EOG Resources, Inc. (NYSE:EOG) Q4 2022 Earnings Call Transcript

Charles Meade: That’s helpful color. And for my follow-up, and I recognize this is a simplification for a company like you guys and your number of rigs and the number of plays. But overall, you indicated that you’re going to increase your — you’re going to add three new rig lines in ’23. Can you give us a sense where you are in that process? Or when we should expect those in aggregate, the rig count to tick up over the course of ’23?

Billy Helms: Sure, Charles. The rigs are pretty much in operation today. We started kind of picking up rigs at the end of the fourth quarter going into this year. And as we mentioned, the fourth quarter run rates in the Delaware Basin and the Eagle Ford will be pretty consistent throughout the year. And so, we’ve also started drilling in some of the other plays, some of the new emerging plays, such as the Powder River Basin and Dorado. So those are kind of ongoing. We’ll be picking up rigs at different times and some of the other plays, like the Bakken or the DJ or the Utica. And those will kind of come and go. Those aren’t going to be really, yet full rig lines. They’ll kind of ebb and flow based on the timing of each individual play. But the base program is pretty much going to be set, and I’d say the rig count is not going to fluctuate much beyond where it is today.

Operator: There are no further questions at this time. I will now hand back over to Mr. Yacob for closing remarks.

Ezra Yacob: I’d just like to thank everyone for participating in the call this morning and especially thank our employees for the outstanding results delivered in 2022. Thank you.

Operator: That concludes today’s EOG Resources Fourth Quarter and Full Year 2022 results. You may now disconnect your lines.