(Reuters) -EOG Resources beat estimates for second-quarter profit on Thursday, as a rise in output helped the U.S. energy producer offset a drop in crude oil prices.
Brent crude fell nearly 20% on average in the quarter from a year earlier, dragged down by tepid global demand signals, mounting OPEC+ supply, and pressure from U.S. trade policies.
While prices briefly spiked above $80 a barrel in June following Israeli strikes on Iranian nuclear facilities, they soon retreated to around $67 as geopolitical risk premiums faded and market focus shifted back to weak fundamentals.
EOG said benchmark U.S. crude prices stood at $63.71 per barrel, down from last year’s $80.55.
The company’s total quarterly production stood at 1.13 million barrels of oil equivalent per day (boepd), compared with last year’s 1.047 million boepd.
The Houston-based company posted an adjusted income of $2.32 per share for the quarter ended June 30, compared with analysts’ estimate of $2.21, according to data complied by LSEG.
(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)
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