EOG Resources, Inc. reported first quarter 2011 net income of $134.0 million, or $0.52 per share. This compares to first quarter 2010 net income of $118.0 million, or $0.46 per share.
Consistent with some analysts’ practice of matching cash flow realizations to settlement months, and making certain other adjustments in order to exclude one-time items, adjusted non-GAAP net income for the quarter was $177.0 million, or $0.68 per share. Adjusted non-GAAP net income for the first quarter 2010 was $117.8 million, or $0.46 per share. The results for the first quarter 2011 included a $30.3 million, net of tax ($0.12 per share) impairment of certain non-core United States natural gas assets, gains on property dispositions, net of tax, of $45.9 million ($0.18 per share) and a previously disclosed non-cash net loss of $66.7 million ($42.7 million after tax, or $0.16 per share) on the mark-to-market of financial commodity contracts. During the quarter, the net cash inflow related to financial commodity contracts was $24.9 million ($15.9 million after tax, or $0.06 per share). (Please refer to the attached tables for the reconciliation of adjusted non-GAAP net income to GAAP net income.)
“ EOG’s strategic shift to a product mix more heavily weighted to crude oil and natural gas liquids is paying off ,” said Mark G. Papa, Chairman and Chief Executive Officer. “ During the first quarter, EOG benefited from producing greater liquids volumes and rising crude oil prices .”
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Source: EOG Resources, May 6, 2011;