EOG Resources, Inc. (EOG) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $28.52 million, or $ 0.05 a share in the quarter, against a net loss of $471.78 million, or $0.86 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $89.40 million, or $0.15 a share compared with a net loss of $455.42 million, or $0.83 a share in the last year period.
Revenue during the quarter surged 92.75 percent to $2,610.56 million from $1,354.35 million in the previous year period. Operating margin for the quarter period stood at positive 4.13 percent as compared to a negative 47.12 percent for the previous year period.
Operating income for the quarter was $107.75 million, compared with an operating loss of $638.14 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1,133.66 million compared with $391.11 million in the prior year period. At the same time, adjusted EBITDA margin improved 1455 basis points in the quarter to 43.43 percent from 28.88 percent in the last year period.
"EOG continues to lead the industry in well productivity, with record-setting well performance driving company record crude oil volumes," said William R. "Bill" Thomas, chairman and chief executive officer. "During the first quarter 2017, we increased our premium inventory by 1,200 net well locations and 1.4 BnBoe of premium net resource potential, which is approximately 2.5 times the number of wells we expect to complete during all of 2017. EOG remains committed to creating significant shareholder value through low-cost, high-return growth and organic resource expansion."
Operating cash flow improves significantly
EOG Resources, Inc. has generated cash of $898.05 million from operating activities during the quarter, up 207.98 percent or $606.46 million, when compared with the last year period. The company has spent $836.43 million cash to meet investing activities during the quarter as against cash outgo of $568.75 million in the last year period. It has incurred capital expenditure of $899.75 million on net basis during the quarter, up 58.82 percent or $333.23 million from year ago period.
The company has spent $114.60 million cash to carry out financing activities during the quarter as against cash inflow of $226.06 million in the last year period.
Cash and cash equivalents stood at $1,546.57 million as on Mar. 31, 2017, up 131.36 percent or $878.08 million from $668.48 million on Mar. 31, 2016.
Working capital increases sharply
EOG Resources, Inc. has recorded an increase in the working capital over the last year. It stood at $1,362.07 million as at Mar. 31, 2017, up 66.54 percent or $544.23 million from $817.84 million on Mar. 31, 2016. Current ratio was at 1.67 as on Mar. 31, 2017, up from 1.53 on Mar. 31, 2016.
Days sales outstanding went down to 39 days for the quarter compared with 60 days for the same period last year.
Debt remains almost stable
Total debt of EOG Resources, Inc. remained almost stable for the quarter at $6,986.59 million, when compared with the last year period. Total debt was 23.92 percent of total assets as on Mar. 31, 2017, compared with 26.52 percent on Mar. 31, 2016. Debt to equity ratio was at 0.50 as on Mar. 31, 2017, down from 0.56 as on Mar. 31, 2016.
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