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EOG Resources (EOG) Expects Q1 Mark-to-Market Loss of $367M
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EOG Resources Inc. (EOG - Free Report) anticipates incurring a net loss of $367 million on mark to market of its financial commodity derivative contracts for first-quarter 2021.
The company undertakes financial swap, option, swaption, collar and basis swap contracts in order to improve the certainty of future revenue and profit growth. The shale oil and gas producer executes the financial commodity derivative contracts with the help of the mark-to-market accounting method.
EOG Resources mentioned that the net cash paid for the settlement of the financial commodity derivative contracts was $30 million in the quarter ended Mar 31. Notably, the cash settlement method involves the transfer of the associated cash position from the buyer to the seller on the settlement date.
In first-quarter 2021, NYMEX WTI crude oil averaged $57.80 per barrel, while NYMEX natural gas at Henry Hub averaged $2.69 per MMBtu.
Company profile & Price Performance
Headquartered in Houston, TX, EOG Resources is a leading upstream company, which is primarily involved in the exploration and production of oil and natural gas.
Shares of the company have outperformed the industry in the past month. The stock has gained 4.5% compared with the industry’s 2.4% growth.
Zacks Rank & Other Stocks to Consider
The company currently sports a Zack Rank #1 (Strong Buy).
Ecopetrol’s earnings for 2021 are expected to rise 27% year over year.
Whiting Petroleum’s earnings for 2021 are expected to increase 6.1% year over year.
Matador’s earnings for 2021 are expected to rise 16% year over year.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
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EOG Resources (EOG) Expects Q1 Mark-to-Market Loss of $367M
EOG Resources Inc. (EOG - Free Report) anticipates incurring a net loss of $367 million on mark to market of its financial commodity derivative contracts for first-quarter 2021.
The company undertakes financial swap, option, swaption, collar and basis swap contracts in order to improve the certainty of future revenue and profit growth. The shale oil and gas producer executes the financial commodity derivative contracts with the help of the mark-to-market accounting method.
EOG Resources mentioned that the net cash paid for the settlement of the financial commodity derivative contracts was $30 million in the quarter ended Mar 31. Notably, the cash settlement method involves the transfer of the associated cash position from the buyer to the seller on the settlement date.
In first-quarter 2021, NYMEX WTI crude oil averaged $57.80 per barrel, while NYMEX natural gas at Henry Hub averaged $2.69 per MMBtu.
Company profile & Price Performance
Headquartered in Houston, TX, EOG Resources is a leading upstream company, which is primarily involved in the exploration and production of oil and natural gas.
Shares of the company have outperformed the industry in the past month. The stock has gained 4.5% compared with the industry’s 2.4% growth.
Zacks Rank & Other Stocks to Consider
The company currently sports a Zack Rank #1 (Strong Buy).
Some other top-ranked players in the energy space are Ecopetrol S.A. (EC - Free Report) , Whiting Petroleum Corporation and Matador Resources Company (MTDR - Free Report) , each currently flaunting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Ecopetrol’s earnings for 2021 are expected to rise 27% year over year.
Whiting Petroleum’s earnings for 2021 are expected to increase 6.1% year over year.
Matador’s earnings for 2021 are expected to rise 16% year over year.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>