January 28, 2019 / 11:37 PM / a year ago

EOG Resources sees fourth quarter profit boost from oil and gas hedging

FILE PHOTO - The logo of U.S. oil and gas company EOG Resources is seen in its office in Chongqing, China December 15, 2017. REUTERS/Chen Aizhu

HOUSTON (Reuters) - EOG Resources on Monday said it anticipates a $132.1 million non-cash gain from oil and gas hedging contracts in the fourth quarter, according to a filing with the U.S. Securities and Exchange Commission.

The gain represents a reversal from the prior quarter, when the shale producer booked a non-cash loss of roughly $52 million on its derivative contracts. That hit came as U.S. oil prices averaged $69.50 a barrel during the third quarter, about $10 above where EOG had hedged a portion of its production.

EOG will report its fourth-quarter results at the end of February.

Wall Street analysts anticipate EOG to report an adjusted per share profit of $1.40 for the fourth quarter of 2018, down from $1.75 in the third quarter, according to data from Refinitiv. Last year, the company reported a fourth-quarter profit of 69 cents.

Reporting by Liz Hampton in Houston; Editing by James Dalgleish

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