EOG Resources Q3 Profit Up 30%, Beats View; Lifts 2013 Production Outlook

(RTTNews) - Oil and gas company EOG Resources, Inc. (EOG) on Wednesday reported a 30 percent increase in profit for the third quarter on strong revenue growth and higher production volumes.

Adjusted earnings per share beat analysts' estimates, while revenues missed their estimates. Looking ahead, the company once again raised its production outlook for fiscal 2013.

The Houston, Texas-based company's net income for the third quarter was $462.50 million or $1.69 per share, up from $355.49 million or $1.31 per share in the same period last year.

Excluding items, adjusted earnings for the quarter was $634.31 million or $2.32 per share, compared to $468.67 million or $1.73 per share in the year-ago period. On average, 36 analysts polled by Thomson Reuters expected the company to earn $2.05 per share for the quarter. Analysts' estimates typically exclude special items.

Operating revenues for the quarter grew 20 percent to $3.54 billion from $2.95 billion last year. Analysts had a consensus revenue estimate of $3.75 billion.

Total crude oil production for the quarter increased 39 percent from the year-ago period to 235.0 thousand barrels per day or MBbld, with U.S. crude oil and condensate production increasing 41 percent. Average crude oil and condensate prices for the third quarter were $108.20 per Bbl, up from $97.13 in the same period last year.

Looking ahead to the fourth quarter, EOG projects total crude oil production in a range of 233.9 to 242.1 Mbbld.

For fiscal 2013, EOG raised its crude oil and condensate production target to 39 percent from 35 percent.

The company also raised its full-year outlook for total NGL production to increase 17 percent from the previous 14 percent target, while natural gas production is projected to decline 11 percent, compared to its previous forecast for a decline of 11.5 percent.

The company now forecasts full-year crude oil and condensate production of 217.1 to 220.3 Mbbld, up from the prior range of 208.0 to 219.6 Mbbld.

EOG closed Wednesday's trading at $176.64, down $3.09 or 1.72 percent on a volume of 2.33 million shares. However, in after-hours, the stock gained $0.06 or 0.03 percent to $176.70.