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EOG Resources, Inc. EOG reported fourth-quarter 2024 adjusted earnings per share of $2.74, which beat the Zacks Consensus Estimate of $2.55. However, earnings decreased from the year-ago quarter’s $3.07.
Total quarterly revenues of $5.59 billion missed the Zacks Consensus Estimate of $5.89 billion. The top line declined from $6.36 billion in the prior-year quarter.
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Better-than-expected quarterly earnings were driven by higher oil-equivalent production volumes, offset partially by decreased realizations of crude oil and condensates, and natural gas prices.
EOG Resources, Inc. Price, Consensus and EPS Surprise
EOG Resources, Inc. price-consensus-eps-surprise-chart | EOG Resources, Inc. Quote
EOG’s Operational Performance
In the quarter under review, EOG Resources’ total volumes increased 6.8% year over year to 100.8 million barrels of oil equivalent (MMBoe) on higher contributions from its multi-basin portfolio. This was below the mid-point of the company’s fourth-quarter 2024 guidance of 101.1 MMBoe. Our estimate for the same was pinned at 100.9 MMBoe.
Crude oil and condensate production totaled 494.6 thousand barrels per day (MBbls/d), up almost 2% from the year-ago quarter’s level. The figure beat our estimate of 493.2 MBbls/d.
NGL volumes increased 7% year over year to 252.5 MBbls/d. The figure lagged our estimate of 262.9 MBbls/d.
Natural gas volume rose to 2,092 million cubic feet per day (MMcf/d) from the year-earlier quarter’s 1,831 MMcf/d. The reported figure also beat our estimate of 2,046.7 MMcf/d.
The average price realization for the company’s crude oil and condensates decreased 11% year over year to $71.66 per barrel.
Natural gas was sold at $2.57 per Mcf, reflecting a year-over-year decline of 8.9%. Quarterly NGL prices increased to $23.85 per barrel from $22.29 in the previous year.
Operating Cost of EOG
In the fourth quarter, lease and well expenses increased to $394 million from $378 million a year ago.
The company reported gathering, processing and transportation costs of $441 million, higher than the year-ago quarter’s $423 million. The figure also beat our estimate of $406 million.
Exploration costs increased from $41 million a year ago to $52 million. As such, total operating expenses were $3.99 billion, higher than $3.85 billion recorded a year ago.
Liquidity Position & Capital Expenditure of EOG
As of Dec. 31, 2024, EOG Resources had cash and cash equivalents worth $7.1 billion and long-term debt of $4.8 billion. The current portion of the long-term debt totaled $532 million.