May 6 (Reuters) - EOG Resources Inc reported a better-than-expected 53 percent increase in first-quarter earnings, as oil and gas output from the company’s wells in the Eagle Ford formation in Texas helped push production higher.
EOG, along with other U.S. energy companies, have increased investment in shale and other rock formations that bear oil in a time when natural gas prices remain relatively low.
EOG earned $495 million, or $1.82 per share, compared with $324 million, or $1.20 per share in the same period a year earlier.
Excluding one-time items, EOG earned $1.80 per share. That figure is well above the average Wall Street estimate of $1.17 per share, according to Thomson Reuters I/B/E/S.
Oil and gas output rose 6 percent to 475,000 barrels oil equivalent (boe) per day. Crude oil production rose 33 percent, the Houston company said.
Shares of EOG rose 3.3 percent to $130.25 in trading after the close of the New York Stock Exchange.