By Tess Stynes
EOG Resources Inc. (EOG) said its first-quarter earnings rose
34% as the natural-gas and oil producer benefited from higher
production.
The company, which has increased its focus on oil, raised its
2014 crude oil and condensate production growth target by two
percentage points to 29%. EOG also raised its total production
growth target for the year to 12%, up by half a percentage
point.
In the first quarter, EOG's total crude oil and condensate
production climbed 42%, including growth of 45% in the U.S. Overall
total company production increased 18%.
EOG Resources reported a profit of $660.9 million, or $1.21 a
share, up from $494.7 million, or 91 cents a share, a year earlier.
Excluding mark-to-market impacts on commodity derivatives
contracts, asset-sale impacts and other items, adjusted earnings
rose to $1.40 a share from 90 cents. Net operating revenue
increased 22% to $4.08 billion.
Analysts polled by Thomson Reuters expected per-share profit of
$1.20 and revenue of $3.79 billion.
Shares rose 2.3% to $101.55 in recent after-hours trading,
shortly after the financial results were released.
Write to Tess Stynes at tess.stynes@wsj.com
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