EOG Resources Posts Loss as Revenue Falls 2.5%
November 03 2016 - 11:00PM
Dow Jones News
Shale driller EOG Resources Inc. reported another quarterly loss
but made progress in productivity and cost reductions.
EOG raised its 2016 capital spending guidance by $200 million to
the range of $2.6 billion to $2.8 billion, excluding
acquisitions.
Shares rose 1.75% in after-hours trading to $93.69.
In September, Houston-based EOG agreed to buy Yates Petroleum
Corp. for roughly $2.34 billion.
Over all, EOG posted a loss of $190 million, or 35 cents a
share, compared with a loss of $4.08 billion, or $7.47 a share, a
year earlier. The 2015 quarter included $4.1 billion of impairment
charges. Loss excluding items was 40 cents a share, compared with a
profit excluding items of 2 cents a share a year earlier.
Revenue fell 2.5% to $2.12 billion.
Analysts polled by Thomson Reuters expected a loss excluding
items of 31 cents a share on revenue of $1.92 billion.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
November 03, 2016 22:45 ET (02:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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