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1Q 2023 Earnings Presentation – EOG Resources, Inc.

EOG Resources, Inc. · May 3, 2023 · 15 slides

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Slides

  1. 1Q 2023 Earnings Presentation – EOG Resources, Inc. – slide 1
    1Q 2023 Earnings Presentation David Streit, Vice President IR Neel Panchal, Director IR Shelby OConnor, Manager IR (713) 571-4902, dstreiteogresources.com (713) 571-4884, npanchaleogresources.com (713) 571-4560,…
  2. 1Q 2023 Earnings Presentation – EOG Resources, Inc. – slide 2
    Sustainable Value Creation Through Industry Cycles Returns-Focused Most Stringent Investment Hurdle Rate in Industry Anchored to a Flat 40 Oil and 2.50 Natural Gas Price Deck Disciplined Growth EOG is focused on being among the…
  3. 1Q 2023 Earnings Presentation – EOG Resources, Inc. – slide 3
    1Q 2023 Results & Highlights Outstanding First Quarter Results - 1Q 2023 Volumes, Capex and Per-Unit Operating Costs Better than Guidance1 - 1Q 2023 Adjusted Net Income2 of 1.6 Bn and 2.69 Adjusted EPS2 - Generated 1.1 Bn Free Cash…
  4. 1Q 2023 Earnings Presentation – EOG Resources, Inc. – slide 4
    Delivering on Cash Return Commitment Minimum 60% of Annual Free Cash Flow1 Committed to Shareholder Returns Free Cash Flow Priorities Focused 2023E Free Cash Flow on Long-Term Value Creation 80 WTI Sustainable Dividend Growth 5.5 Bn…
  5. 1Q 2023 Earnings Presentation – EOG Resources, Inc. – slide 5
    Committed to Sustainable, Growing Regular Dividend Regular Dividends Protect Cash Returns Through Cycles 25 Years of Stable and Growing Regular Dividend per Share Regular Dividend is a 1.9 Bn Annual Cash 3.30 Return Commitment to…
  6. 1Q 2023 Earnings Presentation – EOG Resources, Inc. – slide 6
    EOGs Balance Sheet Leads Peers and Broader Market EOG Net Debt1 ( Billions) Financial Leverage (Net Debt/EBITDA)2 Liquidity (Cash/Market Capitalization)2 5.6 2.0 11.3% 4.5 7.7% 3.1 2.5 0.8 4.2% 0.4 2.7% -0.1 S&P 500…
  7. 1Q 2023 Earnings Presentation – EOG Resources, Inc. – slide 7
    A Growing Portfolio of Low-Cost, High-Return Resources1 Multi-Decade Premium Resource Poised to Further Improve ROCE2 & Free Cash Flow3 Finding & Development Cost (/BOE)4 10 Invest to Improve the Business - Premium Hurdle Rate of…
  8. 1Q 2023 Earnings Presentation – EOG Resources, Inc. – slide 8
    Premium Development Improves Operating Margins Finding & Development Cost (/Boe)1 Depreciation, Depletion & Amortization (/Boe) 12.93 18.43 Improving F&D Costs Drive Down DD&A 10.69 5.13 Premium Drilling Premium Drilling 2014…
  9. 1Q 2023 Earnings Presentation – EOG Resources, Inc. – slide 9
    Higher Margins Drive Record Return on Capital Employed1 Oil Price Required for 10% ROCE1 at Constant Gas Price2 Realized ROCE3 86 45% 34% 94 WTI 6.64 HH 35% 25% 15% 93 WTI 4.37 HH 15% 5% Premium Drilling 42 -5% -15%…
  10. 1Q 2023 Earnings Presentation – EOG Resources, Inc. – slide 10
    Permian Performance Delivers Returns Well Above Premium Wolfcamp Average 6 Mo. Cumulative Production (Boe/ft) Wolfcamp Average 6 Mo. Cumulative Production (Boe/ft) 34 34 35+ 33 Gas NGL 23 Oil 11 2021 2022 2023E Completed…
  11. 1Q 2023 Earnings Presentation – EOG Resources, Inc. – slide 11
    Increasing Permian Returns Through Operational Efficiencies and Multi-Target Development Wolfcamp Days to Drill & Complete1 Wolfcamp Well Packages with 2+ Targets -24% 90%+ 65% 19.4 40% 16.7 14.9 14.7 10% 2019 2020 2021…
  12. 1Q 2023 Earnings Presentation – EOG Resources, Inc. – slide 12
    Eagle Ford Operational Excellence Drives Down Finding and Development Cost Operational Highlights Completed Lateral Feet Per Day for Contract Fleets1 3,385 Infrastructure from 3,700+ Producing Wells Minimizes 2,875 Capital Expenditures…
  13. 1Q 2023 Earnings Presentation – EOG Resources, Inc. – slide 13
    ESG Ambitions & Strategy Dedicated to Being a Responsible Operator and Part of the Long-Term Energy Solution NEARTERM EMISSIONS TARGETS NET ZERO AMBITION 13.5 0.06 ZERO 99.8% NET ZERO GHG intensity methane emissions Routine flaring…
  14. 1Q 2023 Earnings Presentation – EOG Resources, Inc. – slide 14
    Strong 2022 Emissions Results Met 2025 Targets Preliminary ESG Metrics EMISSIONS Scope 1 GHG Intensity Rate1,2 Wellhead Gas 17.1 17.7 99.9% Capture Rate 15.0 13.6 14.0 13.5 13.5 WATER 9% 14% 2017 2018 2019 2020 2021 2022E 2025…
  15. 1Q 2023 Earnings Presentation – EOG Resources, Inc. – slide 15
    EOG Culture Drives Sustainable Competitive Advantage Rate-of-Return Multi-Disciplinary Every Employee is a Driven Teamwork Business Person First Culture Decentralized / Non-Bureaucratic Innovative / Entrepreneurial Safety,…

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