OREANDA-NEWS. EOG Resources, Inc. reported first quarter 2014 net income of USD 660.9 million, or USD 1.21 per share. This compares to first quarter 2013 net income of USD 494.7 million, or USD 0.91 per share.

Adjusted non-GAAP net income for the first quarter 2014 was USD 767.7 million, or USD 1.40 per share, and adjusted non-GAAP net income for the same prior year period was USD 489.9 million, or USD 0.90 per share.

Consistent with some analysts' practice of matching realizations to settlement months and making certain other adjustments in order to exclude one-time items, adjusted non-GAAP net income for the first quarter 2014 excluded a previously disclosed non-cash net loss of USD 155.7 million (USD 99.9 million after-tax, or USD 0.18 per share) on the mark-to-market of financial commodity derivative contracts, net gains on asset dispositions of USD 7.4 million, net of tax (USD 0.01 per share) and impairments of certain non-core North American assets of USD 36.1 million, net of tax (USD 0.06 per share). During the first quarter 2014, the net cash outflow related to settlements of financial commodity derivative contracts was USD 34.0 million (USD 21.8 million after-tax, or USD 0.04 per share). (Please refer to the attached tables for the reconciliation of adjusted non-GAAP net income to GAAP net income.)

EOG posted strong financial metrics driven by outstanding production from its key operating areas for the first quarter 2014. Earnings per share increased 33 percent and adjusted non-GAAP earnings per share increased 56 percent, compared to the first quarter 2013. Discretionary cash flow increased 28 percent and adjusted EBITDAX advanced 30 percent. (Please refer to the attached tables for the reconciliation of adjusted non-GAAP net income to GAAP net income, non-GAAP discretionary cash flow to net cash provided by operating activities (GAAP), and adjusted non-GAAP EBITDAX to income before interest expense and income taxes (GAAP).)

"By posting excellent operational and financial results generated by our great assets, EOG hit another home run in the first quarter of 2014. With such a dynamic start, EOG is well positioned to achieve strong overall returns again this year," said William R. "Bill" Thomas, Chairman and Chief Executive Officer.

In the first quarter 2014, EOG increased its total crude oil and condensate production by 42 percent, compared to the same prior year period, while U.S. crude oil and condensate production rose 45 percent. Overall total company production increased 18 percent led by a 37 percent increase in total company liquids production - crude oil, condensate and natural gas liquids (NGLs).

Following excellent results during the first quarter, EOG increased its full year 2014 crude oil and condensate production growth target to 29 percent from 27 percent. EOG also raised its total company 2014 production growth target to 12 percent from 11.5 percent.