Feb 13 EOG Resources Inc on Wednesday
reported a quarterly loss compared with a year-ago profit, as it
wrote down the value of Canadian natural gas assets.
Excluding items EOG reported a profit that topped Wall
Street expectations, as it pumped a higher amount of more
profitable crude oil from formations like the Bakken in south
The Houston company reported a fourth-quarter loss of $505
million, or $1.88 per share, compared with a profit of $120.7
million, or 45 cents per share, in the same period.
Excluding items like the $849 million writedown of assets,
EOG reported earnings of $1.61 per share. Wall Street on average
had expected $1.35 per share.
EOG also said it expects to spend $7 billion to $7.2 billion
this year, below the approximately $7.6 billion it spent in
2012. EOG Chief executive Mark Papa had previously said the
company would spend less on "money losing" natural gas drilling.
In the fourth quarter, EOG's U.S. crude oil and condensate
production rose 23 percent to 154,100 barrels of oil per day.
EOG also said it now sees potential recoverable reserves
from its Eagle Ford properties of 2.2 billion barrels of oil
equivalent, up 38 percent from a previous estimate.
Shares of EOG edged up to $134.09 in post-market trading, up
from its New York Stock Exchange close of $133.60.