | (410,525 | ) | ||||||||
Revisions of previous quantity estimates | (173,084 | ) | 39,608 | 31,750 | (101,726 | ) | |||||||||
Accretion of discount | 1,967,592 | 50,191 | 24,839 | 2,042,622 | |||||||||||
Net change in income taxes | (4,965,373 | ) | 3,844 | (11,529 | ) | (4,973,058 | ) | ||||||||
Purchases of reserves in place | 116,887 | — | — | 116,887 | |||||||||||
Sales of reserves in place | (35,874 | ) | — | (82,058 | ) | (117,932 | ) | ||||||||
Changes in timing and other | 2,291,471 | 16,755 | (64,119 | ) | 2,244,107 | ||||||||||
December 31, 2018 | 32,032,652 | 265,838 | 127,465 | 32,425,955 | |||||||||||
Sales and transfers of oil and gas produced, net of production costs | (7,955,115 | ) | (235,404 | ) | (19,919 | ) | (8,210,438 | ) | |||||||
Net changes in prices and production costs | (10,973,981 | ) | 65,962 | 27,572 | (10,880,447 | ) | |||||||||
Extensions, discoveries, additions and improved recovery, net of related costs | 5,608,038 | 85,233 | 16,287 | 5,709,558 | |||||||||||
Development costs incurred | 3,003,510 | 22,820 | 5,820 | 3,032,150 | |||||||||||
Revisions of estimated development cost | (597,869 | ) | (129,047 | ) | (11,108 | ) | (738,024 | ) | |||||||
Revisions of previous quantity estimates | (812,781 | ) | 116,062 | 1,198 | (695,521 | ) | |||||||||
Accretion of discount | 3,891,701 | 43,148 | 14,909 | 3,949,758 | |||||||||||
Net change in income taxes | 1,454,050 | 93,975 | 682 | 1,548,707 | |||||||||||
Purchases of reserves in place | 98,539 | — | — | 98,539 | |||||||||||
Sales of reserves in place | (50,651 | ) | — | — | (50,651 | ) | |||||||||
Changes in timing and other | (584,031 | ) | (54,010 | ) | (30,780 | ) | (668,821 | ) | |||||||
December 31, 2019 | $ | 25,114,062 | $ | 274,577 | $ | 132,126 | $ | 25,520,765 |
United States | Trinidad | Other International (1) | Total | ||||||||||||||||||||
December 31, 2019 | $ | 25,114 | $ | 275 | $ | 132 | $ | 25,521 | |||||||||||||||
Sales and transfers of oil and gas produced, net of production costs | (4,382) | (152) | (45) | (4,579) | |||||||||||||||||||
Net changes in prices and production costs | (18,625) | 132 | 47 | (18,446) | |||||||||||||||||||
Extensions, discoveries, additions and improved recovery, net of related costs | 1,437 | 64 | — | 1,501 | |||||||||||||||||||
Development costs incurred | 1,675 | — | — | 1,675 | |||||||||||||||||||
Revisions of estimated development cost | 4,149 | (11) | — | 4,138 | |||||||||||||||||||
Revisions of previous quantity estimates | (3,307) | 12 | (2) | (3,297) | |||||||||||||||||||
Accretion of discount | 3,055 | 34 | 15 | 3,104 | |||||||||||||||||||
Net change in income taxes | 3,497 | (12) | 3 | 3,488 | |||||||||||||||||||
Purchases of reserves in place | 49 | — | — | 49 | |||||||||||||||||||
Sales of reserves in place | (156) | — | — | (156) | |||||||||||||||||||
Changes in timing and other | (1,304) | (3) | (1) | (1,308) | |||||||||||||||||||
December 31, 2020 | $ | 11,202 | $ | 339 | $ | 149 | $ | 11,690 | |||||||||||||||
Sales and transfers of oil and gas produced, net of production costs | (11,532) | (261) | (16) | (11,809) | |||||||||||||||||||
Net changes in prices and production costs | 37,088 | 133 | (1) | 37,220 | |||||||||||||||||||
Extensions, discoveries, additions and improved recovery, net of related costs | 12,154 | 71 | — | 12,225 | |||||||||||||||||||
Development costs incurred | 1,619 | 16 | — | 1,635 | |||||||||||||||||||
Revisions of estimated development cost | 2,773 | (133) | — | 2,640 | |||||||||||||||||||
Revisions of previous quantity estimates | (1,789) | 73 | — | (1,716) | |||||||||||||||||||
Accretion of discount | 1,313 | 42 | 17 | 1,372 | |||||||||||||||||||
Net change in income taxes | (9,914) | 27 | 17 | (9,870) | |||||||||||||||||||
Purchases of reserves in place | 151 | — | — | 151 | |||||||||||||||||||
Sales of reserves in place | (19) | — | (151) | (170) | |||||||||||||||||||
Changes in timing and other | 2,815 | 18 | (15) | 2,818 | |||||||||||||||||||
December 31, 2021 | $ | 45,861 | $ | 325 | $ | — | $ | 46,186 | |||||||||||||||
Sales and transfers of oil and gas produced, net of production costs | (18,064) | (269) | 1 | (18,332) | |||||||||||||||||||
Net changes in prices and production costs | 30,987 | 86 | — | 31,073 | |||||||||||||||||||
Extensions, discoveries, additions and improved recovery, net of related costs | 10,422 | 128 | — | 10,550 | |||||||||||||||||||
Development costs incurred | 2,286 | — | — | 2,286 | |||||||||||||||||||
Revisions of estimated development cost | (2,290) | (70) | — | (2,360) | |||||||||||||||||||
Revisions of previous quantity estimates | 8,324 | 40 | — | 8,364 | |||||||||||||||||||
Accretion of discount | 5,771 | 38 | — | 5,809 | |||||||||||||||||||
Net change in income taxes | (8,059) | 50 | — | (8,009) | |||||||||||||||||||
Purchases of reserves in place | 400 | — | — | 400 | |||||||||||||||||||
Sales of reserves in place | (760) | — | — | (760) | |||||||||||||||||||
Changes in timing and other | (666) | 32 | (1) | (635) | |||||||||||||||||||
December 31, 2022 | $ | 74,212 | $ | 360 | $ | — | $ | 74,572 |
Quarter Ended | Mar 31 | Jun 30 | Sep 30 | Dec 31 | |||||||||||
2019 | |||||||||||||||
Operating Revenues and Other | $ | 4,058,642 | $ | 4,697,630 | $ | 4,303,455 | $ | 4,320,246 | |||||||
Operating Income | $ | 876,530 | $ | 1,130,771 | $ | 827,959 | $ | 863,751 | |||||||
Income Before Income Taxes | $ | 827,236 | $ | 1,089,366 | $ | 797,457 | $ | 831,208 | |||||||
Income Tax Provision | 191,810 | 241,525 | 182,335 | 194,687 | |||||||||||
Net Income | $ | 635,426 | $ | 847,841 | $ | 615,122 | $ | 636,521 | |||||||
Net Income Per Share (1) | |||||||||||||||
Basic | $ | 1.10 | $ | 1.47 | $ | 1.06 | $ | 1.10 | |||||||
Diluted | $ | 1.10 | $ | 1.46 | $ | 1.06 | $ | 1.10 | |||||||
Average Number of Common Shares | |||||||||||||||
Basic | 577,207 | 577,460 | 577,839 | 578,219 | |||||||||||
Diluted | 580,222 | 580,247 | 581,271 | 580,849 | |||||||||||
2018 | |||||||||||||||
Operating Revenues and Other | $ | 3,681,162 | $ | 4,238,077 | $ | 4,781,624 | $ | 4,574,536 | |||||||
Operating Income | $ | 874,588 | $ | 964,931 | $ | 1,506,687 | $ | 1,123,140 | |||||||
Income Before Income Taxes | $ | 813,359 | $ | 892,936 | $ | 1,446,363 | $ | 1,088,340 | |||||||
Income Tax Provision | 174,770 | 196,205 | 255,411 | 195,572 | |||||||||||
Net Income | $ | 638,589 | $ | 696,731 | $ | 1,190,952 | $ | 892,768 | |||||||
Net Income Per Share (1) | |||||||||||||||
Basic | $ | 1.11 | $ | 1.21 | $ | 2.06 | $ | 1.55 | |||||||
Diluted | $ | 1.10 | $ | 1.20 | $ | 2.05 | $ | 1.54 | |||||||
Average Number of Common Shares | |||||||||||||||
Basic | 575,775 | 576,135 | 577,254 | 577,035 | |||||||||||
Diluted | 579,726 | 580,375 | 581,559 | 580,288 |
Exhibit Number | Description | |||||||
3.1(a) | - | |||||||
3.1(b) | - | |||||||
3.1(c) | - | |||||||
3.1(d) | - | |||||||
3.1(e) | - | |||||||
3.1(f) | - | |||||||
3.1(g) | - | |||||||
3.1(h) | - | |||||||
3.1(i) | - | |||||||
3.1(j) | - | |||||||
3.1(k) | - | |||||||
3.1(l) | - | |||||||
3.1(m) | - | |||||||
3.1(n) | - | |||||||
- | ||||||||
- | ||||||||
4.1 | - | |||||||
- | Indenture, dated as of September 1, 1991, between Enron Oil & Gas Company (predecessor to EOG) and The Bank of New York Mellon Trust Company, N.A. (as successor in interest to JPMorgan Chase Bank, N.A. (formerly, Texas Commerce Bank National Association)), as Trustee (Exhibit 4(a) to EOG's Registration Statement on Form S-3, SEC File No. 33-42640, filed in paper format on September 6, 1991). | |||||||
Exhibit Number | Description | |||||||
- | Certificate, dated April 3, 1998, of the Senior Vice President and Chief Financial Officer of Enron Oil & Gas Company (predecessor to EOG) establishing the terms of the 6.65% Notes due April 1, 2028 of Enron Oil & Gas Company. | |||||||
- | Global Note with respect to the 6.65% Notes due April 1, 2028 of Enron Oil & Gas Company (predecessor to EOG). | |||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
10.1(k)+ | - | |||||||
- | ||||||||
- | ||||||||
- | ||||||||
10.1(o) | - | |||||||
10.2(a)+ | ||||||||
- | ||||||||
- | ||||||||
10.2(c)+ | - | |||||||
10.2(d)+ | - | |||||||
10.2(e)+ | - | |||||||
Exhibit Number | Description | |||||||
10.2(f)+ | - | |||||||
10.2(g)+ | - | |||||||
10.2(h) | - | |||||||
10.3(a)+ | - | |||||||
- | ||||||||
10.3(c)+ | - | |||||||
10.3(d)+ | - | |||||||
10.3(e)+ | - | |||||||
10.4(a)+ | - | |||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
Exhibit Number | Description | |||||||
10.8+ | - | |||||||
- | ||||||||
10.10(a)+ | - | |||||||
10.10(b)+ | - | |||||||
10.11(a)+ | - | |||||||
10.11(b)+ | - | |||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
- | ||||||||
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||||
* **101.SCH | - | Inline XBRL Schema Document. | ||||||
* **101.CAL | - | Inline XBRL Calculation Linkbase Document. | ||||||
* **101.DEF | - | Inline XBRL Definition Linkbase Document. | ||||||
* **101.LAB | - | Inline XBRL Label Linkbase Document. | ||||||
* **101.PRE | - | Inline XBRL Presentation Linkbase Document. | ||||||
104 | - | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
EOG RESOURCES, INC. | |||||||||||
(Registrant) | |||||||||||
Date: | February 23, 2023 | ||||||||||
By: | /s/ TIMOTHY K. DRIGGERS Timothy K. Driggers Executive Vice President and Chief Financial Officer (Principal Financial Officer and Duly Authorized Officer) |
Signature | Title | |||||||
/s/ | Chairman of the Board and Chief Executive Officer and Director | |||||||
( | ||||||||
/s/ TIMOTHY K. DRIGGERS | Executive Vice President and Chief Financial Officer | |||||||
(Timothy K. Driggers) | (Principal Financial Officer) | |||||||
/s/ ANN D. JANSSEN | Senior Vice President and Chief Accounting Officer | |||||||
(Ann D. Janssen) | (Principal Accounting Officer) | |||||||
* | Director | |||||||
(Janet F. Clark) | ||||||||
* | Director | |||||||
(Charles R. Crisp) | ||||||||
* | Director | |||||||
(Robert P. Daniels) | ||||||||
* | Director | |||||||
(James C. Day) | ||||||||
* | Director | |||||||
(C. Christopher Gaut) | ||||||||
* | Director | |||||||
(Michael T. Kerr) | ||||||||
* | Director | |||||||
(Julie J. Robertson) | ||||||||
* | Director | |||||||
(Donald F. Textor) | ||||||||
*By: | /s/ MICHAEL P. DONALDSON | |||||||
(Michael P. Donaldson) | ||||||||
(Attorney-in-fact for persons indicated) |