EOG Resources Q4 Profit Falls (EOG)

EOG Resources' (NYSE: EOG) Q4 profit fell 13% due to higher expenses. The oil and natural gas producer reported $400 million in net profits, down from $462 million reported last year.

EOG Resources' (EOG) revenue grew by 7.8% to 1.76 billion, while its expenses increased by 25% to touch $1.11 billion. The average price for EOG’s North American natural gas declined by 26%. EOG Resources also reported a 7% increase in its quarterly dividend to 15.5 cents per share. The company has forecasted 13% production growth in 2010.