Earnings Reports

Google Ad

Independent oil and natural gas company EOG Resources reported better fourth quarter earnings after the market close Tuesday. $EOG raised their dividend, production and CAPEX outlook. Shares were lower after selling weighed on the energy producer complex. 

EOG Dividend

$EOG operates and explores its onshore oil and natural gas reserves in the major oil producing Permian Basin in West Texas.

Earnings

EPS of 69 cents on revenue of $3.34 billion beating the expected EPS of 52 cents per share from a loss a year ago. Revenue was expected at $3.03 billion.

EOG Resources Inc NYSE: $EOG

After Hours 100.75▼ 6.19 (-5.79%)

Highlights

  • Production rose 13.5% to 662,000 barrels of oil equivalent per day.
  • 20 Percent U.S. Crude Oil Production Growth
  • $EOG Board of Directors increased the quarterly dividend by 10.4% to 18.5 cents.
  • Delivers and Pays Dividend within Cash Flow
  • Lowers Per-Unit Transportation and DD&A Expenses Below Targets
  • Increases Proved Reserves 18 Percent and Replaces 201 Percent of 2017 Production at Low Finding Costs 

"EOG emerged from the industry downturn in 2017 with unprecedented levels of efficiency and productivity, driving oil production volumes to record levels with capital expenditures approximately one half the prior peak," Chairman and CEO Bill Thomas said in a statement.

Outlook

Capital expenditures for 2018 of $5.4 billion-$5.8 billion, up from $4.61 billion in 2017.

Targets 18 Percent Crude Oil Production Growth and 16 Percent Total Production Growth for 2018 with Significant Free Cash Flow at $60 Oil Expects to Earn Double-Digit ROCE in 2018

Map of EOG Texas Wells

Source: EOG Press Release

Live From The Pit

Log in to comment
Discuss this article in the forums (1 replies).