EOG Surpasses Profit, Revenue Expectations As Crude Prices Rise

Date : 11/01/2018 @ 5:19PM
Source : Dow Jones News
Stock : Eog Resources, Inc. (EOG)
Quote : 105.93  0.73 (0.69%) @ 3:14PM

EOG Surpasses Profit, Revenue Expectations As Crude Prices Rise

EOG (NYSE:EOG)
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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 micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

November 01, 2018 17:04 ET (21:04 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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