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Microsoft Excel LibreOffice Calc

EOG Resources Inc. (EOG)


Analysis of Debt

Difficulty: Advanced


Debt Accounting Policy

Capitalized Interest Costs

Interest costs have been capitalized as a part of the historical cost of unproved oil and gas properties. The amount capitalized is an allocation of the interest cost incurred during the reporting period. Capitalized interest is computed only during the exploration and development phases and ceases once production begins. The interest rate used for capitalization purposes is based on the interest rates on EOG’s outstanding borrowings. The capitalization of interest is excluded on significant acquisitions of unproved oil and gas properties financed through non-interest-bearing instruments, such as the issuance of shares of Common Stock, or through non-cash property exchanges.

Source: 10-K (filing date: 2019-02-26).


Total Debt (Carrying Amount)

EOG Resources Inc., balance sheet: debt

US$ in thousands

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Current portion of long-term debt hidden hidden hidden hidden hidden
Long-term debt, excluding current portion hidden hidden hidden hidden hidden
Total long-term debt and capital lease obligation (carrying amount) hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-18).

Item Description The company
Total long-term debt and capital lease obligation (carrying amount) Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. EOG Resources Inc.’s total debt declined from 2016 to 2017 and from 2017 to 2018.

Total Debt (Fair Value)

Microsoft Excel LibreOffice Calc
Dec 31, 2018
Selected Financial Data (US$ in thousands)
Commercial paper hidden
Senior notes hidden
Capital lease obligation hidden
Total long-term debt and capital lease obligation (fair value) hidden
Financial Ratio
Debt, fair value to carrying amount ratio hidden

Based on: 10-K (filing date: 2019-02-26).


Weighted-average Interest Rate on Debt

Weighted-average interest rate on debt: hidden

Interest Rate Debt Amount1 Interest Rate × Debt Amount Weighted-average Interest Rate2
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Total hidden hidden
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Based on: 10-K (filing date: 2019-02-26).

1 US$ in thousands

2 Weighted-average interest rate = 100 × hidden ÷ hidden = hidden


Interest Costs Incurred

EOG Resources Inc., interest costs incurred

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net interest expense hidden hidden hidden hidden hidden
Interest expense, capitalized hidden hidden hidden hidden hidden
Interest expense, incurred hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-18).

Item Description The company
Net interest expense Amount of the cost of borrowed funds accounted for as interest expense for debt. EOG Resources Inc.’s net interest expense declined from 2016 to 2017 and from 2017 to 2018.
Interest expense, capitalized Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. EOG Resources Inc.’s interest expense, capitalized declined from 2016 to 2017 and from 2017 to 2018.
Interest expense, incurred Total interest costs incurred during the period and either capitalized or charged against earnings. EOG Resources Inc.’s interest expense, incurred declined from 2016 to 2017 and from 2017 to 2018.

Adjusted Interest Coverage Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Selected Financial Data (US$ in thousands)
Net income (loss) hidden hidden hidden hidden hidden
Add: Income tax expense hidden hidden hidden hidden hidden
Add: Net interest expense hidden hidden hidden hidden hidden
Earnings before interest and tax (EBIT) hidden hidden hidden hidden hidden
 
Interest expense, incurred hidden hidden hidden hidden hidden
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)1 hidden hidden hidden hidden hidden
Adjusted interest coverage ratio (with capitalized interest)2 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-18).

2018 Calculations

1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Net interest expense
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2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest expense, incurred
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Financial Ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). EOG Resources Inc.’s adjusted interest coverage ratio improved from 2016 to 2017 and from 2017 to 2018.