EOG Resources reports 17% production increase in Q2 2014

EOG Resources has reported Q2 2014 net income of US$ 706.4 million. This compares to Q2 2013 net income of US$ 659.7 million. Adjusted non-GAAP net income for the second quarter was US$ 796.0 million.

For the first half of 2014, EOG posted strong financial metrics driven by reinvestment of capital into high rate-of-return drilling opportunities.

Commenting on the results, EOR Chairman and CEO, William R. Thomas, said: “EOG’s bottom line is a reflection of our top quality drilling operations and return focused capital investments.

“Because EOG has demonstrated its ability to sustain crude oil growth and reinvest cash flows in high return assets, we’ve increased the common stock dividend for the second time this year, enhancing long-term value for our stockholders.”

Highlights

• In the US, crude oil and condensate production increased 33% compared to Q2 2013.
• Production gains from the South Texas Eagle Ford and North Dakota Bakken led EOG’s US crude oil production growth.
• Driven by the South Texas Eagle Ford and the Permian Basin, natural gas liquids (NGLs) production increased 22%, compared to the second quarter of 2013.
• Natural gas production slightly increased due to EOG’s Trinidad operations and strong associated gas production in the US.
• Overall, total company production increased 17%.

The full quarterly results presentation can be accessed on the EOG Resources website.

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/06082014/eog-resources-q2-2014-results-1213/