EOG Expects US Crude Output Growth to Slow in 2024

Shale producer EOG Resources expects the rate of US crude output growth at less than half of the rate in 2023 amid lower oil fields drilling activity according to EOG President Billy Helms this week.

• US oil expansion will be “considerably less” in 2024 having finished 2023 with an estimated production of 900kb/d higher than the end of 2022.
• “Bringing on a lot of production last year, you’ve got a steeper decline to offset this next year,” he said. “That tells you that US production is not going to be able to continue to grow at the pace that it did last year.”
• Oil demand is 'fairly strong' and continuing to grow next year but EOG doesn’t see the need to increase activity in its core regions although may expand drilling in its emerging Utica Shale fields.
• EOG expects to report roughly 3% oil output growth in 2023 and has enough resources to maintain flat output for 30 years with exploration more robust than ever.