Weakened commodity prices and lower production volumes dragged EOG Resources Inc. into the red in the second quarter, as the super independent pulled back on drilling and slashed capital expenditures (capex) in response to the demand destruction created by the coronavirus pandemic.

The Houston-based company, which works in the Lower 48, Trinidad and China, said second quarter revenue plunged more than 80% from a year earlier to $1.1 billion. The company is a major onshore producer across multiple basins in the Lower 48, including the Denver-Julesburg and Permian basins, as well as the Eagle Ford Shale.

EOG began shutting in U.S. oil production in March. Total production was 623,400 boe/d, down from 812,800 boe/d a year earlier. Crude oil volumes fell 27%, while natural gas...