On Monday, Houston-based oil and gas company EOG Resources said it narrowed its losses during the fourth quarter of 2016 as oil prices rose and operations improved.
EOG’s revenues rose by 30 percent in the last three months to years, climbing to $2.4 billion from $1.8 billion in the same period in 2014. The company’s losses shrunk to $142.4 million, or $0.25 per share, compared to a $284.3 million loss, or $0.52 per share in fourth quarter of 2015.
For all of 2016, EOG lost $1.1 billion, or $1.98 a share, in 2016, compared to a loss of $4.5 billion, or $8.29 per share, in 2015. Revenues for the full year in 2016 were $7.65 billion, as compared to $8.7 billion in 2015.
The company attributed its improved performance to higher crude oil and natural gas prices and more efficient operations. For instance, the EOG produced nearly the same volumes of oil and gas in 2015 and 2016 but cut exploration expenses by 42 percent, the company said in a news release.