EOG Resources

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EOG Resources, Inc.
Public company
Traded asNYSEEOG
S&P 500 Index component
ISINUS26875P1012 Edit this on Wikidata
IndustryPetroleum industry
Founded1999; 20 years ago (1999)
FounderMark G. Papa
HeadquartersHeritage Plaza
Houston, United States
Key people
William R. Thomas, CEO & Chairman
Gary L. Thomas, President
Timothy K. Driggers, CFO
ProductsPetroleum
Natural gas
Natural gas liquids
Production output
719 thousand barrels of oil equivalent (4,400,000 GJ) per day (2018)
RevenueIncrease $17.275 billion (2018)
Increase $3.419 billion (2018)
Total assetsIncrease $33.934 billion (2018)
Total equityIncrease $19.364 billion (2018)
Number of employees
2,800 (2018)
Websitewww.eogresources.com
Footnotes / references
[1]
Heritage Plaza in Houston, Texas, the headquarters of EOG Resources
EOG Office - Corpus Christi Division.

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

The company is ranked 270th on the Fortune 500.[2]

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

Current operations[edit]

As of December 31, 2018, the company had 2.927 billion barrels of oil equivalent (1.791×1010 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 52% petroleum, 21% natural gas liquids, and 27% natural gas.[1]

In 2018, the company's production averaged 719 thousand barrels of oil equivalent (4,400,000 GJ) per day, of which 92% was in the United States, 6% was in Trinidad and Tobago, and 2% was in other areas.[1]

United States[edit]

As of December 31, 2018, 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, 2018, 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[edit]

The company owns approximately 134,000 net acres with 23 net producing wells in the Horn River Formation.[1]

Trinidad and Tobago[edit]

The company holds several concession contracts for the supply of natural gas in Trinidad and Tobago. As of December 31, 2018, the company held approximately 115,000 net undeveloped acres in Trinidad and Tobago.[1]

China[edit]

In 2008, the company 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, 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] Two years later in 2008, the company acquired assets in the Chuan Zhong Block exploration area in the Sichuan Basin, Sichuan Province, China from ConocoPhillips.[3] The company announced major discoveries in 2010 in the Eagle Ford Group.[14] In May 2011, the company sold gas-producing properties in South Texas and New Mexico for $637 million.[15]

In December 2014, the company 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, 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.[20][21] Forrest Hoglund was for many years the CEO.[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 assets offshore the United Kingdom.[24][25][26]

References[edit]

  1. ^ a b c d e f g "EOG Resources, Inc. 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "EOG Resources". Fortune.
  3. ^ a b Peng, Renya (December 28, 2007). "ConocoPhillips OKs Sale of China Gas Field to EOG". RigZone. Dow Jones Newswires.
  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. ^ "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). PR Newswire. 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). PR Newswire. December 17, 2014.
  19. ^ "EOG Resources Reports Third Quarter 2015 Results; Increases Delaware Basin Net Resource Potential by 1.0 BnBoe" (Press release). PR Newswire. November 5, 2015.
  20. ^ "EOG Resources and Yates Agree to Combine in Transaction Valued at $2.5 Billion" (Press release). PR Newswire. September 6, 2016.
  21. ^ Witthaus, Jack (September 6, 2016). "EOG Resources Inc. to buy Yates Petroleum Corp". American City Business Journals.
  22. ^ https://www.wsj.com/articles/former-oil-ceo-aims-to-change-how-the-u-s-exports-natural-gas-11568655258
  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. ^ "EOG Resources to Sell UK Business to Tailwind Energy". Fidelity Investments. September 5, 2018.

External links[edit]