EOG Resources (EOG 1.58%), a leading oil and natural gas company, announced its first-quarter results on May 2, delighting investors with significant year-over-year growth in key financial metrics, and numbers that exceeded expectations on both top and bottom lines.
| Metric | Q1 2024 | Q1 2024 Analyst Estimate | Q1 2023 | % Change |
|---|---|---|---|---|
| Earnings per share | $3.10 | $2.72 | $3.45 | (10.1%) |
| Revenue | $6.12 billion | $5.91 billion | $6.04 billion | 1.3% |
| Production (MBoed) | 1,029 | N/A | 943 | 9.1% |
| Capital expenditures | $1.7 billion | N/A | $1.49 billion | 14.4% |
| Free cash flow | $1.23 billion | N/A | $1.07 billion | 14.5% |
Data source: Company results from company. Analyst estimates from FactSet. MBoed = thousand barrels of oil equivalent per day.
A low-cost energy driller
EOG Resources is dedicated to the exploration, development, production, and marketing of oil and natural gas. Known for its strategic focus on high-margin, low-cost resources, EOG has established itself as one of the industry's best in generating shareholder value through its innovative approaches to drilling and technology.
Quarterly highlights
EOG's performance in Q1 reflected its strategic operational decisions and an ability to adapt to a fluctuating energy market. Notably, the company's crude oil and natural gas volumes increased markedly year over year.
Its success in growing revenue and profits in excess of analysts' expectations can be attributed to higher sales volumes, effective cost management, and advantageous market conditions.
Looking forward
Management remains optimistic about this year, with guidance for increased production across all of its hydrocarbon categories. Overall, in 2024, it anticipates producing between 1.012 million and 1.075 million barrels of crude oil equivalent per day, up from 985,000 barrels of crude oil equivalent per day in 2023.
