Beyond the Eagle Ford, Papa said EOG's Bakken assets rivaled the growth in the Eagle Ford and is proving to be another huge opportunity for the company. As for the third leg of the stool, Papa said the recently discovered Delaware Basin is showing promise. While not as large as Eagle Ford or Bakken, it will prove to be very profitable for EOG.
When asked about the outlook for both oil and gas in the U.S., Papa said 2012 will prove to be the peak of oil production growth in our country and he expects growth to continue at a slower pace going forward. As for natural gas, Papa said he's slightly more bullish and feels that $4 to $4.50 will be a more rational price for that fuel going forward.
Finally, when asked about North American energy independence, Papa said he still feels the U.S. and Canada can become energy-independent by 2020, just seven short years from now. When that happens, he said, the entire economic outlook for the U.S. will change significantly.
Cramer said EOG continues to be a remarkable story.