The well-heeled, buttoned-down world of international oil now has competition from cowboy boots and jeans.

EOG Resources Inc.’s $1.1 billion in third-quarter adjusted net income vaulted the biggest American shale driller into the same league as Italian oil giant Eni SpA, ConocoPhillips and Occidental Petroleum Corp. and ahead of Spain’s Repsol SA. But there’s one major difference: EOG is growing production at more than 20 percent a year.

Those veteran operators build multibillion-dollar engineering marvels around the world, have government ministers on speed dial, and operate myriad assets on several continents. It’s not a club typically associated with scrappy shale wildcatters, better known for burning through investors’ cash as quickly as they can drill a well in a Texas dust bowl. https://www.bloomberg.com/news/articles/2018-11-10/shale-cash-gushe...


Views: 127

Attachments:

Reply to This

© 2024   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service