EOG beats forecasts

[dan_s]

HOUSTON, May 5, 2014 /PRNewswire/ --
•Reports 42 Percent Increase in Total Company and 45 Percent Growth in U.S. Crude Oil and Condensate Production Year-Over-Year
•Raises 2014 Full-Year Crude Oil Production Goal to 29 Percent from 27 Percent
•Adds High Rate-of-Return Horizontal Drilling Inventory in Four U.S. Crude Oil and Combo Plays with Total Estimated Potential Reserves of 400 MMboe, Net
•Repeats Outstanding Operating Results from the Eagle Ford, Bakken and Leonard

I will update my forecast model tonight. - Dan

[dan_s]

Adjusted non-GAAP net income for the first quarter 2014 was $767.7 million, or $1.40 per share, and adjusted non-GAAP net income for the same prior year period was $489.9 million, or $0.90 per share.

My forecast was $1.21 EPS.

[dan_s]

EOG has moved four horizontal plays in the DJ Basin and Powder River Basin from the evaluation phase into its high rate-of-return drilling portfolio alongside its successful South Texas Eagle Ford, North Dakota Bakken and Delaware Basin Leonard assets.

This is very encouraging for those who own SM Energy. SM is also bullish on the Powder River Basin where they are getting strong results on horizontal wells.

[dan_s]

EOG Resources (EOG): An updated Net Income & Cash Flow Forecast model has been posted under the Sweet 16 Tab.

I will be stunned if we don't see a lot of analysts upgrade this one. It was a VERY STRONG quarter.

All of you should listen to the EOG conference call. They are a leader in several basins, so their thoughts help me evaluate a lot of the other companies.