EOG Resources Q2 Results beat forecast
Posted: Fri Aug 03, 2018 8:39 am
EOG Resources Announces Excellent Second Quarter 2018 Results; Adds Two New Premium Shale Plays and Significant Resource Potential in the Powder River Basin;
Raises CommonStock Dividend 19 Percent
Beats Oil, Natural Gas and NGL Production Targets
Maintains Full-Year Exploration and Development Expenditure Target
Announces Powder River Basin Mowry and Niobrara Shale Plays and Expands Turner Sand Inventory, Adding 1,560 Net Premium Drilling Locations and 1.9 BnBoe Net Resource Potential
Increases Common Stock Dividend a Second Time in 2018; Year-to-Date Increase 31Percent
Adjusted non-GAAP net income for the second quarter 2018 was $794.9 million, or $1.37 per share, which compares to my forecast of $1.32.
Operational Highlights Compare to my forecast oil production of 382,500 BOPD
EOG grew total crude oil production 15 percent year-over-year to 384,600 barrels of oil per
day (Bopd), setting a company record. Total company production increased 16 percent in the second
quarter 2018 compared to the same prior year period. Growth in the Delaware Basin, Eagle Ford
and Powder River Basin drove EOG’s strong performance. The company maintained its target for
18 percent crude oil growth for full year 2018.
Total per-unit operating expenses declined during the second quarter 2018 compared to the
same prior year period. A 16 percent reduction in depreciation, depletion and amortization rates and
an 18 percent decrease in transportation rates were the largest contributors to the overall per-unit
cost reduction.
EOG maintained its forecast for 2018 exploration and development expenditures of $5.4 to
$5.8 billion, excluding acquisitions and non-cash transactions. The company also maintained its
target to reduce average well costs by five percent in 2018.
“EOG delivered a strong quarter, meeting or exceeding expectations for production volumes,
price realizations and operating expenses,” said William R. “Bill” Thomas, Chairman and Chief
Executive Officer. “The EOG machine is firing on all cylinders. We grew crude oil production in
five operating areas while reducing costs. Our disciplined investments across a diverse array of
premium plays are generating record rates of return.”
For more details: http://investors.eogresources.com/Cache ... id=4075407
Raises CommonStock Dividend 19 Percent
Beats Oil, Natural Gas and NGL Production Targets
Maintains Full-Year Exploration and Development Expenditure Target
Announces Powder River Basin Mowry and Niobrara Shale Plays and Expands Turner Sand Inventory, Adding 1,560 Net Premium Drilling Locations and 1.9 BnBoe Net Resource Potential
Increases Common Stock Dividend a Second Time in 2018; Year-to-Date Increase 31Percent
Adjusted non-GAAP net income for the second quarter 2018 was $794.9 million, or $1.37 per share, which compares to my forecast of $1.32.
Operational Highlights Compare to my forecast oil production of 382,500 BOPD
EOG grew total crude oil production 15 percent year-over-year to 384,600 barrels of oil per
day (Bopd), setting a company record. Total company production increased 16 percent in the second
quarter 2018 compared to the same prior year period. Growth in the Delaware Basin, Eagle Ford
and Powder River Basin drove EOG’s strong performance. The company maintained its target for
18 percent crude oil growth for full year 2018.
Total per-unit operating expenses declined during the second quarter 2018 compared to the
same prior year period. A 16 percent reduction in depreciation, depletion and amortization rates and
an 18 percent decrease in transportation rates were the largest contributors to the overall per-unit
cost reduction.
EOG maintained its forecast for 2018 exploration and development expenditures of $5.4 to
$5.8 billion, excluding acquisitions and non-cash transactions. The company also maintained its
target to reduce average well costs by five percent in 2018.
“EOG delivered a strong quarter, meeting or exceeding expectations for production volumes,
price realizations and operating expenses,” said William R. “Bill” Thomas, Chairman and Chief
Executive Officer. “The EOG machine is firing on all cylinders. We grew crude oil production in
five operating areas while reducing costs. Our disciplined investments across a diverse array of
premium plays are generating record rates of return.”
For more details: http://investors.eogresources.com/Cache ... id=4075407