With oil prices on the rebound, onshore heavyweight EOG Resources Inc. is holding firm on capital spending while it increases oil export capacity from the U.S. Gulf Coast, as overall production increased more than 17%.
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Onshore heavyweight EOG Resources Inc. became one of the rare explorers to announce increased capital spending for 2019, with plans to devote more resources to new areas in the Lower 48 with better-priced drilling potential and less funds to more established plays.
EOG Resources Inc. is increasing its 2018 exploration and development expenditure forecast and raising its target for full-year crude oil production growth after posting record volumes during the third quarter, management said.
Known for its diverse holdings in major plays and basins stretching from South Texas to the Rockies, Houston-based EOG Resources Inc. on Friday went all in on parts of the Powder River Basin (PRB) in Wyoming to exploit the Mowry and Niobrara formations, with the PRB now its third-largest asset.
EOG Resources Inc.’s proposal to drill 2,800 natural gas wells in the Uinta Basin of Utah has gained a new life, following the release of an updated draft environmental impact statement (DEIS) by the Bureau of Land Management (BLM).
EOG Resources Inc. had “a watershed year” in 2017 in the Permian Basin’s Delaware play, where it identified 1,240 additional net premium well locations, added the First Bone Spring as its fourth premium play, and slashed completed well costs by $800,000 per well, the Houston-based independent said Wednesday.
While low commodity prices continued to offset significant well productivity improvements, senior executives at EOG Resources Inc. touted extraordinary production and efficiency gains in 3Q2016 and talked bullishly about the rest of the year and their company’s prospects in the 2017-2020 period, with a new focus on premium well locations centered in the Delaware Basin in the Permian.
In recent quarters the goal of EOG Resources has been to lower operational costs and achieve a strong return on capital investment in an effort to reset the company to succeed in a low commodity price environment, and a series of achievements this year demonstrate “significant progress” toward those goals, according to CEO Bill Thomas.
The five-member elected board of commissioners in Weld County, CO, the state’s top natural gas producer among 64 counties, on Wednesday unanimously approved a major oil/natural gas drilling operation proposed by Extraction Oil and Gas (EO&G) that is located close to a middle school east of Greeley, CO. Company representatives said the new wellsite eventually will add $70 million to the local economy.