EOG Resources Inc. (EOG, Financial) filed Quarterly Report for the period ended 2010-03-31.
Eog Resources Inc. has a market cap of $28.68 billion; its shares were traded at around $113.56 with a P/E ratio of 38 and P/S ratio of 6. The dividend yield of Eog Resources Inc. stocks is 0.5%. Eog Resources Inc. had an annual average earning growth of 17.4% over the past 10 years. GuruFocus rated Eog Resources Inc. the business predictability rank of 4.5-star.EOG is in the portfolios of Chris Davis of Davis Selected Advisers, Westport Asset Management, PRIMECAP Management, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Steven Cohen of SAC Capital Advisors, Wallace Weitz of Weitz Wallace R & Co, Kenneth Fisher of Fisher Asset Management, LLC, David Dreman of Dreman Value Management, George Soros of Soros Fund Management LLC.
Natural gas liquids revenues for the first quarter of 2010 increased $57 million, or 125%, to $103 million from $46 million for the same period of 2009, due to a higher composite average price ($53 million) and increased natural gas liquids deliveries ($4 million). The composite average natural gas liquids price for the first quarter of 2010 increased 109% to $46.61 per barrel compared to $22.29 per barrel for the same period of 2009. The increase in deliveries primarily reflects increased volumes in the Mid-Continent area.
Lease and well expenses of $166 million for the first quarter of 2010 increased $20 million from $146 million for the same prior year period primarily due to changes in the Canadian exchange rate ($6 million), higher lease and well administrative expenses ($4 million), higher operating and maintenance expenses in the United States ($4 million) and Canada ($2 million) and higher workover expenditures in the United States ($2 million).
DD&A expenses for the first quarter of 2010 increased $43 million to $432 million from $389 million for the same prior year period. DD&A expenses associated with oil and gas properties for the first quarter of 2010 were $38 million higher than the same prior year period primarily due to higher unit rates in the United States ($26 million), Canada ($25 million), China ($3 million) and Trinidad ($2 million); unfavorable changes in the Canadian exchange rate ($14 million) and as a result of increased production in Trinidad ($3 million); partially offset by decreased natural gas production in the United States ($18 million) and a change in the estimated fair value of the contingent consideration liability ($17 million).
Net cash used in financing activities of $36 million for the first three months of 2010 included cash dividend payments ($36 million) and the purchase of treasury stock ($5 million). Cash provided by financing activities for the first three months of 2010 included proceeds from stock options exercised ($5 million). Net cash provided by financing activities of $175 million for the first three months of 2009 included net commercial paper and uncommitted credit facility borrowings ($208 million) and excess tax benefits from stock-based compensation ($5 million). Cash used in financing activities for the first three months of 2009 included cash dividend payments ($33 million) and the purchase of treasury stock ($5 million).
Exploration and development expenditures of $1,118 million for the first three months of 2010 were $246 million higher than the same period of 2009 due primarily to increased leasehold acquisition expenditures in the United States ($64 million); increased drilling and facilities expenditures in Canada ($45 million), the United States ($39 million), Trinidad ($20 million) and China ($13 million); increased dry hole costs in the United Kingdom ($21 million); changes in the foreign currency exchange rate in Canada ($21 million); increased property acquisition expenditures in the United States ($12 million); and increased capitali
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Eog Resources Inc. has a market cap of $28.68 billion; its shares were traded at around $113.56 with a P/E ratio of 38 and P/S ratio of 6. The dividend yield of Eog Resources Inc. stocks is 0.5%. Eog Resources Inc. had an annual average earning growth of 17.4% over the past 10 years. GuruFocus rated Eog Resources Inc. the business predictability rank of 4.5-star.EOG is in the portfolios of Chris Davis of Davis Selected Advisers, Westport Asset Management, PRIMECAP Management, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Steven Cohen of SAC Capital Advisors, Wallace Weitz of Weitz Wallace R & Co, Kenneth Fisher of Fisher Asset Management, LLC, David Dreman of Dreman Value Management, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
Net Operating Revenues. During the first quarter of 2010, net operating revenues increased $213 million, or 18%, to $1,371 million from $1,158 million for the same period of 2009. Total wellhead revenues for the first quarter of 2010, which are revenues generated from sales of EOG's production of natural gas, crude oil and condensate and natural gas liquids, increased $418 million, or 54%, to $1,186 million from $768 million for the same period of 2009. During the first quarter of 2010, EOG recognized net gains on mark-to-market financial commodity derivative contracts of $8 million compared to net gains of $351 million for the same period of 2009. Gathering, processing and marketing revenues, which are revenues generated from sales of third-party natural gas, crude oil and condensate and natural gas liquids as well as gathering fees associated with gathering third-party natural gas, for the first quarter of 2010 increased $134 million to $172 million from $38 million for the same period of 2009.Natural gas liquids revenues for the first quarter of 2010 increased $57 million, or 125%, to $103 million from $46 million for the same period of 2009, due to a higher composite average price ($53 million) and increased natural gas liquids deliveries ($4 million). The composite average natural gas liquids price for the first quarter of 2010 increased 109% to $46.61 per barrel compared to $22.29 per barrel for the same period of 2009. The increase in deliveries primarily reflects increased volumes in the Mid-Continent area.
Lease and well expenses of $166 million for the first quarter of 2010 increased $20 million from $146 million for the same prior year period primarily due to changes in the Canadian exchange rate ($6 million), higher lease and well administrative expenses ($4 million), higher operating and maintenance expenses in the United States ($4 million) and Canada ($2 million) and higher workover expenditures in the United States ($2 million).
DD&A expenses for the first quarter of 2010 increased $43 million to $432 million from $389 million for the same prior year period. DD&A expenses associated with oil and gas properties for the first quarter of 2010 were $38 million higher than the same prior year period primarily due to higher unit rates in the United States ($26 million), Canada ($25 million), China ($3 million) and Trinidad ($2 million); unfavorable changes in the Canadian exchange rate ($14 million) and as a result of increased production in Trinidad ($3 million); partially offset by decreased natural gas production in the United States ($18 million) and a change in the estimated fair value of the contingent consideration liability ($17 million).
Net cash used in financing activities of $36 million for the first three months of 2010 included cash dividend payments ($36 million) and the purchase of treasury stock ($5 million). Cash provided by financing activities for the first three months of 2010 included proceeds from stock options exercised ($5 million). Net cash provided by financing activities of $175 million for the first three months of 2009 included net commercial paper and uncommitted credit facility borrowings ($208 million) and excess tax benefits from stock-based compensation ($5 million). Cash used in financing activities for the first three months of 2009 included cash dividend payments ($33 million) and the purchase of treasury stock ($5 million).
Exploration and development expenditures of $1,118 million for the first three months of 2010 were $246 million higher than the same period of 2009 due primarily to increased leasehold acquisition expenditures in the United States ($64 million); increased drilling and facilities expenditures in Canada ($45 million), the United States ($39 million), Trinidad ($20 million) and China ($13 million); increased dry hole costs in the United Kingdom ($21 million); changes in the foreign currency exchange rate in Canada ($21 million); increased property acquisition expenditures in the United States ($12 million); and increased capitali
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