EOG Resources (EOG) Goldman Sachs Energy, CleanTech & Utilities Conference summary

Strategic outlook and capital plans

• Entering 2026 with strong momentum after a transformative 2025, focusing on value creation and cost efficiency.

• 2026 capital spend expected near $6.5 billion, slightly reduced due to faster-than-expected integration of Encino and cost improvements in the Delaware Basin.

• Capital allocation supports foundational assets, gas investments, new exploratory plays in UAE and Bahrain, and continued shareholder returns.

• Oil production growth for 2026 projected at low to no growth versus Q4 2025.

• Planning assumptions remain flexible, with significant changes only in response to major market events.

U.S. shale and portfolio strategy

• U.S. shale sector showing signs of maturity, with industry consolidation and focus on cost structure improvements.

• Ongoing innovation and technology investments drive cost efficiencies and value in core assets like Eagle Ford and Delaware Basin.

• Four key pillars: capital discipline, operational excellence, self-sourcing, and sustainability, all underpinned by a decentralized, innovative culture.

• Flexibility to shift capital among oil, gas, and international assets as market conditions evolve.

Market outlook and macroeconomic views

• Oversupply is expected to keep oil prices lower for several quarters, but demand growth should eventually rebalance the market.

• Capital discipline and low-cost investment approach enable resilience through price cycles.

• LNG buildout and electricity demand seen as key drivers for natural gas, with future price impacts likely to be regionalized.