EOG Resources, Inc. (EOG) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to EOG Resources second quarter 2026 earnings results conference call. As a reminder, this call is being recorded. For opening remarks and introductions.

各位大家好，歡迎參加 EOG Resources 2026 年第二季財報結果電話會議。提醒各位，本次通話將被錄音。以下進行開場致詞與介紹。

I will turn the call over to EOG Resources' Vice President of Investor Relations, Mr. Pearce Hammond. Please go ahead, sir.

我將把電話交給 EOG Resources 投資人關係副總裁 Pearce Hammond 先生。先生，請開始。

Good morning, and thank you for joining us for the EOG Resources second quarter 2026 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.

各位早安，感謝各位參加 EOG Resources 2026 年第二季財報電話會議。我們已在公司網站的投資人關係專區發布更新版投資人簡報，今天的討論將引用其中部分投影片。本次通話的重播將於今日稍晚在我們的網站上提供。

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.

提醒各位，本次電話會議包含前瞻性陳述。可能導致實際結果與前瞻性陳述存在重大差異的因素，已在新聞稿與 EOG 向 SEC 提交的文件中說明。

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, 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.

本次電話會議亦可能包含若干歷史及前瞻性的非 GAAP 財務衡量指標。這些非 GAAP 指標的定義、調節表及相關討論，可於 EOG 網站的投資人關係專區查閱。此外，本次電話會議中的任何儲量估計，可能包含估計的潛在儲量以及估計的資源潛力，未必依據 SEC 的儲量申報指引計算。

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.

今天早上參與電話會議的有：董事長兼執行長 Ezra Yacob；營運長 Jeff Leitzell；財務長 Ann Janssen；以及勘探與生產資深副總裁 Keith Trasko。

Here's Ezra.

以下請 Ezra 發言。

Thanks, Pearce. Good morning, and thank you for joining us. EOG delivered exceptional second quarter results with adjusted earnings per share, adjusted cash flow per share and free cash flow all reaching record levels. Robust oil prices provided a meaningful tailwind, but these results reflect something more durable: consistent high-quality execution across the company. We expect that operational momentum to carry through the second half of the year.

謝謝你，Pearce。各位早安，感謝各位加入我們。EOG 在第二季交出卓越成果：調整後每股盈餘、調整後每股現金流與自由現金流皆創下新高。強勁油價帶來明顯助力，但這些成果反映的是更具持久性的因素：公司全體持續且高品質的執行力。我們預期這股營運動能將延續至下半年。

Our low-cost multi-basin asset base and peer-leading balance sheet place EOG in a strong position to navigate today's dynamic macro environment. Consistent with our commitment to disciplined capital allocation and enhancing shareholder value and underscoring our confidence in the strength of EOG's business, we returned just over $1.8 billion to shareholders in the second quarter through our regular dividend and opportunistic share repurchases, reflecting our conviction in EOG's value and our growing opportunity set.

我們低成本的多盆地資產基礎與同業領先的資產負債表，使 EOG 具備強勁實力以因應當前多變的總體環境。秉持我們對資本配置紀律與提升股東價值的承諾，並展現我們對 EOG 業務實力的信心，我們在第二季透過例行股利與機會型庫藏股回購，向股東返還略高於 18 億美元，反映我們對 EOG 價值的信念以及不斷擴大的機會集合。

Comparing our performance to a recent quarter with similar oil prices offers a useful lens for appreciating how substantially EOG's business has improved. Since the first quarter of 2022, when the Russia-Ukraine war broke out, EOG has grown oil production 22%, total production by 60%, adjusted cash flow per share by 44% and the regular dividend by 36%. This impressive progress is underpinned by several achievements.

將我們的表現與近期油價相近的季度相比，是理解 EOG 業務已大幅改善的一個有用視角。自 2022 年第一季俄烏戰爭爆發以來，EOG 的原油產量成長 22%、總產量成長 60%、調整後每股現金流成長 44%，例行股利成長 36%。這些亮眼進展由多項成果所支撐。

Over the same period, we forged a stronger path to future value creation by improving our multi-basin portfolio with two additional foundational assets, expanding a deep exploration pipeline, including high-quality international unconventional opportunities and enhancing our marketing flexibility and end market diversification. We accomplished all of this while preserving a pristine balance sheet and paying a growing regular dividend, which has been stress-tested across a range of commodity price scenarios.

在同一期間，我們透過新增兩項基礎型資產來優化多盆地投資組合，擴大深度勘探管線（包括高品質的國際非常規機會），並提升行銷彈性與終端市場多元化，從而打造更強的未來價值創造路徑。我們在完成上述各項工作的同時，仍維持無可挑剔的資產負債表並支付持續成長的例行股利；該股利已在多種商品價格情境下進行壓力測試。

Taken together, these accomplishments are a clear demonstration of EOG's business model in action. Turning to the oil macro outlook. Supply disruptions associated with the Iran conflict continue to weigh on global inventories with the trajectory and duration of the conflict remaining key variables in shaping near-term market conditions.

綜合而言，這些成果清楚展現 EOG 商業模式的實際運作。接著談原油總體展望。與伊朗衝突相關的供應中斷持續對全球庫存造成壓力，而衝突的走向與持續時間仍是影響短期市場狀況的關鍵變數。

While we expect oil prices to remain volatile given the fluid nature of the war, we remain constructive on oil market fundamentals for several reasons. First, the disruption of crude and product supply from the Middle East has resulted in a meaningful reduction in commercial inventories and strategic petroleum reserves.

儘管我們預期油價將因戰事變化而維持波動，但基於數項原因，我們對原油市場基本面仍持建設性看法。首先，中東原油與成品油供應受干擾，已導致商業庫存與戰略石油儲備出現顯著下降。

Second, while reduced demand has partially offset supply loss in the near term, we do not view this as a structural shift. Rather, it reflects temporary rationing that we expect to normalize over time. Third, energy security has emerged as a strategic priority across many nations, and we expect this to translate into structurally higher oil demand over time as countries look to strengthen their energy positions and restock both commercial and strategic petroleum reserves.

第二，雖然需求下降在短期內部分抵消了供應損失，但我們不認為這是結構性轉變。相反地，這反映的是暫時性的配給，我們預期將隨時間推移而回歸正常。第三，能源安全已成為許多國家的戰略優先事項；我們預期這將隨時間推動結構性更高的原油需求，因各國將尋求強化其能源布局，並補充商業與戰略石油儲備。

Taken together, these factors support oil prices remaining above mid-cycle levels in both the near and medium term with price volatility likely skewed to the upside. On natural gas, we continue to see the North American market evolve from a seasonal commodity story into a strategic energy resource. While storage levels will continue to fluctuate year-to-year, the underlying demand trajectory is strengthening as LNG exports, electricity demand, industrial growth and grid reliability increasingly compete for domestic supply.

綜合而言，這些因素支持油價在短期與中期皆維持於中周期水準之上，且價格波動可能偏向上行。在天然氣方面，我們持續看到北美市場正從季節性商品故事演變為戰略性能源資源。儘管儲存水位仍會逐年波動，但在 LNG 出口、用電需求、工業成長與電網可靠性日益競逐國內供給之下，底層需求趨勢正在增強。

Our medium- to long-term outlook remains constructive, and our deliberate investment in building a low-cost natural gas position with access to premium markets and as a complement to our core oil business leaves us well positioned to capitalize on this demand growth. Regardless of commodity prices, EOG's commitment is to deliver sustainable value creation through industry cycles.

我們對中長期展望仍持建設性看法；我們有意識地投資打造低成本天然氣部位，並具備通往優質市場的管道，同時作為核心原油業務的互補，使我們能在需求成長中占得先機。無論商品價格如何，EOG 的承諾是在產業循環中持續創造可持續的價值。

We pursue that by focusing on being among the highest return and lowest cost producers, committed to strong environmental performance and playing a significant role in the long-term future of energy. This mission rests on four pillars: capital discipline, operational excellence, sustainability and culture. Today, I want to discuss in greater detail one area of our operational excellence pillar that is a significant differentiator versus peers organic exploration.

我們透過聚焦成為報酬最高且成本最低的生產商之一、致力於強健的環境績效，並在能源長期未來中扮演重要角色，來實現這一點。此使命建立在四大支柱之上：資本紀律、營運卓越、永續與文化。今天，我想更深入討論我們「營運卓越」支柱中的一個領域——相較同業具有顯著差異化的有機勘探。

Organic exploration has been central to EOG's success since the company's founding. By identifying opportunities early and building positions ahead of broader market interest, we are able to create significant long-term returns. Supported by a proprietary database and the knowledge gained from thousands of wells drilled across a wide range of geologic settings, EOG has a proven ability to discover and develop new resource opportunities.

自公司創立以來，有機勘探一直是 EOG 成功的核心。透過及早辨識機會並在更廣泛市場關注之前建立布局，我們得以創造可觀的長期報酬。在專有資料庫的支持下，並結合在多樣地質環境中鑽探數千口井所累積的知識，EOG 已證明具備發現並開發新資源機會的能力。

Today, that expertise is demonstrated in international unconventionals, where EOG is a first-mover working in close partnership with ADNOC in the UAE and Bapco in Bahrain. For national oil companies looking to develop their unconventional resources, we offer a compelling partnership. EOG brings technical leadership, a proven track record and the ability to accelerate their development programs. Our UAE exploration program provides a convincing proof point.

如今，這項專業能力在國際非常規領域得到展現；EOG 作為先行者，與阿聯 ADNOC 以及巴林 Bapco 緊密合作。對於希望開發其非常規資源的國家石油公司而言，我們提供具吸引力的合作夥伴關係。EOG 帶來技術領導力、經驗證的實績，以及加速其開發計畫的能力。我們在阿聯的勘探計畫提供了有力的佐證。

We drilled, completed and brought online 2 1-mile lateral wells in June and are extremely pleased with the results. During the first 30 days of production operations, the wells produced on average over 25,000 barrels of oil per well. Both wells are naturally flowing up casing and will be placed on artificial lift in the coming weeks.

我們於 6 月鑽探、完井並投產 2 口 1 英里水平段井，對結果感到非常滿意。在投產作業的前 30 天內，這些井平均每口井日產超過 25,000 桶原油。兩口井目前皆為套管自然流動，並將在未來幾週內改採人工舉升。

Early well results are exceeding our expectations during the natural flow period. There is still meaningful work ahead in the UAE given the size of the 900,000-acre concession, but we are extremely encouraged by what we are seeing in the early days of this important project, confirming that EOG's competitive advantage is not confined to a specific geographical location.

在自然流動期內，早期井的結果超出我們的預期。鑑於90萬英畝特許區的規模，我們在阿聯仍有大量重要工作要做，但我們對這個重要專案在早期所呈現的情況感到非常振奮，這也證實EOG的競爭優勢並不局限於特定地理位置。

It is embedded in our technical expertise and resource development approach. On the domestic side, we continue to run a robust exploration program, testing multiple plays across the US. Each domestic division is actively advancing its own pipeline of exploration prospects, and we look forward to sharing updates as those programs mature.

這一優勢深植於我們的技術專長與資源開發方法之中。在美國本土方面，我們持續推進強勁的勘探計畫，在全美測試多個開發區塊。各本土事業部都在積極推進各自的勘探前景管線，我們也期待在這些計畫逐步成熟時分享最新進展。

In summary, we're off to a strong start in 2026 and are well positioned to execute in the current macro environment and beyond. We remain focused on delivering sustainable free cash flow, maintaining operational excellence and creating long-term value for shareholders.

總結而言，我們在2026年開局強勁，並已做好充分準備，在當前及未來的總體環境中持續落實執行。我們仍專注於提供可持續的自由現金流、維持卓越營運並為股東創造長期價值。

I'll now turn it over to Ann for details on our financial performance.

接下來我把時間交給Ann，說明我們的財務表現。

Thank you, Ezra. EOG delivered another quarter of outstanding financial results, which speak to the durability and discipline at the core of our business model. In the second quarter, we delivered adjusted earnings per share of $5.07 and adjusted cash flow from operations per share of $8.29, generating free cash flow of $2.8 billion, a record performance and a direct reflection of our low-cost operating structure and capital efficiency.

謝謝你，Ezra。EOG再度交出一季出色的財務成果，展現我們商業模式核心的韌性與紀律。第二季，我們實現調整後每股盈餘5.07美元、調整後每股營運現金流8.29美元，並產生28億美元自由現金流，創下紀錄，直接反映我們低成本的營運結構與資本效率。

We returned just over $1.8 billion to shareholders during the second quarter, $540 million through our regular dividend and $1.3 billion in share repurchases. The foundation of our cash return remains our regular dividend, which we have not cut or suspended in 28 years. This is an impressive track record in any industry and demonstrates our commitment to return value back to shareholders. We continue to supplement the regular dividend with share buybacks.

第二季我們向股東回饋略高於18億美元，其中5.40億美元透過例行股利，13億美元透過股票回購。我們現金回饋的基礎仍是例行股利，且28年來從未削減或暫停。這在任何產業都是令人印象深刻的紀錄，展現我們將價值回饋給股東的承諾。我們也持續以股票回購補充例行股利。

With $11.7 billion remaining under the share repurchase authorization at June 30, we have substantial capacity for continued opportunistic buybacks. Through the first half of the year, total shareholder returns stand at approximately $2.8 billion, and we reiterate our commitment to returning at least 70% of annual free cash flow to shareholders -- to investors in 2026. Our balance sheet remains a strategic asset.

截至6月30日，股票回購授權尚餘117億美元，使我們具備相當充足的能力持續進行機會型回購。今年上半年，股東總回饋約為28億美元；我們重申承諾在2026年向股東—亦即投資人—回饋至少年度自由現金流的70%。我們的資產負債表仍是策略性資產。

We closed the quarter with $4.9 billion in cash, up approximately $1.1 billion from the end of the first quarter, and with net debt of $3 billion. This financial strength continues to provide a stable foundation as we navigate dynamic macro environment shifts. At strip pricing and using guidance midpoints, our 2026 plan generates $8 billion in free cash flow.

本季末我們持有現金49億美元，較第一季末增加約11億美元，淨負債為30億美元。這樣的財務實力在我們因應多變的總體環境變化時，持續提供穩定的基礎。以期貨曲線（strip pricing）並採用指引中位數計算，我們的2026年計畫可產生80億美元自由現金流。

Our 2026 program funds production growth, domestic and international exploration and a peer-leading regular dividend, all at a WTI breakeven price below $50 per barrel. EOG's financial foundation has never been stronger. We are generating significant free cash flow, returning meaningful cash to shareholders and maintaining financial flexibility to capitalize on opportunities as they emerge. This combination of operational excellence, a low-cost structure and financial discipline positions us exceptionally well, not only for 2026, but for sustained long-term value creation.

我們的2026年計畫在WTI損益兩平油價低於每桶50美元的情況下，即可支應產量成長、國內與國際勘探，以及同業領先的例行股利。EOG的財務基礎從未如此強健。我們正產生可觀的自由現金流、向股東回饋具意義的現金，並維持財務彈性，以把握新出現的機會。營運卓越、低成本結構與財務紀律的結合，使我們不僅在2026年，亦在長期持續創造價值方面具備極佳定位。

With that, I'll turn it over to Jeff to discuss our operating results.

接下來我把時間交給Jeff，討論我們的營運成果。

Thanks, Ann. I'd like to begin by recognizing our employees for their outstanding performance and execution. In the second quarter, we delivered strong operational results, highlighted by lower-than-expected LOE and GP&T expenses and total company volumes higher than our guidance midpoint. Total company volumes included nearly 500 barrels of oil per day, primarily from initial production from our UAE exploration wells as reported in our Other International segment.

謝謝，Ann。我想先肯定我們員工的傑出表現與執行力。第二季我們交出強勁的營運成果，亮點包括LOE與GP&T費用低於預期，以及全公司產量高於我們指引的中位數。全公司產量包含接近每日500桶原油，主要來自我們阿聯勘探井的初期產量，並於「其他國際」部門中揭露。

Second quarter capital expenditures came in below the guidance midpoint, primarily driven by shifts in operational timing, largely in the Gulf states. For the full year 2026, we expect to deliver 5% oil production growth and 14% total production growth with capital expenditures unchanged at $6.5 billion. As Ezra previously highlighted, we are extremely pleased with our exploration efforts in the UAE. Along with strong initial well results, we also saw exceptional operational performance.

第二季資本支出低於指引中位數，主要由於營運時程的調整所致，且多數發生在墨西哥灣沿岸各州。就2026年全年而言，我們預期在資本支出維持65億美元不變的情況下，實現原油產量成長5%、總產量成長14%。如Ezra先前所強調，我們對阿聯的勘探成果感到非常滿意。除了初期井結果強勁之外，我們也看到卓越的營運表現。

For the balance of the year in the UAE, we are targeting lateral lengths in excess of 2 miles and will be completing additional wells. We have also successfully replicated key elements from our domestic operations playbook to realize immediate cost reductions in the UAE. An example includes utilizing in-basin surface sand processing, which can be located directly adjacent to our well locations, thereby minimizing transportation and processing costs of our future completions.

在阿聯今年剩餘期間，我們目標是水平段長度超過2英里，並將完成更多井。我們也已成功複製本土營運作業手冊中的關鍵要素，以在阿聯立即實現成本降低。例如採用盆地內地面砂處理，可直接設置在井位旁，從而將未來完井的運輸與處理成本降至最低。

In Bahrain, operations have been intermittent due to the ongoing conflict. While we hope to have results in the second half of the year, our priority is the safety of our employees, contractors and partners in the region.

在巴林，由於衝突仍在持續，作業呈間歇性。雖然我們希望在下半年取得結果，但我們的首要任務是確保該地區員工、承包商與合作夥伴的安全。

Turning to domestic operations. Our Delaware Basin team continues to execute well on their development strategy. Well performance has been in line with our expectations. We continue to develop this world-class asset at the right pace, resulting in continued operational improvements. We are realizing drilling and completion efficiencies relative to last year.

接著談美國本土營運。我們的德拉瓦盆地團隊持續良好執行其開發策略。井的表現符合我們的預期。我們以適當的節奏開發這項世界級資產，帶來持續的營運改善。相較去年，我們在鑽井與完井方面實現效率提升。

Year-to-date drilling feet per day is up 13%, and year-to-date completed lateral feet per day is up 5%. These efficiency gains are contributing to well cost reductions as year-to-date, we have been able to reduce direct well costs by $15 per foot with direct well costs averaging less than $710 per foot. In addition, our Janus gas processing plant continues to deliver outstanding results. This strategic infrastructure project came online last year with current capacity of 300 million cubic feet per day and is expandable by an additional 300 million cubic feet per day.

年初至今，每日鑽進尺數提升13%，年初至今每日完成的水平段尺數提升5%。這些效率提升正促成井成本下降；年初至今我們已將直接井成本每英尺降低15美元，且直接井成本平均低於每英尺710美元。此外，我們的Janus天然氣處理廠持續交出卓越成果。這項策略性基礎設施專案於去年投運，目前產能為每日3億立方英尺，並可再擴增額外每日3億立方英尺。

Year-to-date, Janus plant utilization is averaging greater than 99%, and we are realizing a netback uplift of more than $0.65 per Mcf, helping support our strong margins in the Delaware Basin. Eagle Ford operations are also performing strongly this year. Year-to-date, we have been able to increase drilled feet per day by 4% and completed lateral feet per day by 11% compared to 2025. These efficiency gains have helped drive further well cost reductions.

年初至今，Janus廠的使用率平均高於99%，我們實現每千立方英尺（Mcf）超過0.65美元的淨回收價（netback）提升，有助於支撐德拉瓦盆地的強勁利潤率。今年Eagle Ford的營運表現同樣強勁。年初至今，相較2025年，我們已將每日鑽進尺數提高4%，每日完成的水平段尺數提高11%。這些效率提升有助於推動井成本進一步下降。

We have reduced Eagle Ford direct well costs to less than $525 per foot, which is the lowest in our long history in the play. In the second quarter, we drilled the Aspen L 11H, which is the longest lateral drilled in the Eagle Ford to date with a drilled lateral of 24,115 feet or more than 4.5 miles. Each year, we continue to unlock additional resource across the Eagle Ford oil trend through cost reductions as well as through organic leasing and strategic acquisitions. Last year, we acquired approximately 30,000 net acres in Atascosa County.

我們已將Eagle Ford的直接井成本降至每英尺525美元以下，為我們在該區塊長期經營以來的最低水準。第二季，我們鑽探了Aspen L 11H，這是迄今在Eagle Ford鑽探的最長水平井，水平段鑽進長度達24,115英尺，或超過4.5英里。每一年，我們都透過成本降低，以及自有租賃與策略性收購，在Eagle Ford含油帶持續解鎖更多資源。去年，我們在Atascosa郡收購約30,000淨英畝。

We have since drilled 20 net wells on the acquired acreage with these wells achieving a less than one-year payout at $65 WTI. This quarter, we are announcing an exciting Austin Chalk sweet spot in Lavaca County. We utilized our robust understanding of the regional geologic and reservoir model to identify this extension to our Eagle Ford acreage that also achieves a less than 1-year payout at $65 WTI.

自收購以來，我們已在所取得的租賃區塊上鑽探了20口淨井，這些井在WTI為每桶65美元時可在不到一年內回收投資。本季，我們宣布在拉瓦卡郡（Lavaca County）發現一處令人振奮的奧斯汀白堊（Austin Chalk）甜點區。我們運用對區域地質與儲層模型的深厚理解，辨識出這一延伸至我們鷹福特（Eagle Ford）租賃區的區塊，同樣在WTI為每桶65美元時可在不到1年內回收投資。

We have organically leased 60,000 net acres for an average cost of $1,200 per acre and drilled over a dozen wells confirming this high-return prospect. These high-pressure wells offer high deliverability and benefit from our learnings in other basins. We have confidently identified one year's worth of 2-mile lateral inventories at current Eagle Ford activity levels. Furthermore, we continue to gather data and evaluate its extent.

我們以有機方式承租了60,000淨英畝，平均成本為每英畝1,200美元，並鑽探了十多口井以確認這一高報酬前景。這些高壓井具備高產能，並受益於我們在其他盆地的經驗累積。以目前鷹福特的作業活動水準，我們已相當有把握地辨識出可支撐一整年的2英里水平段（lateral）庫存。此外，我們仍持續蒐集資料並評估其延伸範圍。

Further south in Dorado, this low-cost dry gas asset continues to improve. In 2026, we have increased lateral lengths by approximately 16% compared to last year and are further lowering well cost. Year-to-date, direct well costs are less than $700 per foot or 7% lower than last year. In addition, the countercyclical investment in the Verde gas pipeline continues to pay dividends as we are realizing a netback uplift of $0.50 per Mcf year-to-date.

在更南方的多拉多（Dorado），這項低成本乾氣資產持續改善。2026年，我們相較去年將水平段長度提高約16%，並進一步降低單井成本。年初至今，直接單井成本低於每英尺700美元，較去年下降7%。此外，對Verde天然氣管線的逆週期投資持續帶來回報，我們年初至今實現每Mcf淨回收（netback）提升0.50美元。

In the Utica, our Encino acquisition has been a home run. Number one, we have exceeded our $150 million synergy target ahead of schedule. We have driven direct well costs below $600 per foot and continued reductions in sight. Number three, we continue to push margin expansion through supply chain optimization, including in-basin sand, which should be secured by the end of this year. And number four, EOG's proprietary in-house production optimizers delivered a 5% improvement in base production and a 5% reduction in downtime.

在尤提卡（Utica），我們收購Encino可說是大獲全勝。第一，我們提前達成並超越1.5億美元的協同效益目標。我們已將直接單井成本降至每英尺600美元以下，且仍可望持續下降。第三，我們持續透過供應鏈最佳化推動利潤率擴張，包括盆地內砂（in-basin sand），預計在今年底前可確保到位。第四，EOG自有的內部產量最佳化工具使基礎產量提升5%，並將停機時間降低5%。

In summary, combining the scale of this asset with our technology, technical expertise and operating model has led to stronger capital efficiency and demonstrates the meaningful value created through successful integration and disciplined execution.

總結而言，將該資產的規模與我們的技術、專業技術能力與營運模式結合，帶來更強的資本效率，並展現透過成功整合與嚴謹執行所創造的顯著價值。

Turning to the broader service cost environment. There has been slight inflation across various services, but we have been able to mitigate most of it and are still expecting a low single-digit reduction in well costs this year. A perfect example of how we are able to dampen inflation is our in-house drilling motor program, which is generating meaningful value. Since 2023, we have achieved a 70% increase in average drilled footage per motor run.

接著談更廣泛的服務成本環境。各項服務出現些微通膨，但我們已能緩解其中大部分影響，且仍預期今年單井成本可小幅（低個位數）下降。我們能抑制通膨的最佳例子之一，是自有的鑽井馬達計畫，正創造可觀價值。自2023年以來，我們每次馬達運轉（motor run）的平均鑽進尺數提升了70%。

Looking at year-to-date motor performance by basin, average footage per motor run has increased 34% in the Delaware Basin, 43% in the Utica, 20% in the Eagle Ford and 64% in Dorado, in each case compared to third-party motors. The potential savings by eliminating one motor failure ranges from $100,000 to $250,000, a meaningful contribution to our overall cost reduction efforts. We enter the second half of 2026 with strong momentum and are well positioned to execute on our full year plan.

以年初至今各盆地的馬達表現來看，與第三方馬達相比，每次馬達運轉的平均鑽進尺數在德拉瓦盆地（Delaware Basin）提升34%、在尤提卡提升43%、在鷹福特提升20%、在多拉多提升64%。避免一次馬達故障的潛在節省金額介於10萬至25萬美元，對我們整體降本努力有實質貢獻。我們以強勁動能進入2026年下半年，並已做好充分準備以執行全年計畫。

With that, I'll turn it back to Ezra for closing remarks.

接下來，我把時間交回給Ezra做結語。

Thanks, Jeff. Before we open the line for questions, I want to leave you with three thoughts. First, EOG delivered record financial performance in the second quarter. Operations across our foundational assets are executing at a high level, and we expect that momentum to carry through the back half of the year.

謝謝，Jeff。在開放提問之前，我想留給各位三點想法。第一，EOG在第二季創下創紀錄的財務表現。我們的核心資產營運執行水準很高，我們預期這股動能將延續至下半年。

Second, organic exploration is one of EOG's most important competitive advantages. We identify opportunities early, move decisively and apply the same rigorous data-driven approach that is expanding our US business into new basins around the world.

第二，有機勘探是EOG最重要的競爭優勢之一。我們能及早辨識機會、果斷行動，並採用同樣嚴謹、以數據驅動的方法，將我們在美國的業務拓展到全球新的盆地。

The international unconventional opportunity set is real, and our international operations demonstrate that the EOG model can be successfully applied beyond North America. Third, everything we've discussed today reflects how this company operates, grounded in capital discipline, operational excellence and sustainability, all underpinned by our culture.

國際非常規資源的機會確實存在，而我們的國際營運也證明EOG模式能成功應用於北美以外地區。第三，今天討論的所有內容都反映了本公司的運作方式：以資本紀律、卓越營運與永續為根基，並由我們的企業文化作為支撐。

We appreciate your time and continued interest in EOG. Now let's open it up for questions.

感謝各位撥冗並持續關注EOG。現在我們開放提問。

(Operator Instructions)

（接線員指示）

Josh Silverstein, UBS.

Josh Silverstein，瑞銀（UBS）。

On the first quarter update, you had made a shift towards more capital, towards liquids versus gas development, which was clearly the right move for this year. Ezra, in your comments, it sounds like you're still pretty constructive on oil prices. So as you're starting to plan for next year with the forward curve around $70 WTI and $3.35 for Henry Hub, are you continuing down this path and continue to push more capital towards the more oil-prone plays?

在第一季更新時，你們把資本配置更多轉向液體、相對減少天然氣開發，這顯然是今年的正確決策。Ezra，從你的評論聽起來，你對油價仍相當正向。因此，當你們開始規劃明年、而遠期曲線約為WTI 70美元、Henry Hub 3.35美元時，你們是否會延續這條路徑，繼續把更多資本推向更偏油的開發區塊？

Josh, that's a great question. So our '26 plan, it remains unchanged from last quarter. We updated the volume guidance, obviously, to reflect year-to-date performance. Last quarter, as you said, we did take advantage of the flexibility across our multi-basin portfolio to reallocate some capital across our foundational assets, which resulted in incremental oil volumes this year, and it also better positioned us for '27. So while I think it's still a little too early to get into specifics on '27, I would say that as we assess oil market fundamentals, we do see the potential need for incremental supply.

Josh，這是個很好的問題。我們的2026年計畫與上季相比維持不變。我們更新了產量指引，顯然是為了反映年初至今的表現。如你所說，上季我們確實利用多盆地投資組合的彈性，在核心資產間重新配置部分資本，帶來今年額外的原油產量，同時也讓我們在2027年更具優勢。因此，雖然我認為現在談2027年的細節仍稍早，但我會說，當我們評估原油市場基本面時，確實看到可能需要額外供給的潛在需求。

This is where we sit today. And if this continues to be the case, I would expect our plan for next year to really be reflective of our three-year scenario, which basically reflects a low single-digit oil growth, and we put some financial metrics on there, assuming kind of a WTI price range of $60 to $80 oil. I would say that we continue to preserve a lot of optionality, and we'll continue to assess all considerations, including the macros as we move throughout the rest of this year and further define our plan for 2027.

這是我們目前的看法。若此情況持續，我預期我們明年的計畫將會充分反映我們的三年情境規劃；該規劃基本上反映原油低個位數成長，並在假設WTI油價區間為每桶60至80美元的前提下，納入一些財務指標。我會說，我們仍保留相當多的選擇權，並將在今年剩餘時間持續評估所有考量因素，包括總體環境，同時進一步明確我們的2027年計畫。

Got it. And then maybe just one on the UAE as well. I was hoping to get a little bit more color on next steps and maybe a time line here. I know you're bringing in some artificial lift and then have some longer laterals here. Is there any shot clock that you guys are under now, a certain number of wells that you need to drill to get to a certain point before kind of bringing this into more commercial development?

了解。另外也想問一下阿聯（UAE）。我希望能更了解下一步以及可能的時間表。我知道你們會導入一些人工舉升（artificial lift），並且會有更長的水平段。你們目前是否有任何時程壓力，例如在進入更商業化的開發之前，需要鑽一定數量的井以達到某個門檻？

Yes, Josh, that's a great question. I love talking about the UAE this morning. We're extremely excited about our progress in the region. We entered the region because we saw pretty compelling subsurface opportunities with positive production results from prior horizontal development. We were able to partner to come up with some great partners there.

是的，Josh，這是個很好的問題。我今天早上很樂意談阿聯。我們對該地區的進展感到非常振奮。我們進入該地區，是因為我們看到相當具吸引力的地下（subsurface）機會，且先前的水平開發已有正面的產量成果。我們也能與當地夥伴合作，找到非常優秀的合作夥伴。

And what we've accomplished early in the early stages here, particularly in the UAE, has really reinforced our conviction. Now we do have, I think we've talked about it before, a 3-year exploration phase, and it is a JV structure with where ADNOC has the option to back in. But other than that, we consider this to be in an exploration phase.

而我們在這裡、特別是在阿聯（UAE）早期階段所取得的成果，確實強化了我們的信念。現在我們確實有——我想我們之前談過——一個為期3年的勘探期，而且是合資（JV）架構，ADNOC擁有選擇權可以回補加入。但除此之外，我們認為這仍處於勘探階段。

And so I wouldn't say we're holding ourselves to any strict time lines or strict results. We'll take the data in as it comes. We continue to be active there. And as we move forward, we are looking for some -- these are initial wells in a frontier basin, and so we are looking for not only well results, but how the wells produce over time, how they'll respond to the artificial lift. And then we're looking for some other things. We'd like to delineate a wider range across the 900,000-acre concession.

因此我不會說我們把自己綁在任何嚴格的時間表或嚴格的結果上。我們會在資料進來時就加以吸收。我們仍持續在那裡積極推進。隨著我們往前走，我們在尋找一些——這些是前緣盆地的初期井，因此我們不僅看單井結果，也看井隨時間的產能表現、以及它們對人工舉升的反應。然後我們也在看其他一些事情。我們希望能在這個90萬英畝的租讓區上，圈定更廣的範圍。

Obviously, it would be difficult to delineate the entire 900,000 acres, but we do have some different geologic environments that we've captured with that concession. And so we'd like to test some repeatability through there. And then we also would like to see how the service industry matures, if they respond as quickly as we're moving such that we can get some additional unconventional equipment into the region. I think the biggest takeaway here is what we've demonstrated so far is that it probably doesn't come to anyone as a big surprise that there is oil in the UAE.

顯然，要把整個90萬英畝都圈定出來會很困難，但我們確實在該租讓區涵蓋了一些不同的地質環境。因此我們希望在其中測試一些可重複性。另外我們也希望看到油服產業如何成熟，是否能跟上我們推進的速度，讓我們能把更多非常規所需設備帶進該地區。我想這裡最大的重點是：到目前為止我們所證明的，可能不會讓任何人太意外——阿聯確實有石油。

But I think most importantly, the way we think about this internally is this isn't just another shale play. What this demonstrates really is the real opportunity that exists for international unconventionals and the real opportunity and competitive advantage we have if we can successfully apply our operating model abroad.

但我認為更重要的是，我們內部的看法是：這不只是另一個頁岩開發案。這真正展示的是國際非常規資源所存在的巨大機會，以及如果我們能成功把我們的營運模式複製到海外，我們所擁有的機會與競爭優勢。

Steve Richardson, Evercore.

Steve Richardson，Evercore。

Ezra, curious on the Chalk and how you think about -- I guess, two points. One was you're talking about it. So should we assume that you're kind of done leasing in this area because you're willing to talk about it? And two, how do you think about capital allocation in South Texas based on Chalk versus the more structural elements there versus what's going on in the legacy foundation in the Eagle Ford? And so maybe the starting point, just think about how you thinking about feathering the Chalk into the development program and what the broader resource opportunity is.

Ezra，想請教一下關於Chalk（白堊層）的看法——我想有兩點。第一，你們正在談它。所以我們是否可以假設，因為你們願意談了，代表你們在這個區域的租賃（leasing）大致已經完成？第二，基於Chalk相較於南德州那邊較偏構造性的要素、以及Eagle Ford既有基礎資產的情況，你們如何思考南德州的資本配置？所以也許從起點來看，請談談你們如何把Chalk逐步納入開發計畫，以及更廣泛的資源機會有多大。

Yes, Steve, this is Jeff. I'll just kind of give you a quick update on the Chalk. And as we talked about in our opening remarks, we did. We identified and leased about 60,000 acres in the Austin Chalk. And what I would call that is it's truly a sweet spot. So we are still trying to figure out the extent of it, but we really feel like we've leased up the majority of the sweet spot, and that's why we're able to talk about it right now. And where it sits, it's actually just southeast of our Eastern Eagle Ford acreage, just to kind of give you where the position is on it.

好的，Steve，我是Jeff。我先快速更新一下Chalk的情況。如同我們在開場談到的，我們確實做了。我們在Austin Chalk辨識並租下了約6萬英畝。我會稱之為真正的甜蜜點（sweet spot）。所以我們仍在釐清它的範圍，但我們確實覺得已經租下甜蜜點的大部分，這也是我們現在能談它的原因。至於位置，它其實就在我們Eagle Ford東部區塊的東南方，讓大家大概知道這個部位在哪裡。

So we acquired the acreage primarily through organic leasing, maybe some small acquisitions on average for around $1,200 an acre down there. And to date, so far, we've drilled about 12 really high rate of return wells that confirm that the play has really strong economics that meet our hurdle rates. Currently, we're seeing on the wells that we've drilled payouts of less than one year and the returns are over 100% at $65 WTI, which it's competitive.

我們主要透過有機租賃取得這些土地，可能也有一些小型收購，平均成本約每英畝1,200美元。截至目前，我們已鑽了大約12口高報酬率井，確認這個區塊具備非常強的經濟性，符合我們的門檻報酬率。目前我們看到已鑽井的回收期不到一年，在WTI 65美元時報酬率超過100%，具備競爭力。

It's kind of right in the middle with our core Eagle Ford asset there. The other thing I'll say to give more detail on the play is it is a little bit more down dip in the Eagle Ford. It does get a little bit more deeper and mature. So it tends to be a little bit more of a combo play with more associated gas. But when you look at total liquids yields, it's very comparable to the Eagle Ford proper there. We've identified in this 600,000 (sic - see presentation, "60,000") acre sweet spot, about 125 remaining 2-mile locations.

它大概介於我們那邊的核心Eagle Ford資產之中間水準。另外補充一些細節：它在Eagle Ford的下傾方向（down dip）更靠外一些。深度會更深、成熟度也更高一些。因此它往往更像是帶有較多伴生氣的複合型開發。但若看總液體產率（total liquids yields），與Eagle Ford本體非常相近。我們在這個60萬（原文如此，請見簡報「60,000」）英畝甜蜜點中，已辨識約125個剩餘的2英里井位。

And what that really does is it adds about one additional full year of drilling inventory at current pace to our San Antonio division. And as far as from a capital allocation, I think they'll just kind of be equally within our core Eagle Ford development from that aspect. Like I said, we're talking about a sweet spot. So it will just be pretty much in the mix of our standard Eagle Ford and Austin Chalk proper core development will develop over the next handful of years.

這實際上等於在目前的鑽井節奏下，為我們的聖安東尼奧事業部增加大約一整年的鑽井庫存。至於資本配置，我認為它會與我們核心Eagle Ford開發大致同等納入配置。如我所說，我們談的是甜蜜點。因此它基本上會與我們標準的Eagle Ford一起納入組合，Austin Chalk本體的核心開發會在未來幾年逐步推進。

And when you roll all this up, what I'd just like to say is this really is -- it shows the benefit of the company's decentralized culture and divisions. In each one of our divisions, we're always looking for these new opportunities, play extensions or bypass pay that they can continue to add value in each one of their areas. And then also, we look to leverage our technical and operational expertise.

把這些整體彙總來看，我想說的是：這確實——展現了公司分權文化與各事業部運作的好處。在我們每個事業部，都一直在尋找這些新機會、層位延伸（play extensions）或旁通油層（bypass pay），以便在各自區域持續創造價值。同時，我們也會致力於槓桿運用我們的技術與營運專長。

And we really did that in this Austin Chalk sweet spot because moving down south, we really got to lean on kind of our high-temperature, high-pressure operations from Dorado and apply a lot of our learnings there to really push it forward. So it's just another great example of how we leverage our exploration expertise to continue to extend the resource life in each one of our divisions and continue to improve the returns profile of the company.

我們在這個Austin Chalk甜蜜點上確實做到了；因為往南移動後，我們得以倚重Dorado的高溫高壓作業能力，並把那裡的許多學習成果應用過來，真正把進度往前推。所以這又是一個很好的例子，說明我們如何運用勘探專長，持續延長各事業部的資源壽命，並持續改善公司的報酬結構。

It's great. Thanks for the extra color, Jeff. Ezra, I wonder if I could follow up on international a little bit. It seems like what you're saying is EOG should be a partner of choice for countries or geographies looking at unconventional development. Is it fair to assume that you're in active discussions in other places?

很棒。謝謝你補充這些細節，Jeff。Ezra，我想再追問一下國際業務。聽起來你在說的是：對於想發展非常規資源的國家或地區，EOG應該會是首選合作夥伴。我們是否可以合理推測，你們也正在其他地方進行積極洽談？

And I know EOG has a long history operating internationally, but maybe just give a scope of -- again, I know you're not going to talk about specific areas, but just in terms of those conversations and how they've picked up because I'm sure the well results today will -- people will take notice.

我知道EOG在國際營運上有很長的歷史，但也許請你概括一下——我知道你不會談特定地區——但就這些對話的狀況與熱度而言，是否因為今天的井結果而有所升溫？我想大家一定會注意到。

Yes, Steve, I appreciate that color. We've always maintained an international exploration program. As you know -- everyone on the call really has followed us for a number of years. We appreciate that support. And so you guys know that we've been in and out of a number of different international opportunity sets, including the Sichuan Basin in China.

是的，Steve，我很感謝你補充這些觀察。我們一直都有維持一個國際勘探計畫。如你所知——電話會議上的各位其實都追蹤我們很多年了。我們也很感謝大家的支持。所以各位也知道，我們曾進出多個不同的國際機會組合，包括中國的四川盆地。

We had an exploration play a number of years ago in Oman as well. And those things really build upon one another. It was the relationships and some of the technical achievements we made in Oman that really helped kick off the relationship with both Bapco and ADNOC. And I think you're right. I think this will continue to open up opportunities.

我們在阿曼多年前也做過一個勘探專案。而這些事情確實會彼此累積、相互加乘。正是我們在阿曼建立的關係以及取得的一些技術成果，真正幫助我們啟動了與 Bapco 與 ADNOC 的合作關係。我想你說得對。我認為這將持續開啟更多機會。

That's not to say we're not exploring domestically. We actually still have a larger domestic exploration program than international. And part of that reason is because it is a bit of a heavier lift to get an international prospect across the kind of finish line for us. It begins with the quality of the subsurface. We've talked about this before.

這並不是說我們沒有在國內進行勘探。事實上，我們目前國內的勘探計畫規模仍然比國際的更大。其中一部分原因是，對我們而言，要把一個國際勘探標的推進到某種「過終點線」的階段，確實需要更大的投入與推動力。這一切始於地下地質條件的品質。我們之前談過這點。

It needs to have the size and scale and certainly the economics to more than compete with our domestic portfolio. And I'd say that includes potential access to premium markets. The other thing is exceptional partners, geopolitical stability.

它必須具備足夠的規模與體量，當然也要有足夠的經濟性，才能不僅僅是與我們的國內投資組合競爭。我想這也包括可能進入溢價市場的潛在管道。另外一點是要有卓越的合作夥伴，以及地緣政治的穩定性。

And if available, we really prefer areas that have existing oilfield services, areas where we can leverage our technologies and expertise and really build out, like I said a few minutes ago, really apply the EOG operating model. So ultimately, we are focused on pursuing additional opportunities that meet both the subsurface and above-ground considerations that ultimately have the scale and economics to compete.

而且如果條件允許，我們確實更偏好那些已具備既有油田服務的區域，也就是我們能夠運用自身技術與專長、並真正把它做大做強的地方；就像我幾分鐘前說的，能夠真正套用 EOG 的營運模式。因此，最終我們專注於追求更多同時符合地下地質與地面條件考量、並且在規模與經濟性上具備競爭力的機會。

Arun Jayaram, JPMorgan Securities.

Arun Jayaram，摩根大通證券（JPMorgan Securities）。

Ezra, I was wondering if you could perhaps compare and contrast what you're seeing early on in the unconventional oil play in the UAE to US resource plays. Obviously, you've been in quite a few, including the Eagle Ford, Delaware. But perhaps maybe compare what you're seeing from a geological perspective, quality of the rock. Are there any good analogies to talk to about with investors this morning?

Ezra，我想請你或許比較一下你們在阿聯酋非常規油氣開發初期所看到的情況，與美國資源型油氣開發（resource plays）之間的異同。顯然你們參與過不少，包括 Eagle Ford、Delaware。但也許可以從地質角度、岩性品質來比較一下你們看到的狀況。今天早上跟投資人溝通時，有沒有什麼好的類比可以用來說明？

Arun, this is Keith. Yes, we have seen -- I think we've talked about before that the big analog we see in the UAE is a comparison to the Eagle Ford. We see that on the rock type. We see that on the product mix. We had a model going into the UAE play. It was a black oil play and drew analogs from the Eagle Ford. And the well results from our first two wells are in line with those expectations, including the GOR and the API.

Arun，我是 Keith。是的，我們看到——我想我們之前談過，我們在阿聯酋看到的最大類比，是與 Eagle Ford 的比較。我們從岩石類型上看到這點。我們從產品組合上也看到這點。我們在進入阿聯酋這個開發案之前就有一個模型。那是一個黑油（black oil）開發案，並以 Eagle Ford 作為類比。而我們前兩口井的結果與這些預期一致，包括氣油比（GOR）與 API 度。

When you just look at what we see in the US, we're extremely excited about our domestic exploration efforts. We have multiple exploration projects working in all of our divisions. I think the Austin Chalk addition that we announced this quarter is a great example of how our teams are using successful play analogs and operational capabilities developed across the portfolio to better understand, enhance the economics of new basins like in the UAE and as well as older legacy basins.

如果只看我們在美國看到的情況，我們對國內的勘探工作感到非常振奮。我們在所有事業部都有多個勘探專案在推進。我認為我們本季宣布新增的 Austin Chalk 是一個很好的例子，說明我們的團隊如何運用在整個投資組合中建立起來的成功開發案類比與營運能力，更好地理解並提升新盆地（例如阿聯酋）以及較老的傳統盆地的經濟性。

We also have several unconventional prospects in the Lower 48 working as well as a conventional sandstone prospect in Alaska. So our organic exploration really has always been a core competency for EOG. We've built deep technical expertise, proprietary databases and amass learnings from drilling thousands of wells across multiple rock types.

我們在美國本土 48 州也有數個非常規勘探標的在推進，同時在阿拉斯加也有一個常規砂岩勘探標的。因此，我們的有機勘探一直都是 EOG 的核心能力。我們建立了深厚的技術專長、專有資料庫，並從跨多種岩性、鑽探數千口井的經驗中累積了大量學習成果。

We focus our exploration really on adding to the top of our inventory, elevating the overall quality of the assets rather than just adding resource. I think our track record for exploration kind of speaks for itself. Over the last several years, we've improved the quality of our resource base, expanded our portfolio of foundational assets, including Utica and Dorado, while also expanding the exploration efforts in Bahrain and the UAE.

我們的勘探重點其實是把我們的庫存（inventory）往更高品質的方向提升，拉高整體資產品質，而不只是單純增加資源量。我想我們的勘探成績某種程度上不言自明。過去幾年，我們提升了資源基礎的品質，擴大了我們的基礎型資產（foundational assets）組合，包括 Utica 與 Dorado，同時也擴大了在巴林與阿聯酋的勘探工作。

Great. And my follow-up is how -- could you maybe mention how deep these wells are? And one of the questions we've been getting last night was how does EOG see D&C costs in this place evolving over time relative to what we see in the Lower 48.

很好。我的追問是——你能否提一下這些井大概有多深？另外，我們昨晚收到的一個問題是：相較於美國本土 48 州，我們看到的鑽完井（D&C）成本在這個區塊未來會如何隨時間演變，EOG 怎麼看？

Arun, this is Jeff. I'll touch on the well cost side real quick. The first thing, obviously, we'll point out, which you're very well aware of, is we're real early on in the process here in the UAE. But as in any exploration play, our initial well costs, they'll tend to be a little bit higher starting out, and then we'll work them down over time as we do with all of our plays kind of through the process.

Arun，我是 Jeff。我先快速談一下井成本。第一點，當然我們要指出——你也非常清楚——我們在阿聯酋這裡仍處於非常早期的階段。但就像任何勘探開發案一樣，我們初期的單井成本通常會偏高一些，之後會隨著推進而逐步下降；我們在所有開發案上都是這樣一路把成本降下來的。

A few things that I'd keep in mind is, for the exploration phase right now, we're using many of the service providers already in the region, and they tend to have adequate services and equipment for the exploration phase, but there's definitely many improvements that can be made by utilizing true unconventional services. So that's one thing that we'll kind of look to improve on over time.

有幾點我會請大家記住：就目前的勘探階段而言，我們使用了許多該區域既有的服務供應商；他們在勘探階段的服務與設備通常是足夠的，但若能導入真正的非常規服務，確實還有很多可以改善的地方。所以這是我們接下來會隨時間推進、逐步改善的一個方向。

And then also as we apply EOG's best practices and technical knowledge, we get high-spec rigs, EOG motors, high-rate frac fleets over there, in-basin sand. Once you really apply all these things over time and drill more and more wells, we'll continue to kind of drop down that well cost over time. And then on your overall total depth of this play, obviously, it's 900,000 total acreage, so it does vary a little bit. But I'd say somewhere around the 10,000-foot TVD would probably be a pretty good average to use.

另外，隨著我們導入 EOG 的最佳實務與技術知識，使用高規格鑽機、EOG 馬達（motors）、高排量壓裂車隊（high-rate frac fleets）、盆地內砂源（in-basin sand）。當你把這些要素隨時間真正落地、並鑽更多更多的井，我們將持續把單井成本逐步降下來。至於這個開發案的總井深，因為總面積有 90 萬英畝，所以會有一些差異。但我認為以約 10,000 英尺的真垂深（TVD）作為平均值，應該是相當合理的。

Scott Hanold, RBC Capital Markets.

Scott Hanold，RBC 資本市場（RBC Capital Markets）。

A lot of discussion around exploration today, and I'd like to take that maybe a little bit further. And when you look at domestic, I guess, Lower 48 opportunities, like how do you kind of compare and contrast opportunities up in Canada? I mean there's some discussion about EOG maybe looking up there. And what -- when you think about the Lower 48 in Canada specifically, what is your view? Is there too much egress issue? Is the resource good enough? Do you have an opinion there?

今天對勘探有很多討論，我想把話題再往前推進一點。當你看國內、也就是美國本土 48 州的機會時，你們如何比較與對照加拿大那邊的機會？我的意思是，市場上有一些討論說 EOG 可能會往那邊看。那麼——當你特別從加拿大的角度來看本土 48 州以外的機會，你的看法是什麼？外運（egress）問題是否太嚴重？資源品質是否足夠好？你對此有什麼看法嗎？

Sorry, Scott, that was my fault. This is Ezra. Yes, to your question on overall exploration, especially, I think you really referenced Canada there. Let me just say that Canada, I think you're right. You always need to enter with an eye on egress. It is really the challenging thing up in Canada. Now they've done some things on the regulatory side, and there's been some investment in the region that hopefully will clean some of that up in the future.

抱歉，Scott，那是我的疏忽。我是 Ezra。是的，關於你對整體勘探的問題，尤其我想你特別提到了加拿大。我先說，加拿大——我想你說得對。你進入時一定要把外運（egress）放在眼裡。這確實是加拿大那邊最具挑戰的一點。不過他們在監管面做了一些調整，而且該區域也有一些投資，我希望未來能把其中一部分問題改善。

I would say some of the well-known parts of the area, the Deep Basin and some of the areas where the Duvernay has started to show some potential over the last few years. There are a lot of Canadian junior companies up there that have done a lot of work. I do think the region is one that would potentially benefit from some of the technologies that have been utilized more so here in the Lower 48 in the Permian, certainly in the Eagle Ford and some of the things that we're doing in the Utica.

我會說該區域一些較知名的部分，包括 Deep Basin，以及過去幾年 Duvernay 開始展現一些潛力的若干區域。那裡有很多加拿大的小型公司已經做了大量工作。我確實認為，該地區可能會受益於一些在美國本土 48 州、特別是在 Permian、當然也包括 Eagle Ford，以及我們在 Utica 所做的一些事情中更常被運用的技術。

But overall, what I would say is comparing and contrasting international versus what's in the US for domestic resource, as Keith alluded to, we still see a robust opportunity set in the Lower 48 as well. Everything these days is essentially some form of bypass pay, to be perfectly honest. I wouldn't say they're necessarily frontier basins in the Lower 48 left. But there are a lot of places where new technology needs to be reapplied to potentially some of the older resources, both conventional and unconventional that haven't been looked at in a little while.

但整體而言，我想說的是，對比國際與美國國內資源（如 Keith 所提到的），我們在美國本土 48 州同樣仍看到一個強勁的機會集合。老實說，如今幾乎所有事情本質上都是某種形式的 bypass pay。我不會說在本土 48 州還剩下所謂的前緣盆地（frontier basins）。但有很多地方需要把新技術重新應用到一些較舊的資源上，無論是傳統或非常規，那些資源已有一段時間沒有被重新檢視。

As Keith alluded to, I think you're starting to see that kind of renaissance in Alaska as well, where whether it's new geologic models up there or new seismic processing is really starting to unlock a lot of resource in an area that historically, obviously, is well known to be resource abundant. And I think the same thing extends into Canada, certainly into Alberta.

如 Keith 所提到的，我認為你也開始在阿拉斯加看到那種復興（renaissance），不論是新的地質模型，或是新的地震資料處理，確實正開始釋放出大量資源；而那個區域在歷史上顯然以資源豐富而聞名。我認為同樣的情況也延伸到加拿大，尤其是阿爾伯塔省。

Appreciate the context. And if we could chat a little bit on Permian well performance. I mean it was a big discussion point last quarter on how strong your early '26 wells have looked. It looks like it kind of continues that. I know you all discussed relative productivity year-over-year being somewhat flat, but you guys got a good head start. And is this a trend that you all see could continue? Or are you still expecting relatively flat year-over-year productivity?

感謝提供這些背景。如果我們可以再聊一下 Permian 的單井表現。我的意思是，上個季度大家討論的重點之一，是你們早期 '26 年的井看起來有多強。看起來這種態勢仍在延續。我知道你們討論過相對生產力年對年大致持平，但你們確實有一個不錯的領先起步。這是你們認為可能會延續的趨勢嗎？還是你們仍預期年對年生產力相對持平？

Scott, this is Jeff. Yes, as we talked about on previous calls and we've highlighted, we had a shift in our development strategy there last year, added in multiple new high rate of return targets and really with the focus to continue to maximize value of that asset. And that's went outstanding. We continue to have excellent results deploying that same development strategy. So the first thing is no changes there, still applying that same strategy.

Scott，我是 Jeff。是的，正如我們在先前的電話會議中談到並且強調的，我們去年在那裡調整了開發策略，新增了多個高報酬率目標，並且真正聚焦於持續最大化該資產的價值。而那進展非常出色。我們持續以同樣的開發策略部署，並取得極佳成果。所以第一點是那裡沒有任何改變，仍然沿用同樣的策略。

And the well results that we're seeing are in line with our expectations from a forecast aspect. I mean, obviously, you will have some variability as you move around your acreage, you've obviously got a little bit difference of a well mix there. But then on top of that, we're always innovating, and we're looking to push operations technically.

而我們看到的單井結果，從預測角度來看符合我們的預期。我的意思是，顯然當你在不同的礦權範圍內移動時會有一些變異，你的井型組合也會有些差異。但除此之外，我們也一直在創新，並且希望在技術上推進作業。

So always looking to tweak our targets a little bit every single well to get better. We're always looking to optimize our frac design, whether it's tweaking different components. One of the big things we focused on is adding additional horsepower and focusing on rate. So all these little things help work towards well performance. And what I'd say is we don't go for a home run.

所以我們總是在每一口井上微調目標，讓表現更好。我們也一直在優化壓裂設計，不論是調整不同的組成要素。我們聚焦的一個重點是增加額外馬力並著重於排量／速率。所以這些小改動都有助於提升單井表現。而我想說的是，我們不追求一擊即中的「全壘打」。

Really, we make individual small iterative moves to try to get small improvements in performance that we can go ahead and spread out across the program. So all in all, we're extremely happy with what we're seeing in the Delaware, and our plans are to continue forward with our development strategy as we have been.

實際上，我們是透過個別、細小且迭代式的調整，嘗試取得小幅的表現改善，然後把這些改善擴散到整個開發計畫中。總體而言，我們對在 Delaware 看到的結果非常滿意，我們的計畫是如同過去一樣，持續推進我們的開發策略。

Phillip Jungwirth, BMO.

Phillip Jungwirth，BMO。

When you come back to the UAE, when you say fiscal terms are competitive domestically, without getting into the specifics, but I was just hoping you could frame this a little bit more just because historically, Middle East onshore fiscals can be tougher as a low cost of supply region. Is there a tighter band around the return profile than what we typically see in the US? So risk-adjusted returns look a bit more favorable? And then just any specifics on ADNOC back in if you ultimately move into development mode here?

回到阿聯酋（UAE），當你說財政條款在國內具有競爭力時，在不談具體細節的前提下，我希望你能再多框架說明一下，因為歷史上中東陸上作為低供應成本地區，其財政條款可能更嚴苛。回報輪廓是否比我們在美國通常看到的更集中在較窄的區間？因此風險調整後報酬看起來更有利？另外，如果你們最終進入開發模式，ADNOC 是否會回到（參與）其中？有沒有任何具體資訊？

Yes, Phillip, this is Ezra. There's not a whole lot that we can say about the specifics of the commercial terms. What I would say is what we've seen really globally and probably the best example, it began with our entry into Oman, is that we've seen some of the international -- the NOCs really do a little bit of unconventional drilling.

是的，Phillip，我是 Ezra。關於商業條款的具體內容，我們能說的不多。我想說的是，我們在全球看到的情況——可能最好的例子是從我們進入阿曼開始——是我們看到一些國際的國家石油公司（NOCs）確實開始做一些非常規鑽井。

And what that's done is it's basically brought the education level as to the capital intensity of these unconventional plays. It's essentially demonstrated it to them. And that has made the NOCs that we've engaged with much more willing to change some of the historical terms that they've had, which are more aligned with conventional development. That's been the biggest change for us. And ultimately, that's what's made some of these entries possible into both Oman, Bahrain and the UAE, is that the recognition that these are capitally intensive projects and that the old PSC structures weren't necessarily a great way to go. And so both of these agreements that we've entered into are concessions.

而這帶來的效果是，基本上提升了他們對這些非常規開發資本強度的理解程度。等於是把這件事實際展示給他們看。這也讓我們接觸的 NOCs 更願意調整一些歷史上的條款——那些條款原本更貼近傳統開發。這是對我們而言最大的改變。最終，讓我們能夠進入阿曼、巴林以及阿聯酋的原因之一，就是他們認知到這些是資本密集型專案，而舊有的 PSC 架構未必是最佳方式。因此，我們簽訂的這兩份協議都是特許權（concessions）。

And concessions, as you know, typically, they do have a tax and royalty structure rather than that PSC, which makes it more attractive. And then ultimately, what we want to have is line of sight that the subsurface quality and the surface environment as far as oilfield services and the way we structure the contract with our ability to bring in some of our own technology that if the model works the way we think it will, that we'll be able to make this competitive -- more than competitive with our existing domestic inventory. And that would be on both a rate of return, essentially an all-in rate of return and then on essentially an NPV. So both half-cycle, but really with an eye on full-cycle economics.

而特許權，如你所知，通常採用稅與權利金（royalty）架構，而不是 PSC，這使其更具吸引力。接著最終，我們希望能清楚看到：地下層品質與地面環境（就油田服務而言），以及我們如何設計合約、並結合我們導入自有技術的能力——如果模型如我們所預期般運作，我們將能使其具競爭力——甚至比我們現有的國內庫存更具競爭力。這會體現在報酬率上，基本上是全口徑（all-in）的報酬率，以及本質上在 NPV 上。因此兩者都屬於半循環（half-cycle），但真正著眼的是全循環（full-cycle）經濟性。

Okay. Great. And then this could be an analog to what you've done here with the Chalk in the quarter, but we've seen a bit more activity across the Delaware Woodford. Just wondering how you guys are viewing Woodford prospectivity across your New Mexico, Texas acreage or maybe some extension of it.

好的。很好。另外，這可能可以類比你們本季在 Chalk 的作法，但我們看到 Delaware Woodford 的活動增加了一些。想請教你們如何看待 Woodford 在你們新墨西哥州、德州礦權範圍內的勘探前景（prospectivity），或是它可能的延伸。

Yes, Phillip, as you know, the Woodford across most of the Delaware Basin is exceptionally deep, a bit more of a gas maturity up against the platform where I think publicly, it's been disclosed that there are a number of wells have been drilled up there. Amongst heavy faulting, but where there is some oil window. As most of our acreage is in the deeper part of the basin, Lea County and Loving County, where we see a great overpressure for much of the Permian section.

是的，Phillip，如你所知，在 Delaware Basin 的大部分區域，Woodford 都非常深，靠近台地（platform）一側的成熟度更偏向天然氣；我想公開資訊也揭露過，那裡已鑽了不少井。在斷層非常發育的情況下，但仍存在一些油窗（oil window）。由於我們大部分礦權位於盆地較深的部分，包括 Lea County 與 Loving County，我們在 Permian 地層剖面的大部分區段都看到很強的超壓（overpressure）。

The Woodford would be pretty deep depths and quite frankly, very gassy. I think industry-wide over the next couple of years, I'm not sure if the Woodford will move quite as fast as the Barnett on the Midland Basin side of things because of that depth and phase maturity window. But it is something to, I think, for -- to pay attention to as the industry moves forward.

Woodford 的埋深會相當深，而且坦白說，含氣量很高。我認為在未來幾年整個產業層面上，由於那樣的深度以及相態成熟度窗口，我不確定 Woodford 的推進速度是否能像米德蘭盆地那一側的 Barnett 一樣快。但我認為，隨著產業往前發展，這確實是值得關注的事情。

Gabe Daoud, Truist.

Gabe Daoud，Truist。

Ezra, I was hoping we can maybe go back to the Delaware. Just given the head start on the productivity side that was mentioned in the earlier question, is the basin expected to be the key driver of your low single-digit production growth this year, just given some of the other, obviously, opportunities within the portfolio?

Ezra，我希望我們也許可以回到 Delaware（特拉華）盆地。考量到先前問題提到在生產力方面已有領先優勢，且鑑於投資組合中其他顯而易見的機會，今年該盆地是否預期會成為你們今年低個位數產量成長的關鍵驅動因素？

Yes, Gabe, this is Ezra. In that three-year scenario, this year, much of our oil growth year-over-year is really from the Encino acquisition as we bake that in. And then we do have growth coming dominantly out of the Utica for this year. And on our three-year scenario, with our multi-basin portfolio, the growth that we see that we've kind of modeled in that for a low single-digit oil growth, it really comes -- it's driven dominantly from the Utica as a matter of fact.

是的，Gabe，我是 Ezra。在那個三年情境下，就今年而言，我們的原油年增成長很大一部分其實來自 Encino 收購案，因為我們把它納入基期。另外，今年我們也確實有成長主要來自 Utica。而在我們的三年情境中，憑藉多盆地投資組合，我們在模型中所看到、用以支撐低個位數原油成長的增量，事實上主要是由 Utica 所驅動。

And the Delaware Basin, while it still can grow this year, it's actually decreasing just a little bit year-over-year. And then in the three-year plan, it is probably more in line with being flat to maybe moderate growth.

至於 Delaware 盆地，雖然今年仍然可以成長，但其實年比年會小幅下降。而在三年計畫中，它大概更接近持平到可能溫和成長。

That's helpful. And then maybe just as a follow-up, going back to exploration and maybe a macro question as well. Can we get your updated thoughts around the gas macro? And then from an exploration standpoint, is there a bias towards commodity maybe depending on your macro views on the gas side? Or is it commodity agnostic and just kind of focus on best resource, return potential, et cetera?

這很有幫助。接著可能作為追問，回到勘探以及也算是宏觀問題。能否請你們更新一下對天然氣宏觀面的看法？另外從勘探角度來看，是否會依你們對天然氣宏觀的看法而對商品（油/氣）有所偏好？還是說不特別偏向某一商品，而是聚焦在最佳資源、報酬潛力等等？

Yes, Gabe, that's a great question. On the gas side, our outlook, we do remain constructive. It's underpinned by rising LNG feed gas demand, growing electricity consumption as well as steady industrial demand growth and, to a lesser extent, maybe exports to Mexico. We forecast US natural gas demand to grow between 3% and 5% on a compound annual growth rate through the end of the decade.

是的，Gabe，這是個很好的問題。在天然氣方面，我們的展望仍然偏正向。其支撐因素包括 LNG 進料氣需求上升、用電量增加，以及工業需求穩定成長，另外也有較小程度的對墨西哥出口。我們預測美國天然氣需求在本十年末之前的複合年成長率將介於 3% 到 5%。

We do expect storage levels to continue with increased volatility relative to that 5-year average just because of the increased demand. So historically, what we're seeing is gas was seasonally driven by weather and residential and commercial heating, which created these swings in cyclical demand. We really feel that the future is driven with AI-powered electricity demand, global LNG exports, industrial reshoring and 24/7 baseload power to ensure grid reliability.

我們也預期，由於需求增加，庫存水位相對於 5 年平均將持續呈現更高的波動性。過去我們看到天然氣需求主要受季節性天氣與住商供暖驅動，因而造成這些週期性需求波動。我們確實認為未來將由 AI 驅動的用電需求、全球 LNG 出口、製造業回流（reshoring）以及 24/7 基載電力（baseload power）來主導，以確保電網可靠性。

So we do feel much more constructive going forward. And when it comes to our exploration program, we're probably slightly more biased to the oil side. But honestly, it really comes down to returns for us. If we can find high-quality subsurface reservoir combined with an ability to scale up and drive down our cost and really flex our operational capabilities, as long as we can deliver high returns and it's competitive with the existing inventory that we have, we'll take a hard look at it. But ultimately, I think we cheat just a little bit towards being a little more optimistic or a little more exploration-focused on the liquid side of things just because the margins tend to be quite a bit greater than on the gas side.

因此我們對未來的看法更為正向。至於我們的勘探計畫，我們可能會稍微偏向原油。但老實說，對我們而言最終還是取決於報酬。如果我們能找到高品質的地下儲層，並結合可擴大規模、降低成本以及充分發揮營運能力的條件，只要能交出高報酬，且與我們現有庫存的競爭力相當，我們就會認真評估。但最終我想，我們確實會稍微「偏一點」對液體端更樂觀、或更聚焦於液體端的勘探，因為其利潤率通常明顯高於天然氣端。

Scott Gruber, Citigroup.

Scott Gruber，花旗集團。

I want to come back to the Middle East returns question. Ezra, you mentioned terms have improved with the desire for host countries to unlock their unconventionals. But how do you think about the proper return hurdle for commerciality in the Middle East, especially relative to the US? And has the conflict caused you to reassess the return hurdle at all?

我想回到中東報酬的問題。Ezra，你提到由於東道國希望解鎖其非常規資源，條款已經改善。但你們如何看待中東商業化的適當報酬門檻，特別是相對於美國而言？而衝突是否讓你們重新評估報酬門檻？

Yes. It's an interesting question, Scott. It is still early in the project to be making decisions on DOC or FID or anything like that. So I'd phrase it maybe this way. We've -- since day one, we've considered the exploration phase to be as much about measuring the subsurface potential as the operating environment.

是的。這是個有趣的問題，Scott。就目前而言，專案仍在早期階段，還不到要對 DOC 或 FID 或任何類似事項做決策的時候。所以我可能會這樣表述。我們——從第一天起——就認為勘探階段不僅是衡量地下潛力，同時也是在衡量營運環境。

And that includes availability of services, the quality of equipment, access to premium markets, but it also includes the overall political environment, the rule of law, our relationships with partners. And so that's always been part of what I would say is to reference the question earlier, that's always been built into our risk-adjusted returns, is whether or not we can have a real sustained and ongoing high-return project there.

這包括服務的可得性、設備品質、進入高溢價市場的管道，也包括整體政治環境、法治程度，以及我們與合作夥伴的關係。因此這一直都是——我會說，呼應先前的問題——一直都已納入我們的風險調整後報酬之中，也就是我們是否能在那裡擁有真正可持續、長期的高報酬專案。

To date, this might be a little bit contrarian, but we've actually been very, very happy with the partners because of the conflict that's going on. We've actually experienced very clear, transparent communication. We've seen great strategic alignment between EOG and ADNOC and Bapco during a very, very challenging time.

截至目前，這可能有點逆勢，但因為正在發生的衝突，我們其實對合作夥伴非常、非常滿意。我們確實感受到非常清楚、透明的溝通。在非常艱難的時期，我們也看到 EOG 與 ADNOC 以及 Bapco 之間有很好的策略一致性。

And I think the evidence is the fact that we've actually been able to continue operations in the UAE to a much lesser extent in Bahrain, but we've been able to continue operations there in the UAE with support from ADNOC. Of course, putting, as Jeff said, the safety of our employees, contractors and partners first and foremost.

我想證據就是：我們實際上能夠在阿聯酋持續營運；在巴林則是程度小得多，但我們在阿聯酋確實能在 ADNOC 的支持下持續營運。當然，如 Jeff 所說，把員工、承包商與合作夥伴的安全放在第一位、也是最重要的。

But to be perfectly honest, Scott, this unfortunate circumstance has been an opportunity to stress test the relationship with our partners. And in these particular instances, we feel extremely fortunate to have entered the countries with the partnerships that we have in hand.

但坦白說，Scott，這個不幸的情況反而成為一個機會，讓我們對與合作夥伴的關係進行壓力測試。而在這些特定案例中，我們覺得非常幸運，能以目前手上的合作關係進入這些國家。

No, I appreciate that color. And then coming back to the improvement in Permian well productivity. There were some pads put on production earlier this year that showed a healthy uplift in sand loadings although there's been some debate around the accuracy of that data within the state data. So can you comment on that?

不，我很感謝這些補充說明。接著回到二疊紀（Permian）油井生產力改善的問題。今年稍早有一些井場（pads）投產，顯示砂量投放（sand loadings）有明顯提升，但也有人質疑州政府資料中該數據的準確性。你能評論一下嗎？

Are there some areas where you're seeing a benefit from larger sand loadings in the Delaware? Or is that just one of the levers that may get tweaked and generally, you're not kind of driving a step change in sand loadings in any area?

在 Delaware 是否有一些區域，你們看到更大砂量投放帶來的效益？還是說那只是可能被微調的其中一個槓桿，而整體而言你們並沒有在任何區域推動砂量投放的階躍式變化？

Scott, this is Jeff. Yes, what I'd say is, no, there's not just one thing that we're really seeing there. It's not -- there's not a huge step change necessarily in our sand loadings over the last handful of years. I mean we do tweak, as I said. We'll make little single iterative one variable moves. But we aren't doing anything crazy with any of our well designs like doubling our overall fluid loadings or sand loadings across it.

Scott，我是 Jeff。是的，我會說，不，我們看到的並不只是單一因素。在過去幾年裡，我們的砂量投放並沒有出現必然很大的階躍式變化。我的意思是，我們確實會如我所說做一些微調。我們會做一些小幅、單次迭代、一次只改一個變數的調整。但我們沒有在任何井設計上做很誇張的事，例如把整體液量投放或砂量投放直接加倍。

What I'd say is it's a little bit more just kind of the standard, innovative blocking and tackling, small little moves to try to see improvements. And the biggest one that I've seen, we've really done across the portfolio, as I've talked about, is focusing more on high intensity, getting our horsepower up, giving our engineers the tools to be able to design the wells as they feel adequate to really maximize the overall productivity.

我要說的是，這更多只是一些標準、創新但仍屬於基本功的做法，透過一些小幅調整來嘗試看到改善。而我所看到最大的改變——正如我提過的——我們確實已在整個資產組合中推動，就是更聚焦於高強度作業，提高我們的馬力配置，並提供工程師所需的工具，讓他們能依其認為足夠的方式來設計井，以真正最大化整體生產力。

So yes, we can't point really to one single reason for the well productivity out there. Like I said, I think it's very consistent from our standpoint. It's in line with our expectations. So yes, and we're just going to continue with our current development program, and we'll continue to iterate and try to optimize our overall designs.

所以是的，我們無法把那邊的單井生產力歸因於某一個單一原因。如我所說，從我們的角度來看表現非常一致。也符合我們的預期。所以是的，我們將持續目前的開發計畫，並會持續迭代、嘗試優化我們的整體設計。

Charles Meade, Johnson Rice.

Charles Meade，Johnson Rice。

I want to go back to the UAE and see if you can offer a little bit more detail. Were both of those wells testing the same concept and the same geologic setting? And how mature would you characterize your landing zone selection and your completion design at this point?

我想回到阿聯酋（UAE）這部分，看看你是否能提供更多細節。那兩口井是否在測試相同的概念與相同的地質環境？以及就目前而言，你會如何評估你們的著陸層位（landing zone）選擇與完井設計的成熟度？

This is Keith. Yes, so the two wells that we brought on, they were 2 1-mile wells. They are next to each other. So they're a little small pattern, testing the same zone. Very happy with the first 30 days of production. Those wells averaged over 25,000 barrels of oil per well. So we don't look at just production. We're looking at the pressure dynamics, and we like what we see there for an oil well. The wells are naturally flowing up casing right now, and we're putting those in artificial lift in the coming weeks.

我是Keith。是的，我們投產的兩口井都是2口、各1英里長的井。它們彼此相鄰。所以是一個小型井位組合（pattern），在測試同一個層段。我們對前30天的產量非常滿意。這兩口井平均每口井超過25,000桶原油。所以我們不只看產量。我們也在看壓力動態，而就一口油井而言，我們喜歡目前看到的表現。這些井目前是沿套管自然流動（natural flow up casing），接下來幾週我們會為它們加裝人工舉升（artificial lift）。

Generally speaking, kind of what we look for in the early stages of any exploration play, there's a few things that we look at. We assess our geosteering and targeting execution. We like to see the confirmation of the fluid mix relative to our initial model. We do like to flow those wells up casing without lift initially, just to assess the natural flow state. That helps us understand not only what the reservoir looks like, but how that responds to our completion design.

一般來說，在任何勘探新區塊（exploration play）的早期階段，我們會看幾件事。我們會評估地質導向鑽井（geosteering）與目標命中（targeting）的執行成效。我們希望看到流體組成相對於初始模型的驗證。我們也確實喜歡在一開始不使用舉升、先讓井沿套管自噴（flow up casing），以評估自然流動狀態。這有助於我們了解不僅是儲層的樣貌，也了解儲層對我們完井設計的反應。

Moving forward, we'll be evaluating different options for the artificial lift. But the results from the first two wells are encouraging on all these measures that I'm talking about here. As we continue to assess the prospect, we will be looking to complete wells in different areas. These two wells are in the same area of the 900,000-acre concession. We will definitely be testing different landing zones.

往後我們會評估不同的人工舉升方案。但前兩口井在我剛才提到的各項指標上，結果都令人鼓舞。隨著我們持續評估這個前景區（prospect），我們會在不同區域進行完井。這兩口井位於這個90萬英畝租讓區（concession）的同一個區域。我們也一定會測試不同的著陸層位（landing zones）。

And then we'll be continuing to evaluate the well performance over a longer period of time to establish a decline curve there. And I'd say that the completion design, we've been able to bring over the best practices from the Eagle Ford and our other domestic plays. But I think we're still in the early innings there, too. We got to see how we think the formation responded to this and then make some tweaks to optimize.

此外，我們也會在更長的時間尺度上持續評估井的表現，以建立遞減曲線（decline curve）。我想就完井設計而言，我們已能把Eagle Ford以及其他美國本土區塊的最佳實務帶過來。但我認為我們在這裡也仍處於非常早期的階段。我們需要看看地層對此的反應，再做一些微調以達到最佳化。

That's great color, Keith. You got a lot of work to do there. And then if I could have a follow-up question on infrastructure in the Delaware Basin. You guys spent some time in your prepared remarks talking about the Janus gas plant. And of course, you also had the Verde pipeline in the past. And I'm curious, that basin continues to set production records.

這些說明很有幫助，Keith。你們那邊還有很多工作要做。另外我想追問一個關於Delaware Basin基礎設施的問題。你們在事先準備的講稿中花了一些時間談到Janus天然氣處理廠。當然，你們過去也有Verde管線。我很好奇，該盆地仍在不斷創下產量紀錄。

Do you guys see the necessity for EOG to kind of step into that -- to the breach to handle some disconnects that maybe the -- where the midstream or service industry are maybe falling behind? Or is that mostly behind you at this point in the Delaware?

你們是否認為EOG有必要某種程度上「挺身而出」來處理一些銜接落差——也就是中游或服務產業可能跟不上所造成的問題？還是說，在Delaware這部分你們大致已經度過那個階段了？

Charles, this is Jeff. Thanks for the question. And it's a great one. It's one of the reasons that we originally built the gas processing plant, Janus, out there in the Permian, is we did see very tight markets. And actually, the fees had moved away from us, and we had to lean in and build that. But what I'd say right now is, obviously, no, there's been additional egress coming on here in the back half of the year. There's another 4 or 5 to 6 Bcf coming out of the basin. So that's going to cause some relief there.

Charles，我是Jeff。謝謝你的問題。而且問得很好。我們當初在二疊紀（Permian）那邊建造Janus天然氣處理廠的原因之一，就是我們確實看到市場非常吃緊。而且實際上，費率對我們變得不利，所以我們必須更積極投入並自行建設。但我想說的是，就目前來看，顯然不需要，因為今年下半年會有額外的外運能力（egress）上線。該盆地將新增約4到5、甚至6 Bcf的外送量。因此那邊的壓力會有所緩解。

And we're seeing right now, at least from processing fees that they're kind of status quo. So really, what I think is it's one of those projects that we can expand it another 300 million a day, but we don't have to, and we can kind of utilize it and leverage it to kind of play the market. If it does happen to move away from us again, then we can obviously lean in on that to go ahead and invest in that strategic infrastructure to reduce our overall fees in our GP&T.

而我們目前看到，至少就處理費（processing fees）而言，大致維持現狀。所以我認為這是一類我們可以把產能再擴增到每日3億立方英尺（300 million a day）的專案，但我們不一定要做；我們可以運用並槓桿這項資產來因應市場。如果費率再次對我們不利，那我們當然可以再更積極投入，投資這類策略性基礎設施，以降低我們在GP&T（天然氣處理與運輸）上的整體費用。

This concludes our 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。我想把電話會議交回給Yacob先生作結語。

We appreciate everyone's time today. I just want to say thank you to our shareholders for your support and special thanks to our employees for delivering another exceptional quarter.

感謝各位今天撥冗參與。我只想對股東們說聲謝謝，感謝你們的支持；也特別感謝我們的員工，讓我們再度交出一個表現卓越的季度。

The conference has now concluded. You may now disconnect.

本次電話會議到此結束。您現在可以掛線。