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EOG Resources corporate report

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13 December 2018

EOG Resources corporate report

Report summary

EOG's market valuation has finally aligned with ours. After years of us perceiving a significant premium in its share price. Capital efficiency, delivering on targets, and well inventories traditionally represented competitive advantages for EOG. But concerns around these items have caused outperformance to stall in 2018. All eyes are now on 2019 guidance.

Table of contents

  • Other EOG Resources research
  • Executive summary
    • Re-capturing leadership on costs
    • Using free cash flow: testing whether prudence is still a virtue
    • Well inventory: adding quantity without sacrificing quality
    • Upside scenario: potential for a 40% increase in value
    • Cash flow
    • Returns and capitalization
    • Debt
    • Unit-level analysis
  • Valuation
  • Production
  • Costs
    • Economic assumptions

Tables and charts

This report includes 41 images and tables including:

  • Executive summary: Table 1
  • Share-price performance
  • Valuation: WoodMac vs. market
  • WM NAV vs market EV
  • Multiples
  • WoodMac vs. Wall Street consensus
  • Earnings
  • Earnings components
  • NPV10 by asset
  • Production by region (million boe/d, working interest)
  • Costs: Table 1
  • Capital expenditures (US$ billion)
  • Operating expenses (US$ billion)
  • Capital efficiency
  • Burning through the budget: EOG's 2018 capital spending
  • Reconciling disclosures: well-cost targets versus capital expenditures
  • Leverage benchmarking
  • Debt maturity and rate schedule
  • Dividend scenario 1: constant growth rate
  • Dividend scenario 2: constant payout rate
  • Well inventory: EOG estimates vs. WoodMac base case
  • Well productivity: Delaware Basin
  • Well productivity: Eagle Ford and Rockies
  • NAV increases by upside item
  • Cash flows by category
  • Free cash flow
  • Annual returns
  • Capitalization
  • Leverage metrics
  • Debt maturities
  • Unit-level income
  • Netback analysis
  • Oil hedges
  • Gas hedges
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Value assumptions
  • Foreign exchange rate assumptions

What's included

This report contains:

  • Document

    EOG Resources corporate report

    ZIP 1.93 MB

  • Document

    EOG Resources corporate report

    PDF 933.86 KB

  • Document

    EOG model assumptions data.xlsx

    XLSX 1.23 MB