EOG Resources (EOG) Barclays 40th Annual Energy-Power Conference summary

Market outlook and exploration trends

• Audience polling indicated expectations for increased U.S. shale activity at $90-$100 oil prices, with Argentina, Canada, and unconventional plays seen as attractive new frontiers.

• Exploration remains a core competency, supported by a decentralized structure with domestic and international divisions focused on identifying scalable, high-return, low-cost, and shallow-decline opportunities.

• Recent successes include organic discoveries in the Utica and step-out extensions in the Eagle Ford and international entries in Bahrain and the U.A.E.

• Governments globally are increasingly open to partnerships and resource access, improving the international opportunity set.

International operations and U.A.E. project

• The U.A.E. unconventional concession covers 900,000 acres, with a three-year exploration phase underway and initial wells showing strong results.

• Early wells produced 25,000 barrels of oil in 30 days, with further optimization planned through longer laterals and improved completions.

• Infrastructure and takeaway capacity were secured in advance, and local sand mining is being implemented to reduce costs.

• Partnership with ADNOC has been collaborative, enabling technology transfer and operational efficiency.

U.S. asset development and optimization

• The Permian Basin continues to deliver value through technology and development, with a focus on maximizing resource extraction and maintaining a 30% after-tax return threshold at $45 WTI.

• Over 10 years of inventory remain in the Permian, with ongoing cost reductions and new target identification.

• In the Utica, focus is on the volatile oil window, with operational improvements reducing drilling and completion costs and a new in-basin sand mine expected to further lower expenses.

• The Dorado gas asset in South Texas is highly prolific, with low break-even costs and flexible infrastructure supporting LNG and domestic market strategies.