EOG Resources Inc (NYSE:EOG) reported on the company’s latest quarter.
The end of fiscal 2016 was marked with fourth-quarter results that came in ahead of expectations. Revenue surged 30% year-over-year to $2.4 billion from $1.8 billion thanks to oil prices going up.
The energy company also unveiled that it posted a loss of $142.4 million, or 25 cents per share over the course of its last three months of the year. However, this loss was narrower than the $284.3 million loss, or 52 cents per share in the fourth quarter of 2015.
Over the course of the full fiscal year, EOG Resources managed to control its loss to $1.1 billion, or $1.98 a share. Over the same period the previous year, this figure came in at $4.5 billion, or $8.29 per share.
In addition to higher crude oil and natural gas prices, the company performed well thanks to more efficient operations. The company produced the same amount of oil and gas in 2015 and 2016, while also cutting exploration expenses by 42%.
Adjusted earnings for the quarter amounted to a loss of one cent per share, which was 14 cents narrower than the 15-cent loss that Wall Street was calling for. Revenue rose 33.7% year-over-year.
Several firms issued an upgrade on the stock, including BofA/Merrill as the company rated it a “Buy” back in an early-January note. However, the earnings beat was not enough to cause company shares to fall due to the overall loss.
EOG shares fell 2.4% Tuesday.