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Q1 2013 Earnings Call – EOG Resources, Inc.

EOG Resources, Inc. · May 7, 2013 · 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. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 1
    NYSE Stock Symbol: EOG Investor Relations Contacts Common Dividend: 0.75 Maire A. Baldwin, Vice President IR Basic Shares Outstanding: 272.1 Million (713) 651-6364, Fax (713) 651-6473 mbaldwineogresources.com Internet Address: Kimberly…
  2. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 2
    Operations Excellent Delaware Basin Wolfcamp and Leonard Results Service Costs Decline from 2012 Expect Best-in-Large-Cap Class 2014 - 2017 Crude Oil and Total Company Production Growth 1Q 2013 Eagle Ford Generates Crude Oil…
  3. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 3
    All About Oil Grow Crude Oil 28% YOY* Focus on Eagle Ford, Bakken/Three Forks and Delaware Basin Improve Recovery Factors in Existing Plays Focus on New Greenfield Oil or Combo Plays Negligible North American Dry Gas…
  4. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 4
    Best Hz Crude Oil Assets in North America Strong Organic Crude Oil Production Growth - 2010 +35% - 2011 +52% 39% Average - 2012 +39% - 2013E* +28% Differentiators Strong Liquids Growth Driven by Crude Oil, Not Condensate or…
  5. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 5
    Clearbrook, MN Stanley, ND Innovator for Crude-by-Rail - 4 Years Experience 90 - Competitive with Existing and Announced Pipe Expansions - Access to Premium Markets - Provides Market Flexibility WTI EOG-Owned Infrastructure 95…
  6. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 6
    ROE ROCE 14.0% 10.9% 11.8% 9.4% 2012* 2013E** 2012* 2013E** * See reconciliation schedule. ** Goldman Sachs estimates April 26, 2013, 97.33 WTI and 4.15 Henry Hub in 2013. EOG_0513 -5
  7. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 7
    1,800 Bakken and Eagle Ford 82% of Current Horizontal Crude Oil Production* 1,600 Eagle Ford 1,400 675 MBod* 1,200 Rate of 1,000 Growth Slowing 800 600 Bakken 706 MBod* 400 200 0 Jan Jul Jan Jul Jan Jul Jan Jul…
  8. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 8
    200 175 150 EOG is Industry Leader by 2:1 Ratio 125 100 75 50 25 0 EOG Co. 1 Co. 2 Co. 3 Co. 4 Co. 5 Co. 6 Co. 7 Co. 8 Co. 9 * Source: IHS Data as of Dec 2012. Select onshore Lower 48 formations with growing crude oil…
  9. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 9
    EOG Has Best Onshore U.S. Oil Assets - Find Ways to Make Them Better Improve Recovery Factor of Oil-in-Place in Existing Plays - Testing Denser Well Spacing Secondary Recovery Methods Continue to Explore for New Hz Oil/Liquids…
  10. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 10
    Crude and Condensate Total Liquids (Mbd) (Mbd) 202 263 214 158 156 113 75 105 55 79 46 62 31 43 2007 2008 2009 2010 2011 2012 2013E* 2007 2008 2009 2010 2011 2012 2013E* * Based on mid-point of full-year 2013…
  11. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 11
    2013 Drilling Oil Wells (Net) Years* Eagle Ford 425 12 Bakken/Three Forks 53 7 Combo Delaware Basin - Leonard 16 83 - Wolfcamp 10 118 Midland Basin Wolfcamp 35 25 Barnett 130 9 15 Years of Drilling * Based on current…
  12. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 12
    2013E Capex 7.0 to 7.2 Bn* Including Facilities and Midstream Gathering, Exploration and Processing and Other Development Facilities 7% 10% Exploration and Development 83% 2013E Outlook Continued Strong Best-in-Class…
  13. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 13
    2012 2013E* 2014E - 2017E Crude Oil and Condensate 39% 28% Continued Best-in-Large-Cap NGLs 32% 10% Class Double-Digit Total Company Liquids 37% 23% Growth North American Gas** -9% -15% Growth Other Gas (Trinidad, UK and…
  14. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 14
    86% 86% 79% NGLs 76% 71% 72% 59% 53% Oil 47% 41% 29% 28% 24% 21% 14% 14% 2006 2007 2008 2009 2010 2011 2012 2013E** Liquids (Crude Oil and NGLs) Natural Gas * 2006 - 2012 based on North American actual revenues. FY…
  15. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 15
    % Crude Oil 40.00 39.08 Revenues 80% 35.00 34.11 75% 30.00 29.29 71% 60% 25.00 23.86 56% 20.04 20.00 40% 41% 15.00 32% 10.00 20% 5.00 0.00 0% 2009 2010 2011 2012 1Q 2013 * Wellhead Revenues for Crude Oil and…
  16. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 16
    90% 80% 70% EOG +86% 60% Peer Avg +8% 50% 40% 30% 20% 10% Co. 9 Co. 10 Co. 11 Co. 12 0% EOG Co. 1 Co. 2 Co. 3 Co. 4 Co. 5 Peer Co. 6 Co. 7 Co. 8 -10% Avg -20% -30% -40% Source: Goldman Sachs estimates April…
  17. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 17
    30% EOG +30% 20% Peer Avg +6% 10% Co. 9 Co. 10 Co. 11 Co. 12 0% EOG Co. 1 Co. 2 Co. 3 Co. 4 Co. 5 Co. 6 Co. 7 Peer Co. 8 Avg -10% -20% Source: Goldman Sachs estimates April 26, 2013, 97.33 WTI and 4.15 Henry…
  18. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 18
    14 Dividend Increases in 14 Years 0.75 0.70 0.68 0.64 0.62 0.60 0.58 0.51 0.50 0.40 0.36 0.30 0.24 0.20 0.16 0.12 0.10 0.10 0.08 0.08 0.06 0.07 0.00 1999* 2000* 2001* 2002* 2003* 2004* 2005 2006 2007 2008…
  19. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 19
    EOG Has Captured the Biggest U.S. Crude Oil Discovery Net to One Company in the Past 40 Years Increased Estimated Potential Reserves* by 38% Oil MMBo 1,500 San Antonio NGLs MMBbl 375 Gas Bcf 1,950 Total MMBoe, Net to EOG 2,200…
  20. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 20
    Second Round of Reserve Increase 1.6 BnBoe to 2.2 BnBoe Potential*, Net to EOG Estimated 8% Recovery of Estimated 26.4 BnBoe in Place, Net to EOG 4,900 Drilling Locations Yet to Complete - 40-Acre Spacing in East - 65-Acre Spacing…
  21. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 21
    Previous Current 640 Acres 640 Acres Difference 1 Section (Unit) 10 Wells 16 Wells +6 Wells Spacing 65 Acres/Well 40 Acres/Well Est. Reserves/Well* 450 MBoe 400 MBoe Est. Reserves/640 Acres 4.5 MMBoe 6.4 MMBoe +1.9 MMBoe…
  22. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 22
    Eagle Ford Well Drilling Days 30 Day Average (Spud to TD) (Bopd) 1,174 23.5 892 17.1 16.8 725 13.8 12.7 495 524 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 YTD Current EOG_0513 -21
  23. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 23
    EOG 53 MMBO, 99 MBOD Cumulative Oil Production* (MMBO) Co. 5 32 MMBO, 76 MBOD Co. 1 26 MMBO, 72 MBOD Co. 7 27 MMBO, 51 MBOD Co. 3 20 MMBO, 62 MBOD Co. 8 Co. 6 23 MMBO, 46 MBOD 22 MMBO, 48 MBOD Co. 4 12 MMBO, 36 MBOD…
  24. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 24
    Guadalupe Unit 01H, 02H, 03H and 04H IP Range : 2,300 to 3,180 Bopd + 265 to Korth Unit 1H and 2H 510 Bpd of NGLs + 1.5 to 2.9 MMcfd White Unit 4H and 19H IP: 3,980 and 3,580 Bopd + 415 and IP: 1,330 and 1,315 Bopd + 50 and 450 Bpd…
  25. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 25
    Canada Results Continue to Improve Over Time Stanley, ND Core Area Core Area Overall 1Q13 Drilling Results Provide Excellent Direct ATROR* Develop with 160-Acre Spacing, Strong IP Rates - Parshall 32-0225H 1,950 Bopd Water…
  26. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 26
    600 Total 3,814 Wells 500 EOG Average EUR 544 MBo Field Average EUR 338 MBo 400 Field Average 300 200 100 0 EOG RESOURCES, INC. HELIS OIL & GAS COMPANY LLC WHITING PETROLEUM MUREX PETROLEUM CORPORATION…
  27. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 27
    Midland Basin New Mexico Texas Three Plays Delaware Basin Delaware Basin Leonard - Leonard - Wolfcamp Midland Basin Wolfcamp Wolfcamp - Wolfcamp OOIP**/ Net Potential Net Drilling Potential Section Reserves*** Acres…
  28. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 28
    114,000 Net Acres - 3 Potential Pay Targets 200 Vertical Penetrations Across Acreage - Previously Drilled Atoka, Morrow Wells Estimated Reserve Potential* 800 MMBoe, Net to EOG NGLs Oil - Based on Low Initial Recovery Factor 32%…
  29. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 29
    73,000 Net Acres - 3 Potential Pay Targets Estimated Reserve Potential* 550 MMBoe, Net to EOG Operations NGLs 47 Net Hz Wells Drilled to Date 26% Oil - 16 Net Wells Planned in 2013 50% Gas Target 5.5MM CWC 24% - 55% Direct…
  30. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 30
    133,000 Net Acres NGLs 30% Core Area Potential 430 MBoe/Well, Gross Oil 42% - 320 MBoe/Well, NAR Gas 28% Operations 35 Net Wells Planned in 2013 Typical Wolfcamp Midland Basin Well Target 5.3MM CWC - 35% Direct ATROR* on…
  31. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 31
    EOG is the Largest Oil Producer in the Barnett Combo 206,000 Net Acres in Core Area Revenues 89% Liquids Weighted, 46% Oil Combo Core Area - 1st Year Revenues are 68% Oil 206,000 Net Acres 3-Rig Program in 2013 Plan to Drill 130…
  32. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 32
    Trinidad and Trinidad Tobago ATLANTIC OCEAN 1Q 2013 Production as Expected TRINIDAD 4(a) U(a) U(b) Currently Drilling on Osprey Platform to Maintain Flat SECC Deliverability 2013 - 2014 VENEZUELA United…
  33. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 33
    EOG Reserves Within 5% of Independent Engineering Analysis Prepared by DeGolyer and MacNaughton - 25 Straight Years - Reviewed 87% of Proved Reserves for 2012 Conservative - Successful Efforts Accounting - Zero Goodwill - Credit…
  34. Q1 2013 Earnings Call – EOG Resources, Inc. – slide 34
    Crude Oil* Bbld /Bbl 2013 May 1 to June 30 101,000 99.29 July 1 to December 31 93,000 98.44 2014 January 1 to June 30 42,000 95.86 Natural Gas* MMBtud /MMBtu 2013 June 1 to December 31 185,700 4.73 2014 January 1 to December…

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