EOG Resources' Revenue Comes in Better Than Expected
February 26 2019 - 5:13PM
Dow Jones News
By Robert Barba
EOG Resources Inc. (EOG) boosted crude-oil production at the end
of the year, helping the shale driller deliver better-than-expected
earnings and revenue.
EOG said profit in the fourth quarter was $892.8 million, or
$1.54 a share, compared with $2.43 billion, or $4.20 a share, a
year earlier. This year's results included a $195.6 million income
tax provision, compared with a $2 billion income tax benefit a year
earlier. Analysts polled by FactSet expected earnings of $1.37 a
share in the latest quarter.
The company's adjusted earnings of $1.24 a share, however, fell
short of the $1.34 a share that analysts expected, according to
FactSet.
Revenue rose 37% to $4.57 billion, a sum that beat expectations
of $4.47 billion. In the quarter, the company produced 430,300
barrels of oil per day, up 17% from a year earlier.
EOG said it expects to grow U.S. crude oil production by 12% to
16% in 2019. It expects to complete approximately 740 net wells
this year, compared with 763 in 2018.
Write to Robert Barba at robert.barba@wsj.com
(END) Dow Jones Newswires
February 26, 2019 16:58 ET (21:58 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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