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EOG Resources beats second-quarter profit estimates on higher production
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EOG Resources beats second-quarter profit estimates on higher production
Aug 1, 2024 2:06 PM

Aug 1 (Reuters) - EOG Resources ( EOG ) beat Wall Street

estimates for second-quarter profit on Thursday as the oil and

gas producer benefited from higher oil production.

The company reported an adjusted profit of $3.16 per share

for the quarter ended June 30, compared with analysts' average

estimate of $2.96, according to LSEG data.

Overall production for the April-June quarter was 1.05

million barrels of oil equivalent per day (boepd), higher than

the 970,300 boepd in the same quarter a year earlier. Analysts

on average had estimated 1.04 million boepd.

U.S. oil production and demand rose to a four-month high in

April, according to the Energy Information Administration's

(EIA) Petroleum Supply Monthly report, boosting revenues of

producers like EOG Resources ( EOG ).

The company also forecast production of 1.05 million boepd

to 1.08 million boepd in the third quarter.

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