EOG Resources Inc. (NYSE:EOG) Q4 Profit And Revenues Beat The Street, With Sales Up 34%

EOG Resources Inc. (NYSE:EOG) late Monday [Feb 27, 2017 | 4:46pm] posted better than expected fourth quarter earnings results, as it successfully navigated through a difficult energy market environment.

Written by StockNews.com

The Houston-based oil and natural gas producer reported adjusted Q4 EPS of ($0.01), which was a full $0.14 better than the Wall Street consensus estimate of ($0.15).

Revenues surged 33.7% from last year to $2.4 billion, also topping analysts’ view for $2.14 billion.

Looking ahead, EOG expects total daily sales volumes for crude oil & condensate between 302.3 and 314.5 MBbld for Q1. Natural gas liquids volumes are seen in the 72-78 MMcfd range for the first quarter, while natural gas volumes are expected between 988 and 1,064 Mboed.

For the full year 2017, EOG expects to grow total crude oil volumes by 18%. That estimate assumes investment and dividend payments within cash flow at a $50 per barrel average oil price.

Capital expenditures (CapEx) for 2017 are seen ranging from $3.7 to $4.1 billion. EOG also expects to complete about 480 net wells this year, up from 445 net wells in 2016.

The company commented via press release:

“EOG achieved near company-record returns on new capital in 2016 in spite of the lowest crude oil prices in 13 years,” said William R. “Bill” Thomas, Chairman and Chief Executive Officer. “Through continued improvements in well productivity, cost reductions and expanded resource potential, EOG is positioned to excel as crude oil prices continue to recover. More than ever, EOG continues to lead the industry through its innovative technology and disciplined culture.”

...Year-to-date, EOG has declined -3.00%, versus a 6.08% rise in the benchmark S&P 500 index during the same period.

EOG currently has a StockNews.com POWR Rating of B (Buy), and is ranked #13 of 97 stocks in the Energy – Oil & Gas category.

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