May 7, 2020 / 8:28 PM / 20 days ago

EOG Resources further cuts 2020 budget, sees lower oil output

May 7 (Reuters) - EOG Resources on Thursday further cut its spending for the year and said it expects lower oil production in 2020 as it battles one of the worst oil price shocks in decades due to a supply glut and COVID-19 induced fall in demand.

The oil and gas producer now expects 2020 capital expenditures between $3.3 billion and $3.7 billion, a reduction of $1 billion from the previous updated plan.

EOG now targets full-year 2020 crude oil production of about 390,000 barrels of oil per day, a 15% fall from full-year 2019 levels. (Reporting by Shanti S Nair in Bengaluru; Editing by Shailesh Kuber)

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