The logo of U.S. oil and gas company EOG Resources is seen in its office in Chongqing, China December 15, 2017
EOG expanded operations in the Utica and Marcellus regions after completing its $5.6 billion acquisition of Encino Acquisition Partners, which provided a significant boost to output. During the third quarter, the company produced 1.3 million barrels of oil equivalent per day (boepd), up from 1.08 million boepd in the same period last year.
Chief Executive Officer Ezra Yacob said: “Our assets in the Delaware Basin, Eagle Ford, and Utica shale regions are performing above expectations, and our international portfolio is also contributing to growth.” The company emphasized that strong performance across its core and newly acquired assets supported production and efficiency gains.
For the fourth quarter, EOG expects production to range between 1.35 million and 1.39 million boepd. Full-year production is forecast between 1.21 million and 1.23 million boepd, reflecting steady output growth across its key operating areas.
EOG’s pricing performance varied across commodities. The average realized price for natural gas increased by more than 36% to $2.80 per thousand cubic feet (Mcf), while the realized price for crude oil declined by 14.2% to $65.95 per barrel. The company said strong natural gas prices and production growth helped offset the effect of weaker crude oil prices in the period.
The Houston-headquartered company posted an adjusted profit of $2.71 per share for the quarter ending September 30, surpassing analysts’ average estimate of $2.43 per share, according to data from LSEG. The results reflected efficient cost management, expanded operational scale, and continued output growth from key shale basins.
EOG has been focusing on operational optimization and capital discipline to sustain profitability amid market fluctuations. The company’s integration of new assets from the Encino Acquisition Partners deal has improved its production mix and increased exposure to high-return shale plays.
Overall, EOG Resources delivered strong quarterly results supported by higher production volumes, improved natural gas pricing, and operational efficiency, which together offset the impact of lower crude oil prices. The company continues to forecast steady growth for the remainder of the year, maintaining its position as one of the leading independent oil and gas producers in the United States.
