EOG reports 2Q net income of $848 million

EOG Resources Inc. reported second-quarter net income of $848 million compared with second-quarter 2018 net income of $697 million. Net cash provided by operating activities for the quarter was $2.7 billion.

EOG Resources Inc. reported second-quarter net income of $848 million compared with second-quarter 2018 net income of $697 million. Net cash provided by operating activities for the quarter was $2.7 billion.

Adjusted non-GAAP net income for this year’s second quarter was $762 million compared with adjusted non-GAAP net income of $795 million for the same prior-year period.

Second-quarter crude oil volumes increased 18% year-over-year to 455,700 boe/d. Compared with second-quarter 2018, natural gas liquids production increased 16%, while natural gas volumes rose 10%, contributing to total company production growth of 16%.

Cash operating costs declined 7% during the quarter on a per-unit basis compared with the same prior-year period. Lower transportation and lease and well costs contributed to the overall cost reduction.

EOG generated $2.1 billion of discretionary cash flow in the second quarter and incurred total expenditures of $1.7 billion, including $1.6 billion of cash capital expenditures before acquisitions. After considering dividend payments of $127 million, the company generated free cash flow of $352 million during the quarter.

At June 30, EOG’s total debt outstanding was $5.2 billion for a debt-to-total capitalization ratio of 20%. Considering cash on the balance sheet at the end of the second quarter, EOG’s net debt was $4 billion for a net debt-to-total capitalization ratio of 16%, down from 24% at the end of the same prior year period.

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