EOG Resources profits fall by nearly 50 percent

Nov. 06-- Nov. 6--EOG Resources reported $615 million in quarterly profits on Wednesday that fell by nearly 50 percent from $1.2 billion a year ago in large part from lower oil and gas prices.

EOG's revenues dipped by 10 percent down to $4.3 billion. But the Houston oil and gas producer touted rising production volumes that jumped 12 percent from a year ago, reduced well costs and new successes in emerging Permian Basin plays.

EOG Chief Executive Bill Thomas specifically cited the potential in the Wolfcamp M and Third Bone Spring shale plays in West Texas and New Mexico that add 1.6 billion barrels of oil equivalent in potentially recoverable resources.

"We reduced operating expenses, grew volumes at double-digit rates while lowering well costs, and generated substantial free cash flow," Thomas said. "EOG has never been in a better position to sustain this success long into the future."

While EOG's top production continues to come from its pioneering position in South Texas' Eagle Ford shale, EOG has emerged as one of the most active drillers and producers in the Permian, especially since buying New Mexico-based Yates Petroleum three years ago.

Source: INACTIVE-Tribune Regional
(November 6, 2019 - 8:14 PM EST)

News by QuoteMedia

www.quotemedia.com