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By Micah Maidenberg
EOG Resources Inc. (EOG) said profits surged in the third quarter to $1.19 billion, or $2.05 a share, as the oil producer benefited from higher prices and production. Profits in the year-ago period totaled about $101 million, or 17 cents a share.
Analysts surveyed by FactSet expected EOG to earn $1.46 a share. On a per-share adjusted basis, the company earned $1.75 compared to the estimate of $1.52 on FactSet.
Sales were up 81% to $4.78 billion compared to the third quarter in 2017. Analysts predicted $3.13 billion. Meanwhile, expenses grew at a slower place in the period, increasing 35% to $3.27 billion.
EOG said total crude oil production rose 27% to 415,000 barrels a day in the quarter. Average oil prices jumped 45% to $69.55.
The company said Thursday it believes its full-year crude oil production will grow 19%.
Write to Micah Maidenberg at email@example.com
(END) Dow Jones Newswires
November 01, 2018 17:04 ET (21:04 GMT)
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