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EOG Resources +2% after beating Q4 estimates

Feb. 27, 2017 6:22 PM ETEOG Resources, Inc. (EOG) StockEOGBy: Carl Surran, SA News Editor8 Comments
  • EOG Resources (NYSE:EOG) +1.9% AH after posting a much smaller than expected Q4 loss and a 33% Y/Y jump in revenues, and guiding for 18% growth in FY 2017 total company crude oil volumes.
  • EOG sees 2017 capex of $3.7B-$4.1B vs. $2.7 billion in 2016, and expects to complete ~480 net wells compared to 445 net wells in 2016, with flat to lower completed well costs in 2017 as continued efficiencies and service contract expirations are expected to offset potential cost increases.
  • EOG says total net proved reserves rose 1.4% in 2016 to 2.14B boe (55% crude oil and condensate, 19% natural gas liquids, 26% natural gas) and it replaced 163% of 2016 production at a $5.22/boe finding and development cost (excluding price revisions).

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