Vivek Ramaswamy buys Strive Inc (ASST) stock worth $1.25 million
HOUSTON - EOG Resources Inc (NYSE:EOG) reported third-quarter adjusted earnings that surpassed analyst expectations, though revenue fell slightly short of estimates, sending shares up 0.95% in trading.
The Houston-based oil and gas producer posted adjusted earnings of $2.71 per share for the third quarter, significantly exceeding the analyst consensus of $2.46 per share. Revenue came in at $5.85 billion, just below the $5.95 billion analysts had predicted. Compared to the same quarter last year, revenue decreased by 2% from $5.97 billion.
EOG’s crude oil production reached 534,500 barrels per day, exceeding the company’s guidance midpoint of 532,400 barrels per day. Natural gas liquids and natural gas production also surpassed guidance, with total production reaching 1.3 million barrels of oil equivalent per day.
"EOG delivered another quarter of strong operational performance," said Ezra Yacob, Chairman and Chief Executive Officer. "Higher volumes, combined with lower-than-expected per-unit cash operating costs and DD&A, helped drive outstanding financial results."
The company generated $1.4 billion in free cash flow during the quarter, returning nearly $1 billion to shareholders through $545 million in regular dividends and $440 million in share repurchases. EOG also completed its acquisition of Encino Acquisition Partners during the quarter.
Per-unit lease and well costs decreased to $3.60 per barrel of oil equivalent, below the guidance midpoint of $3.70, primarily due to higher production from the integration of Encino operations and lower workover expenses.
The company declared a quarterly dividend of $1.02 per share, representing an annual rate of $4.08 per share. EOG noted it has never suspended or reduced its regular dividend.
For the fourth quarter, EOG expects crude oil production to range between 542,500 and 547,500 barrels per day, with total production between 1.35 and 1.39 million barrels of oil equivalent per day. The company maintained its full-year capital expenditure guidance of $6.2 billion to $6.4 billion.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.