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. will hold a conference call on May 7, 2021, at 9 a.m. Central time to discuss its first quarter 2021 results. Investors can access the live webcast via the EOG website and will also have the option to listen to a replay for one year. EOG, one of the largest crude oil and natural gas companies in the U.S., has proved reserves in the U.S., Trinidad, and China. For further details, investors can refer to the company’s website.
EOG Resources is set to present at the Evercore ISI Elite Energy Summit on March 17, 2021, at 9:45 a.m. Central time. The presentation will be led by William R. Thomas, Chairman and CEO, representing EOG. Investors can access the live webcast on the EOG website, with a replay available for ninety days thereafter. EOG is recognized as one of the largest crude oil and natural gas exploration and production companies in the U.S., holding proved reserves across the U.S., Trinidad, and China.
EOG Resources reported strong fourth quarter and full-year 2020 results, highlighting a net income of $337 million for Q4 and $850 million for the year, with adjusted earnings of $0.71 per share. The company generated $666 million in free cash flow in Q4, leading to a 10% dividend increase to an annual rate of $1.65. EOG's capital expenditures were below guidance, emphasizing operational efficiency, while maintaining a debt-to-total capitalization of 22.3%. EOG aims to achieve zero routine flaring by 2025 and net zero GHG emissions by 2040.
EOG Resources, Inc. (EOG) has announced a conference call and webcast to discuss its fourth quarter and full year 2020 results, scheduled for February 26, 2021, at 9 a.m. Central time. Investors can access the live webcast through the EOG website, with a replay available for one year. EOG is a major player in crude oil and natural gas exploration and production in the United States and has operations in Trinidad and China.
EOG Resources has announced the promotion of Ezra Y. Yacob to President, effective immediately. Yacob, who has been with EOG since 2005, previously served as Executive Vice President, Exploration and Production. He played a key role in the success of the Delaware Basin and has helped create a strong portfolio of exploration opportunities. Yacob's strong leadership and technical skills are expected to benefit EOG's operations as it continues to focus on crude oil and natural gas production across its extensive assets in the U.S., Trinidad, and China.
The Board of Directors of EOG Resources has declared a quarterly dividend of $0.375 per share on its Common Stock, scheduled for payment on January 29, 2021. Stockholders of record as of January 15, 2021 will receive this dividend, reflecting an indicated annual rate of $1.50. EOG Resources is recognized as one of the largest producers in the U.S. for crude oil and natural gas, boasting significant proved reserves across the U.S., Trinidad, and China.
On November 5, 2020, EOG Resources reported a third-quarter net loss of $42 million, or $0.07 per share, compared to net income of $615 million, or $1.06 per share, in Q3 2019. Adjusted net income was $252 million, down from $654 million. The company generated $1.2 billion in net cash from operating activities and identified a significant natural gas play in South Texas with a potential of 21 Tcf. EOG added 1,400 net premium drilling locations, bringing the total to 11,500. Capital expenditures were 23% below target, with crude production exceeding expectations by 2%. EOG's new three-year outlook targets 70-80% reinvestment of cash flow.
EOG Resources is set to present at two upcoming conferences. Ezra Y. Yacob will represent EOG at the BofA Securities Global Energy Conference on November 11 at 8:00 a.m. CT. Additionally, Lloyd W. "Billy" Helms, Jr. will present at the Bernstein Operational Decisions Conference on November 17 at 10:00 a.m. CT. Interested parties can access live webcasts and recorded replays on EOG's website. EOG is a leading crude oil and natural gas exploration and production company with operations in the United States, Trinidad, and China.
EOG Resources announced the appointment of Michael T. Kerr to its Board of Directors, effective October 5, 2020. Kerr brings over 36 years of investment experience, primarily with Capital Group, where he managed multiple funds and covered global oil and gas companies. His insights are expected to add value to EOG's strategic direction. Additionally, the company declared a quarterly dividend of $0.375 per share, payable on October 30, 2020, with an annual rate of $1.50.
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