U.S. bank Goldman Sachs told Argus Media that Parsley Energy, Pioneer Natural Resources, EOG Resources, Concho and Diamondback Energy are among upstream independents “best positioned for a recovery given their favorable supply costs, well inventories and balance sheets.” Argus said June 15 that EOG is focusing on developing its position in Delaware Basin. The firm plans to bring 220 net wells on line in Delaware this year out of a reduced full-year target of 485 (800 originally) with nine rigs.
Executive vice president Kenneth Boedeker said the company aims to raise output as crude markets recover because “if your margins are way down, it doesn’t take much of a price increase to more than double or triple your cash margins.” EOG’s Delaware oil production in 2019 was 174,000 b/d.