Common-Size Income Statement
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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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EOG Resources Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
- Revenue Composition
- The proportion of crude oil and condensate revenues remained relatively stable over the period, consistently around 55-56%. Natural gas liquids showed a moderate increase from 4.65% in 2015, peaking at 6.53% in 2018, before declining to 4.52% in 2019. Natural gas revenues steadily declined from 12.12% in 2015 to 6.81% in 2019. The segment related to gathering, processing, and marketing steadily increased, reaching nearly 31% by 2019, indicating a growing significance within overall revenue streams.
- Revenue Fluctuations from Derivatives and Asset Transactions
- Gains and losses on mark-to-market commodity derivative contracts fluctuated considerably, with negative impacts in 2016 and 2018 but positive in other years, suggesting volatility linked to hedging activities. Gains or losses from asset dispositions demonstrated variability, with notable positive impact in 2016, a negative effect in 2017, and moderate positive returns in subsequent years.
- Cost Structure
- Operating costs as a percentage of revenues decreased significantly. Lease and well expenses declined from -13.5% in 2015 to less than -8% by 2019. Transportation costs showed a marked reduction, almost halving from nearly -10% in 2015 to about -4.4% in 2019. Gathering and processing costs, conversely, increased after 2017, reaching close to -2.8% in 2019. The overall cost of operating revenues dropped sharply from -24.87% in 2015 to around -15% in 2019, reflecting improved operational efficiency.
- Profitability Metrics
- Gross profit margin improved steadily, rising from about 75% in 2015 to a peak of nearly 86% in 2018 before slightly retreating to 85% in 2019. Operating income moved from a substantial loss of -76.35% in 2015 to solid positive margins around 21-26% in later years, highlighting a significant turnaround in operational profitability.
- Exploration and Impairments
- Exploration costs declined from -1.71% to below -1% of revenues, indicating a reduction in exploration expenditure relative to revenues. Dry hole costs were minimal throughout the period. Importantly, impairments as a percentage of revenues demonstrated a major decrease from a very high -75.52% in 2015 to under -3% in 2019, reflecting less asset write-downs or better asset valuations over time.
- Other Expenses
- Marketing costs remained relatively stable, fluctuating around -27% to -31%. Depreciation, depletion, and amortization costs displayed considerable volatility, notably decreasing sharply after 2016 from nearly -46% down to about -20% by 2019. General and administrative expenses improved moderately, reducing from over -5% to around -2.8%. Taxes other than income were fairly consistent, close to -4.5% throughout the period.
- Income and Taxation
- Income before interest and taxes improved dramatically, shifting from a substantial loss of -76.33% in 2015 to positive figures exceeding 20% in 2018 and 2019. Net interest expense as a share of revenues decreased steadily, indicating lowered financial costs. Net income followed a similar trend, with a heavy loss in 2015 of -51.66% transitioning to positive earnings around 15-23% in the subsequent years. Income tax provision varied with notable positive benefits in 2015 and 2017, shifting to tax provisions in 2018 and 2019.
- Summary
- Overall, the data reflects a positive evolution in profitability and cost management over the five-year period. The company enhanced its operating efficiency, reduced impairments and exploration costs, and stabilized its revenue base despite fluctuations in commodity-related derivative gains. The substantial improvement in income metrics and reduction in net interest expenses underscore an enhanced financial health and operational turnaround within the timeframe analyzed.