Friday, August 3, 2012

EOG's Earnings Call

EOG didn't say much about the TMS.  A summary of TMS related discussion:
Robert S. Morris - Citigroup Inc, Research Division
When you mentioned potentially doing a JV in another oil play, I assume that's separate from the JV you did with Mitsubishi in the Tuscaloosa Marine Shale and is a play that you've not disclosed or talked about yet.

Mark G. Papa
Yes. Don't try and pin us down too much. We're really -- what you ought to take directionally out of that is our inventory out of our big 4 plays and our success rate there is so high that we could easily push essentially all of our cash flow into those plays next year. And so in any of our other oil plays, horizontal oil plays, we may elect to push our capital away from those and use JVs and allow us to funnel more money, particularly in the high rate of return in the Eagle Ford. So that's kind of the thinking behind what we're talking about.

Robert S. Morris - Citigroup Inc, Research Division
Okay. And then on the joint venture with Mitsubishi in the Tuscaloosa Marine Shale, what has been your activity under that joint venture to date?

Mark G. Papa
Yes. Well, currently, we've commenced drilling, and probably, by year end, we'll have first wells results on there. So I guess on the February earnings call, we'll know something from the first well.

http://seekingalpha.com/article/779211-eog-resources-management-discusses-q2-2012-results-earnings-call-transcript?part=single

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