EOG Resources is making higher rates of return on cheap oil in some areas but it isn’t ready to turn on the taps again because it expects oil prices to recover in coming months, CEO Bill Thomas told analysts Friday.
The U.S. oil rig count increased by six this week, largely buoyed by more rigs added in Texas’ Permian Basin, according to according to Baker Hughes, which tracked 29 weeks of decline in the count until July 2, when oil companies began sending rigs back to oil fields in Texas and elsewhere.
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