EOG Resources Inc (EOG) 2024 Q4 法說會逐字稿

Good day, everyone, and welcome to EOG Resources fourth quarter and full-year 2024 earnings results conference call. As a reminder, this call is being recorded.

大家好，歡迎參加 EOG Resources 2024 年第四季和全年收益業績電話會議。提醒一下，本次通話正在錄音。

At this time, for opening remarks and introductions, I would like to turn the call over to the Investor Relations Vice President of EOG Resources, Mr. Pearce Hammond. Please go ahead, sir.

現在，為了致開幕詞和介紹，我想將電話轉給 EOG Resources 投資者關係副總裁 Pearce Hammond 先生。先生，請繼續。

Yeah. Good morning, and thank you for joining us for the EOG Resources fourth-quarter 2024 earnings conference call. An updated investor presentation has been posted to the Investor Relations section of our website, and we will reference certain slides during today’s discussion. A replay of this call will be available on our website beginning later today.

是的。早安，感謝您參加 EOG Resources 2024 年第四季財報電話會議。更新後的投資者簡報已發佈至我們網站的投資者關係部分，我們將在今天的討論中參考某些幻燈片。今天稍後我們將在我們的網站上提供本次通話的重播。

As a reminder, this conference call includes forward-looking statements. Factors that could cause our actual results to differ materially from those in our forward-looking statements have been outlined in the earnings release and EOG's SEC filings. This conference call may also contain certain historical and forward-looking non-GAAP financial measures. Definitions and reconciliation schedules for these non-GAAP measures and related discussion can be found on the Investor Relations section of EOG’s website.

提醒一下，本次電話會議包含前瞻性陳述。可能導致我們的實際結果與前瞻性聲明中的結果有重大差異的因素已在收益報告和 EOG 的 SEC 文件中列出。本次電話會議也可能包含某些歷史和前瞻性的非公認會計準則財務指標。這些非公認會計準則指標的定義和對錶以及相關討論可在 EOG 網站的投資者關係部分找到。

In addition, some of the reserve estimates on this conference call may include estimated potential reserves as well as estimated resource potential not necessarily calculated in accordance with the SEC’s reserve reporting guidelines.

此外，本次電話會議上的一些儲量估計可能包括估計潛在儲量以及估計資源潛力，不一定是按照美國證券交易委員會的儲量報告指南進行計算。

Participating on the call this morning are Ezra Yacob, Chairman and CEO; Jeff Leitzell, Chief Operating Officer; Ann Janssen, Chief Financial Officer; Keith Trasko, Senior Vice President, Exploration and Production; and Lance Treveen, Senior Vice President, Marketing and Midstream.

參加今天早上電話會議的有董事長兼執行長 Ezra Yacob； Jeff Leitzell，營運長； Ann Janssen，財務長；勘探與生產資深副總裁 Keith Trasko；以及行銷和中游高級副總裁 Lance Treveen。

Here’s Ezra.

這是埃茲拉。

Thanks, Pearce. Good morning, everyone, and thank you for joining us. EOG’s consistent execution of our value proposition delivered another year of outstanding performance. Oil and total company production exceeded our original 2024 forecast, while capital expenditures were on target. We also reduced cash operating costs year over year and increased our regular dividend 7%.

謝謝，皮爾斯。大家早安，感謝大家的收看。EOG 始終如一地執行我們的價值主張，又取得了一年的優異成績。石油和公司總產量超過了我們最初對 2024 年的預測，而資本支出也達到了目標。我們也逐年減少現金營運成本，並將定期股利提高 7%。

We earned $6.6 billion of adjusted net income for a 25% return on capital employed. And in the four years since COVID, we have earned an average 28% return on capital employed and are outpacing the average of our peers. And finally, we returned 98% of free cash flow through a combination of our regular dividend and share repurchases. Looking forward to 2025, EOG has never been better positioned to deliver long-term shareholder value. Jeff will review our 2025 capital plan in more detail in a moment.

我們的調整後淨收入為 66 億美元，資本使用報酬率為 25%。自新冠疫情爆發以來的四年裡，我們平均獲得了 28% 的資本使用回報率，超過了同行的平均水平。最後，我們透過定期股利和股票回購相結合的方式返還了 98% 的自由現金流。展望2025年，EOG 將以前所未有的優勢為股東創造長期價值。傑夫稍後將更詳細地回顧我們的 2025 年資本計畫。

However, at a high level, our plan builds on last year's success and is grounded in our commitment to, first, capital discipline, returns-focused investments at a pace that supports continuous improvement across each of our assets. Second, operational excellence, integrating organic exploration with best-in-class operational expertise, proprietary information technology, and self-sourced materials and marketing agreements to expand margins. Third, sustainability, a commitment to safe operations and leading environmental performance. And fourth, our culture, fostering a decentralized organization and recognizing that value is created in the field at the asset level by collaborative, multidisciplinary teams utilizing technology to drive real time decisions and innovation.

然而，從總體上看，我們的計劃建立在去年成功的基礎上，並以我們的承諾為基礎，首先是資本紀律，以回報為重點的投資速度支持我們每項資產的持續改進。第二，卓越運營，將有機探索與一流的營運專業知識、專有資訊技術、自有材料和行銷協議相結合，以擴大利潤率。第三，永續性，致力於安全營運和領先的環境績效。第四，我們的文化，培育一個分散的組織，並認識到價值是在資產層面由協作、多學科團隊利用技術推動即時決策和創新而創造的。

The depth and quality of EOG's diverse portfolio of unconventional resources is unmatched. EOG holds more than 10 billion barrels of oil equivalent in resource potential that earns among the highest returns in our industry, averaging more than a 55% average direct after tax rate of return using our updated view on the bottom cycle pricing of $45 oil and $2.50 natural gas. We continue to evaluate returns, margins, and payback period under several price scenarios, remaining focused on optimizing half and full cycle returns with net present value to create shareholder value. The result of this comprehensive evaluation of investment across our portfolio is realized in the strong free cash flow generation and return on capital employed that we have delivered over the past few years and that we are positioned to deliver through the cycle.

EOG 多樣化非常規資源組合的深度和品質是無與倫比的。EOG 擁有超過 100 億桶油當量的資源潛力，其回報率在我們行業中名列前茅，根據我們對 45 美元石油和 2.50 美元天然氣底部週期價格的最新看法，平均直接稅後回報率超過 55%。我們繼續評估幾種價格情境下的回報、利潤率和回收期，繼續專注於透過淨現值優化半週期和全週期回報，以創造股東價值。對我們整個投資組合進行全面評估的結果體現在，我們在過去幾年中實現了強勁的自由現金流和資本使用回報率，並且我們有能力在整個週期內實現這一目標。

Our portfolio includes our core assets in the Delaware Basin and Eagle Ford, which remain the largest areas of activity in the company. After more than a decade of high-return drilling, both assets deliver exceptional returns and top-tier results, while operating at a steady pace. Our emerging South Texas Dorado dry natural gas play and the Powder River Basin in Utica combo plays are not only contributing to EOG's success today, but laying the groundwork for years of future free cash flow generation and high returns.

我們的投資組合包括位於特拉華盆地和鷹福特的核心資產，這兩個地區仍然是該公司最大的活動區域。經過十多年的高回報鑽探，這兩項資產均在穩定的營運下獲得了卓越的回報和一流的表現。我們新興的南德克薩斯州多拉多乾天然氣田和尤蒂卡粉河流域組合田不僅為 EOG 今天的成功做出了貢獻，而且為未來多年的自由現金流產生和高回報奠定了基礎。

Another area contributing to the foundation for future high-return investment is on the international front. In Trinidad, where we’ve been operating for over 30 years, we continue to identify high-return projects due to our extensive knowledge of the regional subsurface, while also applying our cost-conscious culture to remain capitally disciplined and deliver projects that compete with our domestic portfolio.

為未來高回報投資奠定基礎的另一個領域是國際領域。我們在特立尼達島已運營了 30 多年，憑藉對當地地下資源的廣泛了解，我們不斷尋找高回報項目，同時運用我們注重成本的文化，保持資本紀律，提供可與我們國內投資組合相競爭的項目。

In 2024, we successfully constructed and set one new offshore platform, sanctioned a new platform to be constructed, and were awarded two new offshore blocks in the shallow water bid round hosted by the Trinidad and Tobago Ministry Of Energy. Also on the international front, we are excited to begin working on a new joint venture in Bahrain. We expect this to be the beginning of a long-term partnership with Bapco Energies to explore and develop an onshore unconventional tight gas prospect in Bahrain. The formation has previously been tested using horizontal technology delivering positive results. We are optimistic that applying our expertise in horizontal drilling and completions technology will enhance results and drive economics competitive with our domestic portfolio.

2024年，在特立尼達和多巴哥能源部主辦的淺水區招標中，成功建造並設置了一個新的海上平台，批准建造一個新平台，並中標兩個新的海上區塊。在國際方面，我們很高興開始在巴林開展新的合資企業。我們預計這將是與 Bapco Energies 建立長期合作夥伴關係的開始，以勘探和開發巴林陸上非常規緻密氣田。該地層先前已使用水平技術進行測試，並取得了積極成果。我們樂觀地認為，應用我們在水平鑽井和完井技術方面的專業知識將提高業績，並推動我們的經濟與國內投資組合的競爭力。

Our partnership with Bapco Energy is a great example of stakeholder alignment and what we look for in international opportunities.

我們與 Bapco Energy 的合作是利益相關者協調以及我們在國際機會中尋求的一個很好的例子。

exceptional partners, geopolitical stability, scale and economics to compete with our domestic portfolio, areas with existing oil field services and ultimately, reservoirs that can realize significant uplift through the application of horizontal drilling and completions.

卓越的合作夥伴、地緣政治穩定性、規模和經濟性，以與我們的國內投資組合、現有油田服務的地區以及最終可以透過應用水平鑽井和完井實現顯著提升的油藏進行競爭。

Shifting to our outlook on the macro. Shifting to our outlook on the macro for more than tiers, oil prices have been remarkably range bound at a fairly robust $65 to $85 per barrel WTI. Looking forward, we expect increased demand and low global inventories to offset the pending return of global spare capacity. Barring unexpected demand shocks, we expect oil prices to continue to be similarly range-bound this year. And on the natural gas side, incremental reductions to gas inventories throughout the year were exacerbated this January when cold weather dramatically reduced inventories by approximately 1 Tcf and and drove inventories below the five-year average for the first time in more than two years. Prices have strengthened accordingly despite the modest return of shut-in volumes.

轉向我們對宏觀的看法。從我們對多個層級的宏觀展望來看，油價一直在相當強勁的 65 美元至 85 美元/桶 WTI 區間波動。展望未來，我們預期需求增加和全球庫存較低將抵銷全球閒置產能即將回歸的影響。除非出現意外的需求衝擊，否則我們預計今年油價將持續在區間波動。天然氣方面，今年 1 月，寒冷天氣導致庫存大幅減少約 1 兆立方英尺，並導致庫存兩年多來首次低於五年平均水平，加劇了全年天然氣庫存的逐步減少。儘管停產產量略有回升，但價格仍相應走強。

For 2025, we expect additional support for prices from ongoing demand increases from natural gas power generation and the start-up of several LNG facilities. And the addition of our strategic marketing agreements over the past few years have positioned us to grow into these markets as they develop. Our cash flow priorities continue to focus on sustainable value creation. Disciplined capital investment and a pristine balance sheet support a growing regular dividend, countercyclic investments and additional cash returns all underpinned by a large resource base, providing long-term visibility for higher return and strong free cash flow generation through the cycle.

我們預計，到 2025 年，天然氣發電需求的持續成長以及多個液化天然氣設施的啟動將為價格提供額外支撐。過去幾年來，我們不斷增加的策略行銷協議使我們能夠在這些市場不斷發展的同時，順利地融入其中。我們的現金流重點繼續放在永續價值創造上。嚴謹的資本投資和完美的資產負債表支持不斷增長的定期股息、逆週期投資和額外的現金回報，所有這些都以龐大的資源基礎為基礎，為在整個週期內實現更高的回報和強勁的自由現金流提供長期可見性。

Now here's Ann with details on our financial performance.

現在，安將詳細介紹我們的財務業績。

Thanks, Ezra. 2024 was an outstanding year for EOG that highlights our continued financial strength and record shareholder returns. In 2024, we invested $6.2 billion in CapEx which drove annual production growth of 3% in oil and 8% in total company volume. In 2024 proved reserves increased by 6% to 4.7 billion barrels of oil equivalent which represents a 201% reserve replacement, excluding price revisions. We also lowered finding and development costs, excluding price revisions by 7% to $6.68 per BOE.

謝謝，以斯拉。 2024 年對 EOG 來說是輝煌的一年，凸顯了我們持續的財務實力和創紀錄的股東回報。2024 年，我們投資了 62 億美元的資本支出，推動石油年產量成長 3%，公司總產量增加 8%。2024 年，已探明儲量增加 6%，達到 47 億桶油當量，不包括價格修訂，儲量替代率為 201%。我們還降低了勘探和開發成本（不包括價格調整），降低了 7% 至每桶油當量 6.68 美元。

Outstanding financial performance allowed us to return a record $5.3 billion to shareholders. This represented 98% of 2024 free cash flow, well in excess of our commitment to return a minimum of 70% of annual free cash flow to shareholders. Last year's record cash return was underpinned by our growing sustainable regular dividend, which remains the foundation of our cash return commitment. This commitment to our shareholders is based on our ability to continue to lower our cost structure and sustainably expand future free cash flow generation. We believe the regular dividend is the best indicator of the company's confidence in its future performance, confidence we have consistently demonstrated through our history of dividend growth.

出色的財務表現使我們向股東回報了創紀錄的53億美元。這佔 2024 年自由現金流的 98%，遠遠超過我們向股東返還至少 70% 年度自由現金流的承諾。去年創紀錄的現金回報得益於我們不斷增長的可持續定期股息，這仍然是我們現金回報承諾的基礎。對股東的承諾是基於我們繼續降低成本結構和持續擴大未來自由現金流的能力。我們相信，定期股利是公司對未來業績信心的最佳指標，而我們在股利成長的歷史中也一貫地表現出這種信心。

We have never cut or suspended the dividend in our history. And in fact, we have grown our dividend rate twice as fast as our peers average since 2019. Last year, we increased our regular dividend 7% and to an indicated annual rate of $3.90 per share. This $2.2 billion annual cash return commitment currently represents nearly a 3% dividend yield.

我們歷史上從未削減或暫停派發股息。事實上，自 2019 年以來，我們的股息成長速度是同業平均值的兩倍。去年，我們將常規股息提高了 7%，達到每股 3.90 美元的年股息。這筆每年 22 億美元的現金回報承諾目前相當於近 3% 的股息殖利率。

In addition to our regular dividend, we repurchased a record $3.2 billion of shares in 2024 at an average price of $123 per share. Since we've already buying back shares in 2023, we have reduced our share count by 5%. Entering 2025, we have $5.8 billion remaining on our existing buyback authorization for opportunistic share repurchases. In 2025, we will continue to work towards our balance sheet optimization targets of $5 billion to $6 billion in cash and $5 billion to $6 billion in debt, which we outlined last quarter. At the end of 2024, we had $7.1 billion in cash on the balance sheet, which included approximately $700 million of estimated tax payments postponed to 2025 under IRS storm-related tax relief.

除了定期股息外，我們還在 2024 年以平均每股 123 美元的價格回購了創紀錄的 32 億美元股票。由於我們已經在 2023 年回購股票，因此我們將股票數量減少了 5%。進入 2025 年，我們現有的回購授權中還剩餘 58 億美元用於機會性股票回購。2025 年，我們將繼續努力實現我們上個季度提出的資產負債表優化目標，即現金 50 億至 60 億美元、債務 50 億至 60 億美元。截至 2024 年底，我們的資產負債表上有 71 億美元現金，其中包括根據美國國稅局風暴相關稅收減免推遲到 2025 年的約 7 億美元預估稅款。

We also have the flexibility to remain opportunistic on issuing additional debt and we'll continue to monitor interest rates in the broader financial market as we approach our next maturities in April of this year and in January of 2026.

我們還可以靈活地繼續抓住機會發行額外債務，隨著我們即將在今年 4 月和 2026 年 1 月到期的下一個債務，我們將繼續關注更廣泛的金融市場的利率。

EOG's balance sheet remains among the strongest in the sector and is a competitive advantage in a cyclical industry. It provides tremendous flexibility to support cash returns to shareholders as well as maintain our ability to invest in low-cost property bolt-ons and other countercyclical opportunities. For 2025, we have outlined a disciplined capital plan that keeps CapEx flat year-over-year at $6.2 billion. The cash flow breakeven price to fund our capital budget and the regular dividend is in the low 50s. At $70 oil and $4.25 natural gas we expect to earn a return on capital employed of 20% or greater.

EOG 的資產負債表仍然是業內最強勁的之一，並且在週期性行業中具有競爭優勢。它提供了極大的靈活性，以支持向股東提供現金回報，並維持我們投資低成本房地產附加項目和其他逆週期機會的能力。針對 2025 年，我們制定了嚴格的資本計劃，使資本支出與前一年持平，為 62 億美元。用於資助我們的資本預算和定期股息的現金流量損益平衡價格在 50% 以下。當油價為每桶70美元、天然氣價格為每桶4.25美元時，我們預期資本報酬率將達到20%或更高。

Now here's Jeff to review 2024 operating results and detail the 2025 plan.

現在，傑夫將回顧 2024 年的營運表現並詳細說明 2025 年的計畫。

Thanks, Ann. Consistent operational execution across our multi-basin portfolio during the fourth quarter capped off yet another outstanding year. Fourth quarter oil and gas production volumes beat targets as did cash operating costs and DD&A. I'd like to thank our employees for their safe and efficient operational execution, delivering not only a strong quarter but another year of exceptional performance.

謝謝，安。第四季度，我們多流域投資組合的持續營運執行為另一個出色的年份畫上了句號。第四季的石油和天然氣產量超出目標，現金營運成本和 DD&A 也超出目標。我要感謝我們的員工安全、高效的營運執行，不僅帶來了強勁的季度業績，而且又帶來了一年的卓越業績。

For the full year 2024, we improved safety, reducing our workforce total recordable incident rate by 10%. We delivered more oil and total production for lower cash operating costs than we initially forecasted, while capital spending remained right on target. We improved productivity and base production performance through innovations in completion design and artificial lift automation. We lowered average well cost by 6%, primarily through extended laterals in EOG's in-house drilling motor program. Our marketing team continues to deliver top tier price realizations, which has consistently outpaced our peers' performance, while also capturing two new natural gas agreements that expose us to premium pricing.

2024 年全年，我們提高了安全性，將員工總可記錄事故率降低了 10%。我們交付的石油和總產量比我們最初預測的要多，而現金營運成本卻更低，同時資本支出仍維持在目標水準。我們透過完井設計和人工舉升自動化的創新，提升了生產力和基礎生產性能。我們將平均井成本降低了 6%，主要是透過 EOG 內部鑽井馬達專案中的擴展水平段。我們的行銷團隊繼續提供頂級的價格實現，這一直超過我們的同行的表現，同時也獲得了兩項新的天然氣協議，使我們獲得溢價。

First, is our 364,000 MMBtu per day capacity on the [Williams Telit] project along the Transco pipeline. And second is our 180,000 MMBtu per day gas sales agreement with Vitol that link sales prices to either Brent or US Gulf Coast gas indices. We also progressed two strategic infrastructure projects last year, which we expect will continue to drive peer-leading realizations. The first is a 36-inch pipeline, which runs from our Dorado natural gas asset in Agua Dulce and provides access to Gulf Coast market centers.

首先，我們在 Transco 管線沿線的 [Williams Telit] 專案的日產能為 364,000 MMBtu。第二是我們與維多達成的每天180,000百萬英熱單位的天然氣銷售協議，該協議將銷售價格與布蘭特原油或美國墨西哥灣沿岸天然氣指數掛鉤。去年，我們還推進了兩個戰略基礎設施項目，我們預計這將繼續推動同業領先的實現。第一條是一條 36 英吋的管道，從我們位於阿瓜杜爾塞的 Dorado 天然氣資產延伸並通往墨西哥灣沿岸市場中心。

Verde came into service during the fourth quarter last year and provides capacities for 1 Bcf per day, expandable to 1.5 Bcf per day with booster compression.

Verde 於去年第四季投入使用，日產能為 10 億立方英尺，透過增壓器壓縮後可擴展至 15 億立方英尺/日。

The second project is our Janus natural gas processing plant in the Delaware Basin. The 300 million cubic feet per day facility will come into service in the first half of this year and connect to the Matterhorn pipeline giving us access to multiple premium Gulf Coast markets. These projects and agreements demonstrate the ongoing value of our marketing strategy, which is to maintain diverse and flexible takeaway while maintaining control and limiting the duration of our commitments. This ultimately allows us to manage our end markets in real time and maximize our netbacks through dynamic market conditions. And finally, we maintained our GHG and methane emission intensity below our 2025 targets.

第二個項目是我們位於特拉華盆地的Janus天然氣處理廠。該日產3億立方英尺的設施將於今年上半年投入使用，並與馬特洪峰管道相連，使我們能夠進入多個優質的墨西哥灣沿岸市場。這些項目和協議證明了我們行銷策略的持續價值，即保持多樣化和靈活的外賣，同時保持控制並限制我們承諾的期限。這最終使我們能夠即時管理我們的終端市場，並透過動態的市場條件來最大化我們的淨回報。最後，我們將溫室氣體和甲烷排放強度維持在2025年目標以下。

Building off the momentum from our 2024 performance, we are excited about our 2025 plan. We forecast a $6.2 billion capital program to deliver 3% oil volume growth and 6% total production growth. Our growth in 2025 is more heavily oil weighted due to the well mix in the Delaware Basin. Overall, the cadence of our capital spend will be slightly more than 50% in the first half of the year. Peaking in the second quarter and tapering out the year.

借助 2024 年業績的良好勢頭，我們對 2025 年計劃充滿期待。我們預計 62 億美元的資本計畫將實現 3% 的石油產量成長和 6% 的總產量成長。由於特拉華盆地的油井組合，我們在 2025 年的成長將更加依賴石油。整體而言，今年上半年我們的資本支出節奏將略高於50%。在第二季度達到頂峰，並在年內逐漸減少。

When looking at well costs in 2025, we expect oilfield service pricing to be relatively flat year-over-year. So cost reductions will come from continuing to advance the sustainable efficiency gains captured across our entire operations portfolio last year as illustrated on our slide 8 of our investor presentation.

從 2025 年油井成本來看，我們預期油田服務價格將較去年同期相對持平。因此，成本降低將來自於繼續提高我們去年整個營運組合中所獲得的可持續效率收益，正如我們投資者簡報的第 8 頁所示。

Two primary drivers, we expect to continue momentum with our longer laterals and our foundational plays and efficiency gains from consistent operations in our emerging plays. As a result, we are projecting a year-over-year percentage reduction in well cost in the low single digits. As always, EOG remains focused on progressing each one of our plays at the optimal pace to allow us to capture and implement valuable learnings while realizing continuous improvement.

有兩個主要驅動因素：我們預計，憑藉更長的水平井和基礎油藏以及新興油藏的持續營運帶來的效率提升，我們將繼續保持良好的發展勢頭。因此，我們預計油井成本年減幅度將達到個位數。像往常一樣，EOG 始終專注於以最佳速度推進我們的每一項工作，以便我們在實現持續改進的同時，掌握和運用寶貴的經驗教訓。

In the Delaware Basin, we are seeing improved year-over-year capital efficiency, the combination of longer laterals and our in-house drilling motor program helped increase drill feet per day by 10% and completed feet per day by 20% last year. Our 2025 -- plan includes another increase in average lateral length of at least 20%, which will support continued efficiencies.

在特拉華盆地，我們的資本效率逐年提高，較長的水平井和我們內部鑽井馬達專案的結合幫助去年每日鑽井英尺數增加了 10%，每日完成英尺數增加了 20%。我們的 2025 計劃包括將平均水平長度再增加至少 20%，這將支持持續的效率。

In our emerging plays, the Utica in Ohio and Dorado in South Texas, we are realizing excellent operational efficiency gains and are excited to increase activity levels by 20% across these plays. In the Utica last year, we increased our drilled feet per day by 50% and our completed lateral feet per day by 5. We anticipate efficiency gains in 2025 to be driven by higher activity levels and expect to average two full-time rigs in one full-time frac fleet in 2025. And in Dorado, we are also benefiting from efficiencies gained by maintaining a full rig program increasing both drilled feet per day and completed lateral feet per day by 15% each in 2024. We plan to maintain one full-time drilling rig in Dorado, allowing us to build on last year's momentum to grow this low-cost gas asset into the emerging North American demand markets.

在我們新興的油田，即俄亥俄州的尤蒂卡和南德克薩斯州的多拉多，我們實現了出色的營運效率提升，並很高興將這些油田的活動水平提高 20％。去年在尤蒂卡，我們每天的鑽孔量增加了 50%，每天完成的側向鑽孔增加了 5 英尺。我們預計，2025 年的效率提升將由更高的活動水準推動，並預計 2025 年一支全職壓裂船隊中平均有兩座全職鑽機。在多拉多，我們也受益於透過維持完整的鑽機計畫而獲得的效率，到 2024 年，每日鑽井英尺數和每日完成的水平英尺數將分別增加 15%。我們計劃在多拉多保留一台全職鑽井平台，讓我們藉助去年的勢頭，將這項低成本天然氣資產拓展到新興的北美需求市場。

This year, we will continue supplying the Texas Gulf Coast LNG market through our gas sales agreements with Cheniere. We have realized significant uplift in our natural gas revenues in the first five years of our agreement and are excited Cheniere has progressed to their Corpus Christi Stage 3 project. Our forward guidance now reflects our Henry Hub-linked 300,000 MMBtu per day sales agreement tied to the completion of the project's Train 1, which we expect to start up in 2025.

今年，我們將繼續透過與切尼爾能源公司達成的天然氣銷售協議，向德州墨西哥灣沿岸液化天然氣市場供應天然氣。在協議生效後的前五年，我們的天然氣收入顯著提升，我們也很高興切尼爾能源公司已經推進到科珀斯克里斯蒂第三階段項目。我們目前的前瞻性指引反映了與亨利港相關的 300,000 MMBtu/天的銷售協議，該協議與該項目的 Train 1 的完成相關，我們預計該項目將於 2025 年啟動。

Furthermore, our strategic partnerships and pricing diversification continues to minimize our exposure to Waha, which is we expect to be limited to 5% to 7% of our total natural gas sales this year. On the international front, our 2025 plan includes a modest increase in capital expenditures to advance several discoveries in Trinidad and support our new partnership in Bahrain. In Trinidad, we are planning four net wells from our newly constructed Mento platform, and we will commence construction on the coconut platform to support the JV and farm-out agreement for the coconut field signed last year. We are excited about executing our 2025 plan. EOG remains focused on running the business for the long term, generating high returns through disciplined growth, operational execution and investing in projects that lay the foundation for future returns and lowering the future cost base of the company.

此外，我們的策略合作夥伴關係和價格多樣化繼續將我們對 Waha 的風險敞口降至最低，我們預計今年 Waha 的份額將限制在我們天然氣總銷售額的 5% 至 7%。在國際方面，我們的 2025 年計劃包括適度增加資本支出，以推進特立尼達的幾項發現並支持我們在巴林的新合作夥伴關係。在特立尼達，我們計劃在新建的 Mento 平台上鑽探四口淨井，並將開始椰子平台的建設，以支持去年簽署的椰子油田合資和農場轉讓協議。我們對執行2025計劃感到非常興奮。EOG 仍然專注於長期經營業務，透過有紀律的成長、營運執行和投資為未來回報奠定基礎的項目來創造高回報並降低公司未來的成本基礎。

Now here's Ezra to wrap up.

現在以斯拉要結束演講了。

Thanks, Jeff. 2024 yielded outstanding results. We continue to generate significant free cash flow and deliver hirings on and of capital to shareholders. Capital discipline, operational excellence, commitment to sustainability and ultimately, our culture are at the core of our success as a company. You see the result in our consistent performance year after year and EOG is continuing to deliver in 2025.

謝謝，傑夫。 2024年取得了優異的成績。我們繼續產生大量自由現金流並向股東提供資本。資本紀律、卓越營運、對永續發展的承諾以及最終我們的文化是我們公司成功的核心。您可以看到我們年復一年的穩定表現，EOG 將在 2025 年繼續交出滿意的成績單。

Our disciplined approach to investment across our foundational and emerging portfolio of assets, international expansion, strategic infrastructure and unique marketing agreements to continue to grow the free cash flow potential of the company both in the short and long term. Supported by a pristine balance sheet and a deep inventory of high-return projects, EOG continues to create shareholder value by focusing on being a high-return, low-cost producer committed to strong environmental performance and playing a significant role in the long-term future of energy.

我們對基礎和新興資產組合、國際擴張、戰略基礎設施和獨特行銷協議的投資採取嚴謹的方法，以在短期和長期內繼續增加公司的自由現金流潛力。在完美的資產負債表和大量高回報項目的支持下，EOG 繼續致力於成為一家高回報、低成本的生產商，致力於實現強勁的環境績效並在能源的長期未來中發揮重要作用，從而創造股東價值。

Thanks for listening. Now we will go to Q&A.

感謝您的聆聽。現在我們進入問答環節。

(Operator Instructions) Neil Mehta, Goldman Sachs.

（操作員指示）高盛的 Neil Mehta。

Thanks for the rundown here. Two questions. The first was just the free cash flow guide the $4.7 billion at WTI and 425 Henry Hub was a little softer than I think where we and some consensus had. And I think some of that just might be timing because there's some pretty productive capital in the plan, but maybe you could talk about that some of the investments that you're making in the emerging plays and infrastructure might show up a little bit more in the '26 free cash flow versus '25 as that's been a focus of conversations this morning.

感謝您提供的概要。兩個問題。第一個只是自由現金流指南，WTI 和 425 Henry Hub 的自由現金流為 47 億美元，比我們和一些共識認為的要低。我認為其中一些可能只是時機問題，因為計劃中有一些非常有效的資本，但也許您可以談談您在新興市場和基礎設施方面進行的一些投資可能會在 26 年的自由現金流中比 25 年更多地體現出來，因為這是今天上午談話的重點。

Yes, Neil, this is Ezra. We kind of start with that '25 plan. It starts with capital discipline for us. As I said in the opening remarks, that's a core pillar of the value proposition that we have, and it's a key consideration establishing the plan for each year. So as you talked about a kind of portfolio specific with some of the moving parts here, the plan in general is pretty consistent with the commentary we provided last quarter.

是的，尼爾，這是埃茲拉。我們是從『25計劃』開始的。對我們來說，這首先要從資本紀律開始。正如我在開場白中所說，這是我們價值主張的核心支柱，也是製定每年計畫的關鍵考量。因此，當您談到這裡的一些活動部分的特定投資組合時，整體計劃與我們上個季度提供的評論非常一致。

We're operating at an optimal level in both our foundational plays, and we've got opportunities to improve our emerging plays with higher activity.

我們在基礎劇目的運營中都處於最佳水平，並且我們有機會透過更高的活動來改善我們的新興劇目。

So when we look at the Delaware Basin, we've got flat activity there. We're delivering a more capitally efficient program this year. In the Eagle Ford, we've got just a little bit of moderation in activity coupled with a little bit longer laterals. In the Eagle Ford, we're seeing I'd say strong and consistent capital efficiency year-over-year.

因此，當我們觀察特拉華盆地時，我們發現那裡的活動比較平穩。我們今年將實施一項資本效率更高的計畫。在鷹福特 (Eagle Ford)，我們的活動稍微節制了一些，同時橫向延伸也稍微長了一些。在鷹福特，我們看到資本效率逐年強勁且持續。

As Jeff mentioned, there is more capital being allocated to our emerging assets. So 20% more completions in the Utica, 20% more completions in Dorado. In the Utica, we look to end the year with two rigs and one full-time frac fleet. And as we've talked about in those emerging plays, that's kind of the activity level we try to get each of our assets to so we can really start to capitalize on the economies of scale.

正如傑夫所提到的，我們向新興資產分配了更多資本。因此尤蒂卡的完工量增加了 20%，多拉多的完工量增加了 20%。在尤蒂卡，我們希望在今年年底擁有兩座鑽井平台和一支全職壓裂船隊。正如我們在這些新興業務中所討論的那樣，這就是我們試圖讓每項資產達到的活動水平，以便我們能夠真正開始利用規模經濟。

And then the last moving part there, of course, is the -- we've got a little more remaining investment in the strategic infrastructure, as you mentioned, and then some additional investment in both Trinidad and Bahrain, as we talked about on the opening remarks there. And so a bit of a step up in international spend. When all that kind of adds in essentially our capital and volume growth is similar to '24 and as you pointed out, the free cash flow is a little bit less. And the two drivers there really is increased cash taxes due to some expiring AMTs that we had in 2024 that we won't have in 2025, that's the biggest piece of it. And then we also have a little bit of an increase in operating expense that we're forecasting.

當然，最後一個進展部分是——正如您所提到的，我們在戰略基礎設施方面還有剩餘的投資，而且我們在特立尼達和巴林也有一些額外的投資，就像我們在開幕詞中談到的那樣。因此國際支出增加。當所有這些都增加時，我們的資本和銷售成長基本上與 24 年相似，正如你所指出的，自由現金流稍微少了一點。其中兩個驅動因素確實是現金稅增加，因為 2024 年的一些 AMT 即將到期，而 2025 年則不會再有，這是其中最大的原因。我們預計營運費用也會略有增加。

Some of that's due to higher fuel and power in the field, affecting LOE. And then we also have some initial transportation contracts that are increasing DPT a little bit this year when you step into new transportation contracts, you usually have higher cost upfront and then those kind of come down over time as you deliver the volumes.

部分原因是現場燃料和電力較高，影響了 LOE。然後，我們還有一些初始運輸合同，當您簽訂新的運輸合約時，今年的 DPT 會略有增加，通常前期成本較高，然後隨著運輸量的增加，這些成本會逐漸下降。

Essentially, stepping back as we think about the '25 plan, we're extremely excited about the year ahead. From an operating perspective, we're continuing to drive strong results in those foundational plays and making the right investments to continue to improve the business going forward, supporting short and long-term free cash flow potential.

本質上，當我們回顧 25 年計劃時，我們對未來的一年感到非常興奮。從營運角度來看，我們將繼續在這些基礎業務中取得強勁業績，並進行正確的投資以繼續改善未來業務，以支持短期和長期自由現金流潛力。

Yes. That's really helpful as some of those items that could have driven the -- the follow-up is just on international. It sounds like there's a little bit more international spend in the portfolio, the capital program this year. So can you unpack that a little bit, Trinidad, Bahrain, in particular, and what's got you excited?

是的。這真的很有幫助，因為其中一些項目可能會推動——後續行動僅在國際上。聽起來今年的投資組合和資本計畫中的國際支出會稍微多一點。那麼，您能否稍微解釋一下，特別是特立尼達和巴林，是什麼讓您興奮的呢？

Hi, Neil. This is Jeff. Yes, I'll just quickly touch on it and hand it over to Keith for a little bit of details. But Yes, you're exactly right. We've got about $100 million in their increase in the international capital that really just reflects our continued investment, as you talked about in both Trinidad, which we've got to our Mento program that's going to be performed this year and also we're going to be constructing our coconut platform there.

你好，尼爾。這是傑夫。是的，我會快速地談一下，然後交給 Keith 講解一些細節。但是是的，你完全正確。我們在國際資本方面增加了約 1 億美元，這實際上反映了我們持續的投資，正如您在特立尼達和多巴哥談到的那樣，我們在今年將實施 Mento 計劃，而且我們還將在那裡建造椰子平台。

And then also the new entry in Bahrain, which what I'll say is, the goal is to start drilling on that sometime in the second half of the year. The one note on both of these, though, is both programs, we won't really see any volumes necessarily come online this year. They'll be probably more into 2026. So I'll hand it over to Keith for a little more detail.

然後還有巴林的新入口，我想說的是，目標是在今年下半年的某個時候開始在那裡鑽探。不過，關於這兩個項目，有一點要注意，那就是今年我們其實不會看到任何項目上線。他們可能更希望看到 2026 年。因此我將把它交給 Keith 來提供更多細節。

Yes. This is Keith. Yes, in Trinidad, we are really excited about the program there this year. As we mentioned, we had just the Mento platform. So we're looking at four net wells in 2025.

是的。這是基斯。是的，在特立尼達，我們對今年那裡的計畫感到非常興奮。正如我們所提到的，我們只有 Mento 平台。因此，我們預計 2025 年將有 4 口淨井。

This is a discovery that was made a few years ago, where we are the operating partner with BP, and this is the development phase of that. The wells come on later in the year in 2025. So that's why you're not seeing a volume impact on the roll-up. Also have our coconut project that we're really excited about. We've had a consistent exploration effort in Trinidad since our entry into the country and coconut is the newest prospect that long and successful history.

這是幾年前的發現，當時我們是 BP 的營運合作夥伴，而現在正處於開發階段。這些油井將於 2025 年稍後投產。這就是為什麼你沒有看到成交量對總結產生影響的原因。我們還有非常令我們興奮的椰子項目。自從我們進入特立尼達島以來，我們一直在那裡進行持續的勘探工作，而椰子是我們最新的勘探目標，有著悠久而成功的歷史。

So that was also an exploration well drilled a few years back, and we are commissioning the platform to access an estimated 500-plus Bcf of resource potential associated with that. That is also a joint venture project with BP. So we really value our ongoing relationship with them. We're also value being a preferred partner in the shallow water in Trinidad due to our low-cost structure. So we're looking forward to the drilling program that will follow the successful setting of that platform.

這也是幾年前鑽的一個勘探井，我們正在調試該平台，以獲取與之相關的估計超過 5000 億立方英尺的資源潛力。這也是與BP的合資項目。因此，我們非常重視與他們的持續關係。由於我們的低成本結構，我們也值得成為特立尼達淺水區的首選合作夥伴。因此，我們期待該平台成功設定後進行的鑽探計劃。

We also, this year, awarded two new blocks in Trinidad. So I'm really proud of the team how they continue to unlock new opportunities. We've been in Trinidad at for 30 years, and we have a really well future there.

今年，我們也在特立尼達授予了兩個新區塊。所以我為這個團隊不斷開拓新機會感到非常自豪。我們已經在特立尼達生活了 30 年，我們在那裡有著美好的未來。

Arun Jayaram, JPMorgan Securities.

摩根大通證券的阿倫‧賈亞拉姆 (Arun Jayaram)。

Just maybe as a follow-up to the updated free cash flow outlook I wondered if you could spend a little bit of time talking about your natural gas differential guidance, which is a bit wider than we expected and also wider on a year-over-year basis. We thought that may narrow just given the higher amount of coverage you have at Henry Hub as well as the startup of Corpus Christi. So I was wondering if you could help us unpack that.

也許作為對更新後的自由現金流展望的後續關注，我想知道您是否可以花一點時間談談您的天然氣差異指導，該指導比我們預期的要寬一些，並且與去年同期相比也要寬一些。我們認為，考慮到亨利中心的覆蓋範圍較廣以及科珀斯克里斯蒂的初創，這個範圍可能會縮小。所以我想知道您是否能幫助我們解決這個問題。

It's Lance. Yes. Let me unpack that for you. When you think about our guidance there and really when you look back on '24, I mean, you can see the peer-leading realizations and we really expect that to kind of carry forward, move into '25. And so unpacking a little bit of the guidance, let's talk about that.

是蘭斯。是的。讓我來為你解答。當您思考我們的指導並回顧 24 年時，我的意思是，您可以看到同行領先的實現，我們真的希望這種實現能夠延續到 25 年。因此，我們來解讀一下指導意見，然後再討論一下。

So as you think around like the basis along the Gulf Coast and kind of like depending when you're looking at those estimates. But primarily when you look at Houston Ship Channel along the Gulf Coast, we've really seen that weaken are getting into the first quarter, like we've seen that be about $0.30 back, and that's kind of moved to about $0.55 back. And then meanwhile, you've seen NYMEX obviously, it's moved up where from the fourth quarter of '24 into the first quarter of '25, I mean we've seen that move up almost $1, right, almost like $0.86.

因此，當您考慮墨西哥灣沿岸的基礎時，這有點取決於您何時查看這些估計值。但主要是當您觀察墨西哥灣沿岸的休士頓航道時，我們確實看到，第一季的油價正在走弱，就像我們看到的回落了約 0.30 美元，然後又回落至約 0.55 美元。與此同時，您顯然已經看到 NYMEX 從 24 年第四季到 25 年第一季已經上漲，我的意思是我們看到它上漲了近 1 美元，對吧，幾乎是 0.86 美元。

So as you look at that and then think about you're right, we have these new strategic agreements that are going to be starting up this year, but that kind of has to feather in, right? It's going to ramp up kind of as that comes into the year. So it really is, we will see an inflection point this year. We really feel with our realizations, but you just kind of have to take that into consideration with the start-up of those agreements as well. So I think if you look at the supplemental slide 8, Arun, I think that really does a very nice job of illustrating especially when you look from '24 to '25, I mean, really how we're directing more of our molecules, right, away from where there's the basis deducts and getting to places like that's more linkage to Henry Hub and also into the Southeast markets.

所以當你看到這一點然後思考你是對的時，我們有這些新的戰略協議將在今年開始實施，但這必須順利完成，對嗎？隨著今年的到來，這個數字將會逐漸上升。所以事實上，我們今年將看到一個轉折點。我們確實感受到了這一點，但在啟動這些協議時也必須考慮到這一點。因此，我認為，如果你看一下補充幻燈片 8，阿倫，我認為它確實很好地說明了特別是當你從 24 年到 25 年看時，我的意思是，我們實際上是如何引導更多的分子遠離基礎扣除的地方，而到​​達與亨利中心和東南市場有更多聯繫的地方。

That's helpful, Lance. Maybe my follow-up is just on Bahrain. It sounds like there has been some well control there. Could you talk about what type of capital project like this could look like and just maybe the time line to cash flows if things kind of play out based on your expectations?

這很有幫助，蘭斯。也許我的後續行動只是關於巴林。聽起來好像那裡已經有一些井控了。您能否談談此類資本項目可能會是什麼樣子，以及如果事情按照您的預期發展，現金流的時間表可能會是什麼樣子？

Yes. Arun, this is Ezra. Right off the bat, it's probably a little bit early to start talking about cash flows and things like that. We haven't disclosed the capital for our program this year. While we're very excited about the JV partnership with Bapco Energies, at this point, we've entered into a participation agreement.

是的。阿倫，這是以斯拉。一開始，談論現金流和類似的事情可能還為時過早。我們還沒有透露今年該項目的資金狀況。雖然我們對與 Bapco Energies 的合資夥伴關係感到非常興奮，但目前我們已經簽訂了參與協議。

We are awaiting a couple of additional government approvals. We do have some capital in the plan that includes some activity this year. In the partnership, what I can say is EOG is the operator. We're evaluating a tight gas sand, gas exploration prospect. The agreement doesn't anticipate selling the production into the local market there, which is great.

我們正在等待一些額外的政府批准。我們的計劃中確實有一些資本，其中包括今年的一些活動。在合作中，我可以說EOG是營運商。我們正在評估緻密砂岩氣和天然氣的勘探前景。該協議並不打算將產品銷往當地市場，這很好。

In this area, the formation has been tested. It's seen positive production results already with horizontal development. And as you guys know, this is brain is not a significantly large island or anything. And so we do have existing infrastructure and midstream in the area, which would allow us to -- if successful and competitive with our portfolio would allow us to go to sales relatively quickly. We're optimistic really that applying our expertise in horizontal drilling and completion technologies should enhance the returns and the results and drive economics to be competitive with the domestic portfolio.

在此區域，地層已經經過測試。透過橫向發展已經看到了正面的生產成果。正如你們所知，大腦並不是一個很大的島嶼或任何東西。因此，我們確實在該地區擁有現有的基礎設施和中游，這將使我們能夠 - 如果我們的成功和具有競爭力的投資組合能夠讓我們相對快速地進行銷售。我們非常樂觀地認為，應用我們在水平鑽井和完井技術方面的專業知識應該會提高回報和業績，並推動經濟與國內投資組合保持競爭力。

Josh Silverstein, UBS.

瑞銀的喬希·西爾弗斯坦（Josh Silverstein）。

So you ended 2024 with $7 billion in cash following the 4Q debt offering. It sounds like you have the $700 million tax payment for this year, but how should we think about the pace of buybacks given you talked about one to stay at a cash balance of $6 billion or less?

因此，在第四季度發行債券後，您在 2024 年底擁有 70 億美元現金。聽起來你今年已經支付了 7 億美元的稅款，但考慮到你剛才談到要將現金餘額保持在 60 億美元或以下，我們應該如何考慮回購的速度？

Thank you. This is Ann, Josh. We have been committed to making our capital structure more is we outlined last year, what we wanted our debt and cash levels to be. So basically, we want to stay at less than 1 times total debt-to-EBITDA target on WTI. So if we take that metric, that would set our debt at approximately $5 billion to $6 billion.

謝謝。這是安妮，喬希。我們一直致力於使我們的資本結構更加符合我們去年概述的我們希望的債務和現金水平。所以基本上，我們希望將 WTI 的總債務與 EBITDA 比率目標保持在 1 倍以下。因此，如果我們採用該指標，我們的債務將達到約 50 億至 60 億美元。

We followed through on our commitment on last year by starting by adding that $1 billion, new issue in second November 2024. And we're going to work towards that $5 billion to $6 billion debt level, and we have some flexibility on timing that as we move forward over the next 12 to 18 months.

我們履行了去年的承諾，並於 2024 年 11 月 2 日開始增發 10 億美元新債券。我們將努力實現 50 億至 60 億美元的債務水平，並且在未來 12 至 18 個月內，我們在時間安排上有一定的靈活性。

Regarding our cash level, we still believe the appropriate level of cash for our business $5 billion to $6 billion that level for the last couple of years and (inaudible) business (inaudible) 2025 and look at our free cash flow return. Part of that, of course, is our share repurchase -- we're going to target at 70% (inaudible) However, the level of cash return...

關於我們的現金水平，我們仍然認為，對我們業務來說，適當的現金水平是 50 億到 60 億美元，這是過去幾年和（聽不清）業務（聽不清楚）2025 年的水平，看看我們的自由現金流回報。當然，其中一部分是我們的股票回購——我們的目標是 70%（聽不清楚）但是，現金回報水準...

Yes. Sorry, we couldn't hear you that well.

是的。抱歉，我們聽不清楚。

Okay. Do you want me to start over? Just to walk you through.

好的。你想讓我重新開始嗎？只是為了帶你了解一下。

That's great. Yes, sorry.

那太棒了。是的，抱歉。

Yes. Sorry about that. My apologies. On the debt side, when we're looking at the debt side, if you recall back at the end of 2024, we outlined our capital plans, our capital structure for 20 going forward and what are committed that we want to make our capital structure more efficient. As we outlined last quarter, we are focused on achieving a debt level of less than 1 times total debt-to-EBITDA at $45 WTI.

是的。很抱歉。我很抱歉。在債務方面，當我們審視債務方面時，如果您回想一下 2024 年底，我們概述了我們的資本計劃、未來 20 年的資本結構以及我們希望使我們的資本結構更有效率的承諾。正如我們上個季度所概述的那樣，我們致力於在 WTI 價格為 45 美元時實現債務水平低於總債務與 EBITDA 比 1 倍的目標。

And if you look at that metric, that would be approximately $5 billion to $6 billion. We followed through on that commitment back in November by raising $1 billion in 30-year paper at a 5.65% rate. And we're going to continue to work towards that $5 billion to $6 billion debt level and we have flexibility on the timing of when we achieve that amount. And we'll do it over the course of the next 12 to 18 months.

如果你看一下這個指標，那將大約是 50 億到 60 億美元。我們在 11 月履行了這項承諾，以 5.65% 的利率發行了 10 億美元的 30 年期債券。我們將繼續努力實現 50 億至 60 億美元的債務水平，並且我們可以靈活地安排實現該金額的時間。我們將在未來 12 到 18 個月內完成這一目標。

I mean if you look at our cash level, we believe the appropriate level of cash continues to be on that $5 billion to $6 billion, and we have run at that level for the last couple of years. And we think that's the right level to run our business, backstop our regular dividend as well as supporting additional cash return and countercyclical investments. You're correct that $7 billion at year-end included that $700 million that we paid out in February of 2025 and so if you turn to the pace of our buybacks, it's really about our commitment to return free cash flow to shareholders. We're staying at that target of a minimum 70%. We have the potential to and are well positioned to return more, a higher percentage of free cash flow back to the shareholders in 2025 and going forward.

我的意思是，如果你看看我們的現金水平，我們認為適當的現金水平仍然是 50 億到 60 億美元，而且過去幾年我們一直保持在這個水平。我們認為這是開展業務、支持定期股息以及支持額外現金回報和逆週期投資的正確水平。您說得對，年底的 70 億美元包括我們在 2025 年 2 月支付的 7 億美元，因此，如果您關注我們的回購速度，這實際上體現了我們向股東返還自由現金流的承諾。我們將維持至少 70% 的目標。我們有潛力並且有能力在 2025 年及以後為股東帶來更多、更高比例的自由現金流。

And we've exceeded that minimum as you saw in 2024. But we remain comfortable with that being our long-term target.

正如您在 2024 年看到的，我們已經超過了該最低限度。但我們仍然堅信這是我們的長期目標。

So as far as share repurchases, we'll continue to be opportunistic. We're not being in any type of programmatic plan. We'll just continue to watch where our share prices go and we'll be opportunistic in our buyback program. Again, we're just committed to returning a significant portion of our free cash flow to our investors, and that cash return is anchored by that dividend. And then in turn, we'll look to share repurchases and other returns of value back to the shareholders.

因此就股票回購而言，我們將繼續抓住機會。我們沒有製定任何類型的計劃。我們將繼續關注股價的走勢，並在回購計畫中抓住機會。再說一遍，我們只是致力於將我們自由現金流的很大一部分返還給我們的投資者，而這筆現金回報是由股息決定的。然後，我們會尋求股票回購和其他有價值的回報給股東。

And then second, in Dorado, you fell back some activity over the past two years. We're now in a higher price environment. Your pipeline started up in the new LNG facility is starting up around the corner. Are you guys just waiting on kind of confirmation of the $4-plus gas price environment to accelerate more activity or just taking a more kind of a modest pace of growth there?

其次，在多拉多，過去兩年來你們的活動有所減少。我們現在處於更高的價格環境。新的液化天然氣設施中啟動的管道即將啟動。你們是否只是在等待 4 美元以上的汽油價格環境的確認，以加速更多活動，還是只是採取更適度的增長速度？

Yes, Josh, this is Jeff. As we do with any of other plays, we're just evaluating the activity levels there, really more from a long-term perspective, rather than just looking at the near-term commodity price volatility. So really, when we look at Dorado, we feel that the 20% increase in activity this year is a really good level. and truly reflects what we believe is the optimum level of activity just to continue to push it forward year-over-year for operational improvements like we saw in 2024. And we saw about 15% improvement in drilled and completed feet per day.

是的，喬希，這是傑夫。正如我們對待其他任何投資一樣，我們只是從長期角度評估那裡的活動水平，而不僅僅是關注短期商品價格波動。因此，當我們觀察 Dorado 時，我們覺得今年 20% 的活動成長是一個非常好的水平。並真正反映了我們認為的最佳活動水平，以便繼續逐年推動其發展，以實現我們在 2024 年看到的那樣的營運改善。我們發現每天的鑽井和完井量提高了約 15%。

And we think with this current activity level, it really positions Dorado in a great position to improve year-over-year and continues to drive down the cost while we're taking advantage of where the proximity is. And what we really look to do is not just invest necessarily at a particular price point, but we really look to invest to lower our costs through the cycles.

我們認為，以目前的活動水平，Dorado 確實處於一個非常有利的位置，能夠實現逐年改善，並在利用鄰近優勢的同時繼續降低成本。我們真正想要做的不僅僅是在特定的價格點進行投資，而且我們真正想要透過投資來降低整個週期的成本。

Leo Mariani, ROTH.

裡奧·馬裡亞尼（Leo Mariani），羅斯（ROTH）。

Just wanted to follow up a little bit on the decision to dial back Eagle Ford activity. It looks like net completions are down around 25% year-over-year. I know your lateral lengths are going up. So presumably, total completed feed are down quite that much, but just provide a little bit more color there. Are you just seeing like incremental returns not being as competitive with your Delaware or the emerging plays or obviously increasing activity here in '25?

只是想稍微跟進一下減少 Eagle Ford 活動的決定。看起來淨完成量比去年同期下降了約 25%。我知道你的橫向長度正在增加。因此可以推測，總完成的飼料數量下降了相當多，但只是提供了一點色彩。您是否發現增量回報不如特拉華州或新興市場的競爭力，或者 25 年這裡的活動明顯增加？

Yes. Thanks, Leo. This is Keith. I think what we're really seeing is that we really leaned into the Eagle Ford in both 2023 and 2024. In 2023, we had stepped up activity levels in the wake of the persistent inflation in the Delaware Basin.

是的。謝謝，Leo。這是基斯。我認為我們真正看到的是，我們在 2023 年和 2024 年都真正傾向於 Eagle Ford。2023 年，由於特拉華盆地通膨持續，我們加強了活動力度。

And in 2024, we were sharing a frac crew between Dorado and the Eagle Ford. So consequently, there were more completions in the Eagle Ford when we deferred completion activity in Dorado due to weaker gas prices. And so I think what you're seeing is us getting back down to kind of our background levels there. You mentioned the longer laterals. So when we look at how much lateral feet we're competing in a year, this year is pretty is pretty average compared to the last several years.

2024 年，我們在 Dorado 和 Eagle Ford 之間共用一個壓裂隊伍。因此，當我們因天然氣價格下跌而推遲多拉多的完井活動時，鷹福特的完井數量增加了。所以我認為你所看到的是我們回到了原來的水平。您提到了更長的橫樑。因此，當我們觀察一年中我們參加的側向腳次數時，與過去幾年相比，今年的側向腳次數相當平均。

So the Eagle Ford is a core foundational asset for us. It continues to be despite operating in the play for only for 15 years, the consistent improvements and efficiencies have allowed us to realize some of the highest returns in the play we've ever seen actually in the last several years. and it supports a line of sight to maintain production for a decade or more, really.

因此，Eagle Ford 對我們來說是一項核心基礎資產。儘管我們只在該油田作業了 15 年，但持續的改進和效率使我們在過去幾年中實現了有史以來最高的回報。並且它確實支持維持十年或更長時間的生產的視線。

Okay. I appreciate that. And I wanted to just jump back over to the exploration side. I know you guys have been looking at a number of domestic oil exploration plays for the last handful of years. Just wanted to get a sense of what the activity levels there are.

好的。我很感激。我只是想重新回到探索方面。我知道過去幾年你們一直在關註一些國內石油勘探計畫。只是想了解那裡的活動水平。

Are you still pursuing those type of lower-cost exploration plays domestically for oil here in 2025. Obviously, you've got the Bapco JV, which is international gas. So just trying to kind of get a sense there and there's still some of these plays active? And what should we expect in terms of activity in '25.

到 2025 年，您是否仍在國內尋求此類低成本石油勘探機會？顯然，你擁有 Bapco JV，這是一家國際天然氣公司。所以只是想了解那裡是否仍然有一些這樣的戲劇在活躍？我們對 25 年的活動有何期待？

Yes, Leo, this is Ezra. That's a great question. With the Bapco announcement, you can see that we've obviously been active not only on the domestic exploration front, but also international. You said Bapco is an international gas opportunity. And so I think that highlights really well where we're focused at with our exploration approach.

是的，Leo，這是Ezra。這是一個很好的問題。從 Bapco 的公告中您可以看到，我們不僅在國內勘探領域非常活躍，而且在國際上也非常活躍。您說 Bapco 是一個國際天然氣機會。所以我認為這很好地凸顯了我們在探索方法上所關注的重點。

And that's really not necessarily to focus on an oil versus gas, but really what we focus on for either domestic or international, is the returns of the play. And what is -- how additive to our existing inventory will the project be. And so as you highlighted, we've got an active domestic program. We drilled a few wells last year, and we plan to drill a few more this year. But further than that, Leo, we typically don't comment or give additional details on our exploration programs more than that.

這其實不一定是關注石油與天然氣的比較，我們真正關注的是國內或國際市場的回報。該項目對我們現有的庫存有何補充作用？正如您所強調的，我們有一個積極的國內計劃。去年我們鑽了幾口井，今年我們計畫再鑽幾口井。但除此之外，Leo，我們通常不會對我們的勘探計劃發表評論或提供更多細節。

We do remain optimistic that there are still resources in the US that will continue to be additive to the overall inventory that we have.

我們確實仍然樂觀地認為，美國仍然有資源可以繼續增加我們的總庫存。

Derek Woodfield, Texas Capital.

德州首府的德里克·伍德菲爾德。

From the outside, it appears you guys have experience on this -- success with all three emerging trends. For my first question, I'd like to focus on the Utica and ask how close is it to competing heads up with the Eagle Ford?

從外部來看，你們似乎在這方面有經驗——在所有三種新興趨勢上都取得了成功。對於我的第一個問題，我想重點討論一下尤蒂卡 (Utica)，問一下它與鷹福特 (Eagle Ford) 的競爭情況如何？

Yes, Derek, this is Ezra. It's interesting. The Eagle Ford, we have is a very mature asset. And what I'd say is, as Keith alluded to, when we invested at the Eagle Ford at the right pace, we still generate significant returns there. And one of the reasons is because we've got all the infrastructure in place, we've got our marketing agreements dialed in.

是的，德瑞克，這是艾茲拉。這很有趣。我們的 Eagle Ford 是一筆非常成熟的資產。我想說的是，正如基斯所提到的，當我們以正確的速度在鷹福特進行投資時，我們仍然會在那裡獲得可觀的回報。原因之一是我們已經擁有了所有的基礎設施，並且已經簽訂了行銷協議。

We've really captured the economies of scale. So that's really one of the things that right off the bat is still lacking with the Utica. We've really got to -- we've been able to make good strides on the operational efficiency gains, as Jeff mentioned in the opening notes. But really, to get that thing to compete with either of our foundational assets, you really need to get it to a place where you can drive down the cost, sustainable costs through the -- capturing the economies of scale of -- and when I say infrastructure, it's not just midstream or takeaway. It's things like in-basin sand locations, getting our water infrastructure squared away.

我們確實實現了規模經濟。所以這實際上是尤蒂卡目前所缺少的東西之一。正如傑夫在開場白中提到的那樣，我們確實必須在提高營運效率方面取得長足進步。但實際上，為了讓這個東西能夠與我們的基礎資產競爭，你真的需要把它放到一個可以降低成本、通過獲取規模經濟來實現可持續成本的地方——當我說基礎設施時，它不僅僅是中游或外賣。例如，盆地內的沙子位置，以及水利基礎設施的整理。

And then just having consistent frac and drilling operations to the point where we provide safe and consistent operating environment where the guys in the field can really drive down costs.

然後，只需進行一致的壓裂和鑽井作業，我們就能提供安全和一致的操作環境，現場工作人員就可以真正降低成本。

I would say we've been very happy with the early time results. We're exceptionally pleased with the results we've had over the first two years in this play. As we talked about, we're carrying a lot of momentum into 2025. I think we highlighted in November that over the next couple of years, while we focus on that volatile oil window, we should -- we're looking at a $6 to $8 per BOE finding and development cost. That contemplates less than a $650 per foot well cost, which already on those types of metrics brings it very well in line with kind of where the Eagle Ford is.

我想說我們對早期的結果非常滿意。我們對這項事業前兩年所取得的成果感到非常滿意。正如我們所說，我們將以強勁勢頭邁向 2025 年。我想我們在 11 月就強調過，在接下來的幾年裡，當我們關注波動的石油窗口時，我們應該——我們正在考慮每桶油當量的勘探和開發成本為 6 至 8 美元。這意味著每英尺井的成本不到 650 美元，按照這類指標來算，已經與 Eagle Ford 的現狀非常吻合。

On a heads-up comparison when you think about how far we've made it with the Eagle Ford after year if you think about it that way, the Utica is significantly further down the path of having lower well costs and quite frankly, a better understanding of the subsurface reservoir quality.

如果您這麼想的話，當您思考我們年復一年在鷹福特的進展時，您會發現尤蒂卡在降低井成本方面走得更遠，而且坦白說，對地下儲層品質的了解也更好。

That's great. And for my second question, with the efficiency and productivity gains you've noted in the Niobrara, where do you think you could drive F&D cost with the benefit of both working as it seems like we're getting closer and closer to a breakthrough in the PRB.

那太棒了。我的第二個問題是，您注意到尼奧布拉勒的效率和生產力有所提高，您認為如何在兼顧雙方利益的情況下降低 F&D 成本，因為我們似乎越來越接近在 PRB 方面取得突破。

Yes. This is Keith. In the Powder River, yes, exactly. We've talked about how in the past, we -- when we were developing the Mowry, we gathered data on the Niobrara, which is shallower and that we are shifting activity to be more focused on the Niobrara. So if you look at the powder activity as a whole in 2025 plan roughly flat to last year.

是的。這是基斯。是的，確實在 Powder River 。我們曾經討論過，在我們開發莫里河段時，我們收集了有關尼奧布拉勒河的數據，尼奧布拉勒河比較淺，我們現在正在轉變活動方向，將重點更多地放在尼奧布拉勒河上。因此，如果從整體來看，2025 年的粉末活動計畫與去年大致持平。

But it's much more Nio focused. So if you were just to look at Nio well count year-over-year significant uptick this year in the play overall in '24 being able to have all that data gathered and then put this on it, we were able to increase the well productivity 20% in the Niobrara year-over-year. That's 2024 to 2023. We also reduced the days to drill down 10% year-over-year. So we're very happy with the strides in the Powder.

但它更加關注蔚來。因此，如果您只看 Nio 油井數量，那麼今年 24 年的整體表現與去年相比有顯著上升，如果能夠收集到所有數據並將其應用到其中，我們就能將 Niobrara 的油井產量同比提高 20%。也就是 2024 年至 2023 年。與去年同期相比，我們也減少了 10% 的鑽探天數。因此，我們對 Powder 所取得的進展感到非常高興。

And on the funding cost side, I say this without how our company overall is a basin portfolio. We kind of have a little multi-basin portfolio in the powder itself. You have the Mowry more of a combo play with good finding cost numbers. And then in Niobrara, a little more oil, which is a little bit higher return. And together, they do kind of mix to make kind of a holistic asset there.

在融資成本方面，我說這話時並沒有考慮到我們公司整體來說是一個盆地投資組合。我們的粉末本身就有一個小型的多盆組合。你可以將 Mowry 玩成更具組合感的遊戲，並且可以很好地找到成本數字。然後在尼奧布拉勒，石油產量稍多一些，回報也稍微高一些。它們混合在一起，形成了一種整體資產。

Nitin Kumar, Mizuho Securities.

瑞穗證券的尼廷庫馬爾（Nitin Kumar）。

I want to focus on the Delaware. You're reading lateral lens there quite significantly. But last year, we had talked about sort of stepping away from the core oil and into other parts of the basin. How would you characterize the productivity of the Delaware program this year versus last year?

我想集中討論特拉華州。您正在閱讀那裡的橫向鏡頭，相當詳細。但去年，我們曾討論過放棄核心油田，轉而進入盆地的其他部分。與去年相比，您如何評價今年特拉華州計畫的生產力？

Yes, Nathan. This is Jeff. And the productivity trends in Delaware, they're going to vary in any given year just based on several factors. But we're fully confident in the development strategies we have out there and just the durability of the returns and the full cycle economics that we're seeing. So with any of our plays, obviously, including the Delaware, the first thing we leverage is rate of return at a flat bottom cycle pricing.

是的，內森。這是傑夫。特拉華州的生產力趨勢每年都會因多種因素而改變。但我們對我們的發展策略以及我們所看到的回報的持久性和全週期經濟充滿信心。因此，顯然對於我們的任何投資，包括特拉華州的投資，我們首先要利用的是平底週期定價的回報率。

And that's a pretty good starting point to underpin your evaluation. But there's a lot of other key metrics that we like to evaluate. And specifically, we really want to maximize the net present value, not just of the well, but really the sections out there. We want to make sure that we're expanding the margins, and we really pay attention to what the payback period is just to make sure that we're delivering the greatest value and really capturing as much resource as possible.

這是支撐您評估的一個很好的起點。但我們還想評估很多其他關鍵指標。具體來說，我們真正想要的是最大化淨現值，不僅是油井的淨現值，而且實際上是油井各個部分的淨現值。我們希望確保擴大利潤率，並且我們真正專注於投資回收期，以確保我們提供最大的價值，並真正獲得盡可能多的資源。

So as you just hit on in the Delaware, a perfect example, and we've kind of talked about is, this year alone, we're seeing some variation in the well mix there. We're productivity is slightly more oil-weighted in the first quarter, and that really just has to do with the well mix where we move around the field back and forth from area to area, developing different flow benches, and that's just part of our normal development. So and you'll continue to see this kind of variation in productivity and well mix throughout the development of the play.

正如您剛才在特拉華州提到的，一個完美的例子，我們也談到，僅今年一年，我們就看到那裡的油井組合發生了一些變化。我們第一季的生產力略微偏向石油，這實際上與我們在油田各個區域之間來回移動、開發不同的流動台有關，這只是我們正常開發的一部分。因此，您將在整個劇情發展過程中繼續看到這種生產力的變化和良好的融合。

And then the other thing that I just really touch on here in the Delaware is over the last few years, we've made significant improvements in our shallow targets, really by lowering cost and improving the productivity by really just pushing forward our current best practices. So when you break it down by target in play, if you look at the Leonard, the Bone Springs, the Wolfcamp targets, they're all delivering comparable returns at bottom-cycle pricing.

我在特拉華州真正談到的另一件事是，在過去的幾年裡，我們透過降低成本、提高生產力以及推動我們目前的最佳實踐，在淺層目標方面取得了顯著的進步。因此，當你按目標進行細分時，如果你看看 Leonard、Bone Springs、Wolfcamp 的目標，它們都在底部週期定價下提供了可比較的回報。

So when you roll it all up to date, I think we're better positioned than ever to really optimally develop a given section from both a subservice targeting perspective because of our geologic knowledge and then also the aboveground infrastructure perspective. And that really is what allows us to balance all of these things, return, NPV, payout margins, resource capture and productivity to make sure we ultimately maximize value.

因此，當你把所有一切都更新到最新狀態時，我認為我們比以往任何時候都更有能力真正從子服務定位的角度和地上基礎設施的角度來最佳地開發特定的部分。這確實使我們能夠平衡所有這些因素，回報、淨現值、回報率、利潤率、資源獲取和生產力，以確保我們最終實現價值最大化。

Great. Jeff. As I'm going to try to take one more shot at the Bahrain opportunity. I know details are limited. Trade accounts for about 10% of your corporate gas production could Bahrain be the same scale or bigger over the years?

偉大的。傑夫。我將嘗試再一次抓住巴林的機會。我知道細節有限。貿易約佔貴公司天然氣產量的 10%，巴林多年來能否維持相同規模或更大？

And then for those of us who don't know what Bahrain local gas pricing looks like, are the returns as competitive as your domestic exploration?

那麼對於我們這些不知道巴林當地天然氣定價的人來說，回報是否與國內勘探一樣具有競爭力？

Yes, Nitin, this is Ezra. Thanks for revisiting Bahrain. Like I said, we're excited to talk about it. I think the first tell -- is that we wouldn't take an opportunity international, just to say that we have an international opportunity. For us to take this step, we need a couple of things.

是的，尼廷，這是艾茲拉。感謝您再次造訪巴林。正如我說的，我們很高興談論它。我認為第一個跡像是——我們不會抓住國際機會，只是說我們有一個國際機會。為了踏出這一步，我們需要做幾件事。

And the first is that we have pretty strong conviction from an exploration standpoint, I mean, we still need to test these wells a little bit more. But we've got a pretty strong conviction that we'll be able to turn this into something that's meaningful for our shareholders. So that means it's got the size and scale and the potential to deliver returns that are additive to our program, something that will actually command capital that we'll want to invest in.

首先，從勘探的角度來看，我們有非常堅定的信念，我的意思是，我們還需要對這些油井進行更多的測試。但我們堅信，我們能夠將其轉化為對股東有意義的事情。所以這意味著它具有規模和潛力，可以為我們的計劃帶來附加回報，這實際上會吸引我們想要投資的資本。

The second part of that, obviously, is to take a step like this. We want to make sure that we're -- we have stakeholder alignment, and we found a good partner. And that's why I keep saying that we couldn't be more thrilled with the partnership that we found with Bapco energies.

顯然，第二部分就是採取這樣的措施。我們希望確保利害關係人的一致，並找到好的合作夥伴。這就是為什麼我一直說，我們對與 Bapco 能源建立的合作關係感到無比興奮。

As far as gas price in country, we haven't talked about that. But yes, you should think that when we look at the potential sales price in the market that we would take that in consideration with the well productivity and the cost structure that we anticipate seeing there and roll that all up into something that could be additive and meaningful for the company.

至於國內的汽油價格，我們還沒有談到這個。但是的，你應該認為，當我們考慮市場上的潛在銷售價格時，我們會考慮到油井的生產率和我們預計會看到的成本結構，並將其全部納入對公司有益且有意義的東西。

John Freeman, Raymond James.

約翰‧弗里曼、雷蒙‧詹姆斯。

I just wanted to circle back on the Utica. Last year, you all tested well spacing from kind of 700 feet to 1,000 feet. And an increased activity pretty meaningfully in the Utica. Are you sort of or, I guess, dialed in on a specific sort of spacing? Or is testing still a big part of what you're doing this year to kind of understand that better?

我只是想回到尤蒂卡。去年，你們測試的井距大約從 700 英尺到 1,000 英尺。尤蒂卡的活動明顯增加。我猜，您是否已經或即將撥通了某種特定的間隔？或者說測試仍然是您今年工作的重頭戲，以便更好地理解這一點？

Yes, John, this is Keith. So as far as just your question development versus testing where are we doing both. We pride ourselves not being in a manufacturing mode ever in any of our plays. And so we don't really employ a set spacing or completion design throughout an entire field. So it's a little difficult to draw a line between development and testing.

是的，約翰，這是基斯。所以就您的問題而言，開發與測試我們是同時進行的。我們為自己在任何戲劇中從未處於製造模式而感到自豪。因此，我們實際上並沒有在整個油田中採用固定的間距或完成設計。因此，在開發和測試之間劃一條界線有點困難。

So we're constantly incorporating new data and learnings to improve every well and every package across all the plays, foundational and emerging. As far as spacing goes, we've talked about in the past that it's -- we feel it's going to be 600 to 1,000, which is pretty standard for North American unconventional oil play. But we've also said -- it depends on the area. And so in our last year lease, we showed tests between 800 and 1,000 and we think that geology plays a significant portion or a significant factor in what your spacing should be. So like an example would be in the south, where we have thinner pay but we also have better frac barriers we've talked about in the past, that could also mean that the frac reaches out further.

因此，我們不斷整合新數據和新知識，以改進所有劇目（包括基礎劇目和新興劇目）的每一個油井和每一個套件。就間距而言，我們過去曾討論過——我們認為間距將是 600 到 1,000，這對於北美非常規石油開採來說是相當標準的。但我們也說過——這取決於地區。因此，在我們去年的租約中，我們進行了 800 到 1,000 次之間的測試，我們認為地質因素在確定間距方面起著重要作用或重要因素。舉個例子，在南部，我們的油層厚度較薄，但我們也有更好的壓裂屏障，正如我們過去討論過的，這也可能意味著壓裂範圍會進一步擴大。

So you might expect wider spacing in the south to work out better. Those sorts of things are the things that are them takes into account every time they drill the package and incorporate it into the next one going on.

因此，您可能會認為南部的間距越大，效果越好。每次他們演練包裹並將其納入下一個包裹時，他們都會考慮到這些事情。

And then as these emerging plays take on more activity, more capital as some of these international opportunities that you have been talking about today. Do you all start to take maybe a harder look at divestitures just as a way to unlock value given the pretty deep global portfolio you've got with maybe some areas having a tougher time kind of competing for capital that may be more valuable to somebody else.

然後，隨著這些新興產業變得更加活躍，資本也越來越多，就像您今天談到的一些國際機會一樣。鑑於你們擁有相當深厚的全球投資組合，你們是否都開始更加認真地考慮資產剝離，將其作為釋放價值的一種方式，而某些領域可能在爭奪對其他人更有價值的資本方面面臨更大的困難。

Yes, John, this is Ezra. Yes, we continue to have -- we continually review our inventory and continue to look for opportunities to bring value forward at any opportunity again. For the most part, we've done a good job over the last, I would say, going back almost the last decade, and we've been not surprisingly, we've been fairly active in the divestiture market. And so we've done a good job kind of high grading our portfolio at the right times.

是的，約翰，這是以斯拉。是的，我們會繼續下去——我們會不斷審查我們的庫存，並繼續尋找機會再次提升價值。總的來說，我想說，在過去十年裡，我們做得很好，而且我們在資產剝離市場上相當活躍，這並不奇怪。因此，我們在適當的時機對我們的投資組合進行了良好的評級。

Neal Dingmann, Truist Securities.

Truist Securities 的 Neal Dingmann。

My first question is maybe on IPP or other power gen operations. I'm just wondering, a number of your peers have talked about how their service water and natural gas resources would make for an ideal make them an ideal partner for transactions. And I'm wondering -- you all definitely seem to have those same high asset qualities. And I'm wondering, with that said, are you all actively speaking into some of these hyperscalers? And if so, do you think your opportunities to do something like that would be in the Appalachian, Dell, Eagle Ford, you certainly have a lot of interesting areas where you could do something like that.

我的第一個問題可能是關於 IPP 或其他發電業務。我只是想知道，您的許多同行都談到他們的服務水和天然氣資源如何使他們成為理想的交易夥伴。我很好奇——你們似乎都具有同樣高的資產品質。話雖如此，我想知道，你們是否都在積極地與其中一些超大規模企業對話？如果是這樣，您認為在阿巴拉契亞、戴爾、鷹福特等地做這樣的事情的機會嗎？

Yes, it's a good question, Neil. This is Ezra. And you're right. With our investment in and utilization of technology, we have spent a lot of time looking at how data center development may progress and what role industry and EOG specifically would play in that. There's already a couple of different ways that we benefit today and a couple of different ways we can benefit in the future.

是的，這是個好問題，尼爾。這是以斯拉。你說得對。透過對技術的投資和利用，我們花了大量時間研究資料中心發展如何進展以及產業和 EOG 具體將在其中發揮什麼作用。我們今天已經透過幾種不同的方式受益，未來還可以透過幾種不同的方式受益。

Currently, if you look at where the data centers are found, they're typically in areas with dense and diverse fiber lines. That's obviously a bit more important than just surface and water. It's the diversity of the fiber lines and it's in the ground. And as a result, oftentimes, those data centers end up being a little bit closer to urban areas.

目前，如果你看看資料中心的位置，它們通常位於光纖線路密集且多樣化的地區。這顯然比表面和水更重要。這是由於光纖線路的多樣性，而且它位於地面上。因此，這些資料中心通常會建在距離市區較近的地方。

The first thing is it's very nice. We've done a great job with our diverse marketing strategy, and that gives us exposure whenever you see a regional pricing uplift that's associated with just the increased electrical demand in those areas. A good example is the capacity along the Transco pipeline to deliver gas into the Southeast market that we captured last year.

首先，它非常好。我們的多元化行銷策略做得非常出色，每當您看到區域價格上漲與這些地區的電力需求增加有關時，我們就會受到關注。一個很好的例子就是我們去年佔領的Transco管道向東南市場輸送天然氣的運力。

But more exciting maybe is the second way we think that EOG can benefit is if data center development outpaces infrastructure development. And so what I mean there is the current model requires transmitting energy either in the form of electrical grid or natural gas pipelines over long distances to deliver to these data centers. Another model then would be, and you're starting to see it develop is constructing data centers closer to the power generation closer to natural gas fields but also more important than surface and water is where there's enough fiber to make the investment worthwhile. When I think about that, I think, Neil, you hit the nail on the head there. We see the Gulf Coast in South Texas as having the potential to play a larger role in data center buildout.

但更令人興奮的可能是我們認為 EOG 能夠受益的第二種方式是資料中心開發速度超過基礎設施開發速度。所以我的意思是，目前的模型需要以電網或天然氣管道的形式長距離傳輸能源到這些資料中心。另一種模式是，你開始看到它的發展，就是在更靠近發電廠的地方建造資料中心，更靠近天然氣田，但比地表和水更重要的是，那裡有足夠的光纖，使投資值得。當我想到這一點時，我想，尼爾，你說到了點子上。我們認為南德克薩斯州的墨西哥灣沿岸有潛力在資料中心建設中發揮更大的作用。

And obviously, Dorado would benefit greatly from that regional demand.

顯然，多拉多將從該區域需求中受益匪淺。

Yes, you definitely have some interesting areas. And maybe just a second, if I could ask maybe on the Utica a little bit differently. I'm curious, I don't know if you're able to discuss what part of the Utica you target, the new 15,000 acres or maybe just looking at it another way, I'm just curious how you all are now thinking about maybe you've got a huge footprint, almost 500,000 acres now. I'm wondering how you think about the Western side of the black oil window. I don't know, maybe I can start versus the eastern side well over into like Trimble County?

是的，你確實有一些有趣的領域。也許只需一秒鐘，如果我可以就尤蒂卡 (Utica) 稍微換個方式問一下的話。我很好奇，我不知道您是否可以討論一下您瞄準的是尤蒂卡的哪一部分，新的 15,000 英畝，或者也許只是從另一個角度來看，我只是好奇你們現在是如何考慮的，也許你們已經擁有一個巨大的足跡，現在幾乎有 500,000 英畝。我想知道您對黑油窗西側有何看法。我不知道，也許我可以從東部開始，一直到特林布爾縣？

Yes, Neil, this is Ezra again, again. Where we did most of our leasing, we're still focused in on the volatile oil window. We're kind of leasing and picking up leases out in front of our drilling opportunities at this point. As far as if you think about kind of the Wild West land grab and things like that, the majority of that has kind of ended in that play. And so we're doing a lot of our strategic leasing now kind of coring up our areas.

是的，尼爾，這又是艾茲拉。我們進行大部分租賃業務的地方，仍然專注於揮發性石油窗口。目前，我們正在租賃並在鑽探機會之前簽訂租約。如果您想想西部荒野的土地掠奪和類似的事情，其中​​大部分已經以那種方式結束了。因此，我們現在正在進行大量的策略租賃，以鞏固我們的區域核心。

And since we'll be focusing for the next few years, really in drilling in the volatile oil window, that's where the focus of the leasing, I think you can expect that dominantly going forward.

由於我們未來幾年的重點將集中在波動性石油窗口的鑽探上，這也是租賃的重點，我認為你可以預期這將在未來佔據主導地位。

As far as stepping out in the expansion, we're still a little ways. We're still talking about we need to get our seismic up there first. But ultimately, like any basin, if you go back, whether it's gosh, even go back to Barnett, early days of the Haynesville, Eagle Ford, Permian, Bakken, things like that. You really start in the areas where you've got the most data, and that certainly is the volatile oil window for us. We'll develop our wells there.

就擴張而言，我們還有一段距離。我們仍在討論我們需要先在那裡進行地震勘探。但最終，就像任何盆地一樣，如果你回去，無論是天哪，甚至可以回到巴尼特、海恩斯維爾、鷹福特、二疊紀、巴肯的早期，諸如此類。您確實可以從擁有最多數據的領域開始，而這對我們來說無疑是揮發性石油窗口。我們將在那裡開發我們的油井。

As Keith alluded to earlier, we're making good progress on identifying things like the correct spacing across this almost 500,000 acres, as you said. And once you start to really collect a lot of data and understand more about the reservoir, that's when you can start to step out into these other areas once you have a better understanding of kind of what the value drivers are of the unconventional play.

正如 Keith 之前提到的，我們在確定這近 500,000 英畝土地的正確間距等方面取得了良好的進展，正如您所說。一旦您開始真正收集大量數據並更多地了解油藏，您就可以開始進入這些其他領域，因為您對非常規油氣開採的價值驅動因素有了更好的理解。

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

This is John Abbott on for Doug Leggate. Ezra, as your scale it's getting harder to move the needle on value of the resource. You have about 27 years of inventory. So it seems to us the dividend becomes a more important part of market recognition and value. So our question is, how do you think about the evolution of the dividend, the dividend growing rate and the dividend breakeven?

這是 Doug Leggate 的約翰阿博特 (John Abbott)。埃茲拉，隨著你的規模不斷擴大，資源價值的指針變得越來越難以移動。你有大約27年的庫存。因此，我們認為股息成為市場認可和價值更重要的一部分。所以我們的問題是，您如何看待股息、股息成長率和股息損益平衡的演變？

Yes, John, thanks for joining the call. It's good to hear from you. We're in complete agreement. We think the best marker for a blue-chip stock or a company of our scale and size should be reflected in a sustainable and growing regular dividend. And that's really what we focus on, and we feel is the foundation of our cash return strategy.

是的，約翰，感謝您加入電話會議。很高興收到你的來信。我們完全同意。我們認為，藍籌股或與我們規模和規模相當的公司的最佳標誌應該體現在可持續且成長的定期股息上。這確實是我們關注的重點，我們認為這是我們現金回報策略的基礎。

We raised our regular dividend 7% last year. And we've actually raised our regular dividend 2 times the average as a compound annual growth rate since 2019. We've got 27 years of sustainable growing regular dividend. And so we really covered that a lot. The way we think about how we grow that, the most important word I said is sustainable.

去年我們將常規股息提高了 7%。事實上，自 2019 年以來，我們的常規股利複合年增長率已達到平均值的 2 倍。我們已經擁有27年持續成長的定期股利。因此我們確實對此進行了大量討論。當我們思考如何發展這個目標時，我說的最重要的字是永續。

So we grow it in concert with expanding margins. That means both growing top line revenue, but also top line cash flow from operations, but also lowering the cost basis of the company. so making sure that the company is continuing to improve. And then we also marry that up with a strong balance sheet just as a backstop on that regular dividend. And we agree with you, John.

因此，我們在擴大利潤率的同時，也實現了業務成長。這意味著不僅要增加營業收入，還要增加經營活動產生的現金流，同時也降低公司的成本基礎。從而確保公司持續改善。然後我們也將其與強勁的資產負債表結合起來，作為定期股息的後盾。我們也同意你的看法，約翰。

I think what we like to see is the dividend increasing and the yield decreasing.

我認為我們希望看到的是股息增加而收益率下降。

Appreciate it. And then for my second question is on cash taxes. At least for us, it was a little difficulty hearing in the beginning when Ann was speaking. Could you talk about the AMT. We thought our impression that you were already a full cash tax payer.

非常感謝。我的第二個問題是關於現金稅。至少對我們來說，安剛開始講話的時候，聽清楚有點困難。能談談 AMT 嗎？我們認為您已經是全額現金納稅人了。

Is that correct? Could you discuss a little bit more detail on your cash tax outlook?

那正確嗎？您能否更詳細地討論一下您的現金稅收前景？

Absolutely. This is Anne. Thanks for the question, John. The way that we look at, the way we're modeling it out, our current tax revision in 2024 included $212 million in alternative minimum tax credits. And those were fully exhausted when we exited 2024.

絕對地。這是安妮。謝謝你的提問，約翰。根據我們的看法和建模方式，我們目前的 2024 年稅收修訂包括 2.12 億美元的替代最低稅收抵免。當我們退出 2024 年時，這些都已完全耗盡。

So you're not going to see any impact of that in 2025. So as a result, when you're looking at current tax increase, you're going to see about 15% increase in current taxes as we move into 2025. And as we look forward, our current guidance for 2025 does not contemplate any material or unusual items. So all things being equal, 2025 is a good proxy as we move forward.

因此，到 2025 年你不會看到任何影響。因此，當你查看目前的稅收成長時，你會發現到 2025 年目前稅收將增加約 15%。展望未來，我們目前對 2025 年的指導方針並未考慮任何重大或不尋常的項目。因此，在其他條件相同的情況下，2025 年是我們前進的一個很好的指標。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Yacob for any closing remarks.

我們的問答環節到此結束。我想將會議交還給亞科布先生，請他作最後發言。

Yes. Thank you. I just want to say we appreciate everyone's time today. We're very excited for 2025. I think our plan reflects an appropriate pace of investment to improve each of our assets year-over-year as well as the broader opportunities we see to build and improve our business.

是的。謝謝。我只想說，我們感謝大家今天抽出時間。我們對 2025 年充滿期待。我認為我們的計劃反映了適當的投資步伐，以逐年改善我們的每項資產，以及我們看到的建立和改善業務的更廣泛機會。

And disciplined reinvestment in the high-return multi-basin portfolio is how EOG continues to get better. It allows us to lower our breakevens as we had lower cost reserves and ultimately allows us to optimize both near and long-term free cash flow generation. As always, thank you to our shareholders for your support and special thanks to our employees for delivering another exceptional quarter.

對高回報多流域投資組合進行有紀律的再投資是 EOG 持續改善的方法。由於我們擁有較低的成本儲備，它使我們能夠降低損益平衡點，並最終使我們能夠優化近期和長期的自由現金流產生。像往常一樣，感謝我們股東的支持，並特別感謝我們的員工為我們帶來另一個卓越的季度。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。