Oil and Gas company EOG Resources, Inc. (EOG) reported Monday a profit for the first quarter that increased from last year, reflecting strong double-digit revenue growth amid higher production volumes. Both adjusted earnings per share and quarterly revenues significantly topped analysts' expectations. The company also provided production guidance for the second quarter and full-year 2013.
"During the first quarter, EOG met its goal of again delivering strong financial performance and highly competitive overall returns. Our first quarter results clearly demonstrate EOG's ability to consistently execute a highly efficient crude oil drilling program while simultaneously trimming costs and continually making better wells," Chairman and CEO Mark Papa said in a statement.
The Houston, Texas-based company reported net income of $494.73 million or $1.82 per share for the first quarter, higher than $324.01 million or $1.20 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter was $489.9 million or $1.80 per share, compared to $317.5 million or $1.17 per share in the year-ago quarter.
On average, 32 analysts polled by Thomson Reuters expected the company to report earnings of $1.17 per share for the quarter. Analysts' estimates typically exclude one-time gains or losses.
Net operating revenues for the quarter grew to $3.36 billion from $2.81 billion in the same quarter last year, and topped thirteen Wall Street analysts' consensus estimate of $3.04 billion.
Total crude oil production for the quarter increased 33 percent to 187.3 thousand barrels per day or Mbbld, from last year, with U.S. crude oil production increasing 36 percent, and Eagle Ford production surpassing targets.
Looking ahead, the company projects total crude oil production in a range of 192.3 to 208.8 MBbld for the second quarter, and between 193.0 and 211.2 MBbld for fiscal 2013.
The company noted that EOG expects to achieve a very positive overall total company production growth profile, while maintaining a strong balance sheet.
"To further fuel EOG's momentum, we are channeling as much capital as possible into our high rate-of-return oil plays this year," Papa added.
EOG closed Monday's regular trading session at $126.04, up $2.06 or 1.66% on a volume of 2.80 million shares. The stock gained a further $4.56 or 3.62% in after-hours trading.
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