The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: John Phillips Little Johnston - Capital One Securities, Inc., Research Division - Analyst
: Just a few quick follow-ups for Jeff on the Utica. First, on the 55% oil cut, what sort of API are we talking about on that crew? Or is it
more of a quasi-condensate type of mix there?
Question: John Phillips Little Johnston - Capital One Securities, Inc., Research Division - Analyst
: Okay. Sounds good. And then the wells so far are pretty much all been up along the eastern edge of the acreage. And I'm pretty sure
you guys have previously cited the black oil window. It's sort of in the exploratory phase still. But how does the geology change as
you go West? And when would you expect to test other parts of your acreage?
Question: Charles Arthur Meade - Johnson Rice & Company, L.L.C., Research Division - Analyst
: Billy, I'm going to make one more run at the '24 outlook. I think you've laid out that the activity levels are going to be pretty similar
to '23. If I look at the -- or if I try to think about the big moving pieces, you're going to have some efficiency gains -- some capital
efficiency gains, especially as some costs come down.
On the other side, you have a slightly higher base production. So is it a reasonable stake in the ground to think that you guys can
have similar results of '23 in the sense of low single-digit oil growth in kind of low-teens NGL and natural gas growth?
Question: Charles Arthur Meade - Johnson Rice & Company, L.L.C., Research Division - Analyst
: Got it. And then I'm not sure who this would be best for, but I'm curious about your 3-mile laterals in the Utica. It seems to me like
you're pleased with the results because you mentioned that you're even considering longer laterals in the Utica.
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NOVEMBER 03, 2023 / 2:00PM, EOG.N - Q3 2023 EOG Resources Inc Earnings Call
But curious if you could address that point? And then also whether we can expect to see 3-mile laterals in other key plays for you
guys? And if yes, where? Or if no, what's special about the Utica that it works there and not in other places?
Question: Joshua Ian Silverstein - UBS Investment Bank, Research Division - Analyst
: Just on the updated 70% shareholder return level. How are you thinking about excess free cash flow beyond this? Will you look to
increase the exploration budget? Or could you, in theory, increase the shareholder returns to 90%? Any thoughts would be helpful
here just to get the cash balance can keep growing substantially next year and there's no maturity until 2025.
Question: Joshua Ian Silverstein - UBS Investment Bank, Research Division - Analyst
: Got it. And last for me. As you guys are thinking about the portfolio, how are you thinking about any kind of long cycle or conventional
opportunities like Trinidad to kind of add in relative to bringing on some additional unconventional growth opportunities?
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