EOG Resources Now Set To Soar On Eagle Ford Shale

Sat, 05/19/2012 - 21:24 EDT - Seeking Alpha

By Income Hunter:EOG Resources (EOG) released its first quarter earnings on May 8, reporting earnings of $1.20 per share on net income of $324 million, beating analyst estimates of $1.16 per share. EOG attributed the strong earnings to improvements in well productivity and its "early-mover advantage in prolific new domestic crude oil shale plays", according to Mark G. Papa, Chairman and CEO of EOG. EOG raised its 2012 oil production growth target to 33% based on these results, from a previous guidance of 30% oil production growth for the year.EOG continues to decrease its production and reliance on natural gas in the face of unprofitably low domestic gas prices, with its gas production in the first quarter down 9% compared to the first quarter of 2011. This should be reassuring to investors as natural gas prices continue to show weakness, with spot prices at the Henry Hub 50% below year-ago levelsComplete Story »

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EOG Resources Now Set To Soar On Eagle Ford Shale

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