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Citi Global Energy and Utilities Conference – EOG Resources, Inc.

EOG Resources, Inc. · May 12, 2015 · 34 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 1
    NYSE Stock Symbol: EOG Investor Relations Contacts Common Dividend: 0.67 Cedric W. Burgher, SVP Investor and Public Relations Basic Shares Outstanding: 549 Million (713) 571-4658, cburghereogresources.com David J. Streit, Director IR…
  2. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 2
    1Q 2015 Well Performance Exceeded Expectations - Oil Production Ahead of Guidance Well Costs Currently Below 2015 Plan Levels - Additional Reductions Possible Maintained Flat YoY Oil Production Guidance for 2015 - U Shaped…
  3. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 3
    Focus on Returns Maximize Return on Capital Invested in 2015 - Drill Best Plays: Eagle Ford, Delaware Basin and Bakken - Deferring Well Completions Focus on Improving Well Productivity, Reducing Costs Maintain Strong Balance Sheet…
  4. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 4
    Rate-of-Return Focus Drives Shareholder Value Exploration and Technology Focus - Core Competency and Sustainable Competitive Advantage Exploration - Generate New Plays Internally Capture Premier Acreage Early-Mover Strategy Drives Low…
  5. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 5
    Eagle Ford Bakken/Three Forks Direct ATROR* at Flat 55 Oil Direct ATROR* at Flat 65 Oil Delaware Basin Leonard Delaware Basin Wolfcamp Oil and Combo Delaware Basin 2nd Bone Spring Sand 35% 60% Powder River Basin Midland…
  6. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 6
    Minimum Drilling Play Locations* Years** Eagle Ford 5,500 11 Bakken/Three Forks 580 7 Delaware Basin Leonard 1,600 40 Delaware Basin 2nd Bone Spring Sand Evaluating Delaware Basin Wolfcamp 1,100 75 DJ Basin 460 12 Powder River…
  7. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 7
    ROCE** ROE** 16.4% 15.6% 13.7% 13.7% 14.1% 13.3% 12.4% 12.4% 12.4% 10.5% 7.8% 6.6% 6.9% 4.8% Integrateds Integrateds Integrateds Integrateds 3.4% 3.7% Majors Majors Majors Majors EOG*…
  8. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 8
    Gathering, Processing and Other 8.3 Bn Exploration and Development Facilities 0.7 Exploration and Development 1.0 4.9-5.1 Bn 0.4 0.6 6.6 4.0 2014 2015* 85% of 2015* Capex Going to Top Plays: Eagle Ford, Delaware…
  9. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 9
    Additional Net Present Value Per Well Defer Well Completion Six Months at Various Prices 900M 750M 600M 450M 300M 55 60 65 70 75 Oil Price After Six Months* * 45 oil price first six months. Based on Eagle Ford West…
  10. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 10
    Deferring Completion Increases Rate of Return Even if Oil Price Does Not Recover for 24+ Months 15% 10% ATROR** 5% 0% 6 9 12 15 18 21 24 Months of Deferred Completion* * 45 oil price until completion, then 65…
  11. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 11
    Better Economics 65 Oil than 95 Oil 100% Three Years Ago 80% 73% 71% 60% 60% ATROR* 40% 36% 20% 0% Western Eagle Ford Delaware Basin Leonard 2012 95 Oil Today 65 Oil * See reconciliation schedule. EOG_0515-10
  12. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 12
    Top 20 Thousand Club* Contributors Top 20 Thousand Club* Contributors Peak 30-Day Rate 2014 Well Count Boed 250 2,500 200 2,000 150 1,500 100 1,000 500 50 0 0 EOG 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16…
  13. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 13
    80 70 60 50 40 30 20 10 0 EOG Co. 1 Co. 2 Co. 3 Co. 4 Co. 5 Co. 6 Co. 7 Co. 8 Co. 9 Peer Co. 10 Co. 11 Co. 12 Co. 13 Co. 14 Avg Source: Company Reports. Average employee headcount in 2014. Peer Group: APA, APC, CHK,…
  14. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 14
    14 EOG Maintains Stable LOE Despite Rising Liquids Mix 12 10 EOG Peers 2014 LOE 8 LOE/Boe 2011 2014 2015E 2012 6 2013 2010 4 2 0 0% 10% 20% 30% 40% 50% 60% 70% 80% Liquids Production Source: Company…
  15. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 15
    0.70 Committed to the Dividend 0.67 Increased Dividend Twice in 2014 0.60 16 Dividend Increases in 15 Years 0.50 0.40 0.38 0.34 0.31 0.32 0.29 0.30 0.26 0.20 0.18 0.12 0.10 0.08 0.05 0.06 0.03 0.04 0.04 0.04…
  16. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 16
    Largest Oil Producer and Acreage Holder in the Eagle Ford - 15 Rigs on Average Operating in 2015 San Antonio - Complete 345 Net Wells in 2015 Estimated Potential Reserves* 3.2 BnBoe; 7,200 Net Wells - EUR 450 MBoe/Well, NAR at…
  17. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 17
    Eagle Ford West Completion Design Eagle Ford West Wells 47 High-Density Wells* vs. 41 Low-Density Wells* Average Cumulative Crude Oil Production* 2014 Vintage Wells (Mbo) (Mbo) 80 80 70 High-Density 70 Wells Cumulative Oil…
  18. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 18
    (Days) 25 20 15 10 Eagle Ford** 5 Barnett Combo* 0 2007 2008 2009 2010 2011 2012 2013 2014 2011 2012 2013 2014 * Normalized to 5,000 lateral and total measured depth 12,400 ** Normalized to 5,300 lateral and…
  19. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 19
    Completed Well Cost* Average Drilling Days* (MM) (Spud-to-TD) 6.1 14.2 5.7 5.5 5.3 10.9 8.9 7.4 4.3 2014 2015 Plan Current Target 2012 2013 2014 Current Record * Normalized to 5,300 lateral. CWC = Drilling, Completion…
  20. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 20
    Brushy Canyon Net to EOG* Leonard A New Mexico High ROR Oil Play 550 MMboe Texas - 300 Spacing Tests Leonard B Red Hills Encouraging Leonard/ Bone Spring 4,800 1st Bone Spring 2nd Bone Spring Over-Pressured Oil Play…
  21. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 21
    90,000 Net Acres Prospective in Northern Delaware Basin Shifting Towards Development Mode in 2015; Complete 37 Net Wells - Largest Relative Increase in Capital in 2015 - Pad Drilling and Simultaneous Completions Boost Efficiencies…
  22. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 22
    (Mbo) 70 90-Day Cumulative Production 60 All Wells Completed Since January 2014 Average Cumulative Oil Production Per Well 50 40 30 20 10 0 EOG Co. 1 Co. 2 Co. 3 Co. 4 Co. 5 Co. 6 Co. 7 Peer Co. 8 Co. 9 Co.…
  23. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 23
    7.7 6.5 6.0 5.7 2014 Average 2015 Plan Current Target * Normalized to 4,500 lateral. CWC = Drilling, Completion and Well-Site Facilities. EOG_0515-22
  24. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 24
    Focused on Best 140,000 Net Acres with Multiple Pay Zones NGLs - 90,000 Net Acres in Oil Play; 50,000 Net Acres in Combo Play 24% - 1,100 Net Drilling Locations Oil Gas 50% Typical Combo Well 26% - 4,500 Lateral - EUR 900 MBoe,…
  25. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 25
    Advanced Completions Driving Higher Production from Tighter Spaced Wells - 90-Day Cumulative Production Up 17% in 2014 80,000 Net Acres Estimated Reserve Potential* 550 MMBoe, Net to EOG NGLs 26% Typical Well Oil 50% - 500 MBoe…
  26. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 26
    Cumulative Crude Oil Production* Average Well Spacing (Feet) (Mbo) 80 70 2014 1,030 Cumulative Oil Production 60 2013 910 2012 835 50 2011 40 560 30 20 10 0 0 30 60 90 120 150 180 2011 2012 2013 2014 Producing…
  27. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 27
    Bakken Core 90,000 Net Acres Canada - Antelope Extension 20,000 Net Acres Stanley, ND State Line Encouraging Results on 700 Spacing in the Core Bakken Lite - Testing 500 Spacing Elm - Optimizing Completion Formula For Spacing and…
  28. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 28
    Completed Well Cost* Average Drilling Days* (MM) (Spud-to-TD) 9.3 22.7 8.2 8.0 7.4 16.1 12.0 10.4 7.1 2014 2015 Plan Current Target 2012 2013 2014 4Q14 Record * Normalized to 10,000 lateral. CWC = Drilling, Completion…
  29. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 29
    Play Net Type Acres Marcellus, Bradford County 46,000 Gas Haynesville 143,000 Gas and Combo Eagle Ford 63,000 Gas Barnett 298,000 Gas and Combo Uinta 94,000 Gas and Combo S. Texas Frio/Vicksburg 195,000 Gas and Combo Horn River 127,000…
  30. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 30
    Trinidad and Tobago Trinidad ATLANTIC Expect Stable Production in 2015 OCEAN TRINIDAD 4(a) Drill 4 Net Wells to Maintain Deliverability U(b) U(a) SECC VENEZUELA United Kingdom United Kingdom East Irish Sea…
  31. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 31
    Maintain Low Net Debt-to-Total Cap Ratio - Credit Ratings Moodys A3 / S&P A- Successful Efforts Accounting Zero Goodwill 4.1 Billion in Available Liquidity - 2.1 Billion Cash at March 31, 2015 - 2.0 Billion Credit Facility Undrawn at…
  32. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 32
    4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Co. 1 Co. 2 Co. 3 Co. 4 Co. 5 Co. 6 Co. 7 Peer Co. 8 Co. 9 Co. 10 Co. 11 Co. 12 Co. 13 Co. 14 EOG Co. 15 Avg Source: UBS Investment Research, as of April 17, 2015. Based on…
  33. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 33
    Crude Oil* 2015 Bopd /Bbl May 1 to June 30 47,000 91.22 July 1 to December 31 10,000 89.98 Natural Gas* 2015 MMBtud /MMBtu June 1 to June 30 275,000 3.97 July 1 to July 31 275,000 3.98 August 1 to December 31 175,000 4.51 *…
  34. Citi Global Energy and Utilities Conference – EOG Resources, Inc. – slide 34
    On Track to Achieve 2015 Objectives Lower Finding and Operating Costs - Optimize All Operations - Continue Investing in Infrastructure to Lower Costs Six-Month Payouts - Capture Service Price Reductions Defer Production Growth:…

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