Compared to Estimates, EOG Resources (EOG) Q3 Earnings: A Look at Key Metrics
For the quarter ended September 2023, EOG Resources (EOG) reported revenue of $6.21 billion, down 18.2% over the same period last year. EPS came in at $3.44, compared to $3.71 in the year-ago quarter.
The reported revenue represents a surprise of +5.13% over the Zacks Consensus Estimate of $5.91 billion. With the consensus EPS estimate being $2.95, the EPS surprise was +16.61%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how EOG Resources performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Average Daily Production Volumes - NGLs: 231.1 millions of barrels of oil versus the nine-analyst average estimate of 222.41 millions of barrels of oil.
Total Production per day (Crude Oil Equivalent Volumes): 998.5 millions of barrels of oil equivalent versus the nine-analyst average estimate of 978.28 millions of barrels of oil equivalent.
Average Daily Production Volumes - Natural gas: 1704 millions of cubic feet versus 1678.33 millions of cubic feet estimated by nine analysts on average.
Average Daily Production Volumes - Crude Oil and Condensate: 483.3 millions of barrels of oil versus 474.91 millions of barrels of oil estimated by eight analysts on average.
Average Crude Oil and Condensate Prices per bbl - United States: $83.61 versus the six-analyst average estimate of $83.30.
Average Natural Gas Liquids Prices per bbl - Composite: $23.56 versus $23.22 estimated by six analysts on average.
Average Natural Gas Prices per mcf - United States: $2.59 compared to the $2.60 average estimate based on six analysts.
Revenues- Gathering, Processing and Marketing: $1.48 billion versus $1.50 billion estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -5.3% change.
Revenues- Natural Gas Liquids: $501 million versus $466.69 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -27.7% change.
Revenues- Natural gas: $417 million versus $410.30 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -66.2% change.
Revenues- Crude Oil and Condensate: $3.72 billion compared to the $3.63 billion average estimate based on four analysts. The reported number represents a change of -9.5% year over year.
Revenues- Other, Net: $21 million compared to the $23.96 million average estimate based on three analysts. The reported number represents a change of -38.2% year over year.
View all Key Company Metrics for EOG Resources here>>>
Shares of EOG Resources have returned +4.1% over the past month versus the Zacks S&P 500 composite's -1.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
EOG Resources, Inc. (EOG) : Free Stock Analysis Report
