EOG Hits 4-Year Highs, Alberta Shale Promises Huge Output: Energy Business Wrap
Shares of EOG Resources (NYSE:EOG) reach four-year highs before pulling back, while Chief Executive Mark Papa tells a conference call after third quarter results beat expectations, that his firm will spend less on “money-losing” drilling in 2013, which will decrease capital expenditures.
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Immense gas and oil resources exists in the shale prospects of Alberta, according to a new evaluation: 3,324 million Mcf of natural gas, 58.6 billion barrels of gas liquids, along with 423.6 billion barrels of oil. These figures imply that the series of recent takeovers and land buys will yield impressive output gains for major oil companies that include Chevron Corporation (NYSE:CVX), Encana Corporation (NYSE:ECA), and Talisman Energy (NYSE:TLM).