EOG Resources

Last updated
EOG Resources, Inc.
Company type Public
Industry Petroleum industry
Founded1999;25 years ago (1999)
Founder Mark G. Papa
Headquarters Heritage Plaza
Houston, Texas, U.S.
Key people
 Ezra Y. Yacob (CEO & Director)
Timothy K. Driggers (CFO)
Products
Production output
753 thousand barrels of oil equivalent (4,610,000 GJ) per day (2020)
Revenue25,702,000,000 United States dollar (2022)  OOjs UI icon edit-ltr-progressive.svg
9,966,000,000 United States dollar (2022)  OOjs UI icon edit-ltr-progressive.svg
7,759,000,000 United States dollar (2022)  OOjs UI icon edit-ltr-progressive.svg
Total assets Decrease2.svg $35.804 billion (2020)
Total equity Decrease2.svg $20.301 billion (2020)
Number of employees
2,900 (2020)
Website www.eogresources.com
Footnotes /references
[1]
Heritage Plaza in Houston, Texas, the headquarters of EOG Resources Heritage Plaza Building Houston Texas.jpg
Heritage Plaza in Houston, Texas, the headquarters of EOG Resources
EOG Office - Corpus Christi Division. EOG Resources Corpus Christi.JPG
EOG Office - Corpus Christi Division.

EOG Resources, Inc. is an American energy company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in the Heritage Plaza building in Houston, Texas.

Contents

The company is ranked 186th on the Fortune 500 [2] and 337th on the Forbes Global 2000. [3]

The company was named Enron Oil & Gas Company before its separation from Enron in 1999.

History

In 1998, Mark G. Papa was named chairman and chief executive officer. [4] In 1999, the company became independent from Enron and changed its name to EOG Resources, Inc. [5] [6] [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 February 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] The company was added to the S&P 500 index in October 2000. [10]

The company acquired properties in Canada from Husky Energy for $320 million in 2003. [11] [12]

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. [13]

In 2008, the company acquired assets in the Chuan Zhong Block exploration area in the Sichuan Basin, Sichuan Province, China from ConocoPhillips. [14] The company announced major discoveries in 2010 in the Eagle Ford Group. [15]

In May 2011, the company sold gas-producing properties in South Texas and New Mexico for $637 million. [16]

In December 2014, the company sold its assets in Canada. [17] [18] Also in December 2014, founder Mark G. Papa resigned from the board of directors. [19]

In November 2015, the company spent $368 million to acquire additional acreage in the Delaware Basin. [20]

In September 2016, the company acquired Yates Petroleum for 26 million shares of common stock valued at $2.3 billion and $37 million in cash. The acquisition increased the company's holdings by 176,000 net acres in the Delaware Basin, 200,000 net acres in the Powder River Basin, and 138,000 net acres on the Northwest Shelf in New Mexico. [21] [22]

In 2017, the company formed a joint venture with The Carlyle Group to develop oil and gas assets in Ellis County, Oklahoma. [23]

In September 2018, the company sold its offshore assets in the United Kingdom. [24] [25]

Current operations

As of December 31, 2020, the company had 3.219  billion barrels of oil equivalent (1.969×1010 GJ) of estimated proved reserves, of which 98% was in the United States, 2% was in Trinidad and Tobago, and a negligible amount was in Canada and China. The reserves were 51% petroleum, 22% natural gas liquids, and 27% natural gas. [1]

In 2020, the company's production averaged 753 thousand barrels of oil equivalent (4,610,000 GJ) per day, of which 94% was in the United States, 5% was in Trinidad and Tobago, and 1% was in other areas. [1]

United States

As of December 31, 2020, of the company's total proved reserves in the United States, 53% was petroleum, 21% was natural gas liquids, and 26% was natural gas. As of December 31, 2020, the company was the largest petroleum producer in the Eagle Ford Group. The company also owns properties in the Delaware Basin and other areas of the Permian Basin, including the Leonard, Wolfcamp, and Second Bone Spring Sand shale plays. In the Rocky Mountains, the company owns properties in the Williston Basin of the Bakken Formation and the Turner, Parkman and Niobrara Formations in the Powder River Basin. The company also owns properties in the Austin Chalk, Anadarko Basin, the Fort Worth Basin, and the Marcellus Shale. [1]

Canada

The company owns approximately 47,000 net acres in the Horn River Formation. [1]

Trinidad and Tobago

The company holds several concession contracts for the supply of natural gas in Trinidad and Tobago. As of December 31, 2020, the company held approximately 115,000 net undeveloped acres in Trinidad and Tobago. [1]

China

In 2008, the company acquired assets in the Chuan Zhong Block exploration area in the Sichuan Basin, Sichuan Province, China from ConocoPhillips. [1] [14]

Oman

The company is exploring for oil in Oman. [1]

Antitrust lawsuit

In January 2024, a class action lawsuit was filed accusing EOG, along with seven other US oil and gas producers, of an illegal price-fixing scheme to constrain production of shale oil used to produce gasoline, allegedly leading to drivers in the US paying more for gasoline than they would have in a competitive market. [26]

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References

  1. 1 2 3 4 5 6 7 8 "EOG Resources, Inc. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "EOG Resources". Fortune.
  3. ↑ "Forbes Global 2000". Forbes .
  4. ↑ "EOG established as an independent entity". Alexander's Gas & Oil Connections. August 16, 1999.
  5. ↑ "Enron to Spin Off Oil, Gas Unit". The Oklahoman . July 21, 1999.
  6. ↑ Orwall, Bruce (July 21, 1999). "Enron Sells Most of Its Stake In EOG Back to Company" . The Wall Street Journal .
  7. ↑ De Rouffignac, Ann (August 22, 1999). "Enron Oil & Gas finalizes separation with Enron through stock deal". American City Business Journals .
  8. ↑ "Occidental, EOG Resources Swap Oil and Gas Assets" (Press release). GlobeNewswire. January 3, 2000.
  9. ↑ "EOG Resources 2000 Annual Report to Shareholders" (PDF).
  10. ↑ "Hot Stocks: Netopia falls". CNN . November 1, 2000.
  11. ↑ "EOG snaps up Canadian energy assets". American City Business Journals . August 21, 2003.
  12. ↑ "Husky Energy buying Marathon Canada". Oil & Gas Journal . September 20, 2003.
  13. ↑ "EOG Resources to relocate, expand downtown office". American City Business Journals . March 14, 2006.
  14. 1 2 Peng, Renya (December 28, 2007). "ConocoPhillips OKs Sale of China Gas Field to EOG". RigZone. Dow Jones Newswires.
  15. ↑ "EOG sees Eagle Ford shale as major US oil discovery". Oil & Gas Journal . April 9, 2010.
  16. ↑ "EOG Resources sells $637 million in assets". Oil & Gas Journal . May 6, 2011.
  17. ↑ "EOG Resources Divests Majority of Canadian Assets" (Press release). PR Newswire. December 8, 2014.
  18. ↑ "EOG Resources sells bulk of Canadian assets". Oil & Gas Journal . December 9, 2014.
  19. ↑ "EOG Resources Announces Mark G. Papa Leaving Board of Directors" (Press release). PR Newswire. December 17, 2014.
  20. ↑ "EOG Resources Reports Third Quarter 2015 Results; Increases Delaware Basin Net Resource Potential by 1.0 BnBoe" (Press release). PR Newswire. November 5, 2015.
  21. ↑ "EOG Resources and Yates Agree to Combine in Transaction Valued at $2.5 Billion" (Press release). PR Newswire. September 6, 2016.
  22. ↑ Witthaus, Jack (September 6, 2016). "EOG Resources Inc. to buy Yates Petroleum Corp". American City Business Journals .
  23. ↑ "EOG, Carlyle Group create $400-million Oklahoma drilling combine". Oil & Gas Journal . May 23, 2017.
  24. ↑ Druzin, Rye (September 5, 2018). "EOG Resources sells U.K. offshore oil and gas assets". Houston Chronicle .
  25. ↑ Nasralla, Shadia (September 5, 2018). "Mercuria-backed Tailwind buys EOG's UK oil, gas assets". Reuters .
  26. ↑ Scarcella, Mike (2024-01-16). "Drivers sue US shale oil producers over alleged price-fixing scheme". Reuters . Archived from the original on 2024-01-21. Retrieved 2024-04-28.
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