EOG Resources Inc. (EOG:US), the largest oil producer in Texas’ Eagle Ford shale, said it’s pursuing new projects to bolster its rising U.S. onshore liquids output.
“We don’t need to find another big thing, but we’re looking,” Chairman and Chief Executive Officer Mark Papa said yesterday in an interview at the IHS CERAWeek energy conference in Houston. Still, “we’d be very successful even if we were unsuccessful at finding something new.”
The next steps for the company are prioritizing its inventory of drilling acreage and continuing to execute its projects as it becomes a larger company and seeks to boost how much oil it can recover, Papa said.
Earlier yesterday, Papa told attendees at the conference the U.S. may not have another oil-dominated project the size of the Eagle Ford or the Bakken in North Dakota that would be economic at current price levels. There are probably more new resources to be found in North America that will have a combination of oil, natural gas liquids and gas, he said.
EOG President William Thomas, who is slated to replace Papa as CEO in mid-2013 and as chairman at the end of the year, will be a “natural fit” to take over after being groomed for a couple years, Papa said.
EOG doesn’t envision being part of a big industry merger or acquisition.
“We don’t have a for-sale sign on our door,” Papa said.
EOG’s stock has climbed about 37 percent since the end of 2010.
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