Wednesday, November 6, 2019

EOG -- 3Q19 -- Earnings

EOG press release here.
  • exceeded crude oil production target range
  • raised full-year 2019 crude oil growth target from fourteen to fifteen percent
  • CAPEX near low end of target range
  • generated "significant" net cash from operating activities and free cash flow
  • reduced year-to-date well costs by five percent
  • added 1,700 net premium locations to inventory now totaling 10,500 locations
  • net premium locations now total over fourteen years of drilling inventory 
    • new Delaware Basin Wolfcamp M and Third Bone Spring plays add 1.6 billion boe net resource potential
    • "highly economic" at $40 oil and flat $2.50 natural gas price (company's definition of premium inventory)
    • Wolfcamp M: an initial 855 net premium drilling locations; net resource of 1.0 billion boe across its 193,000 net acre position
    • Third Bone Spring:
      • 585 million boe across its 200,000 net acre position 
  • net income for 3Q19: 
    • $615 million vs $1.2 billion one year ago
    • $1.06/share vs $2.05/share one  year ago
    • adjusted: $1.13/share vs $1.75/share a year ago
  • the Bakken was not mentioned in the press release except in the financial tables (mentioned once)
  • brought 15 gross wells on line in the quarter
  • brought 13 net wells on line in the quarter
  • lateral length: 10,600 feet (longer than any other play)
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Coloring Inside The Lines


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