EOG’s Production Volume (2020-2023)

This statistics highlights EOG’s Production Volume, across crude oil and condensate, natural gas and natural gas liquids, reported on a quarterly basis from 2020 Q4 onwards.

EOG’s Production Volume

The above table highlights the production volume of EOG’s Resources. Contribution of crude oil and condensate was 14 % , natural gas contribution was 44 % and natural gas liquids contribution was 5 %.

EOG Resources is one of the largest independent (non-integrated) crude oil and natural gas companies in the US and Trinidad.

EOG’s Production Volume

Considering the production volume, as calculated using the ratio of 1.0 barrel of crude oil and condensate or NGL’s production accounted for approximately 75% and 76% of EOG’s United States production during the first nine months of 2021 and 2020. New Mexico and Texas are the major producing areas of EOG’s in the United States.

COUNTRY WISE PRODUCTION VOLUME:

Ausytralia: In Australia, a subsidiary of EOG entered into a purchase and sale agreement in April 2021 to acquire 100% interest in WA 488 P block, which is located in the Western Australia.
China: In the Sichuan province of China, EOG worked with its partner, Petro China, under a production sharing contract. Also All Natural Gas produced from the Baijao chang Field, was sold to Petro China. Net production was approximately 25 million cubic feet per day of natural gas. EOG’s net production averaged approximately 26 mmcfd of natural gas.
Oman: EOG became a participant in the exploration and production sharing agreement for block 49, holding a 50% working interest. EOG’s total crude oil production remained at fourth quarter 2020 levels.
South Texas: EOG holds approximately 5,16,000 acres in the profolic oil window of the Eagle Ford Oil Production due to low crude oil prices. By the end of 2020 Q3 operations returned to normal.
Wellhead Crude Oil and Condensate revenues for the first 9 months of 2021 increased $3,804 million to $7,878 million. Increased production was primarily in the Permian basin. NGL’s revenues for the first time increased to 180 % , this increased production was primarily in the Permian basin and the Rocky mountains.

EOG’s Production Volume
In 2020 EOG’s net production averaged around 180 MMCFD of natural gas and around 1 MBbld of crude oil and condensate. In 2020, the majority of EOG’s United States Wellhead Natural Gas Production was transported by pipelines to various location like Katy, Texas, Colorado, Chicago etc. EOG on December 31,2020 connected to deliver to multiple parties fixed quantities of natural gas of 77o Bcf in 2021, 105 bcf in 2022, 91 bcf in 2023 etc.
EOG being a crude oil and natural gas producer, is impacted by changes in the prices of crude oil and condensate, NGL’s and natural gas. Average crude oil and condensate prices received by EOG for production in the United States decreased from 16 % in 2020 and 40 % in 2019 and increased to 18 % in 2018. These changes have resulted a 27 % decrease in average wellhead natural gas price received for producing in the United States in 2020.

About the company

EOG Resources, Inc is an American energy company engaged in hydrocarbon exploration. It is organised in Delaware and headquartered in the Heritage Plaza building in Houston, Texas. It was founded in 1999 by Mark G. Papa. The company’s ranking stood at 186th on the Fortune 500 list and 337th on the Forbes Global 2000 list.

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