EOG Bucks the Trend for Maintenance-Level Investing; 30% More Capital With 8.5% Volume Growth in 2023

EOG posted somewhat disappointing operating results, with oil volumes coming in slightly above the midpoint of guidance at 465.6 thousand barrels per day, while both NGLs and natural gas were in the lower half of the respective ranges. Total volumes were also below the midpoint as a result. Likewise, operating costs were within the guidance range but above the midpoint, with higher well maintenance and water-handling costs offsetting the benefit of decreased fuel prices.