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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:


  • 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


  • 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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