EOG Resources Inc., balance sheet: debt

US$ in thousands

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Current portion of long-term debt	1,014,524)	913,093)	356,235)	6,579)	6,579)
Long-term debt, excluding current portion	4,160,919)	5,170,169)	6,030,836)	6,979,779)	6,653,685)
Total long-term debt and finance leases (carrying amount)	5,175,443)	6,083,262)	6,387,071)	6,986,358)	6,660,264)

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Debt item	Description	The company
Total long-term debt and finance leases (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	EOG Resources Inc. total debt decreased from 2017 to 2018 and from 2018 to 2019.

	Dec 31, 2019
Selected Financial Data (US$ in thousands)
Commercial paper	—)
Senior notes	5,452,000)
Finance leases	57,900)
Total long-term debt and finance leases (fair value)	5,509,900)
Financial Ratio
Debt, fair value to carrying amount ratio	1.06

Weighted-average interest rate on debt: 3.62%

Interest rate	Debt amount¹	Interest rate × Debt amount
4.40%	500,000)	22,000)
2.45%	500,000)	12,250)
4.10%	750,000)	30,750)
2.63%	1,250,000)	32,813)
3.15%	500,000)	15,750)
4.15%	750,000)	31,125)
6.65%	140,000)	9,310)
3.90%	500,000)	19,500)
5.10%	250,000)	12,750)
3.00%	57,900)	1,737)
Total	5,197,900)	187,985)
3.62%

¹ US$ in thousands

² Weighted-average interest rate = 100 × 187,985 ÷ 5,197,900 = 3.62%

EOG Resources Inc., interest costs incurred

US$ in thousands

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Net interest expense	185,129)	245,052)	274,372)	281,681)	237,393)
Interest expense, capitalized	38,292)	24,497)	27,429)	31,660)	41,841)
Interest expense, incurred	223,421)	269,549)	301,801)	313,341)	279,234)

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Debt item	Description	The company
Net interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	EOG Resources Inc. net interest expense decreased from 2017 to 2018 and from 2018 to 2019.
Interest expense, capitalized	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	EOG Resources Inc. interest expense, capitalized decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.
Interest expense, incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	EOG Resources Inc. interest expense, incurred decreased from 2017 to 2018 and from 2018 to 2019.

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in thousands)
Net income (loss)	2,734,910)	3,419,040)	2,582,579)	(1,096,686)	(4,524,515)
Add: Income tax expense	810,357)	821,958)	(1,921,397)	(460,819)	(2,397,041)
Add: Net interest expense	185,129)	245,052)	274,372)	281,681)	237,393)
Earnings before interest and tax (EBIT)	3,730,396)	4,486,050)	935,554)	(1,275,824)	(6,684,163)

Interest expense, incurred	223,421)	269,549)	301,801)	313,341)	279,234)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	20.15	18.31	3.41	-4.53	-28.16
Adjusted interest coverage ratio (with capitalized interest)²	16.70	16.64	3.10	-4.07	-23.94

2019 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Net interest expense
= 3,730,396 ÷ 185,129 = 20.15

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest expense, incurred
= 3,730,396 ÷ 223,421 = 16.70

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	EOG Resources Inc. adjusted interest coverage ratio improved from 2017 to 2018 and from 2018 to 2019.

EOG Resources Inc. (NYSE:EOG)

Analysis of Debt