EOG Selling Off Shale Acres
Houston's EOG Resources Inc. (EOG) announced today they would be selling off nearly 180,000 acres in US shale plays in order to increase funds for future exploration.
EOG will sell 117,000 acres in the Eagle Ford Shale in South Texas, 51,000 acres in the Marcellus Shale in Pennsylvania; and 15,000 acres in the Haynesville Shale, an article in Reuters reports.
"We're so long on acreage relative to what we can logically develop in a reasonable period of time," EOG CEO Mark Papa told analysts.
The company also plans to sell Canadian shallow gas assets that produce 170 million cubic feet per day, says Reuters.