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UPDATE 1-EOG Resources quarterly profit, production up
May 5, 2014 / 10:56 PM / 3 years ago

UPDATE 1-EOG Resources quarterly profit, production up

(Adds analyst forecast, share price, production outlook)

HOUSTON, May 5 (Reuters) - EOG Resources Inc on Monday reported a 34 percent increase in quarterly profit that topped Wall Street expectations as the oil and gas company pumped higher volumes of crude from shale fields in Texas and North Dakota.

Shares rose 2 percent after the close of regular trading.

Profit in the first quarter at the Houston-based company was $661 million, or $1.21 per share, up from $495 million, or 91 cents per share, in the same quarter a year earlier.

Adjusting for a loss related to hedging and other items, EOG had a profit of $1.40 per share. Wall Street analysts on average had expected a per-share profit of $1.20, according to Thomson Reuters I/B/E/S.

Oil and gas output for the total company increased 18 percent. Crude oil and condensate production rose 42 percent.

EOG, which also plans to expand its drilling program in Colorado and Wyoming, said it now expects total production to increase 12 percent this year, up from a previous target of 11.5 percent.

Shares of EOG rose to $101.30 in post-market trading from a New York Stock Exchange close of $99.25. (Reporting by Anna Driver; Editing by David Gregorio and Eric Walsh)

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