EOG Resources Inc., current enterprise value calculation

Current share price (P)	$60.00
No. shares of common stock outstanding	582,054,451
US$ in thousands
Common equity (market value)¹	34,923,267)
Total equity	34,923,267)
Add: Current portion of long-term debt (per books)	1,014,524)
Add: Long-term debt, excluding current portion (per books)	4,160,919)
Total equity and debt	40,098,710)
Less: Cash and cash equivalents	2,027,972)
Enterprise value (EV)	38,070,738)

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

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 60.00 × 582,054,451

EOG Resources Inc., EV calculation

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Share price^1, 2	$60.00	$93.91	$106.94	$97.91	$68.50
No. shares of common stock outstanding¹	582,054,451	580,053,225	578,636,343	576,832,077	549,883,390
US$ in thousands
Common equity (market value)³	34,923,267)	54,472,798)	61,879,371)	56,477,629)	37,667,012)
Total equity	34,923,267)	54,472,798)	61,879,371)	56,477,629)	37,667,012)
Add: Current portion of long-term debt (book value)	1,014,524)	913,093)	356,235)	6,579)	6,579)
Add: Long-term debt, excluding current portion (book value)	4,160,919)	5,170,169)	6,030,836)	6,979,779)	6,653,685)
Total equity and debt	40,098,710)	60,556,060)	68,266,442)	63,463,987)	44,327,276)
Less: Cash and cash equivalents	2,027,972)	1,555,634)	834,228)	1,599,895)	718,506)
Enterprise value (EV)	38,070,738)	59,000,426)	67,432,214)	61,864,092)	43,608,770)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of EOG Resources Inc. Annual Report.

³ 2019 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 60.00 × 582,054,451

The valuation trajectory of the enterprise exhibits a distinct cyclical pattern between 2015 and 2019, characterized by a period of steady appreciation followed by a significant contraction. The overall enterprise value peaked in 2017 before undergoing a sharp decline, ending the period at a level lower than the initial 2015 valuation.

Market Equity Trends: Common equity market value experienced substantial growth, rising from approximately 37.67 billion US dollars in 2015 to a peak of 61.88 billion US dollars in 2017. This upward momentum was reversed in the following two years, with a notable decline to 34.92 billion US dollars by December 31, 2019, representing a reduction of approximately 43.5% from the 2017 peak.
Total Capitalization and Debt: The combined value of total equity and debt closely mirrored the trend of the market equity, reaching a maximum of 68.27 billion US dollars in 2017. The contraction observed in 2018 and 2019 brought this figure down to 40.10 billion US dollars, indicating a broad reduction in the total capital base of the entity over the latter half of the analyzed period.
Enterprise Value Progression: Enterprise value followed a similar parabolic arc, increasing from 43.61 billion US dollars in 2015 to a peak of 67.43 billion US dollars in 2017. The subsequent decline resulted in a final enterprise value of 38.07 billion US dollars by the end of 2019. The consistent variance between enterprise value and the total of equity and debt suggests a stable offset, typically associated with the company's cash and cash equivalents holdings.

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EOG Resources Inc. (NYSE:EOG)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)