EOG eyes 10% well cost increase in 2023, maintains low single-digit oil growth

(Reuters) – U.S. shale producer EOG Resources (NYSE:) said it anticipates well cost to increase by 10% next year, on top of a 7% increase in 2022, as inflation continues to snarl the oilfield.

EOG, which this week announced it had extended operations into Ohio, will maintain low single-digit oil growth next year. Oil equivalent growth, which includes gas and liquids, will grow at a low double-digit rate, executives told investors on Friday.

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