EOG Resources, Inc. reported a net income of $6.4 billion for the fiscal year ending December 31, 2024, a decrease from $7.6 billion in 2023. The company's total estimated net proved reserves increased to 4.748 billion barrels of oil equivalent (MMBoe), up by 250 MMBoe from the previous year. The increase in reserves was primarily driven by a rise in crude oil and natural gas liquids reserves, which grew by 218 million barrels and 192 billion cubic feet, respectively. EOG's total revenues from the sale of crude oil, natural gas liquids, and natural gas reached $17.6 billion, reflecting a slight increase of 1% compared to the previous year.
In terms of operational performance, EOG completed 385 net wells in the Delaware Basin and 160 in the Eagle Ford play during 2024. The company plans to complete approximately 375 net wells in the Delaware Basin and 120 in the Eagle Ford in 2025. EOG's production in Trinidad averaged 220 million cubic feet per day of natural gas and 0.8 thousand barrels per day of crude oil. The company also made strategic moves in Trinidad, including a farmout agreement with BP Trinidad and Tobago LLC to develop the Coconut field and the completion of the Mento platform.
EOG's financial performance was impacted by fluctuating commodity prices, with average prices for crude oil and natural gas decreasing by 2% and 17%, respectively, compared to 2023. The company recognized net gains of $204 million on financial commodity derivatives, a significant drop from $818 million in the previous year. Operating expenses rose to $15.6 billion, primarily due to increased costs associated with production and maintenance activities. Despite these challenges, EOG maintained a strong balance sheet with a debt-to-total capitalization ratio of 14% and $7.1 billion in cash and cash equivalents.
Looking ahead, EOG anticipates continued volatility in commodity prices, which will influence its financial position and operational strategies. The company plans to focus its capital expenditures, estimated between $6.0 billion and $6.4 billion for 2025, on high-return drilling activities in the United States, particularly in the Delaware Basin and Eagle Ford play. EOG aims to return a minimum of 70% of its annual net cash provided by operating activities to shareholders through dividends and share repurchases, reflecting its commitment to shareholder value amidst fluctuating market conditions.
About EOG RESOURCES INC
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.