EOG's Output Tilts Further to Oil and NGLs

摘要

US upstream operators have been shifting their focus from natural gas to oil for some time now, but few have been quite as zealous about it as EOG Resources. So far this year, EOG has spent 80% of its capital budget on liquids development and this lifted its production of oil, condensates and natural gas liquids to 162,900 barrels per day in the third quarter-a 49% jump versus the same period of last year and a 13% increase versus the second quarter. Liquids made up 38% of EOG's total production of around 427,300 barrels of oil equivalent for the latest quarter, up from 28% in the third quarter of 2010. The company's third-quarter natural gas production fell 9%, compared with the same period of last year.