EOG Resources Non-GAAP EPS of $2.74 misses by $0.05, revenue of $7.41B beats by $1.83B

Aug. 04, 2022 4:26 PM ETEOG Resources, Inc. (EOG)By: Niloofer Shaikh, SA News Editor15 Comments
  • EOG Resources press release (NYSE:EOG): Q2 Non-GAAP EPS of $2.74 misses by $0.05.
  • Revenue of $7.41B (+79.0% Y/Y) beats by $1.83B.
  • Shares +0.8%.
  • Total company crude oil production in 2Q of 464,100 Bopd was above the high end of the guidance range and 3% more than 1Q.
  • NGL and natural gas production were each above the midpoint of the guidance ranges and increased 6% and 5% compared with 1Q.
  • Total company equivalent production increased 4% compared with 1Q.
  • "We are well positioned to carry this momentum into 2023. We have offset a significant portion of inflation this year and are working on plans to identify further cost savings next year. We continue to advance new technology and innovative projects to further lower our environmental footprint, such as an EOG-developed continuous leak detection system that is being deployed at our Delaware Basin facilities. Throughout the year and as we begin to plan for 2023 we remain focused on disciplined capital allocation. Our long-term vision is to be among the lowest cost, highest return and lowest emissions producers, playing a significant role in the long-term future of energy."

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