EOG Resources, Inc. (EOG) reported fourth quarter net income available to common stockholders of $400.4 million or $1.58 per share, compared to $461.5 million or $1.84 per share in the prior year period.
The company said the results for the fourth quarter 2009 included a non-cash gain on a property exchange in the Rocky Mountain area of $389.6 million, a gain on sale of assets of $146.5 million related to the disposition of crude oil assets and surrounding acreage in California and a previously disclosed non-cash net gain of $25.9 million on the mark-to-market of financial commodity transactions.
Adjusted non-GAAP net income available to common stockholders for the quarter was $234.3 million or $0.92 per share, compared to $186.0 million or $0.74 per share in the same quarter last year.
On average, 25 analysts polled by Thomson Reuters expected the company to report earnings of $0.98 per share. Analysts' estimates typically exclude special items.
Net operating revenues for the quarter grew to $1.8 billion from $1.6 billion in the same quarter last year. Ten Wall Street analysts expected revenues of $1.33 billion.
Further, following an increase in the common stock dividend in 2009, EOG's Board of Directors increased the cash dividend on the common stock. Effective with the dividend payable on April 30, 2010 to holders of record as of April 16, 2010, the quarterly dividend on the common stock would be $0.155 per share.
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