Feb 24 EOG Resources Inc reported a
better-than-expected fourth-quarter profit on Monday as the U.S.
oil and natural gas company pumped more crude oil from fields
such as the Eagle Ford in Texas.
EOG, which said it expects higher spending of $8.1 billion
to $8.3 billion this year, has invested heavily in North
American shales that produce higher-return oil, a strategy that
helped push the company's crude and condensate output up 50
percent in the fourth quarter.
Shares of EOG rose to $184 per share in post-market trading
on Monday, up 2 percent from the New York Stock Exchange close
The Houston-based company had a profit of $580 million, or
$2.12 per share, compared with a loss of $505 million, or $1.88
per share when EOG wrote down the value of some Canadian assets.
Excluding one-time items, EOG had a fourth-quarter profit of
$2.00 per share. Analysts polled by Thomson Reuters I/B/E/S had
expected a profit of $1.94 per share.
For 2014, EOG forecast crude oil production growth of 27
percent, fueled in part by the Eagle Ford output in Texas.
"To put our Eagle Ford position in simple terms, our current
reserve potential is almost four times what we estimated four
years ago when EOG discovered the play," Chief Executive Officer
Bill Thomas said in a statement.
Its board of directors approved a two-for-one stock split in
the form of a stock dividend that is payable to shareholders of
record as of March 17.