EOG CEO sees U.S. oil output expanding less than half of 2023 growth pace (NYSE:EOG)
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EOG Resources (NYSE:EOG) CEO Billy Helms said Thursday he expects U.S. crude oil production this year will grow at less than half of 2023’s pace as domestic drilling activity drops off.
After ending last year with production growth of 900K bbl/day from the end of 2022, U.S. oil expansion will be “considerably less,” Helms said at a Goldman Sachs energy conference, according to Bloomberg.
“Bringing on a lot of production last year, you’ve got a steeper decline to offset this next year,” the CEO said, which indicates “U.S. production is not going to be able to continue to grow at the pace it did last year.”
Helms said EOG (EOG) expects to report ~3% growth in its 2023 oil production when it reports Q4 earnings in the coming weeks.
EOG (EOG) does not expect to increase overall activity, but may expand drilling in its emerging Utica Shale fields, Helms said.
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