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, Inc. (EOG) announced that it will host a conference call and webcast to discuss its first quarter 2023 financial results on May 5, 2023, at 9 a.m. Central time (10 a.m. Eastern time). Investors can access the live webcast through the Investors/Events & Presentations page on its website. A replay of the call will be available for one year post-event. EOG is a major player in the U.S. crude oil and natural gas exploration and production sector, holding substantial proved reserves in the United States and Trinidad.
EOG Resources reported strong fourth quarter and full-year 2022 results, with total revenue reaching $6.719 billion in Q4 and $25.702 billion for the year. Net income for Q4 was $2.277 billion, yielding $3.87 per share, and full-year net income was $7.759 billion or $13.22 per share. The company generated $7.6 billion in free cash flow, returning $5.1 billion to shareholders. EOG declared a regular dividend of $0.825 and a special dividend of $1.00 per share. Despite a decline in crude oil and natural gas prices, EOG's operational performance remained solid, achieving production above guidance and reducing net debt significantly.
EOG Resources has announced the appointment of Lynn A. Dugle to its Board of Directors effective March 1, 2023. Dugle brings extensive leadership experience from her tenure as CEO of Engility Holdings and senior roles at Raytheon, focusing on technology disciplines. The company also confirmed that James C. Day, a director since 2008, plans to retire at the end of his term and will not seek re-election at the 2023 annual stockholders meeting. EOG's Chairman, Ezra Y. Yacob, expressed gratitude for Day's contributions to the company during his 15 years of service.
EOG Resources, Inc. (EOG) announced a conference call and webcast for its fourth quarter and full year 2022 results, scheduled for February 24, 2023, at 9 a.m. Central time (10 a.m. Eastern time). The call will allow investors and analysts to discuss the results, with a live webcast available on the company's website. A replay will be accessible for up to one year.
EOG Resources has joined the Oil and Gas Methane Partnership 2.0 (OGMP 2.0), a UNEP initiative aimed at enhancing methane emissions reporting in the oil and gas sector. Since 2017, EOG has reduced its methane emissions by 85%. The company is implementing iSenseSM, a continuous methane monitoring system, primarily in the Delaware Basin. This move underscores EOG's commitment to transparency and operational improvement in emissions management, aligning with goals to combat climate change.
EOG Resources is set to present at the Goldman Sachs Global Energy and Clean Technology Conference on January 6 at 11:40 a.m. Central time. The presentation will be conducted by Ezra Y. Yacob, the company's Chairman and CEO. Stakeholders can access live webcasts and replays of the presentation for up to one year via the Investors/Events & Presentations page.
FAQ
What is the current stock price of EOG Resources (EOG)?
What is the market cap of EOG Resources (EOG)?
What type of company is EOG Resources, Inc.?
Where is EOG Resources, Inc. headquartered?
What is the ticker symbol for EOG Resources, Inc.?
What are EOG's proven reserves as of 2023?
How does EOG increase its growth?
What was EOG's net production in 2023?
What recent financial achievements were reported by EOG in 2023?
What is EOG's strategy for returning value to shareholders?
What future initiatives has EOG announced?
How does EOG maintain its financial stability?
