(Reuters) -U.S. shale oil producer EOG Resources beat Wall Street estimates for third-quarter profit on Thursday, on strong demand for oil and gas amid tight supplies and higher production.
U.S. WTI crude prices climbed 9.4% on an average, sequentially, during the quarter as OPEC+ members Russia and Saudi Arabia extended output cuts, encouraging energy producing companies to drill more.
EOG’s production averaged at 998,500 barrels of oil equivalent per day during the quarter, rising from 919,200 boepd in the previous year.
On an adjusted basis, the Houston, Texas-based company earned $3.44 per share in the quarter ended Sept. 30, while analysts had expected $3.02 per share, according to LSEG data.
(Reporting by Sourasis Bose in Bengaluru; Editing by Shailesh Kuber and Krishna Chandra Eluri)
