Texas Based EOG Resources Inc Performed Better

Texas-based EOG Resources Inc. shares dropped 0.49% to $87.03 Monday, on what proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX falling 0.08% to 4,226.52 and Dow Jones Industrial Average DJIA falling 0.36% to 34,630.24.

EOG Resources Inc. closed $0.87 below its 52-week high ($87.90), which the company achieved on June 4th. The stock underperformed when compared to some of its competitors Monday, as ConocoPhillips COP fell 0.07% to $59.81, Pioneer Natural Resources Co. PXD rose 0.24% to $170.71, and Occidental Petroleum Corp. OXY rose 0.07% to $29.16.EOG Resources Inc trading volume (2.7 M) remained 1.2 million below its 50-day average volume of 3.8 M.The stock’s fall snapped a seven-day winning streak.

The texas-based upstream company introduced double premium drilling capabilities, more attractive than premium drilling opportunities. Premium drilling created a low-cost structure for the company with a 30% minimum return at WTI Crude price of $40 per barrel and Henry Hub natural gas at $2.50 per million British thermal units. At the same price points, double premium drilling opportunities improve the return rate in the range of 30-60%, thanks to higher production and lower decline rates.

The company which has significant acreages in oil shale plays like Permian, Bakken and Eagle Ford intends to put an end to routine flaring by 2025. Moreover, by 2040, it plans to reach a net-zero target from scope 1 and scope 2 emissions with the help of technologies and innovation.