Nov 7 (Reuters) - EOG Resources (EOG.N) , opens new tab boosted its share repurchase program on Thursday after the oil and gas firm beat Wall Street estimates for third-quarter profit, as higher production helped offset lower prices.

Shares were up 1.6% after the bell.

Data from the U.S. Energy Information Administration showed that the country's total oil consumption rose in July to the highest seasonal level since 2019.

In July, gasoline demand was also at the highest seasonal levels since 2019, whereas jet fuel demand was the highest for any month since August 2019, benefiting oil firms like EOG Resources.

Quarterly crude oil equivalent volumes was up 7.7% at 1.08 million barrels of oil equivalent per day (MMboepd) from the previous year.

"Although we expect somewhat mediocre energy pricing in 2025, we think EOG's habitual focus on high-ROI projects, and its track record on cost reductions, suggests to us that earnings power will still be decent in the near-term," said CFRA Research analyst Stewart Glickman.

EOG said it has approved a $5 billion increase in share repurchase authorization and also raised its regular dividend by 7%.

"We are on track to return more than 85% of our expected full‐year free cash flow to shareholders and have the potential for additional cash return over the balance of the year," said CEO Ezra Yacob.

The company now expects fourth-quarter crude oil equivalent volumes between 1.08 and 1.11 MMboepd and current year volumes in the range of 1.06 and 1.07 MMboepd.

The Houston, Texas-based firm reported an adjusted profit of $2.89 per share for the quarter ended Sept. 30, compared with analysts' average estimate of $2.77 per share, according to data compiled by LSEG.

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https://www.reuters.com/business/energy/eog-resources-beats-third-quarter-profit-estimates-2024-11-07/