11:48 AM EDT, 10/03/2024 (MT Newswires) -- EON Resources ( EONR ) said Thursday it completed infrastructure improvements and upgrades to increase its daily oil production to more than 1,000 gross barrels of oil per day range from an inherited baseline of 925 BOPD.

The company also said that the infrastructure improvements have raised water injection by 50% from previous levels, which will improve its oil production in the following months.

Completion of the projects will enhance the company's production for the next three to five years, EON said.

"Chevron, our largest customer, has notified us they will gladly take all our production, as well as any increases we produce," said EON Chief Executive Dante Caravaggio. "We expect production in the 4th quarter to increase as we approach breakeven."

EON shares were nearly 8% higher in recent trading.

Price: 1.76, Change: +0.12, Percent Change: +7.32