EOG Resources posted a net loss of $471.8 million
HOUSTON, May 5 (Reuters) – Oil producer EOG Resources Inc posted a smaller-than-expected quarterly loss on Thursday as it slashed costs in an attempt to offset the plunge in crude prices.
The company posted a net loss of $471.8 million, or 86 cents per share, compared with $169.7 million, or 31 cents per share, in the year-ago period.
Excluding hedging gains, employee severance charges and other one-time items, EOG lost 83 cents per share.
By that measure, analysts expected a loss of 84 cents per share, according to Thomson Reuters I/B/E/S.
Houston-based EOG cut its lease and well costs 29 percent during the quarter, and cut its exploration and production budget 61 percent, helping to offset a 34 percent drop in the price it received for its oil.
Production fell only 10 percent to 267,900 barrels of oil per day.
Executives said they hoped to continue the cost cuts and efficiency gains.
“EOG is steadily approaching its goal of becoming one of the lowest cost global oil producers,” Chief Executive Bill Thomas said in a statement.
Shares of EOG rose 2.4 percent on Thursday to close at $81.26. The company plans a conference call to discuss the quarterly results on Friday morning.
(Reporting by Ernest Scheyder; Editing by Diane Craft)