EOG Resources' Revenue Comes in Better Than Expected

   By Robert Barba 
 

EOG Resources Inc. (EOG) boosted crude-oil production at the end of the year, helping the shale driller deliver better-than-expected earnings and revenue.

EOG said profit in the fourth quarter was $892.8 million, or $1.54 a share, compared with $2.43 billion, or $4.20 a share, a year earlier. This year's results included a $195.6 million income tax provision, compared with a $2 billion income tax benefit a year earlier. Analysts polled by FactSet expected earnings of $1.37 a share in the latest quarter.

The company's adjusted earnings of $1.24 a share, however, fell short of the $1.34 a share that analysts expected, according to FactSet.

Revenue rose 37% to $4.57 billion, a sum that beat expectations of $4.47 billion. In the quarter, the company produced 430,300 barrels of oil per day, up 17% from a year earlier.

EOG said it expects to grow U.S. crude oil production by 12% to 16% in 2019. It expects to complete approximately 740 net wells this year, compared with 763 in 2018.

Write to Robert Barba at [e-mail]

(END) Dow Jones Newswires

February 26, 2019 16:58 ET (21:58 GMT)

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