EOG Assets (EOG) This autumn 2024 Earnings Name Transcript

EOG Assets (EOG -2.81%)
This autumn 2024 Earnings Name
Feb 28, 2025, 10:00 a.m. ET

Contents:

• Ready Remarks
• Questions and Solutions
• Name Members

Ready Remarks:

Operator

Good day, everybody, and welcome to EOG Assets fourth quarter and full-year 2024 earnings outcomes convention name. As a reminder, this name is being recorded. At the moment, for opening remarks and introductions, I wish to flip the decision over to the investor relations vice chairman of EOG Assets, Mr. Pearce Hammond.

Please go forward, sir.

Pearce Hammond — Vice President, Investor Relations

Yeah, good morning, and thanks for becoming a member of us for the EOG Assets fourth quarter 2024 earnings convention name. An up to date investor presentation has been posted to the Investor Relations part of our web site, and we are going to reference sure slides throughout as we speak’s dialogue. A replay of this name will probably be obtainable on our web site starting later as we speak. As a reminder, this convention name contains forward-looking statements.

Components that might trigger our precise outcomes to vary materially from these in our forward-looking statements have been outlined within the earnings launch and EOG’s SEC filings. This convention name may additionally comprise sure historic and forward-looking non-GAAP monetary measures. Definitions and reconciliation schedules for these non-GAAP measures and associated dialogue could be discovered on the Investor Relations part of EOG’s web site. As well as, a number of the reserve estimates on this convention name might embody estimated potential reserves, in addition to estimated useful resource potential, not essentially calculated in accordance with the SEC’s reserve reporting pointers.

Collaborating on the decision this morning are Ezra Yacob, chairman and CEO; Jeff Leitzell, chief working officer; Ann Janssen, chief monetary officer; Keith Trasko, senior vice chairman, exploration and manufacturing; and Lance Terveen, senior vice chairman, advertising and midstream. Here is Ezra.

Ezra Y. Yacob — Chairman and Chief Government Officer

Thanks, Pearce. Good morning, everybody, and thanks for becoming a member of us. EOG’s constant execution of our price proposition delivered one other yr of excellent efficiency. Oil and whole firm manufacturing exceeded our unique 2024 forecast, whereas capital expenditures have been on the right track.

We additionally diminished money working prices yr over yr and elevated our common dividend 7%. We earned $6.6 billion of adjusted internet revenue for a 25% return on capital employed. And within the 4 years since COVID, we’ve got earned a median 28% return on capital employed and are outpacing the typical of our friends. And at last, we returned 98% of free money stream by way of a mixture of our common dividend and share repurchases.

Trying ahead to 2025, EOG has by no means been higher positioned to ship long-term shareholder worth. Jeff will evaluation our 2025 capital plan in additional element in a second. Nonetheless, at a excessive stage, our plan builds on final yr’s success and is grounded in our dedication to, first, capital self-discipline, returns-focused investments at a tempo that helps steady enchancment throughout every of our property; second, operational excellence, integrating natural exploration with best-in-class operational experience, proprietary data expertise, and self-sourced supplies and advertising agreements to broaden margins; third, sustainability, a dedication to protected operations and main environmental efficiency; and fourth, our tradition, fostering a decentralized group and recognizing that worth is created within the discipline on the asset stage by collaborative, multidisciplinary groups using expertise to drive real-time selections and innovation. The depth and high quality of EOG’s various portfolio of unconventional assets is unmatched.

EOG holds greater than 10 billion barrels of oil equal in useful resource potential that earns among the many highest returns in our business, averaging greater than a 55% common direct after-tax price of return, utilizing our up to date view on the bottom-cycle pricing of $45 oil and $2.50 pure gasoline. We proceed to guage returns, margins, and payback interval underneath a number of value situations, remaining centered on optimizing half- and full-cycle returns with internet current worth to create shareholder worth. The results of this complete analysis of funding throughout our portfolio is realized within the robust free money stream era and return on capital employed that we’ve got delivered over the previous few years and that we’re positioned to ship by way of the cycle. Our portfolio contains our core property within the Delaware Basin and Eagle Ford, which stay the biggest areas of exercise within the firm.

After greater than a decade of high-return drilling, each property ship distinctive returns and top-tier outcomes whereas working at a gradual tempo. Our rising South Texas Dorado dry pure gasoline play and the Powder River Basin and Utica combo performs are usually not solely contributing to EOG’s success as we speak however laying the groundwork for years of future free money stream era and excessive returns. One other space contributing to the muse for future high-return funding is on the worldwide entrance. In Trinidad, the place we have been working for over 30 years, we proceed to determine high-return tasks as a result of our intensive data of the regional subsurface whereas additionally making use of our cost-conscious tradition to stay capitally disciplined and ship tasks that compete with our home portfolio.

In 2024, we efficiently constructed and set one new offshore platform, sanctioned a brand new platform to be constructed, and we’re awarded two new offshore blocks within the Shallow Water Bid Spherical hosted by the Trinidad and Tobago Ministry of Power. Additionally on the worldwide entrance, we’re excited to start engaged on a brand new three way partnership in Bahrain. We anticipate this to be the start of a long-term partnership with Bapco Energies to discover and develop an onshore unconventional tight gasoline prospect in Bahrain. The formation has beforehand been examined utilizing horizontal expertise, delivering optimistic outcomes.

We’re optimistic that making use of our experience in horizontal drilling and completions expertise will improve outcomes and drive economics aggressive with our home portfolio. Our partnership with Bapco Energies is a superb instance of stakeholder alignment and what we search for in worldwide alternatives: distinctive companions, geopolitical stability, scale, and economics to compete with our home portfolio; areas with present oil discipline companies and finally reservoirs that may notice important uplift by way of the appliance of horizontal drilling and completions. Shifting our outlook on the macro — shifting to the — to our outlook on the macro. For greater than two years, oil costs have been remarkably rangebound at a reasonably sturdy $65 to $85 per barrel WTI.

Trying ahead, we anticipate elevated demand and low world inventories to offset the pending return of worldwide spare capability. Barring surprising provide and demand shocks, we anticipate oil costs to proceed to be equally rangebound this yr. And on the pure gasoline facet, incremental reductions to gasoline inventories all year long have been exacerbated this January when chilly climate dramatically diminished inventories by roughly 1 Tcf and drove inventories beneath the five-year common for the primary time in additional than two years. Costs have strengthened accordingly regardless of the modest return of shut-in volumes.

For 2025, we anticipate extra help for costs from ongoing demand will increase from pure gasoline energy era and the start-up of a number of LNG services. And the addition of our strategic advertising agreements over the previous few years have positioned us to develop into these markets as they develop. Our money stream priorities proceed to give attention to sustainable worth creation. Disciplined capital funding and a pristine stability sheet help a rising common dividend, countercyclical investments, and extra money returns, all underpinned by a big useful resource base, offering long-term visibility for top returns and robust free money stream era by way of the cycle.

Now this is Ann with particulars on our monetary efficiency.

Ann Janssen — Government Vice President, Chief Monetary Officer

Thanks, Ezra. 2024 was an excellent yr for EOG that highlights our continued monetary power and document shareholder returns. In 2024, we invested $6.2 billion in capex, which drove annual manufacturing development of three% in oil and eight% in whole firm quantity. In 2024, proved reserves elevated by 6% to 4.7 billion barrels of oil equal, which represents a 201% reserve alternative, excluding value revisions.

We additionally lowered discovering and improvement prices, excluding value revisions, by 7% to $6.68 per BOE. Excellent monetary efficiency allowed us to return a document $5.3 billion to shareholders. This represented 98% of 2024 free money stream, nicely in extra of our dedication to return a minimal of 70% of annual free money stream to shareholders. Final yr’s document money return was underpinned by our rising sustainable common dividend, which stays the muse of our money return dedication.

This dedication to our shareholders relies on our capability to proceed to decrease our value construction and sustainably broaden future free money stream era. We consider the common dividend is the most effective indicator of the corporate’s confidence in its future efficiency, confidence we’ve got constantly demonstrated by way of our historical past of dividend development. We have now by no means minimize or suspended the dividend in our historical past, and actually, we’ve got grown our dividend price twice as quick as our friends’ common since 2019. Final yr, we elevated our common dividend 7% to an indicated annual price of $3.90 per share.

This $2.2 billion annual money return dedication presently represents almost a 3% dividend yield. Along with our common dividend, we repurchased a document $3.2 billion of shares in 2024 at a median value of $123 per share. Since we began shopping for again shares in 2023, we’ve got diminished our share rely by 5%. Getting into 2025, we’ve got $5.8 billion remaining on our present buyback authorization for opportunistic share repurchases.

In 2025, we are going to proceed to work towards our stability sheet optimization targets of $5 billion to $6 billion in money and $5 billion to $6 billion in debt, which we outlined final quarter. On the finish of 2024, we had $7.1 billion in money on the stability sheet, which included roughly $700 million of estimated tax funds postponed to 2025 underneath IRS storm-related tax aid. We even have the pliability to stay opportunistic on issuing extra debt and can proceed to observe rates of interest and the broader monetary market as we strategy our subsequent maturities in April of this yr and in January of 2026. EOG’s stability sheet stays among the many strongest within the sector and is a aggressive benefit in a cyclical business.

It supplies great flexibility to help money returns to shareholders, in addition to keep our capability to put money into low-cost property bolt-ons and different countercyclical alternatives. For 2025, we’ve got outlined a disciplined capital plan that retains capex flat yr over yr at $6.2 billion. The money stream breakeven value to fund our capital funds and the common dividend is within the low 50s. At $70 oil and $4.25 pure gasoline, we anticipate to earn a return on capital employed of 20% or better.

Now this is Jeff to evaluation 2024 working outcomes and element the 2025 plan.

Jeffrey Leitzell — Government Vice President, Chief Working Officer

Thanks, Ann. Constant operational execution throughout our multi-basin portfolio through the fourth quarter capped off yet one more excellent yr. Fourth quarter oil and gasoline manufacturing volumes beat targets as did money working prices and DD&A. I might prefer to thank our workers for his or her protected and environment friendly operational execution, delivering not solely a robust quarter however one other yr of remarkable efficiency.

For the full-year 2024, we improved security, lowering our workforce whole recordable incident price by 10%. We delivered extra oil in whole manufacturing for decrease money working prices than we initially forecasted, whereas capital spending remained proper on the right track.We improved productiveness and base manufacturing efficiency by way of improvements in completion design and synthetic raise automation. We lowered common nicely prices by 6%, primarily by way of prolonged laterals and EOG’s in-house drilling motor program. Our advertising crew continues to ship top-tier value realizations, which has constantly outpaced our friends’ efficiency whereas additionally capturing two new pure gasoline agreements that expose us to premium pricing.First is our 364,000 MMBtu per day capability on the Williams TLEP mission alongside the Transco pipeline, and second is our 180,000 MMBtu per day gasoline gross sales settlement with Vitol that hyperlinks gross sales costs to both Brent or U.S.

Gulf Coast gasoline indices. We additionally progressed two strategic infrastructure tasks final yr which we anticipate will proceed to drive peer-leading realizations.The primary is the 36-inch Verde pipeline, which runs from our Dorado pure gasoline asset in Agua Dulce and supplies entry to Gulf Coast market facilities. Verde got here into service through the fourth quarter final yr and supplies capacities for 1 Bcf per day, expandable to 1.5 Bcf per day with booster compression.The second mission is our Janus pure gasoline processing plant within the Delaware Basin. The 300,000,000 cubic toes per day facility will come into service within the first half of this yr and hook up with the Matterhorn pipeline, giving us entry to a number of premium Gulf Coast markets.

These tasks and agreements show the continuing worth of our advertising technique, which is to take care of various and versatile takeaway whereas sustaining management and limiting the length of our commitments.This finally permits us to handle our finish markets in actual time and maximize our netbacks by way of dynamic market circumstances. And at last, we maintained our GHG and methane emission depth beneath our 2025 targets. Constructing off the momentum from our 2024 efficiency, we’re enthusiastic about our 2025 plan. We forecast a $6.2 billion capital program to ship 3% oil quantity development and 6% whole manufacturing development.

Our development in 2025 is extra closely oil weighted because of the nicely combine within the Delaware Basin. Total, the cadence of our capital spend will probably be barely greater than 50% within the first half of the yr, peaking within the second quarter and tapering all year long. When taking a look at nicely prices in 2025, we anticipate oil discipline service pricing to be comparatively flat yr over yr, so value reductions will come from persevering with to advance the sustainable effectivity positive aspects captured throughout our complete operations portfolio final yr, as illustrated on our Slide 8 of our investor presentation.Two of the first drivers we anticipate to proceed momentum with are longer laterals and our foundational performs and effectivity gained from constant operations in our rising performs. In consequence, we’re projecting a year-over-year share discount in nicely value within the low single digits.

As all the time, EOG stays centered on progressing every one among our performs on the optimum tempo to permit us to seize and implement worthwhile learnings whereas realizing steady enchancment. Within the Delaware Basin, we’re seeing improved year-over-year capital effectivity. The mixture of longer laterals and our in-house drilling motor program helped improve drilled toes per day by 10% and accomplished toes per day by 20% final yr. Our 2025 plan contains one other improve in common lateral size of at the very least 20% which is able to help continued efficiencies.

In our rising performs, the Utica in Ohio and Dorado in South Texas, we’re realizing wonderful operational effectivity positive aspects and are excited to extend exercise ranges by 20% throughout these performs. Within the Utica final yr, we elevated our drilled toes per day by 50% and our accomplished lateral toes per day by 5%. We anticipate effectivity positive aspects in 2025 to be pushed by increased exercise ranges and anticipate to common two full-time rigs and one full-time frack fleet in 2025. And in Dorado, we’re additionally benefiting from efficiencies gained by sustaining a full rig program, growing each drilled toes per day and accomplished lateral toes per day by 15% every in 2024.

we plan to take care of one full-time drilling rig in Dorado, permitting us to construct on final yr’s momentum to develop this low-cost gasoline asset into the rising North American demand markets.This yr, we are going to proceed supplying the Texas Gulf Coast LNG market by way of our gasoline gross sales agreements with Chenier. We have now realized important uplift in our pure gasoline revenues within the first 5 years of our settlement and are excited Cheniere has progressed their Corpus Christi stage 3 mission.Our ahead steering now displays our Henry Hub-linked 300,000 MMBtu per day gross sales settlement tied to the completion of the mission’s practice 1, which we anticipate to start out up in 2025. Moreover, our strategic partnerships and pricing diversification continues to reduce our publicity to Waha which is anticipated — we anticipate to be restricted to five% to 7% of our whole pure gasoline gross sales this yr. On the worldwide entrance, our 2025 plan features a modest improve in capital expenditures to advance a number of discoveries in Trinidad and help our new partnership in Bahrain.

In Trinidad, we’re planning 4 internet wells from our newly constructed mento platform, and we are going to start building on the Coconut platform to help the JV and farmout settlement for the Coconut discipline signed final yr.We’re enthusiastic about executing our 2025 plan. EOG stays centered on operating the enterprise for the long run, producing excessive returns by way of disciplined development, operational execution, and investing in tasks that lay the muse for future returns and reducing the long run value foundation of the corporate. Now this is Ezra to wrap up.

Ezra Y. Yacob — Chairman and Chief Government Officer

Thanks, Jeff. 2024 yielded excellent outcomes. We proceed to generate important free money stream and ship excessive returns on and of capital to shareholders. Capital self-discipline, operational excellence, dedication to sustainability, and finally, our tradition are on the core of our success as an organization.

You see the lead to our constant efficiency yr after yr. And EOG is constant to ship in 2025. Our disciplined strategy to funding throughout our foundational and rising portfolio of property, worldwide enlargement, strategic infrastructure, and distinctive advertising agreements proceed to develop the free money stream potential of the corporate, each within the brief and long run. Supported by a pristine stability sheet and a deep stock of high-return tasks, EOG continues to create shareholder worth by specializing in being a high-return, low-cost producer dedicated to robust environmental efficiency and taking part in a big position within the long-term way forward for power.

Thanks for listening. Now we are going to go to Q&A.

Questions & Solutions:

Operator

Thanks. [Operator instructions] And the primary query will come from Neil Mehta with Goldman Sachs. Please go forward.

Neil Mehta — Analyst

Hey, good morning, Ezra and crew. Thanks for the rundown right here. Two questions. The primary was simply the free money stream information.

The 4.7 billion at $70 WTI and $4.25 Henry Hub was slightly softer than I believe the place we and a few consensus had. And I believe a few of that simply is perhaps timing as a result of there’s some fairly pre-productive capital within the plan, however possibly you could possibly discuss that and a number of the investments that you simply’re making within the rising performs, and infrastructure may present up slightly bit extra within the ’26 free money stream versus ’25 as that is been a spotlight of conversations this morning.

Ezra Y. Yacob — Chairman and Chief Government Officer

Sure, Neil. That is Ezra. Good morning. We form of began with that ’25 plan.

It begins with capital self-discipline for us. As I mentioned within the opening remarks, that is a core pillar of the worth proposition that we’ve got, and it is a key consideration establishing the plan for every year. In order you talked about it, form of portfolio particular with a number of the shifting components right here, the plan, usually, is fairly in step with the commentary we offered final quarter. We’re working at an optimum stage in each our foundational performs, and we have got alternatives to enhance our rising performs with increased exercise.

So after we take a look at the Delaware Basin, we have got flat exercise there. We’re delivering a extra capitally environment friendly program this yr. Within the Eagle Ford, we have got just a bit little bit of moderation in exercise, coupled with a little-bit-longer laterals. Within the Eagle Ford, we’re seeing I might say robust and constant capital effectivity yr over yr.

As Jeff talked about, there’s extra capital being allotted to our rising property, so 20% extra completions within the Utica, 20% extra completions in Dorado. Within the Utica, we glance to finish the yr with two rigs and one full-time frack fleet. And as we have talked about in these rising performs, that is form of the exercise stage we attempt to get every of our property to, so we will actually begin to capitalize on the economies of scale. After which the final shifting half there, after all, is the — we have got slightly extra remaining funding within the strategic infrastructure, as you talked about, after which some extra funding in each Trinidad and Bahrain, as we talked about on the opening remarks there and so a little bit of a step-up in worldwide spend.

When all that form of provides in, primarily our capital and quantity development is just like ’24. And as you identified, the free money stream is slightly bit much less. And the 2 drivers there actually is elevated money taxes as a result of some expiring AMTs that we had in 2024 that we can’t have in 2025. That is the largest piece of it.

After which we even have slightly little bit of a rise in working expense that we’re forecasting. A few of that is as a result of increased gas and energy within the discipline, affecting LOE. After which we even have some preliminary transportation contracts which are growing GPT slightly bit this yr. As , if you step into new transportation contracts, you often have increased value upfront, after which these form of come down over time as you ship the volumes.

Basically, stepping again, as we take into consideration the ’25 plan, we’re extraordinarily excited in regards to the yr forward. From an working perspective, we’re persevering with to drive robust leads to these foundational performs and making the correct investments to proceed to enhance the enterprise going ahead, supporting short- and long-term free money stream potential.

Neil Mehta — Analyst

Yeah. That is actually useful as a few of these objects that might have pushed that. After which the follow-up is simply on worldwide. It appears like there’s slightly bit extra worldwide spend within the portfolio, the capital program this yr.

So are you able to unpack that slightly bit, Trinidad, Bahrain, specifically, and what’s acquired you excited?

Jeffrey Leitzell — Government Vice President, Chief Working Officer

Hey, Neil. That is Jeff. Yeah. I am going to simply rapidly contact on it and hand it over to Keith for slightly little bit of particulars.

However yeah, you are precisely proper. We have got about $100 million in there, improve within the worldwide capital that basically simply displays our continued funding, as you talked about in each Trinidad, which we have got our Mento program that is going to be carried out this yr. And likewise, we will be developing our Coconut platform there. After which additionally, the brand new entry in Bahrain, which what I am going to say is the objective is to start out drilling on that someday within the second half of the yr.

The one word on each of those, although, is each applications, we can’t actually see any volumes essentially come on-line this yr. They will be pushed in all probability extra into 2026. So I am going to hand it over to Keith for slightly extra element.

Keith Trasko — Senior Vice President, Exploration and Manufacturing

Yeah. Good morning. That is Keith. Yeah.

In Trinidad, we’re actually enthusiastic about this system there this yr. As we talked about, we had simply set the Mento platform. So we’re taking a look at 4 internet wells in 2025. It is a discovery that was made just a few years in the past, the place we’re the working associate with BP, and that is the event part of that.

The wells come on later within the yr in 2025, in order that’s why you are not seeing a quantity influence on the roll-up. Even have our Coconut mission that we’re actually enthusiastic about. We have had a constant exploration effort in Trinidad since our entry into the nation, and Coconut is the latest prospect and that lengthy and profitable historical past. In order that was additionally an exploration nicely drilled just a few years again, and we’re commissioning the platform to entry an estimated 500-plus Bcf of useful resource potential related to that.

That can also be a three way partnership mission with BP, so we actually worth our ongoing relationship with them. We’re additionally worth being a most popular associate within the Shallow Water in Trinidad as a result of our low-cost construction. So we’re trying ahead to the drilling program that may comply with the profitable setting of that platform. We additionally, this yr, awarded two new blocks in Trinidad.

So I am actually pleased with the crew, how they proceed to unlock new alternatives. We have been in Trinidad for 30 years, and we’ve got a very well future there.

Operator

And the subsequent query will come from Arun Jayaram with J.P. Morgan Securities. Please go forward.

Arun Jayaram — Analyst

Yeah, good morning. Simply possibly, Ezra, a follow-up to the up to date free money stream outlook. I puzzled if you happen to may spend slightly little bit of time speaking about your pure gasoline differential steering, which is a bit wider than we anticipated and likewise wider on a year-over-year foundation. We thought which will slender, simply given the upper quantity of protection you have got at Henry Hub, in addition to the start-up of Corpus Christi.

So I used to be questioning if you happen to may assist us unpack that.

Lance Terveen — Senior Vice President, Advertising and Midstream

Arun, hey, good morning. That is Lance. Yeah. Let me unpack that for you.

When you consider our steering there and actually if you look again on ’24, I imply, you may see the peer-leading realizations, and we actually anticipate that to form of carry ahead, transfer in into ’25. And so unpacking slightly little bit of the steering, let’s discuss that. In order you suppose round like the premise alongside the Gulf Coast and form of like relying if you’re taking a look at these estimates, however primarily if you take a look at Houston Ship Channel alongside the Gulf Coast, we have actually seen that weaken right here, moving into the primary quarter. Like we have seen that be about $0.30 again, and that is form of moved to about $0.55 again.

After which in the meantime, you have seen NYMEX, clearly, it is moved up the place from the fourth quarter of ’24 into the primary quarter of ’25, I imply, we have seen that transfer up nearly $1, proper, nearly like $0.86. In order you take a look at that after which take into consideration, you are proper, we’ve got these new strategic agreements which are going to be beginning up this yr, however that form of has to feather in, proper? That is going to ramp up form of as that comes into the yr. So it truly is. We are going to see an inflection level this yr.

We actually really feel with our realizations, however you simply form of should take that into consideration with the start-up of these agreements as nicely. So I believe if you happen to take a look at the supplemental Slide 8, Arun, I believe that basically does a really good job of illustrating, particularly if you look from ’24 to ’25, I imply, actually how we’re directing extra of our molecules, proper, away from the place there’s the premise deducts and attending to locations like that is extra linkage to Henry Hub and likewise into the Southeast markets.

Arun Jayaram — Analyst

That is useful, Lance. Possibly my follow-up is simply on Bahrain. It appears like there was some nicely management there. Ezra, may you discuss what sort of capital mission like this might appear to be and simply possibly the timeline to money flows if issues form of play out based mostly in your expectations?

Ezra Y. Yacob — Chairman and Chief Government Officer

Sure, Arun. That is Ezra. Proper off the bat, it is in all probability slightly bit early to start out speaking about money flows and issues like that. We’ve not disclosed the capital for our program this yr.

Whereas we’re very excited in regards to the JV partnership with Bapco Energies, at this level, we have entered right into a participation settlement. We’re awaiting a few extra authorities approvals. We do have some capital within the plan that features some exercise this yr. Within the partnership, what I can say is EOG is the operator.

We’ll be evaluating a decent gasoline sand, gasoline exploration prospect. The settlement does anticipate promoting the manufacturing into the native market there, which is nice. On this space, the formation has been examined. It is seen optimistic manufacturing outcomes already with horizontal improvement.

And as you guys know, that is — Bahrain will not be a considerably giant island or something, and so we do have present infrastructure and midstream within the space which might enable us to — if profitable and aggressive with our portfolio would enable us to go to gross sales comparatively rapidly. We’re optimistic, actually, that making use of our experience in horizontal drilling and completion applied sciences ought to improve the returns and the outcomes and drive economics to be aggressive with the home portfolio.

Operator

And the subsequent query will come from Josh Silverstein with UBS. Please go forward.

Josh Silverstein — Analyst

Thanks. Good morning, guys. So that you ended 2024 with $7 billion in money following the 4Q debt providing. It appears like you have got the $700 million tax fee for this yr, however how ought to we take into consideration the tempo of buybacks given you talked about wanting to remain at a money stability of $6 billion or much less?

Ann Janssen — Government Vice President, Chief Monetary Officer

Thanks. That is Ann, Josh. We stay dedicated to creating our capital construction environment friendly. We outlined for you final yr what we wished our debt and money ranges to be.

So principally, we wish to keep at lower than one instances whole debt-to-EBITDA goal of $45 on WTI. So if we take that metric, that might set our debt at roughly $5 billion to $6 billion. We adopted by way of on our dedication final yr by beginning — by including that $1 billion new issuance again in November 2024, and we will work towards that $5 billion to $6 billion debt stage. And we’ve got some flexibility on timing of that as we transfer ahead over the subsequent 12 to 18 months.

Concerning our money stage, we nonetheless consider the suitable stage of money for our enterprise stays at $5 billion to $6 billion that stage for the final couple of years and permits to regular course of enterprise backstop our common dividend [Technical difficulty] flip into 2025 and take a look at our free money stream return. A part of that, after all, is our share repurchases. We’ll goal that 70% return of money stream to traders [Technical difficulty] the potential to and are well-positioned to return increased share of that money stream. Nonetheless, the extent of money return [Technical difficulty] not working?

Josh Silverstein — Analyst

Yeah, sorry. We could not hear you that nicely.

Ann Janssen — Government Vice President, Chief Monetary Officer

OK. Would you like me to start out — ought to I begin over, simply to stroll you thru it?

Josh Silverstein — Analyst

That’d be nice. Yeah, sorry.

Ann Janssen — Government Vice President, Chief Monetary Officer

Yeah. Sorry about that. My apologies. Hey, on the debt facet, after we’re trying on the debt facet, if you happen to recall, again on the finish of 2024, we outlined our capital plans, our capital construction for ’20 going ahead and what are dedicated that we wish to make our capital construction extra environment friendly.

As we outlined final quarter, we’re centered on reaching a debt stage of lower than one instances whole debt to EBITDA at $45 WTI. And if you happen to take a look at that metric, that might be roughly $5 billion to $6 billion. We adopted by way of on that dedication again in November by elevating $1 billion in 30-year paper at a 5.65% price. And we will proceed to work towards that $5 billion to $6 billion debt stage, and we’ve got flexibility on the timing of after we obtain that quantity.

And we’ll do it over the course of the subsequent 12 to 18 months. I imply, if you happen to take a look at our money stage, we consider the suitable stage of money continues to be on that $5 billion to $6 billion, and we’ve got run at that stage for the final couple of years. And we predict that is the correct stage to run our enterprise, backstop our common dividend, in addition to supporting more money return and countercyclical investments. You are appropriate that $7 billion at yr finish included that $700 million that we paid out in February of 2025.

So if you happen to flip to the tempo of our buybacks, it is actually about our dedication to return free money stream to shareholders. We’re staying at that concentrate on of a minimal 70%. We have now the potential to and are well-positioned to return extra, the next share of free money stream again to the shareholders in 2025 and going ahead. And we have exceeded that minimal, as you noticed in 2024, however we stay snug with that being our long-term goal.

So so far as share repurchases, we’ll proceed to be opportunistic. We’re not placing in any sort of programmatic plan. We’ll simply proceed to look at the place our share costs go, and we’ll be opportunistic in our buyback program. Once more, we’re simply dedicated to returning a good portion of our free money stream to our traders, and that money return is anchored by that dividend.

After which, in flip, we’ll look to share repurchases and different returns of worth again to the shareholders.

Josh Silverstein — Analyst

Thanks, Ann. After which second, in Dorado, you fell again some exercise over the previous 2 years. We’re now in the next value surroundings. Your pipeline began up, and the brand new LNG facility is beginning up across the nook.

Are you guys simply ready on form of affirmation of the $4-plus gasoline value surroundings to speed up extra exercise or simply taking a extra form of modest tempo of development there?

Jeffrey Leitzell — Government Vice President, Chief Working Officer

Yeah, Josh. That is Jeff. As we do with any of different performs, we’re simply evaluating the exercise ranges there, actually extra from a long-term perspective, moderately than simply trying on the near-term commodity value volatility. So actually, after we take a look at Dorado, we really feel that the 20% improve in exercise this yr is a extremely good stage and really displays what we consider is the optimum stage of exercise, simply to proceed to push it ahead yr over yr for operational enhancements like we noticed in 2024.

And we noticed about 15% enchancment in drilled and accomplished toes per day. And we predict with this present exercise stage, it actually positions Dorado in an incredible place to enhance yr over yr and continues to drive down the fee, whereas we’re profiting from the place the proximity is. And what we actually look to do is not only make investments essentially at a selected value level, however we actually look to take a position to decrease our prices by way of the cycles.

Operator

And the subsequent query will come from Leo Mariani with ROTH. Please go forward.

Leo Mariani — Analyst

Hello, guys. Simply wished to comply with up slightly bit on the choice to dial again Eagle Ford exercise. It appears to be like like internet completions are down round 25% yr over yr. I do know your lateral lengths are going up.

So presumably, whole accomplished feed aren’t down fairly that a lot, however simply present slightly bit extra coloration there. Are you simply seeing like incremental returns not being as aggressive along with your Delaware or the rising performs the place you are clearly growing exercise right here in ’25?

Keith Trasko — Senior Vice President, Exploration and Manufacturing

Yeah. Thanks, Leo. That is Keith. I believe what we’re actually seeing is that we actually leaned into the Eagle Ford in each 2023 and 2024.

In 2023, we had stepped up exercise ranges within the wake of the persistent inflation within the Delaware Basin. And in 2024, we have been sharing a frack crew between Dorado and the Eagle Ford. So consequently, there have been extra completions within the Eagle Ford after we deferred completion exercise in Dorado as a result of weaker gasoline costs, and so I believe what you are seeing is us getting again right down to form of our background ranges there. You talked about the longer laterals.

So after we take a look at how a lot lateral toes we’re competing in a yr, this yr is fairly common in comparison with the final a number of years. So the Eagle Ford is a core foundational asset for us. It continues to be. Regardless of working within the play for just for 15 years, the constant enhancements and efficiencies have allowed us to understand a number of the highest returns within the play we have ever seen really within the final a number of years, and it helps a line of sight to take care of manufacturing for a decade or extra, actually.

Leo Mariani — Analyst

OK. I recognize that. And wished to only leap again over to the exploration facet. I do know you guys have been taking a look at numerous home oil exploration performs for the final handful of years.

Simply wished to get a way of what the exercise ranges there are. Are you continue to pursuing these sort of lower-cost exploration performs domestically for oil right here in 2025? Clearly, you have acquired the Bapco JV, which is worldwide gasoline. So simply attempting to form of get a way there if there’s nonetheless numerous these performs energetic? And what ought to we anticipate by way of exercise in ’25?

Ezra Y. Yacob — Chairman and Chief Government Officer

Sure, Leo. That is Ezra. That is an incredible query. With the Bapco announcement, you may see that we have clearly been energetic, not solely on the home exploration entrance, but additionally worldwide.

Such as you mentioned, Bapco is a world gasoline alternative, and so I believe that highlights very well the place we’re centered at with our exploration strategy. And that is actually not essentially to give attention to an oil versus gasoline, however actually what we give attention to for both home or worldwide is the returns of the play and what’s — how additive to our present stock will the mission be. And in order you highlighted, we have got an energetic home program. We drilled just a few wells final yr, and we plan to drill just a few extra this yr.

However additional than that, Leo, we sometimes do not remark or give extra particulars on our exploration applications greater than that. We do stay optimistic that there are nonetheless assets within the U.S. that may proceed to be additive to the general stock that we’ve got.

Operator

And the subsequent query will come from Derrick Whitfield with Texas Capital. Please go forward.

Derrick Whitfield — Analyst

Good morning, all, and thanks for taking my questions. From the skin, it seems you guys have skilled great success with all three rising developments. For my first query, I might prefer to give attention to the Utica and ask how shut is it to competing heads-up with the Eagle Ford?

Ezra Y. Yacob — Chairman and Chief Government Officer

Yeah, Derrick. That is Ezra. It is fascinating. The Eagle Ford we’ve got is a really mature asset.

And what I might say is, as Keith alluded to, after we invested on the Eagle Ford on the proper tempo, we nonetheless generate important returns there. And one of many causes is as a result of we have got all of the infrastructure in place, we have got our advertising agreements dialed in, we have actually captured the economies of scale. In order that’s actually one of many issues that, proper off the bat, continues to be missing with the Utica. We have actually acquired to — we have been capable of make good strides on the operational effectivity positive aspects, as Jeff talked about on the — within the opening notes.

However actually, to get that factor to compete with both of our foundational property, you actually need to get it to a spot the place you may drive down the prices, sustainable prices by way of the — capturing the economies of scale of — and after I say infrastructure, it isn’t simply midstream or takeaway. It is issues like in-basin sand places, getting our water infrastructure squared away, after which simply having constant frack and drilling operations to the purpose the place we offer a protected and constant working surroundings the place the fellows within the discipline can actually drive down prices. I’d say that we have been very pleased with the early time outcomes. We’re exceptionally happy with the outcomes we have had over the primary two years on this play.

As we talked about, we’re carrying loads of momentum into 2025. I believe we highlighted in November that over the subsequent couple of years, whereas we give attention to that unstable oil window, we must always — we’re taking a look at a $6 to $8 per BOE discovering and improvement value. That contemplates lower than a $650 per foot nicely value, which already, on these varieties of metrics, brings it very nicely according to form of the place the Eagle Ford is. On a heads-up comparability, when you consider how far we have made it with the Eagle Ford after yr two, if you consider it that manner, the Utica is considerably additional down the trail of getting decrease nicely prices, and fairly frankly, a greater understanding of the subsurface reservoir high quality.

Derrick Whitfield — Analyst

That is nice. And for my second query, with the effectivity and productiveness positive aspects you have famous within the Niobrara, the place do you suppose you could possibly drive F&D prices with the advantage of each working? It looks like we’re getting nearer and nearer to a breakthrough within the PRB.

Keith Trasko — Senior Vice President, Exploration and Manufacturing

Yeah. that is Keith. Within the Powder River, yeah, precisely. We have talked about how previously, we — after we have been growing the Mowry, we gathered information on the Niobrara, which is shallower, and that we have been shifting exercise to be extra centered on the Niobrara.

So if you happen to take a look at the Powder exercise as an entire, in 2025 plan, it is roughly flat to final yr, however it’s way more Nio centered. So if you happen to have been simply to take a look at Nio nicely counts yr over yr, important uptick this yr. Within the play total, in ’24, having the ability to have all that information gathered after which put the give attention to it, we have been capable of improve the nicely productiveness 20% within the Niobrara yr over yr. That is 2024 to 2023.

We additionally diminished the times to drill right down to – down 10% yr over yr. So we’re very pleased with the strides within the Powder. And on the discovering value facet, I form of say this. We discuss how our firm total is a multi-basin portfolio.

We form of have slightly multi-basin portfolio within the Powder itself. You will have the Mowry extra of a combo play with good discovering value numbers; after which in Niobrara, slightly extra oil, which is slightly bit increased return. And collectively, they do form of combine to make a pleasant, form of holistic asset there.

Operator

And the subsequent query will come from Nitin Kumar with Mizuho Securities. Please go forward.

Nitin Kumar — Analyst

Thanks for taking my query, guys. I wish to give attention to the Delaware. You are elevating lateral lens there fairly considerably. However final yr, we had talked about form of stepping away from the core oil and into another components of the basin.

How would you characterize the productiveness of the Delaware program this yr versus final yr?

Jeffrey Leitzell — Government Vice President, Chief Working Officer

Sure, Nitin. That is Jeff. And the productiveness developments within the Delaware, they will range in any given yr simply based mostly on a number of components, however we’re absolutely assured within the improvement methods we’ve got on the market and simply the sturdiness of the returns and the full-cycle economics that we’re seeing. So with any of our performs, clearly, together with the Delaware, the very first thing we leverage is price of return at a flat bottom-cycle pricing.

And that is a fairly good place to begin to underpin your analysis, however there’s loads of different key metrics that we like to guage. And particularly, we actually wish to maximize the online current worth, not simply of the nicely, however actually the sections on the market. We wish to make it possible for we’re increasing the margins, and we actually take note of what the payback interval is, simply to make it possible for we’re delivering the best worth and actually capturing as a lot useful resource as attainable. In order you simply hit on within the Delaware, an ideal instance, and we have form of talked about is, this yr alone, we’re seeing some variation within the nicely combine there, the place the productiveness is barely extra oil weighted within the first quarter, and that basically simply has to do with that nicely combine, the place we transfer across the discipline forwards and backwards from space to space, growing completely different stream benches, and that is simply a part of our regular improvement.

So — and you may proceed to see this type of variation in productiveness and nicely combine all through the event of the play. After which the opposite factor that I simply actually contact on right here within the Delaware is over the previous few years, we have made important enhancements in our shallow targets, actually by reducing value and enhancing the productiveness by actually simply pushing ahead our present greatest practices. So if you break it down by goal and play there, if you happen to take a look at the Leonard, the Bone Springs, the Wolfcamp targets, they’re all delivering comparable returns at bottom-cycle pricing. So if you roll all of it updated, I believe we’re higher positioned than ever to essentially optimally develop a given part from each a sub-surface focusing on perspective due to our geologic data after which additionally the above-ground infrastructure perspective.

And that basically is what permits us to stability all of these items, return, NPV, payout margins, useful resource seize, and productiveness, to ensure we finally maximize worth.

Nitin Kumar — Analyst

Nice. Thanks for the element there, Jeff. Ezra, I will attempt to take another shot on the Bahrain alternative. I do know particulars are restricted.

Trinidad accounts for about 10% of your company gasoline manufacturing. Might Bahrain be the identical scale or larger over time? After which for these of us who do not know what Bahrain native gasoline pricing appears to be like like, are the returns as aggressive as your home exploration?

Ezra Y. Yacob — Chairman and Chief Government Officer

Sure, Nitin. That is Ezra. Thanks for revisiting Bahrain. Like I mentioned, we’re excited to speak about it.

I believe the primary inform is that we wish to take a chance, worldwide, simply to say that we’ve got a world alternative. For us to take this step, we’d like a few issues. And the primary is that we’ve got fairly robust conviction from an exploration standpoint. I imply, we nonetheless want to check these wells slightly bit extra, however we have got a fairly robust conviction that we’ll be capable of flip this into one thing that is significant for our shareholders.

So meaning it is acquired the scale and scale and the potential to ship returns which are additive to our program, one thing that may really command capital that we’ll wish to put money into. The second a part of that, clearly, is to take an enormous step like this. We wish to make it possible for we’re — we’ve got stakeholder alignment, and we discovered a superb associate. And that is why I hold saying that we could not be extra thrilled with the partnership that we discovered with Bapco Energies.

So far as gasoline value in nation, we’ve not talked about that. However sure, it’s best to suppose that after we take a look at the potential gross sales value out there that we might take that in consideration with the nicely productiveness and the fee construction that we anticipate seeing there and roll that each one up into one thing that might be additive and significant for the corporate.

Operator

The subsequent query will come from John Freeman with Raymond James. Please go forward.

John Freeman — Analyst

Good morning. Simply wished to circle again on the Utica. Final yr, you all examined nicely spacing from form of 700 toes to 1,000 toes. And as you improve exercise fairly meaningfully within the Utica, are you form of or, I assume, dialed in on a selected form of spacing? Or is testing nonetheless an enormous a part of what you are doing this yr to form of perceive that higher?

Keith Trasko — Senior Vice President, Exploration and Manufacturing

Yeah, John. That is Keith. So so far as simply your query improvement versus testing, the place are we doing each. We pleasure ourselves not being in a producing mode ever in any of our performs, and so we do not actually make use of a set spacing or completion design all through a whole discipline.

So it is slightly tough to attract a line between improvement and testing, so we’re continually incorporating new information and learnings to enhance each nicely and each package deal throughout all the performs, foundational and rising. So far as spacing goes, we have talked about previously that it is — we really feel it should be 600 to 1,000, which is fairly commonplace for North American unconventional oil play, however we have additionally mentioned it depends upon the world. And so in our final launch, we confirmed assessments between 800 and 1,000. We expect that geology performs a good portion or a big consider what your spacing must be.

So like an instance can be within the south, the place we’ve got thinner pay, however we even have higher frack limitations we have talked about previously. That would additionally imply that the frack reaches out additional, so that you may anticipate wider spacing within the south to work out higher. These kinds of issues are the issues that our crew takes into consideration each time they drill the package deal and incorporate it into the subsequent one occurring.

John Freeman — Analyst

Thanks for that. After which as these rising performs tackle extra exercise, extra capital as a few of these worldwide alternatives that you simply all have been speaking about as we speak, do you all begin to take possibly a more durable take a look at divestitures simply as a strategy to unlock worth given the gorgeous deep, world portfolio you have acquired with possibly some areas having a harder time form of competing for capital which may be extra worthwhile to anyone else?

Ezra Y. Yacob — Chairman and Chief Government Officer

Sure, John. That is Ezra. Yeah. We proceed to have — we regularly evaluation our stock and proceed to search for alternatives to convey worth ahead at any alternative that we will.

For essentially the most half, we have achieved a superb job over the past, I’d say, going again nearly the final decade. And we have been — not surprisingly, we have been pretty energetic within the divestiture market, and so we have achieved a superb job form of excessive grading our portfolio on the proper instances.

Operator

Then the subsequent query will come from Neal Dingmann with Truist Securities. Please go forward.

Neal Dingmann — Analyst

Good morning, Ezra and crew. Thanks for the time. My first query is possibly on IPP or different energy gen operations. I am simply questioning, numerous your friends have talked about how their floor water and pure gasoline assets would make for a really perfect — make them a really perfect associate for transactions.

And I am questioning — you all positively appear to have those self same high-asset qualities. And I am questioning, with that mentioned, are you all actively talking into a few of these hyperscalers? And if that’s the case, do you suppose your alternatives to do one thing like that might be within the Appalachian, Dell, Eagle Ford since you actually have loads of fascinating areas the place you could possibly do one thing like that?

Ezra Y. Yacob — Chairman and Chief Government Officer

Sure. It is a good query, Neal. That is Ezra. And also you’re proper.

With our funding in and utilization of expertise, we’ve got spent loads of time taking a look at how information middle improvement might progress and what position business and EOG particularly would play in that. There’s already a few completely different ways in which we profit as we speak and a few other ways we will profit sooner or later. At the moment, if you happen to take a look at the place the info facilities are discovered, they’re sometimes in areas with dense and various fiber traces. That is clearly a bit extra vital than simply floor and water.

It is the range of the fiber traces and if it is within the floor. And consequently, oftentimes, these information facilities find yourself being slightly bit nearer to city areas. The very first thing is it is very good. We have achieved an incredible job with our various advertising technique, and that provides us publicity everytime you see a regional pricing uplift that is related to simply the elevated electrical demand in these areas.

instance is the capability alongside the Transco pipeline to ship gasoline into the southeast market that we captured final yr. However extra thrilling possibly is the second manner we predict that EOG can profit is that if information middle improvement outpaces infrastructure improvement. And so what I imply there’s the present mannequin requires transmitting power, both within the type of electrical grid or pure gasoline pipelines, over lengthy distances to ship to those information facilities. One other mannequin then can be, and also you’re beginning to see it develop, is developing information facilities nearer to the ability era, nearer to pure gasoline fields.

But additionally, extra vital than floor and water is the place there’s sufficient fiber to make the funding worthwhile. Once I take into consideration that, I believe, Neal, you hit the nail on the top there. We see the Gulf Coast in South Texas as having the potential to play a bigger position in information middle buildout. And clearly, Dorado would profit significantly from that regional demand.

Neal Dingmann — Analyst

Yeah, you positively have some fascinating areas. And possibly simply second, if I may ask possibly on the Utica slightly bit in another way. I am curious, I do not know if you happen to’re capable of focus on what a part of the Utica you goal, the brand new 15,000 acres. Or possibly simply taking a look at it one other manner, I am simply curious the way you all at the moment are fascinated by possibly you have acquired an enormous footprint, nearly 500,000 acres now.

I am questioning how you consider the western facet of the black oil window. I do not know, possibly I may begin county versus the japanese facet nicely over into like Trumbull County.

Ezra Y. Yacob — Chairman and Chief Government Officer

Yeah, Neal. That is Ezra once more. Once more, the place we did most of our leasing, we’re nonetheless centered in on the unstable oil window. We’re form of leasing and selecting up leases out in entrance of our drilling alternatives at this level.

So far as if you consider form of the Wild West land seize and issues like that, nearly all of that has form of resulted in that play, and so we’re doing loads of our strategic leasing now, form of coring up our areas. And since we’ll be focusing for the subsequent few years actually in drilling within the unstable oil window, that is the place the main focus of the leasing. I believe you may anticipate that dominantly going ahead. So far as stepping out within the enlargement, we’re nonetheless slightly methods.

We’re nonetheless speaking about we have to get our seismic shot up there first. However finally, like several basin, if you happen to return, whether or not it is, gosh, even return to Barnett, early days of the Haynesville, Eagle Ford, Permian, Bakken, issues like that, you actually begin within the areas the place you have acquired essentially the most information, and that actually is the unstable oil window for us. We’ll develop our wells there. As Keith alluded to earlier, we’re making good progress on figuring out issues like the right spacing throughout this nearly 500,000 acres, as you mentioned.

And when you begin to actually gather loads of information and perceive extra in regards to the reservoir, that is when you can begin to step out into these different areas upon getting a greater understanding of form of what the worth drivers are of the unconventional play.

Operator

And the subsequent query will come from Doug Leggate with Wolfe Analysis. Please go forward.

John Abbott — Wolfe Analysis — Analyst

Good morning. That is John Abbott on for Doug Leggate, and thanks very a lot for taking our questions. Ezra, at your scale, it is getting more durable to maneuver the needle on worth of the useful resource. You will have about 27 years of stock, so it appears to us the dividend turns into a extra vital a part of market recognition and worth.

So our query is how do you consider the evolution of the dividend, the dividend rising price, and the dividend breakeven?

Ezra Y. Yacob — Chairman and Chief Government Officer

Yeah, John. Thanks for becoming a member of the decision. It is good to listen to from you. We’re in full settlement.

We expect the most effective marker for a blue-chip inventory or an organization of our scale and dimension must be mirrored in a sustainable and rising common dividend, and that is actually what we give attention to and we really feel is the muse of our money return technique. We raised our common dividend 7% final yr, and we have really raised our common dividend two instances the peer common as a compound annual development price since 2019. We have got 27 years of sustainable rising common dividend, and so we actually lined that loads. The way in which we take into consideration how we develop that, crucial phrase I mentioned is sustainable.

So we develop it in live performance with increasing margins. Which means each rising top-line income but additionally top-line money stream from operations but additionally reducing the fee foundation of the corporate, so ensuring that the corporate is constant to enhance. After which we additionally marry that up with a robust stability sheet, simply as a backstop on that common dividend. And we agree with you, John.

I believe what we prefer to see is the dividend growing and the yield reducing.

John Abbott — Wolfe Analysis — Analyst

Respect it. After which for our second query is on money taxes. At the least for us, it was slightly issue listening to to start with when Ann was talking. However are you — may you speak in regards to the AMT? We thought — our impression that you simply have been already a full money taxpayer.

Is that appropriate? Might you focus on slightly bit extra element your money tax outlook?

Ann Janssen — Government Vice President, Chief Monetary Officer

Completely. That is Ann. Thanks for the query, John. The way in which that we take a look at — the way in which we’re modeling it out, our present tax revision in 2024 included $212 million in various minimal tax credit, and people have been absolutely exhausted after we exited 2024.

So you are not going to see any influence of that in 2025. So consequently, if you’re taking a look at present tax improve, you are going to see about 15% improve in present taxes as we transfer into 2025. And as we glance ahead, our present steering for 2025 doesn’t ponder any materials or uncommon objects. So all issues being equal, 2025 is an efficient proxy as we transfer ahead.

Operator

This concludes our question-and-answer session. I wish to flip the convention again over to Mr. Yacob for any closing remarks.

Ezra Y. Yacob — Chairman and Chief Government Officer

Sure. Thanks. I simply wish to say we recognize everybody’s time as we speak. We’re very excited for 2025.

I believe our plan displays an acceptable tempo of funding to enhance every of our property yr over yr, in addition to the broader alternatives we see to construct and enhance our enterprise. And disciplined reinvestment within the high-return, multi-basin portfolio is how EOG continues to get higher. It permits us to decrease our breakevens as we had decrease value reserves and finally permits us to optimize each near- and long-term free money stream era. As all the time, thanks to our shareholders in your help and particular due to our workers for delivering one other distinctive quarter.

Operator

[Operator signoff]

Length: 0 minutes

Name members:

Pearce Hammond — Vice President, Investor Relations

Ezra Y. Yacob — Chairman and Chief Government Officer

Ann Janssen — Government Vice President, Chief Monetary Officer

Jeffrey Leitzell — Government Vice President, Chief Working Officer

Ezra Yacob — Chairman and Chief Government Officer

Neil Mehta — Analyst

Jeff Leitzell — Government Vice President, Chief Working Officer

Keith Trasko — Senior Vice President, Exploration and Manufacturing

Arun Jayaram — Analyst

Lance Terveen — Senior Vice President, Advertising and Midstream

Josh Silverstein — Analyst

Leo Mariani — Analyst

Derrick Whitfield — Analyst

Nitin Kumar — Analyst

John Freeman — Analyst

Neal Dingmann — Analyst

John Abbott — Wolfe Analysis — Analyst

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