EOG Releases 1Q18 Earnings; EPS Beat -- May 3, 2018

Updates

Later, 5:19 p.m. CDT: see first comment --

The Austin Chalk in Louisiana may be the next 'hot' play in the unconventional world, with EOG leading the way.

They have leased about 130,000 acres, along with Marathon and COP leasing about 200,000 acres each.

EOG has drilled a 16,700 foot deep well - Eagles Ranch 1 - that appears to be a success.
The Tuscaloosa Marine Shale us also in this area which could make for interesting times. 

I track the Austin Chalk in the Eagle Ford here, although it has not been updated in quite some time. I'm not sure if I know much about the Austin Chalk in Louisiana.

I now track the Louisiana Austin Chalk at this site.

Original Post

Link here.

• EPS: $1.10/share vs 5 cents/share one year earlier
• non-GAAP: $1.19/share vs 15 cents/share
• production increased by 15% compared to one year earlier
• maintains its forecast for 16 to 20% crude oil growth for full year 2018

"Bakken" not mentioned in this statement:

Strong production growth reflects the company's premium drilling strategy and technical advances across its diverse inventory of high-return plays.

EOG defines premium drilling as prospective well locations that will earn a minimum 30 percent direct after-tax rate of return at $40 crude oil and $2.50 natural gas prices.

EOG's prolific Delaware Basin, Eagle Ford and Powder River Basin assets all contributed to growth this quarter.

Explained later:

In the North Dakota Bakken, EOG drilled 4 wells in the first quarter and deferred completions until later in 2018.  

EOG shares trading flat after market close, at $116.

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Disclaimer: I make a lot of simple arithmetic errors. I often see things that do not exist; I read quickly and miss important points. Sometimes it takes me days (maybe even weeks) to see where I was wrong.

Zacks yesterday:

Investors are always looking for stocks that are poised to beat at earnings season and EOG Resources, Inc. EOG may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.

That is because EOG Resources is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty good indicator of some favorable trends underneath the surface for EOG in this report.

In fact, the Most Accurate Estimate for the current quarter is currently at $1.03 per share for EOG, compared to a broader Zacks Consensus Estimate of $1.00 per share. This suggests that analysts have very recently bumped up their estimates for EOG, giving the stock a Zacks Earnings ESP of +3.33% heading into earnings season.