US shale company EOG plans CO2 storage: press
US shale company EOG Resources said it plans to start injecting CO2 into storage to help cut its emissions, the Reuters news service reported November 5.
A spokesperson told Reuters that a carbon capture facility in its area of operations could be used for new injections for CO2 storage by next year. The company, based in Texas, has a goal of reaching net-zero emissions by 2040.
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EOG on November 4 reported that total natural gas production averaged 1.42bn ft3/day in the third quarter, slightly higher than its guidance and 19% higher than during the same period last year. Crude oil production of 449,500 barrels per day mirrored the gains on gas output.
The company reported $1.1bn in net income during the three-month period ending September 30, recovering from a loss of $42mn during the same period in 2020. Revenues increased from $2.2bn in Q3 2020 to $4.8bn in Q3 2021.
“Our financial and operational results, our world-class assets as well as our continued progress on exploration are a testament to the strength of EOG's underlying business, all driven by our talented employees and unique culture,” CEO Ezra Yacob said. “We are well positioned to be one of the lowest cost and lowest emissions producers and generate superior cash returns, free cash flow growth and long-term shareholder value."