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EOG Resources corporate report

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Report summary

EOG trades at a 16% premium to our base case valuation. We attribute its share price outperformance to sustained execution: many of the positive inflection points for EOG's share price are related to making progress on growth ambitions. When EOG has raised production targets acquired a company or unveiled new assets investors have reacted positively. For some peers many growth related gains are short lived. But EOG consistently executes and often outperforms on its targets.

What's included

This report contains

  • Document

    EOG Corporate Report.xls

    XLS 3.18 MB

  • Document

    EOG Resources corporate report

    ZIP 1.24 MB

  • Document

    EOG Resources corporate report

    PDF 481.97 KB

Table of contents

  • Other EOG Resources research
  • Executive summary
    • Upsides: what catalysts may investors already be pricing in?
      • Shareholder distributions
    • Hedging strategy: reluctance to return to its legacy policy
  • Portfolio summary
  • Valuation
  • Investment
  • Production
  • Reserves and resources
    • Wood Mackenzie Corporate Service: our response to low oil prices
    • Economic assumptions

Tables and charts

This report includes 35 images and tables including:

Images

  • Share-price performance
  • Production growth versus CF breakevens: 2018-20
  • Share-price performance YTD in 2017
  • Upstream EV vs. upstream NPV10
  • Upstream disc. rate sensitivities vs. upstream EV
  • Upstream base case upstream NPV10
  • Current NPV10 vs future NPV10
  • Historical operating expenditure
  • New project returns
  • Forecast development expenditure (nominal)
  • Historical development expenditure
  • Reported and WM forecast production
  • Liquid vs. Gas
  • Liquid production
  • Gas production
  • Total reserves: WM commercial
  • Total reserves: reported vs. WM
  • EOG: reported and forecasted production
  • Benchmarking: production CAGR 2015 - 2020
  • Nor. Delaware: frack-stage spacing
  • Nor. Delaware: oil production after 360 days
  • Well locations: WM vs EOG
  • EOG's evolution of hedge volumes
  • Percentage of production hedged in 2017 and 2018
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • Benchmarking: dividend yield
  • Cash inflows vs. outflows

Tables

  • Executive summary: Table 1
  • Portfolio summary: Table 1
  • Base price assumptions (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Value assumptions
  • Foreign exchange rate assumptions

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