Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

EOG Resources Inc., EBITDA calculation

US$ in thousands

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Net income (loss)	2,734,910)	3,419,040)	2,582,579)	(1,096,686)	(4,524,515)
Add: Income tax expense	810,357)	821,958)	(1,921,397)	(460,819)	(2,397,041)
Earnings before tax (EBT)	3,545,267)	4,240,998)	661,182)	(1,557,505)	(6,921,556)
Add: Net interest expense	185,129)	245,052)	274,372)	281,681)	237,393)
Earnings before interest and tax (EBIT)	3,730,396)	4,486,050)	935,554)	(1,275,824)	(6,684,163)
Add: Depreciation, depletion and amortization	3,749,704)	3,435,408)	3,409,387)	3,553,417)	3,313,644)
Earnings before interest, tax, depreciation and amortization (EBITDA)	7,480,100)	7,921,458)	4,344,941)	2,277,593)	(3,370,519)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	EOG Resources Inc. EBITDA increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.

EOG Resources Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	38,070,738)
Earnings before interest, tax, depreciation and amortization (EBITDA)	7,480,100)
Valuation Ratio
EV/EBITDA	5.09
Benchmarks
EV/EBITDA, Competitors¹
Chevron Corp.	6.56
ConocoPhillips	6.49
Exxon Mobil Corp.	6.64
Marathon Petroleum Corp.	5.07
Occidental Petroleum Corp.	5.99
Pioneer Natural Resources Co.	7.35
Valero Energy Corp.	4.17
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels	11.44
EV/EBITDA, Industry
Energy	12.84

Based on: 10-K (reporting date: 2019-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

EOG Resources Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	38,070,738)	59,000,426)	67,432,214)	61,864,092)	43,608,770)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	7,480,100)	7,921,458)	4,344,941)	2,277,593)	(3,370,519)
Valuation Ratio
EV/EBITDA³	5.09	7.45	15.52	27.16	—
Benchmarks
EV/EBITDA, Competitors⁴
Chevron Corp.	6.39	—	—	—	—
ConocoPhillips	4.13	—	—	—	—
Exxon Mobil Corp.	6.91	—	—	—	—
Marathon Petroleum Corp.	7.23	—	—	—	—
Occidental Petroleum Corp.	10.32	—	—	—	—
Pioneer Natural Resources Co.	8.69	—	—	—	—
Valero Energy Corp.	6.00	—	—	—	—
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels	6.59	—	—	—	—
EV/EBITDA, Industry
Energy	7.54	—	—	—	—

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 See details »

² See details »

³ 2019 Calculation
EV/EBITDA = EV ÷ EBITDA
= 38,070,738 ÷ 7,480,100 = 5.09

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	EOG Resources Inc. EV/EBITDA ratio decreased from 2017 to 2018 and from 2018 to 2019.

EOG Resources Inc. (NYSE:EOG)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical