EOG Profit Doubles on Low-Cost Wells Amid Oil Collapse
This article is for subscribers only.
EOG Resources Inc., the biggest oil producer in the continental U.S., said third-quarter profit more than doubled as surging output from its low-cost wells made up for a decline in crude prices.
Net income climbed to $1.1 billion, or $2.01 a share, from $462.5 million, or 85 cents, a year earlier, the Houston-based company said in a statement. Excluding one-time items such as a $469 million gain on hedging contracts, per-share profit was 1 cent higher than the $1.30 average of 34 analysts’ estimates compiled by Bloomberg.