HOUSTON (AFX) - Independent oil and gas producer EOC Resources Inc. on Monday said strong oil prices and increased natural gas volume drove second-quarter profit 33 percent higher.
Net income increased to $329.6 million, or $1.34 per share, from $247.6 million, or $1.02 per share, in the prior-year period. Excluding tax benefits due to rate reductions and one-time items, earnings were $1.16 per share versus 98 cents per share a year ago.
Quarterly revenue jumped to $919.1 million from $783.9 million a year earlier.
Analysts in a Thomson Financial poll projected earnings excluding items of $1.07 per share and sales of $854.2 million.
Worldwide, the company's average natural gas price slipped to $5.47 per thousand cubic feet from $5.82 in the 2005 quarter. Natural gas volume rose to 1.29 billion cubic feet per day.
Crude oil prices jumped to $67.13 per barrel from an average of $50.93 last year. EOG's crude oil volume decreased to 26.8 million from 28.5 million.
EOG dipped 36 cents to $74.04 in aftermarket activity. Shares closed up $2.09, or 2.9 percent higher, at $74.15 in the regular session on the New York Stock Exchange.
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