EOG Resources beat analysts’ estimates for third-quarter profit on Thursday, as a rise in output helped the U.S. oil and gas producer offset a drop in crude prices.
The company received a production boost from its $5.6 billion deal for Encino Acquisition Partners, which helped expand EOG’s presence in the Utica and Marcellus region, one of the most prolific natural gas basins in the world.
Meanwhile, oil and gas production in the U.S. rose to record highs in August, data from the Energy Information Administration showed.
EOG said it produced 1.3 million barrels of oil equivalent per day, which rose from 1.08 million boepd a year earlier.
The Houston-based company posted an adjusted profit of $2.71 per share for the quarter ended September 30, compared with analysts’ average estimate of $2.43, according to data compiled by LSEG.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Sriraj Kalluvila)