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EOG Resources, Inc. Message Board

  • bluecheese4u bluecheese4u Feb 14, 2013 11:56 PM Flag

    EOG Resources Reports Outstanding 2012 Results; Increases Eagle Ford and Leonard Reserve Potential; Announces New Texas Delaware Basin Wolfcamp Play; Raises Common Stock Dividend by 10 Percent

    EOG Resources Reports Outstanding 2012 Results; Increases Eagle Ford and Leonard Reserve Potential; Announces New Texas Delaware Basin Wolfcamp Play; Raises Common Stock Dividend by 10 Percent

    FOR IMMEDIATE RELEASE: February 13, 2013

    HOUSTON, Feb. 13, 2013 /PRNewswire/ --

    Achieves 39 Percent Year-Over-Year Total Company Crude Oil and Condensate Growth and 37 Percent Total Liquids Growth
    Reports 10 Percent Total Company Production Growth
    Delivers Strong Year-Over-Year Growth in Non-GAAP Earnings Per Share, Adjusted EBITDAX and Discretionary Cash Flow
    Increases Eagle Ford Potential Recoverable Reserve Estimate by 600 MMBoe to 2.2 BnBoe, Net to EOG
    Highlights Record Eagle Ford Oil Well
    Announces New Wolfcamp Shale Play in Delaware Basin and Increases Leonard Shale Potential Reserves with Total Combined Delaware Basin Potential Reserves of 1.35 BnBoe, Net to EOG
    Realizes Improvements in Bakken/Three Forks Operations
    Delivers 268 Percent Reserve Replacement at Attractive Finding Costs, Excluding Price-Related Reserve Revisions
    Raises Common Stock Dividend for 14th Time in 14 Years
    EOG Resources, Inc. (NYSE: EOG) (EOG) today reported full year 2012 net income of $570.3 million, or $2.11 per share, as compared to $1,091.1 million, or $4.10 per share, for the full year 2011. For the fourth quarter 2012, EOG reported a net loss of $505.0 million, or $1.88 per share. This compares to fourth quarter 2011 net income of $120.7 million, or $0.45 per share.

    Adjusted non-GAAP net income for the full year 2012 was $1,535.6 million, or $5.67 per share, and for the full year 2011 was $1,008.5 million, or $3.79 per share. Adjusted non-GAAP net income for the fourth quarter 2012 was $437.0 million, or $1.61 per share, and for the fourth quarter 2011 was $309.0 million, or $1.15 per share.

    Consistent with some analysts' practice of matching realizations to settlement months and making certain other adjustments in order to exclude one-time items, the results for the fourth quarter 2012 include $849.4 million, net of tax ($3.13 per share) of impairments of certain Canadian natural gas assets, net losses on asset dispositions of $35.6 million, net of tax ($0.13 per share) and a previously disclosed non-cash net gain of $66.4 million ($42.5 million after tax, or $0.16 per share) on the mark-to-market of financial commodity derivative contracts. During the fourth quarter, the net cash inflow related to financial commodity derivative contracts was $155.5 million ($99.5 million after tax, or $0.37 per share). (Please refer to the attached tables for the reconciliation of adjusted non-GAAP net income to GAAP net income/loss.)

    Reflecting EOG's higher revenue and production weighting to crude oil for the full year 2012, adjusted non-GAAP net income per share increased 50 percent, adjusted EBITDAX increased 26 percent and discretionary cash flow increased 26 percent as compared to 2011. (Please refer to the attached tables for the reconciliation of adjusted non-GAAP net income per share to GAAP net income per share, adjusted EBITDAX (non-GAAP) to income before interest expense and income taxes (GAAP) and non-GAAP discretionary cash flow to net cash provided by operating activities (GAAP).)

    In the United States, crude oil and condensate production increased 46 percent for the full year 2012 compared to the prior year. Total United States liquids (crude oil, condensate and natural gas liquids) production increased 42 percent for full year 2012 over the same period a year ago. On a total company basis, total crude oil and condensate production increased 39 percent and total liquids production increased 37 percent for the full year compared to 2011. Overall total company production increased 10 percent year-over-year.

    "We accomplished all of EOG's 2012 goals. We generated high margin organic crude oil production growth and delivered excellent year-over-year increases in EOG's financial metrics. We maintained our net-debt-to-total cap ratio below 30 percent and recorded strong crude oil reserve replacement rates at attractive finding costs," said Mark G. Papa, Chairman and Chief Executive Officer. "In addition, we added the Delaware Basin Wolfcamp, a promising new liquids resource play to our portfolio and significantly increased the potential recoverable reserves of our largest and highest rate of return asset, the South Texas Eagle Ford. These add high-value inventory to EOG's already prolific asset base."

    investorDOTshareholderDOTcom/eogresources/releasedetailDOTcfm?ReleaseID=740206

 
EOG
107.19-0.09(-0.08%)Aug 21 4:02 PMEDT

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