(Reuters) – EOG Resources beat fourth-quarter profit estimates on Thursday, as higher production at the oil and gas firm helped offset lower oil prices.
Data from the U.S. Energy Information Administration showed that oil production in the country rose to a record in October, as drilling and well efficiencies helped companies put out more oil than before.
Quarterly crude equivalent volumes were up 6.7% at nearly 1.1 million barrels of oil per day (boepd) from the previous year.
It expects to pump between 1.1 million boepd and 1.14 million boepd in 2025.
The company reported an adjusted profit of $2.74 per share for the quarter ended December 31, compared with the analysts’ average estimate of $2.57 per share, according to data compiled by LSEG.
(Reporting by Seher Dareen in Bengaluru; Editing by Alan Barona)
