Saturday, May 7, 2011

EOG Well On Its Way to Shedding $1 Billion in Natural Gas Assets

Link here.
EOG Resources Inc. has sold $637 million worth of assets in its goal of divesting $1 billion worth of assets this year, EOG Chief Executive Officer Mark Papa said May 6, adding most of the assets sold were mature gas-producing properties in South Texas and New Mexico.

“Our shift from a natural gas to a liquids company is essentially complete,” Papa said during a conference call on the company’s first-quarter earnings. “At current prices, we expect approximately 70% of our North American revenue to emanate from crude oil, condensate, and natural gas liquids.”
For newbies: think Bakken. 
Apparently James Cramer, oracle of newyorkcity, pumped EOG yesterday. I missed it; I was traveling.

1 comment:

  1. Bruce,

    Here is a link to a new assessment of British Columbia's natural gas reserves. Its a big number...

    http://www.upstreamonline.com/live/article255577.ece

    ReplyDelete

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