EOG Resources, Inc. is an American energy company engaged in

hydrocarbon exploration Hydrocarbon exploration (or oil and gas exploration) is the search by petroleum geologists and geophysicists for deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth using petroleum geology. Exploration methods Visi ...

. It is organized in

Delaware Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent ...

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 i ...

. 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 ''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, profit ...

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

Enron Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. It was founded by Kenneth Lay in 1985 as a merger between Lay's Houston Natural Gas and InterNorth, both relatively small regional compani ...

in 1999.

History

In 1998, Mark G. Papa was named chairman and chief executive officer. In 1999, the company became independent from

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 th ...

. EOG received properties in

East Texas East Texas is a broadly defined cultural, geographic, and ecological region in the eastern part of the U.S. state of Texas that comprises most of 41 counties. It is primarily divided into Northeast and Southeast Texas. Most of the region co ...

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 Cou ...

in exchange for properties in

California California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the m ...

and the

Gulf of Mexico The Gulf of Mexico ( es, Golfo de México) is an ocean basin and a marginal sea of the Atlantic Ocean, largely surrounded by the North American continent. It is bounded on the northeast, north and northwest by the Gulf Coast of the United ...

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

West Texas West Texas is a loosely defined region in the U.S. state of Texas, generally encompassing the arid and semiarid lands west of a line drawn between the cities of Wichita Falls, Abilene, and Del Rio. No consensus exists on the boundary betw ...

and the

New Mexico ) , population_demonym = New Mexican ( es, Neomexicano, Neomejicano, Nuevo Mexicano) , seat = Santa Fe, New Mexico, Santa Fe , LargestCity = Albuquerque, New Mexico, Albuquerque , LargestMetro = Albuquerque metropolitan area, Tiguex , Offi ...

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

Texas Texas (, ; Spanish: ''Texas'', ''Tejas'') is a state in the South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2020, it is the second-largest U.S. state by ...

and

Oklahoma Oklahoma (; Choctaw: ; chr, ᎣᎧᎳᎰᎹ, ''Okalahoma'' ) is a state in the South Central region of the United States, bordered by Texas on the south and west, Kansas on the north, Missouri on the northeast, Arkansas on the east, New ...

. 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 large companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices. As of ...

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 Sichuan (; zh, c=, labels=no, ; zh, p=Sìchuān; alternatively romanized as Szechuan or Szechwan; formerly also referred to as "West China" or "Western China" by Protestant missions) is a province in Southwest China occupying most of the ...

, 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 The Eagle Ford Group (also called the Eagle Ford Shale) is a sedimentary rock formation deposited during the Cenomanian and Turonian ages of the Late Cretaceous over much of the modern-day state of Texas. The Eagle Ford is predominantly c ...

. 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 (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 orga ...

. In November 2015, the company spent $368 million to acquire additional acreage in the

Delaware Basin The Delaware Basin is a geologic depositional and structural basin in West Texas and southern New Mexico, famous for holding large oil fields and for a fossilized reef exposed at the surface. Guadalupe Mountains National Park and Carlsbad Cave ...

. 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

, 200,000 net acres in the

Powder River Basin The Powder River Basin is a geologic structural basin in southeast Montana and northeast Wyoming, about east to west and north to south, known for its extensive coal reserves. The former hunting grounds of the Oglala Lakota, the area is very s ...

, 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 acces ...

with

The Carlyle Group The Carlyle Group is a multinational private equity, alternative asset management and financial services corporation based in the United States with $376 billion of assets under management. It specializes in private equity, real assets, and ...

to develop oil and gas assets in

Ellis County, Oklahoma Ellis County is a county located on the western border of the U.S. state of Oklahoma. As of the 2010 census, the population was 4,151, making it the fifth-least populous county in Oklahoma. Its county seat is Arnett. The county was named fo ...

. 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. Consisting of the main islands Trinidad and Tobago, and numerous much smaller islands, it is situated south of ...

, 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 mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crud ...

, 22%

natural gas liquids Natural-gas condensate, also called natural gas liquids, is a low-density mixture of hydrocarbon liquids that are present as gaseous components in the raw natural gas produced from many natural gas fields. Some gas species within the raw natu ...

, and 27%

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbon d ...

. 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

, and 26% was

. As of December 31, 2020, the company was the largest petroleum producer in the

. The company also owns properties in the

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 straight-line distance from the northernmost part of western Canada, to New Mexico ...

, the company owns properties in the

Williston Basin The Williston Basin is a large intracratonic sedimentary basin in eastern Montana, western North Dakota, South Dakota, southern Saskatchewan, and south-western Manitoba that is known for its rich deposits of petroleum and potash. The basin is a ...

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 init ...

and the Turner, Parkman and

Niobrara Formation The Niobrara Formation , also called the Niobrara Chalk, is a geologic formation in North America that was deposited between 87 and 82 million years ago during the Coniacian, Santonian, and Campanian stages of the Late Cretaceous. It is com ...

s in the

. 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 o ...

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,

, China from

Oman

The company is exploring for oil in

Oman Oman ( ; ar, عُمَان ' ), officially the Sultanate of Oman ( ar, سلْطنةُ عُمان ), is an Arabian country located in southwestern Asia. It is situated on the southeastern coast of the Arabian Peninsula, and spans the mouth of ...

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