EOG gets analyst target of $140 on focus shift to OIL by EOG
APRIL 8, 2010 EOG Resources Shifts Its Focus to Finding Oil Independent Natural-Gas Aims to Shed Some Assets to Fund Exploration, Places Hope in Drilling Techniques
BY JASON WOMACK
EOG Resources Inc. said Wednesday it plans through asset sales and new exploration to transform itself into a large onshore U.S. oil producer, significantly shifting its focus from natural gas.
The Houston-based energy company said that it would sell as much as $1.5 billion in natural gas assets over the next 14 months to fund its exploration and may even seek a partner to develop other gas fields as part of an ongoing strategy to search out more U.S. oil reserves.
The company plans $5.1 billion in capital spending this year, up from $3.6 billion in 2009.