By Maria Armental
EOG Resources Inc.'s (EOG) second-quarter earnings rose 7% as
the natural-gas and oil producer benefited from higher production
and prices.
EOG's crude-oil and condensate production increased 33% in the
U.S., driven by gains in the South Texas Eagle Ford and North
Dakota Bakken shales. Natural gas liquids production, meanwhile,
increased 22% from the year-ago period driven by the Eagle ford and
Permian Basin in the U.S.
EOG Resources reported net income of $706.4 million, or $1.29 a
share, up from $659.7 million, or $1.21 a share, a year earlier.
Excluding mark-to-market impacts on commodity derivatives contracts
and other items, per-share earnings rose to $1.45 a share from
$1.05 a year earlier.
Net operating revenue rose 9% to $4.19 billion.
Analysts surveyed by Thomson Reuters had forecast a profit of
$1.37 a share and $4.23 billion in revenue.
Total production rose 17%.
Shares edged up to $109 in recent after-hours trading. Through
Tuesday's closing, the company's stock was up 29% for the year.
Write to Maria Armental at maria.armental@wsj.com
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