EOG Resources Inc. is a Fortune 500 company with its headquarters in the Heritage Plaza building in downtown Houston, Texas. The company is one of the largest independent oil and natural gas exploration and production companies in the United States with proven reserves in the United States, Canada, Trinidad and Tobago, the United Kingdom, and China. EOG Resources, Inc. is listed on the New York Stock Exchange and is traded under the ticker symbol "EOG". Wikipedia.
Cho Y.,Colorado School of Mines |
Apaydin O.G.,EOG Resources |
Ozkan E.,Colorado School of Mines
SPE Reservoir Evaluation and Engineering | Year: 2013
This paper presents an investigation of the effect of pressuredependent natural-fracture permeability on production from shale-gas wells. The motivation of the study is to provide data for the discussion of whether it is crucial to pump proppant into natural fractures in shale plays. Experiments have been conducted on Bakken-shale core samples to select appropriate correlations to represent fracture conductivity as a function of pressure (the actual characterization of fracture conductivity under stress for a specific formation is not an objective of the study). Correlations have been used in a flow model to demonstrate the potential impact of natural-fracture closure as pressure drops during production. Although the correlations indicate up to an 80% reduction in fracture permeability over practical ranges of pressure, the results of the flow model do not warrant the claims that fracture closing plays a significant role in the productivity losses of shalegas wells. A history match of the performances of two wells in the Barnett and Haynesville formations also indicates that the effect of pressure-dependent natural-fracture permeability on shale-gas-well production is a function of the permeability of the matrix system. If the matrix system is too tight, then the retained permeability of the natural fractures may still be sufficient for the available volume of the fluid when the system pressure drops. Copyright © 2013 Society of Petroleum Engineers.
News Article | November 3, 2015
Alfalfa: Chesapeake Operating LLC; Shanndee 28-27-11 No. 2H Well; SE1/4 SW1/4 SE1/4 SW1/4 (SL) of 28-27N-11W; 374 barrels oil per day, 1,470,000 cu-ft gas per day; TD 10,266. Ellis: Mewbourne Oil Co.; Marvel 10 AP No. 1HM Well; NW1/4 NW1/4 NE1/4 NE1/4 (SL) of 10-18N-25W; 243 barrels oil per day, 471,000 cu-ft gas per day; TD 13,560. Garfield: SK Plymouth LLC; Toews No. 3-17WH Well; NW1/4 NE1/4 NW1/4 NW1/4 (BHL) of 17-24N-04W; 119 barrels oil per day, 62,000 cu-ft gas per day; TD 11,165. Grady: Continental Resources Inc.; Walters West No. 1-34H Well; NW1/4 NE1/4 NE1/4 NE1/4 (SL) of 04-06N-06W; 1,237 barrels oil per day, 1,838,000 cu-ft gas per day; TD 17,721. EOG Resources Inc.; Livingston Land No. 33 1H Well; NW1/4 NE1/4 NE1/4 NE1/4 (SL) of 04-05N-08W; 561 barrels oil per day, 1,390,000 cu-ft gas per day; TD 16,418. EOG Resources Inc.; Livingston Land No. 33 2H Well; NW1/4 NE1/4 NE1/4 NE1/4 (SL) of 04-05N-08W; 819 barrels oil per day, 1,299,000 cu-ft gas per day; TD 16,380. Hughes: Tilford Pinson Exploration LLC; Crabtree No. 1-28; C SW1/4 SE1/4 SE1/4 of 28-06N-09E; 39 barrels oil per day; TD 3,595. XTO Energy Inc.; Brooks No. 1-25H36X1 Well; SE1/4 NW1/4 SW1/4 NW1/4 (BHL) of 01-06N-10E; 2,265,000 cu-ft gas per day; TD 12,786. Kay: Range Production Co. LLC; Moccasin Federal No. 8-1N Well; SE1/4 SE1/4 SW1/4 SW1/4 (SL) of 08-25N-01E; 23 barrels oil per day, 47,000 cu-ft gas per day; TD 8,658. Kingfisher: Oklahoma Energy Acquisitions LP; Dodd 1705 No. 3-8MH Well; NE1/4 NE1/4 NE1/4 NW1/4 (SL) of 08-17N-05W; 410 barrels oil per day, 257,000 cu-ft gas per day; TD 12,293. Lincoln: Equal Energy Us Inc.; Lake Louise No. 1-14H Well; NE1/4 SE1/4 SE1/4 SE1/4 (SL) of 10-15N-05E; 285,000 cu-ft gas per day; TD 9,380. Oklahoma: Gastar Exploration Inc.; Davis No. 9-2H Well; SW1/4 SE1/4 NE1/4 NW1/4 (SL) of 09-14N-04W; 199 barrels oil per day, 233,000 cu-ft gas per day; TD 14,102. Gastar Exploration Inc.; Davis No. 9-4H Well; SW1/4 SE1/4 NE1/4 NW1/4 (SL) of 09-14N-04W; 1 barrels oil per day; TD 15,042. Pawnee: Mid-Con Energy Operating LLC; Miller No. 32 Well; SE1/4 NW1/4 NW1/4 NE1/4 of 19-21N-08E; 27.74 barrels oil per day; TD 2,321. Payne: Roberson Oil Co. Inc.; Mehan No. 3-14WH Well; W1/2 NW1/4 NE1/4 NW1/4 (BHL) of 14-18N-02E; 344 barrels oil per day, 540,000 cu-ft gas per day; TD 9,350. Stephens: XTO Energy Inc.; Ritter No. 1-14H Well; NE1/4 NW1/4 NE1/4 NE1/4 (SL) of 14-03S-04W; 3,739,000 cu-ft gas per day, 226 barrels oil per day; TD 19,285. Woods: Chesapeake Operating LLC; Duane 20-26-13 No. 1H Well; S1/2 S1/2 SW1/4 SW1/4 (SL) of 20-26N-13W; 120 barrels oil per day, 843,000 cu-ft gas per day; TD 10,472. Midstates Petroleum Co. LLC; Venosdel 2614 No. 1H-21 A Well; N1/2 N1/2 NE1/4 NW1/4 (SL) of 21-26N-14W; 2,299,000 cu-ft gas per day, 116 barrels oil per day; TD 11,507. Midstates Petroleum Co. LLC; Venosdel 2614 No. 2H-21 B Well; NE1/4 NW1/4 NE1/4 NW1/4 (SL) of 21-26N-14W; 152 barrels oil per day, 2,116,000 cu-ft gas per day; TD 11,270. Alfalfa: Midstates Petroleum Co. LLC; Richter 2612 No. 2H-11A Well; SW1/4 SW1/4 SW1/4 SW1/4 (SL) of 11-26N-12W; TD 11,350. Love: Mid-Con Energy Operating LLC; Van Buskirk No. 8-1A Well; SW1/4 SE1/4 NE1/4 NE1/4 of 01-06S-02W; TD 7,200. Payne: Pregler Oil Co. LLC; Hinkle No. 1-15 Well; SW1/4 NW1/4 NW1/4 NE1/4 of 15-19N-05E; TD 3,200. Seminole: Archibald Oil & Gas Operating Inc.; Westbrook No. 12-1 Well; N2 SE1/4 NW1/4 SW1/4 (BHL) of 12-07N-06E; TD 5,500. Cook Kelly Oil LLC; Jones No. 1 Well; S1/2 SW1/4 NE1/4 NW1/4 of 16-10N-08E; TD 3,600.
News Article | October 27, 2015
Slumping oil prices have cast a shadow over the U.S. shale oil boom, but fast-growing domestic producers and other shale firms still dominated an annual survey of global energy companies from Platts. The Platts Top 250 Global Energy Company Rankings, which measured 2014 financial performance in a variety of sectors, showed that it was a strong year for U.S. shale players, whose earnings growth outpaced industry heavyweights. Although corporate growth rates across the board fell slightly, America’s top shale players booked significant gains. They recorded a three-year compound growth rate of 56%, up from 46.8% in 2013, according to Platts. Eight of the 10 energy firms with the best growth rates were North American shale or tight oil companies. In the overall rankings, energy companies in the Americas accounted for 45% of the top 250, increasing their footprint at the expense of rivals in Europe and Asia. “There is a whole suite of companies that have been brought along by the shale boom,” said Robert Perkins, Senior Editor of Platts’ EMEA Oil News. Global oil prices are down more than half compared to levels seen last year. U.S. futures touched a high of around $108 a barrel in July 2014, but swelling crude inventories ignited a swift decline. The flow of shale oil, which brought U.S. production growth to its highest annual rate since 1940, was the primary catalyst. Even with oil prices hitting lows in the final months of 2014, the U.S. energy industry appeared to navigate rough waters. “It has surprised many as far as resiliency of U.S. shale,” Perkins said, but “there are expected to be many more casualties in the pipeline. When we revisit these numbers next year, I expect a different picture. We are probably going to see some absentees that were on the list this year.” As far as 2014’s results, shale-linked companies including drillers, pipeline operators and utilities emerged from the tumult to report solid gains. Take AGL Resources (GAS), a natural-gas utility that has pushed more volume to customers amid a period of widespread production. Georgia-based AGL, No. 115 in Platts’ Top 250, ranked as the ninth fastest-growing energy company. Colorado-based shale gas player Antero Resources (AR) registered the best three-year growth rate of any company worldwide, 110%, and made Platt’s Top 250 list for the first time at No. 153. Antero has acreage in the Marcellus and Attica shale formations. Oasis Petroleum (OAS), another shale exploration and production firm, put up the third-best mark for 2014 growth, 61%. Fellow shale E&P competitors Continental Resources (CLR), Pioneer Natural Resources (PXD), EOG Resources (EOG), Chesapeake Energy (CHK) and Devon Energy (DVN) were also among the world’s fastest-growing companies last year. While the E&P sector grew the most, refining and marketing struggled due to sluggish demand that led to overcapacity, thereby hurting profit margins. Yet North American refiners got the better of international rivals, benefiting from cheaper crude and natural gas. Perkins noted how lower input costs have helped North American refineries run cheaper than international peers. Phillips 66 (PSX) is a case in point. The refiner contracted 7% over the last three years, and it still managed to jump to No. 6 from No. 13 in the Top 250. U.S. companies comprise 89 of the Top 250 this year, led by Exxon Mobil (XOM), which topped the list for the 11th consecutive year. Platts ranked Chevron (CVX) second worldwide, up one slot from the prior year, followed by Royal Dutch Shell (RDS). China’s CNOOC (CEO) and PetroChina (PTR).
News Article | October 6, 2015
Third-quarter corporate profit reports kick off this week. But for some investors it's not a time to count profits, but to tally up losses. There are 12 companies in the Standard & Poor's 500, including energy firm Anadarko Petroleum (APC), H&R Block (HRB) and Amazon (AMZN) that are expected to post adjusted losses that in total up to $2 billion, according to a USA TODAY analysis of data from S&P Capital IQ. Investors are braced for a pretty horrible earnings season. Companies in the S&P 500 are expected to post 5% lower adjusted profit during the quarter, says S&P Capital IQ. If forecasts are accurate, the third quarter would be the first quarter of a profit decline since the third quarter of 2009. And there's no question where the bulk of the pain is coming from: Energy. Plunging oil and energy prices are expected to push energy companies' profits down 66% from the same period a year ago. Nine of the 12 companies expected to rack up $2 billion in losses during the quarter are energy firms. Excluding the energy sector's profit hit, profits in the S&P would have been up 3%. The hit from energy companies is difficult to overcome. Just one energy company, Anadarko, is expected to post an adjusted quarterly loss of $348.4 million during the quarter. That's a larger quarterly loss than any other company in the S&P 500. The drop is breathtaking, as the company is expected to lose 69 cents a share during the quarter, down from a $1.16-a-share profit in the same quarter a year ago. But it's not just energy firms looking at red ink. Online retailer Amazon.com is expected to return to its money-losing ways in the third quarter. Analysts currently forecast the company to lose an adjusted 15 cents a share during the quarter. That's much less than the 95 cents a share it lost in the same quarter a year ago, but still amounts to a net loss of nearly $69 million. Certainly, these losses are based on estimates and the actual results from the companies could wind up better. During the second quarter, Amazon reported an adjusted gain of 19 cents a share, even though analysts were calling for the company to lose 14 cents a share. That unexpected profit has helped made Amazon one of the best stocks this year — up more than 70%. And for some companies, losing money in the second quarter is just part of the seasonality of their business. H&R Block, for instance, is expected to lose an adjusted 48 cents a share during the quarter or $133 million. But before investors get too concerned, remember that the company typically loses money in every quarter except April, which contains tax season profit. Investors are prepared for lots of disappointment from earnings season. But now you know where most of the pain will be felt. Reporting season kicks off on Thursday. S&P 500 COMPANIES EXPECTED TO POST BIGGEST ADJUSTED NET LOSSES IN THE THIRD QUARTER OF 2015
News Article | May 4, 2015
David Einhorn, who runs hedge fund Greenlight Capital, criticized Pioneer Natural Resources Co. for spending too much money without returns and called it the “motherfracker.” “We think Pioneer generates a negative equity returns on capex” he said at the Sohn Investment Conference in New York on Monday. Pioneer shares fell 2.6 percent to $167.13 at 12:23 p.m. in New York. Einhorn spoke negatively about fracking companies and listed several in his slide presentation, including Concho Resources Inc., EOG Resources Inc., Whiting Petroleum Corp. and Continental Resources Inc. “None of them generated excess cash flow, even when oil was at $100 a barrel,” he said about the industry as a whole.