EOG Resources (EOG) Lags Q4 Earnings, Tops Revenue Estimates
Zacks Investment Research | Feb 27, 2019 07:46AM ET
EOG Resources Inc. (NYSE:EOG) delivered fourth-quarter 2018 adjusted earnings of $1.24 per share, which missed the Zacks Consensus Estimate of $1.34. The company posted earnings of 69 cents in the year-ago quarter.
Total revenues in the quarter improved 36.9% year over year to $4,574.5 million. Moreover, the top line beat the Zacks Consensus Estimate of $4,492 million.
In 2018, earnings of $5.54 per share missed the Zacks Consensus Estimate of $5.68. The company posted earnings of $1.12 in 2017.
In 2018, total revenues of $17,275.4 million rose from $11,208.3 million in 2017. The figure lagged the Zacks Consensus Estimate of $17,280 million.
The quarterly results were supported by higher production as well as increased oil and gas price realizations. This was partially offset by higher total expenses.
Dividend
The board of directors declared a cash dividend of 22 cents per share. The new dividend is payable on Apr 30, 2019, to stockholders of record as of Apr 16, 2019.
Operational Performance
In the quarter under review, EOG Resources’ total volume rose 15.4% year over year to 70.3 million barrels of oil equivalent (MMBoe).
Crude oil and condensate production in the quarter totaled 435.6 thousand barrels per day (MBbl/d), up 18.2% from the year-ago quarter’s level. Natural gas liquids (NGL) volumes increased 22.1% year over year to 122.8MBbl/d. Natural gas volumes increased to 1,236 million cubic feet per day (MMcf/d) from the year-earlier quarter’s level of 1,160MMcf/d.
Average price realization for crude oil and condensates rose 4.4% year over year to $59.47 per barrel. Quarterly NGL prices declined 12.6% from $26.92 in the year-ago quarter to $23.54 per barrel. Natural gas was sold at $3.42 per thousand cubic feet (Mcf), up 48.1% year over year.
Operating Cost
Total operating cost increased to $3,451.4 million from $2,864.5 million in the year-ago quarter. Exploration expenses increased 47.6% during the quarter, while marketing costs surged 33.7%.
Q4 Price Performance
During the quarter, EOG Resources’ shares declined 32.6% compared with 38.9% decline of the Zacks Investment Research
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