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EOG posts $158.7M profit

2009-05-06 22:17:00
Author: BizWire

EOGreported late Monday first-quarter net income fell to $158.7 million, or 63 cents a share, down from $240.5 million, or 96 cents a share, in the same period last year. The provider of oil and natural gas posted revenue of $1.15 billion compared to $1.13 billion. Looking forward, EOG boosted its 2009 production growth target to 5.5% based on stronger crude oil and gas demand. EOG said it believes oil prices will rise later this year. It plans to resume full oil production in the North Dakota Bakken Parshall Field by July. EOG shares closed at $72.04 ahead of the report.

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