EOG Lowers Production Forecast As Covid-19 Weighs On Demand

   By Micah Maidenberg

EOG Resources Inc. said Thursday it now expects full-year oil production of about 390,000 barrels a day, representing a decline of 15% compared with 2019, a move that reflects how the coronavirus pandemic has rippled through global crude markets.

The shale-driller "plans to bring approximately 485 net wells onto production for the full-year 2020 compared with the original forecast of 800 net wells, with a focus on the Delaware Basin and South Texas Eagle Ford," the company said.

EOG also said it has elected to defer some production until oil prices recover. Prices have face pressure this year, in part because the pandemic has crimped demand as people and businesses avoid travel.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

May 07, 2020 17:11 ET (21:11 GMT)

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