The company reported an EPS (Non-GAAP) of $1.19, 24% higher year-on-year (y-o-y) and a revenue of $3.7 billion, 42% higher y-o-y. Higher oil prices and production volume coupled with lower per unit cost enabled the company to beat both market earnings and revenue estimates. Furthermore, higher oil prices aided the company’s revenue growth with average realized crude oil prices rising by 28% y-o-y. Apart from the significant revenue growth, EOG’s bottom line improved as a consequence of a decline in its per unit operating expenses. Going forward, the company has kept its 2018 oil production guidance unchanged and expects it to grow between 16% to 20% y-o-y in 2018 with its continued focus on premium drilling locations.

Source: Forbes May 07, 2018 17:48 UTC