jdphelps, you've got that right! The yahoo estimates for EOG for Q3 are 2.02. That's 8 cents lower than Q2. Two things I've learned about EOG--EOG usually lowballs estimates for production, and I underestimate EOG's earnings. I have them at 2.30 to 2.50, and for a change, I think I'm closer than usual. Each earnings call, EOG seems to throw in a nice surprise. This call, I'm looking for at least one of the following: a new green field play, further downspacing projections, an update on the JV with Zaza in the Eaglebine, increased production guidance, and/or a report that their completion techniques will again increase production.
US production of oil has really jumped the past couple months, and I'm sure EOG has a big part in that. They have completed some spectacular wells recently.