EOG Resources Beats Big on the Bottom Line

Oil and gas producer EOG Resources (NYSE: EOG  ) reported third-quarter results today after the markets closed, showing that it posted net revenues of $3.54 billion, a robust 20% increase from the same period in the previous year, but below the $3.86 billion Capital IQ consensus estimate.

While adjusted net income came in at $634.3 million, or $2.32 per share, well ahead of the $468.7 million, or $1.73 per share, in the same period in 2012, it was also $0.27-per-share better than the CapIQ estimates of $2.05 per share.

EOG Resources says it benefited from increased production of its U.S. crude oil and condensate, which rose by 41%, and total company crude oil and condensate production, which was up 39% in the quarter.

The oil and gas producer beefed up its full year crude oil and condensate production growth target to 39% from 35%, the second time this year its done so, but analysts anticipate EOG Resources will post earnings of $2.06 per share in the fourth quarter on revenues of $4.66 billion.


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