Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020
EOG Cuts 2020 Budget 31%; Focus on Delaware Basin, Eagle Ford
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EOG Resources has updated its full-year 2020 capital plan as a result of the significant decline and increased volatility of commodity prices.
Reduces 2020 Capital Plan 31% to $4.3 to $4.7 Billion and Targets Flat YoY Crude Oil Production Volumes Revised Plan Generates Strong Returns at $30 Oil PriceExploration and development expenditures for 2020 are now expected to range from $4.3 billion to $4.7 billion, including facilities and gathering, processing and other expenditures, and excluding acquisitions and non-cash exchanges. Net cash from operating activities is expected to fund both capital expenditures and dividend payments assuming mid-$30 oil prices for the remainder of 2020. The revised capital plan supports full-year 2020 crude oil production of 446,000 to 466,000 barrels…
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