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This statistic highlights EOG Resources’ Average Production Volumes, split across Crude Oil and condensate, Natural Gas and Natural gas liquids, reported on a quarterly basis from Q1 2016 onwards.
Production volume measures the total amount of goods a company can produce over time. This data tracks the total number of products manufactured over a set period (days, weeks, months, quarters, years) and focuses on total output.
|Average Production Volumes||Q3 2020||Q2 2021||Q3 2021||Contribution in Q3 2021|
|Crude Oil and condensate (MBbld)||377.6||448.6||449.5||15.64%|
|Natural gas liquids(MBbld)||140.1||138.5||157.9||5.49%|
(all figures are in absolute terms, except percentages)
EOG Resources Average Production Volume increased from 2112 in Q1 2016 to 2873 in Q3 2021, setting a growth of 36.03%. It further increased from 2423.7 in Q3 2020 to 2860.1 in Q2 2021, marking a rise of 18.01% or 436.4. Yearly, there was a rise of 18.57% or 450.1, from 2423.7 in Q3 2020 to 2873.8 in Q3 2021. However, comparing quarterly the average production volume of Q2 2021 and Q3 2021, it witnessed a slight rise of 0.48%.
EOG Resources Average Production Volumes is further bifurcated into the following categories:
The production volume generated from this segment witnessed an incline of 15.64% or 112, from 716.0 in Q3 2020 to 828.0 in Q2 2021. Yearly, the average production volume earned through this segment showed a rise from 716.0 in Q3 2020 to 844.4 in Q3 2021, accounting for an increase of 17.93% or 128.4. This segment accounted for 29.38% of the total average production volume generated in Q3 2021 and is one of the important APV contributors for Eog Resources Inc.
Crude Oil and Condensate (MBbld)
The average production volume from the crude oil and condensate generated 15.64% of the total average production volume in Q3 2021. In Q3 2021, this segment earned an APV of 449.5, which was an increase of 19.04% yearly, as compared to 377.6 APV in Q3 2020 and a 0.2% quarterly growth when compared to 448.6 APV in Q2 2021.
Natural Gas (MMCFD)
EOG Resources’ major contributor for average production volumes is the Natural gas (MMCFD) segment which amounts for 49.48% of the total APV in Q3 2021. Yearly, the revenue increased from 1190.0 in Q3 2020 to 1422.0 in Q3 2021, a massive rise in revenue by 19.5% or 232. Comparing quarterly, there was a decline in the APV from 1445.0 in Q2 2021 to 1422.0 in Q3 2021, projecting a decline of 1.59% or 23.
Natural Gas Liquids (MBbld)
Natural gas liquids account for 5.49% of the total average production volumes in Q3 2021. However, the average production volume decreased to 138.5 in Q2 2021 from 140.1 in Q3 2020, leading to a decrease of 1.14% or 1.6. The APV further increased to 157.9 in Q3 2021 from 138.5 in Q2 2021, accounting for a growth of 14.01% or 19.4 quarterly. On a year-on-year basis, it witnessed an increment of 12.7%.
EOG Resources Inc., together with its subsidiaries, is one of the largest independent (non-integrated) crude oil and natural gas company in the United States with proven reserves in the United States and Trinidad. EOG follows a consistent business and operational strategy that focuses on maximizing the rate of return on capital investment by lowering operating and capital expenses and increasing reserve recoveries. Under this strategy, each prospective drilling location is evaluated by its estimated rate of return. This approach is to increase the cost-effective creation of cash flow and earnings from each unit of production, allowing EOG to provide long-term shareholder value growth while maintaining a strong balance sheet. EOG’s approach is generally carried out by focusing on the drilling of domestically developed prospects in order to locate and develop low-cost reserves. The implementation of EOG’s plan depends on maintaining the lowest possible operational cost structure, as well as efficient and safe operations and strong environmental stewardship standards and performance.
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