The Houston oil and gas company reported $2.9 billion in profits for the three month...
. Revenues surged nearly 60 percent to $7.6 billion from $4.8 billion during the same period in 2021.
The company also said it now operates in another basin, bringing its total up to seven. EOG bought a 395,000 net acre position in part of the Appalachia Basin in Ohio for around $500 million, the company said.Ezra Yacob, EOG Resources’ CEO, said operating in multiple basins gives the company a competitive advantage.
"It provides flexibility to allocate capital to the highest return projects across a diverse and improving inventory of future well locations,” Yacob said in a statement. “Operating in multiple basins also fosters innovation through diverse, high-performing teams creating new ideas at the field level that are then shared across our operations.”
EOG Resources also said it increased production by nearly 75,000 barrels of oil equivalent per day, a measurement which includes natural gas. The company said it produced 919,200 barrels per day in the third quarter, compared with 844,400 in the same time period last year.
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