EOG Resources Inc. EOG reported first-quarter 2016 adjusted loss of 83 cents per share, narrower than the Zacks Consensus Estimate of loss of 87 cents. Substantial well productivity improvements and cost reductions supported the results.Notably, the company had posted adjusted earnings of 3 cents in the year-ago quarter. The company has slipped to loss in the reported quarter due to the persistent weakness in commodity prices.EOG Resources Inc. (EOG) EPS BNRI - Last 5 Quarters | FindTheCompanyTotal revenue in the quarter plunged nearly 42% year over year to $1,354.3 million. The top line also failed to meet the Zacks Consensus Estimate of $1,565 million.Operational PerformanceDuring the quarter, EOG Resources’ total volume decreased 5.8% from the year-earlier level to 50.0 million barrels of oil equivalent (MMBoe) or 549.9 thousand barrels of oil equivalent per day (MBoe/d).Crude oil and condensate production in the quarter totaled 267.9 thousand barrels per day (MBbl/d), down 10.6% from the prior-year level. Natural gas liquids (NGL) volumes inched up 2.4% from the year-ago quarter to 79.4 MBbl/d. On the other hand, natural gas volumes decreased to 1,215 million cubic feet per day (MMcf/d) from the year-earlier level of 1,273MMcf/d.Average price realization for crude oil and condensates decreased 34% year over year to $30.85 per barrel. Quarterly NGL prices fell more than 35% to $10.41 per barrel from $16.08 a year ago. Natural gas was sold at $1.50 per thousand cubic feet (Mcf), reflecting a year-over-year fall of over 40%.Liquidity PositionAt the end of the first quarter, EOG Resources had cash and cash equivalents of $668.5 million and long-term debt of $6,979.0 million. This represents a debt-to-capitalization ratio of 36%.During the quarter, the company generated approximately $398 million in discretionary cash flow compared with $1,099 million in the year-ago quarter.GuidanceEOG Resources’ second-quarter total production is expected between 259.3MBoe/d and 273.5MBoe/d, which includes 71–79 MBbls/d of NGL and 1,095–1,171 MMcf/d of gas. For the full year, EOG Resources expects total volume between 260.4 MBoe/d and 279.6 MBoe/d comprising NGL in the 72–80 MBbl/d range and natural gas in the 1,080–1,145 MMcf/d band.For the second quarter as well as full year, the company expects crude oil and condensate volumes in the range of 512.7–547.7 MBbls/d and 512.3–550.4 MBbls/d, respectively.The company expects its total capital expenditure budget between $2.4 billion and $2.6 billion for 2016.Zacks RankEOG currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the oil and gas sector such as ReneSola Ltd. SOL, Seadrill Partners LLC SDLP and Braskem S.A. BAK. All these sport a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BRASKEM SA (BAK): Free Stock Analysis Report EOG RES INC (EOG): Free Stock Analysis Report RENESOLA LT-ADR (SOL): Free Stock Analysis Report SEADRILL PTNRS (SDLP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research