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Inside EOG Resources’ 3Q16 Earnings

Nicholas Chapman - Author

Nov. 9 2016, Updated 8:05 a.m. ET

EOG Resources misses 3Q16 EPS estimates

EOG Resources (EOG) announced its 3Q16 earnings on November 3, 2016, after the market closed. EOG Resources reported an adjusted loss of $0.40 per share, $0.08 worse than the Wall Street analyst consensus for a loss of $0.32 per share.

EOG’s 3Q16 EPS (earnings per share) is $0.42 per share lower than its 3Q15 EPS of $0.02. Even when compared sequentially with 2Q16, EOG’s 3Q16 EPS is $0.02 lower.

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3Q16 revenues beat estimates

For 3Q16, EOG reported adjusted revenues of ~$1.98 billion, ~which is 4% better than Wall Street analyst consensus for revenues of ~$1.90 billion. EOG’s 3Q16 revenues are lower by ~12%, as compared with 3Q15 revenues of ~$2.24 billion. But when compared sequentially with 2Q16, EOG’s 3Q16 revenues are ~9% higher.

Earnings trend

As seen in above chart, EOG Resources reported much lower earnings in 2015 due to lower realized crude oil (USO) (UWTI) (DWTI) and natural gas (UNG) (BOIL) prices. In 4Q15, EOG Resources saw its adjusted earnings turn negative for the first time since 2009.

Since 2013, EOG Resources beat its earnings expectations ~87% of the time. Since 2013, upstream players Devon Energy (DVN), ConocoPhillips (COP), and Range Resources (RRC) have beat earnings expectations ~80%, ~67%, and ~67% of the time, respectively.

In this series

In this series, we’ll look at EOG Resources’ 3Q16 cash flow, operational performance, cash costs, and analyst ratings. We’ll also analyze EOG Resources’ price forecast using implied volatility and examine how its stock price reacted after missing past earnings estimates.

Let’s start by taking a look at how much cash EOG Resources’ generated in 3Q16.


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