Net Cash Provided by Operating Activities (USD, millions)

Net Cash Used in Investing Activities (USD, millions)

Net Cash Used in Financing Activities (USD, millions)

Increase (Decrease) in Cash and Cash Equivalents (USD, millions)

Cash and Cash Equivalents at Beginning of Period/Year (USD, millions)

Cash and Cash Equivalents at End of Period/Year (USD, millions)

8e31234a093fcc0a173c85912be9f5c551cbcfc973158ca5668115da5ceca95c

The jump in **Cash and Cash Equivalents** in Q3 2024 was primarily driven by **strong net cash provided by operating activities** of **$3,588 million**, which significantly boosted the cash balance. Additionally, the postponement of tax payments—as part of a disaster relief measure amid severe weather events in Texas—and robust **free cash flow generation of $1.5 billion** further supported the higher cash reserves, even as the company continued with share repurchases and dividend payments.  **[20241107DA50339:0]** **[EOG_3407270_3]** 

Why did Cash and Cash Equivalents jump in Q3 2024?

The spike in the Current Portion of Long-Term Debt in Q2 2024 was primarily driven by the reclassification of **$500 million aggregate principal amount of EOG's 3.15% Senior Notes due April 1, 2025** from long-term debt to the current portion as the notes approached their maturity date.  **[0000821189-24-000031_eog-20240630.htm:13]** 

What drove the spike in the Current Portion of Long-Term Debt in Q2 2024?

EOG’s Q2 2024 report indicates that there was **no significant change** in Long-Term Debt during the quarter. The minor decrease of **$7 million** (from **$3,791 million** at the end of March 2024 to **$3,784 million** at the end of June 2024) reflects the overall stable debt levels, as the company did not engage in any major debt issuances or repayments, nor did it use its revolving credit facility or commercial paper borrowings during this period.  **[20240801DA74216:0]** **[0000821189-24-000031_eog-20240630.htm:13]** **[20240502DA03364:0]** 

Why is Long-Term Debt lower in Q2 2024?

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The gains turned negative due to **unfavorable market conditions** that shifted the mark-to-market valuation of EOG’s derivative contracts and a **loss of $11 million** from the Brent-linked gas sales contract. These factors contributed to a move from **net gains in Q2 2023** to **net losses in Q2 2024**, with volatility further amplified because all fair value changes on the derivative contracts are recognized in the period of change.  **[0000821189-24-000031_eog-20240630.htm:2]** **[0000821189-24-000031_eog-20240630.htm:25]** 

Why did the gains turn negative in Q2 2024?

The documents do not provide specific details about what drove the spike in **Q4 2023 costs**. While there is clear information on the costs themselves—**$166 million** in Q3 2023 and **$472 million** in Q4 2023  **[0000821189-23-000051_eog-20230930.htm:2]** **[0000821189-24-000011_eog-20231231.htm:96]** —the reasons for this increase are not directly addressed. Additional details provided for **FY 2023** and **Q1 2024** mention factors such as higher fees, increased operating expenses in the **Permian Basin**, and increased production-related costs.  **[0000821189-24-000011_eog-20231231.htm:67]** **[0000821189-24-000021_eog-20240331.htm:26]**  However, these explanations cannot be definitively linked to the **Q4 2023** spike based on the available data.

What drove the spike in costs in Q4 2023?

The jump in DD&A in **Q1 2024** was primarily driven by a **one-time adjustment** related to natural gas production used by EOG-owned gathering systems along with changes in the **well mix** that led to higher depreciation and depletion rates.  **[20240502DA03364:1]** 

What caused the jump in DDA in Q1 2024?

The drop in **Operating Income** in Q1 2024 was primarily driven by a significant increase in **operating expenses**—notably a **$276 million** rise in depreciation, depletion, and amortization—and by lower **natural gas prices** (a decline of **36%**) that negatively impacted revenue, even as wellhead revenues increased. Additional expenses, including higher lease/well expenses, gathering and processing costs, and general administrative charges, further contributed to the reduction in income.  **[0000821189-24-000021_eog-20240331.htm:24]** **[0000821189-24-000021_eog-20240331.htm:26]** **[0000821189-24-000021_eog-20240331.htm:23]** **[0000821189-24-000021_eog-20240331.htm:25]** 

Why did Operating Income drop in Q1 2024?

The lower **EPS** in Q3 2024 was driven by multiple factors. **Total revenue** declined from **$6,212 million** in Q3 2023 to **$5,965 million** in Q3 2024 while **net income** dropped from **$2,030 million** to **$1,673 million**.  **[20241107DA50339:0]**  Additionally, there was a decrease in the composite average **wellhead revenue** per Boe—from **$47.31** in Q2 2024 to **$44.31** in Q3 2024—resulting in a total revenue decrease of **$(297) million**.  **[20241107DA50339:20]** **[20241107DA50339:21]**  Moreover, the change in **derivative contracts** (net gains of **$79 million** compared to previous losses) and a slight increase in **operating costs** and DD&A per Boe further contributed to the lower EPS.  **[20241107DA50339:20]** **[0000821189-24-000049_eog-20240930.htm:12]** 

What contributed to the lower EPS in Q3 2024?

c9c64c473148827735b46d0872e3a49b019d6babcaee115b1fba20d9931d7298

Total Operating Revenues and Other (USD, millions)

Total Operating Expenses (USD, millions)

Operating Income (USD, millions)

Other Income, Net (USD, millions)

Income Before Income Taxes (USD, millions)

Income Tax Provision (USD, millions)

Net Income (USD, millions)

Net Income Per Share - Basic (USD)

Net Income Per Share - Diluted (USD)

4e75b5a177450c67ef3083c9ff5dcf60fa90e32beea6245e856f87c95075b8be

ece5cd684aae4c4e626509e1748f6cd7a1019e282c0be33bf76a3ec0ac0a26e9

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

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c30a98fca42df2be60d27f8e24f7e4744c4bc362638ba4060bf214b56110302f

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

71c508819c971196c3f8b27cd7b40d6a82e29fa023dc5a3baa48654691bc8ad5

United States

Canada

Trinidad

Other International

Total Revenue

0034af9ee40c5acd8f2f9c12ca84b683f561bb3fd08dd0ec96a5e50bbd87c780

Crude Oil and Condensate

Natural Gas Liquids

Natural Gas

Gains on Mark-to-Market Financial Commodity Derivatives

Gains (Losses) on Mark-to-Market Commodity Derivative Contracts

Gathering, Processing and Marketing

Gains on Asset Dispositions

Gains (Losses) on Asset Dispositions

Other

47ed27792bf547b08c6712ecf51bca4a226b5cfca3667f3b67667ed29862907d

EOG RESOURCES (EOG)

Financials