WRAPUP 3-Oil & gas profits slide, cost cuts help outperform

* EOG Q3 profit slides, increased production outlook

* Continental, Plains beat est. on lower production costs

* Plains sees lower '10 capex, Continental ups '09 view

* Lower avg realized prices lead to a dip in profits YoY (Adds EOG Resources results, updates share prices)

By Adveith Nair and Arup Roychoudhury

BANGALORE, Nov 5 (Reuters) - Independent oil and gas firms EOG Resources (EOG.N), Petrohawk Energy (HK.N), Plains Exploration (PXP.N) and Continental Resources (CLR.N) all reported sharply lower quarterly profits due to a slump in prices.

The global economic slowdown has reduced demand for natural gas and crude oil, swelling inventories in the third quarter and hammering prices, which cut into the producers' profits.

It is also hammering prices, which cut into the producers' profits. But a dramatic recovery in crude prices in recent months has seen companies gear up for more production.

EOG, the fourth-largest independent U.S. oil and gas company, increased its production outlook after reporting a sharp drop in third-quarter profit. [ID:nN05136688]