EOG Maintains Full-year 2015 Capital Spending Guidance

(RTTNews) - EOG Resources, Inc. (EOG) said the company is maintaining its full-year 2015 capital spending guidance. U.S. crude oil production guidance increased due to strong well performance. Total company crude oil production guidance is slightly lower due to delays in the startup of the U.K. Conwy project.

In the third quarter 2015, the company's total crude oil and condensate production exceeded prior guidance due to improved well productivity. Total company production decreased 5 percent compared to the third quarter 2014 excluding production related to EOG's Canadian operations, which were divested in the fourth quarter 2014. Total capital expenditures decreased 36 percent compared to the same prior year period.

EOG increased its Delaware Basin net resource potential by 1.0 billion barrels of oil equivalent (BnBoe). The company said acquisitions and the updated resource potential bring EOG's total Delaware Basin net position to 2.35 BnBoe and 4,900 locations, providing decades of high return drilling potential.

The company said significant reductions in operating expenses were more than offset by lower commodity price realizations, resulting in decreases in adjusted non-GAAP net income, discretionary cash flow and adjusted EBITDAX during the third quarter 2015 compared to the third quarter 2014.