EOG Q4 Earnings Beat Estimates on Oil Equivalent Production Hike
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EOG Resources, Inc. EOG reported fourth-quarter 2024 adjusted earnings per share of $2.74, which beat the Zacks Consensus Estimate of $2.55. However, earnings decreased from the year-ago quarter’s $3.07.Total quarterly revenues of $5.59 billion missed the Zacks Consensus Estimate of $5.89 billion. The top line declined from $6.36 billion in the prior-year quarter.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Better-than-expected quarterly earnings were driven by higher oil-equivalent production volumes, offset partially by decreased realizations of crude oil and condensates, and natural gas prices.EOG Resources, Inc. Price, Consensus and EPS Surprise EOG Resources, Inc. price-consensus-eps-surprise-chart | EOG Resources, Inc. QuoteEOG’s Operational PerformanceIn the quarter under review, EOG Resources’ total volumes increased 6.8% year over year to 100.8 million barrels of oil equivalent (MMBoe) on higher contributions from its multi-basin portfolio. This was below the mid-point of the company’s fourth-quarter 2024 guidance of 101.1 MMBoe. Our estimate for the same was pinned at 100.9 MMBoe.Crude oil and condensate production totaled 494.6 thousand barrels per day (MBbls/d), up almost 2% from the year-ago quarter’s level. The figure beat our estimate of 493.2 MBbls/d.NGL volumes increased 7% year over year to 252.5 MBbls/d. The figure lagged our estimate of 262.9 MBbls/d.Natural gas volume rose to 2,092 million cubic feet per day (MMcf/d) from the year-earlier quarter’s 1,831 MMcf/d. The reported figure also beat our estimate of 2,046.7 MMcf/d.The average price realization for the company’s crude oil and condensates decreased 11% year over year to $71.66 per barrel.Natural gas was sold at $2.57 per Mcf, reflecting a year-over-year decline of 8.9%. Quarterly NGL prices increased to $23.85 per barrel from $22.29 in the previous year.Operating Cost of EOGIn the fourth quarter, lease and well expenses increased to $394 million from $378 million a year ago.The company reported gathering, processing and transportation costs of $441 million, higher than the year-ago quarter’s $423 million. The figure also beat our estimate of $406 million.Exploration costs increased from $41 million a year ago to $52 million. As such, total operating expenses were $3.99 billion, higher than $3.85 billion recorded a year ago.Liquidity Position & Capital Expenditure of EOGAs of Dec. 31, 2024, EOG Resources had cash and cash equivalents worth $7.1 billion and long-term debt of $4.8 billion. The current portion of the long-term debt totaled $532 million.In the reported quarter, the company generated $1.3 billion in free cash flow. Capital expenditure amounted to $1.4 billion.GuidanceFor 2025, EOG expects total production of 1,101.9-1,142.3 MBoe/d. It also anticipates a production of 1,056.3-1,096.7 MBoe/d for the first quarter.The full-year 2025 capital expenditure is expected between $6-6.4 billion, with $1,475-1,575 million allocated for the first quarter of 2025.EOG’s Zacks Rank and Other Key PicksCurrently, EOG carries a Zacks Rank #2 (Buy).Investors interested in the energy sector may look at some other top-ranked stocks like Antero Resources Corporation AR, NextDecade Corporation NEXT and Matador Resources Company MTDR. While Antero Resources and NextDecade presently sport a Zacks Rank #1 (Strong Buy) each, Matador Resources carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.Antero Resources, one of the fastest-growing natural gas producers in the United States, boasts a strategic acreage position in the low-risk properties of the Appalachian Basin. The company has more than two decades of premium low-cost drilling inventory in the prolific basin, securing a strong production outlook. AR is well-positioned to capitalize on the increasing demand for LNG, both in the United States and globally. NextDecade is an emerging player in the LNG space with its Rio Grande LNG project in Texas. As demand for LNG continues to grow, the company’s strategic investments in infrastructure and its planned liquefaction capacity provide strong upside potential. With the global LNG market expanding, NEXT is well-positioned to tap into the increasing export demand from the United States.Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays. It is also committed to developing and evaluating additional resources that will boost oil and natural gas production, proved reserves and cashflows.7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.3% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EOG Resources, Inc. (EOG): Free Stock Analysis Report Matador Resources Company (MTDR): Free Stock Analysis Report Antero Resources Corporation (AR): Free Stock Analysis Report NextDecade Corporation (NEXT): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks
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