OREANDA-NEWS. EOG Resources, Inc. (EOG) today reported third quarter 2014 net income of USD 1,103.6 million, or USD 2.01 per share. This compares to third quarter 2013 net income of USD 462.5 million, or USD 0.85 per share.

Adjusted non-GAAP net income for the third quarter 2014 was USD 720.6 million, or USD 1.31 per share, and adjusted non-GAAP net income for the same prior year period was USD 634.3 million, or USD 1.16 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 third quarter 2014 excluded a previously disclosed non-cash net gain of USD 469.1 million (USD 301.0 million after-tax, or USD 0.55 per share) on the mark-to-market of financial commodity derivative contracts.

The net cash outflow related to settlements of financial commodity derivative contracts was USD 68.0 million (USD 43.6 million after-tax, or USD 0.08 per share). During the third quarter 2014, the net gains on asset dispositions were USD 60.3 million (USD 38.4 million net of tax, or USD 0.07 per share).

Reflecting the ongoing shift in its asset portfolio, crude oil now accounts for 48 percent of EOG's total production, compared to 42 percent at the end of the third quarter 2013. This highly desirable ratio drove EOG's strong financial metrics for the first nine months of 2014. Discretionary cash flow increased 18 percent and adjusted EBITDAX advanced 19 percent, versus the first nine months of 2013. In addition, adjusted non-GAAP earnings per share increased 34 percent.