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

(Reuters) – U.S. shale oil firm EOG Resources Inc on Thursday reported a jump in fourth-quarter profit as crude prices soared to multi-year highs following a rebound in demand as the pandemic ebbs.

Oil and gas prices have jumped to seven-year-highs in recent months. U.S. crude futures settled at $92.81 per barrel on Thursday, up nearly 47% from the same time last year.

EOG Resources said its oil output during the quarter was 450,600 barrels of oil per day (bopd), up from last year’s 444,800 bopd.

The company forecast 442,700-452,900 bopd of output for the first quarter of 2022, and 454,900-467,100 bopd for the full year.

It reported net income of $1.99 billion, or $3.39 per share, in the three months ended Dec. 31, up from $337.47 million, or 58 cents per share, a year earlier.

(Reporting by Ruhi Soni in Bengaluru; Editing by Shinjini Ganguli)