Analyst Note
| Dave Meats, CFA |EOG delivered production of 802 mboe/d in the fourth quarter, which was 12% higher sequentially and 6% lower year over year (due to COVID-19 disruption during 2020). This was slightly above the midpoint of the previously guided range (781.5-817.2 mboe/d). But while volumes were as expected, operating expenses were substantially better--on a per barrel basis, cash operating costs were 11% below guidance. As a result, the firm’s financial results were well above Street estimates. Adjusted EBITDA and adjusted earnings per share were $1.5 billion and $0.71, respectively (Factset consensus forecasts were $1.3 billion and $0.36).