US shale producer EOG Resources beats quarterly profit estimates

May 5 (Reuters) - EOG Resources EOG.N beat first-quarter profit estimates on Tuesday, buoyed by higher output and stronger natural gas prices.

Average realized prices for natural gas during the quarter was $3.76 per thousand cubic feet (Mcf), compared with $3.41 per Mcf a year earlier. Average natural gas volumes rose over 45%.

Benchmark Brent crude LCOc1 prices averaged $89.62 per barrel in the first quarter, 19.2% higher than a year earlier, buoyed by the U.S.-Israeli war on Iran and the closure of the Strait of Hormuz.

U.S. shale producers without major operations in the Middle East are expected to benefit the most from higher energy prices, spared from costs associated with shut-in production, stranded tankers or expensive repairs to war-hit facilities.

EOG said its average realized price for oil was $72.47 per barrel during the first quarter, compared with analysts' estimates of $72.35 per barrel, according to data compiled by LSEG.

The company said it produced 1.38 million barrels of oil equivalent per day, up 26.8% from a year earlier. It expects second-quarter volumes to range between 1.36 million and 1.41 million barrels of oil equivalent per day.

The shale producer added that it will reallocate some capital for the rest of the year toward oil assets, while keeping its overall capital budget unchanged.

It expects annual capital expenditure in the range of $6.3 billion to $6.7 billion.

The Houston-based shale producer posted an adjusted profit of $3.41 per share for the quarter ended March 31, compared with analysts' average estimate of $3.19 per share, according to data complied by LSEG.