EOG - EOG will go to growth mode only once oil markets are balanced CEO says

EOG Resources (EOG) will not resume production growth "until the market clearly needs the barrels," as oil demand recovery to pre-pandemic levels could occur as early as H2 2021, CEO William Thomas told the Evercore ISI Elite Energy conference today.Thomas said he would also like to see global inventory levels at or below the five-year average, including U.S. inventories, as well as OPEC's ability to restore its current output cuts without causing crude prices to fall."OPEC needs to get oil back on the market, and get spare capacity down," Thomas said. "If that doesn't happen, we'll moderate our growth rate. We may not grow at all, or may grow at a smaller rate than 8%-10%. But we won't put oil to a market that doesn't need it."Thomas was seeking to clarify EOG's position after comments last month that the company could increase oil production as much as 10%/year as early as

For further details see:

EOG will go to growth mode only once oil markets are balanced, CEO says