EOG Resources Inc Q2 2023 Earnings Call Transcript

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

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : Ezra, can you hear me okay?

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : Two questions, please. First, on the cash return on the free cash flow, thank you that you are paying more than 100%. But just want to see how you determine that this is the wait time to pay more than 100%, or how should we [reset] into the future given you're already in a net cash position, should we think that there's a little bit change in the management view and the payout is going to perhaps closer to 100% until that maybe that market condition change. And also that whether we should read the second consecutive quarter of the buyback means that management now see the buyback as more of an ongoing part of the toolbox on your cash return? That's the first question. Second question that on Dorado, the decision that -- to delay the 5 well in this year. Can you maybe share with us, I think Billy had mentioned that, but can you share with us then what's the thinking behind the delay? I know that the Street has been bucking you that you should delay the Dorado, and you guys do it in this quarter, but I want to understand a little bit better in terms of the decision-making process behind. And the full year guidance reduction, I think it's all related to that, right?