Forbes’ energy reporter Chris Helman has a great interview with outgoing EOG Resources CEO Mark Papa for the magazine’s upcoming issue.
EOG is actually an Enron spinoff, but Papa has left the former in the dust, guiding EOG to a +650% return over the past decade.
But it turns out he’s sort of sceptic on the American oil boom, mostly because the recovery rates in unconventional oil plays — however big they are in size — pale in comparison to conventional ones.
Here’s the key passage:
…it’s surprising to hear him say that the Great American Oil Boom, which he helped create, is “not going to be as massive as people think.”
“The chances of the U.S. being independent in oil are very slim,” he says.
According to Forbes, Papa has taken in $132 million in compensation over the past five years.