(Reuters) - EOG Resources (NYSE:EOG) beat first-quarter profit estimates on Thursday as the oil and gas firm benefited from higher oil production and prices.
Crude oil prices in the quarter mirrored prices from the previous year as production cuts by OPEC+ countries offset lower demand, helping oil producers such as EOG Resources.
Quarterly crude oil and condensate production was up 6.5% at 487,400 barrels of oil per day (bopd) from the previous year, above its midpoint guidance.
"Production exceeded targets and total per-unit cash operating costs were lower than planned," said CEO Ezra Yacob.
Quarterly average crude oil and condensate prices for the company was up 1.5% to $78.45 per barrel from the previous year.
Houston-based EOG said it purchased $750 million worth of shares at $118 per share in the quarter under its repurchase plan and has $3.3 billion remaining under its current authorization.
The company reported an adjusted profit of $2.82 per share for the quarter ended March 31, compared with analysts' average estimate of $2.71 per share, according to LSEG data.