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EOG Resources posts higher profit as crude prices scale multi-year highs -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The U.S. company EOG Resources logo is seen at its Chongqing office on December 15, 2017. REUTERS/Chen Aizhu

(Reuters) – U.S. shale-oil firm EOG Resources Inc (NYSE 🙂 reported a surge in fourth quarter profit due to a rise in crude oil prices reaching multi-year highs after a recovery in demand following the end of the pandemic.

Recent months have seen oil and gas prices rise to new seven-year highs. Futures closed at $92.81 per barrel on Thursday. This is nearly 47% more than the previous year.

EOG Resources reported that its quarterly oil production was 454,600 barrels per day (bopd), an increase of last year’s 444,800 bopd.

For the quarter ending in 2022, the company expects to produce 442,700-4529,000 bopd and 454,900-4671,100 for the entire year.

The net income for the quarter ended December 31 was $1.99 Billion, which is $3.39 per share. This compares to $337.47 MILLION, or 58 Cents per share a year prior.

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