Occidental Petroleum Corporation (OXY), EOG Resources Inc (EOG): The Biggest Oil Winners in Texas

Pioneer Natural Resources is double dipping, exploiting both the Permian and the Eagle Ford for its benefit. The company is really doing it all right now, as far as drilling goes. It is focused on vertical wells in the Spraberry section of the Permian, horizontal wells in the Wolfcamp region of the same play, and of course horizontal wells in the Eagle Ford. If you include the state’s Barnett Shale, the company plans to spend about $2.4 billion drilling in Texas this year.

EOG Resources Inc (NYSE:EOG) is the top producer in the Eagle Ford Shale, and has no intention of relinquishing that title. The company plans to drill 400 wells there this year in an effort to ramp up its already impressive production numbers.

Foolish takeaway
We tend to think of the oil companies as a group of slow-moving behemoths, but in fact the industry is quite dynamic. A company that is on top today may not remain there tomorrow, and the Texas oil production story is a great reminder of that fact.

The article The Biggest Oil Winners in Texas originally appeared on Fool.com and is written by Aimee Duffy.

Fool contributor Aimee Duffy has no position in any stocks mentioned. Click here to see her holdings and a short bio. If you have the energy, check out what she’s keeping an eye on by following her on Twitter, where she goes by @TMFDuffy. The Motley Fool owns shares of Apache.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.