EOG Resources, Inc. (NYSE:EOG) Q2 2024 Earnings Conference Call August 2, 2024 10:00 AM ET

Company Participants

Pearce Hammond - Vice President, Investor Relations
Ezra Yacob - Chairman & Chief Executive Officer
Ann Janssen - Chief Financial Officer
Jeff Leitzell - Chief Operating Officer
Lance Terveen - Senior Vice President, Marketing
Keith Trasko - Senior Vice President, Exploration & Production

Conference Call Participants

Arun Jayaram - JPMorgan
Neil Mehta - Goldman Sachs
Steve Richardson - Evercore ISI
Leo Mariani - ROTH Capital
Scott Hanold - RBC Capital Markets
Charles Meade - Johnson Rice
Paul Cheng - Scotiabank
Doug Leggate - Wolfe Research

Operator

Good day, everyone, and welcome to the EOG Resources Second Quarter 2024 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 Investor Relations Vice President of EOG Resources, Mr. Pearce Hammond. Please go ahead, sir.

Pearce Hammond

Thank you, Danielle, and good morning and thank you for joining us for the EOG Resources Second Quarter 2024 Earnings Conference Call. An updated investor presentation has been posted to the Investor Relations section of our website, and we will reference certain slides during today's discussion. A replay of this call will be available on our website beginning later today.

As a reminder, 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 and EOG's SEC filings. This conference call may also contain certain historical and forward-looking non-GAAP financial measures. Definitions and reconciliation schedules for these non-GAAP measures and related discussion can be found on the Investor Relations section of EOG's website.

In addition, some of the reserve estimates on this conference call may include estimated potential reserves as well as estimated resource potential not necessarily calculated in accordance with the SEC's reserve reporting guidelines.

Participating on the call this morning are Ezra Yacob, Chairman and CEO; Jeff Leitzell, Chief Operating Officer; Ann Janssen, Chief Financial Officer; Keith Trasko, Senior Vice President, Exploration and Production; and Lance Terveen, Senior Vice President, Marketing.

Here's Ezra.

Ezra Yacob

Thanks, Pearce. Good morning, everyone, and thank you for joining us. We delivered exceptional second quarter results, reflecting outstanding execution by our employees throughout our multi-basin portfolio. We earned $1.8 billion of adjusted net income and generated $1.4 billion of free cash flow. Every metric, production volumes, CapEx and per unit operating costs beat targets, driving another quarter of excellent financial performance.