Why EOG Resources Stock Is Tumbling Today
Shares of EOG Resources (NYSE: EOG) had slumped more than 10% by 10 a.m. EDT on Friday. Driving down the oil stock was its weaker-than-expected second-quarter results.
EOG Resources reported an adjusted loss of $0.23 per share for the second quarter, which missed analysts' expectations by $0.16 per share. The main culprit was a significant drop in oil production during the period. Because of that, EOG shut-in lower-margin wells and deferred completing new ones, causing its total output to decline by 23% during the period, with oil production slumping 27%.
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Source Fool.com
