Like other oil and natural gas producers, EOG Resources is adjusting to market changes in the wake of the conflict with Iran.

“We’ve announced an increase in oil production by 2,000 barrels. We’re redirecting capital investment to oilier plays,” said Ezra Yacob, chairman and chief executive officer of EOG.

“We’ll see how the conflict plays out. It’s cyclical. You have to take a long-term view and be thoughtful,” said Yacob, who was in Midland to be honored at a Midland Wildcat Committee reception.

The conflict has resulted in a renewed focus nationally on national security, energy reliability and affordability.

“That has put West Texas at the center of the universe,” he said. “Communities like Midland that are close to the field lean into innovation. You have an important and long-term role to play.”

He said the Delaware Basin has been the company’s primary focus for the last 10 to 12 years. “It’s still our busiest asset.”

Plans are to complete 300 wells and operate 13 rigs and three frac fleets, according to Yacob. That activity level is roughly unchanged from the past year or two.

The company has watched Waha natural gas prices struggle in recent years, but Yacob estimated EOG has about 5% of its natural gas production exposed to Waha hub pricing.

“We have a team that really focuses on the end user, who tries to market our gas to get it to demand centers,” he said. “We’re not constrained, but it will help the basin overall when new pipelines come online.”

EOG’s operating philosophy is to establish division offices in the regions where it works. In Midland, the company has just completed its third building, where 650 employees work. That includes land staff, geoscientists, accountants and attorneys.

The reason for this approach is “to have a close relationship with those communities,” explained Yacob.

That localized approach also applies to EOG’s community involvement, which he said is important to staff, the communities and company management.

Locally, he said, EOG supports Christmas in Action, the West Texas Food Bank and Keep Midland Beautiful, and is a member of the Permian Strategic Partnership.

Yacob said EOG staff also spend a lot of time on an individual basis with school groups and similar organizations.