EOG Resources, Inc. (EOG) today reported fourth quarter and full-year 2024 results.

Fourth Quarter Highlights

• Earned adjusted net income of $1.5 billion, or $2.74 per share
• Generated $1.3 billion of free cash flow
• Declared regular quarterly dividend of $0.975 per share and repurchased $981 million of shares
• Oil and gas volumes, and total per-unit operating costs better than guidance midpoints

Full-Year 2024 Highlights and 2025 Capital Plan

• Generated $5.4 billion of free cash flow and returned $5.3 billion to shareholders
• Replaced 201% of 2024 production at a finding and development cost, excluding price revisions, of $7.03 per Boe (GAAP) and $6.68 per Boe (Non-GAAP)
• Reduced average well costs 6% across multi-basin portfolio
• Announced $6.2 billion 2025 capital plan to grow oil production 3% and total production 6%
• EOG and Bapco Energies entered into a strategic participation agreement in Bahrain

Ezra Yacob, Chairman and Chief Executive Officer:
"2024 was another year of strong execution for EOG. Oil and total volumes were higher than our original plan, capital expenditures were on target, and we continued to lower cash operating costs. We improved productivity and base production performance through innovations in completion design and artificial lift automation. Along with better productivity, sustainable efficiency improvements from extended laterals and EOG's in-house drilling motor program helped lower well costs 6%. Our comprehensive marketing strategy continued to deliver peer-leading U.S. price realizations, further maximizing margins across our portfolio. 2024 also marked another year of progress in the Utica and Dorado plays that resulted in consistent, strong results helping to support higher activity going forward.

"EOG's operational execution supported the company's exceptional financial performance and record cash return to shareholders in 2024. We generated $5.4 billion in free cash flow and returned $5.3 billion, or 98%, to shareholders. This robust cash return was anchored by our sustainable, growing regular dividend, which we increased by 7%, and included $3.2 billion in share repurchases. Since we initiated share repurchases in 2023, we have reduced our share count by approximately 5%. As we continue to optimize our capital structure, our strong cash flow generation and industry-leading balance sheet better position us to deliver shareholder value through the cycles.

"We are excited about 2025 where we have detailed a disciplined plan that builds on last year's success and lays a foundation for the future. Our comprehensive investment approach, focused on returns and optimizing value from our diverse portfolio of multi-basin assets, coupled with our industry-leading exploration expertise, provide long-term visibility for high returns and strong free cash flow generation. EOG has never been better positioned to deliver long-term shareholder value and we remain focused on being among the highest return and lowest cost producers, committed to strong environmental performance and playing a significant role in the long-term future of energy."

Volumes

• Oil production of 494,600 Bopd was above the midpoint of the guidance range and up from 3Q
• NGL production was below the midpoint of the guidance range and down from 3Q
• Natural gas production was above the midpoint of the guidance range and up 6% from 3Q
• Total company equivalent production was below the midpoint of the guidance range but increased 2% from 3Q

2024 Reserves

Finding and Development Cost
Finding and development cost, excluding price revisions, decreased in 2024 to $6.68 per Boe, due to higher year-over-year well performance and cost reductions. Proved developed finding cost, excluding price revisions, was $8.71 per Boe (GAAP) and $8.04 per Boe (Non-GAAP) in 2024.

Reserve Replacement
Total proved reserves increased 6% in 2024. Extensions and discoveries added 580 MMBoe of proved reserves in 2024. Revisions other than price increased proved reserves by 215 MMBoe. Net proved reserve additions from all sources, excluding price revisions, replaced 201% of 2024 total production.

KeyFacts Energy: EOG Resources US country profile