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EOG Resources kicks their assets in Canada

EOG Resources Inc. said goodbye to most of its assets in Manitoba and Alberta, Canada, in transactions that finalized late November and early December of this year.

According to the company, the $410 million production divestitures consisted of 1.3 million acres of land and totaled 7,050 barrels of crude oil, 580 barrels of natural gas liquids (NGL) and 43.5 million cubic feet of natural gas per day.

EOG Resources kept 382,200 acres of land in Alberta, British Columbia and Saskatchewan, Canada.  The company will keep an operations office in Alberta.

The Houston Business Journal reports, “J.P. Morgan Securities LLC acted as EOG Resources’ financial advisor.”

EOG Resources is currently active in the Eagle Ford shale and is among the top acreage holders in the region.  The company estimates that more than 500 wells will be drilled next year.

EOG Resources is ranked one of the top 100 Houston public companies in net income, according to Houston Business Journal Research.  The company also placed 48th on Petroleum Intelligence Weekly’s 2014 list of world’s largest oil companies.

In related news, EOG Resources expects to drill 520 Eagle Ford wells in 2014.

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