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Does EOG Resources (NYSE:EOG) Have A Healthy Balance Sheet?

Does EOG Resources (NYSE:EOG) Have A Healthy Balance Sheet?

EOG Resources(紐約證券交易所代碼:EOG)的資產負債表是否良好?
Simply Wall St ·  05/22 19:15

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. Importantly, EOG Resources, Inc. (NYSE:EOG) does carry debt. But should shareholders be worried about its use of debt?

有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。重要的是,EOG資源公司(紐約證券交易所代碼:EOG)確實有債務。但是,股東是否應該擔心其債務的使用?

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. If things get really bad, the lenders can take control of the business. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.

當企業無法通過自由現金流或以有吸引力的價格籌集資金來輕鬆履行這些義務時,債務和其他負債就會變得有風險。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然令人痛苦)的情況是它必須以低價籌集新的股權資本,從而永久稀釋股東。話雖如此,最常見的情況是公司合理地管理債務,這也是爲了自己的利益。當我們研究債務水平時,我們首先將現金和債務水平放在一起考慮。

How Much Debt Does EOG Resources Carry?

EOG Resources 揹負了多少債務?

As you can see below, EOG Resources had US$3.79b of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. But on the other hand it also has US$5.29b in cash, leading to a US$1.50b net cash position.

如下所示,截至2024年3月,EOG Resources的債務爲37.9億美元,與前一年大致相同。您可以單擊圖表以獲取更多詳細信息。但另一方面,它也有52.9億美元的現金,淨現金狀況爲15.0億美元。

debt-equity-history-analysis
NYSE:EOG Debt to Equity History May 22nd 2024
紐約證券交易所:EOG 債務與股本比率的歷史記錄 2024 年 5 月 22 日

How Healthy Is EOG Resources' Balance Sheet?

EOG資源的資產負債表有多健康?

According to the last reported balance sheet, EOG Resources had liabilities of US$4.27b due within 12 months, and liabilities of US$11.9b due beyond 12 months. Offsetting these obligations, it had cash of US$5.29b as well as receivables valued at US$2.69b due within 12 months. So it has liabilities totalling US$8.18b more than its cash and near-term receivables, combined.

根據上次報告的資產負債表,EOG Resources的負債爲42.7億美元,12個月以後到期的負債爲119億美元。除這些債務外,它有52.9億美元的現金以及價值26.9億美元的應收賬款將在12個月內到期。因此,它的負債總額比其現金和短期應收賬款的總和多出81.8億美元。

Given EOG Resources has a humongous market capitalization of US$74.6b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. While it does have liabilities worth noting, EOG Resources also has more cash than debt, so we're pretty confident it can manage its debt safely.

鑑於EOG Resources的巨額市值爲746億美元,很難相信這些負債會構成很大的威脅。但是,我們確實認爲值得關注其資產負債表的實力,因爲它可能會隨着時間的推移而發生變化。儘管它確實有值得注意的負債,但EOG Resources的現金也多於債務,因此我們非常有信心它可以安全地管理債務。

It is just as well that EOG Resources's load is not too heavy, because its EBIT was down 22% over the last year. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if EOG Resources can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

同樣,EOG Resources的負荷並不太重,因爲其息稅前利潤比去年下降了22%。當一家公司看到盈利下降時,它有時會發現與貸款機構的關係惡化。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但最終,該業務的未來盈利能力將決定EOG Resources能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While EOG Resources has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. During the last three years, EOG Resources produced sturdy free cash flow equating to 61% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.

但是我們最終的考慮因素也很重要,因爲公司無法用紙面利潤來償還債務;它需要冷硬現金。儘管EOG Resources的資產負債表上有淨現金,但仍值得一看其將利息和稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。在過去三年中,EOG Resources產生了穩健的自由現金流,相當於其息稅前利潤的61%,與我們的預期差不多。這種冷硬現金意味着它可以在需要的時候減少債務。

Summing Up

總結

Although EOG Resources's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of US$1.50b. So we don't have any problem with EOG Resources's use of debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 2 warning signs for EOG Resources (1 can't be ignored!) that you should be aware of before investing here.

儘管由於負債總額,EOG Resources的資產負債表並不是特別強勁,但其淨現金爲15.0億美元顯然是樂觀的。因此,我們對EOG Resources使用債務沒有任何問題。在分析債務水平時,資產負債表是顯而易見的起點。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。例如,我們發現了 EOG 資源的 2 個警告標誌(1 個不容忽視!)在這裏投資之前,您應該注意這一點。

When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.

當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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