August 5, 2014 / 9:28 PM / in 3 years

UPDATE 1-EOG profit beats expectations on strong Texas production

(Adds earnings comparisons, stock)

Aug 5 (Reuters) - EOG Resources Inc posted a better-than-expected quarterly profit on Tuesday as oil production jumped at its shale holdings across Texas and North Dakota.

The company posted net income of $706.4 million, or $1.29 per share, compared with $659.7 million, or $1.21 per share, in the year-ago period.

Excluding a $229.3 million loss on natural gas and oil derivatives and other one-time items, EOG earned $1.45 per share during the quarter.

By that measure, analysts expected earnings of $1.37 per share, according to Thomson Reuters I/B/E/S.

The company said it sold 591,000 barrels of oil equivalent per day in the quarter, a 17 percent increase from the same period last year.

Much of the jump was in the company’s holdings in the Eagle Ford and Permian shale formations of Texas, as well as the Bakken shale formation of North Dakota.

EOG raised its quarterly dividend by 34 percent to 16.8 cents, payable Oct. 31 to shareholders of record by Oct. 17. (Reporting by Ernest Scheyder; Editing by Chris Reese and Andre Grenon)

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