Independent oil and natural gas company EOG Resources reported better than expected first quarter earnings after the market close Thursday. $EOG raised dividend, production and CAPEX outlook.
Independent oil and natural gas company EOG Resources reported better than expected first quarter earnings after the market close Thursday. $EOG raised their dividend, production and CAPEX outlook.
$EOG operates and explores its onshore oil and natural gas reserves in the major oil producing Permian Basin in West Texas.
EPS of $1.19 on revenue of $3.68 billion.beating estimates of $1.01 per share on revenue of 32% to $3.46 billion.
EOG Resources Inc NYSE: $EOG
Market Reaction > After hours 116.01 0.00 (0.00%)
- Achieves Record Returns on First Quarter Capital Investments
- U.S. Oil Production Near High End of Target Range
- U.S. Realized Crude Oil Price Exceeds WTI NYMEX Average Per-Unit
- Transportation and DD&A Expenses Below Targets
- Total production grew 15.6% to 659,900 barrels of oil equivalent per day.
- Crude oil production grew 15% to 363,300 barrels a day.
- EOG had 19 rigs in the Delaware Basin in Q1 vs.13 rigs at the end of 2017 and brought 12 wells online in the Powder River Basin in Montana and Wyoming during Q1.
- $EOG reiterated its 2018 oil production growth target of 16%-20% and its full-year exploration and development budget forecast of $5.4 billion-$5.8 billion.
- Total Q2 production is seen at 670,300-706,200 BOE per day and full-year output is seen at 685,800-728,500 BOE per day
- Management is also targeting an increase in its dividend growth rate vs. the 19% compound annual rate from 1999 to 2017.
“The shift to premium drilling and the recovery in oil prices have increased EOG’s after-tax rate of return on new investments to record levels, With an improving financial condition, EOG now aims to grow its dividend at a higher rate than its historical average.”
Map of EOG Texas Wells
Source: EOG Press Release
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