Salem Radio Network News Tuesday, August 9, 2022

Business

U.S. shale producer EOG to maintain low, single-digit oil output

(Reuters) – U.S. shale oil producer EOG Resources on Friday said it expects to deliver roughly 4% oil and gas volume growth this year, and hold a similar trajectory in 2023, as inflation and supply chain problems continue to snarl the oil industry.

Inflation has meaningfully exceeded expectations, but EOG has been able to offset some costs with efficiency gains. The market could face additional inflation next year, pushing well costs higher, executives warned in a conference call.

(Reporting by Liz Hampton in Denver)

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