Post by : Bianca
Haleem
EOG Resources announced impressive third-quarter earnings on Thursday, successfully navigating lower oil prices due to significant production gains and boosted natural gas revenues.
The U.S.-based oil and gas producer reported an adjusted profit of $2.71 per share, outperforming market predictions of $2.43 as per LSEG data.
Although benchmark Brent crude prices dipped more than 13% compared to last year, EOG countered this decline by ramping up output from its shale operations. Production reached 1.3 million barrels of oil equivalent per day (boepd), a rise from 1.08 million boepd in the same quarter last year.
This increase can largely be attributed to the company's expansion efforts in the Utica and Marcellus regions, following a $5.6 billion acquisition of Encino Acquisition Partners earlier this year. EOG also highlighted solid performance from its operations in the Delaware Basin, Eagle Ford, and Utica shales, with its international ventures further contributing to growth.
Looking ahead, the Houston-based firm anticipates production between 1.35 million and 1.39 million boepd for the next quarter, with a full-year projection of 1.21 million to 1.23 million boepd.
Despite a 14.2% decline in the average realized oil price to $65.95 per barrel, natural gas prices increased by 36% to $2.80 per thousand cubic feet, helping to cushion the impact of lower crude prices.
EOG's consistent output growth and diversification through key shale regions solidify its standing as a resilient player in the competitive U.S. energy landscape, even during fluctuating oil markets.
English
