EOG focused Q1 commentary on eye-popping well results, details on a well-known technology advantage, and increasing well inventories. Production declined sequentially by 2%, but exceeded quarterly guidance. It is unclear to what extent asset sales (US$118 million raised year-to-date) impacted production. Details on the Eagle Ford EOR programme was conspicuously absent from the Q1 literature and commentary. But that is more likely a reflection of the rich set of opportunities in the portfolio, rather than on any results from the early-life programme. Genuine progress in the Powder River Basin and South Texas serves as an important reminder that EOG is much more than another Permian growth story.
The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.
This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.
This Upstream Oil and Gas Reported Results Analysis report provides rapid response analysis on company quarterly results and strategy presentations. Use it to gain the upper hand with Wood Mackenzie's opinion on the latest corporate developments.
Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.
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