August 1, 2019 / 9:13 PM / 4 months ago

EOG Resources profit rises 22% on higher production

Aug 1 (Reuters) - EOG Resources posted a 21.7% rise in second-quarter profit on Thursday, as the company’s higher production of oil and gas more than offset a fall in prices.

The Houston-based company said net income attributable to shareholders rose to $847.8 million, or $1.46 per share, in the quarter ended June 30, from $696.7 million, or $1.20 per share, a year earlier.

The income included a $138.4 million gain from derivate contracts, compared with a year-ago loss of $145 million from them.

Total production rose 16% to 812,800 barrels of oil equivalent per day.

Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli

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