EOG Resources has reported net income of $202.4 million, or $0.82 per share, for the third quarter of 2007, compared to net income of $297.3 million, or $1.21 per share, for the same period in 2006.
The results for the third quarter included a previously disclosed $43.6 million ($28.1 million after tax or $0.11 per share) net gain on the mark-to-market of financial commodity transactions. During the quarter, the net cash realized related to financial commodity contracts was $33.3 million ($21.4 million after tax or $0.08 per share).
Adjusted non-GAAP net income available to common for the quarter was $195.7 million, or $0.79 per share. Adjusted non-GAAP net income available to common for the third quarter of 2006 was $276.9 million, or $1.12 per share.
In the US, EOG’s total crude oil and condensate production increased 23% compared to the same quarter of 2006, driven by continued drilling success in North Dakota and the mid-Continent.
In addition, EOG’s natural gas and natural gas liquids production in the US increased 19% compared to the same quarter of 2006, with the largest increase coming from the Fort Worth Basin Barnett Shale.