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EOG Resources zinc Quarter 1 Earnings

The Shares of EOG Resources Inc. advanced 3.16% to $75.97 Monday. The company plans to report its quarter 1 earnings on May 6. In the last quarter, the company reported adjusted earnings per share of 71 cents, beating the Zacks Consensus Estimate of 38 cents due to a decline in lease and well expenses, partially offset by lower oil equivalent production volumes.

EOG Resources Inc beat estimates twice in the last four quarters and missed on the other two occasions, delivering an average earnings surprise of 41.7%. The Zacks Consensus Estimate for the company’s first-quarter earnings per share of $1.50 has witnessed eight upward estimate revisions and one downward movement in the past 30 days. This estimate is indicative of a 172.7% increase from the year-ago reported figure.

The Zacks Consensus Estimate for its first-quarter revenues is pegged at $3.7 billion, suggesting a decrease of 22.4% from the year-ago figure.EOG Resources Inc focuses on the exploration and production of oil and gas resources in the Permian, Bakken and Eagle Ford is expected to reflect on first-quarter results. The economic slowdown caused by the coronavirus pandemic might have affected its production volumes.

The Estimate of average daily production volumes is pegged at 786 thousand barrels of oil equivalent per day which is indicating a significant decrease from the year-ago period’s 874.1 MBoe/d. The Estimate for average crude oil and condensates price is pegged at $55 per barrel, which indicates a crucial growth from the year-ago period’s $46.96. The same for first-quarter standard natural gas liquids price is pegged at $25.14 per barrel, signaling a rise from the year-ago figure of $10.94. The estimate for the average natural gas price is $5.15 per thousand cubic feet, indicating an increase from $1.67 in the year-ago quarter.

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