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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...
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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    EUR/USD 1.0152 ↑ Buy  
    GBP/USD 1.2059 ↑ Buy  
    USD/JPY 134.46 Sell  
    AUD/USD 0.7011 ↑ Buy  
    USD/CAD 1.2886 ↑ Sell  
    EUR/JPY 136.51 Neutral  
    EUR/CHF 0.9640 ↑ Buy  
    Gold 1,791.20 ↑ Buy  
    Silver 20.073 ↑ Buy  
    Copper 3.6288 ↑ Buy  
    Crude Oil WTI 89.52 Neutral  
    Brent Oil 94.98 Buy  
    Natural Gas 9.259 Neutral  
    US Coffee C 223.50 ↑ Sell  
    Euro Stoxx 50 3,793.35 Neutral  
    S&P 500 4,297.14 Neutral  
    DAX 13,849.22 ↑ Buy  
    FTSE 100 7,544.53 ↑ Sell  
    Hang Seng 19,830.52 ↑ Buy  
    Small Cap 2000 2,020.40 ↑ Buy  
    IBEX 35 8,484.16 Neutral  
    BASF 44.170 Buy  
    Bayer 54.05 ↑ Buy  
    Allianz 179.45 ↑ Sell  
    Adidas 170.53 ↑ Buy  
    Lufthansa 6.723 Neutral  
    Siemens AG 111.38 ↑ Buy  
    Deutsche Bank AG 8.990 Neutral  
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Cập nhật lúc 18:54:08 16/08/2022
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