EOG Resources, Inc. (EOG) 2026 Q3 法說會逐字稿

Good day, everyone, and welcome to the EOG Resources third-quarter 2026 earnings results conference call. As a reminder, this call is being recorded.

各位好，歡迎參加 EOG Resources 2026 年第三季財報結果電話會議。提醒各位，本次電話會議將進行錄音。

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.

接下來由 EOG Resources 投資人關係副總裁 Pearce Hammond 先生致開場詞並進行介紹。先生，請開始。

Good morning, and thank you for joining us for the EOG Resources third-quarter 2026 earnings conference call. I am Pearce Hammond, Vice President, Investor Relations. An updated investor presentation has been posted to the Investor Relations section of our website, and we will reference certain slides during today's discussion. A replay of this call will be available on our website beginning later today.

各位早安，感謝各位參加 EOG Resources 2026 年第三季財報電話會議。我是投資人關係副總裁 Pearce Hammond。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。本次電話會議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. This conference call may also contain certain historical and forward-looking non-GAAP financial measures.

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，已在新聞稿及 EOG 向 SEC 提交的文件中說明。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。

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.

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, Senior Financial Officer -- excuse me, Chief Financial Officer; Jeff Hibbard, Senior Vice President, Finance; 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；資深財務主管——抱歉，財務長 Ann Janssen；財務資深副總裁 Jeff Hibbard；以及勘探與生產資深副總裁 Keith Trasko。

Here's Ezra.

接下來請 Ezra。

Thanks, Pearce. Good morning, and thank you for joining us. 2026 has been an outstanding year for EOG, and I'm pleased to report that through 3 quarters, we delivered exceptional results that reflect the strength of our assets, the efficiency of our operations and the dedication of our teams across our portfolio.

謝謝你，Pearce。各位早安，感謝各位加入我們。2026 年對 EOG 而言是非常出色的一年，我很高興報告，截至前三季，我們交出卓越成果，反映出我們資產的實力、營運效率，以及我們投資組合各團隊的投入與奉獻。

Our third quarter results include record oil, NGL and natural gas production and excellent cost discipline as total per unit cash operating costs and DD&A came in below guidance midpoints. This operational execution, combined with price rate -- with strong price realizations, produced superb financial results.

我們第三季的結果包括原油、NGL 與天然氣產量創新高，且成本控管表現優異：單位現金營運成本與折耗及攤銷（DD&A）均低於指引中位數。這樣的營運執行力，再加上強勁的實現價格，帶來極佳的財務成果。

EOG's business and the outlook for the company have never been stronger. As a testament to that, we are pleased to announce an 8% increase in our regular dividend for 2027. The increase reflects confidence in our business and EOG's pristine balance sheet, both of which support our ability to sustain the higher dividend through industry cycles.

EOG 的業務與公司展望從未如此強勁。作為明證，我們很高興宣布 2027 年的常規股利提高 8%。此一調升反映我們對業務的信心，以及 EOG 極為健全的資產負債表；兩者皆支持我們在產業循環中維持較高股利的能力。

EOG has grown its regular dividend at almost a 20% compound annual growth rate over 28 years without ever cutting or suspending it. This is a differentiated track record, reflecting our enduring commitment to the regular dividend as the primary means for cash return to shareholders. Beyond the regular dividend, cash return remains a priority, and we continue to expect to return a minimum of 70% of free cash flow to the investors this year.

EOG 在 28 年間，常規股利以接近 20% 的年複合成長率成長，且從未削減或暫停。這是一項具差異化的紀錄，反映我們長期以常規股利作為回饋股東現金的主要方式。除常規股利外，現金回饋仍是優先事項，我們今年仍預期至少回饋自由現金流的 70% 給投資人。

The EOG culture is one of continuous improvement. As such, we remain focused on further strengthening our business for the long term and two recent developments illustrate this commitment. First, we signed a new long-term natural gas supply agreement with Engie, which expands our access to premium markets. Linked to JKM pricing, this agreement lifts our premium price exposure across LNG feed gas agreements to more than 1 billion cubic feet per day by 2030.

EOG 的文化是持續改善。因此，我們仍專注於進一步強化長期競爭力，近期兩項進展即體現此一承諾。第一，我們與 Engie 簽署新的長期天然氣供應協議，擴大我們進入優質市場的管道。該協議與 JKM 定價連結，將使我們在 LNG 供氣協議中的優質價格曝險於 2030 年前提升至每日超過 10 億立方英尺。

This is a clear differentiator for EOG and a direct result of our marketing strategy, which is built on flexibility, diversification, control and appropriate management of contract duration to support strong margins and netbacks for our asset base. In addition, this new long-term agreement allows us to supply independently certified natural gas which reflects EOG's ability to access further differentiated markets.

這對 EOG 而言是明確的差異化優勢，也是我們行銷策略的直接成果；該策略建立在彈性、多元化、掌控力，以及對合約期限的適當管理之上，以支撐我們資產基礎的強勁毛利與淨回收（netbacks）。此外，這項新的長期協議也使我們能供應經獨立認證的天然氣，展現 EOG 進一步切入差異化市場的能力。

Second, we approved the expansion of our Janus gas processing plant in the Delaware Basin. In the current environment, where we are starting to see a tighter market for gas processing, the investment in Janus provides outsized benefits to our netbacks. The expansion has strong operating synergies with our existing infrastructure, supporting robust returns and long-term value creation.

第二，我們核准擴建位於德拉瓦盆地的 Janus 天然氣處理廠。在目前環境下，我們開始看到天然氣處理市場趨緊，對 Janus 的投資可為我們的淨回收帶來超額效益。此次擴建與既有基礎設施具有強勁的營運綜效，可支撐可觀的報酬與長期價值創造。

Turning to the oil macro outlook. Market fundamentals remain tight. Middle East exports have recovered from lows reached in the spring. However, the recovery has been uneven. While strategic petroleum reserve releases, and coordinated refinery measures across the G7 are providing some relief at the margin, they are not a substitute for consistent and reliable supply from the region. The security of these flows remains a key variable in shaping near-term market conditions.

接著談原油的總體展望。市場基本面仍然緊俏。中東出口已自春季低點回升，但復甦並不均衡。雖然戰略石油儲備釋出，以及 G7 協調的煉油措施在邊際上提供一些緩解，但無法取代該地區持續且可靠的供應。這些供應流的安全性仍是影響短期市場狀況的關鍵變數。

While we expect oil prices to remain volatile, we continue to be constructive on oil market fundamentals for several reasons. First, oil demand has demonstrated considerable resilience. Despite elevated product prices, consumption has held firm and as suppliers return to the market, demand has recovered alongside it. This reinforces our view that demand reduction observed early in the conflict was temporary in nature rather than a structural shift.

雖然我們預期油價仍將波動，但基於數項原因，我們對原油市場基本面仍持建設性看法。第一，原油需求展現相當韌性。儘管成品油價格偏高，消費仍維持穩健；隨著供應商回到市場，需求也隨之回升。這強化我們的觀點：衝突初期觀察到的需求下滑屬暫時性，而非結構性轉變。

Second, although the pace of inventory draws is beginning to moderate, global inventories remain well below their five-year average. We expect the process of rebuilding stocks to those historic levels will take considerable time.

第二，儘管庫存下降的速度開始趨緩，全球庫存仍遠低於五年平均。我們預期庫存重建至歷史水準的過程將需要相當長的時間。

Third, the supply recovery remains fragile. As recent events have shown, the restoration of flows from the Middle East is subject to ongoing disruption risk. Taken together, we expect oil prices to remain above mid-cycle price levels in both the near and medium term, and we see the balance of risks supporting upside price volatility.

第三，供應復甦仍然脆弱。近期事件顯示，中東供應流的恢復仍面臨持續的中斷風險。綜合而言，我們預期油價在短期與中期都將維持在中周期價格水準之上，且我們認為風險平衡支持價格向上波動的可能性。

Turning to the natural gas outlook. 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, underlying demand remains robust with LNG exports, electricity demand, industrial growth and grid reliability increasingly competing for domestic supply.

接著談天然氣展望。我們持續看到北美市場正從季節性商品的敘事，演變為具戰略性的能源資源。雖然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等因素帶動下，基礎需求依然強勁，並日益與國內供應競爭。

Our medium to long-term outlook remains constructive in 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, provides ample opportunity to capitalize on this demand growth.

我們對中長期展望仍持建設性看法；我們有計畫地投資建立低成本、可進入優質市場的天然氣部位，並作為核心原油業務的補充，提供充足機會把握此一需求成長。

Looking to 2027, we are well positioned with tremendous flexibility. Earlier this year, we redirected capital to oil assets, raising liquids production and setting a strong foundation for growth in 2027. If current oil supply/demand fundamentals persist, we believe the market needs more oil supply next year. Accordingly, we anticipate staying consistent with our three-year scenario and expect to deliver low single-digit oil production growth in 2027.

展望 2027 年，我們具備極大的彈性且定位良好。今年稍早，我們將資本重新配置至原油資產，提高液體產量，並為 2027 年成長奠定堅實基礎。若目前原油供需基本面持續，我們認為市場明年需要更多原油供應。因此，我們預期將維持與三年情境一致，並預期 2027 年原油產量可達低個位數成長。

Regardless of commodity prices, EOG's commitment is to deliver sustainable value creation through industry cycles by being among the highest return, lowest cost producers while maintaining strong environmental performance and playing a meaningful role in the long-term future of energy. This mission rests on four pillars, capital discipline, operational excellence, sustainability and culture.

無論商品價格如何，EOG 的承諾是在產業循環中，透過成為高報酬、低成本的生產商，同時維持強勁的環境表現，並在能源長期未來中扮演有意義的角色，以實現可持續的價值創造。此一使命建立在四大支柱之上：資本紀律、營運卓越、永續發展與企業文化。

Our decentralized non-bureaucratic structure enables value creation in the field at the asset level. It is our unique culture that drives a sustainable competitive advantage, and we expect to continue extending that advantage into the future.

我們去中心化、非官僚的組織架構，使價值創造能在現場、以資產層級落地。正是我們獨特的文化驅動可持續的競爭優勢，我們預期將持續把這項優勢延伸至未來。

In summary, we are performing at a high level in 2026 and are positioned to finish the year strong and carry significant momentum into 2027. We remain focused on delivering sustainable free cash flow, maintaining operational excellence and creating long-term value for our shareholders.

總結而言，我們在 2026 年維持高水準表現，並有望強勢完成今年，將顯著動能延續至 2027 年。我們仍專注於創造可持續的自由現金流、維持營運卓越，並為股東創造長期價值。

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

接下來我把時間交給 Ann，說明我們的財務結果細節。

Thank you, Ezra. EOG delivered another quarter of outstanding financial performance, underscoring the power of our consistent approach to capital allocation, which is invest with discipline, return cash and maintain a pristine balance sheet. In the third quarter, we delivered adjusted earnings per share of $4.87 and adjusted cash flow from operations per share of $7.23, yielding free cash flow of $2.2 billion.

謝謝你，Ezra。EOG 再次交出一季卓越的財務表現，凸顯我們一貫資本配置方法的力量：以紀律投資、回饋現金並維持極為健全的資產負債表。第三季，我們的調整後每股盈餘為 4.87 美元，調整後每股營運現金流為 7.23 美元，自由現金流達 22 億美元。

We returned just over $1.5 billion to shareholders during the third quarter, approximately $540 million through our regular dividend and $1 billion in share repurchases. The foundation of our cash return remains the regular dividend, which we are raising by 8% to an indicated annual rate of $4.40 per share. This dividend increase is a reflection of EOG's ability to continue increasing the free cash flow potential of the company through our commitment to capital discipline and operational excellence, which deliver one of the industry's lowest breakeven oil prices.

第三季我們回饋股東略高於 15 億美元，其中約 5.40 億美元透過常規股利，10 億美元透過庫藏股買回。現金回饋的基礎仍是常規股利，我們將其提高 8%，使指示性年化股利達每股 4.40 美元。此次股利調升反映 EOG 透過對資本紀律與營運卓越的承諾，持續提升公司自由現金流潛力的能力；這也使我們擁有業界最低的損益兩平油價之一。

Our 2026 plan funds production growth, domestic and international exploration and our regular dividend all at a WTI breakeven price below $50 per barrel. At strip pricing and using guidance midpoints, our 2026 plan generates $9.7 billion in free cash flow.

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，即可同時支應產量成長、國內與國際勘探，以及我們的常態股利。在期貨曲線（strip pricing）價格水準並採用指引中值的假設下，我們的 2026 年計畫可產生 97 億美元的自由現金流。

Our regular dividend yield remains attractive versus peers as well as the S&P 500, and we continue to supplement the regular dividend with opportunistic share repurchases. Since we started repurchasing shares in 2023, we have reduced our share count by 13%. With $10.6 billion remaining under our repurchase authorization at September 30, we have substantial capacity to act.

相較同業以及標普 500 指數，我們的常態股利殖利率仍具吸引力，且我們持續以機會性庫藏股回購來補充常態股利。自 2023 年開始回購股份以來，我們已將流通股數降低 13%。截至 9 月 30 日，在既有回購授權下仍餘 106 億美元額度，我們具備充足的執行空間。

Our balance sheet remains a strategic asset. We ended the quarter with $5.7 billion in cash and net debt of approximately $2.2 billion. Our leverage target of total debt below 1 times EBITDA at bottom cycle prices of $45 WTI and $2.50 Henry Hub remains among the most stringent in the sector. That strength gives us a stable foundation to navigate a dynamic macro environment with confidence.

我們的資產負債表仍是策略性資產。本季末我們持有 57 億美元現金，淨負債約 22 億美元。我們的槓桿目標是在景氣循環底部價格（WTI 45 美元與 Henry Hub 2.50 美元）下，總負債低於 EBITDA 的 1 倍，仍屬於本產業最嚴格的標準之一。這樣的實力為我們在多變的總體環境中提供穩固基礎，使我們能以信心從容應對。

We are generating significant free cash flow, returning meaningful cash to shareholders and maintaining the flexibility to capitalize on opportunities as they emerge. Operational excellence, a low cost structure and financial discipline position us extremely well for sustained long-term value creation.

我們正在創造可觀的自由現金流，向股東回饋具意義的現金，同時維持彈性，以便在機會出現時把握。營運卓越、低成本結構與財務紀律，使我們在持續創造長期價值方面具備極佳的定位。

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

接下來，我把時間交給 Jeff，請他說明我們的營運成果。

Thanks, Ann. I'd like to begin by recognizing our employees for their outstanding performance and execution. In the third quarter, we delivered exceptional operational results highlighted by record oil, NGL and natural gas volumes with all three streams above our guidance midpoint. Total per unit cash operating costs and DD&A both came in below guidance midpoint, reflecting disciplined execution in the quarter. Third quarter capital expenditures also came in below the guidance midpoint, primarily driven by shifts in our operational timing.

謝謝，Ann。我想先肯定我們員工的傑出表現與執行力。第三季我們交出卓越的營運成果，亮點包括原油、NGL 與天然氣產量皆創新高，且三項產流均高於指引中值。單位現金營運成本與 DD&A 也都低於指引中值，反映本季執行的紀律。第三季資本支出同樣低於指引中值，主要是因我們營運時程的調整所致。

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. The focus of our international activity continues to be applying EOG's operating model to unlock resources of significant scale while maintaining the capital discipline and return thresholds our shareholders expect. This isn't about international growth for its own sake. It's about taking what EOG does best to places where we believe we can create substantial value.

就 2026 全年而言，我們預期在資本支出維持不變、仍為 65 億美元的情況下，實現原油產量成長 5%，總產量成長 14%。我們國際業務的重點，仍是將 EOG 的營運模式應用於海外，以在維持股東所期待的資本紀律與報酬門檻下，釋放具顯著規模的資源。這並非為了國際成長而成長，而是把 EOG 最擅長的能力帶到我們相信能創造可觀價值的地方。

We remain very excited about the progress we are making on our UAE oil concession. Our first two 1-mile laterals continue to exceed our expectations. And during their first 30 days on artificial lift, have averaged stabilized production of 700 barrels of oil per day per well.

我們對阿聯酋（UAE）油田特許權的進展仍感到非常振奮。我們前兩口 1 英里水平段井持續超出預期，且在採用人工舉升的前 30 天內，每口井平均穩定產量達每日 700 桶原油。

Our operations are running smoothly as we focus on drilling and completing 2-plus mile wells. We are assessing several items to move us towards a decision on commerciality. These include completing wells in different areas across the approximate 900,000 acre concession, testing new landing zones, assessing geo-steering and targeting execution, confirming the fluid mix relative to our initial model, evaluating options for artificial lift and appraising well performance over a longer time period.

在我們專注於鑽完與完井 2 英里以上井的同時，作業運轉順暢。我們正在評估多項事項，以推進至商業化可行性（commerciality）的決策，包括：在約 90 萬英畝特許區內不同區域完成井作業、測試新的著陸層位（landing zones）、評估地質導向（geo-steering）與目標執行、確認流體組成相對於初始模型的差異、評估人工舉升方案，以及在更長時間尺度下評估井的表現。

In Bahrain, we remain extremely pleased with our partnership with Bapco. However, operations have remained intermittent due to the ongoing conflict. While we hope to have well results this year, our priority is the safety of our employees, contractors and partners in the region.

在巴林，我們對與 Bapco 的合作夥伴關係仍非常滿意。然而，由於持續的衝突，作業仍呈間歇性。雖然我們希望今年能取得井的結果，但我們的首要任務是確保在該地區的員工、承包商與合作夥伴的安全。

Turning to domestic operations. Our Delaware Basin team continues to execute on our development strategy with well performance this year above our expectations. We continue to develop this world-class asset at the right pace, delivering operational efficiencies, impressive well costs of less than $710 per foot and peer-leading average per-well rate of return.

接著談國內營運。我們在 Delaware Basin 的團隊持續依照開發策略執行，今年井的表現高於我們的預期。我們以適當的節奏開發這項世界級資產，帶來營運效率提升、每英尺低於 710 美元的亮眼井成本，以及同業領先的單井平均報酬率。

We are pleased to announce the expansion of the Janus gas processing plant in the Delaware Basin. This strategic infrastructure project will double the current plant's capacity to 600 million cubic feet per day with targeted completion in the second half of 2028. The total cost should be approximately $300 million with two-thirds of that spending occurring in 2027.

我們很高興宣布擴建 Delaware Basin 的 Janus 天然氣處理廠。此一策略性基礎建設專案將把現有廠房產能加倍至每日 6 億立方英尺，目標於 2028 年下半年完工。總成本預估約 3 億美元，其中三分之二的支出將發生在 2027 年。

Janus has added significant value since it's been online, delivering year-to-date netback uplift of greater than $0.65 per Mcf, while running at a greater than 99% utilization year-to-date. The expansion benefits from embedded synergies from our initial 300 million cubic feet per day processing capacity and is expected to deliver a rate of return in excess of 30%.

Janus 自投運以來已創造顯著價值，今年迄今帶來每 Mcf 超過 0.65 美元的淨回收價（netback）提升，同時今年迄今的產能利用率超過 99%。本次擴建可受益於我們既有每日 3 億立方英尺處理產能所內含的協同效益，預期可帶來超過 30% 的報酬率。

This project will enhance our operational control and diversify our processing options at a time when processing capacity is tightening as more natural gas production comes online due to improved pipeline takeaway capacity. Given the proven performance of the existing facility, we believe this attractive, high-return investment represents a compelling opportunity to extend the value created by Janus for years to come.

在更多天然氣產量因管線外運能力改善而陸續上線、導致處理產能趨緊之際，此專案將強化我們的營運掌控度並分散處理選項。鑑於既有設施已證明的表現，我們相信這項具吸引力的高報酬投資，代表一個極具說服力的機會，可在未來多年延伸 Janus 所創造的價值。

In the Utica, operations continue to run at a high level. Year-to-date, we have improved drilled feet per day by 24% and completed lateral feet per day by 14% compared to the first half of 2025 with well costs at less than $600 per foot. We expect to have an in-basin sand mine open by the end of this year and anticipate cost savings in excess of $300,000 per well. The new Ohio sand mine underscores our operational excellence and use of self-sourced materials to reduce well costs and improve operational efficiencies.

在 Utica，作業持續維持高水準。今年迄今，相較 2025 年上半年，我們每日鑽進尺數提升 24%，每日完井水平段尺數提升 14%，且井成本低於每英尺 600 美元。我們預期在今年底前啟用一座盆地內砂礦（in-basin sand mine），並預估每口井可節省超過 30 萬美元成本。新的俄亥俄砂礦凸顯我們的營運卓越，以及透過自有來源材料降低井成本並提升營運效率的作法。

In the Eagle Ford, operations are also performing strongly. Year-to-date, we have increased drilled feet per day by 4% and completed lateral feet per day by 15% compared to 2025. These efficiency gains have helped drive further cost reductions with Eagle Ford well costs at less than $525 per foot.

在 Eagle Ford，作業表現同樣強勁。今年迄今，相較 2025 年，我們每日鑽進尺數增加 4%，每日完井水平段尺數增加 15%。這些效率提升進一步推動成本下降，使 Eagle Ford 的井成本低於每英尺 525 美元。

Further south in Dorado, this low-cost dry gas asset continues to improve. In 2026, we have increased average lateral length by 16% compared to last year, with well costs at less than $700 per foot. In addition, the countercyclical investment in the Verde Gas Pipeline continues to pay dividends as we are realizing netback uplifts of $0.50 per Mcf year to date.

在更南邊的 Dorado，這項低成本乾氣資產持續改善。2026 年，我們的平均水平段長度較去年增加 16%，井成本低於每英尺 700 美元。此外，對 Verde Gas Pipeline 的逆勢投資（countercyclical investment）持續帶來成果，今年迄今我們實現每 Mcf 0.50 美元的淨回收價提升。

Turning to service cost environment, diesel and steel prices remain elevated, but we have mitigated the impact and continue to expect a low single-digit reduction in well costs this year. We are seeing services tighten and expect modest inflation next year for drilling and completions.

談到服務成本環境，柴油與鋼材價格仍處於高檔，但我們已降低其影響，並仍預期今年井成本可出現低個位數百分比的下降。我們看到服務供給趨緊，並預期明年鑽井與完井將出現溫和通膨。

Finally, I would like to touch on two non-core asset dispositions we executed this year. Taking advantage of a favorable market environment, we recently divested our legacy Barnett and Woodford positions for an aggregate $400 million.

最後，我想談談我們今年執行的兩項非核心資產處分。把握有利的市場環境，我們近期以合計 4 億美元出售了我們既有的 Barnett 與 Woodford 部位。

In the third quarter, these assets had total production of 16,000 barrels of oil equivalent per day, including 2,000 barrels of oil per day. We have been able to meet our annual production guidance we outlined earlier this year despite these divestitures.

第三季，這些資產的總產量為每日 16,000 桶油當量，其中包括每日 2,000 桶原油。儘管進行了這些處分，我們仍能達成今年稍早所提出的全年產量指引。

This illustrates the strength and quality of our core assets to be able to deliver capitally efficient volumes. Overall, the divestitures were an efficient way to sharpen our focus on other high-return assets and exploration prospects in our portfolio.

這說明我們核心資產的實力與品質，能以資本效率高的方式交付產量。整體而言，這些處分是讓我們更聚焦於投資組合中其他高報酬資產與勘探機會的有效方式。

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

接下來，我把時間交回 Ezra，請他做結語。

Thanks, Jeff. Before we open the line up for questions, I'd like to leave you with four key takeaways. First, EOG delivered an outstanding third quarter. We posted record oil, NGL and natural gas production and total per unit cash operating costs and DD&A both came in below guidance midpoints.

謝謝，Jeff。在我們開放提問之前，我想留下四個重點。第一，EOG 交出卓越的第三季表現。我們的原油、NGL 與天然氣產量皆創新高，且單位現金營運成本與 DD&A 也都低於指引中值。

Second, our commitment to shareholders is unwavering. We raised the regular dividend by 8%, extending our 28-year dividend payment track record. Third, we continue to strengthen the portfolio for the long term, including our new LNG agreement with Engie that lifts our premium priced LNG feed gas exposure to more than 1 billion cubic feet per day by 2030, and the Janus gas processing plant expansion in the Delaware Basin.

第二，我們對股東的承諾堅定不移。我們將常態股利提高 8%，延續我們連續 28 年發放股利的紀錄。第三，我們持續為長期強化投資組合，包括與 Engie 簽訂新的 LNG 協議，使我們以溢價定價的 LNG 供氣（feed gas）曝險在 2030 年前提升至每日超過 10 億立方英尺，以及在 Delaware Basin 擴建 Janus 天然氣處理廠。

Finally, we are constructive on oil fundamentals. If current oil supply/demand fundamentals persist, we are well positioned to deliver low single-digit oil production growth in 2027. I'd like to finish by thanking Ann Janssen for her dedicated service to EOG over the past 31 years. Ann will be retiring next year, and Jeff Hibbard will be assuming the CFO role on January 1.

最後，我們對原油基本面持建設性看法。若目前的原油供需基本面持續，我們有充分條件在2027年實現低個位數的原油產量成長。我想在結尾感謝Ann Janssen過去31年對EOG的投入與服務。Ann將於明年退休，Jeff Hibbard將於1月1日接任財務長（CFO）一職。

Ann has long recognized the value of a peer-leading balance sheet, strong financial results, sustainable free cash flow and most importantly, developing EOG's next generation of leaders is the path to consistently creating long-term value for our shareholders. I'm grateful for Ann's leadership and her contributions to the financial strategy and the strength of EOG. I want to congratulate Jeff Hibbard on his new role and offer Ann Janssen and her family our best wishes in retirement.

Ann長期以來深知：同業領先的資產負債表、強勁的財務成果、可持續的自由現金流，以及最重要的——培育EOG下一代領導人才——是持續為股東創造長期價值的途徑。我感謝Ann的領導，以及她對財務策略與EOG實力所做的貢獻。我也要祝賀Jeff Hibbard就任新職，並向Ann Janssen及其家人致上退休後的誠摯祝福。

With that, we'll turn it back to the operator for questions.

接下來，我們把時間交還給主持人進行提問。

(Operator Instructions)

（主持人指示）

Neil Mehta, Goldman Sachs.

Neil Mehta，高盛。

Hey, there. Congratulations, Ann, and congratulations, Jeff, as well as you take on this new role. A couple of update questions for you guys. First is the long-term sales -- gas sales agreement that's been linked in to JKM here. Can you spend some time talking about this and how mechanically can work and give us a sense of the quantification of what it could mean for a cash flow uplift in a normalized JKM environment?

嗨，大家好。恭喜Ann，也恭喜Jeff接任這個新角色。我有幾個更新問題。第一個是與JKM連動的長期銷售——天然氣銷售協議。能否花點時間談談這份協議，以及在機制上如何運作？另外，在一個常態化的JKM環境下，能否量化一下它可能為現金流帶來多少提升？

Yes. Neil, thanks for the question. It's Jeff Hibbard here. Maybe I'll start. So the gas sales agreement announced with Engie provides additional pricing diversification for our gas volumes with many similarities to our deal with Cheniere. So some of the specifics, 140,000 MMBtu per day is linked to JKM with deducts. It's a 10-year agreement. It starts by 2030. And the offtake is at US Gulf Coast, which allows us to source gas from multiple basins.

好的。Neil，謝謝你的問題。我是Jeff Hibbard，我先開始說明。與Engie宣布的天然氣銷售協議，為我們的天然氣銷量提供了更多元的定價分散，且與我們和Cheniere的交易有許多相似之處。就一些細節而言：每日140,000 MMBtu與JKM連動並扣除相關費用；這是一份10年期協議；最晚於2030年開始；交付點在美國墨西哥灣沿岸，這讓我們可以從多個盆地調度供氣。

The addition of the Engie agreement increases our LNG feed gas associated volumes to over 1 Bcf gross per day by 2030. Additionally, we increased exposure to premium price indices really linked to strong markets with growing long-term demand.

新增Engie協議後，到2030年我們與LNG供氣（feed gas）相關的天然氣量將提高到每日總量超過10億立方英尺（Bcf，毛量）。此外，我們也提高了對溢價價格指數的曝險，這些指數與需求長期成長、且市場強勁的地區高度連動。

Our ability to supply gas from across our low-cost multi-basin portfolio in combination with our strong balance sheet, make us a preferred partner for long-term agreements that support strong netback margins and returns. We're really seeing those benefits today. As you saw, our LNG exposure, our gas realizations this quarter came out right at $3.73, and we expect that to continue as you see in our guidance really going forward.

我們能夠從低成本、多盆地的資產組合供應天然氣，再加上強健的資產負債表，使我們成為支持長期協議、並帶來強勁淨回收（netback）利潤與報酬的首選合作夥伴。我們今天確實正在看到這些效益。如各位所見，本季在LNG曝險帶動下，我們的天然氣實現價格（realizations）正好是每MMBtu 3.73美元；而且從我們往後的指引來看，我們預期這樣的表現將會延續。

Yes. And then Ezra, can you spend some time just talking about the M&A strategy here? Historically, there's been such an organic company, of course, you've done Encino and Yates over the years. But as commodity prices eventually normalize, are there -- how do you think about the potential for corporate M&A or larger scale M&A? Or is this more of a bolt-on type of story going forward?

好的。接著，Ezra，你能否談談這裡的併購（M&A）策略？過去公司當然以有機成長為主，這些年也做過Encino和Yates。但當商品價格最終回歸常態時，你們如何看待公司層級的併購或更大規模的併購可能性？還是說，未來會更偏向補強型（bolt-on）的故事？

Yes. Neil, it's Ezra. Listen, nothing has changed with our corporate strategy, our long-term strategy. I think over multiple decades here, a cornerstone of our company's value proposition has been our ability as an organic exploration outfit as a first mover, utilizing data and technology to continue to unlock resources and turn them into highly economic, high-return value opportunities, investment opportunities for our investors.

好的。Neil，我是Ezra。聽著，我們的公司策略、長期策略沒有改變。我認為在過去數十年裡，我們公司價值主張的一個基石，就是作為一家以有機勘探為核心、並能率先行動的團隊，運用數據與科技持續解鎖資源，並把它們轉化為高度經濟、回報率高的價值機會與投資機會，提供給投資人。

We do, as you said, at the right time cycle, are very interested in doing bolt-ons, small bolt-ons, things that typically don't come with a lot of production but offer us the ability to do what we do best, which is drill and complete horizontal wells and bring that value forward. Corporate M&A has typically never been something that we see a significant amount of value in when we look at the rest of our portfolio and inventory. But again, we continue to evaluate opportunities through the cycles and try to determine the best way to create long-term shareholder value.

如你所說，在景氣循環的適當時點，我們非常有興趣做補強型、小型的併購——這類交易通常不會帶來大量產量，但能讓我們發揮所長，也就是鑽井並完井水平井，將價值提前實現。至於公司層級的併購，當我們檢視其餘資產組合與庫存（inventory）時，通常不會認為能創造顯著價值。但我們仍會在不同循環中持續評估機會，並試圖找出創造長期股東價值的最佳方式。

Steve Richardson, Evercore.

Steve Richardson，Evercore。

Good morning. I was wondering if I could follow up on Jeff's comments about expectations for some cost inflation in 2027. Could you maybe just walk us through where you're seeing that, be it consumables or other services? And then maybe just how well positioned are you to absorb that not only from the below-ground efficiencies you're talking about in the plays, but also either tubulars or all the things EOG normally does to kind of manage the inflationary environment, if you could?

早安。我想追問一下Jeff提到對2027年部分成本通膨的預期。你能否帶我們梳理一下你們在哪些地方看到通膨——例如耗材或其他服務？另外，你們吸收這些通膨的能力如何？不僅是你提到在各個區塊的地下效率提升，還包括管材（tubulars）或EOG通常用來管理通膨環境的各種作法，能否也談談？

Yes, Steve, this is Jeff. Let me give you a little bit of color on it. So kind of this year, we started seeing some modest well cost increases over the last few months as we've talked about. And the market for high spec equipment, it was stable at the beginning of the year, but it's really tightened after kind of the start of the Iran conflict. And we've seen service utilization at a fairly high level. So now we're starting to see that tighter service market translate into price increases.

好的，Steve，我是Jeff。我補充一些細節。今年以來，正如我們過去幾個月所談到的，我們開始看到井成本出現一些溫和的上升。高規格設備的市場在年初還算穩定，但在伊朗衝突爆發後明顯收緊。我們也看到服務使用率維持在相當高的水準。因此，我們現在開始看到更緊俏的服務市場轉化為價格上漲。

And then just to note, that level of increase has not really been consistent across the basins, and it's varied regionally. Also, as you talked about, we've seen cost increase for diesel and steel progressively over the course of the year, adding additional inflationary headwinds. But however, in aggregate, I'd say for 2026, we're still on track for that low single-digit average year-over-year well cost reduction just because of our efficiency gains have more than offset the rising costs that we're seeing in the value chain.

另外要注意的是，這樣的漲幅在各盆地之間並不一致，且具有區域差異。也如你提到的，我們在今年過程中也看到柴油與鋼材成本逐步上升，帶來額外的通膨逆風。不過，整體而言，我會說2026年我們仍在軌道上，可實現井成本年對年平均低個位數的下降，因為我們的效率提升已經足以抵消我們在價值鏈中看到的成本上升。

And then looking forward, for 2027, we're currently expecting some upward service pricing pressure as well as higher steel and diesel costs. Our main focus remains on really leveraging all of our operational capabilities, the scale of the company and our purchasing power to really manage through those inflationary headwinds.

再往前看，對於2027年，我們目前預期服務價格將面臨上行壓力，同時鋼材與柴油成本也會更高。我們的主要重點仍是充分運用我們所有營運能力、公司的規模與採購力，來管理這些通膨逆風。

And just to give you a little bit more color, kind of breaking things down. I mean, starting on the service side, first, what we'll do is we'll look to offset some of those headwinds through our operational efficiencies, which we always say, typically, we see, on average, about 3% to 5% improvement in each year.

再多補充一些拆解後的細節。從服務端開始，第一步，我們會透過營運效率來抵消部分逆風；我們一向表示，通常每年平均可看到約3%到5%的改善。

And then next, we'll look to leverage our strong relationships with all of our service partners. And what we've done is we've really staggered all of our contracts in both length and renewal timing to really help mitigate the impact of those leasing rates.

第二步，我們會運用與所有服務合作夥伴的強健關係。我們所做的是在合約期限與續約時間點上進行分散配置（stagger），以協助降低這些租賃費率（leasing rates）帶來的影響。

And then lastly, I'd say, currently, we have about 60% of our services contracted for 2027, which is really on the high end of our historical range. So we feel pretty good and well positioned on the service side. When looking at steel costs, we expect continued upward pressure for the industry. But internally, what we've done is really lean on our direct sourcing and mill diversification to support keeping our prices really lower than the broader market.

最後，我會說，目前我們約有60%的2027年服務已完成簽約，這其實已接近我們歷史區間的高端。因此在服務端我們感覺相當不錯、也具備良好準備。至於鋼材成本，我們預期產業仍將面臨持續的上行壓力。但在內部，我們透過直接採購與鋼廠來源多元化，來支持我們的價格維持在低於整體市場的水準。

And at this point, we've already secured around half of our casing and tubular needs for 2027. So we continue to focus on just opportunistic inventory management with our supply chain group. So really, any exposure, I think, on the steel side really would be more towards the second half of the year if prices keep increasing.

截至目前，我們已經鎖定了約一半的2027年套管與管材需求。因此，我們會持續與供應鏈團隊專注於機會型的庫存管理。也就是說，如果鋼價持續上漲，我認為鋼材端的曝險可能會更偏向在下半年。

And then lastly, just on the diesel side, while prices have increased meaningfully over the year, much of the impact of those higher prices on CapEx really have been pretty minimal since the 70% of our rigs, we run off natural gas, 100% of our frac fleets also do, too. And then any other diesel increases, we think we'll see will just be kind of in the form of fuel surcharges from some of our other service providers.

最後談柴油端。雖然今年柴油價格顯著上升，但對資本支出（CapEx）的影響大多相當有限，因為我們70%的鑽機以天然氣運轉，我們的壓裂車隊（frac fleets）也有100%是如此。至於其他我們預期可能看到的柴油上漲，主要會以部分其他服務供應商收取燃料附加費（fuel surcharges）的形式反映。

So ultimately, I think we feel really, really good at where we're at. We're well ahead of schedule, preparing for next year, and we'll just look to continue to insulate ourselves from any potential inflation as we move forward towards the end of the year.

所以歸根結底，我認為我們對目前所處的位置感覺非常、非常好。我們遠遠領先於進度，正在為明年做準備，並且在今年接近年底往前推進的過程中，我們會持續設法讓自己免受任何潛在通膨的影響。

Great. I was wondering just quickly follow up on natural gas markets. I understand the point on how strong your realizations have been and the low-cost supply perspective that you have. I was just wondering if you could talk about willingness to take on additional, be it pipeline projects or other things? I appreciate you're talking about Janus today on the processing side, but wondering if you could talk a little bit about to the -- beyond the wellhead if you have interest in other projects or other things as you look at the outlook here.

很好。我想就天然氣市場快速追問一下。我理解你們實現價格（realizations）有多強，以及你們所擁有的低成本供應觀點。我只是想問，你們是否願意承擔更多的項目，不論是管線專案或其他事情？我知道你們今天在處理端談到 Janus，但想請你們也談談——在井口之外（beyond the wellhead），你們是否對其他專案或其他事情有興趣，當你們看待這裡的前景時。

Thanks, Steve. This is Ezra. At times in the past, especially parts of the cycle where we are right now, we have taken on some of those strategic infrastructure opportunities where we see significant value. It's not a primary focus for us, though. Typically, we see the returns profile. Our investments are better spent, bringing low-cost oil and gas to the surface rather than moving it into the markets. We tend to prefer to partner with high-quality partners to be able to move our molecules to the market. But two things caused us to step into that space.

謝謝，Steve。我是 Ezra。過去在某些時候，特別是在像我們現在所處的景氣循環階段，我們確實會承接一些策略性的基礎設施機會，因為我們看到顯著的價值。不過，這並不是我們的主要重點。通常我們看回報輪廓，我們的投資更適合用在把低成本的油氣帶到地表，而不是把它運到市場。我們傾向與高品質的合作夥伴合作，讓我們的分子（molecules）能夠進入市場。但有兩件事會促使我們踏入那個領域。

First, if we're unwilling to find a strong partner to be able to do that. And the second is, at times, which is usually like current times where you're at the top of the cycle or high above mid-cycle price ranges where the fees start to get a little bit higher. And there's enough value there for us to step in and capture that for our shareholders.

第一，如果我們無法找到強而有力的合作夥伴來做這件事。第二是，有些時候——通常像現在這樣，當你處於景氣循環頂部或遠高於中周期價格區間時，費用開始變得稍微高一些。那裡有足夠的價值，讓我們可以介入並為股東把那部分價值抓下來。

Now that's really in line with how Jeff described it this morning in the script is, we're seeing an opportunity here with Janus not only to capture the synergies that we have with the Janus gas plant expansion, but really to expand the margins there in an environment where we're seeing processing capacity kind of get a little bit tighter and the fees have a little bit of upward pressure to them.

而這其實與 Jeff 今天早上在講稿中描述的非常一致：我們在 Janus 這裡看到機會，不僅能捕捉我們與 Janus 天然氣處理廠擴建的協同效益，也能在我們看到處理產能變得稍微吃緊、費用面臨一些上行壓力的環境下，實際擴大那裡的利潤率。

Doug Leggate, Wolfe.

Doug Leggate，Wolfe。

Thank you. Good morning, as well. Congratulations to you, Ann, especially when you're your balance sheet diligence, I'm sure we'll come back to that. Ezra, the earlier question from Neil was on inorganic growth in resource. I'd like to ask you about organic opportunities, particularly your exploration plays. And I wonder if you could touch on two specifically.

謝謝。也早安。也恭喜你，Ann，尤其是在你對資產負債表的嚴謹管理上，我相信我們還會再回到這個話題。Ezra，Neil 先前的問題是關於資源面的非有機成長。我想問你有機機會，特別是你們的勘探（exploration）標的。我想請你具體談兩個。

The first one, obviously, Alaska. You've now got your acreage position, it looks like. What's your play concept? And any color you can offer on your recent permitting in Frio County around the Pearsall Shale in South Texas would be much appreciated. Thank you.

第一個，顯然是阿拉斯加。你們現在看起來已經取得了你們的土地（acreage）部位。你們的開發概念（play concept）是什麼？另外，如果你能就你們最近在南德州 Frio County、Pearsall Shale 周邊的許可（permitting）提供一些補充說明，我會非常感激。謝謝。

Yes. Doug, this is Ezra. Appreciate the question. So let's start with Alaska. We've talked about it a little bit before. You had picked up on our Alaska activity kind of early on before anybody else. Before, in fact, we ended up leasing the -- put all the leases together. But we put together some state leases in that area. And so we've got a good long runway. Those are 10-year leases in Alaska.

好的。Doug，我是 Ezra。謝謝你的問題。我們先從阿拉斯加開始。我們之前稍微談過。你很早就注意到我們在阿拉斯加的活動，甚至比其他任何人都早。事實上，在我們把——把所有租約整合起來之前，你就注意到了。不過我們在那個區域整合了一些州有租約（state leases）。因此我們有很長的跑道；在阿拉斯加那些是 10 年期租約。

And this play is a conventional oil play. It is an analog to some of the other Alaska plays that have been in the news recently, Pikka and Willow. In general, what I'd say is Alaska is undergoing from an industry's perspective, a bit of renaissance by applying new technologies up there, especially on the seismic processing.

而這個 play 是一個傳統型（conventional）的石油 play。它可類比於近期新聞中提到的其他阿拉斯加 play，例如 Pikka 和 Willow。整體而言，我會說從產業角度看，阿拉斯加正在經歷某種復興，透過在當地應用新技術，特別是在地震資料處理（seismic processing）方面。

Our prospect was identified through some loose 2D seismic lines and some well control. It is seismically identified. It's got some amplitude support with the 2D data. It's a bit of a difference formation and what's in Pikka and Willow, it's a little bit younger sands. It's Schrader sands, which are Paleocene instead of kind of the Nanushuk formation because we are off to kind of the east side.

我們的標的（prospect）是透過一些零散的 2D 地震測線以及部分井控資料（well control）辨識出來的。它在地震上是可辨識的，2D 資料也提供了一些振幅（amplitude）支撐。它的地層與 Pikka 和 Willow 的有所不同，是較年輕的砂層；是 Schrader sands，屬於古新世（Paleocene），而不是 Nanushuk 地層，因為我們的位置偏向東側。

Going forward, the strategy going forward for Alaska, like I said, it will take a little bit of time. The next step for us is to get some 3D data, we'll be purchasing some 3D data as it becomes publicly available later next year, and we'll reprocess that. And that will be kind of the next step in evaluating the prospect that we have.

往前看，阿拉斯加的策略——如我所說，會需要一些時間。我們下一步是取得一些 3D 資料；等到明年稍晚有 3D 資料公開可取得時，我們會購買並重新處理（reprocess）。那將是我們評估該標的的下一個步驟。

And then going all the way down to South Texas for the Pearsall, that's a play that we haven't really talked about yet. It's -- as I think everybody knows, we have Pearsall exists underneath our entire Eagle Ford oil acreage position. But starting about two years ago, we identified a bit of a sweet spot outside of our area, adjacent to, I would say, we leased it up organically.

再一路往南到南德州談 Pearsall，這是我們其實還沒有真正談過的一個 play。——如我想大家都知道的，Pearsall 位於我們整個 Eagle Ford 油區土地部位的下方。但大約從兩年前開始，我們在我們區域之外、相鄰的位置辨識出一個相對甜點（sweet spot）；我會說我們是以有機方式把它租下來的。

We've drilled a handful of wells there. It's in the oil window, maybe a bit more of a combo play, but the well production looks pretty good. We've captured probably about 100 locations there. And to be perfectly honest, while the play benefits from sharing activity in our Eagle Ford area, we still have a little bit of work to do to get the cost down to make those wells competitive with our core inventory. But like I said, we're excited by it. It's another kind of step-out organic opportunity that we were able to bring into the mix just because of our subsurface knowledge in the area.

我們在那裡鑽了少數幾口井。它位於油窗（oil window），可能更偏向一個油氣兼具（combo）的 play，但井的產量看起來相當不錯。我們大概已經抓到約 100 個井位（locations）。坦白說，雖然這個 play 受益於我們在 Eagle Ford 區域的共享作業活動，但我們仍需要再做一些工作把成本降下來，讓那些井能與我們的核心庫存（core inventory）具競爭力。不過如我所說，我們對此感到興奮。這是另一個我們能納入組合的外延式（step-out）有機機會，主要是因為我們在該區域的地下地質（subsurface）知識。

20 years ago, I want to say, right? Thanks. My follow-up is a quick one. It might be for you, maybe for Ann. It's really just a quick comment about the way the balance sheet is today, there seems to be a lot of focus still on EOG's duration of production. What I want to ask you about is the duration of free cash flow to support that dividend bump and the sustainable dividend growth that you expect. Do you have the portfolio today to sustain the free cash flow as opposed to sustain the production mix, I guess, is the core of my question. Thanks.

20 年前，我想是這樣，對吧？謝謝。我接著的追問很快，可能是問你，也可能是問 Ann。主要是對目前資產負債表狀況的一個快速評論：市場似乎仍然非常關注 EOG 的產量可持續年限（duration of production）。我想問的是，自由現金流的可持續年限（duration of free cash flow），是否足以支撐這次股利上調以及你們預期的可持續股利成長。你們今天的資產組合是否能維持自由現金流，而不是僅僅維持產量結構——我想這是我問題的核心。謝謝。

Yes. Doug, maybe I'll just give you the brief answer there. I mean I think we think absolutely. And it really comes down to our low breakevens in that $12 billion BOE of resource in addition to the financial strength of the company. So we test our dividend across multiple scenarios. And really including bottom cycle price assumptions down even below $45. So -- yes, we feel very good about that dividend over the long term.

是的。Doug，我先給你一個簡短的回答。我們的看法是絕對可以。這主要取決於我們在那 120 億桶油當量（BOE）資源上的低損益兩平點（low breakevens），再加上公司的財務實力。因此我們會在多種情境下測試我們的股利。並且確實包含景氣谷底（bottom cycle）的價格假設，甚至低於 45 美元。所以——是的，我們對長期股利非常有信心。

In addition, I would just add, I feel like the regular dividend is extremely competitive with both the industry and the broader S&P 500. I think we've established a differentiated record as Ezra said in his remarks of sustainable dividend growth. The company has grown our regular dividend at a compound annual rate of 20% over the last 28 years without any reduction or suspension of that dividend obligation. So we've got strong confidence in our ability to continue to improve and remain committed to returning a significant portion of our free cash flow to investors with the regular dividend as the primary mode of cash return over the long term.

另外我再補充一點：我覺得我們的常態股利（regular dividend）無論相較於同業或更廣泛的 S&P 500 都極具競爭力。正如 Ezra 在發言中提到的，我們已建立一個具差異化的可持續股利成長紀錄。過去 28 年，公司常態股利以 20% 的年複合成長率成長，期間從未降低或暫停該股利義務。因此我們對持續改善的能力充滿信心，並且仍然致力於把相當大一部分自由現金流回饋給投資人；長期而言，以常態股利作為主要的現金回饋方式。

Phillip Jungwirth, BMO.

Phillip Jungwirth，BMO。

Good morning. Thanks for taking my question. You mentioned in the script, the three-year scenario should be the base case for next year. I guess after year one, how would you say you're tracking this? I mean, obviously, we can see the production guidance, but -- just also on the capital operating cost side, plus just corporate with interest, tax, given the stronger macro since we are growing cash flow, free cash flow more than oil. And then just to stay on track into '27, how much Utica or kind of elsewhere activity would you need to add to drive low single-digit growth for EOG?

早安。謝謝讓我提問。你在講稿中提到，三年情境（three-year scenario）應該是明年的基本情境（base case）。我想問的是，在第一年之後，你會怎麼說你們目前的進度追蹤情況？我的意思是，顯然我們可以看到產量指引（production guidance），但是——也想請你談談資本與營運成本面，再加上公司層面的利息、稅負；在宏觀環境更強、我們的現金流與自由現金流成長幅度大於原油的情況下。然後，為了在 2027 年前保持在軌道上，EOG 需要增加多少 Utica 或其他地區的活動，才能推動低個位數（low single-digit）的成長？

Yes. Phillip, this is Ezra. It's really a pretty consistent activity levels going forward. As Jeff said in the opening script, you can kind of start with the Q4 run rate which means that activity level is pretty consistent. Of course, when you're looking at the CapEx, we do have the strategic infrastructure that we've talked about, the Janus expansion that would need to be contemplated on top of that.

是的。Phillip，我是Ezra。展望未來，活動水準其實相當一致。正如Jeff在開場稿中所說，你可以大致從第四季的運行率（run rate）開始看，這意味著活動水準相當穩定。當然，當你看資本支出（CapEx）時，我們確實有先前談到的策略性基礎設施，以及需要在此基礎上額外納入考量的Janus擴建。

And then a little bit of increased growth, but it's really more on the margin than adding anything significant to capture that low single-digit. As we talked about before, we really took this year to kind of position ourselves to not only grow liquids production in '26, but actually to position ourselves to be able to grow into '27 as well.

另外會有一點點更高的成長，但主要是邊際上的提升，而不是為了達到那個低個位數成長而新增任何重大的投入。正如我們之前談到的，我們今年其實是用來讓自己就位，不僅能在2026年提升液體產量，實際上也讓我們具備在2027年同樣能成長的能力。

With regards to the three-year scenario and where we're at here towards the end of year one, obviously, in the first year, there's been a significant increase in the commodity price from what we had forecasted before. I think what we have is illustrated on a $60 to $80 range over that three-year period and year one is obviously coming in at current strip somewhere right around $87 for the year one. So that would lead us to know that ROCE is kind of on the high side, free cash flow generation is on the high side.

關於三年情境，以及我們在第一年末目前所處的位置，顯然第一年商品價格相較我們先前預測有顯著上升。我認為我們所呈現的是在這三年期間以每桶60到80美元的區間作為假設，而第一年依目前期貨曲線（strip）大約落在每桶87美元左右。因此，這會讓我們知道資本報酬率（ROCE）偏高，自由現金流的產生也偏高。

As far as the, maybe capital expenditures that were contemplated or not contemplated in this three-year scenario, really, the only one would be that Janus would be on top of it. That wasn't originally into the three-year scenario. And again, that's a strategic option for us that at the top of the cycle, feels like a great time to layer that in. And for '27, it's essentially a $200 million capital investment that we're planning for.

至於在這個三年情境中有無納入、或原先未納入的資本支出，基本上唯一的就是Janus會是額外加在其上的項目。它原本不在三年情境裡。同樣地，這對我們而言是一個策略性選項，在景氣循環高點時，感覺是把它加進來的好時機。至於2027年，本質上我們規劃的是約2億美元的資本投資。

Okay. That's great to hear. And then -- this might also be contributing, but you noted in the script, Permian well performance outperforming your expectations of steady year-on-year, probably all noticed this in the public data, but one thing that stood out to me was really across all your plays, the well performance looks better or at least consistent with last year. Just wondering if you could speak to some of the bigger drivers here on the productivity side, just whether it's some of the high-intensity completions, targeting or other items that you pursued operationally in 2026.

好的。很高興聽到。接著——這可能也有貢獻——你在稿子裡提到二疊紀（Permian）油井表現優於你們對於逐年持平的預期；我想大家在公開資料裡可能也注意到了。不過有一點特別引起我注意的是，幾乎在你們所有的區塊（plays）中，油井表現看起來都更好，或至少與去年一致。想請你談談在生產力面的一些主要驅動因素：是否與高強度完井、目標層位選擇，或你們在2026年營運上推動的其他項目有關？

Yes, good morning. This is Keith. I'll start with the Delaware. Yes, we're very pleased with how our Delaware Basin development is progressing. We haven't really made any changes to our development plan relative to what we communicated earlier this year. Well productivity has been a little better than our expectations. The results are flat to slightly up versus 2025. And the important thing is that we expect similar consistency in productivity going forward.

是的，早安。我是Keith。我先從Delaware談起。是的，我們對Delaware盆地的開發進展非常滿意。相較於我們今年稍早對外溝通的內容，我們其實沒有對開發計畫做出任何改變。油井生產力比我們預期略好。結果相較2025年持平到小幅上升。重要的是，我們預期未來生產力也會維持類似的一致性。

So the 2026 plan reflects the changes that we made last year in our development strategy. So we continue to take advantage of the operational improvements to maximize the value of the asset. And that's really driven by our ability to drive down costs, allowing us to add new target zones that meets the strict return hurdles better maximize the value capture across the assets. So we're really happy with the Delaware. We expect consistent returns and cash flow for the next 10 years.

因此，2026年的計畫反映了我們去年在開發策略上所做的調整。我們持續利用營運改善來最大化資產價值。而這主要是由我們降低成本的能力所驅動，讓我們能新增符合嚴格報酬門檻的目標層位，更好地在各項資產間最大化價值捕捉。因此我們對Delaware非常滿意。我們預期未來10年將有一致的報酬與現金流。

And yes, a lot of it is on the completion side. Like you said, our high-intensity fracs, adding horsepower and doing smart tests just on various things on the completion side. And that had its genesis in the Eagle Ford in the early days, and we've applied it to the Permian.

而且是的，其中很大一部分在完井端。就像你說的，我們的高強度壓裂（fracs）、增加馬力（horsepower），以及在完井端針對各種項目做更聰明的測試。這些做法最早源自Eagle Ford的早期階段，之後我們把它應用到二疊紀。

We applied it to the Utica very early on. We're seeing improvements in Dorado associated with that. And as we take those learnings and iterate them, we've been able to apply that back to our Eagle Ford oil as kind of a revision two and three and four, we've seen improvement there as well. So very happy with our well performance across the board.

我們也很早就把它應用到Utica。我們在Dorado也看到與此相關的改善。隨著我們把這些學習持續迭代，我們也能把它再回饋到Eagle Ford原油業務，算是第二版、第三版、第四版的修正，我們在那裡也看到改善。因此我們對整體各區的油井表現都非常滿意。

Scott Hanold, RBC Capital Markets.

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

Yes, thanks. If we could go back to where the Q&A started, and that's on the gas sales agreement. You have kind of a two-part question with that. Number one, the commercial terms, I understand there are a lot of confidentiality around it. But like in this market that we've seen for the past nine months, like how are you all able to get a contract like that done at this point?

是的，謝謝。如果我們可以回到問答一開始的地方，也就是天然氣銷售協議。我有一個算是兩部分的問題。第一，商業條款方面，我理解其中有很多保密要求。但在我們過去九個月看到的這種市場環境下，你們是如何在這個時間點把這樣的合約談成的？

And do you see the economics a little bit different from the original ones. And as you look going forward, how much exposure to these international markets you want? Should we expect you guys to continue to layer on new types of contracts like these? Or is there a certain threshold you want to limit yourself to?

另外，你們是否覺得經濟性（economics）相較原先有所不同？再往前看，你們希望對這些國際市場保有多少曝險？我們是否應該預期你們會持續疊加這類新型態的合約？還是你們有某個門檻，希望把曝險限制在一定程度？

Sure, Scott. It's Jeff Hibbard. Maybe I'll take that one. So US LNG projects continue to reach FID and operators are still seeking commitments to get additional capacity built. As the LNG market has expanded, both physically and financially over time, it's created really new and different opportunities to seek international price exposure for us.

當然，Scott。我是Jeff Hibbard。我來回答。美國的LNG專案仍在持續達成最終投資決策（FID），而營運商也仍在尋求承諾，以便建置更多產能。隨著LNG市場在實體與金融層面隨時間擴張，這確實為我們創造了全新且不同的機會，讓我們能尋求國際價格曝險。

So look, we remain engaged with several potential partners and look for attractive win-win opportunities as they present themselves. So I would expect us to continue to look at those types of deals. We really have a number of advantages. Again, it's -- that make us an attractive counterparty for folks. So it's our low-cost multi-basin portfolio. It's our extremely strong balance sheet and it's our track record with these types of deals. So yes, I think you can continue to see us always looking at those going forward.

所以你看，我們仍與數個潛在合作夥伴保持接觸，並在機會出現時尋找具吸引力、雙贏的方案。因此我預期我們會持續尋找這類交易。我們確實有不少優勢——讓我們成為對方有吸引力的交易對手。包括我們低成本的多盆地資產組合、極其強健的資產負債表，以及我們在這類交易上的過往紀錄。所以是的，我認為你們會持續看到我們未來一直在尋找這些機會。

Appreciate that. If I could pivot to shareholder returns, I appreciate your, again, commitment to hitting that annual 70% return. Based on, I guess, your $9.7 billion forecast and buybacks to date, including what you've done based on the 10-Q, it looks like there's probably another $1.5 billion to maybe $1.6 billion that needs to get done through the balance of the year. That seems like a lot. And given the volatility in commodity prices, how do you manage hitting that annual threshold when we're coming up on the end of the year?

感謝。如果我可以轉到股東回饋，我也感謝你們再次承諾達成每年70%的回饋。以你們預估的97億美元，以及截至目前的回購（包括你們在10-Q裡揭露已做的部分）來看，感覺今年剩餘期間大概還需要完成約15億到16億美元。這看起來很多。而且在商品價格波動之下，當我們接近年底時，你們要如何管理並確保達到那個年度門檻？

Yes. Look, I mean, it's Jeff again. I would say Cash returns remain a priority for us. You heard Ezra mention it early on in the script, and we remain confident in our ability to meet our threshold commitment of 70% of our annual free cash flow. So you hit the numbers on the head at $88 WTI and $3.40 Henry Hub, we expect to return $6.8 billion of cash this year.

是的。你看，我是Jeff。我會說現金回饋仍是我們的優先事項。你也聽到Ezra在開場稿中較早提到這點，而我們仍有信心能達成我們承諾的門檻：回饋年度自由現金流的70%。你提到的數字很精準：在WTI每桶88美元、Henry Hub每百萬英熱單位3.40美元的假設下，我們預期今年將回饋68億美元現金。

And when you back off our dividend commitment, which is that $2.2 billion, I think your numbers are accurate. I think given the volume that we have in our stock, we feel very comfortable being able to achieve those amounts. And look, we continue to see a lot of value in our stock. So consequently, we favor buybacks for additional cash return and think we'll be able to get there.

而當你扣除我們的股利承諾，也就是22億美元，我認為你的數字是正確的。我想以我們股票的成交量來看，我們非常有把握能達成那些金額。而且你看，我們仍然看到我們股票有很大的價值。因此，我們傾向以回購作為額外的現金回饋方式，並認為我們能做到。

Leo Mariani, ROTH.

Leo Mariani，ROTH。

Hey, good morning. I just wanted to touch base on your initial comments for 2027. You talked about low single-digit oil growth, that certainly seems to be reasonable in this price environment. I just wanted to kind of get a sense, do you see a contribution from the UAE there to get to those numbers for next year?

嗨，早安。我想針對你們對2027年的初步評論再確認一下。你們談到原油低個位數成長，在這樣的價格環境下看起來確實合理。我想了解的是，為了達到明年的那些數字，你們是否預期阿聯（UAE）會有貢獻？

Yes. Leo, this is Jeff. You can actually see in our guidance, we did guide towards a little bit of volumes, but fairly minimal as far as that. We're still in the exploration phase, even though we're seeing outstanding strong results over there. Before we really see meaningful amount of volumes, and we start getting closer to DOC, I wouldn't expect them to be a huge part of the overall 2026 volume.

是的。Leo，我是Jeff。其實你可以在我們的指引中看到，我們確實指引了一點點產量，但就那部分而言相當有限。我們仍處於勘探階段，儘管我們在那邊看到非常出色、很強勁的結果。在我們真正看到有意義的產量、並開始更接近DOC之前，我不會預期它們會成為整體2026年產量中的很大一部分。

So Ultimately, we feel great about it. I think we're getting to a place where we're getting closer and closer to DOC with the results that we're seeing, and we're excited about it. So you'll just kind of see that in our guidance as we move forward, and we'll keep you posted on the results.

所以最終，我們對此感到非常樂觀。我認為，從我們看到的成果來看，我們正逐步、愈來愈接近 DOC，我們也對此感到振奮。因此，隨著我們往前推進，你們會在我們的指引中看到這一點，我們也會持續向各位更新結果。

Okay. Appreciate that. And then I just wanted to also just ask, obviously, you announced a new gas sales agreement today, clearly made a commitment to expanding the Janus plant. Just can you provide a little bit more color just on your thoughts around gas. Is EOG making a larger pivot towards gas as we get later in the decade, do you see great opportunities for returns on the gas side in several years?

好的。感謝說明。接著我也想再問一下，顯然你們今天宣布了一項新的天然氣銷售協議，也明確承諾擴建 Janus 處理廠。能否再多提供一些你們對天然氣的想法？隨著本十年後期的到來，EOG 是否正更大幅度地轉向天然氣？你們是否看到未來幾年在天然氣端有很好的報酬機會？

Leo, this is Ezra. Yes, I wouldn't say that EOG is making a big pivot to gas or a big call on gas. I mean what we -- this all starts with our organic exploration effort and the fact that we captured Dorado. We do continue to believe that Dorado is the lowest cost gas in North America. And then we're advantaged in the geographic position of it being close to multiple demand centers.

Leo，我是 Ezra。是的，我不會說 EOG 正在大幅轉向天然氣，或是在天然氣上做出很大的押注。我的意思是——這一切都始於我們的有機勘探工作，以及我們取得 Dorado 的事實。我們仍然相信 Dorado 是北美成本最低的天然氣。再者，我們在地理位置上也具優勢，因為它靠近多個需求中心。

What that's really allowed us to do is basically invest at the right pace, capitally disciplined to grow what we think is essentially a premium gas company underneath the umbrella of our premium oil company here at EOG.

這真正讓我們能做的是，以合適的節奏投資、在資本上保持紀律，在 EOG 這家優質石油公司的架構之下，培育並成長我們認為本質上是一家優質天然氣公司的業務。

We continue to invest in gas as we develop and capture markets, we're not just growing or investing in gas to move a whole bunch of gas to the Gulf Coast and hope that it prices on gas because the margins oftentimes are so skinny and volatile, you've got to be very, very diligent and disciplined looking at the entire value chain.

我們會在開發並掌握市場的同時持續投資天然氣；我們並不是為了把大量天然氣運到墨西哥灣沿岸、然後寄望天然氣價格表現而去成長或投資天然氣，因為利潤往往非常薄且波動大，你必須非常、非常審慎且有紀律地檢視整個價值鏈。

It starts with low well costs, continues with low operating costs, including transportation. And then the last part of it is making sure that you're delivering your molecules to a demand center and getting yourself exposed to premium pricing.

這要從低井成本開始，接著是低營運成本（包含運輸）。最後一部分則是確保你把你的分子（molecules）交付到需求中心，並讓自己能夠接觸到溢價定價。

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通。

Good morning, team. Your fourth quarter guide including better realizations than we're modeling. Clearly, the -- on the gas side, the contract has been a nice tailwind. But I was wondering if you could elaborate on how you're capturing the premium realizations on the oil side. I know you have dock capacity. But maybe walk us through the marketing and how you're able to capture that premium relative to WTI.

各位早安，團隊。你們第四季指引包含比我們模型假設更好的實現價格。很明顯——在天然氣端，合約帶來了不錯的順風。但我想請你們進一步說明，你們在原油端是如何取得溢價實現價格的。我知道你們有 dock（碼頭）能力，但能否帶我們走一遍行銷/銷售安排，說明你們如何相對於 WTI 取得那個溢價？

Arun, this is Jeff Leitzell. So yes, great question. And really, I'd break it down into a couple of different things. I mean the first thing is just the way that our marketing team is just so ingrained in the business. They're in each one of our divisions. They're tied in and trying to find the absolute best contracts in each area, give us a lot of diversification, flexibility and control with our molecules to really maximize those netbacks. So I think that's one, and that's one of the reasons you've always seen our price realization throughout time really out kind of run the peers.

Arun，我是 Jeff Leitzell。是的，這個問題很好。其實我會把它拆成幾個不同面向。第一個就是我們行銷團隊與業務的深度整合。他們在我們每一個事業部門裡，緊密連結並努力在各區域找到最好的合約，為我們帶來高度的多元化、彈性與對我們分子（molecules）的掌控，來真正最大化那些淨回收（netbacks）。我認為這是一點，也正是你們長期以來看到我們的價格實現表現往往優於同業的原因之一。

And then the second thing on that, which has really been a big mover here as of recent is our exports. We've talked about on previous calls, we're exporting anywhere from 200,000 to 250,000 barrels a day. And obviously, with the premiums that we're seeing overseas and stuff with those barrels it's really helping our overall price realizations and netbacks from that aspect. So really, it's just great work by our marketing team kind of staying ahead of things and making sure we've got a lot of flexibility to send those molecules to the best markets.

第二點，最近對此影響很大的就是我們的出口。我們在先前的電話會議中談過，我們每天出口約 200,000 到 250,000 桶。很顯然，隨著海外市場看到的溢價，以及這些桶數的相關安排，確實在這個面向上幫助了我們整體的實現價格與淨回收。因此，這主要就是我們行銷團隊做得很出色，能夠超前部署，並確保我們有很大的彈性把這些分子（molecules）送往最佳市場。

Great. And my follow-up is, I'd love to hear your thoughts on your strategy for inventory renewal in the Delaware Basin. I know that producers have been focused on a ground game. We're doing a lot of small transactions, extending lateral lengths and things like that, but I'd love to hear some insights on how you're thinking about bolstering your Delaware Basin inventory position to offset wells that you drill and complete?

很好。我的追問是，我很想聽聽你們在 Delaware Basin 的庫存更新（inventory renewal）策略。我知道許多生產商都專注於「地面戰」，進行很多小型交易、延長水平段長度等等，但我想聽聽你們如何思考強化 Delaware Basin 的庫存部位，以抵銷你們鑽完並完井的井數消耗？

Good morning. This is Keith. I touched a little bit on this on the productivity side. But what we've seen in the last several years is our teams continuing to increase efficiencies and drop costs and do some really nice detailed geologic work that has allowed us to add targets into our existing development, both as like a second phase and then when you're initially developing as well.

早安。我是 Keith。我在生產力那一段稍微提到一些。但我們在過去幾年看到的是，我們的團隊持續提升效率、降低成本，並做了非常細緻的地質工作，讓我們能夠在既有開發中新增目標，不論是作為第二階段，或是在最初開發時就一併納入。

Today, we have more targets than I ever imagined several years ago. That's what you're seeing on our development strategy and our consistent productivity that we've had this year compared to last year and going forward. So we see a lot of it just on the acreage that we already have. So our co-development strategy leverages all that deep knowledge of basin geology.

以今天來看，我們擁有的目標比我幾年前所能想像的還要多。這就是你們在我們的開發策略上看到的，以及我們今年相較去年、並展望未來所維持的一致生產力。因此，我們認為很大一部分來自於我們已經擁有的土地（acreage）。所以我們的共同開發（co-development）策略，能夠運用我們對盆地地質的深厚知識。

We've identified up to 17-plus unique targets and our operational capabilities to develop them maintain the strong productivity and low cost. So that has really allowed us to maximize the value of the asset, be the leading Delaware Basin operator in terms of well costs and breakeven price and have that durable inventory associated with it as well.

我們已辨識出多達 17 個以上的獨特目標，而我們的營運能力能在開發它們的同時維持強勁的生產力與低成本。這確實讓我們能最大化資產價值，在井成本與損益兩平油價方面成為 Delaware Basin 的領先營運商，並同時擁有與之相對應的耐久庫存（durable inventory）。

Bob Brackett, Bernstein Research.

Bob Brackett，Bernstein Research。

Good morning. You've intrigued us around declaration of commerciality for the Aldafra concession. A question would be, as you convert that license from exploration to production, how does it work? Would you keep all 900,000 acres? Or is there an HBP scheme? Or is it negotiated between you and the host government? Any color would be helpful.

早安。你們對 Aldafra 特許區的商業性宣告（declaration of commerciality）引起了我們的興趣。我想問的是，當你們把該許可從勘探轉為生產時，流程是怎麼運作的？你們會保留全部 900,000 英畝嗎？還是有 HBP（held by production）機制？或是由你們與東道國政府協商？任何補充說明都會很有幫助。

Yes. Bob, this is Ezra. As it works, the path to DOC and conversion from an exploration concession to a production concession includes a field development plan. And then essentially annual reviews are typically how these international agreements work. And so yes, you end up -- it's really to be negotiated if we wanted to turn less of the concession over into production or the entire 900,000 acre.

是的。Bob，我是 Ezra。運作方式是，走向 DOC 以及從勘探特許轉換為生產特許的路徑，包含一份油田開發計畫（field development plan）。接著，本質上通常會以年度審查的方式來運作，這一般就是這類國際協議的運作方式。所以是的——如果我們想把較少的特許區轉入生產，或是把整個 900,000 英畝都轉入生產，這實際上是需要協商的。

Today, where we're at, we're seeing very, very strong results in those initial two wells, as highlighted previously. They responded very, very well to the artificial lift. And then we brought a couple of additional wells on. We don't have 30-day rates. It's a little bit soon for that, but the wells look good. And quite frankly, with the efforts that we've seen the conversations we've had with oilfield service partners and their level of engagement to enter the country. At this point, I'd say we're -- I'd reiterate what Keith said before is that we're well on our way to targeting kind of a DOC probably long before the expiration of the exploration agreement.

以我們目前的進展來看，我們在前兩口初期井上看到非常、非常強勁的結果，如先前所強調的。它們對人工舉升（artificial lift）的反應非常、非常好。之後我們也讓另外幾口井投產。我們還沒有 30 天產量數據，現在談還稍微早了一點，但井況看起來不錯。坦白說，從我們看到的努力、以及我們與油田服務合作夥伴的對話、還有他們進入該國的投入程度來看，此時此刻我會說——我會重申 Keith 先前說的：我們正穩步朝向鎖定 DOC 前進，而且很可能會遠早於勘探協議到期之前。

Follow-up would be that field development plan, that's where you would finally sort of lock down sort of CapEx? How many rigs you get to run, what the production forecast would be in a conventional field, that would be pretty well constrained. But with unconventionals, you can dial up, dial down and grow. I guess there'll be flexibility in what your overfeed development plan would look like?

追問是，那份油田開發計畫，就是你們最終會把資本支出（CapEx）大致定下來的地方嗎？例如你們能運行多少鑽機、傳統油田的產量預測會是什麼，那些通常會相當受限。但在非常規（unconventionals）中，你可以上調、下調並成長。我想你們的整體開發計畫在彈性上會如何呈現？

Yes. Bob, I think what you've hit on is something we've highlighted whenever we talk about going to international, whether it's conventional or in this case, unconventional, it's the importance of aligning yourself with the right partners. Folks that understand what it takes to make these plays work, what it takes to make unconventionals work.

是的。Bob，我想你點到的是我們每次談到走向國際時都會強調的一點——不論是傳統或像這次的非常規——也就是與合適的夥伴對齊的重要性。這些夥伴要了解讓這些開發能成功所需的條件，了解讓非常規能運作所需的一切。

And as you touched on, the way these unconventional plays work, you essentially need to you almost have to build, construct a virtual manufacturing plant in the field before you can really step in and start to get the repeatability and the scale that makes these unconventional plays work.

而如你所提到的，非常規開發的運作方式是，你基本上需要——你幾乎必須先在現場建立、建構一座「虛擬製造工廠」，之後你才能真正介入並開始取得可重複性與規模，這些正是讓非常規開發得以成立的關鍵。

So it does start with the field development plan. And yes, you should expect, as I've talked about it before, we've got great partners between BAPCO and ADNOC. And I think all of us are -- there's great alignment there that the field development plan will be a fixed yet flexible plan to go forward and best develop the resource for the stakeholders.

所以確實是從油田開發計畫開始。是的，你應該可以預期——如我之前談過的——我們在 BAPCO 與 ADNOC 之間擁有很好的合作夥伴。我認為我們所有人——在那裡有很好的對齊；油田開發計畫將會是一個「固定但具彈性」的計畫，用以向前推進，並為利害關係人以最佳方式開發資源。

Kevin MacCurdy, Pickering Energy Partners.

Kevin MacCurdy，Pickering Energy Partners。

Hey, good morning. You took advantage of the hot markets to sell some assets in the Woodford and Barnett this quarter. As I look across your portfolio, there are a couple of areas that are not getting a lot of capital. And just curious how those assets sales came about this quarter? And how you're thinking about further streamlining the portfolio, particularly in the US, if at all?

嗨，早安。本季你們利用市場火熱的時機，出售了位於 Woodford 與 Barnett 的部分資產。當我檢視你們的投資組合時，有幾個領域並未獲得太多資本投入。我想請教，這一季這些資產出售是如何促成的？以及你們如何看待進一步精簡投資組合，特別是在美國（如果有的話）？

Sure, Kevin. I'll take that one. It's Jeff Hibbard. So as you mentioned, we took advantage of favorable market conditions really to divest those legacy Barnett and Woodford assets. I'd say we selectively divest noncore positions to lack the size and scale to meaningfully impact shareholders, allowing us really to high-grade our portfolio, pull value forward.

當然，Kevin。我來回答。這裡是 Jeff Hibbard。正如你提到的，我們確實利用有利的市場條件，剝離了這些歷史遺留的 Barnett 與 Woodford 資產。我會說，我們選擇性地處分缺乏足夠規模、難以對股東產生實質影響的非核心部位，讓我們能夠提升投資組合品質、提前實現價值。

If you look back over the last 5 or 10 years, we've divested several assets, including our legacy positions in the Marcellus in China, UK, North Sea, among others. And we try to maintain a disciplined approach to portfolio management, continuously evaluating assets against our return hurdles and strategic priorities.

如果回顧過去 5 到 10 年，我們已剝離多項資產，包括我們在 Marcellus、在中國、英國、北海等地的歷史部位。我們也努力維持嚴謹的投資組合管理方式，持續以我們的報酬門檻與策略優先事項來評估各項資產。

These divestments of non-core assets are really just another example of our relentless focus on capital discipline. So I'd say we've got no current plans for additional asset sales at the moment. We generally think assets are worth more in our hands, but we continuously evaluate our portfolio with the goal to maximize shareholder value.

這些非核心資產的處分，確實只是我們對資本紀律不懈聚焦的另一個例子。因此我會說，目前我們沒有進一步出售資產的計畫。我們通常認為資產留在我們手上更有價值，但我們會持續檢視投資組合，以最大化股東價值為目標。

Great. I appreciate that. Maybe as a follow-up, you have a unique view on the Texas gas markets as you have kind of assets in several different basins there. Are there any opportunities that you see that may be in the form of supply and demand that the market is missing? Obviously, there's been a lot of attention on Permian, both from a supply factor takeaway and demand. But is there anything else that maybe you think is underappreciated? And how does that fit into your thoughts on ramping Dorado over the next couple of years?

很好，謝謝你的說明。也許追問一下，你們在德州天然氣市場有獨特的視角，因為你們在那裡多個不同盆地都有資產。就供需而言，你們是否看到一些市場可能忽略的機會？顯然市場對 Permian 的關注很多，無論是供給端的外運能力（takeaway）或需求端。但是否還有其他你們認為被低估的地方？以及這如何融入你們對未來幾年提升 Dorado 產量的想法？

Yes. Kevin, kind of like we touched on before. The way that we think about investing in gas growth really starts with knowing where our molecules are going to go and make sure that we're not just investing into a volatile market and leaving our gas exposed. It really comes back to where we've spent a lot of time talking today about our marketing strategy and making sure that we've got the flexibility and diversification even at an asset level to be able to make sure that we put gas into a premium market.

是的，Kevin，就像我們先前提到的。我們對天然氣成長投資的思考，首先是要知道我們的氣體分子要流向哪裡，並確保我們不是把投資投向一個波動性很高的市場、讓天然氣暴露在風險之下。這其實回到我們今天花了很多時間談的行銷策略，並確保即使在資產層級，我們也具備彈性與多元化，能把天然氣送進溢價市場。

And we've done a great job not only exposing ourselves to LNG and international offtake and LNG pricing, but also things like the Transco pipeline that allows us to move gas from the Texas Gulf Coast all the way up into Louisiana, expose ourselves to some different markets there, including the Station 65 power pool and things of that nature.

我們做得很好，不僅讓自己連結到 LNG 與國際承購（offtake）以及 LNG 定價，也透過像 Transco 管線這類設施，讓我們能把天然氣從德州墨西哥灣沿岸一路運到路易斯安那，進而接觸到那裡一些不同的市場，包括 Station 65 電力池等。

Ultimately, in gas, like we said, it's a fascinating time in the North American gas market because we really are seeing a transition from this seasonally driven by weather, driven by residential and commercial heating in the history of gas demand. And now it's really becoming much more where the future fundamentals are going to be driven by AI-powered electricity demand and global LNG exports, industrial reshoring, 24/7 baseload power to ensure grid reliability. And so all of those things, we think, will ultimately provide upward pressure on pricing, which is for a company like ours, with an asset like Dorado, puts us in a great position.

最終，就天然氣而言，如同我們所說，北美天然氣市場正處於一個非常有意思的時期，因為我們確實看到需求正從過去那種由季節與天氣驅動、由住宅與商業供暖所主導的歷史型態轉變。未來的基本面將更多由 AI 驅動的用電需求、全球 LNG 出口、製造業回流（reshoring）、以及為確保電網可靠性所需的 24/7 基載電力所帶動。我們認為，這些因素最終都會對價格形成上行壓力；對像我們這樣、擁有 Dorado 這類資產的公司而言，這讓我們處於非常有利的位置。

Josh Silverstein, UBS.

Josh Silverstein，UBS。

Thanks. Good morning, guys. Maybe on that gas supply front, I was curious up in the Utica. If you guys are exploring some of these gas supply agreements, clearly, there's a lot of power generation demand growth coming to the area. I know you've signed these international agreements, but I was curious about some of the domestic agreements you guys may be looking at.

謝謝。各位早安。就天然氣供給這一塊，我想問一下 Utica 那邊。如果你們正在探索一些天然氣供應協議，顯然該區域將有大量發電需求成長。我知道你們已簽署一些國際協議，但我也想了解你們可能正在評估哪些國內協議。

Yes, Josh. This is Ezra. We're in discussions with data centers and hyperscalers, and we feel we're very well positioned because of like you highlighted, not just Dorado, but really just our multi-basin portfolio in general. We've got production near several growing potential areas that are seeking direct gas supply, and you highlighted the Utica as well. We're also having discussions with power generators. And I'd say we continue to see growth in gas-fired generation as well. basically, it comes down to the immense gas transportation portfolio on intra and interstate pipelines that allow us to get -- to have the ability to serve power generators -- power generations in -- across our operations footprint.

是的，Josh。我是 Ezra。我們正在與資料中心與超大規模業者（hyperscalers）洽談；我們認為自身定位非常有利，正如你所指出的，不僅是 Dorado，而是我們整體的多盆地投資組合。我們在多個成長中的潛在區域附近都有產量，這些區域正在尋求直接的天然氣供應，你也提到了 Utica。我們也在與發電業者洽談。我會說，我們也持續看到燃氣發電的成長。基本上，關鍵在於我們擁有龐大的州內與跨州管線天然氣運輸組合，使我們能夠——具備服務發電業者的能力——在我們營運版圖範圍內為各地的發電需求提供供應。

So we're very well poised for the demand growth story for both power gen demand to pull off transport serving utilities, our ability to connect directly with data centers. And the supply position is what gives us that advantage.

因此，無論是發電需求成長帶動的運輸需求、我們服務公用事業的能力，或是我們直接連結資料中心的能力，我們都已為這個需求成長故事做好準備。而供給端的部位正是我們具備這項優勢的原因。

Got it. And then maybe lastly, just sticking with Utica. I think the gas processing capacity up there has been pretty good for you guys to grow into. But I know you guys were working some oil and liquid side, midstream infrastructure projects up there. I'm just curious to get an update on that front, too.

了解。最後也延續 Utica 的話題。我認為你們在那邊的天然氣處理產能一直相當充裕，足以支撐你們的成長。但我知道你們也在那邊推進一些石油與液體端的中游基礎設施專案。我也想請你們更新一下那方面的進度。

Yes, Josh, this is Jeff. Yes, everything does still look good on the gas processing side up there. We have plenty of capacity. And like we said, we're over in that liquid-rich window. So obviously, any of the just residue associated gas has a lot of that liquid-rich molecules in it that they're really looking forward to grab a hold up.

是的，Josh，我是 Jeff。是的，那邊的天然氣處理端看起來仍然一切良好，我們有充足的產能。而且如我們所說，我們位於富液（liquid-rich）的區帶。因此，顯然任何殘餘伴生氣（residue associated gas）都含有大量富液分子，他們也非常期待能把這些抓住。

And then on the oil side, yes, we continue to have really constructive conversations. As I've stated, for the next handful of years, we've got really good oil takeaway, but we're going to focus on really focusing -- getting our net backs up. And as we said, we've got a little bit of a differential there. So there's a couple of things that we can do we can obviously blend some of our lighter molecules with our heavier molecules as we get infrastructure into play, which will actually help those differentials.

至於石油端，是的，我們仍在進行非常具建設性的對話。正如我先前所說，未來幾年我們的原油外運能力（takeaway）相當充足，但我們會把重點放在——提升我們的淨回收（netbacks）。如同我們提到的，我們目前存在一些價差（differential）。因此我們可以做幾件事：隨著基礎設施到位，我們顯然可以把較輕的分子與較重的分子進行調和（blend），這實際上將有助於改善這些價差。

And then we'll continue to get it on to pipe to try to get to additional markets. And like I said, we're having really constructive conversations, but really nothing to announce right now, but we'll definitely keep you abreast of our progress.

接著我們也會持續把它送上管線，嘗試進入更多市場。就像我說的，我們正在進行非常具建設性的對話，但目前沒有什麼可以宣布；不過我們一定會隨時向各位更新我們的進展。

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

問答環節到此結束。我想把電話會議交回給 Yacob 先生，請他做結語。

Appreciated. We'd also like to thank you to our shareholders for your support and special thanks, especially to our employees for delivering another exceptional quarter.

感謝。我們也要感謝股東們的支持，並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. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。