Independent shale producer EOG Resources sees U.S. crude output for this year, less than 50% of last year’s levels, David Wethe wrote for Bloomberg. Lower oil fields drilling activity is expected “after ending last year with an estimated production growth of 900,000 barrels a day higher than the end of 2022, noted the Bloomberg story. “Bringing on a lot of production last year, you’ve got a steeper decline to offset this next year,” said a company officer at an investor presentation earlier on Thursday.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on EOG:
- EOG Resources price target lowered to $138 from $150 at Mizuho
- Wells downgrades EOG Resources to Equal Weight, lowers price target to $130
- Wells Fargo gets more bearish on EOG Resources, downgrades shares
- EOG Resources promotes Jeffrey Leitzell to COO, Ann Janssen to CFO
- EOG Resources just downgraded at Morgan Stanley, here’s why