EOG Resources(US:EOG)2025-05-01 20:23Financial Performance - EOG Resources reported total revenue of $5.669 billion in Q1 2025, a slight increase from $5.585 billion in Q4 2024[3]. - Adjusted net income for Q1 2025 was $1.586 billion, or $2.87 per share, compared to $1.535 billion, or $2.74 per share in Q4 2024[3][5]. - Total operating revenues for 2024 reached $23,698 million, with a quarterly total of $6,123 million in Q1[50]. - Net income for 2024 was $6,403 million, translating to a diluted net income per share of $11.25[50]. - Operating income for 2024 was $8,082 million, with Q1 operating income at $2,271 million[50]. - Reported Net Income (GAAP) for Q1 2025 was $1,463 million, resulting in diluted earnings per share of $2.65[64]. - Adjusted Net Income (Non-GAAP) for Q1 2025 was $1,586 million, with diluted earnings per share of $2.87[64]. - For FY 2024, reported Net Income (GAAP) was $6,403 million, with diluted earnings per share of $11.25[69]. - Adjusted Net Income (Non-GAAP) for FY 2024 was $6,612 million, with diluted earnings per share of $11.62[69]. Production and Operations - Crude oil production reached 502.1 MBod in Q1 2025, exceeding the guidance midpoint of 500.0 MBod[7]. - EOG expects to maintain oil production at Q1 2025 levels for the remainder of the year, projecting a 2% growth in oil production and a 5% growth in total production for 2025[13]. - Total crude oil and condensate volumes reached 502.1 MBod, a 2.1 MBod increase from the previous quarter[35]. - Natural gas volumes totaled 2,080 MMcfd, with a 55 MMcfd increase compared to 4Q 2024[35]. - The volume of oil equivalent produced in 2024 was 388.7 million barrels, an increase of 8% from 359.4 million barrels in 2023[84]. Capital Expenditures - EOG's capital expenditures for Q1 2025 were $1.484 billion, with a full-year capital plan now optimized to $6.0 billion, down from previous estimates[5][13]. - Capital expenditures for FY 2025 are guided to be between $5,800 million and $6,200 million, with a midpoint of $6,000 million, compared to $6,226 million in 2024[37]. - Total capital expenditures for 2024 were $6.226 billion, with 1Q 2025 expenditures at $1.484 billion[76]. - Total expenditures (GAAP) for FY 2025 are estimated at $6,653 million, compared to $6,818 million in 2024[37]. Shareholder Returns - The company generated $1.3 billion in free cash flow and declared a regular quarterly dividend of $0.975 per share[5][11]. - The company repurchased 6.2 million shares for $788 million during the quarter, with $5.1 billion remaining on its share buyback authorization[12]. - The company paid dividends totaling $2,087 million in 2024, with quarterly payments of approximately $525 million in Q1 and $533 million in Q3[55]. Costs and Expenses - Cash operating costs per Boe increased to $10.31 in Q1 2025, compared to $10.15 in Q4 2024[3][31]. - Total operating expenses for 2024 amounted to $15,616 million, with Q1 expenses at $3,852 million[50]. - Total operating expenses for Q1 2025 were $3,810 million, down from $3,993 million in Q4 2024, showing a decrease of 4.6%[82]. - The company reported a total operating cost per Boe (including total exploration costs) of $25.82 in 2024, compared to $25.10 in 2023[86]. Market Conditions - Benchmark price for oil (WTI) was $71.42 per Bbl, compared to $70.28 in the previous quarter[35]. - The benchmark price for WTI crude oil is projected at $75.72 per barrel, down from $94.23 per barrel in 2022[37]. - Average crude oil prices in the United States for 2024 were $77.42 per barrel, with Q1 averaging $78.46[51]. - Average natural gas prices in the United States for 2024 were $2.17 per Mcf, with Q1 averaging $2.10[51]. Financial Position - The debt-to-total capitalization ratio was 13.8% in Q1 2025, reflecting a stable financial position[3]. - Long-term debt decreased from $3,757 million in Q1 2024 to $3,464 million in Q4 2025, indicating a reduction of approximately 7.8%[54]. - Total stockholders' equity was $29,516 million in December 2025, slightly up from $28,636 million in March 2024, representing an increase of about 3.1%[54]. - Net debt as of March 31, 2025, was $(1,855) million, an improvement from $(2,340) million in December 2024[79]. Strategic Initiatives - EOG is focused on maximizing reserve recoveries from existing and future oil and gas projects, with an emphasis on cost-mitigation initiatives[43]. - The company aims to economically develop its acreage and achieve anticipated production levels while controlling drilling and operating costs[43]. - EOG's ability to integrate acquired properties and accurately estimate reserves and costs is crucial for future success[43]. - The company is monitoring cybersecurity threats that could disrupt operations and affect business continuity[43]. Risks and Uncertainties - EOG's forward-looking statements include expectations regarding future financial performance, production levels, and capital expenditures, but these are subject to various risks and uncertainties[42]. - The company faces potential impacts from government regulations, including climate change-related policies and tax laws, which could affect operations and costs[43]. - EOG's financial performance may be influenced by changes in commodity prices, foreign currency exchange rates, and global economic conditions[48].