EOG Resources Q1 Profit Up 34%, Results Beat View; Lifts Production Outlook

(RTTNews) - Oil and gas company EOG Resources, Inc. (EOG) on Monday reported a 34 percent increase in profit for the first quarter from last year, reflecting strong revenue growth and higher production volumes.

Both revenue and adjusted earnings per share for the quarter beat analysts' estimates. Looking ahead, the company raised its production outlook for fiscal 2014.

The Houston, Texas-based company's net income for the first quarter was $660.93 million or $1.21 per share, up from $494.73 million or $0.91 per share in the same period last year.

Excluding items, adjusted earnings for the quarter was $767.69 million or $1.40 per share, compared to $489.86 million or $0.90 per share in the year-ago period. On average, 34 analysts polled by Thomson Reuters expected the company to earn $1.20 per share for the quarter. Analysts' estimates typically exclude special items.

Operating revenues for the quarter grew 21 percent to $4.08 billion from $3.36 billion in the same period last year. Analysts had a consensus revenue estimate of $3.79 billion.

Total crude oil and condensate production for the quarter increased 42 percent from the year-ago period to 266.5 thousand barrels per day or MBbld, with U.S. crude oil and condensate production increasing 45 percent. Average crude oil and condensate prices for the quarter were $100.25 per Bbl, down from $105.61 per Bbl in the same period last year.

The company's crude-oil equivalent volume production in the quarter were 50.7 MMBoe, up 18 percent from 42.8 MMBoe in the prior-year period.

Looking ahead to full-year 2014, EOG increased its crude oil and condensate production growth target to 29 percent from the previous forecast of 27 percent. The company also raised its total 2014 production growth target to 12 percent from the prior forecast for growth of 11.5 percent.

EOG closed Monday's trading at $99.25, up $2.19 or 2.26 percent on a volume of 4.77 million shares. In after-hours, the stock further gained $2.53 or 2.55 percent to $101.78.