EOG Resources Q3 Earnings Beat on Oil Equivalent Production Hike
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EOG Resources, Inc. EOG reported third-quarter 2024 adjusted earnings per share of $2.89, which beat the Zacks Consensus Estimate of $2.73. However, earnings decreased from the year-ago quarter’s $3.44.Total quarterly revenues of $5.96 billion missed the Zacks Consensus Estimate of $6.03 billion. The top line declined from $6.21 billion in the prior-year quarter.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 liquids (NGL) prices.EOG Resources, Inc. Price, Consensus and EPS Surprise EOG Resources, Inc. price-consensus-eps-surprise-chart | EOG Resources, Inc. QuoteDividend Hike by EOGThe board of directors has authorized EOG to increase its dividend to 97.5 cents per share, payable Jan. 31, 2025, to stockholders of record as of Jan. 17, 2025. The new dividend represents an increment of 7% from the prior level.EOG’s Operational PerformanceIn the quarter under review, EOG Resources’ total volumes increased 7.7% year over year to 99 million barrels of oil equivalent (MMBoe) on higher contributions from its multi-basin portfolio. This exceeded the mid-point of the company’s third-quarter 2024 guidance of 98 MMBoe. The reported figure marginally beat our estimate of 98.5 MMBoe.Crude oil and condensate production totaled 493 thousand barrels per day (MBbls/d), up 2% from the year-ago quarter and surpassing our estimate of 491.9 MBbls/d.NGL volumes increased 10% year over year to 254.3 MBbls/d, beating our estimate of 247.8 MBbls/d.Natural gas volume rose to 1,970 million cubic feet per day (MMcf/d) from the year-earlier quarter’s 1,704 MMcf/d. However, the reported figure lagged our estimate of 1983.7 MMcf/d.The average price realization for the company’s crude oil and condensates decreased 8% year over year to $76.92 per barrel.Natural gas was sold at $2.05 per Mcf, a year-over-year decline of 23%. Quarterly NGL prices decreased to $22.42 per barrel from $23.56 in the previous year.Operating Costs of EOGIn the third quarter, lease and well expenses increased to $392 million from $369 million a year ago.The company reported gathering, processing and transportation costs of $445 million, higher than the year-ago quarter’s $406 million. The figure also beat our estimate of $430.3 million.Exploration costs were flat year over year at $43 million. As such, total operating expenses in the third quarter were $3.88 billion, higher than $3.66 billion a year ago.Liquidity Position & Capital Expenditure of EOGAs of Sept. 30, 2024, EOG Resources had cash and cash equivalents worth $6.1 billion and long-term debt of $3.7 billion. The current portion of the long-term debt totaled $34 million.In the reported quarter, the company generated $1.5 billion in free cash flow. Capital expenditure amounted to $1.5 billion.EOG’s GuidanceFor 2024, EOG expects a total production of 1,058-1,067.8 MBoe/d. It also anticipates a production of 1,084.5-1,113.2 MBoe/d for the fourth quarter.Currently, EOG carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Other exploration and production companies like ConocoPhillips COP, Antero Resources Corporation AR and Matador Resources Company MTDR have also reported third-quarter 2024 earnings. While ConocoPhillips and Matador Resources beat the Zacks Consensus Estimate for earnings, Antero Resources missed the mark.Free: 5 Stocks to Buy As Infrastructure Spending SoarsTrillions of dollars in Federal funds have been earmarked to repair and upgrade America’s infrastructure. In addition to roads and bridges, this flood of cash will pour into AI data centers, renewable energy sources and more.In, you’ll discover 5 surprising stocks positioned to profit the most from the spending spree that’s just getting started in this space.Download How to Profit from the Trillion-Dollar Infrastructure Boom absolutely free today.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 ConocoPhillips (COP): Free Stock Analysis Report EOG Resources, Inc. (EOG): Free Stock Analysis Report Matador Resources Company (MTDR): Free Stock Analysis Report Antero Resources Corporation (AR): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks
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