EOG beats Q2 earnings estimates on strong U.S. production

|About: EOG Resources, Inc. (EOG)|By:, SA News Editor

EOG Resources (NYSE:EOG) +0.3% AH after reporting better than expected Q2 earnings thanks to higher oil production and prices.

EOG's total Q2 production rose 17% Y/Y to 591K boe; U.S. crude oil and condensate production rose 33%, driven by gains in the Eagle Ford and Bakken shale plays, while natural gas liquids production climbed 22% Y/Y, driven by the Eagle Ford and Permian Basin.

EOG raises its FY 2014 production growth estimate to 14% from a previous 12%, and targets 29% crude oil production growth for the year; sees 2014 capex of $8.1B-$8.3B, unchanged from prior estimates.

Raises its quarterly dividend by 34% to 16.8 cents.