EOG Resources May Delay Some Dorado Gas Wells in Texas Due to Low Prices
5/8/2023
(Reuters) — U.S. shale producer EOG Resources on Friday said it may delay some well completions in its Dorado natural gas play in Texas due to a low-price environment.
Natural gas prices tumbled around 50% at the start of this year. On Friday Henry Hub futures were trading around $2.13 per million British thermal units (MMBtu) NGc1.
The company said that well costs should increase no more than 10% this year compared to 2022 as oilfield inflation has shown signs of leveling off.
Shares of EOG were up 4.3% to $116.11 in early trading.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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