EOG capital plan of $3.7 to $4.1 billion plan maintains 2021 crude oil volumes of 434,000 to 446,000 Bopd, approximately flat with 4Q 2020.
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EOG Capital plan of $3.7 to $4.1 billion and dividend funded at less than $40 WTI oil price, before considering cash received or paid for
settlements of commodity derivative contracts
- EOG Plans maintains 2021 crude oil volumes of 434,000 to 446,000 Bopd, approximately flat with 4Q 2020
- No plans to increase capital expenditures or grow production volumes during 2021, even in higher commodity price environment
- Focused on double‐premium potential locations – minimum 60% ATROR at flat $40 WTI and $2.50 HH
- Complete approximately 500 net wells in 2021 focused on Delaware Basin, Eagle Ford and Powder River Basin
- Accelerating leasing and testing of numerous high‐impact exploration projects
- Capital plan also funds international plays and environmental projects
Additional Comments from Bill Thomas
“The EOG 2021 capital plan is consistent with the strategy we have followed over the last year of not growing production in an oversupplied market. We are focused on increasing returns, generating free cash flow and maintaining our productive capacity while the oil market rebalances. In addition, we continue to invest in infrastructure to support reliable, safe, low-cost and low-emissions
operations. With the improvements we have made in our operations and the size and quality of our premium inventory, we can now focus our capital allocation on the top half of our premium inventory – wells that are double‐premium or better. Using double-premium investment metrics will make a step-change improvement in EOG’s future performance.
“We continue to press forward in our exploration efforts and are allocating more capital in 2021 to test high‐impact oil plays and lease acreage. While much of the industry is scaling back or abandoning exploration, we are confident that our pipeline of new high‐return plays can significantly increase the long‐term value of EOG and we are pursuing them aggressively.
“The increase in the regular dividend reflects the significant progress EOG has made in the past 12 months. We have lowered operating costs and well costs, in turn reducing the breakeven oil price needed to maintain our production. It also demonstrates the confidence we have in the resiliency of our business. We will evaluate all options to maximize total shareholder return as cash becomes
available.”
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About EOG
EOG Resources’ geographic focus is determined by where it can locate primary energy resources — natural gas, natural gas liquids, and oil. In recent years that focus has been on exploiting shale plays in the US. The independent oil and gas company is engaged in exploring for natural gas and crude oil and developing, producing, and marketing those resources. In 2014, EOG’s total estimated net proved reserves was 2.5 billion barrels of oil equivalent, of which 1.1 billion barrels was crude oil and condensate reserves, and 5 trillion cubic feet was natural gas reserves.
Eagle Ford in Texas is the most mature tight oil play in the Lower 48 current, oil and natural gas production of 2.5 million barrels of oil equivalent per day. Measuring 400 miles long and 50 miles wide along the Texas Gulf Coast, the Eagle Ford basin is spread over 12,000 square miles in South and central Texas.
Delaware Basin is a hydrocarbon rich sedimentary basin that lies within the Permian Basin. The Delaware Basin covers around 6.4 million acres in far West Texas and South Eastern New Mexico. It is located in an arid southwestern portion of the United States of America
