http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png 0 0 RSS FEED http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png RSS FEED2018-05-05 03:00:122018-05-05 03:00:12EOG’s Profit Surges On Production Growth, Lower Costs
EOG’s Profit Surges On Production Growth, Lower Costs
Lifted by rising oil prices Houston-based EOG Resources Inc. (NYSE: EOG) saw its first-quarter 2018 profit soar to $639.6 million, far above the $28.5 million earned a year ago, as its premium drilling strategy and technical advances grew production across its North American assets.
“The power of premium-only drilling strategy is reflected in our first-quarter performance,” EOG CEO Bill Thomas said May 4 on an earnings call. “We earned a company record direct after-tax rate of return of 150% on $1.5 billion in total investment capital,” he added, calling the feat “remarkable compared to any standard.”
Revenues for the independent E&P—which has assets in the Eagle Ford, Austin Chalk, Delaware, Woodford, Bakken and other Rockies plays in the U.S.—jumped about 41% to $3.68 billion. Production also rose by 15%, totaling about 59.4 MMboe.