EOG Resources (EOG) Misses Q2 EPS by 3c

EOG Resources (NYSE: EOG) reported Q2 EPS of $0.08, $0.03 worse than the analyst estimate of $0.11. Revenue for the quarter came in at $2.61 billion versus the consensus estimate of $2.57 billion.

Operational Highlights

EOG grew second quarter total crude oil volumes 25 percent to 334,700 barrels of oil per day (Bopd), setting a company oil production record. Natural gas liquids (NGLs) and natural gas production also exceeded targets, contributing to 10 percent total company production growth compared to the second quarter 2016. The company also delivered per-unit costs for lease and well, transportation and depreciation, depletion and amortization below targets.

"EOG's premium drilling strategy continues to drive outperformance every quarter, delivering strong production growth with industry-leading capital efficiency," said William R. "Bill" Thomas, Chairman and Chief Executive Officer. "Our permanent shift to premium drilling, driven by an organic exploration focus and best-in-class technology, is a sustainable competitive advantage."

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