EOG Resources Inc (EOG) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to EOG Resources second-quarter 2025 earnings results conference call. As a reminder, this call is being recorded. For opening remarks and introductions, I will turn the call over to EOG Resources Vice President of Investor Relations, Mr. Pearce Hammond. Please go ahead, sir.

大家好，歡迎參加 EOG Resources 2025 年第二季財報業績電話會議。提醒一下，本次通話正在錄音。為了致開幕詞和介紹，我將把電話轉給 EOG Resources 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 second-quarter 2025 earnings conference call. I'm 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 年第二季財報電話會議。我是投資者關係副總裁皮爾斯‧哈蒙德 (Pearce Hammond)。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. 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.

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

Participating on the call this morning are Ezra Yacob, Chairman and Chief Executive Officer; Jeff Leitzell, 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執行長 Ezra Yacob、營運長 Jeff Leitzell、財務長 Ann Janssen 和勘探與生產高級副總裁 Keith Trasko。這是埃茲拉。

Thanks, Pearce. Good morning and thank you for joining us. EOG delivered another quarter of outstanding results, reflecting the focused execution of our employees across our multi-basin portfolio.

謝謝，皮爾斯。早安，感謝您加入我們。EOG 又一個季度取得了出色的業績，體現了我們員工在多流域投資組合中的專注執行力。

In the second quarter, oil, natural gas, and NGL volumes came in above the midpoint of our guidance. At the same time, we drove our capital expenditures, cash operating costs, and DD&A below guidance midpoints, demonstrating the efficiency and operational excellence that is a hallmark of EOG.

第二季度，石油、天然氣和 NGL 產量均高於我們的預期中位數。同時，我們將資本支出、現金營運成本和 DD&A 控制在指導中點以下，展現了 EOG 標誌性的效率和卓越營運。

Our teams continue to find ways to optimize operations, improve well performance, and safely deliver volumes while maintaining capital discipline. Strong operational performance, once again, translated directly into impressive financial results.

我們的團隊不斷尋找方法來優化營運、提高油井性能、安全輸送產量，同時保持資本紀律。強勁的營運業績再次直接轉化為令人印象深刻的財務表現。

We generated nearly $1 billion of free cash flow during the quarter, and between our regular dividend and $600 million of opportunistic share repurchases, we returned more than $1.1 billion to our shareholders. Consistent with our long-standing cash return commitment, we have committed to return at least $3.5 billion in cash during 2025, inclusive of our regular dividend and nearly $1.4 billion of year-to-date share repurchases, reflecting our confidence in the growing value of our business.

我們在本季產生了近 10 億美元的自由現金流，透過定期股息和 6 億美元的機會性股票回購，我們向股東返還了超過 11 億美元。根據我們長期以來的現金回報承諾，我們承諾在 2025 年返還至少 35 億美元現金，其中包括我們的定期股息和年初至今近 14 億美元的股票回購，這反映了我們對業務價值增長的信心。

Our confidence in the future of the company is also reflected in the 5% increase in our regular dividend, which we announced in connection with the Encino acquisition in May. This marks another step forward in our remarkable dividend growth track record.

我們對公司未來的信心也體現在我們的定期股息增加 5% 上，這一消息是我們在 5 月收購 Encino 時宣布的。這標誌著我們卓越的股息成長記錄又向前邁進了一步。

Over the past decade, we've increased our regular dividend at a 19% compound annual growth rate, far outpacing the peer group average. More importantly, we've never cut nor suspended the dividend in 27 years. This sustained record of dividend growth highlights both the durability of our business and our unwavering focus on delivering shareholder value.

在過去十年中，我們的定期股息以 19% 的複合年增長率增長，遠遠超過同業平均水平。更重要的是，27年來我們從未削減或暫停派息。股利持續成長的記錄凸顯了我們業務的持久性以及我們對實現股東價值的堅定關注。

Last week, we closed the accretive Encino acquisition, marking a major milestone for EOG. With a total core acreage position of 1.1 million net acres and associated resource potential net to the company of 2-plus billion barrels of oil equivalent, the Utica has become a foundational EOG asset alongside the Delaware Basin and Eagle Ford.

上週，我們完成了對 Encino 的增值收購，這是 EOG 的一個重要里程碑。尤蒂卡油田的核心區塊總面積為 110 萬淨英畝，為該公司帶來了超過 20 億桶石油當量的淨資源潛力，與特拉華盆地和鷹福特油田一起，成為 EOG 的基礎資產。

In aggregate, EOG's net resource potential totaling over 12 billion barrels of oil equivalent across our multi-basin portfolio. This top-tier resource base generates a greater than 55% average direct after-tax rate of return at bottom cycle prices and over 200% after-tax rate of return at mid-cycle prices, providing our investors one of the deepest and highest quality inventory positions.

總體而言，EOG 的多盆地投資組合中的淨資源潛力總計超過 120 億桶油當量。這個頂級資源基礎在週期底部價格時產生超過 55% 的平均直接稅後回報率，在周期中期價格時產生超過 200% 的稅後回報率，為我們的投資者提供最深厚、質量最高的庫存倉位之一。

We are focused on the safe and rapid integration of the Encino assets into our portfolio. We remain highly confident in the value creation opportunity before us in the Utica and believe that, through effective integration and the application of EOG's operating model and proprietary technology, the Utica will be a major contributor to both growth and returns. We look forward to sharing more as we capitalize on the advantages this transaction brings to shareholders.

我們專注於將 Encino 資產安全、快速地整合到我們的投資組合中。我們對尤蒂卡面臨的價值創造機會充滿信心，並相信透過有效整合和應用 EOG 的營運模式和專有技術，尤蒂卡將成為成長和回報的主要貢獻者。我們期待分享更多，利用此交易為股東帶來的優勢。

On the international front, in the second quarter, we were awarded an onshore concession to explore and appraise an approximately 900,000-acre unconventional oil exploration prospect in the UAE. We are very excited about this new opportunity that will allow us to leverage our technical expertise and extensive data set from drilling thousands of unconventional wells across a wide variety of places. The UAE and our Bapco joint venture in Bahrain form an exciting long-term business opportunity for EOG in the Gulf states.

在國際方面，第二季度，我們獲得了阿聯酋陸上特許權，用於勘探和評估約 90 萬英畝的非常規石油勘探前景。我們對這個新機會感到非常興奮，它將使我們能夠利用我們的技術專長和在廣泛的地方鑽探數千口非常規井所獲得的大量數據集。阿聯酋和我們在巴林的 Bapco 合資企業為 EOG 在海灣國家帶來了令人興奮的長期商業機會。

Our results through the first half of 2025 serve as a powerful affirmation of EOG's enduring value proposition. We're committed to being among the highest return, lowest cost producers, recognized for leading environmental performance and a steadfast role in meeting the world's long-term energy needs.

我們在 2025 年上半年的業績有力地證明了 EOG 持久的價值主張。我們致力於成為回報率最高、成本最低的生產商之一，以領先的環境績效和在滿足世界長期能源需求方面發揮的堅定作用而受到認可。

Four pillars underpin our differentiated strategy: capital discipline, operational excellence, sustainability, and culture. As we look at new opportunities in our portfolio from the Encino acquisition to the expansion in the Gulf states, we believe operational excellence will be a key differentiator to enhance returns as we utilize our in-house technical expertise, proprietary information technology, and self-sourced materials to drive superior well performance and reduce costs.

我們的差異化策略由四大支柱支撐：資本紀律、卓越營運、永續性和文化。當我們從恩西諾收購到墨西哥灣國家的擴張等投資組合中尋找新機會時，我們相信卓越的營運將成為提高回報的關鍵差異化因素，因為我們利用內部技術專長、專有資訊技術和自有材料來推動卓越的油井性能並降低成本。

Turning now to supply and demand fundamentals, while first-quarter oil demand was stronger than forecast and second-quarter oil demand also benefited from delays in the implementation of tariffs, growth and demand for the second half of 2025 is expected to moderate before beginning to increase throughout 2026.

現在轉向供需基本面，雖然第一季的石油需求強於預測，第二季的石油需求也受惠於關稅實施的延遲，但預計 2025 年下半年的成長和需求將放緩，然後在 2026 年開始增加。

On the supply side, we expect spare capacity returning to the market to allow inventory levels to build from historically low levels. This reduction in spare capacity, coupled with current demand forecasts, paves the way for pricing to strengthen on the back of a more fundamentally driven market.

在供應方面，我們預計閒置產能將重返市場，使庫存水準從歷史低點回升。閒置產能的減少，加上當前的需求預測，為價格在更受基本面驅動的市場推動下走強鋪平了道路。

On natural gas, 2025 is an inflection year driven by an uptick in US LNG feed gas demand. We expect a 4% to 6% compound annual growth rate for US natural gas demand through 2030, driven primarily by LNG and power demand. Our investment in Dorado to develop a standalone gas asset that complements our oil assets has EOG prime to deliver supply into these growing markets.

對天然氣而言，2025 年是個轉捩年，受美國液化天然氣原料氣需求上升的推動。我們預計，到 2030 年，美國天然氣需求的複合年增長率將達到 4% 至 6%，主要受液化天然氣和電力需求的推動。我們對 Dorado 的投資是為了開發獨立的天然氣資產，以補充我們的石油資產，這使得 EOG 能夠為這些不斷成長的市場提供供應。

EOG is better positioned than ever before to create value for our shareholders. Our portfolio expansion, including Encino, the UAE, Bahrain, and additional exploration opportunities is adding significant new resource potential for our shareholders, while we simultaneously continue to improve and expand our existing resource through applying technology to reduce costs, improve well performance, and unlock additional well locations. And at the same time, delivering robust cash return to our shareholders to maintaining a pristine balance sheet, allowing for continued investment in high return projects generating strong current and future free cash flow.

EOG 比以往任何時候都更有能力為我們的股東創造價值。我們的投資組合不斷擴大，包括恩西諾、阿聯酋、巴林和其他勘探機會，為我們的股東增加了重要的新資源潛力，同時我們繼續透過應用技術來降低成本、提高油井性能和解鎖更多油井位置，從而繼續改善和擴大我們現有的資源。同時，為股東提供強勁的現金回報，維持完美的資產負債表，從而能夠繼續投資高回報項目，產生強勁的當前和未來自由現金流。

Now here's Anne with a detailed review of our financial performance.

現在，安妮將詳細回顧我們的財務表現。

Thanks, Ezra. We delivered another strong quarter with adjusted earnings per share of $2.32 and adjusted cash flow per share of $4.57. Second-quarter free cash flow was $973 million. We provided robust cash returns to our shareholders in the second quarter, anchored by our sustainable regular dividend of over $500 million and complemented by share buybacks of $600 million.

謝謝，埃茲拉。我們本季業績再創佳績，調整後每股收益為2.32美元，調整後每股現金流為4.57美元。第二季自由現金流為9.73億美元。我們在第二季為股東提供了豐厚的現金回報，其中以超過 5 億美元的可持續定期股息為基礎，並輔以 6 億美元的股票回購。

In the second quarter, in connection with our Encino acquisition announcement, we declared a 5% increase in our regular dividend. The new indicated annual dividend rate is $4.08 per share, which is a 3.5% dividend yield at our current share price, far in excess of the average dividend yield for the S&P 500.

在第二季度，我們宣布收購 Encino，並宣布將常規股息提高 5%。新的指示年度股息率為每股 4.08 美元，以當前股價計算，股息收益率為 3.5%，遠超過標準普爾 500 指數的平均股息收益率。

Regarding future cash returns, we expect to return a similar level of free cash flow as we have the last couple of years. We continue to favor buybacks as a source of additional cash return beyond our regular dividend, and we'll monitor the market for opportunities to step in and repurchase shares.

關於未來的現金回報，我們預計自由現金流的水平將與過去幾年相似。我們繼續支持回購，將其作為常規股息之外的額外現金回報來源，並且我們將監控市場以尋找介入和回購股票的機會。

Since initiating buybacks in 2023, we have repurchased over 46 million shares, which is approximately 8% of shares outstanding, or a total of $5.5 billion. We have $4.5 billion remaining on our buyback authorization.

自 2023 年開始回購以來，我們已回購了超過 4,600 萬股，約佔流通股的 8%，總額達 55 億美元。我們的回購授權還剩餘 45 億美元。

In May we announced a $5.6 billion acquisition of Encino, which was funded at closing on August 1 with cash on hand and debt. On July 1, we issued $3.5 billion of senior notes with proceeds directed towards the Encino acquisition.

5 月份，我們宣布以 56 億美元收購 Encino，收購資金於 8 月 1 日透過現金和債務支付。7 月 1 日，我們發行了價值 35 億美元的優先票據，所得款項用於收購 Encino。

This issuance consisted of four tranches: $500 million due in three years, $1.25 billion due in seven years, $1.25 billion due in 10.5 years, and $500 million due in 30 years. The weighted average maturity of the senior notes is approximately 11 years with a weighted average coupon of 5.175%. We were extremely pleased with the investor response to the notes offering as it demonstrates their confidence in EOG's long-term outlook.

本次發行分為四期：3年期5億美元、7年期12.5億美元、10.5年期12.5億美元、30年期5億美元。優先票據的加權平均期限約為 11 年，加權平均票面利率為 5.175%。我們對投資者對此次票據發行的反應感到非常高興，因為這表明了他們對 EOG 長期前景的信心。

Our updated guidance reflects ownership of Encino for the five remaining months of 2025. At assumed prices of $65 WTI, and $3.50 Henry Hub, we expect to generate $4.3 billion in free cash flow in 2025, which adjusted for commodity price changes is 10% higher than our forecast last quarter.

我們更新後的指引反映了 2025 年剩餘五個月對 Encino 的所有權。假設 WTI 價格為 65 美元，亨利港價格為 3.50 美元，我們預計 2025 年將產生 43 億美元的自由現金流，經大宗商品價格變化調整後，比我們上個季度的預測高出 10%。

This higher free cash flow reflects not only the Encino acquisition, but also modest efficiency gains and lower cash taxes due to recent tax legislation. The last few months have been transformational for EOG and the company is exceptionally well positioned from a balance sheet and cash generation standpoint to further reward shareholders in the future.

更高的自由現金流不僅反映了 Encino 的收購，還反映了近期稅收立法帶來的適度效率提升和較低的現金稅。過去幾個月對 EOG 來說是轉型期，從資產負債表和現金產生的角度來看，該公司處於非常有利的位置，可以在未來進一步回報股東。

Now, here's Jeff to review operating results.

現在，請傑夫回顧一下經營業績。

Thanks, Anne. Let me begin by thanking every member of our team for the outstanding execution across the organization this quarter. Your dedication and diligence were especially evident both in our core operations and in preparing for the successful acquisition and the work on integrating Encino. This marks another quarter where our operational excellence was a driving force positioning us to capture new opportunities and deliver meaningful results for our shareholders.

謝謝，安妮。首先，我要感謝我們團隊的每一位成員本季在整個組織中的出色表現。您的奉獻精神和勤奮在我們的核心營運以及成功收購和整合 Encino 的準備工作中都得到了特別的體現。這標誌著我們又一個季度的卓越營運成為驅動力，使我們能夠抓住新機會並為股東帶來有意義的成果。

Our performance in the second quarter stands out across nearly every operational metric. Once again, we outperformed both our production and cost expectations.

我們第二季的表現在幾乎所有營運指標上都表現出色。我們再次超出了生產和成本預期。

Oil, gas, and NGL volumes exceeded forecast, powered by continued momentum across our foundational assets. Additionally, we saw better than expected gas and NGL volumes in the Powder River Basin.

受基礎資產持續成長勢頭的推動，石油、天然氣和 NGL 產量超出預期。此外，我們發現粉河流域的天然氣和天然氣液體產量比預期好。

Cash costs were below the midpoint of guidance. Lease operating expense was the largest contributor, with beats across all basins. This was a direct result of enhanced efficiencies in work over execution and overall lease and well maintenance. The incremental barrels associated with our volume beat further supports lower unit costs, underscoring our operational leverage and the collective impact of strong execution throughout the organization.

現金成本低於指導中點。租賃營運費用是最大的貢獻者，所有盆地均有超出預期的支出。這是工作執行和整體租賃及油井維護效率提高的直接結果。與我們的銷售成長相關的增量桶進一步支持了較低的單位成本，強調了我們的營運槓桿和整個組織強大執行力的集體影響。

On capital spending, we delivered lower than expected or CapEx this quarter, primarily driven by efficiency gains across our operating areas, as well as a deferral of some indirect spending into the back half of the year. We're seeing the benefit of careful planning, disciplined execution, and real-time efficiency measures that are translating directly into tangible savings.

在資本支出方面，本季我們的資本支出低於預期，主要原因是我們整個營運領域的效率提高，以及一些間接支出延至下半年。我們看到了精心規劃、嚴格執行和即時效率措施的好處，這些好處直接轉化為實際的節省。

With the closing of the Encino acquisition just a week ago, we have updated our 2025 CapEx and production guidance to include Encino's planned activity for the last five months of 2025 and the underlying improvements in our business. Our new full-year 2025 CapEx guidance is $6.3 billion with forecasted full year average oil production of 521,000 barrels of oil per day, and average total production of 1,224,000 barrels of oil equivalent per day. Relative to the midpoint of our guidance last quarter, full-year 2025 CapEx is increasing by 5%, while full year 2025 average daily total production is increasing by 9%.

隨著一周前 Encino 收購的完成，我們更新了 2025 年的資本支出和生產指導，以包括 Encino 在 2025 年最後五個月的計劃活動以及我們業務的潛在改進。我們新的 2025 年全年資本支出指引為 63 億美元，預計全年平均石油產量為每天 521,000 桶石油，平均總產量為每天 1,224,000 桶石油當量。相對於我們上個季度的指導中點，2025 年全年資本支出將增加 5%，而 2025 年全年平均日總產量將增加 9%。

Our operating teams are working swiftly and efficiently to fold the Encino team into the EOG organization. The initial transition is progressing better than anticipated, and we're highly encouraged by the early collaboration between teams and the utilization of technology to increase data integration both in the office and across the field.

我們的營運團隊正在迅速且有效率地將 Encino 團隊納入 EOG 組織。初步過渡進展比預期的要好，我們對團隊之間的早期合作以及利用技術來增加辦公室和整個現場的數據整合感到非常鼓舞。

Looking at our pro forma Utica activity, we are layering Encino's activity on top of our existing program, and we plan to run five rigs and three completion crews in the basin through the remainder of the year. This temple will maximize value for Encino's high-quality acreage while leveraging the best practices and technical expertise from both companies.

從我們預計的尤蒂卡活動來看，我們將恩西諾的活動疊加在我們現有的計劃之上，我們計劃在今年剩餘時間內在該盆地運行五台鑽機和三支完井隊。這座寺廟將最大限度地發揮恩西諾優質土地的價值，同時利用兩家公司的最佳實踐和技術專長。

We expect at least $150 million in annual run rate synergies within the first year post close. These savings are largely attributed to wealth cost with a smaller contribution from targeted G&A reductions. For context, EOG's average well costs in the Utica are less than $650 per foot compared to Encino's $750 per foot. We see clear line of sight to bring well costs in line with the OG's leading-edge D&C cost quickly and efficiently.

我們預計，交易完成後的第一年內，年運行率綜效至少為 1.5 億美元。這些節省主要歸因於財富成本，而有針對性的一般及行政費用削減的貢獻較小。舉例來說，EOG 在尤蒂卡的平均油井成本不到每英尺 650 美元，而恩西諾的平均油井成本為每英尺 750 美元。我們清楚地看到瞭如何快速有效地使油井成本與 OG 領先的 D&C 成本保持一致。

We're optimistic about the upside potential as our teams begin to work on the Encino assets and apply EOG's operational model. We see incremental opportunities from further optimizing location construction costs, enhancing infrastructure utilization, optimizing marketing agreements, and deploying innovations from in basin sand to advanced water recycling and evaporation technologies, as well as employing our optimizer technology on the combined production base. We are confident in our ability to unlock additional synergies and drive sustained value creation.

隨著我們的團隊開始致力於 Encino 資產並應用 EOG 的營運模式，我們對其上行潛力持樂觀態度。我們看到了進一步優化位置建設成本、提高基礎設施利用率、優化營銷協議、部署從盆地砂到先進的水循環和蒸發技術的創新以及在聯合生產基地採用我們的優化技術所帶來的增量機會。我們有信心，我們有能力釋放更多的協同效應並推動持續的價值創造。

In our investor deck on slide 8, we highlight just how attractive the Utica is and why we're excited to add this play to our current foundational assets, the Delaware Basin in Eagle Ford. With just 50 plus net wells developed in the Utica, we are already realizing payback periods less than a year, driven by low total well costs and highly productive results. While it's too early to discuss specifics on 2026 plans, the Utica is now part of our foundational operating areas, and we will continue to invest at a pace to improve the asset.

在第 8 張投影片的投資者簡報中，我們強調了尤蒂卡的吸引力，以及為什麼我們很高興將這項資產添加到我們目前的基礎資產——鷹福特的特拉華盆地中。僅在尤蒂卡就開發了 50 多口淨井，由於總井成本低且產量高，我們已經實現了不到一年的投資回收期。雖然現在討論 2026 年計畫的具體細節還為時過早，但尤蒂卡現在已成為我們基礎營運區域的一部分，我們將繼續按步投資以改善資產。

Turning to Dorado, our high-intensity completion designs are continuing to deliver superior results with individual well production outpacing our forecast. The team is also continuing to drive efficiencies through success with the EOG drilling motor program and, most recently, by eliminating a string of casing in many of our Austin chalk targets. This has helped to increase drilled feet per day by more than 20% in the first half of the year versus 2024 and reinforces our view of Dorado as the lowest cost dry gas asset in the US.

談到 Dorado，我們的高強度完井設計繼續帶來優異的成果，單井產量超過了我們的預測。該團隊還透過成功實施 EOG 鑽井馬達計劃以及最近在奧斯汀許多白堊層目標中取消套管來繼續提高效率。這有助於使今年上半年的日鑽井量較 2024 年增加 20% 以上，並強化了我們對 Dorado 是美國成本最低的干氣資產的看法。

We expect our Dorado production on a gross basis to reach approximately 750 million cubic feet per day, exiting 2025. With our Verde pipeline in service, which has a 1 BCF per day capacity and is easily expandable to 1.5 BCF per day, our Dorado asset is well positioned to capture incremental gas demand in 2026 and beyond.

我們預計，到 2025 年，Dorado 的總產量將達到每天約 7.5 億立方英尺。隨著我們的 Verde 管道投入使用，其日輸送能力為 10 億立方英尺，並且可輕鬆擴展至 15 億立方英尺/天，我們的 Dorado 資產完全有能力滿足 2026 年及以後的增量天然氣需求。

Focusing on the Eagle Ford and Permian, our teams continue to push extended laterals and are realizing the benefit in both efficiencies and well cost. In the Eagle Ford, we drilled the longest lateral in Texas history in the second quarter. The Whistler E #5H had 24,128 feet of treatable lateral or nearly 4.6 miles.

我們的團隊專注於 Eagle Ford 和 Permian，繼續推動延伸水平井，並實現了效率和井成本的效益。在鷹福特，我們在第二季度鑽出了德州史上最長的水平井。惠斯勒 E #5H 擁有 24,128 英尺可處理水平段，即近 4.6 英里。

In the Permian, we have increased our average lateral lengths by over 20% year-over-year, and this has helped us realize a 10% increase in drill footage per day versus 2024. These are just a few examples of how our teams are focused on driving sustainable efficiencies to lower well costs, further enhancing returns.

在二疊紀盆地，我們的平均水平段長度同比增長了 20% 以上，這幫助我們實現了與 2024 年相比每天的鑽井進尺增加 10%。這些只是我們的團隊如何專注於推動永續效率以降低油井成本、進一步提高回報的幾個例子。

With regards to well cost, as activity levels have moderated across the industry, we're now seeing some softening in the service cost environment, more so for lower quality equipment. As a reminder, we focus on contracting high-quality crews and equipment where pricing has been more stable. As we turn to the back half of the year, we will look for opportunities within our current services to take advantage of any potential softening in the market with a focus on retaining top-tier, high-spec services to continue to drive operational efficiencies.

就油井成本而言，隨著整個產業的活動水準有所緩和，我們現在看到服務成本環境減弱，對於品質較低的設備來說更是如此。提醒一下，我們專注於簽約價格更穩定的高品質工作人員和設備。展望下半年，我們將在現有服務中尋找機會，利用市場中任何潛在的疲軟因素，重點是保留頂級、高規格的服務，以繼續提高營運效率。

We continue to advance our business through technology, and I'm excited to discuss two new proprietary technology platforms for EOG. The first platform uses high frequency sensors that captures and processes subsurface data while drilling wells. These sensors allow us to calculate geomechanical rock properties, identifying faulting, local stresses, and also monitor downhole equipment performance to minimize downtime.

我們繼續透過科技推動我們的業務，我很高興討論 EOG 的兩個新的專有技術平台。第一個平台使用高頻感測器在鑽井時擷取和處理地下資料。這些感測器使我們能夠計算岩石的地質力學特性，識別斷層、局部應力，還可以監測井下設備的性能，以最大限度地減少停機時間。

Also, we are able to improve our completion designs through fracture identification, minimizing our maximizing our frac efficiency within the zone of interest. By integrating this high-resolution data with our traditional data sets, we've achieved improvements in well performance and cost efficiency. This year, over 50 wells have already benefited from this higher resolution data, and we will look to expand its use across our portfolio.

此外，我們能夠透過裂縫辨識來改善完井設計，最大限度地提高感興趣區域內的壓裂效率。透過將這些高分辨率數據與我們的傳統數據集相結合，我們實現了井性能和成本效率的提高。今年，已有超過 50 口油井受益於這種更高分辨率的數據，我們將尋求在我們的投資組合中擴大其使用範圍。

The second platform centers on our enhanced AI capabilities. Building on years of utilizing machine learning for production optimization and cost savings, we have now deployed our proprietary generative AI system. This platform is already enabling field and division staff to collaborate more efficiently, automate and capture data more easily, and gain operational insights across all operations.

第二個平台以我們增強的人工智慧能力為中心。基於多年利用機器學習進行生產優化和成本節約的經驗，我們現在已經部署了專有的生成式人工智慧系統。該平台已使現場和部門工作人員能夠更有效地協作、更輕鬆地實現自動化和捕獲數據，並獲得所有營運的營運洞察。

After a strong first half of the year, EOG is well positioned to execute on its full-year plan, and we're excited about the opportunities in front of us. Now I'll hand it back to Ezra to wrap it up.

在經歷了上半年的強勁表現後，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。現在我將把它交還給埃茲拉，讓他把它包起來。

Thanks, Jeff. Let me highlight a few key points from the second quarter. First, our team delivered outstanding execution with operational results exceeding expectations.

謝謝，傑夫。讓我強調一下第二季的幾個要點。首先，我們的團隊執行力出色，營運成果超乎預期。

Second, our strong operational performance translated directly into impressive financial results and strong cash returns. Through the first half of the year, we've committed to return more than $3.5 billion of free cash flow to investors through our regular dividend, which we have increased by 5% and through share buybacks.

其次，我們強勁的營運表現直接轉化為令人印象深刻的財務表現和強勁的現金回報。今年上半年，我們承諾透過定期股利（增加了 5%）和股票回購向投資者返還超過 35 億美元的自由現金流。

Third, with the Encino transaction now closed, we are updating our 2025 guidance to reflect both the expanded portfolio and momentum across the basins. We are confident in the transformative impact of the Utica, which we believe will serve as a foundational asset for years to come. In addition, we are excited about our ongoing exploration efforts, both domestic and, especially, in the new international concessions we've captured this year.

第三，隨著 Encino 交易的完成，我們正在更新 2025 年的指導方針，以反映擴大的投資組合和整個盆地的發展勢頭。我們對尤蒂卡的變革影響充滿信心，我們相信它將成為未來幾年的基礎資產。此外，我們對正在進行的勘探工作感到興奮，包括國內勘探工作，特別是今年我們獲得的新的國際特許權。

Fourth, looking ahead, our performance in the first half of 2025 reflects the enduring strength of EOG's value proposition. Capital discipline, operational excellence, sustainability, and a high performing culture. Our business is better positioned than ever to create value for our shareholders.

第四，展望未來，我們 2025 年上半年的業績體現了 EOG 價值主張的持久力量。資本紀律、卓越營運、永續性和高績效文化。我們的業務比以往任何時候都更有能力為股東創造價值。

Thanks for listening. We'll now go to Q&A.

謝謝聆聽。我們現在進入問答環節。

(Operator Instructions) Arun Jayaram, JPMorgan.

（操作員指示）摩根大通的 Arun Jayaram。

My first question is on the Utica. Ezra, when you provided the acquisition deck, you highlighted -- called pro forma production at 275 MBOE per day for both EOG and Encino. My question is if you could talk about the sustaining capital requirements to sustain that level of production from a capital or activity standpoint? And would you expect they called it a five rig three completion crew cadence to deliver growth from the Utica?

我的第一個問題是關於尤蒂卡的。埃茲拉，當您提供收購簡報時，您強調了—EOG 和 Encino 的預計產量均為每天 275 MBOE。我的問題是，您能否從資本或活動的角度談談維持該生產水準所需的持續資本要求？您是否期望他們稱之為「五個鑽機、三個完井隊」的節奏來實現尤蒂卡的成長？

So you're right, we are very excited that we were able to close a little bit earlier than anticipated. As you mentioned, we closed last week. And so with regard to pro forma sustaining capital, for the rest of this year we are layering on top of our activity levels, the ongoing Encino plan.

你說得對，我們很高興能夠比預期提前一點完成。正如您所說，我們上週關閉了。因此，就形式上的維持資本而言，在今年剩餘時間內，我們將在我們的活動水平之上繼續實施 Encino 計劃。

But to be honest, I think it's going to be just a little bit early for us to lean in on what the activity looks like. We do have lower well costs than in Encino, and dominantly, that's not necessarily contracts, that's dominantly from operational efficiency gains. And so there should be a little bit of incremental synergies and savings with regard to that.

但說實話，我認為現在就了解活動的具體情況還為時過早。我們的油井成本確實比恩西諾低，而且主要是，這不一定是合同，而主要是來自營運效率的提高。因此，在這方面應該會有一點增量的綜效和節約。

But ultimately, when it comes to our sustaining CapEx, we'd like to get in there and operate the asset for just a little bit longer than a week. In the first rollout we've already seen, as we brought the asset in-house and we've started to roll out some of our technologies, things like our production optimizers, as a matter of fact, we've actually already started to see a lot of upside that we can capture in the field. And so I'd hate to speak a little bit too early.

但最終，當談到我們的持續資本支出時，我們希望進入並運營該資產的時間比一周稍長一點。在第一次推出時，我們已經看到，當我們將資產帶入內部並開始推出一些技術，例如我們的生產優化器，事實上，我們實際上已經開始看到我們可以在該領域捕捉到的許多好處。所以我不想說得太早。

What I will point out is last November, we released our sustaining capital for what, I guess now, would be legacy EOG. And that capital range was about $4.3 billion to $4.9 billion. And that range is something important to think about because it's -- for a multi-basin company like ours that has not only oil and associated gas but also standalone gas assets, maintenance capital is a little bit difficult to pin down.

我要指出的是，去年 11 月，我們釋放了維持資本，我想現在這將成為遺留的 EOG。該資本範圍約為 43 億美元至 49 億美元。這個範圍是需要考慮的重要因素，因為對於像我們這樣的多盆地公司來說，不僅擁有石油和相關天然氣，而且擁有獨立的天然氣資產，維護資本有點難以確定。

And what I mean is, are we talking about just keeping oil volumes flat or natural gas volumes flat? Are we still investing in exploration and things of that nature? And the new Utica assets falls right into that. As you know, we're very focused on the volatile oil window, which really drives the returns for us.

我的意思是，我們談論的只是保持石油產量穩定還是天然氣產量穩定？我們是否仍在投資探索和類似的事情？而新的尤蒂卡資產就屬於這種情況。如您所知，我們非常關注揮發性石油窗口，這確實為我們帶來了回報。

But that asset does come with a very attractive dry gas position, which gives us a great option as the demand increases there. And so really thinking through where our investments are, what the macro environment looks like, that's going to be the more important thing that will contemplate how much we invest and what the activity levels will be.

但該資產確實具有非常有吸引力的乾氣地位，隨著那裡的需求增加，這為我們提供了一個很好的選擇。因此，真正思考我們的投資在哪裡，宏觀環境是什麼樣的，這將是更重要的事情，它將決定我們的投資額度和活動量。

My follow-up is, as I was wondering if you could give us a sense of your geological concept and potential path to commercial development in the UAE? And do you view the risk here more on the geological front, cost front, or a little both?

我的後續問題是，我想知道您是否可以向我們介紹您的地質概念以及在阿聯酋進行商業開發的潛在途徑？您認為這裡的風險更多是在地質方面、成本方面，還是兩者兼而有之？

We couldn't be more excited about this concession in the UAE. This is actually a reservoir that we've been working on for a number of years really. And the path to getting commercial contract terms that worked for everybody and getting stakeholder alignment really came together here in the last 12 months.

我們對阿聯酋的這項特許權感到非常興奮。這其實是我們已經研究了很多年的一個水庫。在過去的 12 個月中，我們終於找到了適合所有人的商業合約條款以及利害關係人達成一致的途徑。

So it's a shale play. It's a carbonate shale, maybe similar geologically, in some regards, to the Eagle Ford play. It has been drilled and delineated both vertically and horizontally throughout the basin -- not throughout the entire basin, but throughout a portion of the basin where our concession is.

所以這是一個頁岩氣儲量地。它是一種碳酸鹽頁岩，從某些方面來看，可能與 Eagle Ford 油田的地質構造相似。它已在整個盆地內進行了垂直和水平的鑽探和描繪——不是整個盆地，而是我們特許權所在的盆地的一部分。

And so we've got good geological data on it. We don't have significant production data. They have tested oil to the surface, but that is something that we think we can improve upon with the combination of our data set from the North American unconventional places, our petrophysical models, our combination of log and core data. But then also combining that with our understanding of geomechanical properties and how horizontal completions really match up with the with the landing zones that we target.

因此我們獲得了有關它的良好地質數據。我們沒有重要的生產數據。他們已經對地面上的石油進行了測試，但我們認為，透過結合來自北美非常規地區的數據集、我們的岩石物理模型以及我們的測井和岩心數據，我們可以對此進行改進。但同時也要結合我們對地質力學特性的理解以及水平完井如何與我們的目標著陸區真正匹配。

I would say the challenge that we have in front of us is not necessarily on the geologic side, it's going to be more on bringing an international unconventional play up to scale. I think everyone has seen that what really makes these plays attractive and what makes them work is having your infrastructure, your supply chain, your logistics worked out.

我想說，我們面臨的挑戰不一定是在地質方面，而更多的是將國際非常規油氣資源規模化。我想每個人都已經看到，真正讓這些遊戲具有吸引力並且讓它們發揮作用的是你的基礎設施、你的供應鏈、你的物流。

That's really -- scale is important in each of these plays and we certainly have the exposure to scale here. But as an additional large scale unconventional resource play in the in the UAE, that's the one that we'll be focused on is how quickly can we get the production uplift that we think from our applying our techniques. But then also how, quickly can we drive down those costs?

確實如此——規模在每部戲劇中都很重要，而我們在這裡當然也接觸到了規模。但作為阿聯酋的另一個大規模非常規資源項目，我們將重點關注的是如何才能透過應用我們的技術快速實現產量提升。但是我們要怎麼快速降低這些成本呢？

Steve Richardson, Evercore ISI.

史蒂夫理查森，Evercore ISI。

I was wondering if we could talk a little bit about how you think about the gas market, Ezra, and your marketing strategy. I mean, we're seeing counterparties willing to sign what seems to be multi-year contracts. You seem to be accepting of where the market is on the demand outlook being really robust here.

我想知道我們是否可以談談您對天然氣市場的看法，埃茲拉，以及您的行銷策略。我的意思是，我們看到交易對手願意簽署看似多年的合約。您似乎接受了市場的現狀，認為需求前景非常強勁。

So how does that play into how you're thinking of your marketing strategy? Are we likely to see EOG enter into those types of contracts? Now that you've got the Utica of dry gas volumes that you just mentioned in-house, like are you likely to do that or are we likely to see more of the same of you just being really thoughtful about what markets you want to get your gas to and continue to realize really high realizations?

那麼這對您的行銷策略有何影響？我們有可能看到 EOG 簽訂此類合約嗎？現在您已經獲得了剛才提到的內部尤蒂卡乾氣量，您是否可能這樣做，或者我們是否可能看到更多相同的做法，您只是認真考慮想要將天然氣輸送到哪些市場並繼續實現真正高的實現率？

It's very topical right now because I think everyone's seen the increased demand for natural gas coming not only from power, which is, maybe, a little bit more of what you're referencing, but also just LNG in general. Like I said in the opening remarks, and we've been saying for a while, 2025 is the inflection point on that.

這個話題現在非常熱門，因為我認為每個人都看到了對天然氣需求的成長，這不僅來自電力（可能與您所提到的更多），還來自一般的液化天然氣。正如我在開場白中所說的那樣，而且我們也一直在說，2025 年是這一目標的轉折點。

So I like that you pointed out, we have two dedicated gas assets. And that's where some of these agreements begin with, whether it's LNG or power demand, because when you're making these long-term commitments, I think what we've seen in discussions with LNG and discussions with hyper scalers is sometimes it's a little bit difficult to get comfortable with a 10- or 15- or 20-year agreement if you're only talking about associated gas.

所以我很喜歡你指出的，我們有兩個專用的天然氣資產。這就是一些協議的起點，無論是液化天然氣還是電力需求，因為當你做出這些長期承諾時，我認為我們在與液化天然氣和超大規模企業的討論中看到，如果你只談論伴生氣，那麼有時很難接受 10 年、15 年或 20 年的協議。

And so right off the bat, this tremendous gas business, if you will, that we've built internally in EOG and alongside our oil business is very well positioned to service that out of Dorado and the Utica. I do think we'll continue to be thoughtful. I appreciate how you phrase that.

因此，如果你願意的話，我們在 EOG 內部建立的這個巨大的天然氣業務以及我們的石油業務從一開始就非常適合為多拉多和尤蒂卡提供服務。我確實認為我們會繼續深思熟慮。我很欣賞你這樣表達。

I think what we look for with any marketing agreement is we start with good partners. We look for agreements that that align all the parties involved, so good stakeholder alignment. And then we're always focused on getting exposure to premium pricing. Just signing up a takeaway for, essentially, a differential based or a pricing mechanism that includes a differential.

我認為，我們尋求的任何行銷協議都是從良好的合作夥伴開始。我們尋求能夠協調所有相關方的協議，即良好的利害關係人協調。然後我們始終專注於獲得溢價定價。只需註冊一個外賣，本質上就是基於差異或包含差異的定價機制。

There's some value there to have diverse markets, but really when we -- what we think we've captured is assets that can deliver low cost consistently to these projects. And so I think we deserve to be paid at least a bit of a premium to that.

擁有多元化的市場具有一定的價值，但實際上，我們認為我們所掌握的是能夠為這些項目持續提供低成本的資產。所以我認為我們應該得到至少一點額外的報酬。

As we've done with our LNG terms, we like the diversity of different pricing mechanisms and we can get creative with that. But yes, Steve, as we look at some of these opportunities, whether it's hyper scales or increased LNG, we think we're very well positioned to capture the upside with either of our two assets.

正如我們對液化天然氣條款所做的那樣，我們喜歡不同定價機制的多樣性，我們可以發揮創意。但是，是的，史蒂夫，當我們看到這些機會時，無論是超大規模還是增加液化天然氣，我們都認為我們完全有能力利用我們的兩項資產中的任何一項來獲得上行空間。

And then maybe just staying on midstream strategy, Utica, now you have -- more curious on the oil side and the liquid side. But could you maybe talk about the opportunity to come up with a better solution for those barrels, improved pricing, and maybe, what we should expect from a timeline of when you might have one of those solutions in place?

然後也許只是停留在中游戰略上，尤蒂卡，現在你對石油方面和液體方面更加好奇。但是，您能否談談為這些石油找到更好的解決方案、改進定價的機會，以及，當您實施其中一個解決方案的時間表時，我們應該期待什麼？

This is Jeff. Yeah, we really -- we're excited to get our marketing team up there because I think that's really where we're going to make the most headway so they can start working on the asset and that Utica production. We have a superb track record of improving the realizations over time in all of our assets. And that's going to be our primary focus when we get up there.

這是傑夫。是的，我們真的——我們很高興我們的行銷團隊能到那裡，因為我認為那裡才是我們取得最大進展的地方，這樣他們就可以開始著手資產和尤蒂卡的生產。我們在不斷提高所有資產的實現率方面有著出色的記錄。這將是我們到達那裡時關注的重點。

So I think one of the big things that we need to look at is the differentials in the area. Obviously, they are slightly more narrow than what EOG consolidated are the Encino was. So what that really just reflects is the wider Utica oil disc versus our legacy stuff. I mean, when you look at the Eagle Ford and the Delaware where we've been operating for quite a while.

因此我認為我們需要關注的一件大事就是該地區的差異。顯然，它們比 EOG 合併的 Encino 稍微窄。因此，這實際上反映的是尤蒂卡石油盤與我們遺留的東西之間的差異。我的意思是，當你看到我們已經運營了相當長一段時間的 Eagle Ford 和 Delaware 時。

A really good example of how we can improve that is, I mean, take a look at the Delaware. I mean, over the last decade, I think we've improved our old differentials close to $6. So we've definitely got a track record of being able to do that. And then with any play, I think, with time and maturity, we'll be able to improve those differentials, especially with the scale that we get from this acquisition.

我們可以怎樣改進這一點的一個很好的例子就是，看看特拉華州。我的意思是，在過去十年裡，我認為我們已經將舊的差異提高了近 6 美元。因此，我們確實有能力做到這一點。然後，我認為，無論採取何種行動，隨著時間和成熟度的提高，我們都能夠改善這些差異，特別是透過這次收購所獲得的規模。

And then one last thing that I just point out, I talked about a new slide in our deck in our opening remarks, slide 8. And what that shows is it shows the Utica payout period and it's about 9.3 months, which is right with the Permian. And what I'd say is that all of this is actually built into that, all of the discs and the other operating expenses. So that's in the metrics and it's obviously extremely competitive within the portfolio and other conventional plays.

最後我要指出的一點是，我在開場白中談到了我們簡報中的一張新投影片，即第 8 張投影片。這顯示尤蒂卡的支付期約為 9.3 個月，與二疊紀的支付期一致。我想說的是，所有這些實際上都包含在內，包括所有的光碟和其他營運費用。這就是指標，而且它在投資組合和其他傳統投資中顯然極具競爭力。

I'd say another place that we can really move the needle is going to be on the GP&T side. Obviously, primarily, we'll work with our midstream providers up there who'll make sure we're capturing better rates both in the Utica as well as we'll utilize our position in our multi-basin portfolio.

我想說，我們真正能夠推動進展的另一個地方是 GP&T 方面。顯然，首先，我們將與那裡的中游供應商合作，他們將確保我們在尤蒂卡獲得更好的價格，並且我們將利用我們在多流域投資組合中的地位。

The Utica, we've got fantastic long-term relationships with the midstream companies that are up there. So ultimately, our goal will be to really seek for win-win deals for both parties. And over the last handful of years, just the 50 wells or so that we've drilled there in the Utica, we've had great success in lowering the GP&T costs in a short period of time. So as I said, same with the diss with this scale and the larger footprint, we really think that's going to help out a lot.

在尤蒂卡，我們與那裡的中游公司建立了良好的長期合作關係。因此，最終我們的目標是真正尋求雙方共贏的協議。在過去的幾年裡，我們在尤蒂卡鑽了大約 50 口井，在短時間內成功降低了 GP&T 成本。所以正如我所說的，對於這種規模和更大足跡的問題，我們真的認為這將會有很大幫助。

Another few notes just to take into account, I mean, with the increased GP&T that we have, with the asset, it's offset really by the LOE, the G&A, and the DD&A. If you look at it, they're actually quite a big reduction across the board there.

另外需要考慮的幾點是，隨著我們 GP&T 的增加，資產實際上被 LOE、G&A 和 DD&A 所抵消。如果你看一下，你會發現實際上整體上都有相當大的減少。

And then also, just keep in mind that some of the increases in GP&T really reflects the firm gas transportation that we got from Encino, which that firm transport and it moves Utica gas to premium markets, really resulting in much higher price realizations. And then lastly, just Ohio as a whole, they're an outstanding place to do business and very friendly from that aspect.

然後，還要記住，GP&T 的部分成長實際上反映了我們從恩西諾獲得的穩定天然氣運輸，這種穩定運輸將尤蒂卡天然氣運往高端市場，從而真正實現了更高的價格。最後，就整個俄亥俄州而言，它是一個開展業務的絕佳地點，而且從這一點來看，這裡非常友好。

And the Utica taxes other than income, we call it TOTI, they're actually lower than the average of EOG's multi-basin portfolio. And that, right off the bat, really helps offset some of those higher diffs in GP&T. So I think we've got a long runway and we'll have a lot of improvement when it comes to the marketing strategy up there in the Utica.

尤蒂卡除收入以外的稅收，我們稱之為 TOTI，實際上低於 EOG 多流域投資組合的平均值。而這確實有助於立即抵消 GP&T 中一些較大的差異。所以我認為我們還有很長的路要走，而且在尤蒂卡的行銷策略方面我們會有很大的進步。

Neil Mehta, Goldman Sachs and Company.

高盛公司的尼爾梅塔 (Neil Mehta)。

I just want to start off on cash tax benefits with changes in legislation. You indicated that it's supporting the free cash flow, but can you help us quantify the impact over the next couple of years?

我只是想透過立法變革來開始實施現金稅收優惠政策。您表示它支持自由現金流，但您能幫助我們量化未來幾年的影響嗎？

This is Anne. The recent tax legislation is going to help us out. The One Big Beautiful Bill has some positive impact for EOG. The bill restores 100% of the bonus depreciation permanently and additionally restores 100% deductibility of the research and experimental cost, again, permanently.

這是安妮。最近的稅收立法將對我們有所幫助。《美麗大法案》對 EOG 產生了一些正面影響。該法案永久恢復了 100% 的獎金折舊，並另外永久恢復了 100% 的研究和實驗成本扣除額。

For 2025, the impact of the One Big Beautiful Bill for EOG is approximately $200 million. And we expect that amount to be a recurring benefit in future years. So penciling $200 million is reasonable. Always keep in mind that there are numerous variables that can impact our tax rates and our profiles in any given period, but we expect that a $200 million is going to be a run rate for the next couple years.

到 2025 年，「美麗一攬子法案」對 EOG 的影響約為 2 億美元。我們預計這筆錢將成為未來幾年的經常性收益。因此，預計 2 億美元是合理的。請始終記住，在任何特定時期，都有許多變數會影響我們的稅率和我們的概況，但我們預計未來幾年的運行率將是 2 億美元。

Ezra, just, I always value your views on the on the oil macro and you guys have been rightly cautious here. Just your perspective about the how the balances build through the balance at the back end of the year and into 2026. On the crude side in particular, a lot of moving pieces, particularly around Russia right now, but your perspective from your market intelligence group would be great.

埃茲拉，我一直很重視你對石油宏觀的看法，而你們在這裡也非常謹慎。這只是您對如何在年底和 2026 年實現平衡的看法。特別是在原油方面，有很多變動因素，特別是目前圍繞俄羅斯的因素，但您從市場情報小組的角度看問題會很棒。

Yeah. It's very topical right now. There are a lot of moving parts, as you discussed. And I'm not sure with regards to Russia or India. I'm not sure if anyone knows exactly how that's going to play out. But the data that we do have in front of us shows that, if I start on the demand side, as I said in the opening remarks, demand in Q1 is typically a little bit seasonally softer, was really pretty strong.

是的。這是目前非常熱門的話題。正如您所討論的，有很多活動部件。我不確定俄羅斯和印度的情況如何。我不確定是否有人知道事情究竟會如何發展。但我們面前的數據顯示，如果我從需求方面開始，正如我在開場白中所說的那樣，第一季的需求通常會因季節性而略微疲軟，但實際上相當強勁。

And then demand too, well, it was volatile with some of the announcements on potential tariffs and how those would implement, where they would exactly land. Just like any change in policy, you saw a little bit of volatility in there, but ultimately, the implementation not only was it delayed, but I think it was at levels that were somewhat more priced in.

然後需求也是如此，嗯，它是不穩定的，因為一些關於潛在關稅的公告以及這些關稅將如何實施，它們將在哪裡具體落地。就像任何政策變化一樣，你會看到其中存在一些波動，但最終，實施不僅被推遲，而且我認為它的定價水平也更高。

And so you saw even demand in Q2 was a bit strong. You start to see demand revisions throughout the year for 2025. And some of that coming out of China as well, so indications that you've got China doing a bit better year-over-year.

因此，您會看到第二季的需求甚至有點強勁。您將開始看到 2025 年全年的需求修訂。其中一部分也來自中國，顯示中國的表現比去年同期有所改善。

We still have modest decline based on -- or I'm sorry, demand growth based on historical levels for year-over-year growth in '25. And then we continue to see the demand growth increasing into '26. So a little bit stronger demand growth in '26 and over '25. So the demand side looks -- the back half maybe flattening out, maybe not as much demand growth, but still strong demand.

根據 25 年同比增長的歷史水平，我們的需求增長仍然略有下降 - 或者抱歉，是基於歷史水平的需求增長。然後我們繼續看到需求成長在 26 年增加。因此，26 年的需求成長將比 25 年略微強勁一些。因此，從需求方面來看，後半段可能會趨於平穩，需求成長可能不會那麼多，但需求仍然強勁。

And then that brings us to the supply side, which there's been a lot of speculation on how and when and how is the spare capacity going to hit. And I think the most important thing to touch on is where we're at with inventory levels. Historically, very, very low.

然後，我們就到了供應方面，人們對閒置產能將如何、何時以及如何達到這一水平有很多猜測。我認為最重要的事情是我們的庫存水準。從歷史上看，非常非常低。

And so we think the first thing for that spare capacity is, obviously, it's going to fill into the inventory levels and bring those up back to more of an in line along the five-year average or slightly above the five-year average since we've been running at a deficit the last couple of years with the spare capacity being higher than usual. But ultimately, once we get through, the next quarter or two, maybe seasonally demand weakness in Q1, we actually find ourselves looking at a potentially balanced market going forward.

因此，我們認為，對於閒置產能來說，首先要做的就是填補庫存水平，使其回到五年平均水平的水平，或者略高於五年平均水平，因為過去幾年我們一直處於短缺狀態，而閒置產能高於平常。但最終，一旦我們度過接下來的一兩個季度，也許是第一季的季節性需求疲軟，我們實際上會發現未來市場可能會保持平衡。

And what we see is less [non-OPEC] supply growth coming on in the next couple of years and what we've seen. And so it really sets up, that's why I said in the opening remarks that we start to see in 2026, you arrive at a spot where pricing is likely more driven by fundamentals without as much spare capacity offline and a market in general that looks more balanced in '26 than it does today.

我們看到，未來幾年非歐佩克國家的供應成長將會減少。所以它確實成立了，這就是為什麼我在開場白中說，我們開始看到在 2026 年，你會到達一個價格可能更多地受基本面驅動的點，而沒有那麼多的閒置產能離線，並且 2026 年的市場總體上看起來比今天更加平衡。

Douglas Leggate, Wolfe Research.

道格拉斯·萊格特（Douglas Leggate），沃爾夫研究公司。

Ezra, I sometimes have trouble recognizing my name, but there you go. I wonder if I could come back to the Utica and just ask the question a little differently. Arun already hit the maintenance capital question or sustaining capital question.

埃茲拉，我有時很難認出我的名字，但你做到了。我想知道我是否可以回到尤蒂卡，並以稍微不同的方式問這個問題。阿倫已經觸及維護資本問題或維持資本問題。

My question is, when you lay out the synergies -- the way you talked about it, $100 per foot. Obviously, you're going to manage the midstream differently. My question is, what is your objective for the Utica and what are the constraints around that?

我的問題是，當您闡述協同效應時——正如您所說的那樣，每英尺 100 美元。顯然，您將以不同的方式管理中游。我的問題是，您對尤蒂卡的目標是什麼？其限制是什麼？

In other words, what would it grow if you kept the five rigs in place? Do you have the midstream takeaway to make that happen? And I guess I'm really trying to get to -- it sounds like you can do a lot more with less and still grow the business on lower spending. Am I thinking about that right?

換句話說，如果保留這五個鑽孔機，產量會增加多少？您是否有中途收穫來實現這一目標？我想我真的想說的是——這聽起來像是你可以用更少的錢做更多的事情，同時也能以較低的支出發展業務。我這樣想對嗎？

This is Ezra. It's good to hear from you. Yeah. Thanks for the question. I think you're right. The Utica, in general, we consider it to be a growth asset for the company going forward and one that can grow for years to come.

這是埃茲拉。很高興收到你的來信。是的。謝謝你的提問。我認為你是對的。總體而言，我們認為尤蒂卡是公司未來發展的成長資產，並且可以在未來幾年內持續成長。

We have the midstream. They're just like any of our plays. We'll need to continue to build out in base and gathering and continue to look at midstream agreements the same as any other play. But no, there are no large bottlenecks or anything like that.

我們有中游。它們就像我們的任何一部戲劇一樣。我們需要繼續建造基地和收集設施，並繼續像其他任何活動一樣看待中游協議。但事實並非如此，不存在大的瓶頸或類似問題。

The legacy rig or frac contracts or anything else that might be there, those are really in line with ours. Encino, as we've talked about, I think I talked about in May, Encino did a good job with the asset. They had some of the same focuses that we had as far as focusing on high-quality rigs and high-quality people.

遺留鑽孔機或壓裂合約或任何可能存在的其他東西，都與我們的一致。恩西諾，正如我們所討論的，我想我在五月就討論過，恩西諾在資產方面做得很好。他們的關注點和我們一樣，都注重高品質的鑽孔機和高素質的人才。

It's just the fact of the matter that we're bringing a little bit more of our supply chain knowledge, our own technical abilities in-house, really stems from the data that we have from drilling so many horizontal wells across the US that we can drive down those costs. And so when we look at the first year synergies that we talked about, that $150 million, I think there's a lot of upside to that number.

事實上，我們將更多的供應鏈知識和內部技術能力引入其中，這實際上源於我們在美國各地鑽探大量水平井所獲得的數據，因此我們可以降低這些成本。因此，當我們看看我們談到的第一年協同效應，即 1.5 億美元時，我認為這個數字還有很大的上升空間。

Now, as far as do we turn that thing immediately into growth, Doug, I think, you know better than anyone that output really does need to be -- like the growth needs to be the output of capitally disciplined investment in any of our assets because, too often, the fundamental markets are being driven by spare capacity offline and things like that.

現在，至於我們是否能立即將其轉化為成長，道格，我認為，你比任何人都清楚，產出確實需要——成長需要是我們任何資產的資本紀律投資的產出，因為基本面市場往往受到線下閒置產能等因素的驅動。

So part of what we'll contemplate how much we invest in the activity levels in the Utica comes back to what is the macro environment look like. Right now, as I just finished up talking about so much spare capacity coming back online and demand looking solid, I'm not sure quite yet even if, maybe, in the next year, if it's going to be the right opportunity to really hammer the gas and invest pretty aggressively in growth. But it's a dynamic market and we'll see.

因此，我們將考慮在尤蒂卡的活動水平上投入多少，這部分取決於宏觀環境是什麼樣的。現在，正如我剛剛談到的，大量的閒置產能正在恢復，需求看起來很強勁，我還不確定，也許，在明年，這是否會是真正打擊天然氣並積極投資於成長的正確機會。但這是一個充滿活力的市場，我們拭目以待。

And my follow up is, I want -- it's a philosophical question. I just want to, maybe, it's for you or for Anne. But look, your dividend yield, as you pointed out, is 3.5%. Most everybody on this call asking questions today is an EMP analyst.

我的後續問題是，我想──這是一個哲學問題。我只是想，也許，這是為你或安妮準備的。但是，正如您所指出的，您的股息收益率是 3.5%。今天在電話會議上提問的大多數人都是 EMP 分析師。

You have the balance sheet of a major. You have the scale of a major. You have the asset depth of a major. Now you've got the dividend policy of a major. So my question is, how should we think about translating that free cash flow from Encino and from the portfolio generally towards your priorities for free cash, specifically, your policy on dividend growth per share? And I'll leave it there.

您擁有一份專業的資產負債表。你的規模堪比大提琴手。您的資產深度堪比大公司。現在您已經獲得了主要的股利政策。所以我的問題是，我們應該如何考慮將來自 Encino 和投資組合的自由現金流轉化為您對自由現金的優先事項，特別是您的每股股息成長政策？我就把它留在那裡。

When we look at growing the regular dividend, I appreciate the metrics you just put out there because it is something that we focus on. It's making it not only competitive across our peer group, competitive with the majors in our peer group, but we also look at it competitive with the broad market. We do think that EOG is quickly turning into just about one of the only pure upstream EMPs that they can really act like a blue-chip stock.

當我們考慮增加定期股利時，我很欣賞您剛才提出的指標，因為這是我們關注的重點。這不僅使其在同行中具有競爭力，與同行中的主要公司具有競爭力，而且我們也認為它與廣闊的市場具有競爭力。我們確實認為，EOG 正在迅速轉變為幾乎唯一一家能夠真正像藍籌股一樣運作的純上游 EMP 之一。

And so our commitment to that regular dividend and growing it in a disciplined manner is the number one priority. And we support that, obviously, with a pristine balance sheet, which even after this acquisition, we still maintain. We maintain our total debt levels versus EBITDA at roughly 1 times at $45 oil and $250 natural gas, so at the bottom of the cycle.

因此，我們對定期股利的承諾以及以規範的方式增加股利是我們的首要任務。顯然，我們透過完美的資產負債表來支持這一點，即使在此次收購之後，我們仍然保持著這一狀態。當油價為 45 美元、天然氣價為 250 美元時，我們將總債務水準維持在 EBITDA 的 1 倍左右，即處於週期底部。

What that means for our excess cash return is, which we've developed a pretty solid track record now of returning that excess cash return through special dividends or, more recently, through buybacks is that we can continue down that same policy. And I think we see opportunities for that in our stock right now.

對於我們的超額現金回報而言，這意味著我們可以繼續執行同樣的政策，我們現在已經建立了相當穩固的業績記錄，透過特別股息或最近透過回購返還超額現金回報。我認為我們現在在股票中看到了這樣的機會。

And opportunities not only in ours but really across industry. I'm not sure if the earnings or the profitability of the industry, especially through this this earnings season, is being really reflected in energy's waiting in the S&P 500.

機會不僅存在於我們產業，而是存在於整個產業。我不確定該行業的收益或盈利能力，尤其是在這個收益季，是否真的反映在標準普爾 500 指數的能源等待中。

But especially with respect to EOG, our inventory quality and depth that supports high returns and free cash flow generation, both in the short- and long-term; our strong balance sheet, our competitive regular dividend, our track record on excess cash return, some of our new exciting exploration potential both domestically and internationally, and then these two new transformative items for the company that we've talked about today in the Utica, especially with the acquisition of Encino.

但特別是對於 EOG 而言，我們的庫存品質和深度支持短期和長期的高回報和自由現金流產生；我們強勁的資產負債表、具有競爭力的定期股息、超額現金回報的記錄、我們在國內和國際的一些新的令人興奮的勘探潛力，以及我們今天在尤蒂卡談到的公司的這兩個新的變革項目，特別是對 Encino 的收購。

And then really the coming out party here for our gas business in Dorado and the Utica dry gas. I'm not sure if those things are being correctly valued in the current valuation of the company. And so those are the things that provide us the opportunities when we look at buy back stocks such confidence to step in and buy back those shares.

然後，我們位於多拉多和尤蒂卡的天然氣業務就在這裡正式亮相。我不確定這些東西在公司目前的估值中是否得到正確估值。因此，當我們考慮回購股票時，這些因素為我們提供了機會，讓我們有信心介入並回購這些股票。

Scott Hanold, RBC Capital Markets.

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

Can I touch on Utica real quick. And it sounds like based on your conversations that you all layered on and seeing those plans for the -- effectively, the second half of the year in terms of how you guided. I'm curious, are there going to be some quick wins that you guys can take on?

我可以快速談談尤蒂卡嗎？聽起來，根據你們的談話，你們已經對下半年的計畫進行了分層闡述，並給出了指導意見。我很好奇，你們能取得一些快速勝利嗎？

You certainly have better operational costs and stuff like that. Could there be some upside in performance and cost as you get in there? So what are the quick wins and if you can give us a sense of when are the fully -- first fully engineered drilled and completed EOG wells, when do those start coming online?

你肯定會有更好的營運成本等等。當你進入那裡時，性能和成本是否會有一些上升？那麼，快速取勝的辦法是什麼呢？您能否告訴我們，第一批完全設計、鑽探和完工的 EOG 井何時開始投入使用？

This is Jeff. Yeah. We -- as far as the upside, I mean, we see a ton of it. It's obviously on the well cost side. It's on the production performance side. I can give you just a handful of examples here.

這是傑夫。是的。我們 — — 就好的方面而言，我的意思是，我們看到了很多。這顯然與成本有關。這是在生產性能方面。我在這裡只能舉幾個例子。

But just on the logistics and planning, we've got boots on the ground out there with the former Encino employees now with EOG. And we're seeing a lot of opportunities as far as shared infrastructure with pads and gathering systems, facilities.

但就後勤和規劃而言，我們已經派出人員與現在就職於 EOG 的前 Encino 員工一起工作。我們在共享基礎設施、發射台、收集系統和設施方面看到了很多機會。

There's a lot of well site facilities we tend to do. Consolidated facilities, which is going to help a lot. And then I talked a lot about the upside on the midstream. So that's going to be big.

我們傾向於做很多井場設施。整合設施，這將會有很大幫助。然後我談了很多關於中游的優勢。所以這將會是一件大事。

On the operation side, I think utilizing EOG technology is going to be huge. We'll get in there. The EOG motors, EOG mud cutters. Our supply chain, obviously, that's going to be a big benefit there. We're looking to do exactly what we've done in all the other basins, too, with a lot of our sourcing.

在操作方面，我認為利用 EOG 技術將會產生巨大的影響。我們會進入那裡。EOG 馬達、EOG 泥漿切割機。顯然，這將對我們的供應鏈帶來巨大的好處。我們也希望在大量採購方面採取與在其他盆地完全相同的做法。

We're going to have close to the well, in-basin sand sourcing. We're going to have water recycling. And then obviously, we'll be able to drill longer laterals just with the new acreage footprint that we have that will obviously push a lot lower cost.

我們將在靠近油井的地方，在盆地內尋找砂源。我們將進行水循環利用。顯然，我們將能夠利用我們擁有的新面積來鑽更長的水平井，這顯然會大大降低成本。

And then, as Ezra talked about earlier, on the production optimization side. We've got a lot of upside there. Just utilizing our data, implementing our optimizers, which are going in very quickly. And so that's something I think we'll see in the next couple of months. And just applying our expertise in technology from outside the basin, how we share across from each one of our divisions, getting that up to scale. We just see a lot of upside there in the Utica.

然後，正如 Ezra 之前談到的，在生產優化方面。我們在這方面有很多優勢。只需利用我們的數據，實施我們的優化器，一切就會進展得非常快。我認為我們將在接下來的幾個月內看到這一點。並且只是運用我們在盆地之外的技術專業知識，我們如何與每個部門共享，以擴大規模。我們只是看到尤蒂卡有很多好處。

My follow up and it's probably again for you, Jeff. You talked about 50 wells that you all drilled and completed utilizing the higher resolution data and sensors and whatnot. Could you give us a sense of what does that translate into, right? So what is the cost to implement that versus, maybe, DNC savings and improved DOR so the bottom line, is how meaningful can this be if you expanded it to your entire asset base?

我的後續行動可能又針對你了，傑夫。您談到了利用更高解析度的數據和感測器等鑽探和完井的 50 口井。您能告訴我們這意味著什麼嗎？那麼，與 DNC 節省和改進的 DOR 相比，實施這項措施的成本是多少？所以，底線是，如果將其擴展到整個資產基礎，這將有多大意義？

Yeah. It's very early in the game with the [high fi] sensors, but I will say we're extremely excited about it. We're just scratching the surface right now and we're finding ways every single day that we can probably apply it across the whole portfolio.

是的。雖然高保真感測器的應用還處於早期階段，但我要說的是，我們對此感到非常興奮。我們現在只是觸及表面，我們每天都在尋找可能將其應用於整個投資組合的方法。

So just from a cost side, so what we actually did is we acquired this IP at the end of last year and it just included some software and some patents from a commercial company. And then we've just taken that technology. We've cheapened it up. It doesn't cost very much to run per well, so the costs are pretty low on it.

因此，僅從成本方面來看，我們實際上所做的是在去年年底獲得了這個智慧財產權，它只包含一些軟體和一些來自商業公司的專利。然後我們就採用了這項技術。我們已經把它的價格降下來了。每口井的運作成本並不高，因此成本相當低。

And we've improved the algorithms within the system and we've integrated all of our EOG data. And then basically just started applying it to all of our wells out there. And what it really allows us to do is, more than just our precision targeting using gamma ray and staying in zone, we're able to calculate geomechanical properties of the actual rock that we're drilling through.

我們改進了系統內的演算法，並整合了所有的 EOG 資料。然後基本上就開始將它應用到我們所有的油井中。它實際上讓我們能夠做的是，我們不僅可以使用伽馬射線進行精確瞄準並停留在區域內，還可以計算出我們正在鑽探的實際岩石的地質力學特性。

Different downhole drilling parameters on our bottom hole assembly and what we're seeing. Identifying faults and fractures, which obviously, is going to be huge, through the drilling and completion process. And then even equipment failures downhole. If we start to get some vibration downhole, we can identify it and we can basically have an ability to be able to trip and minimize any downtime there.

我們的井底組件上的不同井下鑽井參數以及我們所看到的。透過鑽井和完井過程來識別斷層和裂縫，這顯然是一項巨大的工程。甚至井下設備也會故障。如果我們開始感覺到井下有振動，我們就可以識別它，並且基本上能夠起步並最大限度地減少停機時間。

So I mean, the upside on this, it's very, very early days, but we see a long runway with this. And I think the longer that our team has it in their hands and we're able to see different areas in the field that we're able to apply it and our IS team is to work with it, I think this is going to be a really big needle mover for us from an efficiency standpoint moving forward.

所以我的意思是，從好的方面來看，這還處於非常早期的階段，但我們看到了它的長期發展。我認為，我們的團隊掌握這項技術的時間越長，我們就越能看到能夠應用這項技術的不同領域，而我們的 IS 團隊能夠與之合作，從效率的角度來看，這對我們來說將是一個非常大的推動力。

[Philip Youngworth], BMO.

[菲利普·揚沃思]，BMO。

Yeah, thanks. Good morning. In the Delaware, you mentioned adding nine distinct targets to the development program over the last five years. I was just hoping you could give some detail here on this delineation and in Lee County specifically, what's the maximum wells for DSU you think you can get to now and still meet your premium return hurdle?

是的，謝謝。早安.在德拉瓦州，您提到在過去五年中為發展計畫增加了九個不同的目標。我只是希望您能提供一些有關這一劃分的細節，特別是在李縣，您認為現在 DSU 可以開採的最大油井數量是多少，並且仍然能夠滿足您的保費回報障礙？

This is Keith. So yeah, the zones and targets that we developed in the Delaware Basin, they are very, in any given year, as we continue to execute our co-development strategy. So one thing we've noticed is we've made significant improvements that support the competitiveness of the shallow targets by lowering the costs and improving the productivity.

這是基斯。是的，隨著我們繼續執行共同開發策略，我們在特拉華盆地開發的區域和目標在任何一年都非常重要。因此，我們注意到的一件事是，我們已經取得了重大進展，透過降低成本和提高生產力來支持淺層目標的競爭力。

So that includes the (inaudible) and the bone spring. We're starting to see that they deliver comparable returns, greater than 55% at bottom cycle pricing, similar to what the what the Wolfcamp has done.

其中包括（聽不清楚）和骨彈簧。我們開始看到他們提供了可比較的回報，在底部週期定價下超過 55%，類似於 Wolfcamp 所做的事。

So yeah, we noted that we've, in the last five years, unlocked nine additional targets. Those are within all three of those main zones of Leonard, Bone Spring, and Wolfcamp intermixed with those. And there are things that we experiment with all the time on our team to not have a one size fits all development program.

是的，我們注意到，在過去五年中，我們又解鎖了九個目標。它們位於 Leonard、Bone Spring 和 Wolfcamp 三個主要區域內，並與之混合。我們團隊一直在嘗試各種方法，以避免出現適合所有情況的開發方案。

So these are things we were able to unlock with lower costs and improve subsurface learnings. And the targets themselves are outperforming our expectations. So I think it's important to note that productivity is just one dimension of what we do. We really invest for returns rather than just productivity.

因此，我們可以用較低的成本解鎖這些內容並提高地下學習能力。而目標本身也超出了我們的預期。因此我認為需要注意的是，生產力只是我們工作的一個面向。我們投資確實是為了回報，而不僅僅是為了生產力。

And then just following up on that. In the past, you've had this great slide showing the multi-year trend in lower Eagle Ford [S&D] just as you've driven those efficiency gains. Wondering if you were to replicate this analysis for the Delaware, how similar do you think it would look, also, considering the 20% longer laterals this year?

然後繼續跟進。過去，在您推動效率提升的同時，您曾製作過一張精彩的幻燈片，展示了 Eagle Ford 下游 [S&D] 的多年趨勢。想知道如果您對特拉華州重複這一分析，考慮到今年橫向管道長度增加了 20%，您認為結果會有多相似？

Yeah. So in the Eagle Ford, we are just a few years ahead of the Delaware as far as we've been developing there for the last 15 years. And yeah, you're right, our teams, over the last several years have been able to not only drive the cost down but also understand -- leverage their learnings from the production and some of the wells they've drilled.

是的。因此，就我們過去 15 年在鷹福特的開發而言，我們僅比特拉華州領先幾年。是的，您說得對，我們的團隊在過去幾年裡不僅能夠降低成本，而且還能夠利用他們從生產和鑽探的一些油井中獲得的經驗。

So we have some of the best economics in the history of the play in the last several years, and that's after 15 years of development. So if you just take that forward to the Delaware and you think about, how many wells we've drilled there? How many years we've been drilling there? We still have several years to go to -- and use the Eagle Ford as an example there.

因此，經過 15 年的發展，我們在過去幾年中取得了該劇歷史上最好的經濟效益。所以如果你把這個問題帶到德拉瓦州，想想看，我們在那裡鑽了多少口井？我們在那裡鑽探了多少年了？我們還有幾年的時間——以 Eagle Ford 為例。

So we're seeing well costs continuing to go down in the Delaware Basin. Our completion design that we -- our high intensity completion design is continuing to uplift well production. We talked in the past that that has uplifted some subset of our wells that have the right geologic properties, up to 20% or so. So you combine those together and that is going to be continuing to drop our finding cost.

因此，我們看到特拉華盆地的油井成本持續下降。我們的完井設計－我們的高強度完井設計正在持續提高油井產量。我們過去曾談到，這提升了我們一些具有正確地質特性的油井的產量，最高可達 20% 左右。因此，將這些結合起來，我們的發現成本就會持續降低。

Leo Mariani, Roth.

裡奧·馬裡亞尼，羅斯。

Obviously, you guys, in your macro overview, described perhaps, a bit of a squishy oil outlook over the next handful of courses before some improvements can take place in 2026. Just wanted to get a sense of how you would approach that strategically?

顯然，你們在宏觀概述中可能描述了未來幾個階段的石油前景有些不樂觀，直到 2026 年才會出現一些改善。只是想了解您將如何從戰略上解決這個問題？

Sounded like on the call you guys were talking about perhaps the opportunity to step up the buyback a bit. Obviously, you've done a little bit of M&A here recently with Encino and I guess a small Eagle Ford bolt-on. Do you think there could be other opportunities for bolt-ons as well if we do get a bit of a -- a little downturn over the next handful of quarters where EOG might be able to take advantage of some of that?

聽起來你們在電話中談論的可能是加大回購力道的機會。顯然，您最近對 Encino 和小型 Eagle Ford 附加產品進行了一些併購。您是否認為，如果我們在接下來的幾個季度中確實遇到一些小的下滑，EOG 是否可以利用其中的一些機會來附加附加功能？

I think as we absorb this rather large scale corporate M&A, I mean, I think we feel outstanding with where we're positioned. We've got three real core foundational plays now between the Eagle Ford, the Delaware, and the Utica, and really a fourth, just nipping at their heels there in Dorado.

我認為，當我們吸收這種相當大規模的企業併購時，我們的定位會讓我們感到非常出色。我們現在在鷹福特、德拉瓦和尤蒂卡之間擁有三個真正的核心基礎劇目，實際上還有第四個，就在多拉多緊隨其後。

And so, even if we see a pullback, I think we'd be well positioned to continue to be opportunistic on things. But I think in general, our foundational plays, at this point, the playbook is typically more to core up and block up acreage via trades and things of that nature. And then, to the degree that there might be some small bolt-on packages out there that we could take a look at.

因此，即使我們看到回調，我認為我們仍將處於有利地位，繼續抓住機會。但我認為，總的來說，我們的基礎劇本在這一點上通常更多的是透過交易和類似性質的事情來鞏固和封鎖土地。然後，在某種程度上，我們可能會查看一些小型的螺栓固定套件。

But really, no, the strategy for us hasn't really changed? We are dominated by organic exploration opportunities and being a first mover to get an established position in the sweet spots of these plays for low cost of entry. When we find opportunities to do small bolt-on acquisitions or a large scale, as we have done now with Encino, we'll be active to do that.

但事實上，我們的策略並沒有真正改變？我們主要關注有機勘探機會，並作為先驅者以較低的進入成本在這些油田的最佳位置上取得穩固的地位。當我們發現進行小規模附加收購或大規模收購的機會時，就像我們現在對 Encino 所做的那樣，我們會積極地做。

It's one of the reasons that we keep such a pristine balance sheet so that we can be counter cyclic and strategic, whether it's bolt-ons, acquisitions, leasing a new organic plays, starting to fund some of these international opportunities, or leveraging that into stronger marketing agreements. So I think you should look for us if we see a weaker market to continue to be thoughtful and counter cyclic on how we invest in the company and improve shareholder value long term.

這就是我們保持如此完美資產負債表的原因之一，這樣我們就可以逆週期和策略發展，無論是附加投資、收購、租賃新的有機業務、開始為其中一些國際機會提供資金，還是利用這些機會達成更強有力的營銷協議。因此，我認為，如果我們看到市場疲軟，您應該尋找我們，繼續深思熟慮並逆週期地投資公司並長期提高股東價值。

And then just wanted to follow up a little bit on gas macro. If I heard you guys right, obviously, you think there's tremendous growth in demand over the rest of the decade, which certainly seems to be right. But it sounded like you were perhaps maybe a little bit more cautious on the near-term.

然後只是想稍微跟進一下氣體宏觀情況。如果我沒聽錯的話，顯然，你們認為未來十年的需求將會大幅成長，這似乎是正確的。但聽起來你對短期內的事情可能有點謹慎。

You mentioned not really willing to push the pedal maybe too hard on some of the gas growth in the near term. Obviously, it looks like domestic production's come in higher than I think a lot of folks expected over the last month. So maybe could you talk a little bit more about your near-term thoughts on gas macro heading into the end of the year and '26?

您提到，我們不太願意在短期內加大對天然氣成長的力道。顯然，上個月國內產量似乎高於許多人的預期。那麼，您能否再多談談您對今年底和 26 年天然氣宏觀情勢的近期看法？

I may have misspoke just a little bit before then. With our -- with respect to our gas business, our dedicated gas business that we're investing in and we have been for the last few years now, we've been strategically aligning that with growth and demand and capturing that demand.

在此之前我可能說錯了一點。關於我們的天然氣業務，我們正在投資的專用天然氣業務，我們在過去幾年中一直在進行策略性調整，使其與成長和需求保持一致，並抓住這一需求。

And so part of that is with our LNG exposure, which increases from, over the past few years, it's been about [$140 million] a day that's gone to the LNG agreements. It starts ramping up this year to over [$400 million] a day, and then eventually in the next couple of years it gets all the way up to a BCF a day that will be delivering in the LNG market at various pricing mechanisms.

其中一部分原因是我們的液化天然氣投資不斷增加，過去幾年來，我們每天用於液化天然氣協議的資金約為 [1.4 億美元]。今年，該數字開始增加到每天 4 億美元以上，最終在未來幾年內將達到每天 10 億立方英尺，並以各種定價機制向液化天然氣市場交付。

The exciting thing about that, what I mentioned before that that's really upcoming and transformative for the cash flow generation potential of the company is that in the first four years, we've been delivering [140 MMBtu] per day into that market. We've realized a cumulative revenue uplift of $1.3 billion. And so over the next few years, as we continue to increase that up all the way to close to a BCF a day, like I said, we see significant upside for that.

令人興奮的是，我之前提到過，這對公司的現金流創造潛力來說確實意義重大，而且具有變革性意義，在最初的四年裡，我們每天向該市場交付 [140 MMBtu]。我們已實現累計收入成長 13 億美元。因此，在接下來的幾年裡，隨著我們繼續將這一數字提高到接近每天 1 BCF，就像我說的，我們看到了顯著的上升空間。

In addition to that, we've also taken out some other strategic marketing arrangements that allow us to invest in our in our gas assets, like taking out capacity along the Transco line, on the Texas-Louisiana Energy Pathway or acronym is TLIP, which allows us to get some of our gas from Dorado all the way over to the Zone 3 hub in Louisiana where you can service some of the Southeast power demand and things of that nature.

除此之外，我們還採取了一些其他戰略行銷安排，使我們能夠投資於我們的天然氣資產，例如在德克薩斯 - 路易斯安那能源通道（縮寫為 TLIP）上沿 Transco 線路提取產能，這使我們能夠將部分天然氣從多拉多一直運送到路易斯安那州的 3 區樞紐，在那裡可以滿足東南地區的部分電力需求和諸如此類的事情。

And so we're in a really great position to be able to continue to develop the gas at the right pace. Now, I will point out that our focus has always been, the volatility. While we do see tremendous gas growth demand or demand in gas growth increasing, the volatility in gas will likely continue to remain. And so that's why we're so committed to investing in these assets at the right pace where we can create value through those cycles and make sure that we're delivering the lowest cost gas to the market.

因此，我們處於非常有利的位置，能夠繼續以適當的速度開發天然氣。現在，我要指出的是，我們的重點一直是波動性。雖然我們確實看到巨大的天然氣成長需求或天然氣成長需求的增加，但天然氣的波動性可能仍將持續存在。這就是為什麼我們如此致力於以正確的速度投資這些資產，以便我們可以透過這些週期創造價值，並確保向市場提供成本最低的天然氣。

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

Over the past, I think that in this earning season, a lot of your peers have announced some pretty significant cost reduction on business optimization program. EOG did not. But of course, I mean, you guys are doing a lot of things, like Jeff have -- say, gave two examples this morning.

過去，我認為在這個收益季節，許多同行都宣布了業務優化計劃中相當顯著的成本削減。EOG 沒有。但當然，我的意思是，你們正在做很多事情，就像傑夫今天早上舉的兩個例子。

Can you help us that maybe that to frame it saying that while you are not officially announcing a program, but what is the potential you see from the new technology, how you transform your business and? How much is the potential upside in your free cash flow can generate from those initiative or what you are doing, say, over the next two or three years? That's the first question.

您能否幫助我們，也許可以這樣說，雖然您沒有正式宣布一個計劃，但您從新技術中看到了什麼潛力，您如何改變您的業務？舉例來說，在未來兩三年內，這些舉措或您正在做的事情能為您的自由現金流帶來多少潛在的上升空間？這是第一個問題。

This is Ezra. Yeah. I think it's -- you're right, we haven't come out with an official cost reduction plan. It's something that we do 24/7 here at EOG. We're focused on investing in bottom cycle prices. We're invested in utilizing technology to empower our employees to really drive down the costs everywhere that they can, whether it's well cost on the drilling side, completion side, or driving down our operating costs and really expanding the margins for us.

這是埃茲拉。是的。我認為——你是對的，我們還沒有推出正式的成本削減計劃。這是我們 EOG 全天候在做的事情。我們專注於投資底部週期價格。我們投資於利用科技來增強員工的能力，使他們能夠真正降低一切可能的成本，無論是鑽井方面的成本，還是完井方面的成本，還是降低我們的營運成本並真正擴大我們的利潤率。

So, try and frame that up and what it means for future cash flow generation, it might be easiest just to take a look back at what we have done over the last few years. In the last few years, we've got a compound annual growth rate of the regular dividend, which far outpaces our peer group. We've got a pristine balance sheet.

因此，嘗試將其框定下來，並了解它對未來現金流產生的意義，最簡單的方法可能是回顧我們過去幾年所做的事情。過去幾年，我們的定期股息複合年增長率遠遠超過同業。我們擁有一份完美的資產負債表。

And so between those -- and then we've got a strong record of track record of excess cash return. Those are the types of things that are direct output out of working every single day, creating that value in the field at the asset level through collaboration of multidisciplinary teams.

因此，在這些之間——我們擁有超額現金回報的良好記錄。這些都是每天工作中直接產出的東西，透過多學科團隊的合作在資產層面創造現場價值。

Now, Jeff has highlighted some specific things like our motor program. A couple of years ago, we had our super zipper or simul frac operations that have also helped drive down costs. And then, obviously, the exceptionally long laterals that we're drilling now across, basically, our entire portfolio. And Jeff highlighted, I think, the longest lateral that we've drilled in Texas, which adds tremendous capital efficiency to us.

現在，傑夫強調了一些具體的事情，例如我們的運動計畫。幾年前，我們採用了超級拉鍊或同步壓裂作業，這也有助於降低成本。然後，顯然我們現在正在鑽探的超長水平井基本上覆蓋了我們的整個投資組合。我認為，傑夫強調了我們在德克薩斯州鑽探的最長的水平井，這為我們提高了巨大的資本效率。

And we are utilizing technology to do that. It's not just our generative AI, which has been very powerful. And the thing about our generative AI is it's really allowing us to capture kind of human intelligence. We've utilized that to help speed up the role, the integration of Encino as well.

我們正在利用技術來實現這一點。不只是我們的生成人工智慧已經非常強大。我們的生成性人工智慧確實使我們能夠捕捉人類的智慧。我們利用它來幫助加快 Encino 的整合。

But it's the smaller things. It's just the way we organize the data, the data that we create and collect, and the way that we allow our engineers, geologists, and field employees to be able to engage with that data to really make the impact that they see. Those are the folks that can really impact the business on a day-to-day basis and really drive value for the shareholders.

但這些都是小事。這只是我們組織數據的方式、我們創建和收集數據的方式，以及我們允許工程師、地質學家和現場員工能夠使用這些數據來真正產生他們所看到的影響的方式。這些人確實能夠對日常業務產生影響，並真正為股東創造價值。

My second question is that there's a lot of debate about the industry inventory and whether US shale oil is going to reach the peak production or may have already reached peak production as one of your peer belief. And you have said, I mean, as your track record in the Delaware Basin that you have a lot, nine different new benches to be economically produced over the past five years. So just curious that from EOG standpoint, if you're looking at the US shale oil industry, at a $65 to $70 WTI price, do you think we are running out of inventories?

我的第二個問題是，關於行業庫存以及美國頁岩油是否會達到產量高峰或可能已經達到產量高峰（正如您的同行所認為的那樣）存在著許多爭論。而且您說過，我的意思是，根據您在特拉華盆地的業績記錄，過去五年來，您已經經濟地生產了九個不同的新台階。所以我很好奇，從 EOG 的角度來看，如果你看看美國頁岩油產業，以 65 至 70 美元的 WTI 價格，你是否認為我們的庫存正在耗盡？

I appreciate that that you put a you put a price marker on there. I think it's -- you can't really refute the fact that the current pricing at $65 or $70, the recount has fallen off pretty hard. And some of that has increased efficiencies, but I think that the data is showing that the US doesn't seem to have a lot of incentive to grow at this pricing.

我很感激你在那裡放置了價格標記。我認為——你無法否認這樣一個事實，即目前的定價為 65 美元或 70 美元，重新計票的結果已經相當糟糕。其中一些措施確實提高了效率，但我認為數據表明，美國似乎沒有太大的動力在這種定價下實現成長。

Now, I think what you're left with is, if you filter down from the US into industry or individual companies, I think you're finding companies that are -- and we've talked about it before, you're turning into groups of have and have nots. You're turning into companies that have invested in infrastructure and scale and data collection to continue to drive down their break evens.

現在，我認為剩下的就是，如果你從美國深入到行業或個別公司，我認為你會發現這些公司——我們之前已經討論過，你正在變成有和沒有的群體。你們正在變成那些在基礎設施、規模和數據收集方面進行投資的公司，以繼續降低他們的損益平衡點。

And there are a handful of companies out there that can continue to grow and be very, very profitable at pricing well below $65. And then you've got a series of other companies that, for whatever reason, maybe don't have the scale, don't have the track record or access to the data to continue to make that happen. And they clearly have a have a higher break even.

有少數公司能夠繼續成長，並且在定價遠低於 65 美元的情況下獲得非常高的利潤。然後，還有一系列其他公司，無論出於何種原因，可能沒有規模，沒有業績記錄或無法取得數據來繼續實現這一目標。而且他們的損益平衡點顯然更高。

For us, we never discount the ability of our employees or the technology that we empower with them. The US has a vast amount of resources. You heard me briefly talk about the amount of exploration we've got going.

對我們來說，我們從不低估員工的能力或我們賦予他們的技術。美國擁有大量資源。您已經聽我簡要介紹了我們已經進行的探索的數量。

And so, really, the ability for US unconventional or just US upstream to continue to deliver growth, it's a call on pricing, but it's also on technology. Again, I referenced just what we did to lower the breakeven not only EOG, but as some of the some of the industry in the last few years; the implementation of simul racks, the longer laterals, the ability to drill faster. For EOG, we're specifically applying technology to improve our motor performance. And you've heard us talk about how that's a force multiplier on these longer laterals.

因此，實際上，美國非常規或美國上游能否繼續實現成長，不僅取決於定價，還取決於技術。再次，我提到了我們為降低損益平衡點所採取的措施，不僅是 EOG，而且是過去幾年中一些行業的措施；實施同步鑽井架、更長的水平井、更快鑽井的能力。對於 EOG，我們正在專門應用技術來提高我們的運動性能。您已經聽我們討論過它如何在這些較長的橫向管道上發揮力量倍增器的作用。

And then I do think the next step is going to be some of our generative AI that we're applying. And when I talk about that, it's really been an evolution. We've started with smart technology, utilizing that in, really, 2018-time frame, especially with the production optimizers that Jeff had talked about before. We've expanded that into machine learning a few years later.

然後我確實認為下一步將是應用一些生成性人工智慧。當我談論這個的時候，它確實是一個進化過程。我們已經開始採用智慧技術，並在 2018 年的時間範圍內加以利用，特別是 Jeff 之前談到的生產優化器。幾年後，我們將其擴展到機器學習領域。

And then more recently we've really got into deep learning and, ultimately, the generative AI. And it's really capturing, like I said, the human intelligence. And so things that can't necessarily be bucketized, but you can capture the knowledge, the exponential learning.

最近我們真正進入了深度學習領域，並最終進入了生成人工智慧領域。正如我所說，它確實捕捉了人類的智慧。因此，有些事物不一定能被分類，但你可以捕捉知識，即指數級學習。

And what deep learning and our generative AI allows you to do is actually put that into a searchable database that you can really start to unlock trends that were maybe not as a parent without that data. So I'd never count our employees out or our culture to continue to utilize technology, drive down break evens, and unlock additional resources.

深度學習和生成式人工智慧可以讓你將其放入可搜尋的資料庫中，這樣你就可以真正開始了解趨勢，如果沒有這些數據，父母可能就無法了解這些趨勢。因此，我永遠不會忽視我們的員工或我們的文化，我們會繼續利用科技、降低損益平衡點並釋放更多資源。

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

問答環節到此結束。我想將會議交還給雅各先生，請他致閉幕詞。

We appreciate everyone's time today and thank you to our shareholders for your support. And special thanks goes out to our employees for delivering another exceptional quarter.

我們感謝大家今天抽出的時間，並感謝股東的支持。我們也要特別感謝我們的員工，他們又一個季度表現出色。

This concludes the conference. Thank you for attending today's presentation. You may now disconnect.

會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。