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EOG's Second Quarter Earnings Report
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EOG
EOG Resources (NYSE:EOG) announced its results for the most recent quarter on August 3, 2012. EOG Resources develops and produces natural gas and crude oil primarily in the United States, Canada, the Republic of Trinidad, Tobago, and the United Kingdom.
A business' earnings are the main determinant of its share price because earnings and the circumstances relating to them can indicate whether the business will be profitable and successful in the long run. SEE: Can Earnings Guidance Accurately Predict The Future?
The Numbers: EOG's latest numbers were good, as the company announced EPS and revenues that came in ahead predictions. The company reported adjusted net income of $1.16 per share versus the 93 cents per share estimate and revenues of $2.91 billion versus the $2.36 billion estimate. Revenue climbed 13.2% from the same period last year. EOG has averaged revenue growth of 57.6% over the past five quarters. EOG's net income for the second quarter was $395.8 million. According to the reported number, this is up 33.9% from last year's figures.
Management Quote: "EOG's financial and operating results get better and better. We are achieving this consistent string of home runs because EOG has captured the finest inventory of onshore crude oil assets in the entire United States and has the technical acumen to maximize reserve recoveries," said Mark G. Papa, Chairman and Chief Executive Officer. "EOG is the largest crude oil producer in the South Texas Eagle Ford and North Dakota Bakken with the sweet spot positions in both plays. In addition, we are uniquely positioned to market a significant portion of this crude oil at robust Brent-type pricing through our own rail offloading facility at St. James, Louisiana, and to reach the Houston Gulf Coast market via the recently completed Enterprise Eagle Ford pipeline."
Looking Ahead: Analysts appear increasingly negative about the company's results for the next quarter. The average estimate for the third quarter has moved down from $1.32 a share to 97 cents over the last 90 days. Decreasing earnings estimates is generally a negative sign as it suggests analyst believe future earnings to be weaker than previously anticipated. The average estimate for the fiscal year is $4.29 per share, down from $5.01 90 days ago.
A business' earnings are the main determinant of its share price because earnings and the circumstances relating to them can indicate whether the business will be profitable and successful in the long run. SEE: Can Earnings Guidance Accurately Predict The Future?
The Numbers: EOG's latest numbers were good, as the company announced EPS and revenues that came in ahead predictions. The company reported adjusted net income of $1.16 per share versus the 93 cents per share estimate and revenues of $2.91 billion versus the $2.36 billion estimate. Revenue climbed 13.2% from the same period last year. EOG has averaged revenue growth of 57.6% over the past five quarters. EOG's net income for the second quarter was $395.8 million. According to the reported number, this is up 33.9% from last year's figures.
Looking Ahead: Analysts appear increasingly negative about the company's results for the next quarter. The average estimate for the third quarter has moved down from $1.32 a share to 97 cents over the last 90 days. Decreasing earnings estimates is generally a negative sign as it suggests analyst believe future earnings to be weaker than previously anticipated. The average estimate for the fiscal year is $4.29 per share, down from $5.01 90 days ago.
by
Investopedia Staff
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