EOG, press release:
- reduces 2020 capital plan 31% to $4.3 to $4.7 billion and targets flat y/y crude oil production volumes
- revised plan generates strong returns at $30 oil price
- 2020 capital expenditures and dividend funded with et cash from operating activities at mid-$30 oil prices for the remainder of 2020
- includes funding for high-return drilling and targeted infrastructure, exploration and environmental projects
Statement: given the current commodity price environment, EOG has elected to reduce activity across its operating areas.
The company plans to focus its drilling operations in the Delaware Basin and South Texas Eagle Ford and continue funding projects that support the long-term value of the company, including targeted infrastructure, exploration and environmental projects.
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