Capex Data
EOG's 2008 planned exploration and development capital program is approximately $4.1 billion, which excludes acquisitions, gathering systems, processing plant and other expenditures of approximately $280 million. Considering the anticipated proceeds from the previously announced divestiture of its Appalachian shallow natural gas assets, EOG is targeting net debt at year-end 2008 to be relatively flat with December 31, 2007.
Future Plans
Consistent with EOG's strategy of adding new reserves at high rates of return through organic growth, the company plans to continue expansion of its North American drilling program. The company expects significant production gains from two high rate of return plays, the Fort Worth Barnett Shale and North Dakota Bakken.
EOG has increased its total crude oil and condensate production growth target from the previously stated 33 percent to 36 percent, primarily as a result of expanded drilling operations in the North Dakota Bakken. Natural gas liquids volumes are expected to rise by 40 percent over 2007 as EOG increases drilling activity in the western extension counties of the Fort Worth Barnett Shale and processes more of its rich natural gas.