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![EOG RESOURCES INC [EOG] reports quarterly net loss of $1.8 billion](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FEOG.png&w=1200&q=75)
EOG RESOURCES INC [EOG] has reported a net loss of $1.8 billion for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $6.1 billion
Based in HOUSTON, Texas, EOG RESOURCES INC operates in the MINING sector.
In the first quarter of 2024, the company reported total operating revenues and other gains on asset dispositions, net amounting to $26 million, a decrease from $69 million in the same period of 2023. The total revenue for the current period was $6.12 billion, slightly higher than the $6.04 billion reported in the previous year.
Moving on to operating expenses, costs such as lease and well expenses, gathering, processing, and transportation costs, exploration costs, and impairments totaled $396 million, $413 million, $45 million, and $19 million respectively in the current quarter. Comparing these figures to the expenses in the first quarter of 2023, there has been a noticeable increase in most categories.
The company's operating income for the current reporting period was $2.27 billion, a decrease from $2.57 billion in the same period last year. Other income, net was recorded at $62 million, slightly lower than the $65 million reported in 2023. Income before interest expense and income taxes was $2.33 billion, down from $2.64 billion in the previous year.
After considering interest expenses and income tax provisions, the net income for the first quarter of 2024 was $1.79 billion, showing a decrease from $2.02 billion in the same period of 2023. The basic and diluted earnings per share were $3.11 and $3.10 respectively for the current quarter, compared to $3.46 and $3.45 in the prior year.
The average number of common shares outstanding for basic and diluted earnings per share calculations also decreased slightly in the current period compared to the same period last year.
In terms of comprehensive income, which includes net income and other comprehensive income components, the company reported a total of $1.79 billion for the first quarter of 2024, a decrease from $2.02 billion in the same period of 2023. Other comprehensive income mainly comprised foreign currency translation adjustments during the reporting periods.
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