EOG soars on crude output

Kathrine Schmidt

06 August 2013 22:18 GMT

EOG Resources on Tuesday disclosed a steep increase in second-quarter profits and 35% production growth from the company's top position in premier US shale plays.

The Houston independent posted net income of $659.7 million in the three months to June compared with $395.8 million in the year-ago period.

Crude production was 214,000 barrels per day in the 2013 quarter, up from 158,700 per day in the 2012 timeframe.

"EOG has captured premier positions in key US onshore oil plays - the South Texas Eagle Ford, North Dakota Bakken and Delaware Basin, and we continue to enhance their profitability," executive chairman Mark Papa said.

"EOG's financial metrics reflect the superior quality of these assets, as well as our technical acumen in improving well completion design and our ongoing focus on reducing costs."

Revenue was $3.84 billion for the 2013 quarter, up from $2.9 billion in the year-ago period.

Expenses also grew to $2.7 billion from $2.12 billion.