EOG topples to a loss

EOG results: Company tips to a loss as writedowns add up

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Kathrine Schmidt

 13 February 2013 23:19 GMT

EOG Resources sunk to a quarterly loss after posting hefty impairment charges, including $849.4 million in writedowns on Canadian natural gas assets.

The US shale player on Wednesday posted a net loss of $505 million for the three months to December, compared to $120.7 million of net income in the year-ago quarter.

Other one-time items included losses on asset dispositions of $35.6 million and a $66.4 million derivates gain.

On the plus side, the company saw production gains on a quarterly and annual basis; the company booked average daily output of 455.1 Mboepd for the quarter with 10% overall production growth year over year.

"EOG's demonstrated ability to organically grow crude oil volumes should lead to…

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