EOG To Increase Asset Sale to $1.6 Billion, From $1 Billion -- Needs Cash to Pay for Oil Services Cost

Link here, from RigZone.com.

EOG Resources Chief Executive Mark Pappa said Friday the oil and gas explorer is increasing the amount of cash it hopes to raise by selling assets this year in order to offset rising oilfield service costs.

The assets being sold "are primarily mature long-lived domestic gas properties and other acreage," Pappa told investors during a conference call to discuss EOG's second-quarter results. Those properties are scattered in east Texas, the mid-continent and in the Gulf of Mexico.

See EOG at earnings central for additional information.