EOG Resources (EOG) investor relations material

Strategic expansion and asset development

• Recent transformative $5.6 billion Encino acquisition in the Utica has doubled the volatile oil window acreage and added significant gas exposure, accelerating development by 2–3 years.

• International expansion includes new unconventional gas and oil plays in Bahrain and the UAE, leveraging proprietary technology and subsurface knowledge.

• Both domestic and international growth are driven by organic exploration and a focus on first-mover advantage.

• Integration of new assets utilizes internal AI and machine learning for rapid operational optimization and employee onboarding.

• Multi-basin portfolio approach enables cross-basin technology transfer and economies of scale.

Capital allocation and operational discipline

• Capital is allocated based on each asset's lifecycle, with foundational assets like Delaware and Eagle Ford receiving more investment, while emerging plays like Utica and Dorado are ramping up.

• Emphasis on capital discipline, operational excellence, and sustainability to drive down well costs and maximize returns.

• Focus on balancing near-term and long-term free cash flow, not just production growth.

• Data-driven pace of development ensures learnings are incorporated before scaling up activity.

• Margin expansion is prioritized through cost reduction rather than top-line growth.

Resource quality, sustainability, and growth outlook

• Over 12 billion BOE of resources with a 55% average direct wellhead rate of return at $45 oil; over 200% at mid-cycle prices.

• Asset tiering and allocation support sustainable drilling programs for years, with a culture focused on continuous innovation.

• Delaware Basin continues to unlock new landing zones and remains a growth engine; Eagle Ford activity is level-loaded for margin expansion.

• Dorado is positioned as a low-cost, high-growth dry gas asset, with $1.40 break-even and $750 million/day gross exit rate expected.

• Strategic pipeline investments and marketing agreements (LNG, power, hyperscalers) provide diversified market access and price exposure.