EOG Resources Quarterly Profit Jumps 7%


Aug 5 (Reuters) - EOG Resources Inc said on Tuesday its quarterly profit rose 7 percent from the year-ago period due to a jump in oil production in Texas and North Dakota.

The company posted net income of $706.4 million, or $1.29 per share, compared with $659.7 million, or $1.21 per share, in the year-ago period.

The company said it sold 591,000 barrels of oil equivalent per day in the quarter, a 17 percent increase from the same period last year.

EOG raised its quarterly dividend by 34 percent to 16.8 cents, payable Oct. 31 to shareholders of record by Oct. 17.

(Reporting by Ernest Scheyder; Editing by Chris Reese)

Copyright 2016 Thomson Reuters. Click for Restrictions.


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Vangel | Aug. 7, 2014
I wonder what happens two years from now when ND production has peaked and the values of properties on the balance sheet will have to be written down.

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