EOG Resources (EOG) To Report Q3 Earnings: What's In Store?
Zacks Investment Research | Nov 03, 2019 08:07PM ET
EOG Resources, Inc. (NYSE:EOG) is set to report third-quarter 2019 results on Nov 6, after the closing bell.
Let’s see how things are shaping up prior to the announcement.
Which Way are Estimates Headed?
Let’s take a look at the estimate revision trend to get a clear picture of what analysts feel about the upstream energy major prior to the earnings release.
The Zacks Consensus Estimate for third-quarter earnings of $1.14 per share has seen two upward and seven downward revisions in the past 30 days. The figure suggests a year-over-year decline of almost 35%.
Factors to Consider
The Zacks Consensus Estimate for the company’s third-quarter crude oil equivalent volumes is pegged at 819 thousand barrels of oil equivalent per day (MBoE/D), suggesting a rise from the year-ago quarter’s volumes of 748.8 MBoE/D on expectations of higher production from resources in the United States. However, the Zacks Consensus Estimate for the explorer’s average crude oil and condensate prices is pegged at $58 per barrel, lower than $69.55 per barrel in the year-ago quarter.
Being an exploration and production company and oil contributing majorly to its total production, higher crude equivalent volumes is likely to have backed EOG Resources’ bottom line in the third quarter. Meanwhile, lower realized oil prices are expected to have partly hurt the same.
Earnings Whispers
Our proven model does not indicate an earnings beat for EOG Resources. The combination of a positive Original post
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