eog-20230630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM			10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 1-9743

EOG RESOURCES, INC.

(Exact name of registrant as specified in its charter)


Delaware						47-0684736
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1111 Bagby, Sky Lobby 2, Houston, Texas 77002

(Address of principal executive offices) (Zip Code)

713-651-7000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	EOG	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐

Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.


Title of each class	Number of shares
Common Stock, par value $0.01 per share	582,260,898	(as of July 27, 2023)

EOG RESOURCES, INC.

TABLE OF CONTENTS

PART I.

FINANCIAL INFORMATION

Page No.

ITEM 1.

Financial Statements (Unaudited)

Condensed Consolidated Statements of Income and Comprehensive Income - Three Months and Six Months Ended June 30, 2023 and 2022

Condensed Consolidated Balance Sheets - June 30, 2023 and December 31, 2022

Condensed Consolidated Statements of Stockholders' Equity - Three Months and Six Months Ended June 30, 2023 and 2022

Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2023 and 2022

Notes to Condensed Consolidated Financial Statements

ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

ITEM 4.

Controls and Procedures

PART II.

OTHER INFORMATION

ITEM 1.

Legal Proceedings

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 5.

Other Information

ITEM 6.

Exhibits

SIGNATURES

-2-

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

EOG RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(In Millions, Except Per Share Data)

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating Revenues and Other
Crude Oil and Condensate	$	3,252	$	4,699	$	6,434	$	8,588
Natural Gas Liquids	409		777		899		1,458
Natural Gas	334		1,000		851		1,716
Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts	101		(1,377)		477		(4,197)
Gathering, Processing and Marketing	1,465		2,169		2,855		3,638
Gains (Losses) on Asset Dispositions, Net	(9)		97		60		122
Other, Net	21		42		41		65
Total	5,573		7,407		11,617		11,390
Operating Expenses
Lease and Well	348		324		707		642
Transportation Costs	236		244		472		472
Gathering and Processing Costs	160		152		319		296
Exploration Costs	47		35		97		80
Dry Hole Costs	—		20		1		23
Impairments	35		91		69		146
Marketing Costs	1,456		2,127		2,817		3,410
Depreciation, Depletion and Amortization	866		911		1,664		1,758
General and Administrative	142		128		287		252
Taxes Other Than Income	313		472		642		862
Total	3,603		4,504		7,075		7,941
Operating Income	1,970		2,903		4,542		3,449
Other Income, Net	51		27		116		26
Income Before Interest Expense and Income Taxes	2,021		2,930		4,658		3,475
Interest Expense, Net	35		48		77		96
Income Before Income Taxes	1,986		2,882		4,581		3,379
Income Tax Provision	433		644		1,005		751
Net Income	$	1,553	$	2,238	$	3,576	$	2,628
Net Income Per Share

SEC Form 10-Q filed by EOG Resources Inc.