$EOG EOG Resources (NYSE:EOG) -4.6% after-hours despite reporting better than expected Q4 earnings and revenues, as expected 2018 production increases fail to keep pace with the rate of growth in planned capital spending.
EOG says crude oil and condensate volumes in the U.S. rose 20% in 2017 to 335K bbl/day, and targets 18% crude oil production growth and 16% total production growth for 2018.
However, EOG plans 2018 capex of $5.4B-$5.8B after spending $4.44B in 2017.
At year-end 2017, total company net proved reserves were 2.527B boe, up 18% Y/Y, with additions from all sources replacing 201% of 2017 production.
EOG also raises its quarterly cash dividend by 10.4% to $0.185/share.
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