Oil and gas firm EOG Resources said first-quarter net earnings were up 53 % to £319million ($495million), as output from the company’s wells in the Eagle Ford formation in Texas helped push up production.
Houston-based EOG, along with other US energy companies, has increased investment in shale and other rock formations that bear oil in a time when natural gas prices remain relatively low.
The firm’s oil and gas output rose 6% to 475,000 barrels oil equivalent (boe) per day, with its crude oil production up 33%.