- Delivers Outstanding Crude Oil Production Growth of 36 Percent Year-Over-Year in the U.S. and 33 Percent Total Company
- Surpasses Eagle Ford Production Targets
- Announces Successful North Dakota Three Forks Second Bench Test
- Reports Positive Results from Bakken Core 160-Acre Downspacing Program
- Records Success from Permian Delaware and Midland Basins
- Provides Five-Year Outlook
EOG Resources, Inc. today reported first quarter 2013 net income of $494.7 million, or $1.82 per share. This compares to first quarter 2012 net income of $324.0 million, or $1.20 per share.
Consistent with some analysts' practice of matching realizations to settlement months and making certain other adjustments in order to exclude one-time items, adjusted non-GAAP net income for the first quarter 2013 was $489.9 million, or $1.80 per share.
Adjusted non-GAAP net income for the first quarter 2012 was $317.5 million, or $1.17 per share
The results for the first quarter 2013 included net gains on asset dispositions of $115.0 million, net of tax ($0.42 per share) and a previously disclosed non-cash net loss of $105.0 million ($67.2 million after tax, or $0.24 per share) on the mark-to-market of financial commodity contracts. During the quarter, the net cash inflow related to financial commodity contracts was $67.1 million ($43.0 million after tax, or $0.16 per share).This is an abbreviated summary; go to link for full story.
Earnings per share increased 52 percent, discretionary cash flow increased 28 percent and adjusted EBITDAX rose 25 percent during the first quarter 2013, compared to the first quarter 2012.
Disclaimer: this is not an investment site. Do not make any investment decisions based on what you read here or think you read here.
They should also boast about selling their oil consistently for over $100 a barrel. Sure wish I had more acreage with them.
ReplyDeleteYes, EOG is one of my favorite companies. I haven't had a chance to comment on the EOG press release. I've been way too busy updating Painted Woods oil field which used to be a STATOIL field, but now EOG is there also.
DeletePainted Woods is very, very instructive field. It might not be so noticeable to the casual viewer or the newbie, but the Painted Woods oil field which is a very, very average Bakken field, I think, is going to surprise folks, and might even challenge fields like the Sanish or the Parshall before it's all over.
EOG is doing very, very well.