EOG Resources Inc (EOG) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加EOG Resources 2025年第三季收益業績電話會議。再次提醒，本次通話正在錄音。

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.

接下來，我將把電話交給 EOG Resources 的投資者關係副總裁 Pearce Hammond 先生，由他來致開幕詞和介紹。請繼續，先生。

Thank you, Betsy. Good morning, and thank you for joining us for the EOG Resources third-quarter 2025 earnings conference call. An updated investor presentation has been posted to the Investor Relations section of our website, and we will reference certain slides during today's discussion. A replay of this call will be available on our website beginning later today.

謝謝你，貝齊。早安，感謝各位參加 EOG Resources 2025 年第三季財報電話會議。更新後的投資者簡報已發佈在我們網站的投資者關係部分，我們將在今天的討論中引用其中的一些幻燈片。今天晚些時候，您可以在我們的網站上收聽本次電話會議的錄音回放。

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

提醒各位，本次電話會議包含前瞻性陳述。可能導致我們的實際業績與前瞻性聲明中業績存在重大差異的因素已在盈利報告和EOG向美國證券交易委員會提交的文件中列出。本次電話會議可能包含某些歷史性和前瞻性的非GAAP財務指標。有關這些非GAAP指標的定義和調節表以及相關討論，請造訪EOG網站的投資者關係部分。

In addition, any 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. Participating on the call this morning are Ezra Yacob, Chairman and Chief Executive Officer; Jeff Leitzel, Chief Operating Officer; Ann Janssen, Chief Financial Officer; and Keith Trasko, Senior Vice President, Exploration and Production.

此外，本次電話會議中的任何儲量估算可能包括估計的潛在儲量以及估計的資源潛力，但這些估算不一定是按照美國證券交易委員會的儲量報告準則計算的。今天早上參加電話會議的有：董事長兼執行長 Ezra Yacob；營運長 Jeff Leitzel；財務長 Ann Janssen；以及探勘與生產資深副總裁 Keith Trasko。

Here's Ezra.

這是埃茲拉。

Thanks, Pierce. Good morning, and thank you for joining us. It's been a significant quarter for EOG, one that marks both a pivotal strategic milestone and a disciplined continuation of our financial framework. As you know, we have successfully closed the acquisition of Encino in early August. This transaction strengthens our portfolio, cementing a third high-return foundational asset, diversing our production base, and accelerating our free cash flow generation potential even during a more dynamic commodity environment.

謝謝你，皮爾斯。早安，感謝各位的參與。對 EOG 而言，這是一個意義重大的季度，它既標誌著一個關鍵的策略里程碑，也標誌著我們財務框架的穩定延續。如您所知，我們已於8月初成功完成Encino的收購。此交易增強了我們的投資組合，鞏固了第三項高回報基礎資產，使我們的生產基礎多元化，並即使在商品市場環境更加活躍的情況下，也能加快我們的自由現金流生成潛力。

This acquisition was part of an exceptional quarter where EOG once again delivered outstanding operational performance that has translated directly into strong financial results. For the third quarter of 2025, oil, natural gas, and NGL volumes exceeded the midpoint of our guidance, while capital expenditures, cash operating costs, and DD&A all came in below guidance midpoints, resulting in $1.4 billion of free cash flow, $1.5 billion in net income, and $1 billion of cash returned to shareholders through our regular dividend and share repurchases.

此次收購是EOG公司本季業績表現優異的一部分，該公司在本季再次展現了卓越的營運能力，並直接轉化為強勁的財務業績。2025 年第三季度，石油、天然氣和 NGL 產量超過了我們預期的中點，而資本支出、現金營運成本和折舊攤銷均低於預期的中點，從而實現了 14 億美元的自由現金流、15 億美元的淨收入，並透過定期分紅和股票回購向股東返還了 10 億美元的現金。

Through the first three quarters of this year, we have committed to return nearly 90% of our estimated 2025 free cash flow, including $2.2 billion in regular dividends and $1.8 billion of share repurchases. In today's dynamic energy equity environment, share repurchases are especially compelling, and we expect to remain active in our buyback program, further enhancing returns to shareholders through the cycles.

今年前三個季度，我們承諾返還預計 2025 年自由現金流的近 90%，其中包括 22 億美元的常規股息和 18 億美元的股票回購。在當今瞬息萬變的能源股票市場環境下，股票回購尤其具有吸引力，我們預計將繼續積極開展股票回購計劃，從而在周期性波動中進一步提高股東回報。

EOG's value proposition is guided by our strategic priorities of capital discipline, operational excellence, sustainability, and culture. Our continued outperformance this quarter and throughout the year demonstrates consistent execution of our value proposition by teams across EOG's premier multi-basin portfolio, while our cash return performance highlights our unwavering commitment to disciplined value creation for our shareholders through industry cycles.

EOG 的價值主張以資本紀律、卓越營運、永續發展和企業文化為策略重點。本季及全年持續優異的業績表明，EOG旗下各主要盆地投資組合團隊始終如一地執行我們的價值主張，而我們的現金回報表現則突顯了我們始終致力於在行業週期中為股東創造有紀律的價值。

I want to highlight four key differentiators that set us apart and position EOG to deliver value to our shareholders in a dynamic market. First, our diverse high-return portfolio with a deep inventory of opportunities. We invest at a pace that generates high returns while optimizing both short- and long-term free cash flow generation. Our foundational assets in the Delaware Basin, Eagle Ford, and Utica continue to underpin our activity driving strong full cycle returns, while our emerging plays, Dorado and the Powder River Basin, are making tremendous progress on improving well performance and lowering costs.

我想重點介紹四個關鍵差異化因素，這些因素使我們脫穎而出，並使 EOG 能夠在充滿活力的市場中為我們的股東創造價值。首先，我們擁有多元化的高回報投資組合，其中包含大量投資機會。我們以能夠產生高回報的速度進行投資，同時優化短期和長期自由現金流的產生。我們在特拉華盆地、鷹灘盆地和尤蒂卡盆地的基礎資產繼續支撐著我們的業務活動，推動著強勁的全週期回報，而我們的新興油氣田多拉多盆地和粉河流域在提高油井產能和降低成本方面取得了巨大進展。

And our consistent focus on exploration, both domestically and internationally, gives us confidence in our ability to continue improving one of industry's highest quality portfolios. We are especially excited about the potential for international unconventional development through our entry into the UAE and Bahrain. Our differentiated exposure to both North American liquids and natural gas as well as international unconventionals positions EOG to benefit from medium- and long-term growth in all three areas, creating multiple avenues for future value creation.

我們始終專注於國內外的勘探，這使我們有信心繼續提升我們業內最高品質的資產組合之一。我們尤其對透過進入阿聯酋和巴林市場所帶來的國際非常規發展潛力感到興奮。我們在北美液體和天然氣以及國際非常規油氣領域的差異化佈局，使 EOG 能夠從這三個領域的中長期成長中受益，從而為未來的價值創造創造多種途徑。

Second, our focus on lowering breakeven costs. Each year, EOG utilizes data and technology to drive continuous operational improvements, capturing incremental efficiency gains and identifying opportunities to reduce our cost structure. In addition, at times, we make strategic infrastructure investments that further lower costs. In the past year, we've brought online the Janus gas processing plant in the Delaware Basin and the Verde natural gas pipeline connecting Dorado to the Agua Dulce Hub.

其次，我們專注於降低損益平衡成本。每年，EOG 都會利用數據和技術來推動持續的營運改進，從而獲得逐步的效率提升，並尋找降低成本結構的機會。此外，我們有時也會進行策略性基礎設施投資，以進一步降低成本。在過去一年裡，我們將位於特拉華盆地的 Janus 天然氣處理廠和連接 Dorado 和 Agua Dulce 樞紐的 Verde 天然氣管道投入運作。

These high-return strategic infrastructure projects helped further reduce our breakeven costs by enhancing reliability, lowering operating expenses, and improving price realizations. Operational execution and investment focused on improving our broader asset base not only strengthens our resilience in a lower price environment but also improves margins and returns for shareholders through industry cycles.

這些高回報的策略基礎設施項目透過提高可靠性、降低營運費用和改善價格實現，進一步降低了我們的損益平衡成本。專注於改善我們更廣泛的資產基礎的營運執行和投資，不僅增強了我們在低價格環境下的韌性，而且還在行業週期中提高了股東的利潤率和回報。

Third, our commitment to generating sustainable free cash flow. Our low-cost structure drives robust, sustainable free cash flow generation, supporting EOG's regular dividend as well as additional cash return to shareholders. EOG has generated annual free cash flow every year since 2016 and has never cut nor suspended its dividend in 27 years, a remarkable track record that is a testament to our resilient business model and represents a key differentiator versus peers.

第三，我們致力於創造永續的自由現金流。我們低成本的結構推動了強勁、可持續的自由現金流的產生，從而支持 EOG 的定期分紅以及向股東的額外現金回報。自 2016 年以來，EOG 每年都產生自由現金流，並且 27 年來從未削減或暫停派發股息，這一卓越的業績證明了我們穩健的商業模式，也是我們與同行之間的關鍵區別。

And fourth, EOG's financial strength. Our pristine balance sheet is anchored by a leverage target of less than 1 times total debt to EBITDA at bottom cycle prices of $45 WTI, $2.50 Henry Hub. With nearly $5.5 billion in total liquidity, we have tremendous capacity and flexibility to invest through the cycle, ensuring EOG emerges from any downturn an even stronger company than when it entered.

第四，EOG 的財務實力。我們穩健的資產負債表以槓桿目標為支撐，在 WTI 原油價格為每桶 45 美元、亨利中心原油價格為每桶 2.50 美元的周期底部，總債務與 EBITDA 的比率低於 1 倍。我們擁有近 55 億美元的總流動資金，這為我們提供了巨大的能力和靈活性，讓我們能夠在整個週期中進行投資，確保 EOG 從任何低迷時期中脫穎而出，成為比進入低迷時期更加強大的公司。

On commodity fundamentals, the impact of spare capacity returning to the oil market is slowly becoming evident. We expect inventories to continue to build as it will take a few quarters for growing demand to absorb spare capacity barrels reentering the market. Beyond near-term oversupply, evolving geopolitical risk, the rapid decline in spare capacity, reduced investment in new supply, and further demand growth will remain key drivers of the oil price. Looking past the few -- the next few quarters, we see constructive support for oil prices.

從大宗商品基本面來看，閒置產能重返石油市場的影響力正逐漸顯現。我們預計庫存將繼續增加，因為不斷增長的需求需要幾個季度的時間才能消化重新進入市場的閒置產能。除了短期供應過剩、不斷變化的地緣政治風險、閒置產能的快速下降、對新供應的投資減少以及需求的進一步增長之外，這些因素仍將是影響油價的關鍵因素。展望未來幾個季度，我們認為油價將獲得建設性支撐。

And turning to natural gas, our outlook remains positive. US natural gas enjoys two structural bullish drivers: record levels of LNG feed gas demand and growing electricity demand, which should provide price support. Our investments to build a premier gas business has EOG poised to deliver supply into these growing markets.

至於天然氣，我們的前景依然樂觀。美國天然氣價格受兩大結構性利多因素驅動：液化天然氣原料氣需求創歷史新高，以及電力需求不斷增長，這兩大因素將對價格提供支撐。我們透過投資打造一流的天然氣業務，使EOG能夠為這些不斷成長的市場提供天然氣供應。

Looking to 2026, it's too early to provide specifics on activity and capital spending. Our capital allocation remains driven by returns-focused investments, our view on the outlook for supply-demand fundamentals, and a reinvestment pace that supports continuous improvement across our multi-basin portfolio. This disciplined approach allows for optimal development of our assets while balancing both short and long-term free cash flows to drive higher cash returns to shareholders.

展望 2026 年，現在提供有關活動和資本支出的具體資訊還為時過早。我們的資本配置仍然以回報為導向的投資、我們對供需基本面前景的看法以及支持我們多盆地投資組合持續改進的再投資速度為驅動。這種嚴謹的方法能夠優化我們的資產開發，同時平衡短期和長期自由現金流，從而為股東帶來更高的現金回報。

2025 has truly been a transformative year for EOG with the successful acquisition of Encino as well as our strategic entries into the UAE and Bahrain. And moving into 2026, EOG is better positioned than ever to execute on our value proposition and create shareholder value.

2025 年對 EOG 來說確實是具有變革意義的一年，我們成功收購了 Encino，並策略性地進入了阿聯酋和巴林市場。展望 2026 年，EOG 比以往任何時候都更有能力實現我們的價值主張並創造股東價值。

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

現在請安妮為大家詳細回顧我們的財務表現。

Thank you, Ezra. As Ezra mentioned, the closing of the Encino acquisition in early August is a significant event for EOG. The acquisition enhances the foundation of our value proposition, sustainable value creation through industry cycles, and our financial strategy remains unchanged: a pristine balance sheet to support a sustainable growing regular dividend, disciplined investment in high-return inventory and significant cash return to shareholders.

謝謝你，埃茲拉。正如埃茲拉所提到的，8月初完成對恩西諾的收購對EOG來說是一件意義重大的事件。此次收購增強了我們的價值主張的基礎，即在行業週期中創造可持續的價值，而我們的財務策略保持不變：保持良好的資產負債表，以支持可持續增長的定期股息、對高回報庫存進行有紀律的投資以及向股東提供可觀的現金回報。

The third quarter is an excellent example of this strategy at work. We generated adjusted earnings per share of $2.71 and adjusted cash flow from operations per share of $5.57. In the third quarter, free cash flow totaled $1.4 billion. And through the first three quarters of this year, EOG has generated $3.7 billion in free cash flow.

第三季就是這項策略發揮作用的絕佳例證。我們實現調整後每股收益 2.71 美元，調整後每股營運活動現金流 5.57 美元。第三季度，自由現金流總額為 14 億美元。今年前三個季度，EOG 已產生 37 億美元的自由現金流。

Regarding our balance sheet, following the funding of the Encino acquisition, we ended the quarter with a robust cash position of $3.5 billion and $7.7 billion in long-term debt. Our balance sheet continues to serve as a pillar of our financial strength. Our leverage target of total debt at less than 1 times EBITDA at bottom cycle prices remains one of the most stringent in the energy sector, and we continue to view our pristine balance sheet as a competitive advantage, providing both protection in volatile markets and the ability to strategically invest through the cycles.

關於我們的資產負債表，在為 Encino 收購提供資金後，我們本季末擁有 35 億美元的強勁現金儲備和 77 億美元的長期債務。我們的資產負債表仍然是我們財務實力的支柱。我們設定的總債務低於 EBITDA 1 倍（以週期底部價格衡量）的槓桿目標仍然是能源行業最嚴格的目標之一，我們繼續將我們完美的資產負債表視為競爭優勢，這既能在波動的市場中提供保護，又能使我們能夠在周期中進行戰略性投資。

During the third quarter, we continued our history of significant cash returns to shareholders, anchored by our robust regular dividend of nearly $550 million and supplemented by nearly $450 million in share repurchases, demonstrating our commitment to both sustainable and opportunistic cash returns.

第三季度，我們延續了向股東返還大量現金的傳統，這主要得益於我們強勁的常規股息（近 5.5 億美元）以及近 4.5 億美元的股票回購，這體現了我們對可持續和機會性現金回報的承諾。

For calendar year 2025, we have paid regular dividends of $3.95 per share, representing an 8% increase over calendar year 2024. On October 31, we paid our latest regular dividend, which was $1.02 per share, equating to an annualized rate of $4.08 per share or 3.9% dividend yield at the current share price. This dividend yield significantly exceeds the S&P 500.

2025 年，我們派發了每股 3.95 美元的常規股息，比 2024 年成長了 8%。10 月 31 日，我們派發了最新一期定期股息，每股 1.02 美元，以當前股價計算，年化股息率為每股 4.08 美元，股息殖利率為 3.9%。這一股息殖利率遠高於標普500指數。

Our sustainable and growing regular dividend forms the foundation of our cash return strategy. We also have other incremental levers such as share repurchases, providing an avenue for further cash return through industry cycles. Since initiating buybacks in 2023, we have repurchased nearly 50 million shares or approximately 9% of shares outstanding. We have ample flexibility for additional share buybacks and with $4 billion remaining under our current buyback authorization. In the past five years, we have returned over $20 billion to investors through a mix of dividends and share repurchases.

我們可持續成長的定期分紅是我們現金回報策略的基礎。我們還有其他增量槓桿，例如股票回購，這為在產業週期中進一步獲得現金回報提供了途徑。自 2023 年啟動股票回購以來，我們已回購近 5,000 萬股，約佔已發行股份的 9%。我們有足夠的彈性進行額外的股票回購，目前回購授權額度還剩 40 億美元。過去五年，我們透過分紅和股票回購等方式向投資者返還了超過 200 億美元。

For the full year 2025, we are forecasting a $4.5 billion in free cash flow, a $200 million increase in annual free cash flow versus our previous forecast at the midpoint of guidance. This increase is driven by outstanding performance through the first three quarters of 2025 and strong fourth-quarter guidance that leaves us well positioned entering 2026.

我們預測 2025 年全年自由現金流將達到 45 億美元，比我們先前預測的中間值年度自由現金流增加 2 億美元。這一增長得益於 2025 年前三個季度的出色表現以及強勁的第四季度業績預期，這使我們為進入 2026 年做好了充分準備。

In summary, EOG delivered another outstanding quarter. We strengthened our portfolio, maintained the robustness of our balance sheet, and positioned the company for sustainable value creation through commodity cycles. As we look forward to next year, we remain focused on what we can control: operational excellence, cost discipline, and capital returns.

總而言之，EOG 又迎來了一個出色的季度。我們加強了投資組合，保持了資產負債表的穩健性，並使公司能夠在商品週期中實現可持續的價值創造。展望明年，我們將繼續專注於我們能夠控制的事情：卓越營運、成本控制和資本回報。

With that, I'll turn it over to Jeff for an update on operating results.

接下來，我將把發言權交給傑夫，讓他報告營運表現。

Thanks, Ann. First, I want to recognize the exceptional dedication of the entire EOG team. Consistent outstanding execution across every part of the organization is what enables us to convert our operational strengths into value for shareholders. We had another strong quarter of execution across the business.

謝謝你，安。首先，我要表揚整個EOG團隊的傑出奉獻精神。公司各部門始終如一的出色執行力，使我們能夠將營運優勢轉化為股東價值。本季公司各業務部門的執行力依然強勁。

Our teams continue to deliver consistent results, meeting or exceeding expectations on nearly every operational metric, Production volumes outperformed, largely driven by stronger-than-expected base production performance in our Utica asset, while capital expenditures were below target, supporting strong free cash flow while keeping us on track for full year guidance.

我們的團隊持續取得穩定業績，幾乎在所有營運指標上都達到或超過預期。產量表現優異，主要得益於尤蒂卡資產基礎產量表現強於預期，同時資本支出低於目標，從而支撐了強勁的自由現金流，並使我們有望實現全年業績指引。

Cash operating costs also came in under target, dominantly driven by reductions in lease operating expenses and GP&T across our foundational assets. These strong quarterly results reflect the quality of our assets and the continued discipline of our operating culture.

現金營運成本也低於目標，這主要得益於我們基礎資產的租賃營運費用和毛利、稅費及其他費用的減少。這些強勁的季度業績反映了我們資產的品質以及我們持續嚴謹的經營文化。

In the Utica, the Encino integration is progressing exceptionally well. I want to thank all of our employees, including new employees from Encino, for their efforts in efficiently integrating this asset and fast tracking the execution of high-return development. We have excellent line of sight to realize our $150 million of synergies target within the first year and lower well costs being the primary driver.

在尤蒂卡縣，恩西諾縣的整合進展非常順利。我要感謝我們所有的員工，包括來自恩西諾的新員工，感謝他們為高效整合這項資產和快速推進高回報開發項目所做的努力。我們很有希望在第一年實現 1.5 億美元的綜效目標，而降低油井成本是主要驅動因素。

We are extending EOG's culture and multi-basin portfolio of learnings, innovation, and technology transfer to the acquired assets with excellent outcomes thus far. By applying EOG's drilling and completions technical expertise across the acquired Encino acreage, we have already realized strong efficiency gains. As a result, we can maintain the same targeted 65 net well completions for 2025, while reducing our Utica rig count from five rigs down to four for the remainder of the year.

我們將 EOG 的企業文化和跨盆地經驗、創新和技術轉移組合擴展到已收購的資產中，迄今為止取得了優異的成果。透過在收購的恩西諾油田區塊應用 EOG 的鑽井和完井技術專長，我們已經實現了效率的顯著提升。因此，我們可以在 2025 年保持 65 口淨完井的目標，同時將 Utica 的鑽機數量從 5 台減少到 4 台，直到年底。

With respect to production, over 80% of the applicable Encino wells have been placed on artificial lift optimization. Moving forward, we anticipate continued efficiency gains and strong field performance as we implement EOG's operational best practices and our suite of proprietary software applications.

就生產而言，超過 80% 的 Encino 適用油井已進行人工舉升優化。展望未來，隨著我們實施 EOG 的最佳營運實務和我們專有的軟體應用程式套件，我們預計效率將持續提高，現場表現也將更加出色。

During the third quarter, EOG brought online our first well in the Utica gas windows. The Petkins wells each had an average 30-day IP of 35 million cubic feet per day. This was a three-well package with average lateral lengths of just under 20,000 feet. Our focus in the Utica will remain on the volatile oil window, but we are extremely pleased with the potential upside from the Utica gas window over time.

第三季度，EOG 在尤蒂卡氣窗投產了第一口井。Petkins 的每口井平均 30 天初始產量為每天 3,500 萬立方英尺。這是一個包含三口井的鑽井組合，平均水平井段長度略低於 20,000 英尺。我們將繼續專注於尤蒂卡地區波動較大的石油窗口，但我們對尤蒂卡天然氣窗口的長期潛在上漲空間感到非常滿意。

Turning to the Delaware Basin, we are pleased with our recent well results, which are on forecast and in line with our development strategy. Our teams continue to drive operational improvements that are helping us to unlock additional value from this already prolific asset.

再來看特拉華盆地，我們對最近的油井結果感到滿意，結果符合預期，也符合我們的開發策略。我們的團隊不斷推進營運改進，幫助我們從這項已經非常有價值的資產中釋放更多價值。

Over the last several years, innovations like our EOG motor program, super zipper operations, high-intensity completions, and production optimizers have allowed us to lower cost and improve returns across our acreage. Throughout our core areas, we have built out our surface locations, facilities, and gathering systems, and we'll be able to take advantage of this infrastructure when we return to these areas to continue development.

在過去的幾年裡，我們的 EOG 馬達計劃、超級拉鍊作業、高強度完井和生產優化器等創新技術使我們能夠降低成本並提高我們整個油田的收益。在我們的核心區域，我們已經建造了地面設施、設備及集輸系統，當我們返回這些區域繼續開發時，我們將能夠利用這些基礎設施。

Another major driver in well cost reductions has been longer laterals where we have increased our average lateral length by over 20% in 2025 alone. Overall, we have lowered well costs more than 15% over the last two years. Due to this positive step change in capital efficiency, we continue to evolve our development approach to balance returns with resource recovery.

降低油井成本的另一個主要驅動因素是更長的水平井段，光是 2025 年，我們的平均水平井段長度就增加了 20% 以上。整體而言，過去兩年我們已將油井成本降低了 15% 以上。由於資本效率的這一積極轉變，我們將繼續改進我們的開發方法，以平衡回報與資源回收。

This has enabled our team to unlock additional distinct landing zones that now meet or exceed our stringent economic hurdle rates and increase our total recovery per section. We see outstanding economics on these new targets with payback periods of less than one year and direct well level rates of return across both shallow and deep targets in excess of 100% at current prices.

這使得我們的團隊能夠解鎖更多不同的著陸區，這些著陸區現在達到或超過了我們嚴格的經濟門檻率，並提高了我們每個區域的總回收率。我們看到這些新目標具有極佳的經濟效益，投資回收期不到一年，而且在當前價格下，無論是淺層還是深層目標，直接井級回報率均超過 100%。

In the Eagle Ford, economics continue to improve even after 15-plus years of development. For our 2025 program, we have reduced our breakeven price by 10% due to extended lateral lengths and reductions in both well costs and operating costs. Moving forward, we will continue to leverage technology and efficiency gains to drive strong returns and margin enhancement across the Eagle Ford play.

在鷹福特地區，經過 15 年以上的開發，經濟狀況仍在持續改善。對於我們的 2025 年計劃，由於水平井段長度的增加以及油井成本和營運成本的降低，我們的損益平衡價格降低了 10%。展望未來，我們將繼續利用技術和效率的提升，在 Eagle Ford 油田實現強勁的回報和利潤率的提高。

In Trinidad, we have completed the first wells of our Mento program and are extremely pleased with the initial results. For 2026, we plan to commence installation of the coconut platform, reflecting further investment in our high-return Trinidad program. Finally, we are advancing the barrel oil discovery towards FID with our partners and look forward to giving you an update in the near future.

在特立尼達，我們已經完成了 Mento 專案的第一批油井，對初步結果非常滿意。2026 年，我們計劃開始安裝椰子平台，這體現了我們對高回報的特立尼達計畫的進一步投資。最後，我們正與合作夥伴一起推進桶裝油發現項目，朝著最終投資決策（FID）邁進，並期待在不久的將來向您提供最新進展。

In the Gulf states, our exploration programs are moving forward, and we are pleased with our progress. We drilled our initial wells in Bahrain in the third quarter and will spud our first well in the UAE this quarter. We are excited about these opportunities that allow us to leverage our technical expertise and extensive data set from drilling thousands of unconventional wells across a wide variety of plays. The opportunities in the UAE and Bahrain are just another example of EOG's focus on exploration as we continue to look for organic ways to improve and expand our inventory.

在墨西哥灣沿岸各州，我們的勘探計畫正在推進，我們對所取得的進展感到滿意。我們在第三季在巴林鑽探了第一批油井，本季將在阿聯酋開鑽第一口油井。我們對這些機會感到興奮，這些機會使我們能夠利用我們的技術專長和從在各種油氣藏中鑽探數千口非常規油井中獲得的廣泛數據集。阿聯酋和巴林的機會再次體現了EOG對勘探的重視，我們將繼續尋找有機方法來改善和擴大我們的庫存。

Regarding service costs, as industry activity has decreased in the second half of 2025, we are seeing some softening in the market. The majority of these decreases have been associated with non-high-spec equipment since these are the first to be released and become available.

關於服務成本，由於 2025 年下半年產業活動減少，我們看到市場出現了一些疲軟跡象。這些降價大多與非高規格設備有關，因為這些設備最先發布並上市。

For the high-spec services that EOG utilizes, we have observed much more resilient pricing with utilization remaining high. We have just recently started seeing a low single-digit reduction in spot rigs for high-spec equipment, but this has largely been offset by the impact from tariffs, primarily on non-casing steel products.

對於 EOG 使用的高規格服務，我們觀察到價格更具彈性，利用率也保持在高位。我們最近才開始看到高規格設備的現貨鑽機數量出現個位數的下降，但這很大程度上被關稅的影響所抵消，主要是針對非套管鋼材產品的關稅。

As we look to the future, we currently have around 45% of our service costs locked in for 2026, and we'll look for opportunities throughout the next few quarters to take advantage of any additional softening in the market. Regardless of how service costs shake out, we remain focused on delivering sustainable efficiency gains year in and year out. After an outstanding third quarter, we are poised to finish 2025 strong and enter next year with tremendous momentum.

展望未來，我們目前已鎖定 2026 年約 45% 的服務成本，我們將在接下來的幾個季度中尋找機會，利用市場任何進一步的疲軟。無論服務成本最終如何變化，我們始終致力於年復一年地實現可持續的效率提升。經過出色的第三季度，我們已做好準備，以強勁的勢頭結束 2025 年，並​​以巨大的發展勢頭進入明年。

Now I'll hand it back to Ezra to wrap up.

現在我把任務交還給埃茲拉，讓他完成收尾工作。

Thanks, Jeff. In closing, let me highlight a few key messages. First, this has been an exceptional quarter for EOG. We strengthened our portfolio with the successful completion of the Encino acquisition, maintain a robust balance sheet, and further position the company for long-term value creation.

謝謝你，傑夫。最後，我想強調幾個關鍵訊息。首先，對於EOG來說，這是一個非同尋常的季度。透過成功完成對 Encino 的收購，我們加強了我們的投資組合，保持了穩健的資產負債表，並進一步為公司的長期價值創造奠定了基礎。

Second, today's dynamic market environment is exactly what EOG is built to excel in. Our diversified portfolio enables ongoing investment in high-return projects, while our low breakeven costs drive strong free cash flow that supports both our regular dividend and additional shareholder returns. Our industry-leading balance sheet remains the cornerstone of our financial strategy, ensuring value creation through every phase of the cycle.

其次，當今瞬息萬變的市場環境正是 EOG 擅長的領域。我們多元化的投資組合使我們能夠持續投資於高回報項目，而我們較低的損益平衡成本則帶來了強勁的自由現金流，這不僅支持了我們的常規股息，也為股東帶來了額外的回報。我們業界領先的資產負債表仍然是我們財務策略的基石，確保在週期的每個階段都能創造價值。

Third, EOG holds a distinctive position in the upstream sector with access to a deep inventory of growth opportunities spanning North American liquids, North American natural gas and international conventional and unconventional plays. Our continuous data collection and development of proprietary technology reinforce EOG's culture of innovation and exploration, keeping us at the forefront of industry advancement.

第三，EOG 在上游領域擁有獨特的地位，能夠獲得豐富的成長機會，涵蓋北美液體、北美天然氣以及國際常規和非常規油氣資源。我們不斷收集數據並開發專有技術，這強化了EOG的創新和探索文化，使我們始終處於產業發展的前沿。

And finally, this quarter's results highlight the enduring strength of EOG's value proposition, anchored in capital discipline, operational excellence, sustainability, and a high-performing culture. Thank you for your continued interest in EOG. We will now open the line for questions.

最後，本季的業績凸顯了EOG價值主張的持久優勢，其根基在於資本紀律、卓越營運、永續性和高績效文化。感謝您一直以來對EOG的關注。現在我們將開放提問通道。

(Operator Instructions) Neil Mehta, Goldman Sachs.

（操作說明）尼爾·梅塔，高盛。

Yes, good morning, Ezra. Good morning, team. Appreciate the time. One macro, one micro question. So the macro, as you guys do really good macro work, especially given the analytical department that you set up a couple of years ago, it sounds like, on oil, you guys got a pretty cautious near-term view, but a more constructive medium-term view. And on gas as well, you had some comments. So could you just unpack it, maybe put some numbers behind your viewpoint? Because I know everything you say is backed up by some analytics here.

是的，早上好，埃茲拉。早安，各位同事。感謝您抽出時間。一個宏觀問題，一個微觀問題。所以，就宏觀經濟而言，你們的宏觀經濟工作做得非常出色，特別是考慮到你們幾年前成立的分析部門，聽起來，你們對石油的短期前景持相當謹慎的態度，但對中期前景則持更具建設性的態度。關於汽油方面，你也發表了一些看法。所以，您能否詳細解釋一下，或許可以用一些數據來支持您的觀點？因為我知道你說的每一句話都有相關的數據分析支持。

Yes, Neil. This is Ezra Yacob. That's a great question. I like how you phrased that, cautious, near-term constructive, medium and long term. I think broadly, even in spite of a lot of rather daily or weekly volatility, I don't know if that much has changed in our broad view since we discussed it last quarter. We continue to see fairly consistent and what I would call moderate demand growth for 2025 and continuing into 2026.

是的，尼爾。這是以斯拉·雅各。這是一個很好的問題。我喜歡你的措辭：謹慎、近期建設性、中期和長期。我認為總體而言，即使每天或每週都有很大的波動，我也不知道自上個季度我們討論以來，我們的整體看法是否發生了很大變化。我們預計 2025 年及 2026 年的需求成長將保持相當穩定且適度的水準。

The volatility earlier this year with uncertainty around potential tariffs has generally eased as that policy -- as those policies have become a bit more transparent. And what we see, as I spoke to in the opening remarks, driving near-term fundamentals is the spare capacity returning to the market rather -- the spare capacity return to the market is really causing concern more so than investment in significant new supply.

今年早些時候，由於潛在關稅的不確定性而導致的市場波動，隨著相關政策變得更加透明，總體上有所緩解。正如我在開場白中提到的，我們看到，推動近期基本面的因素是閒置產能重返市場——閒置產能重返市場比對大量新供應的投資更令人擔憂。

And that's an important distinction because what we forecast with continued growth in demand is while the near term looks to be oversupplied, like you mentioned, we have a potential where you could rapidly see us move from an undersupplied environment into -- from an oversupplied environment in the near term to an undersupplied environment really in the medium term.

這是一個重要的區別，因為我們預測，隨著需求的持續增長，雖然短期內可能會出現供應過剩的情況，正如您所提到的，但我們有可能迅速從供應不足的環境轉變為——從短期供應過剩的環境轉變為中期供應不足的環境。

And it actually sets up for us that we end up being quite bullish when we look out longer term on the supply/demand balances for liquids in light of the reduction in spare capacity and the reduction in investment that you see right now. In combination with there's always going to be ongoing geopolitical risks, and then we also see a continued long runway for demand growth to continue. That's on the oil side.

實際上，鑑於目前剩餘產能減少和投資減少的情況，從長遠來看，我們對液體的供需平衡持相當樂觀的態度。同時，地緣政治風險始終存在，我們也看到需求成長的空間依然很大。那是石油方面的情況。

On the natural gas side, as I mentioned in the opening remarks, again, we see 2025 as being kind of that inflection point, and it's playing out that way. Well, you do have storage approaching the five-year -- really about 5%, I think, above the five-year average. We are seeing the increase from LNG demand for feed gas, and we're really starting to see the increase in electrical demand continue.

就天然氣方面而言，正如我在開場白中提到的，我們認為 2025 年是一個轉捩點，而且情況也確實如此。嗯，你們的庫存確實接近五年平均水平——實際上，我認為比五年平均水平高出大約 5%。我們看到液化天然氣作為原料氣的需求不斷成長，我們也開始看到電力需求持續成長。

Our forecast has always been that kind of the back half of the decade, we'll end up seeing somewhere around a 4% to 6% compound annual growth rate. And I think you're starting to see a number of forecasts actually even exceed that range for North American gas demand.

我們一直預測，在本世紀後半段，複合年增長率將達到 4% 到 6% 左右。而且我認為，你開始看到一些預測實際上甚至超過了北美天然氣需求的預期範圍。

Thanks, Ezra. Good perspective as always. And then the follow up is a little bit more micro. We recognize well data can be super noisy, but we've got -- there's been a lot of attention on the Delaware, in particular, and some of the third parties around productivity data coming in a little bit softer. And that times up well with people getting concerned about Permian maturity around some of the wells. And so I wanted to give you an opportunity to address that directly and help potentially comfort the market around that risk.

謝謝你，埃茲拉。一如既往，視角很好。然後後續工作就更細緻一些了。我們認識到油井數據可能非常嘈雜，但是——尤其對特拉華州油田，以及一些第三方提供的生產力數據略顯疲軟——已經引起了很多關注。這與人們對某些油井周圍二疊紀地層成熟度的擔憂不謀而合。因此，我想給你一個機會直接解決這個問題，並可能幫助市場消除對這種風險的擔憂。

Yes, Neil. This Jeff. And as we just talked about in our opening remarks, our Delaware Basin wells, they're performing just as we have them designed. And it's really just a continued evolution of our development strategy out there, which, ultimately, our team is fully focused on taking that asset and maximizing the value.

是的，尼爾。這位是傑夫。正如我們在開場白中所提到的，我們在特拉華盆地的油井，其運作完全符合我們的設計預期。這實際上只是我們發展策略的持續演進，最終，我們的團隊將全力以赴，充分利用這項資產並實現其價值最大化。

The first thing that I tell you, the team's focused on is they're always looking to balance returns with maximizing NPV per acre and the overall recovery of the acreage. And what we've really seen over the last handful of years just through innovation and efficiency gains as we've really lowered the cost there in the Delaware and seen a big step change in our capital efficiency of the play.

首先我要告訴你們的是，團隊的重點是始終尋求在最大化每英畝淨現值和提高土地整體回收率之間取得平衡。在過去的幾年裡，我們透過創新和效率提升，真正降低了特拉華州的成本，並在資本效率方面取得了巨大的進展。

A couple of examples of that is, we've increased our lateral length this year alone 20%, which has really helped cost. And when you look at that cost reduction, we've had about 15% reduction over the last two years. And then on top of that, through all of our core areas, we've been able to build out our infrastructure. And whenever we return to these sections, we're able to use that infrastructure for a benefit.

例如，光是今年，我們的橫向長度就增加了 20%，這確實降低了成本。從成本削減的角度來看，過去兩年我們實現了約 15% 的成本削減。此外，我們也透過所有核心領域完善了基礎設施。每當我們回到這些區域時，我們都可以利用這些基礎設施來獲益。

So when I -- when you take all this and you add it all up, what we've been able to do is unlock additional unique landing zones there in the Delaware that they're meeting right now are stringent economic hurdle rates at bottom cycle pricing. And what I'd say about these zones is they're really very all the way up and down the stratigraphic column they kind of vary from area to area.

所以，當你把所有這些加起來，我們所能做的就是在特拉華州解鎖更多獨特的著陸區，而他們現在正在滿足的是嚴格的經濟門檻率和週期底部定價。關於這些區域，我想說的是，它們在整個地層柱中分佈非常廣泛，而且不同區域的情況也各不相同。

But really, if you look at this kind of development progression, it's very similar to what we've done in other plays. I mean, take the Eagle Ford, for example. We lowered well costs there. We applied new completion technology, and we were really able to unlock additional resource in that play. And you're seeing the same thing out here in the Delaware.

但實際上，如果你仔細觀察這種發展進程，它與我們在其他劇目中所做的非常相似。我的意思是，以鷹福特頁岩油田為例。我們降低了那裡的油井成本。我們應用了新的完成技術，並且確實能夠在那場比賽中釋放出額外的資源。在德拉瓦州，你也看到了同樣的情況。

And then the important thing to really take away with this is that these new targets have just outstanding economics. With payback periods, they're less than a year. And then at the direct well level rates of return, I mean, they're greater than 100% at current prices right now. So I'd say our teams are really excited about the progress they're making with the program, and they're going to continue to look for innovative ways to drive down cost, keep improving well performance, and unlock as much resource as we can out there in the Delaware.

而真正需要記住的重要一點是，這些新目標具有非常出色的經濟效益。投資回收期不到一年。而且，就直接油井層面的回報率而言，我的意思是，以目前的價格計算，回報率已經超過 100%。所以我覺得我們的團隊對專案的進展感到非常興奮，他們將繼續尋找創新的方法來降低成本，不斷提高油井性能，並盡可能開發特拉華盆地的資源。

Steve Richardson, Evercore ISI.

Steve Richardson，Evercore ISI。

Good morning. Ezra, I was wondering if you could -- if we could talk a little bit about '26. I know you said explicitly it's too early to talk about '26. But I was wondering maybe you could -- if we take fourth-quarter CapEx, which is a number you just guided to and annualize that, I know there's a whole bunch of problems with that framework.

早安.埃茲拉，我想問你是否可以——我們是否可以談談 1926 年的事情。我知道你明確說過現在談論2026年還為時過早。但我一直在想，或許我們可以——如果我們把您剛才提到的第四季資本支出按年計算，我知道這個框架存在著許多問題。

But I was wondering if you could kind of talk about activity levels today and what that may look like as you roll forward or even just some of the considerations up, down, international, Utica after you've had it under your belt for three months? So just wondering if you could just kind of go around the portfolio and maybe just give us a sense of how you're thinking about things with the macro backdrop you just outlined.

但我很想知道您能否談談目前的活動水平，以及隨著您繼續前進，或者甚至是您在三個月後，在國際、尤蒂卡地區等方面的一些考慮因素，您的活動水平可能會如何變化？所以，我想問您能否簡單介紹一下您的投資組合，並結合您剛才概述的宏觀背景，談談您是如何思考這些問題的。

Yes, Steve, good morning. Thanks for the question. I know, usually, there is a lot of pushback on using a fourth-quarter number as a run rate. I actually think, in our case right now with where we see the macro environment, under the current macro environment, which I appreciate you prefacing with that, I actually think the Q4 run rate is probably a pretty good spot for everyone to start with, to be honest.

是的，史蒂夫，早安。謝謝你的提問。我知道，通常情況下，人們會強烈反對使用第四季度的數據作為運行率。說實話，我認為就我們目前所看到的宏觀環境而言，在當前的宏觀環境下（感謝您事先提及這一點），我認為第四季度的運行率可能是一個相當不錯的起點。

Because as you said, some of the puts and takes -- now again, it is a dynamic market, so you've got a lot of potential for things that can change. But as we see the market going forward on the oil side being likely oversupplied for the next couple of quarters, maybe that turns over pretty quickly next year, maybe it pushes out a little bit further.

正如你所說，有些買賣交易——再說一遍，這是一個動態的市場，所以有很多事情可能會改變。但我們看到，未來幾季石油市場可能會出現供應過剩，也許明年這種情況會很快轉變，也許會進一步延後一段時間。

But really, on the oil side, we see next year as we sit here today as really probably being no to low oil growth. And low oil growth would really mean that in the next few months, we're seeing maybe the potential for some oil supply to increase in the back half of the year. But right now, it's pretty difficult to see the market asking for increased supply in the front half of the year. So I think no to low oil growth. We obviously are going to continue to invest in our gas play as we've talked about at Dorado, as we've talked about trying to build a premier gas company basically inside of EOG.

但就石油方面而言，我們目前預計明年石油成長可能非常低甚至沒有成長。石油成長緩慢實際上意味著，在接下來的幾個月裡，我們可能會看到下半年石油供應量增加。但就目前來看，很難想像市場會在今年上半年要求增加供應。所以我認為石油成長不會很慢。顯然，我們將繼續投資天然氣業務，正如我們在 Dorado 所討論的那樣，正如我們所討論的那樣，我們試圖在 EOG 內部打造一流的天然氣公司。

We're ramping up our LNG commitments over the next few years. We continue to see, as I talked about at the beginning, kind of 2025 being an inflection point for North American gas demand. So I think continued investment in Dorado. And then we have continued investment in the international at a pretty similar pace to what we're doing today. We do have another platform under construction there in Trinidad, but we've had an active drilling campaign there for this year.

未來幾年，我們將逐步增加液化天然氣供應量。正如我一開始提到的那樣，我們繼續看到，2025 年可能是北美天然氣需求的一個轉捩點。所以我認為應該繼續投資多拉多。然後，我們繼續以與目前大致相同的速度在國際市場進行投資。我們在特立尼達還有另一個正在建設中的平台，但今年我們在那裡開展了積極的鑽探活動。

And then with the Q4 number, we've actually started investing in both the UAE and Bahrain, and we'll have some consistent activity going there as well. I think, again, with the purview or the asterisk that it is a dynamic environment, I think those are kind of the puts and takes, Steve, that I'd be looking at. And I think, like I said, the Q4 run rate is probably a pretty good starting point.

然後，根據第四季度的數據，我們實際上已經開始在阿聯酋和巴林進行投資，並且我們將在那裡進行一些持續的活動。我認為，再次強調，考慮到這是一個動態的環境，我認為這些就是我要考慮的利弊，史蒂夫。而且我認為，就像我之前說的，第四季的運行率可能是一個相當不錯的起點。

That's great. We won't hold you to it, but that's a really good starting point, fourth quarter times four, it is. If maybe one, a little bit more on the asset side on the Utica, but I was wondering if you could talk about how you're thinking about oil gathering and market access there, the movement in what the assets on to your corporate differentials is meaningful. And I know you've got a number of ways to solve that, either third party or like you've done yourself in other instances. So I was wondering if you could talk about that and to the timeline of which we could see something there?

那太棒了。我們不會強迫你這麼做，但這確實是一個很好的起點，第四節乘以四。如果可以的話，我想多談談尤蒂卡油田的資產方面，但我想知道您能否談談您是如何看待那裡的石油收集和市場准入的，以及這些資產的變動對您公司利潤差異的影響。我知道你有很多方法可以解決這個問題，無論是透過第三方，還是像你在其他情況下那樣自己解決。所以我想知道您是否可以談論這方面，以及我們可能在何時看到一些進展？

Yes, Steve. This is Jeff. When we think about the oil markets up there, first off, there's plenty of market molecules. That is not the issue. Really, what we focus on up there is going to be the differentials. And as you actually alluded to, our premium oil differentials, they did narrow slightly since the Encino differentials were a little bit wider. And that's to be expected.

是的，史蒂夫。這是傑夫。當我們想到那裡的石油市場時，首先，市場分子很多。那不是問題的關鍵。實際上，我們上面關注的重點將是差異。正如您所提到的，我們的高級油差速器確實略微變窄了，因為 Encino 差速器稍微寬一些。這是意料之中的事。

Encino, on that acreage, we were really active in the volatile oil window and they were a little bit more active east of us, which tends to be a little bit more condensate related. So that's really where you're seeing the difference. And the way I look at it is with any play, over time and maturity, we'll be able to improve those oil differentials there, especially with the added scale from the overall acquisition.

在恩西諾，我們在那片土地上非常活躍於易燃原油窗口，而他們在我們東邊的活動則更頻繁一些，那裡往往與凝析油有關。所以，這就是真正的差別所在。我的看法是，隨著時間的推移和專案的成熟，任何油氣開採專案都將能夠改善當地的油價差，尤其是在整體收購帶來的規模擴大之後。

Josh Silverstein, UBS.

瑞銀集團的 Josh Silverstein。

Yes, thanks. Good morning, guys. Pretty big drop in the overall cost guidance this quarter, $0.25 here. Can you just talk about the drivers of this? Was it a function of adding the Encino assets, and how we should kind of think about the costs looking forward into next year? Thanks.

好的，謝謝。各位早安。本季整體成本預期大幅下降，為 0.25 美元。您能談談造成這種情況的原因嗎？這是否與收購 Encino 資產有關？我們該如何看待明年的成本？謝謝。

Yes, Josh. This is Jeff. Yes, it's kind of right across the whole board with our operating expenses. We're seeing really good performance. So on the LOE side, we had about a $0.10 beat for midpoint, and that was primarily driven by lower-than-expected workover costs and compression costs across the whole company in most of our assets. And then also, we did see a little bit lower offshore LOE in Trinidad than what we had forecasted.

是的，喬希。這是傑夫。是的，我們的營運費用總體上都是如此。我們看到了非常好的表現。因此，在營運成本方面，我們比預期中點高出約 0.10 美元，這主要是由於公司大部分資產的修井成本和壓縮成本低於預期。此外，我們也發現特立尼達的近海 LOE 比我們預測的要低一些。

On the GP&T side, we were about $0.20 below midpoint. And what that had to do with was our natural gas gathering and processing fees in the Eagle Ford and the Powder came in a little bit lower than expected, which was good. And then also with us only having about a week under our belts before the last call, we had a slight forecast variance in the Utica due to the Encino acquisition. So that came in a little bit less on GP&T.

GP&T方面，我們比中間價低約0.20美元。而這與我們在 Eagle Ford 和 Powder 地區的天然氣收集和加工費用比預期略低有關，這是一件好事。此外，由於距離上次通話只有大約一周的時間，我們對尤蒂卡地區的預測出現了輕微偏差，這是因為收購了恩西諾地區。所以，GP&T 的支出稍微少了一些。

And then also everything else was looking pretty good. G&A was about $0.08 below midpoint. That was somewhat tied to the Encino acquisition there coming in under. And then also DD&A came in under, which, primarily, it's related to a little bit better performance across the portfolio from an overall reserve standpoint and really good costs flowing through there to the pools.

此外，其他方面看起來也都相當不錯。一般及行政費用比中點低約 0.08 美元。這在某種程度上與 Encino 的收購價格低於預期有關。此外，DD&A 也低於預期，這主要是因為從整體儲備金的角度來看，整個投資組合的表現略好，而且流入資金池的成本也相當合理。

Got it. And then just going to the balance sheet and shareholder return profile, now that you post the Encino acquisition, how should we start thinking about the free cash flow allocation going into next year? Do you want to start trimming away at the debt that you guys have taken on? Do you want to build the cash balance up to that kind of $5 billion, $6 billion level? And then should we still be thinking maybe of that 70% plus of the free cash flow to shareholders?

知道了。那麼，在你們完成對 Encino 的收購之後，我們再來看看資產負債表和股東回報情況，我們該如何開始考慮明年的自由現金流分配？你們想開始逐步減少你們背負的債務嗎？你想把現金餘額提升到50億、60億美元的水平嗎？那麼，我們是否還應該考慮將超過 70% 的自由現金流分配給股東呢？

Josh, this is Ezra. Yes, I think maybe I'll start with the last point there, that 70% commitment. Don't forget that is a minimum commitment. The reason we came out with that 70% commitment to free cash flow return to shareholders that it's durable throughout the cycle. But as you know, you've seen we basically exceeded that in the last few years, been closer to about 90%. I think low -- maybe 92% of free cash flow returned to shareholders.

喬希，這是以斯拉。是的，我想我或許應該從最後一點開始，也就是70%的投入。別忘了這是最低承諾。我們之所以承諾將70%的自由現金流回饋給股東，是因為這項承諾在整個經濟週期中都能持續有效。但如你所知，在過去的幾年裡，我們基本上已經超過了這個數字，接近 90%。我認為這個比例很低——可能只有92%的自由現金流會回饋給股東。

Going forward, we love where our balance sheet is right now. Our total debt is right at our target of total debt versus EBITDA at bottom cycle prices at about 1 times. And I think we're in a great spot with our cash position. As we talked about in the opening remarks with $5.5 billion of liquidity, it gives us a lot of opportunities to continue to invest throughout the cycle or look for small bolt-ons or other opportunities to build value for the shareholders.

展望未來，我們對目前的資產負債表狀況非常滿意。我們目前的債務總額剛好達到我們設定的目標，即在週期底部價格水準下，債務總額與 EBITDA 之比約為 1 倍。我認為我們目前的現金狀況非常好。正如我們在開場白中提到的，我們擁有 55 億美元的流動資金，這給我們提供了很多機會，讓我們能夠在整個週期中繼續投資，或者尋找一些小的附加投資或其他機會，為股東創造價值。

I wouldn't say that it's a priority to continue to build that cash balance at all. I think as Ann mentioned in the opening remarks, right now, we actually see continued return of cash to shareholders through stock buybacks as being a pretty opportunistic avenue that we have in front of us, not only for EOG, but really for the entire sector right now.

我完全不認為繼續增加現金餘額是當務之急。我認為正如安妮在開場白中提到的那樣，目前，我們確實看到透過股票回購繼續向股東返還現金，這不僅對EOG來說是一個相當有機會的途徑，而且對整個行業來說也是如此。

Doug Leggate, Wolfe Research.

道格‧萊格特，沃爾夫研究公司。

Thank you. Good morning, Ezra and team. Ezra, I wonder if I could try and hit the inventory question. I know you haven't given a lot of updates today on that or sustaining capital for 2026, but my question is really more philosophical about how you think about managing the business. There's been a lot of focus, for example, on what is the Delaware inventory depth. You've already addressed that.

謝謝。早安，Ezra和各位同事。埃茲拉，我想知道我是否可以嘗試回答庫存問題。我知道您今天沒有就此或2026年的持續資金提供太多最新消息，但我的問題實際上更偏向於您如何看待企業管理的哲學層面。例如，人們非常關注特拉華州的庫存深度。你已經提到過這一點了。

But it kind of -- it's almost like folks are looking at, well, that means you can't sustain the production. So my question is, are you looking -- are you running the business to optimize production at basin levels? Or are you running the business to sustain portfolio free cash flow? And in other words, the interplay of a different basis. So that's my first question.

但這似乎——就好像人們在想，嗯，這意味著你無法維持生產。所以我的問題是，你們是否在尋求──你們是否在經營業務以優化盆地層面的生產？或者，您經營業務的目的是為了維持投資組合的自由現金流？換句話說，就是不同基礎之間的互動。這是我的第一個問題。

My follow up is a quick one on exploration because, obviously, you've stepped out into the international arena in certain areas. But our understanding is that EOG may be starting to build a position in Alaska. And my question is, what is your view of business development? Is Alaska part of your portfolio? What are your plans there in terms of incremental spending? And how should we think about that going forward?

我的後續問題是關於探索的，因為很顯然，你在某些領域已經踏入了國際舞台。但據我們了解，EOG 可能正在阿拉斯加建立業務。我的問題是，您對業務發展有何看法？阿拉斯加是否在您的投資組合中？你們在增加支出方面有什麼計畫？那麼，我們接下來該如何看待這個問題呢？

Thanks, Doug. Yes, this is Ezra. I appreciate that you can get on. I know you're traveling a little bit. But listen, to start with the kind of the total portfolio and how I think about the business, multi-basin operations has always been a strategic advantage for us. We've got flexibility, diversity of rock types. We continue to collect data and learn about different reservoirs. It also puts us and gives us diversity of product mix and direct diverse access to different markets. And we've been able, as a first mover, to really put together a high-return inventory of over 12 billion barrels of equivalents as we've talked about.

謝謝你，道格。是的，這是以斯拉。我很感激你能繼續前進。我知道你最近有點出差。但是，首先，就整體投資組合以及我對這項業務的看法而言，多盆地營運一直是我們的策略優勢。我們擁有靈活性，以及​​多種多樣的岩石類型。我們持續收集數據，了解不同的水庫。它還使我們擁有多樣化的產品組合，並直接進入不同的市場。正如我們之前所說，作為先行者，我們已經能夠真正建立起相當於超過 120 億桶原油的高回報庫存。

And so I think with that, combined with our low-cost structure, really gives us a significant runway to continuing generating free cash flow in a very sustainable manner. As I mentioned in the opening remarks, we've actually generated free cash flow 10 years in a row now through a couple of different cycles. And I think it also demonstrates not only the sustainability of that inventory but also our consistent focus on ultimately capital discipline, the company's commitment to capital discipline.

因此，我認為，再加上我們低成本的結構，確實為我們以非常永續的方式繼續產生自由現金流提供了充足的時間。正如我在開場白中提到的，我們已經連續 10 年，經歷了幾個不同的經濟週期，實現了自由現金流。我認為這不僅顯示了庫存的可持續性，也顯示了我們始終如一地關注資本紀律，以及公司對資本紀律的承諾。

Resource depth by play is part of what you're asking, and I'd say that's a really dynamic question. And Jeff addressed that with specifics to the Delaware Basin and the Eagle Ford example. Because as we continue to build infrastructure, lower well costs, we lower operating costs, and we continue to actually learn about the reservoir, the normal life cycle of any of these unconventional plays is that you'll unlock additional resources. We've seen it in the Bakken, the Eagle Ford, the Permian to a certain extent in the Powder River Basin.

你提出的問題包含了資源深度的問題，我認為這是一個非常動態的問題。傑夫以特拉華盆地和鷹灘頁岩油田為例，具體闡述了這一點。因為隨著我們不斷建造基礎設施、降低油井成本、降低營運成本，並且不斷了解油藏，這些非常規油氣藏的正常生命週期就是會釋放出更多資源。我們在巴肯盆地、鷹灘盆地、二疊紀盆地，以及在某種程度上在粉紅河流盆地都看到了這種情況。

So as far as assigning a static number, the Permian, obviously, with its stacked play potential and the high level of landing zones is probably our top resource base. Utica and Eagle Ford, based on sheer size, obviously, are very strong as well. And that said, we do have a slide in our deck that highlights the payout, the returns, the cost of all three of those foundational assets.

因此，就分配一個固定數值而言，二疊紀盆地顯然憑藉其豐富的開採潛力和高水準的降落區，可能是我們最重要的資源基地。顯然，從規模來看，尤蒂卡頁岩和鷹灘頁岩的頁岩氣也非常強勁。也就是說，我們的簡報中有一張投影片重點介紹了這三項基礎資產的收益、回報和成本。

And that slide actually does take into consideration the current differentials as well between the Utica, the Delaware, and the Eagle Ford. And what you see is really all the economics are quite similar at the basin level in terms of the economics, which directionally points to the free cash flow generation of the potential of all three basins being pretty similar. And again, it's why we see a long runway for sustainable free cash flow generation of the current inventory.

這張圖表實際上也考慮了尤蒂卡河、特拉華河和鷹灘河之間目前的水位差異。你會發現，從盆地層面來看，所有盆地的經濟狀況都非常相似，這從方向上表明，這三個盆地產生自由現金流的潛力也相當相似。再次強調，這也是為什麼我們認為目前庫存能夠持續產生大量自由現金流的原因。

The way we think about the business is investing in each asset at the right pace, at the right time. Part of that is a function of our learnings, part of it is a function of our infrastructure, and part of it is a function of generating free cash flow, Doug. So we really think about the individual basins individually, and then we roll them up to the company level. And at the company level, of course, we end up viewing the macro environment and then are, like I said, committed to capital discipline and generating free cash flow.

我們對業務的思考方式是，在適當的時間以適當的速度投資於每一項資產。一部分取決於我們的學習成果，一部分取決於我們的基礎設施，還有一部分取決於我們能否產生自由現金流，道格。所以我們認真考慮每個盆地的具體情況，然後再匯總到公司層級。當然，在公司層面，我們最終會專注於宏觀環境，然後，就像我剛才說的，致力於資本紀律和創造自由現金流。

Now on the second part of your question, Doug, as far as exploration, you know as well as anyone that exploration is really nothing new for EOG. It's long been, I'd say, a cornerstone of our strategy is to use data and technology like I just talked about, the continued to unlock reserves that are typically overlooked. We're not necessarily frontier basin type of a company. We've really built the majority of our inventory with the strategy of using data and technology to look for bypassed reserves.

現在，關於你問題的第二部分，道格，就勘探而言，你比任何人都清楚，勘探對於 EOG 來說真的不是什麼新鮮事。可以說，長期以來，我們策略的基石就是利用我剛才提到的數據和技術，不斷挖掘那些通常被忽視的資源儲備。我們未必是那種專注於前沿盆地的公司。我們主要依靠數據和技術來尋找被忽略的儲量，從而建立了我們的大部分庫存。

And in fact, we've done that. We've invested in exploration in the last few years, at times when really it's been a little bit unpopular. But we continue to see that as the best way to improve the quality of our asset base. And we think it's key to our high full-cycle returns and our lower breakeven. So I think the takeaway really should be that we do have a pretty strong pipeline of projects that span the spectrum of -- from initial ideas to leasing, to initial wells, to maybe delineation wells.

事實上，我們已經做到了。過去幾年，我們一直在勘探領域進行投資，而當時勘探其實並不受歡迎。但我們仍然認為這是提高資產基礎品質的最佳途徑。我們認為這是我們實現高全週期回報和較低損益平衡點的關鍵。所以我認為，我們應該重點關注的是，我們確實擁有相當強大的項目儲備，涵蓋了從最初的想法到租賃，再到最初的油井，甚至可能是勘探井的各個方面。

And so we feel very good about our exploration efforts. That being said, in the last 12 months, we have expanded our inventory pretty dramatically with the Utica acquisition. And I think our near-term focus really is continuing to integrate that asset, continuing to drive down our breakevens across all of our plays, especially in the Utica, continuing to invest in growing our Dorado asset. And then, of course, our investment in unlocking the potential that we see internationally in both the UAE and Bahrain.

因此，我們對自己的勘探工作感到非常滿意。也就是說，在過去的 12 個月裡，隨著對 Utica 的收購，我們的庫存已經大幅增加。我認為我們近期的重點是繼續整合該資產，繼續降低我們所有業務的損益平衡點，尤其是在尤蒂卡地區，繼續投資發展我們的多拉多資產。當然，還有我們在阿聯酋和巴林這兩個國家投資，以釋放我們看到的國際潛力。

And you confirm the Alaska position?

你確認阿拉斯加的立場嗎？

No, Doug. As you know, you've been following us for a number of years, Doug. And it would be a first if we actually started talking about individual exploration plays. So we'll just leave that one for some time in the future.

不，道格。道格，你知道的，你已經關注我們好幾年了。如果我們真的開始討論個人探索性遊戲，那將是史無前例的。所以，這個問題我們先留到以後再說吧。

Leo Mariani, ROTH.

Leo Mariani，ROTH。

Hey, I appreciate you all comments on '26. It's certainly helpful here. Clearly, it sounds like on oil, a little concerned near term makes sense. On gas, obviously, there, it seems like you're quite bullish as we roll into 2026. So just curious there, do you view '26 as maybe the year really can step up Dorado activity a little bit to take advantage of that bullish outlook?

嘿，感謝大家對「26」的評論。這裡肯定很有幫助。顯然，就石油市場而言，短期內略感擔憂也是情理之中。顯然，就天然氣市場而言，看來你對 2026 年的前景相當樂觀。所以我很好奇，您是否認為 2026 年 Dorado 的活動可能會有所增加，從而利用這種看漲的前景？

Yes, Leo, it's Ezra again. It's a good question. I will -- so we are bullish on gas. And part of the reason is because we have captured some markets to grow into. We see the electrical -- electricity demand has continued to grow. We're taking advantage of that right now really with our -- especially our capacity along Transco that delivers our gas into the Southeast Power demand pool. But also, obviously, our commitments on the LNG side are increasing.

是的，Leo，又是Ezra。這是個好問題。我會的——所以我們看好天然氣市場。部分原因是我們已經佔領了一些可以成長的市場。我們看到電力需求持續成長。我們現在確實在利用這一點——特別是我們沿著 Transco 管道向東南電力需求池輸送天然氣的能力。但很顯然，我們在液化天然氣方面的承諾也在增加。

The biggest thing with gas, though, as we saw last year, if we just look at the last 12 months, I might be off on this just a little bit, but we really exited last year's injection season right around the five-year high. And then within about six or seven weeks, we were at a five-year low on the five-year range with respect to storage levels due to a pretty cold winter, but I wouldn't say anything exceptionally out of the ordinary. And I think it shows the volatility of gas because here we sit today with storage levels again, about 5% above that five-year inventory level.

不過，就天然氣而言，正如我們去年所看到的，如果我們只看過去 12 個月，我可能有點說不準，但我們去年結束注入季時，天然氣價格確實達到了五年來的最高水平。然後大約六到七週後，由於冬季異常寒冷，我們的儲量水平降至五年來的最低點，但我不會說有什麼特別不尋常的情況發生。我認為這表明了天然氣的波動性，因為我們今天看到的庫存水準再次比五年前的庫存水準高出約 5%。

A little bit of background, Leo, on the ultimate answer where I say our pace for Dorado kind of like I just finished up with Doug is ultimately going to be governed by keeping our full cycle returns high, which means continuing to develop that at an appropriate pace where we can keep our costs very, very low. Now we've talked about before how there are a couple of step changes for costs in any of these unconventional plays. The first is when you can really command a rig full time. The second is when you can get to a frac spread full time.

利奧，關於最終答案，我先簡單介紹一下背景。就像我剛才和道格說的那樣，我們開發 Dorado 的速度最終將取決於保持我們整個週期的高回報，這意味著我們要以適當的速度繼續開發，同時將成本保持在非常非常低的水平。我們之前已經討論過，在這些非常規策略中，成本會出現幾次階躍式變化。第一種情況是你能夠真正全職掌控一個鑽井平台。第二種情況是你可以全職進行壓裂作業。

And yes, '26 will probably get pretty close to that. But like I said, there is a little bit of flexibility still in the plan that we baked in. Let's see how it plays out, let's see where winter goes, and really see how the LNG demand continues to increase, and that will kind of determine again our investment rate at Dorado. Growth, again, ends up being an output of our ability to kind of invest in these plays -- each of these plays at the right pace to drive those returns.

是的，2026 年很可能會非常接近這個數字。但就像我說的，我們的計畫中仍然留有一些彈性。讓我們看看事態如何發展，看看冬季天氣如何，真正看看液化天然氣需求如何繼續增長，這將再次決定我們在多拉多的投資率。成長最終取決於我們能否以合適的節奏投資於這些項目，從而獲得回報。

Okay. I appreciate that. And then just wanted to jump over to Bahrain here. So it looks like you guys showed in your results a little bit of international gas production outside of Trinidad on the quarter. I know you drilled some wells in Bahrain in 3Q, like you said. So it sounds like there's some production on those wells. Just any kind of early time kind of read, are those wells kind of hitting or beating expectations at this point? What are you guys seeing there in Bahrain?

好的。我很感激。然後就想直接跳到巴林這裡。所以看來你們的業績報告顯示，本季特立尼達以外的國際天然氣產量增加。我知道你像你所說的那樣，在第三季度在巴林鑽了一些井。聽起來那些油井好像已經開始生產了。就目前來看，這些油井的產量是否達到或超過預期？你們在巴林看到了什麼？

Yes, good morning. This is Keith. We're very excited about the positive momentum we have in the Gulf States. And in Bahrain, we have a full team operating there. We've been granted that exploration concession in the partnership with PAPCO. That did allow us to take over a handful of legacy producing wells. That's the gas volumes that you see reported here in the quarter.

是的，早安。這是基斯。我們對在海灣國家取得的積極發展勢頭感到非常興奮。我們在巴林也設有完整的團隊。我們與 PAPCO 合作，獲得了該勘探特許權。這使我們能夠接管一些老舊的生產井。這就是您在本季度報告中看到的天然氣產量。

As far as the expectations for those over the production on those, those are the same wells that led us to want to get into the concession in the first place. So they are a little bit older wells. They were part of the robust data set that we had before entering the country. So they're a little bit older. We have drilled our first few wells, first few new wells, and we're going to look to start completing them on this quarter. So we'll say we're gaining a better understanding on both the geology and the operations side in Bahrain. It's early days, but we're very excited about the opportunity here.

至於人們對這些油井產量的預期，正是這些油井促使我們當初決定進入特許經營區。所以這些井稍微老了。它們是我們進入該國之前所擁有的可靠數據集的一部分。所以他們年紀稍大。我們已經鑽探了最初幾口井，也是最初幾口新井，我們計劃在本季開始完工。所以可以說，我們對巴林的地質狀況和營運情況都有了更深入的了解。現在還處於早期階段，但我們對這個機會感到非常興奮。

Scott Hanold, RBC Capital Markets.

Scott Hanold，加拿大皇家銀行資本市場。

Thanks. Ezra, you were clear that you'd be willing to obviously extend above 70% of shareholder returns, especially at the attractive valuation right now. Looking -- obviously, it looks like you've already done about 1 million -- at least 1 million shares of buybacks in the fourth quarter to date. What's your temperature on at this valuation to potentially push to 100% or even more this year? I mean, how compelling is the valuation today versus, say, a year or two ago when you were closer to 100%?

謝謝。伊茲拉，你之前明確表示，你願意將股東回報率提高到 70% 以上，尤其是在目前估值如此誘人的情況下。顯然，看起來你們在第四季迄今已經完成了大約 100 萬股的股票回購。您認為以目前的估值來看，今年股價有可能上漲 100% 甚至更多嗎？我的意思是，與一兩年前接近 100% 的時候相比，現在的估值有多大的吸引力？

Yes, Scott. Thanks for the question. We've definitely got the flexibility and the strength of the balance sheet that would support going to higher levels than the 70% minimum and really going to the higher levels of the the 92% that we've done in the past. Like I said, I think it's very compelling, not just for EOG but really for all the sector. I think, currently, energy is waiting is around 3% of the S&P 500. And so we see a large dislocation in valuations. And we see a large dislocation and valuation of EOG.

是的，斯科特。謝謝你的提問。我們絕對擁有足夠的靈活性和資產負債表實力，可以支持高於 70% 的最低水平，甚至達到我們過去曾達到的 92% 的更高水平。正如我所說，我認為這非常有吸引力，不僅對EOG來說如此，對整個行業也是如此。我認為，目前能源板塊約佔標普500指數的3%。因此，我們看到估值出現了很大的偏差。我們看到EOG的股價大幅下跌和估值下降。

And so I think it's a fantastic opportunity for us here. When we -- when you look at the near term, where it looks like there's the potential to -- for continued oversupply, spare capacity to be entering the market, we're focused on capital discipline and continuing to generate free cash flow. And at this point, like I said, building cash is not -- on the balance sheet is not a priority for us. Our balance sheet is in a very pristine state where we like it. And so there is opportunities to return close to 100%.

所以我認為這對我們來說是一個絕佳的機會。當我們——當我們展望近期市場時，考慮到可能持續的供應過剩，以及剩餘產能進入市場，我們專注於資本紀律，並繼續產生自由現金流。正如我所說，目前來說，在資產負債表上累積現金並不是我們的首要任務。我們的資產負債表狀況非常理想，我們很滿意。因此，有機會獲得接近 100% 的回報。

Okay. That's clear. And my follow up, I think for you, Jeff, you mentioned obviously better base production performance in the Utica. Can you give us a little color on that? Was it some of the artificial lift efforts you did? Or was it just better performance of the reservoir as you all got into the Encino assets?

好的。這一點很清楚。我的後續問題是，傑夫，你顯然提到了尤蒂卡更好的基礎生產性能。能給我們詳細介紹一下嗎？是你做的一些人工提升措施嗎？或者，是因為你們都進入了 Encino 資產領域，導致儲層效能提升了嗎？

Yes, Scott. Thanks for the question. And it's really kind of a magnitude of the whole integration. And really, over just a few months, we realized significant operational momentum just by putting all of our drilling completion and production expertise out there into the asset. So we talked about the efficiency gains we saw on the drilling side. So we're actually dropping down one rig going from five to four. So we're seeing really good performance on the efficiency side there.

是的，斯科特。謝謝你的提問。這確實體現了整個整合的規模。事實上，在短短幾個月內，我們透過將所有鑽井完井和生產專業知識投入到該資產中，就實現了顯著的營運進展。所以我們討論了在鑽井方面所看到的效率提升。所以我們實際上要減少一台鑽機，從五台減少到四台。所以我們看到，在效率方面，它的表現確實非常出色。

And then over on the production side, I think we've implemented the high-intensity completion design there now with scale. So we're starting to see some benefit from all of that. And then as you alluded to, too, as far as some of the legacy wells, we've moved over the full 1,100 wells to the EOG suite of proprietary applications, and that includes 80% of them that are applicable wells. We've got them on the EOG artificial lift optimizers.

而在生產方面，我認為我們現在已經大規模地實施了高強度完工設計。所以，我們開始看到這一切帶來了一些好處。正如您所提到的，對於一些老舊的油井，我們已經將全部 1100 口油井遷移到 EOG 的專有應用程式套件中，其中 80% 是適用的油井。我們已經將它們安裝到 EOG 人工舉升優化器。

So we're starting to see the uplift benefits from that. And as you alluded to, that's part of the reason that we see the beat there in Q3 out of the Utica. So still have a long ways to go, though. There's still technologies that we can unveil. There are still things from the efficiency aspect. But we're doing really well there in the Utica, and we're realizing a lot of the synergies and the production uplift that we expected.

所以我們開始看到由此帶來的提升效果了。正如你所暗示的，這也是我們在第三季看到尤蒂卡賽車故障的部分原因。所以，我們還有很長的路要走。我們還有一些技術可以展示。從效率方面來看，還有一些問題需要解決。但我們在尤蒂卡地區做得非常好，我們實現了許多預期的協同效應和產量提升。

David Deckelbaum, TD Cowen.

David Deckelbaum，TD Cowen。

Thanks, Ezra and team, for taking my questions. I wanted to ask a little bit more about the optimization and lower operating costs. I think you cited lower workover expense for this year. And I'm curious, is that really just specific to the integration that you're seeing in the Utica? Or is this broad based around, I guess, just better reservoir productivity? Or are you just seeing better responses from reservoir performance across your assets that requires less workover intervention?

謝謝Ezra和他的團隊回答我的問題。我想再問一下關於優化和降低營運成本的問題。我認為你提到了今年較低的修枝費用。我很好奇，這真的只是你在尤蒂卡看到的這種整合方式嗎？或者說，這主要是基於提高儲層生產力這個目標？或者，您是否發現您的資產中油藏性能得到了更好的提升，從而減少了維護幹預？

Yes, David. This is Jeff. What I'd say is it's really across the whole portfolio. We're really seeing an improvement where we're focusing on where major failures are. So a lot of it is going to be with our data and our analytics, understanding where failures are in each one of these wellbores and the different artificial lift systems, and how to go ahead and alleviate those failures out of the front end.

是的，大衛。這是傑夫。我想說的是，這種情況確實遍及整個投資組合。我們確實看到，在集中精力解決重大故障方面，情況有了顯著改善。因此，許多工作將與我們的數據分析有關，我們需要了解每個井筒和不同人工舉升系統中的故障點在哪裡，以及如何從源頭緩解這些故障。

And then some of the additional technologies we actually talked about on our last call, with some of these HiFi sensors where we're able to put it on subsurface and surface equipment, we're able to monitor vibrations and other data real time to understand when failures may happen or even understand prior to failure. So we're able to catch them and be able to minimize the overall expense.

此外，我們在上次通話中還討論了一些其他技術，例如一些高保真感測器，我們可以將其安裝在地下和地面設備上，即時監測振動和其他數據，從而了解故障何時可能發生，甚至在故障發生之前就有所了解。因此，我們能夠抓住它們，並將總費用降到最低。

So I really think it's just a credit to all of our teams out there that they're not leaving any stone unturned. We're making sure we take all of our data and apply it to all of our wells that are producing to make sure that we're minimizing the downtime and really maximizing the overall production across the portfolio.

所以我真的認為，所有參賽隊伍都值得稱讚，他們不遺餘力，並且竭盡全力。我們正在確保收集所有數據並將其應用於所有正在生產的油井，以確保最大限度地減少停機時間，並真正最大限度地提高整個投資組合的整體產量。

I appreciate that. And Ezra, just given some of the commentary, particularly around spare capacity dwindling in the ensuing years ahead, how do you put that in the context of your appetite for just expanding in the areas where you're at? Or overall, I guess, your appetite for trying to hoard as much resource as you can sort of in the next, call it, 12- to 24-months period, either through M&A or just trying to organically focus on expanding resource?

我很感激。埃茲拉，鑑於一些評論，特別是關於未來幾年剩餘產能將逐漸減少的說法，你如何看待你目前所在領域擴張的意願？或者總的來說，我猜，你是不是想在接下來的 12 到 24 個月內盡可能多地囤積資源，無論是透過併購還是僅僅專注於有機地擴大資源？

Yes, David, it's a great question. And downturns are a fantastic time to explore because, typically, a lot of companies, if companies are exploring in a downturn, that's one of the things that's typically easy. That's a program that's easy for them to pull back on and reduce. As far as the inorganic, I think at this point, small bolt-ons or really some of the more fundamental blocking and tackling of trades to continue to shore up our acreage position is what you should be expecting from us.

是的，大衛，這是一個很好的問題。經濟低迷時期是進行探索的絕佳時機，因為通常情況下，如果公司在經濟低迷時期進行探索，這通常是比較容易的事情之一。這是一個他們很容易就能取消和縮減的項目。至於非有機成長方面，我認為目前我們應該期待的是一些小規模的補充交易，或者說是一些更基礎的交易，以繼續鞏固我們的土地儲備。

The Encino acquisition was very reminiscent of the Yates acquisition, which we did 10 years ago now. It was a bit of a unicorn that came along in an emerging asset with hand-in-glove acreage positions and fit. It's a very, very high return prospect for us, and we got it at a price because it was really an emerging asset that made it very, very compelling.

Encino 的收購與我們 10 年前收購 Yates 的情況非常相似。它就像一個獨角獸，在新興資產領域中出現，擁有完美契合的土地面積和投資機會。對我們來說，這是一個回報非常非常高的投資前景，而且我們能以優惠的價格買到它，因為它確實是一項新興資產，這使得它非常非常有吸引力。

Typically, in these emerging assets, you don't really have the opportunity to do something like that because as competition starts to see your well results, those prices -- those entry points, the price points really start to increase. And for us, we look at any of these opportunities, inorganic or organic, through a returns-focused lens.

通常情況下，在這些新興資產中，你並沒有真正的機會去做這樣的事情，因為隨著競爭對手開始看到你的油井成果，這些價格——這些切入點，價格點真的會開始上漲。對我們來說，無論是無機成長還是有機成長，我們都會以回報為導向來看待所有這些機會。

And so what I mean by that is any of our exploration opportunities really need to compete, and this calls back a little bit to Doug's question, it really needs to compete with the existing portfolio. We aren't really interested in just grabbing more inventory, quite frankly. We're continuing to have interest in expanding the quality of our inventory and continuing to improve the returns, really, the full cycle returns that we can deliver to our shareholders.

所以我的意思是，我們任何勘探機會都需要有競爭力，這有點呼應道格的問題，它確實需要與現有的投資組合競爭。坦白說，我們其實對囤積更多庫存並不感興趣。我們一直致力於提高庫存質量，並不斷改善回報，真正地，提高我們能夠為股東帶來的全週期回報。

Betty Jones, Barclays.

貝蒂瓊斯，巴克萊銀行。

Hey. I wanted to ask about technology. EOG has always been on the forefront of integrating technology and big data. We're hearing a lot about AI models. So just want to get your take on the materiality of AI integration on your operations and exploration efforts and whatnot? And do you still see advantage of building these your capabilities in-house?

嘿。我想問一些關於技術方面的問題。EOG一直走在科技與大數據融合的前端。我們最近常聽到關於人工智慧模型的話題。所以，我想了解您對人工智慧融入您的營運、勘探工作等方面的實質影響有何看法？您是否仍然認為自行建立這些能力具有優勢？

Yes. Betty, this is Ezra. AI at EOG, yes, we definitely see advantages and advantages -- significant advantages to building a lot of our proprietary apps and software developments in-house, typically because we couple them directly with the field operations, things like Jeff has talked about, I think, on the last call with regard to our our high-fidelity sensors, some of our downhole tools that we've got real-time measurement that's really making a big impact on the way that we operate and driving down costs.

是的。貝蒂，這是艾茲拉。是的，EOG 的人工智慧確實具有優勢——我們自主開發許多專有應用程式和軟體，這帶來了顯著的優勢，通常是因為我們將它們直接與現場作業相結合，就像 Jeff 在上次電話會議上提到的那樣，關於我們的高保真傳感器，我們的一些井下工具，我們擁有實時測量功能，這確實對我們的運營方式產生了巨大影響，並降低了成本。

I'd say, broadly speaking, AI, and you've heard it throughout this earnings season, everybody mentioned something on their call. So I think it's clear that AI really is transforming the entire industry, the oil and gas industry. And it really is happening, I'd say, at every stage of operation from, as you pointed out, exploration, throughout the field, including safety.

總的來說，我認為人工智慧（AI）非常重要，而且你在這個財報季也聽到了很多關於它的消息，每個人在電話會議上都提到了它。所以我認為很明顯，人工智慧確實正在改變整個產業，特別是石油和天然氣產業。而且我認為，這種情況確實在作業的每個階段發生，正如你所指出的，從勘探階段到整個作業現場，包括安全階段。

And as you know, our journey has been maybe a little bit longer in the tooth than others. We started with smart technology really prior to COVID. And that's some of the technology that we put out on our centralized gas lift systems. I mean, we're coming up on almost 10 years of utilizing that, really, which really manages and optimizes the amount of injection gas versus the production that you're seeing out of it.

如你所知，我們的旅程可能比其他人的要漫長一些。我們早在新冠疫情之前就開始使用智慧科技了。這就是我們集中式氣舉系統中所採用的部分技術。我的意思是，我們已經使用這項技術近 10 年了，它確實能夠管理和優化注入氣體的數量與你看到的產量之間的關係。

And we've, since that time, developed some machine learning algorithms now that we utilize for, not only that production optimization, but for other aspects of our operations as well. And it's just recently that we've started to develop some of the deep learning tools where you're really collecting, organizing, and using significantly more types of data, including human observation and experiences really experiential learning.

從那時開始，我們開發了一些機器學習演算法，現在我們不僅將其用於生產最佳化，還將其用於我們營運的其他方面。直到最近，我們才開始開發一些深度學習工具，這些工具能夠真正收集、組織和使用更多類型的數據，包括人類的觀察和經驗，真正實現體驗式學習。

And so while we're not quite to true agentic intelligence, we are using quite a bit of generative AI, not only to organize geologic data and attempt to uncover hidden trends, but we've got real-time drilling optimization. We're improving efficiency and equipment reliability. We've got predictive maintenance, process optimization, really some autonomous operations going on in the field.

因此，雖然我們還沒有達到真正的智能體水平，但我們正在使用大量的生成式人工智慧，不僅用於組織地質數據並試圖發現隱藏的趨勢，而且我們還實現了即時鑽井優化。我們正在提高效率和設備可靠性。我們已經實現了預測性維護、流程優化，並且在現場進行了一些真正的自主操作。

And then like I said, maybe I'll just finish up on the safety side. Safety is crucial in oil and gas, and AI is definitely helping our efforts in that regard as well, helping to detect anomalies both on the emissions, spills, and safety side throughout our different operation disciplines.

然後就像我說的，也許我會在安全方面做些收尾工作。安全在石油和天然氣產業至關重要，人工智慧無疑也在這方面幫助我們，幫助我們偵測各個營運領域中排放、洩漏和安全方面的異常情況。

Great. That's very helpful color. A follow up probably for Jeff, just curious on the dry gas Utica well drilled. What was impetus to drill that well? And clearly, I see that as more as a dry gas option in the portfolio. So what would it take, whether market or price related to trigger that option?

偉大的。那是一個非常有用的顏色。可能是給傑夫的後續問題，我只是好奇尤蒂卡乾氣井的鑽探狀況。是什麼促使你們鑽探那口井？顯然，我認為這更像是投資組合中的一種乾氣選擇。那麼，無論是市場因素還是價格因素，需要什麼才能觸發該選擇權？

Yes, Betty. This is Jeff. Yes, we're extremely excited about those Pekin's wells. As we said, they came on. Each one had individual 30-day IPs of around 30 million a day. So very, very strong, and they actually -- those were wells that we acquired. So we just completed those wells and brought them on production. So they were already drilled when we acquired them.

是的，貝蒂。這是傑夫。是的，我們對北京的那些水井感到非常興奮。正如我們所說，他們來了。每個IP位址在30天內每天的訪問量約為3000萬。所以非常非常強勁，而且實際上——那些是我們收購的油井。所以我們剛剛完成了這些油井的建造並投入生產。所以當我們收購它們的時候，它們已經被鑽過了。

But what I'd say is we're excited about those results, but we also know we've got a multi-basin portfolio all around the country. So we have a lot of flexibility to take advantage all of the different markets and be very strategic in how we're maximizing our price realizations and netbacks. And in the Utica, as in-basin demand continues to increase and we get some additional pipeline capacities in there and built out, we feel like we'll be well positioned to take advantage of it.

但我想說的是，我們對這些結果感到興奮，但我們也知道我們在全國各地擁有跨盆地的投資組合。因此，我們有很大的靈活性，可以利用所有不同的市場，並在如何最大化價格實現和淨收益方面採取非常具有策略性的做法。在尤蒂卡盆地，隨著盆地內需求的持續增長，以及我們在那裡新增和建造的管道輸送能力，我們感覺我們將能夠很好地利用這些需求。

But ultimately, I mean, when we're talking about gas growth within the company. We have Dorado, which is the lowest cost gas in the US. It's located right next to the Gulf Coast market center. There's a growing LNG market, as you know, an increasing demand growth. We've got a 21 Tcf resource down there. And we're just excited about the opportunities that gives the market. So realistically, up in the Utica, as we said, we're going to focus on the volatile oil window. We have opportunities to grow the gas in the future there. But really with gas growth, I'd say our focus is on Dorado.

但歸根結底，我的意思是，當我們談論公司內部的天然氣成長時。我們有 Dorado，它是美國價格最低的汽油。它就位於墨西哥灣沿岸市場中心旁。如你所知，液化天然氣市場正在不斷成長，需求也不斷增加。我們在那裡擁有 21 兆立方英尺的資源。我們對這為市場帶來的機會感到非常興奮。所以實際上，正如我們所說，在尤蒂卡地區，我們將專注於波動較大的石油窗口。我們未來有機會在那裡發展天然氣業務。但就天然氣成長而言，我認為我們的重點是多拉多。

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

我們的問答環節到此結束。我謹將會議交還給雅各先生，請他作總結發言。

Yes, we appreciate everyone's time this morning. And I want to thank our shareholders for your continued support, and a special thanks to all of our employees and partners for delivering another outstanding quarter. Thank you.

是的，我們非常感謝大家今天早上抽出時間。我還要感謝各位股東的持續支持，並特別感謝所有員工和合作夥伴，感謝他們又一次出色地完成了本季度的工作。謝謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。