EOG Resources, Inc. is an American energy company engaged in hydrocarbon exploration. It is organized in

Delaware Delaware ( ) is a U.S. state, state in the Mid-Atlantic (United States), Mid-Atlantic and South Atlantic states, South Atlantic regions of the United States. It borders Maryland to its south and west, Pennsylvania to its north, New Jersey ...

and headquartered in the Heritage Plaza building in

Houston, Texas Houston ( ) is the List of cities in Texas by population, most populous city in the U.S. state of Texas and in the Southern United States. Located in Southeast Texas near Galveston Bay and the Gulf of Mexico, it is the county seat, seat of ...

. The company is ranked 186th on the

Fortune 500 The ''Fortune'' 500 is an annual list compiled and published by ''Fortune (magazine), Fortune'' magazine that ranks 500 of the largest United States Joint-stock company#Closely held corporations and publicly traded corporations, corporations by ...

and 337th on the Forbes Global 2000. 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. In 1999, the company became independent from Enron and changed its name to EOG Resources, Inc. 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 California () is a U.S. state, state in the Western United States that lies on the West Coast of the United States, Pacific Coast. It borders Oregon to the north, Nevada and Arizona to the east, and shares Mexico–United States border, an ...

and the

Gulf of Mexico The Gulf of Mexico () is an oceanic basin and a marginal sea of the Atlantic Ocean, mostly surrounded by the North American continent. It is bounded on the northeast, north, and northwest by the Gulf Coast of the United States; on the southw ...

. In February 2000, the company also swapped properties with Burlington Resources. EOG received properties in West Texas and the

New Mexico New Mexico is a state in the Southwestern United States, Southwestern region of the United States. It is one of the Mountain States of the southern Rocky Mountains, sharing the Four Corners region with Utah, Colorado, and Arizona. It also ...

, specifically in the Permian Basin, in exchange for properties in

Texas Texas ( , ; or ) is the most populous U.S. state, state in the South Central United States, South Central region of the United States. It borders Louisiana to the east, Arkansas to the northeast, Oklahoma to the north, New Mexico to the we ...

and

Oklahoma Oklahoma ( ; Choctaw language, Choctaw: , ) is a landlocked U.S. state, state in the South Central United States, South Central region of the United States. It borders Texas to the south and west, Kansas to the north, Missouri to the northea ...

. The company was added to the

S&P 500 The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices and in ...

index in October 2000. The company acquired properties in Canada from Husky Energy for $320 million in 2003. In 2006, the company signed a lease for office space in the Heritage Plaza building in

. In 2008, the company acquired assets in the Chuan Zhong Block exploration area in the Sichuan Basin, Sichuan Province, China from ConocoPhillips. The company announced major discoveries in 2010 in the Eagle Ford Group. In May 2011, the company sold gas-producing properties in South Texas and New Mexico for $637 million. In December 2014, the company sold its assets in Canada. Also in December 2014, founder Mark G. Papa resigned from the

board of directors A board of directors is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulatio ...

. In November 2015, the company spent $368 million to acquire additional acreage in the Delaware Basin. 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. In 2017, the company formed a

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acce ...

with The Carlyle Group to develop oil and gas assets in Ellis County, Oklahoma. In September 2018, the company sold its offshore assets in the United Kingdom.

Current operations

As of December 31, 2020, the company had of estimated proved reserves, of which 98% was in the United States, 2% was in

Trinidad and Tobago Trinidad and Tobago, officially the Republic of Trinidad and Tobago, is the southernmost island country in the Caribbean, comprising the main islands of Trinidad and Tobago, along with several List of islands of Trinidad and Tobago, smaller i ...

, and a negligible amount was in Canada and China. The reserves were 51%

petroleum Petroleum, also known as crude oil or simply oil, is a naturally occurring, yellowish-black liquid chemical mixture found in geological formations, consisting mainly of hydrocarbons. The term ''petroleum'' refers both to naturally occurring un ...

, 22% natural gas liquids, and 27% natural gas. In 2020, the company's production averaged per day, of which 94% was in the United States, 5% was in Trinidad and Tobago, and 1% was in other areas.

United States

As of December 31, 2020, of the company's total proved reserves in the United States, 53% was

, 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 Rocky Mountains, also known as the Rockies, are a major mountain range and the largest mountain system in North America. The Rocky Mountains stretch in great-circle distance, straight-line distance from the northernmost part of Western Can ...

, 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.

Canada

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

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.

China

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

Oman

The company is exploring for oil in

Oman Oman, officially the Sultanate of Oman, is a country located on the southeastern coast of the Arabian Peninsula in West Asia and the Middle East. It shares land borders with Saudi Arabia, the United Arab Emirates, and Yemen. Oman’s coastline ...

UAE

The company is exploring field in the southern area of UAE for oil. UAE.

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.

References

External links

* {{DEFAULTSORT:Eog Resources 1999 establishments in Texas Companies based in Houston Companies listed on the New York Stock Exchange Economy of Corpus Christi, Texas Economy of Denver Economy of Fort Worth, Texas Economy of Oklahoma City Midland, Texas Natural gas companies of the United States Non-renewable resource companies established in 1999 Oil companies of the United States Tyler, Texas