February 13, 2013 / 11:11 PM / in 5 years

UPDATE 1-EOG Resources has quarterly loss on big writedown

Feb 13 (Reuters) - 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 Texas.

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.

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