Independent oil and natural gas company EOG Resources reported fourth quarter earnings after the market close Thursday that missed on the bottom line but beat in revenues. $EOG Crude oil production grew 18% to 455,700 bpd Total production grew 16% to 812,800 boepd
Independent oil and natural gas company EOG Resources reported fourth quarter earnings after the market close Thursday that missed on the bottom line but beat in revenues. $EOG crude oil production grew 18% to 455,700 bpd Total production grew 16% to 812,800 boepd.
$EOG operates and explores its onshore oil and natural gas reserves in the major oil producing Permian Basin in West Texas.
EOG Resources, Inc. (EOG) Reported Earnings After Close Thursday
$1.31 Missed $1.33 EPS But $4.70B Beat $4.40 billion forecast in revenue
EOG Resources, Inc. (EOG) on Thursday reported second quarter earnings of $1.31 EPS on revenue of $4.7 billion. Analysts saw EOG Resources earnings of $1.33 per share on revenue rising 3.8% to $4.4 billion.
EOG Resources, Inc. (EOG)
Market Reaction > $82.46 USD +1.39 (+1.71%)
- Crude oil production grew 18% to 455,700 barrels of oil per day.
- Total production climbed 16% to 812,800 barrels of oil equivalent per day.
- Operating costs declined 7% on a per-unit basis, helped by lower transportation and lease and well costs.
- Discretionary cash flow grew 1% to $2.1 billion
- In the Permian’s Delaware Basin and the Eagle Ford formation in south Texas, where the vast majority of EOG’s well are located, the number that are on line fell from Q1
- In the Delaware Basin, the number of net wells dipped to 65 from 68.
- In the Eagle Ford, net wells dropped to 78 from 89.
- Overall, its net wells on line were flat at 177 due to additions in the Austin Chalk, Powder River Basin and Anadarko Basin.
EOG kept its 2019 capital expenditures guidance at $6.1 billion-$6.5 billion.
“EOG is positioned to generate significant shareholder value even in lower oil price environments,” said CEO Bill Thomas. “Today, EOG can generate double-digit returns, double-digit organic growth, free cash flow and grow the dividend to a market competitive yield. And we are poised to further improve our financial performance going forward.”
Map of EOG Texas Wells
About EOG Resources
EOG Resources is among the leading oil and natural gas exploration and production players, with operations spreading across the United States, United Kingdom, China, Canada and Trinidad. The company has vast acres in the prospective domestic shale resources like Eagle Ford, Permian and Bakken. Like any other explorers and producers, the fate of EOG Resources is positively correlated to oil and gas prices and production volumes.
Source: Zacks, EOG Press Release
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