EOG reported 4Q17 oil production of -1% vs. high end of guidance and in-line with consensus, while adjusted EBITDA 9% above consensus. The stock consolidated today after disappointing production and capex guidance for 2018. However we think the thesis is intact, as Premium wells now represent the majority of completed wells, FCF outlook is positive even at $50/bbl, and dividend growth has been resumed. Price target under review. Continue reading “EOG reported good 4Q17 results, but 2018 capex higher than expected on lower production guidance”