EOG Resources Trading Volume Plummets 34.93% Ranking 378th Amidst UAE Oil Exploration Deal

On May 23, 2025, EOG Resources (EOG) experienced a significant decline, with its trading volume dropping by 34.93% to 2.19 billion, ranking 378th in the day's market activity. The stock price fell by 0.55%, marking the sixth consecutive day of decline, with a total decrease of 4.90% over the past six days.

EOG Resources has secured a major oil exploration concession in the United Arab Emirates (UAE). This concession, awarded by Abu Dhabi's Supreme Council for Financial and Economic Affairs, covers a 3,609 square kilometer area within the Al Dhafra region. This is the first such concession granted to a U.S. company in the UAE, highlighting the country's growing interest in attracting foreign investment in its energy sector.

The concession is part of a broader strategic collaboration between the UAE and the U.S., which includes significant investments in energy projects. The agreements aim to enable $60 billion of U.S. investments in UAE energy projects over the lifespan of these initiatives. This collaboration also includes a field development plan with ExxonMobil and INPEX/JODCO to expand the capacity of Abu Dhabi’s Upper Zakum offshore field, leveraging AI and industry-leading technologies to sustainably grow production capacity.

Additionally, ADNOC has signed a strategic collaboration agreement with Occidental to explore increasing the production capacity of the Shah Gas field. This project aims to enhance the field's capacity to 1.85 billion standard cubic feet per day of natural gas, from 1.45 bscfd, and accelerate the deployment of advanced technologies. The enterprise value of UAE energy investments into the U.S. is set to reach $440 billion by 2035, as part of the UAE’s $1.4 trillion investment plan into the country.