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EOG Resources Inc EOG

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Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Raising U.S. Upstream Oil and Gas Fair Values

Analyst Note

| Dave Meats, CFA |

We have adjusted fair value estimates across our exploration and production coverage to account for a more constructive near-term outlook for commodity prices, resulting in an average uptick of about 5%. These changes also incorporate a revised view on U.S. corporate taxes, which was originally announced in December 2021. We now expect the U.S. corporate tax rate to remain at 21% for the foreseeable future, due to the stalling of the Build Back Better bill (we had previously expected an increase to 26%).

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Company Profile

Business Description

EOG Resources is an oil and gas producer with acreage in several U.S. shale plays, including the Permian Basin, the Eagle Ford, and the Bakken. At the end of 2020, it reported net proved reserves of 3.2 billion barrels of oil equivalent. Net production averaged 754 thousand barrels of oil equivalent per day in 2020 at a ratio of 72% oil and natural gas liquids and 28% natural gas.

Contact
1111 Bagby, Sky Lobby 2
Houston, TX, 77002
T +1 713 651-7000
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 2,900

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