Monumental Energy Corp. press release
EOG Resources Reports Fourth Quarter and Full-Year 2024 Results; Announces 2025 Capital Plan
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PR Newswire
HOUSTON , Feb. 27, 2025 /PRNewswire/ -- EOG Resources, Inc. (EOG) today reported fourth quarter and full-year 2024 results. The attached supplemental financial tables and schedules for the reconciliation of non-GAAP measures to GAAP measures and related definitions, along with a related presentation, are also available on EOG's website at http://investors.eogresources.com/investors .
| Key Financial Results | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | In millions of USD, except per-share, per-Boe and ratio data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | GAAP | 4Q 2024 | | 3Q 2024 | | 2Q 2024 | | 1Q 2024 | | 4Q 2023 | | FY 2024 | | FY 2023 | | | Total Revenue | 5,585 | | 5,965 | | 6,025 | | 6,123 | | 6,357 | | 23,698 | | 24,186 | | | Net Income | 1,251 | | 1,673 | | 1,690 | | 1,789 | | 1,988 | | 6,403 | | 7,594 | | | Net Income Per Share | 2.23 | | 2.95 | | 2.95 | | 3.10 | | 3.42 | | 11.25 | | 13.00 | | | Net Cash Provided by Operating Activities | 2,763 | | 3,588 | | 2,889 | | 2,903 | | 3,104 | | 12,143 | | 11,340 | | | Total Expenditures | 1,446 | | 1,573 | | 1,682 | | 1,952 | | 1,634 | | 6,653 | | 6,818 | | | Current and Long-Term Debt | 4,752 | | 3,776 | | 3,784 | | 3,791 | | 3,799 | | 4,752 | | 3,799 | | | Cash and Cash Equivalents | 7,092 | | 6,122 | | 5,431 | | 5,292 | | 5,278 | | 7,092 | | 5,278 | | | Debt-to-Total Capitalization | 13.9 % | | 11.3 % | | 11.5 % | | 11.7 % | | 11.9 % | | 13.9 % | | 11.9 % | | | Cash Operating Costs ($/Boe) | 10.15 | | 10.15 | | 10.11 | | 10.37 | | 10.52 | | 10.19 | | 10.33 | | | | | | | | | | | | | | | | | | | Non - GAAP | | | | | | | | | | | | | | | | Adjusted Net Income | 1,535 | | 1,644 | | 1,807 | | 1,626 | | 1,783 | | 6,612 | | 6,825 | | | Adjusted Net Income Per Share | 2.74 | | 2.89 | | 3.16 | | 2.82 | | 3.07 | | 11.62 | | 11.69 | | | CFO before Changes in Working Capital | 2,635 | | 2,988 | | 3,042 | | 2,928 | | 2,989 | | 11,593 | | 11,149 | | | Capital Expenditures | 1,358 | | 1,497 | | 1,668 | | 1,703 | | 1,512 | | 6,226 | | 6,041 | | | Free Cash Flow | 1,277 | | 1,491 | | 1,374 | | 1,225 | | 1,477 | | 5,367 | | 5,108 | | | Net Debt | (2,340) | | (2,346) | | (1,647) | | (1,501) | | (1,479) | | (2,340) | | (1,479) | | | Net Debt-to-Total Capitalization | (8.7 %) | | (8.6 %) | | (6.0 %) | | (5.5 %) | | (5.6 %) | | (8.7 %) | | (5.6 %) | | | Cash Operating Costs ($/Boe) 1 | 10.15 | | 10.05 | | 10.11 | | 10.37 | | 10.52 | | 10.17 | | 10.33 | |
Fourth Quarter Highlights
Earned adjusted net income of $1.5 billion , or $2.74 per share Generated $1.3 billion of free cash flow Declared regular quarterly dividend of $0.975 per share and repurchased $981 million of shares Oil and gas volumes, and total per-unit operating costs better than guidance midpoints
Full-Year 2024 Highlights and 2025 Capital Plan
Generated $5.4 billion of free cash flow and returned $5.3 billion to shareholders Replaced 201% of 2024 production at a finding and development cost, excluding price revisions, of $7.03 per Boe (GAAP) and $6.68 per Boe (Non-GAAP) Reduced average well costs 6% across multi-basin portfolio Announced $6.2 billion 2025 capital plan to grow oil production 3% and total production 6% EOG and Bapco Energies entered into a strategic participation agreement in Bahrain
Volumes and Capital Expenditures
| | | | | | | | | | | | | | | | | | | Volumes | 4Q 2024 | | 4Q 2024 Guidance Midpoint | | 3Q 2024 | | 2Q 2024 | | 1Q 2024 | | 4Q 2023 | | FY 2024 | | FY 2023 | | | Crude Oil and Condensate (MBod) | 494.6 | | 493.0 | | 493.0 | | 490.7 | | 487.4 | | 485.2 | | 491.4 | | 475.8 | | | Natural Gas Liquids (MBbld) | 252.5 | | 260.0 | | 254.3 | | 244.8 | | 231.7 | | 235.8 | | 245.9 | | 223.8 | | | Natural Gas (MMcfd) | 2,092 | | 2,075 | | 1,970 | | 1,872 | | 1,858 | | 1,831 | | 1,948 | | 1,711 | | | Total Crude Oil Equivalent (MBoed) | 1,095.7 | | 1,098.9 | | 1,075.7 | | 1,047.5 | | 1,028.8 | | 1,026.2 | | 1,062.1 | | 984.8 | | | | | | | | | | | | | | | | | | | | | Capital Expenditures ($MM) | 1,358 | | 1,330 | | 1,497 | | 1,668 | | 1,703 | | 1,512 | | 6,226 | | 6,041 | |
From Ezra Yacob , Chairman and Chief Executive Officer "2024 was another year of strong execution for EOG. Oil and total volumes were higher than our original plan, capital expenditures were on target, and we continued to lower cash operating costs. We improved productivity and base production performance through innovations in completion design and artificial lift automation. Along with better productivity, sustainable efficiency improvements from extended laterals and EOG's in-house drilling motor program helped lower well costs 6%. Our comprehensive marketing strategy continued to deliver peer-leading U.S. price realizations, further maximizing margins across our portfolio. 2024 also marked another year of progress in the Utica and Dorado plays that resulted in consistent, strong results helping to support higher activity going forward.
"EOG's operational execution supported the company's exceptional financial performance and record cash return to shareholders in 2024. We generated $5.4 billion in free cash flow and returned $5.3 billion , or 98%, to shareholders. This robust cash return was anchored by our sustainable, growing regular dividend, which we increased by 7%, and included $3.2 billion in share repurchases. Since we initiated share repurchases in 2023, we have reduced our share count by approximately 5%. As we continue to optimize our capital structure, our strong cash flow generation and industry-leading balance sheet better position us to deliver shareholder value through the cycles.
"We are excited about 2025 where we have detailed a disciplined plan that builds on last year's success and lays a foundation for the future. Our comprehensive investment approach, focused on returns and optimizing value from our diverse portfolio of multi-basin assets, coupled with our industry-leading exploration expertise, provide long-term visibility for high returns and strong free cash flow generation. EOG has never been better positioned to deliver long-term shareholder value and we remain focused on being among the highest return and lowest cost producers, committed to strong environmental performance and playing a significant role in the long-term future of energy."
Fourth Quarter 2024 Financial Performance
Prices
Crude oil prices decreased in 4Q compared with 3Q, partially offset by an increase in NGL and natural gas prices from 3Q
Volumes
Oil production of 494,600 Bopd was above the midpoint of the guidance range and up from 3Q NGL production was below the midpoint of the guidance range and down from 3Q Natural gas production was above the midpoint of the guidance range and up 6% from 3Q Total company equivalent production was below the midpoint of the guidance range but increased 2% from 3Q
Per-Unit Costs
LOE, GP&T, and DD&A expenses decreased in 4Q compared with 3Q, while G&A costs increased
Hedges
Mark-to-market hedge losses decreased GAAP earnings per share in 4Q compared with 3Q Cash received to settle hedges decreased from 3Q, lowering adjusted non-GAAP earnings per share
Free Cash Flow
Cash flow from operations before changes in working capital was $2.64 billion Incurred $1.36 billion of capital expenditures This resulted in $1.28 billion of free cash flow
Cash Return and Working Capital
Paid $509 million in regular dividends Repurchased $981 million of stock Completed a $1.0 billion bond offering
Full-Year 2024 Financial Performance
Prices
Crude oil prices decreased 2% NGL prices increased 1% Natural gas prices decreased 22%
Volumes
Oil production increased 3% to 491,400 Bopd NGL production increased 10% Natural gas production increased 14% Total company equivalent production increased 8%
Per-Unit Costs
Lower LOE, GP&T, and G&A costs were offset by higher DD&A expenses in 2024
Hedges
Lower mark-to-market hedge gains contributed to lower GAAP earnings per share in 2024 compared with 2023 Higher net cash received to settle hedges partially offset lower commodity prices in 2024
Free Cash Flow
Cash flow from operations before changes in working capital was $11.6 billion Incurred $6.2 billion of capital expenditures This resulted in $5.4 billion of free cash flow
Cash Return and Working Capital
Paid $2.1 billion in regular dividends Repurchased $3.2 billion of stock Completed a $1.0 billion bond offering Postponement of tax payments associated with severe weather tax relief accounted for approximately $700 million of the increase from working capital and other items
Fourth Quarter 2024 Operating Performance and Cash Return
Lease and Well
QoQ : Decreased primarily due to lower well service and labor costs
Guidance Midpoint : Lower primarily due to lower workover expenses, labor and fuel costs
Gathering, Processing and Transportation Costs
QoQ : Decreased primarily due to lower oil transportation expenses
Guidance Midpoint : Lower primarily due to lower compression-related fuel cost
General and Administrative
QoQ : Higher due to higher employee-related expenses and professional fees
Guidance Midpoint : Lower due to lower employee-related expenses
Depreciation, Depletion and Amortization
QoQ: Lower primarily due to the addition of lower cost reserves and positive reserve revisions
Guidance Midpoint : Lower primarily due to the addition of lower cost reserves and positive reserve revisions
Regular Dividend and Fourth Quarter Share Repurchases
The Board of Directors today declared a dividend of $0.975 per share on EOG's common stock. The dividend will be payable April 30, 2025 , to stockholders of record as of April 16, 2025 . The indicated annual rate is $3.90 per share, reflecting a 7% increase compared with 2024.
During the fourth quarter, the company repurchased 7.8 million shares for $981 million under its share repurchase authorization, at an average purchase price of $126 per share.
For full-year 2024, the company repurchased 25.8 million shares for $3.2 billion under its share repurchase authorization, at an average purchase price of $123 per share. EOG has $5.8 billion remaining on its current repurchase authorization.
2024 Reserves
Finding and Development Cost
Finding and development cost, excluding price revisions, decreased in 2024 to $6.68 per Boe, due to higher year-over-year well performance and cost reductions. Proved developed finding cost, excluding price revisions, was $8.71 per Boe (GAAP) and $8.04 per Boe (Non-GAAP) in 2024.
Reserve Replacement
Total proved reserves increased 6% in 2024. Extensions and discoveries added 580 MMBoe of proved reserves in 2024. Revisions other than price increased proved reserves by 215 MMBoe. Net proved reserve additions from all sources, excluding price revisions, replaced 201% of 2024 total production.
2025 Capital Program
Total expenditures for 2025 are expected to range from $6.0 to $6.4 billion , including exploration and development drilling, facilities, leasehold acquisitions, capitalized interest, dry hole costs, and other property, plant and equipment, and excluding property acquisitions, asset retirement costs and non-cash exchanges and transactions. The capital program also excludes certain exploration costs incurred as operating expenses.
The disciplined capital program is anchored by steady year-over-year activity levels in the Delaware Basin, with a step up in activity in the Utica and Dorado plays. The plan delivers 3% oil volume growth and 6% total volume growth through the drilling and completion of 605 net wells across EOG's multi-basin portfolio of high return inventory.
The capital program also funds the completion of strategic infrastructure projects and international investment opportunities, including exploration projects in Trinidad and Bahrain .
EOG and Bapco Energies Entered Into a Strategic Participation Agreement in Bahrain
The companies will evaluate a natural gas exploration prospect with planned drilling activity in 2025. The transaction is subject to further government approvals.
| Fourth Quarter 2024 Results vs Guidance | | | | | | | | | | | | | | | | (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | See "Endnotes" below for related discussion and definitions. | | | | | | | | | | | | | | | | | 4Q 2024 | | 4Q 2024
Guidance Midpoint | | Variance | | 3Q 2024 | | 2Q 2024 | | 1Q 2024 | | 4Q 2023 | | | Crude Oil and Condensate Volumes (MBod) | | | | | | | | | | | | | | | | United States | 493.5 | | 491.9 | | 1.6 | | 491.8 | | 490.1 | | 486.8 | | 484.6 | | | Trinidad | 1.1 | | 1.1 | | 0.0 | | 1.2 | | 0.6 | | 0.6 | | 0.6 | | | Total | 494.6 | | 493.0 | | 1.6 | | 493.0 | | 490.7 | | 487.4 | | 485.2 | | | Natural Gas Liquids Volumes (MBbld) | | | | | | | | | | | | | | | | Total | 252.5 | | 260.0 | | (7.5) | | 254.3 | | 244.8 | | 231.7 | | 235.8 | | | Natural Gas Volumes (MMcfd) | | | | | | | | | | | | | | | | United States | 1,840 | | 1,825 | | 15 | | 1,745 | | 1,668 | | 1,658 | | 1,653 | | | Trinidad | 252 | | 250 | | 2 | | 225 | | 204 | | 200 | | 178 | | | Total | 2,092 | | 2,075 | | 17 | | 1,970 | | 1,872 | | 1,858 | | 1,831 | | | | | | | | | | | | | | | | | | | Total Crude Oil Equivalent Volumes (MBoed) | 1,095.7 | | 1,098.9 | | (3.2) | | 1,075.7 | | 1,047.5 | | 1,028.8 | | 1,026.2 | | | Total MMBoe | 100.8 | | 101.1 | | (0.3) | | 99.0 | | 95.3 | | 93.6 | | 94.4 | | | | | | | | | | | | | | | | | | | Benchmark Price | | | | | | | | | | | | | | | | Oil (WTI) ($/Bbl) | 70.28 | | | | | | 75.16 | | 80.55 | | 76.97 | | 78.33 | | | Natural Gas (HH) ($/Mcf) | 2.79 | | | | | | 2.16 | | 1.89 | | 2.24 | | 2.87 | | | | | | | | | | | | | | | | | | | Crude Oil and Condensate - above (below) WTI 4 ($/Bbl) | | | | | | | | | | | | | | | | United States | 1.40 | | 1.75 | | (0.35) | | 1.79 | | 2.16 | | 1.49 | | 2.28 | | | Trinidad | (9.81) | | (10.35) | | 0.54 | | (12.01) | | (9.80) | | (9.47) | | (9.12) | | | Natural Gas Liquids - Realizations as % of WTI | | | | | | | | | | | | | | | | Total | 33.9 % | | 32.0 % | | 1.9 % | | 29.8 % | | 28.7 % | | 31.6 % | | 28.5 % | | | Natural Gas - above (below) NYMEX Henry Hub 5 ($/Mcf) | | | | | | | | | | | | | | | | United States | (0.40) | | (0.35) | | (0.05) | | (0.32) | | (0.32) | | (0.14) | | (0.15) | | | Natural Gas Realizations ($/Mcf) | | | | | | | | | | | | | | | | Trinidad | 3.86 | | 3.65 | | 0.21 | | 3.68 | | 3.48 | | 3.54 | | 3.81 | | | | | | | | | | | | | | | | | | | Total Expenditures (GAAP) ($MM) | 1,446 | | | | | | 1,573 | | 1,682 | | 1,952 | | 1,634 | | | Capital Expenditures (non-GAAP) ($MM) | 1,358 | | 1,330 | | 28 | | 1,497 | | 1,668 | | 1,703 | | 1,512 | | | | | | | | | | | | | | | | | | | Operating Unit Costs ($/Boe) | | | | | | | | | | | | | | | | Lease and Well | 3.91 | | 4.20 | | (0.29) | | 3.96 | | 4.09 | | 4.23 | | 4.00 | | | Gathering, Processing and Transportation Costs 3 | 4.37 | | 4.45 | | (0.08) | | 4.50 | | 4.44 | | 4.41 | | 4.49 | | | General and Administrative (GAAP) | 1.87 | | | | | | 1.69 | | 1.58 | | 1.73 | | 2.03 | | | General and Administrative (non-GAAP) 1 | 1.87 | | 1.90 | | (0.03) | | 1.59 | | 1.58 | | 1.73 | | 2.03 | | | Cash Operating Costs (GAAP) | 10.15 | | | | | | 10.15 | | 10.11 | | 10.37 | | 10.52 | | | Cash Operating Costs (non-GAAP) 1 | 10.15 | | 10.55 | | (0.40) | | 10.05 | | 10.11 | | 10.37 | | 10.52 | | | Depreciation, Depletion and Amortization | 10.11 | | 10.35 | | (0.24) | | 10.42 | | 10.32 | | 11.47 | | 9.85 | | | | | | | | | | | | | | | | | | | Expenses ($MM) | | | | | | | | | | | | | | | | Exploration and Dry Hole | 60 | | 60 | | 0 | | 43 | | 39 | | 46 | | 41 | | | Impairment (GAAP) | 276 | | | | | | 15 | | 81 | | 19 | | 79 | | | Impairment (excluding certain impairments (non-GAAP)) 6 | 23 | | 120 | | (97) | | 15 | | 46 | | 17 | | 60 | | | Capitalized Interest | 13 | | 11 | | 2 | | 12 | | 10 | | 10 | | 9 | | | Net Interest | 38 | | 33 | | 5 | | 31 | | 36 | | 33 | | 35 | | | | | | | | | | | | | | | | | | | TOTI (% of Wellhead Revenue) (GAAP) | 6.8 % | | | | | | 6.5 % | | 7.5 % | | 7.7 % | | 6.6 % | | | TOTI (% of Wellhead Revenue) (non-GAAP) 1 | 6.8 % | | 7.5 % | | (0.7 %) | | 7.2 % | | 7.5 % | | 7.7 % | | 6.6 % | | | Income Taxes | | | | | | | | | | | | | | | | Effective Rate | 23.0 % | | 21.5 % | | 1.5 % | | 21.6 % | | 21.7 % | | 22.2 % | | 21.6 % | | | Current Tax Expense ($MM) | 454 | | 495 | | (41) | | 240 | | 341 | | 312 | | 352 | |
| First Quarter and Full-Year 2025 Guidance 7 | | | | | | | | | | | | | | | | | | (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | See "Endnotes" below for related discussion and definitions | | | | | | | | | | | | | | | | | | | 1Q 2025 Guidance Range | | 1Q 2025 Midpoint | | FY 2025 Guidance Range | | FY 2025 Midpoint | | 2024 Actual | | 2023 Actual | | 2022
Actual | | | | | | | | | | | | | | | | | | | | | | | Crude Oil and Condensate Volumes (MBod) | | | | | | | | | | | | | | | | | | United States | 495.0 - | 503.0 | | 499.0 | | 499.5 - | 507.5 | | 503.5 | | 490.6 | | 475.2 | | 460.7 | | | Trinidad | 0.8 - | 1.2 | | 1.0 | | 0.9 - | 1.3 | | 1.1 | | 0.8 | | 0.6 | | 0.6 | | | Total | 495.8 - | 504.2 | | 500.0 | | 500.4 - | 508.8 | | 504.6 | | 491.4 | | 475.8 | | 461.3 | | | Natural Gas Liquids Volumes (MBbld) | | | | | | | | | | | | | | | | | | Total | 233.0 - | 245.0 | | 239.0 | | 249.0 - | 261.0 | | 255.0 | | 245.9 | | 223.8 | | 197.7 | | | Natural Gas Volumes (MMcfd) | | | | | | | | | | | | | | | | | | United States | 1,740 - | 1,840 | | 1,790 | | 1,900 - | 2,000 | | 1,950 | | 1,728 | | 1,551 | | 1,315 | | | Trinidad | 225 - | 245 | | 235 | | 215 - | 235 | | 225 | | 220 | | 160 | | 180 | | | Total | 1,965 - | 2,085 | | 2,025 | | 2,115 - | 2,235 | | 2,175 | | 1,948 | | 1,711 | | 1,495 | | | Crude Oil Equivalent Volumes (MBoed) | | | | | | | | | | | | | | | | | | United States | 1,018.0 - | 1,054.7 | | 1,036.4 | | 1,065.2 - | 1,101.8 | | 1,083.5 | | 1,024.5 | | 957.5 | | 877.5 | | | Trinidad | 38.3 - | 42.0 | | 40.2 | | 36.7 - | 40.5 | | 38.6 | | 37.6 | | 27.3 | | 30.7 | | | Total | 1,056.3 - | 1,096.7 | | 1,076.5 | | 1,101.9 - | 1,142.3 | | 1,122.1 | | 1,062.1 | | 984.8 | | 908.2 | | | | | | | | | | | | | | | | | | | | | Benchmark Price | | | | | | | | | | | | | | | | | | Oil (WTI) ($/Bbl) | | | | | | | | | | | 75.72 | | 77.61 | | 94.23 | | | Natural Gas (HH) ($/Mcf) | | | | | | | | | | | 2.27 | | 2.74 | | 6.64 | | | | | | | | | | | | | | | | | | | | | Crude Oil and Condensate - above (below) WTI 4 ($/Bbl) | | | | | | | | | | | | | | | | | | United States | 0.65 - | 2.15 | | 1.40 | | 0.20 - | 2.20 | | 1.20 | | 1.70 | | 1.57 | | 2.99 | | | Trinidad | (12.95) - | (11.45) | | (12.20) | | (8.10) - | (6.10) | | (7.10) | | (11.29) | | (9.03) | | (8.07) | | | Natural Gas Liquids - Realizations as % of WTI | | | | | | | | | | | | | | | | | | Total | 30.0% - | 40.0 % | | 35.0 % | | 29.0% - | 39.0 % | | 34.0 % | | 30.9 % | | 29.7 % | | 39.0 % | | | Natural Gas - above (below) NYMEX Henry Hub 5 ($/Mcf) | | | | | | | | | | | | | | | | | | United States | (0.70) - | 0.00 | | (0.35) | | (1.35) - | 0.65 | | (0.35) | | (0.28) | | (0.04) | | 0.63 | | | Natural Gas Realizations 8 ($/Mcf) | | | | | | | | | | | | | | | | | | Trinidad | 3.25 - | 3.95 | | 3.60 | | 3.00 - | 4.00 | | 3.50 | | 3.65 | | 3.65 | | 4.43 | | | | | | | | | | | | | | | | | | | | | Total Expenditures (GAAP) ($MM) | | | | | | | | | | | 6,653 | | 6,818 | | 5,610 | | | Capital Expenditures 9 (non-GAAP) ($MM) | 1,475 - | 1,575 | | 1,525 | | 6,000 - | 6,400 | | 6,200 | | 6,226 | | 6,041 | | 4,607 | | | | | | | | | | | | | | | | | | | | | Operating Unit Costs ($/Boe) | | | | | | | | | | | | | | | | | | Lease and Well | 4.00 - | 4.50 | | 4.25 | | 3.90 - | 4.40 | | 4.15 | | 4.04 | | 4.05 | | 4.02 | | | Gathering, Processing and Transportation Costs 3 | 4.30 - | 4.80 | | 4.55 | | 4.30 - | 4.80 | | 4.55 | | 4.43 | | 4.50 | | 4.78 | | | General and Administrative (GAAP) | 1.75 - | 2.05 | | 1.90 | | 1.65 - | 1.95 | | 1.80 | | 1.72 | | 1.78 | | 1.72 | | | General and Administrative (non-GAAP) 1 | | | | | | | | | | | 1.70 | | 1.78 | | 1.67 | | | Cash Operating Costs (GAAP) | 10.05 - | 11.35 | | 10.70 | | 9.85 - | 11.15 | | 10.50 | | 10.19 | | 10.33 | | 10.52 | | | Cash Operating Costs (non-GAAP) 1 | | | | | | | | | | | 10.17 | | 10.33 | | 10.47 | | | Depreciation, Depletion and Amortization | 10.00 - | 11.00 | | 10.50 | | 9.90 - | 10.90 | | 10.40 | | 10.57 | | 9.72 | | 10.69 | | | Expenses ($MM) | | | | | | | | | | | | | | | | | | Exploration and Dry Hole | 40 - | 80 | | 60 | | 210 - | 250 | | 230 | | 188 | | 182 | | 204 | | | Impairment (GAAP) | | | | | | | | | | | 391 | | 202 | | 382 | | | Impairment (excluding certain impairments (non-GAAP)) 6 | 30 - | 110 | | 70 | | 240 - | 320 | | 280 | | 100 | | 160 | | 269 | | | Capitalized Interest | 10 - | 14 | | 12 | | 46 - | 50 | | 48 | | 45 | | 33 | | 36 | | | Net Interest | 46 - | 50 | | 48 | | 173 - | 177 | | 175 | | 138 | | 148 | | 179 | | | | | | | | | | | | | | | | | | | | | TOTI (% of Wellhead Revenue) (GAAP) | 7.0% - | 9.0 % | | 8.0 % | | 7.0% - | 9.0 % | | 8.0 % | | 7.1 % | | 7.4 % | | 7.0 % | | | TOTI (% of Wellhead Revenue) (non-GAAP) 1 | | | | | | | | | | | 7.3 % | | 7.4 % | | 7.5 % | | | Income Taxes | | | | | | | | | | | | | | | | | | Effective Rate | 20.0% - | 25.0 % | | 22.5 % | | 20.0% - | 25.0 % | | 22.5 % | | 22.1 % | | 21.6 % | | 21.7 % | | | Current Tax Expense ($MM) | 340 - | 440 | | 390 | | 1,350 - | 1,750 | | 1,550 | | 1,348 | | 1,415 | | 2,208 | |