EOG Barely Misses Wall Street Target for Adjusted Profit

   By Micah Maidenberg

EOG Resources Inc. (EOG) said profit increased in the second quarter.

The Houston-based oil and natural gas producer said earnings rose to $847.8 million, or $1.46 a share, up from $696.7 million, or $1.20 a share, a year earlier.

After adjustments, EOG reported a profit of $1.31 a share. Analysts expected $1.32 a share in adjusted profit, according to FactSet.

EOG also said Thursday that sales rose 11% from the year earlier to $4.69 billion. That was more than the $4.43 billion in sales analysts were targeting.

The company said its oil volumes grew 18 percent from the second quarter last year to 455,700 barrels of oil a day in the latest period. EOG said it benefited from lower transportation expenses and lease and well costs.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

August 01, 2019 17:20 ET (21:20 GMT)

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