Introduction
EOG Resources, Inc. is an American multinational petroleum and natural gas exploration company headquartered in the Heritage Plaza building in Houston, Texas. The company is ranked 386th on the Fortune 500. EOG’s principal producing areas include South Texas, North Dakota, Oklahoma, western Canada and offshore Trinidad. The company also has non-producing leases and exploratory acreage in the Rocky Mountain region, the Gulf of Mexico, offshore West Africa and East Africa.
The company is named for Enron founder Kenneth Lay’s pioneering Houston-based energy trading firm, Enron Oil & Gas Company. In 1999 Lay sold his Enron oil and gas business to Denver-based Anadarko Petroleum Corporation for $1 billion
EOG Resources, Inc. is an American multinational petroleum and natural gas exploration company headquartered in the Heritage Plaza building in Houston, Texas. The company is ranked 386th on the Fortune 500.
EOG Resources was founded by Mark Papa and Bill Thomas in 1985 as Enron Oil & Gas Company (EOG). EOG reorganized as a Delaware corporation in 2004 and at that time also closed its headquarters offices in Dallas, moving them to Houston. In 2006 EOG acquired Petrohawk Energy Corporation with its merger into EOG effective December 31, 2007 becoming effective at closing on January 1, 2008.
On July 10th 2007, a consortium led by Royal Dutch Shell plc agreed to acquire approximately $2 billion worth of assets from EOG Resources for $3 billion cash plus assumption of debt.[3] The acquisition included Gulf Coast properties (Mississippi Canyon 252) including two producing platforms located approximately 60 miles south east off Galveston Texas; Mississippi Canyon blocks 512 & 513 which are operated by Anadarko Petroleum Corporation; as well as many other non-operated interests throughout the Gulf Coast region.[4]
EOG’s principal producing areas include South Texas, North Dakota, Oklahoma, western Canada and offshore Trinidad. The company also has non-producing leases and exploratory acreage in the Rocky Mountain region, the Gulf of Mexico, offshore West Africa and East Africa.
EOG Resources is a global oil and gas exploration and production company based in Houston, Texas. The company has operations in the United States, Canada, Trinidad, the Gulf of Mexico and the Rocky Mountains. According to EOG’s website, it has “a large presence” in the Permian Basin region of West Texas.
The company is named for Enron founder Kenneth Lay’s pioneering Houston-based energy trading firm, Enron Oil & Gas Company. In 1999 Lay sold his Enron oil and gas business to Denver-based Anadarko Petroleum Corporation for $1 billion.
You may not have heard of EOG Resources, but you may have used its products. The Houston-based oil and natural gas company is the largest independent producer of crude oil in the United States. Founded in 2002, EOG Resources is a Fortune 500 company and one of only five American companies to be included on Forbes’ list of 100 Best Companies to Work For every year since the list began publication in 1998. It operates in more than 30 countries across North America, South America, Europe and Africa with offices around the world including Dallas-Fort Worth Texas; Denver Colorado; Bakersfield California; The Hague Netherlands; London England and Aberdeen Scotland among others.
In 2008 it was announced that EOG Resources would merge with another energy firm called XTO Energy for $13 billion dollars which made them one of America’s biggest producers at that time (together they produced about 350 million barrels per day).
In 2003, when Anadarko was facing bankruptcy after he merger with Union Pacific Resources in its ill fated attempt to diversify into natural gas transmission via its own merger with Tejas Gas Corp., Lay created an employee stock ownership plan to purchase Anadarko’s oil and gas assets for approximately $850 million in cash and debt assumption.
In 2003, when Anadarko was facing bankruptcy after he merger with Union Pacific Resources in its ill fated attempt to diversify into natural gas transmission via its own merger with Tejas Gas Corp., Lay created an employee stock ownership plan to purchase Anadarko’s oil and gas assets for approximately $850 million in cash and debt assumption. EOG Resources then emerged from the bankruptcy proceedings as a private company on June 23, 2003.
The deal was structured so that former shareholders of Anadarko would receive one share of EOG Resources for every two shares of Anadarko they owned at the time of the bankruptcy filing. The company also agreed to pay $100 million for about $600 million worth of claims made by plaintiffs in lawsuits related to drilling operations conducted by Kerr-McGee (a predecessor company) from 1982 through 1986 near Love Canal near Niagara Falls NY where toxic waste dumped by Hooker Chemical Company has caused many health problems especially among children born after their mothers were exposed during pregnancy or breastfeeding infants who consumed contaminated breastmilk; however these claims have not been resolved yet as they are still under litigation at this time.”
Conclusion
In 2003, when Anadarko was facing bankruptcy after he merger with Union Pacific Resources in its ill fated attempt to diversify into natural gas transmission via its own merger with Tejas Gas Corp., Lay created an employee stock ownership plan to purchase Anadarko’s oil and gas assets for approximately $850 million in cash and debt assumption.
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