US Oil Production to Maintain Low Growth in 2023: EOG Resources

The United States oil production will maintain a low growth rate in 2023, an industry leader said.
Ezra Yacob, president of EOG Resources Inc., told analysts his prediction during a third-quarter earnings call.
The number of oil rigs, frac spreads, and workers indicated a low growth rate in the near future, he said.
Also, fewer companies have the capacity to produce oil after the pandemic and the companies are more cautious about investing more in this sector.
“I do think coming out of the pandemic, we’ve had a consolidation across the industry. … You’ve been left with less companies, and those companies that have the size, the scale, balance sheets, things of that nature to be able to continue to drill and operate,” he said. “And the majority of those companies are drilling and investing in a way that’s more disciplined than what was in favor prior to the pandemic.”…}