EOG Resources Inc. (NYSE: EOG) on Jan. 28 said it anticipates a $132.1 million non-cash gain from oil and gas hedging contracts in the fourth quarter, according to a filing with the U.S. Securities and Exchange Commission.
The gain represents a reversal from the prior quarter when the shale producer booked a non-cash loss of roughly $52 million on its derivative contracts. That hit came as U.S. oil prices averaged $69.50 a barrel during the third quarter, about $10 above where EOG had hedged a portion of its production.
EOG will report its fourth-quarter results at the end of February.
Wall Street analysts anticipate EOG to report an adjusted per-share profit of $1.40 for the fourth quarter of 2018, down from $1.75 in the third quarter, according to data from Refinitiv. Last year, the company reported a fourth-quarter profit of 69 cents.
Recommended Reading
Belcher: Election Year LNG ‘Pause’ Will Have Huge Negative Impacts
2024-03-01 - The Biden administration’s decision to pause permitting of LNG projects has damaged the U.S.’ reputation in ways impossible to calculate.
Belcher: Our Leaders Should Embrace, Not Vilify, Certified Natural Gas
2024-03-18 - Recognition gained through gas certification verified by third-party auditors has led natural gas producers and midstream companies to voluntarily comply and often exceed compliance with regulatory requirements, including the EPA methane rule.
Exclusive: The Politics, Realities and Benefits of Natural Gas
2024-04-19 - Replacing just 5% of coal-fired power plants with U.S. LNG — even at average methane and greenhouse-gas emissions intensity — could reduce energy sector emissions by 30% globally, says Chris Treanor, PAGE Coalition executive director.
US EPA Expected to Drop Hydrogen from Power Plant Rule, Sources Say
2024-04-22 - The move reflects skepticism within the U.S. government that the technology will develop quickly enough to become a significant tool to decarbonize the electricity industry.
Vietnam Seeks Delicate Balance Among US, China, Russia
2024-02-08 - Ongoing U.S. tensions with China and Russia offer Vietnam an opportunity to boost economic ties with the former if American investors can steer past geopolitical smokescreens and destine funds for infrastructure, power and LNG projects all somewhat tied to Vietnam’s manufacturing sector.