EOG Resources’ production guidance for 2Q16
For 2Q16, EOG Resources (EOG) expects total production in the range of 512.7–547.7 Mboe (thousand barrels of oil equivalent) per day. The midpoint of the 2Q16 production guidance is 530.2 Mboe per day, which is ~5% lower than its production of 560.5 Mboe per day in 2Q15.
Sequentially, EOG Resources’ production guidance is ~4% lower than it was in 1Q16. EOG Resources’ lower production guidance can be attributed to the lower capital expenditure planned in 2Q16.
For 2Q16, EOG expects crude oil (USO) production in the range of 259.3–273.5 thousand barrels per day, natural gas liquids production in the range of 71–79 thousand barrels per day, and natural gas (UNG) production in the range of 1,095–1,171 MMcf (million cubic feet) per day.
EOG Resources’ production guidance for 2016
For 2016, EOG Resources expects production in the range of 512.3–550.4 MBoe per day. The midpoint of EOG’s 2016 production guidance is ~7% lower than its 2015 production of 572.2 Mboe per day.
S&P500 (SPY) upstream player Pioneer Natural Resources (PXD) is expecting a ~12% growth for its 2016 production, whereas Murphy Oil (MUR) and Devon Energy (DVN) are expecting ~12% and ~6% declines in their 2016 production, respectively.
EOG Resources’ capital expenditure guidance
For 2016, EOG Resources expects a total capital expenditure in the range of $2.4 billion–$2.6 billion, a midpoint decrease of ~47% from 2015. From its expected 2016 capital expenditure, EOG plans to spend $1.9 billion–$2.0 billion on exploration and development activities.