EOG Resources (EOG) Q1 Results - May 5

[dan_s]

EOG Resources Q1 results beat my forecast.

First Quarter Highlights
- Earned adjusted net income of $1.6 billion, or $2.82 per share
> Adjusted operating cash flow of $2,928 million compares to my forecasted of $2,712 million
- Generated $1.2 billion of free cash flow
- Declared regular quarterly dividend of $0.91 per share
- Paid $525 million in regular dividends and repurchased $750 million of shares during the first quarter < EOG's stock buybacks have kicked into high gear, which will increase my per share stock valuation.
- Volumes and total per-unit cash operating costs better than guidance midpoints < Oil, NGL and natural gas volumes all beat my forecast.


EOG's realized prices net of cash settlements they received on their natural gas hedges for Q1 were:
> $78.45/bbl for crude oil
> $24.32/bbl for NGLs
> $2.59/mcf for natural gas. < Gas sold from Trinidad gets a much higher price than U.S. gas.

Regular Dividend and First Quarter Share Repurchases
The Board of Directors today declared a dividend of $0.91 per share on EOG’s common stock. The dividend
will be payable July 31, 2024, to stockholders of record as of July 17, 2024. The indicated annual rate is
$3.64 per share.
During the first quarter, the company repurchased 6.4 million shares for $750 million under its share
repurchase authorization, at an average purchase price of approximately $118 per share. EOG has $3.3
billion remaining on its current share buyback authorization.