Houston-based EOG Resources said last week it plans to maintain capital spending in 2024 at about $6 billion, the same as in 2023, as it prioritizes returns over production volume. Lloyd (Billy) Helms, Jr., president, said Jan. 4 at a conference in Houston that EOG’s oil production finished 2023 up three percent to 475,000 barrels per day and with total production up eight percent to 980,000 boed. “We’re very comfortable with the activity levels,” he said. “We don’t really see the need to increase activity based on what we see the macro looks like. We want to continue to run at a pace that we can improve the company.”
EOG was expected to finish 2023 with 26 rigs, including 17 in Delaware Basin. Helms said this year most of EOG’s growth will occur in Utica operations in Ohio.