UPDATE 1-EOG CEO sees lower 2013 spending, shares up
HOUSTON, Nov 6 (Reuters) - EOG Resources Inc plans to spend less on ``money-losing'' natural gas drilling next year, which will result in lower capital expenditures, the company's chief executive said Tuesday.
``Higher crude oil volumes and higher crude oil price realizations ... and less money-losing North American natural gas volumes equals more net income,'' EOG CEO Mark Papa said.
This year the company expects to spend about $7.6 billion, but next year's budget will shrink as EOG spends less on drilling on natural gas acreage.
On Monday after the close of trading, EOG reported a better-than-expected third quarter profit, results that sent the company's shares up 5.4 percent to $123.16 on Tuesday.
(Reporting By Anna Driver; Editing by Gerald E. McCormick)