EOG Resources

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EOG Resources, Inc.
Public company
Traded as NYSEEOG
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
Timothy K. Driggers, CFO[1]
Products Petroleum
Natural gas
Natural gas liquids
Production output
560 thousand barrels of oil equivalent (3,400,000 GJ) per day[1]
Revenue Decrease $7.650 billion (2016)[1]
Increase -$1.225 billion (2016)[1]
Increase -$1.096 billion (2016)[1]
Total assets Increase $29.459 billion (2016)[1]
Total equity Increase $45.822 billion (2016)[1]
Number of employees
2,650 (2016)[1]
Website www.eogresources.com
Heritage Plaza in Houston, Texas, the headquarters of EOG Resources
EOG Office - Corpus Christi Division.

EOG Resources, Inc. (successor to Enron Oil & Gas Company) is an American petroleum and natural gas exploration company headquartered in the Heritage Plaza building in Houston, Texas.

The company is ranked #356 on the Fortune 500.[2]

Current operations[edit]

The company has reserves in the United States, Trinidad, the United Kingdom, and China.[1]

As of December 31, 2016, 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 2016, the company's production averaged 560 thousand barrels of oil equivalent (3,400,000 GJ) per day, of which 88% was in the United States (including 40% in the Eagle Ford shale and 15% in the Delaware Basin), 10% was in Trinidad, and 1% was in other areas.[1]

United States[edit]

As of December 31, 2016, of the company's total proved reserves in the United States, 56% was petroleum, 20% was natural gas liquids, and 24% was natural gas.[1]

Eagle Ford Shale[edit]

As of December 31, 2016, EOG was the largest petroleum producer in the Eagle Ford. In 2016, production by the company in the Eagle Ford averaged 220 thousand barrels of oil equivalent (1,300,000 GJ) per day.[1]

Delaware Basin[edit]

In 2016, production by the company in the Delaware Basin averaged 85 thousand barrels of oil equivalent (520,000 GJ) per day. The company also owns properties in other areas of the Permian Basin, including the Leonard, Wolfcamp, and Second Bone Spring Sand shale plays.[1]

Rocky Mountains[edit]

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.[1]

Other areas[edit]

EOG also owns properties in the Anadarko Basin, Haynesville Shale, the Fort Worth Basin, and the Marcellus Shale.

North Sea[edit]

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.[1]

Trinidad[edit]

As of December 31, 2016, EOG held approximately 40,000 net undeveloped acres in Trinidad.[1]

China[edit]

In 2008, EOG acquired assets in the Chuan Zhong Block exploration area in the Sichuan Basin, Sichuan Province, China from ConocoPhillips.[1][3]

History[edit]

In 1998, Mark G. Papa was named Chairman and Chief Executive Officer.[4]

In 1999, its predecessor company, Enron Oil and Gas Company became independent from Enron Corp. and changed its named to EOG Resources, Inc. (EOG).[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]

In October 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][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, EOG acquired assets in the Chuan Zhong Block exploration area in the Sichuan Basin, Sichuan Province, China from ConocoPhillips.[3]

In 2010, the company announced major discoveries in the Eagle Ford shale.[14]

In May 2011, the company sold gas-producing properties in South Texas and New Mexico for $637 million.[15]

In December 2014, EOG sold its assets in Canada.[16][17]

Also in December 2014, founder Mark G. Papa resigned from the board of directors.[18]

In November 2015, the company spent $368 million to acquire additional acreage in the Delaware Basin.[19]

In September 2016, EOG Resources acquired Yates Petroleum for 26 million shares of common stock valued at $2.3 billion and $37 million in cash. The acquisition increased EOG'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.[20][21]

In 2017, the company formed a joint venture with The Carlyle Group to develop oil and gas assets in Ellis County, Oklahoma.[22]

References[edit]

  1. ^ a b c d e f g h i j k l m n o p q r EOG Resources, Inc. 2016 Form 10-K Annual Report
  2. ^ Fortune 500: EOG Resources
  3. ^ a b "ConocoPhillips OKs Sale of China Gas Field to EOG". RigZone. Dow Jones Newswires. December 28, 2007. 
  4. ^ "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" (Press release). PRNewswire. September 8, 1998. 
  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. (subscription required)
  7. ^ "Enron Oil & Gas finalizes separation with Enron through stock deal". American City Business Journals. August 22, 1999. 
  8. ^ "Occidental, EOG Resources Swap Oil and Gas Assets" (Press release). Globe Newswire. January 3, 2000. 
  9. ^ "EOG Resources, Inc. And Burlington Resources Exchange Oil And Gas Properties". Globe Newswire. February 10, 2000. 
  10. ^ "EOG Resources Added to S&P 500 Index" (Press release). PRNewswire. October 31, 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 Signs for 225,000 SF at Heritage Plaza". CoStar Group. April 4, 2006. 
  14. ^ "EOG sees Eagle Ford shale as major US oil discovery". Oil & Gas Journal. April 9, 2010. 
  15. ^ "EOG Resources sells $637 million in assets". Oil & Gas Journal. May 6, 2011. 
  16. ^ "EOG Resources Divests Majority of Canadian Assets" (Press release). PRNewswire. December 8, 2014. 
  17. ^ "EOG Resources sells bulk of Canadian assets". Oil & Gas Journal. December 9, 2014. 
  18. ^ "EOG Resources Announces Mark G. Papa Leaving Board of Directors" (Press release). PRNewswire. December 17, 2014. 
  19. ^ "EOG Resources Reports Third Quarter 2015 Results; Increases Delaware Basin Net Resource Potential by 1.0 BnBoe" (Press release). PRNewswire. November 5, 2015. 
  20. ^ "EOG Resources and Yates Agree to Combine in Transaction Valued at $2.5 Billion" (Press release). PRNewswire. September 6, 2016. 
  21. ^ "EOG Resources Inc. to buy Yates Petroleum Corp". American City Business Journals. September 6, 2016. 
  22. ^ "EOG, Carlyle Group create $400-million Oklahoma drilling combine". Oil & Gas Journal. May 23, 2017. 

External links[edit]