OREANDA-NEWS. EOG Resources, Inc.  reported full year 2013 net income of USD 2,197 million, or USD 8.04 per share, as compared to USD 570 million, or USD 2.11 per share, for the full year 2012. For the fourth quarter 2013, EOG reported net income of USD 580 million, or USD 2.12 per share. This compares to a fourth quarter 2012 net loss of USD 505 million, or USD 1.88 per share.

Adjusted non-GAAP net income for the full year 2013 was USD 2,246 million, or USD 8.22 per share, and for the full year 2012 was USD 1,536 million, or USD 5.67 per share. Adjusted non-GAAP net income for the fourth quarter 2013 was USD 548 million, or USD 2.00 per share, and for the fourth quarter 2012 was USD 437 million, or USD 1.61 per share.

Consistent with some analysts' practice of matching realizations to settlement months and making certain other adjustments in order to exclude one-time items, adjusted non-GAAP net income for the fourth quarter 2013 excluded a previously disclosed non-cash net gain of USD 40.5 million (USD 25.6 million after tax, or USD 0.09 per share) on the mark-to-market of financial commodity contracts and net gains on asset dispositions of USD 7.2 million, net of tax (USD 0.03 per share). During the fourth quarter 2013, the net cash inflow related to financial commodity contracts was USD 1.0 million (USD 0.7 million after tax, or USD 0.00 per share). (Please refer to the attached tables for the reconciliation of adjusted non-GAAP net income to GAAP net income.)

EOG posted excellent financial metrics for 2013 with increases of 45 percent in adjusted non-GAAP net income per share, 29 percent in discretionary cash flow and 26 percent in adjusted EBITDAX, compared to 2012. Indicative of its high rate-of-return and disciplined crude oil investment programs, EOG also posted 16 percent ROE and 12 percent ROCE last year. (Please refer to the attached tables for the reconciliation of adjusted non-GAAP net income to GAAP net income, non-GAAP discretionary cash flow to net cash provided by operating activities (GAAP), adjusted EBITDAX (non-GAAP) to income before interest expense and income taxes (GAAP) and non-GAAP inputs to GAAP inputs as used in the calculation of ROE and ROCE.)