Nov. 02–Houston’sEOG Resources reported a $1.2 billion quarterly profit that’s well up from $100 million last year and even from the $700 million posted in the second quarter of 2018.
EOG’s revenues jumped more than 80 percent up to $4.78 billion compared to $2.64 billion during the third quarter a year ago. The Houston oil producer said its crude oil volumes set a company record of 415,000 barrels per day, up 27 percent from last year.
“These results demonstrate the value of EOG’s sustainable business model,” said Chief Executive Bill Thomas. “EOG is making significant progress lowering costs and improving well performance.”
The company said it raised its 2018 estimates on capital spending — up to $6 billion from a previous top end of $5.8 billion — to meet the costs of rising oilfield services contracts, but EOG also increased its oil production projections.
South Texas’Eagle Ford shale remains EOG’s top producing region, but the firm also is pursing growth in West Texas’ booming Permian Basin, Oklahoma, Colorado, North Dakota and Wyoming’s emerging Powder River Basin.
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