New basins claim growing share of CapEx
By Richard Rostad, analyst, Oil & Gas 360

EOG Resources (ticker: EOG) announced fourth quarter results and reserves today, showing $893 million in net income, or $1.54 per share.

EOG produced 764.5 MBOEPD in Q4, 430.3 MBOPD of which was crude oil from the U.S. This exceeds the high end of the company’s guidance, as EOG expected to produce between 425 MBOPD and 430 MBOPD from the U.S. in the quarter. However, the U.S. outperformance was coupled with outspending, as EOG spent $1.3 billion in the quarter and $6.2 billion in the year. Previous guidance had suggested $5.8 to $6 billion in CapEx in 2018.

EOG now holds 2.93 billion BOE in reserves, up 16% from 2017. Excluding price revisions, E...


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