August 6, 2013 / 10:41 PM / 6 years ago

UPDATE 1-EOG quarterly earnings rise, crude output up 35 percent

Aug 6 (Reuters) - EOG Resources Inc on Tuesday reported a sharply higher second-quarter profit that surpassed Wall Street expectations, as the U.S. oil and gas company produced more crude oil at higher prices.

Shares of EOG, which also raised its 2013 crude oil production growth target to 35 percent from 28 percent, climbed 4 percent to $159.68 in after-hours trading.

EOG said net income for the quarter rose to $659.7 million, or $2.42 per share, from $395.8 million, or $1.47 per share, a year ago.

Adjusting for one-time items, EOG earned $2.10 per share. Analysts on average had expected $1.73 per share, according to Thomson Reuters I/B/E/S.

Total crude oil and condensate production rose 35 percent from a year earlier, helped by output from wells in the Eagle Ford Shale in south Texas and the Bakken formation in North Dakota, the Houston company said.

Because EOG’s wells are exceeding company expectations, it now expects overall production growth of 7.5 percent this year, up from its prior forecast for a increase of 4 percent.

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