February 25, 2014 / 3:19 PM / 4 years ago

EOG Resources sees slow N. American natural gas market recovery

Feb 25 (Reuters) - Oversupply in the North American natural gas market is likely to persist for years, the chief executive officer of U.S. oil and gas company EOG Resources Inc told investors on a conference call on Tuesday.

“We won’t drill any dry gas wells in North America during 2014 because we don’t see a change in the gas oversupply picture until the 2017 to 2018 time frame,” CEO Bill Thomas said on the call to discuss the company’s fourth-quarter earnings.

Natural gas prices are likely to hover around $4.50 per million British thermal units this year and next, he said.

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