EOG Resources Inc Q1 2022 Earnings Call Summary

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

Question: Charles Arthur Meade - Johnson Rice & Company, L.L.C., Research Division - Analyst : Ezra, kind of picking up on the point you just made, I'm curious, does -- I get that you evaluate all your projects at $40 and $2.50 and that service is the best oil projects and best gas projects. But is there any concern or discussion inside EOG that maybe evaluating projects that something so far below the strip is actually giving you a suboptimal relative ranking across oil and gas assets?

Question: Charles Arthur Meade - Johnson Rice & Company, L.L.C., Research Division - Analyst : Okay. And perhaps going back to Dorado, it was -- I caught during the prepared comments that I think that the 2-year cume is 80% higher than your 2018 case. And part of that is longer laterals. And I think the base was -- the 2018 case was 9,000 for the latera. So am I making -- am I in the right ballpark to thinking that if 80% higher 2-year cume, some of that's longer laterals. So we're looking at maybe 40% or 50% higher productivity per lateral foot in the Dorado play versus the earlier case? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 06, 2022 / 2:00PM, EOG.N - Q1 2022 EOG Resources Inc Earnings Call

Question: Charles Arthur Meade - Johnson Rice & Company, L.L.C., Research Division - Analyst : But no -- don't care to offer any comments on the productivity per lateral foot, I guess, that's fine.

Question: Leo Paul Mariani - KeyBanc Capital Markets Inc., Research Division - Analyst : Wanted to follow up a little bit on the gas macro here. Obviously, very topical these days. In the past, I know EOG has spoken about kind of longer-term oil growth target, kind of 8% to 10% per annum. Do you guys feel that at this point in time, just given the changes in the world that U.S. gas is really just going to be higher for longer, and you think it would be appropriate to maybe do something similar on the gas side as well. And obviously, you kind of talked about the accessibility of your gas to LNG markets down there as well. So just wanted to get a sense if you guys are actively working on perhaps expanding activity over the next few years at Dorado in trying to get that gas to international markets.

Question: Leo Paul Mariani - KeyBanc Capital Markets Inc., Research Division - Analyst : Okay. That's helpful. Definitely sounds like you guys are looking at more deals. Also just wanted to ask about the earlier target that put out kind of pre-Ukraine flat well costs year-over-year. I'm certainly aware that you guys have efficiencies and working really hard on this. But at this point, and you think that's still a realistic goal, just given inflation, I think I heard you say that you got about 50% of the well costs locked up in 2022.

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : 2 quick questions. One, I think you sort of follow-up to Neil's question. So does the Russian invasion in any shape or form change the way how you look at the global market and perhaps that your production outlook or a development plan for the company. I think you've been saying that you guys will be ready to grow if you think there's a need from the market, and you will be growing at maybe in the future, 8% to 10% annual kind of growth rate on the maximum. So wondering if those kind of views have been changed in any shape or form because of the recent events. The second question that you talked about Powder River Basin. So what will it take for that development pace to accelerate? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 06, 2022 / 2:00PM, EOG.N - Q1 2022 EOG Resources Inc Earnings Call