EOG Resources Inc Q1 2021 Earnings Call Transcript

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

Question: Leo Paul Mariani - KeyBanc Capital Markets Inc., Research Division - Analyst : Spending here, certainly noticing that just based on your guidance, your CapEx is picking up here in the second quarter. Just wondering what was sort of driving that. I wasn't sure kind of what was kind of causing that.

Question: Leo Paul Mariani - KeyBanc Capital Markets Inc., Research Division - Analyst : Okay. That's helpful for sure. And just wanted to ask on the exploration plays. If I'm not wrong, I think you guys are certainly devoting more capital there, particularly to the drill bit, in 2021 here. I just wanted to confirm, are you guys kind of drilling out multiple plays at this point? I think you did a little bit of that in the last couple of years as well. And as a result, maybe just can you kind of speak to high level what your confidence is in being able to maybe prove some of these up in the next year?

Question: Charles Arthur Meade - Johnson Rice & Company, L.L.C., Research Division - Analyst : I really just have one question, and it goes back to the -- some of your prepared comments, Bill, in more specifically share repurchases. Yes, I recognize that, that hasn't been your MO in the past and they kind of have a bad reputation maybe. Because usually, share repurchases wind up being pro-cyclical. And the way you talked about it, you said, for you, you would look at it in an opportunistic way, is the word I remember you said, in a downturn. And I guess my question is it's easy to see a downturn in retrospect, right? 6 months ago, you guys had a 3 handle on your stock. But it's hard to recognize when you're in it. So is there any guideposts that you can share about how you would recognize when you're in one of those downturns and it's time to be opportunistic? Or is it just one of those things you know it when you see it?