EOG Resources Q1 Revenue Surges Amid Record Crude Production

Written by StockNews.com

EOG Resources Inc. (NYSE:EOG) late Monday posted solid first quarter earnings results, as revenues surged from last year amid record oil production volumes.

The Houston-based oil and natural gas producer reported Q1:

  • earnings per share (EPS) of $0.15, which was in-line with the Wall Street consensus estimate of $0.15 [while]
  • revenues rose 92.8% from last year to $2.61 billion, easily topping analysts’ view for $2.19 billion and
  • crude oil volumes set a record in Q1 with 315,700 barrels of oil per day, up 18% year-over-year.

Said William R. “Bill” Thomas, Chairman and Chief Executive Officer, via press release:

“EOG continues to lead the industry in well productivity, with record-setting well performance driving company record crude oil volumes.

During the first quarter 2017, we increased our premium inventory by 1,200 net well locations and 1.4 BnBoe of premium net resource potential, which is approximately 2.5 times the number of wells we expect to complete during all of 2017.

EOG remains committed to creating significant shareholder value through low-cost, high-return growth and organic resource expansion.”

...Year-to-date, EOG has declined -9.01%, versus a 7.68% rise in the benchmark S&P 500 index during the same period.

EOG currently has a StockNews.com POWR Rating of C (Neutral), and is ranked #26 of 103 stocks in the Energy – Oil & Gas category.

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