November 5, 2012 / 11:06 PM / 7 years ago

UPDATE 1-EOG profit tops Street, output target raised

Nov 5 (Reuters) - EOG Resources Inc reported a better-than-expected quarterly profit on Monday as the U.S. exploration company sold more crude oil at higher prices.

Shares of EOG rose 1.3 percent to $118.40 in post-market trading.

EOG also raised its 2012 total production growth target to 10.6 percent from 9 percent, citing gains in crude oil and liquids output.

EOG has targeted oil reserves trapped in rock like shale in basins including the Eagle Ford and the Bakken in North Dakota. Oil production grew 45 percent in the quarter, the company said.

“With especially strong, consistent individual well results, EOG’s best plays have become even better,” said Mark Papa, EOG’s chairman and chief executive.

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.

Excluding items, EOG had a profit of $1.73 per share. Analysts on average had expected a profit of $1.12 per share, according to Thomson Reuters I/B/E/S.

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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