(Bloomberg) -- Shale-oil driller EOG Resources Inc. plunged the most in nine months after unveiling plans to raise spending and lift production less than analysts expected.

The plans are “disappointing,” said Gabriele Sorbara, managing director at Siebert Williams Shank & Co. The stock fell as much as 6.3%, making EOG one of the worst performers in the S&P 500 Index on Friday. 

The shale-drilling specialist also signaled it intends to sit out the current consolidation trend among oil-industry rivals. When asked about expansion via corporate takeovers, executives on a conference call with analysts reiterated their commitment to so-called organic growth through its existing portfolio.

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