EOG Resources Earnings: Natural Gas and Crude Oil are Paying Off
S&P 500 (NYSE:SPY) component EOG Resources, Inc. (NYSE:EOG) reported higher profit for the first quarter as revenue showed growth. EOG Resources, Inc. develops and produces natural gas and crude oil primarily in the United States, Canada, the Republic of Trinidad, Tobago and the United Kingdom.
EOG Resources Earnings Cheat Sheet for the First Quarter
Results: Net income for EOG Resources, Inc. rose to $134 million (52 cents/share) vs. $118 million (46 cents/share) in the same quarter a year earlier. A rise of 13.5% from the year earlier quarter.
Revenue: Rose 38.4% to $1.9 billion YoY.
Actual vs. Wall St. Expectations: EOG reported adjusted net income of of 46 cents/share. By that measure, the company fell short of mean estimate of 54 cents/share. Estimates ranged from 32 cents per share to 76 cents per share.
Quoting Management: “EOG’s strategic shift to a product mix more heavily weighted to crude oil and natural gas liquids is paying off,” said Mark G. Papa, Chairman and Chief Executive Officer. “During the first quarter, EOG benefited from producing greater liquids volumes and rising crude oil prices.”
Competitors to Watch: Apache Corporation (NYSE:APA), Chesapeake Energy Corp. (NYSE:CHK), Anadarko Petroleum Corp. (NYSE:APC), Lucas Energy, Inc. (AMEX:LEI), EnCana Corporation (NYSE:ECA), Forest Oil Corporation (NYSE:FST), Noble Energy, Inc. (NYSE:NBL), Newfield Exploration Co. (NYSE:NFX), PrimeEnergy Corporation (NASDAQ:PNRG), and GeoMet, Inc. (NASDAQ:GMET)
Stock Performance: Shares of EOG are up 0.8% from the previous closing price of $104.35.