- EOG Resources (NYSE:EOG) +0.5% after-hours following mixed Q2 results that saw in-line earnings compared to analyst estimates while revenues rose 11% Y/Y to $4.7B.
- EOG says Q2 production jumped 16% Y/Y to 812.8K boe/day, which was ahead of the 804.7K boe/day analyst consensus, as crude oil volumes climbed 18% to 455.7K bbl/day, setting a quarterly record and exceeding the company's target range; Q2 natural gas liquids production rose 16% and natural gas volumes gained 10%.
- Q2 cash operating costs fell 7% Y/Y on a per-unit basis, helped by lower transportation, lease and well costs.
- EOG says its marketing operations added to Q2 results, as the average price of U.S. crude oil sales was $1.18/bbl higher than the average Nymex WTI price.
- Average prices for EOG's crude oil and condensate prices fell 10% Y/Y to $60.99/bbl from $67.93/bbl in the prior-year quarter, average natural gas liquids prices fell 44% to $15.63/bbl from $27.86/bbl, and natural gas prices slid 19% to $2.19/Mcf from $2.69/Mcf a year ago.