June 5, 2018 - 7:40 AM EDT
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Free Post Earnings Research Report: EOG's Revenues Surged 41%; Adjusted EPS Rocketed 693%

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LONDON, UK / ACCESSWIRE / June 5, 2018 / If you want access to our free earnings report on EOG Resources, Inc. (NYSE: EOG) ("EOG"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=EOG. The Company reported its first quarter fiscal 2018 operating and financial results on May 03, 2018. The oil and natural gas Company outperformed top- and bottom-line expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:


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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, EOG Resources most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:


Earnings Highlights and Summary

For the three months ended March 31, 2018, EOG recorded revenues of $3.68 billion, up 41% compared to $2.61 billion in Q1 2017. The Company's revenue numbers topped analysts' estimates of $3.46 billion.

EOG reported a net income of $638.6 million, or $1.10 per share, in Q1 2018, compared to $28.5 million, or $0.05 per share, in Q1 2017.

EOG's adjusted non-GAAP net income was $689.5 million, or $1.19 per share, in Q1 2018 compared to an adjusted non-GAAP net income of $89.4 million, or $0.15 per share, in Q1 2017. Higher commodity prices, increased production volumes, and overall per-unit cost reductions resulted in the adjusted non-GAAP net income growth. The Company's earnings smashed past Wall Street's estimates of $1.01 per share.

Operational Highlights

EOG's crude oil production increased 15% on a y-o-y basis in the reported quarter. EOG maintained its forecasts for 16% to 20% crude oil growth for the full fiscal year 2018. The Company realized an average price for US crude oil sales of $64.24 per barrel in Q1 2018. This was $1.35 per barrel above the average WTI NYMEX price during the same period.

In the Delaware Basin Wolfcamp, EOG completed several notable wells, including the State Magellan 7 22H-28H. This seven-well package, drilled on 500-foot spacing, was completed with an average treated lateral length of 4,700 feet per well; average 30-day initial production rates per well of 2,200 barrels of oil equivalent per day (Boed), or 1,455 barrels of oil per day (Bopd); 310 barrels per day (Bpd) of natural gas liquids (NGLs); and 2.6 million cubic feet per day (MMcfd) of natural gas.

EOG's South Texas Eagle Ford continued to generate strong results across the entire extent of its 520,000 net acre position in the crude oil window of the play. Notable wells in the reported quarter included the Presley Unit 12H-14H, a three-well package in Karnes County, Texas, with an average treated lateral length of 6,800 feet per well; average 30-day initial production rates per well of 3,360 Boed, or 2,670 Bopd; 350 Bpd of NGLs; and 2.0 MMcfd of natural gas. On the western side of the Eagle Ford in Atascosa County, Texas, EOG completed the Watermelon Unit 2H and 3H with an average treated lateral length of 12,400 feet per well; average 30-day initial production rates per well of 1,680 Boed, or 1,490 Bopd; 100 Bpd of NGLs; and 0.6 MMcfd of natural gas.

Development continued in the Austin Chalk, with the drilling program for Q1 2018 highlighted by the Elbrus 101H and 102H, with an average treated lateral length of 4,600 feet per well; average 30-day initial production rates per well of 4,305 Boed, or 2,980 Bopd; 670 Bpd of NGLs; and 3.9 MMcfd of natural gas.

EOG brought 12 wells on line in the Powder River Basin during Q1 2018, including 9 targeting the Turner formation. The Flatbow 16-36H–18-36H, a three-well package in the Powder River Turner, was completed with an average treated lateral length of 3,900 feet per well; average 30-day initial production rates per well of 1,325 Boed, or 775 Bopd; 190 Bpd of NGLs; and 2.2 MMcfd of natural gas.

In the North Dakota Bakken, EOG drilled 4 wells in Q1 2018, and deferred completions until later in 2018.

Capital Structure and Financial Strategy

At March 31, 2018, EOG's total debt outstanding was $6.4 billion for a debt-to-total capitalization ratio of 28%. Considering cash on the balance sheet at the end of the reported quarter, the Company's net debt was $5.6 billion for a net debt-to-total capitalization ratio of 25%.

EOG intends to repay bonds as they mature over the next four years, with a goal to reduce total debt outstanding by $3 billion. The Company has increased its dividend at a 19% compound annual rate from 1999 to 2017, without any reductions.

Stock Performance Snapshot

June 04, 2018 - At Monday's closing bell, EOG Resources' stock slightly advanced 0.27%, ending the trading session at $118.67.

Volume traded for the day: 3.75 million shares.

Stock performance in the last month – up 2.29%; previous three-month period – up 16.56%; past twelve-month period – up 32.33%; and year-to-date – up 9.97%

After yesterday's close, EOG Resources' market cap was at $68.38 billion.

Price to Earnings (P/E) ratio was at 69.28.

The stock has a dividend yield of 0.62%.

The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.


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Source: ACCESSWIRE Investor Awareness (June 5, 2018 - 7:40 AM EDT)

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