{"id":34911,"date":"2023-05-04T21:30:52","date_gmt":"2023-05-04T21:30:52","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/eog-coterra-beat-profit\/"},"modified":"2023-05-04T21:31:10","modified_gmt":"2023-05-04T21:31:10","slug":"eog-coterra-beat-profit","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/eog-coterra-beat-profit\/","title":{"rendered":"EOG, Coterra beat profit estimates on higher prices, oil demand"},"content":{"rendered":"<p>(Reuters) -U.S. shale producers EOG Resources Inc and Coterra Energy Inc beat first-quarter estimates on Thursday, joining their peers in benefiting from a sustained fuel demand and tight crude supplies.<\/p>\n<p>Shares of EOG rose 1% after the bell and Coterra added 3.5%.<\/p>\n<p>Benchmark Brent crude was still above levels that allow oil and gas producers to drill profitably even though it was nearly 20% lower than last year and averaged $81.24 a barrel in the first three months of 2023.<\/p>\n<p>Last year, crude prices touched multi-year highs after Russia&#8217;s invasion of Ukraine upended global energy markets.<\/p>\n<p>EOG&#8217;s average crude oil price fell about 20% in the quarter to $77.26 per barrel, but total volumes rose to 943,000 barrels of oil equivalent per day (boepd) from 883,300 boepd a year ago due to higher output from the South Texas gas play, Dorado.<\/p>\n<p>The shale producer forecast second-quarter total production between 939,500 boepd and 974,700 boepd. It also reiterated its 2023 capital budget between $5.8 billion and $6.2 billion, and production volume between 944,000 boepd and 1.03 million boepd.<\/p>\n<p>On an adjusted basis, the company earned $2.69 per share in the first quarter, while analysts on average had expected $2.48, according to Refinitiv data.<\/p>\n<p>Revenue jumped about 52% to $6 billion from a year ago and beat analysts&#8217; average estimate of $5.5 billion.<\/p>\n<p>Meanwhile, Coterra Energy earned 87 cents per share compared with expectations of 70 cents.<\/p>\n<p>Shale producers Marathon Oil Corp and APA Corp also posted market-beating profit on Wednesday, but APA said it will cut its annual budget by $100 million to curtail gas output.<\/p>\n<p> (Reporting by Arshreet Singh; Editing by Maju Samuel and Arun Koyyur)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/eog-coterra-beat-profit\/file-photo-the-logo-of-u-s-oil-and-gas-company\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ430V9-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ430V9-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) -U.S. shale producers EOG Resources Inc and Coterra Energy Inc beat first-quarter estimates on Thursday, joining their peers in benefiting from a sustained fuel demand and tight crude supplies. Shares of EOG rose 1% after the bell and Coterra added 3.5%. Benchmark Brent crude was still above levels that allow oil and gas producers [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":34912,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-34911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ430V9-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/34911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=34911"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/34911\/revisions"}],"predecessor-version":[{"id":34913,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/34911\/revisions\/34913"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/34912"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=34911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=34911"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=34911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}