EOG Resources, the independent oil and natural gas producer, said its fourth-quarter tumbled 87% to $53.7 million, or 21 cents a share, from $400.4 million, or $1.58 a share, a year earlier because of higher write-downs and marketing costs, but on the company's adjusted results were much better.
On an adjusted basis, Texas-based EOG Resources (EOG) said it earned 36 cents compared to 92 cents a year earlier. Revenue rose 1.6% to $1.79 billion. As natural gas futures have plunged over the past few years, EOG has been looking for ways to increase its oil exposure.
The company said it expects its production to be evenly split between oil and natural gas by 2012. The company had planned to divest itself of up to $1 billion in assets last year, with the majority of the transactions expected in the latest quarter and said it expects to sell that much in natural gas and midstream assets this year, according to the Wall Street Journal.
EOG also said it will boost its quarterly dividend by 3% to 16 cents a share. The company was spun-off from Enron over a decade ago.