(RTTNews) - Thursday, EOG Resources, Inc. (EOG: News ) reported a huge decline in third quarter profit, impacted by lower oil prices which more than offset the rise in production volumes. Looking ahead, the company raised its full year production target.

The Houston, Texas-based based company's third-quarter net income available to common stockholders was $4.2 million or $0.02 per share, a huge decline from $1.56 billion or $6.20 per share in the year ago quarter. Results for the third quarter 2009 included $20.9 million net gain from financial commodity transactions.

On an adjusted basis, excluding commodity derivative contracts impact, adjusted non-GAAP net income available to common stockholders dropped to $203.9 million or $0.81 per share from $588.3 million or $2.34 per share in the year ago quarter.

Net operating revenues for the quarter were $1.01 billion, down from $3.26 billion for the same period last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share on revenues of $1.13 billion for the quarter. Analysts' estimates typically exclude special items.

In the sequentially preceding second quarter, the company had posted a net loss available to common stockholders of $16.71 million or $0.07 per share, compared to net income of $178.2 million or $0.71 per share in the same period last year. On a non-GAAP basis, adjusted net income available to common stockholders was $183.56 million or $0.73 per share, down from $631.72 million or $2.52 per share for the second quarter last year. Second quarter total net operating revenues declined to $861.04 million from $1.10 billion for the corresponding period last year.
For the quarter under review, the company's total production rose to 195.9 billion cubic feet equivalent from 189.1 billion cubic feet equivalent last year. Natural gas equivalent volumes for the third quarter totaled 2,128 million cubic feet equivalent per day, or MMcfed, up from 2,055 MMcfed for the year earlier period.

Natural gas volumes dropped to 1,628 million cubic feet per day, or MMcfd, from 1,679 MMcfd for the year-ago quarter. Composite average natural gas prices declined to $3.01 per million cubic feet, or Mcf, from $8.15 per Mcf for the prior year quarter.

Natural gas liquids volumes rose to 24.1 million barrels per day, or MBbld, from 14.3 MBbld in the year-ago quarter. Composite average natural liquids prices dropped to $31.14 per barrel, or Bbl, from $69.33 per Bbl for the same period a year-ago.

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