EOG Resources: JPM 2026 Franchise Asset Series: 10 Key Takeaways from Fireside Chat on the Utica and Dorado Plays

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EOG Resources: JPM 2026 Franchise Asset Series: 10 Key Takeaways from Fireside Chat on the Utica and Dorado Plays

ny plans to bring an in-basin sand mine

online later this year, which could lower costs further below the current $600 per ft

cost base.

• (7) Advantageous marketing strategy. EOG’s marketing strategy is built around

diversification, flexibility, control, and duration, with the marketing team embedded

in each division and involved early in development planning. We believe this helps

the company improve realizations across its portfolio and remains a differentiated

capability versus peers. In the Utica, EOG highlighted that the Encino acquisition

added 850 MMcf/d of marketing capacity, which will support associated gas

production from the volatile oil window. On the oil side, Jeff noted that Ohio has

strong local markets, while EOG is also working to secure larger crude takeaway

capacity over the next several years. Encouragingly, the company also sees a

blending opportunity, as Encino’s higher-API crude had previously taken a deduct,

but can be mixed with EOG’s lower-API barrels to bring the combined stream

within spec and improve realizations.

• (8) Dorado discovery rooted in a 2015/16 mandate to find low-cost gas near

attractive end markets. EOG’s Dorado asset began with a 2015/16 management

mandate to find the lowest-cost, most productive gas resource near the Gulf Coast

market. The company identified a westward geologic extension of the Eagle Ford

into Webb County and gradually built a 160K net acre position that now holds ~21

Tcf of resource potential. Additionally, EOG has developed the Verde pipeline from

Webb County to Agua Dulce, which Jeff noted has 1 Bcf/d of capacity today and

could be expanded to 1.5-1.7 Bcf/d with low-cost booster compression.