Depending how you measure it, EOG either missed or beat? Summary here:
- 3Q20 non-GAAP EPS of $0.43 beats by $0.25;
- GAAP EPS of -$0.07 misses by $0.31.
- revenue of $2.35B (-45.3% Y/Y) misses by $150M
- crude oil eqv. volume of 716 Mboe/day (-14% Y/Y). Generated $1.2B net cash provided by operating activities.
- Identified 21 Tcf net resource potential and 1,250 net premium locations in new south Texas natural gas play
- added a total of 1,400 net premium locations to drilling inventory which now totals 11,500 locations
- generated $1.2 billion net cash provided by operating activities and significant free cash flow
- capital expenditures 23% below target and crude oil production 2% above target per-unit cash
- operating costs below targets
- introduced three-year outlook with 70-80% cash flow reinvestment
- Narrative
- EOG Resources, Inc.today reported a third quarter 2020 net loss of $42 million, or $0.07 per share, compared with third quarter 2019 net income of $615 million, or $1.06 per share. Adjusted non-GAAP net income for the third quarter 2020 was $252 million, or $0.43 per share, compared with adjusted non-GAAP net income of $654 million, or $1.13 per share, for the same prior year period. Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP measures.
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