EOG Posts $1.6 Billion Profit for Third Quarter

EOG Resources Inc. has reported a net income of $1.6 billion for the third quarter of 2024, level with the previous quarter and 17.6 percent below the $2 billion reported for the corresponding quarter of 2023.

Oil, natural gas liquids (NGL), natural gas, and total company equivalent production landed above the midpoint of the guidance range.

Third-quarter oil production was 493,000 barrels of oil per day (bopd), above the second-quarter volume and the 483,300 bopd reported for the corresponding quarter a year prior. NGL production landed at 254,300 bpd, four percent up against the second-quarter volume and above the 231,100 bpd reported for Q3 2023. Natural gas production rose five percent from the second quarter of 2024. Total company equivalent production increased three percent from the second quarter of the year.

EOG returned about $1.3 billion of capital to shareholders in the third quarter of 2024, including $758 million via share repurchases. “We are on track to return more than 85 percent of our expected full-year free cash flow to shareholders and have the potential for additional cash return over the balance of the year”, chair and chief executive Ezra Yacob said.

"We are pleased to announce a 7 percent increase in our regular dividend. The increase reflects both the confidence in our business and the ability to support the higher dividend through commodity price cycles. A sustainable growing regular dividend remains the primary mode of cash return to our shareholders. We also announced a $5 billion increase in our authorization for opportunistic share repurchases. This increased authorization allows us to retain flexibility on how we return additional cash to shareholders”, he added.

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