Selected Financial Data
since 2005
Income Statement
EOG Resources Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Operating revenues and other | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Dec 31, 2019 | 17,379,973) | 3,699,011) | 2,734,910) |
| Dec 31, 2018 | 17,275,399) | 4,469,346) | 3,419,040) |
| Dec 31, 2017 | 11,208,320) | 926,402) | 2,582,579) |
| Dec 31, 2016 | 7,650,632) | (1,225,281) | (1,096,686) |
| Dec 31, 2015 | 8,757,428) | (6,686,079) | (4,524,515) |
| Dec 31, 2014 | 18,035,340) | 5,241,823) | 2,915,487) |
| Dec 31, 2013 | 14,487,118) | 3,675,211) | 2,197,109) |
| Dec 31, 2012 | 11,682,636) | 1,479,797) | 570,279) |
| Dec 31, 2011 | 10,126,115) | 2,113,309) | 1,091,123) |
| Dec 31, 2010 | 6,099,896) | 523,319) | 160,654) |
| Dec 31, 2009 | 4,786,959) | 970,841) | 546,627) |
| Dec 31, 2008 | 7,127,143) | 3,767,185) | 2,436,919) |
| Dec 31, 2007 | 4,190,791) | 1,648,396) | 1,089,918) |
| Dec 31, 2006 | 3,904,415) | 1,895,426) | 1,299,885) |
| Dec 31, 2005 | 3,620,213) | 1,991,815) | 1,259,576) |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Financial performance from 2005 to 2019 is characterized by significant volatility, defined by a prolonged period of expansion, a severe contraction between 2015 and 2016, and a subsequent recovery. Revenue growth was predominantly positive for the first decade, although it was subject to cyclical fluctuations.
- Revenue Growth and Volatility
- Operating revenues increased from 3.6 billion in 2005 to a peak of 18.0 billion in 2014. This growth was interrupted by a sharp decline in 2015 and 2016, where revenues dropped to 8.8 billion and 7.7 billion, respectively. A strong recovery period followed, with revenues returning to 17.4 billion by 2019.
- Operating Income Performance
- Operating income demonstrated extreme sensitivity to revenue shifts. After reaching a peak of 5.2 billion in 2014, the company experienced a substantial operational reversal, recording a loss of 6.7 billion in 2015 and a loss of 1.2 billion in 2016. Stability returned in 2017, with operating income recovering to 926 million and climbing to 4.5 billion by 2018.
- Net Income and Bottom-Line Stability
- Net income trends closely mirrored operating results. Positive earnings were maintained from 2005 through 2014, peaking at 2.9 billion. The period of 2015 to 2016 saw severe net losses of 4.5 billion and 1.1 billion, respectively. Profitability was restored in 2017, with net income reaching 3.4 billion in 2018 before settling at 2.7 billion in 2019.
- Profitability Margin Observations
- The relationship between revenue and income indicates a high degree of operational leverage. The transition from a high profit margin in 2014 to deep losses in 2015 suggests a significant impact from external market pricing or cost structures. The subsequent recovery by 2019 shows a return to profitability levels comparable to those seen prior to the 2015 contraction, albeit with slightly lower net income relative to the 2014 peak.
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Balance Sheet: Assets
EOG Resources Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2019 | 5,273,339) | 37,124,608) |
| Dec 31, 2018 | 5,057,390) | 33,934,474) |
| Dec 31, 2017 | 3,279,108) | 29,833,078) |
| Dec 31, 2016 | 3,554,603) | 29,459,433) |
| Dec 31, 2015 | 2,592,244) | 26,975,244) |
| Dec 31, 2014 | 5,416,021) | 34,762,687) |
| Dec 31, 2013 | 4,072,015) | 30,574,238) |
| Dec 31, 2012 | 3,589,884) | 27,336,578) |
| Dec 31, 2011 | 3,253,938) | 24,838,797) |
| Dec 31, 2010 | 2,527,446) | 21,624,233) |
| Dec 31, 2009 | 1,839,541) | 18,118,667) |
| Dec 31, 2008 | 2,108,451) | 15,951,226) |
| Dec 31, 2007 | 1,292,039) | 12,088,907) |
| Dec 31, 2006 | 1,350,080) | 9,402,160) |
| Dec 31, 2005 | 1,563,238) | 7,753,320) |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset structure exhibits a prolonged period of expansion from 2005 through 2014, followed by a significant contraction in 2015 and a subsequent recovery phase leading up to 2019.
- Total Asset Growth and Volatility
- Total assets experienced a consistent upward trajectory for nearly a decade, rising from 7.75 billion US dollars in 2005 to a peak of 34.76 billion US dollars by the end of 2014. This represents a substantial increase in the asset base. However, a sharp reversal occurred in 2015, where total assets declined by approximately 22% to 26.98 billion US dollars. Following this correction, assets resumed a growth pattern, reaching a period high of 37.12 billion US dollars by December 31, 2019.
- Current Asset Trends
- Current assets followed a similar growth pattern to total assets but exhibited higher volatility. Between 2005 and 2014, current assets grew from 1.56 billion US dollars to 5.42 billion US dollars. A severe reduction was observed in 2015, with current assets falling to 2.59 billion US dollars, a decrease of more than 50% from the previous year. This metric recovered steadily over the following four years, ending 2019 at 5.27 billion US dollars.
- Asset Composition and Liquidity Observations
- The relationship between current assets and total assets indicates shifting liquidity levels. In 2005, current assets constituted approximately 20% of total assets. By 2014, this proportion decreased to roughly 15.6%, and it dropped further to approximately 9.6% during the 2015 contraction. By 2019, the ratio stabilized at approximately 14.2%, suggesting a return to a composition similar to the pre-2015 period.
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Balance Sheet: Liabilities and Stockholders’ Equity
EOG Resources Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Long-term debt, including current portion | Stockholders’ equity | |
|---|---|---|---|
| Dec 31, 2019 | 4,486,988) | 5,175,443) | 21,640,716) |
| Dec 31, 2018 | 3,728,364) | 6,083,262) | 19,364,188) |
| Dec 31, 2017 | 2,725,542) | 6,387,071) | 16,283,273) |
| Dec 31, 2016 | 2,027,291) | 6,986,358) | 13,981,581) |
| Dec 31, 2015 | 1,819,287) | 6,660,264) | 12,943,035) |
| Dec 31, 2014 | 3,384,308) | 5,909,933) | 17,712,582) |
| Dec 31, 2013 | 2,861,716) | 5,913,221) | 15,418,459) |
| Dec 31, 2012 | 2,924,058) | 6,312,181) | 13,284,764) |
| Dec 31, 2011 | 2,522,319) | 5,009,166) | 12,640,904) |
| Dec 31, 2010 | 2,220,099) | 5,223,341) | 10,231,632) |
| Dec 31, 2009 | 1,345,560) | 2,797,000) | 9,998,042) |
| Dec 31, 2008 | 1,764,916) | 1,897,000) | 9,014,497) |
| Dec 31, 2007 | 1,474,170) | 1,185,000) | 6,990,094) |
| Dec 31, 2006 | 1,255,012) | 733,442) | 5,599,671) |
| Dec 31, 2005 | 1,172,041) | 985,067) | 4,316,292) |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial structure from 2005 to 2019 exhibits a period of significant capital expansion, a phase of increased leverage, and a subsequent trend toward balance sheet strengthening and debt reduction.
- Current Liabilities Analysis
- Current liabilities grew from 1.17 billion USD in 2005 to 4.49 billion USD in 2019. A notable increase occurred between 2009 and 2010, where obligations rose by approximately 65%. A significant contraction is observed in 2015, with current liabilities dropping from 3.38 billion USD in 2014 to 1.82 billion USD, before resuming a steady upward trajectory through 2019.
- Long-term Debt Trends
- Long-term debt, including the current portion, experienced substantial growth between 2005 and 2016. After starting at 985 million USD, debt levels escalated rapidly, particularly between 2009 and 2010, and peaked in 2016 at approximately 6.99 billion USD. Following this peak, a consistent deleveraging trend is evident, with total long-term debt decreasing to 5.18 billion USD by 2019.
- Stockholders' Equity Growth
- Stockholders' equity demonstrated a strong long-term upward trend, increasing from 4.32 billion USD in 2005 to 21.64 billion USD in 2019. While the growth was generally consistent, a sharp decline occurred in 2015, where equity fell to 12.94 billion USD from 17.71 billion USD in the previous year. Post-2015, equity grew aggressively, indicating strong retained earnings or capital contributions.
- Solvency and Leverage Observations
- The relationship between long-term debt and stockholders' equity suggests a strategic shift in financing. Between 2009 and 2016, the company increased its reliance on debt to fund operations or acquisitions. However, the final period from 2016 to 2019 is characterized by a simultaneous reduction in total debt and a rapid increase in equity, resulting in a significantly lower debt-to-equity profile by the end of the analyzed period.
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Cash Flow Statement
EOG Resources Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2019 | 8,163,180) | (6,177,173) | (1,513,321) |
| Dec 31, 2018 | 7,768,608) | (6,170,162) | (839,103) |
| Dec 31, 2017 | 4,265,336) | (3,987,409) | (1,035,711) |
| Dec 31, 2016 | 2,359,063) | (1,252,944) | (242,722) |
| Dec 31, 2015 | 3,595,165) | (5,320,256) | 370,921) |
| Dec 31, 2014 | 8,649,155) | (7,513,565) | (327,734) |
| Dec 31, 2013 | 7,329,414) | (6,314,778) | (573,926) |
| Dec 31, 2012 | 5,236,777) | (6,119,263) | 1,139,751) |
| Dec 31, 2011 | 4,578,410) | (5,754,942) | 1,008,539) |
| Dec 31, 2010 | 2,708,602) | (4,902,774) | 2,303,419) |
| Dec 31, 2009 | 2,922,439) | (3,414,551) | 834,162) |
| Dec 31, 2008 | 4,633,249) | (4,966,518) | 645,105) |
| Dec 31, 2007 | 2,893,365) | (3,455,774) | 393,723) |
| Dec 31, 2006 | 2,578,553) | (2,710,373) | (298,882) |
| Dec 31, 2005 | 2,369,426) | (1,678,108) | (72,310) |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile from 2005 to 2019 is characterized by significant volatility in operating inflows and a consistent commitment to capital expenditure, reflecting the cyclical nature of the energy sector. A general expansion phase occurred between 2005 and 2014, followed by a sharp contraction and subsequent recovery period.
- Operating Cash Flow Trends
- Net cash provided by operating activities showed a strong growth trajectory from 2005 to 2014, rising from approximately 2.37 billion USD to a peak of 8.65 billion USD. A substantial decline was observed between 2015 and 2016, where cash flow dropped to 2.36 billion USD, its lowest point since 2005. A recovery phase followed, with operating cash flows climbing steadily to 8.16 billion USD by 2019.
- Investing Activities and Capital Expenditure
- Investing activities remained consistently negative throughout the entire period, indicating continuous investment in assets. Capital outflows increased from 1.68 billion USD in 2005 to a maximum of 7.51 billion USD in 2014. A notable divergence occurred in 2016, when investing outflows were reduced drastically to 1.25 billion USD, suggesting a strategic pivot toward capital preservation. From 2017 to 2019, outflows stabilized at approximately 6.18 billion USD per annum.
- Financing Activities and Capital Structure
- Financing cash flows transitioned through three distinct phases. From 2007 to 2012, the company primarily experienced net inflows, peaking in 2010 at 2.30 billion USD, indicating a period of external financing or debt issuance. From 2013 to 2014, the trend shifted to net outflows. After a brief return to positive financing cash flow in 2015 (370.92 million USD), a sustained period of net outflows occurred from 2016 to 2019, with 2019 reaching 1.51 billion USD, suggesting an increase in debt repayment or shareholder returns.
- Cash Flow Interdependence and Liquidity
- The relationship between operating and investing cash flows reveals a shift in self-funding capacity. In the early part of the period, operating cash flows were often insufficient to cover investing activities, necessitating the positive financing flows observed between 2007 and 2012. However, by the 2017-2019 period, operating cash flows significantly exceeded investing outflows, creating a surplus that supported the increasing net outflows in financing activities.
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Per Share Data
EOG Resources Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2019 | 4.73 | 4.71 | 1.08 |
| Dec 31, 2018 | 5.93 | 5.89 | 0.81 |
| Dec 31, 2017 | 4.49 | 4.46 | 0.67 |
| Dec 31, 2016 | -1.98 | -1.98 | 0.67 |
| Dec 31, 2015 | -8.29 | -8.29 | 0.67 |
| Dec 31, 2014 | 5.36 | 5.32 | 0.59 |
| Dec 31, 2013 | 4.07 | 4.02 | 0.38 |
| Dec 31, 2012 | 1.07 | 1.06 | 0.34 |
| Dec 31, 2011 | 2.08 | 2.05 | 0.32 |
| Dec 31, 2010 | 0.32 | 0.32 | 0.31 |
| Dec 31, 2009 | 1.10 | 1.09 | 0.29 |
| Dec 31, 2008 | 4.94 | 4.86 | 0.26 |
| Dec 31, 2007 | 2.23 | 2.19 | 0.18 |
| Dec 31, 2006 | 2.67 | 2.62 | 0.12 |
| Dec 31, 2005 | 2.62 | 2.57 | 0.08 |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
Analysis of the per share data from 2005 to 2019 reveals a profile of significant earnings volatility contrasted by a consistent, disciplined growth in dividend distributions. The earnings performance exhibits a cyclical pattern characterized by periods of sharp expansion followed by steep contractions, while the dividend policy remains decoupled from short-term profitability fluctuations.
- Earnings Per Share Volatility
- Basic and diluted earnings per share followed nearly identical trajectories over the analyzed period. Earnings experienced a notable peak in 2008 at $4.94 (Basic EPS), followed by a sharp decline to $0.32 by 2010. A period of recovery ensued, with earnings climbing to $5.36 by 2014. This growth was abruptly reversed in 2015, resulting in a significant loss of $8.29 per share. Profitability was restored by 2017, with earnings reaching a peak of $5.93 in 2018 before moderating to $4.73 in 2019.
- Dividend Growth Pattern
- Dividend per share demonstrated an uninterrupted upward trend throughout the 15-year period, increasing from $0.08 in 2005 to $1.08 in 2019. The growth was incremental and steady between 2005 and 2013, followed by an acceleration in the payout rate starting in 2014. Notably, dividend increases were maintained during the periods of negative earnings in 2015 and 2016, indicating a strategic commitment to shareholder returns regardless of annual net income performance.
- Correlation Between Earnings and Dividends
- A marked divergence is observable between the volatile nature of earnings and the linear growth of dividends. While earnings per share fluctuated between high positive values and deep negative losses, the dividend per share never decreased. This suggests that the dividend policy is not managed on a spot-earnings basis but is instead supported by long-term cash flow stability or capital reserves.
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