Independent oil and gas company EOG Resources has reported net income of $361.19 million for the fourth quarter of 2007, compared to $242.62 million for the fourth quarter of 2006.
The company reported fourth quarter 2007 net income available to common stockholders of $358 million, or $1.44 per share, compared to fourth quarter 2006 net income available to common stockholders of $237.2 million, or $0.96 per share.
For the full year 2007, the company reported net income of $1.08 billion, compared to $1.29 billion reported in 2006. For 2007, EOG reported net income available to common stockholders of $1.01 billion or $4.37 per share, as compared to $1.29 billion or $5.24 per share for the full year 2006.
Adjusted non-GAAP net income available to common stockholders for the fourth quarter and full year 2007 was, respectively, $319.4 million or $1.29 per share and $1.07 billion or $4.34 per share.
Mark Papa, chairman and CEO, said: Despite volatile natural gas prices, 2007 was an excellent year for EOG. Total company production grew 11% and total reserves increased 14% at an attractive replacement cost. These positive results are a reflection of our consistent game plan, to grow organically through the drillbit with a focus on high returns supported by a very conservative capital structure.