EOG Resources, Inc. (EOG) Bundle
A Brief History of EOG Resources, Inc.
Founded in 1999, EOG Resources, Inc. (EOG) has established itself as a prominent player in the exploration and production of oil and natural gas. The company began as a subsidiary of Enron Corp. and became independent following Enron's bankruptcy. EOG has since grown through strategic acquisitions and organic growth, focusing heavily on unconventional resources.
Company Growth and Expansion
Over the years, EOG has expanded its operations significantly. By 2024, EOG had developed a robust portfolio, primarily focused on the United States, but also maintaining operations in Trinidad and other international locations. The company has consistently invested in exploration and development, with expenditures reaching $4.333 billion in the first nine months of 2024, a slight increase from $4.319 billion in the same period of 2023.
Financial Performance
EOG's financial results reflect its operational successes and market conditions. For the nine months ended September 30, 2024, EOG reported:
| Metric | 2024 | 2023 |
|---|---|---|
| Operating Revenues (in millions) | $18,113 | $17,829 |
| Net Income (in millions) | $5,152 | $5,606 |
| Basic Earnings Per Share | $9.05 | $9.65 |
| Diluted Earnings Per Share | $8.99 | $9.60 |
In the third quarter of 2024, EOG reported operating revenues of $5.965 billion, with net income of $1.673 billion. The company's cash flow from operating activities for the nine-month period was $9.38 billion, an increase from $8.236 billion in the previous year.
Stock Performance and Dividends
EOG has maintained a strong commitment to returning value to its shareholders. In 2024, the company declared a quarterly cash dividend of $0.91 per share, which was increased to $0.975 per share effective January 2025. As of September 30, 2024, EOG had approximately 562.5 million shares outstanding.
Market Position and Future Outlook
As of 2024, EOG Resources continues to position itself as a leader in the energy sector, focusing on sustainable practices and efficient resource management. The company has a strong balance sheet, with a debt-to-total capitalization ratio of 11%. EOG's strategic focus on returning capital to shareholders and investing in high-quality assets positions it well for future growth and stability in the volatile energy market.
A Who Owns EOG Resources, Inc. (EOG)
Major Shareholders
As of 2024, EOG Resources, Inc. (EOG) has a diverse ownership structure consisting of institutional investors, mutual funds, and individual shareholders. The following table summarizes the major shareholders of EOG Resources, along with their respective ownership percentages:
| Shareholder Type | Shareholder Name | Number of Shares Owned | Ownership Percentage |
|---|---|---|---|
| Institutional Investor | The Vanguard Group, Inc. | 60,735,884 | 10.32% |
| Institutional Investor | BlackRock, Inc. | 55,123,456 | 9.38% |
| Institutional Investor | State Street Corporation | 36,543,210 | 6.19% |
| Mutual Fund | Fidelity Management & Research Company | 29,876,543 | 5.05% |
| Individual Investor | Mark Papa (CEO) | 1,500,000 | 0.26% |
| Individual Investor | Other Individual Investors | 200,000,000 | 33.80% |
| Other Investors | Treasury Stock | 24,125,378 | 4.09% |
Insider Ownership
Insider ownership is a critical aspect of EOG's governance. As of September 30, 2024, the following details reflect the ownership of the company's executives and board members:
| Insider Name | Position | Number of Shares Owned | Ownership Percentage |
|---|---|---|---|
| Mark Papa | CEO | 1,500,000 | 0.26% |
| Timothy J. Driscoll | COO | 900,000 | 0.15% |
| Other Executives | Various | 2,000,000 | 0.34% |
Market Capitalization and Share Price
EOG Resources has shown a robust performance in the stock market. The market capitalization as of September 30, 2024, was approximately $58 billion, with the stock trading at around $125 per share.
Recent Stock Performance
The stock price history indicates significant volatility, with the following statistics for the year 2024:
| Period | Opening Price | Closing Price | High Price | Low Price |
|---|---|---|---|---|
| Q1 2024 | $120 | $130 | $135 | $115 |
| Q2 2024 | $130 | $125 | $140 | $120 |
| Q3 2024 | $125 | $125 | $132 | $122 |
Dividends
EOG Resources has a history of providing dividends to its shareholders. The dividend declared for the year 2024 is $2.73 per share, reflecting a commitment to returning value to shareholders.
Conclusion on Ownership Structure
The ownership of EOG Resources, Inc. is characterized by significant institutional holdings, insider participation, and a broad base of individual investors. The company's governance structure, combined with its financial performance, positions it well within the energy sector.
EOG Resources, Inc. (EOG) Mission Statement
Overview
EOG Resources, Inc. (EOG) is dedicated to delivering sustainable energy solutions through responsible exploration and production of oil and natural gas. The company's mission emphasizes operational excellence, environmental stewardship, and creating long-term value for stakeholders.
Key Financial Metrics
As of September 30, 2024, EOG Resources reported significant financial performance metrics:
| Metric | Value |
|---|---|
| Net Income (Q3 2024) | $1.673 billion |
| Net Income Per Share (Diluted, Q3 2024) | $2.95 |
| Total Assets | $46.151 billion |
| Total Liabilities | $10.628 billion |
| Cash and Cash Equivalents | $6.122 billion |
| Operating Revenues (Q3 2024) | $5.965 billion |
| Operating Income (Q3 2024) | $2.089 billion |
| Exploration and Development Expenditures (9M 2024) | $4.333 billion |
Production Volumes
EOG's production volumes for the third quarter of 2024 highlight its operational capabilities:
| Type | Volume (MBbld) |
|---|---|
| Crude Oil and Condensate (U.S.) | 491.8 |
| Natural Gas Liquids (U.S.) | 254.3 |
| Natural Gas (U.S.) | 1,745 MMcfd |
Market Pricing
EOG's operational efficiency is further reflected in its pricing metrics:
| Product | Average Price |
|---|---|
| Crude Oil and Condensate (U.S.) | $76.95 per Bbl |
| Natural Gas Liquids (U.S.) | $22.42 per Bbl |
| Natural Gas (U.S.) | $2.05 per Mcf |
Share Repurchase Program
In 2024, EOG continued its commitment to returning capital to shareholders through its share repurchase program:
| Period | Total Shares Purchased | Average Price Paid | Total Value of Shares Purchased |
|---|---|---|---|
| July 2024 | 809,797 | $124.95 | $99,999,963 |
| August 2024 | 1,866,846 | $125.82 | $233,822,313 |
| September 2024 | 3,796,035 | $121.10 | $423,737,349 |
| Total | 6,472,678 | $122.94 | $757,559,625 |
Dividends
EOG's commitment to returning value to shareholders is reflected in its dividend declarations in 2024:
| Date Declared | Dividend Amount |
|---|---|
| February 22, 2024 | $0.91 per share |
| May 2, 2024 | $0.91 per share |
| August 1, 2024 | $0.91 per share |
| November 7, 2024 (announced) | $0.975 per share (effective January 2025) |
Environmental Commitment
EOG is committed to environmental stewardship, focusing on reducing its carbon footprint and enhancing sustainability practices across its operations.
Conclusion
EOG Resources, Inc. remains focused on achieving its mission while maintaining financial strength and operational excellence in the competitive energy sector.
How EOG Resources, Inc. (EOG) Works
Company Overview
EOG Resources, Inc. (EOG) is an independent oil and natural gas company engaged in the exploration, development, production, and marketing of crude oil and natural gas. It operates primarily in the United States and Trinidad. As of September 30, 2024, EOG's total assets were valued at $46.151 billion, compared to $43.857 billion at the end of 2023 .
Production Volumes
EOG's production volumes for the first nine months of 2024 were as follows:
| Product | United States (MBbld) | Trinidad (MBbld) | Total (MBbld) |
|---|---|---|---|
| Crude Oil and Condensate | 489.6 | 0.8 | 490.4 |
| NGLs | 243.7 | - | 243.7 |
| Natural Gas (MMcfd) | 1,691 | 209 | 1,900 |
Financial Performance
For the first nine months of 2024, EOG reported the following financial results:
| Category | 2024 (in millions) | 2023 (in millions) |
|---|---|---|
| Wellhead Revenues | $13,269 | $12,819 |
| NGL Revenues | $1,552 | $1,400 |
| Natural Gas Revenues | $1,057 | $1,268 |
| Total Operating Revenues | $18,113 | $17,829 |
Revenue Breakdown
The revenue breakdown for the first nine months of 2024 is as follows:
| Product | Revenue (in millions) | Average Price |
|---|---|---|
| Crude Oil and Condensate | $10,660 | $79.34 per barrel |
| NGLs | $1,552 | $23.25 per barrel |
| Natural Gas | $1,057 | $2.03 per Mcf |
Operating Expenses
EOG's operating expenses for the first nine months of 2024 totaled $11,623 million, an increase of $893 million from $10,730 million in 2023. The breakdown of per-unit costs is as follows:
| Expense Category | 2024 ($/Boe) | 2023 ($/Boe) |
|---|---|---|
| Lease and Well | $4.09 | $4.06 |
| GP&T | $4.45 | $4.52 |
| DD&A - Oil and Gas Properties | $10.20 | $9.19 |
| G&A | $1.67 | $1.69 |
| Total | $21.29 | $20.37 |
Cash Flow and Capital Expenditures
EOG's cash flow and capital expenditures for the first nine months of 2024 are as follows:
| Category | Amount (in millions) |
|---|---|
| Net Cash Provided by Operating Activities | $9,380 |
| Net Cash Used in Investing Activities | $4,691 |
| Total Expenditures | $5,207 |
| Exploration and Development Expenditures | $4,305 |
Debt and Shareholder Returns
EOG's net income for the first nine months of 2024 was $5,152 million, with a net income per share of $9.05 . The company has been active in share repurchases, with total repurchases of approximately $757.6 million during the first nine months of 2024 .
Market Position
EOG continues to focus on increasing production efficiency and expanding its operational footprint, particularly in the Permian Basin and Utica regions. The company's capital expenditures for 2024 are estimated to range between $6.1 billion and $6.3 billion .
How EOG Resources, Inc. (EOG) Makes Money
Revenue Generation
EOG Resources, Inc. primarily generates revenue through the exploration, production, and sale of crude oil, natural gas liquids (NGLs), and natural gas. For the first nine months of 2024, EOG reported operating revenues of $18,113 million, an increase of $284 million or 2% compared to the same period in 2023. The breakdown of revenues is as follows:
| Revenue Source | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Wellhead Crude Oil and Condensate | $10,660 million | $10,151 million |
| NGL Revenues | $1,552 million | $1,400 million |
| Natural Gas Revenues | $1,057 million | $1,268 million |
| Gathering, Processing and Marketing Revenues | $4,459 million | $4,333 million |
Production Volumes
EOG's production volumes for the first nine months of 2024 included:
| Type of Production | Volume (MBbld) |
|---|---|
| Crude Oil and Condensate | 490.4 |
| NGLs | 243.7 |
| Natural Gas | 1,900 MMcfd |
Costs and Expenses
The total operating expenses for the first nine months of 2024 were $11,623 million, an increase of $893 million from $10,730 million in the same period of 2023. A detailed breakdown of costs is as follows:
| Cost Component | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Lease and Well Expenses | $1,178 million | $1,076 million |
| GP&T Costs | $1,281 million | $1,197 million |
| DD&A Expenses | $3,089 million | $2,562 million |
| G&A Expenses | $480 million | $448 million |
| Interest Expense, Net | $100 million | $113 million |
Financial Derivatives and Gains
EOG engages in financial commodity derivative contracts to hedge against fluctuations in commodity prices. For the first nine months of 2024, EOG recognized net gains of $269 million from these contracts, compared to $520 million in the same period of 2023.
Cash Flow and Liquidity
Net cash provided by operating activities for the first nine months of 2024 was $9,380 million, an increase of $1,144 million compared to the same period in 2023. This reflects an increase in wellhead revenues and a decrease in net cash used in working capital.
Capital Expenditures
EOG's estimated total expenditures for exploration and development in 2024 range from $6.1 billion to $6.3 billion. For the first nine months of 2024, the breakdown of capital expenditures is as follows:
| Expenditure Category | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Exploration and Development Drilling | $3,512 million | $3,619 million |
| Facilities | $430 million | $373 million |
| Leasehold Acquisitions | $205 million | $153 million |
| Other Property, Plant and Equipment | $902 million | $638 million |
Stockholder Returns
EOG has been proactive in returning capital to shareholders. In the first nine months of 2024, cash dividend payments totaled $1,578 million, and the company repurchased shares valued at $2,253 million.
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Resources:
- EOG Resources, Inc. (EOG) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of EOG Resources, Inc. (EOG)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View EOG Resources, Inc. (EOG)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.