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About Eog Resources, Inc.

Large-scale shale is the Holy Grail for oil prospector EOG Resources. It engages in exploration, development, production and marketing of natural gas and crude oil originating in the Eagle Ford Shale and Barnett Shale in Texas and the Bakken formation in North Dakota. Of its approximately 3.3 million BOE reserves, EOG holds nearly 1.7 million barrels in crude oil and condensates, with an approximately 5.3 billion cubic feet of natural gas. The US is the company's largest market.


EOG is the biggest operator (by volume produced) in the lucrative Eagle Ford Shale play in South Texas. The company also has a presence in the Delaware Basin, owning about 160,000 net acres in the Leonard Shale, and over 345,000 net acres in the Wolfcamp Shale. Additionally, EOG has acreage in the Wolfcamp Shale within the Midland Basin.

Sales of crude oil and crude condensates account for around 55% of total sales, natural gas sales account for roughly 10%, and NGLs (natural gas liquids) nearly 5%.

EOG also conducts gas gathering, processing, and marketing, which together bring in more than 30% of the company's sales. It sells oil and natural gas in local downstream markets, transported either by pipeline.

EOG operates its own sand mine and sand processing plants in Wisconsin and Texas, to support EOG exploration and development operations.

Geographic Reach

Based in Texas, EOG has a presence in three major shale plays of the US– the Eagle Ford Shale and Barnett Shale in Texas and the Bakken Formation in North Dakota. Though most of its assets are in the US, EOG also has operations in Canada, offshore Trinidad, and the Sichuan Basin in China.

The US accounts for over 95% of the company's proved reserves.

Sales and Marketing

EOG sells two major products—wellhead crude oil & condensates and natural gas. To sell beyond its local market, EOG markets these products to downstream customers via extensive pipelines. Crude is also distributed by rail and truck. Its major sales points include Midwest, the Permian Basin, Cushing, Oklahoma, Corpus Christi, Louisiana, and other U.S Gulf Coast locations.

The company's Trinidad natural gas operations were sold to the National Gas Company of Trinidad and Tobago, while its Chinese natural gas operations were sold to PetroChina.

Financial Performance

EOG has seen revenue climb from $8.7 billion in 2015 to a peak of $17.4 billion by 2019, only to fall drastically to $7.7 billion by 2016.

In 2019, revenue slightly increased by less than 1% to $17.4 billion, mostly coming from a 30% decrease in NGLs revenue due to a lower composite average wellhead NGLs price ($518 million). Natural gas revenue decline by 9% to $1.2 billion, due to a lower composite wellhead natural gas price ($280 million).

Net income fell to $2.7 billion in 2019 to $3.4 billion in 2018. This was primarily due higher expenses, mostly to marketing costs.

Cash holdings grew $472 million to $2.0 billion at the end of 2019. Operations generated $8.1 billion, which was offset by $6.2 billion used for investments (mostly in additions of new oil & gas properties), plus $1.5 billion of outflows to financing activities (primarily in debt repayments).


EOG's business strategy is to maximize the rate of return on investment of capital by controlling operating and capital costs and maximizing reserve recoveries. Pursuant to this strategy, each prospective drilling location is evaluated by its estimated rate of return. This strategy is intended to enhance the generation of cash flow and earnings from each unit of production on a cost-effective basis, allowing EOG to deliver long-term production growth while maintaining a strong balance sheet. EOG is focused on cost-effective utilization of advanced technology associated with three-dimensional seismic and microseismic data, the development of reservoir simulation models, the use of improved drilling equipment, completion technologies for horizontal drilling and formation evaluation. These advanced technologies are used, as appropriate, throughout EOG to reduce the risks and costs associated with all aspects of oil and gas exploration, development and exploitation. EOG implements its strategy primarily by emphasizing the drilling of internally generated prospects in order to find and develop low-cost reserves. Maintaining the lowest possible operating cost structure that is consistent with efficient, safe and environmentally responsible operations is also an important goal in the implementation of EOG's strategy. 

Eog Resources, Inc.

1111 Bagby Sky Lbby 2
Houston, TX 77002
Phone: 1 (713) 651-7000

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: EOG
Stock Exchange: , NYSE
EVP and CFO: Timothy K. Driggers
Chairman and CEO: William R. Thomas
President and COO: Gary L. Thomas
Employees (This Location): 188
Employees (All Locations): 2,900

Major Office Locations

Houston, TX

Other Locations

Denver, CO
Stanley, ND
Jal, NM
Elk City, OK
Oklahoma City, OK
Canonsburg, PA
Indiana, PA
Alvarado, TX
Bowie, TX
Corpus Christi, TX
Fort Worth, TX
Godley, TX
Houston, TX
Jourdanton, TX
Monahans, TX
Ozona, TX
San Antonio, TX
Weatherford, TX
Whitehouse, TX
Vernal, UT
Big Piney, WY
Chengdu, China