EOG Resources Quarterly Results Beat Estimates

   By Waverly Colville

EOG Resources Inc. (EOG) reported a significant increase in net income in the second quarter on Thursday, and that revenue increased sharply.

Net income for the energy exploration company rose to $696.7 million, or $1.20 a share, compared with $23.1 million, or $0.04 a share, last year. Analysts polled by FactSet had expected earnings of $1.15 a share. Adjusted earnings of $1.37 a share came in ahead of analysts' expectations of $1.24 a share.

Net revenue jumped to $4.24 billion from $2.61 billion last year, beating analysts' estimates of $2.77 billion. The company reported a 15% year-over-year increase in crude oil production along with growth in the Delaware Basin, Eagle Ford and Powder River Basin.

Shares were down 1.1% in after-hours trading Thursday but have increased 16.7% year-to-date.

Write to Waverly Colville at waverly.colville@wsj.com

(END) Dow Jones Newswires

August 02, 2018 17:32 ET (21:32 GMT)

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