EOG Resources (NYSE: EOG) reported Q4 EPS of ($0.27), $0.04 better than the analyst estimate of ($0.31). Revenue for the quarter came in at $1.8 billion versus the consensus estimate of $2.18 billion.

2016 Capital Plan

EOG's 2016 plan is designed to maximize returns, maintain the strong balance sheet and continue to achieve record-setting cost reduction and productivity gains.

Capital expenditures for 2016 are expected to range from $2.4 to $2.6 billion, including production facilities and gathering, processing and other expenditures, and excluding acquisitions. EOG expects to complete approximately 270 net wells in 2016, compared to 470 net wells in 2015, with total company crude oil production expected to decline only 5 percent versus 2015. This 45 to 50 percent year-over-year reduction to capital expenditures reflects the current commodity price environment and further demonstrates EOG's commitment to maintaining a strong balance sheet with disciplined capital spending.

The company is shifting its focus to premium drilling and completions in 2016. Driven by continued efficiencies, technical advancements and geoscience breakthroughs, the company has identified over 3,200 premium drilling locations capable of delivering solid rates of return at low commodity prices. Premium drilling is a step change to EOG's long-term strategy that will enable it to expand its leadership in investment returns and well performance. The company is now positioned to return to high investment rates of return as oil prices experience even a modest recovery.

"EOG has now identified more than 2 billion barrels of oil equivalent (BnBoe) of estimated net resource potential and a decade of premium drilling inventory that can earn superior returns in a low commodity price environment," Thomas said. "Breakthroughs of this magnitude are unique and will enable EOG to extend its lead as the low-cost U.S. horizontal oil producer. We are confident our organic growth machine will continue to increase both the size and quality of our premium drilling inventory and allow EOG to enjoy a strong competitive advantage in the world oil market."

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