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Microsoft Excel LibreOffice Calc

Analysis of Revenues

Difficulty: Advanced

Revenue Recognition Accounting Policy

Arrangements for sales of crude oil and condensate, natural gas liquids (NGLs) and natural gas are evidenced by signed contracts with determinable market prices, and revenues are recorded when production is delivered. A significant majority of these products are sold to purchasers who have investment-grade credit ratings and material credit losses have been rare. Revenues are recorded on the entitlement method based on EOG's percentage ownership of current production. Each working interest owner in a well generally has the right to a specific percentage of production, although actual production sold on that owner's behalf may differ from that owner's ownership percentage. Under entitlement accounting, a receivable is recorded when underproduction occurs and a payable is recorded when overproduction occurs. Gathering, processing and marketing revenues represent sales of third-party crude oil and condensate, NGLs and natural gas, as well as gathering fees associated with gathering third-party natural gas and revenues from sales of EOG-owned sand.

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

Revenues as Reported

EOG Resources Inc., Income Statement, Revenues

USD $ in thousands

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
United States hidden hidden hidden hidden hidden
Trinidad hidden hidden hidden hidden hidden
Other International hidden hidden hidden hidden hidden
Net operating revenues hidden hidden hidden hidden hidden

Based on: 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), 10-K (filing date: 2014-02-24).

Item Description The company
Net operating revenues Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). EOG Resources Inc.'s net operating revenues declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.