EOG Resources (EOG) Barclays 38th Annual CEO Energy-Power Conference summary

Operational efficiency and capital discipline

• Achieved significant capital efficiency gains through longer laterals, in-house motor R&D, and high-rate electric frack fleets.

• Maintains a culture focused on operational execution, sustainability, and safety, with clear quarterly goals.

• Three-year scenario demonstrates business resiliency at flat costs and production, not factoring in future efficiency gains.

Portfolio strategy and M&A approach

• Prioritizes adding only top-tier inventory through M&A, focusing on undeveloped, operated acreage with minimal legacy issues.

• Finds more value in organic exploration, citing low-cost entry and large resource potential in plays like Utica and Dorado.

Exploration and emerging plays

• Assembled 445,000 acres in Ohio's Utica, with 225,000 acres in the volatile oil window showing strong results and potential for capital ramp-up in 2025.

• Dorado gas play in Webb County, TX, holds 20+ Tcf resource, with low operating costs and proximity to Gulf Coast markets.

• Maintains measured development pace in both Utica and Dorado, reinvesting learnings to optimize future activity.