EOG Resources Inc (EOG) 2025 Q1 法說會逐字稿

Good day everyone, and welcome to EOG Resources first-quarter 2025 earnings results conference call. As a reminder, this call is being recorded. 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.

大家好，歡迎參加 EOG Resources 2025 年第一季財報業績電話會議。提醒一下，本次通話正在錄音。現在，在開幕致詞和介紹的時候，我想將電話轉給 EOG Resources 的投資者關係副總裁 Pearce Hammond 先生。先生，請繼續。

Good morning, and thank you for joining us for the EOG Resources first-quarter 2025 earnings conference call. I am Pearce Hammond, Vice President, Investor Relations. 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.

早安，感謝您參加 EOG Resources 2025 年第一季財報電話會議。我是皮爾斯‧哈蒙德 (Pearce Hammond)，投資者關係副總裁。更新後的投資者介紹已發佈到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。今天稍晚我們將在我們的網站上提供此通話的重播。

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.

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大不相同的因素已在收益報告和 EOG 的 SEC 文件中列出。

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.

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 (non-GAAP) 指標的定義和對帳表以及相關討論可在 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，本次電話會議上的部分儲量估算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 Leitzel, Chief Operating Officer; Ann Janssen, Chief Financial Officer; and Keith Trasko, Senior Vice President, Exploration and Production. Here's Ezra.

參加今天早上電話會議的有董事長兼首席執行官 Ezra Yacob；傑夫·萊策爾 (Jeff Leitzel)，首席營運官； Ann Janssen，首席財務官；以及勘探與生產高級副總裁 Keith Trasko。這是埃茲拉。

Thanks, Pearce. Good morning, everyone, and thank you for joining us. EOG is off to an exceptional start in 2025. In the first quarter, we delivered outstanding results across our diverse multi-basin portfolio positioning the company to achieve an even greater success this year.

謝謝，皮爾斯。大家早安，感謝大家的收看。EOG 在 2025 年取得了非凡的開局。在第一季度，我們多元化的多流域投資組合取得了出色的業績，為公司今年取得更大的成功奠定了基礎。

Our production and total per unit cash operating costs and DD&A all exceeded targets, driving strong financial performance. We earned $1.6 billion in adjusted net income and generated $1.3 billion in free cash flow, underscoring our commitment to value creation.

我們的產量和每單位現金營運成本總額以及 DD&A 均超出目標，推動了強勁的財務表現。我們的調整後淨收入為 16 億美元，並產生了 13 億美元的自由現金流，這凸顯了我們對創造價值的承諾。

True to our track record of rewarding shareholders, $1.3 billion was returned to shareholders through our regular dividend and opportunistic share repurchases. EOG's operational excellence continues to translate into robust returns and a steady stream of cash flow generation, setting the company up for further success in 2025, and beyond. Quarter after quarter, year after year, EOG has consistently delivered exceptional operational performance across our core assets while also advancing new opportunities in our emerging plays.

我們一如既往地回報股東，透過定期股利和機會性股票回購，向股東返還了 13 億美元。EOG 的卓越營運持續轉化為強勁的回報和穩定的現金流，為公司在 2025 年及以後取得更大的成功奠定了基礎。一季又一季、一年又一年，EOG 始終在核心資產上保持卓越的營運業績，同時在新興業務中不斷開拓新機會。

Our disciplined approach to capital allocation, strategically investing across our portfolio at the right pace has generated free cash flow every year since 2016, and established a strong foundation for a sustainable growing regular dividend and a balance sheet that stands out, not just within our industry, but across the broader market.

我們採取嚴謹的資本配置方法，以適當的速度對投資組合進行策略性投資，自 2016 年以來每年都產生自由現金流，並為可持續增長的定期股息和不僅在我們行業內，而且在整個市場中都脫穎而出的資產負債表奠定了堅實的基礎。

EOG is well positioned for the cycles with a strong financial position, low-cost structure and the ability to flex activity across multiple high-return investments. Our success is anchored by one of the industry's most diverse high-return and deep multi-basin portfolios, with over 10 billion barrels of oil equivalent of high-quality resources. The depth and quality of our resource portfolio positions EOG for long-term sustainable growth and value creation.

EOG 憑藉強大的財務狀況、低成本結構以及在多個高回報投資中靈活行動的能力，在周期中佔據有利地位。我們的成功得益於業界最多樣化、高回報和深度多盆地投資組合之一，其中包括超過 100 億桶油當量的優質資源。我們的資源組合的深度和品質使 EOG 能夠實現長期永續成長和價值創造。

Capital discipline at EOG means more than just focusing on high-return assets. It's about being agile and responsive to the broader macro environment. In light of our strong first-quarter performance and potential near-term impacts on global demand due to ongoing discussions regarding tariffs, we are proactively optimizing our 2025 capital investment while maintaining first quarter oil production levels throughout the year. At the midpoint of guidance, this $200 million reduction in capital investment is expected to enhance 2025 free cash flow while still delivering approximately 2% year-over-year oil growth.

EOG 的資本紀律不僅僅意味著專注於高回報資產。這是為了對更廣泛的宏觀環境保持敏捷和反應。鑑於我們第一季的強勁業績以及正在進行的關稅討論對全球需求可能產生的短期影響，我們正在積極優化 2025 年的資本投資，同時全年保持第一季的石油產量水準。按照指導中期來看，預計減少 2 億美元的資本投資將增強 2025 年的自由現金流，同時仍能實現約 2% 的年比石油成長。

The first quarter saw strong global oil demand moderating US supply growth and inventory levels below the five-year range, supportive of the medium and long-term outlook for both oil and gas. We remain constructive on both oil and gas playing a significant role in the long-term need for reliable low-cost energy.

第一季全球石油需求強勁，抑制了美國供應成長，庫存水準低於五年水平，這對石油和天然氣的中長期前景形成支撐。我們仍然堅信石油和天然氣在長期可靠的低成本能源需求中發揮重要作用。

The near term, however, is reflecting speculation on oil demand impacts associated with tariff announcements, which has softened prices. We expect to see a return to market fundamentals and pricing firming up as more transparency is applied to the tariffs and negotiation turns to implementation.

然而，短期內，由於對關稅公告將影響石油需求的猜測，油價已經走軟。隨著關稅透明度的提高和談判的實施，我們預計市場基本面將回歸，價格將走強。

Regarding natural gas, our 2025 plan remains consistent with investments delivering approximately 12% year-over-year growth at the midpoint of guidance. A cold start to winter and increases in LNG feedstock, coupled with a subdued supply response has left current inventory levels near the five-year average in a year that we believe is an inflection point for North American demand.

關於天然氣，我們的 2025 年計畫與投資保持一致，在指導中期約 12% 的年成長。冬季開始時氣溫較低，液化天然氣原料增加，再加上供應反應疲軟，導致當前庫存水準接近五年平均水平，我們認為今年是北美需求的轉折點。

Led by LNG and increased power demand, we see the potential for 4% to 6% compound annual growth rate in natural gas demand between now and the end of the decade and are well positioned to deliver natural gas into multiple markets and demand centers across our portfolio.

在液化天然氣和電力需求成長的帶動下，我們預計從現在到本世紀末，天然氣需求的複合年增長率將達到 4% 至 6%，我們有能力將天然氣輸送到我們投資組合中的多個市場和需求中心。

EOG's multi-basin strength, in-house operational excellence, proprietary technology and self-sourced materials uniquely position us as a low-cost, highly efficient operator with exposure to diverse products and pricing.

EOG 的多盆地實力、卓越的內部營運、專有技術和自有材料使我們成為一家低成本、高效的營運商，能夠提供多樣化的產品和定價。

Backed by our rigorous investment standards and rock solid balance sheet, we are continuing to make strategic investments that drive both near-term performance and long-term value for shareholders. Our opportunities continue to grow, both domestically and internationally. We're actively pursuing an exciting organic exploration program, driving expansion in our inventory across existing assets by reducing well costs, improving productivity and strategically adding bolt-on acquisitions.

憑藉嚴格的投資標準和穩健的資產負債表，我們將繼續進行策略性投資，為股東帶來短期績效和長期價值。我們在國內和國際上的機會都在增加。我們正在積極推行一項令人興奮的有機勘探計劃，透過降低油井成本、提高生產力和策略性地增加附加收購來推動現有資產庫存的擴張。

For example, after active development for over a decade, our Eagle Ford asset continues to deliver high returns as we apply best practices developed both in and out of basin. Recently, we have added a strategic bolt-on acquisition in the Eagle Ford further strengthening the quality and quantity of our Eagle Ford inventory. This contiguous acreage immediately benefits from long laterals and existing EOG infrastructure, offering both operational efficiency and high returns.

例如，經過十多年的積極開發，我們的 Eagle Ford 資產透過應用盆地內外開發的最佳實踐繼續帶來高回報。最近，我們在 Eagle Ford 進行了一項策略性附加收購，進一步增強了 Eagle Ford 庫存的品質和數量。這片連續的土地立即受益於長水平井和現有的 EOG 基礎設施，既提供了營運效率，也提供了高回報。

Internationally, yesterday, we announced an oil discovery in our Trinidad asset, capping off a successful 2024 drilling campaign and continuing over 30 years success in the region. This is a fantastic development and Jeff will provide additional details shortly. In addition, our international exploration team is preparing for our entry into Bahrain, where we plan to start drilling an onshore unconventional tight gas sand prospect in the second half of 2025.

在國際上，昨天我們宣佈在特立尼達資產中發現石油，為 2024 年鑽探活動的成功畫上了圓滿的句號，並延續了該地區 30 多年的成功。這是一個了不起的進展，傑夫很快就會提供更多細節。此外，我們的國際勘探團隊正在為進入巴林做準備，我們計劃在 2025 年下半年開始在那裡鑽探陸上非常規緻密砂岩氣田。

To wrap up, I want to emphasize EOG's core value proposition. We're committed to sustainable value creation throughout the industry cycle driven by a disciplined focus on high-return investments, optimizing both short and long-term free cash flow, along with a pristine balance sheet and strong regular dividend that sets us apart from our peers.

最後，我想強調一下 EOG 的核心價值主張。我們致力於在整個產業週期中創造可持續的價值，透過嚴格關注高回報投資、優化短期和長期自由現金流，以及完善的資產負債表和強勁的定期股息，使我們在同業中脫穎而出。

Our operational excellence, combined with our dedication to sustainability is fueled by EOG's unique culture, a decentralized collaborative approach that drives innovation at the asset level. By leveraging technology to make real-time decisions, we continuously improve efficiency, lower costs and boost margins, ensuring long-term visibility for strong returns and free cash flow generation no matter where we are in the cycle.

我們卓越的營運與對永續發展的奉獻精神相結合，由 EOG 獨特的文化推動，這是一種推動資產層面創新的分散式協作方式。透過利用科技進行即時決策，我們不斷提高效率、降低成本並提高利潤率，確保無論處於週期的哪個階段，都能長期獲得強勁的回報和自由現金流的產生。

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. In the first quarter, we delivered adjusted earnings per share of $2.87, and adjusted cash flow per share of $5.09. First-quarter free cash flow was $1.3 billion. We had a strong quarter of cash returned to our shareholders, anchored by our sustainable regular dividend of over $500 million, and share buybacks of nearly $800 million. Our share repurchases are a clear demonstration of our commitment to shareholders.

謝謝，埃茲拉。第一季度，我們的調整後每股收益為 2.87 美元，調整後每股現金流為 5.09 美元。第一季自由現金流為13億美元。本季度，我們向股東返還了豐厚的現金，其中主要得益於超過 5 億美元的可持續定期股息和近 8 億美元的股票回購。我們的股票回購清楚地表明了我們對股東的承諾。

To date, we have repurchased nearly $5 billion of stock over the course of nine consecutive quarters, reducing our share count by 7%. Our assets continue to improve, and by repurchasing shares, we are able to increase shareholder interest in our world-class multi-basin portfolio.

迄今為止，我們已連續九個季度回購了近 50 億美元的股票，使我們的股票數量減少了 7%。我們的資產不斷改善，透過回購股票，我們能夠增加股東對我們世界級多盆地投資組合的興趣。

We remain committed to opportunistic share buybacks and our balance sheet provides the ability to return greater than 100% of annual free cash flow in the near term. We have optimized our 2025 plan and are reducing capital investments by $200 million. At the midpoint of guidance, we now expect to generate $4 billion in free cash flow at $65 WTI and $3.75 Henry Hub.

我們仍然致力於機會性股票回購，我們的資產負債表使我們能夠在短期內返還超過 100% 的年度自由現金流。我們優化了 2025 年計劃，並將資本投資減少 2 億美元。在指導的中點，我們現在預計在 WTI 油價為 65 美元和亨利港油價為 3.75 美元時將產生 40 億美元的自由現金流。

We can fund our $6 billion CapEx program this year as well as the regular dividend at WTI oil prices averaging in the low-50s. We remain committed to optimizing our balance sheet and reaffirm our targets of $5 billion to $6 billion in cash, and total debt-to-EBITDA at less than 1 times at bottom cycle prices of $45 WTI. At the end of the first quarter, our cash balance was $6.6 billion with long-term debt at $4.7 billion.

當 WTI 油價平均處於 50 美元出頭時，我們可以為今年 60 億美元的資本支出計劃以及定期股息提供資金。我們將繼續致力於優化我們的資產負債表，並重申我們的目標：現金規模為 50 億至 60 億美元，且在 WTI 原油價格底部週期為 45 美元時，總債務與 EBITDA 比率低於 1 倍。第一季末，我們的現金餘額為 66 億美元，長期債務為 47 億美元。

Subsequently, we repaid a $500 million debt maturity in April from cash on hand, and executed on the bolt-on acquisition in the Eagle Ford. This $275 million bolt-on adds over a full year of drilling inventory that is immediately competitive with our current drilling program. EOG is exceptionally well positioned given our returns-focused investments at bottom cycle prices, peer-leading balance sheet, low-cost production and history of exceptional operational execution.

隨後，我們用庫存現金償還了 4 月到期的 5 億美元債務，並在 Eagle Ford 進行了額外收購。這項價值 2.75 億美元的附加計畫增加了一整年的鑽井庫存，可立即與我們目前的鑽井計畫競爭。EOG 憑藉其以回報為重點的投資、週期底部的價格、同業領先的資產負債表、低成本的生產和卓越的營運執行歷史，處於非常有利的地位。

Now here's Jeff to review operating results.

現在請傑夫來回顧一下經營業績。

Thanks, Ann. I would first like to thank all of our employees for their outstanding performance and efficient operational execution. Our first quarter volumes, total per unit cash operating costs and DD&A beat targets. First-quarter CapEx was slightly lower than guidance, largely due to timing. Q1 volume outperformance was due to better-than-expected well productivity across our portfolio and specifically improved productivity from our Dorado dry gas asset in South Texas.

謝謝，安。首先我要感謝我們全體員工的優秀表現和有效率的營運執行。我們第一季的銷售量、每單位現金營運成本總額和 DD&A 均超出目標。第一季的資本支出略低於預期，主要是因為時間。第一季產量表現優異是由於我們投資組合中的油井產能優於預期，特別是我們位於南德克薩斯州的 Dorado 乾氣資產的產能提高。

For the remainder of 2025, we are optimizing our activity levels and resetting full-year CapEx to $6 billion. This updated plan will hold oil production flat compared to the first quarter throughout the remainder of the year, revising our 2025 oil production and total production growth to 2% and 5%, respectively.

對於 2025 年剩餘時間，我們將優化活動水準並將全年資本支出重設為 60 億美元。更新後的計畫將使今年剩餘時間的石油產量與第一季持平，並將 2025 年的石油產量和總產量成長率分別修正為 2% 和 5%。

Capital for the year is essentially split evenly between the first half and the second half. Regarding cadence, we still expect capital to peak in the second quarter with a modest decline in the third quarter. For our updated plan, we have modestly reduced activity in the Delaware Basin, the Eagle Ford and the Powder River Basin, while keeping activity unchanged in Utica and Dorado.

全年資本基本平均分配在上半年和下半年。關於節奏，我們仍然預計資本將在第二季達到峰值，並在第三季小幅下降。對於我們更新後的計劃，我們適度減少了特拉華盆地、鷹福特和粉紅河流域的活動，同時保持尤蒂卡和多拉多的活動不變。

In regards to well cost, we still anticipate a year-over-year low single-digit percentage reduction and do not expect any impact to our 2025 program from tariffs. We are assuming flat service pricing for high-spec rigs and frac equipment throughout the year, but maintain flexibility to capture reduced market rates should they materialize. We continue to make significant strides on operational efficiency gains, well cost reductions and productivity improvements across the entire portfolio, including the emerging plays.

就油井成本而言，我們仍然預期同比將出現低個位數百分比的下降，並且預計關稅不會對我們的 2025 年計劃產生任何影響。我們假設高規格鑽孔機和壓裂設備的服務價格全年保持平穩，但如果降低的市場價格，我們將保持靈活性。我們持續在包括新興油田在內的整個投資組合的營運效率提升、成本降低和生產力提高方面取得重大進展。

A good example of this is in our South Texas Dorado play, where we continue to build on our operational successes by maintaining at least one full rig program. With this consistent activity, we are realizing an additional 15% increase in drill feet per day compared to 2024. In addition, we continue to increase our pumping rates for high-intensity completions and are observing a sustained improvement in well performance as well as driving efficiencies.

一個很好的例子就是我們在南德克薩斯州多拉多的油田，我們透過維護至少一個完整的鑽機計劃繼續鞏固我們的營運成功。透過這種持續的活動，與 2024 年相比，我們每天的鑽井量增加了 15%。此外，我們持續提高高強度完井的泵送速率，並觀察到井性能和驅動效率的持續改善。

Through the first quarter, we are realizing a 10% increase in well productivity on a per foot basis boosting the returns of these already prolific gas wells. This is why we believe Dorado is the lowest cost dry gas play in North America with a direct breakeven price of approximately $1.40 per Mcf with access to multiple demand centers.

在第一季度，我們實現了每英尺氣井產量提高 10%，從而提高了這些原本產量豐富的氣井的收益。這就是為什麼我們認為 Dorado 是北美成本最低的乾氣田，其直接損益平衡價格約為每千立方英尺 1.40 美元，並且可以進入多個需求中心。

In the Eagle Ford, we have been able to reduce our well cost per foot with increased efficiencies by continuing to extend lateral lengths. For 2025, we have plans to test 4 plus mile laterals and are targeting a direct total well cost for the Eagle Ford program of $515 per foot.

在 Eagle Ford，透過繼續延長水平段長度，我們能夠降低每英尺井的成本並提高效率。到 2025 年，我們計劃測試 4 英里以上的水平井，並計劃將 Eagle Ford 專案的直接總井成本定為每英尺 515 美元。

Also in the Eagle Ford, we are pleased to announce a bolt-on acquisition of approximately 30,000 net acres that is the largest remaining undeveloped core Eagle Ford acreage track. This bolt-on acquisition includes the ability to extend laterals and adjacent EOG leases, boosting returns and lowering finding cost. Also, it will benefit from existing surface infrastructure in the area to help minimize indirect investment.

此外，在 Eagle Ford，我們很高興地宣布附加收購了約 30,000 淨英畝的土地，這是 Eagle Ford 現存最大的未開發核心土地。此次附加收購包括延長水平井和相鄰的 EOG 租約的能力，從而提高回報並降低勘探成本。此外，它還將受益於該地區現有的地面基礎設施，以幫助最大限度地減少間接投資。

The acreage immediately competes for capital with our existing portfolio, and we will begin drilling operations this year. This Eagle Ford acquisition is another great example of the type of bolt-on deals that we pursue as they add tremendous value to the play and for our shareholders.

該油田立即與我們現有的投資組合爭奪資本，我們將於今年開始鑽探作業。這次 Eagle Ford 收購是我們所追求的附加交易類型的另一個很好的例子，因為它為公司和我們的股東帶來了巨大的價值。

In the Delaware Basin, we are pleased to announce that our Janus gas processing plant has been commissioned and brought online. This completes the second of our strategic infrastructure projects and follows the Verde natural gas pipeline, which commenced service last year, connecting our Dorado asset to the market center in Agua Dulce with 1 billion cubic feet per day of capacity.

在特拉華盆地，我們很高興地宣布，我們的 Janus 天然氣處理廠已經投入使用。這是我們第二個戰略基礎設施項目，緊隨去年投入使用的 Verde 天然氣管道之後，該管道將我們的 Dorado 資產與 Agua Dulce 的市場中心連接起來，日輸送能力為 10 億立方英尺。

We are extremely pleased with the results of both of these projects, which will enhance EOG's long-term margin expansion. In addition, the Williams Texas Louisiana Energy Pathway TLIP project, has commenced service.

我們對這兩個項目的結果感到非常滿意，它們將促進EOG的長期利潤成長。此外，威廉斯德克薩斯州路易斯安那州能源通道 TLIP 項目已開始投入服務。

EOG has 364 million cubic feet per day of capacity reserved on TLIP, which provides access to premium markets to premium priced gas markets in the Southeast. It is projects like these and proactive work by our marketing team that allows EOG to deliver superior gas realizations versus peers.

EOG 在 TLIP 上擁有每天 3.64 億立方英尺的儲備容量，這為該公司進入東南部優質天然氣市場提供了管道。正是這些專案以及我們行銷團隊的積極工作使得 EOG 能夠提供比同行更優質的天然氣實現量。

In our Trinidad asset, we continue to create significant shareholder value. Having been in the Columbus Basin for over 30 years, our subsurface knowledge, operations expertise and strong partnerships in the region are unlocking additional resource potential.

在我們的特立尼達資產中，我們繼續創造巨大的股東價值。我們在哥倫布盆地已有 30 多年的歷史，我們在該地區的地下知識、營運專業知識和強大的合作夥伴關係正在釋放更多的資源潛力。

Last year, we successfully set the Mento platform which we are currently drilling on, we sanctioned another platform named Coconut and yesterday announced we have drilled a successful discovery well named Barrel.

去年，我們成功設置了目前正在鑽探的 Mento 平台，我們批准了另一個名為 Coconut 的平台，昨天我們宣布我們成功鑽探了一口名為 Barrel 的發現井。

The Barrel well is located in approximately 170 feet of water in the TSP deep area encountered 125-plus feet of high-quality oil-bearing net pay. We are currently progressing this project to final investment decision with our partner.

Barrel 井位於 TSP 深層區域約 170 英尺深的水中，發現了 125 多英尺厚的優質含油淨產層。我們目前正在與合作夥伴一起推進該專案直至最終投資決策。

And finally, on the sustainability front, after meeting our 2025 targets originally set in 2020, we've updated our goals in line with new EPA reporting standards. We are pleased to announce two new near-term targets. The first goal is to reduce our GHG emissions intensity rate by 25% from our 2019 base year levels by 2030.

最後，在永續發展方面，在實現我們最初於 2020 年設定的 2025 年目標後，我們根據新的 EPA 報告標準更新了我們的目標。我們很高興地宣布兩個新的近期目標。第一個目標是到2030年將我們的溫室氣體排放強度比率在2019年基準年水準上降低25％。

And second is to maintain near zero methane emissions for 2025 through 2030 of 0.2% or less. We have made outstanding progress in our emissions reductions efforts over the last five years and still see ample opportunities to make continued progress with a variety of detection, measurement and capture tools.

第二是2025年至2030年期間維持甲烷排放量接近零，即0.2%或更低。過去五年來，我們在減排工作中取得了顯著進展，並且仍然看到利用各種檢測、測量和捕獲工具繼續取得進展的充足機會。

Technologies and processes like iSense, our in-house continuous methane monitoring system, tank vapor capture and compression optimization have driven company-wide improvements and given us confidence in our ability to execute on further reductions.

iSense、我們的內部連續甲烷監測系統、儲槽蒸汽捕獲和壓縮優化等技術和流程推動了全公司的改進，並使我們對進一步減排的能力充滿信心。

These updated targets demonstrate EOG's continued commitment to sustainability focusing on reducing our emissions intensity and advancing our strong environmental performance. After a strong first quarter, EOG is well positioned to execute on its full-year plan, and we are excited about the opportunities in front of us.

這些更新的目標表明 EOG 對永續發展的持續承諾，重點是降低我們的排放強度並提高我們強大的環境績效。在經歷了第一季的強勁表現後，EOG 已做好充分準備來執行其全年計劃，我們對眼前的機會感到興奮。

Now here's Ezra to wrap up.

現在，埃茲拉要結束演講了。

Thanks, Jeff. I'd like to note the following important takeaways. First, we are off to an exceptional start in 2025, and our multi-basin portfolio is firing on all cylinders. Second, capital discipline is a core pillar of our value proposition, and we have optimized our 2025 capital investment to protect shareholder returns and support higher free cash flow generation. Third, we expect to continue to deliver in 2025 and beyond for our investors.

謝謝，傑夫。我想指出以下重要要點。首先，我們在 2025 年取得了一個非凡的開局，我們的多盆地產品組合正全力以赴。其次，資本紀律是我們價值主張的核心支柱，我們優化了 2025 年的資本投資，以保護股東回報並支持更高的自由現金流產生。第三，我們期望在 2025 年及以後繼續為我們的投資者提供服務。

Our disciplined approach to investment across our foundational and emerging assets continues to grow the free cash flow potential of the company both in the short and long term. Overall, our success is grounded in our commitment to capital discipline, operational excellence and sustainability, all underpinned by our culture.

我們對基礎資產和新興資產的投資採取嚴謹的態度，這將持續增加公司短期和長期的自由現金流潛力。總體而言，我們的成功源於我們對資本紀律、卓越營運和永續性的承諾，而所有這些都以我們的文化為基礎。

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

謝謝聆聽。現在我們進入問答環節。

Thank you. The question-and-answer session will be conducted electronically. (Operator Instructions)

謝謝。問答環節將以電子方式進行。（操作員指示）

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

Yeah, good morning, Ezra. EOG is a bit of a canary in the coal mine, given your decision to pull back a little bit on capital. I guess some of the questions we got from the buy side is on slide 7 you highlight, call it, returns above 100% at [55 and 3] and some investors wondering if maybe higher cost producers that sit at the higher end of the US shale cost curve should be the first ones to cut. And I was wondering if you could just maybe elaborate on this decision, and thoughts on what would cause you to further reduce CapEx as the macro picture evolves.

是的，早上好，埃茲拉。鑑於你們決定稍微撤回資本，EOG 就像是煤礦裡的金絲雀。我想我們從買方那裡得到的一些問題就在幻燈片 7 上，你強調了這一點，即在 [55 和 3] 時回報率超過 100%，一些投資者想知道，位於美國頁岩成本曲線高端的高成本生產商是否應該是第一批減產的企業。我想知道您是否可以詳細說明這個決定，以及隨著宏觀情況的發展，什麼原因會導致您進一步降低資本支出。

Yeah, Arun, good morning. Thanks for the question. I'm not going to speculate or comment on other producers higher on the cost curve. What I would say is our decision to reduce CapEx doesn't reflect any deterioration to the economics of reinvestment at the current prices, it's really a function of capital discipline to protect our shareholder returns and free cash flow. We're more focused on generating returns and free cash flow than on delivering volume growth, and what looks like could be a potentially oversupplied market in the near term.

是的，阿倫，早安。謝謝你的提問。我不會對成本曲線更高的其他生產商進行猜測或評論。我想說的是，我們決定減少資本支出並不反映當前價格下再投資經濟性的惡化，這實際上是一種資本紀律的功能，以保護我們的股東回報和自由現金流。我們更注重創造回報和自由現金流，而不是實現銷售成長，短期內市場可能會出現供過於求的局面。

So the important thing to take away, I think, is that the updated plan still allows each asset to improve year over year, takes advantages of broader opportunities we see to improve our business. The focus on capital discipline for EOG over years, that's what's really helped support and create EOG's low-cost structure and our industry-leading balance sheet.

因此，我認為，重要的是，更新後的計劃仍然允許每項資產逐年改善，並利用我們看到的更廣泛的機會來改善我們的業務。EOG 多年來一直注重資本紀律，這才是真正幫助支持和創建 EOG 低成本結構和行業領先資產負債表的原因。

And we've got strong confidence that we can continue to get better, allow us to continue to lower breakeven as we add lower cost reserves, and ultimately remain focused on optimizing both short and long-term free cash flow generation.

我們堅信，我們可以繼續進步，隨著成本儲備的增加，我們可以繼續降低損益平衡點，並最終專注於優化短期和長期自由現金流的產生。

Great. Makes total sense to us. My follow-up is the company returned 100% of free cash flow in 1Q. I was wondering if you could talk about thoughts on cash return in a tougher macro pictures, looking at the 10-Q, it does appear that EOG is quite active in April. It looks like you bought back maybe up to 5 million shares. Give us your thoughts Ezra and Ann around cash return in a more challenging macro picture?

偉大的。對我們來說完全有意義。我的後續情況是，該公司在第一季返還了 100% 的自由現金流。我想知道您是否可以從更嚴格的宏觀角度談談對現金回報的看法，從 10-Q 來看，EOG 在 4 月確實相當活躍。看起來你可能回購了多達 500 萬股。埃茲拉和安，請談談你們對在更具挑戰性的宏觀形勢下現金回報的看法？

Arun, this is Ann. EOG's approached our cash return remains unchanged to what we've laid out previously. Our strong balance sheet is giving us the ability to return more than 100% of our free cash flow generation to shareholders in the near term.

阿倫，這是安。EOG 的現金回報方法與我們先前製定的保持不變。我們強勁的資產負債表使我們能夠在短期內將超過 100% 的自由現金流返還給股東。

We're off to a great start through the first quarter of 2025, and we continue to remain opportunistic with regards to buybacks. Given the current market conditions and the potential we see in our business today, we expect additional cash returns to continue to be through the share repurchase program.

2025 年第一季我們有一個良好的開端，並且我們將繼續在回購方面保持機會。鑑於當前的市場狀況和我們目前業務中看到的潛力，我們預計透過股票回購計畫將繼續獲得額外的現金回報。

Douglas Leggate, Wolfe Research.

道格拉斯·萊格特（Douglas Leggate），沃爾夫研究公司。

Thank you. Good morning, everybody. Ezra, I think you might have just answered the question I had, but I'm going to try and ask it anyway. On slide 19, you -- long-standing slide you've had -- you showed that $12 billion to $22 billion, three-year cumulative free cash flow. And this -- the comments you made earlier, $4 billion is the number for this year by cutting the capital back. And what I'm trying to figure out is, you never gave us a capital number along with slide 19.

謝謝。大家早安。埃茲拉，我想你可能剛剛回答了我的問題，但我還是會嘗試問一下。在第 19 張投影片上，您（長期以來一直使用的幻燈片）展示了三年累計 120 億美元至 220 億美元的自由現金流。這就是——您之前所說的，40 億美元是今年透過削減資本實現的數字。我想弄清楚的是，你從來沒有在第 19 張投影片中給我們資本數字。

So is this how we should think about it that you're ultimately flexing your capital to protect that $12 billion to $22 billion target? Or is it not as formulaic as that?

那麼，我們是不是應該這樣想：你們最終會動用資本來保護 120 億至 220 億美元的目標？或者它不像那樣公式化？

Yes, Doug, thanks for the question. I would say -- let me remind everyone that the three-year scenario was never intended to be guidance per se. I think directionally though, it is still accurate. And there were some assumptions in that scenario low single-digit year-over-year oil growth, high single-digit year-over-year total production growth. And we actually assumed a cost structure that was basically static from the 2024 levels.

是的，道格，謝謝你的提問。我想說的是──讓我提醒大家，三年計畫本身從來就不是指導性的。但我認為從方向上來說，它仍然是準確的。在這種情況下，有一些假設：石油產量年增率低於個位數，總產量年增率高於個位數。我們實際上假設成本結構從 2024 年的水準開始基本上保持不變。

With regards to your question, I think you're headed down the right path, Doug. And I'd say, in general, I agree with you. What you've seen today is a step to protecting shareholder value and shareholder returns by taking a step that really builds off of our strong first-quarter performance.

關於你的問題，我認為你走的是正確的路，道格。我想說，總的來說，我同意你的看法。您今天看到的是，我們採取了真正建立在我們強勁的第一季業績基礎上的保護股東價值和股東回報的舉措。

And then we also see potential near-term impacts like I talked about with global oil demand due to the ongoing discussions regarding tariffs. So we've proactively taken the step to optimize our plan, pull back on $200 million of capital, which actually, again, going back to the strong first=quarter performance delivers a more capitally efficient plan. It protects free cash flow and ultimately reflects shareholder returns throughout this year.

然後，我們也看到了潛在的近期影響，就像我之前談到的，由於正在進行的關稅討論，全球石油需求也會受到影響。因此，我們主動採取措施優化我們的計劃，撤回 2 億美元的資本，實際上，再次回到強勁的第一季度業績，這提供了一項更具資本效率的計劃。它保護自由現金流並最終反映全年的股東回報。

Keeps you right in line with that target. That's -- I guess, my follow-up is -- I'll be candid, some of the feedback we got after results last night as well, if EOG is now not growing oil production, and they're spending $6 billion.

讓您與該目標保持一致。我想，我的後續問題是，我會坦率地說，昨晚我們得到一些反饋，如果 EOG 現在沒有增加石油產量，而他們卻花了 60 億美元。

How does that jive with the $4.5 billion, $4.7 billion sustaining capital number. And I guess my question is there's obviously a lot of other things in that $6 billion. Where would the next area of capital flexibility come? Would it be drilling activity? Or would it be some of the peripheral issues like infrastructure and exploration and so on.

這與 45 億美元、47 億美元的維持資本數字如何相符？我想我的問題是，這 60 億美元中顯然還有很多其他東西。資本彈性的下一個領域將會在哪裡？這會是鑽探活動嗎？或者是一些外圍問題，例如基礎設施和勘探等。

Yes, Doug, it's a little bit difficult to answer without speculating what type of environment we're specifically in. So maybe start at the top. Last November, we did talk about a range of maintenance capital cases kind of in the range of 4.3% to 4.9%. And the reason for the range is some of the stuff that you're hitting on, it contemplates -- are we trying to keep oil flat? Are we trying to keep equivalents flat?

是的，道格，如果不推測我們具體處於什麼樣的環境，這個問題就有點難回答。所以也許從頂部開始。去年 11 月，我們確實討論了一系列維護資本案例，範圍在 4.3% 到 4.9% 之間。而造成這一範圍的原因在於您所談到的一些因素，它考慮了——我們是否試圖保持石油價格平穩？我們是否試圖保持等價性？

Are we in an environment, quite frankly, similar to 2020, where we've really high-graded the business just to a point to keep volumes relatively flat. We're not investing in exploration or investing anything else. The way to think about where we're at today is, clearly, it's not a maintenance case.

坦白說，我們是否處於與 2020 年類似的環境中，我們對業務的評級確實很高，只是為了保持業務量相對穩定。我們不投資勘探或投資任何其他東西。思考我們今天所處的情況的方式顯然是，這不是一個維護案例。

We have grown year over year about 11,000 barrels a day at the midpoint. And again, we are continuing to invest in the business. We're continuing to invest in our emerging assets. We're continuing to invest in pretty significant gas growth.

與去年同期相比，我們的日產量增加了約 11,000 桶。我們將繼續對該業務進行投資。我們將繼續投資於新興資產。我們將繼續對相當可觀的天然氣成長進行投資。

And where we've actually reduced some of the capital investment has really been on the plays where we have the absolute most flexibility, and those are in some of our legacy assets. So without trying to frame up exactly what environment it is, if we were to take the next step on further reduction in capital, it's certainly hard to imagine an environment where we would let our volumes drop that would have to be something as dramatic as 2020.

我們實際上減少了​​部分資本投資，這些投資確實在我們擁有最大彈性的領域，也就是我們的一些遺留資產。因此，如果我們不試圖確切地界定當前的環境，如果我們要採取進一步減少資本的下一步行動，那麼很難想像我們會在什麼樣的環境下讓我們的交易量下降，而這種下降必須像 2020 年那樣劇烈。

Again, I think it's the only time I can remember us letting that happen. But again, we would have to monitor. It's always a balance between optimizing your near-term free cash flow generation in your long term. And what that means is investing in some of those emerging assets and exploration to continue to drive forth the longer-term future free cash flow generation potential of the company.

再說一次，我想這是我記憶中我們唯一一次讓這種事情發生。但同樣，我們必須進行監控。這始終是在優化短期自由現金流產生和長期自由現金流產生之間取得平衡。這意味著投資一些新興資產和勘探，以繼續推動公司未來長期自由現金流的產生潛力。

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

Thank you. Good morning, guys. Two questions. First, in the commodity business, particularly like oil and gas, what we have seen in the past that at the downturn of the cycle, typically that for the well-positioned company such as you guys with a very strong balance sheet, that's the way that you can make the differences. And drastically widen your competitive edge, either that by buying a huge amount of their stock or that doing some transformative acquisition.

謝謝。大家早安。兩個問題。首先，在大宗商品業務中，特別是像石油和天然氣，我們過去看到，在周期的低迷時期，通常對於像你們這樣擁有非常強勁的資產負債表、處於有利地位的公司來說，這就是你們能夠創造差異的方式。並透過購買大量股票或進行一些變革性收購來大幅擴大您的競爭優勢。

And so I guess my question is that for you guys, when you're looking out, it looks like a lot of the easy market, good quality asset is already being picked up. Do you still see a lot of opportunity from an acquisition target standpoint out there that from a quality standpoint, that can well fit into your portfolio or that you say the -- most of the best asset is already being picked, so at this point, we are really better off for us to continue to buy back. So that's the first question. So I want to see how the management is thinking on those areas.

所以我想我的問題是，對你們來說，當你們觀察時，似乎很多容易的市場、優質的資產已經被選中。從收購目標的角度來看，您是否仍然看到很多機會，從品質的角度來看，這些機會可以很好地融入您的投資組合，或者您說 - 大多數最佳資產已經被挑選出來，所以在這一點上，我們最好繼續回購。這是第一個問題。所以我想看看管理階層對這些領域有何看法。

The second question is on your -- the international asset or particular in Trinidad. I think after being pretty steady, you are doing a lot of activity over there. So how should we look at that business in, say, five years' time?

第二個問題是關於您在特立尼達的國際資產或特殊資產。我認為在情況相當穩定之後，你會在那裡做很多活動。那麼，五年後我們該如何看待這項業務呢？

What is the size of the business you can grow to? And does the management from a regional diversification standpoint, have any desire saying that international become a much bigger portion of your overall portfolio if you do? Any kind of power as you have in mind?

您的業務可以發展到多大規模？如果您這樣做的話，從區域多元化的角度來看，管理層是否有意讓國際業務成為您整體投資組合中更大的一部分？您心目中的權力是哪一種？

Yeah, Paul, this is Ezra. There's a lot there. So let me try to dissect it piece by piece, and we'll get through the questions. I think the first one really centered around in a downturn environment with a strong position company like ours kind of buyback versus M&A opportunities.

是的，保羅，這是伊茲拉。那裡有很多東西。因此，讓我嘗試逐一剖析它，然後我們就能解答這些問題。我認為第一個問題實際上集中在經濟低迷時期，對於像我們這樣實力雄厚的公司來說，回購與併購機會是關鍵。

And it's a great question because we've talked about before how our company with the low cost of operations, the pristine balance sheet and our multi-basin portfolio, we're really set up for countercyclic opportunities. And it's one reason we like to keep some excess cash on the balance sheet.

這是一個很好的問題，因為我們之前已經討論過，憑藉低營運成本、完美的資產負債表和多盆地投資組合，我們公司確實為逆週期機會做好了準備。這也是我們喜歡在資產負債表上保留一些多餘現金的原因之一。

The first thing I would say is -- we don't consider those things to be mutually exclusive. I think we're focused on creating shareholder value and doing it in whatever way we think is the most optimal at the time. I think the first quarter is a great example of this, where we did buy back a significant amount of stock, roughly $800 million repurchased in shares, but we also were able to execute on a small bolt-on acquisition that really ticks off all of the criteria when we talk about M&A and some of the challenges with M&A competing internally for our capital.

我想說的第一件事是──我們不認為這些事情是互相排斥的。我認為我們專注於創造股東價值，並以我們認為當時最優的方式來實現。我認為第一季就是一個很好的例子，我們確實回購了大量股票，大約回購了價值 8 億美元的股票，但我們也能夠執行一項小型附加收購，這項收購真正滿足了我們談論併購時的所有標準，以及併購在內部爭奪我們的資本時面臨的一些挑戰。

And what I mean by that is -- and we should add, it's not just M&A, I would say, exploration opportunities as well. We consider them the same. We look at them through a returns-focused lens. and which one will generate the most returns for our shareholders, which is really competitive with our existing portfolio. If we look at the Eagle Ford, as an example, this bolt-on acquisition that we did, it's largely undrilled.

我的意思是——我們應該補充一點，這不僅僅是併購，我想說，還有勘探機會。我們認為它們是一樣的。我們透過注重回報的視角來觀察它們。哪一個能為我們的股東帶來最大的回報，哪一個與我們現有的投資組合真正具有競爭力。以 Eagle Ford 為例，我們進行的這項附加收購，大部分都還未進行鑽探。

It comes with very, very little PDP, and so the nice thing about it is it competes for capital immediately. We're actually -- even though at a corporate level, we've pulled back some drilling activity, we're actually drilling on this acquisition this year. And so it speaks to the quality and the addition of it. So Paul, in a downturn environment, I think that's how you should be considering our ability to invest countercyclically and make the company better.

它附帶的 PDP 非常少，因此它的優點是它可以立即爭奪資本。實際上，儘管從公司層級來說，我們已經停止了一些鑽探活動，但我們今年實際上仍在針對此次收購進行鑽探。所以它說明了它的品質和附加價值。所以保羅，在經濟低迷的環境下，我認為你應該這樣考慮我們逆週期投資和讓公司變得更好的能力。

With regards to the international investment in specifically Trinidad, I believe, was the second question. We've actually had pretty consistent investment there for a number of years. In Trinidad, well, it's an exciting program, and we continue to see margin expansion there because the quality of the reservoirs and platforms that we continue to drill. I would point out that we do have partners, so typically, the net impact is usually a little bit less than what we're used to seeing with our onshore.

關於特立尼達的具體國際投資，我認為，這是第二個問題。事實上，我們多年來一直在那裡進行相當穩定的投資。在特立尼達，這是一個令人興奮的項目，我們繼續看到那裡的利潤率擴大，因為我們繼續鑽探的水庫和平台的品質。我想指出的是，我們確實有合作夥伴，因此通常情況下，淨影響通常會比我們在岸上看到的影響要小一些。

But ultimately, when you think about the returns profile that those assets give to us, they're very competitive with the portfolio. And one of the things that really allows us to continue to have success there is the fact that we've had such a long relationship, long-term position in the country.

但最終，當你考慮到這些資產為我們帶來的回報狀況時，它們與投資組合相比非常有競爭力。我們能夠繼續在那裡取得成功的真正原因之一是，我們與該國有著長期的合作關係和長期的地位。

We've been active in the Columbus Basin as we talked about in the opening comments for over 30 years. And so it really comes back to our subsurface knowledge and our operational expertise in the shallow water there that continue to open up opportunities for us.

正如我們在開場白中提到的那樣，我們在哥倫布盆地已經活躍了 30 多年。所以這實際上歸功於我們的地下知識和在淺水區的作業專業知識，這些知識和專業知識為我們帶來了持續的機會。

Scott Hanold, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Scott Hanold。

Thanks, Ezra.

謝謝，埃茲拉。

Ezra, you've given a pretty good overview on why you look to optimize your activity levels in light of the macro environment. But if there is some -- if there's a persistent weak oil market, but gas remains firm, how do you think about like capital allocation changing to more gassy areas like Dorado and maybe even targeting more of the gassy intervals in the Permian Basin?

埃茲拉，你已經很好地概述了為什麼你要根據宏觀環境來優化你的活動水平。但是，如果石油市場持續疲軟，而天然氣市場保持堅挺，您如何看待將資本配置轉向多拉多等天然氣含量更高的地區，甚至瞄準二疊紀盆地中更多的天然氣層段？

Yeah, Scott. We remain very optimistic and very bullish on the long-term outlook for natural gas. Like I said in the opening remarks, we think '25 is an inflection point. You're starting to see some of the LNG come online. I think LNG nameplate capacity is up 2.5 Bcf a day year-over-year already.

是的，斯科特。我們對天然氣的長期前景仍然非常樂觀且看好。正如我在開場白中所說的那樣，我們認為 25 是一個轉捩點。您開始看到一些液化天然氣投入使用。我認為液化天然氣額定產能已比去年同期增加了每天25億立方英尺。

We continue to see strong increases in natural gas for power demand. And ultimately, where we see ourselves even today here kind of in shoulder season with the inventory levels at the five-year average, very well positioned to progress into the summer months and throughout the rest of 2025.

我們持續看到天然氣發電需求的強勁成長。最終，即使今天，我們也看到自己處於淡季，庫存水平處於五年平均水平，非常適合進入夏季以及 2025 年剩餘時間。

As far as chasing inventory levels or commodity price on gas, that's never really been part of our focus, right? Because we do recognize that while we see 25% as an inflection point in demand increasing, we do think gas, just by nature of how tight it is to weather is that gas always has a bit of a higher volatility related to oil.

至於追逐庫存水準或天然氣商品價格，這從來都不是我們的關注重點，對嗎？因為我們確實認識到，雖然我們將 25% 視為需求增長的拐點，但我們確實認為，天然氣受天氣影響的性質決定了其波動性總是比石油高一些。

So our most important focus with developing Dorado has been maintaining our low-cost structure and making sure that we're investing in that asset at the right pace so that we can continue to have value creation on the gas side through the cycle.

因此，我們開發 Dorado 的首要重點是保持低成本結構，並確保以正確的速度投資該資產，以便我們能夠在整個週期中繼續在天然氣方面創造價值。

By keeping activity going there, you can see that we've been able to increase our drilled feet per day by 15%. In recent times, we've made completed feet per day increased by 15% as well. And you can see on our recent slide disclosure there, the break-even that we've highlighted there is we've driven the break evens in Dorado down to the $1.40 level. So we're very happy with our progress there in Dorado. I think we're investing in that asset at a pace commensurate with our gas takeaway position.

透過保持那裡的活動，您可以看到我們已經能夠將每天的鑽孔量增加 15%。近年來，我們每天的完成量也增加了 15%。您可以在我們最近的幻燈片揭露中看到，我們強調的損益平衡點是，我們已將 Dorado 的損益平衡點降至 1.40 美元的水平。因此，我們對在多拉多的進展感到非常高興。我認為我們對該資產的投資速度與我們的天然氣外送業務地位相稱。

And I'm not sure if we would lean in on that any more aggressively. It's not a play where we want to get into a position where we outrun our pace of learnings.

我不確定我們是否會更積極地傾向於此。這不是一個我們想要達到超越學習速度的情況的遊戲。

Okay. Appreciate that. And yeah, the $1.40 number is definitely a pleasant surprise to see that it's pretty impressive. As my follow-up then, too, is you did highlight cost improvements across your asset base. You talked about like Eagle Ford dollar per foot, the Utica dropped now below what you've previously seen in light of, I'd say, kind of some pushes and pulls with tariff risk on some cost but obviously -- potentially some softer [OFS costs] and continued efficiencies.

好的。非常感謝。是的，1.40 美元這個數字確實令人驚喜，相當令人印象深刻。我的後續問題是，您確實強調了整個資產基礎上的成本改進。您談到了像 Eagle Ford 每英尺美元這樣的價格，現在 Utica 的價格已經跌破了您之前看到的水平，我想說，這是因為關稅風險對某些成本產生了一些推拉作用，但顯然 — — 可能會有一些較軟的 [OFS 成本] 和持續的效率。

What do you think about 2026, and maybe any kind of thoughts on '27 in terms of like where do well cost trends go for EOG?

您對 2026 年有什麼看法？您對 2027 年有什麼看法？例如，EOG 的成本趨勢如何？

Yeah, Scott, this is Jeff. I mean looking out towards '26 and '27 right now with the volatility and the uncertainty with tariffs, it's pretty tough to see exactly how that's going to play out. What I would say is we feel really confident this year that, first off, we're not going to have any impact from tariffs saying on our well costs.

是的，斯科特，這是傑夫。我的意思是，現在展望 26 年和 27 年，由於關稅的波動性和不確定性，很難確切知道結果會如何。我想說的是，我們今年非常有信心，首先，關稅不會對我們的成本產生任何影響。

I think our supply chain teams have done an outstanding job proactively purchasing and inventory in our necessary needs, and we feel really good about where those costs are going to sit. We still think we're going to be kind of at that low single-digit percentage this year.

我認為我們的供應鏈團隊在主動採購和盤點我們必需的需求方面做得非常出色，我們對這些成本的去向感到非常滿意。我們仍然認為今年的成長率將處於較低的個位數百分比。

But what I will say about that is I think it's primarily going to be, as you talked about, be driven by the sustainable efficiency gains that we've seen. When you're looking at the drilling side, the EOG technology and the motors continues to push forward efficiencies, the longer laterals have had a big move, and you can see us rolling that out across the portfolio. And then even on the completion side, we've talked about just adding the horsepower, I mean not only getting better well performance out of it, we're also getting better efficiencies.

但我想說的是，正如您所說，我認為這主要將受到我們所看到的可持續效率提升的推動。從鑽井方面來看，EOG 技術和馬達不斷提高效率，較長的水平井已經有了很大的發展，您可以看到我們將其推廣到整個產品組合中。然後，即使在完成方面，我們也只是談論增加馬力，我的意思是不僅可以獲得更好的性能，還可以獲得更好的效率。

So outward, there's really -- it's tough to add any kind of resolution kind of beyond this year, but we feel really confident about where we're at this year. And if I look even to its service costs, just to give you a little color there. we don't see a whole lot of pullback right now even from service costs.

所以從表面上看，今年之後確實很難做出任何決議，但我們對今年的狀況充滿信心。如果我看一下它的服務成本，就可以提供你一點資訊。就連從服務成本來看，我們目前也沒有看到太大的回落。

The high-spec services that we use, we see that they're still in pretty high utilization across the industry. So we'll keep an eye on the market, though, and we'll kind of evaluate any impact of a pullback, and we'll just look for areas that we can take advantage on the well cost side as we move forward.

我們發現，我們使用的高規格服務在整個行業中的利用率仍然很高。因此，我們會密切關注市場，評估回檔的影響，並尋找未來在成本方面可以利用的領域。

Leo Mariani, ROTH.

裡奧·馬裡亞尼（Leo Mariani），羅斯（ROTH）。

Hi, why don't you just ask a little about more about the Dorado play here. So, just kind of wanted to just ask a little about -- more about the Dorado play here. So I just kind of wanted to get a sense of kind of what the returns are on that asset, say, at kind of $4 gas, which is -- I guess, fairly close to what strip prices are in 2026.

你好，為什麼不在這裡多問一些關於 Dorado 比賽的問題呢？所以，我只是想問一下——更多關於 Dorado 比賽的情況。所以我只是想了解一下這種資產的回報率是多少，比如說，汽油價格為 4 美元左右，我想這相當接近 2026 年的石油價格。

And what are the kind of the similar returns on some of the core oil plays, Delaware, Eagle Ford is, say, $55 oil. I was hoping you could just kind of do a little bit of a compare and contrast on the returns of those two assets here

那麼，特拉華州鷹福特等一些核心石油公司的回報率如何？油價是 55 美元。我希望你能稍微比較一下這兩種資產的回報

Yes Leo, this is Ezra. Yes, at $4 gas, you can see with the breakeven that we've talked about today, Dorado is very, very -- it's a very compelling investment. The key, of course, is making sure that, that -- that investment continues to have the high rates of return if we see a pullback from that $4 strip, right? And so it speaks again to investing in each of these emerging assets at the right pace to make sure from day one we're delivering low-cost reserves into our portfolio.

是的，Leo，這是Ezra。是的，以 4 美元的汽油價格來看，根據我們今天討論的盈虧平衡點，Dorado 是一項非常非常有吸引力的投資。當然，關鍵是要確保，如果我們看到 4 美元的回撤，這項投資能夠繼續獲得高回報率，對嗎？因此，這再次表明要以適當的速度投資每項新興資產，以確保從第一天起我們就將低成本的儲備引入我們的投資組合。

As far as comparing it to a $55 -- one way to look at it is on slide 7, where we talk about our multi-basin portfolio in general. At $55 and $3 gas, we're talking about 10 billion barrels of equivalent resource that delivers over 100% after-tax rate of return.

至於將其與 55 美元進行比較——一種查看方式是在第 7 張投影片上，我們在其中總體討論了我們的多盆地投資組合。以 55 美元的原油價格和 3 美元的天然氣價格計算，我們談論的是 100 億桶當量資源，可帶來超過 100% 的稅後回報率。

So at $55 in general, our oil plays have a -- deliver a very competitive return as well. One thing to keep in mind, obviously, is across our portfolio of assets, those returns fluctuate with not only well cost, but the shape of the curves and the type of reservoir that we're talking about as well.

因此，在 55 美元的整體物價水準下，我們的石油投資也能帶來非常有競爭力的回報。顯然，要記住的一件事是，在我們的資產組合中，這些回報不僅會隨著油井成本而波動，還會隨著曲線的形狀和我們所討論的油藏類型而波動。

So it's one of the reasons that while returns are still kind of the primary form that we evaluate our wells by, our consideration of what creates value has evolved. We begin with returns, but we really look at things like net present value. We look at the returns of multiple price decks. We look at margin expansion and payback period and some other key metrics to make sure that we're doing the best that we can to create value for our shareholders.

因此，儘管回報仍然是我們評估油井的主要形式，但我們對創造價值的考慮已經改變了。我們從回報開始，但我們真正關注的是淨現值之類的東西。我們關注多個價格組的回報。我們專注於利潤率擴張和回收期以及其他一些關鍵指標，以確保我們盡最大努力為股東創造價值。

Okay. I appreciate that. And then just, obviously, you guys made the decision to cut some capital out of the program here this year. Basically, you're kind of flattening out oil for the rest of the year here. But just with respect to kind of some of the timing, is that $200 million of CapEx and activity reductions kind of more in the second half of the year?

好的。我很感激。然後，顯然，你們決定今年從該計劃中削減一些資金。基本上，今年剩餘時間的石油供應都會趨於平穩。但就時間表而言，下半年的 2 億美元資本支出和活動削減是否會更多？

And then I guess, presumably, could there be a bit more production impact in 2026? And you also mentioned tariffs don't impact 2025, but would you guys have exposure there in '26?

那我想，大概 2026 年的生產影響會更大嗎？您也提到關稅不會影響 2025 年，但你們會在 2026 年影響那裡嗎？

Yeah, Leo, this is Jeff. Yes, the majority of the $200 million, I mean, it's really kind of spread through the rest of the year. I mean, obviously, with the full second half still out there, the majority of it is in the second half of the year.

是的，Leo，這是 Jeff。是的，我的意思是，這 2 億美元中的大部分實際上分散到了今年剩餘的時間。我的意思是，顯然整個下半年仍未到來，大部分工作都在下半年進行。

And what I'd really kind of point out about how we pulled back, and I think Ezra really hit on it is we're really focused more on more active areas, the Delaware Basin and the Eagle Ford. And the reason is we've got plenty of activity there.

我真正想指出的是，我們如何撤退，我認為埃茲拉真正指出的是，我們真正關注的是更活躍的地區，即特拉華盆地和鷹福特。原因是我們在那裡有很多活動。

They're kind of finally old machines, I would say, and these plays can continue to drive the improvements in the efficiency gains that we've seen.

我想說，它們最終都變成了老式機器，而這些玩法可以繼續推動我們所看到的效率提升。

So that's really where we pulled back about 15 wells there in the Delaware and 10 less in the Eagle Ford. And then the real focus is maintaining our activity in our emerging plays, basically the Utica and the Dorado. So no changes with those at all. We're still going to have 20% more completions in both of those, and when looking at the Utica, we'll end with full rigs and one frac then in Dorado, we'll maintain that one rig.

因此，我們實際上在特拉華州減少了大約 15 口井，在鷹福特減少了 10 口井。然後真正的重點是保持我們在新興劇院的活動，主要是尤蒂卡和多拉多。因此這些都沒有任何變化。在這兩個地區，我們的完井量仍將增加 20%，而在尤蒂卡，我們將擁有完整的鑽機和一個壓裂井，而在多拉多，我們將保留那一個鑽機。

And then lastly, on the international front, just to kind of round it out. So there's no changes there. We're going to still execute on our Mento program down there in Trinidad and continue building the Coconut facility and then Bahrain, no changes on the exploration side there.

最後，從國際方面來說，我們來總結一下。所以那裡沒有變化。我們仍將在特立尼達執行我們的 Mento 計劃，並繼續建造椰子設施，然後是巴林，那裡的勘探方面不會有任何變化。

And then when we built this plan, we strategically put it together and optimize it to make sure we had a lot of flexibility heading into '26. So we don't expect any effects on capital efficiency or our ability to execute on really a wide range of potential plans in '26. So we'll just have to see how the macro plays out before we have any more commentary on where we go for '26.

然後，當我們制定這個計劃時，我們會從策略上將其整合並優化，以確保我們在進入 26 年時擁有很大的靈活性。因此，我們預計這不會對資本效率或我們在 26 年執行廣泛潛在計劃的能力產生任何影響。因此，在我們對 26 年的發展方向做出更多評論之前，我們只需要觀察宏觀經濟如何發展。

Derrick Whitfield, Texas Capital.

德瑞克·惠特菲爾德，德州首府。

Good morning all, and thanks for your capital disband leadership. From a CapEx perspective, you highlighted flat service prices for high-spec equipment in your prepared remarks and an earlier question. If we would experience a more protracted period of depressed prices in low-50s, could you broadly speak to your views on service prices in that environment and the structure of your service contracts as they stand today?

大家早安，感謝你們對首都解散領導層的領導。從資本支出的角度來看，您在準備好的發言和先前的問題中強調了高規格設備的固定服務價格。如果我們經歷一段更長的 50 出頭的價格低迷期，您能否大致談談您對這種環境下服務價格以及當前服務合約結構的看法？

Yeah, Derek, this is Jeff. It's hard to tell. Obviously, there's a certain point where we'll break over and you'll have enough activity that drops off on the high-spec services. I don't exactly know where the line on the sand is with that, but obviously, we'll keep an eye on it. We'll watch how the market evolves, and we'll be consistently working with our suppliers and rebidding to make sure that we have the ultimate flexibility and we can take advantage of any kind of pricing drops there.

是的，德瑞克，這是傑夫。這很難說。顯然，在某個特定點上，我們將會突破，並且您將擁有足夠的活動，從而減少高規格服務。我不太清楚這條線在哪裡，但顯然我們會密切注意。我們將關注市場如何發展，並持續與供應商合作並重新招標，以確保我們擁有最大的靈活性，並可以利用任何類型的價格下降。

So as far as flexibility, though, the great thing about it is we built a lot of flexibility into what we have contracted in our agreements out there with our service providers, and really don't have any issues with either stepping up or stepping down activity.

因此，就靈活性而言，最棒的事情是，我們在與服務提供者簽訂的協議中建立了很大的靈活性，並且在加強或減少活動方面確實沒有任何問題。

I think we've kind of demonstrated that in the past multiple times when we've been able to manage activity and move. And I think that's one of the great benefits, as we've talked about, about our multi-basin portfolio and the consistent returns around it that we're able to really move activity very, very quickly. have a lot of flexibility with all those agreements.

我認為，我們過去已經多次證明了這一點，我們能夠管理活動和行動。我認為這是我們的多盆地投資組合及其持續回報的一大優勢，正如我們所討論的，我們能夠非常非常快速地開展活動。所有這些協議都具有很大的靈活性。

Great. Regarding gas marketing, we're continuing to see demand outlooks along the Gulf Coast with Woodside being the latest LNG project to reach -- as you look out beyond 2027 on slide 10 of your 1Q earnings deck, how are you broadly thinking about the amount of exposure you'd like to have in the LNG markets versus domestic markets?

偉大的。關於天然氣行銷，我們繼續關注墨西哥灣沿岸的需求前景，伍德賽德是最新實現的液化天然氣項目——當您在第一季度收益演示文稿的第 10 張幻燈片中展望 2027 年以後時，您大致如何考慮您希望在液化天然氣市場與國內市場上的曝光度？

Yeah, Derek. I appreciate the question. Yeah, I'd say we've done a great job being a first mover kind of lining up our gas sales agreements to first be able to get our gas offshore. And then second, be able to expose ourselves to kind of a portfolio of different pricing mechanisms.

是的，德里克。我很感謝你提出這個問題。是的，我想說，作為先驅者，我們在安排天然氣銷售協議方面做得很好，能夠率先將天然氣輸送到海外。其次，我們能夠接觸到各種不同定價機制的組合。

As you mentioned on Slide 10 illustrates some of those different mechanisms where we have some sales that are Brent-linked, some sales that are linked to JKM and then some that are straight to Henry Hub. So I'd continue to think about it that way. We have structured each of our agreements to be a gas sales agreement -- so we -- FOB state side there, we don't take any risk overseas or have any gas on water or anything like that.

正如您在幻燈片 10 中提到的那樣，它展示了一些不同的機制，其中一些銷售與布倫特原油掛鉤，一些銷售與 JKM 掛鉤，還有一些銷售直接與亨利港掛鉤。所以我會繼續這樣思考。我們將每項協議都建構成天然氣銷售協議 - 因此我們 - 以離岸價在美國境內運輸，我們不會承擔任何海外風險，也不會在水上運輸任何天然氣或類似的東西。

And we would look to continue to be more than likely countercyclic when looking for opportunities to step into favorable contract negotiations. The two things that we continue to focus on is exposure of our gas to get it offshore. And then the second thing is to continue to expose ourselves to a diverse pricing indices.

當我們尋找機會進入有利的合約談判時，我們很可能會繼續採取逆週期策略。我們持續關注的兩件事是將我們的天然氣輸送到海上。第二件事就是繼續讓我們自己接觸多樣化的定價指數。

That's the biggest thing is being able to be exposed to different prices with low-cost gas at the right time because -- as the world becomes a little bit smaller with respect to LNG and North America continues to get our LNG offshore, you're going to have the opportunity to be exposed to global arbitrages wherever they may occur, and having your gas there and exposed to the pricing indice at that time is the only way to capitalize on it.

最重要的是能夠在正確的時間以低成本天然氣接觸不同的價格，因為——隨著世界液化天然氣規模變得越來越小，北美繼續將液化天然氣輸送到海外，你將有機會接觸到全球套利，無論它們發生在哪裡，而將你的天然氣輸送到那裡並接觸到當時的價格指數是從中獲利的唯一方法。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

Yeah. Good morning. We've always thought of Trinidad as primarily a gas play that you discovered oil at Barrel. What's your view of additional or opportunities around Trinidad and either any other oil targets in the exploration plan?

是的。早安.我們一直認為特立尼達主要是天然氣儲量地，而在巴雷爾發現了石油。您對特立尼達週邊以及勘探計劃中的任何其他石油目標的額外機會有何看法？

Yeah, Scott, this is Jeff. Primarily, Trinidad, obviously, has been more gas than oil. But what I will say is, at least on this prospect with Barrel, we knew going into it that there was a potential of an oil-bearing target there. I think the questions really were just how prolific it was going to be and whether or not it's going to be large enough to be economic.

是的，斯科特，這是傑夫。顯然，特立尼達的天然氣儲量比石油儲量多。但我要說的是，至少在 Barrel 這一前景上，我們知道那裡有潛在的含油目標。我認為真正的問題是它的產量將會有多大，以及它的規模是否足以產生經濟效益。

So obviously, whenever you're looking at gas and oil, there are several geologic factors that really influence that, whether it's a depth to source rock, the position within structure, but ultimately, what we really use to identify this is just the advanced seismic tools to really see the accumulations and try to really tell whether it's gas or oil.

因此，顯然，每當你觀察天然氣和石油時，都有幾個地質因素會對其產生影響，無論是源岩的深度，還是構造內的位置，但最終，我們真正用來識別這一點的只是先進的地震工具，以真正看到積累並試圖真正判斷它是天然氣還是石油。

And then what we ultimately did is confirm the fluid type from an exploration aspect. So what I'd say is on this particular prospect, we did have a good line of sight that we did have an oil-bearing sand. And we'll continue to look for those opportunities as we move forward.

然後我們最終做的是從勘探的角度確認流體類型。所以我想說的是，在這個特定的前景中，我們確實有很好的視線，我們確實有含油砂岩。我們將繼續在前進的過程中尋找這些機會。

And we feel, obviously, there's still a lot of upside, as Ezra has talked about in the future, just with our shallow offshore expertise there in Trinidad. And a lot of our very aligned partnerships down there. We think there's going to be a lot of additional entries that we can have to continue to explore additional gas and oil opportunities.

而且我們感覺，顯然，正如埃茲拉談到的那樣，未來仍有很多優勢，儘管我們在特立尼達的海上專業知識還不夠豐富。我們在那裡建立了許多非常一致的合作關係。我們認為，我們還可以繼續探索更多的天然氣和石油機會。

I appreciate that. And then turning to OpEx. Cash costs be here in 1Q, you flexed down your full-year guide. Can you provide some color on what drove the beat in 1Q and just given the lower oil prices, is there more to go on potentially reducing OpEx even further?

我很感激。然後轉向 OpEx。現金成本在第一季就已出現，您下調了全年指南。您能否解釋一下第一季業績成長的因素？鑑於油價較低，是否還有可能進一步降低營運支出？

Yeah, Scott, this is Jeff again. I think there is still a lot of room to go because just like on our well cost, OpEx is no different. We're continuing to drive forward and look for ways to optimize there and get more efficient. And that's really what our teams are doing. So just a little bit of color on the variance there from an expense standpoint.

是的，史考特，我又是傑夫。我認為還有很大的提升空間，因為就像我們的油井成本一樣，營運支出也沒有什麼不同。我們將繼續努力並尋找優化和提高效率的方法。這正是我們的團隊正在做的事情。因此，從費用的角度來看，這裡存在一點差異。

On the LOE side, yes, we were a little bit lower in forecast in Q1, had a little bit of volumes beat there, but really, we just had some lower workover expense across our divisions. And that really carries through also to our full-year guide there, where we've got some less labor costs and workover expense, and that's really just due to the strong base production and the less downtime we're seeing across the portfolio.

在 LOE 方面，是的，我們在第一季的預測略低一些，產量也略有超出，但實際上，我們各部門的修井費用都有所降低。這也確實延續了我們全年的指導方針，我們的勞動力成本和修井費用有所減少，這實際上只是由於基礎產量強勁以及整個投資組合中停工時間減少。

And a lot of that has to do, obviously, with our teams in the field, but it also has to do with the technology that we utilize and we deploy out there with our control rooms and as we've talked about, some of the optimizers. Continuing on GP&T, we were a little higher there in the first quarter, but nothing really out of line. And then full year obviously is down a little bit just because of some anticipated compression related costs.

顯然，這在很大程度上與我們在現場的團隊有關，但也與我們利用的技術以及我們在控制室部署的技術有關，正如我們所討論的一些優化器。繼續討論 GP&T，我們在第一季的業績略高一些，但並沒有什麼特別出乎意料的地方。然後，由於一些預期的壓縮相關成本，全年顯然會略有下降。

And also with gas prices being a little bit reduced, we potentially could see some fuel savings there on the GP&T side.

而且由於汽油價格略有下降，我們可能會看到 GP&T 方面節省一些燃料。

And then lastly, I just hit on maybe G&A. We are just few little minor cleanup things there. We were a little lower in the first quarter on headquarter benefits. And then full year right now, we're really just looking at a decrease in overall employee-related cost and headcount.

最後，我可能只是談到了 G&A。我們只是在那裡做一些小小的清理工作。第一季我們的總部福利略低。那麼就目前全年而言，我們實際上只是看到與員工相關的總體成本和員工數量的減少。

We're just not needing to add as many people just with how efficient the company is running at this point in time. So really happy with how things are rolling up for the year, and we'll continue to look for ways to drive down those operating expenses.

鑑於目前公司營運效率較高，我們不需要增加那麼多員工。因此，我們對今年的進展感到非常高興，我們將繼續尋找降低營運費用的方法。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Morning, Ezra and team. Just two quick ones here. The South Texas Eagle Ford bolt-on, just building out, it looks like an incremental 30,000 acres here. So just talk a little bit about it, what brings to the table and how you're thinking about that?

早安，埃茲拉和團隊。這裡僅簡單介紹兩個。南德克薩斯州鷹福特附加設施剛剛建成，看起來這裡增加了 30,000 英畝。那麼請您稍微談談這個問題，有什麼好處以及您對此有何看法？

Yeah, good morning. Neil, this is Keith. We feel it's a great transaction for EOG. We've been active in the Eagle Ford for 15 years now. So we're very familiar with the acreage held and what's available in the area. This essentially was a hole in our acreage, and it's the largest remaining block of largely undeveloped core Eagle Ford acreage out there.

是的，早安。尼爾，這是基斯。我們認為這對 EOG 來說是一筆很棒的交易。我們已經在 Eagle Ford 活躍了 15 年。因此，我們非常熟悉該地區的土地面積和可用資源。這實際上是我們土地上的一個洞，也是那裡剩餘的最大一塊尚未開發的 Eagle Ford 核心土地。

So they were strong stakeholder alignment between both parties, so we were able to transact on the block. What we love about it is that it immediately competes with our existing portfolio. We have driving activity that's going to be going on there this year. We're very familiar with the geology of the area. We have geologic data, seismic, well results on both sides of the acreage.

因此，雙方的利害關係人緊密結合，我們才能夠進行交易。我們喜歡它的地方在於它可以立即與我們現有的產品組合競爭。我們今年將在那裡開展駕駛活動。我們對該地區的地質狀況非常熟悉。我們擁有該區域兩側的地質資料、地震和鑽井結果。

We understand the area very well. It's nearby EOG gathering systems and infrastructure. So you're talking about less indirect dollar investment that's needed in there. The block itself is very well set up for long laterals. So the transaction itself adds [123-mile] locations, and it also allows us to extend wells that we had previously planned on our former acreage footprint.

我們非常了解該地區。它位於附近的 EOG 收集系統和基礎設施。所以您說的是那裡需要的間接美元投資較少。該區塊本身非常適合長橫向延伸。因此，交易本身增加了 [123 英里] 的位置，並且還使我們能夠擴展我們之前在以前的土地面積上計劃的油井。

So there's 35 of those wells that were able to increase by 1 mile on average. We also love that it has a high net revenue interest. And so overall, yes, it's a 30,000 net acre position. The PDP that is on it is fairly modest. It's 2,000 to 3,000 BOE per day. 85% of that is oil. But we do have to do some facilities upgrades on those wells to get them kind of up to EOG spec.

因此，其中 35 口井的平均增深可達 1 英里。我們也喜歡它有很高的淨收益利益。所以總體來說，是的，這是一個 30,000 淨英畝的部位。上面的 PDP 相當適中。每天為 2,000 至 3,000 桶油當量。其中85%是石油。但我們確實必須對這些油井進行一些設施升級，以使其達到 EOG 規格。

So that oil is not coming on until later in the year, and it's not a material effect on our plan. So overall, we're very happy with the transaction. This adds to our long and successful track record of adding low-cost resources across the multi-basin portfolio including foundational assets like the Eagle Ford.

因此，石油產量要到今年稍後才會達到，而且這不會對我們的計劃產生實質影響。總的來說，我們對這筆交易非常滿意。這進一步鞏固了我們在多流域投資組合中增加低成本資源（包括像 Eagle Ford 這樣的基礎資產）的長期成功記錄。

So the acquisition is a great example of the type of bolt-on deals that we look for, and it was underwritten by high return thresholds, it adds duration to a world-class asset and the transaction creates great value for the shareholders.

因此，此次收購是我們所尋求的附加交易類型的一個很好的例子，它有很高的回報門檻，它增加了世界級資產的持續時間，並且該交易為股東創造了巨大的價值。

Thank you. That's helpful. And then are you -- we've been through down cycles before, most notably 2020, although that was a stream. But if you look back to that experience and the oil sell-off that we had five years ago, and if in a scenario where things get materially worse on front month oil, which is not our base case, but it's certainly in the realm of possibility here over the next couple of days.

謝謝。這很有幫助。那你呢——我們以前也經歷過下行週期，最明顯的是 2020 年，儘管那是一條溪流。但是，如果回顧一下五年前的經歷和石油拋售，如果近月石油價格大幅下跌，雖然這不是我們的基本情況，但在接下來的幾天裡，這種情況肯定有可能發生。

What are the lessons that you learned from your 2020 experience that you would carry forward here, things like maybe having a little bit more capacity to buy back stock countercyclically than you did back then? Or be more aggressive on them from an M&A perspective. Just your own perspective of how that experience could inform the future experience if things go wrong way.

您從 2020 年的經驗中學到了哪些教訓，可以在這裡繼續發揚，例如，也許比那時擁有更多的逆週期回購股票的能力？或從併購的角度對他們採取更積極的態度。如果事情出了問題，你只需從自己的角度考慮一下，這段經歷可以如何影響未來的經歷。

Yes, Neil, that's a good question. It's a little bit of what we can do today, but it's really how we built the company over the last few years. It's the low-cost structure that we have. It's the way that we contract with our agreements to allow us to have flexibility to move equipment between basins or even slow down our activity if we need to. It's the strong balance sheet, as you said.

是的，尼爾，這是個好問題。這只是我們今天所能做的一小部分，但這確實是我們過去幾年建立公司的方式。這是我們擁有的低成本結構。這是我們簽訂協議的方式，使我們能夠靈活地在盆地之間移動設備，甚至在需要時放慢我們的活動速度。正如您所說，這是強勁的資產負債表。

It's the cash on hand and the low total debt that we keep. And we've talked about our total debt versus EBITDA target of being less than 1 times at bottom cycle prices or 45%. Those are the things that we continue to do to position the company (technical difficulty) opportunities.

我們擁有現金且總債務較低。我們已經討論過，我們的總債務與 EBITDA 目標的比率應低於週期底部價格的 1 倍或 45%。這些都是我們為了定位公司（技術難度）機會而繼續做的事情。

The biggest thing about looking at the downturn before is the first thing is protecting your free cash flow and being able to protect your cash return to your shareholders and being committed to capital discipline. I think we've taken a big step in that today in letting our shareholders recognize that especially on the -- coming off of such a strong first quarter that we are focused on being capitally disciplined and that it is a core pillar of our value proposition.

在經濟衰退之前，最重要的事情是首先要保護你的自由現金流，能夠保護你對股東的現金回報，並致力於資本紀律。我認為，今天我們在這方面邁出了一大步，讓我們的股東認識到，特別是在經歷瞭如此強勁的第一季度之後，我們專注於嚴格控制資本，這是我們價值主張的核心支柱。

The second thing I would say is that we can take out of 2020 is that we do have an advantage to look for some countercyclical opportunities. In 2020, as you recall, that's when we were able to put together some of the acreage in these exploration opportunities that we're developing today is emerging assets. We are also able to countercyclically purchase some pipe that was able to go into the ground as part of our Dorado gas sales strategy.

我想說的第二件事是，我們可以從 2020 年得出的結論是，我們確實有優勢去尋找一些逆週期機會。您還記得，2020 年，我們能夠整合這些勘探機會中的部分土地，而我們今天正在開發的這些土地都是新興資產。作為我們多拉多天然氣銷售策略的一部分，我們也能夠逆週期購買一些能夠埋入地下的管道。

And back then, we did a number of small bolt-on acquisitions that added some 25,000 acres, if I'm recalling correctly, in the Permian Basin. So those are the type of opportunities that we look at, but it's -- it's really about all the decisions you're making on a day-to-day basis of how you want the company to be positioned, what's important to the company's value proposition and how your management team executes on that, that's going to determine how flexible or how advantageous you can be in times of a pullback or a downturn.

當時，我們進行了一些小型附加收購，如果我沒記錯的話，在二疊紀盆地增加了約 25,000 英畝的土地。所以，這些都是我們所關注的機會，但實際上，這關乎你每天所做的所有決定，包括你希望公司如何定位、什麼對公司的價值主張最重要以及你的管理團隊如何執行這些決定，這些將決定你在回調或低迷時期的靈活性或優勢。

Charles Mead, Johnson Rice.

查爾斯·米德、約翰遜·賴斯。

Good morning to you and your whole team there. I wanted to pick up the discussion thread on barrel a bit more. You guys -- I think it was Jeff who mentioned that you weren't sure whether you're going to get oil or gas there.

向您和您的整個團隊致以最美好的祝愿。我想進一步討論桶子的話題。你們——我想是傑夫提到你們不確定是否會在那裡得到石油或天然氣。

But I wonder if you could talk more about how this 125 feet that you saw came in versus predrill and whether that's 1 zone or 2 zones or anything you could care share along those lines? And then also -- can you give us a sense what the major steps towards FID are or will be? And should we be thinking 2,000 barrels a day net or 20, just order of magnitude?

但我想知道您是否可以詳細談談您看到的這 125 英尺與鑽探前相比的情況，以及這是 1 個區域還是 2 個區域，或者您可以分享任何這方面的資訊？然後，您能否向我們介紹實現 FID 的主要步驟是什麼或將是什麼？我們是否應該考慮每天淨增 2,000 桶或 20 桶，這只是數量級的問題？

Yeah, Charles, this is Jeff. And thanks for the question. Well, the first thing I'd preface is obviously, it's real early in this. So there's not a lot of information. But as you said, it's about 125-foot of consistent oil-bearing sands.

是的，查爾斯，這是傑夫。感謝您的提問。好吧，首先我要說的是，顯然現在還為時過早。所以沒有太多的資訊。但正如你所說，它大約有 125 英尺厚的連續含油砂岩。

And it was in about 170-foot of water. And the thing right now is we're currently really refining all of our resume models to really understand the ultimate size of the prospect. And then also, we've got our operations teams. They're working through a lot of the other decisions like facility size, the specs of the platform and finalizing our completion and production design.

它位於約 170 英尺深的水中。現在的情況是，我們正在完善所有的履歷模型，以真正了解潛在客戶的最終規模。此外，我們還有營運團隊。他們正在研究許多其他決策，例如設施規模、平台規格以及最終確定我們的完工和生產設計。

And then also, I'd say the economics on our initial estimates that we talked about, I mean, it definitely justifies setting the platform. So move forward into the FID side of it, we're really just engaging with the partners and getting to a final decision from that aspect.

然後，我想說，根據我們討論的初步估計的經濟狀況，它絕對證明了設置平台的合理性。因此，進入 FID 方面，我們實際上只是與合作夥伴接觸並從該方面做出最終決定。

So I mean, we're obviously really excited about the discovery, but I'd like to reiterate, it is still early. So we'll continue to kind of assess it. And then once we do work closer to that FID and work through it with our partners, we'll have a lot more detail to be able to share with you then.

所以我的意思是，我們顯然對這一發現感到非常興奮，但我想重申一下，現在還為時過早。因此我們會繼續對其進行評估。一旦我們更接近最終決定並與我們的合作夥伴一起完成它，我們將有更多細節可以與你們分享。

Okay. That makes sense. And then my follow-up on the Eagle Ford bolt-on, that looks like a great deal for you guys, and it kind of seems like it's maybe the unicorn left in the play with that big undeveloped position.

好的。這很有道理。然後，我對 Eagle Ford 附加裝置的後續關注是，這對你們來說似乎是一筆很棒的交易，而且它看起來可能是這場比賽中剩下的獨角獸，有著巨大的未開發位置。

Also -- but it looks different from a lot of the other deals we've seen in the Eagle Ford lately, which have been more PDP focused. Obviously, you guys paid a good amount for the locations, but they're fabulous location.

此外——但它看起來與我們最近在 Eagle Ford 看到的許多其他交易不同，這些交易更加重視 PDP。顯然，你們為這些地點付出了不少錢，但這些地點確實非常棒。

So my question is, are there other deals like this out there? And is this the kind of thing that we should be expecting more from EOG either in the next year or in the next 18 or 24 months?

所以我的問題是，還有其他類似的交易嗎？我們是否應該對 EOG 在明年或未來 18 或 24 個月內有更多期待？

Yeah, good morning. This is Keith. I'll address the Second part of your question first, we are always looking for bolt-on acquisitions, but they really need to compete with the existing portfolio and on a returns basis and on several of the other metrics that Ezra talked about.

是的，早安。這是基斯。我首先來回答你問題的第二部分，我們一直在尋找附加收購，但它們確實需要與現有投資組合競爭，並在回報基礎上以及埃茲拉談到的其他幾個指標上競爭。

This one just really checked all the boxes. And as he noted, it is largely undeveloped and it's a fabulous piece of acreage that we are really confident in because we have results and data on all sides of it. I think that any -- we will always be looking, but I wouldn't expect something to be quite this large and undrilled as far as any future bolt-ons.

這確實滿足了所有要求。正如他所指出的，這片土地大部分尚未開發，是一塊極其寶貴的土地，我們對此充滿信心，因為我們掌握了各方面的結果和數據。我認為，我們會一直在尋找，但就未來的螺栓固定而言，我不會期望有這麼大且未鑽孔的東西。

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

我們的問答環節到此結束。我想將會議交還給埃茲拉·雅各布先生，請他作最後發言。

Yeah. Thank you for joining us today. I would just like to thank our shareholders for your support and special thanks to our employees for delivering another exceptional quarter.

是的。感謝您今天加入我們。我只想感謝股東的支持，並特別感謝我們的員工又一個出色的季度。

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。