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Shale Titan EOG Is Ready to Pump More Oil If Market Wants It

  • Oil heavyweight is still producing less than it was pre-Covid
  • Conditions needed for increase may occur by mid-2022, CEO says
Updated on

EOG Resources Inc., one of the biggest U.S. shale oil producers, is ready to ramp up output as soon as this summer if the market demands it.

The company has yet to resume pre-pandemic levels of production, but that could change this year under certain macroeconomic conditions, EOG Chief Executive Officer Ezra Yacob said in a virtual energy conference hosted by Goldman Sachs Group Inc. The driller is monitoring global oil demand, inventory levels and unused production capacity within OPEC+, Yacob said.