Earnings reports from the second quarter of 2014 showed some companies can’t buy a break, even when they spend hundreds of millions of dollars on new assets.

Other acquisitions still need to pan out before judging whether buys were a smart move or the other kind.

Vanguard Natural Resources LLC (NASDAQ: VNR) reported EBITDA of $97.7 million for the quarter, falling short of Baird Energy Research’s $102.2 million estimate and consensus of $103.5 million due to worse price realizations, especially with NGL.

“VNR reported disappointing second-quarter 2014 results,” said Ethan Bellamy, senior analyst for Baird Energy Research.

VNR suspended capex spending for further drilling at Woodford due to the underperformance and more attractive options elsewhere in the portfolio.

VNR said Aug. 4 it would spend $278 million on the acquisition from Hunt Oil Co. for 23,000 net acres in North

Louisiana and East Texas that are currently producing 17.5 million cubic feet equivalent per day (MMcfe/d), 67% natural gas.

The transaction implies about $95,000 per flowing barrel, or $11.12 per barrel of oil equivalent of proved reserves.

“We revised our estimates for the acquisition and management's revised guidance and reduce our price target to $32,” Bellamy said. “We maintain our neutral rating and continue to wait for signs of a turnaround at Pinedale, which we expect in the third quarter of 2014.”

MEMP

Despite heavy spending, Memorial Production Partners LP (NASDAQ: MEMP) was unable to muster big time oomph. While average daily production rose 23% year-over-year to 195.7 MMcfe, the company reported second-quarter 2014 EBITDA of $73.8 million, roughly in line with consensus of $74 million.

Year-to-date, MEMP has completed $1.1 billion in acquisitions across three basins with total acquired reserves of 563 Bcfe, consisting of 74% oil, 24% NGL and 2% natural gas.

Still, Baird considered MEMP’s report “generally in line with second quarter results.”

Quicksilver

Quicksilver Resources Inc. (NYSE: KWK) had a solid quarter, in line with Global Hunter Securities LLC’s earnings projections, said Patrick Rigamer, senior analyst at the firm. But some concerns for the company remain.

While the company has made strides in resuming production growth and attacking its cost structure, debt remains high at $1.8 billion.

“A potential transaction in the Horn River is taking longer than all parties would like,” Rigamer said.

The company is now hunting accretive acquisitions in an effort to improve credit metrics.

“KWK is actively looking for bolt-on acquisitions within its core areas that carry a high [proved developed producing] PDP component,” Rigamer said.

Cash flows from such an acquisition would help to improve KWK's numbers. So far though, the company has struck out. Management indicated that it bid, but was unsuccessful, on a recently announced Barnett asset package that Pioneer Natural Resources Co. (NYSE: PXD) announced it would sell for $155 million to an undisclosed buyer.

Swift Energy

At Swift Energy Co., (NYSE: SFY) shares are shaky near term as its strategy remains in flux, said Dan Katzenberg, senior analyst at Oppenheimer & Co. Inc.

“Once a gas-to-liquids transition story, SFY is becoming increasingly focused on gas at infrastructure-constrained Fasken, weighing on margins and profitability,” he said. “Lack of a Central Louisiana divestiture to date and potential Eagle Ford acquisitions also increase funding uncertainty, which could be alleviated with equity.”

The company is outspending $100 million annually, also a concern given potential equity financing. Still, a deal could bring a fresh reset that enables analysts and the market to be more constructive.

Swift remains squarely focused on liquids production growth with its key asset in South Texas the primary driver; Southeast Louisiana and Austin Chalk drilling currently supplement Eagle Ford activity.

EOG

EOG Resources Inc. (NYSE: EOG) is one company that rated well among analysts without spending a dime for new assets.

Production climbed 3% better than above high-end guidance, with crude in line with guidance and NGL and natural gas doing better.

Expectations on the company are so high, however, that the company’s stock might stay flat.

“We continue to believe that among large-caps, EOG has one of the deepest inventories with returns at or near the top and we continue to like shares longer term,” said David Tameron, senior analyst at Wells Fargo Securities LLC.

What separates EOG from much of the pack is that in the past five years, it has grown entirely through internally generated projects rather than through acquisitions.

“This has resulted in a much lower overall cost structure for the company, which showed up in industry leading returns,” Tameron said. “Given the potential of its promising portfolio, we view EOG as a compelling investment.”