EOG Resources, Inc. (EOG) saw its loss narrow to $142.35 million, or $0.25 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $284.30 million, or $0.52 a share. On the other hand, adjusted net loss for the quarter narrowed to $6.69 million, or $0.01 a share from a loss of $149.51 million or $0.27 a share, a year ago.
Revenue during the quarter surged 33.69 percent to $2,402.04 million from $1,796.76 million in the previous year period. Gross margin for the quarter contracted 304 basis points over the previous year period to 87.60 percent. Operating margin for the quarter stood at negative 4.39 percent as compared to a negative 18.35 percent for the previous year period.
Operating loss for the quarter was $105.49 million, compared with an operating loss of $329.75 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1,038.84 million compared with $704.95 million in the prior year period. At the same time, adjusted EBITDA margin improved 401 basis points in the quarter to 43.25 percent from 39.23 percent in the last year period.
"EOG achieved near company-record returns on new capital in 2016 in spite of the lowest crude oil prices in 13 years," said William R. "Bill" Thomas, chairman and chief executive officer. "Through continued improvements in well productivity, cost reductions and expanded resource potential, EOG is positioned to excel as crude oil prices continue to recover. More than ever, EOG continues to lead the industry through its innovative technology and disciplined culture."
Operating cash flow drops significantly
EOG Resources, Inc. has generated cash of $2,359.06 million from operating activities during the year, down 34.38 percent or $1,236.10 million, when compared with the last year.
The company has spent $1,252.94 million cash to meet investing activities during the year as against cash outgo of $5,320.26 million in the last year. It has incurred net capital expenditure of $1,463.58 million on net basis during the year, down 69.64 percent or $3,356.78 million from year ago.
The company has spent $242.72 million cash to carry out financing activities during the year as against cash inflow of $370.92 million in the last year period.
Cash and cash equivalents stood at $1,599.90 million as on Dec. 31, 2016, up 122.67 percent or $881.39 million from $718.51 million on Dec. 31, 2015.
Working capital increases sharply
EOG Resources, Inc. has recorded an increase in the working capital over the last year. It stood at $1,527.31 million as at Dec. 31, 2016, up 97.59 percent or $754.36 million from $772.96 million on Dec. 31, 2015. Current ratio was at 1.75 as on Dec. 31, 2016, up from 1.42 on Dec. 31, 2015.
Debt moves up marginally
EOG Resources, Inc. has witnessed an increase in total debt over the last one year. It stood at $6,986.36 million as on Dec. 31, 2016, up 4.97 percent or $330.87 million from $6,655.49 million on Dec. 31, 2015. Total debt was 23.72 percent of total assets as on Dec. 31, 2016, compared with 24.67 percent on Dec. 31, 2015. Debt to equity ratio was at 0.50 as on Dec. 31, 2016, down from 0.51 as on Dec. 31, 2015.
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