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EOG Resources, Inc. (EOG)

  • Mar. 31, 2014, 11:19 AM
    • EOG Resources (EOG -0.9%) surges to all-time highs before pulling back, as the biggest owner of drilling leases in the Eagle Ford shale says five new wells in the formation were pumping more than 13K boe/day of crude, yielding 91%-97% oil.
    • The wells individually produced from 2,314 bbl/day to 3,071 bbl/day; the quality of the crude discovered was on par with the light oil produced in Nigeria or off the Louisiana coast.
  • Mar. 24, 2014, 5:35 PM
    • Top gainers, as of 5:15 p.m.: SONC +7.1%. RLD +5.9%. UQM +4.4%. GFI +2.1%. EOG +1.7%.
    • Top losers, as of 5:15 p.m.: VNDA -3.6%. AI -3.4%. UVE -3.3%. SUNE -2.0%. NFLX -1.9%.
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  • Mar. 12, 2014, 2:36 PM
    • ZaZa Energy (ZAZA +6.2%) says it will move ahead with the third and final phase of its joint venture with EOG Resources (EOG -0.4%) developing the emerging Eaglebine tight oil play in east Texas.
    • EOG will receive a 75% working interest in the remaining Phase III acreage, and ZAZA will receive $4.7M of upfront cash and a carry of the partner's share of future joint venture costs of up to ~$9.2M.
    • EOG also commits to drill an additional two wells, with the first commencing no later than July 1.
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  • Mar. 5, 2014, 3:33 PM
    • EOG Resources' (EOG -0.6%) target price is raised to $214 from $190 at Deutsche Bank, as year-end 2013 disclosures from Buy-rated EOG suggest the drivers of oil growth are diversifying away from rather than concentrating further on the Eagle Ford.
    • Since contributing 90% of EOG oil growth in 2012, the firm's analysis suggests the diversification means growth in 2014 and beyond will be more balanced at 65% Eagle Ford and 35% for other plays, offering important implications for EOG's risk profile and multiple, and how the market perceives the stock's multi-year outlook.
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  • Feb. 26, 2014, 12:59 PM
    • While Chesapeake (CHK -7.1%) languishes after reporting its Q4 earnings, natural gas producer EOG Resources (EOG +1.8%) continues to rise after its Q4 results beat expectations.
    • Howard Weil raises its EOG price target to $210 from $191 following strong earnings coupled with encouraging conference call commentary on EOG's domestic onshore portfolio; EOG has exhibited tremendous success in discovering new horizontal oil resource plays and capturing sizable acreage positions, and has improved well performance and reduced costs in other key areas outside of the Eagle Ford (
    • RBC Capital lifts its target to $206 from $182 as EOG increased its Eagle Ford net potential recoverable reserves by 45%; the firm thinks FY 2014 production growth guidance probably was conservative (
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  • Feb. 26, 2014, 9:46 AM
    • Yesterday's U.S. government emergency order requiring tests of crude oil on trains prompts confusion as refiners and producers try to understand what the new requirements will mean to their operations and how broadly they will apply to shipments.
    • "What do you want us to test for?” says Alon USA Energy's (ALJ) director of supply, trading and business development. "I’m not really sure what this means or what they expect from us."
    • Tesoro’s (TSO) VP of development, supply and logistics says he isn’t sure what new procedures were being mandated since the company already tests crude shipments.
    • Continental (CLR), the biggest producer of Bakken crude, praises the government’s effort to improve crude-by-rail safety.
    • More Bakken names: EOG, WLL, HES, KOG, OAS, NOG, EOX, MRO.
  • Feb. 25, 2014, 4:42 PM
    • Companies moving crude oil by rail must test the volatility of fuel out of North Dakota's Bakken oilfields to ensure the proper classification of crude oil before it is transported, the Department of Transportation announces.
    • The move is meant to step up oversight after several recent fiery derailments of oil moved by rail out of the Bakken; some data contends that Bakken crude is more combustible than oil from other areas.
    • Bakken oil names include: CLR ,EOG, WLL, HES, KOG, OAS, NOG, EOX, MRO.
    • Rails: CSX, NSC, KSU, GWR, CP, UNP.
  • Feb. 25, 2014, 12:05 AM
  • Feb. 24, 2014, 6:20 PM
    • EOG Resources (EOG) +1.7% AH after reporting a Q4 profit compared with a year-ago loss when the energy company wrote down the value of some Canadian assets.
    • EOG's crude oil and condensate revenue - its biggest contributor to the top line - rose 48% Y/Y; natural gas liquids revenue rose 4.5%, while natural gas revenue fell 1.7%.
    • Q4 net operating revenue increased 24% to $3.75B while operating expenses fell 18% to $2.7B.
    • Sets 2014 crude oil production growth target at 27% and overall production growth target at 11.5%; 2014 capex planned at $8.1B-$8.3B, and does not plan to allocate capital to North American dry natural gas drilling in 2014.
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  • Feb. 24, 2014, 5:33 PM
    • EOG Resources (EOG): Q4 EPS of $2.00 beats by $0.06.
    • Revenue of $3.75B beats by $0.12B.
    • Press Release
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  • Feb. 24, 2014, 5:30 PM
  • Feb. 24, 2014, 10:22 AM
    • Following a string of explosive accidents on railcars carrying crude oil, a WSJ analysis finds that crude from North Dakota’s Bakken Shale formation contains several times more combustible gases than oil from elsewhere.
    • Nearly 1M bbl/day are being produced in North Dakota but with pipeline capacity unable to keep up with growth, railroads are the prime method of transporting the crude to refineries; the volatility of the crude, however, raises concerns that the cargo moving through the U.S. is more dangerous than previously believed.
    • Tanker cars full of oil pass through several major U.S. cities, and a repeat of what happened in last July's fatal derailment in Quebec in a densely populated area is a huge safety concern.
    • Among top Bakken producers: CLR, EOG, WLL, HES, KOG, OAS, XOM, MRO, STO.
  • Jan. 24, 2014, 2:45 PM
    • As the U.S. freezes and stocks plunge, benchmark U.S. natural gas futures topped $5/mmBtu for the first time since Aug. 2010 on expectations that continued cold weather would keep demand high for the heating fuel.
    • Natl gas has moved well into overbought territory during the last few days as consumers have pumped up their thermostats, and the spike may last a while longer given that the cold snap is set to continue all of next week.
    • Despite the run-up in prices for Jan. and Feb., longer-dated prices for the spring and summer remain below $4.50/mmBtu, providing little incentive for the likes of Chesapeake (CHK -0.1%), Devon (DVN -0.8%) and EOG (EOG -2%) to switch from oil to gas drilling.
    • The shift to backwardation is a big boost to United States Natural Gas Fund (UNG +8.2%) and even bigger to the leveraged VelocityShares 3X Long Natural Gas ETN (UGAZ +24.4%).
  • Jan. 15, 2014, 7:22 PM
    • Exploration and production companies tend to track crude oil prices, J.P. Morgan's Joseph Allman says, so look no further than the current state of the oil futures market for a reason to be bearish on the sector.
    • WTI oil futures, which decline every quarter in 2014 and beyond, suggest an off year for the E&P group, Allman writes, noting that the set-up could be similar to 2012, when WTI was down 7% for the year and the S&P was up 13%.
    • That doesn’t mean that some oil stocks can’t outperform: Allman likes EOG Resources (EOG) and Noble Energy (NBL) among large caps for their “resource expansion and improved operations.”
    • His least favorite stocks in the sector include Anadarko Petroleum (APC), Devon Energy (DVN) and Chesapeake (CHK).
  • Jan. 14, 2014, 6:56 PM
    • The weak Canadian dollar will provide extra cash flow to the country's energy sector but this is not being recognized by investors, particularly those outside Canada, Canaccord's Martin Roberge says in recommending Canadian Natural Resources (CNQ), MEG Energy (MEGEF) and Suncor (SU) as Canadian names benefiting most by heavy oil differentials.
    • "A weaker C$ should also help spreads to narrow but more importantly allow Canadian producers to enjoy huge currency translation gains," Roberge says.
    • The shale growth allure of U.S. E&Ps has blinded investors, but with the loonie breaking down below key resistance levels, the strategist sees a catalyst for going long the three Canadian names and shorting ConocoPhillips (COP), Anadarko (APC) and EOG.
  • Jan. 13, 2014, 5:49 PM
    • Barclays backs EOG Resources (EOG) and Continental Resources (CLR) among its top oil and gas recommendations.
    • EOG is targeting sustained double-digit peer-group leading crude oil growth in 2013-17 if WTI prices were to remain at or above $85/bbl., the firm says, seeing "very little risk to these stated goals, with the company continuing to focus on the Eagle Ford and the Bakken... Capital efficiency and corporate level returns should continue to improve over the next several years as infrastructure and exploration spending slows."
    • CLR's production has grown ~45% annually for the past three years, and will "likely continue to deliver top-tier, low-risk production growth rates for years to come. We are forecasting growth rates of ~20% annually beyond 2015 vs. a peer-group average of 5-10%... Shares trade at a modest 9% premium to the group on 2015 estimates, and over a 10% discount on 2018 estimates."
EOG vs. ETF Alternatives
Company Description
EOG Resources Inc explores for, develops, produces and markets crude oil and natural gas primarily in major producing basins in the USA, Trinidad, United Kingdom, China, Argentina and, from time to time, select other international areas.