EOG Resources Inc.’s quarterly adjusted net income fell about 35% to $654 million, compared to $1 billion a year earlier, on lower oil and gas prices, despite higher crude volumes.

The company reported Nov. 6 that oil production grew 12% to 464,100 barrels of oil per day during third-quarter 2019, while NGL and natural gas volumes each increased by 11%. Overall production jumped to 76.7 million barrels of oil equivalent per day (MMboe/d) from 68.9 MMboe/d.

This came as the company generated $2 billion in discretionary cash and free cash flow (FCF) of $337 million, and brought down operating costs.

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