2020 tested EOG like it has never been tested. At the start of the year, the coronavirus pandemic compounded what started as an oil price war, crushing oil demand in a market that was already oversupplied, and drove oil prices to levels the company had not seen in more than 20 years.

EOG generated $1.6 billion of free cash flow* which both paid the dividend and further shored up what was already an industry-leading balance sheet, all while WTI oil prices averaged less than $40 per barrel.

For the third year in a row, EOG increased the dividend at least 30%. The company also announced a new premium natural gas play in South Texas named Dorado. Dorado added 1,250 premium net drilling locations.

EOG more than replaced the inventory drilled throughout the year. The company’s premium inventory had grown to 11,500 net locations by year end, which is more than three and a half times the total since introducing the premium well standard in 2016.