Eog Resources Inc.
EOG Resources Announces Price Risk Management Activities for Q3 2024
Summary
EOG Resources, Inc. disclosed that for the third quarter of 2024, it received net cash of $61 million from settlements of its Financial Commodity Derivative Contracts, which include price swap, option, swaption, collar, and basis swap contracts. These contracts are accounted for using the mark-to-market method. EOG also has a 10-year natural gas sales agreement linked to Brent crude oil prices, though no cash was received related to this agreement as deliveries are set to commence in January 2027. The company uses these financial instruments to enhance the certainty of future revenues and cash flows.
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About Eog Resources Inc.
Eog Resources Inc. is a leading independent crude oil and natural gas exploration and production company. The primary function of Eog Resources Inc. is to discover, develop, and sustainably extract energy resources, focusing on cost efficiency, operational excellence, and innovative technological approaches. It predominantly operates in the exploration and production sector of the energy industry, with substantial operations across major oil and gas basins in the United States, including the Permian Basin, Eagle Ford, and Delaware Basin. Notably, Eog Resources Inc. emphasizes maximizing shareholder value through disciplined capital allocation and a robust portfolio of high-return, low-cost projects. This company plays a vital role in the energy market, contributing to the supply side of the global energy balance, which is crucial for supporting industrial operations, transportation, and power generation. Its strategic approach includes deploying advanced drilling and completion technologies to enhance production efficiency and minimize environmental impact. As an entity with a significant market footprint, Eog Resources Inc. continues to influence trends in the energy sector, focusing on financial performance and sustainability.
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