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EOG (EOG Resources) Beneish M-Score : -3.09 (As of Mar. 15, 2025)


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What is EOG Resources Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for EOG Resources's Beneish M-Score or its related term are showing as below:

EOG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11   Med: -2.81   Max: -1.15
Current: -3.09

During the past 13 years, the highest Beneish M-Score of EOG Resources was -1.15. The lowest was -3.11. And the median was -2.81.


EOG Resources Beneish M-Score Historical Data

The historical data trend for EOG Resources's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

EOG Resources Beneish M-Score Chart

EOG Resources Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.11 -2.32 -2.11 -2.84 -3.09

EOG Resources Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.84 -2.72 -2.77 -3.16 -3.09

Competitive Comparison of EOG Resources's Beneish M-Score

For the Oil & Gas E&P subindustry, EOG Resources's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


EOG Resources's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, EOG Resources's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where EOG Resources's Beneish M-Score falls into.



EOG Resources Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of EOG Resources for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.9675+0.528 * 1.0391+0.404 * 0.9975+0.892 * 1.0085+0.115 * 0.9102
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9974+4.679 * -0.117959-0.327 * 1.1352
=-3.09

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was $2,650 Mil.
Revenue was 5650 + 5865 + 6029 + 5834 = $23,378 Mil.
Gross Profit was 5518 + 3997 + 4232 + 3951 = $17,698 Mil.
Total Current Assets was $11,230 Mil.
Total Assets was $47,186 Mil.
Property, Plant and Equipment(Net PPE) was $34,212 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,108 Mil.
Selling, General, & Admin. Expense(SGA) was $6,386 Mil.
Total Current Liabilities was $5,354 Mil.
Long-Term Debt & Capital Lease Obligation was $4,220 Mil.
Net Income was 1251 + 1673 + 1690 + 1789 = $6,403 Mil.
Non Operating Income was -571 + 133 + -42 + 306 = $-174 Mil.
Cash Flow from Operations was 2763 + 3588 + 2889 + 2903 = $12,143 Mil.
Total Receivables was $2,716 Mil.
Revenue was 6030 + 6113 + 5460 + 5579 = $23,182 Mil.
Gross Profit was 5919 + 4440 + 3850 + 4027 = $18,236 Mil.
Total Current Assets was $9,935 Mil.
Total Assets was $43,857 Mil.
Property, Plant and Equipment(Net PPE) was $32,297 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,492 Mil.
Selling, General, & Admin. Expense(SGA) was $6,349 Mil.
Total Current Liabilities was $4,074 Mil.
Long-Term Debt & Capital Lease Obligation was $3,765 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(2650 / 23378) / (2716 / 23182)
=0.113354 / 0.11716
=0.9675

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(18236 / 23182) / (17698 / 23378)
=0.786645 / 0.757037
=1.0391

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (11230 + 34212) / 47186) / (1 - (9935 + 32297) / 43857)
=0.03696 / 0.037052
=0.9975

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=23378 / 23182
=1.0085

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(3492 / (3492 + 32297)) / (4108 / (4108 + 34212))
=0.097572 / 0.107203
=0.9102

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(6386 / 23378) / (6349 / 23182)
=0.273163 / 0.273876
=0.9974

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((4220 + 5354) / 47186) / ((3765 + 4074) / 43857)
=0.202899 / 0.17874
=1.1352

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(6403 - -174 - 12143) / 47186
=-0.117959

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

EOG Resources has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.


EOG Resources Beneish M-Score Related Terms

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EOG Resources Business Description

Traded in Other Exchanges
Address
1111 Bagby, Sky Lobby 2, Houston, TX, USA, 77002
EOG Resources is an oil and gas producer with acreage in several US shale plays, primarily in the Permian Basin and the Eagle Ford. At the end of 2023, it reported net proven reserves of 4.5 billion barrels of oil equivalent. Net production averaged roughly 985,000 barrels of oil equivalent per day in 2023 at a ratio of 71% oil and natural gas liquids and 29% natural gas.
Executives
Jeffrey R. Leitzell officer: EVP Exploration and Production 1111 BAGBY, SKY LOBBY 2, HOUSTON TX 77002
Janet F Clark director
Michael P Donaldson officer: VP, General Counsel & Corp Sec 1111 BAGBY STREET, SKY LOBBY 2, HOUSTON TX 77002
Charles R Crisp director 1301 MCKINNEY STE 700, HOUSTON TX 77010
Ezra Y Yacob officer: EVP Exploration and Production 1111 BAGBY, SKY LOBBY 2, HOUSTON TX 77002
Helms Lloyd W Jr officer: EVP, Operations 1111 BAGBY, SKY LOBBY 2, HOUSTON TX 77002
Lynn A Dugle director 4803 STONECROFT BOULEVARD, CHANTILLY VA 20151
Michael T. Kerr director 1111 BAGBY, SKY LOBBY 2, HOUSTON TX 77002
Kenneth W. Boedeker officer: EVP Exploration and Production 1111 BAGBY, SKY LOBBY 2, HOUSTON TX 77002
Timothy K Driggers officer: VP Accounting & Land Admin
Ann D. Janssen officer: VP, Accounting 1111 BAGBY, SKY LOBBY 2, HOUSTON TX 77002
Donald F Textor director P O BOX 4362, HOUSTON TX 772104362
Frank G Wisner director P O BOX 4362, HOUSTON TX 7721042362
Julie J Robertson director 13135 S DAIRY ASHFORD, STE 800, SUGAR LAND TX 77478
David W Trice officer: EVP, Exploration & Production 1111 BAGBY, SKY LOBBY 2, HOUSTON TX 77002