EOG Resources (EOG) Tops Q3 EPS by 24c

EOG Resources (NYSE: EOG) reported Q3 EPS of $0.43, $0.24 better than the analyst estimate of $0.19.

• Identified 21 Tcf Net Resource Potential and 1,250 Net Premium Locations in New South Texas Natural Gas Play
• Added a Total of 1,400 Net Premium Locations to Drilling Inventory Which Now Totals 11,500 Locations
• Generated $1.2 Billion Net Cash Provided by Operating Activities and Significant Free Cash Flow
• Capital Expenditures 23% Below Target and Crude Oil Production 2% Above Target
• Per-Unit Cash Operating Costs Below Targets
• Introduced Three-Year Outlook with 70-80% Cash Flow Reinvestment
• Third quarter 2020 net loss of $42 million, or $0.07 per share, compared with third quarter 2019 net income of $615 million, or $1.06 per share.
• Adjusted non-GAAP net income for the third quarter 2020 was $252 million, or $0.43 per share, compared with adjusted non-GAAP net income of $654 million, or $1.13 per share, for the same prior year period.

"Our operational execution continues to be excellent," said William R. "Bill" Thomas, Chairman and Chief Executive Officer. "I'm grateful to all EOG employees during these unusual times. We continue to exceed expectations by optimizing production volumes and reducing costs while maintaining our strong safety and environmental performance.

"Notably, we are not playing defense in the current challenging environment. In fact, the opposite is true: we are aggressively moving EOG forward, advancing new plays, identifying innovative solutions to lower costs and improve well productivity, sharpening our technological edge and further demonstrating our commitment to sustainability. All of this is driven from the bottom up by a decentralized organization and a unique culture. This year more than ever, we are focused on investing in our people and enhancing our culture to sustain our competitive advantage and enable EOG to play an increasingly vital role in meeting the long-term global energy needs."

For earnings history and earnings-related data on EOG Resources (EOG) click here.

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