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EOG Resources, Inc. 2005 Annual Report

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EOG Resources, Inc. 2005 Annual Report 2005 Annual Report to Shareholders Resources for the Future Financial and Operating Highlights (In millions, except per share data, unless otherwise indicated) 2005 2004 2003 Net Operating Revenues . $ 3,620 $ 2,271 $ 1,745 Income Before Interest and Taxes . $ 2,028 $ 989 $ 713 Net Income Available to Common . $ 1,252 $ 614 $ 419 Total Exploration and Development Expenditures . $ 1,878 $ 1,510 $ 1,333 Wellhead Statistics Natural Gas Volumes (MMcfd) . 1,216 1,036 955 Natural Gas Prices ($/Mcf) . $ 6.62 $4.86 $ 4.40 Crude Oil and Condensate Volumes (MBbld) . 28.6 27.4 23.2 Crude Oil and Condensate Prices ($/Bbl) . $ 54.63 $ 40.22 $ 29.92 Natural Gas Liquids Volumes (MBbld). 7.5 5.6 3.8 Natural Gas Liquids Prices ($/Bbl) . $ 35.59 $ 27.13 $ 21.13 NYSE Price Range ($/Share) (1) High . $ 82.00 $ 38.25 $ 23.76 Low . $ 32.05 $ 21.23 $ 17.85 Close . $ 73.37 $ 35.68 $ 23.09 Cash Dividends Per Common Share Declared (1) . $ 0.160 $ 0.120 $ 0.095 Diluted Average Number of Common Shares Outstanding (1). 244.0 238.4 233.0 (1) Price Per Share, Cash Dividends Per Common Share Declared and Diluted Average Number of Common Shares Outstanding are restated for the two-for-one stock split effective March 1, 2005. The Company Highlights EOG Resources, Inc. is one of • For 2005, EOG reported net income Atlantic LNG Train 4, which began the largest independent (non- available to common of $1,252 million taking gas in December during pre- integrated) oil and natural gas as compared to $614 million for 2004. startup operations. companies in the United States •Total company production increased • EOG reported its first full year of with proved reserves in the 16.2 percent on a daily basis in 2005 production in 2005 from the United United States, Canada, offshore as compared to 2004. For 2006, EOG Kingdom North Sea. Production Trinidad and the United Kingdom is targeting a 10.5 percent total averaged 40 MMcfed. North Sea. EOG Resources, Inc. production increase, which includes an is listed on the New York Stock • In 2005, EOG achieved a 35.5 percent increase of 16.5 percent from United Exchange and is traded under return on equity (2) and a 30 percent States and Canadian natural gas. the ticker symbol “EOG.” return on capital employed (2), while • At December 31, 2005, total company paying down debt to end the year with reserves were approximately 6.2 Tcfe, a 7 percent net debt-to-total an increase of 548 Bcfe, or almost 10 capitalization ratio (2). percent higher than 2004. From drilling • Following a 33 percent increase in alone, EOG added 1,046 Bcfe of 2005, EOG’s Board of Directors again reserves. increased the cash dividend on the • In the Fort Worth Basin Barnett Shale, common stock. Effective with the where it holds more than 500,000 net dividend payable on April 28, 2006 acres, EOG plans to increase its overall to record holders as of April 13, 2006, drilling activity across the play, the quarterly dividend on the common including the western counties of Jack, stock will be $0.06 per share. This Erath and Hood. reflects a 50 percent increase to an indicated annual rate of $0.24 per On The Cover • In Trinidad during 2005, EOG share, the sixth increase in seven years. EOG reported outstanding commenced natural gas production to results for 2005 as it continued supply feedstock for the M5000 (2) Refer to reconciliation schedules on page to build its broad resource Methanol Plant, which commenced 55. base across North America, as operation in September, and the well as in Trinidad and the United Kingdom North Sea. Information regarding forward-looking statements is on page 21 of this annual report to shareholders. For a glossary of terms see page 56. Letter to Shareholders We Have the Resources for the Future he robust commodity prices of 2005 drove a clear demarcation T in the stock market between energy companies such as EOG Resources that have the resources for the future and those that lack valuable long-term reinvestment opportunities. It isn’t by chance or luck that EOG Resources has developed into an even stronger resource company. The effectiveness of our long-term approach to the exploration Mark G. Papa Edmund P. Gary L. Thomas Loren M. Leiker Chairman and Segner, III Executive Vice Executive Vice Chief Executive President and President, President, and production business, which produced Officer Chief of Staff Operations Exploration and Development outstanding financial and operational results in 2005, has been realized. identified significant North American Over the six-year period since EOG became resource plays that competitors have an independent company, the strategy overlooked or underestimated, articulated annually in the letter to shareholders • EOG has aggressively strengthened its rich has remained remarkably consistent. We have reserve portfolio throughout the United reiterated the company’s relentless pursuit of States and Canada, in addition to realizing capturing high rate of return assets — weighted meaningful opportunities in Trinidad and the in favor of natural gas reserves — in politically United Kingdom North Sea, and secure areas. • With a focus on returns, EOG has pursued At EOG, we have accomplished a organic production growth rather than great deal: seeking lower return large-scale • By perfecting new techniques in both acquisitions and mergers to bolster exploration and development, we have reserves and production. 2005 Annual Report to Shareholders 1 Alberta Shallow Gas EOG’s Canadian exploration and production operations are an integral part of the company’s steadily growing resource base. On a daily basis, total company Delivering On Our Promises production increased The marketplace rewarded EOG’s tenacity based on 16.2% both its robust 2005 results and the recognition of its in 2005 from 2004 skill in identifying and developing resource plays that should be powerful growth engines for years to come. EOG reported one of the very highest financial returns of the large cap peer group with 35.5 percent return on equity (2) and 30 percent return on capital employed (2) in 2005. Compared to the same benchmark group, EOG delivered the 2 EOG Resources, Inc. highest return to shareholders (2) — 106 percent, on a daily basis from the United States and ranking number four in the S&P 500 Index. Canada. Total daily production increased 40 EOG reported net income available to percent last year from the United Kingdom North common of $1,252 million in 2005, compared to Sea and Trinidad, where EOG is supplying natural $614 million for 2004. At year-end 2005, the gas that is used as feedstock for the M5000 company reported a debt-to-total capitalization Methanol Plant and the Atlantic LNG Train 4, both ratio (2) of 19 percent, compared to 27 percent at of which started up during 2005. December 31, 2004. The net debt-to-total Building on its firmly established North capitalization ratio (2) was only 7 percent at year- American asset base, during 2005 EOG end 2005. underscored that the Barnett Shale Play in the Total company daily production increased Fort Worth Basin is a substantial company 16.2 percent in 2005 over 2004, all organic resource. By extending the play well beyond its growth achieved through the drillbit. This included conventional limits using horizontal drilling and a 12 percent increase in natural gas production enhanced completion technology, EOG has become an industry leader in the Fort Worth 2005 Comparative EOG Net Income Basin Barnett Shale with over 500,000 net acres Return to Available to Common (2) Shareholders (Millions) under lease across multiple counties. Applying 106% $1,252 the same parameters as it did to the Barnett Shale, EOG has accreted positions in new 66% potential North American resource plays that will $614 be tested over the course of 2006. $419 Our Employees Make the Difference 5% $76 EOG Peers* S&P 500 02 03 04 05 At EOG, it is not a cliché — our employees do *S&P 500 Oil & Gas Exploration Index make the difference. They represent an invaluable 2005 Annual Report to Shareholders 3 resource for the future, as important as the Our Goals for 2006 and Beyond reserves that we seek to develop. EOG has EOG will never be satisfied with the status quo. created a fast-paced, exciting environment To be the best — not the biggest — across the company in which the science of independent exploration and production exploration and production thrives. Our creative, company in North America remains our goal. hardworking prospectors and those who support EOG defines ‘best’ in simple terms — them not only utilize the latest technology generating the highest total shareholder returns. available in the market, they adapt and modify it In addition, we strive to be the most profitable to meet EOG’s needs, thereby producing independent exploration and production outstanding results. company in terms of return on equity and return We are proud of our EOG workforce. Our on capital employed. men and women not only care about Because we see no significant long-term performing their jobs extraordinarily well, they change in the global natural gas and oil supply are concerned about the safety and welfare of those around them and the communities in Year-End Debt-to-Total EOG Daily Production Capitalization Ratio (MMcfed) which they live and work. It was an employee- 41% 1,433 driven effort that galvanized EOG’s effort to 1,233 33% raise $1 million to help those whose lives were 1,086 1,117 27% torn apart by Hurricane Katrina and Hurricane 19% Rita. The management team and board of directors recognize and encourage the unique individual contributions of our top-notch people to EOG’s success.
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