EOG Resources Update - Sept 28

[dan_s]

Note below from RBC Capital

Rating: Sector Perform
Price Target: 148.00
Our view: EOG hosted a meeting in Houston last week with Ezra Yacob (Chairman/
CEO) and had a virtual discussion today with IR. Our key take-aways are the
company remains constructive on both the oil and natural gas macro, productivity
is strong in core area development that provides confidence in the 2023 guidance,
an exploration versus M&A focus, and strong initial Utica results. Its just-released
sustainability report included scope-3 emissions. We think investor positioning
on EOG shares are mixed. Current debates are M&A/exploration focus, rate of
change in mature areas, infrastructure capital spending, and relative OFS cost rate
of change.