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EOG Resources (EOG) Reports Q2 Earnings: What Key Metrics Have to Say
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For the quarter ended June 2023, EOG Resources (EOG - Free Report) reported revenue of $5.57 billion, down 24.8% over the same period last year. EPS came in at $2.49, compared to $2.74 in the year-ago quarter.
The reported revenue represents a surprise of +3.89% over the Zacks Consensus Estimate of $5.36 billion. With the consensus EPS estimate being $2.28, the EPS surprise was +9.21%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how EOG Resources performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Average Daily Production Volumes - NGLs: 215.7 MBBL/D versus 213.92 MBBL/D estimated by nine analysts on average.
Total Production per day (Crude Oil Equivalent Volumes): 970.3 MBOE/D versus 962.84 MBOE/D estimated by nine analysts on average.
Average Daily Production Volumes - Natural gas: 1668 MMcf/D compared to the 1644.67 MMcf/D average estimate based on nine analysts.
Average Daily Production Volumes - Crude Oil and Condensate: 476.6 MBBL/D compared to the 472.91 MBBL/D average estimate based on eight analysts.
Average Crude Oil and Condensate Prices per bbl - Composite: $74.97 compared to the $77.44 average estimate based on six analysts.
Average Natural Gas Prices per mcf - United States: $2.07 compared to the $2.37 average estimate based on six analysts.
Revenues- Natural gas: $334 million versus $400.10 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -66.6% change.
Revenues- Gathering, Processing and Marketing: $1.47 billion compared to the $1.68 billion average estimate based on four analysts. The reported number represents a change of -32.5% year over year.
Revenues- Natural Gas Liquids: $409 million compared to the $401.91 million average estimate based on four analysts. The reported number represents a change of -47.4% year over year.
Revenues- Crude Oil and Condensate: $3.25 billion compared to the $3.22 billion average estimate based on four analysts. The reported number represents a change of -30.8% year over year.
Revenues- Other, Net: $21 million versus $32.84 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -50% change.
Revenues- Gains on Mark-to-Market Commodity Derivative Contracts: $101 million versus the two-analyst average estimate of -$451.85 million. The reported number represents a year-over-year change of -107.3%.
Shares of EOG Resources have returned +13.8% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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EOG Resources (EOG) Reports Q2 Earnings: What Key Metrics Have to Say
For the quarter ended June 2023, EOG Resources (EOG - Free Report) reported revenue of $5.57 billion, down 24.8% over the same period last year. EPS came in at $2.49, compared to $2.74 in the year-ago quarter.
The reported revenue represents a surprise of +3.89% over the Zacks Consensus Estimate of $5.36 billion. With the consensus EPS estimate being $2.28, the EPS surprise was +9.21%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how EOG Resources performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Average Daily Production Volumes - NGLs: 215.7 MBBL/D versus 213.92 MBBL/D estimated by nine analysts on average.
- Total Production per day (Crude Oil Equivalent Volumes): 970.3 MBOE/D versus 962.84 MBOE/D estimated by nine analysts on average.
- Average Daily Production Volumes - Natural gas: 1668 MMcf/D compared to the 1644.67 MMcf/D average estimate based on nine analysts.
- Average Daily Production Volumes - Crude Oil and Condensate: 476.6 MBBL/D compared to the 472.91 MBBL/D average estimate based on eight analysts.
- Average Crude Oil and Condensate Prices per bbl - Composite: $74.97 compared to the $77.44 average estimate based on six analysts.
- Average Natural Gas Prices per mcf - United States: $2.07 compared to the $2.37 average estimate based on six analysts.
- Revenues- Natural gas: $334 million versus $400.10 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -66.6% change.
- Revenues- Gathering, Processing and Marketing: $1.47 billion compared to the $1.68 billion average estimate based on four analysts. The reported number represents a change of -32.5% year over year.
- Revenues- Natural Gas Liquids: $409 million compared to the $401.91 million average estimate based on four analysts. The reported number represents a change of -47.4% year over year.
- Revenues- Crude Oil and Condensate: $3.25 billion compared to the $3.22 billion average estimate based on four analysts. The reported number represents a change of -30.8% year over year.
- Revenues- Other, Net: $21 million versus $32.84 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -50% change.
- Revenues- Gains on Mark-to-Market Commodity Derivative Contracts: $101 million versus the two-analyst average estimate of -$451.85 million. The reported number represents a year-over-year change of -107.3%.
View all Key Company Metrics for EOG Resources here>>>Shares of EOG Resources have returned +13.8% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.