EOG President: U.S. Oil and Gas Production Growth to Slow in 2024

(Reuters) — U.S. oil and gas production will not continue to grow this year at the pace that it did in 2023, U.S. shale producer EOG Resources President Lloyd Helms said on Thursday.

U.S. oil output touched a record 13.25 million barrels per day in September, according to U.S. government estimates, and has dipped since as markets weigh weaker energy prices and excess supply.

EOG is comfortable with its current activity levels and does need to see the need to increase it, Helms said in remarks at the Goldman Sachs Energy, Clean Tech and Utilities conference in Miami.

The company also said it plans to maintain activity at its Dorado natural gas play in South Texas. EOG had delayed some completion in the Dorado last year due to low natural gas prices.

U.S. oil production expanded in 2023 with firms gaining higher productivity, especially from the top U.S. shale field. But the number of active drilling rigs fell last year by about 20%, to 157 at the end of December.

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