EOG Resources

Forrest E. Hoglund joined the company as chairman, CEO and director in September 1987. In October 1989 the company completed an initial public offering of 11,500,000 shares of common stock. When its 1993 annual report was filed, Enron Corp. owned 80% of its outstanding common stock, and it had about 690 employees at the end of 1993.⁠[1]

In August 1999 the company offered a total of 31,000,000 shares of common stock to the public, 27,000,000 of them issued by the company itself. Its stock was listed on the New York Stock Exchange under the symbol “EOG.”⁠[2]

On August 16, 1999, the company exchanged all shares of EOGI-India, Inc., the subsidiary holding its India and China operations, for 62,270,000 of the 82,270,000 company shares held by Enron Corp. and retired them. On August 30 it changed its name from Enron Oil & Gas Company to EOG Resources, Inc. Mark G. Papa became chairman and CEO in August 1999.⁠[3]

EOG describes this separation as “declaring our independence from Enron Corp.”⁠[4]

EOG Resources was added to the S&P 500S&P 500The S&P 500 is a U.S. large-cap equity index compiled by S&P Dow Jones Indices. It includes 500 leading companies, covers about 80% of available market capitalization and is described by S&P DJI as “widely regarded as the best single gauge of large-cap U.S. equities.”Open the full entry index after the close of trading on November 1, 2000.⁠[4]

On April 7, 2010, EOG announced a 505,000-net-acre position in the oil window of the South Texas Eagle Ford shale, with estimated reserve potential of about 900 million barrels of oil equivalent. Chairman and CEO Papa said the discovery “will prove to be one of the most significant United States oil discoveries in the past 40 years.”⁠[5]

On the evening of June 3, 2010, EOG lost control of a gas well in Clearfield County, Pennsylvania, during post-fracking work; natural gas and flowback fluid escaped for about 16 hours, releasing at least 35,000 gallons of drilling wastewater. The Pennsylvania Department of Environmental Protection (DEP) then ordered EOG to suspend drilling, fracking and completion work in the state.⁠[6]

On July 13, 2010, the DEP released an independent report finding that “Untrained personnel and the failure to use proper well control procedures were the principal causes” of the blowout, and fined EOG $353,400 and its contractor C.C. Forbes $46,600. After a 40-day suspension, both companies were allowed to resume well completion work.⁠[7]

On September 7, 2011, William R. “Bill” Thomas was promoted to president and Gary Thomas to chief operating officer; the company also announced that Papa would retire in June 2013 and be succeeded by Bill Thomas.⁠[8]

In August 2012 the company disclosed that Papa would serve as CEO through June 2013 and as chairman through December 2013, with Thomas succeeding him in both roles.⁠[9]

On September 6, 2016, EOG announced a combination with Yates valued at $2.5 billion, under which it would issue 26.06 million shares of common stock and pay $37 million in cash. The deal added 186,000 net acres in the Delaware Basin and doubled EOG’s Powder River Basin position to 400,000 net acres.⁠[10]

On October 4, 2016, EOG completed the mergers and asset purchases with Yates Petroleum Corporation, Abo Petroleum Corporation, MYCO Industries, Inc. and affiliated entities, issuing about 25 million unregistered common shares and paying about $16 million in cash.⁠[11]

On January 4, 2021, Ezra Yacob, previously executive vice president responsible for the Fort Worth, Artesia and international operating areas, was promoted to president.⁠[12]

On June 7, 2021, the company announced that Yacob would become CEO and join the board on October 1, 2021, with Lloyd “Billy” Helms, Jr. becoming president; Thomas, CEO since 2013, would retire and become non-executive chairman. Yacob joined EOG in 2005.⁠[13]

On October 4, 2022, Thomas retired from the board and Yacob was appointed chairman, effective that day.⁠[14]

On August 1, 2025, EOG completed its acquisition of Encino Acquisition Partners, LLC for $5.6 billion in cash, including repayment of debt and subject to customary working capital and other adjustments.⁠[15]

Encino Acquisition Partners was formed as a partnership between Encino Energy and the Canada Pension Plan Investment Board. The deal gave EOG 675,000 net acres, raising its Utica position to 1.1 million net acres.⁠[16]

EOG operates primarily in major U.S. producing basins and internationally in Trinidad and Tobago, Bahrain and the UAE. At December 31, 2025, its estimated net proved reserves were 5,514 million barrels of oil equivalent, and it employed about 3,400 people.⁠[17]

In 2025 EOG had total revenue of $22.632 billion (2024: $23.698 billion) and net income of $5.0 billion, or $9.12 per share (2024: $6.403 billion). It generated $4.7 billion of free cash flow and returned all of it to shareholders through dividends and share repurchases, and announced a $6.5 billion capital plan for 2026.⁠[18]

In the second quarter of 2026, EOG earned net income of $2.72 billion, or $5.15 per share, generated $2.8 billion of free cash flow, paid $540 million in regular dividends and repurchased $1.3 billion of shares. It also established oil production in the UAE with a successful initial test.⁠[19]