EOG Resources Inc (EOG) Q3 2023 Earnings: Net Income Rises to $2.03 Billion
EOG Resources Inc (NYSE:EOG) reported a net income of $2.03 billion in Q3 2023, a significant increase from $1.55 billion in Q2 2023 and $2.02 billion in Q1 2023.
Operating revenues for Q3 2023 stood at $6.21 billion, up from $5.57 billion in Q2 2023 and $6.04 billion in Q1 2023.
Operating income for Q3 2023 was $2.56 billion, a rise from $1.97 billion in Q2 2023 and $2.57 billion in Q1 2023.
The company's cash and cash equivalents at the end of Q3 2023 were $5.33 billion.
EOG Resources Inc (NYSE:EOG) released its Q3 2023 earnings report on November 2, 2023. The company reported a significant increase in net income and operating revenues, reflecting a strong financial performance.
Financial Performance
EOG Resources Inc (NYSE:EOG) reported a net income of $2.03 billion in Q3 2023, a significant increase from $1.55 billion in Q2 2023 and $2.02 billion in Q1 2023. The company's operating revenues for Q3 2023 stood at $6.21 billion, up from $5.57 billion in Q2 2023 and $6.04 billion in Q1 2023. The operating income for Q3 2023 was $2.56 billion, a rise from $1.97 billion in Q2 2023 and $2.57 billion in Q1 2023.
Balance Sheet Highlights
As of the end of Q3 2023, EOG Resources Inc (NYSE:EOG) had cash and cash equivalents of $5.33 billion, up from $4.76 billion at the end of Q2 2023 and $5.02 billion at the end of Q1 2023. The company's total assets stood at $43.65 billion at the end of Q3 2023, up from $41.49 billion at the end of Q2 2023 and $41.03 billion at the end of Q1 2023.
Cash Flow Statements
EOG Resources Inc (NYSE:EOG) reported net cash provided by operating activities of $2.70 billion in Q3 2023, up from $2.28 billion in Q2 2023 and $3.26 billion in Q1 2023. The company used $1.53 billion in investing activities in Q3 2023, compared to $1.74 billion in Q2 2023 and $1.57 billion in Q1 2023. Financing activities used $610 million in Q3 2023, down from $789 million in Q2 2023 and $2.64 billion in Q1 2023.
Outlook
EOG Resources Inc (NYSE:EOG) has demonstrated a strong financial performance in Q3 2023, with significant increases in net income and operating revenues. The company's solid balance sheet and positive cash flow from operating activities provide a strong foundation for future growth. Investors and stakeholders are encouraged to monitor EOG's performance in the coming quarters to assess the company's ongoing financial health and growth potential.
Explore the complete 8-K earnings release (here) from EOG Resources Inc for further details.
This article first appeared on GuruFocus.
