EOG Resources Inc. (EOG) on Tuesday reported a profit for the first quarter that more than doubled from last year on higher output of oil and natural gas liquids in addition to higher oil prices. These helped offset lower output and prices for natural gas. Both revenue and adjusted earnings beat analysts' estimates.
Looking ahead to fiscal 2012, EOG raised its outlook for total production as well as liquids production.
The Houston, Texas-based oil and gas company's total crude oil and condensate production for the quarter surged 49 percent from last year to 140.8 thousand barrels per day, or MBbld.
U.S. crude oil and condensate production in the quarter grew 61 percent, driven by strong operational results from EOG's big four crude oil and liquids plays - the South Texas Eagle Ford, the North Dakota Bakken, the Fort Worth Barnett Combo and the Permian Basin Wolfcamp and Leonard.
However, EOG's North American natural gas production declined by 9 percent compared to the year-ago period, which the company noted was consistent with its previously-announced projections and "pessimistic short-term view" of the current natural gas price environment.
Total company natural gas liquids production rose 44 percent from last year due to liquids-rich natural gas from these same four plays in which EOG holds premier acreage positions.
Combined, EOG's total company liquids production from crude oil, condensate and natural gas liquids increased 48 percent over the year-ago period.
EOG's first-quarter net income was $324.01 million or $1.20 per share, up from $133.97 million or $0.52 per share in the year-ago period.
Adjusted net income for the quarter soared to $317.46 million or $1.17 per share from $177.01 million or $0.68 per share in the prior-year quarter.
On average, 29 analysts polled by Thomson Reuters expected the company to earn $1.16 per share for the quarter. Analysts' estimates typically exclude special items.
Total operating revenues for the quarter grew 48 percent to $2.81 billion from $1.90 billion in the prior-year quarter and beat analysts' consensus estimate of $2.36 billion.
Looking ahead to fiscal 2012, EOG now forecasts total company production growth of 7 percent and total liquids production growth of 33 percent. Previously, the company projected total company production growth of 5.5 percent and total liquids production growth of 30 percent.
EOG closed Tuesday's trading at $103.99, down $0.78 or 0.74 percent on a volume of 2.18 million shares. In after-hours, the stock further declined $1.61 or 1.55 percent to $102.38.
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