Five years ago, then-EOG Resources Chairman Mark Papa predicted The Great American Oil Boom was “not going to be as massive as people think.” And people listened, because under Papa’s leadership EOG had outperformed every oil company its size over the previous 10 years. REC today is studying the continuous rise of Houston-based EOG, which went exploring for natural gas not realizing what the future had in store. With an early entry in the Bakken and its discovery of the Eagle Ford, EOG embraced fracking with horizontal drilling to capture every possible molecule of gas. At the time, experts concluded oil couldn’t be squeezed through impermeable rock. EOG proved them wrong. And just like that the company shifted its focus to crude oil. Since then, EOG has outperformed all expectations—even its own. The company’s expansion into the Delaware. Anadarko, DJ and Powder River basins, along with leading-edge drilling and completion technologies, have generated results most E&Ps only dream of. We call that a Great American Oil Story.
Posted on June 4, 2019