Oil and gas exploration company EOG Resources Inc. said Thursday its first-quarter earnings rose 11 percent and beat Wall Street's expectations, as surging production was countered by a loss related to commodity values.
The company earned $240.5 million, or 96 cents per share, compared with a year-ago profit of $216.8 million, or 88 cents per share. Adjusted to exclude one-time gains and losses, earnings were $473 million, or $1.89 per share.
Analysts expected a profit of $1.65 per share on revenue of $1.35 billion, according to a poll by Thomson Financial. Those estimates typically exclude one-time items.
The 2008 period included a mark-to market loss of $302.3 million, or $1.21 per share, related to financial commodity deals. When a company marks to market, it adjusts the value of assets on its books to reflect current market conditions.
The period also included an asset sale gain of $84.7 million, or 34 cents per share.
Revenue jumped 26 percent to $1.1 billion, from $871.2 million a year earlier.
The company said domestic natural-gas production rose 19 percent. Total volume, which includes crude oil, condensate and natural gas liquids, rose 38 percent over the same period a year ago.
Shares fell $1.10 to $125.75 in aftermarket trading. Shares closed down $3.62, or 2.8 percent, to $126.75 during the regular session.
(This version CORRECTS adjusted earnings figure in the second paragraph and recasts the story to indicate the company topped analyst expectations for adjusted earnings.)
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