Oil and gas producer EOG Resources (EOG) was surging Tuesday as quarterly earnings came in much better than expected, lifting the stock to its best level since the days of soaring energy prices in 2008.
Shares of Houston-based EOG were up $10.64, or 8.4%, at $136.68, a not insignificant percentage change for a company with a $37 billion market capitalization. Volume was 50% higher than a normal day two hours into trading. It was the fourth-best stock on the NYSE so far.
EOG said following the previous close that first-quarter earnings rose to $494.7 million, or $1.82 a share, from $324 million, or $1.20 a share, in the prior-year period. Excluding items, EOG had a profit of $1.80 a share, well surpassing the $1.17 consensus estimate carried on FactSet. Revenue rose to $3.36 billion from $2.81 billion and topped the average projection of $3.10 billion.
Total crude oil production rose 33% from last year to 187.3 million barrels a day, helped by a strong quarter in the Eagle Ford Shale