Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

EOG Resources Inc. (NYSE:EOG)

This company was transferred to the archive: financial data is no longer updated!

Analysis of Operating Leases

Advanced level

An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.


Present Value of Future Operating Lease Payments (before Adoption of FASB Topic 842)

EOG Resources Inc., future operating lease payments (before adoption of FASB Topic 842)

US$ in thousands

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Total undiscounted future operating lease payments 555,692  437,597  376,883  421,189 
Discount rate1 3.92% 4.08% 4.24% 3.96%
 
Total present value of future operating lease payments 499,411  380,358  323,191  363,395 

Based on: 10-K (filing date: 2020-02-27), 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).

1 Weighted-average interest rate for EOG Resources Inc.’s debt

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at 3.92%
2019 175,787  2019 175,787  169,156 
2020 109,498  2020 109,498  101,393 
2021 109,497  2021 109,497  97,567 
2022 45,304  2022 45,304  38,845 
2023 45,304  2023 45,304  37,380 
2024 and thereafter 70,302  2024 45,304  35,970 
2025 24,998  19,099 
Total: 555,692  555,692  499,411 

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

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at 4.08%
2018 118,412  2018 118,412  113,770 
2019 59,292  2019 59,292  54,735 
2020 59,291  2020 59,291  52,588 
2021 44,020  2021 44,020  37,513 
2022 44,019  2022 44,019  36,042 
2023 and thereafter 112,563  2023 44,019  34,629 
2024 44,019  33,271 
2025 24,525  17,810 
Total: 437,597  437,597  380,358 

Based on: 10-K (filing date: 2018-02-27).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at 4.24%
2017 89,617  2017 89,617  85,972 
2018 54,928  2018 54,928  50,550 
2019 54,928  2019 54,928  48,494 
2020 34,731  2020 34,731  29,416 
2021 34,731  2021 34,731  28,219 
2022 and thereafter 107,948  2022 34,731  27,071 
2023 34,731  25,970 
2024 34,731  24,914 
2025 3,755  2,584 
Total: 376,883  376,883  323,191 

Based on: 10-K (filing date: 2017-02-27).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at 3.96%
2016 104,459  2016 104,459  100,480 
2017 56,977  2017 56,977  52,719 
2018 56,976  2018 56,976  50,710 
2019 37,421  2019 37,421  32,037 
2020 37,421  2020 37,421  30,817 
2021 and thereafter 127,935  2021 37,421  29,643 
2022 37,421  28,514 
2023 37,421  27,427 
2024 15,672  11,049 
Total: 421,189  421,189  363,395 

Based on: 10-K (filing date: 2016-02-25).


Adjustments to Financial Statements for Operating Leases

EOG Resources Inc., adjustments to financial statements

US$ in thousands

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Adjustment to Total Assets
Total assets (as reported) 37,124,608  33,934,474  29,833,078  29,459,433  26,975,244 
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  499,411  380,358  323,191  363,395 
Total assets (adjusted) 37,124,608  34,433,885  30,213,436  29,782,624  27,338,639 
Adjustment to Total Debt
Total debt (as reported) 5,175,443  6,083,262  6,387,071  6,986,358  6,660,264 
Add: Operating lease liability (before adoption of FASB Topic 842)2 —  499,411  380,358  323,191  363,395 
Add: Current portion of operating lease liabilities 369,365  —  —  —  — 
Add: Operating lease liabilities, excluding current portion (located in Other liabilities) 430,000  —  —  —  — 
Total debt (adjusted) 5,974,808  6,582,673  6,767,429  7,309,549  7,023,659 

Based on: 10-K (filing date: 2020-02-27), 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).

1, 2 Equal to total present value of future operating lease payments.


EOG Resources Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios for Operating Leases (Summary)

EOG Resources Inc., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Total Asset Turnover1
Reported total asset turnover 0.47 0.51 0.38 0.26 0.32
Adjusted total asset turnover 0.47 0.50 0.37 0.26 0.32
Debt to Equity2
Reported debt to equity 0.24 0.31 0.39 0.50 0.51
Adjusted debt to equity 0.28 0.34 0.42 0.52 0.54
Return on Assets3 (ROA)
Reported ROA 7.37% 10.08% 8.66% -3.72% -16.77%
Adjusted ROA 7.37% 9.93% 8.55% -3.68% -16.55%

Based on: 10-K (filing date: 2020-02-27), 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. EOG Resources Inc.’s adjusted total asset turnover ratio improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019.
Adjusted debt to equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. EOG Resources Inc.’s adjusted debt to equity ratio improved from 2017 to 2018 and from 2018 to 2019.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. EOG Resources Inc.’s adjusted ROA improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

EOG Resources Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in thousands)
Operating revenues and other 17,379,973  17,275,399  11,208,320  7,650,632  8,757,428 
Total assets 37,124,608  33,934,474  29,833,078  29,459,433  26,975,244 
Activity Ratio
Total asset turnover1 0.47 0.51 0.38 0.26 0.32
Adjusted for Operating Leases
Selected Financial Data (US$ in thousands)
Operating revenues and other 17,379,973  17,275,399  11,208,320  7,650,632  8,757,428 
Adjusted total assets 37,124,608  34,433,885  30,213,436  29,782,624  27,338,639 
Activity Ratio
Adjusted total asset turnover2 0.47 0.50 0.37 0.26 0.32

Based on: 10-K (filing date: 2020-02-27), 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).

2019 Calculations

1 Total asset turnover = Operating revenues and other ÷ Total assets
= 17,379,973 ÷ 37,124,608 = 0.47

2 Adjusted total asset turnover = Operating revenues and other ÷ Adjusted total assets
= 17,379,973 ÷ 37,124,608 = 0.47

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. EOG Resources Inc.’s adjusted total asset turnover ratio improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019.

Adjusted Debt to Equity

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in thousands)
Total debt 5,175,443  6,083,262  6,387,071  6,986,358  6,660,264 
Stockholders’ equity 21,640,716  19,364,188  16,283,273  13,981,581  12,943,035 
Solvency Ratio
Debt to equity1 0.24 0.31 0.39 0.50 0.51
Adjusted for Operating Leases
Selected Financial Data (US$ in thousands)
Adjusted total debt 5,974,808  6,582,673  6,767,429  7,309,549  7,023,659 
Stockholders’ equity 21,640,716  19,364,188  16,283,273  13,981,581  12,943,035 
Solvency Ratio
Adjusted debt to equity2 0.28 0.34 0.42 0.52 0.54

Based on: 10-K (filing date: 2020-02-27), 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).

2019 Calculations

1 Debt to equity = Total debt ÷ Stockholders’ equity
= 5,175,443 ÷ 21,640,716 = 0.24

2 Adjusted debt to equity = Adjusted total debt ÷ Stockholders’ equity
= 5,974,808 ÷ 21,640,716 = 0.28

Solvency ratio Description The company
Adjusted debt-to-equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. EOG Resources Inc.’s adjusted debt-to-equity ratio improved from 2017 to 2018 and from 2018 to 2019.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) 2,734,910  3,419,040  2,582,579  (1,096,686) (4,524,515)
Total assets 37,124,608  33,934,474  29,833,078  29,459,433  26,975,244 
Profitability Ratio
ROA1 7.37% 10.08% 8.66% -3.72% -16.77%
Adjusted for Operating Leases
Selected Financial Data (US$ in thousands)
Net income (loss) 2,734,910  3,419,040  2,582,579  (1,096,686) (4,524,515)
Adjusted total assets 37,124,608  34,433,885  30,213,436  29,782,624  27,338,639 
Profitability Ratio
Adjusted ROA2 7.37% 9.93% 8.55% -3.68% -16.55%

Based on: 10-K (filing date: 2020-02-27), 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).

2019 Calculations

1 ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 2,734,910 ÷ 37,124,608 = 7.37%

2 Adjusted ROA = 100 × Net income (loss) ÷ Adjusted total assets
= 100 × 2,734,910 ÷ 37,124,608 = 7.37%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. EOG Resources Inc.’s adjusted ROA improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.