EOG Reports Loss on Impairment Charges
November 05 2015 - 6:30PM
Dow Jones News
EOG Resources Inc. swung to a third-quarter loss as revenue
plunged and the energy company booked more than $4 billion in
charges amid sharply lower commodity prices brought on by a global
supply glut.
Shares, down 6% this year, edged down 0.5% to $86 in after-hours
trading.
The Houston company, like most of its peers, is trying to adjust
operations as crude oil prices trade below $50 a barrel.
In the most recent period, EOG said production fell 5% from the
year earlier, adjusted for the sale of its Canadian operations,
while capital spending fell 36% from the year earlier.
EOG, spun off from the now defunct Enron Corp., has capped
capital spending for the year at $4.7 billion to $4.9 billion,
compared with the $8.3 billion it spent in 2014.
Overall, EOG reported a loss of $4.08 billion, or $7.47 a share,
compared with a profit of $1.10 billion, or $2.01 a share, a year
earlier. Excluding impairments and other items, EOG reported a
profit of two cents a share, down from $1.31 a share a year
earlier.
Revenue plunged by more than half to $2.17 billion.
Analysts surveyed by Thomson Reuters had projected a loss of 30
cents a share on $2.35 billion in revenue.
EOG carries $6.39 billion in debt and had $742.7 million of cash
as of Sept. 30.
Write to Maria Armental at maria.armental@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 05, 2015 18:15 ET (23:15 GMT)
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