EOG Takes Its Exploration Game to New Play

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  • An exploration-hungry holdout among US E&Ps, EOG Resources wants its wells to deliver a "double premium" return rate of 60% at a $40 per barrel oil price.
  • The Houston-based company will allocate most of its exploration budget for next year to its recently disclosed position in the Utica Shale.
  • EOG is preparing to start drilling in shallow waters offshore Australia in 2023, aiming to replicate the success it has had in Trinidad.

The Issue

Exploration, Corporate Strategy , Capital Spending, Earnings, Independent E&Ps, Shale
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