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Thursday, November 05, 2009

EOG Resources Profit Falls On Lower Energy Prices

By Jim Jelter

MarketWatch Pulse

SAN FRANCISCO -- Oil and natural gas producer EOG Resources Inc. reported late Thursday third-quarter earnings fell to $4.2 million, or 2 cents a share, from $1.56 billion, or $6.20 a share, a year ago. Adjusted to exclude one-time items, the company earned $203.9 million, or 81 cents a share, in the quarter. Revenue for the three months ended Sept. 30 fell to $1.01 billion from $3.26 billion. Analysts surveyed by FactSet Research, who typically exclude one-time items, had predicted the Houston-based energy company would earn 61 cents a share on $1.12 billion in revenue. The company raised its 2009 production growth target to 6% from 5.5% and set a 2010 growth target of 13%. EOG Resources shares closed ahead of the report with a 3.2% gain at $88.03. The stock is up 7.6% over the past 12 months.

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