{"id":4448,"date":"2023-05-05T04:47:09","date_gmt":"2023-05-05T08:47:09","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/eog-coterra-beat-profit-estimates-on-higher-prices-oil-demand\/"},"modified":"2023-05-05T04:47:09","modified_gmt":"2023-05-05T08:47:09","slug":"eog-coterra-beat-profit-estimates-on-higher-prices-oil-demand","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4448","title":{"rendered":"EOG, Coterra beat profit estimates on higher prices, oil demand"},"content":{"rendered":"
\n

(Reuters) -U.S. shale producers EOG Resources Inc (NYSE:) and Coterra Energy (NYSE:) Inc beat first-quarter estimates on Thursday, joining their peers in benefiting from a sustained fuel demand and tight crude supplies.<\/p>\n

Shares of EOG rose 1% after the bell and Coterra added 3.5%.<\/p>\n

Benchmark 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

Last year, crude prices touched multi-year highs after Russia’s invasion of Ukraine upended global energy markets.<\/p>\n

EOG’s average 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

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

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

Revenue jumped about 52% to $6 billion from a year ago and beat analysts’ average estimate of $5.5 billion.<\/p>\n

Meanwhile, Coterra Energy earned 87 cents per share compared with expectations of 70 cents.<\/p>\n

Shale producers Marathon Oil <\/span><\/span> Corp (NYSE:) 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<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) -U.S. shale producers EOG Resources Inc (NYSE:) and Coterra Energy (NYSE:) 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 was still above levels that allow oil and gas producers […]<\/p>\n","protected":false},"author":1,"featured_media":4449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-4448","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nEOG, Coterra beat profit estimates on higher prices, oil demand | iFintechWorld<\/title>\n<meta name=\"description\" content=\"(Reuters) -U.S. shale producers EOG Resources Inc (NYSE:) and Coterra Energy (NYSE:) Inc beat first-quarter estimates on Thursday, joining their peers in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=4448\" \/>\n<meta property=\"og:locale\" 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