The company initially started the year having identified 3,200 premium locations, which represented resource potential of up to 2 billion barrels of oil equivalent (BOE) and a decade's worth of drilling at its current pace. However, the company increased that inventory by 34% in the second quarter to 4,300 locations thanks to "advances in completion technology, precision targeting, longer laterals and cost reductions." With this inventory in hand, EOG Resources released its 2020 crude oil production outlook, forecasting 10% compound annual oil production growth through 2020 at flat $50 oil, with that rate accelerating to 20% at $60 crude prices.