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EOG Resources, Inc. 2008 Annual Report

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EOG Resources, Inc. 2008 Annual Report 2008 Annual Report SIMPLY ACHIEVING FINANCIAL AND OPEraTING HIGHLIGHTS (In millions, except per share data, unless otherwise indicated) 2008 2007 2006 Net Operating Revenues . $ 7,127 $ 4,239 $ 3,929 Income Before Interest Expense and Income Taxes . $ 3,798 $ 1,678 $ 1,956 Net Income Available to Common Stockholders . $ 2,436 $ 1,083 $ 1,289 Total Exploration and Development Expenditures . $ 5,093 $ 3,599 $ 2,927 Other Property, Plant and Equipment Expenditures . $ 477 $ 277 $ 100 Wellhead Statistics Natural Gas Volumes (MMcfd) . 1,619 1,470 1,337 Average Natural Gas Prices ($/Mcf) . $ 7.51 $ 5.65 $ 5.72 Crude Oil and Condensate Volumes (MBbld) . 45.5 31.2 28.1 Average Crude Oil and Condensate Prices ($/Bbl) . $ 88.18 $ 68.69 $ 62.38 Natural Gas Liquids Volumes (MBbld) . 16.0 12.2 9.3 Average Natural Gas Liquids Prices ($/Bbl) . $ 53.42 $ 47.36 $ 40.25 NYSE Price Range ($/Share) High . $ 144.99 $ 91.63 $ 86.91 Low . $ 54.42 $ 59.21 $ 56.31 Close . $ 66.58 $ 89.25 $ 62.45 Cash Dividends Per Common Share Declared . $ 0.510 $ 0.360 $ 0.240 Diluted Average Number of Common Shares Outstanding . 250.5 247.6 246.1 The Company Highlights EOG Resources, Inc. (EOG) is one • In 2008, EOG reported net income • Following two increases during of the largest independent (non- available to common stockholders 2008, the EOG Board of Directors integrated) oil and natural gas of $2,436 million as compared to again increased the cash dividend companies in the United States $1,083 million for 2007. on the common stock. Effective with proved reserves in the United with the dividend payable on April • EOG reported 26 percent return States, Canada, Trinidad, the United 30, 2009 to holders of record as of on capital employed(1) for 2008 Kingdom North Sea and China. EOG April 16, 2009, the quarterly divi- and maintained a conservative bal- Resources, Inc. is listed on the New dend on the common stock will be ance sheet, ending the year with York Stock Exchange and is traded $0.145 per share, an increase of 7 a debt-to-total capitalization ratio under the ticker symbol “EOG.” percent over the previous indicated of 17 percent. annual rate. The current indicated • EOG’s overall production increased annual rate of $0.58 per share is the 15 percent year-over-year, all tenth increase in 10 years. organic. • EOG was named to FORTUNE’s • Crude oil and condensate produc- list of “The 100 Best Companies tion increased 46 percent overall, to Work For” for the third con- driven primarily by continued drill- secutive year it has been eligible ing success from the North Dakota for consideration. Bakken Play. (1) Refer to reconciliation schedule on • At December 31, 2008, total com- page 102. pany reserves were approximately 8.7 Tcfe, an increase of 944 Bcfe, or 12 percent higher than year-end 2007. For information regarding forward-looking statements, see pages 44-45 of EOG’s Form 10-K included herein. For a glossary of terms see page 104. L e t t e r t o S tockholders 2008 Results EOG reported record net income available to common stockholders of $2,436 million in 2008, or $9.72 per share as compared to $1,083 million, or $4.37 per share in 2007. In addition to achieving outstanding financial results, we attained a number of other measurable goals consistent with our long-term philosophy of delivering on our promises. Also, we continued to add new resource plays to SIMPLY ACHIEVING our existing drilling portfolio. The performance targets we set for the year tracked our long-standing focus on returns, strong production growth on a debt-adjusted per share basis, low debt and low unit costs. When compared by these measures, EOG’s performance was favorable versus our peers in the S&P 500 Oil and Gas Exploration and Production Index. EOG achieved 26 percent return on capital employed (ROCE)(2) versus 16 percent the prior year. We recorded total company year-over-year absolute organic production growth of 15 percent, as compared to 11 percent in 2007, and delivered very strong production growth performance when measured against our peer group on a debt- adjusted per share basis(3). At year-end 2008, EOG’s net debt-to-total capitalization ratio(2) was 15 percent, and we sustained our position as one of the lowest unit cost producers in our peer group. Again, we were successful in growing our reserves organically. At December 31, 2008, EOG’s total reserves Loren M. Leiker Mark G. Papa Gary L. Thomas were approximately 8.7 Tcfe, an increase Senior Executive Chairman Senior Executive of 944 Bcfe, or 12 percent higher than year- Vice President, and Chief Vice President, Exploration Executive Operations end 2007. Total reserve replacement from all Officer sources(2) was 228 percent at attractive total reserve replacement costs. Through refinement of the application of horizontal drilling and completion technologies, we made significant progress in exploring for and developing our extensive portfolio of North American natural gas and crude oil resource plays. Some of EOG’s top assets and the 2008 highlights associated with them include: • North Dakota Bakken Core: Primarily driven by continued drilling success in this play, EOG’s total company crude oil production increased by 46 percent over the prior year. After further defining the overall size of the “sweet spot,” we increased the reserve potential on our core acreage in the Parshall Field to more than 80 MMboe, net. EOG’s well production results continue to far exceed those of other operators in the area(4). • North Dakota Bakken Lite: By drilling a number of successful wells on our acreage beyond the Bakken Core, we identified additional areas of crude oil saturation which increase the amount of potential crude oil reserves and add several years to our drilling 1 2008 Annual Report L e t t e r t o S t o c k h o l d e r s inventory. Through the application of our enhanced completion techniques, recovery rates in this portion of the play continue to improve. We also are moving forward with pipeline and alternative transportation arrangements to increase our netback SIMPLY O R G A NIC pricing, which will improve the economic performance of both the Core and Lite areas of the play for EOG in 2010. By continuing to accrete acreage, we now have the premier land position in the overall North Dakota Bakken trend with approximately 400,000 net acres. • Fort Worth Barnett Shale Core: In the natural gas-rich counties where EOG has been operating, we enhanced our targeting, spacing and completion EOG CASH DIVIDENDS procedures, continuing to improve our reserve recoveries per EOG YEAREND RESERVES EOG DAILY PRODUCTION PER COMMON SHARE acre and our overall economic results, particularly in Johnson (Bcfe) (MMcfed) DECLARED ($) and Hill Counties. In addition, EOG’s well results, based on 8,689 1,988 .58 the average peak month of production in Johnson County, far 7,745 1,729 .51 (3) exceeded those of other operators in the area . 6,802 1,561 • Fort Worth Barnett Shale Combo: This exciting new play 6,194 1,433 that we announced early in 2008 is a crude oil and liquids-rich .36 natural gas trend in the Fort Worth Basin Barnett Shale outside of the core natural gas area. Now that the infrastructure .24 necessary to process, gather and transport the liquids-rich natural gas and crude oil reserves has been placed in service in February 2009, we are proceeding to develop the play in several geologic “sweet spots” identified by our 2008 drilling program. 05 06 07 08 05 06 07 08 06 07 08 09* • Haynesville Shale: After drilling and completing several Other International * Indicated current level wells with very strong initial flow rates, we are encouraged Trinidad United States and Canada about the prospects for economic development of this natural gas play on our 116,000 net acre position. The estimated net reserve potential on EOG’s acreage is approximately 3 to 4 Tcf of natural gas. • Marcellus Shale: Results from our horizontal drilling program have established that this is yet another economic play for EOG. We have identified 600 Bcf of net natural gas reserve potential on 40,000 of our 220,000 net acre position. In addition, we had successful well tests on a second area within our farm-out acreage. We expect to have the pipeline infrastructure in place to begin meaningful production from our first two core areas in 2011. • British Columbia Horn River Basin: Early results from this natural gas play in far northeast British Columbia showed per well reserves and initial flow rates that exceeded our original expectations. EOG’s current area of activity on the west side of the basin has access to pipeline infrastructure that has adequate capacity for our near-term development. We will slowly ramp up production each year until increased pipeline capacity is in place in early 2012. At year-end, EOG held approximately 157,500 net acres in the basin. This play has the potential to increase EOG’s reserves in the same order of magnitude as our position in the Fort Worth Basin Barnett Shale natural gas play. EOG’s solid portfolio of conventional and resource plays has the potential to fuel our near and long-term production growth. EOG Resources, Inc. 2 L e t t e r t o S tockholders Through refinement of the APPLICatION of HorIZONtaL DRILLING and COMPLETION TECHNOLOGIES, we made SIGNIFICANT ProGRESS in exploring for and developing our EXTENSIVE PortFOLIO of NortH AMERICAN natural gas and crude oil resource plays.
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