Despite minor setbacks at two Houston oil and gas exploration and production companies, analysts say both are playing to their strengths and managing their weaknesses.

Houston’s EOG Resources Inc. (NYSE: EOG) impressed analysts with a “stellar quarter,” reporting Nov. 5 third-quarter net income of $355.5 million, or $1.31 per share. That compares to third-quarter 2011 net income of $540.9 million, or $2.01 per share.

In 2013, projected capital expenditures (capex) may be in the range of $6.9 billion to $7 billion, including more capital shifting to the Eagle Ford and ...