EOG Resources Inc., FCFE 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)
Net noncash charges	4,919,735)	4,880,756)	2,737,661)	3,555,981)	8,765,331)
Changes in components of working capital and other assets and liabilities	508,535)	(531,188)	(1,054,904)	(100,232)	(645,651)
Net cash provided by operating activities	8,163,180)	7,768,608)	4,265,336)	2,359,063)	3,595,165)
Additions to oil and gas properties	(6,151,885)	(5,839,294)	(3,950,918)	(2,489,756)	(4,725,150)
Additions to other property, plant and equipment	(270,641)	(237,181)	(173,324)	(93,039)	(288,013)
Net commercial paper borrowings (repayments)	—)	—)	—)	(259,718)	259,718)
Long-term debt borrowings	—)	—)	—)	991,097)	990,225)
Long-term debt repayments	(900,000)	(350,000)	(600,000)	(563,829)	(500,000)
Debt issuance costs	(5,016)	—)	—)	(1,602)	(5,951)
Free cash flow to equity (FCFE)	835,638)	1,342,133)	(458,906)	(57,784)	(674,006)

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
FCFE	Free cash flow to equity is the cash flow available to EOG Resources Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	EOG Resources Inc. FCFE increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.

EOG Resources Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	582,054,451
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	835,638)
FCFE per share	1.44
Current share price (P)	60.00
Valuation Ratio
P/FCFE	41.79
Benchmarks
P/FCFE, Competitors¹
Chevron Corp.	18.61
ConocoPhillips	13.52
Exxon Mobil Corp.	14.16
Marathon Petroleum Corp.	5.54
Occidental Petroleum Corp.	9.73
Pioneer Natural Resources Co.	19.45
Valero Energy Corp.	6.71
P/FCFE, Sector
Oil, Gas & Consumable Fuels	23.73
P/FCFE, Industry
Energy	24.30

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

¹ Click competitor name to see calculations.

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

EOG Resources Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
No. shares of common stock outstanding¹	582,054,451	580,053,225	578,636,343	576,832,077	549,883,390
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	835,638)	1,342,133)	(458,906)	(57,784)	(674,006)
FCFE per share³	1.44	2.31	-0.79	-0.10	-1.23
Share price^1, 4	60.00	93.91	106.94	97.91	68.50
Valuation Ratio
P/FCFE⁵	41.79	40.59	—	—	—
Benchmarks
P/FCFE, Competitors⁶
Chevron Corp.	38.28	—	—	—	—
ConocoPhillips	14.36	—	—	—	—
Exxon Mobil Corp.	16.01	—	—	—	—
Marathon Petroleum Corp.	5.87	—	—	—	—
Occidental Petroleum Corp.	1.84	—	—	—	—
Pioneer Natural Resources Co.	512.10	—	—	—	—
Valero Energy Corp.	7.61	—	—	—	—
P/FCFE, Sector
Oil, Gas & Consumable Fuels	12.38	—	—	—	—
P/FCFE, Industry
Energy	12.93	—	—	—	—

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 Data adjusted for splits and stock dividends.

² See details »

³ 2019 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 835,638,000 ÷ 582,054,451 = 1.44

⁴ Closing price as at the filing date of EOG Resources Inc. Annual Report.

⁵ 2019 Calculation
P/FCFE = Share price ÷ FCFE per share
= 60.00 ÷ 1.44 = 41.79

⁶ Click competitor name to see calculations.

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EOG Resources Inc. (NYSE:EOG)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical