Q1 net income surged more than fivefold to $2.02B, or $3.45/share, from $390M, or $0.67/share, in the year-earlier quarter, revenues jumped 52% Y/Y to $6.04B, and cash flow from operations nearly quadrupled to $3.25B.
EOG (EOG) said its Q1 average crude oil price fell ~20% to $77.26/bbl and its average natural gas liquids price plunged 35% to $25.67/bbl, but total volumes rose 7% to 943K boe/day from 883K boe/day a year ago.
Q1 oil production of 457.7K bbl/day was above the midpoint of guidance and down 2% from Q4, reflecting a planned change in activity mix, while natural gas liquids production increased 12% Q/Q due to increased ethane extraction, and natural gas output rose 7% Q/Q, primarily driven by production from South Texas Dorado.
EOG (EOG) said it expects total production of 939.5K-974.7K boe/day for Q2 and 944K-1.03M boe/day for the full year, with FY 2023 capital budget at $5.8B-$6.2B.
The company said it repurchased 2.9M shares for $310M during the quarter under its stock buyback authorization.
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