EOG Resources, Inc. has announced its first quarter 2024 results, highlighting a strong start to the year with production exceeding targets and lower-than-planned per-unit cash operating costs. Ezra Yacob, Chairman and Chief Executive Officer of EOG, expressed satisfaction with the company's performance, stating, "EOG is off to a great start this year, delivering strong first quarter results."
Yacob attributed the consistent strong execution quarter after quarter to the quality and depth of EOG's multi-basin portfolio and the dedication of employees across operating areas. He emphasized the company's focus on exploration and innovation, noting recent exploration success in the Utica that is expected to rival other unconventional plays in North America. Yacob expressed confidence in the Utica's potential to enhance EOG's premium portfolio with significant oil contribution and improved operating efficiencies.
The operational excellence of EOG translated into strong returns and cash flow generation during the first quarter. Yacob highlighted the company's strong free cash flow, enabling significant capital return to shareholders through dividends and share repurchases while maintaining a robust balance sheet. He reassured shareholders that EOG is well-positioned to leverage its core competencies for long-term value creation.
Regarding financial performance, EOG declared a dividend of $0.91 per share on its common stock, payable on July 31, 2024. The company also repurchased 6.4 million shares for $750 million in the first quarter, with $3.3 billion remaining on its current share buyback authorization.
Investors and stakeholders can access further details on EOG's first quarter 2024 results through a webcast scheduled for Friday, May 3, 2024, at 9:00 a.m. Central time.
EOG Resources, Inc., listed on the NYSE as EOG, is a prominent crude oil and natural gas exploration and production company in the United States with reserves in the United States and Trinidad. To learn more about EOG, visit their website at www.eogresources.com.
For investor inquiries, contact Pearce Hammond at 713-571-4684, Neel Panchal at 713-571-4884, or Shelby O'Connor at 713-571-4560. Media inquiries can be directed to Kimberly Ehmer at 713-571-4676.
The company's forward-looking statements, cautionary notices, and disclosures can be found on the EOG website. Investors are advised to carefully review EOG's filings with the SEC for comprehensive information on reserves, resources, and financial performance.
SOURCE: EOG Resources, Inc.