EOG Resources Inc (EOG.N) reported an 87 percent decrease in quarterly profit as the U.S. oil and gas company took noncash charges for the reduced value of some natural gas assets and financial commodity contracts. The company also said it plans to sell about $1 billion worth of natural gas and midstream assets this year to help offset any gap between cash flow and 2011 capital expenditures of between $6.4 billion and $6.6 billion. Profit in the fourth-quarter was $53.7 million, or 21 cents per share, compared with $400.4 million, or $1.58 per share, in the year-earlier period. (Reporting by Braden Reddall; Editing by Steve Orlofsky)
Source
