Name: EOG Resources Inc. (NYSE:EOG) | Common-Size Income Statement (Quarterly)
Creator: Stock Analysis on Net

Common-Size Income Statement
Quarterly Data

EOG Resources Inc., common-size consolidated income statement (quarterly data)

3 months ended:	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
Crude oil and condensate	57.04%	56.21%	53.83%	54.22%	52.10%	55.53%	56.10%	57.08%	57.76%	54.88%	55.33%	54.78%	56.88%	53.70%	59.68%	55.65%	57.91%	54.37%	58.82%	54.36%
Natural gas liquids	4.98%	3.83%	3.97%	5.39%	5.82%	7.40%	6.76%	6.01%	7.46%	6.81%	5.62%	5.88%	5.74%	5.31%	6.29%	5.56%	5.37%	4.38%	4.21%	4.83%
Natural gas	7.17%	6.27%	5.75%	8.25%	8.51%	6.52%	7.10%	8.14%	7.39%	8.33%	8.57%	8.83%	8.97%	9.69%	8.78%	12.22%	12.10%	12.97%	11.10%	12.41%
Gains (losses) on mark-to-market commodity derivative contracts	-1.44%	2.00%	3.77%	-0.51%	2.89%	-1.09%	-4.39%	-1.62%	-1.35%	-0.25%	0.36%	2.38%	-2.74%	0.24%	-2.50%	0.40%	0.28%	1.35%	-1.96%	3.29%
Gathering, processing and marketing	28.67%	31.01%	31.96%	31.68%	29.10%	28.46%	33.89%	29.93%	30.19%	29.66%	29.81%	27.83%	25.59%	25.13%	27.33%	24.66%	24.06%	26.34%	27.47%	24.60%
Gains (losses) on asset dispositions, net	2.78%	-0.01%	0.17%	-0.09%	1.75%	2.42%	-0.15%	-0.41%	-1.95%	-0.31%	-0.34%	-0.64%	4.33%	5.11%	-0.88%	0.68%	-0.20%	-0.05%	-0.23%	0.07%
Other, net	0.81%	0.70%	0.55%	1.07%	-0.16%	0.75%	0.69%	0.86%	0.50%	0.89%	0.64%	0.94%	1.24%	0.82%	1.30%	0.83%	0.49%	0.64%	0.59%	0.45%
Operating revenues and other	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Lease and well	-7.74%	-8.11%	-7.39%	-8.29%	-7.57%	-6.73%	-7.42%	-8.15%	-8.44%	-9.53%	-9.77%	-9.80%	-10.07%	-10.68%	-12.30%	-17.78%	-13.80%	-13.04%	-11.73%	-15.59%
Transportation costs	-4.82%	-4.63%	-3.71%	-4.35%	-4.29%	-4.10%	-4.20%	-4.81%	-5.74%	-6.94%	-7.13%	-6.85%	-8.05%	-9.48%	-10.11%	-14.06%	-11.55%	-9.37%	-8.50%	-9.85%
Gathering and processing costs	-2.95%	-2.96%	-2.40%	-2.74%	-2.46%	-2.39%	-2.58%	-2.75%	-1.30%	-1.23%	-1.33%	-1.46%	-1.35%	-1.54%	-1.65%	-2.11%	-2.21%	-1.63%	-1.42%	-1.55%
Cost of operating revenues	-15.52%	-15.70%	-13.50%	-15.38%	-14.32%	-13.21%	-14.19%	-15.71%	-15.48%	-17.70%	-18.23%	-18.10%	-19.47%	-21.71%	-24.05%	-33.95%	-27.56%	-24.04%	-21.64%	-26.99%
Gross profit	84.48%	84.30%	86.50%	84.62%	85.68%	86.79%	85.81%	84.29%	84.52%	82.30%	81.77%	81.90%	80.53%	78.29%	75.95%	66.05%	72.44%	75.96%	78.36%	73.01%
Exploration costs	-0.84%	-0.80%	-0.69%	-0.89%	-0.74%	-0.69%	-1.12%	-0.95%	-0.69%	-1.16%	-1.33%	-2.18%	-1.63%	-1.20%	-1.72%	-2.20%	-1.94%	-1.44%	-1.77%	-1.70%
Dry hole costs	0.00%	-0.56%	-0.08%	0.00%	0.00%	-0.01%	-0.12%	0.00%	-0.14%	0.00%	0.00%	0.00%	-0.01%	-0.49%	0.01%	-0.02%	-0.02%	-0.01%	0.02%	-0.63%
Impairments	-5.28%	-2.45%	-2.39%	-1.78%	-4.07%	-0.93%	-1.22%	-1.76%	-4.59%	-2.03%	-3.02%	-7.40%	-12.40%	-8.40%	-4.09%	-5.29%	-9.36%	-290.34%	-2.77%	-2.99%
Marketing costs	-28.64%	-31.21%	-31.95%	-31.29%	-29.50%	-27.75%	-33.52%	-30.06%	-30.22%	-30.00%	-30.26%	-28.21%	-26.40%	-26.08%	-27.03%	-25.17%	-25.70%	-28.32%	-27.14%	-27.55%
Depreciation, depletion and amortization	-22.20%	-22.16%	-20.38%	-21.67%	-20.11%	-19.20%	-20.02%	-20.34%	-26.40%	-32.00%	-33.13%	-31.26%	-35.91%	-42.46%	-48.57%	-68.59%	-42.82%	-33.24%	-36.82%	-39.37%
General and administrative	-2.90%	-3.15%	-2.59%	-2.63%	-2.56%	-2.33%	-2.46%	-2.57%	-3.50%	-4.22%	-4.15%	-3.72%	-4.25%	-4.46%	-5.50%	-7.42%	-6.07%	-4.19%	-3.33%	-3.64%
Taxes other than income	-4.62%	-4.72%	-4.35%	-4.75%	-4.16%	-4.37%	-4.58%	-4.86%	-4.74%	-4.76%	-4.98%	-4.99%	-4.31%	-4.34%	-5.26%	-4.48%	-4.87%	-4.86%	-4.95%	-4.59%
Operating income (loss)	19.99%	19.24%	24.07%	21.60%	24.55%	31.51%	22.77%	23.76%	14.25%	8.12%	4.90%	4.13%	-4.39%	-9.13%	-16.23%	-47.12%	-18.35%	-286.45%	1.60%	-7.46%
Other income (expense), net	0.19%	0.21%	0.18%	0.14%	0.46%	0.07%	-0.20%	0.02%	0.02%	0.01%	0.19%	0.12%	-0.72%	-0.37%	-1.18%	-0.33%	-0.34%	0.40%	0.38%	-0.43%
Income (loss) before interest expense and income taxes	20.18%	19.45%	24.25%	21.73%	25.02%	31.58%	22.57%	23.78%	14.27%	8.13%	5.09%	4.25%	-5.11%	-9.51%	-17.41%	-47.45%	-18.69%	-286.06%	1.98%	-7.89%
Interest expense, net	-0.94%	-0.92%	-1.06%	-1.35%	-1.22%	-1.33%	-1.50%	-1.68%	-1.90%	-2.61%	-2.70%	-2.74%	-2.97%	-3.34%	-4.00%	-5.05%	-3.51%	-2.79%	-2.45%	-2.30%
Income (loss) before income taxes	19.24%	18.53%	23.19%	20.38%	23.79%	30.25%	21.07%	22.10%	12.37%	5.52%	2.39%	1.51%	-8.08%	-12.85%	-21.42%	-52.50%	-22.20%	-288.84%	-0.46%	-10.19%
Income tax (provision) benefit	-4.51%	-4.24%	-5.14%	-4.73%	-4.28%	-5.34%	-4.63%	-4.75%	60.38%	-1.72%	-1.51%	-0.42%	2.15%	3.88%	4.94%	17.66%	6.37%	101.23%	0.68%	2.87%
Net income (loss)	14.73%	14.29%	18.05%	15.66%	19.52%	24.91%	16.44%	17.35%	72.76%	3.80%	0.88%	1.09%	-5.93%	-8.97%	-16.48%	-34.83%	-15.82%	-187.61%	0.21%	-7.32%

The financial performance from early 2015 through late 2019 is characterized by a transition from significant operating losses and high expense ratios to a period of sustained profitability and improved operational efficiency. A marked recovery in net income margins is evident, shifting from deep negative territory in 2015 and 2016 to consistent positive margins ranging between 14% and 25% by 2018 and 2019.

Revenue Stream Diversification: Crude oil and condensate remained the primary revenue driver, maintaining a relatively stable share of operating revenues between 52% and 59%. However, a structural shift occurred in other revenue streams; natural gas contributions declined from approximately 12% in early 2015 to roughly 7% by the end of 2019. Conversely, gathering, processing, and marketing activities increased their share of total revenues, rising from an average of 24% in 2015 to peak at 33.89% in mid-2018, indicating a strategic shift toward midstream-related income.
Operational Cost Efficiency: A substantial reduction in the cost of operating revenues is observed, falling from a peak of 33.95% in March 2016 to approximately 15.52% by December 2019. This improvement was driven largely by the contraction of lease and well costs, which dropped from 15.59% in early 2015 to 7.74% in late 2019, and transportation costs, which decreased from nearly 10% to under 5% over the same period. Consequently, gross profit margins expanded from the 66% to 78% range in 2015-2016 to a more consistent 84% to 86% range by 2019.
Expense Management and Impairment Volatility: Operating expenses were heavily impacted by extreme volatility in impairment charges, most notably a severe outlier in September 2015 where impairments reached 290.34% of operating revenues, resulting in massive quarterly losses. Beyond this event, depreciation, depletion, and amortization (DD&A) showed a significant downward trend, plummeting from a peak of 68.59% in March 2016 to a stable range of 20% to 22% by 2019. General and administrative expenses also trended downward, improving from peaks of 7.42% to a consistent range of 2.5% to 3.1%.
Bottom Line Profitability and Leverage: The company transitioned from a state of operational deficit to consistent profitability starting in 2017. Operating income margins, which were deeply negative in 2015 and 2016, stabilized between 19% and 31% in the final two years of the period. This recovery was supported by a reduction in interest expense as a percentage of revenue, which declined from a peak of 5.05% in March 2016 to approximately 0.94% by December 2019, suggesting improved leverage or increased revenue scale relative to debt obligations.

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EOG Resources Inc. (NYSE:EOG)

Common-Size Income StatementQuarterly Data

Common-Size Income Statement
Quarterly Data