Crude Oil and Condensate

Natural Gas Liquids

Natural Gas

Gains on Mark-to-Market Financial Commodity Derivatives

Gains (Losses) on Mark-to-Market Commodity Derivative Contracts

Gathering, Processing and Marketing

Gains on Asset Dispositions

Gains (Losses) on Asset Dispositions

Other

Total Revenue

63c9d25c5135a9187f0b159b4918d727c4ec997fccb400bf3bccfa7999db2f77

05a70c66010ea0601e5fb205f1eddcc5cf62d5f2ba750e83e16155d06ac9d3e1

| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Crude Oil and Condensate | **3,670**  **[0000821189-23-000014_exh99-1022323.htm:1]**  | **3,182**  **[0000821189-23-000023_exh99-1050423.htm:1]**  | **3,252**  **[0000821189-23-000039_exh99-1080323.htm:1]**  | **3,717**  **[0000821189-23-000051_eog-20230930.htm:25]**  | N/A | **3,480**  **[0000821189-24-000020_exh99-1050224.htm:1]**  | **3,692**  **[0000821189-24-000030_exh99-1080124.htm:1]**  | **3,488**  **[0000821189-24-000046_exh99-1110724.htm:13]**  |
| Natural Gas Liquids (NGLs) | **497**  **[0000821189-23-000014_exh99-1022323.htm:1]**  | **490**  **[0000821189-23-000023_exh99-1050423.htm:1]**  | **409**  **[0000821189-23-000039_exh99-1080323.htm:1]**  | **501**  **[0000821189-23-000051_eog-20230930.htm:25]**  | N/A | **513**  **[0000821189-24-000020_exh99-1050224.htm:1]**  | **515**  **[0000821189-24-000030_exh99-1080124.htm:1]**  | **524**  **[0000821189-24-000046_exh99-1110724.htm:13]**  |
| Natural Gas | **830**  **[0000821189-23-000014_exh99-1022323.htm:1]**  | **517**  **[0000821189-23-000023_exh99-1050423.htm:1]**  | **334**  **[0000821189-23-000039_exh99-1080323.htm:1]**  | **417**  **[0000821189-23-000051_eog-20230930.htm:26]**  | N/A | **382**  **[0000821189-24-000020_exh99-1050224.htm:1]**  | **303**  **[0000821189-24-000030_exh99-1080124.htm:1]**  | **372**  **[0000821189-24-000046_exh99-1110724.htm:13]**  |
| Gathering, Processing and Marketing | **1,497**  **[0000821189-23-000014_exh99-1022323.htm:1]**  | **1,390**  **[0000821189-23-000023_exh99-1050423.htm:1]**  | **1,465**  **[0000821189-23-000039_exh99-1080323.htm:1]**  | N/A | N/A | **1,459**  **[0000821189-24-000020_exh99-1050224.htm:1]**  | **1,519**  **[0000821189-24-000030_exh99-1080124.htm:1]**  | **1,481**  **[0000821189-24-000049_eog-20240930.htm:26]**  |
| Gains (Losses) on Mark-to-Market Financial Commodity Derivative Contracts, Net | **233**  **[0000821189-23-000014_exh99-1022323.htm:1]**  | **376**  **[0000821189-23-000023_exh99-1050423.htm:1]**  | **101**  **[0000821189-23-000039_exh99-1080323.htm:1]**  | N/A | N/A | **237**  **[0000821189-24-000020_exh99-1050224.htm:1]**  | **(47)**  **[0000821189-24-000030_exh99-1080124.htm:1]**  | N/A |
| Gains (Losses) on Asset Dispositions, Net | **(27)**  **[0000821189-23-000014_exh99-1022323.htm:1]**  | **69**  **[0000821189-23-000023_exh99-1050423.htm:1]**  | **(9)**  **[0000821189-23-000039_exh99-1080323.htm:1]**  | N/A | N/A | **26**  **[0000821189-24-000020_exh99-1050224.htm:1]**  | **20**  **[0000821189-24-000030_exh99-1080124.htm:1]**  | N/A |
| Other, Net | **19**  **[0000821189-23-000014_exh99-1022323.htm:1]**  | **20**  **[0000821189-23-000023_exh99-1050423.htm:1]**  | **21**  **[0000821189-23-000039_exh99-1080323.htm:1]**  | N/A | N/A | **26**  **[0000821189-24-000020_exh99-1050224.htm:1]**  | **23**  **[0000821189-24-000030_exh99-1080124.htm:1]**  | N/A |

9890a9a12cb8a5450347c640da8ee568b3b29449b1448522dd012caa5aa9d398

| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| United States        | **25,394**  **[0000821189-23-000015_eog-20221231.htm:127]**  | **5,941**  **[0000821189-23-000024_eog-20230331.htm:11]**  | **5,520**  **[0000821189-23-000040_eog-20230630.htm:11]**  | **6,164**  **[0000821189-23-000051_eog-20230930.htm:11]**  | N/A | **6,060**  **[0000821189-24-000021_eog-20240331.htm:11]**  | **5,956**  **[0000821189-24-000031_eog-20240630.htm:11]**  | **5,881**  **[0000821189-24-000049_eog-20240930.htm:13]**  |
| Trinidad             | **307**  **[0000821189-23-000015_eog-20221231.htm:127]**  | **103**  **[0000821189-23-000024_eog-20230331.htm:11]**  | **52**  **[0000821189-23-000040_eog-20230630.htm:11]**  | **48**  **[0000821189-23-000051_eog-20230930.htm:11]**  | N/A | **63**  **[0000821189-24-000021_eog-20240331.htm:11]**  | **69**  **[0000821189-24-000031_eog-20240630.htm:11]**  | **84**  **[0000821189-24-000049_eog-20240930.htm:13]**  |
| Other International  | **1**  **[0000821189-23-000015_eog-20221231.htm:127]**  | **0**  **[0000821189-23-000024_eog-20230331.htm:11]**  | **1**  **[0000821189-23-000040_eog-20230630.htm:11]**  | **0**  **[0000821189-23-000051_eog-20230930.htm:11]**  | N/A | **0**  **[0000821189-24-000021_eog-20240331.htm:11]**  | **0**  **[0000821189-24-000031_eog-20240630.htm:11]**  | **0**  **[0000821189-24-000049_eog-20240930.htm:13]**  |
| Total Operating Revenues | **25,702**  **[0000821189-23-000015_eog-20221231.htm:127]**  | **6,044**  **[0000821189-23-000024_eog-20230331.htm:11]**  | **5,573**  **[0000821189-23-000040_eog-20230630.htm:11]**  | **6,212**  **[0000821189-23-000051_eog-20230930.htm:11]**  | N/A | **6,123**  **[0000821189-24-000021_eog-20240331.htm:11]**  | **6,025**  **[0000821189-24-000031_eog-20240630.htm:11]**  | **5,965**  **[0000821189-24-000049_eog-20240930.htm:13]**  |

fbc11cb1394b62a3b469ebc583e1df57cd95b98cc97d8003f7ed579278ec83ab

EOG Resources, Inc. is one of the largest independent crude oil and natural gas companies in the United States, with operations primarily in the U.S. and Trinidad and Tobago, and exploration activities in select international areas such as Australia. The company focuses on exploring, developing, producing, and marketing crude oil, natural gas liquids (NGLs), and natural gas **[0000821189-24-000049_eog-20240930.htm:21]** **[0000821189-24-000011_eog-20231231.htm:100]** **[0000821189-24-000011_eog-20231231.htm:3]**. EOG emphasizes being a low-cost, high-return, and low-emissions producer, with a strategy centered on maximizing return on investment by controlling operating costs and capital expenditures while maximizing reserve recoveries **[0000821189-24-000049_eog-20240930.htm:21]** **[0000821189-24-000011_eog-20231231.htm:100]** **[0000821189-24-000011_eog-20231231.htm:3]**.

1. **Crude Oil and Condensate** - Engages in the exploration, development, and production of crude oil and condensate, which are the largest contributors to the company's revenue.
2. **Natural Gas Liquids (NGLs)** - Involves the extraction and marketing of natural gas liquids, contributing significantly to the company's operations.
3. **Natural Gas** - Focuses on the exploration, production, and marketing of natural gas, supporting the company's diverse energy portfolio.
4. **Financial Commodity Derivative Contracts and Other Sources** - Includes gains from financial commodity derivative contracts and other revenue sources, enhancing the company's total operating revenue.

1a3cc1ebb48a634be7f284a1ce2815802bc2df5d000bc2d05557578849b23bdf

4e891016c4f91761770ce3efc49a3ab492fd0be1a0687130b57c158c4f056b65

1. With the recent increase in your share repurchase authorization and intention to refinance debt maturities, how do you plan to manage your capital structure dynamically as EBITDA grows, and would you consider returning a higher percentage of free cash flow even if it results in a net debt position?  **[EOG_3407270_22]** 

2. Given the success of your pilot carbon capture project, are there plans to expand this initiative beyond internal operations to include third-party projects, and how might this impact your long-term sustainability strategy?  **[EOG_3407270_21]** 

3. Regarding the Utica play, can you provide more clarity on the prospectivity of the western side, particularly in the black oil or volatile oil window, and what are the observed well decline rates compared to typical oil or gas wells?  **[EOG_3407270_17]** 

4. In light of the recent elections creating volatility in the markets, how do you anticipate the outcomes will affect your operations and strategy, especially concerning potential regulatory changes and your approach to stakeholder engagement?  **[EOG_3407270_12]** 

5. Considering the consistent upward revisions to your gas production guidance each quarter, does this outperformance accelerate any of your midstream development timelines, and how might this impact your capital expenditure plans for projects like the Janus gas plant?  **[EOG_3407270_15]** 

7b17c6789c99111ffe48b3773f421dcd1be884190c5a901a7673374933b9e2f6

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

020dcb1625611e459a72db9e1b714132605508d8094df3f4434e70ecc308f8a2

**Annual guidance for FY 2024:**
- **Oil Production**: Increased midpoint by 800 barrels per day  **[EOG_3407270_4]**  (lowered from 1,800 barrels per day  **[EOG_3396300_4]** )  
- **Natural Gas Liquids (NGL) Production**: Increased midpoint by 2,800 barrels per day  **[EOG_3407270_4]**  (lowered from 10,000 barrels per day  **[EOG_3396300_4]** )  
- **Natural Gas Production**: Increased midpoint by 24 million standard cubic feet per day  **[EOG_3407270_4]**  (no prior guidance)  
- **Per Unit Cash Operating Costs**: Expected to be lower than previously forecasted  **[EOG_3407270_4]**  (lowered from a $0.15 reduction  **[EOG_3396300_1]** )  
- **Capital Expenditures (CapEx)**: $6.2 billion at the midpoint  **[EOG_3407270_4]**  (no prior guidance)  
- **Utica Activity**: 50% increase anticipated for 2025  **[EOG_3407270_5]**  (no prior guidance)  
- **Strategic Infrastructure Spend**: $100 million expected in 2025  **[EOG_3407270_9]**  (no prior guidance)  
- **Debt Management**: Plans to increase debt balance to $5 billion to $6 billion in the next 12 to 18 months  **[EOG_3407270_3]**  (no prior guidance)  

34b950cf87d836ba0260c2d84c706ebd099299018a46f878d218d2e293054d0b

- Major integrated oil and gas companies: Compete with EOG for licenses, leases, properties, reserves, and access to necessary resources  **[0000821189-24-000011_eog-20231231.htm:11]** .
- Government-affiliated oil and gas companies: Compete with EOG for licenses, leases, properties, reserves, and access to necessary resources  **[0000821189-24-000011_eog-20231231.htm:11]** .
- Other independent oil and gas companies: Compete with EOG for licenses, leases, properties, reserves, and access to necessary resources  **[0000821189-24-000011_eog-20231231.htm:11]** .
- Larger competitors: May have a competitive advantage in bidding for drilling rights and accessing necessary services, facilities, equipment, materials, and personnel  **[0000821189-24-000011_eog-20231231.htm:33]** .
- Competing energy sources, such as renewable energy sources: Compete with EOG in the energy market  **[0000821189-24-000011_eog-20231231.htm:33]** .

7e4f003602fdc28bd07b2e783151dfaf2f0d51ac830fc8612c1a0d13db05412b

United States

Canada

Trinidad

Other International

c654c2f9a679f4f0812550316642030947fa2b1c0ac84862b001841860b5255c

249329d4e254c5190f551a646fc5c59fb19d114c877d4080a5a0e19baaa7834b

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

### Q3 2024 Earnings Call
- **Issued Period:** Q3 2024
- **Guided Period:** FY 2024
- **Guidance:**
  1. **Oil Production:** Increased midpoint by **800 barrels per day**  **[EOG_3407270_4]** .
  2. **Natural Gas Liquids (NGL) Production:** Increased midpoint by **2,800 barrels per day**  **[EOG_3407270_4]** .
  3. **Natural Gas Production:** Increased midpoint by **24 million standard cubic feet per day**  **[EOG_3407270_4]** .
  4. **Per Unit Cash Operating Costs:** Expected to be lower than previously forecasted  **[EOG_3407270_4]** .
  5. **Capital Expenditures (CapEx):** Unchanged at **$6.2 billion** at the midpoint  **[EOG_3407270_4]** .
  6. **Utica Activity:** **50% increase** anticipated for 2025  **[EOG_3407270_5]** .
  7. **Strategic Infrastructure Spend:** **$100 million** expected in 2025, down from **$400 million** in 2024  **[EOG_3407270_9]** .
  8. **Debt Management:** Plans to increase debt balance to **$5 billion to $6 billion** in the next 12 to 18 months  **[EOG_3407270_3]** .

### Q2 2024 Earnings Call
- **Issued Period:** Q2 2024
- **Guided Period:** FY 2024
- **Guidance:**
  1. **Annual Volume Guidance:** Increased by **1,800 barrels of oil per day** and **10,000 barrels per day of natural gas liquids**  **[EOG_3396300_4]** .
  2. **Full Year Liquids Production:** Increased target by **11,800 barrels per day**  **[EOG_3396300_1]** .
  3. **Per Unit Cash Operating Costs:** Reduced by **$0.15**  **[EOG_3396300_1]** .
  4. **Free Cash Flow:** Increased by **$100 million** to **$5.7 billion**, assuming $80 oil and $2.50 natural gas  **[EOG_3396300_1]** .
  5. **Service Costs:** Secured **50% to 60%** with contracts for 2024  **[EOG_3396300_4]** .
  6. **Drilling Program:** More than **50 wells** or nearly **15%** of the 2024 program to use 3-mile laterals  **[EOG_3396300_4]** .
  7. **Cash Return Commitment:** On track to exceed **70%** of annual free cash flow and last year's **85%**  **[EOG_3396300_3]** .

### Q1 2024 Earnings Call
- **Issued Period:** Q1 2024
- **Guided Period:** FY 2024
- **Guidance:**
  1. **Capital Expenditure:** **$6.2 billion**, delivering **3% oil volume growth** and **6% total production growth**  **[EOG_3383989_4]** .
  2. **Free Cash Flow:** Expected **$5.6 billion**, based on $80 oil and $2.50 natural gas  **[EOG_3383989_3]** .
  3. **Shareholder Returns:** Committed to returning **$2.9 billion**, more than **50%** of expected free cash flow, targeting a minimum of **70%**  **[EOG_3383989_3]** .
  4. **Production Guidance:** Managing Dorado program to align with demand  **[EOG_3383989_4]** .
  5. **Infrastructure Projects:** Investments in Janus gas processing plant and Verde pipeline  **[EOG_3383989_11]** .
  6. **Operational Efficiency:** Increase average lateral length by **20%** in Eagle Ford, more than **50 three-mile laterals** in Delaware Basin  **[EOG_3383989_4]** .

### Q4 2023 Earnings Call
- **Issued Period:** Q4 2023
- **Guided Period:** FY 2024
- **Guidance:**
  1. **Capital Expenditure (CapEx):** **$6.2 billion**  **[EOG_3374876_4]** .
  2. **Oil Volume Growth:** **3%**  **[EOG_3374876_4]** .
  3. **Total Production Growth:** **7%** on a BOE basis  **[EOG_3374876_4]** .
  4. **Free Cash Flow:** **$4.8 billion** at $75 WTI and $2.50 Henry Hub  **[EOG_3374876_2]** .
  5. **Return on Capital Employed (ROCE):** Greater than **20%**  **[EOG_3374876_2]** .
  6. **Minimum Return to Shareholders:** **$3.4 billion**  **[EOG_3374876_2]** .
  7. **Break-even Price:** **$45 WTI**  **[EOG_3374876_2]** .
  8. **Well Cost Reduction:** Low single-digit percentage reduction  **[EOG_3374876_4]** .
  9. **Average Treated Lateral Length:** Increasing by **10%**  **[EOG_3374876_4]** .

411ce019d9a573d4c0ace40612e369195486120a595c7999912c0c7660b51dda

| Name                  | Position                                                      | Start Date         | Short Bio                                                                                                                                                                                                 |
|-----------------------|---------------------------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Ezra Y. Yacob         | Chairman of the Board and Chief Executive Officer             | October 2021       | Ezra Y. Yacob is the **Chairman of the Board and Chief Executive Officer** of EOG Resources, Inc. He was appointed as Chairman in **October 2022** and has served as CEO since **October 2021**. He joined EOG in **August 2005**  **[0000821189-24-000011_eog-20231231.htm:21]** **[0001193125-24-080647_d455851ddef14a.htm:82]** **[0001193125-23-100629_d460790ddef14a.htm:86]** .    |
| Lloyd W. Helms, Jr.   | President                                                     | October 2021       | Lloyd W. Helms, Jr. is the **President of EOG Resources**. He was elected to this position in **October 2021**. Mr. Helms has been with EOG since **February 1981** and has held various leadership roles  **[0000821189-24-000011_eog-20231231.htm:21]** **[0000821189-23-000015_eog-20221231.htm:21]** .                               |
| Jeffrey R. Leitzell   | Executive Vice President and Chief Operating Officer          | December 18, 2023  | Jeffrey R. Leitzell was elected as **Executive Vice President and Chief Operating Officer** effective **December 18, 2023**. He joined EOG in October 2008 and has held various engineering roles  **[0000821189-24-000011_eog-20231231.htm:21]** **[0001193125-24-080647_d455851ddef14a.htm:20]** .                                       |
| Ann D. Janssen        | Executive Vice President and Chief Financial Officer          | January 1, 2024    | Ann D. Janssen was appointed as **Executive Vice President and Chief Financial Officer** effective **January 1, 2024**. She joined a predecessor of EOG in **October 1995** and has held various accounting roles  **[0000821189-24-000011_eog-20231231.htm:21]** **[0001193125-24-080647_d455851ddef14a.htm:20]** .                       |
| Michael P. Donaldson  | Executive Vice President, General Counsel and Corporate Secretary | April 2016         | Michael P. Donaldson was elected as **Executive Vice President, General Counsel and Corporate Secretary** in **April 2016**. He joined EOG in **September 2007** and has held various legal roles  **[0000821189-24-000011_eog-20231231.htm:21]** **[0000821189-23-000015_eog-20221231.htm:21]** .                                      |

a886758fb91c3558663b68caff4a16a598c7add8bffc05f90f668f3ff213641e

| Program Details          | Program 1          |
|--------------------------|--------------------|
| Approval Date            | November 2021  **[0000821189-24-000049_eog-20240930.htm:43]** **[0000821189-24-000049_eog-20240930.htm:25]** **[0000821189-24-000049_eog-20240930.htm:15]**  |
| End Date/Duration        | No time limit  **[0000821189-24-000049_eog-20240930.htm:43]** **[0000821189-24-000049_eog-20240930.htm:25]** **[0000821189-24-000049_eog-20240930.htm:16]**  |
| Total additional amount  | $5 billion  **[0000821189-24-000049_eog-20240930.htm:43]** **[0000821189-24-000049_eog-20240930.htm:25]** **[0000821189-24-000049_eog-20240930.htm:15]**  |
| Remaining authorization amount | $1.8 billion (as of September 30, 2024)  **[0000821189-24-000049_eog-20240930.htm:43]** **[0000821189-24-000049_eog-20240930.htm:25]** **[0000821189-24-000049_eog-20240930.htm:15]**  |
| Details                  | The program allows for repurchase at management's discretion based on market conditions and other factors. It can be modified, suspended, or terminated at any time.  **[0000821189-23-000051_eog-20230930.htm:23]** **[0000821189-24-000031_eog-20240630.htm:22]** **[0000821189-24-000049_eog-20240930.htm:15]** **[0000821189-24-000031_eog-20240630.htm:13]**  |

043bff48d06ae52fe89fd172d41f63d6f4d1c349fb0a86e9d89a5055b98f4d9c

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

fa5d8b57baa285439e66aa601bfd3e29a92a5ed8b22ce9c5dc0b1952fe8a8e54

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 2002  **[0000821189-24-000011_eog-20231231.htm:93]**    | Present  | Current auditor   |

9d62d640758644e8059b0b0a712fe4e2670f73142197d74b1a9f3cd705254eb3

- Total Revenue (Q3 2024): $5.965B (-4% YoY)  **[0000821189-24-000049_eog-20240930.htm:2]** **[0000821189-23-000051_eog-20230930.htm:2]**   
- Crude Oil & Condensate: $3.488B (**-6% YoY**)  **[0000821189-24-000049_eog-20240930.htm:2]** **[0000821189-23-000051_eog-20230930.htm:2]**   
- Natural Gas: $372M (**-11% YoY**)  **[0000821189-24-000049_eog-20240930.htm:2]** **[0000821189-23-000051_eog-20230930.htm:2]**   
- Gains on Mark-to-Market Commodity Derivatives: $79M (**+84% YoY**)  **[0000821189-24-000049_eog-20240930.htm:2]** **[0000821189-23-000051_eog-20230930.htm:2]**   
- Revenue from Trinidad: $84M (**+75% YoY**)  **[0000821189-24-000049_eog-20240930.htm:13]** **[0000821189-23-000051_eog-20230930.htm:11]**   
- Operating Income (EBIT): $2.089B (**-18% YoY**)  **[0000821189-24-000049_eog-20240930.htm:2]** **[0000821189-23-000051_eog-20230930.htm:2]**   
- Net Income: $1.673B (**-17% YoY**)  **[0000821189-24-000049_eog-20240930.htm:2]** **[0000821189-23-000051_eog-20230930.htm:2]**   
- EPS (Diluted): $2.94 (**-16% YoY**)  **[0000821189-24-000049_eog-20240930.htm:2]** **[0000821189-23-000051_eog-20230930.htm:2]**   

898177ff9cc5feadeab8c07a13f0d1cabd062dc8792c8612f33fbc50d9be5b0e

4ef6836e97081326ec51edb945064de8723a1f258c3e9e36dcb3d7f6a104dfb1

| Year  | Amount Due (Millions) | Debt Type              | Interest Rate (%) | % of Total Debt                     |
|-------|------------------------|------------------------|-------------------|--------------------------------------|
| 2025  | 500                   | Senior Notes          | 3.15             | 13.2% = (500 / 3,776) * 100 **[0000821189-24-000049_eog-20240930.htm:15]** **[0000821189-24-000049_eog-20240930.htm:3]** |
| N/A   | 3,276                 | Other Senior Notes    | N/A              | 86.8% = (3,276 / 3,776) * 100 **[0000821189-24-000049_eog-20240930.htm:18]** **[0000821189-24-000049_eog-20240930.htm:3]** |

37dfc648e2251146fbf3118b9700ef0a0b4c4ca016140e468d61ecac2b05f85b

1. **Cash Returns and Buybacks**  
   **Q:** Why return over 100% of free cash flow this quarter?  
   **A:** EOG returned over **100% of free cash flow** this quarter—above the 70% target—primarily through share buybacks rather than special dividends.  **[EOG_3383989_10]**  This reflects confidence in the company's strengthened business and belief that the stock remains undervalued relative to the market.  **[EOG_3383989_10]** 

2. **CapEx Spending and Guidance**  
   **Q:** Explain first-half CapEx and confidence in full-year guidance?  
   **A:** EOG is spending **56% of its full-year CapEx** in the first half due to standard indirects and strategic infrastructure investments like the Delaware gas plant and Verde pipeline.  **[EOG_3383989_11]**  The company remains confident in meeting its **$6.2 billion** full-year CapEx guidance for 2024.  **[EOG_3383989_11]** 

3. **Utica Development Plans**  
   **Q:** What must happen for Utica to grow meaningfully?  
   **A:** EOG is pleased with Utica's performance, with wells exceeding expectations and competing with top U.S. plays.  **[EOG_3383989_16]**  The company focuses on not outrunning its learning curve, optimizing costs, and building infrastructure before ramping up activity.  **[EOG_3383989_20]** 

4. **Gas Outlook and Dorado Activity**  
   **Q:** How does gas outlook affect Dorado plans?  
   **A:** EOG maintains flexibility in Dorado, preferring to keep some rig activity to capture efficiencies.  **[EOG_3383989_8]**  In a **$3.50 to $4** gas price environment, activity could increase, but the company avoids outrunning its learning pace.  **[EOG_3383989_9]** 

5. **Macro Oil Outlook**  
   **Q:** What's EOG's view on the oil market outlook?  
   **A:** EOG expects oil demand to strengthen, reaching over **104 million barrels per day** in the second half of the year.  **[EOG_3383989_13]**  U.S. supply growth is anticipated to be moderate at **300,000 to 400,000 barrels per day** year-over-year.  **[EOG_3383989_13]** 

6. **Strategic Infrastructure Spending**  
   **Q:** How will strategic infrastructure impact future CapEx?  
   **A:** The **$400 million** spent on strategic infrastructure are fixed projects offering compelling returns, like the Verde pipeline and Janus gas processing plant.  **[EOG_3383989_21]**  These aren't recurring expenses, and future capital intensity is expected to decrease.  **[EOG_3383989_27]** 

7. **Eagle Ford Maturity and Efficiency**  
   **Q:** How is EOG managing Eagle Ford's maturity?  
   **A:** EOG improves Eagle Ford economics through operational efficiencies, including drilling faster, using super zippers, and increasing lateral lengths by **20%** this year.  **[EOG_3383989_12]**  Returns remain strong despite natural productivity declines in mature areas.  **[EOG_3383989_12]** 

8. **PRB Niobrara Competitiveness**  
   **Q:** Can the PRB Niobrara compete with core plays?  
   **A:** EOG is making significant progress in the Powder River Basin, achieving premium returns.  **[EOG_3383989_23]**  While different from the Permian, the PRB offers low F&D costs and extensive scale.  **[EOG_3383989_23]** 

9. **Trinidad Operations and Pricing**  
   **Q:** What's the status of Trinidad operations and pricing?  
   **A:** EOG operates a one-rig program in Trinidad, with activities proceeding smoothly.  **[EOG_3383989_17]**  The company is pleased with attractive price realizations, effectively meeting local demand.  **[EOG_3383989_17]** 

10. **Exploration and DD&A Rates**  
    **Q:** What's driving exploration efforts and higher DD&A rates?  
    **A:** EOG continues to explore high-return oil plays that add value to its portfolio.  **[EOG_3383989_18]**  The higher DD&A rate in Q1 was due to a one-time prior period adjustment; it is expected to moderate to about **$10.50** for the remainder of the year.  **[EOG_3383989_18]** 

d574074beac4f75f3dc48973c0cd496fe17d19e79d6a0caad50a1462b964fc66

1. **Utica Shale Progress**  
   **Q:** How is the Utica Shale development progressing, and what are key learnings?  
   **A:** Management is very happy with Utica results to date.  **[EOG_3396300_8]**  Southern wells (White Rhino) are meeting expectations, with performance benefiting from strategic mineral ownership enhancing returns by avoiding royalties.  **[EOG_3396300_8]**  Northern wells show consistently strong and repeatable results.  **[EOG_3396300_8]**  They're investing at the right pace to continue learning and optimizing, with tighter spacing tests at 700 feet showing strong results.  **[EOG_3396300_8]**  However, they acknowledge the need for longer production history before ramping up to full development.  **[EOG_3396300_8]** 

2. **Oil Macro Outlook**  
   **Q:** What's your view on U.S. shale production and oil market outlook?  
   **A:** Global demand is increasing year-over-year, aligned with expectations.  **[EOG_3396300_10]**  U.S. crude supply is expected to grow by **300,000 to 400,000 barrels per day**, with total liquids growth of **500,000 barrels per day** annually.  **[EOG_3396300_10]**  In the Lower 48, production is projected to be relatively flat from December to December.  **[EOG_3396300_10]**  Industry consolidation and discipline are driving moderate U.S. growth, which is expected to continue into 2025 and beyond.  **[EOG_3396300_10]**  The U.S. faces steep decline rates due to a shift to unconventional resources, requiring new barrels to fill the gap before adding growth.  **[EOG_3396300_10]** 

3. **Natural Gas Strategy**  
   **Q:** Will you maintain an oil-weighted focus given current gas prices?  
   **A:** Inventory levels are above the 5-year average, keeping natural gas prices below average.  **[EOG_3396300_11]**  They foresee the inventory overhang continuing into 2025 but expect to reduce inventories assuming a normal winter, due to increased LNG and electricity demand.  **[EOG_3396300_11]**  While not prepared to discuss 2025 plans, they are actively managing their Dorado program to align with demand.  **[EOG_3396300_11]**  They have low operating costs of **$1 per Mcf** in Dorado, providing confidence and flexibility.  **[EOG_3396300_11]** 

4. **Artificial Lift Technology**  
   **Q:** How is your artificial lift technology impacting production?  
   **A:** The company's proprietary artificial lift technology optimizes gas lift, plunger lift, and rod pump operations across their portfolio.  **[EOG_3396300_9]**  It monitors and adjusts gas injection rates in real-time using algorithms, maximizing production and minimizing downtime.  **[EOG_3396300_9]**  This technology has contributed to better base production, leading to increased guidance this quarter.  **[EOG_3396300_9]** 

5. **Gas Marketing and International Exposure**  
   **Q:** How are you increasing gas exposure to international markets?  
   **A:** They've entered into gas sales agreements providing pricing diversification, including international exposure.  **[EOG_3396300_24]**  From 2020 to 2023, exposing **140 MMcf per day** to JKM pricing added over **$1 billion** in revenue uplift.  **[EOG_3396300_24]**  This exposure will increase to approximately **720 MMcf per day** in 2025 and 2026 as Corpus Christi's Stage 3 comes online.  **[EOG_3396300_24]**  They also secured a Brent-linked gas sales agreement, aiming to expose more gas to diverse international markets.  **[EOG_3396300_24]** 

6. **Service Costs Outlook**  
   **Q:** What are you seeing in service costs and supply chain?  
   **A:** Since mid-last year, standard rig and frac prices have decreased by **15% to 20%**.  **[EOG_3396300_13]**  Support services like coiled tubing and wireline costs are down **15%**, and workover rigs reduced by **10%**.  **[EOG_3396300_13]**  Reductions have slowed recently with stabilized rig counts.  **[EOG_3396300_13]**  High-spec services, which they primarily use, have relatively stable pricing expected through the rest of the year.  **[EOG_3396300_13]** 

7. **Dorado Activity Management**  
   **Q:** How are you managing Dorado activity amid weak gas prices?  
   **A:** They plan to maintain the one-rig program in Dorado with no changes this year.  **[EOG_3396300_14]**  Investment timing is managed primarily on the completion side, pushing some wells into the second half due to flexibility.  **[EOG_3396300_14]**  They've seen a **13% improvement** in drilled footage per day, aiming to build on operational efficiencies.  **[EOG_3396300_14]** 

8. **Marketing Organization and Realizations**  
   **Q:** How does your marketing organization achieve high product realizations?  
   **A:** Their marketing team is integrated with division operations, focusing on netback pricing and accessing premium markets.  **[EOG_3396300_12]**  They maintain flexibility with multiple markets and control through firm capacity from wellhead to sales points.  **[EOG_3396300_12]**  By investing strategically and minimizing long-term commitments, they add value and strengthen netbacks.  **[EOG_3396300_12]** 

9. **Utica Well Performance and Spacing**  
   **Q:** Are Utica wells improving, and how is spacing evolving?  
   **A:** Wells are meeting internal expectations across the 445,000 net acre position.  **[EOG_3396300_15]**  Performance varies due to geology, with different spacing and type curves in different areas.  **[EOG_3396300_15]**  Recent tests at tighter spacing (700 feet vs. 1,000 feet) show consistently strong results.  **[EOG_3396300_8]**  They need at least **6 to 9 months** more production data to determine optimal spacing.  **[EOG_3396300_18]** 

10. **Artificial Lift Technology Differentiation**  
    **Q:** How is your artificial lift technology different from competitors'?  
    **A:** Their technology is integrated within EOG's systems, providing real-time data on production, pressures, flow rates, and temperatures.  **[EOG_3396300_20]**  It ties directly into centralized control rooms monitoring production 24/7, allowing for immediate adjustments and minimizing downtime.  **[EOG_3396300_20]**  This integration sets them apart from third-party systems, improving base production and reducing decline rates by decreasing downtime percentages.  **[EOG_3396300_20]** 

724f3e59b3245f1e2dea62e29b9944e29b87cc900e4902dcbd0b10fd9e60f3b3

- EOG has significantly strengthened over the past few years, with strong performance in core assets like the **Permian and Eagle Ford**, and emerging plays such as **Utica, Dorado, and Powder River Basin**, making the company **undervalued relative to the broad market**.  **[EOG_3383989_10]**
- EOG continues to improve economics in mature assets like **Eagle Ford**, achieving **higher rates of return over the last 3 years**, by increasing operational efficiencies, drilling **longer laterals** (increased by about **20% this year**), and reducing costs, resulting in improved capital efficiency.  **[EOG_3383989_12]**
- EOG's strategic infrastructure investments offer **compelling rates of return upfront** and **margin expansion** over the life of the assets, helping to **lower the cost basis** of the company and **expand free cash flow margins**, demonstrating a focus on long-term shareholder value.  **[EOG_3383989_27]**

a550bbcaacf161140d1230b4d9a6c1d533ca7b03104d9e9abd859277e1d6373d

- **EOG is strongly committed to shareholder returns**, aiming to return at least **70% of free cash flow** to shareholders, with potential for increased **share buybacks** due to perceived undervaluation. The company views the current market as a **dislocated environment**, providing opportunities to enhance long-term shareholder value.  **[EOG_3374876_14]**
- **Significant upside from organic exploration efforts**, anchored by a **10 billion barrel of oil equivalent premium resource**. EOG's three emerging assets—the **Dorado** (approximately **20 Tcf** captured), **Powder River Basin**, and **Utica** (over **400,000 acres** with low-cost entry around **$600 per acre**)—have the potential to represent the equivalent of a midsized E&P company  **[EOG_3374876_17]** ,.  **[EOG_3374876_10]**
- **Focused on operational efficiency and capital discipline**, EOG is increasing **average treated lateral lengths by 10%**, resulting in cost savings and improved capital efficiency. The company's strategic co-development approach across assets like the Delaware Basin flexibly targets different intervals to optimize returns and margins  **[EOG_3374876_20]** ,.  **[EOG_3374876_23]**

f201a30bbc545bd0980f570e91378b87cbb82330321c917e4e5aa8b5bfbba9f1

- **EOG Resources plans to increase its debt levels to $5-6 billion in the next 12-18 months**, which could increase financial risk and impact its balance sheet strength.  **[EOG_3407270_11]** **[EOG_3407270_22]** **[EOG_3407270_23]**
- **The shift to a higher debt capital structure may reduce EOG's financial flexibility**, making it potentially less capable of managing through cyclical downturns if commodity prices decline.  **[EOG_3407270_23]**
- **There is uncertainty about maintaining high shareholder returns while increasing debt and potentially moving to a net debt position**, which could affect future cash returns to shareholders.  **[EOG_3407270_23]**

5c5c1b9ca9471bfd7a27ea3fbc434424e6933e3fff0f7a6fce87418e00809d27

1. **Balance Sheet Optimization**  
   **Q:** Why are you adding $2 billion of debt?  
   **A:** To make our capital structure more efficient, we're increasing debt to a level more appropriate for our size, targeting total debt of **$5–6 billion** with a leverage ratio less than **1x** at **$45 WTI** prices.  **[EOG_3407270_7]** **[EOG_3407270_11]**  This move allows us to shift equity into debt, aligning with our consistent approach that absolute zero debt isn't our goal.  **[EOG_3407270_7]** **[EOG_3407270_11]** 

2. **Increased Shareholder Returns**  
   **Q:** Will you exceed the 70% free cash flow return commitment?  
   **A:** Yes, the additional cash from optimizing our balance sheet positions us to exceed the **70% commitment**, potentially reaching **100% or more** return of free cash flow to shareholders over the next **12–15 months**.  **[EOG_3407270_7]** 

3. **2025 Capital Spending**  
   **Q:** How will 2025 capital spending change?  
   **A:** We plan to maintain relatively flat activity levels, with modest shifts between basins. We'll slightly increase activity in the Utica, reaching **2 rigs and 1 frac fleet by year-end**, while strategic infrastructure spend will decrease from **$400 million** in 2024 to about **$100 million** in 2025.  **[EOG_3407270_9]** 

4. **Dorado Gas Investment**  
   **Q:** What are your plans for the Dorado gas play?  
   **A:** We'll maintain a **1-rig program** in Dorado, given its position as one of the lowest-cost dry gas assets with cash operating costs around **$1 per Mcf**.  **[EOG_3407270_8]**  We see significant demand growth from LNG starting in 2025, and Dorado is well-positioned to supply this market.  **[EOG_3407270_8]** **[EOG_3407270_16]** 

5. **Utica Cost Improvements**  
   **Q:** Can Utica costs decrease further?  
   **A:** Yes, in the volatile oil window, we're achieving finding costs in the **$6–8 per BOE** range.  **[EOG_3407270_13]**  We expect to drive costs down further with economies of scale as we increase activity.  **[EOG_3407270_13]** 

6. **Potential M&A and Bolt-ons**  
   **Q:** Will you consider acquisitions or bolt-ons?  
   **A:** Our strong balance sheet enables us to pursue low-cost property bolt-ons that offer high upside on undrilled acreage, focusing on opportunities that enhance long-term shareholder value.  **[EOG_3407270_11]** **[EOG_3407270_23]** 

7. **Impact of Election Outcomes**  
   **Q:** How does the election affect EOG?  
   **A:** We prepare for potential regulatory changes during administration transitions, but we believe the industry is well-positioned with strong relationships at all government levels. Oil and natural gas remain essential for long-term energy solutions.  **[EOG_3407270_12]** 

8. **2025 Oil Production Outlook**  
   **Q:** What oil growth do you expect in 2025?  
   **A:** With similar activity levels, oil production growth will be modest, consistent with our focus on balancing returns, NPV, and free cash flow generation rather than targeting a specific growth rate.  **[EOG_3407270_20]** 

9. **Carbon Capture Initiatives**  
   **Q:** Any updates on carbon capture projects?  
   **A:** Our pilot project is successful, and we're looking to deploy the technology across our operations, focusing on internal projects rather than third-party ventures.  **[EOG_3407270_21]** 

10. **Inventory Levels in Plays**  
    **Q:** How much inventory do you have in key plays?  
    **A:** We have about **10 billion BOE** of premium resource across multiple basins, including the Bakken, Eagle Ford, and Delaware Basin. Inventory levels are strong, and we continue to improve quality through organic exploration.  **[EOG_3407270_18]** 

52b773a8e9c5089f33f90dd57aac729bbff22f957cf6dbe4c59ecf4472022a48

- **EOG's cumulative free cash flow is projected to flatline despite production growth**, raising concerns about efficiency and capital allocation.  **[EOG_3374876_12]**
- **EOG's stock has underperformed peers, and its valuation multiples have compressed**, potentially reflecting investor concerns about the company's performance.  **[EOG_3374876_14]**
- **Uncertainties remain in EOG's emerging plays like the Utica**, with significant testing still required to confirm the assets' full potential, indicating risks in future growth projections.  **[EOG_3374876_10]**

abfad20333e1f7bf60439dd6fa7d05ccfea3d1f4861ab39219ba4953c735d4c8

- **EOG's core assets, such as the Eagle Ford and Bakken fields, are mature with some productivity degradation**, moving into lower quality pay zones, which may impact future production growth.  **[EOG_3383989_12]**
- **The company is cautious about ramping up activity in the Dorado gas play due to gas price volatility**, suggesting limited growth in gas production unless prices improve significantly.  **[EOG_3383989_9]**
- **Retirement of key executive Billy Helms after 43 years** may lead to leadership transition challenges and potential impacts on company strategy.  **[EOG_3383989_27]**

9c2fb566f44e363242eb2cb86147f2d9cdc3aaa406ed55df08663b0b9a007652

- **EOG is deferring activity in its Dorado gas play due to weak natural gas prices**, which may impact future production growth and profitability in this segment.  **[EOG_3396300_11]** ,  **[EOG_3396300_15]** ,  **[EOG_3396300_22]**
- **Uncertainty in the Utica Shale development as EOG is still testing spacing patterns and well performance varies across their acreage**, indicating the play is not fully de-risked and may not meet expectations.  **[EOG_3396300_23]** ,  **[EOG_3396300_14]**
- **EOG is cautious about providing details on their 2025 plans, especially regarding natural gas activities**, suggesting uncertainty in future production and capital allocation.  **[EOG_3396300_11]**

76e9880076c9452d81b5ba245eeb238a375443b686d7e42e51e2863568ce0e55

1. **Capital Returns**  
   **Q:** Will you increase buybacks to support stock value?  
   **A:** We are committed to creating long-term shareholder value. Given the **dislocated environment**, we anticipate that more than **70%** of our free cash flow returns could be in the form of buybacks.  **[EOG_3374876_14]** 

2. **Free Cash Flow Growth**  
   **Q:** Why is free cash flow flat despite growth?  
   **A:** Our cumulative free cash flow over the three-year period is roughly **10% higher** than the previous three years, with expanding margins.  **[EOG_3374876_12]**  We also see a **6%** cash flow and free cash flow per share compound annual growth rate across that three-year scenario.  **[EOG_3374876_12]** 

3. **Gas Production Strategy**  
   **Q:** How will associated gas supply impact your plans?  
   **A:** We expect U.S. gas growth driven by associated gas from the Permian, with oil growth around **300,000 barrels**.  **[EOG_3374876_16]**  We consider the increased associated gas in our planning and focus on being the absolute low-cost producer. We remain constructive on the U.S. gas market **12 months** out as LNG demand grows.  **[EOG_3374876_16]** 

4. **Production Mix Shift**  
   **Q:** How will your production mix shift going forward?  
   **A:** In 2024, we'll complete more **Wolfcamp M** wells as part of our co-development strategy. The Wolfcamp M is a prolific oil producer with premium returns and wells that pay out in about **8 months**. Mix will flex over the next few years as we move across our acreage.  **[EOG_3374876_15]** 

5. **Organic Growth Strategy**  
   **Q:** Why focus on organic growth over acquisitions?  
   **A:** We generate shareholder value through organic exploration, low-cost operations, and capital discipline. Our significant resources like **Dorado**, **Powder River Basin**, and **Utica** allow us to improve inventory and bring value without needing acquisitions.  **[EOG_3374876_17]** 

6. **Utica Development**  
   **Q:** Will you ramp up Utica development aggressively?  
   **A:** We are pleased with the Utica's performance but plan to grow at a pace that matches our understanding of the resource. We focus on long-term value rather than rapid expansion.  **[EOG_3374876_18]** **[EOG_3374876_19]** 

7. **Permian Takeaway Capacity**  
   **Q:** How do you view gas takeaway from the Permian?  
   **A:** We are well-positioned with over **1 Bcf/day** of residue takeaway to the Gulf Coast. We have been part of many pipeline projects and have significant transportation capacity.  **[EOG_3374876_21]** 

8. **Well Efficiency Improvements**  
   **Q:** Where are you increasing lateral lengths?  
   **A:** We're extending lateral lengths across our portfolio, including the Eagle Ford, Utica, and Midland Basin. Overall lateral length will be up about **10%** in 2024, improving efficiency and reducing costs.  **[EOG_3374876_20]** 

9. **Powder River Basin Activity**  
   **Q:** Why are you pulling back activity in the PRB?  
   **A:** We had great success in the **Mowry** but are shifting focus to the **Niobrara** formation to test package development. Activity will be equally split between Mowry and Niobrara to maximize the asset's value.  **[EOG_3374876_9]** 

10. **Inventory and Cost Outlook**  
    **Q:** Are you building inventory levels?  
    **A:** We carry between **6 months to a year's** inventory, which allows opportunistic purchases. We expect tubular costs to be down **10-15%**, and ancillary services down **10-15%** in 2024.  **[EOG_3374876_11]** 

11. **LNG Marketing Agreement**  
    **Q:** Will your LNG sales to Cheniere start earlier?  
    **A:** We are well-positioned to commence deliveries when the facility starts up. If there's an early start-up, we can sell into our agreement.  **[EOG_3374876_25]** 

12. **R&D Tax Credit**  
    **Q:** Do you qualify for the R&D tax credit?  
    **A:** We previously took an R&D credit several years ago but are not planning on taking anything going forward.  **[EOG_3374876_26]** 

5c9259db024532172b84bb4b7e121077b095d5a8bb31ebaa3b4fcd934c7ec9ce

- **EOG is optimizing its capital structure by increasing debt to $5-6 billion**, targeting less than 1x total debt-to-EBITDA at $45 WTI, enhancing long-term shareholder value and supporting increased cash returns to shareholders  **[EOG_3407270_11]** .
- **EOG has increased cash returns to shareholders to at or exceeding 85% of free cash flow**, and potentially plans to return over 100% in the near term due to their strengthened capital position  **[EOG_3407270_23]** **[EOG_3407270_10]** .
- **EOG focuses on low-cost bolt-on acquisitions with high upside in emerging assets**, improving inventory quality and driving operational performance that contributes to higher financial performance and shareholder returns  **[EOG_3407270_23]** .

75fd9052382dee867024624145330902a8af99e7af4fb2bf2826abf4b531e155

- **EOG's Utica Shale play is showing strong performance, with wells competitive to parts of the Permian Basin, and the company has expanded its acreage to 445,000 net acres.**  **[EOG_3396300_23]** ,  **[EOG_3396300_15]**
- **EOG's unique marketing strategy, including exposure to international pricing and diverse markets, is leading to higher realizations and netbacks, enhancing profitability.**  **[EOG_3396300_24]** ,  **[EOG_3396300_12]**
- **EOG is well-positioned to capitalize on future natural gas demand increases, maintaining operational flexibility in its Dorado play and aligning activity with expected LNG growth and emerging demand.**  **[EOG_3396300_11]** ,  **[EOG_3396300_22]**

8c03e3293cd79712f79a17681b8d4192e285643d81f26527c58d51c1ace6b069

EOG Resources Inc (EOG)

Financials