EOG Resources Inc at Barclays CEO Energy Power Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Eli Kantor - IFS Securities Inc - Analyst : So something high in, I think since last year, we always tend to get the question of the quality of EOG's development program over time, as US shale is maturing and will continue to push through the efficiency frontier. And yet EOG continues to demonstrate, especially on the cost side, continued capital efficiency gains and enabled a show of better production and lower costs. So would love to discuss your take on and what is really driving that performance. And we really how far are we pushing at the edges of that efficiency frontier?

Question: Eli Kantor - IFS Securities Inc - Analyst : And it shown through in the numbers. So how does that were you able to realize the efficiency mean to your three year outlook, you have a three year outlook out there for a low single-digit oil growth. Are we likely to see it now costs are coming down as more volume is or is it lower spending?

Question: Eli Kantor - IFS Securities Inc - Analyst : That's great to see. The shifting to the M&A conversation it's EOG has sensibly been missing in the M&A wave. You will imagine that given operator of your efficiency level, you can actually capture more value for any assets that you acquire. So what's just been the hurdle so far that is it that asset value just too expensive in the market because we'll imagine any asset you buy will be worth more and they're EOG's hands.

Question: Eli Kantor - IFS Securities Inc - Analyst : Now beyond, I imagine that reinsurance and development case a piece by itself removes a lot of the asset packages. If a lot of some of the assets in the market flooded and developed may not be developed the way you want it. Maybe so moving on to exploration, I think it's really a big part of the EOG story now. And we're seeing some momentum both on the Utica oil side and on the auto side. So one or two, I'll begin on Utica oil a bit more it's unlikely going to be another foundational asset before EOG. I know it's early days so, but the results have been seemed very promising on fairly comparable to Permian so far, but how does it look now and how -- what does it how much more work does it take for you to feel comfortable to come out early?

Question: Eli Kantor - IFS Securities Inc - Analyst : Could that be a 2025 then or is down a bit more time on? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2024 / 7:35PM, EOG.N - EOG Resources Inc at Barclays CEO Energy Power Conference

Question: Eli Kantor - IFS Securities Inc - Analyst : And what specific objective on the delineation side you're targeting for? Is it testing spacing as at the aerial extent.

Question: Eli Kantor - IFS Securities Inc - Analyst : Great, look forward to more of that results to come forth and more capital getting allocated there. Shifting gears to Dorado, the other play our view that the fact that you're building a dedicated 36 inch pipeline for the Dorado play and says a lot about the potential size of that project. It's just the gas macro that's keeping you guys on prowl allocating more capital to it. How should we expect that place and evolve from here?

Question: Eli Kantor - IFS Securities Inc - Analyst : Maybe on a double click on that the most one of the lowest, of course, gas plays in the US. Do you have a number in mind where like that's a gas price that you need to see to start allocating more capital?

Question: Eli Kantor - IFS Securities Inc - Analyst : And if I can circle back to that three-year outlook that actually infers a double-digit growth in gas and NGLs within that is mostly associated volume growth? Or do you see Dorado playing a piece playing into that?

Question: Eli Kantor - IFS Securities Inc - Analyst : Thank you. You mentioned gas marketing briefly, and I think that is one area that really stood out with 2Q results when you're able to show a strong gas realization despite the market conditions. But before we talk about what EOG is doing, could you help us can you align your view on the regionalization of gas markets in especially in the Gulf Coast? We are seeing like Permian gas as creating new bottleneck in East Texas. Like how do you guys think the Gulf Coast market is evolving? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2024 / 7:35PM, EOG.N - EOG Resources Inc at Barclays CEO Energy Power Conference

Question: Eli Kantor - IFS Securities Inc - Analyst : So if we roll all of that portfolio marketing contracts together, what type of uplift do you think you could get for the gas you produce?

Question: Eli Kantor - IFS Securities Inc - Analyst : One last question on this area. This t-lip pipeline and design with Williams really stood out this quarter. How did that deal came about? And if someone were to do that and the contract today, how long would it take? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2024 / 7:35PM, EOG.N - EOG Resources Inc at Barclays CEO Energy Power Conference

Question: Eli Kantor - IFS Securities Inc - Analyst : Right. The back of it on the E&P industry in general, I think EMG's continue to show substantial free cash flow yield on an -- and then a focus on cash return. EOG has bought back more shares this year than you have ever before. And you're sitting on a net cash position. And should we expect that to continue or would that be a continued focus on just allocating that free cash flow back to shareholders here?

Question: Eli Kantor - IFS Securities Inc - Analyst : And then on that certainly has stood out in the first half of this year and hopefully you see that continuing. And just to add, if we look out next three to five years, and this is fairly open-ended what gets you most excited about the portfolio today?

Question: Eli Kantor - IFS Securities Inc - Analyst : And maybe on the exploration side, like internationalize came up a few times at least this year. And do you see that like or how -- I guess how many of these 10, 1520 prospects are located outside of the US or do you still see a pretty strong backlog of opportunities that are attractive in the US?