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.