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  4. U.S. shale producer EOG sticks to 4% annual output growth
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U.S. shale producer EOG sticks to 4% annual output growth

By Liz Hampton (Reuters) -U.S. shale oil producer EOG Resources (NYSE:EOG) on Friday said it expects to deliver roughly 4% oil and gas volume growth this year, and hold a similar...
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U.S. shale producer EOG sticks to 4% annual output growth © Reuters. FILE PHOTO: The logo of U.S. oil and gas company EOG Resources is seen in its office in Chongqing, China December 15, 2017. REUTERS/Chen Aizhu

By Liz Hampton

(Reuters) -U.S. shale oil producer EOG Resources (NYSE:EOG) on Friday said it expects to deliver roughly 4% oil and gas volume growth this year, and hold a similar trajectory in 2023, as inflation and supply chain problems continue to snarl the oil industry.

Inflation has meaningfully exceeded expectations, the company said, noting that it has been able to offset some costs with efficiency gains. The market could face additional inflation next year, pushing well costs higher, executives warned in a conference call.

"Oilfield service capacity remains extremely tight and is further constrained by the limited availability of materials and experienced labor," Chief Operating Officer Billy Helms told investors. Those constraints are fueling uncertainty in service costs, and would continue to do so next year, he said.

Despite inflationary pressure, U.S. oil producers are reporting blockbuster profits this quarter, supported by higher oil prices, which hovered around $100 a barrel for much of the second quarter.

Unlike some of its rivals that expanded spending budgets this year, EOG has held steady its capital expenditures forecast.

"Good to see reiteration of Capex, given industry inflationary pressures," analysts for Tudor, Pickering, Holt & Co wrote in a note on Friday.

Shares were up about 7% to $106.87 in morning trading.

EOG said it was seeing promising results from its newer Dorado dry gas properties in South Texas, and anticipated directing additional investment there.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
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 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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