EOG Resources
Q3 2022 Earnings Call
Nov 04, 2022, 10:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, everyone, and welcome to EOG Resources' third quarter 2022 earnings results conference call. As a reminder, this call is being recorded. At this time for opening remarks and introductions, I would like to turn the call over to the chief financial officer of EOG resources, Mr. Tim Driggers.
Please, go ahead, sir.
Tim Driggers -- Chief Financial Officer
Good morning and thanks for joining us. This conference call includes forward-looking statements. Factors that could cause our actual results to differ materially from those in our forward-looking statements have been outlined in the earnings release in EOG's SEC filings. This conference call also contains certain non-GAAP financial measures.
Definitions and reconciliation schedules for these non-GAAP measures can be found on EOG's website. This conference call also may include estimated resource potential, not necessarily calculated in accordance with the SEC reserve reporting guidelines. Participating on the call this morning are Ezra Yacob, chairman, and chief executive officer; Billy Helms, president, and chief operating officer; Ken Boedeker, EVP exploration, and production; Jeff Leitzell, EVP exploration, and production; Lance Terveen, senior VP marketing; and David Streit VP investor relations. Here's Ezra.
Ezra Yacob -- President
Thanks, Tim. Good morning, everyone. The quality of EOG's diverse, multi-basin, and portfolio high-return assets continue to grow and improve. Yesterday's announcement of the large position we captured in the Utica Combo play demonstrates yet again that EOG's robust exploration pipeline delivers results.
Over the last two years, our organic exploration efforts have brought forth Dorado, our premium dry natural gas plant in South Texas, the emerging Northern Powder River Basin oil player in Wyoming, and now the emerging Utica Combo play in Ohio. The value of our multi-basin portfolio can't be overstated. With the addition of the Utica Combo, we are now positioned to operate seven premium resource basins, which reinforces several of EOG's competitive advantages. First, our decentralized cross-functional operating teams innovate independently but collaborate to compound the impact of learnings and efficiencies across the company.
Second, our flexibility to allocate capital optimizes reinvestment across our portfolio, enabling us to develop each asset at the right pace to maximize returns. And third, our geographic and product diversity gives us the ability to plan around base and level market dynamics. Our goal is to expand and improve the overall quality of our portfolio by identifying higher-return inventory. Our approach is to build a diverse portfolio of premium assets predominantly through low-cost organic exploration, which adds reserves at lower finding and development costs and lowers the overall cost basis of the company.