EOG Resources: 4Q Earnings Snapshot
HOUSTON (AP) _ EOG Resources Inc. (EOG) on Thursday reported fourth-quarter profit of $337.5 million.
On a per-share basis, the Houston-based company said it had net income of 58 cents. Earnings, adjusted for asset impairment costs and non-recurring costs, came to 71 cents per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.
The oil and gas company posted revenue of $2.97 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $2.9 billion.
For the year, the company reported a loss of $604.6 million, or $1.04 per share, swinging to a loss in the period. Revenue was reported as $11.03 billion.
EOG Resources shares have increased 42% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 2%. In the final minutes of trading on Thursday, shares hit $70.59, an increase of slightly more than 5% in the last 12 months.