LEGEND
TEXAS OIL LEGEND STEPS DOWN AS CEO
Name : William R . ‘ Bill ’ Thomas Job Title : Chairman of the Board and CEO Company : EOG Resources
William R . ‘ Bill ’ Thomas is to retire as CEO of EOG Resources and become Non-Executive Chairman of the Board – bringing the curtain down on 42 years of service with the company ( and predecessor companies ), 8 of which was as CEO .
From October , Ezra Y . Yacob will become EOG ' s Chief Executive Officer and join the Board of Directors , and Lloyd W . " Billy " Helms , Jr ., EOG ' s Chief Operating Officer , will be appointed to the additional role of President .
" Year after year , for more than eight years , Bill has set and re-set the standard for EOG ' s operational and financial performance ever higher ,” said Yacob .
“ He established our ‘ premium well ’ standard , one of the most strict investment hurdle rates in the industry , which became an incredible catalyst that tapped the EOG culture of creative thinking and innovation
20
years working in the industry
1.6b
EOG ' s free cash flow in
2020 that continues to propel the economics of EOG ' s business higher . EOG is in the best shape of its history and I am humbled and excited to expand on Bill ' s legacy of leading a great team to high performance through serving leadership ."
EOG generated $ 1.6 billion of free cash flow in 2020 which both paid the dividend and further shored up the balance sheet , all while WTI oil prices averaged less than $ 40 a barrel , and this year the company expects to generate $ 3.4 billion in free cash flow at WTI Crude price of $ 60 per barrel ( according to Zacks Equity Research ).
The company announced a new premium natural gas site in South Texas , at Dorado , which added 1,250 premium net drilling locations , and its premium inventory grew to 11,500 net locations by the end of 2020 — more than three-and-a-half times the total since introducing the premium well standard in 2016 .
Previously he served as the General Manager of Texas offices , where he was instrumental in EOG ’ s successful exploration , development and exploitation of various key resources . He joined HNG Oil Company , a predecessor of EOG , in January 1979 .
Thomas has been a Director of National Oilwell Varco , a provider of oilfield services and equipment to the upstream oil and gas industry worldwide , since 2015 , serving on the Audit Committee and Compensation Committee .
He earned a Bachelor of Science degree in Geology from Texas A & M University .
18 July 2021