Eog Resources update Summary
EOG Resources First Quarter 2021 Generated $1.1 billion of free cash flow, incurred $945 million of cash capital expenditures and operated 19 drilling rigs and crude oil production of 431,000 Bopd.
- Declared special dividend of $1.00 per share and regular quarterly dividend of $0.4125 per share,
- indicated annual total cash return to shareholders of $1.5 billion
- Earned an adjusted $1.62 per share, second-highest quarterly EPS in EOG history
- Generated $1.1 billion of free cash flow, a quarterly record
- Capital expenditures 6% below guidance midpoint driven by sustainable efficiency improvements
- Oil production above high-end of guidance range
- Made significant progress toward 5% well cost reduction goal in 2021
- Reached agreement to divest China assets
Eog Resources Message to Shareholders
“Our outstanding first quarter results and special dividend announcement reflect the power of EOG’s returns-focused strategy. True to the EOG culture, our employees have embraced the higher hurdle rate with the shift to double-premium, which drove record returns in the first quarter. EOG continues to deliver sustainable improvements in operating performance, once again exceeding expectations.
“Our robust operating performance translates into financial results that allow us to deliver on our cash flow priorities. Earlier this year we raised the regular dividend and reduced debt outstanding. Our long-standing financial discipline now positions EOG to return additional cash to shareholders through a special dividend, bringing total expected return of cash to shareholders in 2021 to $1.5 billion.
“EOG is off to a great start in 2021 and I am confident that we will continue to get better going forward.” Source EOG Resources First Quarter 2021 Update
Eog Resources Well & Facility Permits Download
Oil & Gas News
Eog Resources Well Permits & Wells Spud
The oil and gas industry is highly regulated by Government agencies. One of the responsibilities is to approve well permits. A well permit is the intent of an oil & gas operator to drill a new well. Well permits include oil wells, gas wells, water wells and more..
Spudding is the process of beginning to drill a well in the oil and gas industry. … After the surface hole is completed, the main drill bit—which performs the task of drilling to the total depth—is inserted and this process can also be referred to as “spudding in.” Source EOG Resources First Quarter 2021 Update
Eog Resources Drilling Locations Q1 2021
Eagle Ford in Texas is the most mature tight oil play in the Lower 48 current, oil and natural gas production of 2.5 million barrels of oil equivalent per day. Measuring 400 miles long and 50 miles wide along the Texas Gulf Coast, the Eagle Ford basin is spread over 12,000 square miles in South and central Texas.
Permian Basin is a shale basin about 250 miles wide and 300 miles long, spanning parts of west Texas and southeastern New Mexico. It includes the highly-prolific Delaware and Midland sub-basins.
Delaware Basin is a hydrocarbon rich sedimentary basin that lies within the Permian Basin. The Delaware Basin covers around 6.4 million acres in far West Texas and South Eastern New Mexico. It is located in an arid southwestern portion of the United States of America
Source EOG Resources First Quarter 2021 Update
EOG Q1 Drilling Rig Summary
The table below is a summary of the drilling rigs used by EOG on Q1 2021
EOG Primary Drilling Contractors
- Helmerich & Payne, Inc. (H&P) began in 1920, when Walter “Walt” Helmerich II—a thrill-seeking aviator from Chicago, and William “Bill” Payne—a hard-working microbiologist from Shawnee, Oklahoma, met on a Star 29 cable rig in South Bend, Texas. From this unlikely pairing was born a partnership, a deep friendship and the oil and gas drilling company that still bears their names.
- Nabors owns and operates one of the world’s largest land-based drilling rig fleets and is a provider of offshore platform rigs in the United States and numerous international markets. Nabors also provides directional drilling services, performance tools, and innovative technologies for its own rig fleet and those of third parties. Leveraging our advanced drilling automation capabilities, Nabors’ highly skilled workforce continues to set new standards for operational excellence and transform our industry. Source EOG Resources First Quarter 2021 Update
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About EOG Resources
EOG Resources’ geographic focus is determined by where it can locate primary energy resources — natural gas, natural gas liquids, and oil. In recent years that focus has been on exploiting shale plays in the US. The independent oil and gas company is engaged in exploring for natural gas and crude oil and developing, producing, and marketing those resources. In 2014, EOG’s total estimated net proved reserves was 2.5 billion barrels of oil equivalent, of which 1.1 billion barrels was crude oil and condensate reserves, and 5 trillion cubic feet was natural gas reserves.