EOG Resources is best in the Bakken
One of the largest independent oil and natural gas companies in the United States, Houston-based EOG Resources Inc., has proved reserves in the US, Canada, Trinidad, the North Sea (UK), and China. EOG is the No. 1 producer in the Bakken play, which runs through parts of North Dakota, Montana, and the Canadian province of Saskatchewan. Continental Resources, Enerplus Resources, and XTO Energy rank second, third, and fourth, respectively. The Bakken is mainly an oil play.
In 2008, EOG’s crude oil and condensate production increased 46% overall, driven primarily by continued drilling success from the North Dakota Bakken play. At year-end 2008, EOG’s estimated net proved natural gas reserves were 7,339 bcf and estimated net proved crude oil, condensate, and natural gas liquids reserves were 225 million barrels for a total of 8,689 bcfe. Roughly 71% of EOG’s reserves on a natural gas equivalent basis were located in the United States, 15% in Canada, 14% in Trinidad, and less than 1% in the UK North Sea and China. The company has about 2,100 employees.
EOG Resources operation in Bakken Shale.Photo courtesy of EOG Resources.
EOG is the 13th largest US producer, according to total assets, and ranks 15th in total revenue, 10th in net income, 11th in spending, 12th in stockholders’ equity, and 13th in market capitalization.
