EOG Resources Cuts 2020 Capital Plan By Additional $1.0 Bln

(RTTNews) - EOG Resources, Inc. (EOG) said its exploration and development expenditures for 2020 are now expected to range from $3.3 billion to $3.7 billion. This represents a reduction of $1.0 billion from the previous updated plan.

The company's revised capital plan targets full-year 2020 crude oil production of approximately 390,000 Bopd, representing a decline of 15 percent compared with full-year 2019 levels. EOG currently plans to bring approximately 485 net wells onto production for the full-year 2020 compared with the original forecast of 800 net wells, with a focus on the Delaware Basin and South Texas Eagle Ford.

The board declared a dividend of $0.375 per share on EOG's common stock. The dividend will be payable July 31, 2020, to stockholders of record as of July 17, 2020. The indicated annual rate is $1.50 per share.