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U.S. energy giant EOG Resources loses 293 mln USD in Q2

Xinhua, August 5, 2016 Adjust font size:

EOG Resources, one of the largest independent oil and gas companies in the United States, reported on Thursday a loss of 293 million U.S. dollars for the second quarter of this year after earning 5.3 million dollars during the same period last year.

The Houston-based company, successor to Enron Oil & Gas Company, said in a statement that its revenue fell by 28 percent to 1.8 billion dollars in the second quarter of the year. The company reduced its expenses by 15 percent to 2.1 billion dollars.

In the second quarter of this year, the company pumped 50 million barrels of oil equivalent per day, 2 percent less than it did in the same period last year.

During the first six months of this year, the company lost 764 million dollars, almost 600 million dollars more than during the same period last year. The company also slashed its expenses by 18 percent to 4.1 billion dollars over the period, but its revenue dropped by 35 percent to 3.3 billion dollars.

During the first half of the year, the company's production plunged by 4 percent to 100 million barrels of oil equivalent per day. Endi