EOG Resources Posts Higher Profit and Revenue

crude-oil-pump_620x412Wall Street Journal

By Josh Beckerman

EOG Resources Inc. ’s third-quarter earnings more than doubled as the natural-gas and oil producer benefited from higher production.

After an “excellent” quarter that included a 17% increase in total production, EOG increased its full-year production growth target to 16.5% from 14% as well productivity improves.

EOG said its South Texas Eagle Ford, North Dakota Bakken and Delaware Basin operations led crude oil production growth.

The company said that “despite the , because of our premier acreage positions and zealous approach to improving completion methods, EOG is positioned to realize ongoing excellent returns in our top plays.”

EOG Resources reported net income of $1.1 billion, or $2.01 a share, up from $462.5 million, or 85 cents a share, a year earlier. Excluding mark-to-market impacts on commodity derivatives contracts and other items, per-share earnings rose to $1.31 a share from $1.16 a year earlier.

Read full article

Comments are closed.