EOG Resources Beats Big on the Bottom Line

Oil and gas producer EOG Resources reported third-quarter results today after the markets closed, showing that it posted net revenues of $3.54 billion, a robust 20% increase from the same period in the previous year, but below the $3.86 billion Capital IQ consensus estimate.

While adjusted net income came in at $634.3 million, or $2.32 per share, well ahead of the $468.7 million, or $1.73 per share, in the same period in 2012, it was also $0.27-per-share better than the CapIQ estimates of $2.05 per share.

EOG Resources says it benefited from increased production of its U.S. crude oil and condensate, which rose by 41%, and total company crude oil and condensate production, which was up 39% in the quarter.

The oil and gas producer beefed up its full year crude oil and condensate production growth target to 39% from 35%, the second time this year its done so, but analysts anticipate EOG Resources will post earnings of $2.06 per share in the fourth quarter on revenues of $4.66 billion.

The article EOG Resources Beats Big on the Bottom Line originally appeared on Fool.com.

Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool owns shares of EOG Resources. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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