EOG Resources
 | |
| Public company | |
| Traded as |
NYSE: EOG S&P 500 Component |
| Industry | Petroleum industry |
| Founded | 1999 |
| Founder | Mark G. Papa |
| Headquarters |
Heritage Plaza Houston, Texas, United States |
Key people |
William R. Thomas, CEO & Chairman Gary L. Thomas, COO & President Lloyd W. Helms, Jr., Executive Vice President David W. Trice, Executive Vice President Timothy K. Driggers, CFO[1] |
| Products |
Petroleum Natural gas Natural gas liquids |
Production output | 572.2 thousand barrels of oil equivalent (3,501,000 GJ) per day[1] |
| Revenue |
 US$8.757 billion (2015)[1] |
|
-US$6.686 billion (2015)[1] | |
|
-US$4.524 billion (2015)[1] | |
| Total assets |
US$26.975 billion (2015)[1] |
| Total equity |
US$12.943 billion (2015)[1] |
Number of employees | 2,760 (2015)[1] |
| Website |
www |
EOG Resources, Inc. (successor to Enron Oil & Gas Company) is a petroleum and natural gas exploration company headquartered in the Heritage Plaza building in Houston, Texas.
Current operations
The company is ranked #167 on the Fortune 500.[2]
The company has reserves in the United States, Canada, Trinidad, the United Kingdom, and China.[1]
As of December 31, 2015, the company had 2.118 billion barrels of oil equivalent (1.296×1010 GJ) of estimated proved reserves, of which 52% was petroleum, 18% was natural gas liquids, and 30% was natural gas. Of these proved reserves, 97% were located in the United States and 3% were located in Trinidad.[1]
In 2015, the company's production averaged 572.2 thousand barrels of oil equivalent (3,501,000 GJ) per day, of which 89% was in the United States (including 42% in the Eagle Ford shale), 10% was in Trinidad, and 1% was in other areas.[1]
United States
As of December 31, 2015, of the company's total proved reserves in the United States, 53% was petroleum, 19% was natural gas liquids, and 28% was natural gas.[1]
Eagle Ford Shale
As of December 31, 2015, EOG is the largest petroleum producer in the Eagle Ford. In 2015, production by the company in the Eagle Ford averaged 238.8 million barrels of oil equivalent (1.461×109 GJ) per day, which was a 3% increase from 2014 levels.[1]
In 2014, the company realized a 39% increase in well productivity on certain wells in the Eagle Ford as a result of a new technology that it developed that "involves stimulating the rock more evenly along the wellbore".[3]
In 2015, the company has cited technology and cost reductions as reasons for improved production.[4]
Permian Basin
In 2015, production by the company in the Permian Basin averaged 43 million barrels of oil equivalent (260,000,000 GJ) per day, which was a 30% increase from 2014 levels. The company owns properties in the Leonard, Wolfcamp, Second Bone Spring Sand, and the Delaware Basin shale plays.[1]
Rocky Mountains
In the Rocky Mountains, the company owns properties in the Williston Basin Bakken Formation and the Turner, Parkman and Niobrara formations in the Powder River Basin. In 2015, production in the Rocky Mountains averaged 65 million barrels of oil equivalent (400,000,000 GJ) per day.[1]
Other areas
EOG also owns properties in the Anadarko Basin, Haynesville Shale, Barnett Shale, and the Marcellus Shale.
North Sea
In 2007, EOG was awarded a license for two blocks in the East Irish Sea and, in 2009, the company drilled a successful test well. First production from the Conwy field is anticipated in March 2016.[1]
Trinidad
As of December 31, 2015, EOG held approximately 40,000 net undeveloped acres in Trinidad.[1]
China
In 2008, EOG acquired assets in the Chuan Zhong Block exploration area in the Sichuan Basin, Sichuan Province, China from ConocoPhillips.[5]
In 2015, EOG drilled four wells in China, providing a positive outlook for future development.[1]
History
Its predecessor company, Enron Oil and Gas Company became independent from Enron Corp. in 1999, and changed its named to EOG Resources, Inc. (EOG).[6]
In 1998, the board of directors of the company elected Mark G. Papa Chairman and Chief Executive Officer.[7]
In 2000, the company swapped properties with Occidental Petroleum. EOG received properties in East Texas and the Oklahoma Panhandle in exchange for properties in California and the Gulf of Mexico.[8]
In 2000, the company also swapped properties with Burlington Resources. EOG received properties in West Texas and the New Mexico, specifically in the Permian Basin, in exchange for properties in Texas and Oklahoma.[9]
In 2000, the company was added to the S&P 500 index.[10]
In 2003, the company acquired properties in Canada from Husky Energy for $320 million.[11]
In 2006, the company signed a 225,648 square feet (20,963.4 m2) lease for office space in the Heritage Plaza building in Houston, Texas.[12]
In 2008, EOG acquired assets in the Chuan Zhong Block exploration area in the Sichuan Basin, Sichuan Province, China from ConocoPhillips.[13]
In 2010, the company announced major discoveries in the Eagle Ford shale.[14]
In 2014, EOG sold its assets in Canada.[15]
In 2014, founder Mark G. Papa resigned from the board of directors.[16]
In 2015, the company spent $368 million to acquire additional acreage in the Delaware Basin.[17]
In 2015, as a result of a decline in commodity prices, the company reduced its capital expenditure budget by over 40%. In 2016, the company plans to reduce its capital expenditure budget by an additional 31%.[18]
References
- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 EOG Resources, Inc. 2015 Form 10-K Annual Report
- ↑ Fortune 500: EOG Resources
- ↑ "Miller Tabak Upgrades EOG Resources, Calls It 'Leader In Unconventional Energy'". Benzinga. November 5, 2014.
- ↑ "EOG: New Technology in the Eagle Ford". EagleFordShale.com. September 21, 2015.
- ↑ "ConocoPhillips OKs Sale of China Gas Field to EOG". RigZone. Dow Jones Newswires. December 28, 2007.
- ↑ "Enron to Spin Off Oil, Gas Unit". NewsOK. July 21, 1999.
- ↑ "Enron Oil & Gas Company Board Names Mark G. Papa, President/CEO, Adds Papa, John Duncan and Richard A. Causey to Board of Directors, and Declares Regular Quarterly Dividend on Common Stock; Forrest E. Hoglund to Remain as Chairman of Board". PRNewswire. September 8, 1998.
- ↑ "Occidental, EOG Resources Swap Oil and Gas Assets". Globe Newswire. January 3, 2000.
- ↑ "EOG Resources, Inc. And Burlington Resources Exchange Oil And Gas Properties". Globe Newswire. February 10, 2000.
- ↑ "EOG Resources Added to S&P 500 Index". PRNewswire. October 31, 2000.
- ↑ "EOG Resources, Inc. Announces Canadian Acquisition". August 20, 2003.
- ↑ "EOG Signs for 225,000 SF at Heritage Plaza". Costar. April 4, 2006.
- ↑ "ConocoPhillips OKs Sale of China Gas Field to EOG". RigZone. Dow Jones Newswires. December 28, 2007.
- ↑ "EOG Resources Announces 2010 Analyst Conference Highlights". April 7, 2010.
- ↑ "EOG Resources Divests Majority of Canadian Assets". PRNewswire. December 8, 2014.
- ↑ "EOG Resources Announces Mark G. Papa Leaving Board of Directors". December 17, 2014.
- ↑ "EOG Resources Reports Third Quarter 2015 Results; Increases Delaware Basin Net Resource Potential by 1.0 BnBoe". PRNewswire. November 5, 2015.
- ↑ "E&P Poised To Squeeze Budgets Even More In 2016". Oil and Gas Investor. December 14, 2015.