11.11.2015, 00:05
EOG Resources Reports Third Quarter 2015 Results
OREANDA-NEWS. EOG Resources, Inc. reported a third quarter 2015 net loss of USD 4.1 billion, or USD 7.47 per share. This compares to third quarter 2014 net income of USD 1.1 billion, or USD 2.01 per share.
Adjusted non-GAAP net income for the third quarter 2015 was USD 13.5 million, or USD 0.02 per share, compared to the same prior year period adjusted non-GAAP net income of USD 720.6 million, or USD 1.31 per share.
Adjusted non-GAAP net income is calculated by matching realizations to settlement months and making certain other adjustments in order to exclude one-time items. (Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP measures.)
During the third quarter 2015, proved oil and gas properties and related assets were written down to their fair value resulting in non-cash impairment charges of USD 4.1 billion net of tax. The impairments were due to declines in commodity prices and were primarily related to legacy natural gas and marginal liquids assets.
Significant reductions in operating expenses were more than offset by lower commodity price realizations, resulting in decreases in adjusted non-GAAP net income, discretionary cash flow and adjusted EBITDAX during the third quarter 2015 compared to the third quarter 2014. (Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP measures.)
Adjusted non-GAAP net income for the third quarter 2015 was USD 13.5 million, or USD 0.02 per share, compared to the same prior year period adjusted non-GAAP net income of USD 720.6 million, or USD 1.31 per share.
Adjusted non-GAAP net income is calculated by matching realizations to settlement months and making certain other adjustments in order to exclude one-time items. (Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP measures.)
During the third quarter 2015, proved oil and gas properties and related assets were written down to their fair value resulting in non-cash impairment charges of USD 4.1 billion net of tax. The impairments were due to declines in commodity prices and were primarily related to legacy natural gas and marginal liquids assets.
Significant reductions in operating expenses were more than offset by lower commodity price realizations, resulting in decreases in adjusted non-GAAP net income, discretionary cash flow and adjusted EBITDAX during the third quarter 2015 compared to the third quarter 2014. (Please refer to the attached tables for the reconciliation of non-GAAP measures to GAAP measures.)
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