EOG Resources Inc. shares inched 0.41% higher to $87.39 Tuesday. This proved to be an all-around mixed trading session for the stock market, with the S&P 500 Index SPX rising 0.02% to 4,227.26 and the Dow Jones Industrial Average DJIA falling 0.09% to 34,599.82.
EOG Resources Inc. closed $0.60 below its 52-week high ($87.99), which the company reached on June 7th. The stock demonstrated a mixed performance when compared to some of its competitors Tuesday, as ConocoPhillips COP rose 1.10% to $60.47, Pioneer Natural Resources Co. PXD fell 0.74% to $169.44, and Occidental Petroleum Corp. OXY rose 0.10% to $29.19.
EOG Resources Inc trading volume (3.0 M) remained 777,505 below its 50-day average volume of 3.8 M. U.S. oil and gas producer EOG Resources In said on Monday President Ezra Yacob would succeed William Thomas as chief executive officer of the company, effective October. Thomas, CEO since 2014, would become non-executive chairman of the board after retirement as part of the succession plan.
Yacob, a company veteran of 16 years, has previously served as executive vice president, exploration and production. Lloyd Helms, the chief operating officer who has over 40 years of service with EOG, will take over Yacob’s role. Premium drilling created a low-cost structure for EOG Resources In 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.