EOG Resources, Inc. - EOG STOCK NEWS

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.