EOG Resources Inc (NYSE: EOG) has posted better than expected results in the third quarter of FY 17 due to the rising crude prices CLc1 and lower costs. Overall, EOG has posted third-quarter net income of $100.5 million, compared with a net loss of $190 million, in the year-ago period. The Production has increased 8 percent to 55 million barrels of oil equivalent in the third quarter.

EOG in the third quarter of FY 17 has reported the adjusted earnings per share of 19 cents, beating the analysts’ estimates for the adjusted earnings per share of 10 cents. The company had reported the adjusted revenue of $2.48 billion in the third quarter of FY 17, beating the analysts’ estimates for revenue of $2.47 billion.

Moreover, in the third quarter 2017, EOG expanded its premium inventory to approximately 8,000 net drilling locations from 7,200.  As a result, EOG’s total premium net resource potential increased 12 percent to 7.3 billion barrels of oil equivalent. EOG has increased the third quarter total crude oil volumes 16 percent to 327,900 barrels of oil per day (Bopd).  Production curtailments and completion delays due to Hurricane Harvey reduced crude oil volumes approximately 15,000 Bopd during the third quarter.  The  Natural gas and NGL production has exceeded target midpoints, contributing to 8 percent total company production growth compared to the third quarter 2016.

Additionally, EOG has introduced 50,000 Net Acre Woodford Oil Window Play with 210 MMBoe Estimated Net Resource Potential and 260 Net Premium Well Locations. The company has added First Bone Spring Play in Delaware Basin with 540 MMBoe Estimated Net Resource Potential and 540 Remaining Net Premium Well Locations. EOG has exceeded Revised Post-Harvey Crude Oil, NGL and Natural Gas Production Targets and delivered Per-Unit Lease and Well, Transportation and DD&A Expense Rates below the targets.

EOG has raised its expectation for new wells for the year by 5 percent, part of a plan to raise its 2017 U.S. oil production by 20 percent. The peers have also unveiled similarly aggressive plans for output for the rest of the year and into 2018.