EOG Resources Inc (NYSE: EOG) has reported the adjusted loss per share of $0.01 in the fourth quarter 2016, beating the analysts’ estimates for the adjusted loss per share of $0.15 by $0.14. The company had reported the adjusted revenue growth of 33.7 percent to $2.4 billion in the fourth quarter 2016, beating the analysts’ estimates for revenue of $2.14 billion. As a result, the stock rose over 2.4% in the after-market session on Feb 27th, 2017 (Source: Google finance)
Furthermore, EOG has achieved the record Capital Efficiency Gains in 2016. The company had replaced 163 Percent of 2016 Production at Low Finding Cost of $5.22/Boe (Excluding Price Revisions) and increased the Total Net Proved Reserves by 1.4 Percent in 2016.
EOG had increased the development activity and significant well productivity improvements drove substantial volume increases in the DelawareBasin, with additional growth from the Powder River and DJ Basins. These contributions were offset by volume declines in the Bakken and Eagle Ford, that resulted from lower activity levels. In addition, the natural gas liquids volumes grew 6 percent while natural gas volumes decreased 7 percent primarily due to natural decline and the sale of the company’s Barnett and Haynesville Shale dry gas assets.
In 2016, the total company crude oil and condensate volumes had declined less than one percent to 282,500 barrels of oil per day (Bopd) and the exploration and development expenditures (excluding acquisitions) had decreased 42 percent compared to 2015.
For the first quarter 2017, EOG expects the total daily sales volumes for crude oil & condensate to be between 302.3 and 314.5 MBbld. The natural gas liquids volumes are expected to be in the 72-78 MMcfd range for the first quarter, while natural gas volumes are expected between 988 and 1,064 Mboed.
Additionally, for the full year 2017, EOG expects to grow total crude oil volumes by 18%, assuming the investment and dividend payments to be within the cash flow at a $50 per barrel average oil price. The capital expenditures (CapEx) for 2017 are expected to be in the range from $3.7 to $4.1 billion. EOG also expects to complete about 480 net wells this year, up from 445 net wells in 2016.
EOG has appointed Robert P. Daniels to its Board of Directors, effective from March 1st, 2017.
EOG stock has risen 45.05% in the last one year (source: Google Finance). According to tipranks.com, 10 analysts has covered the stock while recommend a “Moderate Buy”. EOG has an average price target of $112.33, which is a further upside of 14.73%.