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HOUSTON - EOG Resources, Inc. (NYSE:EOG) announced today that board member Donald F. Textor will retire at the conclusion of his term and not seek re-election at the company’s 2025 annual stockholders meeting. Textor has served on the EOG Board of Directors since 2001 following his retirement from a notable career at Goldman, Sachs & Co.
During his tenure at EOG, Textor contributed his extensive experience in the energy sector, including roles as Portfolio Manager of the Dorset Energy Fund and Partner at Knott Partners Management, LLC. Ezra Y. Yacob, EOG’s Chairman and Chief Executive Officer, expressed gratitude for Textor’s significant contributions to the company’s growth, from a modest E&P operation to one of the leading independent E&P firms and a technological innovator in the oil and gas industry.
Under Textor’s guidance, EOG managed to thrive through various commodity price cycles and delivered substantial shareholder value. Yacob extended best wishes to Textor and his family on behalf of EOG.
EOG Resources is a major player in the crude oil and natural gas exploration and production space in the United States, with proven reserves in the United States and Trinidad. This announcement is based on a press release statement from EOG Resources, Inc.
In other recent news, EOG Resources reported a Q4 financial derivatives gain of $19 million, as part of its strategy to secure future revenues and cash flows against market volatility. The company uses financial instruments such as swaps, options, and collars to manage the price risk associated with its production. Meanwhile, BofA Securities downgraded EOG Resources’ stock from Buy to Neutral, reducing the price target to $144 after a period of outperformance in the second half of 2024.
RBC Capital maintained its Sector Perform rating and a price target of $150.00 on EOG Resources, confirming its outlook for the fourth quarter of 2024 and indicating a steady operational tempo into 2025. The company expressed confidence in its ability to achieve these goals with a capital expenditure similar to the current levels.
On the other hand, Mizuho (NYSE:MFG) upgraded EOG Resources’ target to $156 from $148, maintaining an Outperform rating following the company’s Q3 2024 earnings. The company has outlined a plan for balance sheet optimization over the next 12 to 18 months, which involves refinancing impending debt maturities and expanding gross debt to approximately $5-6 billion.
Lastly, RBC Capital Markets adjusted its price target on EOG Resources to $150 from $145, in light of the company’s consistent performance and strategic financial planning. The company’s efforts to bolster shareholder value are anticipated to continue, with the potential to deliver returns that surpass free cash flow.
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