Welcome to our dedicated page for EOG Resources news (Ticker: EOG), a resource for investors and traders seeking the latest updates and insights on EOG Resources stock.
EOG Resources, Inc. (NYSE: EOG) is a leading crude oil and natural gas exploration and production company headquartered in the Heritage Plaza Building in downtown Houston, Texas. As a Fortune 500 company, EOG is one of the largest independent oil and natural gas companies in the United States with significant proven reserves in the United States, Canada, Trinidad and Tobago, the United Kingdom, and China.
EOG focuses on increasing growth by drilling lower-cost, internally generated prospects rather than through acquisitions. The company's operational strategy emphasizes maintaining a strong balance sheet with a moderate net debt-to-total capitalization ratio and increasing the percentage of crude oil and natural gas liquids in their portfolio, particularly in North American production.
As of the end of 2023, EOG reported net proven reserves of 4.5 billion barrels of oil equivalent, with net production averaging around 985,000 barrels of oil equivalent per day. This production ratio is composed of 71% oil and natural gas liquids and 29% natural gas.
In recent company news, EOG reported its second quarter 2023 results, highlighting exceptional operating performance with better-than-expected production volumes, capital expenditures, and cash operating costs. The company declared a dividend of $0.825 per share on its common stock, payable on October 31, 2023, and repurchased 2.8 million shares for $300 million during the second quarter.
In the third quarter of 2023, EOG continued its strong performance, updating its guidance to reflect higher volumes and lower operating costs. The company declared a 10% increase in its regular dividend and announced a special dividend of $1.50 per share, demonstrating its commitment to returning value to shareholders. The total cash return to shareholders for 2023 is estimated to be $4.1 billion, representing approximately 75% of the company's expected full-year free cash flow.
EOG also announced a 10-year Brent-linked gas sales agreement starting in January 2027, which provides pricing diversification for gas volumes sourced from several basins within EOG's portfolio. Additionally, the company plans to allocate between $6.0 and $6.4 billion for its 2024 capital program, targeting the drilling and completion of 600 net wells in its domestic premium areas.
Overall, EOG Resources, Inc. continues to leverage its operational excellence, strong balance sheet, and innovative strategies to generate significant returns and long-term value for its shareholders. For more detailed financial and operational updates, visit the company’s official website.
EOG Resources reported strong Q3 2024 results with improved production volumes and lower operating costs. The company generated $1.5 billion in free cash flow and earned adjusted net income of $1.6 billion ($2.89 per share). Total production reached 1,075,700 barrels of oil equivalent per day, exceeding guidance. The Board increased the regular dividend by 7% to $0.975 per share quarterly ($3.90 annual rate). EOG repurchased $758 million of shares in Q3 and received a $5 billion increase in share repurchase authorization. The company maintains strong financial position with $6.1 billion in cash and plans to refinance upcoming debt maturities while maintaining similar cash levels.
EOG Resources has announced its participation in the BofA Securities Global Energy Conference. Jeffrey R. Leitzell, Executive Vice President and Chief Operating Officer, will represent the company with a presentation scheduled for Wednesday, November 13, at 9:40 a.m. Central time (10:40 a.m. Eastern time).
Interested parties can access the live webcast and replay recordings, available for up to one year, through the Investors/Events & Presentations section of the EOG website.
EOG Resources (EOG) has announced a conference call and webcast to discuss its third quarter 2024 results. The event is scheduled for Friday, November 8, 2024, at 9 a.m. Central time (10 a.m. Eastern time). Interested parties can access the live webcast through the Investors/Events & Presentations page on the EOG website. For those unable to attend the live event, a replay will be available for one year. The company has provided a contact for any questions: Angie Lewis at 713-651-6722.
EOG Resources (NYSE: EOG) has announced its participation in the upcoming Barclays CEO Energy-Power Conference. The presentation is scheduled for Tuesday, September 3, at 2:35 p.m. Central time (3:35 p.m. Eastern time). Jeffrey R. Leitzell, Executive Vice President and Chief Operating Officer, will be representing EOG at the event.
Investors and interested parties can access the live webcast of the presentation through the Investors/Events & Presentations page on the EOG website. For those unable to attend the live event, replays will be available for up to one year after the presentation.
This conference provides an opportunity for EOG Resources to showcase its latest developments and strategies to industry professionals and potential investors. The company's participation highlights its commitment to transparency and engagement with the financial community.
Key Financial Results: EOG Resources reported Q2 2024 total revenue of $6.025 billion, up from $5.573 billion in Q2 2023. Net income was $1.69 billion, translating to a net income per share of $2.95. Adjusted net income stood at $1.8 billion, or $3.16 per share.
EOG generated free cash flow of $1.37 billion and declared a regular quarterly dividend of $0.91 per share. The company repurchased $690 million worth of shares.
Operational Highlights: Crude oil production reached 490.7 MBod, NGL production 244.8 MBbld, and natural gas production 1,872 MMcfd. These figures were above guidance midpoints and showed growth from Q1 2024. Per-unit costs for LOE, G&A, and DD&A decreased, while GP&T costs rose.
Guidance: EOG updated its full-year guidance to reflect higher volumes and lower per-unit cash operating costs. The company aims to return 70% of annual free cash flow to shareholders.
EOG Resources (EOG) is set to release its second quarter 2024 financial results on August 2, 2024. The announcement will be accompanied by a conference call and webcast at 9 a.m. Central time (10 a.m. Eastern time). Investors can access the live webcast via the company's website under the Investors/Events & Presentations section. A replay of the webcast will be available for one year for those unable to attend the live session. For further inquiries, Angie Lewis can be contacted at 713-651-6722.
On June 4, 2024, EOG Resources announced that it will present at the J.P. Morgan Energy, Power and Renewables Conference on June 17, 2024, at 12:45 p.m. Central time (1:45 p.m. Eastern time). Jeffrey R. Leitzell, Executive Vice President and Chief Operating Officer, will represent EOG. Interested parties can access live webcasts and replays for up to one year through the Investors/Events & Presentations page on the EOG website.
EOG Resources (EOG) will present at the Bernstein Strategic Decisions Conference on May 29, 2024, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). Ezra Y. Yacob, the Chairman and CEO, will represent the company. Investors can access live webcasts and replays on the EOG website's Investors/Events & Presentations page for up to one year.
EOG Resources, Inc. reported strong first-quarter 2024 results with net income of $1.6 billion. The company generated $1.2 billion of free cash flow and paid out dividends. EOG's operational execution led to significant capital returns to shareholders and maintained a strong balance sheet. The company's exploration success in the Utica is expected to enhance its premium portfolio. Despite lower crude oil and natural gas prices, EOG's production exceeded targets. The company repurchased $750 million of shares and has $3.3 billion remaining on its share buyback authorization.
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