EXHIBIT 99.1 | ||
EOG Resources, Inc. | ||
News Release | ||
For Further Information Contact: | Investors | |
Maire A. Baldwin | ||
(713) 651-6EOG (651-6364) | ||
Elizabeth M. Ivers | ||
(713) 651-7132 | ||
Media | ||
K Leonard | ||
(713) 571-3870 |
[TEXT]
EOG RESOURCES, INC. | ||||||||||||||||
FINANCIAL REPORT | ||||||||||||||||
(Unaudited; in millions, except per share data) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net Operating Revenues | $ | 2,885.7 | $ | 1,582.1 | $ | 7,353.1 | $ | 4,310.7 | ||||||||
Net Income (Loss) | $ | 540.9 | $ | (70.9) | $ | 970.4 | $ | 107.0 | ||||||||
Net Income (Loss) Per Share | ||||||||||||||||
Basic | $ | 2.03 | $ | (0.28) | $ | 3.71 | $ | 0.43 | ||||||||
Diluted | $ | 2.01 | $ | (0.28) | $ | 3.66 | $ | 0.42 | ||||||||
Average Number of Shares Outstanding | ||||||||||||||||
Basic | 266.1 | 251.0 | 261.7 | 250.7 | ||||||||||||
Diluted | 269.3 | 251.0 | 265.2 | 254.4 | ||||||||||||
SUMMARY INCOME STATEMENTS | ||||||||||||||||
(Unaudited; in thousands, except per share data) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net Operating Revenues | ||||||||||||||||
Crude Oil and Condensate | $ | 953,154 | $ | 506,368 | $ | 2,649,034 | $ | 1,368,338 | ||||||||
Natural Gas Liquids | 206,572 | 107,482 | 539,104 | 314,750 | ||||||||||||
Natural Gas | 576,803 | 602,242 | 1,760,715 | 1,832,578 | ||||||||||||
Gains on Mark-to-Market Commodity Derivative Contracts | 357,664 | 60,998 | 480,539 | 105,816 | ||||||||||||
Gathering, Processing and Marketing | 578,022 | 233,971 | 1,461,303 | 601,790 | ||||||||||||
Gains on Asset Dispositions, Net | 207,468 | 64,809 | 442,981 | 72,441 | ||||||||||||
Other, Net | 6,061 | 6,205 | 19,424 | 15,023 | ||||||||||||
Total | 2,885,744 | 1,582,075 | 7,353,100 | 4,310,736 | ||||||||||||
Operating Expenses | ||||||||||||||||
Lease and Well | 248,926 | 180,921 | 680,710 | 507,647 | ||||||||||||
Transportation Costs | 108,678 | 103,262 | 308,276 | 286,318 | ||||||||||||
Gathering and Processing Costs | 18,532 | 18,472 | 55,444 | 47,353 | ||||||||||||
Exploration Costs | 48,469 | 47,307 | 140,616 | 148,635 | ||||||||||||
Dry Hole Costs | 22,604 | 2,700 | 47,231 | 45,095 | ||||||||||||
Impairments | 83,431 | 352,908 | 531,413 | 502,865 | ||||||||||||
Marketing Costs | 572,604 | 231,758 | 1,427,450 | 591,735 | ||||||||||||
Depreciation, Depletion and Amortization | 651,684 | 500,888 | 1,822,854 | 1,398,137 | ||||||||||||
General and Administrative | 82,260 | 81,310 | 219,703 | 206,470 | ||||||||||||
Taxes Other Than Income | 98,526 | 74,244 | 308,669 | 227,773 | ||||||||||||
Total | 1,935,714 | 1,593,770 | 5,542,366 | 3,962,028 | ||||||||||||
Operating Income (Loss) | 950,030 | (11,695) | 1,810,734 | 348,708 | ||||||||||||
Other Income, Net | 1,377 | 5,772 | 11,205 | 7,910 | ||||||||||||
Income (Loss) Before Interest Expense and Income Taxes | 951,407 | (5,923) | 1,821,939 | 356,618 | ||||||||||||
Interest Expense, Net | 52,186 | 32,890 | 153,772 | 88,215 | ||||||||||||
Income (Loss) Before Income Taxes | 899,221 | (38,813) | 1,668,167 | 268,403 | ||||||||||||
Income Tax Provision | 358,343 | 32,093 | 697,742 | 161,422 | ||||||||||||
Net Income (Loss) | $ | 540,878 | $ | (70,906) | $ | 970,425 | $ | 106,981 | ||||||||
Dividends Declared per Common Share | $ | 0.160 | $ | 0.155 | $ | 0.480 | $ | 0.465 |