EOG Resources 1Q profit slides |
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Mon, 30 Apr 2007 23:06
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HOUSTON (AP) - EOG Resources Inc. on Monday blamed lower prices for natural gas and crude oil, and losses on commodity price contracts, for a steep drop in first-quarter earnings.Net income slid 49 percent to $216.8 million, or 88 cents per share, from $424.8 million, or $1.73 per share, in the year-earlier period.Excluding the effect of energy trading activities, earnings in the most recent quarter were $272.8 million, or $1.11 per share. On that basis, analysts polled by Thomson Financial expected earnings of $1.03 per share.Revenue fell to $875.2 million from $1.08 billion a year ago.Worldwide volumes of natural gas increased to 1.42 billion cubic feet per day from 1.3 billion, led by a 21 percent rise in U.S. gas production. However, average natural gas prices fell over the same period to $5.76 from $6.72 per 1,000 cubic feet.'In the past month, we have seen a strengthening in natural gas prices for the second half of the year,' said Chairman and Chief Executive Mark G. Papa, in a statement.Crude oil and condensate volumes shrank slightly to 28,800 barrels per day from 29,200 a year ago. Average prices dropped to $54.21 from $59.90 a barrel last year.EOG shares added 2 cents in aftermarket activity to $73.46 after shedding 81 cents to close at $73.44 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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