EOG Resources’ Legacy South Texas Assets On The Market

EOG Resources Inc. (NYSE: EOG) recently put a chunk of its South Texas position on the market as the Houston-based E&P works toward strengthening its balance sheet by paying down debt. The South Texas asset package, being marketed for sale by TenOaks Energy Advisors LLC, comprises operational control in legacy fields covering 15,621 gross (13,681 net) acres. The largely contiguous, conventional asset in the prolific Frio trend area is projected to generate roughly $8.3 million of cash flow, according to TenOaks. While speaking at a conference last month, EOG’s COO, Billy Helms, said the company has laid out a strategy to strengthen its balance sheet and, as a result, plans to pay down about $3 billion of debt through 2021. As of Sept. 30, the company’s total debt outstanding was $6.4 billion and had generated more than $1 billion of free cash flow for the year.

https://www.shaledirectories.com/blog/eog-resources-legacy-south-texas-assets-on-the-market/