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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. is set to present at the BofA Securities Global Energy Conference on November 17 at 7:45 a.m. Central time. The presentation will be led by Kenneth W. Boedeker, Executive Vice President of Exploration and Production. Investors can access live webcasts and replays on the EOG website for up to a year after the event. EOG is a major player in the crude oil and natural gas exploration sector in the United States and Trinidad, known for its significant proved reserves.
EOG Resources reported third-quarter 2022 results showing strong financial performance with total revenue at $7.593 billion, up from $4.765 billion a year ago. Net income reached $2.854 billion or $4.86 per share. The company declared a regular dividend of $0.825 per share and a special dividend of $1.50. Free cash flow was substantial at $2.3 billion, bolstered by an impressive production performance across its resource basins, particularly with the new Ohio Utica Combo play.
EOG Resources, Inc. announced the retirement of Bill Thomas from its board of directors, effective October 4, 2022. Ezra Y. Yacob, currently the CEO, has been appointed as the new Chairman of the Board. Thomas, who has had a 43-year career with EOG, served as Chairman and CEO from 2014 to 2021. Yacob's leadership has been praised for his strategic vision and operational expertise. This change aims to ensure continuity and further enhance governance at EOG Resources.
The Board of Directors of EOG Resources has declared a quarterly dividend of $0.75 per share on its Common Stock. This dividend is payable on October 31, 2022, to stockholders of record as of October 17, 2022. The indicated annual rate stands at $3.00.
EOG Resources operates as one of the largest crude oil and natural gas exploration and production companies in the United States, with significant proved reserves in both the U.S. and Trinidad.
EOG Resources, Inc. (EOG) announces a conference call and webcast to discuss its third quarter 2022 financial results, scheduled for November 4, 2022, at 9 a.m. Central time. Investors can access the live webcast through the Investors/Events & Presentations page on EOG’s website. A replay of the call will be available for one year. For inquiries, contact Angie Lewis at 713-651-6722.
EOG Resources is set to present at the Barclays CEO Energy-Power Conference on September 8, 2022, at 7:35 a.m. Central time. The presentation will be led by Ezra Y. Yacob, CEO of EOG. Interested parties can access live webcasts and replays via the Investors/Events & Presentations page on the EOG website.
EOG is among the largest crude oil and natural gas exploration and production companies in the U.S.
EOG Resources reported strong second quarter results for 2022, with total revenue of $7.4 billion and net income of $2.2 billion, translating to a net income per share of $3.81. The company declared a special dividend of $1.50 per share, payable on September 29, 2022. Adjusted net income reached $1.6 billion, generating $1.3 billion in free cash flow. Production volumes exceeded guidance, with crude oil output averaging 464.1 MBod. EOG maintained a robust balance sheet with a debt-to-total capitalization of 18.6% and free cash flow generation amidst rising operational costs.
EOG Resources, Inc. (EOG) has announced a conference call and webcast scheduled for August 5, 2022, at 9 a.m. Central time to discuss its second quarter 2022 results. The call will be accessible via the Investors/Events & Presentations page on EOG's website. A replay will be available for one year if the live webcast cannot be accessed.
EOG Resources is set to present at the J.P. Morgan Energy, Power and Renewables Conference on June 22, 2022, at 6:40 a.m. Central time. The presentation will be led by Lloyd W. "Billy" Helms, Jr., President and Chief Operating Officer of EOG. Investors can access live webcasts and replays through the Investors/Events & Presentations page on EOG's website for up to one year. EOG is among the largest crude oil and natural gas exploration and production companies in the United States, with proved reserves located in the U.S. and Trinidad.
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