EOG Resources

EOG Resources, Inc.

File:EOG Resources logo.svg
Company type	Public
Traded as	NYSE: EOG S&P 500 component
Industry	Petroleum industry
Founded	1999 (1999)
Founder	Mark G. Papa
Headquarters	Heritage Plaza Houston, Texas, U.S.
Key people	Ezra Y. Yacob (CEO & director) Timothy K. Driggers (CFO)
Products	Petroleum Natural gas Natural gas liquids
Production output	753 thousand barrels of oil equivalent (4,610,000 GJ) per day (2020)
Total assets	Decrease $35.804 billion (2020)
Total equity	Decrease $20.301 billion (2020)
Number of employees	2,900 (2020)
Website	www.eogresources.com

EOG Resources, Inc. is a U.S.-based energy corporation specializing in the exploration of hydrocarbons. Incorporated in Delaware, its main office is located in Houston, Texas, within the Heritage Plaza tower.

The firm holds the 186th position on the Fortune 500 list and ranks 337th on the Forbes Global 2000.

Initially established as Enron Oil & Gas Company, it separated from Enron and adopted the name EOG Resources, Inc. in 1999.

History

Mark G. Papa took on the roles of chairman and CEO in 1998. The company gained independence from Enron the following year.

In 2000, EOG completed asset exchanges with Occidental Petroleum and Burlington Resources, obtaining properties across strategic areas such as East Texas, the Oklahoma Panhandle, and the Permian Basin. That October, it was added to the S&P 500 index.

The company's expansion into Canada occurred in 2003 through a $320 million acquisition of assets from Husky Energy.

By 2006, EOG secured a significant lease within Houston's Heritage Plaza to accommodate its growth plans.

In 2008, it purchased exploration holdings in China's Sichuan Basin from ConocoPhillips. Notably, in 2010, EOG announced major finds within the Eagle Ford Group formations.

May 2011 saw EOG divest gas-producing properties located in South Texas and New Mexico for $637 million. Most Canadian operations were sold off by December 2014, coinciding with Mark G. Papa’s exit from the board.

In November 2015, the company allocated $368 million to increase its land holdings in the Delaware Basin. The subsequent year, it acquired Yates Petroleum for $2.3 billion plus stock consideration, significantly expanding its footprint in the Delaware Basin, Powder River Basin, and New Mexico’s Northwest Shelf.

A collaboration with The Carlyle Group was initiated in 2017 to develop oil and gas assets situated in Ellis County, Oklahoma.

By September 2018, EOG divested its offshore assets in the UK to concentrate on its primary domestic operations.

Current operations

As of December 31, 2020, EOG’s proved reserves totaled , predominantly located within the United States (98%), with smaller portions in Trinidad and Tobago (2%) and minor quantities in Canada and China. These reserves consisted of approximately 51% petroleum, 22% natural gas liquids, and 27% natural gas.

During 2020, daily production averaged , with U.S. operations accounting for 94%, Trinidad and Tobago contributing 5%, and other regions making up the remaining 1%.

United States

Within the United States, proven reserves consisted of 53% petroleum, 21% natural gas liquids, and 26% natural gas. The company ranked as the leading petroleum producer in the Eagle Ford Group. Its portfolio also includes assets in the Delaware Basin and various regions of the Permian Basin, such as the Leonard, Wolfcamp, and Second Bone Spring Sand shale formations. Additional US holdings encompass properties in the Williston Basin associated with the Bakken Formation, as well as interests in the Turner, Parkman, and Niobrara Formations located within the Powder River Basin. The company further maintains stakes in the Austin Chalk, Anadarko Basin, Fort Worth Basin, and Marcellus Shale.

Canada

The firm controls roughly 47,000 net acres within the Horn River Formation.

Trinidad and Tobago

It possesses multiple natural gas concession agreements along with about 115,000 net undeveloped acres.

China

In 2008, the company expanded its holdings by acquiring assets from ConocoPhillips in the Chuan Zhong Block exploration zone of the Sichuan Basin.

Oman

Operations include active oil exploration efforts.

UAE

Oil exploration activities are ongoing in southern areas of the UAE.

Antitrust lawsuit

In January 2024, a class action lawsuit was filed against EOG and seven other US oil producers, alleging unlawful coordination to limit shale oil output, which purportedly led to elevated gasoline prices for consumers across the United States.