Independent stands out in sector hit by layoffs
EOG Resources stands out when oil and gas companies are laying off thousands of workers to weather the economic downturn.
Although the Houston independent slashed its capital budget by $1 billion this year, CEO Bill Thomas said EOG hasn’t closed any offices, cut salaries or laid off a single employee during the coronavirus pandemic. EOG, spun off from the now-defunct Enron Corp. in 1999, has 2,800 employees, including about 600 in the Houston area.
“We are committed to our employees,” Thomas said. “They are the most valuable asset to the company. We want to emerge from this downturn with morale and effectiveness in high gear.”
That commitment to employees helped propel EOG to its 11th appearance on the Chronicle’s Top Workplaces list. The company ranked No. 3 among large companies.
EOG’s emphasis on employees has paid off for EOG, which is one of the nation’s top onshore oil producers. The company has grown production by 44 percent over the past three years without adding to its workforce. EOG reported net income of $2.7 billion in 2019.
“I’ve found that the No. 1 driver for employee satisfaction is making sure they feel like they’re making a difference and making a contribution,” Thomas said. “You’re not just a number, you’re someone very important to the company.”
Thomas acknowledged the challenge of maintaining a closeknit culture during the coronavirus pandemic, when staff are working remotely and maintaining social distancing. Many of EOG’s offices are at 50 percent capacity. The company has given employees more flexibility to work from home.
EOG has stayed connected with employees through regular video conferences and company developed software applications that allow for easier communication and sharing of data.
“We’re very flexible and sensitive to everyone’s needs, especially in a time like now,” Thomas said. “We treat people very openly and are very sensitive to their situations.”