EOG Resources
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Extensive acreage overlap and existing operational collaboration drove the acquisition decision. -
Northeast Pennsylvania producer was formed in 2017 after the purchase of Shell-operated properties.
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ConocoPhillips has pulled out of the much-hyped Louisiana Austin Chalk play after the company’s test wells yielded a gusher of water. Meanwhile, an Australian operator flying under the radar continues to pursue the adjacent-but-even-more-challenging Tuscaloosa Marine Shale.
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The Powder River Basin has emerged over the past year as the latest source of oil production growth for the Lower 48. Companies ranging from a reborn Samson Resources to US onshore mainstays Devon, Chesapeake, and EOG are now betting on the basin to become a long-term core asset.
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The promise of getting 30% more oil production from shale wells has set off a race by companies trying to see if they can replicate what EOG has done. But the big question is: Can it add enough oil to increase the industry’s low average recovery rate?
