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EOG posts huge profits

Oilfield Technology,

The last quarter of 2011 saw EOG’s net income rise from US$ 53.6 million to US$ 120 million, annual profits showed an even more dramatic increase from US$ 160.6 million in 2010 to US$ 1.09 billion.

Shares in EOG had reached US$ 4.15 by the end of 2011, a significant increase on their 2010 level of US$ 0.64.

EOG has announced that it plans to move away from gas production, citing revenues that have falling 7% since 2010. The company stated that “EOG plans to invest the minimum amount of capital expenditure necessary to hold its core acreage positions”, it also clarified that it would only be spending 10% of its exploration budget looking for dry gas marking a “significant decrease” from 2011 levels.

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