EOG Resources Q2 Net Income Declines - Quick Facts

(RTTNews) - EOG Resources, Inc. (EOG) reported second quarter 2015 net income of $5.3 million, or $0.01 per share compared $706.4 million, or $1.29 per share, prior year. Adjusted non-GAAP net income for the second quarter 2015 was $153.1 million, or $0.28 per share.

The company said higher cash settlements from commodity derivative contracts and lower operating expenses were offset by lower commodity price realizations, resulting in decreases in adjusted non-GAAP net income, discretionary cash flow and EBITDAX during the second quarter 2015.

On average, 37 analysts polled by Thomson Reuters expected the company to report profit per share of $0.10 for the quarter. Analysts' estimates typically exclude special items.

Revenue decreased to $2.47 billion from $4.19 billion last year. Analysts expected revenue of $2.55 billion for the quarter.

In the second quarter 2015, total crude oil and condensate production increased by one percent compared to the second quarter 2014, excluding production related to EOG's Canadian operations which were divested in December 2014. On the same basis, overall total company production decreased three percent compared to the same prior year period. EOG maintained its full year 2015 oil production guidance.