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Core Insights - EOG Resources reported quarterly earnings of $3.16 per share, exceeding the Zacks Consensus Estimate of $2.98 per share, and up from $2.49 per share a year ago, representing an earnings surprise of 6.04% [1] - The company posted revenues of $6.03 billion for the quarter ended June 2024, slightly missing the Zacks Consensus Estimate by 0.66%, but up from $5.57 billion year-over-year [2] - EOG Resources has surpassed consensus EPS estimates three times over the last four quarters, while also topping consensus revenue estimates three times in the same period [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $3.27, with expected revenues of $6.27 billion, and for the current fiscal year, the estimates are $12.14 EPS on $24.72 billion in revenues [7] - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] Industry Context - The Oil and Gas - Exploration and Production - United States industry is currently ranked in the bottom 27% of over 250 Zacks industries, indicating potential challenges for stocks in this sector [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked using tools like the Zacks Rank [5][6]

Financial Performance - EOG's operating revenues for Q2 2024 increased by $452 million, or 8%, to $6,025 million compared to $5,573 million in Q2 2023[86] - Total wellhead revenues rose by $515 million, or 13%, to $4,510 million in Q2 2024, driven by higher production and prices[86] - Operating revenues for the first six months of 2024 increased by $531 million, or 5%, to $12,148 million compared to $11,617 million in the same period of 2023[104] - Wellhead crude oil and condensate revenues for the first six months of 2024 increased by $738 million, or 11%, to $7,172 million, attributed to a higher average price and increased production[108] - Wellhead natural gas revenues for the first six months of 2024 decreased by $166 million, or 20%, to $685 million, primarily due to a lower average price despite increased deliveries[110] - EOG recognized net gains on financial commodity derivatives of $190 million in the first six months of 2024, down from $477 million in the same period of 2023[111] Production and Deliveries - EOG's crude oil and condensate production increased by 14.1 MBbld, or 3%, to 490.7 MBbld in Q2 2024 from 476.6 MBbld in Q2 2023[88] - EOG's natural gas deliveries increased by 204 MMcfd, or 12%, to 1,872 MMcfd in Q2 2024 compared to 1,668 MMcfd in Q2 2023[92] Revenue Sources - The average crude oil price for EOG in the U.S. increased by 10% to $82.71 per barrel in Q2 2024, up from $74.98 per barrel in Q2 2023[90] - NGL revenues increased by $106 million, or 26%, to $515 million in Q2 2024, attributed to a 13% rise in deliveries[91] Expenses - Operating expenses for Q2 2024 were $3,895 million, an increase of $292 million from $3,603 million in Q2 2023[95] - DD&A expenses for Q2 2024 increased by $118 million to $984 million from $866 million in Q2 2023, primarily due to increased production in the U.S. and higher unit rates[100] - G&A expenses for Q2 2024 rose to $151 million, an increase of $9 million from $142 million in Q2 2023, mainly driven by higher employee-related costs[100] Shareholder Returns - EOG repurchased 5.5 million shares for approximately $690 million in Q2 2024, with $2.6 billion remaining under the share repurchase authorization[83] - EOG announced a commitment to return a minimum of 70% of annual net cash from operating activities to stockholders starting in fiscal year 2024[81] - The Board declared a quarterly cash dividend of $0.91 per share for Q2 2024, with payments scheduled for April 30, July 31, and October 31, 2024[82] - Cash dividend payments for the first six months of 2024 amounted to $1,045 million, compared to $1,547 million in the same period of 2023[122] Cash Flow and Investments - Cash balance increased by $153 million to $5,431 million as of June 30, 2024, from $5,278 million at the end of 2023[120] - Net cash provided by operating activities for the first six months of 2024 was $5,792 million, an increase of $260 million compared to the same period in 2023, driven by a $701 million increase in wellhead revenues[121] - Net cash used in investing activities decreased by $179 million to $3,130 million for the first six months of 2024, primarily due to a decrease in cash used in working capital associated with investing activities[122] - Exploration and development expenditures for the first six months of 2024 totaled $3,010 million, which is $164 million higher than the same period in 2023, mainly due to increased facilities expenditures and drilling in Trinidad[125] - Total expenditures for the full-year 2024 are estimated to range from approximately $6.0 billion to $6.4 billion, including exploration and development drilling and other capital expenditures[124] Risk Factors - EOG is facing risks related to government policies and regulations, including climate change-related initiatives and tax laws, which may impact operations and costs[136] - The company is addressing climate change concerns and potential shifts in consumer behavior, which could affect demand for oil and gas products[136] - EOG's ability to integrate acquired oil and gas properties and accurately estimate reserves and costs is critical for operational success[136] - The company is subject to competition for licenses and properties in the oil and gas exploration and production industry, which may affect growth opportunities[136] - EOG's access to credit and capital markets is essential for financing its capital expenditure requirements and operational needs[136] - The accuracy of reserve estimates is influenced by professional judgment, which may lead to imprecision in financial projections[136] - Weather conditions can impact crude oil and natural gas demand, as well as cause delays in drilling and production operations[136] - EOG's customers' ability to meet their obligations is crucial for maintaining financial stability and operational continuity[136] - The company is exposed to geopolitical factors and political conditions that could disrupt operations in various regions[136] - EOG's forward-looking statements are subject to uncertainties and should not be relied upon without consideration of potential risks and changes[137] Future Commitments - EOG entered into a 10-year agreement in February 2024 to sell 180,000 MMBtud of natural gas production starting in 2027, with a portion indexed to Brent crude oil prices[132] - The company expects to adjust its exploration and development expenditure budget based on energy market conditions and other economic factors, indicating significant flexibility in financing alternatives[126] - EOG's updated budget for exploration and development expenditures reflects a commitment to ongoing operational investments despite market fluctuations[124]

HOUSTON, Aug. 1, 2024 /PRNewswire/ -- EOG Resources, Inc. (EOG) today reported second quarter 2024 results. The attached supplemental financial tables and schedules for the reconciliation of non-GAAP measures to GAAP measures and related definitions, along with a related presentation, are also available on EOG's website at http://investors.eogresources.com/investors. Key Financial Results In millions of USD, except per-share, per-Boe and ratio data | --- | --- | --- | --- | --- | --- | --- | --- | |-------- ...

EOG Resources, Inc. (EOG) is set to report second-quarter 2024 results on Aug 1, after market close. In the last reported quarter, its adjusted earnings of $2.82 per share beat the Zacks Consensus Estimate of $2.70, primarily driven by higher total production volumes. Earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters and missed the same in one, delivering an average surprise of 7.01%. This is depicted in the graph below: Estimate Trend The Zacks Consensus Estimate for se ...

Goldman Sachs projects that Permian oil production will grow from an exceptional 520,000 barrels per day (bpd) in 2023 to a strong 270,000 bpd by 2026. While geological constraints might curtail growth slightly, the region's output will remain substantial, contributing significantly to the stability of global oil prices. The EIA added that U.S. crude oil production, led by the Permian, is expected to rise to an average of 13.2 million bpd in 2024 and 13.7 million bpd in 2025. This means nearly half of the n ...

| 2 EOG Resources, Inc. (NYSE:EOG) ticks most of the boxes-roek, loejstics, I.OE, and technology when it comes on to of liquids-wejelded shale produces. Ifr been on our buy lis an opportunity. Much of EOG's acreage in the Delaware is in the choicest parts of the Northern part of the basin that yield lower GORs. A report put out recently by RBN Energy confirms this, with a graph showing rig counts in New Mexico actually increasing incrementally, while other parts of the Permian Basin took a hit. EOG Delaware ...

These energy stocks have grown their dividends briskly over the years. One of the company's top priorities for its free cash flow is to pay a sustainable and growing regular dividend, and it has delivered dividend stability and growth for 26 years. While the company hasn't increased its payout every year, it has boosted the payment by an eye-popping 2,900% since it started paying them in 1998, including by 10% over the past year. The company's high-octane payout has helped fuel an average annual total retur ...

Company Overview - EOG Resources, Inc. is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States and Trinidad [3] Upcoming Events - EOG Resources will host a conference call and webcast to discuss second quarter 2024 results on August 2, 2024, at 9 a.m. Central time (10 a.m. Eastern time) [4]

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both. Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor. Zacks Premium also includes the Zacks Style Scores. What are the Zacks Style Scores? The Zacks Styl ...