EOG Resources, an American energy company that engages in hydrocarbon exploration and production, is now a $72 billion (by market cap) O&G player. The company finished FY 2023 with net proved reserves at 4.5 billion barrels of oil equivalent. The company paid two special dividends in 2023, adding up to an additional $2.50/share.
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Favorable oil prices are aiding EOG. However, being engaged in upstream business, the company is highly exposed to extreme volatility in oil prices.
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Higher oil-equivalent production volumes, increased crude oil and condensates, and NGL price realizations aid EOG Resources' (EOG) earnings in Q2.
EOG Resources, Inc. (NYSE:EOG ) Q2 2024 Earnings Conference Call August 2, 2024 10:00 AM ET Company Participants Pearce Hammond - Vice President, Investor Relations Ezra Yacob - Chairman & Chief Executive Officer Ann Janssen - Chief Financial Officer Jeff Leitzell - Chief Operating Officer Lance Terveen - Senior Vice President, Marketing Keith Trasko - Senior Vice President, Exploration & Production Conference Call Participants Arun Jayaram - JPMorgan Neil Mehta - Goldman Sachs Steve Richardson - Evercore ISI Leo Mariani - ROTH Capital Scott Hanold - RBC Capital Markets Charles Meade - Johnson Rice Paul Cheng - Scotiabank Doug Leggate - Wolfe Research Operator Good day, everyone, and welcome to the EOG Resources Second Quarter 2024 Earnings Results Conference Call. As a reminder, this call is being recorded.
EOG Resources has a strong history in the energy sector, leading in the Eagle Ford shale and early adoption in the Permian. The market focus on shareholder returns has impacted EOG's trading multiple, despite the company's commitment to returning cash to shareholders. EOG Resources has discoveries that require capital; the market does not like this. But, the potential is there to add value to the company's portfolio.
EOG Resources (EOG) came out with quarterly earnings of $3.16 per share, beating the Zacks Consensus Estimate of $2.98 per share. This compares to earnings of $2.49 per share a year ago.
The softening of natural gas prices amid geopolitical tensions is likely to have affected EOG Resources' (EOG) performance in the second quarter.
EOG Resources (EOG) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
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