Surplus cash for debt, dividends; FY capex held
A good start to 2018; adjusted CPS of $3.21 beat consensus of $2.87, thanks to higher oil realisations and a $0.21 tax receivable. Output of 660kboe/d (+16% YoY) was modestly ahead of consensus. No change to FY18 capex guidance ($5.4-$5.8bn), and a new ambition to grow dividends >19% pa and reduce debt by $3bn over the next four years. Buybacks, as ever, not a priority.EOG Resources, together with its subsidiaries, explores for, develops, produces and markets crude oil, natural gas liquids and natural gas primarily in main producing basins in the United States, The Republic of Trinidad and Tobago, The People's Republic of China, Canada and, from time to time, select other international areas.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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