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EOG Resources oil and gas exploration summary

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Report summary

EOG's strategy is to be an early-mover and explorer in highly prospective shale plays. It utilises geological expertise to quickly make development or exit calls. It was one of the first unconventional-focused companies to shift focus from gas to tight oil, and is a leading producer in the Eagle Ford. EOG has earned its reputation as a top-tier uncons player by executing on a difficult, but proven, business model. It acquires nearly all assets at the grassroots-leasing stage, using geoscience to hone in on prospective areas, and improving returns by continuously improving development techniques. It also has a low-cost structure which benefits from vertical integration and strategic partnerships with smaller service providers. EOG added 6.8 billion boe of new resource from its US shale plays over the last decade. Conventional exploration now plays a minor role in EOG's growth. Full details are provided in our report, and all data and analysis can be downloaded in excel and pdf format.

What's included

This report contains

  • Document

    EOG Resources.xls

    XLS 639.00 KB

  • Document

    EOG Resources oil and gas exploration summary

    PDF 1.43 MB

  • Document

    EOG Resources oil and gas exploration summary

    ZIP 1.67 MB

Table of contents

  • Executive summary
    • Upstream Strategy
    • Exploration outlook
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
    • Scope of this report
  • Production
    • First mover position in the core of the Eagle Ford creates world class value
    • Bakken value creation driven by early mover advantage and rail transport
    • Commercialisation of the unconventional Permian assets*
    • Niche plays will play a bigger role
    • Some natural gas properties hold long-term potential
    • Conventional exploration has not added value

Tables and charts

This report includes 24 images and tables including:


  • Basins drilled and all conventional & organic unconventional discoveries 2007-2016
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Production from new field discoveries and organic unconventionals, and as a proportion of all future production
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Full cycle value creation by year, with uncons
  • Exploration returns by year, with uncons
  • Costs and development value creation by reserve category
  • Exploration returns by water depth


  • Ten year performance summary
  • Full-cycle economics
  • SWOT grid
  • Gross conventional exploration & appraisal wells by basin and sector
  • Top discoveries (2007 to 2016)
  • Reserves and resources: Table 2

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