Strong natural gas sales helped oil and natural gas company EOG Resources Inc. more than double its first-quarter profit. The company posted a first-quarter profit of $4424.8 million, or $1.73 per share, compared with $200.8 million, or 83 cents per share, a year earlier.
Natural gas production increased 10% over first-quarter 2005, with particularly strong performances from EOG's Rocky Mountain, North Louisiana and Fort Worth operations, the company reported in a May 4 statement. "EOG's Fort Worth field has produced excellent drilling results," the company said.
"EOG's first-quarter natural gas production from Fort Worth Basin Barnett Shale Play exceeded our expectations," said Mark Papa, EOG chairman and CEO, in the May statement. "Across our operations we added multiple wells at strong production rates that contributed to EOG's robust first quarter U.S. natural gas production growth."
The company also is reporting success in the Rocky Mountains' Uinta Basin in Western Utah where it plans to drill more than 170 wells this year. The company has more than doubled its drilling activity from three rigs that were operating in January to the current seven-rig program.
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