What explains EOG's inconsistent quarterly performance in 2024?

EOG Resources exhibits inconsistent quarterly performance in 2024, primarily due to the following factors:

1. **Oil and Gas Price Volatility**: The average price realization for EOG's crude oil and condensates decreased by 8% year-over-year to $76.92 per barrel, and natural gas prices declined by 23% to $2.05 per Mcf. This decrease in pricing negatively impacted revenue and net income.
2. **Expense Increases**: Higher expenses led to a decrease in profit margin from 33% in Q3 2023 to 28% in Q3 2024. This increase in expenses offset the positive effects of higher oil-equivalent production volumes.
3. **Market Conditions and Macroeconomic Factors**: The company's performance is also influenced by broader market conditions and macroeconomic factors, such as the stronger US dollar and high domestic production, which have affected commodity prices.

In summary, EOG's inconsistent quarterly performance in 2024 is primarily due to oil and gas price volatility, expense increases, and market conditions and macroeconomic factors.