EOG Resources Inc. (EOG) reported third-quarter net income available to common stockholders of $4.2 million or $0.02 per share, compared to net income of $1.56 billion or $6.20 per share in the year ago quarter. The results for the third quarter 2009 included a previously disclosed $20.9 million net gain on the mark-to-market of financial commodity transactions.
Adjusted non-GAAP net income available to common stockholders for the quarter was $203.9 million, or $0.81 per share, compared to $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 in the year ago quarter.
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.
EOG has increased its 2009 total company production growth target from 5.5 to 6 percent. For 2010, EOG has set a total company organic production growth target of 13 percent that includes total liquids production growth of 50 percent.
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