EOG Resources cut losses in the third quarter, like many other E&P companies. The oil exploration firm also said that it was doubling the amount of oil and gas it thought it could recover from the Permian Basin.
EOG reported a third quarter net loss of $190 million, or 35 cents per share, $3.9 billion better than its performance over the same period last year. In the third quarter of 2015, EOG posted a net loss of $4.1 billion, or $7.47 per share. Revenues dipped by 2 percent to $2.2 billion over the third quarter last year. Expenses were decreased by more than $6 billion, to $2.3 billion. The decrease in income last quarter came from the continuing fall in crude oil and natural gas prices despite “significant well productivity improvements and lease and well cost reductions.”