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EOG Resources, Inc. EOG reported first-quarter 2025 adjusted earnings per share of $2.87, which beat the Zacks Consensus Estimate of $2.74. The earnings also increased from the year-ago quarter’s $2.82. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)
Total quarterly revenues of $5.67 billion missed the Zacks Consensus Estimate of $5.83 billion. The top line declined from $6.12 billion in the prior-year quarter.
The strong quarterly earnings were driven by higher oil-equivalent production volumes and lower total operating expenses.
EOG Resources, Inc. Price, Consensus and EPS Surprise
EOG Resources, Inc. price-consensus-eps-surprise-chart | EOG Resources, Inc. Quote
EOG’s Operational Performance
In the quarter under review, total volumes increased 4.8% year over year to 98.1 million barrels of oil equivalent (MMBoe) on higher contributions from its multi-basin portfolio. This was above the mid-point of the company’s first-quarter 2025 guidance of 96.9 MMBoe. Our estimate for the same was pinned at 97.4 MMBoe.
Crude oil and condensate production totaled 502.1 thousand barrels per day (MBbls/d), up almost 3% from the year-ago quarter’s level. The figure beat our estimate of 497.3 MBbls/d.
NGL volumes increased 4.3% year over year to 241.7 MBbls/d. The figure lagged our estimate of 243.2 MBbls/d.
Natural gas volume rose to 2,080 million cubic feet per day (MMcf/d) from the year-earlier quarter’s 1,858 MMcf/d. The reported figure also beat our estimate of 2,047.9 MMcf/d.
The average price realization for the company’s crude oil and condensates decreased 7.1% year over year to $72.87 per barrel.
Natural gas was sold at $3.41 per Mcf, reflecting a year-over-year improvement of almost 51%. Quarterly NGL prices increased to $26.29 per barrel from $24.32 in the previous year.
Operating Cost of EOG
In the first quarter, lease and well expenses increased to $401 million from $396 million a year ago.
The company reported gathering, processing and transportation costs of $440 million, higher than the year-ago quarter’s $413 million. The figure was lower than our estimate of $466 million.
Exploration costs decreased from $45 million a year ago to $41 million. As such, total operating expenses were $3.81 billion, lower than $3.85 billion recorded a year ago.
Liquidity Position & Capital Expenditure of EOG
As of March 31, 2025, EOG Resources had cash and cash equivalents worth $6.6 billion and long-term debt of $3.5 billion. The current portion of the long-term debt totaled $1.3 billion.
In the reported quarter, the company generated $1.33 billion in free cash flow. Capital expenditure amounted to $1.48 billion.