EOG Resources and Occidental Petroleum are committed to maintaining oil production flat in 2022 even as crude markets inch closer into balance, the companies said during respective quarterly conference calls Nov. 5. Market balance, which much of the upstream industry is awaiting, will be achieved when data shows more favorable demand improvements, as well as lower inventory numbers and spare capacity, EOG CEO Ezra Yacob, who took the helm of EOG in October, said. “[Next year] is looking like a year of transition,” Yacob said during EOG’s third-quarter earnings conference call.
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