On Thursday, EOG Resources (EOG) entered the group of oil and gas companies with the highest earnings views. EOG shares and other shale oil equities suffered significant losses during open market trading. During the extended trading hours, EOG essentially traded flat.
EOG’s earnings results follow this week’s outperformance by Marathon Oil (NYSE:MRO), SM Energy (NYSE:SM), APA (NASDAQ:APA), Occidental Petroleum (NYSE:OXY), Pioneer Natural Resources (NYSE:PXD), Marathon Petroleum (NYSE:MPC), Devon Energy (NYSE:DVN), and Diamondback Energy (NASDAQ:FANG).
Although U.S. shale oil producers announced solid earnings, the industry’s stocks have declined this week as oil prices dipped below their current trading range. This follows record profits reported by the three largest energy companies, Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), and Shell (LON:SHEL).
EOG Resources Earnings
Estimates: According to Wall Street, EOG would have generated $5.5 billion in revenue in Q2 and earned $2.68 per share.
Results: Compared to Q2 2021, EOG Resources’s revenue increased by 80% to $7.4 billion. The company’s earnings were $2.74 per share, up 58% over the previous year.
CEO Ezra Yacob said in a statement that their performance this year “proves that they have emerged from the downturn better than ever.” He also said that the company is positioned to deliver significant value to shareholders with its low-cost structure and increased exposure to oil and natural gas prices with the recent reductions in their hedge position. Jacob continued by saying that he thought the “business was prepared for 2023.”
Yacob said, “we have offset a significant portion of inflation this year and are working on plans to identify further cost savings next year. Shares decreased 3.7% to 99.82 during trade on Thursday. The price of EOG stock has fallen below its 10- and 40-week moving averages, and it might be about to test its lows from July.”
In Q1, EOG had a 147 % increase in EPS to $4.0 and a 5% increase in revenue to $3.9 billion. The corporation exceeded earnings goals but fell short of total revenue expectations. One of the biggest oil and gas producers in the United States is EOG Resources, located in Houston.
Along with other nations worldwide, it also operates natural gas operations in Trinidad & Tobago. In the sector group Oil & Gas-U.S. Exploration and Production, EOG Resources is ranked 26th. The business has a 94 Composite Rating. It has a 98 EPS Rating and a 90 Relative Strength Rating.
Featured Image: Megapixl © Tomas1111
