Analysis of Reportable Segments
EOG Resources Inc. operates in 3 segments: United States; Trinidad; and Other International.
- Segment Profit Margin
- Segment Return on Assets (Segment ROA)
- Segment Asset Turnover
- Segment Capital Expenditures to Depreciation
- Operating revenues and other
- Depreciation, depletion and amortization
- Income (loss) before income taxes
- Additions to oil and gas properties, excluding dry hole costs
- Total assets
Segment Profit Margin
EOG Resources Inc., profit margin by reportable segment
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| United States | 20.24% | 24.41% | 5.73% | -20.56% | -82.18% |
| Trinidad | 43.23% | 48.82% | 37.42% | 20.65% | 48.17% |
| Other International | -41.79% | -5.97% | -133.03% | -119.72% | -438.22% |
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).
The analysis of segment profit margins between 2015 and 2019 reveals a broad trend of financial recovery and stabilization across different geographical regions, moving from significant losses in the early part of the period toward improved profitability.
- United States Segment
- A substantial positive trajectory is observed in the United States, which transitioned from a deep negative margin of -82.18% in 2015 to a peak of 24.41% in 2018. The segment reached profitability in 2017 and sustained a margin above 20% through 2019, indicating a strong operational recovery.
- Trinidad Segment
- The Trinidad segment served as the most stable profit center throughout the analyzed period. Although margins fluctuated, with a low of 20.65% in 2016 and a high of 48.82% in 2018, the segment remained consistently profitable, maintaining the highest overall margins of the three reported areas.
- Other International Segment
- Significant volatility and persistent losses are evident in the Other International segment. While there was a marked improvement from the extreme margin deficit of -438.22% in 2015 to a near break-even point of -5.97% in 2018, the segment failed to achieve sustained profitability, ending the period with a margin of -41.79% in 2019.
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Segment Profit Margin: United States
EOG Resources Inc.; United States; segment profit margin calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income (loss) before income taxes | 3,451,677) | 4,099,918) | 623,194) | (1,505,808) | (6,832,514) |
| Operating revenues and other | 17,052,363) | 16,794,591) | 10,872,071) | 7,323,200) | 8,314,442) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 20.24% | 24.41% | 5.73% | -20.56% | -82.18% |
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).
1 2019 Calculation
Segment profit margin = 100 × Income (loss) before income taxes ÷ Operating revenues and other
= 100 × 3,451,677 ÷ 17,052,363 = 20.24%
The United States segment underwent a significant financial turnaround between 2015 and 2019, transitioning from substantial operational losses to consistent profitability. A strong recovery phase is evident, characterized by a rapid expansion in both operating revenues and profit margins starting in 2017.
- Operating Revenue Trends
- Operating revenues and other income exhibited a general upward trajectory after an initial decline in 2016. Revenue decreased from approximately 8.3 billion USD in 2015 to 7.3 billion USD in 2016, before entering a period of accelerated growth. By 2019, revenues reached 17.1 billion USD, representing more than a twofold increase from the 2016 low.
- Income Before Income Taxes
- The segment reported severe losses in the early part of the period, with a peak deficit of approximately 6.8 billion USD in 2015. A marked reduction in losses occurred in 2016, followed by a shift to positive territory in 2017 with 623 million USD in income. Profitability peaked in 2018 at approximately 4.1 billion USD before experiencing a slight moderation to 3.5 billion USD in 2019.
- Segment Profit Margin Analysis
- The segment profit margin demonstrates a sharp recovery trend. The margin improved from a critical low of -82.18% in 2015 to -20.56% in 2016. The transition to profitability was solidified in 2017 with a margin of 5.73%, which surged to a peak of 24.41% in 2018. In 2019, the margin remained robust at 20.24%, indicating a stabilization of operational efficiency at a significantly higher level than the 2015-2017 period.
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Segment Profit Margin: Trinidad
EOG Resources Inc.; Trinidad; segment profit margin calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income (loss) before income taxes | 117,203) | 151,288) | 106,548) | 50,072) | 183,427) |
| Operating revenues and other | 271,106) | 309,860) | 284,713) | 242,424) | 380,809) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 43.23% | 48.82% | 37.42% | 20.65% | 48.17% |
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).
1 2019 Calculation
Segment profit margin = 100 × Income (loss) before income taxes ÷ Operating revenues and other
= 100 × 117,203 ÷ 271,106 = 43.23%
The Trinidad segment exhibited significant volatility in both top-line revenue and bottom-line profitability between 2015 and 2019. Following a period of high performance in 2015, the segment experienced a sharp contraction in 2016, followed by a steady recovery through 2018 before entering a moderate decline in 2019.
- Operating Revenues and Other
- Revenues peaked in 2015 at 380,809 thousand US$, followed by a substantial decrease of approximately 36.3% to 242,424 thousand US$ in 2016. A recovery trend was observed over the next two years, with revenues rising to 284,713 thousand US$ in 2017 and peaking for the recovery cycle at 309,860 thousand US$ in 2018. This growth trend reversed in 2019, as revenues declined to 271,106 thousand US$.
- Income Before Income Taxes
- Profitability mirrored the volatility of revenues but with greater intensity. Income fell from 183,427 thousand US$ in 2015 to a period low of 50,072 thousand US$ in 2016, representing a decline of roughly 72.7%. A strong rebound occurred between 2017 and 2018, with income reaching 151,288 thousand US$ by the end of 2018. However, 2019 saw a contraction in earnings to 117,203 thousand US$.
- Segment Profit Margin
- The segment profit margin demonstrated significant fluctuations, dropping from 48.17% in 2015 to 20.65% in 2016, indicating a period of heightened cost pressure or pricing headwinds. The margin recovered substantially to 37.42% in 2017 and reached its five-year peak of 48.82% in 2018, suggesting improved operational efficiency or favorable market conditions. The period concluded with a margin of 43.23% in 2019, remaining well above the 2016 trough but lower than the previous year's peak.
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Segment Profit Margin: Other International
EOG Resources Inc.; Other International; segment profit margin calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income (loss) before income taxes | (23,613) | (10,208) | (68,560) | (101,769) | (272,469) |
| Operating revenues and other | 56,504) | 170,948) | 51,536) | 85,008) | 62,177) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | -41.79% | -5.97% | -133.03% | -119.72% | -438.22% |
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).
1 2019 Calculation
Segment profit margin = 100 × Income (loss) before income taxes ÷ Operating revenues and other
= 100 × -23,613 ÷ 56,504 = -41.79%
The Other International segment operated at a loss for the entirety of the period between 2015 and 2019. While the absolute value of these losses generally trended downward from 2015 through 2018, the segment has struggled to achieve profitability, characterized by significant volatility in both revenue generation and profit margins.
- Income Before Income Taxes Trend
- A consistent trend of negative earnings is observed, although the magnitude of the losses narrowed considerably over time. The segment reported its highest loss in 2015 at 272.47 million USD, which improved steadily to a minimum loss of 10.21 million USD by 2018. However, this trajectory reversed slightly in 2019, with losses increasing to 23.61 million USD.
- Operating Revenue Volatility
- Operating revenues and other income exhibited substantial fluctuations. Following a period of relative stability between 2015 and 2017, revenues surged to 170.95 million USD in 2018. This peak was short-lived, as revenues declined sharply to 56.50 million USD in 2019, returning to levels similar to those seen in 2015 and 2017.
- Segment Profit Margin Analysis
- The segment profit margin remained negative throughout the analysis period, reflecting an inability to cover operating costs with generated revenues. The margin was most severely depressed in 2015 at -438.22%, indicating that expenses vastly exceeded revenues. A significant improvement occurred by 2018, where the margin reached its highest point of -5.97%, coinciding with the peak in operating revenues. The margin deteriorated again in 2019 to -41.79%, mirroring the decline in revenue and the increase in pre-tax losses.
Overall, the financial performance of the Other International segment is marked by an initial period of heavy losses and an attempted recovery that peaked in 2018. The correlation between the 2018 revenue spike and the near-breakeven profit margin suggests that the segment's profitability is highly sensitive to fluctuations in operating revenue.
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Segment Return on Assets (Segment ROA)
EOG Resources Inc., ROA by reportable segment
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| United States | 9.52% | 12.36% | 2.20% | -5.40% | -26.95% |
| Trinidad | 16.61% | 24.03% | 10.93% | 5.63% | 20.68% |
| Other International | -16.41% | -8.09% | -12.56% | -15.35% | -36.99% |
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).
The segment return on assets (ROA) across the portfolio exhibits divergent performance trajectories between 2015 and 2019. While the United States and Trinidad segments demonstrated overall growth or sustained profitability, the Other International segment remained consistently negative throughout the reporting period.
- United States Segment
- A significant recovery trend is observed, with the return on assets moving from a deep negative of -26.95% in 2015 to a peak of 12.36% in 2018. Despite a moderate decline to 9.52% in 2019, the segment successfully transitioned from a period of substantial asset inefficiency to consistent positive returns.
- Trinidad Segment
- This segment maintained positive returns for the duration of the period, representing the strongest overall asset productivity. Although a notable dip to 5.63% occurred in 2016, the segment rebounded to a high of 24.03% in 2018 before adjusting to 16.61% in 2019.
- Other International Segment
- The return on assets for this segment remained negative throughout the five-year window. A gradual improvement in performance was noted from 2015 (-36.99%) through 2018 (-8.09%), indicating a reduction in losses; however, this trend reversed in 2019 as the ROA declined to -16.41%.
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Segment ROA: United States
EOG Resources Inc.; United States; segment ROA calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income (loss) before income taxes | 3,451,677) | 4,099,918) | 623,194) | (1,505,808) | (6,832,514) |
| Total assets | 36,274,942) | 33,178,733) | 28,312,599) | 27,907,083) | 25,351,908) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 9.52% | 12.36% | 2.20% | -5.40% | -26.95% |
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).
1 2019 Calculation
Segment ROA = 100 × Income (loss) before income taxes ÷ Total assets
= 100 × 3,451,677 ÷ 36,274,942 = 9.52%
The United States segment underwent a significant financial recovery between 2015 and 2019, transitioning from a period of substantial pre-tax losses to sustained profitability and asset expansion.
- Income Trends
- A sharp recovery in pre-tax earnings is observed, beginning with a loss of approximately 6.83 billion USD in 2015. This deficit was reduced to 1.51 billion USD in 2016, followed by a shift to profitability in 2017 with an income of 623 million USD. Earnings reached a peak of approximately 4.10 billion USD in 2018 before moderating to 3.45 billion USD in 2019.
- Asset Accumulation
- A consistent upward trend in total assets was maintained throughout the period. The asset base grew from 25.35 billion USD in 2015 to 36.27 billion USD by December 31, 2019, indicating continuous investment and expansion within the segment.
- Return on Assets (ROA) Analysis
- The Segment ROA demonstrates a strong corrective trajectory, rising from a low of -26.95% in 2015 to a high of 12.36% in 2018. The break-even point for ROA was surpassed in 2017, reaching 2.20%. Although the ROA declined to 9.52% in 2019, the figure remains significantly higher than the levels observed during the 2015-2016 period, reflecting improved operational efficiency in generating income from the expanded asset base.
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Segment ROA: Trinidad
EOG Resources Inc.; Trinidad; segment ROA calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income (loss) before income taxes | 117,203) | 151,288) | 106,548) | 50,072) | 183,427) |
| Total assets | 705,747) | 629,633) | 974,477) | 889,253) | 886,826) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 16.61% | 24.03% | 10.93% | 5.63% | 20.68% |
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).
1 2019 Calculation
Segment ROA = 100 × Income (loss) before income taxes ÷ Total assets
= 100 × 117,203 ÷ 705,747 = 16.61%
The Trinidad segment exhibited significant volatility in both profitability and asset utilization between 2015 and 2019. While income and assets fluctuated independently in the early part of the period, a strategic shift in the asset base coincided with a peak in efficiency toward the end of the analyzed timeframe.
- Income Before Income Taxes
- Earnings experienced a sharp decline in 2016, falling from 183,427 thousand US$ to 50,072 thousand US$. A steady recovery followed over the next two years, with income peaking at 151,288 thousand US$ in 2018. This upward trend reversed slightly in 2019, with income settling at 117,203 thousand US$.
- Total Asset Trends
- The asset base remained relatively stable between 2015 and 2017, increasing slightly from 886,826 thousand US$ to a peak of 974,477 thousand US$. A substantial reduction in assets occurred in 2018, where the balance dropped to 629,633 thousand US$, representing a decrease of approximately 35% from the previous year. Assets saw a moderate increase to 705,747 thousand US$ in 2019.
- Segment Return on Assets (ROA)
- The ROA mirrored the volatility of the income stream and asset fluctuations. The ratio dropped from 20.68% in 2015 to a period low of 5.63% in 2016. Recovery began in 2017 at 10.93%, culminating in a period high of 24.03% in 2018. The 2018 peak was driven by the simultaneous increase in pre-tax income and the significant contraction of the total asset base. By 2019, the ROA moderated to 16.61% as income declined and the asset base expanded slightly.
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Segment ROA: Other International
EOG Resources Inc.; Other International; segment ROA calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income (loss) before income taxes | (23,613) | (10,208) | (68,560) | (101,769) | (272,469) |
| Total assets | 143,919) | 126,108) | 546,002) | 663,097) | 736,510) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | -16.41% | -8.09% | -12.56% | -15.35% | -36.99% |
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).
1 2019 Calculation
Segment ROA = 100 × Income (loss) before income taxes ÷ Total assets
= 100 × -23,613 ÷ 143,919 = -16.41%
The Other International segment operated at a loss throughout the observed five-year period from 2015 to 2019. While the segment experienced a period of operational recovery and significant asset reduction between 2015 and 2018, this positive trajectory was reversed in 2019.
- Income Performance
- Pre-tax losses showed a consistent narrowing from 2015 to 2018, decreasing from -272,469 thousand US dollars to -10,208 thousand US dollars. This represents a substantial reduction in annual losses before a slight increase in the deficit to -23,613 thousand US dollars in 2019.
- Asset Base Evolution
- A significant contraction in total assets is evident, with a steady decline from 736,510 thousand US dollars in 2015 to 546,002 thousand US dollars in 2017. A sharp reduction occurred between 2017 and 2018, where assets dropped to 126,108 thousand US dollars, suggesting a strategic divestment or impairment of assets within the segment. Total assets remained relatively stable in 2019, ending at 143,919 thousand US dollars.
- Segment Return on Assets (ROA)
- The Segment ROA improved steadily from -36.99% in 2015 to a peak of -8.09% in 2018. This improvement was driven by the simultaneous reduction in pre-tax losses and the aggressive downsizing of the asset base. However, the ROA deteriorated to -16.41% in 2019, reflecting a combination of increased losses and a slight increase in assets.
Overall, the segment's financial profile suggests a period of contraction and attempts at stabilization. The sharp decrease in both losses and assets through 2018 improved the efficiency ratio, although the segment remained unable to achieve profitability by the end of 2019.
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Segment Asset Turnover
EOG Resources Inc., asset turnover by reportable segment
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| United States | 0.47 | 0.51 | 0.38 | 0.26 | 0.33 |
| Trinidad | 0.38 | 0.49 | 0.29 | 0.27 | 0.43 |
| Other International | 0.39 | 1.36 | 0.09 | 0.13 | 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).
Asset turnover ratios across all three reportable segments exhibited significant volatility between 2015 and 2019, with a synchronized peak in efficiency observed during the 2018 fiscal year.
- United States Segment
- The asset turnover ratio for the United States began at 0.33 in 2015 and experienced a decline to 0.26 in 2016. Following this trough, a consistent upward trend was observed, with the ratio increasing to 0.38 in 2017 and reaching a five-year peak of 0.51 in 2018. A slight moderation occurred in 2019, with the ratio settling at 0.47.
- Trinidad Segment
- A downward trend was recorded between 2015 and 2016, as the ratio fell from 0.43 to 0.27. Efficiency remained relatively stagnant in 2017 at 0.29 before experiencing a sharp increase to 0.49 in 2018. Similar to the domestic segment, a subsequent decline was observed in 2019, bringing the ratio to 0.38.
- Other International Segment
- This segment demonstrated the highest level of variance. Between 2015 and 2017, asset turnover remained low, fluctuating between 0.08 and 0.13. A substantial anomaly occurred in 2018, where the ratio surged to 1.36, indicating a temporary and dramatic increase in asset productivity. This spike was followed by a significant correction in 2019, with the ratio returning to a more moderate level of 0.39.
Across the reporting period, the 2018 fiscal year represents a point of maximum asset utilization for all segments. While the United States and Trinidad segments followed similar trajectories of decline and recovery, the Other International segment transitioned from the least efficient operation to the most efficient in 2018 before normalizing in 2019.
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Segment Asset Turnover: United States
EOG Resources Inc.; United States; segment asset turnover calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Operating revenues and other | 17,052,363) | 16,794,591) | 10,872,071) | 7,323,200) | 8,314,442) |
| Total assets | 36,274,942) | 33,178,733) | 28,312,599) | 27,907,083) | 25,351,908) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.47 | 0.51 | 0.38 | 0.26 | 0.33 |
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).
1 2019 Calculation
Segment asset turnover = Operating revenues and other ÷ Total assets
= 17,052,363 ÷ 36,274,942 = 0.47
The United States segment demonstrated a general trajectory of expansion in both revenue generation and asset accumulation between 2015 and 2019. While there was a temporary contraction in operating performance during 2016, the subsequent years were characterized by significant growth in revenue that outpaced the steady increase in the asset base, leading to an overall improvement in asset utilization efficiency.
- Operating Revenue Trends
- Operating revenues and other income experienced a decline in 2016, falling to approximately 7.32 billion US dollars. However, a strong recovery followed, with revenues increasing to 10.87 billion US dollars in 2017 and surging to 16.79 billion US dollars by 2018. This growth trend plateaued slightly in 2019, ending the period at 17.05 billion US dollars.
- Asset Base Expansion
- Total assets showed consistent year-over-year growth throughout the analyzed period. Assets rose from 25.35 billion US dollars in 2015 to 36.27 billion US dollars by 2019. This steady upward climb indicates continuous capital investment within the United States segment.
- Segment Asset Turnover Analysis
- The asset turnover ratio reflects the efficiency with which assets are used to generate revenue. The ratio declined from 0.33 in 2015 to a low of 0.26 in 2016, coinciding with the dip in operating revenues. A period of efficiency gains followed, with the ratio rising to 0.38 in 2017 and peaking at 0.51 in 2018. In 2019, the ratio moderated to 0.47, as the growth rate of total assets exceeded the growth rate of operating revenues.
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Segment Asset Turnover: Trinidad
EOG Resources Inc.; Trinidad; segment asset turnover calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Operating revenues and other | 271,106) | 309,860) | 284,713) | 242,424) | 380,809) |
| Total assets | 705,747) | 629,633) | 974,477) | 889,253) | 886,826) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.38 | 0.49 | 0.29 | 0.27 | 0.43 |
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).
1 2019 Calculation
Segment asset turnover = Operating revenues and other ÷ Total assets
= 271,106 ÷ 705,747 = 0.38
The Trinidad segment exhibited significant volatility in both revenue generation and asset utilization between 2015 and 2019. The segment asset turnover ratio fluctuated throughout the period, reflecting inconsistent operational revenues and a substantial shift in the asset base.
- Operating Revenue Trends
- Operating revenues and other income experienced a sharp decline from US$ 380.8 million in 2015 to US$ 242.4 million in 2016. A moderate recovery followed over the next two years, with revenues increasing to US$ 309.9 million by 2018, before declining again to US$ 271.1 million in 2019.
- Asset Base Dynamics
- The total asset base remained relatively stable from 2015 to 2016 and peaked at US$ 974.5 million in 2017. A significant contraction occurred in 2018, with assets falling to US$ 629.6 million, followed by a slight increase to US$ 705.7 million in 2019.
- Asset Turnover Analysis
- The segment asset turnover ratio decreased from 0.43 in 2015 to 0.27 in 2016, mirroring the drop in revenue. The ratio reached a five-year peak of 0.49 in 2018; however, this improvement was primarily driven by the substantial reduction in total assets rather than a proportional increase in revenue. By 2019, the ratio moderated to 0.38 as the asset base expanded and revenues contracted.
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Segment Asset Turnover: Other International
EOG Resources Inc.; Other International; segment asset turnover calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Operating revenues and other | 56,504) | 170,948) | 51,536) | 85,008) | 62,177) |
| Total assets | 143,919) | 126,108) | 546,002) | 663,097) | 736,510) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.39 | 1.36 | 0.09 | 0.13 | 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).
1 2019 Calculation
Segment asset turnover = Operating revenues and other ÷ Total assets
= 56,504 ÷ 143,919 = 0.39
The Other International segment exhibited significant volatility in operational efficiency and asset management from 2015 through 2019. A notable shift in the asset base occurred mid-period, which fundamentally altered the segment's asset turnover performance.
- Operating Revenue Trends
- Revenue demonstrated a non-linear trajectory, starting at $62.2 million in 2015 and peaking at $170.9 million in 2018. This peak was followed by a sharp contraction to $56.5 million in 2019, indicating inconsistent revenue generation within this specific segment.
- Asset Base Evolution
- A consistent downward trend in total assets was observed from 2015 ($736.5 million) through 2017 ($546.0 million). A critical reduction occurred in 2018, where assets plummeted to $126.1 million, suggesting a substantial divestiture or a structural reorganization of the segment's portfolio.
- Segment Asset Turnover Analysis
- The asset turnover ratio remained marginal between 2015 and 2017, fluctuating between 0.08 and 0.13. A dramatic spike to 1.36 was recorded in 2018, resulting from the convergence of peak revenues and a minimized asset base. By 2019, the ratio moderated to 0.39, reflecting a decrease in revenues and a slight increase in asset levels to $143.9 million.
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Segment Capital Expenditures to Depreciation
EOG Resources Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| United States | 1.70 | 1.87 | 1.24 | 1.85 | 1.43 |
| Trinidad | 0.67 | 0.02 | 1.27 | 0.52 | 0.66 |
| Other International | 0.68 | 0.81 | 0.60 | 0.72 | 5.93 |
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).
The analysis of capital expenditures relative to depreciation across reportable segments reveals divergent investment strategies and levels of asset replacement between domestic and international operations from 2015 to 2019.
- United States Segment
- The United States segment consistently maintained a ratio above 1.0 throughout the period, indicating that capital investments exceeded the depreciation of existing assets. This suggests a sustained strategy of growth and capacity expansion. The ratio fluctuated between a low of 1.24 in 2017 and a peak of 1.87 in 2018, ending the period at 1.70 in 2019.
- Trinidad Segment
- Investment patterns in Trinidad exhibited significant volatility. While the ratio remained below 1.0 for most of the period, a notable spike occurred in 2017, where the ratio reached 1.27. This was followed by a sharp decline to 0.02 in 2018, suggesting a near-total cessation of capital spending relative to depreciation in that year, before recovering to 0.67 in 2019.
- Other International Segment
- The Other International segment showed a dramatic shift in investment intensity. In 2015, the ratio was exceptionally high at 5.93, indicating an aggressive expansion or a large-scale capital project. Subsequently, the ratio normalized and remained consistently below 1.0 from 2016 through 2019, ranging from 0.60 to 0.81, reflecting a transition toward maintenance-level spending.
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Segment Capital Expenditures to Depreciation: United States
EOG Resources Inc.; United States; segment capital expenditures to depreciation calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Additions to oil and gas properties, excluding dry hole costs | 6,208,394) | 6,155,874) | 4,067,359) | 6,223,228) | 4,495,730) |
| Depreciation, depletion and amortization | 3,652,294) | 3,296,499) | 3,269,196) | 3,365,390) | 3,139,863) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.70 | 1.87 | 1.24 | 1.85 | 1.43 |
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).
1 2019 Calculation
Segment capital expenditures to depreciation = Additions to oil and gas properties, excluding dry hole costs ÷ Depreciation, depletion and amortization
= 6,208,394 ÷ 3,652,294 = 1.70
The analysis of capital reinvestment relative to depreciation reveals a consistent pattern of asset expansion from 2015 through 2019. Throughout this period, capital expenditures for oil and gas properties consistently exceeded depreciation, depletion, and amortization expenses, signifying a continuous investment in the growth and maintenance of the asset base.
- Investment Volatility
- Additions to oil and gas properties exhibited significant fluctuations. After an initial increase from 4.5 billion US$ in 2015 to 6.2 billion US$ in 2016, spending decreased to 4.1 billion US$ in 2017 before rebounding to approximately 6.2 billion US$ in both 2018 and 2019. This suggests strategic adjustments in drilling and development activity over the analyzed period.
- Depreciation Stability
- Depreciation, depletion, and amortization expenses remained relatively stable, moving from 3.1 billion US$ in 2015 to 3.7 billion US$ in 2019. The steady growth of these expenses provides a consistent baseline against which capital investment is measured.
- Capital Expenditure to Depreciation Ratio
- The ratio fluctuated between a minimum of 1.24 in 2017 and a peak of 1.87 in 2018. Because the ratio remained above 1.0 throughout the five-year duration, it is evident that the company prioritized aggressive reinvestment over the simple replacement of depreciating assets. The peaks in 2016 and 2018 correlate with periods of heightened capital spending, while the 2017 decline reflects a temporary contraction in investment relative to the depreciation of existing assets.
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Segment Capital Expenditures to Depreciation: Trinidad
EOG Resources Inc.; Trinidad; segment capital expenditures to depreciation calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Additions to oil and gas properties, excluding dry hole costs | 53,325) | 1,618) | 145,937) | 75,407) | 102,358) |
| Depreciation, depletion and amortization | 79,389) | 91,971) | 115,321) | 145,591) | 154,853) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.67 | 0.02 | 1.27 | 0.52 | 0.66 |
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).
1 2019 Calculation
Segment capital expenditures to depreciation = Additions to oil and gas properties, excluding dry hole costs ÷ Depreciation, depletion and amortization
= 53,325 ÷ 79,389 = 0.67
The financial trajectory of the Trinidad segment from 2015 to 2019 is characterized by significant volatility in capital investment coupled with a consistent decline in depreciation, depletion, and amortization (DD&A) charges.
- Capital Expenditure Trends
- Additions to oil and gas properties exhibited an erratic pattern over the five-year period. After a decrease from 102,358 thousand US dollars in 2015 to 75,407 thousand US dollars in 2016, investment peaked in 2017 at 145,937 thousand US dollars. This was followed by a precipitous decline in 2018 to a minimum of 1,618 thousand US dollars, before rebounding to 53,325 thousand US dollars in 2019.
- Depreciation, Depletion, and Amortization (DD&A) Trends
- A steady downward trend is observed in DD&A charges. Values declined annually from 154,853 thousand US dollars in 2015 to 79,389 thousand US dollars by 2019. This consistent reduction suggests a diminishing depreciable asset base within the segment over the analyzed period.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation reflects the segment's reinvestment strategy relative to asset consumption. The ratio remained below 1.0 in 2015 (0.66) and 2016 (0.52), indicating that capital spending did not offset the depreciation of existing assets. A sharp increase occurred in 2017, with the ratio rising to 1.27, signaling a period of aggressive reinvestment. However, this was followed by a near-total cessation of relative investment in 2018, where the ratio dropped to 0.02. By 2019, the ratio normalized to 0.67, returning to a level of investment below the annual depreciation charge.
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Segment Capital Expenditures to Depreciation: Other International
EOG Resources Inc.; Other International; segment capital expenditures to depreciation calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Additions to oil and gas properties, excluding dry hole costs | 12,233) | 37,838) | 14,932) | 30,734) | 112,316) |
| Depreciation, depletion and amortization | 18,021) | 46,938) | 24,870) | 42,436) | 18,928) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.68 | 0.81 | 0.60 | 0.72 | 5.93 |
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).
1 2019 Calculation
Segment capital expenditures to depreciation = Additions to oil and gas properties, excluding dry hole costs ÷ Depreciation, depletion and amortization
= 12,233 ÷ 18,021 = 0.68
The financial trajectory of the Other International segment from 2015 to 2019 is characterized by a significant shift in capital allocation strategy, transitioning from aggressive expansion to a period of restricted investment.
- Segment Capital Expenditures to Depreciation Ratio
- A substantial decline in the investment-to-depreciation ratio occurred between 2015 and 2016, falling from 5.93 to 0.72. For the remainder of the period, the ratio consistently remained below 1.0, fluctuating between a low of 0.60 in 2017 and a high of 0.81 in 2018. This sustained trend indicates that capital reinvestment in the segment did not keep pace with the depletion and amortization of existing assets following the 2015 fiscal year.
- Additions to Oil and Gas Properties
- Investment levels experienced a sharp contraction after 2015, during which expenditures totaled 112,316 thousand US dollars. Subsequent annual investments remained significantly lower, reaching a period minimum of 12,233 thousand US dollars by 2019. A temporary increase was observed in 2018, with expenditures rising to 37,838 thousand US dollars, before declining again in 2019.
- Depreciation, Depletion, and Amortization
- Depreciation, depletion, and amortization expenses exhibited volatility over the five-year period. Expenses peaked in 2018 at 46,938 thousand US dollars and in 2016 at 42,436 thousand US dollars. The divergence between fluctuating depreciation costs and generally declining capital additions contributed to the suppressed ratio observed from 2016 through 2019.
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Operating revenues and other
EOG Resources Inc., operating revenues and other by reportable segment
US$ in thousands
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| United States | 17,052,363) | 16,794,591) | 10,872,071) | 7,323,200) | 8,314,442) |
| Trinidad | 271,106) | 309,860) | 284,713) | 242,424) | 380,809) |
| Other International | 56,504) | 170,948) | 51,536) | 85,008) | 62,177) |
| Total | 17,379,973) | 17,275,399) | 11,208,320) | 7,650,632) | 8,757,428) |
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).
Total operating revenues exhibited a significant overall upward trajectory between 2015 and 2019, increasing from $8.76 billion to $17.38 billion. Following a moderate decline in 2016, revenues grew aggressively through 2018 before stabilizing in 2019.
- United States Segment Performance
- The domestic market serves as the primary engine of growth, with revenues mirroring the overall corporate trend. After reaching a low of $7.32 billion in 2016, the segment experienced rapid expansion, peaking at $17.05 billion in 2019. This growth indicates a strong scaling of domestic operations over the five-year period.
- International Segment Analysis
- Revenues from Trinidad and Other International operations remained marginal compared to domestic earnings. The Trinidad segment showed relative stability, fluctuating between $242 million and $381 million. The Other International segment displayed significant volatility, characterized by a notable peak of $170.9 million in 2018 followed by a sharp decline to $56.5 million in 2019.
- Geographic Revenue Concentration
- An increasing reliance on the United States market is observed. The proportion of total revenue generated domestically expanded substantially, resulting in the United States segment accounting for approximately 98% of total operating revenues by the end of 2019. This suggests a strategic shift or operational success focused heavily on domestic assets.
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Depreciation, depletion and amortization
EOG Resources Inc., depreciation, depletion and amortization by reportable segment
US$ in thousands
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| United States | 3,652,294) | 3,296,499) | 3,269,196) | 3,365,390) | 3,139,863) |
| Trinidad | 79,389) | 91,971) | 115,321) | 145,591) | 154,853) |
| Other International | 18,021) | 46,938) | 24,870) | 42,436) | 18,928) |
| Total | 3,749,704) | 3,435,408) | 3,409,387) | 3,553,417) | 3,313,644) |
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).
Total depreciation, depletion, and amortization (DD&A) expenditures exhibited a general upward trend between 2015 and 2019, increasing from $3.31 billion to $3.75 billion. This overall growth is primarily attributed to the scale of operations within the United States, which serves as the dominant driver of the total expenditure across the reporting period.
- United States Segment
- A positive growth trajectory is observed in the United States, with expenditures rising from $3.14 billion in 2015 to $3.65 billion in 2019. Although a minor decline occurred in 2017, the segment experienced a notable increase in 2019, representing the highest annual DD&A cost in the analyzed period. This suggests a continued expansion of the asset base or intensified depletion activities within domestic operations.
- Trinidad Segment
- A consistent and steady decline is evident in the Trinidad operations. DD&A costs decreased every consecutive year, falling from $154.9 million in 2015 to $79.4 million in 2019. This downward trend indicates a systemic reduction in the depreciable asset base or the progression of assets toward the end of their useful lives in this region.
- Other International Segment
- The Other International segment is characterized by significant volatility. Expenditures fluctuated markedly, with peaks in 2016 ($42.4 million) and 2018 ($46.9 million), contrasted by a sharp decline to $18.0 million by 2019. This instability suggests irregular capital investment cycles or varying depletion rates across diverse international assets.
- Aggregate Analysis
- The concentration of DD&A is heavily skewed toward the United States, which accounted for approximately 94.7% of total expenditures in 2015 and increased to approximately 97.5% by 2019. The growth in total costs is essentially a reflection of U.S. domestic trends, as the gains in the U.S. segment more than offset the steady decline in Trinidad and the volatility in other international regions.
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Income (loss) before income taxes
EOG Resources Inc., income (loss) before income taxes by reportable segment
US$ in thousands
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| United States | 3,451,677) | 4,099,918) | 623,194) | (1,505,808) | (6,832,514) |
| Trinidad | 117,203) | 151,288) | 106,548) | 50,072) | 183,427) |
| Other International | (23,613) | (10,208) | (68,560) | (101,769) | (272,469) |
| Total | 3,545,267) | 4,240,998) | 661,182) | (1,557,505) | (6,921,556) |
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).
The total income before income taxes exhibited a significant recovery trajectory between 2015 and 2019, transitioning from a substantial loss of approximately 6.92 billion US dollars to a profit of 3.55 billion US dollars. This turnaround was primarily driven by the performance of the United States segment, which shifted from deep losses to becoming the primary contributor to overall profitability.
- United States Segment Performance
- A dramatic reversal in profitability is observed within the United States operations. The segment recorded a loss of 6.83 billion US dollars in 2015, which narrowed to 1.51 billion US dollars in 2016. A transition to profitability occurred in 2017 with an income of 623 million US dollars, peaking in 2018 at 4.10 billion US dollars. A slight decrease to 3.45 billion US dollars was noted in 2019, although the segment remained the dominant driver of the total corporate result.
- Trinidad Segment Performance
- The Trinidad operations maintained consistent profitability throughout the five-year period. While a dip in income occurred in 2016, falling to 50 million US dollars from 183 million US dollars in 2015, the segment recovered to 151 million US dollars by 2018. The segment concluded the period with an income of 117 million US dollars in 2019, providing a stable, albeit smaller, positive contribution to the total income.
- Other International Segment Performance
- The Other International segment consistently reported losses, although the magnitude of these losses decreased significantly over time. The loss of 272 million US dollars in 2015 was reduced to 102 million US dollars in 2016 and reached a low of 10 million US dollars in 2018. A slight increase in losses to 23.6 million US dollars was observed in 2019, indicating a trend toward stabilizing near a break-even point.
- Aggregate Financial Trend
- The overall corporate income before taxes mirrored the volatility and recovery of the United States segment. The total result moved from a net loss of 6.92 billion US dollars in 2015 to a peak profit of 4.24 billion US dollars in 2018. The subsequent decline to 3.55 billion US dollars in 2019 suggests a slight moderation in growth, while the overall trend remains strongly positive compared to the 2015 baseline.
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Additions to oil and gas properties, excluding dry hole costs
EOG Resources Inc., additions to oil and gas properties, excluding dry hole costs by reportable segment
US$ in thousands
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| United States | 6,208,394) | 6,155,874) | 4,067,359) | 6,223,228) | 4,495,730) |
| Trinidad | 53,325) | 1,618) | 145,937) | 75,407) | 102,358) |
| Other International | 12,233) | 37,838) | 14,932) | 30,734) | 112,316) |
| Total | 6,273,952) | 6,195,330) | 4,228,228) | 6,329,369) | 4,710,404) |
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).
Total additions to oil and gas properties exhibited significant volatility between 2015 and 2019, characterized by a substantial contraction in 2017 followed by a recovery to peak investment levels. Total expenditures increased from approximately $4.71 billion in 2015 to $6.27 billion in 2019, reflecting a cyclical pattern of capital deployment.
- United States Segment Analysis
- The United States represents the overwhelming majority of capital additions across the analyzed period. Investment in this segment rose from $4.50 billion in 2015 to $6.22 billion in 2016, before experiencing a sharp decline to $4.07 billion in 2017. A strong recovery was observed in 2018, with spending returning to $6.16 billion and remaining stable at $6.21 billion in 2019.
- International Segment Analysis
- Investment in international operations is marginal relative to domestic spending. Trinidad experienced inconsistent capital allocation, peaking at $145.9 million in 2017 before dropping precipitously to $1.6 million in 2018, and recovering to $53.3 million in 2019. Other International additions followed a general downward trajectory, declining from $112.3 million in 2015 to $12.2 million in 2019.
- Capital Allocation Concentration
- A high degree of geographic concentration is evident, as total additions are driven almost exclusively by activity in the United States. The correlation between total capital expenditure and US-specific spending is nearly absolute, indicating that international assets play a peripheral role in the overall investment strategy.
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Total assets
EOG Resources Inc., total assets by reportable segment
US$ in thousands
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| United States | 36,274,942) | 33,178,733) | 28,312,599) | 27,907,083) | 25,351,908) |
| Trinidad | 705,747) | 629,633) | 974,477) | 889,253) | 886,826) |
| Other International | 143,919) | 126,108) | 546,002) | 663,097) | 736,510) |
| Total | 37,124,608) | 33,934,474) | 29,833,078) | 29,459,433) | 26,975,244) |
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).
Total assets across all reportable segments exhibited a consistent upward trajectory from December 31, 2015, through December 31, 2019, increasing from approximately $26.98 billion to $37.12 billion. This overall growth is primarily attributed to the expansion of assets within the United States segment, while international holdings experienced a general decline.
- United States Segment Growth
- The United States segment represents the primary driver of asset growth, showing a steady increase every year. Assets rose from $25.35 billion in 2015 to $36.27 billion in 2019, reflecting a significant and sustained accumulation of domestic capital.
- Trinidad Segment Trends
- Asset values in Trinidad remained relatively stable between 2015 and 2017, peaking at $974.48 million. A notable decrease occurred in 2018, where assets fell to $629.63 million, followed by a moderate recovery to $705.75 million by the end of 2019.
- Other International Segment Contraction
- A significant and continuous contraction is observed in the Other International segment. Assets declined from $736.51 million in 2015 to $143.92 million in 2019. The most precipitous drop occurred between 2017 and 2018, where asset values decreased by approximately 77%.
- Asset Concentration Shift
- The proportional weight of the United States segment relative to total assets increased over the five-year period. In 2015, the U.S. segment comprised approximately 94% of total assets; by 2019, this concentration increased to approximately 97.7%, indicating a strategic pivot toward domestic asset concentration and a reduction in international exposure.
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