of a frac job unfold in front of them, I could see their eyes getting bigger. We were in... Negotiations started immediately.
Six months later, EOG and Seneca reached an exploration agreement that covered all 1 million acres in the Marcellus Shale. We would pay the cost to drill and complete the exploratory wells on Seneca’s land. Once the development-drilling phase began, the two companies would participate and share the costs evenly. It’s exactly what Mark had in mind when he leaned back in his chair more than a year earlier and made that initial deal with me. Through our leadership in technology and by staying one step ahead of the competition, we were able to score a major victory in an emerging hotbed of shale exploration. The point is, I’ve always believed that money follows technology and innovation ... Companies that can develop, deploy, and monetize new technologies have an advantage . This premise helped me to an important victory during my first year at EOG . And it’s an easy way for you to identify which companies will thrive across the oil and gas sector . Four Innovations That Changed the Trajectory of Oil E&P U.S. oil companies are the technology leaders worldwide in the energy space. This has been true ever since 1859 when Edwin Drake first discovered oil in Pennsylvania. We can date the first technological innovation back to Drake himself. To keep water from flooding his drill site – now famously called “Drake’s Well” – he drove an iron pipe down to bedrock then placed the drill inside the pipe to keep water out of the excavated shaft.
The discovery of oil led to the development of early pipelines made of
83
Made with FlippingBook - Online Brochure Maker