**EOG Resources Poised to Double Down on Ohio’s Utica Shale Operation**
In a signal of its unwavering confidence in the Ohio Utica shale play, EOG Resources Inc. is set to significantly increase its capital expenditures in the region. According to chief operating officer Jeff Leitzell, the company is on track for more substantial investments in 2025, barring any unexpected setbacks.
Speaking at the recent Barclays CEO Energy-Power Conference, Leitzell highlighted the outstanding performance of EOG’s Utica holdings, which total 445,000 net acres in the eastern part of Ohio. The company’s initial focus has centered on approximately 225,000 net acres that are currently producing volatile oil.
“Everything so far has basically met type curve or exceeded type curve,” Leitzell noted, emphasizing the project’s remarkable achievements. “On that 225,000 acres, we’re just about there […] Everything kind of came in the way we want without any misses.”
The success in the Utica play is not only encouraging development work but also underscores EOG’s broader strategy. By focusing on incrementally amassing acreage and developing it organically, the company aims to leverage its existing operations more efficiently. This approach is distinct from other exploration and production companies that often pursue large-scale mergers and acquisitions.
“The goal is for it not just to be financially accretive but also accretive on a portfolio level,” Leitzell explained. “So when we look at it all, we compare it to our exploration opportunities and we just see a lot more value right now in our exploration opportunities.”
EOG’s Utica operation has clearly established itself as a critical component of the company’s growth strategy. With a significant increase in wells from just 20 in 2024 to more than triple that number from 2023, the company is poised to make substantial strides in the region. The upcoming capital influx will further bolster this expansion, positioning EOG’s Utica play