EOG Resources (EOG) Q1 Results - May 1

[dan_s]

EOG released Q1 results after the markets closed on May 1.

First Quarter Highlights:
> Earned adjusted net income of $1.6 billion, or $2.87 per share < Beat my forecast of $2.47 EPS.
> Generated $1.3 billion of free cash flow
> Declared regular quarterly dividend of $0.975 per share
> Paid $538 million in regular dividends and repurchased $788 million of shares
> Production volumes and per-unit operating costs better than guidance midpoints < EOG consistently beats their guidance.

2025 Capital Plan Update & Other Highlights
> Optimized full-year capital plan to $6.0 billion to grow oil production 2% and total production 5% < Lower than previous CapEx budget midpoint of $6.2 billion.
> Announced oil discovery in Trinidad.

I am updating my forecast/valuation model this afternoon.