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UPDATE 1-EOG says capex to equal cash flow in '09

Thu Jan 8, 2009 6:09pm EST

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HOUSTON, Jan 8 (Reuters) - EOG Resources Inc (EOG.N) said on Thursday it expects spending on exploration and production in 2009 will match its cash flow and said it will revisit a prior forecast for production, citing uncertainty in oil and gas markets, according to a regulatory filing.

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The Houston company said in a filing with the U.S. Securities and Exchange Commission that its capex and revised output figures will be released in February along with its 2008 results.

In November, EOG forecast its oil and gas output will rise 10 percent to 14 percent.

EOG also said it expects to record a gain of $529 million in the quarter related to its hedging activity. (Reporting by Anna Driver in Houston; editing by Richard Chang)

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