EOG Resources’ Revenue by Segment (2016-2022)

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This statistic highlights EOG Resources Revenue by Segment, split across Crude oil and condensate, Gains(losses) on asset dispositions, Gains(losses) on commodity derivative contracts, Gathering, processing and marketing, Natural Gas Liquids and Natural gas segments.
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This statistic highlights EOG Resources Revenue by Segment, split across Crude oil and condensate, Gains(losses) on asset dispositions, Gains(losses) on commodity derivative contracts, Gathering, processing and marketing, Natural Gas Liquids and Natural gas segments.

EOG Resources Revenue by Segment

Total revenue at EOD Resources increased from $2,245 million in Q3 2020 to $4,765 million in Q3 2021, marking an almost 113% growth on a year-on-year basis. It also incremented by 15.12% when compared to $4,139 million earned in Q2 2021. EOD Resources revenue is further bifurcated into the following segments:

Revenue by Segment Q3 2020 Q2 2021 Q3 2021 Contribution in 2021
Crude oil and condensate  $1,394.6  $2,699.0 $2,929.00 61.47%
Gathering, processing, and marketing $538.90 $1,022.00 $1,186.00 24.89%
Natural gas $183.70 $404.00 $568.00 11.92%
Natural Gas Liquids $184.70 $367.00 $548.00 11.50%
Gains on asset dispositions ($70.90) $51.00 $1.00 0.02%
Gains on commodity derivative contracts ($3.90) ($427.00) ($494.00) -10.37%
Other $18.30 $23.00 $27.00 0.57%
Total $2,245.40 $4,139.00 $4,765.00 100.00%

(All figures are in millions, except percentages)

Crude oil and condensate

EOG sells its crude oil and condensate production at the wellhead or a contractually defined delivery location further downstream. When control passes to the client, revenue is recognized based on contract conditions that reflect current market prices.

The major contribution to the company’s revenue, of approximately 62% was made by the Crude oil and condensate segment. EOG’s revenue from Crude oil and condensate increased by 110.02% from $1,394.6 million in Q3 2020 to $2,929 million in Q3 2021.

Gathering, processing, and marketing 

EOG has a primary position in the gathering, processing, and marketing of third-party commodities. Revenues from sales of EOG-owned sand are included in Gathering, Processing, and Marketing revenues.

EOG’s revenue from Gathering, processing, and marketing segment increased almost by 120% on a YoY basis, from $184.7 million in Q3 2020 to $548 million in Q3 2021.

Natural gas

EOG sells natural gas at the wellhead or at a contractually agreed-upon delivery site further downstream. Under separate agreements, EOG sells residual gas produced in parallel with the production of NGLs.

EOD from Natural gas climbed by about 210% YoY, from $183.7 million in Q3 2020 to $568 million in Q3 2021.

Natural Gas Liquids (NGL)

Extracted NGLs are sold to a third-party owner at the tailgate or to customers downstream. Revenue is recognized after processing when they are transferred to a customer at EOG-owned facilities.

EOG’s revenue from the NGL segment increased almost by 197% on a YoY basis, from $184.7 million in Q3 2020 to $548 million in Q3 2021.

Gains(losses) on commodity derivative contracts

From time to time, EOG engages in price risk management activities. These activities are designed to reduce EOG’s exposure to price swings in crude oil, natural gas, and NGLs. EOG uses financial commodities derivative instruments, primarily price swap, option, swaption, collar, and basis swap contracts, to mitigate price risk.

EOG’s revenue from the Commodity derivative contracts segment decreased by (12766%) on a YoY basis from ($3.9) million in Q3 2020 to ($494) million in Q3 2021.

Gains(losses) on commodity derivative contracts

EOG earned a $1 million in Q3 2021 net gain on asset dispositions, principally from the sale of proved properties and non-cash property exchanges of unproved leasehold in Texas and New Mexico, as well as the sale of Marcellus Shale assets.

Other

Other income, net, was $27 million in Q3 2021 compared to $18.3 million in Q3 2020. The increase of $8.7 million was primarily due to an increase in interest income and an increase in foreign currency transaction gains.

About the company

EOG Resources, Inc. is a United States-based hydrocarbon exploration company. It was founded in Delaware in 1998 and is based in Houston’s Heritage Plaza skyscraper. It is traded on the New York Stock Exchange.

On the Forbes Global 2000, the company is ranked 337th, while on the Fortune 500, it is ranked 186th. Enron Oil & Gas Company was the company’s name before it split from Enron in 1999.

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