Houston-based EOG Resources said in its fourth quarter earnings report it forecasts “steady development” in its “disciplined capital program” in 2023 in Delaware Basin, its largest operation. Billy Helms, president and CEO, said Feb. 24, “We didn’t really feel that we wanted to ramp up activity anymore in the Delaware Basin, but instead leverage on our multi-basin portfolio to increase activity in areas where equipment and crews are more available.” EOG completed 358 net wells in Delaware Basin in 2022 and is targeting 365 for 2023.
Capital spending for EOG for 2023 is expected to be $5.8 billion to $6.2 billion after $4.6 billion in 2022 and $3.8 billion in 2021. EOG oil production is expected to grow 3 percent in 2023.