Thursday, May 2, 2019

EOG -- 1Q19-- Look How Fast EOG Is Building Its Export Capacity

Outstanding 1Q19. Data points from press release:
  • raises dividend 31 percent: to 28.75 cents/share, payable in July, 2019
  • increased crude oil production 20 percent yoy; exceeded target
  • CAPEX below target; guidance for FY19 CAPEX unchanged
  • reduced per-unit cash operating costs by 8% yoy; beat targets
  • achieved reductions in well costs and on-track to reach 5% reduction goal
  • established significant crude oi export capacity 
    • 2020: 100,000 bopd
    • 2022: 250,000 bopd
More data:
  • eps
    • 1Q19: $1.10; adjusted: $1.19/share;
    • 1Q18: $1.10; adjusted: $1.19/share;
  • net income
    • 1Q19: $635 million 
    • 1Q18: $639 million
  • net cash from operating activities: $1.6 billion
  • discretionary cash flow: $1.9 billion
  • all this despite a 13% drop in the average WTI price compared to same  period last year
EOG was the first to build a CBR terminal in the Bakken. Just saying.

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Royal Dutch Shell

Royal indeed!

One of the last supermajors to report 1Q19 earnings. Data points:
  • better-than-expected results
  • natural gas businesses offset weak oil prices and depressed refining margins
  • "net profit": $5.3 billion vs $4.5 billion forecast -- huge beat
  • cash flow from operating activities fell 9%
  • free cash flow dropped from $4.178 billion (1Q18) to $4 billion in 1Q19
  • Shell announced its next tranche of share buyback program; will repurchase  up to $2.75 billion worth of shares (compare with $75 billion in Apple, Inc's program)
    • intends to buy back at least $25 billion of its shares by end of 2020
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