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EOG spending ‘to match cash flow’
EOG Resources said today it expects spending on exploration and production in 2009 will match its cash flow and said it will revisit a prior forecast for production, citing uncertainty in oil and gas markets, according to a regulatory filing.
The Houston company said in a filing with the US Securities & Exchange Commission that its capital expenditure and revised output figures will be released in February along with its 2008 results.
In November, EOG forecast its oil and gas output will rise 10% to 14%.
EOG also said it expects to record a gain of $529 million in the quarter related to its hedging activity, Reuters reported.