EOG

[dan_s]

EOG is one of my core holdings, so this is very good news

Nov 5 (Reuters) - EOG Resources Inc reported a better-than-expected quarterly profit on Monday as the U.S. exploration company sold more crude oil at higher prices.

Shares of EOG rose 1.3 percent to $118.40 in post-market trading.

EOG also raised its 2012 total production growth target to 10.6 percent from 9 percent, citing gains in crude oil and liquids output.

[dan_s]

"With especially strong, consistent individual well results, EOG's best plays have become even better," said Mark G. Papa, Chairman and Chief Executive Officer. "Therefore, based on nine months of robust crude oil production, we are setting the bar higher for the third time this year. EOG has increased its 2012 crude oil production growth target to 40 percent from 37 percent. Because our outstanding oil results also impact total liquids production, we are also raising our total liquids production growth target to 38 percent from 35 percent and increasing our total company production target to 10.6 percent from 9 percent."

Operational Highlights

"Simply put, EOG's excellent third quarter performance reflects the success of our groundwork. Over the last few years, we captured the best crude oil acreage in the United States. Now we are executing a development program that has exceeded our initial expectations. In addition, we implemented innovative marketing logistics such as our crude-by-rail transportation system," Papa said. "During the third quarter, higher volumes combined with higher realized crude oil prices and good unit cost control added substantial value to EOG's bottom line."