EOG Resources (EOG) 47th Annual Raymond James Institutional Investor Conference summary

Strategic priorities and value creation

• Focus on sustainable value creation through cycles, emphasizing capital discipline, operational excellence, sustainability, and a decentralized, business-oriented culture.

• Maintains a pristine balance sheet, with Net Debt to EBITDA well below 1x, and targets returning at least 70%—often 100%—of free cash flow to shareholders.

• Portfolio includes 12 billion barrels of resource, with high returns even at $55 oil, and a diversified presence across seven U.S. divisions and multiple international assets.

• Emphasizes operational efficiency, supply chain control, and innovation, with each division acting as a business unit sharing best practices.

• Culture prioritizes interdisciplinary skills, rapid decision-making, and a hands-on approach at the asset level.

Financial performance and shareholder returns

• Generated $15 billion in free cash flow over the last three years, with $5.5 billion adjusted income in 2025 and 24% average ROCE.

• Returned 100% of free cash flow to shareholders, including $6.7 billion in buybacks over three years, reducing share count by 10%.

• Maintains a $2.2 billion annual dividend ($4.08/share), with 28 years of uninterrupted growth.

• Peer-leading cash returns as a percentage of market cap and industry-best balance sheet metrics.

• Plans to continue prioritizing buybacks over special dividends in the current environment.

Portfolio development and operational highlights

• 2025 marked by the $5.6 billion Encino acquisition, expanding Utica footprint by 1.1 million acres and making it a foundational, free cash flow positive asset.

• Awarded first onshore unconventional oil concession in UAE and entered a JV in Bahrain for unconventional gas.

• Capital budget for 2025 is $6.5 billion, with oil volumes up 5% YoY and total BOE up 13% YoY, reflecting full-year impact of Encino.

• Breakeven for CapEx at $40 WTI, $50 including dividend; plan balances activity across Delaware, Eagle Ford, Utica, Dorado, and international assets.

• Three-year scenario projects low single-digit oil growth, mid single-digit BOE growth, and 20% increase in free cash flow if recent prices persist.