EOG Resources, Inc. (EOG) , a leading exploration and production company, is likely to see earnings growth of almost 2% this year. Factors Working in Favor of EOG The price of West Texas Intermediate crude is trading at more than the $70 per barrel mark, which is highly favorable for upstream operations. EOG Resources, currently carrying a Zacks Rank #3 (Hold), is well-placed to capitalize on the promising business scenario. It has significant undrilled premium locations, resulting in a brightened productio ...

In its weekly release, Baker Hughes Company (BKR) stated that the U.S. rig count was higher than the prior week's figure. The rotary rig count, issued by BKR, is usually published in major newspapers and trade publications. Baker Hughes' data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry. The number of active rigs and its comparison with the week-ago figure indicates the demand trajectory for the company's oilfi ...

GERMANY - 2024/04/03: In this photo illustration, an EOG Resources, Inc logo seen displayed on a ... [+] tablet. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images After a flat growth year-to-date, at the current price of around $118 per share, we believe EOG Resources (NYSE: EOG), an energy company engaging in the exploration, development, production, and marketing of crude oil and natural gas, looks fairly priced at this point. The comp ...

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both. The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens. It also includes access to the Zacks Style Scores. What ...

EOG Resources, Inc. (EOG) , a leading Houston, TX-based shale producer, is set to significantly expand its activities in the Utica shale play in Ohio, per a Reuters report. Speaking at the Barclays CEO Energy-Power Conference in New York, chief operating officer Jeff Leitzell announced that the company has doubled its activity in Utica over the past year, marking a significant growth in its presence in the region. EOG Resources now operates on 445,000 acres, with an average entry cost of approximately $600 ...

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. The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens. It also includes access to the Zacks Style Scores. What are the Zacks Style Scores? The Zacks S ...

EOG Resources, Inc. (EOG) , a leading exploration and production company, is likely to see earnings growth of 4.2% this year. Factors Working in Favor of EOG Stock The price of West Texas Intermediate crude is trading at more than the $70 per barrel mark, which is highly favorable for upstream operations. EOG Resources, currently carrying a Zacks Rank #3 (Hold), is well-placed to capitalize on the promising business scenario. It has significant undrilled premium locations, resulting in a brightened producti ...

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both. The research service features 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, all of which will help you become a smarter, more confident investor. Zacks Premium also includes the Zacks Style Score ...

EOG Resources (EOG) came out with quarterly earnings of $3.16 per share, beating the Zacks Consensus Estimate of $2.98 per share. This compares to earnings of $2.49 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 6.04%. A quarter ago, it was expected that this oil and gas company would post earnings of $2.70 per share when it actually produced earnings of $2.82, delivering a surprise of 4.44%. Over the last four quarters, the ...

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]