real-time news and commentary for investors
Friday, Aug 3
2012, 11:36 AM
EOG Resources (EOG +10.3%) is one of the S&P 500's best performers this morning, after its...
EOG Resources (EOG +10.3%) is one of the S&P 500's best performers this morning, after its Q2 results easily beat estimates late yesterday. Net income rose 34% Y/Y on sharply higher oil output-benefit results, which can be attributed to the company's aggressive shift out of natural gas and into heavier liquids production. Crude oil and condensate volumes rose 52% while prices fell 4.6%. Natural-gas-liquids volume rose 42% as prices were down 35%. Natural-gas volumes sank 1.1% as prices tanked nearly 39%.