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EOG Resources beats first-quarter earnings estimates on greater oil production

EOG Resources beat firstquarter profit estimates on Thursday as the oil and gas company took advantage of higher oil production and costs.

Crude oil costs in the quarter mirrored prices from the previous year as production cuts by OPEC+ nations balance out lower need, assisting oil producers such as EOG Resources.

Quarterly petroleum and condensate production was up 6.5% at 487,400 barrels of oil each day (bopd) from the previous year, above its midpoint guidance.

Production surpassed targets and total per-unit money running costs were lower than prepared, stated CEO Ezra Yacob.

Quarterly average crude oil and condensate costs for the business was up 1.5% to $78.45 per barrel from the previous year.

Houston-based EOG stated it acquired $750 million worth of shares at $118 per share in the quarter under its repurchase plan and has $3.3 billion staying under its present permission.

The business reported an adjusted profit of $2.82 per share for the quarter ended March 31, compared to analysts' average price quote of $2.71 per share, according to LSEG data.

(source: Reuters)