EOG Resources has reported third quarter 2024 results.

Third Quarter Highlights

• Volumes and per‐unit cash operating costs better than guidance midpoints
• Updated full‐year guidance to reflect higher volumes and lower per‐unit cash operating costs
• Earned adjusted net income of $1.6 billion, or $2.89 per share
• Generated $1.5 billion of free cash flow
• Increased regular quarterly dividend by 7 percent to $0.975 per share, a $3.90 per share indicated annual rate
• Repurchased $758 million of shares, totaling $2.2 billion YTD as of September 30, 2024

From Ezra Yacob, Chairman and Chief Executive Officer: 
"EOG delivered strong third quarter results, with oil volumes and total volumes better than expectations, demonstrating another quarter of outstanding execution across our multi‐basin portfolio. Strong volumes and price realizations, combined with lower‐than‐expected per‐unit cash operating costs, helped drive outstanding financial results in the quarter.

"EOG continues to generate significant free cash flow and deliver on its cash return commitments. In the third quarter, we returned approximately $1.3 billion of capital to shareholders, including $758 million of share repurchases. We are on track to return more than 85% of our expected full‐year free cash flow to shareholders and have the potential for additional cash return over the balance of the year.

"We are pleased to announce a 7% 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.

"EOG’s balance sheet underpins the financial strength of the company and remains a strategic priority. The cash balance is expected to be consistent with levels maintained over the last several quarters. However, we anticipate increasing total debt by refinancing upcoming maturities to optimize EOG’s capital structure. 

"Our unique culture, focused on continuous improvement, is the key driver of our success. We continue to advance operational efficiencies and innovation to enhance productivity and reduce costs.  Combined with EOG’s peer‐leading financial strength, the company is uniquely positioned to deliver long‐term shareholder value through commodity price cycles."

Production

• Total 3Q oil production of 493,000 Bopd was above the midpoint of the guidance range and up from 2Q
• NGL production was above the midpoint of the guidance range and up 4% from 2Q 
• Natural gas production was above the midpoint of the guidance range and up 5% from 2Q 
• Total company equivalent production was above the midpoint of the guidance range and increased 3% from 2Q