The chief executive of EOG Resources (EOG.N) said on Tuesday that the company has canceled plans to sell some of its acreage in the Marcellus shale, choosing instead to develop it when natural gas prices improve. "We are going to hold onto it," Mark Papa, chief executive of EOG told investors at the Howard Weil Energy Conference. In December, Houston-based EOG said it terminated a $405 million deal to sell 50,000 Marcellus acres to Newfield Exploration Co (NFX.N). Papa also told investors he was "cautiously optimistic" about early results from the emerging Niobrara shale field in Wyoming but said more data was needed.
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