Oil Drops To $96 A Barrel As Energy Prices Decline 1.4 Percent In April

EOG is bullish about oil this year, but less optimistic about North American natural gas prices, said Board Chairman and former Chief Executive and Mark Papa, speaking during the company’s second-quarter 2013 earnings call.

“We consider 2013 to be another in a long string of disappointing years,” said Papa. “We expect gas supply to continue to trump demand, causing continued weakness over the next several years.

“We also expect NGL prices, especially ethane, to remain weak through 2014.”

EOG is also forecasting the US oil production will continue to grow, but not at the rates seen last year.

“Recent monthly EIA data is consistent with our expectations that 2013 year-over-year domestic oil growth will be less than in 2012.”

“US oil production will continue to grow,..but at slower rates.”