EOG Resources, Inc., together with its subsidiaries, explores for, develops, produces, and markets crude oil, and natural gas and natural gas liquids. Its principal producing areas are in New Mexico and Texas in the United States; and the Republic of Trinidad and Tobago. As of December 31, 2021, it had total estimated net proved reserves of 3,747 million barrels of oil equivalent, including 1,548 million barrels (MMBbl) of crude oil and condensate reserves; 829 MMBbl of natural gas liquid reserves; and 8,222 billion cubic feet of natural gas reserves. The company was formerly known as Enron Oil & Gas Company. EOG Resources, Inc. was incorporated in 1985 and is headquartered in Houston, Texas.
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Here are a few analogies to describe EOG Resources:
- Like a large gold mining company, but their "mine" is oil and natural gas fields.
- Essentially the oil and gas drilling and extraction (upstream) division of a major integrated energy company like ExxonMobil or Chevron, but as a standalone public company.
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- Crude Oil: A raw fossil fuel extracted from the earth, which is refined into gasoline, diesel, jet fuel, and other petroleum products.
- Natural Gas: A versatile gaseous fossil fuel used for electricity generation, heating, and as a feedstock for industrial processes.
- Natural Gas Liquids (NGLs): A group of hydrocarbons, including ethane, propane, and butane, used as petrochemical feedstocks, heating, and blending components.
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EOG Resources (EOG) is an independent oil and natural gas exploration and production company. It primarily sells crude oil, natural gas, and natural gas liquids (NGLs) to other companies, not directly to individuals. Due to the commodity nature of its products and its diversified sales strategy, EOG Resources generally does not have any single customer that accounts for a material portion of its revenues, and therefore does not publicly disclose individual major customers.
However, EOG's customers fall into several key categories within the energy industry. Below are examples of public companies that represent these types of customers. Please note that these are illustrative examples of the *kinds* of companies EOG sells to, rather than a definitive list of EOG's specific direct major customers, which are not publicly disclosed by the company.
Categories of Customer Companies and Examples:
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Integrated Oil & Gas Companies and Refiners: These companies purchase crude oil for processing into refined products (like gasoline, diesel, jet fuel) and may also buy natural gas and NGLs through their trading and marketing arms. These companies represent a significant portion of the demand for EOG's crude oil.
- ExxonMobil (XOM)
- Chevron (CVX)
- Marathon Petroleum (MPC)
- Valero Energy (VLO)
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Midstream Energy Companies and Pipeline Operators: These companies own and operate the infrastructure for gathering, processing, and transporting crude oil, natural gas, and NGLs. They often act as purchasers and intermediaries, moving products from the wellhead to market for onward sale to end-users.
- Kinder Morgan (KMI)
- Energy Transfer (ET)
- Enbridge (ENB)
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Chemical and Petrochemical Companies: These companies primarily purchase natural gas liquids (NGLs), such as ethane, propane, and butane, as feedstocks for the production of plastics, chemicals, and other industrial products.
- Dow (DOW)
- LyondellBasell Industries (LYB)
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Ezra Y. Yacob, Chairman of the Board and Chief Executive Officer
Ezra Y. Yacob joined EOG Resources in August 2005 and has held various geoscience and leadership positions within the company. He progressed through roles including Division Exploration Manager, Vice President and General Manager in Midland and Fort Worth, Executive Vice President for Exploration and Production, and President. Mr. Yacob was appointed Chief Executive Officer in October 2021 and subsequently became Chairman of the Board in October 2022.
Ann D. Janssen, Executive Vice President and Chief Financial Officer
Ann D. Janssen was appointed Executive Vice President and Chief Financial Officer, effective January 1, 2024. She joined a predecessor of EOG in 1995. Prior to her current role, Ms. Janssen served as Senior Vice President and Chief Accounting Officer since February 2018, Vice President, Accounting from 2007 to 2018, Controller – Financial Reporting and Planning from 2002 to 2007, and Treasurer from 1999 to 2002. She is a Certified Public Accountant.
Jeffrey R. Leitzell, Executive Vice President and Chief Operating Officer
Jeffrey R. Leitzell has served as Executive Vice President and Chief Operating Officer since December 2023. He previously held positions as Executive Vice President of Exploration and Production and Vice President and General Manager of the Midland office. Mr. Leitzell also served as Operations Manager in Midland from August 2015 to December 2017, having joined EOG in 2008 as a Completions Engineer.
Michael P. Donaldson, Executive Vice President, General Counsel and Corporate Secretary
Michael P. Donaldson has served as Corporate Secretary of EOG Resources, Inc. since May 2012 and holds the position of General Counsel.
Lloyd W. Helms, Jr., President
Lloyd W. Helms, Jr. serves as the President of EOG Resources.
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The accelerating global energy transition, driven by rapid advancements and cost reductions in renewable energy technologies (solar, wind, battery storage), increasing adoption of electric vehicles, and intensifying governmental and societal pressures for decarbonization. This trend threatens to fundamentally erode long-term demand for fossil fuels, potentially leading to peak oil demand scenarios and creating a risk of stranded assets for E&P companies focused solely on hydrocarbon production.
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EOG Resources (symbol: EOG) primarily engages in the exploration, development, and production of crude oil, natural gas, and natural gas liquids (NGLs). The company's operations are predominantly concentrated in the United States, with additional interests in Trinidad and Tobago and undeveloped properties in Australia.
The addressable markets for EOG Resources' main products are as follows:
- Crude Oil: The North American crude oil market is a significant portion of the global market. In 2025, North America's share of the global crude oil market revenue is estimated at 25.45% of $3415.7 billion, which is approximately $869.2 billion.
- Natural Gas: The U.S. natural gas market was valued at approximately $454.5 billion in 2024. This market is projected to grow to approximately $577.9 billion by 2032.
- Natural Gas Liquids (NGLs): The U.S. market size for Natural Gas Liquids was approximately $5.54 billion (USD 5,536.32 million) in 2024.
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EOG Resources (NYSE: EOG) is positioned for future revenue growth over the next two to three years, driven by several strategic initiatives and operational strengths:
- Increased Natural Gas Production and Expanding Markets: EOG is strategically increasing its investment in natural gas, particularly in plays like Dorado. The company anticipates a significant uptick in U.S. natural gas demand through 2030, primarily fueled by Liquefied Natural Gas (LNG) exports and power generation, projecting a 4% to 6% compound annual growth rate for demand. EOG expects natural gas output to rise by 12% at the midpoint of its 2025 guidance.
- Strategic Acquisitions and Portfolio Expansion: The acquisition of Encino Acquisition Partners in May 2025 is a key driver, significantly expanding EOG's footprint in the Utica Shale, a major natural gas basin. This acquisition is expected to be accretive to both EBITDA and free cash flow and has substantially increased EOG's Utica production, contributing to a revised full-year total production outlook.
- Consistent Oil and Total Volume Growth: EOG continues to target disciplined production increases. The company updated its full-year 2025 guidance to an average oil production of 521 thousand barrels of oil per day (MBod) and an average total production of 1,224 thousand barrels of oil equivalent per day (MBoed) following the Encino acquisition. This builds on a strong Q2 2025 performance, which saw total crude oil equivalent production increase by 8.3% year-over-year.
- Enhanced Operational Efficiency and Cost Management: EOG consistently demonstrates operational excellence, leading to improved capital efficiency and reduced per-unit operating costs. This includes advancements in drilling and completion speeds, along with lower overall well costs, which allow the company to deliver higher returns and maintain profitability even amidst commodity price fluctuations. These efficiencies help maximize revenue from each barrel or unit of gas produced.
- Diversified Multi-Basin Portfolio and Exploration Success: EOG's robust multi-basin portfolio, encompassing key U.S. basins like the Delaware and Eagle Ford, alongside new and emerging plays (including international exploration in Trinidad and Bahrain), provides a continuous pipeline of high-return drilling opportunities. This diversified asset base reduces risk and offers flexibility to allocate capital to the most profitable projects, ensuring sustained production and revenue growth.
