EOG smashes expectations

EOG results: Propelled by flowing tight oil

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Kathrine Schmidt

 02 August 2012 23:39 GMT

US independent EOG saw sales and production explode in the second quarter as wells at the Bakken and Eagle Ford sang for the land specialist.

The explorer posted net income of $395.7 million in the three months to June and saw crude and condensate oil production grow 52% over the year-ago quarter.

That compared with year-ago profits of $295.5. Revenue in this year's quarter grew 12.8% to $2.9 billion.

As a result, EOG said it would increase its year-over-year crude production growth target to 37% from 33% and overall growth goal to 9% from 7%

Adjusted profits were $1.16 per share, ahead of analysts surveyed by Reuters, who had projected $.91 per share.

"We are achieving this consistent string of…

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