**EOG Resources Poised for Significant Expansion in Ohio’s Utica Shale**
As the oil and gas industry continues to navigate evolving market conditions, EOG Resources, Inc. is setting its sights on substantial growth in Ohio’s Utica shale region. Chief Operating Officer Jeff Leitzell recently highlighted the company’s bullish outlook for the Utica play, indicating that EOG is gearing up to receive increased capital investment in 2025.
Speaking at the Barclays CEO Energy-Power Conference, Leitzell underscored the successful nature of EOG’s operations within the Utica shale formation. The company’s 445,000 net acres in eastern Ohio have yielded impressive results, with initial work focused on approximately 225,000 net acres producing volatile oil. According to Leitzell, “Everything so far has basically met type curve or exceeded type curve.” This marks a significant achievement, as all early milestones have been met without any substantial misses.
EOG’s Utica teams are poised to receive more funding in 2025 to support the development of additional wells. This year alone, the company is aiming to drill 20 net wells in the Utica, a figure that is more than triple the number of wells drilled in 2023. While specific dollar details regarding the 2024 capital expenditure budget of $6.2 billion were not provided, it is evident that Ohio spending will become a major component of EOG’s overall outlays.
The Utica play has the potential to be a foundational asset for EOG, comparable in significance to its core Delaware basin and Eagle Ford assets. Leitzell emphasized, “It absolutely has the opportunity to be a foundational play,” and stated that the company is “on the pathway to be there.” His comments echo the positive remarks made by EOG leaders during the second-quarter earnings call, where CEO Ezra Yacob praised the consistent production from the company’s delineation work in the Utica and noted its potential to be cost-competitive with parts of