**EOG Resources Ramps Up Prospects After Strong Second Quarter**
In a demonstration of its operational prowess, EOG Resources has boosted its full-year production and free cash flow projections in response to its impressive second-quarter performance. The Houston-based oil and gas behemoth has increased its total volume target by 11,800 barrels of oil equivalent per day (boe/d), a modest yet significant uplift of approximately 1% from the midpoint of its initial guidance.
### Operational Highlights
During the second quarter, EOG’s operations in the Delaware basin and South Texas stood out, delivering average oil production of 490,700 barrels per day (blpd) and a combined volume of nearly 1.05 million boe/d. These numbers are expected to grow slightly in the third quarter, hitting midpoints of around 491,500 blpd and 1.06 million boe/d, respectively. This upward revision reflects a 9% increase from management’s initial forecast at the start of the year.
### Financial Performance
EOG’s financials mirrored its operational success. For the three months ended June 30, the company reported net income of $1.69 billion, a 9% increase from the same period last year. Total revenues rose to $6.03 billion from $5.57 billion in Q2 2023, bolstered by robust earnings-per-share (EPS) of $3.16, which surpassed Zacks consensus estimates of $2.98. Operating profits climbed to $2.13 billion in Q2 2024, compared to $1.97 billion in Q2 2023.
### Capital Expenditures and Cash Flows
The company’s commitment to efficient capital spending has been pivotal in enhancing its free cash flow. EOG’s capital expenditure budget for 2024 remains steady at between $6 billion and $6.4 billion, with approximately $1.5 to $