EOG quarterly profit down but output target raised

Mon Nov 5, 2012 5:29pm EST

Nov 5 (Reuters) - EOG Resources Inc reported a drop in quarterly earnings as lower natural gas prices hit results, but the U.S. exploration and production company raised its 2012 production target as it pumped more crude oil.

The Houston-based company reported third-quarter net income of $356 million, or $1.31 per share, down from $541 million, or $2.01 per share a year earlier.

EOG says it now expects oil and gas output to grow 10.6 percent in 2012, up from a prior forecast for growth of 9 percent.

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