EOG Earnings -- 2Q16 -- August 4, 2016

Link here.

• EPS beats by $0.10
• revenue of $1.78B (-27.9% Y/Y) beats by $170M

From SeekingAlpha:

• EOG Resources +2.8% AH after beating analyst estimates on Q2 earnings and revenues and raising FY 2016 production guidance
• Despite an adjusted $0.38/share loss, swinging from a profit in the year-ago quarter, EOG increased the number of wells it plans to frack this year to 350 from 270 while keeping its budget at $2.4B-$2.6B
• EOG says greater efficiencies have allowed it to do more for less and earn at least a 30% after-tax rate of return on its best new wells with the oil price at ~$40/bbl
• EOG says Q2 crude and condensate production fell 4% Y/Y to 267.7K bbl/day, evidence of the industry's growing focus on capital discipline, but that output could rise 10% a year through 2020 with $50/bbl oil and 20% a year at $60 oil
• EOG also says it increased its inventory of net premium drilling locations during the quarter to 4,300 from 3,200, including an additional 390 in the South Texas Eagle Ford, EOG's largest high-return play, and more than 500 in the Delaware Basin

Over the past few days, there have been some incredible stories coming out of the oil patch, and out of the international political community. The EOG press release underscores one of those stories.

If I get a chance I will elaborate, but right now, I'm going out biking. In 102-degree sunny Texas weather.