EOG Resources Inc., a multi-basin exploration and production firm, said its strong fourth quarter and full-year 2022 results were powered by robust natural gas and oil demand, price spikes and steady production activity.

For the year, EOG said, the natural gas prices it fetched jumped 49% from a year earlier, while crude prices increased 42%.

Houston-based EOG said natural gas production increased 4% in 2022 to 1.5 Bcf/d. Total equivalent production, including oil and natural gas liquids, increased 10% to 331.5 million boe.

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Gas prices have since retreated because of a mild second half of winter across much of the Lower 48 and elevated...