U.S. shale oil firm EOG Resources Inc. on Feb. 24 reported a jump in fourth-quarter profit as crude prices soared to multiyear highs following a rebound in demand as the pandemic ebbs.

Oil and gas prices have jumped to seven-year-highs in recent months. U.S. crude futures settled at $92.81/bbl on Feb. 24, up nearly 47% from the same time last year.

EOG Resources said its oil output during the quarter was 450,600 bbl/d of oil, up from last year’s 444,800 bbl/d.

The company forecast 442,700-452,900 bbl/d of oil output for the first quarter of 2022, and 454,900-467,100 bbl/d for the full year.

It reported net income of $1.99 billion, or $3.39 per share, in the three months ended Dec. 31, up from $337.47 million, or 58 cents per share, a year earlier.