EOG Resources (NYSE:EOG) fell after EOG Resources reported fourth-quarter per-share earnings, excluding items, that were short of analysts’ expectations, according to FactSet. The company beat on revenue, however.
EOG Resources post-market after reporting a narrow miss for its Q4 adjusted earnings and falling from Q3 levels, while raising its 2023 capital spending guidance well beyond 2022 results.
EOG's board declared a special dividend of $1.00/share, down from the $1.50 special payout distributed in December, and a regular quarterly dividend of $0.825/share.
Q4 net income increased to $2.27 billion, or $3.87/share, from $1.98 billion, or $3.39/share, but fell 20% from $2.85 billion, or $4.86/share, in Q3.
Q4 total revenues jumped 11% Y/Y to $6.72 billion from $6.04 billion in the year-ago quarter but slipped 11% from $7.59 billion in Q3; Q4 total expenditures rose to $1.53 billion from $1.41 billion in Q3 and $1.14 billion a year earlier.
Q4 production totaled 909.1K boe/day, up 5.3% Y/Y and down 1% Q/Q; crude oil volumes rose 3.3% Y/Y while staying roughly flat Q/Q at 465.6K bbl/day, and natural gas liquids output rose 20% Y/Y but fell 10%
Q/Q, primarily driven by changes in the amount of ethane extraction.
The company forecasts FY 2023 capital spending of $5.8B-$6.2 billion, compared with $4.6 billion for 2022.
EOG Resources shares have fallen 4% this year so far, but gained 13.5% during the past 12 months.
EOG shares let go of $6.90, or 5.8%, to $112.63.
