What is EOG Resources Net Worth 2024: Revenue, Production & Strategy

EOG Resources net worth has drawn attention in 2024, with financial performance being a key topic.

Here, we’ll break down the financial elements, from revenue and net income to operating expenses, capital strategies, and shareholder value.

Stay with Ando Money as we explore the financial story of this energy giant.

Quick Facts

What is the Net Worth/Market Cap Of EOG Resources in 2024?

As of October 2024, EOG Resources boasts a market cap of $75.69 Billion. This valuation places EOG among the notable energy sector players globally.

It’s interesting to compare EOG’s position alongside other industry leaders and competitors. Here are some related companies for context:

• Chevron
• ExxonMobil
• ConocoPhillips
• Occidental Petroleum
• Pioneer Natural Resources
• Devon Energy
• Hess Corporation
• Apache Corporation
• Marathon Oil
• BP

These companies help position EOG Resources in the context of some of the world’s most financially successful energy enterprises.

To see more insights on the ‘largest companies by valuation’, check out our top industry list.

EOG Resources Financial Performance Overview

Revenue Breakdown of the Recent Financial Quarter

The second quarter of 2024 was strong for EOG Resources, with a total revenue of $6,025 Million. This figure showcases growth over previous quarters, with a noticeable increase from $5,573 Million in 2Q 2023.

Crude oil, natural gas, and natural gas liquids (NGLs) were the key contributors to this revenue surge.

Crude oil production specifically stood at 490.7 thousand barrels per day (MBod), reflecting EOG’s strategic growth in production and sales.

Key Financial Metrics Influencing Revenue

Key metrics like net income and cash flow play a vital role in EOG’s financial health. The net income for 2Q 2024 reached $1,690 Million, a solid performance in line with the company’s growth trajectory.

Cash flow from operations stood at $2,889 Million, enabling robust capital management and business growth.

Meanwhile, capital expenditures (Capex) were recorded at $1,668 Million, contributing to the company’s asset development and exploration activities.

The free cash flow, critical for evaluating financial flexibility, was $1,374 Million.

Oil and Gas Production and Its Revenue Contribution

EOG’s oil and gas production metrics are telling of its financial strength. The crude oil production of 490.7 MBod had a direct influence on revenue.

Additionally, NGL production was at 244.8 MBbld (thousand barrels of liquids per day), and natural gas production reached 1,872 MMcfd (million cubic feet per day).

These outputs combined to deliver a total crude oil equivalent production of 1,047.5 MBoed (thousand barrels of oil equivalent per day), contributing significantly to the company’s overall revenue.

Operational Costs and Their Effect on Financial Performance

Operational expenses have a direct impact on financial outcomes.

Lease operating expenses (LOE) stood at around $4.09 per barrel of oil equivalent (Boe) in 2Q 2024, while gathering, processing, and transportation costs were approximately $4.44/Boe.

General and administrative expenses, aimed at company operations and employee-related costs, were $1.58/Boe.

Depreciation, depletion, and amortization (DD&A), essential for assessing asset utilization, were around $10.32/Boe.

Capital Allocation and Investment Strategies

Strategically, EOG’s capital expenditures focus on exploration, drilling, and development.

A notable $1,668 Million was allocated to Capex in 2Q 2024, enhancing production efficiency and maintaining an industry-leading balance sheet.

Managing the debt-to-total capitalization ratio is also crucial, with the company maintaining a solid figure of 11.5% (GAAP).

Such disciplined capital allocation ensures sustained returns from exploration and asset development projects.

Shareholder Value and Financial Returns

In terms of shareholder returns, EOG declared a dividend of $0.91 per share for 2Q 2024, marking the company’s commitment to providing consistent returns.

Additionally, share buybacks have been robust, with $690 Million worth of shares repurchased in 2Q 2024 alone, totaling $1.4 Billion YTD.

Free cash flow allocations play a pivotal role in boosting shareholder value and enhancing the overall equity position.

Financial Projections and Outlook

Looking ahead, EOG Resources is projecting increased production volumes and refining its financial guidance for the rest of 2024.

The company is poised to sustain its financial performance, driven by strategic production enhancements and an emphasis on cost efficiency.

Market trends and industry dynamics are expected to shape EOG’s future financial trajectory.

FAQs About EOG Resources

What Were EOG Resources’ Total Assets in 2024?

As of June 2024, the company had total assets valued at $45,224 Million.

How Much Net Income Did EOG Resources Report in 2Q 2024?

It reported a net income of $1,690 Million in the second quarter of 2024.

What Were EOG Resources’ Capital Expenditures in 2Q 2024?

EOG’s capital expenditures (Capex) for the second quarter of 2024 amounted to $1,668 Million.

What Is EOG Resources’ Debt-to-Total Capitalization Ratio?

The company maintained a debt-to-total capitalization (GAAP) ratio of 11.5% in 2Q 2024.

How Much Free Cash Flow Did EOG Resources Generate in 2Q 2024?

It generated $1,374 Million in free cash flow during the second quarter of 2024.

Conclusion

I hope this overview provides valuable insights into EOG Resources’ financial performance.

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