EOG Profit Tops Estimates, Sales Misses

(RTTNews) - EOG Resources Inc (EOG) on Monday reported first-quarter net loss of $169.7 million or $0.31 per share compared with a profit of $660.9 million or $1.21 per share last year.

Excluding items, adjusted earnings for the quarter were $0.03 per share compared with $1.40 per share a year ago.

Revenues for the quarter were lower at $2.32 billion compared with $4.08 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.00 per share on revenues of $2.71 billion for the quarter. Analysts' estimates typically exclude special items.

EOG said results were hurt by lower commodity prices, partly offset by increased liquids production volumes, higher cash settlements from derivative contracts and lower operating costs.

The company noted that excluding production from its Canadian operations, sold in the fourth quarter 2014, crude oil and condensate production increased 16 percent from a year ago. Overall total company production, excluding the divested Canadian operations, increased eight percent.

EOG said it is on target to achieve a 40 percent decrease in capital expenditure in 2015.