EOG Resources’ Q4 Earnings Miss Estimates, Revenues Beat

EOG Resources Inc. (EOG – Analyst Report) reported quarterly adjusted earnings of 79 cents per share that missed the Zacks Consensus Estimate of 99 cents and were 21% lower than the year-ago adjusted earnings of $1.00.

Total revenue in the quarter increased 23.9% year over year to $4,645.5 million and also surpassed the Zacks Consensus Estimate of $3,994.0 million.

Full-year adjusted earnings came in at $4.95 per share, up from the year-earlier earnings of $4.11. The quarterly figure, however, came below the Zacks Consensus Estimate of $5.20.

Total revenue surged 24.5% to $18,035.3 million in 2014 from the prior-year level of $14,487.1 million. The reported figure was also above the Zacks Consensus Estimate of $17,326.0 million.

Operational Performance

During the quarter, EOG’s total volume expanded 14.7% from the year-earlier level to 56.1 million barrels of oil equivalent (MMBoe), or 609.6 thousand barrels of oil equivalent per day (MBoe/d). Full-year 2014 total production was 217.1MMBoe or 594.7MBoe/d, representing 16.6% annualized growth.

Crude oil and condensate production in the quarter totaled 307.7 thousand barrels per day (MBbl/d), up approximately 26% from the year-ago level. Full-year crude oil and condensate production climbed 31.1% year over year.

Natural gas liquids (NGL) volumes increased 24% from the year-ago quarter to 83.6MBbl/d. On the other hand, natural gas volumes shrunk to 1,310 million cubic feet per day (MMcf/d) from the year-earlier level of 1,321MMcf/d.

Average price realization for crude oil and condensates decreased approximately 24.7% year over year to $72.74 per barrel. Quarterly NGL prices fell 33% to $23.53 per barrel from $35.13 a year ago. Natural gas was sold at $3.38 per thousand cubic feet (Mcf), reflecting a deterioration of 0.3% year over year.

Liquidity Position

At the end of the fourth quarter, EOG had cash and cash equivalents of $2,087.2 million and long-term debt of $5,903.4 million, representing a debt-to-capitalization ratio of 25%.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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