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 Houston (; ) is the most populous city in Texas, the most populous city in the Southern United States, the fourth-most populous city in the United States, and the sixth-most populous city in North America, with a population of 2,304,580 in ...

. The company is ranked 186th on the

Fortune 500 The ''Fortune'' 500 is an annual list compiled and published by ''Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...

and 337th on the

Forbes Global 2000 The ''Forbes'' Global 2000 is an annual ranking of the top 2000 public companies in the world, published by ''Forbes'' magazine. "The Global 2000" annual ranking is assembled by ''Forbes'' using a weighted assessment of four metrics: sales, profi ...

. 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 Occidental Petroleum Corporation (often abbreviated Oxy in reference to its ticker symbol and logo) is an American company engaged in hydrocarbon exploration in the United States, and the Middle East as well as petrochemical manufacturing in the ...

. EOG received properties in East Texas and the

Oklahoma Panhandle The Oklahoma Panhandle (formerly called No Man's Land, the Public Land Strip, the Neutral Strip, or Cimarron Territory) is a salient in the extreme northwestern region of the U.S. state of Oklahoma, consisting of Cimarron County, Texas Count ...

in exchange for properties in California and the Gulf of Mexico. 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 The Permian ( ) is a geologic period and stratigraphic system which spans 47 million years from the end of the Carboniferous Period million years ago (Mya), to the beginning of the Triassic Period 251.9 Mya. It is the last period of the Paleoz ...

, in exchange for properties in Texas and

Oklahoma Oklahoma (; Choctaw language, Choctaw: ; chr, ᎣᎧᎳᎰᎹ, ''Okalahoma'' ) is a U.S. state, state in the South Central United States, South Central region of the United States, bordered by Texas on the south and west, Kansas on the nor ...

. The company was added to the S&P 500 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 ConocoPhillips Company is an American multinational corporation engaged in hydrocarbon exploration and production. It is based in the Energy Corridor district of Houston, Texas. The company has operations in 15 countries and has production in ...

. 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 Mark G. Papa (born 1946/1947) is an American businessman. He is the founder and former chairman and CEO of EOG Resources. On August 1, 2019, he became non-executive chairman of Schlumberger. Biography Early life Papa graduated from the Universit ...

resigned from the

board of directors A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...

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

, 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 The Bakken Formation () is a rock unit from the Late Devonian to Early Mississippian age occupying about of the subsurface of the Williston Basin, underlying parts of Montana, North Dakota, Saskatchewan and Manitoba. The formation was initi ...

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 The Horn River Formation (also ''Horn River Shale'') is a stratigraphic unit of Devonian (early Givetian to late Frasnian) age in the Western Canadian Sedimentary Basin. It is a thick sequence of marine sediments that was first described in out ...

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

Oman

The company is exploring for oil in Oman.

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