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US shale producer EOG Resources beats quarterly profit estimates on higher crude prices

By Reuters News

Nov 5 (Reuters) - US shale producer EOG Resources beat analysts' estimates for third-quarter profit on Thursday, helped by elevated crude oil prices and record production volumes.

Global crude prices driven by Middle East supply concerns provided strong tailwinds for US shale operators during the quarter, boosting realized prices.

EOG's composite average realized crude oil and condensate price rose to $86.72 per barrel during the third quarter, compared with $65.95 per barrel a year earlier.

Total equivalent production climbed to 1.43 million barrels of oil equivalent per day (boed) from 1.30 million boed a year ago, driven by higher output across crude oil, natural gas liquids, and natural gas.

The company also raised its regular quarterly dividend by 8% to $1.10 per share.

The Houston-based company posted an adjusted profit of $4.87 per share for the quarter ended September 30, compared with analysts' average estimate of $4.46 per share, according to data compiled by LSEG.

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