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EOG Resources (EOG) Q1 Earnings in Line, Revenues Beat
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Upstream energy company EOG Resources Inc. (EOG - Free Report) reported first-quarter 2017 adjusted earnings of 15 cents, in line with the Zacks Consensus Estimate. In the year-earlier quarter, the company reported a loss of 83 cents per share.
Total revenue in the quarter skyrocketed 93% year over year to $2,611 million. Moreover, the top line handily beat the Zacks Consensus Estimate of $2,279 million.
The strong first-quarter results were supported by increased liquid production as well as higher oil and gas price realizations.
Operational Performance
In the quarter, EOG Resources’ total volume inched up 2.8% year over year to 51.4 million barrels of oil equivalent (MMBoe).
Crude oil and condensate production in the quarter totaled 315.7 thousand barrels per day (MBbl/d), up 18% from the prior-year level. Natural gas liquids (NGL) volumes, however, dipped 1% year over year to 78.8 MBbl/d. Also, natural gas volumes decreased to 1,058 million cubic feet per day (MMcf/d) from the year-earlier level of 1,215 MMcf/d.
Average price realization for crude oil and condensates surged more than 63% year over year to $50.34 per barrel. Quarterly NGL prices also skyrocketed approximately 108% from $10.41 a year ago to $21.63 per barrel. Natural gas was sold at $2.42 per thousand cubic feet (Mcf), up 61.3% year over year.
First-Quarter Price Performance
During the January–March quarter, EOG Resources outperformed the Zacks categorized Oil & Gas-U.S Exploration & Production industry. In the period, the stock lost 3.5% compared with 11.1% decline for the broader industry.
Liquidity Position
At the end of the first quarter, EOG Resources had cash and cash equivalents of $1,546.6 million and long-term debt of $6,980 million. This represents a debt-to-capitalization ratio of 33.4%.
During the quarter, the company generated approximately $1,072.8 million in discretionary cash flow compared with $397.9 million in the year-ago quarter.
Guidance
For 2017, the company expects crude volume between 567.1 MBoe/d and 608.7 MBoe/d. For the second quarter, the company anticipates production in the range of 562.2−592.7 MBoe/d.
Zacks Rank & Stocks to Consider
Currently, EOG Resources carries a Zacks Rank #3 (Hold). This implies that the stock will perform in line with the broader U.S. equity market over the next one to three months.
Some better-ranked players in the energy sector include McDermott International Inc. , W&T Offshore Inc. (WTI - Free Report) and Bellatrix Exploration Ltd. . McDermott and Bellatrix Exploration sport a Zacks Rank #1 (Strong Buy), while W&T Offshore carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
McDermott beat the Zacks Consensus Estimate in each of the trailing four quarters with an average positive surprise of 387.50%.
W&T Offshore had an average positive earnings surprise of 69.21% in the last four quarters.
Bellatrix Exploration surpassed the Zacks Consensus Estimate in three of the last four quarters with an average positive earnings surprise of 58.54%.
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While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.
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EOG Resources (EOG) Q1 Earnings in Line, Revenues Beat
Upstream energy company EOG Resources Inc. (EOG - Free Report) reported first-quarter 2017 adjusted earnings of 15 cents, in line with the Zacks Consensus Estimate. In the year-earlier quarter, the company reported a loss of 83 cents per share.
Total revenue in the quarter skyrocketed 93% year over year to $2,611 million. Moreover, the top line handily beat the Zacks Consensus Estimate of $2,279 million.
The strong first-quarter results were supported by increased liquid production as well as higher oil and gas price realizations.
Operational Performance
In the quarter, EOG Resources’ total volume inched up 2.8% year over year to 51.4 million barrels of oil equivalent (MMBoe).
Crude oil and condensate production in the quarter totaled 315.7 thousand barrels per day (MBbl/d), up 18% from the prior-year level. Natural gas liquids (NGL) volumes, however, dipped 1% year over year to 78.8 MBbl/d. Also, natural gas volumes decreased to 1,058 million cubic feet per day (MMcf/d) from the year-earlier level of 1,215 MMcf/d.
Average price realization for crude oil and condensates surged more than 63% year over year to $50.34 per barrel. Quarterly NGL prices also skyrocketed approximately 108% from $10.41 a year ago to $21.63 per barrel. Natural gas was sold at $2.42 per thousand cubic feet (Mcf), up 61.3% year over year.
First-Quarter Price Performance
During the January–March quarter, EOG Resources outperformed the Zacks categorized Oil & Gas-U.S Exploration & Production industry. In the period, the stock lost 3.5% compared with 11.1% decline for the broader industry.
Liquidity Position
At the end of the first quarter, EOG Resources had cash and cash equivalents of $1,546.6 million and long-term debt of $6,980 million. This represents a debt-to-capitalization ratio of 33.4%.
During the quarter, the company generated approximately $1,072.8 million in discretionary cash flow compared with $397.9 million in the year-ago quarter.
Guidance
For 2017, the company expects crude volume between 567.1 MBoe/d and 608.7 MBoe/d. For the second quarter, the company anticipates production in the range of 562.2−592.7 MBoe/d.
Zacks Rank & Stocks to Consider
Currently, EOG Resources carries a Zacks Rank #3 (Hold). This implies that the stock will perform in line with the broader U.S. equity market over the next one to three months.
Some better-ranked players in the energy sector include McDermott International Inc. , W&T Offshore Inc. (WTI - Free Report) and Bellatrix Exploration Ltd. . McDermott and Bellatrix Exploration sport a Zacks Rank #1 (Strong Buy), while W&T Offshore carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
McDermott beat the Zacks Consensus Estimate in each of the trailing four quarters with an average positive surprise of 387.50%.
W&T Offshore had an average positive earnings surprise of 69.21% in the last four quarters.
Bellatrix Exploration surpassed the Zacks Consensus Estimate in three of the last four quarters with an average positive earnings surprise of 58.54%.
Zacks’ Best Private Investment Ideas
While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.
Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Click here for Zacks' private trades >>