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 is set to present at the Bernstein Strategic Decisions Conference on June 1, 2022, at 10:00 a.m. Central time. CEO Ezra Y. Yacob will represent the company. Interested parties can access live webcasts and replays through the Investors/Events & Presentations page on EOG's website.
EOG Resources reported first-quarter 2022 results with total revenue of $3.983 billion and net income of $390 million. The company declared a special dividend of $1.80 per share and a regular dividend of $0.75 per share, emphasizing a commitment to return at least 60% of free cash flow to shareholders. EOG generated $2.4 billion in free cash flow and achieved an adjusted net income of $2.346 billion or $4.00 per share. Production volumes exceeded guidance, showcasing the company's operational efficiency amidst inflation and supply chain challenges.
EOG Resources, Inc. is the well-site operator in a recent acquisition by Rising Phoenix Royalties, which purchased an overriding royalty interest in the SCOOP/Woodford Basin, McClain County, OK. The deal enabled the seller to cash out on inherited assets, while RPR utilized its expertise to resolve title complications, ensuring a smooth closing. RPR's process includes third-party geological analysis for valuation transparency. Established in 2009, RPR has managed over $75 million in oil and gas royalty assets.
EOG Resources, Inc. (EOG) has scheduled a conference call and webcast to discuss its first quarter 2022 results on May 6, 2022, at 9 a.m. Central time. Investors can access the live webcast via the Investors/Events & Presentations page on the EOG website. A replay will be available for one year for those unable to attend the live session.
EOG Resources reported strong financial results for the fourth quarter and full-year 2021, achieving a record adjusted net income of $1.8 billion ($3.09 per share) in Q4, up from $1.3 billion in Q3. For FY 2021, adjusted net income reached $5.0 billion ($8.61 per share). The company generated $2.0 billion in free cash flow in Q4 and $5.5 billion for the year. EOG declared a regular dividend of $0.75 and a special dividend of $1.00 per share, payable in April and March 2022, respectively. The capital plan for 2022 is set between $4.3 to $4.7 billion.
Cheniere Energy has announced an amendment to its long-term gas supply agreement with EOG Resources, tripling the volume of LNG provided. The amended deal allows EOG to supply 420,000 MMBtu of natural gas per day for 15 years, with total supply reaching 720,000 MMBtu daily once all contracts commence. The amendments are crucial for the Corpus Christi Stage III project, which aims for a production capacity of over 10 mtpa. The transaction signifies Cheniere's commitment to further developing its liquefaction capabilities.
EOG Resources, Inc. (EOG) announced a conference call scheduled for February 25, 2022, at 9 a.m. Central time to discuss its fourth quarter and full year 2021 results. Investors can access the live webcast on their website, with a replay available for one year. EOG is a leading crude oil and natural gas exploration and production company in the U.S., holding significant proved reserves domestically and in Trinidad.
EOG Resources will participate in the Goldman Sachs Global Energy and Clean Technology Conference on January 6 at 11:40 a.m. Central Time. CEO Ezra Y. Yacob will represent the company during the event. Interested parties can access live webcasts and replays of the presentation on the EOG Investors/Events & Presentations page for up to one year. EOG is a leading crude oil and natural gas exploration and production company in the U.S. with significant proved reserves in the U.S. and Trinidad.
EOG Resources reported strong financial results for Q3 2021, including total revenue of $4.77 billion and net income of $1.1 billion, representing an increase from $907 million in Q2 2021. Adjusted net income was $1.26 billion, or $2.16 per share, up from $1.01 billion in Q2. EOG raised its regular dividend by 82% to an annual rate of $3.00 per share and declared a special dividend of $2.00 per share. The company generated impressive free cash flow of $1.36 billion while keeping capital expenditures low at $935 million, benefiting from cost efficiencies.
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